FIRST NORTH AMERICAN NATIONAL BANK
424B5, 2000-11-09
ASSET-BACKED SECURITIES
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<PAGE>

                                              Filed pursuant to Rule 424(b)(5)
                                                    Registration No. 333-94035
                                                                  333-94035-01

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+The information in this prospectus supplement is not complete and may be      +
+changed. We may not sell these securities until we deliver a final prospectus +
+supplement and accompanying prospectus. This prospectus supplement and the    +
+accompanying prospectus are not an offer to sell these securities and they    +
+are not soliciting an offer to buy these securities in any state where the    +
+offer or sale is not permitted.                                               +
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
                 SUBJECT TO COMPLETION, DATED NOVEMBER 6, 2000
PROSPECTUS SUPPLEMENT
(to prospectus dated November 6, 2000)

                     Circuit City Credit Card Master Trust
                                     Issuer

                       First North American National Bank
                            Transferor and Servicer

  $200,750,000 Class A Floating Rate Asset Backed Certificates, Series 2000-2
   $31,625,000 Class B Floating Rate Asset Backed Certificates, Series 2000-2


<TABLE>
 The offered   <CAPTION>
 certificates                            Class A           Class B
 are highly                           Certificates      Certificates
 structured.                        ----------------  ----------------
 Before you      <S>                <C>               <C>
 purchase the    Principal Amount   $200,750,000      $31,625,000
 offered         Interest Rate          % Plus            % Plus
 certificates,                      One-Month LIBOR   One-Month LIBOR
 please                             Per Annum         Per Annum
 consider        Distribution       Monthly           Monthly
 carefully       Dates (Interest)   Beginning         Beginning
 the risk                           January 16, 2001  January 16, 2001
 factors         Expected Final     November 2003     November 2003
 beginning on    Distribution Date  Distribution      Distribution
 page S-9 of                        Date              Date
 this            Stated Series      November 2008     November 2008
 prospectus      Termination Date   Distribution      Distribution
 supplement.                        Date              Date
                 Price to Public
                 Per Certificate      %                 %
                 Underwriting
                 Discount Per
                 Certificate          %                 %
                 Proceeds to FNANB
                 Per Certificate      %                 %
               </TABLE>

 The offered
 certificates
 are not
 deposits,
 and neither
 the offered
 certificates
 nor the
 accounts or
 the
 receivables
 are insured
 or
 guaranteed
 by the
 Federal
 Deposit
 Insurance
 Corporation
 or any other
 governmental
 agency.

                The total price to the public is $           , and the total
                amount of the underwriting discount is $         . The total
                amount of proceeds before deduction of estimated expenses of
                $730,000 is $           .

                The class A certificates and the class B certificates, which
                are referred to in this prospectus supplement as the offered
                certificates, are the only securities offered for sale through
                this prospectus supplement and the attached prospectus. The
                trust will issue, in addition to the offered certificates,
                $26,125,000 of collateralized trust obligations and
                $16,500,000 of class D certificates.


                Credit Enhancement:
 The offered
 certificates
 represent
 interests in
 the trust
 only and do
 not
 represent
 interests in
 or
 obligations
 of First
 North
 American
 National
 Bank,
 Circuit City
 Stores, Inc.
 or any of
 their
 affiliates.

                . The class B certificates, the collateralized trust
                  obligations and the class D certificates will be
                  subordinated to the class A certificates and will provide
                  credit enhancement for the class A certificates.

                . The collateralized trust obligations and the class D
                  certificates will be subordinated to the class B
                  certificates and will provide credit enhancement for the
                  class B certificates.

 This
 prospectus
 supplement
 may be used
 to offer and
 sell the
 offered
 certificates
 only if
 accompanied
 by the
 prospectus.


Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus supplement or the attached prospectus.
Any representation to the contrary is a criminal offense.

                    Underwriters of the Class A Certificates

Banc of America Securities LLC
                          First Union Securities, Inc.
                                                      Morgan Stanley Dean Witter

                    Underwriter of the Class B Certificates

                         Banc of America Securities LLC

                                November  , 2000
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<S>                                   <C>
OVERVIEW OF THE INFORMATION PROVIDED
 IN THIS PROSPECTUS SUPPLEMENT AND
 THE ATTACHED PROSPECTUS............   S-1
OVERVIEW OF SERIES 2000-2...........   S-2
PRINCIPAL TERMS OF THE OFFERED
 CERTIFICATES.......................   S-3
SERIES 2000-2 SUMMARY...............   S-4
RISK FACTORS........................   S-9
DELINQUENCY AND LOSS EXPERIENCE FOR
 THE CIRCUIT CITY PRIVATE LABEL
 CREDIT CARD PORTFOLIO..............  S-21
  Delinquency Experience............  S-21
  Loss Experience...................  S-23
  Delinquency and Loss Trends.......  S-23
CHARACTERISTICS OF THE TRUST
 RECEIVABLES........................  S-24
MATURITY CONSIDERATIONS.............  S-27
RECEIVABLE YIELD CONSIDERATIONS.....  S-28
USE OF PROCEEDS.....................  S-29
RECENT FINANCIAL INFORMATION FOR
 CIRCUIT CITY AND FNANB.............  S-29
DESCRIPTION OF THE OFFERED
 CERTIFICATES.......................  S-29
  Book-Entry Registration...........  S-29
  Interest Payments.................  S-29
  The Interest Rate Caps............  S-30
  The Interest Rate Cap Provider....  S-32
  Principal Payments................  S-32
</TABLE>
<TABLE>
<S>                                   <C>
  Postponement of Accumulation
   Period............................ S-34
  Suspension of Accumulation Period.. S-34
  The Principal Funding Account...... S-35
  The Reserve Account................ S-36
  Credit Enhancement................. S-37
  The Spread Account................. S-37
  Allocation of Collections.......... S-38
  Deposits into Collection Account... S-38
  Application of Collections......... S-39
  Allocation of Default Amount....... S-42
  Calculation of Series Adjustment
   Amount............................ S-42
  Calculation of Allocable Amounts... S-43
  Reallocation of Cash Flows;
   Investor Charge-Offs.............. S-43
  Early Amortization Events.......... S-45
  Servicing Compensation............. S-46
  Amendments Relating to FASIT
   Election.......................... S-46
MATERIAL FEDERAL INCOME TAX
 CONSEQUENCES........................ S-47
  Tax Treatment of the Certificates.. S-47
ERISA CONSIDERATIONS................. S-48
  Class A Certificates............... S-48
  Class B Certificates............... S-48
  Consultation with Counsel.......... S-48
UNDERWRITING......................... S-49
LEGAL MATTERS........................ S-50
GLOSSARY OF DEFINED TERMS............ S-51
ANNEX I: PREVIOUSLY ISSUED SERIES.... S-66
</TABLE>
<PAGE>

                  OVERVIEW OF THE INFORMATION PROVIDED IN THIS
               PROSPECTUS SUPPLEMENT AND THE ATTACHED PROSPECTUS

   This prospectus supplement provides specific information about the offered
certificates. The attached prospectus provides general information about the
trust and the securities issued by the trust, including information which may
not apply to the offered certificates.

    You must read carefully this prospectus supplement and the attached
prospectus in their entirety to understand fully the structure and terms of the
offered certificates. If the specific information about the offered
certificates provided in this prospectus supplement varies from the general
information about the trust and the certificates issued by the trust provided
in the attached prospectus, you should rely on the information provided in this
prospectus supplement.

   This prospectus supplement begins with the following introductory sections
describing the trust and the offered certificates in summary form:

  . the "Overview of Series 2000-2" section sets forth the basic structure of
    series 2000-2;

  . the "Principal Terms of the Offered Certificates" section sets forth the
    principal terms of the offered certificates;

  . the "Series 2000-2 Summary" section describes the key structural features
    of series 2000-2 and includes cross references to captions under which
    you can find additional, related information; and

  . the "Risk Factors" section describes the material risks that apply to an
    investment in the offered certificates.

   You should rely only on the information provided in, or incorporated by
reference into, this prospectus supplement and the attached prospectus. We have
not authorized anyone to provide you with additional or different information.

   We include in this prospectus supplement and the attached prospectus cross-
references to captions under which you can find additional, related
discussions. The preceding table of contents and the table of contents included
in the attached prospectus, as applicable, set forth the pages on which these
captions are located.

   We include in this prospectus supplement and the attached prospectus
capitalized terms that have meanings not evident from their context and that
cannot be defined concisely when they are first used. The glossary beginning on
page S-51 of this prospectus supplement and the glossary beginning on page 52
of the attached prospectus, as applicable, contain the definitions of these
capitalized terms.

   We are not offering the offered certificates in any state where the offer is
not permitted.

                                      S-1
<PAGE>

                           OVERVIEW OF SERIES 2000-2

                           First North American National Bank, a national
 Transferor............... banking association referred to in this prospectus
                           supplement and the attached prospectus as FNANB

 Servicer.................
                           FNANB or any successor servicer appointed in
                           accordance with the master pooling and servicing
                           agreement

 Trustee.................. Bankers Trust Company, a New York banking
                           corporation

 Trust Assets.............
                           All receivables created from time to time in a
                           portfolio of consumer revolving credit card
                           accounts, all monies due or to become due in
                           payment of the receivables, including recoveries on
                           charged-off receivables, and the other property
                           described in this prospectus supplement and the
                           attached prospectus

<TABLE>
<CAPTION>
                                                             Percentage of Total
                                            Principal Amount  Principal Amount
                                            ---------------- -------------------
  <S>                                       <C>              <C>
  Class A Certificates.....................   $200,750,000           73.0%
  Class B Certificates.....................   $ 31,625,000           11.5%
  Collateralized Trust Obligations.........   $ 26,125,000            9.5%
  Class D Certificates.....................   $ 16,500,000            6.0%
                                              ------------          -----
    Total..................................   $275,000,000          100.0%
                                              ============          =====
</TABLE>

                                      S-2
<PAGE>

                  PRINCIPAL TERMS OF THE OFFERED CERTIFICATES

<TABLE>
<CAPTION>
                                           Class A Certificates         Class B Certificates
                                           --------------------         --------------------
  <S>                                  <C>                          <C>
  Anticipated Ratings
   (Moody's/Fitch/Standard &
   Poor's)...........................  Aaa/AAA/AAA*                 A1/A/A*

  Credit Enhancement.................  Subordination of Class B     Subordination of
                                       Certificates,                Collateralized Trust
                                       Collateralized Trust         Obligations and Class D
                                       Obligations and Class D      Certificates
                                       Certificates

  Pricing Date.......................  November  , 2000             November  , 2000

  Closing Date.......................  November  , 2000             November  , 2000

  Minimum Denomination...............  $1,000                       $1,000

  Clearance and Settlement...........  DTC/Clearstream/Euroclear    DTC/Clearstream/Euroclear

  Principal Amount...................  $200,750,000                 $31,625,000

  Interest Rate......................      % Plus One-Month LIBOR       % Plus One-Month LIBOR
                                       Per Annum                    Per Annum

  Distribution Dates (Interest)......  Monthly Beginning            Monthly Beginning
                                       January 16, 2001             January 16, 2001

  Interest Accrual Method............  Actual/360                   Actual/360

  Interest Period....................  From and Including Closing   From and Including Closing
                                       Date/Distribution Date to    Date/Distribution Date to
                                       but Excluding Following      but Excluding Following
                                       Distribution Date            Distribution Date

  Interest Rate Determination Dates..  November  , 2000,            November  , 2000,
                                       December 13, 2000 and Two    December 13, 2000 and Two
                                       London Business Days Before  London Business Days Before
                                       Each Subsequent Interest     Each Subsequent Interest
                                       Period                       Period

  Servicing Fee Percentage...........  2.00% Per Annum              2.00% Per Annum

  Expected Final Distribution Date...  November 2003 Distribution   November 2003 Distribution
                                       Date                         Date

  Scheduled Commencement of
   Accumulation Period...............  November 1, 2002             November 1, 2002

  Stated Series Termination Date.....  November 2008 Distribution   November 2008 Distribution
                                       Date                         Date

  CUSIP Number.......................

  ISIN...............................

  Common Code........................
</TABLE>

 --------

   *It is a condition to issuance of the offered certificates that one of these
ratings be obtained.


                                      S-3
<PAGE>

                             SERIES 2000-2 SUMMARY

Series Structure

The trust will issue the following securities as part of series 2000-2:

 . the class A certificates;

 . the class B certificates;

 . the collateralized trust obligations; and

 . the class D certificates.

The series 2000-2 securities will be issued under the series 2000-2 supplement
to the master pooling and servicing agreement. We are offering the class A
certificates and the class B certificates for sale through this prospectus
supplement and the attached prospectus. We are not offering the collateralized
trust obligations or the class D certificates for sale through this prospectus
supplement or the attached prospectus.

The trust has previously issued eight other series, five of which are currently
outstanding, and may issue additional series from time to time without your
consent. The terms of the other series issued by the trust may be significantly
different from the terms of the offered certificates. See "Annex I--Previously
Issued Series" beginning on page S-66 of this prospectus supplement for a
summary of the terms of the previously issued series that are currently
outstanding.

The offered certificates will be included in a group of securities designated
as group one. The securities included in group one will be entitled to share
amounts collected on the receivables during each month and allocated to other
series in group one, to the extent those amounts are not needed to make
required payments with respect to other series in group one, in each case in
the manner and to the extent specified in the series 2000-2 supplement and the
series supplements for those other series.

Interest Payments

Each class A certificate will represent the right to receive interest payments
on each distribution date in an amount equal to the product of:

 . the class A interest rate for the preceding interest period;

 . a fraction, the numerator of which is the actual number of days in that
  preceding interest period and the denominator of which is 360; and

 . the outstanding principal balance of that class A certificate as of the close
  of business on the preceding distribution date or, in the case of the first
  distribution date, as of the closing date.

Each class B certificate will represent the right to receive interest payments
on each distribution date in an amount equal to the product of:

 . the class B interest rate for the preceding interest period;

 . a fraction, the numerator of which is the actual number of days in that
  preceding interest period and the denominator of which is 360; and

 . the outstanding principal balance of that class B certificate as of the close
  of business on the preceding distribution date or, in the case of the first
  distribution date, as of the closing date.

The distribution dates for series 2000-2 will be the fifteenth day of each
month or, if that day is not a business day, the following business day,
beginning January 16, 2001. The interest periods for series 2000-2 will be each
period from and including a distribution date, or, in the case of the first
interest period, the closing date, to but excluding the following distribution
date.

Any interest due but not paid on a distribution date will be payable on the
following distribution date, together with additional interest on the unpaid
amount at the class A interest rate or the class B interest rate, as
applicable, plus 2.00% per annum. The final interest payment on the offered
certificates will be made no later than the stated series termination date.

The class A certificates and the class B certificates will each be entitled to
the benefits of an interest rate cap agreement. See "Description of the Offered
Certificates--The Interest Rate Caps" beginning on page S-30 of this prospectus
supplement for a further discussion of the interest rate caps.

                                      S-4
<PAGE>

Principal Payments

The offered certificates and the collateralized trust obligations are scheduled
to receive a single principal payment on the expected final distribution date
following the accumulation of principal in a segregated trust account referred
to in this prospectus supplement as the principal funding account. We cannot
assure you, however, that principal payments will not be made before or after
the expected final distribution date.

If various events referred to in this prospectus supplement as early
amortization events occur, principal payments may be made earlier than the
expected final distribution date. If the actual payment rate on the receivables
is lower than the payment rate that was assumed in structuring the accumulation
period, the principal funding account may not be funded as expected and the
certificateholders may not be paid in full on the expected final distribution
date. There is no penalty for the early or late payment of principal.

The final principal payment on the offered certificates will be made no later
than the stated series termination date. The class B certificateholders will in
no event begin to receive principal payments until the class A certificates
have been paid in full.

Credit Enhancement

The class A certificates will benefit from the subordination of the class B
certificates, the collateralized trust obligations and the class D
certificates. The class B certificates will benefit from the subordination of
the collateralized trust obligations and the class D certificates.

The issuance of subordinated securities is intended to protect you against
payment delays or losses with respect to your certificates. The subordinated
securities are required to absorb losses on the receivables and other
shortfalls in cash flow before those losses and other shortfalls are absorbed
by the senior securities. If the receivables experience higher losses than were
assumed in determining the principal balance of the subordinated securities,
you may experience payment delays or losses with respect to your certificates.

Allocation of Collections and Default Amounts

On each determination date, the servicer will allocate to each class of the
offered certificates a portion of:

 . the collections of finance charge receivables and principal receivables
  received during the preceding month; and

 . the receivables, if any, charged off as uncollectible during the preceding
  month, which amount is referred to in this prospectus supplement as the
  default amount.

The determination dates for series 2000-2 will be the eighth day before each
distribution date or, if that day is not a business day, the following business
day, beginning January 8, 2001.

Calculation of Series Adjustment Amount

On each determination date, the servicer will calculate the amount of any
deficiency in trust assets as of the last day of the preceding month
attributable to downward adjustments made in the amount of principal
receivables in the trust for non-credit reasons. If a deficiency in trust
assets causes the aggregate outstanding principal balance of the series 2000-2
securities to exceed the aggregate amount of principal receivables allocated to
series 2000-2, FNANB will be required to deposit the amount of that excess into
a segregated trust account referred to in this prospectus supplement as the
excess funding account. If FNANB fails to make this deposit, the servicer will
calculate the amount of any remaining deficiency in trust assets allocable to
series 2000-2, which amount is referred to in this prospectus supplement as the
series adjustment amount. On each determination date, the servicer will
allocate to each class of the offered certificates a portion of the series
adjustment amount as of the last day of the preceding month.

Application of Finance Charge Collections

On each distribution date, collections of finance charge receivables received
during the preceding month and allocated to the class A certificates plus
various other amounts specified in the series 2000-2 supplement will be
applied:

 . to pay the interest due on the class A certificates on that distribution
  date;

                                      S-5
<PAGE>


 . to pay the servicing fee due to the servicer on that distribution date to the
  extent that servicing fee is allocated to the class A certificates;

 . to fund the default amount for the preceding month plus the series adjustment
  amount as of the last day of the preceding month, in each case to the extent
  that amount is allocated to the class A certificates;

 . to make various required payments with respect to the class B certificates,
  the collateralized trust obligations or the class D certificates as described
  under "Description of the Offered Certificates --Application of Collections--
  Excess Spread; Shared Excess Finance Charge Collections" beginning on page S-
  40 of this prospectus supplement;

 . to fund any deficiency in a segregated trust account referred to in this
  prospectus supplement as the spread account, which account is intended to
  help assure the payment of interest and principal on the collateralized trust
  obligations and to offset potential reductions in the outstanding principal
  balance of the collateralized trust obligations; and

 . to fund any deficiency in a segregated trust account referred to in this
  prospectus supplement as the reserve account, which account is intended to
  help assure the payment of interest on the offered certificates and the
  collateralized trust obligations on each distribution date relating to the
  accumulation period.

Any remaining collections of finance charge receivables allocated to the class
A certificates will be shared with other series in group one or, to the extent
those collections are not needed to make required payments with respect to
other series in group one, will be paid to the holder of the exchangeable
transferor certificate.

On each distribution date, collections of finance charge receivables received
during the preceding month and allocated to the class B certificates plus
various other amounts specified in the series 2000-2 supplement will be
applied:

 . to pay the interest due on the class B certificates on that distribution
  date;

 . to pay the servicing fee due to the servicer on that distribution date to the
  extent that servicing fee is allocated to the class B certificates;

 . to make various required payments with respect to the class A certificates,
  the class B certificates, the collateralized trust obligations or the class D
  certificates as described under "Description of the Offered Certificates--
  Application of Collections--Excess Spread; Shared Excess Finance Charge
  Collections" beginning on page S-40 of this prospectus supplement;

 . to fund any deficiency in the spread account; and

 . to fund any deficiency in the reserve account.

Any remaining collections of finance charge receivables allocated to the class
B certificates will be shared with other series in group one or, to the extent
those collections are not needed to make required payments with respect to
other series in group one, will be paid to the holder of the exchangeable
transferor certificate.

Application of Principal Collections

The timing and amount of principal payments to be made on any distribution date
will depend on whether that distribution date relates to the revolving period,
the accumulation period or the early amortization period. In addition, on each
distribution date, collections of principal receivables received during the
preceding month and allocated to the subordinated securities may be reallocated
to fund required payments with respect to the senior securities.

Revolving Period

The series 2000-2 securities will include a period during which collections of
principal receivables allocated to series 2000-2 will not be accumulated for or
paid to the holders of the series 2000-2 securities. This period, which is
referred to in this prospectus supplement as the revolving period, will begin
on the closing date and end on the earlier of the close of business on the day
preceding the commencement of the accumulation period and the close of business
on the day preceding the commencement of the early amortization period.

On each distribution date relating to the revolving period, collections of
principal receivables received during the preceding month and allocated to
series

                                      S-6
<PAGE>

2000-2, other than collections reallocated to fund required payments with
respect to the offered certificates or the collateralized trust obligations,
plus various other amounts specified in the series 2000-2 supplement:

 . will be treated as shared principal collections and applied to make required
  payments with respect to other series in group one; and

 . to the extent those collections and other specified amounts are not applied
  to make required payments with respect to other series in group one, will be
  deposited into the excess funding account or paid to the holder of the
  exchangeable transferor certificate.

Accumulation Period

The series 2000-2 securities may include a period during which collections of
principal receivables allocated to series 2000-2, up to a specified amount,
will be deposited on or before each distribution date into the principal
funding account. This period, which is referred to in this prospectus
supplement as the accumulation period, is scheduled to begin on November 1,
2002 and end on the earliest of the close of business on the day preceding the
commencement of the early amortization period, the date on which the series
2000-2 securities are paid in full and the stated series termination date. The
servicer may postpone the commencement of the accumulation period or suspend
the accumulation period under certain limited circumstances.

On or before each distribution date relating to the accumulation period,
collections of principal receivables received during the preceding month and
allocated to series 2000-2, other than collections reallocated to fund required
payments with respect to the offered certificates or the collateralized trust
obligations, plus various other amounts specified in the series 2000-2
supplement:

 . will be deposited into the principal funding account up to a specified
  amount;

 . to the extent those collections and other specified amounts are not deposited
  into the principal funding account, will be treated as shared principal
  collections and applied to make required payments with respect to other
  series in group one; and

 . to the extent those collections and other specified amounts are not applied
  to make required payments with respect to other series in group one, will be
  deposited into the excess funding account or paid to the holder of the
  exchangeable transferor certificate.

On the expected final distribution date, the amount on deposit in the principal
funding account:

 . will be paid to the class A certificateholders until the class A certificates
  have been paid in full;

 . if the class A certificates have been paid in full, will be paid to the class
  B certificateholders until the class B certificates have been paid in full;
  and

 . if the class B certificates have been paid in full, will be paid to the
  holders of the collateralized trust obligations until the collateralized
  trust obligations have been paid in full;

provided, however, that, if the early amortization period begins prior to the
expected final distribution date, the amount on deposit in the principal
funding account on the first distribution date relating to the early
amortization period will be paid in that order of priority on that date.

Early Amortization Period

The series 2000-2 securities may include a period during which collections of
principal receivables allocated to series 2000-2 will be applied on each
distribution date to make principal payments to the certificateholders. This
period, which is referred to in this prospectus supplement as the early
amortization period, will begin on the date on which an early amortization
event occurs and will end on the earlier of the date on which the series 2000-2
securities are paid in full and the stated series termination date.

On each distribution date relating to the early amortization period,
collections of principal receivables received during the preceding month and
allocated to series 2000-2, other than collections reallocated to fund required
payments with respect to the offered certificates or the collateralized trust
obligations, plus various other amounts specified in the series 2000-2
supplement:

 . will be paid to the class A certificateholders until the class A certificates
  have been paid in full;

                                      S-7
<PAGE>


 . if the class A certificates have been paid in full, will be paid to the class
  B certificateholders until the class B certificates have been paid in full;
  and

 . if the class B certificates have been paid in full, will be paid to the
  holders of the collateralized trust obligations until the collateralized
  trust obligations have been paid in full.

See "Description of the Offered Certificates--Early Amortization Events"
beginning on page S-45 of this prospectus supplement for a further discussion
of the early amortization events applicable to series 2000-2.

Tax Status of the Offered Certificates and the Trust

McGuireWoods LLP, special tax counsel to FNANB, is of the opinion that:

 . the offered certificates will be treated as debt for federal income tax
  purposes; and

 . the trust will not be treated as an association or publicly traded
  partnership taxable as a corporation for federal income tax purposes.

See "Material Federal Income Tax Consequences" beginning on page S-47 of this
prospectus supplement and "Material Federal Income Tax Consequences" beginning
on page 43 of the attached prospectus for a further discussion of the tax
consequences of acquiring, holding and disposing of the offered certificates.

ERISA Considerations

The underwriters of the class A certificates and the class B certificates do
not expect that the class A certificates or the class B certificates will
qualify as publicly-offered securities under regulations issued by the U.S.
Department of Labor. As a result, neither the class A certificates nor the
class B certificates are eligible for purchase by persons investing assets of
employee benefit plans or individual retirement accounts.

See "ERISA Considerations" beginning on page S-48 of this prospectus supplement
and "ERISA Considerations" beginning on page 48 of the attached prospectus for
a further discussion of the ERISA considerations applicable to a purchase of
the offered certificates.

Additional Information

You may obtain additional information about the offered certificates by
contacting FNANB in writing at 225 Chastain Meadows Court, Kennesaw, Georgia
30144, Attention: Treasury Department, or by telephone at (770) 423-7900.

                                      S-8
<PAGE>

                                  RISK FACTORS

   This section summarizes the material risks that apply to an investment in
the offered certificates. You should consider these risks in deciding whether
to purchase the offered certificates.

If You Hold Class A Certificates,         The class B certificates, the
The Subordination Of The Class B          collateralized trust obligations and
Certificates, The Collateralized          the class D certificates will be
Trust Obligations And The Class D         subordinated to the class A
Certificates May Not Be Adequate To       certificates to the extent necessary
Assure Payment Of Your Certificates       to fund various payments with
                                          respect to the class A certificates.
                                          We cannot assure you, however, that
                                          the subordination of these interests
                                          will be adequate to assure payment
                                          of the class A certificates.

                                          If the receivables experience higher
                                          losses than were assumed in
                                          determining the principal balance of
                                          the subordinated securities:

                                          . the trust may not have sufficient
                                            funds to pay in full the interest
                                            and principal owed to the class A
                                            certificateholders on one or more
                                            distribution dates and the class A
                                            certificateholders will suffer
                                            payment delays with respect to
                                            their certificates; and

                                          . if and to the extent that the
                                            amount of that insufficiency is
                                            not offset on subsequent
                                            distribution dates, the class A
                                            certificateholders will suffer
                                            losses with respect to their
                                            certificates.

                                          If you hold class A certificates and
                                          the class D certificates, the
                                          collateralized trust obligations and
                                          the class B certificates are reduced
                                          to zero, you will bear directly the
                                          credit and other risks associated
                                          with your undivided interest in the
                                          trust.

                                          See "Description of the Offered
                                          Certificates--Credit Enhancement"
                                          beginning on page S-37 of this
                                          prospectus supplement for a further
                                          discussion of the subordination
                                          feature.

If You Hold Class B Certificates,         The collateralized trust obligations
The Subordination Of The                  and the class D certificates will be
Collateralized Trust Obligations And      subordinated to the class B
The Class D Certificates May Not Be       certificates to the extent necessary
Adequate To Assure Payment Of Your        to fund various payments with
Certificates                              respect to the class B certificates.
                                          We cannot assure you, however, that
                                          the subordination of these interests
                                          will be adequate to assure payment
                                          of the class B certificates.

                                          If the receivables experience higher
                                          losses than were assumed in
                                          determining the principal balance of
                                          the subordinated securities:

                                      S-9
<PAGE>

                                          . the trust may not have sufficient
                                            funds to pay in full the interest
                                            and principal owed to the class B
                                            certificateholders on one or more
                                            distribution dates and the class B
                                            certificateholders will suffer
                                            payment delays with respect to
                                            their certificates; and

                                          . if and to the extent that the
                                            amount of that insufficiency is
                                            not offset on subsequent
                                            distribution dates, the class B
                                            certificateholders will suffer
                                            losses with respect to their
                                            certificates.

                                          If you hold class B certificates and
                                          the class D certificates and the
                                          collateralized trust obligations are
                                          reduced to zero, you will bear
                                          directly the credit and other risks
                                          associated with your undivided
                                          interest in the trust.

                                          See "Description of the Offered
                                          Certificates--Credit Enhancement"
                                          beginning on page S-37 of this
                                          prospectus supplement for a further
                                          discussion of the subordination
                                          feature.

If You Hold Class B Certificates,         The class B certificates will be
You Could Suffer Payment Delays Or        subordinated to the class A
Losses As A Result Of The                 certificates to the extent necessary
Subordination Of Your Certificates        to fund various payments with
To The Class A Certificates               respect to the class A certificates.

                                          If the trust does not have
                                          sufficient funds to make all
                                          required payments with respect to
                                          the class A certificates on any
                                          distribution date and the class D
                                          certificates and the collateralized
                                          trust obligations have been reduced
                                          to zero, the principal balance of
                                          the class B certificates will be
                                          reduced. If and to the extent that
                                          the amount of that reduction is not
                                          reimbursed on subsequent
                                          distribution dates:

                                          . the percentage of finance charge
                                            collections allocable to the class
                                            B certificates will be reduced,
                                            which may delay or reduce interest
                                            payments on subsequent
                                            distribution dates; and

                                          . the class B certificateholders
                                            will suffer losses with respect to
                                            their certificates.

                                          The class B certificateholders will
                                          not receive principal payments,
                                          whether made during the early
                                          amortization period or following a
                                          sale of the trust assets, until the
                                          class A certificates have been paid
                                          in full. If the funds available to
                                          make principal payments to the
                                          holders of the offered certificates
                                          during the early amortization period
                                          or following a sale of the trust
                                          assets are not sufficient to pay the

                                      S-10
<PAGE>

                                          offered certificates in full, the
                                          class B certificateholders will
                                          suffer a loss with respect to their
                                          certificates. See "Description of
                                          the Offered Certificates--
                                          Application of Collections"
                                          beginning on page S-39 of this
                                          prospectus supplement for a further
                                          discussion of the manner in which
                                          principal payments will be made to
                                          the holders of the offered
                                          certificates.

If You Hold Class B Certificates,         The consent or approval of a
You May Be Unable To Control Whether      specified percentage of the
The Holders Of The Series 2000-2          aggregate principal amount of the
Securities Have Consented To Or           series 2000-2 securities will be
Approved Of Actions To Be Taken           required in determining whether the
Under The Master Pooling And              holders of the series 2000-2
Servicing Agreement Or The Series         securities have consented to or
2000-2 Supplement                         approved of various actions taken
                                          under the master pooling and
                                          servicing agreement or the series
                                          2000-2 supplement. Because the
                                          aggregate principal amount of the
                                          class A certificates will in most
                                          cases exceed the aggregate principal
                                          amount of the class B certificates,
                                          the collateralized trust obligations
                                          and the class D certificates, the
                                          class A certificateholders may
                                          control whether these actions will
                                          be consented to or approved of by
                                          the holders of the series 2000-2
                                          securities. We cannot assure you
                                          that the interests of the class A
                                          certificateholders will coincide
                                          with the interests of the class B
                                          certificateholders with respect to
                                          these actions.

A Default By The Interest Rate Cap        The trust will enter into interest
Provider Could Adversely Affect The       rate caps to provide additional
Timing Or Amount Of Payments On Your      credit enhancement for the class A
Certificates                              certificates and the class B
                                          certificates. Each interest rate cap
                                          will require the interest rate cap
                                          provider to make payments to the
                                          trust if the class A interest rate
                                          or the class B interest rate, as
                                          applicable, exceeds a specified
                                          fixed rate.

                                          The interest rate cap provider will
                                          initially have a credit rating
                                          acceptable to each rating agency
                                          rating the offered certificates. We
                                          cannot assure you, however, that the
                                          interest rate cap provider will be
                                          able to make payments to the trust
                                          when required under the interest
                                          rate caps. If you hold class A
                                          certificates or class B certificates
                                          and the interest rate cap provider
                                          fails to make a required payment
                                          under the related interest rate cap,
                                          interest payments on your
                                          certificates could be delayed or
                                          reduced. In addition, if the
                                          interest rate cap provider fails to
                                          make a payment under the interest
                                          rate caps when required or within a
                                          five business day grace period, an
                                          early amortization event will occur
                                          with respect to series 2000-2 and
                                          you may receive principal payments
                                          earlier than the expected final
                                          distribution date. If you receive
                                          principal payments earlier than

                                      S-11
<PAGE>

                                          expected, you may be unable to
                                          reinvest that principal in an
                                          investment security that earns a
                                          rate of return comparable to the
                                          interest rate on your certificate or
                                          that has risk characteristics
                                          comparable to the risk
                                          characteristics of your certificate.
                                          See "Description of the Offered
                                          Certificates--The Interest Rate
                                          Caps" beginning on page S-30 of this
                                          prospectus supplement for a further
                                          discussion of the interest rate
                                          caps.

If The Transfer Of The Receivables        FNANB accounts for the transfer of
To The Trust Is Characterized As A        the receivables to the trust as a
Financing Rather Than A Sale, The         sale rather than the grant of a
Trust's Interest In The Receivables       security interest. A court could
May Be Subject To Various                 conclude, however, that FNANB still
Nonconsensual Liens                       owns the receivables and that the
                                          trust holds only a security interest
                                          in the receivables. The risk of a
                                          court reaching this conclusion may
                                          be increased by the retention by
                                          FNANB of the exchangeable transferor
                                          certificate, the class D
                                          certificates and any similar
                                          interests issued and retained with
                                          respect to other series.

                                          If a court were to conclude that the
                                          transfer of the receivables to the
                                          trust constituted only the grant of
                                          a security interest in the
                                          receivables, a tax, governmental or
                                          other nonconsensual lien on property
                                          of FNANB arising before new
                                          receivables came into existence
                                          might have priority over the trust's
                                          interests in those receivables. See
                                          "Material Legal Aspects of the
                                          Receivables--Transfer of
                                          Receivables" beginning on page 40 of
                                          the attached prospectus for a
                                          further discussion of the
                                          circumstances under which the
                                          interest of the trust might be
                                          subject to prior liens.

The Appointment Of A Receiver Or          FNANB is chartered as a national
Conservator For FNANB Could               banking association and is subject
Adversely Affect The Timing Or            to regulation and supervision by the
Amount Of Payments On Your                Office of the Comptroller of the
Certificates                              Currency. If various events relating
                                          to FNANB's financial condition or
                                          the propriety of its actions were to
                                          occur, the OCC would be authorized
                                          to appoint the FDIC as receiver or
                                          conservator for FNANB.

                                          If the OCC were to appoint the FDIC
                                          as receiver or conservator for FNANB
                                          and various regulatory conditions
                                          were found not to have been met, the
                                          FDIC could repudiate the master
                                          pooling and servicing agreement and
                                          seek to reclaim or recover, or
                                          recharacterize as property of FNANB,
                                          the receivables transferred to the
                                          trust. In that event, the trust's
                                          resulting claim against FNANB would
                                          be limited to actual direct
                                          compensatory damages measured as of
                                          the date of receivership or
                                          conservatorship, and payments on
                                          your certificates could be delayed
                                          or

                                      S-12
<PAGE>

                                          reduced. FNANB believes that these
                                          regulatory conditions have been met
                                          in connection with the transfer of
                                          the receivables to the trust under
                                          the master pooling and servicing
                                          agreement.

                                          If the OCC were to appoint the FDIC
                                          as receiver or conservator for
                                          FNANB, the FDIC could, even if the
                                          regulatory conditions relating to
                                          the transfer of the receivables to
                                          the trust were found to have been
                                          met:

                                          . repudiate FNANB's ongoing
                                            obligations under the master
                                            pooling and servicing agreement,
                                            such as the duty to collect
                                            payments or otherwise service the
                                            receivables;

                                          . require the trustee to go through
                                            an administrative claims procedure
                                            to establish its right to amounts
                                            collected on the receivables in
                                            the trust; or

                                          . request a stay of proceedings with
                                            respect to the trust's claims
                                            against FNANB.

                                          If the FDIC were to take any of
                                          these actions or if the master
                                          pooling and servicing agreement or
                                          FNANB's transfer of the receivables
                                          to the trust were found to violate
                                          the regulatory requirements of the
                                          FDIA, payments on your certificates
                                          could be delayed or reduced.

                                          If the OCC were to appoint the FDIC
                                          as receiver or conservator for
                                          FNANB:

                                          . an early amortization event would
                                            occur with respect to all
                                            outstanding series;

                                          . new principal receivables would
                                            not be transferred to the trust;
                                            and

                                          . the trustee would dispose of the
                                            receivables in the trust unless
                                            otherwise instructed by the
                                            holders of certificates
                                            representing undivided interests
                                            aggregating more than 50% of the
                                            aggregate principal amount of each
                                            class of each outstanding series
                                            or unless otherwise required by
                                            the FDIC.

                                          If the receivables in the trust were
                                          disposed of following an early
                                          amortization event and that
                                          disposition produced insufficient
                                          net proceeds to pay your
                                          certificates in full, you would
                                          suffer a loss on your certificates.

                                          A receiver or conservator for FNANB
                                          might have the power,
                                          notwithstanding the terms of the
                                          master pooling and servicing
                                          agreement:

                                          . to prevent the commencement of the
                                            early amortization period with
                                            respect to all outstanding series;

                                          . to require the transfer of new
                                            principal receivables to the
                                            trust; and

                                      S-13
<PAGE>

                                          . to prevent the sale of the
                                            receivables in the trust and the
                                            termination of the trust.

                                          A receiver or conservator for FNANB
                                          might have the power,
                                          notwithstanding your instructions:

                                          . to prohibit the transfer of new
                                            principal receivables to the
                                            trust; and

                                          . to require the sale of the
                                            receivables in the trust, the
                                            termination of the trust and the
                                            retirement of the offered
                                            certificates.

                                          In addition, a receiver or
                                          conservator for FNANB might have the
                                          power to prevent the trustee or the
                                          certificateholders from appointing a
                                          new servicer under the master
                                          pooling and servicing agreement. See
                                          "Material Legal Aspects of the
                                          Receivables--Matters Relating to
                                          Receivership and Conservatorship"
                                          beginning on page 40 of the attached
                                          prospectus for a further discussion
                                          of the implications of the
                                          appointment of a receiver or
                                          conservator for FNANB.

The Application Of Federal Or State       A number of federal and state
Consumer Protection Laws Could            consumer protection laws regulate
Adversely Affect The Timing Or            the creation and enforcement of
Amount Of Payments On Your                consumer loans such as the
Certificates                              receivables. The existing consumer
                                          protection laws could be amended to
                                          impose additional restrictions on
                                          the creation and enforcement of
                                          consumer loans. In addition, new
                                          consumer protection laws could be
                                          adopted imposing those additional
                                          restrictions. We cannot assure you
                                          that the application of federal or
                                          state consumer protection laws will
                                          not have an adverse impact on the
                                          timing or amount of payments on your
                                          certificates.

If The Yield On The Receivables           If the yield on the receivables
Declines, You May Receive Principal       declines, an early amortization
Payments Earlier Than The Expected        event may occur and you may receive
Final Distribution Date And May Be        principal payments earlier than the
Unable To Reinvest That Principal In      expected final distribution date.
A Comparable Investment Security          The following events, each of which
                                          is discussed in more detail below,
                                          could result in a decline in the
                                          yield on the receivables:

                                          . a reduction in the periodic
                                            finance charges or other fees and
                                            charges assessed on the accounts
                                            instituted by FNANB for
                                            competitive reasons or to promote
                                            the Circuit City private label
                                            credit card;

                                          . a reduction in the periodic
                                            finance charges or other fees and
                                            charges assessed on the accounts
                                            required by law;

                                          . a reduction in the amount of
                                            periodic finance charges or other
                                            fees and charges paid by
                                            cardholders as a result of
                                            economic, social or other factors;

                                      S-14
<PAGE>

                                          . the deposit of funds into the
                                            excess funding account for the
                                            trust; or

                                          . the deposit of funds into the
                                            principal funding account for
                                            series 2000-2.

                                          If you receive principal payments
                                          earlier than expected, you may be
                                          unable to reinvest that principal in
                                          an investment security that earns a
                                          rate of return comparable to the
                                          interest rate on your certificate or
                                          that has risk characteristics
                                          comparable to the risk
                                          characteristics of your certificate.
                                          See "Description of the Offered
                                          Certificates--Early Amortization
                                          Events" beginning on page S-45 of
                                          this prospectus supplement for a
                                          further discussion of the early
                                          amortization events applicable to
                                          series 2000-2.

                                          Reduction for Competitive Reasons

                                          The credit card industry is highly
                                          competitive and has experienced a
                                          substantial increase in the use of
                                          advertising, target marketing, price
                                          reductions and incentive programs as
                                          new issuers seek to enter the market
                                          and existing issuers seek to
                                          increase their market share. In many
                                          cases, consumers select credit cards
                                          on the basis of product features,
                                          such as interest rate and credit
                                          limit, and will change credit cards
                                          or use other sources of credit to
                                          take advantage of more attractive
                                          credit terms. As owner of the
                                          accounts included in the trust,
                                          FNANB has the right to change
                                          various account terms, including the
                                          periodic finance charges and other
                                          fees and charges assessed on the
                                          accounts. In addition, FNANB
                                          periodically offers interest free
                                          promotions under which holders of
                                          the Circuit City private label
                                          credit card are able to purchase
                                          designated products on an interest
                                          free basis for a specified period.
                                          We cannot assure you that FNANB will
                                          not reduce the periodic finance
                                          charges or other fees and charges
                                          assessed on the accounts in response
                                          to increased competition from other
                                          credit card issuers or other credit
                                          providers or that an increase in the
                                          use of interest free promotions will
                                          not cause a decline in the yield on
                                          the receivables.

                                          Reduction Required by Law

                                          A number of federal and state
                                          consumer protection laws regulate
                                          the creation and enforcement of
                                          consumer loans such as the
                                          receivables. The existing consumer
                                          protection laws could be amended to
                                          limit the fees and charges that may
                                          be assessed with respect to credit
                                          card accounts. In addition, new
                                          consumer protection laws could be
                                          adopted limiting

                                      S-15
<PAGE>

                                          those fees and charges. We cannot
                                          assure you that FNANB will not be
                                          required by law to reduce the
                                          periodic finance charges and other
                                          fees and charges assessed on the
                                          accounts.

                                          Economic, Social and Other Factors

                                          A variety of economic, social or
                                          other factors could cause
                                          cardholders who have historically
                                          incurred periodic finance charges or
                                          other fees and charges to begin
                                          paying account balances in full on a
                                          monthly basis. These factors include
                                          increases in disposable income,
                                          changes in consumer attitudes toward
                                          the repayment of revolving debt and
                                          the availability of competing
                                          sources of credit. We cannot assure
                                          you that the amount of periodic
                                          finance charges and other fees and
                                          charges assessed on the accounts
                                          will not decline as a result of
                                          economic, social or other factors.

                                          Excess Funding Account Deposits

                                          If the transferor amount is less
                                          than the minimum transferor amount
                                          on any date, collections of
                                          principal receivables that would
                                          otherwise be distributed to the
                                          holder of the exchangeable
                                          transferor certificate will instead
                                          be deposited into the excess funding
                                          account to the extent of that
                                          deficiency. The amount, if any, on
                                          deposit in the excess funding
                                          account will be invested in eligible
                                          investments. The deposit of amounts
                                          into the excess funding account has
                                          the effect of substituting cash for
                                          principal receivables. Because the
                                          investment earnings on amounts on
                                          deposit in the excess funding
                                          account may be less than the
                                          effective yield from the collections
                                          of finance charge receivables that
                                          would otherwise have been included
                                          in the trust, this substitution may
                                          result in a decline in the yield on
                                          the receivables.

                                          Principal Funding Account Deposits

                                          On or before each distribution date
                                          relating to the controlled
                                          accumulation period for series 2000-
                                          2, collections of principal
                                          receivables that would otherwise be
                                          distributed to the holder of the
                                          exchangeable transferor certificate
                                          will instead be deposited into the
                                          principal funding account for series
                                          2000-2 in an amount not to exceed
                                          the controlled deposit amount for
                                          that distribution date. The amount
                                          on deposit in the principal funding
                                          account will be invested in eligible
                                          investments. The servicer will
                                          allocate collections of finance
                                          charge receivables to series 2000-2
                                          based on an allocation percentage
                                          that decreases as amounts are
                                          deposited

                                      S-16
<PAGE>

                                          in the principal funding account for
                                          series 2000-2. As a result, the
                                          deposit of amounts into the
                                          principal funding account has the
                                          effect of substituting earnings on
                                          eligible investments for collections
                                          of finance charge receivables.
                                          Because the investment earnings on
                                          the amounts on deposit in the
                                          principal funding account may be
                                          less than the effective yield from
                                          the collections of finance charge
                                          receivables that would otherwise
                                          have been allocated to series 2000-
                                          2, this substitution may result in a
                                          decline in the yield on the
                                          receivables.

If The Rate At Which New Receivables      FNANB is required to transfer
Are Created Declines, You May             additional receivables to the trust
Receive Principal Payments Earlier        if there would otherwise be
Than The Expected Final Distribution      insufficient receivables to support
Date And May Be Unable To Reinvest        all outstanding series. If the rate
That Principal In A Comparable            at which new receivables are created
Investment Security                       declines and FNANB is unable to
                                          transfer additional receivables to
                                          the trust, an early amortization
                                          event may occur and you may receive
                                          principal payments earlier than the
                                          expected final distribution date.
                                          The following events, each of which
                                          is discussed in more detail below,
                                          could result in a decline in the
                                          rate at which new receivables are
                                          created:

                                          . a decline in credit and non-credit
                                            sales at Circuit City retail
                                            stores as a result of increased
                                            competition from other retailers;

                                          . a decline in credit and non-credit
                                            sales at Circuit City retail
                                            stores as a result of a decline in
                                            the demand for consumer
                                            electronics, personal computers or
                                            entertainment software;

                                          . a decline in private label and
                                            non-private label credit sales at
                                            Circuit City retail stores as a
                                            result of economic, social or
                                            other factors; or

                                          . a decline in private label credit
                                            sales at Circuit City retail
                                            stores as a result of increased
                                            competition from other providers
                                            of consumer credit.

                                          If you receive principal payments
                                          earlier than expected, you may be
                                          unable to reinvest that principal in
                                          an investment security that earns a
                                          rate of return comparable to the
                                          interest rate on your certificate or
                                          that has risk characteristics
                                          comparable to the risk
                                          characteristics of your certificate.

                                          Increase in Retail Competition

                                          The consumer electronics industry is
                                          highly competitive. Circuit City
                                          competes with numerous companies in
                                          each of its geographic markets,
                                          including regional and national
                                          specialty stores and discount
                                          retailers, smaller local stores that
                                          carry similar categories of
                                          merchandise and internet-based
                                          retailers. We cannot assure you that
                                          increased

                                      S-17
<PAGE>

                                          competition will not cause Circuit
                                          City sales to decline. If Circuit
                                          City sales decline as a result of
                                          increased retail competition, the
                                          rate at which new receivables are
                                          created could also decline.

                                          Decline in Consumer Demand

                                          Circuit City may experience a
                                          decline in sales if the demand for
                                          consumer electronics, personal
                                          computers or entertainment software
                                          declines. The demand for these
                                          products could decline for various
                                          reasons, including the absence of
                                          product innovations or new product
                                          categories and general economic
                                          factors, such as increased inflation
                                          or unemployment rates, that lead to
                                          a general reduction in consumer
                                          spending. We cannot assure you that
                                          consumer demand for the products
                                          sold by Circuit City will not
                                          decline. If Circuit City sales
                                          decline as a result of a decline in
                                          consumer demand, the rate at which
                                          new receivables are created could
                                          also decline.

                                          Economic, Social and Other Factors

                                          Circuit City may experience a
                                          decline in credit sales if the rate
                                          at which consumers purchase
                                          merchandise and services on credit
                                          declines. The use of credit by
                                          consumers could decline as a result
                                          of various economic, social and
                                          other factors, including increased
                                          inflation or unemployment rates,
                                          changes in consumer attitudes toward
                                          financing purchases with debt and
                                          new payment methods such as debit
                                          cards. We cannot assure you that the
                                          use of credit by consumers will not
                                          decline. If Circuit City credit
                                          sales decline as a result of a
                                          decline in the use of credit, the
                                          rate at which new receivables are
                                          created could also decline.

                                          Increase in Credit Competition

                                          Circuit City accepts various credit
                                          cards in addition to its private
                                          label credit card, including
                                          American Express, MasterCard, VISA
                                          and Discover credit cards. We cannot
                                          assure you that increased
                                          competition from other credit card
                                          issuers or other credit providers
                                          will not cause Circuit City private
                                          label credit card use to decline. If
                                          Circuit City private label credit
                                          card use declines, the rate at which
                                          new receivables are created will
                                          also decline.

If The Principal Payment Rate On The      If the rate at which principal
Receivables Declines, You May             payments are made on the receivables
Receive Principal Payments Later          declines during the accumulation
Than The Expected Final Distribution      period, the trust may be unable to
Date                                      accumulate principal in the
                                          principal funding account in an
                                          amount sufficient to pay the offered
                                          certificates in full on the expected
                                          final distribution date. The

                                      S-18
<PAGE>

                                          following events, each of which is
                                          discussed in more detail below,
                                          could result in a decline in the
                                          principal payment rate:

                                          . changes in account terms that
                                            reduce principal payment
                                            requirements or make it less
                                            costly for cardholders to defer
                                            principal payments; or

                                          . changes in cardholder payment
                                            habits resulting from economic,
                                            social or other factors.

                                          Changes in Account Terms

                                          The rate at which cardholders make
                                          principal payments is influenced by
                                          various account terms. If FNANB were
                                          to reduce the minimum monthly
                                          payment requirement applicable to
                                          the accounts or the periodic finance
                                          charges assessed on the accounts,
                                          either for competitive reasons or as
                                          required by law, cardholders might
                                          reduce the amount of their monthly
                                          payments. We cannot assure you that
                                          FNANB will not change the account
                                          terms in a way that causes the
                                          principal payment rate on the
                                          receivables to decline.

                                          Economic, Social and Other Factors

                                          A variety of economic, social or
                                          other factors could cause
                                          cardholders to reduce the amount of
                                          their monthly principal payments.
                                          These factors include reductions in
                                          disposable income, changes in
                                          consumer attitudes toward the
                                          repayment of revolving debt and
                                          seasonal payment habits. We cannot
                                          assure you that the principal
                                          payment rate on the receivables will
                                          not decline as a result of economic,
                                          social or other factors.

The Creation Or Designation Of            All accounts meeting the eligibility
Additional Accounts Could Adversely       requirements set forth in the master
Affect The Timing Or Amount Of            pooling and servicing agreement
Payments On Your Certificates             will, subject to various limitations
                                          imposed by the rating agencies, be
                                          automatically included as accounts
                                          as of the date of their creation
                                          upon the identification of those
                                          accounts in a computer file or
                                          microfiche list delivered to the
                                          trustee. In addition:

                                          . FNANB may from time to time in its
                                            discretion designate additional
                                            eligible accounts to be included
                                            as accounts; and

                                          . FNANB will be required to
                                            designate additional eligible
                                            accounts to be included as
                                            accounts if there would otherwise
                                            be insufficient receivables to
                                            support all outstanding series.

                                          FNANB will transfer all existing and
                                          future receivables in the automatic
                                          additional accounts and the
                                          designated additional accounts to
                                          the trust.

                                      S-19
<PAGE>

                                          The delinquency or loss experience
                                          of the additional accounts may be
                                          different from the delinquency or
                                          loss experience of the accounts
                                          included in the trust on the date of
                                          this prospectus supplement. In
                                          addition, the terms of the
                                          receivables in the additional
                                          accounts may be different from the
                                          terms of the receivables in the
                                          accounts included in the trust on
                                          the date of this prospectus
                                          supplement.

                                          We cannot assure you that the
                                          creation or designation of
                                          additional accounts will not have an
                                          adverse impact on the timing or
                                          amount of payments on your
                                          certificates. See "Description of
                                          the Securities--Addition of
                                          Accounts" beginning on page 15 of
                                          the attached prospectus for a
                                          further discussion of the procedure
                                          by which additional accounts will be
                                          included in the trust.

The Issuance Of A New Series Could        The trust has previously issued
Adversely Affect The Timing Or            eight other series, five of which
Amount Of Payments On Your                are currently outstanding, and may
Certificates                              issue additional series from time to
                                          time without your consent. The terms
                                          of the other series issued by the
                                          trust may be significantly different
                                          from the terms of the offered
                                          certificates.

                                          It is a condition to the issuance of
                                          each new series that each rating
                                          agency that has rated an outstanding
                                          series confirm in writing that the
                                          issuance of the new series will not
                                          result in a reduction or withdrawal
                                          of its rating of any class of that
                                          outstanding series. We cannot assure
                                          you, however, that the terms of any
                                          other series will not have an
                                          adverse impact on the timing or
                                          amount of payments on your
                                          certificates. See "Description of
                                          the Securities--Issuing New Series"
                                          beginning on page 13 of the attached
                                          prospectus for a further discussion
                                          of the procedure for issuing a new
                                          series.

The Issuance Of A Companion Series        The trust may issue a companion
Could Adversely Affect The Timing Or      series with respect to series 2000-2
Amount Of Payments On Your                without your consent. The terms of a
Certificates                              companion series issued by the trust
                                          may be significantly different from
                                          the terms of the offered
                                          certificates and may include early
                                          amortization events not included
                                          with respect to the offered
                                          certificates. If an early
                                          amortization event were to occur
                                          with respect to a companion series
                                          prior to the payment in full of the
                                          offered certificates, the allocation
                                          percentage used to allocate
                                          collections of principal receivables
                                          to series 2000-2 might be reduced
                                          and you might receive principal
                                          payments later than the expected
                                          final distribution date.

                                          It is a condition to the issuance of
                                          each new series, including a
                                          companion series, that each rating

                                      S-20
<PAGE>

                                          agency that has rated an outstanding
                                          series confirm in writing that the
                                          issuance of the new series will not
                                          result in a reduction or withdrawal
                                          of its rating of any class of that
                                          outstanding series. We cannot assure
                                          you, however, that the terms of any
                                          companion series will not have an
                                          adverse impact on the timing or
                                          amount of payments on your
                                          certificates. See "Description of
                                          the Securities--Companion Series"
                                          beginning on page 19 of the attached
                                          prospectus for a further discussion
                                          of the companion series feature.

The Holders Of The Offered                The consent or approval of the
Certificates May Be Unable To             holders of a specified percentage of
Control Actions Taken Under The           the aggregate principal amount of
Master Pooling And Servicing              all outstanding series is required
Agreement                                 before various actions may be taken
                                          under the master pooling and
                                          servicing agreement. These actions
                                          include the appointment of a
                                          successor servicer following a
                                          servicer default, the amendment of
                                          the master pooling and servicing
                                          agreement under specified
                                          circumstances and the repurchase or
                                          liquidation of the receivables. We
                                          cannot assure you that the interests
                                          of the certificateholders of other
                                          series will coincide with your
                                          interests with respect to these
                                          actions.

                    DELINQUENCY AND LOSS EXPERIENCE FOR THE
                CIRCUIT CITY PRIVATE LABEL CREDIT CARD PORTFOLIO

Delinquency Experience

   The following table sets forth the delinquency experience for the Circuit
City private label credit card portfolio as of each of the dates shown. We
cannot assure you that the future delinquency experience for the receivables in
the trust will be similar to the historical delinquency experience for the
private label credit card portfolio set forth in the table.

                                      S-21
<PAGE>



                             Delinquency Experience
                      Private Label Credit Card Portfolio
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                                  As of September 30,
                    -----------------------------------------------
                             2000                    1999
                    ----------------------- -----------------------
                                Percentage              Percentage
                                 of Total                of Total
                    Receivables Receivables Receivables Receivables
                    ----------- ----------- ----------- -----------
 <S>                <C>         <C>         <C>         <C>
 Total
  Receivables
  Outstanding....   $1,124,735    100.00%   $1,135,287    100.00%
                    ----------    ------    ----------    ------
 Delinquent 31 to
  60 Days........   $   21,378      1.90%   $   22,739      2.00%
 Delinquent 61 to
  90 Days........       13,320      1.18        14,956      1.32
 Delinquent 91 or
  More Days......       24,279      2.16        26,134      2.30
                    ----------    ------    ----------    ------
 Total...........   $   58,977      5.24%   $   63,829      5.62%
                    ==========    ======    ==========    ======
<CAPTION>
                                              As of December 31,
                    -----------------------------------------------------------------------
                             1999                    1998                    1997
                    ----------------------- ----------------------- -----------------------
                                Percentage              Percentage              Percentage
                                 of Total                of Total                of Total
                    Receivables Receivables Receivables Receivables Receivables Receivables
                    ----------- ----------- ----------- ----------- ----------- -----------
 <S>                <C>         <C>         <C>         <C>         <C>         <C>
 Total
  Receivables
  Outstanding....   $1,256,547    100.00%   $1,294,580    100.00%   $1,103,270    100.00%
                    ----------- ----------- ----------- ----------- ----------- -----------
 Delinquent 31 to
  60 Days........   $   22,714      1.81%   $   24,448      1.89%   $   26,347      2.39%
 Delinquent 61 to
  90 Days........       14,084      1.12        14,403      1.11        15,557      1.41
 Delinquent 91 or
  More Days......       26,586      2.12        27,440      2.12        30,783      2.79
                    ----------- ----------- ----------- ----------- ----------- -----------
 Total...........   $   63,384      5.05%   $   66,291      5.12%   $   72,687      6.59%
                    =========== =========== =========== =========== =========== ===========
</TABLE>


                                      S-22
<PAGE>

   The delinquency periods are calculated based on the number of days a payment
is contractually past due. All receivables are charged off not later than the
earlier of the last day of the month during which they become 180 days
delinquent on a contractual basis and 30 days after receipt of notice by FNANB
that the related obligor has died or declared bankruptcy. As a result, no
receivable reported as delinquent in the delinquency experience table was more
than 179 days delinquent as of the reporting date.

   The percentages set forth for each delinquency period and each reporting
date are calculated by dividing the total delinquent receivables outstanding
for that delinquency period as of that reporting date by the total receivables
outstanding in the private label credit card portfolio as of that reporting
date. The totals reported in the delinquency experience table may not equal the
sum of the related amounts or percentages due to rounding.

Loss Experience

   The following table sets forth the loss experience for the Circuit City
private label credit card portfolio for each of the periods shown. We cannot
assure you that the future loss experience for the receivables in the trust
will be similar to the historical loss experience for the private label credit
card portfolio set forth in the table.

                                Loss Experience
                      Private Label Credit Card Portfolio
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                            Nine Months Ended
                              September 30,       Twelve Months Ended December 31,
                          ----------------------  ----------------------------------
                             2000        1999        1999        1998        1997
                          ----------  ----------  ----------  ----------  ----------
<S>                       <C>         <C>         <C>         <C>         <C>
Average Principal
 Receivables
 Outstanding............  $1,149,988  $1,156,118  $1,150,689  $1,069,258  $1,040,188
Gross Principal Charge-
 Offs...................  $   58,134  $   59,556  $   80,012  $   89,463  $   94,805
Recoveries..............  $   16,614  $   15,101  $   20,853  $   17,774  $   14,846
Net Principal Charge-
 Offs...................  $   41,520  $   44,454  $   59,159  $   71,689  $   79,959
Net Principal Charge-
 Offs as a Percentage of
 Average Principal
 Receivables
 Outstanding............        4.81%       5.13%       5.14%       6.70%       7.69%
</TABLE>

   The average principal receivables for any period equals the average of the
principal balances outstanding at the beginning and end of each month during
that period. The gross principal charge-offs for any period do not include
fraud losses. The exclusion of fraud losses in calculating gross principal
charge-offs for any period does not have a material effect on that calculation.
The percentages reflected for the nine months ended September 30, 1999 and
September 30, 2000 are annualized figures. Annualized figures are not
necessarily indicative of results for the entire year.

Delinquency and Loss Trends

   As indicated in the delinquency and loss tables, delinquency and loss rates
for the private label credit card portfolio have, in general, decreased in
recent years. The delinquency and loss experience for the private label credit
card portfolio reflects, among other factors, the overall credit quality of the
cardholders, the seasoning of the accounts, the success of collection efforts
and general economic conditions. The decrease in delinquency and loss rates
indicated in the tables is primarily attributable to improvements in the
collections process, including management's use of daily reporting to tailor
collection incentives to specific delinquency cycles, changes to the
collections training process, increased management monitoring of customer
contacts and the establishment of a separate inbound call group. The
origination of higher quality accounts and improvements in overall economic
conditions have also contributed to the decrease in delinquency and loss rates.
We cannot assure you that the recent delinquency and loss trend will continue
in the future.

                                      S-23
<PAGE>

                    CHARACTERISTICS OF THE TRUST RECEIVABLES

   As of September 30, 2000:

  . the receivables included $1,096,676,495 of Principal Receivables and
    $28,058,384 of Finance Charge Receivables;

  . the Accounts with debit balances had an average receivables balance of
    $756.73;

  . the average credit limit of the Accounts was $2,813.86;

  . the average receivables balance of the Accounts with debit balances
    divided by the average credit limit of all the Accounts, expressed as a
    percentage, was 26.89%; and

  . the obligors on the Accounts had billing addresses in all 50 states, the
    District of Columbia and various U.S. territories and possessions.

   The Accounts consist solely of accounts established under a private label
credit card program for customers of Circuit City. As a result, the rate at
which new receivables are created relates to the rate at which Circuit City
generates private label credit card sales. The following table sets forth the
private label credit card purchases at Circuit City retail stores as a
percentage of total Circuit City retail sales for each of the periods shown. We
cannot assure you that future private label credit card use will be similar to
the historical experience set forth below.

                      Private Label Credit Card Purchases

<TABLE>
<CAPTION>
                                                              Twelve Months
                                        Nine Months Ended    Ended December
                                          September 30,            31,
                                        ------------------  -------------------
                                          2000      1999    1999   1998   1997
                                          ----      ----    ----   ----   ----
<S>                                     <C>       <C>       <C>    <C>    <C>
Percentage of Total Retail Sales.......    13.60%    13.99% 13.94% 15.23% 14.05%
</TABLE>

   The following tables set forth information with respect to the Accounts and
the receivables as of September 30, 2000. If there is a material adverse change
in the characteristics of the Accounts or the receivables between September 30,
2000 and the date on which the offering price for the offered certificates is
determined, we will send you updated information with respect to the Accounts
and the receivables. In each case where information in the following tables is
presented as a percentage of the total number of Accounts or as a percentage of
the total receivables, the sum of the percentages presented may be less than or
greater than 100.00% due to rounding.

                         Composition by Account Balance
                                Trust Portfolio

<TABLE>
<CAPTION>
                                       Percentage
                              Number    of Total                     Percentage
                                 of    Number of                      of Total
Account Balance Range        Accounts   Accounts     Receivables     Receivables
---------------------        --------- ---------- -----------------  -----------
<S>                          <C>       <C>        <C>                <C>
Credit Balance..............    37,368     0.72%  $   (1,357,744.89)    (0.12)%
Zero Balance................ 3,687,860    70.74                0.00      0.00
$0.01 to $1,500.00.......... 1,317,479    25.27      751,510,164.85     66.83
$1,500.01 to $3,000.00......   150,722     2.89      299,229,545.52     26.61
$3,000.01 to $4,500.00......    16,011     0.31       56,353,710.58      5.01
$4,500.01 to $10,000.00.....     3,481     0.07       18,623,774.33      1.66
Over $10,000.00.............         6     0.00           69,536.50      0.01
                             ---------   ------   -----------------    ------
  TOTAL..................... 5,212,927   100.00%  $1,124,428,986.89    100.00%
                             =========   ======   =================    ======
</TABLE>


                                      S-24
<PAGE>

                          Composition by Credit Limit
                                Trust Portfolio

<TABLE>
<CAPTION>
                                       Percentage
                                        of Total                    Percentage
                             Number of Number of                     of Total
Credit Line Range            Accounts   Accounts     Receivables    Receivables
-----------------            --------- ---------- ----------------- -----------
<S>                          <C>       <C>        <C>               <C>
Zero Limit..................     1,143     0.02%  $        2,350.71     0.00%
$0.01 to $1,500.00.......... 2,143,245    41.11      418,356,579.65    37.21
$1,500.01 to $3,000.00...... 1,277,319    24.50      316,805,826.20    28.17
$3,000.01 to $4,500.00......   547,180    10.50      112,991,337.05    10.05
$4,500.01 to $10,000.00..... 1,244,039    23.86      276,272,893.28    24.57
$10,000.01 to $15,000.00....         1     0.00                0.00     0.00
                             ---------   ------   -----------------   ------
  TOTAL..................... 5,212,927   100.00%  $1,124,428,986.89   100.00%
                             =========   ======   =================   ======
</TABLE>

                         Composition by Payment Status
                                Trust Portfolio

<TABLE>
<CAPTION>
                                       Percentage
                                        of Total                    Percentage
                             Number of Number of                     of Total
Payment Status               Accounts   Accounts     Receivables    Receivables
--------------               --------- ---------- ----------------- -----------
<S>                          <C>       <C>        <C>               <C>
Not Delinquent.............  5,056,962    97.01%  $  979,037,620.36    87.07%
Delinquent 1 to 30 Days....    100,170     1.92       86,443,284.68     7.69
Delinquent 31 to 60 Days...     21,654     0.42       21,359,211.05     1.90
Delinquent 61 to 90 Days...     12,369     0.24       13,315,171.73     1.18
Delinquent 91 to 120 Days..      8,855     0.17        9,679,654.31     0.86
Delinquent 121 to 150
 Days......................      7,360     0.14        8,257,604.61     0.73
Delinquent 151 or More
 Days......................      5,557     0.11        6,336,440.15     0.56
                             ---------   ------   -----------------   ------
  TOTAL....................  5,212,927   100.00%  $1,124,428,986.89   100.00%
                             =========   ======   =================   ======
</TABLE>

                           Composition by Account Age
                                Trust Portfolio

<TABLE>
<CAPTION>
                                        Percentage
                                         of Total                    Percentage
                              Number of Number of                     of Total
Account Age                   Accounts   Accounts     Receivables    Receivables
-----------                   --------- ---------- ----------------- -----------
<S>                           <C>       <C>        <C>               <C>
0 to 3 Months................   191,925     3.68%  $  152,441,495.32    13.56%
4 to 6 Months................   225,557     4.33      129,409,299.55    11.51
7 to 9 Months................   220,878     4.24       82,116,575.41     7.30
10 to 12 Months..............   291,823     5.60       87,272,671.01     7.76
13 to 24 Months..............   935,231    17.94      183,721,294.29    16.34
25 to 36 Months..............   785,204    15.06      120,073,225.53    10.68
37 or More Months............ 2,562,309    49.15      369,394,425.78    32.85
                              ---------   ------   -----------------   ------
  TOTAL...................... 5,212,927   100.00%  $1,124,428,986.89   100.00%
                              =========   ======   =================   ======
</TABLE>

                                      S-25
<PAGE>

                   Composition by Cardholder Billing Address
                                Trust Portfolio

<TABLE>
<CAPTION>
                                         Percentage
                                          of Total                    Percentage
                               Number of Number of                     of Total
Cardholder Billing Address     Accounts   Accounts     Receivables    Receivables
--------------------------     --------- ---------- ----------------- -----------
<S>                            <C>       <C>        <C>               <C>
Alabama.......................    83,609     1.60%  $   19,127,859.97     1.70%
Alaska........................     1,054     0.02          148,023.72     0.01
Arizona.......................   103,348     1.98       22,673,442.88     2.02
Arkansas......................    23,040     0.44        5,905,097.31     0.53
California.................... 1,107,980    21.25      231,650,517.36    20.60
Colorado......................    69,542     1.33       15,570,881.04     1.38
Connecticut...................    47,045     0.90       11,369,702.50     1.01
Delaware......................     9,840     0.19        2,483,191.52     0.22
District of Columbia..........    13,110     0.25        2,911,804.36     0.26
Florida.......................   423,977     8.13       86,647,862.99     7.71
Georgia.......................   197,106     3.78       41,564,135.86     3.70
Hawaii........................     9,355     0.18        2,815,429.18     0.25
Idaho.........................    10,494     0.20        2,429,615.03     0.22
Illinois......................   235,576     4.52       48,543,191.72     4.32
Indiana.......................    77,211     1.48       19,227,002.66     1.71
Iowa..........................     3,182     0.06          376,308.60     0.03
Kansas........................    31,058     0.60        6,630,465.11     0.59
Kentucky......................    74,894     1.44       14,079,373.60     1.25
Louisiana.....................    68,833     1.32       17,667,544.72     1.57
Maine.........................    11,980     0.23        2,646,378.89     0.24
Maryland......................   133,566     2.56       25,534,292.58     2.27
Massachusetts.................   119,307     2.29       23,353,189.92     2.08
Michigan......................   119,979     2.30       28,077,109.57     2.50
Minnesota.....................    61,739     1.18        9,481,577.09     0.84
Mississippi...................    15,719     0.30        4,224,684.16     0.38
Missouri......................   110,463     2.12       22,345,420.64     1.99
Montana.......................       838     0.02           93,627.41     0.01
Nebraska......................    14,166     0.27        2,458,214.04     0.22
Nevada........................    53,817     1.03       11,979,488.46     1.07
New Hampshire.................    25,263     0.48        4,779,960.06     0.43
New Jersey....................    83,992     1.61       21,059,013.07     1.87
New Mexico....................    16,202     0.31        3,780,136.45     0.34
New York......................   155,796     2.99       40,134,031.01     3.57
North Carolina................   184,021     3.53       37,741,841.95     3.36
North Dakota..................       457     0.01           49,452.41     0.00
Ohio..........................   148,659     2.85       32,545,740.83     2.89
Oklahoma......................    43,045     0.83        8,662,796.07     0.77
Oregon........................    42,508     0.82        9,843,540.84     0.88
Other.........................     8,775     0.17        1,163,075.03     0.10
Pennsylvania..................   189,982     3.64       43,772,257.71     3.89
Rhode Island..................    26,127     0.50        5,382,675.18     0.48
South Carolina................    78,186     1.50       16,062,333.09     1.43
South Dakota..................       485     0.01           66,675.45     0.01
Tennessee.....................   121,382     2.33       23,955,680.50     2.13
Texas.........................   472,318     9.06      114,387,602.40    10.17
Utah..........................    38,488     0.74        6,847,998.69     0.61
Vermont.......................     5,445     0.10        1,268,717.25     0.11
Virginia......................   220,289     4.23       44,526,709.90     3.96
Washington....................    59,780     1.15       14,569,476.45     1.30
West Virginia.................    16,413     0.31        4,199,780.93     0.37
Wisconsin.....................    41,263     0.79        6,948,859.78     0.62
Wyoming.......................     2,223     0.04          665,198.95     0.06
                               ---------   ------   -----------------   ------
  TOTAL....................... 5,212,927   100.00%  $1,124,428,986.89   100.00%
                               =========   ======   =================   ======
</TABLE>

   Because the largest number of cardholders, based on billing address, whose
Accounts were included in the trust as of September 30, 2000 were located in
California, Florida and Texas, adverse changes in the economic conditions in
these states could have a direct impact on the creation of receivables or the
timing or amount of payments on the offered certificates.

                                      S-26
<PAGE>

                            MATURITY CONSIDERATIONS

   The offered certificates and the CTOs are scheduled to receive a single
principal payment on the Expected Final Distribution Date following the
accumulation of principal in the Principal Funding Account. We expect that the
amount on deposit in the Principal Funding Account on the Expected Final
Distribution Date will be sufficient to make these payments. We cannot assure
you, however, that these payments will be made. If the actual payment rate on
the receivables is lower than the payment rate that was assumed in structuring
the Accumulation Period, the Principal Funding Account may not be funded as
expected and the certificateholders may not be paid in full on the Expected
Final Distribution Date. If the certificateholders are not paid in full on the
Expected Final Distribution Date, an Early Amortization Event will occur with
respect to series 2000-2. See "Description of the Offered Certificates--
Principal Payments--Accumulation Period" beginning on page S-32 of this
prospectus supplement for a further discussion of the Accumulation Period.

   The certificateholders will not receive principal payments before the
Expected Final Distribution Date unless an Early Amortization Event occurs that
results in the commencement of the Early Amortization Period. If the Early
Amortization Period begins prior to the Expected Final Distribution Date, any
amount then on deposit in the Principal Funding Account will be paid to the
certificateholders and the holders of the CTOs on the first Distribution Date
relating to the Early Amortization Period in the following order of priority:

  . to the Class A certificateholders until the Class A certificates have
    been paid in full;

  . if the Class A certificates have been paid in full, to the Class B
    certificateholders until the Class B certificates have been paid in full;
    and

  . if the Class B certificates have been paid in full, to the holders of the
    CTOs until the CTOs have been paid in full.

   On each subsequent Distribution Date relating to the Early Amortization
Period, Available Principal Collections will be paid to the certificateholders
and the holders of the CTOs in the following order of priority:

  . to the Class A certificateholders until the earlier of the date on which
    the Class A certificates have been paid in full and the Stated Series
    Termination Date;

  . if the Class A certificates have been paid in full, to the Class B
    certificateholders until the earlier of the date on which the Class B
    certificates have been paid in full and the Stated Series Termination
    Date; and

  . if the Class B certificates have been paid in full, to the holders of the
    CTOs until the earlier of the date on which the CTOs have been paid in
    full and the Stated Series Termination Date.

   The Class B certificateholders will in no event begin to receive principal
payments until the Class A certificates have been paid in full. If an Early
Amortization Event occurs with respect to series 2000-2, the certificateholders
may begin to receive principal payments earlier than the Expected Final
Distribution Date. See "Description of the Offered Certificates--Principal
Payments--Early Amortization Period" beginning on page S-33 of this prospectus
supplement for a further discussion of the Early Amortization Period. See
"Description of the Offered Certificates--Early Amortization Events" beginning
on page S-45 of this prospectus supplement and "Description of the Securities--
Early Amortization Events" beginning on page 22 of the attached prospectus for
a further discussion of the Early Amortization Events applicable to series
2000-2.

   The following table sets forth the highest and lowest cardholder monthly
payment rates for the Circuit City private label credit card portfolio for any
month during the periods shown and the average cardholder monthly payment rates
for all months during the periods shown. The payment rates are calculated for
each month by dividing the total amount of collections received during that
month, including recoveries on charged-off accounts, by the average receivables
balance for that month. The collections received during each month include
amounts that would constitute collections of Principal Receivables and amounts
that would constitute collections of Finance Charge Receivables.


                                      S-27
<PAGE>

                              Monthly Payment Rate
                      Private Label Credit Card Portfolio

<TABLE>
<CAPTION>
                                              Nine Months
                                                 Ended        Twelve Months
                                               September          Ended
                                                  30,         December 31,
                                              ------------  -------------------
                                              2000   1999   1999   1998   1997
                                              -----  -----  -----  -----  -----
<S>                                           <C>    <C>    <C>    <C>    <C>
Lowest Month................................. 12.51% 11.67% 11.67% 10.73% 10.48%
Highest Month................................ 15.91% 15.43% 15.43% 13.49% 12.24%
Monthly Average.............................. 13.44% 13.25% 13.07% 12.03% 11.42%
</TABLE>

   We cannot assure you that the future payment rates on the receivables in the
trust will be similar to the historical payment rates for the private label
credit card portfolio set forth in the table. See "Risk Factors--If The
Principal Payment Rate On The Receivables Declines, You May Receive Principal
Payments Later Than The Expected Final Distribution Date" beginning on page S-
18 of this prospectus supplement for a further discussion of the events that
could result in a decline in the rate at which principal payments are made on
the receivables.

                        RECEIVABLE YIELD CONSIDERATIONS

   The following table sets forth the yield from periodic finance charges and
fees billed to accounts in the Circuit City private label credit card portfolio
for each of the periods shown. The historical yield percentages set forth in
the table are calculated on an accrual basis. The amounts collected during any
period in respect of the receivables in the trust are calculated on a cash
basis.

                                Portfolio Yield
                      Private Label Credit Card Portfolio
                             (Dollars in Thousands)

<TABLE>
<CAPTION>
                            Nine Months Ended           Twelve Months Ended
                              September 30,                 December 31,
                          ----------------------  ----------------------------------
                             2000        1999        1999        1998        1997
                          ----------  ----------  ----------  ----------  ----------
<S>                       <C>         <C>         <C>         <C>         <C>
Average Total
 Receivables
 Outstanding............  $1,177,192  $1,181,089  $1,176,172  $1,094,533  $1,064,228
Finance Charges and Fees
 Billed.................  $  192,515  $  191,199  $  254,349  $  253,012  $  243,916
Yield from Finance
 Charges and Fees.......       21.80%      21.58%      21.63%      23.12%      22.92%
</TABLE>

   The average total receivables outstanding for any period equals the average
of the total receivables balance at the beginning and end of each month during
that period. The percentages reflected for the nine months ended September 30,
1999 and September 30, 2000 are annualized figures. Annualized figures are not
necessarily indicative of results for the entire year.

   We cannot assure you that the future yield on the receivables in the trust
will be similar to the historical yield percentages for the private label
credit card portfolio set forth in the table. See "Risk Factors--If The Yield
On The Receivables Declines, You May Receive Principal Payments Earlier Than
The Expected Final Distribution Date And May Be Unable To Reinvest That
Principal In A Comparable Investment Security" beginning on page S-14 of this
prospectus supplement for a further discussion of the events that could result
in a decline in the yield on the receivables.

                                      S-28
<PAGE>

                                USE OF PROCEEDS

   The net proceeds from the sale of the offered certificates will be paid to
FNANB. FNANB will use these proceeds to repay the series 1999-1 variable
funding certificates and for general corporate purposes. A portion of the
series 1999-1 variable funding certificates are owned by a multi-seller
commercial paper vehicle administered by an affiliate of Banc of America
Securities LLC.

                        RECENT FINANCIAL INFORMATION FOR
                             CIRCUIT CITY AND FNANB

   As of August 31, 2000, Circuit City had consolidated assets of approximately
$3,933 million and equity of approximately $2,306 million.

   As of August 31, 2000, FNANB had assets of approximately $359 million and
equity of approximately $216 million.

                    DESCRIPTION OF THE OFFERED CERTIFICATES

   The offered certificates will be issued by the trust under the master
pooling and servicing agreement and a series supplement related to series 2000-
2. The following is a summary of the material terms of the offered
certificates. You should refer to the master pooling and servicing agreement
and the series 2000-2 supplement for a complete description of all terms of the
offered certificates.

Book-Entry Registration

   The offered certificates will initially be issued in book-entry form. You
may hold the offered certificates through DTC in the United States or through
Clearstream or Euroclear in Europe. See "Registration and Transfer of the
Securities" beginning on page 30 in the attached prospectus for a further
discussion of the book-entry registration system and the limited circumstances
under which the offered certificates will be issued in fully registered,
certificated form.

Interest Payments

   Each class of the offered certificates will accrue interest from and
including the Closing Date to and including January 15, 2001 and during each
subsequent Interest Period at the interest rate applicable to that class for
that period. An Interest Period is the period from and including a Distribution
Date, or, in the case of the initial Interest Period, from and including the
Closing Date, to but excluding the following Distribution Date. Interest will
be distributed on January 16, 2001 and on each subsequent Distribution Date to
the certificateholders in whose names the offered certificates were registered
at the close of business on the last Business Day of the preceding month.

   The offered certificates will accrue interest at the following interest
rates:

  .  the interest rate applicable to the Class A certificates for each
     Interest Period is   % per annum above LIBOR prevailing on the related
     LIBOR Determination Date; and

  .  the interest rate applicable to the Class B certificates for each
     Interest Period is   % per annum above LIBOR prevailing on the related
     LIBOR Determination Date.

   The interest due on the Class A certificates on each Distribution Date will
equal the product of:

  .  the Class A interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

                                      S-29
<PAGE>

  .  the outstanding principal balance of the Class A certificates as of the
     close of business on the preceding Distribution Date or, in the case of
     the interest due on the initial Distribution Date, as of the Closing
     Date.

   The interest due on the Class B certificates on each Distribution Date will
equal the product of:

  .  the Class B interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

  .  the outstanding principal balance of the Class B certificates as of the
     close of business on the preceding Distribution Date or, in the case of
     the interest due on the initial Distribution Date, as of the Closing
     Date.

   If the interest due on the offered certificates on any Distribution Date is
not paid in full, the shortfall will be due on the next Distribution Date,
together with additional interest on the amount of the shortfall at the
applicable certificate interest rate plus 2.00% per annum. This additional
interest will be payable only to the extent permitted by law.

   The certificateholders may call the trustee at (800) 735-7777 to obtain the
interest rates applicable to the offered certificates for the current and
preceding Interest Periods. This information will also be included in
statements delivered to the certificateholders on each Distribution Date.

   The interest due on the offered certificates on any Distribution Date will
be funded from Class A Available Funds or Class B Available Funds, as
applicable, for that Distribution Date. If Class A Available Funds for any
Distribution Date are not sufficient to pay the interest due on the Class A
certificates on that Distribution Date, the shortfall will be funded from
Excess Spread and Shared Excess Finance Charge Collections allocable to series
2000-2 and Reallocated Principal Collections. If Class B Available Funds for
any Distribution Date are not sufficient to pay the interest due on the Class B
certificates on that Distribution Date, the shortfall will be funded from
Excess Spread and Shared Excess Finance Charge Collections allocable to series
2000-2 and Reallocated Principal Collections, in each case after applying those
amounts, if needed, to fund the Class A Required Amount for that Distribution
Date; provided, however, that collections of Principal Receivables allocated to
the Class B certificates will not be reallocated to fund the interest due on
the Class B certificates.

   The interest due on the CTOs and the Class D certificates on each
Distribution Date will be calculated in accordance with the series 2000-2
supplement. The weighted average interest rate applicable to the CTOs and the
Class D certificates for each Interest Period will not exceed   % per annum
above LIBOR prevailing on the related LIBOR Determination Date.

The Interest Rate Caps

   On the Closing Date, FNANB will enter into the Interest Rate Caps with the
Interest Rate Cap Provider. The Class A Interest Rate Cap and the Class B
Interest Rate Cap will be for the exclusive benefit of the Class A
certificateholders and the Class B certificateholders, respectively. FNANB will
assign to the trust, for the benefit of the Class A certificateholders and the
Class B certificateholders, the right to payment under the Interest Rate Caps.

   The notional amount of the Class A Interest Rate Cap will, at all times on
or prior to the Expected Final Distribution Date, equal the Class A Initial
Invested Amount. The notional amount of the Class A Interest Rate Cap will
decrease on each Distribution Date following the Expected Final Distribution
Date through termination of the Class A Interest Rate Cap by the fixed amount
that, if applied on each Distribution Date following the Expected Final
Distribution Date through the May 2007 Distribution Date, would cause the
notional amount of the Class A Interest Rate Cap to decrease to zero on the May
2007 Distribution Date. On

                                      S-30
<PAGE>

each Distribution Date on which the Class A interest rate for the preceding
Interest Period exceeds 7.50%, the Interest Rate Cap Provider will make a
payment under the Class A Interest Rate Cap to the trust in an amount equal to
the product of:

  .  the amount by which the Class A interest rate exceeds 7.50%;

  .  the notional amount of the Class A Interest Rate Cap for that
     Distribution Date; and

  .  a fraction, the numerator of which is the actual number of days in that
     Interest Period and the denominator of which is 360.

   Any amount paid under the Class A Interest Rate Cap on any Distribution Date
will be included in Class A Available Funds for that Distribution Date. The
Class A Interest Rate Cap will terminate on the earlier of the day the Class A
certificates are paid in full and the day following the May 2007 Distribution
Date; provided, however, that the Class A Interest Rate Cap may be terminated
on an earlier date if FNANB has obtained a substitute interest rate cap or
alternative arrangement satisfactory to each rating agency rating the offered
certificates that will not result in a reduction or withdrawal of the rating
assigned by that rating agency to the offered certificates.

   The notional amount of the Class B Interest Rate Cap will, at all times on
or prior to the May 2007 Distribution Date, equal the Class B Initial Invested
Amount. The notional amount of the Class B Interest Rate Cap will decrease on
each Distribution Date following the May 2007 Distribution Date through
termination of the Class B Interest Rate Cap by the fixed amount that, if
applied on each Distribution Date following the May 2007 Distribution Date
through the November 2007 Distribution Date, would cause the notional amount of
the Class B Interest Rate Cap to decrease to zero on the November 2007
Distribution Date. On each Distribution Date on which the Class B interest rate
for the preceding Interest Period exceeds 7.50%, the Interest Rate Cap Provider
will make a payment under the Class B Interest Rate Cap to the trust in an
amount equal to the product of:

  .  the amount by which the Class B interest rate exceeds 7.50%;

  .  the notional amount of the Class B Interest Rate Cap for that
     Distribution Date; and

  .  a fraction, the numerator of which is the actual number of days in that
     Interest Period and the denominator of which is 360.

   Any amount paid under the Class B Interest Rate Cap on any Distribution Date
will be included in Class B Available Funds for that Distribution Date. The
Class B Interest Rate Cap will terminate on the earlier of the day the Class B
certificates are paid in full and the day following the November 2007
Distribution Date; provided, however, that the Class B Interest Rate Cap may be
terminated on an earlier date if the servicer has obtained a substitute
interest rate cap or alternative arrangement satisfactory to each rating agency
rating the offered certificates that will not result in a reduction or
withdrawal of the rating assigned by that rating agency to the offered
certificates.

   The Interest Rate Cap Provider will have a short-term rating of at least A-1
from Standard & Poor's and at least P-1 from Moody's and a long-term unsecured
debt rating of at least A+ from Standard & Poor's and at least Aa3 from
Moody's, or such other ratings as may be acceptable to each rating agency
rating the offered certificates. If the credit rating of the Interest Rate Cap
Provider is reduced or withdrawn as specified in the Interest Rate Caps, the
servicer will use its best efforts to obtain for each Interest Rate Cap a
substitute interest rate cap or alternative arrangement satisfactory to each
rating agency rating the offered certificates that will not result in a
reduction or withdrawal of the rating assigned by that rating agency to the
offered certificates.

                                      S-31
<PAGE>

The Interest Rate Cap Provider

   The identity and a description of the Interest Rate Cap Provider will be
included in the final prospectus supplement.

   The offered certificates do not represent obligations of the Interest Rate
Cap Provider. You will not have any right to proceed directly against the
Interest Rate Cap Provider in respect of its obligations under the Interest
Rate Caps.

Principal Payments

   The principal due on any Distribution Date will be funded from Available
Principal Collections for that Distribution Date. The timing and amount of
principal payments to be made on any Distribution Date will depend on whether
that Distribution Date relates to the Revolving Period, the Accumulation Period
or the Early Amortization Period.

   Revolving Period

   The Revolving Period will begin on the Closing Date and end on the earlier
of the close of business on the day preceding the commencement of the
Accumulation Period and the close of business on the day preceding the
commencement of the Early Amortization Period. The certificateholders will not
receive principal payments during the Revolving Period.

   On each Distribution Date relating to the Revolving Period, the Available
Principal Collections for that Distribution Date will be applied in the
following order of priority:

  .  if other series in group one require additional collections of Principal
     Receivables, the Available Principal Collections will be treated as
     Shared Principal Collections and applied to make required payments with
     respect to other series in group one;

  .  if the Transferor Amount is less than the Minimum Transferor Amount, the
     remaining Available Principal Collections, if any, will be deposited in
     the Excess Funding Account; and

  .  if the Transferor Amount equals or exceeds the Minimum Transferor
     Amount, the remaining Available Principal Collections, if any, will be
     paid to the holder of the Exchangeable Transferor Certificate.

   Accumulation Period

   The Accumulation Period is scheduled to begin at the close of business on
the last day of the Revolving Period and end on the earliest of the close of
business on the day preceding the commencement of the Early Amortization
Period, the date on which the series 2000-2 securities are paid in full and the
Stated Series Termination Date. On or before each Distribution Date relating to
the Accumulation Period, the trustee will deposit the Available Principal
Collections for that Distribution Date into the Principal Funding Account up to
a specified amount. The amount on deposit in the Principal Funding Account is
scheduled to be paid to the certificateholders and the holders of the CTOs on
the Expected Final Distribution Date. The Accumulation Period is intended to
enable the trust to make a single principal payment, rather than a series of
principal payments, to the certificateholders and the holders of the CTOs.

   On or before each Distribution Date relating to the Accumulation Period, the
trustee will deposit into the Principal Funding Account an amount equal to the
least of:

  .  the Available Principal Collections for that Distribution Date;

  .  the Controlled Deposit Amount for that Distribution Date; and

                                      S-32
<PAGE>

  .  the sum of the Class A Invested Amount plus the Class B Invested Amount
     plus the CTO Invested Amount, in each case as of that Distribution Date
     and before giving effect to that deposit;

provided, however, that, if the Accumulation Period is suspended and then
reinstated after the later of the date on which the Accumulation Period was
scheduled to begin before giving effect to that suspension and the date to
which the commencement of the Accumulation Period may be postponed in
accordance with the series 2000-2 supplement, the amount to be deposited into
the Principal Funding Account on or before each Distribution Date relating to
the Accumulation Period will be calculated without regard to the Controlled
Deposit Amount for that Distribution Date. See "--Postponement of the
Accumulation Period" beginning on page S-34 of this prospectus supplement for a
discussion of the circumstances under which the commencement of the
Accumulation Period may be postponed. See "--Suspension of the Accumulation
Period" beginning on page S-34 of this prospectus supplement for a discussion
of the circumstances under which the Accumulation Period may be suspended.

   The amount on deposit in the Principal Funding Account on the Expected Final
Distribution Date will be paid on that date in the following order of priority:

  .  to the Class A certificateholders until the Class A certificates have
     been paid in full;

  .  if the Class A certificates have been paid in full, to the Class B
     certificateholders until the Class B certificates have been paid in
     full; and

  .  if the Class B certificates have been paid in full, to the holders of
     the CTOs until the CTOs have been paid in full;

provided, however, that, if the Early Amortization Period begins prior to the
Expected Final Distribution Date, the amount on deposit in the Principal
Funding Account on the first Distribution Date relating to the Early
Amortization Period will be paid in that order of priority on that date. If the
amount on deposit in the Principal Funding Account is not sufficient to pay the
offered certificates in full on the Expected Final Distribution Date, that
amount will be paid in that order of priority on that Distribution Date and the
Early Amortization Period will begin on that Distribution Date.

   We expect that the amount on deposit in the Principal Funding Account on the
Expected Final Distribution Date will be sufficient to make the principal
payments scheduled to be made on that date. We cannot assure you, however, that
these payments will be made. See "Maturity Considerations" beginning on page S-
27 of this prospectus supplement for a further discussion of the circumstances
under which principal payments might be made earlier or later than expected.

   On each Distribution Date relating to the Accumulation Period, the amount,
if any, by which the Available Principal Collections for that Distribution Date
exceed the amount deposited into the Principal Funding Account on or in respect
of that Distribution Date will be applied in the following order of priority:

  .  if other series in group one require additional collections of Principal
     Receivables, the remaining Available Principal Collections, if any, will
     be treated as Shared Principal Collections and applied to make required
     payments with respect to other series in group one;

  .  if the Transferor Amount is less than the Minimum Transferor Amount, the
     remaining Available Principal Collections, if any, will be deposited in
     the Excess Funding Account; and

  .  if the Transferor Amount equals or exceeds the Minimum Transferor
     Amount, the remaining Available Principal Collections, if any, will be
     paid to the holder of the Exchangeable Transferor Certificate.

  Early Amortization Period

   The Early Amortization Period will begin on the date on which an Early
Amortization Event occurs and will end on the earlier of the date on which the
series 2000-2 securities are paid in full and the Stated Series

                                      S-33
<PAGE>

Termination Date. On each Distribution Date relating to the Early Amortization
Period, Available Principal Collections for that Distribution Date will be paid
in the following order of priority:

  .  to the Class A certificateholders until the Class A certificates have
     been paid in full;

  .  if the Class A certificates have been paid in full, to the Class B
     certificateholders until the Class B certificates have been paid in
     full; and

  .  if the Class B certificates have been paid in full, to the holders of
     the CTOs until the CTOs have been paid in full.

See "--Early Amortization Events" beginning on page S-45 of this prospectus
supplement and "Description of the Securities--Early Amortization Events"
beginning on page 22 of the attached prospectus for a further discussion of the
Early Amortization Events applicable to series 2000-2.

Postponement of Accumulation Period

   The Accumulation Period is scheduled to begin at the close of business on
the last day of the October 2002 Due Period. FNANB may elect to postpone the
commencement of the Accumulation Period, however, if it determines that fewer
than 12 months will be needed to accumulate in the Principal Funding Account an
amount equal to the aggregate outstanding principal balance of the offered
certificates and the CTOs.

   On each Determination Date prior to the commencement of the Accumulation
Period, the servicer will calculate the amount of principal collections that it
expects to receive during each Due Period prior to the Expected Final
Distribution Date and, based on that calculation, will determine the number of
months needed to accumulate in the Principal Funding Account an amount equal to
the aggregate outstanding principal balance of the offered certificates and the
CTOs. In making this determination, the servicer will, in general, consider:

  .  the collections of Principal Receivables expected to be allocated to the
     certificateholders of other series, assuming a principal payment rate no
     greater than the lowest monthly principal payment rate for the preceding
     12 months; and

  .  the amount of principal expected to be distributable to the
     certificateholders of other series that are not expected to be in their
     revolving periods during the Accumulation Period.

   If the servicer determines that fewer than 12 months will be needed to
accumulate in the Principal Funding Account an amount equal to the aggregate
outstanding principal balance of the offered certificates and the CTOs, the
servicer may elect to postpone the commencement of the Accumulation Period such
that the number of months in the Accumulation Period equals or exceeds the
number of months that the servicer determines will be needed to accumulate that
amount; provided, however, that the length of the Accumulation Period may not
be less than one month after giving effect to that postponement.

Suspension of Accumulation Period

   FNANB may elect to suspend the Accumulation Period if it obtains a Qualified
Maturity Agreement. The Accumulation Period will be suspended upon delivery by
FNANB to the trustee of written notice of the suspension, a copy of the
executed Qualified Maturity Agreement and an opinion of counsel to the effect
that the Qualified Maturity Agreement constitutes a valid and enforceable
obligation of the provider of that agreement. FNANB will pledge to the trustee,
for the benefit of the certificateholders and the CTO securityholders, all
right, title and interest of FNANB in any Qualified Maturity Agreement.

   If FNANB obtains a Qualified Maturity Agreement, it will cause the provider
of that agreement to deposit into the Principal Funding Account on or before
the Expected Final Distribution Date an amount equal to the aggregate
outstanding principal balance of the offered certificates and the CTOs on that
Distribution Date; provided, however, that FNANB may instead elect to fund all
or a portion of the deposit with the proceeds of the issuance of a new series
or with Available Principal Collections. The amount on deposit in the Principal

                                      S-34
<PAGE>

Funding Account on the Expected Final Distribution Date will be paid to the
certificateholders and the holders of the CTOs as if the Accumulation Period
had not been suspended.

   The Qualified Maturity Agreement will terminate at the close of business on
the Expected Final Distribution Date; provided, however, that:

  .  FNANB may terminate the Qualified Maturity Agreement prior to the close
     of business on the Expected Final Distribution Date if it obtains a
     substitute Qualified Maturity Agreement;

  .  FNANB may terminate the Qualified Maturity Agreement prior to the close
     of business on the Expected Final Distribution Date if the institution
     providing the Qualified Maturity Agreement ceases to qualify as a
     Qualified Institution and FNANB is unable to obtain a substitute
     Qualified Maturity Agreement;

  .  FNANB may terminate the Qualified Maturity Agreement prior to the close
     of business on the Expected Final Distribution Date if an Early
     Amortization Event occurs; and

  .  FNANB may terminate the Qualified Maturity Agreement prior to the later
     of the date on which the Accumulation Period was scheduled to begin,
     before giving effect to the suspension of the Accumulation Period, and
     the date to which the commencement of the Accumulation Period may be
     postponed, as determined on the Determination Date preceding the
     termination of the Qualified Maturity Agreement.

   If the institution providing a Qualified Maturity Agreement ceases to
qualify as a Qualified Institution, FNANB will, unless it elects to terminate
the Qualified Maturity Agreement and is not required to obtain a substitute
Qualified Maturity Agreement as described in the preceding proviso, use its
best efforts to obtain a substitute Qualified Maturity Agreement.

   If a Qualified Maturity Agreement is terminated prior to the earlier of the
Expected Final Distribution Date and the commencement of the Early Amortization
Period and FNANB does not obtain a substitute Qualified Maturity Agreement, the
Accumulation Period will begin on the latest of:

  .  the date on which the Accumulation Period was scheduled to begin, before
     giving effect to the suspension of the Accumulation Period;

  .  at the election of FNANB, the date to which the commencement of the
     Accumulation Period may be postponed, as determined on the Determination
     Date preceding the termination of the Qualified Maturity Agreement; and

  .  the first day of the Due Period following the termination of the
     Qualified Maturity Agreement.

The Principal Funding Account

   The servicer will establish and maintain with an Eligible Institution, for
the benefit of the certificateholders and the holders of the CTOs, a segregated
trust account designated as the Principal Funding Account. On or before each
Distribution Date relating to the Accumulation Period, the trustee will deposit
into the Principal Funding Account all or a portion of the Available Principal
Collections for that Distribution Date. The amount on deposit in the Principal
Funding Account will be used to make principal payments to the
certificateholders and the holders of the CTOs. See "--Principal Payments--
Accumulation Period" beginning on page S-32 of this prospectus supplement for a
further discussion of the administration of the Principal Funding Account.

   The servicer will direct the trustee to invest amounts on deposit in the
Principal Funding Account in Eligible Investments that mature before the next
Distribution Date. On each Distribution Date relating to the Accumulation
Period, all net investment earnings on funds on deposit in the Principal
Funding Account received during the preceding Due Period will be withdrawn from
the Principal Funding Account and applied as Class A Available Funds, Class B
Available Funds or CTO Available Funds, in each case based on the applicable
PFA Allocation Percentage for the preceding Due Period. If the net investment
earnings on funds on deposit in the Principal Funding Account received during
any Due Period are less than the Covered Amount for

                                      S-35
<PAGE>

the following Distribution Date, the amount, if any, on deposit in the Reserve
Account on that Distribution Date will be applied to fund the shortfall.

The Reserve Account

   The servicer will establish and maintain with an Eligible Institution, for
the benefit of the certificateholders and the holders of the CTOs, a segregated
trust account designated as the Reserve Account. The Reserve Account is
intended to help assure the payment of interest on the offered certificates and
the CTOs on each Distribution Date relating to the Accumulation Period.

   The servicer will direct the trustee to invest amounts on deposit in the
Reserve Account in Eligible Investments that mature before the next
Distribution Date. On each Distribution Date, all net investment earnings on
funds on deposit in the Reserve Account received during the preceding Due
Period will be applied as follows:

  .  if the amount on deposit in the Reserve Account is less than the
     Required Reserve Account Amount for that Distribution Date, the net
     investment earnings will be retained in the Reserve Account to the
     extent of that deficiency;

  .  if the amount on deposit in the Reserve Account exceeds the Required
     Reserve Account Amount for that Distribution Date, the net investment
     earnings will be withdrawn from the Reserve Account and deposited into
     the Collection Account.

   The Reserve Account will have an initial balance of zero. On the Reserve
Account Funding Date and on each subsequent Distribution Date prior to the
termination of the Reserve Account, the trustee will deposit available Excess
Spread and Shared Excess Finance Charge Collections allocated to series 2000-2
for that Distribution Date into the Reserve Account as described in clause (14)
under "--Application of Collections--Excess Spread; Shared Excess Finance
Charge Collections" beginning on page S-40 of this prospectus supplement until
the amount on deposit in the Reserve Account equals the Required Reserve
Account Amount for that Distribution Date; provided, however, that the trustee
will not deposit amounts into the Reserve Account during any period that the
Accumulation Period is suspended. If, on any Distribution Date, the amount on
deposit in the Reserve Account exceeds the Required Reserve Account Amount for
that Distribution Date, in each case after making any required deposits into or
withdrawals from the Reserve Account, the trustee will withdraw that excess
from the Reserve Account and distribute it to the holder of the Exchangeable
Transferor Certificate in accordance with the series 2000-2 supplement.

   On each Distribution Date relating to the Accumulation Period and on the
first Distribution Date relating to the Early Amortization Period, the trustee,
acting at the written direction of the servicer, will withdraw from the Reserve
Account and deposit into the Collection Account the lesser of:

  .  the amount on deposit in the Reserve Account on that Distribution Date;
     and

  .  the amount, if any, by which the Covered Amount for that Distribution
     Date exceeds the net investment earnings on funds on deposit in the
     Principal Funding Account received during the preceding Due Period.

   Any amount withdrawn from the Reserve Account and deposited into the
Collection Account will be applied as Class A Available Funds, Class B
Available Funds or CTO Available Funds as specified in the series 2000-2
supplement. The Reserve Account will terminate on the earliest of:

  .  the date on which the trust is terminated under the master pooling and
     servicing agreement;

  .  the date on which the Class A certificates, the Class B certificates and
     the CTOs are paid in full;

  .  if the Accumulation Period has not commenced, the date on which an Early
     Amortization Event occurs with respect to series 2000-2; and

  .  if the Accumulation Period has commenced, the earlier of the first
     Distribution Date relating to the Early Amortization Period and the
     Expected Final Distribution Date.

                                      S-36
<PAGE>

   On the date on which the Reserve Account is terminated, the trustee will
withdraw the amount on deposit in the Reserve Account and distribute that
amount to the holder of the Exchangeable Transferor Certificate in accordance
with the series 2000-2 supplement.

Credit Enhancement

   The Class B certificates, the CTOs and the Class D certificates will be
subordinated to the Class A certificates to the extent necessary to fund
various payments with respect to the Class A certificates. On each Distribution
Date, collections of Principal Receivables allocated to the Class B
certificates, the CTOs or the Class D certificates may be reallocated to fund
the Class A Required Amount for that Distribution Date. If the Class D Invested
Amount and the CTO Invested Amount have been reduced to zero, this reallocation
will cause the Class B Invested Amount to be reduced. If and to the extent that
the amount of this reduction is not reimbursed on subsequent Distribution
Dates, the percentage of collections of Finance Charge Receivables allocated to
the Class B certificates will be reduced and the Class B certificateholders
will suffer losses with respect to their certificates.

   The CTOs and the Class D certificates will be subordinated to the Class B
certificates to the extent necessary to fund various payments with respect to
the Class B certificates. On each Distribution Date, collections of Principal
Receivables allocated to the CTOs or the Class D certificates may be
reallocated to fund the Class A Required Amount or the Class B Required Amount
for that Distribution Date. See "--Reallocation of Cash Flows; Investor Charge-
Offs" beginning on page S-43 of this prospectus supplement for a further
discussion of the reallocation of principal collections and the circumstances
under which that reallocation will cause the Invested Amount to be reduced.

The Spread Account

   The servicer will establish and maintain with an Eligible Institution, for
the benefit of the holders of the CTOs, a segregated trust account designated
as the Spread Account. The Spread Account will have an initial balance of zero.
On each Distribution Date, the trustee, acting at the written direction of the
servicer, will deposit available Excess Spread and Shared Excess Finance Charge
Collections allocated to series 2000-2 for that Distribution Date into the
Spread Account as described in clause (9) under "--Application of Collections--
Excess Spread; Shared Excess Finance Charge Collections" beginning on page S-40
of this prospectus supplement. The amount on deposit in the Spread Account will
be used, if needed, to make interest and principal payments to the holders of
the CTOs and to offset potential reductions in the CTO Invested Amount.

   The servicer will direct the trustee to invest amounts on deposit in the
Spread Account in Eligible Investments that mature before the next Distribution
Date. On each Distribution Date, all net investment earnings on funds on
deposit in the Spread Account received during the preceding Due Period will be
applied as Excess Spread in accordance with the series 2000-2 supplement. If,
on any Distribution Date, the amount on deposit in the Spread Account exceeds
the Required Spread Account Amount for that Distribution Date, in each case
after making any required deposits into or withdrawals from the Spread Account
on that Distribution Date, the trustee will withdraw that excess from the
Spread Account and distribute it to the holder of the Exchangeable Transferor
Certificate in accordance with the series 2000-2 supplement.

   The Spread Account will terminate on the earlier of the date on which the
trust is terminated under the master pooling and servicing agreement and the
date on which the CTOs are paid in full. On the date on which the Spread
Account is terminated, the trustee will withdraw the amount on deposit in the
Spread Account and distribute that amount to the holder of the Exchangeable
Transferor Certificate in accordance with the series 2000-2 supplement.

   The certificateholders should not view the Spread Account as providing
credit enhancement for the offered certificates. If amounts on deposit in the
Spread Account are applied in a manner that prevents losses on the CTOs,
however, the certificateholders may also benefit.

                                      S-37
<PAGE>

Allocation of Collections

   On each Determination Date, the servicer will allocate all collections of
Finance Charge Receivables received during the preceding Due Period and all
collections of Principal Receivables received during the preceding Due Period
among series 2000-2, each other outstanding series, the Transferor Interest
and, to the extent provided in the series supplement for any other outstanding
series, any provider of credit enhancement for that other series.

   The servicer will allocate collections of Finance Charge Receivables
received during any Due Period to series 2000-2 in an amount equal to the
product of the amount of those collections and the Floating Allocation
Percentage for that Due Period. On each Determination Date, the servicer will
allocate collections of Finance Charge Receivables allocated on that date to
series 2000-2 among the Class A certificates, the Class B certificates, the
CTOs and the Class D certificates.

   The servicer will allocate collections of Principal Receivables to series
2000-2 as follows:

  .  collections of Principal Receivables received during any Due Period
     during the Revolving Period will be allocated to series 2000-2 in an
     amount equal to the amount of those collections and the Floating
     Allocation Percentage for that Due Period; and

  .  collections of Principal Receivables received during any Due Period
     during the Accumulation Period or the Early Amortization Period will be
     allocated to series 2000-2 in an amount equal to the product of the
     amount of those collections and the Fixed Allocation Percentage for that
     Due Period.

   On each Determination Date, the servicer will allocate collections of
Principal Receivables allocated on that date to series 2000-2 among the Class A
certificates, the Class B certificates, the CTOs and the Class D certificates.

Deposits into Collection Account

   The servicer will deposit amounts collected on the receivables that are
allocated to series 2000-2 into the Collection Account no later than the second
Business Day following the date those collections are processed; provided,
however, that:

  .  the servicer will not be required to deposit collections into the
     Collection Account until the Business Day before each Distribution Date
     if it satisfies the conditions described under "Description of the
     Securities--The Collection Account" beginning on page 16 of the attached
     prospectus;

  .  in general, collections of Finance Charge Receivables allocated to
     series 2000-2 received during any Due Period during the Revolving Period
     or the Accumulation Period need not be deposited into the Collection
     Account on a daily basis after an amount equal to interest due on the
     offered certificates, the CTOs and the Class D certificates for the
     following Distribution Date plus an amount equal to 150% of the average
     of the Default Amounts allocated to series 2000-2 for the preceding
     three Due Periods plus, if FNANB is no longer the servicer, the share of
     the monthly servicing fee allocated to series 2000-2 for that
     Distribution Date has been deposited into the Collection Account;

  .  in general, collections of Principal Receivables allocated to series
     2000-2 received during any Due Period during the Revolving Period need
     not be deposited into the Collection Account; and

  .  in general, collections of Principal Receivables allocated to series
     2000-2 received during any Due Period during the Accumulation Period
     need not be deposited into the Collection Account after the Controlled
     Deposit Amount for that Due Period has been deposited into the
     Collection Account.

See "Description of the Securities--The Collection Account" beginning on page
16 of the attached prospectus for a further discussion of the Collection
Account.


                                      S-38
<PAGE>

Application of Collections

   Payment of Interest, Fees and Other Items

   On each Distribution Date, the servicer or the trustee, acting at the
written direction of the servicer, will apply the Class A Available Funds for
the preceding Due Period in the following order of priority:

  .  an amount equal to the Class A Monthly Interest for that Distribution
     Date plus any unpaid Class A Monthly Interest for prior Distribution
     Dates plus any Class A Additional Interest for that Distribution Date
     plus any unpaid Class A Additional Interest for prior Distribution Dates
     will be distributed to the Class A certificateholders;

  .  if FNANB is no longer the servicer, an amount equal to the Class A
     Servicing Fee for that Distribution Date plus any unpaid Class A
     Servicing Fees for prior Distribution Dates will be distributed to the
     servicer;

  .  an amount equal to the Class A Allocable Amount for that Distribution
     Date will be treated as a portion of Available Principal Collections for
     that Distribution Date as described under "--Application of
     Collections--Payment of Principal" beginning on page S-41 of this
     prospectus supplement; and

  .  the balance, if any, will constitute Excess Spread and will be allocated
     and applied as described under "--Application of Collections--Excess
     Spread; Shared Excess Finance Charge Collections" beginning on page S-40
     of this prospectus supplement.

   On each Distribution Date, the servicer or the trustee, acting at the
written direction of the servicer, will apply the Class B Available Funds for
the preceding Due Period in the following order of priority:

  .  an amount equal to the Class B Monthly Interest for that Distribution
     Date plus any unpaid Class B Monthly Interest for prior Distribution
     Dates plus any Class B Additional Interest for that Distribution Date
     plus any unpaid Class B Additional Interest for prior Distribution Dates
     will be distributed to the Class B certificateholders;

  .  if FNANB is no longer the servicer, an amount equal to the Class B
     Servicing Fee for that Distribution Date plus any unpaid Class B
     Servicing Fees for prior Distribution Dates will be distributed to the
     servicer; and

  .  the balance, if any, will constitute Excess Spread and will be allocated
     and applied as described under "--Application of Collections--Excess
     Spread; Shared Excess Finance Charge Collections" beginning on page S-40
     of this prospectus supplement.

   On each Distribution Date, the servicer or the trustee, acting at the
written direction of the servicer, will apply the CTO Available Funds for the
preceding Due Period in the following order of priority:

  .  if FNANB is no longer the servicer, an amount equal to the CTO Servicing
     Fee for that Distribution Date plus any unpaid CTO Servicing Fees for
     prior Distribution Dates will be distributed to the servicer; and

  .  the balance, if any, will constitute Excess Spread and will be allocated
     and applied as described under "--Application of Collections--Excess
     Spread; Shared Excess Finance Charge Collections" beginning on page S-40
     of this prospectus supplement.

   On each Distribution Date, the servicer or the trustee, acting at the
written direction of the servicer, will apply the Class D Available Funds for
the preceding Due Period in the following order of priority:

  .  if FNANB is no longer the servicer, an amount equal to the Class D
     Servicing Fee for that Distribution Date plus any unpaid Class D
     Servicing Fees for prior Distribution Dates will be distributed to the
     servicer; and

  .  the balance, if any, will constitute Excess Spread and will be allocated
     and applied as described under "--Application of Collections--Excess
     Spread; Shared Excess Finance Charge Collections" beginning on page S-40
     of this prospectus supplement.


                                      S-39
<PAGE>

   Excess Spread; Shared Excess Finance Charge Collections

   On each Distribution Date, the servicer or the trustee, acting at the
written direction of the servicer, will apply the Excess Spread and Shared
Excess Finance Charge Collections allocated to series 2000-2 for the preceding
Due Period in the following order of priority:

     (1) an amount equal to the Class A Required Amount for that
  Distribution Date will be applied to fund the following items in the
  following order of priority:

    .  the Class A Monthly Interest for that Distribution Date plus any
       unpaid Class A Monthly Interest for prior Distribution Dates plus
       any Class A Additional Interest for that Distribution Date plus any
       unpaid Class A Additional Interest for prior Distribution Dates, in
       each case to the extent not able to be funded on that Distribution
       Date through the application of Class A Available Funds;

    .  if FNANB is no longer the servicer, the Class A Servicing Fee for
       that Distribution Date plus any unpaid Class A Servicing Fees for
       prior Distribution Dates, in each case to the extent not able to be
       funded on that Distribution Date through the application of Class A
       Available Funds; and

    .  an amount equal to the Class A Allocable Amount for that
       Distribution Date will, to the extent not funded on that
       Distribution Date through the application of Class A Available
       Funds, be treated as a portion of Available Principal Collections
       for that Distribution Date as described under "--Application of
       Collections--Payment of Principal" beginning on page S-41 of this
       prospectus supplement;

     (2) an amount equal to the aggregate amount of unreimbursed Class A
  Investor Charge-Offs will be treated as a portion of Available Principal
  Collections for that Distribution Date as described under "--Application
  of Collections--Payment of Principal" beginning on page S-41 of this
  prospectus supplement;

     (3) an amount equal to the Class B Required Amount for that
  Distribution Date will be applied to fund the following items in the
  following order of priority:

    .  the Class B Monthly Interest for that Distribution Date plus any
       unpaid Class B Monthly Interest for prior Distribution Dates plus
       any Class B Additional Interest for that Distribution Date plus any
       unpaid Class B Additional Interest for prior Distribution Dates, in
       each case to the extent not able to be funded on that Distribution
       Date through the application of Class B Available Funds;

    .  if FNANB is no longer the servicer, the Class B Servicing Fee for
       that Distribution Date plus any unpaid Class B Servicing Fees for
       prior Distribution Dates, in each case to the extent not able to be
       funded on that Distribution Date through the application of Class B
       Available Funds; and

    .  an amount equal to the Class B Allocable Amount for that
       Distribution Date will be treated as a portion of Available
       Principal Collections for that Distribution Date as described under
       "--Application of Collections--Payment of Principal" beginning on
       page S-41 of this prospectus supplement;

     (4) an amount equal to the aggregate unreimbursed reductions of the
  Class B Invested Amount resulting from Class B Investor Charge-Offs,
  Reallocated Principal Collections or reductions made to fund the Class A
  Allocable Amount will be treated as a portion of Available Principal
  Collections for that Distribution Date as described under "--Application
  of Collections--Payment of Principal" beginning on page S-41 of this
  prospectus supplement;

     (5) an amount equal to the CTO Monthly Interest for that Distribution
  Date plus any unpaid CTO Monthly Interest for prior Distribution Dates
  plus any CTO Additional Interest for that Distribution Date plus any
  unpaid CTO Additional Interest for prior Distribution Dates will be
  distributed to the holders of the CTOs;

     (6) if FNANB is the servicer, an amount equal to the Class A Servicing
  Fee, the Class B Servicing Fee and the CTO Servicing Fee, in each case for
  that Distribution Date, plus any unpaid Class A Servicing Fees, Class B
  Servicing Fees or CTO Servicing Fees, in each case for prior Distribution
  Dates,

                                      S-40
<PAGE>

  or, if FNANB is no longer the servicer, the CTO Servicing Fee for that
  Distribution Date plus any unpaid CTO Servicing Fees for prior
  Distribution Dates, in each case to the extent not able to be funded on
  that Distribution Date through the application of CTO Available Funds,
  will be distributed to the servicer;

     (7) an amount equal to the CTO Allocable Amount for that Distribution
  Date will be treated as a portion of Available Principal Collections for
  that Distribution Date as described under "--Application of Collections--
  Payment of Principal" beginning on page S-41 of this prospectus
  supplement;

     (8) an amount equal to the aggregate unreimbursed reductions of the CTO
  Invested Amount resulting from CTO Investor Charge-Offs, Reallocated
  Principal Collections or reductions made to fund the Class A Allocable
  Amount or the Class B Allocable Amount will be treated as a portion of
  Available Principal Collections for that Distribution Date as described
  under "--Application of Collections--Payment of Principal" beginning on
  page S-41 of this prospectus supplement;

     (9) an amount equal to the excess, if any, of the Required Spread
  Account Amount for that Distribution Date over the amount on deposit in
  the Spread Account on that Distribution Date, in each case before making
  any required deposits into or withdrawals from the Spread Account on that
  Distribution Date, will be deposited into the Spread Account;

     (10) an amount equal to the Class D Monthly Interest for that
  Distribution Date plus any unpaid Class D Monthly Interest for prior
  Distribution Dates plus any Class D Additional Interest for that
  Distribution Date plus any unpaid Class D Additional Interest for prior
  Distribution Dates will be distributed to the Class D certificateholders;

     (11) if FNANB is the servicer, an amount equal to the Class D Servicing
  Fee for that Distribution Date, or, if FNANB is no longer the servicer,
  the portion of that amount remaining unpaid, plus any unpaid Class D
  Servicing Fees for prior Distribution Dates will be distributed to the
  servicer;

     (12) an amount equal to the Class D Allocable Amount for that
  Distribution Date will be treated as a portion of Available Principal
  Collections for that Distribution Date as described under "--Application
  of Collections--Payment of Principal" beginning on page S-41 of this
  prospectus supplement;

     (13) an amount equal to the aggregate unreimbursed reductions of the
  Class D Invested Amount resulting from Class D Investor Charge-Offs,
  Reallocated Principal Collections or reductions made to fund the Class A
  Allocable Amount, the Class B Allocable Amount or the CTO Allocable Amount
  will be treated as a portion of Available Principal Collections for that
  Distribution Date as described under "--Application of Collections--
  Payment of Principal" beginning on page S-41 of this prospectus
  supplement;

     (14) an amount equal to the excess, if any, of the Required Reserve
  Account Amount for that Distribution Date over the amount on deposit in
  the Reserve Account on that Distribution Date will be deposited into the
  Reserve Account; and

     (15) the balance, if any, will constitute Shared Excess Finance Charge
  Collections with respect to group one and will be applied to other series
  in group one or paid to the holder of the Exchangeable Transferor
  Certificate in accordance with the master pooling and servicing agreement.

   Payment of Principal

   On each Distribution Date relating to the Revolving Period, the Available
Principal Collections for the preceding Due Period will be treated as Shared
Principal Collections for other series and applied as described under
"Description of the Securities--Shared Principal Collections" beginning on page
18 of the attached prospectus.

   On or before each Distribution Date relating to the Accumulation Period, the
trustee, acting at the written direction of the servicer, will apply the
Available Principal Collections for the preceding Due Period in the following
order of priority:

  .  an amount equal to the Controlled Deposit Amount for that Distribution
     Date will be deposited into the Principal Funding Account for payment to
     the Class A certificateholders, the Class B certificateholders and the
     holders of the CTOs on the Expected Final Distribution Date; and

                                      S-41
<PAGE>

  .  the balance, if any, will be treated as Shared Principal Collections for
     other series and applied as described under "Description of the
     Securities--Shared Principal Collections" beginning on page 18 of the
     attached prospectus.

   On each Distribution Date relating to the Early Amortization Period, the
trustee, acting at the written direction of the servicer, will apply the
Available Principal Collections for the preceding Due Period plus, in the case
of the first Distribution Date relating to the Early Amortization Period, any
amount on deposit in the Principal Funding Account on that Distribution Date in
the following order of priority:

  .  an amount equal to the Class A Monthly Principal for that Distribution
     Date will be distributed to the Class A certificateholders;

  .  an amount equal to the Class B Monthly Principal for that Distribution
     Date will be distributed to the Class B certificateholders;

  .  an amount equal to the CTO Monthly Principal for that Distribution Date
     will be distributed to the holders of the CTOs;

  .  an amount equal to the Class D Monthly Principal for that Distribution
     Date will be distributed to the Class D certificateholders; and

  .  the balance, if any, will be treated as Shared Principal Collections for
     other series and applied as described under "Description of the
     Securities--Shared Principal Collections" beginning on page 18 of the
     attached prospectus.

   Each interest and principal payment on your certificates will be made in
accordance with the procedures set forth in the master pooling and servicing
agreement and the series 2000-2 supplement. You will receive the final interest
and principal payment on your certificates no later than the Stated Series
Termination Date. After the Stated Series Termination Date, the trust will have
no further obligation to make interest or principal payments on the series
2000-2 securities.

Allocation of Default Amount

   On each Determination Date, the servicer will allocate the Default Amount
for the preceding Due Period to series 2000-2 in an amount equal to the product
of that Default Amount and the Floating Allocation Percentage for that Due
Period. On each Determination Date, the servicer will allocate the Default
Amount allocated on that date to series 2000-2 among the Class A certificates,
the Class B certificates, the CTOs and the Class D certificates. See
"Description of the Securities--Allocation of Default Amount" beginning on
page 20 of the attached prospectus for a further discussion of the Default
Amount.

Calculation of Series Adjustment Amount

   On each Determination Date, the servicer will calculate the Series
Adjustment Amount as of the last day of the preceding Due Period as described
under "Description of the Securities--Calculation of Series Adjustment Amount"
beginning on page 20 of the attached prospectus. On each Determination Date,
the servicer will allocate the Series Adjustment Amount as of the last day of
the preceding Due Period among the Class A certificates, the Class B
certificates, the CTOs and the Class D certificates.

   The Series Adjustment Amount will be reduced to the extent that the
aggregate amount of Principal Receivables in the trust increases, amounts
allocable to series 2000-2 are deposited into the Excess Funding Account, the
principal balance of an outstanding series is reduced or a payment is made in
respect of the Series Adjustment Amount. Any reduction in the Series Adjustment
Amount will be allocated in the following order of priority:

  .  to the Class A certificates to the extent of any reduction in the Class
     A Invested Amount attributable to an unreduced Series Adjustment Amount;

  .  to the Class B certificates to the extent of any reduction in the Class
     B Invested Amount attributable to an unreduced Series Adjustment Amount;


                                      S-42
<PAGE>

  .  to the CTOs to the extent of any reduction in the CTO Invested Amount
     attributable to an unreduced Series Adjustment Amount; and

  .  to the Class D certificates to the extent of any reduction in the Class
     D Invested Amount attributable to an unreduced Series Adjustment Amount.

Calculation of Allocable Amounts

   On each Determination Date, the servicer will calculate the Class A
Allocable Amount for the following Distribution Date. The Class A Allocable
Amount for any Distribution Date represents the sum of the portion of the
Default Amount for the preceding Due Period allocated to the Class A
certificates plus the portion of the Series Adjustment Amount as of the last
day of that Due Period allocated to the Class A certificates. On each
Distribution Date, the Class A Allocable Amount will be included in calculating
the Class A Required Amount, if any, for that Distribution Date.

   On each Determination Date, the servicer will calculate the Class B
Allocable Amount for the following Distribution Date. The Class B Allocable
Amount for any Distribution Date represents the sum of the portion of the
Default Amount for the preceding Due Period allocated to the Class B
certificates plus the portion of the Series Adjustment Amount as of the last
day of that Due Period allocated to the Class B certificates. On each
Distribution Date, the Class B Allocable Amount will be included in calculating
the Class B Required Amount, if any, for that Distribution Date.

Reallocation of Cash Flows; Investor Charge-Offs

   Class A Investor Charge-Offs

   On each Determination Date, the servicer will calculate the Class A Required
Amount, if any, for the following Distribution Date. The Class A Required
Amount for any Distribution Date will be funded, to the extent necessary, from
the following sources in the following order of priority:

  .  Excess Spread and Shared Excess Finance Charge Collections allocated to
     series 2000-2 on that Distribution Date and available for that purpose;
     and

  .  collections of Principal Receivables received during the preceding Due
     Period allocated to the Class D certificates, the CTOs and the Class B
     certificates, which collections will be reallocated in that order of
     priority.

   If these sources are not sufficient to fund the Class A Required Amount for
any Distribution Date, the Class D Invested Amount, the CTO Invested Amount and
the Class B Invested Amount will be reduced on that Distribution Date, in that
order of priority, by the amount of the deficiency; provided, however, that the
Class D Invested Amount, the CTO Invested Amount and the Class B Invested
Amount will not be reduced to fund the Class A Required Amount for any
Distribution Date by more than the Class A Allocable Amount for that
Distribution Date.

   If the reductions in the Class D Invested Amount, the CTO Invested Amount
and the Class B Invested Amount on any Distribution Date are not sufficient to
fund the Class A Allocable Amount for that Distribution Date, the Class A
Invested Amount will be reduced by the amount of the deficiency. This reduction
is referred to in this prospectus supplement as a Class A Investor Charge-Off
and may adversely affect the timing or amount of payments on the Class A
certificates. If you hold Class A certificates and the Class D Invested Amount,
the CTO Invested Amount and the Class B Invested Amount are reduced to zero,
you will bear directly the credit and other risks associated with your
undivided interest in the trust.

   Any reduction in the Class A Invested Amount attributable to an inability to
fund the Class A Allocable Amount for any Distribution Date will be reimbursed
on subsequent Distribution Dates:

  .  to the extent that Excess Spread and Shared Excess Finance Charge
     Collections allocated to series 2000-2 are available for that purpose as
     described in clause (2) under "--Application of Collections--

                                      S-43
<PAGE>

     Excess Spread; Shared Excess Finance Charge Collections" beginning on
     page S-40 of this prospectus supplement; or

  .  in the case of a reduction in the Class A Invested Amount resulting from
     the allocation of a Series Adjustment Amount, to the extent that a
     reduction in that Series Adjustment Amount is allocated to the Class A
     certificates as described under "--Calculation of Series Adjustment
     Amount" beginning on page S-42 of this prospectus supplement.

   Class B Investor Charge-Offs

   On each Determination Date, the servicer will calculate the Class B Required
Amount, if any, for the following Distribution Date. The Class B Required
Amount for any Distribution Date will be funded, to the extent necessary, from
the following sources in the following order of priority:

  .  Excess Spread and Shared Excess Finance Charge Collections allocated to
     series 2000-2 on that Distribution Date and not required to fund the
     Class A Required Amount or to reimburse Class A Investor Charge-Offs for
     that Distribution Date; and

  .  collections of Principal Receivables received during the preceding Due
     Period allocated to the Class D certificates and the CTOs and not
     required to fund the Class A Required Amount for that Distribution Date,
     which collections will be reallocated in that order of priority.

   If these sources are not sufficient to fund the Class B Required Amount for
any Distribution Date, the Class D Invested Amount and the CTO Invested Amount
will be reduced on that Distribution Date, in that order of priority, by the
amount of the deficiency; provided, however, that the Class D Invested Amount
and the CTO Invested Amount will not be reduced to fund the Class B Required
Amount for any Distribution Date by more than the Class B Allocable Amount for
that Distribution Date.

   If the reductions in the Class D Invested Amount and the CTO Invested Amount
on any Distribution Date are not sufficient to fund the Class B Allocable
Amount for that Distribution Date, the Class B Invested Amount will be reduced
by the amount of the deficiency. This reduction is referred to in this
prospectus supplement as a Class B Investor Charge-Off and may adversely affect
the timing or amount of payments on the Class B certificates. If you hold Class
B certificates and the Class D Invested Amount and the CTO Invested Amount are
reduced to zero, you will bear directly the credit and other risks associated
with your undivided interest in the trust.

   Any reduction in the Class B Invested Amount attributable to an inability to
fund the Class B Allocable Amount for any Distribution Date will be reimbursed
on subsequent Distribution Dates:

  .  to the extent that Excess Spread and Shared Excess Finance Charge
     Collections allocated to series 2000-2 are available to reimburse Class
     B Investor Charge-Offs as described in clause (4) under "--Application
     of Collections--Excess Spread; Shared Excess Finance Charge Collections"
     beginning on page S-40 of this prospectus supplement; or

  .  in the case of a reduction in the Class B Invested Amount resulting from
     the allocation of a Series Adjustment Amount, to the extent that a
     reduction in that Series Adjustment Amount is allocated to the Class B
     certificates as described under "--Calculation of Series Adjustment
     Amount" beginning on page S-42 of this prospectus supplement.

  CTO Investor Charge-Offs

   On each Determination Date, the servicer will calculate the CTO Allocable
Amount, if any, for the following Distribution Date. If the CTO Allocable
Amount for any Distribution Date exceeds the sum of:

  .  the amount of Excess Spread and Shared Excess Finance Charge Collections
     allocated to series 2000-2 and available to fund the CTO Allocable
     Amount on that Distribution Date as described in

                                      S-44
<PAGE>

     clause (7) under "--Application of Collections--Excess Spread; Shared
     Excess Finance Charge Collections" beginning on page S-40 of this
     prospectus supplement; plus

  .  the amount available to be withdrawn from the Spread Account to fund the
     CTO Allocable Amount on that Distribution Date in accordance with the
     series 2000-2 supplement; plus

  .  collections of Principal Receivables received during the preceding Due
     Period allocated to the Class D certificates and not required to fund
     the Class A Required Amount or the Class B Required Amount for that
     Distribution Date;

the Class D Invested Amount will be reduced on that Distribution Date by the
amount of that excess. If the reduction in the Class D Invested Amount on any
Distribution Date is not sufficient to fund the CTO Allocable Amount for that
Distribution Date, the CTO Invested Amount will be reduced by the amount of the
deficiency. This reduction is referred to in this prospectus supplement as a
CTO Investor Charge-Off.

  Class D Investor Charge-Offs

   On each Determination Date, the servicer will calculate the Class D
Allocable Amount, if any, for the following Distribution Date. If the Class D
Allocable Amount for any Distribution Date exceeds the amount of Excess Spread
and Shared Excess Finance Charge Collections allocated to series 2000-2 and
available to fund the Class D Allocable Amount on that Distribution Date as
described in clause (12) under "--Application of Collections--Excess Spread;
Shared Excess Finance Charge Collections" beginning on page S-40 of this
prospectus supplement, the Class D Invested Amount will be reduced on that
Distribution Date by the amount of that excess. This reduction is referred to
in this prospectus supplement as a Class D Investor Charge-Off.

Early Amortization Events

   An Early Amortization Event will occur with respect to series 2000-2 upon
the occurrence of any of the events described under "Description of the
Securities--Early Amortization Events" beginning on page 22 of the attached
prospectus or, upon satisfaction of various notice requirements, if any of the
following events occurs:

     (1) FNANB fails to make any payment or deposit when required under the
  master pooling and servicing agreement or within a five Business Day grace
  period;

     (2) FNANB fails to observe or perform in any material respect any of
  its other covenants or agreements under the master pooling and servicing
  agreement and that failure continues unremedied for 60 days, or, in the
  case of a covenant relating to the Interest Rate Caps, 30 days, after
  written notice of that failure, requiring that it be remedied, is given to
  FNANB by the trustee, or to FNANB and the trustee by the holders of not
  less than 50% of the Invested Amount, and that failure materially and
  adversely affects the interests of the holders of the series 2000-2
  securities;

     (3) any representation or warranty made by FNANB in the master pooling
  and servicing agreement or the series 2000-2 supplement proves to have
  been incorrect in any material respect when made, that representation or
  warranty continues to be incorrect in any material respect for 60 days
  after written notice of that incorrectness, requiring that it be remedied,
  is given to FNANB by the trustee, or to FNANB and the trustee by the
  holders of not less than 50% of the Invested Amount, and that
  incorrectness materially and adversely affects the interests of the
  holders of the series 2000-2 securities; provided, however, that if that
  representation or warranty relates to a particular receivable or group of
  receivables, an Early Amortization Event will not occur if FNANB has
  accepted reassignment of that receivable or group of receivables during
  that 60-day period, or during such longer period not to exceed 180 days as
  the trustee may specify, in accordance with the master pooling and
  servicing agreement;

     (4) various events of bankruptcy, insolvency, receivership or
  conservatorship occur with respect to FNANB or Circuit City as set forth
  in the series 2000-2 supplement;

     (5) a Servicer Default occurs that has a material adverse effect on the
  series 2000-2 securities;


                                      S-45
<PAGE>

     (6) FNANB fails to designate Designated Additional Accounts or cause
  the trust to repurchase the securities of other series when required to do
  so under the master pooling and servicing agreement;

     (7) the average of the Portfolio Yields for any three consecutive Due
  Periods is less than the average of the Base Rates for those Due Periods;

     (8) the Interest Rate Cap Provider fails to make any payment when
  required under the Class A Interest Rate Cap or the Class B Interest Rate
  Cap or within a five Business Day grace period; or

     (9) the Class A certificates, the Class B certificates or the CTOs are
  not paid in full on the Expected Final Distribution Date.

   If an event described in clause (1), (2), (3) or (5) above occurs, an Early
Amortization Event will be deemed to have occurred with respect to series 2000-
2 only if the trustee, by written notice to FNANB and the servicer, or the
holders of more than 50% of the Invested Amount, by written notice to FNANB,
the servicer and the trustee, declare that an Early Amortization Event has
occurred. Any such Early Amortization Event will be deemed to have occurred as
of the date of that notice.

   If an event described in clause (4), (6), (7), (8) or (9) above occurs, an
Early Amortization Event will be deemed to have occurred with respect to series
2000-2 only immediately upon the occurrence of that event without any notice or
other action by the trustee or the holders of the series 2000-2 securities.

Servicing Compensation

   The servicer receives a monthly fee for its servicing activities under the
master pooling and servicing agreement. The share of the monthly servicing fee
allocated to series 2000-2 for each Distribution Date will equal one-twelfth of
the product of 2.00% and the Invested Amount as of the last day of the
preceding Due Period; provided, however, that the monthly servicing fee
allocated to series 2000-2 for the first Distribution Date will equal $    .
The monthly servicing fee allocated to series 2000-2 for each Distribution Date
will be allocated among the Class A certificates, the Class B certificates, the
CTOs and the Class D certificates.

   The Class A Servicing Fee, the Class B Servicing Fee, the CTO Servicing Fee
and the Class D Servicing Fee for each Distribution Date will be payable on
that Distribution Date only to the extent that funds are available to make
those payments. If the monthly servicing fee due on any Distribution Date is
not paid in full, the shortfall will be due on the next Distribution Date. The
share of the monthly servicing fee not allocated to series 2000-2 will be paid
by FNANB or from amounts allocated to other series. In no event will the trust,
the trustee or the holders of the series 2000-2 securities be liable for the
share of the monthly servicing fee to be paid by FNANB or from amounts
allocated to other series.

Amendments Relating to FASIT Election

   Each holder of the series 2000-2 securities, by acquiring an interest in a
series 2000-2 security, will be deemed to have consented to any amendment to
the master pooling and servicing agreement or the series 2000-2 supplement
necessary for FNANB to elect FASIT status for the trust or any portion of the
trust. FNANB may only elect FASIT status for the trust if that election will
not adversely affect in any material respect the interests of the CTO
securityholders and if FNANB delivers to the trustee an opinion of counsel to
the effect that:

  .  the issuance of FASIT regular interests will not adversely affect the
     tax characterization as debt of the securities of any outstanding series
     or class for which an opinion of counsel was delivered at the time of
     their issuance that those securities would be characterized as debt;

  .  following the issuance of FASIT regular interests, the trust will not be
     classified for federal income tax purposes as an association, or
     publicly traded partnership, taxable as a corporation; and

  .  the issuance of FASIT regular interests will not cause or constitute an
     event in which gain or loss would be recognized by any certificateholder
     of any series.

                                      S-46
<PAGE>

                    MATERIAL FEDERAL INCOME TAX CONSEQUENCES

   The following discussion summarizes the federal income tax treatment
applicable to the offered certificates. See "Material Federal Income Tax
Consequences" beginning on page 43 of the attached prospectus for a further
discussion of the material federal income tax consequences of the purchase,
ownership and disposition of the offered certificates.

   This discussion is based upon current provisions of the Internal Revenue
Code of 1986, as amended, existing and proposed Treasury regulations
promulgated under the Internal Revenue Code and published rulings and court
decisions in effect as of the date of this prospectus supplement, all of which
are subject to change, possibly with retroactive effect. Any changes in these
provisions, regulations, rulings or decisions could modify or adversely affect
the tax consequences summarized below. We will not seek a ruling from the IRS
with respect to any of the federal income tax consequences discussed in this
prospectus supplement and cannot assure you that the IRS will not challenge the
conclusions reached in this prospectus supplement.

   The opinion of McGuireWoods LLP, special tax counsel to FNANB, described in
this prospectus supplement assumes that all relevant parties will comply with
the terms of the master pooling and servicing agreement, the series 2000-2
supplement and all related documents. If the relevant parties fail to comply
with the terms of the master pooling and servicing agreement, the series 2000-2
supplement or any related document, the conclusions of special tax counsel
reached in the opinion and the discussion of the federal income tax
consequences set forth in this prospectus supplement may not be accurate.

Tax Treatment of the Certificates

   FNANB expresses in the master pooling and servicing agreement its intent
that, for federal, state and local income and franchise tax purposes, the
offered certificates will be indebtedness secured by the receivables in the
trust. FNANB has agreed, and each certificateholder and Certificate Owner, by
acquiring an interest in an offered certificate, will be deemed to agree, to
treat the offered certificates as indebtedness for federal, state and local
income and franchise tax purposes except to the extent that different treatment
is explicitly required under state or local tax statutes. Because different
criteria are used to determine the non-tax accounting characterization of the
transaction contemplated by the master pooling and servicing agreement and the
series 2000-2 supplement, FNANB expects to treat the transaction, for
regulatory and financial accounting purposes, as a sale of an ownership
interest in the receivables and not as a secured loan.

   In general, whether a sale of property constitutes, for federal income tax
purposes, a sale of an ownership interest in that property or a loan the
repayment of which is secured by that property is a question of fact, the
resolution of which is based upon the economic substance of the transaction.
While the IRS and the courts have set forth several factors to be taken into
account in determining whether the substance of a transaction is a sale or a
secured loan for federal income tax purposes, the primary factor in making this
determination in connection with the transaction contemplated by the master
pooling and servicing agreement and the series 2000-2 supplement is whether
FNANB has assumed the risk of loss or other economic burdens relating to the
receivables and has retained the benefits of ownership of the receivables.

   McGuireWoods LLP, special tax counsel to FNANB, is of the opinion that,
under current law and based on its analysis of the transaction contemplated by
the master pooling and servicing agreement and the series 2000-2 supplement,
although no transaction closely comparable to that transaction has been the
subject of any Treasury regulation, revenue ruling or judicial decision, the
offered certificates will be treated as indebtedness for federal income tax
purposes.

                                      S-47
<PAGE>

                              ERISA CONSIDERATIONS

   The following discussion summarizes the ERISA considerations applicable to
the offered certificates. See "ERISA Considerations" beginning on page 48 of
the attached prospectus for a further discussion of the material ERISA
considerations relating to the purchase and ownership of the offered
certificates.

   ERISA and the Internal Revenue Code impose requirements on Plans and Plan
fiduciaries. A Plan fiduciary considering an investment in the offered
certificates should determine, among other factors, whether that investment is
permitted under the governing Plan, is appropriate for the Plan in view of its
overall investment policy and the composition and diversification of its
portfolio and is prudent considering the factors discussed in this prospectus
supplement and the attached prospectus.

   ERISA and the Internal Revenue Code prohibit various transactions involving
the assets of a Plan and persons referred to as parties in interest under ERISA
or disqualified persons under the Internal Revenue Code. A prohibited
transaction may subject disqualified persons to excise taxes and Plan
fiduciaries to other liabilities. A Plan fiduciary considering an investment in
the offered certificates should also consider whether that investment might
constitute a prohibited transaction under ERISA or the Internal Revenue Code.

   A transaction involving the operation of the trust might constitute a
prohibited transaction under ERISA and the Internal Revenue Code if assets of
the trust were deemed to be assets of an investing Plan. We believe that the
offered certificates are likely to be deemed to be assets of an investing Plan
for purposes of ERISA and the Internal Revenue Code unless an exception is
available under the plan asset regulations.

Class A Certificates

   The underwriters of the Class A certificates do not expect that the Class A
certificates will be held by at least 100 independent investors at the
conclusion of the initial offering, and, therefore, we do not expect that the
Class A certificates will qualify as publicly-offered securities under the plan
asset regulations. As a result, the Class A certificates may not be acquired or
held by a Plan. Each Class A certificateholder will be deemed, by its
acceptance of a Class A certificate, to have represented and warranted that it
is not a Plan. See "ERISA Considerations--Prohibited Transaction
Considerations--Exception for Publicly Offered Securities" beginning on page 49
of the attached prospectus for a further discussion of the publicly-offered
securities exception.

Class B Certificates

   The underwriters of the Class B certificates do not expect that the Class B
certificates will be held by at least 100 independent investors at the
conclusion of the initial offering, and, therefore, we do not expect that the
Class B certificates will qualify as publicly-offered securities under the plan
asset regulations. As a result, the Class B certificates may not be acquired or
held by a Plan. Each Class B certificateholder will be deemed, by its
acceptance of a Class B certificate, to have represented and warranted that it
is not a Plan. See "ERISA Considerations--Prohibited Transaction
Considerations--Exception for Publicly Offered Securities" beginning on page 49
of the attached prospectus for a further discussion of the publicly-offered
securities exception.

Consultation with Counsel

   We suggest that Plan fiduciaries or other persons considering an investment
in the offered certificates on behalf of or with the assets of a Plan consult
their own counsel concerning the consequences to the Plan of that investment,
including the consequences to the Plan if the assets of the trust were to
become subject to the fiduciary and prohibited transaction rules of ERISA and
the Internal Revenue Code.

                                      S-48
<PAGE>

                                  UNDERWRITING

   FNANB has agreed to sell to each underwriter listed below, and that
underwriter has agreed to purchase, the principal amount of offered
certificates of each class set forth next to that underwriter's name.

<TABLE>
<CAPTION>
                                                            Principal Amount of
      Underwriters                                          Class A Certificates
      ------------                                          --------------------
      <S>                                                   <C>
      Banc of America Securities LLC.......................     $ 67,000,000
      First Union Securities, Inc. ........................       66,875,000
      Morgan Stanley & Co. Incorporated....................       66,875,000
                                                                ------------
        Total..............................................     $200,750,000
                                                                ============
<CAPTION>
                                                            Principal Amount of
      Underwriter                                           Class B Certificates
      -----------                                           --------------------
      <S>                                                   <C>
      Banc of America Securities LLC.......................     $ 31,625,000
                                                                ============
</TABLE>

   The underwriters' obligation to acquire the offered certificates will be
subject to various conditions. The underwriters will offer the offered
certificates for sale only if the trust issues the offered certificates and all
conditions to the issuance of the offered certificates are satisfied or waived.
The underwriters have agreed to purchase all of the offered certificates if any
of the offered certificates is purchased.

   The underwriters of the Class A certificates propose initially to offer the
Class A certificates to the public at the price set forth on the cover page of
this prospectus supplement and to dealers at that price less concessions not in
excess of     % of the principal amount of the Class A certificates. The
underwriters may allow, and dealers may reallow, concessions not in excess of
    % of the principal amount of the Class A certificates to brokers and
dealers. After the initial public offering, the underwriters may change the
public offering price and other selling terms applicable to the Class A
certificates.

   The underwriter of the Class B certificates proposes initially to offer the
Class B certificates to the public at the price set forth on the cover page of
this prospectus supplement and to dealers at that price less concessions not in
excess of     % of the principal amount of the Class B certificates. The
underwriter may allow, and dealers may reallow, concessions not in excess of
    % of the principal amount of the Class B certificates to brokers and
dealers. After the initial public offering, the underwriter may change the
public offering price and other selling terms applicable to the Class B
certificates.

   The public offering price, the underwriting discounts and commissions and
the proceeds to FNANB, each expressed as a percentage of the principal amount
of each class of the offered certificates and as a dollar amount, are as
follows:

<TABLE>
<CAPTION>
                                               Per Class A Per Class B
                                               Certificate Certificate  Total
                                               ----------- ----------- --------
   <S>                                         <C>         <C>         <C>
   Public Offering Price......................        %           %    $
   Underwriting Discounts and Commissions.....        %           %    $
   Proceeds to FNANB..........................        %           %    $
</TABLE>

   FNANB estimates that additional offering expenses will equal approximately
$730,000.

   FNANB will indemnify the underwriters against various liabilities, including
liabilities under the federal securities laws or will contribute to any amounts
the underwriters may be required to pay with respect to those liabilities.

                                      S-49
<PAGE>

   Until the distribution of the offered certificates is completed, the rules
of the SEC may limit the ability of the underwriters and selling group members
to bid for and purchase the offered certificates. As an exception to these
rules, the underwriters will be permitted to engage in over-allotment
transactions, stabilizing transactions, syndicate covering transactions and
penalty bids with respect to the offered certificates in accordance with
Regulation M under the Exchange Act. See "Plan of Distribution" beginning on
page 50 of the attached prospectus for a further discussion of these
transactions and their potential effect on the price of the offered
certificates.

   Each underwriter has represented and agreed that:

  .  it has not offered or sold and will not offer or sell the offered
     certificates to persons in the United Kingdom except to persons whose
     ordinary activities involve them in acquiring, holding, managing or
     disposing of investments, as principal or agent, for the purpose of
     their businesses or otherwise in circumstances which do not constitute
     an offer to the public in the United Kingdom for purposes of the Public
     Offers of Securities Regulations 1995;

  .  it has only issued or passed on and will only issue or pass on in the
     United Kingdom any document received by it in connection with the issue
     of the offered certificates to a person who is of a kind described in
     Article 11(3) of the Financial Services Act 1986 (Investment
     Advertisements) (Exemptions) Order 1996, as amended, or is a person to
     whom the document may otherwise lawfully be issued or passed on;

  .  it has complied and will comply with all applicable provisions of the
     Financial Services Act 1986 with respect to anything done by it in
     relation to the offered certificates in, from or otherwise involving the
     United Kingdom; and

  .  if that underwriter is an authorized person under the Financial Services
     Act 1986, it has only promoted and will only promote, as that term is
     defined in Regulation 1.02 of the Financial Services (Promotion of
     Unregulated Schemes) Regulations 1991, to any person in the United
     Kingdom the scheme described in this prospectus supplement if that
     person is of a kind described either in Section 76(2) of the Financial
     Services Act 1986 or in Regulation 1.04 of the Financial Services
     (Promotion of Unregulated Schemes) Regulations 1991.

   In the ordinary course of business, the underwriters and their affiliates
have engaged and may engage in investment banking and/or commercial banking
transactions with FNANB and its affiliates.

                                 LEGAL MATTERS

   Various legal matters relating to the issuance of the offered certificates
and various federal income tax matters relating to the trust and the offered
certificates will be passed upon for FNANB by McGuireWoods LLP, Richmond,
Virginia. Various legal matters relating to the issuance of the offered
certificates will be passed upon for the underwriters by Orrick, Herrington &
Sutcliffe LLP, Washington, D.C.

                                      S-50
<PAGE>

                           GLOSSARY OF DEFINED TERMS

   "Accumulation Period" means the period commencing at the close of business
on the last day of the October 2002 Due Period, or such later date on which the
Accumulation Period may commence following a postponement of the commencement
of the Accumulation Period as described under "Description of the Offered
Certificates--Postponement of Accumulation Period" beginning on page S-34 of
this prospectus supplement or a suspension of the Accumulation Period as
described under "Description of the Offered Certificates--Suspension of
Accumulation Period" beginning on page S-34 of this prospectus supplement, and
ending on the earliest of:

  .  the close of business on the day preceding the commencement of the Early
     Amortization Period;

  .  the date on which the series 2000-2 securities are paid in full; and

  .  the Stated Series Termination Date.

   "Adjusted Invested Amount" means, as of any date, the Invested Amount as of
that date plus the amount on deposit in the Principal Funding Account as of
that date.

   "Available Principal Collections" means, for any Distribution Date:

  .  in the case of any Distribution Date relating to the Revolving Period,
     the Floating Allocation Percentage of all collections of Principal
     Receivables received during the preceding Due Period; plus

  .  in the case of any Distribution Date relating to the Accumulation Period
     or during the Early Amortization Period, the Fixed Allocation Percentage
     of all collections of Principal Receivables received during the
     preceding Due Period; plus

  .  any Class A Available Funds to be treated as Available Principal
     Collections on that Distribution Date as described under "Description of
     the Offered Certificates--Application of Collections--Payment of
     Interest, Fees and Other Items" beginning on page S-39 of this
     prospectus supplement; plus

  .  any available Excess Spread or Shared Excess Finance Charge Collections
     to be treated as Available Principal Collections on that Distribution
     Date as described under "Description of the Offered Certificates--
     Application of Collections--Excess Spread; Shared Excess Finance Charge
     Collections" beginning on page S-40 of this prospectus supplement; plus

  .  the amount of Shared Principal Collections allocated to series 2000-2 on
     that Distribution Date; plus

  .  during the Early Amortization Period, amounts, if any, on deposit in the
     Excess Funding Account allocated to series 2000-2 on that Distribution
     Date; minus

  .  the amount of Reallocated Principal Collections applied on that
     Distribution Date.

   "Average Excess Spread Percentage" means, for any Distribution Date and
subject to the series 2000-2 supplement, the average of the Excess Spread
Percentages for the three consecutive Due Periods preceding that Distribution
Date.

   "Base Rate" means, for any Due Period:

  .  the annualized percentage equivalent of a fraction, the numerator of
     which is the sum of the Class A Monthly Interest, the Class B Monthly
     Interest, the CTO Monthly Interest and the Class D Monthly Interest, in
     each case for the following Distribution Date, and the denominator of
     which is the Adjusted Invested Amount as of the last day of the Due
     Period preceding that Due Period; plus

  .  the product of 2.00% per annum and a fraction, the numerator of which is
     the Invested Amount as of the last day of that preceding Due Period and
     the denominator of which is the Adjusted Invested Amount as of the last
     day of that preceding Due Period.


                                      S-51
<PAGE>

   "Class A Additional Interest" means, for any Distribution Date, interest on
any interest amounts that were due but not paid to the Class A
certificateholders on the preceding Distribution Date, which interest will
accrue at a rate equal to the Class A interest rate for the preceding Interest
Period plus 2.00% per annum.

   "Class A Adjustment Amount" means, for any Distribution Date, the product
of:

  .  the Series Adjustment Amount as of the last day of the preceding Due
     Period; and

  .  the percentage equivalent of a fraction, the numerator of which is the
     Class A Invested Amount and the denominator of which is the Invested
     Amount, in each case as of the last day of the Due Period preceding that
     preceding Due Period.

   "Class A Allocable Amount" means, for any Distribution Date, the Class A
Default Amount for that Distribution Date plus the Class A Adjustment Amount
for that Distribution Date.

   "Class A Available Funds" means, for any Due Period:

  .  the Class A Floating Allocation Percentage of all collections of Finance
     Charge Receivables received during that Due Period, including the net
     investment earnings, if any, on funds on deposit in the Excess Funding
     Account to be treated as collections of Finance Charge Receivables for
     that Due Period in accordance with the series 2000-2 supplement; plus

  .  the amount, if any, paid to the trust on the following Distribution Date
     under the Class A Interest Rate Cap as described under "Description of
     the Offered Certificates--The Interest Rate Caps" beginning on page S-30
     of this prospectus supplement; plus

  .  the applicable PFA Allocation Percentage of all net investment earnings,
     if any, on funds on deposit in the Principal Funding Account received
     during that Due Period; plus

  .  the amount, if any, to be withdrawn from the Reserve Account and applied
     as Class A Available Funds on the following Distribution Date in
     accordance with the series 2000-2 supplement; plus

  .  the net investment earnings, if any, on funds on deposit in the Reserve
     Account received during that Due Period to be withdrawn from the Reserve
     Account and applied as Class A Available Funds on that following
     Distribution Date in accordance with the series 2000-2 supplement.

   "Class A Default Amount" means, for any Distribution Date, an amount equal
to the product of the Default Amount for the preceding Due Period and the Class
A Floating Allocation Percentage for that preceding Due Period.

   "Class A Fixed Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class A
Invested Amount as of the last day of the Revolving Period and the denominator
of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables in the trust, other than
     Principal Receivables that have been charged-off, as of the last day of
     the preceding Due Period plus the amount on deposit in the Excess
     Funding Account as of the end of that last day plus the aggregate amount
     of Principal Receivables in all Designated Additional Accounts
     designated during the Due Period for which the Class A Fixed Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series;

provided, however, that FNANB may, by written notice to the trustee and the
servicer, designate a different numerator to be used to calculate the Class A
Fixed Allocation Percentage if:

  .  the series 2000-2 securities are paired with a Companion Series and the
     Early Amortization Period, as defined in the series supplement for that
     Companion Series, begins; and

  .  the numerator designated by FNANB is not less than the Class A Invested
     Amount as of the last day of the Revolving Period, as defined in the
     series supplement for that Companion Series.

                                      S-52
<PAGE>

   "Class A Floating Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class A
Invested Amount as of the last day of the preceding Due Period or, in the case
of the initial Due Period applicable to series 2000-2, the Class A Initial
Invested Amount and the denominator of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables, other than Principal
     Receivables that have been charged-off, in the trust as of that last day
     or, in the case of the initial Due Period applicable to series 2000-2,
     as of the Closing Date plus the amount on deposit in the Excess Funding
     Account as of the end of that last day plus the aggregate amount of
     Principal Receivables in all Designated Additional Accounts designated
     during the Due Period for which the Class A Floating Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series.

   "Class A Initial Invested Amount" means $200,750,000.

   "Class A Interest Rate Cap" means the interest rate protection agreement
between the trust and the Interest Rate Cap Provider entered into on the
Closing Date for the exclusive benefit of the Class A certificateholders or any
substitute interest rate cap or alternative arrangement satisfactory to each
rating agency rating the offered certificates.

   "Class A Invested Amount" means, as of any date, the Class A Initial
Invested Amount minus the aggregate amount on deposit in the Principal Funding
Account on that date in respect of Class A Monthly Principal minus the
aggregate amount of principal payments made to the Class A certificateholders
prior to that date minus the aggregate amount of Class A Investor Charge-Offs
for all prior Distribution Dates plus the amount of Excess Spread and Shared
Excess Finance Charge Collections allocated and available on all prior
Distribution Dates to reimburse Class A Investor Charge-Offs plus, without
duplication, reductions of the Class A Adjustment Amount for all prior
Distribution Dates; provided, however, that the Class A Invested Amount may not
be less than zero.

   "Class A Investor Charge-Offs" means, for any Distribution Date, the amount
of any reduction in the Class A Invested Amount made to fund the Class A
Allocable Amount for that Distribution Date as described under "Description of
the Offered Certificates--Reallocation of Cash Flows; Investor Charge-Offs--
Class A Investor Charge-Offs" beginning on page S-43 of this prospectus
supplement.

   "Class A Monthly Interest" means, for any Distribution Date, the product of:

  .  the Class A interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

  .  the outstanding principal balance of the Class A certificates as of the
     close of business on the preceding Distribution Date or, in the case of
     the initial Distribution Date, as of the Closing Date.

   "Class A Monthly Principal" means, for any Distribution Date relating to the
Accumulation Period or the Early Amortization Period, the least of:

  .  the Available Principal Collections for that Distribution Date;

  .  if that Distribution Date relates to the Accumulation Period, the
     Controlled Deposit Amount for that Distribution Date; and

  .  the Class A Invested Amount as of that Distribution Date plus any
     portion of the Available Principal Collections for that Distribution
     Date previously deposited into the Principal Funding Account in respect
     of Class A Monthly Principal;


                                      S-53
<PAGE>

provided, however, that, if the Accumulation Period is suspended and then
reinstated after the later of the date on which the Accumulation Period was
scheduled to begin before giving effect to that suspension and the date to
which the commencement of the Accumulation Period may be postponed in
accordance with the series 2000-2 supplement, Class A Monthly Principal for any
Distribution Date relating to the Accumulation Period will be calculated
without regard to the Controlled Deposit Amount for that Distribution Date.

   "Class A Required Amount" means, for any Distribution Date, the amount, if
any, by which:

  .  the Class A Monthly Interest for that Distribution Date plus any unpaid
     Class A Monthly Interest for prior Distribution Dates plus any Class A
     Additional Interest for that Distribution Date plus any unpaid Class A
     Additional Interest for prior Distribution Dates plus, if FNANB is no
     longer the servicer, the Class A Servicing Fee for that Distribution
     Date plus any unpaid Class A Servicing Fees for prior Distribution Dates
     plus the Class A Allocable Amount for that Distribution Date; exceeds

  .  the Class A Available Funds for the preceding Due Period.

   "Class A Servicing Fee" means, for any Distribution Date, one-twelfth of the
product of 2.00% and the Class A Invested Amount as of the last day of the
preceding Due Period; provided, however, that the Class A Servicing Fee for the
initial Distribution Date will equal $    .

   "Class B Additional Interest" means, for any Distribution Date, interest on
any interest amounts that were due but not paid to the Class B
certificateholders on the preceding Distribution Date, which interest will
accrue at a rate equal to the Class B interest rate for the preceding Interest
Period plus 2.00% per annum.

   "Class B Adjustment Amount" means, for any Distribution Date, the product
of:

  .  the Series Adjustment Amount as of the last day of the preceding Due
     Period; and

  .  the percentage equivalent of a fraction, the numerator of which is the
     Class B Invested Amount and the denominator of which is the Invested
     Amount, in each case as of the last day of the Due Period preceding that
     preceding Due Period.

   "Class B Allocable Amount" means, for any Distribution Date, the Class B
Default Amount for that Distribution Date plus the Class B Adjustment Amount
for that Distribution Date.

   "Class B Available Funds" means, for any Due Period:

  .  the Class B Floating Allocation Percentage of all collections of Finance
     Charge Receivables received during that Due Period, including the net
     investment earnings, if any, on funds on deposit in the Excess Funding
     Account to be treated as collections of Finance Charge Receivables for
     that Due Period in accordance with the series 2000-2 supplement; plus

  .  the amount, if any, paid to the trust on the following Distribution Date
     under the Class B Interest Rate Cap as described under "Description of
     the Offered Certificates--The Interest Rate Caps" beginning on page S-30
     of this prospectus supplement; plus

  .  the applicable PFA Allocation Percentage of all net investment earnings,
     if any, on funds on deposit in the Principal Funding Account received
     during that Due Period; plus

  .  the amount, if any, to be withdrawn from the Reserve Account and applied
     as Class B Available Funds on the following Distribution Date in
     accordance with the series 2000-2 supplement; plus

  .  the net investment earnings, if any, on funds on deposit in the Reserve
     Account received during that Due Period to be withdrawn from the Reserve
     Account and applied as Class B Available Funds on that following
     Distribution Date in accordance with the series 2000-2 supplement.

   "Class B Default Amount" means, for any Distribution Date, an amount equal
to the product of the Default Amount for the preceding Due Period and the Class
B Floating Allocation Percentage for that preceding Due Period.

                                      S-54
<PAGE>

   "Class B Fixed Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class B
Invested Amount as of the last day of the Revolving Period and the denominator
of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables in the trust, other than
     Principal Receivables that have been charged-off, as of the last day of
     the preceding Due Period plus the amount on deposit in the Excess
     Funding Account as of the end of that last day plus the aggregate amount
     of Principal Receivables in all Designated Additional Accounts
     designated during the Due Period for which the Class B Fixed Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series;

provided, however, that FNANB may, by written notice to the trustee and the
servicer, designate a different numerator to be used to calculate the Class B
Fixed Allocation Percentage if:

  .  the series 2000-2 securities are paired with a Companion Series and the
     Early Amortization Period, as defined in the series supplement for that
     Companion Series, begins; and

  .  the numerator designated by FNANB is not less than the Class B Invested
     Amount as of the last day of the Revolving Period, as defined in the
     series supplement for that Companion Series.

   "Class B Floating Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class B
Invested Amount as of the last day of the preceding Due Period or, in the case
of the initial Due Period applicable to series 2000-2, the Class B Initial
Invested Amount and the denominator of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables, other than Principal
     Receivables that have been charged-off, in the trust as of that last day
     or, in the case of the initial Due Period applicable to series 2000-2,
     as of the Closing Date plus the amount on deposit in the Excess Funding
     Account as of the end of that last day plus the aggregate amount of
     Principal Receivables in all Designated Additional Accounts designated
     during the Due Period for which the Class B Floating Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series.

   "Class B Initial Invested Amount" means $31,625,000.

   "Class B Interest Rate Cap" means the interest rate protection agreement
between the trust and the Interest Rate Cap Provider entered into on the
Closing Date for the exclusive benefit of the Class B certificateholders or any
substitute interest rate cap or alternative arrangement satisfactory to each
rating agency rating the offered certificates.

   "Class B Invested Amount" means, as of any date, the Class B Initial
Invested Amount minus the aggregate amount on deposit in the Principal Funding
Account on that date in respect of Class B Monthly Principal minus the
aggregate amount of principal payments made to the Class B certificateholders
prior to that date minus the aggregate amount of Class B Investor Charge-Offs
for all prior Distribution Dates minus the amount of Reallocated Principal
Collections applied to fund payments in respect of the Class A certificates on
all prior Distribution Dates that have not resulted in a reduction in the Class
D Invested Amount or the CTO Invested Amount minus, without duplication, the
amount by which the Class B Invested Amount has been reduced on all prior
Distribution Dates to fund the Class A Allocable Amount plus the amount of
Excess Spread and Shared Excess Finance Charge Collections allocated and
available on all prior Distribution Dates to reimburse Class B Investor Charge-
Offs, Reallocated Principal Collections described above or other reductions in
the Class B Invested Amount made to fund the Class A Allocable Amount plus,
without duplication, reductions of the Class B Adjustment Amount for all prior
Distribution Dates; provided, however, that the Class B Invested Amount may not
be less than zero.

                                      S-55
<PAGE>

   "Class B Investor Charge-Offs" means, for any Distribution Date, the amount
of any reduction in the Class B Invested Amount made to fund the Class B
Allocable Amount for that Distribution Date as described under "Description of
the Offered Certificates--Reallocation of Cash Flows; Investor Charge-Offs--
Class B Investor Charge-Offs" beginning on page S-44 of this prospectus
supplement.

   "Class B Monthly Interest" means, for any Distribution Date, the product of:

  .  the Class B interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

  .  the outstanding principal balance of the Class B certificates as of the
     close of business on the preceding Distribution Date or, in the case of
     the initial Distribution Date, as of the Closing Date.

   "Class B Monthly Principal" means, for any Distribution Date relating to the
Accumulation Period or the Early Amortization Period, the least of:

  .  the Available Principal Collections for that Distribution Date minus any
     portion of those Available Principal Collections applied to Class A
     Monthly Principal for that Distribution Date;

  .  if that Distribution Date relates to the Accumulation Period, the
     Controlled Deposit Amount for that Distribution Date minus the Class A
     Monthly Principal for that Distribution Date; and

  .  the Class B Invested Amount as of that Distribution Date plus any
     portion of the Available Principal Collections for that Distribution
     Date previously deposited into the Principal Funding Account in respect
     of Class B Monthly Principal;

provided, however, that, if the Accumulation Period is suspended and then
reinstated after the later of the date on which the Accumulation Period was
scheduled to begin before giving effect to that suspension and the date to
which the commencement of the Accumulation Period may be postponed in
accordance with the series 2000-2 supplement, Class B Monthly Principal for any
Distribution Date relating to the Accumulation Period will be calculated
without regard to the Controlled Deposit Amount for that Distribution Date.

   "Class B Required Amount" means, for any Distribution Date:

  .  the amount, if any, by which the Class B Monthly Interest for that
     Distribution Date plus any unpaid Class B Monthly Interest for prior
     Distribution Dates plus any Class B Additional Interest for that
     Distribution Date plus any unpaid Class B Additional Interest for prior
     Distribution Dates plus, if FNANB is no longer the servicer, the Class B
     Servicing Fee for that Distribution Date plus any unpaid Class B
     Servicing Fees for prior Distribution Dates exceeds the Class B
     Available Funds for the preceding Due Period; plus

  .  the Class B Allocable Amount for that Distribution Date.

   "Class B Servicing Fee" means, for any Distribution Date, one-twelfth of the
product of 2.00% and the Class B Invested Amount as of the last day of the
preceding Due Period; provided, however, that the Class B Servicing Fee for the
initial Distribution Date will equal $    .

   "Class D Additional Interest" means, for any Distribution Date, interest on
any interest amounts that were due but not paid to the Class D
certificateholders on the preceding Distribution Date, which interest will
accrue at a rate equal to the Class D interest rate for the preceding Interest
Period plus 2.00% per annum.

   "Class D Adjustment Amount" means, for any Distribution Date, the product
of:

  .  the Series Adjustment Amount as of the last day of the preceding Due
     Period; and

  .  the percentage equivalent of a fraction, the numerator of which is the
     Class D Invested Amount and the denominator of which is the Invested
     Amount, in each case as of the last day of the Due Period preceding that
     preceding Due Period.

                                      S-56
<PAGE>

   "Class D Allocable Amount" means, for any Distribution Date, the Class D
Default Amount for that Distribution Date plus the Class D Adjustment Amount
for that Distribution Date.

   "Class D Available Funds" means, for any Due Period, the Class D Floating
Allocation Percentage of all collections of Finance Charge Receivables received
during that Due Period, including the net investment earnings, if any, on funds
on deposit in the Excess Funding Account to be treated as collections of
Finance Charge Receivables for that Due Period in accordance with the series
2000-2 supplement.

   "Class D Default Amount" means, for any Distribution Date, an amount equal
to the product of the Default Amount for the preceding Due Period and the Class
D Floating Allocation Percentage for that preceding Due Period.

   "Class D Fixed Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class D
Invested Amount as of the last day of the Revolving Period and the denominator
of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables in the trust, other than
     Principal Receivables that have been charged-off, as of the last day of
     the preceding Due Period plus the amount on deposit in the Excess
     Funding Account as of the end of that last day plus the aggregate amount
     of Principal Receivables in all Designated Additional Accounts
     designated during the Due Period for which the Class D Fixed Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series;

provided, however, that FNANB may, by written notice to the trustee and the
servicer, designate a different numerator to be used to calculate the Class D
Fixed Allocation Percentage if:

  .  the series 2000-2 securities are paired with a Companion Series and the
     Early Amortization Period, as defined in the series supplement for that
     Companion Series, begins; and

  .  the numerator designated by FNANB is not less than the Class D Invested
     Amount as of the last day of the Revolving Period, as defined in the
     series supplement for that Companion Series.

   "Class D Floating Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the Class D
Invested Amount as of the last day of the preceding Due Period or, in the case
of the initial Due Period applicable to series 2000-2, the Class D Initial
Invested Amount and the denominator of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables, other than Principal
     Receivables that have been charged-off, in the trust as of that last day
     or, in the case of the initial Due Period applicable to series 2000-2,
     as of the Closing Date plus the amount on deposit in the Excess Funding
     Account as of the end of that last day plus the aggregate amount of
     Principal Receivables in all Designated Additional Accounts designated
     during the Due Period for which the Class D Floating Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series.

   "Class D Initial Invested Amount" means $16,500,000.

   "Class D Invested Amount" means, as of any date, the Class D Initial
Invested Amount minus the aggregate amount of principal payments made to the
Class D certificateholders prior to that date minus the aggregate amount of
Class D Investor Charge-Offs for all prior Distribution Dates minus the amount
of Reallocated Principal Collections applied to fund payments in respect of the
offered certificates or the CTOs on all prior Distribution Dates minus, without
duplication, the amount by which the Class D Invested Amount has been reduced
on all prior Distribution Dates to fund the Class A Allocable Amount, the Class
B Allocable Amount or the CTO Allocable Amount plus the amount of Excess Spread
and Shared Excess Finance Charge

                                      S-57
<PAGE>

Collections allocated and available on all prior Distribution Dates to
reimburse Class D Investor Charge-Offs, Reallocated Principal Collections
described above or other reductions in the Class D Invested Amount made to fund
the Class A Allocable Amount, the Class B Allocable Amount or the CTO Allocable
Amount plus, without duplication, reductions of the Class D Adjustment Amount
for all prior Distribution Dates; provided, however, that the Class D Invested
Amount may not be less than zero.

   "Class D Investor Charge-Offs" means, for any Distribution Date, the amount
of any reduction in the Class D Invested Amount made to fund the Class D
Allocable Amount for that Distribution Date as described under "Description of
the Offered Certificates--Reallocation of Cash Flows; Investor Charge-Offs--
Class D Investor Charge-Offs" beginning on page S-45 of this prospectus
supplement.

   "Class D Monthly Interest" means, for any Distribution Date, the product of:

  .  the Class D interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

  .  the outstanding principal balance of the Class D certificates as of the
     close of business on the preceding Distribution Date or, in the case of
     the initial Distribution Date, as of the Closing Date.

   "Class D Monthly Principal" means, for any Distribution Date after the CTOs
have been paid in full, the lesser of the Available Principal Collections for
that Distribution Date, minus any portion of those Available Principal
Collections applied to Class A Monthly Principal, Class B Monthly Principal or
CTO Monthly Principal on that Distribution Date, and the Class D Invested
Amount as of that Distribution Date.

   "Class D Servicing Fee" means, for any Distribution Date, one-twelfth of the
product of 2.00% and the Class D Invested Amount as of the last day of the
preceding Due Period; provided, however, that the Class D Servicing Fee for the
initial Distribution Date will equal $    .

   "Closing Date" means November   , 2000.

   "Controlled Accumulation Amount" means, for any Distribution Date relating
to the Accumulation Period, $21,541,667; provided, however, that if the
commencement of the Accumulation Period is postponed as described under
"Description of the Offered Certificates--Postponement of Accumulation Period"
beginning on page S-34 of this prospectus supplement the Controlled
Accumulation Amount for any Distribution Date relating to the Accumulation
Period will be increased to the amount that causes the amount on deposit in the
Principal Funding Account on the Expected Final Distribution Date to equal the
aggregate outstanding principal balance of the offered certificates and the
CTOs as of that date.

   "Controlled Deposit Amount" means, for any Distribution Date relating to the
Accumulation Period, the Controlled Accumulation Amount for that Distribution
Date plus any portion of the Controlled Accumulation Amount for any prior
Distribution Date not previously deposited into the Principal Funding Account.

   "Covered Amount" means, for any Distribution Date relating to the
Accumulation Period or the first Distribution Date relating to the Early
Amortization Period:

  .  the product of the Class A interest rate for the preceding Interest
     Period, a fraction, the numerator of which is the actual number of days
     in that preceding Interest Period and the denominator of which is 360,
     and the aggregate amount on deposit in the Principal Funding Account as
     of the close of business on the preceding Distribution Date in respect
     of Class A Monthly Principal; plus

  .  the product of the Class B interest rate for the preceding Interest
     Period, a fraction, the numerator of which is the actual number of days
     in that preceding Interest Period and the denominator of which is 360,
     and the aggregate amount on deposit in the Principal Funding Account as
     of the close of business on the preceding Distribution Date in respect
     of Class B Monthly Principal; plus


                                      S-58
<PAGE>

  .  the product of the CTO interest rate for the preceding Interest Period,
     a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360, and the
     aggregate amount on deposit in the Principal Funding Account as of the
     close of business on the preceding Distribution Date in respect of CTO
     Monthly Principal.

   "CTO Additional Interest" means, for any Distribution Date, interest on any
interest amounts that were due but not paid to the Holders of the CTOs on the
preceding Distribution Date, which interest will accrue at a rate equal to the
CTO interest rate for the preceding Interest Period plus 2.00% per annum.

   "CTO Adjustment Amount" means, for any Distribution Date, the product of:

  .  the Series Adjustment Amount as of the last day of the preceding Due
     Period; and

  .  the percentage equivalent of a fraction, the numerator of which is the
     CTO Invested Amount and the denominator of which is the Invested Amount,
     in each case as of the last day of the Due Period preceding that
     preceding Due Period.

   "CTO Allocable Amount" means, for any Distribution Date, the CTO Default
Amount for that Distribution Date plus the CTO Adjustment Amount for that
Distribution Date.

   "CTO Available Funds" means, for any Due Period:

  .  the CTO Floating Allocation Percentage of all collections of Finance
     Charge Receivables received during that Due Period, including the net
     investment earnings, if any, on funds on deposit in the Excess Funding
     Account to be treated as collections of Finance Charge Receivables for
     that Due Period in accordance with the series 2000-2 supplement; plus

  .  the applicable PFA Allocation Percentage of all net investment earnings,
     if any, on funds on deposit in the Principal Funding Account received
     during that Due Period; plus

  .  the amount, if any, to be withdrawn from the Reserve Account and applied
     as CTO Available Funds on the following Distribution Date in accordance
     with the series 2000-2 supplement; plus

  .  the net investment earnings, if any, on funds on deposit in the Reserve
     Account received during that Due Period to be withdrawn from the Reserve
     Account and applied as CTO Available Funds on that following
     Distribution Date in accordance with the series 2000-2 supplement.

   "CTO Default Amount" means, for any Distribution Date, an amount equal to
the product of the Default Amount for the preceding Due Period and the CTO
Floating Allocation Percentage for that preceding Due Period.

   "CTO Fixed Allocation Percentage" means, for any Due Period, the percentage
equivalent of a fraction, the numerator of which is the CTO Invested Amount as
of the last day of the Revolving Period and the denominator of which is equal
to the greater of:

  .  the aggregate amount of Principal Receivables in the trust, other than
     Principal Receivables that have been charged-off, as of the last day of
     the preceding Due Period plus the amount on deposit in the Excess
     Funding Account as of the end of that last day plus the aggregate amount
     of Principal Receivables in all Designated Additional Accounts
     designated during the Due Period for which the CTO Fixed Allocation
     Percentage is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series;

provided, however, that FNANB may, by written notice to the trustee and the
servicer, designate a different numerator to be used to calculate the CTO Fixed
Allocation Percentage if:

  .  the series 2000-2 securities are paired with a Companion Series and the
     Early Amortization Period, as defined in the series supplement for that
     Companion Series, begins; and


                                      S-59
<PAGE>

  .  the numerator designated by FNANB is not less than the CTO Invested
     Amount as of the last day of the Revolving Period, as defined in the
     series supplement for that Companion Series.

   "CTO Floating Allocation Percentage" means, for any Due Period, the
percentage equivalent of a fraction, the numerator of which is the CTO Invested
Amount as of the last day of the preceding Due Period or, in the case of the
initial Due Period applicable to series 2000-2, the CTO Initial Invested Amount
and the denominator of which is equal to the greater of:

  .  the aggregate amount of Principal Receivables, other than Principal
     Receivables that have been charged-off, in the trust as of that last day
     or, in the case of the initial Due Period applicable to series 2000-2,
     as of the Closing Date plus the amount on deposit in the Excess Funding
     Account as of the end of that last day plus the aggregate amount of
     Principal Receivables in all Designated Additional Accounts designated
     during the Due Period for which the CTO Floating Allocation Percentage
     is being calculated; and

  .  the sum of the numerators used to calculate the corresponding allocation
     percentages for all outstanding series.

   "CTO Initial Invested Amount" means $26,125,000.

   "CTO Invested Amount" means, as of any date, the CTO Initial Invested Amount
minus the aggregate amount on deposit in the Principal Funding Account on that
date in respect of CTO Monthly Principal minus the aggregate amount of
principal payments made to the holders of the CTOs prior to that date minus the
aggregate amount of CTO Investor Charge-Offs for all prior Distribution Dates
minus the amount of Reallocated Principal Collections applied to fund payments
in respect of the offered certificates on all prior Distribution Dates that
have not resulted in a reduction in the Class D Invested Amount minus, without
duplication, the amount by which the CTO Invested Amount has been reduced on
all prior Distribution Dates to fund the Class A Allocable Amount or the Class
B Allocable Amount plus the amount of Excess Spread and Shared Excess Finance
Charge Collections allocated and available on all prior Distribution Dates to
reimburse CTO Investor Charge-Offs, Reallocated Principal Collections described
above or other reductions in the CTO Invested Amount made to fund the Class A
Allocable Amount or the Class B Allocable Amount plus, without duplication, the
amount withdrawn from the Spread Account and applied on all prior Distribution
Dates to reimburse CTO Investor Charge-Offs, Reallocated Principal Collections
described above or reductions in the CTO Invested Amount made to fund the Class
A Allocable Amount or the Class B Allocable Amount plus, without duplication,
reductions of the CTO Adjustment Amount for all prior Distribution Dates;
provided, however, that the CTO Invested Amount may not be less than zero.

   "CTO Investor Charge-Offs" means, for any Distribution Date, the amount of
any reduction in the CTO Invested Amount made to fund the CTO Allocable Amount
for that Distribution Date as described under "Description of the Offered
Certificates--Reallocation of Cash Flows; Investor Charge-Offs--CTO Investor
Charge-Offs" beginning on page S-44 of this prospectus supplement.

   "CTO Monthly Interest" means, for any Distribution Date, the product of:

  .  the CTO interest rate for the preceding Interest Period;

  .  a fraction, the numerator of which is the actual number of days in that
     preceding Interest Period and the denominator of which is 360; and

  .  the outstanding principal balance of the CTOs as of the close of
     business on the preceding Distribution Date or, in the case of the
     initial Distribution Date, as of the Closing Date.

   "CTO Monthly Principal" means, for any Distribution Date relating to the
Accumulation Period or the Early Amortization Period, the least of:

  .  the Available Principal Collections for that Distribution Date minus any
     portion of those Available Principal Collections applied to Class A
     Monthly Principal or Class B Monthly Principal for that Distribution
     Date;

                                      S-60
<PAGE>

  .  if that Distribution Date relates to the Accumulation Period, the
     Controlled Deposit Amount for that Distribution Date minus the sum of
     the Class A Monthly Principal for that Distribution Date and the Class B
     Monthly Principal for that Distribution Date; and

  .  the CTO Invested Amount as of that Distribution Date plus any portion of
     the Available Principal Collections for that Distribution Date
     previously deposited into the Principal Funding Account in respect of
     CTO Monthly Principal;

provided, however, that, if the Accumulation Period is suspended and then
reinstated after the later of the date on which the Accumulation Period was
scheduled to begin before giving effect to that suspension and the date to
which the commencement of the Accumulation Period may be postponed in
accordance with the series 2000-2 supplement, CTO Monthly Principal for any
Distribution Date relating to the Accumulation Period will be calculated
without regard to the Controlled Deposit Amount for that Distribution Date.

   "CTO Servicing Fee" means, for any Distribution Date, one-twelfth of the
product of 2.00% and the CTO Invested Amount as of the last day of the
preceding Due Period; provided, however, that the CTO Servicing Fee for the
initial Distribution Date will equal $      .

   "CTOs" means the collateralized trust obligations issued by the trust under
the series 2000-2 supplement.

   "Distribution Date" means the 15th day of each Due Period or, if that day
is not a Business Day, the following Business Day, beginning January 16, 2001.

   "Due Period" means each period from and including the first day of a month
to and including the last day of that month or, in the case of the initial Due
Period, from and including the Closing Date to and including December 31,
2000.

   "Early Amortization Event" means an event described under "Description of
the Offered Certificates--Early Amortization Events" beginning on page S-45 of
this prospectus supplement or under "Description of the Securities--Early
Amortization Events" beginning on page 22 of the attached prospectus.

   "Early Amortization Period" means the period commencing on the date on
which an Early Amortization Event occurs and ending on the earlier of the date
on which the series 2000-2 securities are paid in full and the Stated Series
Termination Date.

   "Excess Spread" means, for any Distribution Date:

  .  the Class A Available Funds for the preceding Due Period remaining after
     application of those funds to the Class A Required Amount for that
     Distribution Date as described under "Description of the Offered
     Certificates--Application of Collections--Payment of Interest, Fees and
     Other Items" beginning on page S-39 of this prospectus supplement; plus

  .  the Class B Available Funds for that preceding Due Period remaining
     after application of those funds to the Class B Monthly Interest for
     that Distribution Date plus any unpaid Class B Monthly Interest for
     prior Distribution Dates plus any Class B Additional Interest for that
     Distribution Date plus any unpaid Class B Additional Interest for prior
     Distribution Dates plus, if FNANB is no longer the servicer, the Class B
     Servicing Fee for that Distribution Date plus any unpaid Class B
     Servicing Fees for prior Distribution Dates as described under
     "Description of the Offered Certificates--Application of Collections--
     Payment of Interest, Fees and Other Items" beginning on page S-39 of
     this prospectus supplement; plus

  .  the CTO Available Funds for that preceding Due Period remaining after
     application of those funds to, if FNANB is no longer the servicer, the
     CTO Servicing Fee for that Distribution Date plus any unpaid CTO
     Servicing Fees for prior Distribution Dates as described under
     "Description of the Offered Certificates--Application of Collections--
     Payment of Interest, Fees and Other Items" beginning on page S-39 of
     this prospectus supplement; plus

                                     S-61
<PAGE>

  .  the Class D Available Funds for that preceding Due Period remaining
     after application of those funds to, if FNANB is no longer the servicer,
     the Class D Servicing Fee for that Distribution Date plus any unpaid
     Class D Servicing Fees for prior Distribution Dates as described under
     "Description of the Offered Certificates--Application of Collections--
     Payment of Interest, Fees and Other Items" beginning on page S-39 of
     this prospectus supplement.

   "Excess Spread Percentage" means, for any Due Period and subject to the
series 2000-2 supplement, the amount, if any, expressed as a percentage, by
which the Portfolio Yield for that Due Period exceeds the Base Rate for that
Due Period; provided, however, that, if FNANB exercises the Discount Option
and afterward reduces the Discount Percentage without the consent of the
holders of at least 66 2/3% of the CTO Invested Amount, the Excess Spread
Percentage will be calculated without including Finance Charge Receivables
that, but for the application of the Discount Percentage, would be treated as
Principal Receivables.

   "Expected Final Distribution Date" means the November 2003 Distribution
Date.

   "Fixed Allocation Percentage" means, for any Due Period, the Class A Fixed
Allocation Percentage for that Due Period plus the Class B Fixed Allocation
Percentage for that Due Period plus the CTO Fixed Allocation Percentage for
that Due Period plus the Class D Fixed Allocation Percentage for that Due
Period.

   "Floating Allocation Percentage" means, for any Due Period, the Class A
Floating Allocation Percentage for that Due Period plus the Class B Floating
Allocation Percentage for that Due Period plus the CTO Floating Allocation
Percentage for that Due Period plus the Class D Floating Allocation Percentage
for that Due Period.

   "Interest Period" means each period from and including a Distribution Date
or, in the case of the initial Distribution Date, from and including the
Closing Date, to but excluding the following Distribution Date.

   "Interest Rate Cap Provider" means         or the provider of any
substitute Interest Rate Cap.

   "Interest Rate Caps" means the Class A Interest Rate Cap and the Class B
Interest Rate Cap.

   "Invested Amount" means, as of any date, the Class A Invested Amount as of
that date plus the Class B Invested Amount as of that date plus the CTO
Invested Amount as of that date plus the Class D Invested Amount as of that
date.

   "LIBOR" means, for any LIBOR Determination Date, the rate for deposits in
United States dollars for a one-month period which appears on Telerate Page
3750 as of 11:00 A.M., London time, on that date; provided, however, that if
that rate does not appear on Telerate Page 3750, LIBOR for that LIBOR
Determination Date will be determined on the basis of the rates at which
deposits in United States dollars are offered by the principal London offices
of four major banks in the London interbank market, selected by the servicer,
at approximately 11:00 A.M., London time, on that date to prime banks in the
London interbank market for a one-month period; provided further, that, if at
least two quotations are provided by those major banks, LIBOR for that LIBOR
Determination Date will be the arithmetic mean of those quotations; and,
provided further, that, if fewer than two quotations are provided by those
major banks, LIBOR for that LIBOR Determination Date will be the arithmetic
mean of the rates quoted by four major banks in New York City, selected by the
servicer, at approximately 11:00 A.M., New York City time, on that date for
loans in United States dollars to leading European banks for a one-month
period.

   "LIBOR Determination Date" means:

  .  for the period from and including the Closing Date to and including
     December 14, 2000, November , 2000;

  .  for the period from and including December 15, 2000 to and including
     January 15, 2001, December 13, 2000; and

  .  for each subsequent Interest Period, the second Business Day preceding
     the commencement of that Interest Period;

                                     S-62
<PAGE>

provided, however, that, for purposes of determining LIBOR, Business Day means
a day which is both a Business Day and a day on which dealings in deposits in
United States dollars are transacted in the London interbank market.

   "PFA Allocation Percentage" means, for any Due Period:

  .  in the case of the Class A certificates, the percentage equivalent of a
     fraction, the numerator of which is the aggregate amount on deposit in
     the Principal Funding Account in respect of Class A Monthly Principal
     and the denominator of which is the aggregate amount on deposit in the
     Principal Funding Account, in each case as of the close of business on
     the last day of that Due Period;

  .  in the case of the Class B certificates, the percentage equivalent of a
     fraction, the numerator of which is the aggregate amount on deposit in
     the Principal Funding Account in respect of Class B Monthly Principal
     and the denominator of which is the aggregate amount on deposit in the
     Principal Funding Account, in each case as of the close of business on
     the last day of that Due Period; and

  .  in the case of the CTOs, the percentage equivalent of a fraction, the
     numerator of which is the aggregate amount on deposit in the Principal
     Funding Account in respect of CTO Monthly Principal and the denominator
     of which is the aggregate amount on deposit in the Principal Funding
     Account, in each case as of the close of business on the last day of
     that Due Period.

   "Portfolio Yield" means, for any Due Period, the annualized percentage
equivalent of a fraction, the numerator of which is:

  .  the collections of Finance Charge Receivables received during that Due
     Period and allocated to series 2000-2, including the net investment
     earnings, if any, on funds on deposit in the Excess Funding Account to
     be treated as collections of Finance Charge Receivables for that Due
     Period in accordance with the series 2000-2 supplement; plus

  .  the amount of Shared Excess Finance Charge Collections allocated to
     series 2000-2 for that Due Period; plus

  .  the net investment earnings, if any, on funds on deposit in the Spread
     Account received during that Due Period; plus

  .  the net investment earnings, if any, on funds on deposit in the
     Principal Funding Account received during that Due Period; plus

  .  the amount, if any, to be withdrawn from the Reserve Account and applied
     as Class A Available Funds, Class B Available Funds or CTO Available
     Funds on the following Distribution Date in accordance with the series
     2000-2 supplement; plus

  .  the amount, if any, paid under the Interest Rate Caps on the following
     Distribution Date; minus

  .  the portion of the Default Amount for that Due Period allocated to
     series 2000-2; minus

  .  the Series Adjustment Amount for that Due Period;

and the denominator of which is the Adjusted Invested Amount as of the last day
of that Due Period.

   "Qualified Institution" means:

  .  a depository institution, which may be the trustee, organized under the
     laws of the United States or any state or the District of Columbia, or
     any domestic branch or agency of any foreign bank, the deposits in which
     are insured by the FDIC and which at all times has a short-term
     unsecured debt or certificate of deposit rating of at least A-1 and P-1
     by the applicable rating agency or has a long-term unsecured debt rating
     of at least AA or Aa2 by the applicable rating agency; or

  .  a depository institution, which may be the trustee, otherwise acceptable
     to each rating agency.

   "Qualified Maturity Agreement" means a written agreement between FNANB and a
Qualified Institution under which the Qualified Institution agrees to deposit
into the Principal Funding Account on or before the

                                      S-63
<PAGE>

Expected Final Distribution Date an amount equal to the aggregate outstanding
principal balance of the offered certificates and the CTOs as of the Expected
Final Distribution Date.

   "Reallocated Principal Collections" means collections of Principal
Receivables allocated to the Class D certificateholders, the holders of the
CTOs or the Class B certificateholders that have been reallocated to fund the
Class A Required Amount, the Class B Required Amount or the CTO Allocable
Amount for any Distribution Date as described under "Description of the Offered
Certificates--Reallocation of Cash Flows; Investor Charge-Offs" beginning on
page S-43 of this prospectus supplement.

   "Required Reserve Account Amount" means, for any Distribution Date on or
after the Reserve Account Funding Date, an amount equal to 0.50% of the
aggregate outstanding principal balance of the offered certificates and the
CTOs as of the preceding Distribution Date or such other amount as may be
designated by FNANB; provided, however, that FNANB may not designate a lower
amount unless:

  .  it receives written confirmation from each rating agency rating the
     offered certificates or the CTOs that the designation of that lower
     amount will not result in a reduction or withdrawal of the rating
     assigned by that rating agency to the offered certificates or the CTOs;
     and

  .  it delivers to the trustee an officer's certificate confirming that, in
     the reasonable belief of that officer, that designation will not cause
     an Early Amortization Event or an event which, with notice or lapse of
     time or both, would constitute an Early Amortization Event to occur with
     respect to series 2000-2.

   "Required Spread Account Amount" means, for any Distribution Date and
subject to the series 2000-2 supplement, an amount equal to the product of the
Required Spread Account Percentage for that Distribution Date and the Invested
Amount as of the end of the preceding Due Period or such other amount as may be
approved by FNANB and the holders of more than 66 2/3% of the CTO Invested
Amount.

   "Required Spread Account Percentage" means, for any Distribution Date, a
percentage determined in accordance with the following table based upon the
Average Excess Spread Percentage for that Distribution Date or on such other
basis as may be approved by FNANB and the holders of more than 66 2/3% of the
CTO Invested Amount:

<TABLE>
<CAPTION>
                    Average Excess Spread
                         Percentage                  Required Spread Account Percentage
                    ---------------------            ----------------------------------
<S>                                                  <C>
(greater than or equal to)5.5%                                     0.00%
(greater than or equal to)5.0% and (less than) 5.5%                1.25%
(greater than or equal to)4.5% and (less than) 5.0%                1.50%
(greater than or equal to)4.0% and (less than) 4.5%                2.00%
(greater than or equal to)3.0% and (less than) 4.0%                3.00%
                   (less than) 3.0%                                5.00%
</TABLE>

provided, however, that the Required Spread Account Percentage will only be
reduced if various conditions specified in the series 2000-2 supplement are
satisfied.

   "Reserve Account" means an Eligible Deposit Account established by the
servicer for the benefit of the certificateholders and the holders of the CTOs
intended to help assure the payment of interest on the offered certificates and
the CTOs on each Distribution Date relating to the Accumulation Period.

   "Reserve Account Funding Date" means the Distribution Date following the Due
Period which begins three months prior to the commencement of the Accumulation
Period or such earlier Distribution Date as may be required under the series
2000-2 supplement.

   "Revolving Period" means the period commencing on the Closing Date and
ending on the earlier of the close of business on the day preceding the
commencement of the Accumulation Period and the close of business on the day
preceding the commencement of the Early Amortization Period.


                                      S-64
<PAGE>

   "Series Adjustment Amount" means, as of the last day of any Due Period, the
Series Adjustment Amount calculated for series 2000-2 as of that last day as
described under "Description of the Securities--Calculation of Series
Adjustment Amount" beginning on page 20 of the attached prospectus.

   "Series Minimum Aggregate Principal Receivables" means, with respect to
series 2000-2, the initial Invested Amount or such lesser amount as may be
designated by FNANB; provided, however, that FNANB may not designate a lesser
amount unless it receives written confirmation from each rating agency that the
designation of that lesser amount will not result in a reduction or withdrawal
of the rating assigned by that rating agency to any outstanding series.

   "Series Minimum Transferor Amount" means, with respect to series 2000-2,
zero or such greater amount as may be designated by FNANB; provided, however,
that FNANB may not designate a greater amount unless, after giving effect to
that designation, the Transferor Amount equals or exceeds the Minimum
Transferor Amount.

   "Spread Account" means an Eligible Account established by the servicer for
the benefit of the holders of the CTOs intended to help assure the payment of
interest and principal on the CTOs on each Distribution Date.

   "Stated Series Termination Date" means the November 2008 Distribution Date.

   "Telerate Page 3750" means the display page designated as Telerate Page 3750
on the Bridge Telerate Market Report or such other page as may replace that
page on that service for the purpose of displaying comparable rates or prices.

                                      S-65
<PAGE>

                                    ANNEX I:

                            PREVIOUSLY ISSUED SERIES

   The following table sets forth the principal characteristics of the five
series previously issued by the trust and currently outstanding. You may obtain
more specific information with respect to any series by contacting the servicer
at (770) 423-7900.

<TABLE>
 <C>                                                  <S>
 Series 1995-1 (Group One)

 1. Class A Certificates
    Initial Invested Amount.......................... $216,000,000
    Invested Amount as of September 30, 2000......... Zero
    Expected Invested Amount at End of Closing Date.. Zero
    Interest Rate.................................... 6.375%
    Controlled Accumulation Amount................... $18,000,000
    Commencement of Accumulation Period.............. August 31, 1999
    Expected Final Distribution Date................. September 2000
                                                      Distribution Date
    Series Minimum Transferor Amount................. Zero
    Series Minimum Aggregate Principal Receivables... Initial Invested Amount
    Initial Collateral Indebtedness Amount........... $39,000,000
    Initial Class D Invested Amount.................. $15,000,000
    Enhancement...................................... Cash Collateral Account;
                                                      Subordination of Class B
                                                      Certificates, Collateral
                                                      Indebtedness Interest and
                                                      Class D Certificates
    Servicing Fee Percentage......................... 2.00% Per Annum
    Stated Series Termination Date................... August 2005 Distribution
                                                      Date
    Issuance Date.................................... September 7, 1995

 2. Class B Certificates
    Initial Invested Amount.......................... $30,000,000
    Invested Amount as of September 30, 2000......... $30,000,000
    Expected Invested Amount at End of Closing Date.. Zero
    Interest Rate.................................... 6.625%
    Controlled Accumulation Amount................... $15,000,000
    Commencement of Accumulation Period.............. Following Payment of
                                                      Class A Certificates
    Expected Final Distribution Date................. November 2000
                                                      Distribution Date
    Enhancement...................................... Cash Collateral Account;
                                                      Subordination of
                                                      Collateral Indebtedness
                                                      Interest and Class D
                                                      Certificates
    Servicing Fee Percentage......................... 2.00% Per Annum
    Stated Series Termination Date................... August 2005 Distribution
                                                      Date
    Issuance Date.................................... September 7, 1995
</TABLE>

                                      S-66
<PAGE>

<TABLE>
 <C>                                                              <S>
 Series 1996-1 (Group One)

 1. Class A Certificates
    Initial Invested Amount...................................... $162,000,000
    Invested Amount as of September 30, 2000..................... $162,000,000
    Expected Invested Amount at End of Closing Date.............. $162,000,000
    Interest Rate................................................ One Month LIBOR + 0.17%
    Controlled Accumulation Amount (Subject to Adjustment)....... $13,500,000
    Commencement of Accumulation Period (Subject to Adjustment).. October 31, 2000
    Expected Final Distribution Date............................. November 2001
                                                                  Distribution Date
    Series Minimum Transferor Amount............................. Zero
    Series Minimum Aggregate Principal Receivables............... Initial Invested Amount
    Initial Collateral Indebtedness Amount....................... $29,250,000
    Initial Class D Invested Amount.............................. $11,250,000
    Enhancement.................................................. Cash Collateral Account;
                                                                  Interest Rate Cap;
                                                                  Subordination of Class B
                                                                  Certificates, Collateral
                                                                  Indebtedness Interest
                                                                  and Class D Certificates
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... October 2006
                                                                  Distribution Date
    Issuance Date................................................ November 27, 1996

 2. Class B Certificates
    Initial Invested Amount...................................... $22,500,000
    Invested Amount as of September 30, 2000..................... $22,500,000
    Expected Invested Amount at End of Closing Date.............. $22,500,000
    Interest Rate................................................ One Month LIBOR + 0.40%
    Controlled Accumulation Amount............................... $11,250,000
    Commencement of Accumulation Period.......................... Following Payment of
                                                                  Class A Certificates
    Expected Final Distribution Date............................. January 2002
                                                                  Distribution Date
    Enhancement.................................................. Cash Collateral Account;
                                                                  Interest Rate Cap;
                                                                  Subordination of
                                                                  Collateral Indebtedness
                                                                  Interest and Class D
                                                                  Certificates
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... October 2006
                                                                  Distribution Date
    Issuance Date................................................ November 27, 1996



 Series 1998-2 (Group One)
    Initial Invested Amount...................................... $113,000,000
    Maximum Invested Amount...................................... $226,000,000
    Expected Invested Amount at End of Closing Date.............. $33,000,000
    Interest Rate................................................ Floating
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... August 2005 Distribution
                                                                  Date
    Issuance Date................................................ November 12, 1998

</TABLE>


                                      S-67
<PAGE>

<TABLE>
 <C>                                                              <S>
 Series 1999-1 (Group One)
    Initial Invested Amount...................................... $0
    Maximum Invested Amount...................................... $300,000,000
    Expected Invested Amount at End of Closing Date.............. Zero
    Interest Rate................................................ Floating
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... June 2006 Distribution
                                                                  Date
    Issuance Date................................................ September 1, 1999

 Series 2000-1 (Group One)

 1. Class A Certificates
    Initial Invested Amount...................................... $365,000,000
    Invested Amount as of September 30, 2000..................... $365,000,000
    Expected Invested Amount at End of Closing Date.............. $365,000,000
    Interest Rate................................................ One Month LIBOR + 0.23%
    Controlled Accumulation Amount (Subject to Adjustment)....... $39,166,667
    Commencement of Accumulation Period (Subject to Adjustment).. January 31, 2002
    Expected Final Distribution Date............................. February 2003
                                                                  Distribution Date
    Series Minimum Transferor Amount............................. Zero
    Series Minimum Aggregate Principal Receivables............... Initial Invested Amount
    Initial CTO Invested Amount.................................. $47,500,000
    Initial Class D Invested Amount.............................. $30,000,000
    Enhancement.................................................. Interest Rate Cap;
                                                                  Subordination of Class B
                                                                  Certificates,
                                                                  Collateralized Trust
                                                                  Obligations and Class D
                                                                  Certificates
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... February 2006
                                                                  Distribution Date
    Issuance Date................................................ February 28, 2000

 2. Class B Certificates
    Initial Invested Amount...................................... $57,500,000
    Invested Amount as of September 30, 2000..................... $57,500,000
    Expected Invested Amount at End of Closing Date.............. $57,500,000
    Interest Rate................................................ One Month LIBOR + 0.59%
    Controlled Accumulation Amount (Subject to Adjustment)....... $39,166,667
    Commencement of Accumulation Period (Subject to Adjustment).. January 31, 2002
    Expected Final Distribution Date............................. February 2003
                                                                  Distribution Date
    Enhancement.................................................. Interest Rate Cap;
                                                                  Subordination of
                                                                  Collateralized Trust
                                                                  Obligations and Class D
                                                                  Certificates
    Servicing Fee Percentage..................................... 2.00% Per Annum
    Stated Series Termination Date............................... February 2006
                                                                  Distribution Date
    Issuance Date................................................ February 28, 2000
</TABLE>

                                      S-68
<PAGE>

PROSPECTUS

                     Circuit City Credit Card Master Trust
                                     Issuer

                       First North American National Bank
                            Transferor and Servicer

                            Asset Backed Securities

 The offered securities      The trust:
 are highly structured.
 Before you purchase the     . may periodically issue asset backed securities
 offered securities,           in one or more series, each of which may
 please consider               include one or more classes; and
 carefully the risk
 factors described in the    . will own the receivables created from time to
 attached prospectus           time in a portfolio of consumer revolving
 supplement.                   credit card accounts, all monies due or to
                               become due in payment of the receivables and
                               the other property described in this prospectus
                               and the attached prospectus supplement.

 The offered securities
 are not deposits, and
 neither the offered
 securities nor the          The securities:
 accounts or the
 receivables are insured     . will represent interests in the trust only and
 or guaranteed by the          will be paid only from the assets of the trust;
 Federal Deposit
 Insurance Corporation or    . offered through this prospectus and the
 any other governmental        attached prospectus supplement, which are
 agency.                       referred to in this prospectus as the offered
                               securities, will be rated in one of the four
                               highest rating categories by at least one
                               nationally recognized statistical rating
                               organization;

 The offered securities
 represent interests in
 the trust only and do
 not represent interests
 in or obligations of        . may benefit from one or more forms of credit
 First North American          enhancement; and
 National Bank, Circuit
 City Stores, Inc. or any    . will be issued as part of a designated series
 of their affiliates.          that may include one or more classes of
                               securities.

 This prospectus may be
 used to offer and sell      The securityholders:
 securities of a series
 only if accompanied by      . will receive interest and principal payments
 the prospectus                from a varying percentage of the amounts
 supplement for that           collected on the receivables.
 series.


Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is
a criminal offense.

                                November 6, 2000
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                     Page
                                     ----
<S>                                  <C>
OVERVIEW OF THE INFORMATION
 PROVIDED IN THIS PROSPECTUS AND
 THE ATTACHED PROSPECTUS
 SUPPLEMENT........................    1
DESCRIPTION OF THE TRUST...........    2
DESCRIPTION OF FIRST NORTH AMERICAN
 NATIONAL BANK.....................    2
DESCRIPTION OF CIRCUIT CITY STORES,
 INC...............................    3
DESCRIPTION OF THE CIRCUIT CITY
 PRIVATE LABEL CREDIT CARD
 PROGRAM...........................    3
OVERVIEW OF THE ACCOUNTS AND THE
 RECEIVABLES.......................    6
MATURITY CONSIDERATIONS............    8
USE OF PROCEEDS....................    9
DESCRIPTION OF THE SECURITIES......   10
  Overview of the Securities.......   10
  Interest Payments................   11
  Principal Payments...............   11
  Identification of the Receiv-
   ables...........................   12
  Issuing New Series...............   13
  Representations and Warranties...   13
  Addition of Accounts.............   15
  Removal of Accounts..............   15
  Discount Option..................   16
  The Collection Account...........   16
  Funding Period...................   17
  Allocation of Collections........   17
  Application of Collections.......   17
  Shared Excess Finance Charge
   Collections.....................   18
  Shared Principal Collections.....   18
  The Excess Funding Account.......   19
  Companion Series.................   19
  Allocation of Default Amount.....   20
  Calculation of Series Adjustment
   Amount..........................   20
</TABLE>
<TABLE>
<CAPTION>
                                     Page
                                     ----
<S>                                  <C>
  Investor Charge-Offs.............   21
  Defeasance.......................   21
  Optional Repurchase..............   22
  Series Termination...............   22
  Early Amortization Events........   22
  Additional Defaults and Reme-
   dies............................   23
  Indemnification..................   23
  The Servicer.....................   23
  Servicer Covenants...............   24
  Servicing Compensation...........   25
  Servicer Defaults................   25
  Reports to Securityholders.......   26
  Evidence as to Compliance........   27
  Amendments.......................   27
  List of Securityholders..........   28
  The Trustee......................   29
  Termination of the Trust.........   29
REGISTRATION AND TRANSFER OF THE
 SECURITIES........................   30
CREDIT ENHANCEMENT.................   37
SECURITY RATINGS...................   40
MATERIAL LEGAL ASPECTS OF THE
 RECEIVABLES.......................   40
  Transfer of Receivables..........   40
  Matters Relating to Receivership
   and Conservatorship.............   40
  Consumer Protection Laws.........   42
MATERIAL FEDERAL INCOME TAX CONSE-
 QUENCES...........................   43
ERISA CONSIDERATIONS...............   48
PLAN OF DISTRIBUTION...............   50
LEGAL MATTERS......................   51
REPORTS TO SECURITYHOLDERS.........   51
WHERE YOU CAN FIND MORE INFORMATION
 ABOUT THE TRUST AND THE
 SECURITIES........................   51
INCORPORATION OF DOCUMENTS BY
 REFERENCE.........................   51
GLOSSARY OF DEFINED TERMS..........   52
</TABLE>
<PAGE>

            OVERVIEW OF THE INFORMATION PROVIDED IN THIS PROSPECTUS
                     AND THE ATTACHED PROSPECTUS SUPPLEMENT

    We provide information to you about the securities in two documents: this
prospectus, which provides general information about the trust and the
securities issued by the trust, some of which may not apply to your series or
class of securities, and the attached prospectus supplement, which provides
specific information about your series or class of securities, including:

  . information about the receivables;

  . the timing and amount of interest and principal payments for each class
    of securities;

  . information about the credit enhancement, if any, for each class of
    securities;

  . the ratings, if any, assigned to each class of securities; and

  . the method for selling the securities.

    You must read carefully this prospectus and the attached prospectus
supplement in their entirety to understand fully the structure and terms of
your series or class of securities. If the general information about the
securities issued by the trust provided in this prospectus varies from the
specific information about your series or class of securities provided in the
attached prospectus supplement, you should rely on the information provided in
the attached prospectus supplement.

   You should rely only on the information provided in, or incorporated by
reference into, this prospectus and the attached prospectus supplement. We have
not authorized anyone to provide you with additional or different information.

   We include in this prospectus and the attached prospectus supplement cross-
references to captions under which you can find additional, related
discussions. The preceding table of contents and the table of contents included
in the attached prospectus supplement, as applicable, set forth the pages on
which these captions are located.

   We include in this prospectus and the attached prospectus supplement
capitalized terms that have meanings not evident from their context and that
cannot be defined concisely when they are first used. The glossary beginning on
page 52 of this prospectus and the glossary included in the attached prospectus
supplement, as applicable, contain the definitions of these capitalized terms.
<PAGE>

                            DESCRIPTION OF THE TRUST

   The trust was formed under a master pooling and servicing agreement dated as
of October 4, 1994, as amended, between First North American National Bank, a
national banking association referred to in this prospectus and the attached
prospectus supplement as FNANB, as transferor and servicer, and Bankers Trust
Company, a New York banking corporation, as trustee. The trust is a master
trust under which multiple series of securities may be issued. Each series of
securities is issued under a supplement to the master pooling and servicing
agreement that sets forth the terms of that series.

   The trust will not engage in any activity other than:

  . acquiring and holding the receivables and the other assets of the trust;

  . obtaining one or more forms of credit enhancement for each series;

  . issuing the securities of each series;

  . issuing an exchangeable transferor certificate evidencing an undivided
    interest in the assets of the trust not allocated to the securityholders
    or any other investor or credit enhancement provider;

  . making payments on the securities; and

  . engaging in related activities.

   The trust is not expected to have any need for, or sources of, additional
capital resources other than the assets of the trust.

                                 DESCRIPTION OF
                       FIRST NORTH AMERICAN NATIONAL BANK

   FNANB is a federally chartered limited purpose credit card bank
headquartered in Kennesaw, Georgia. FNANB engages solely in credit card
operations. FNANB does not accept demand deposits or deposits that the
depositor may withdraw by check or similar means for payment to third parties
or others and does not accept savings or time deposits of less than $100,000.
FNANB may accept deposits of under $100,000 as collateral for extensions of
credit. FNANB maintains only one office that accepts deposits and does not
engage in the business of making commercial loans.

   FNANB was chartered by the Office of the Comptroller of the Currency in
October 1990 and commenced operations in November 1990. FNANB is regulated,
supervised and examined by the OCC. OCC examinations include, among other
procedures, a detailed review of underwriting policies and procedures,
compliance with the federal Truth-in-Lending Act and other consumer credit
laws, credit reporting, compliance with community reinvestment and other legal
requirements, adequacy of financial reporting, adequacy of management, capital
and earnings and adequacy of internal control systems.

   FNANB is a wholly owned subsidiary of Circuit City Stores, Inc., a Virginia
corporation. As of August 31, 2000, FNANB had assets of approximately $359
million and equity of approximately $216 million. The principal offices of
FNANB are located at 225 Chastain Meadows Court, Kennesaw, Georgia 30144.

                                       2
<PAGE>

                    DESCRIPTION OF CIRCUIT CITY STORES, INC.

   Circuit City is a leading national retailer of brand-name consumer
electronics, personal computers and entertainment software. As of September 30,
2000, the company operated 620 retail locations in 46 states and the District
of Columbia. Circuit City uses selection, service and pricing to differentiate
itself from its competition. As part of its competitive strategy, the company
offers a broad selection of top-quality merchandise that includes 3,500 to
4,500 brand-name items, excluding entertainment software.

                        DESCRIPTION OF THE CIRCUIT CITY
                       PRIVATE LABEL CREDIT CARD PROGRAM

Credit Card Programs

   FNANB offers a private label credit card that can be used to purchase
merchandise, repair services and service contracts at Circuit City retail
stores and to finance credit insurance premiums related to customer accounts.
FNANB also offers MasterCard(R) and VISA(R)/1/ credit cards that can be used to
purchase goods or services or to obtain cash advances.

   The receivables transferred to the trust consist solely of receivables
created from time to time under the Circuit City private label credit card
program. FNANB may, in the future, subject to rating agency approval and
various other conditions set forth in the master pooling and servicing
agreement, transfer to the trust receivables created under MasterCard and VISA
credit card accounts or other consumer revolving credit card accounts it owns
or acquires.

New Account Underwriting

   Circuit City private label credit card account applications are currently
available in all Circuit City retail stores. Circuit City sales associates
offer account applications and provide information about the private label
credit card program directly to customers. Circuit City sales associates enter
application information in a proprietary point of sale terminal that is linked
directly to an automated credit evaluation and account processing system
developed by Total System Services, Inc. Total System uses this system to
process all new private label credit card account applications in accordance
with terms specified by FNANB.

   FNANB evaluates all private label credit card account applications using
credit risk scores derived from proprietary scoring models. These application
scorecards are heavily weighted to consider credit bureau information in
addition to application data. FNANB will, in most cases, approve an account
application if the applicant's credit risk score is above the minimum score
established by FNANB and the applicant has an active credit bureau file with
satisfactory credit history.

   If a customer's application is approved, an account is established and an
order for a new card is automatically transmitted to the FNANB card production
service department. This department uses special equipment to emboss the
customer's name, card account number and expiration date on the face of the
card and mails the card directly to the customer via first class mail. When a
card is presented for the first time, the point of sale terminal prompts the
Circuit City sales associate to request picture identification from the
cardholder. This procedure is intended to reduce the risk that a stolen credit
card will be accepted for use at a Circuit City retail store.
--------
/1/MasterCard(R) and VISA(R) are federally registered service marks of
MasterCard International Inc. and VISA U.S.A., Inc., respectively.

                                       3
<PAGE>

   Each extension of credit by FNANB to a cardholder is subject to the terms
and conditions contained in the account agreement with FNANB in effect at that
time. FNANB reserves the right to change or terminate various terms,
conditions, services or features of the account, including increasing or
decreasing periodic finance charges, late fees, returned check charges, other
fees and charges or minimum payment requirements, subject to the conditions set
forth in the account agreement. FNANB may, at any time and without prior notice
to the cardholder, elect to preclude or restrict further credit card use by the
cardholder, usually as a result of poor payment performance or concern over the
cardholder's creditworthiness. FNANB has the ability to code an account within
the credit operating system to prevent the cardholder from using his or her
credit card until the reason for the restriction on use has been satisfactorily
resolved.

Billing and Payments

   FNANB assesses finance charges on an account based on the average daily
balance outstanding on the account during a monthly billing cycle. The average
daily balance of an account for a billing cycle is determined by summing the
daily balances for the account for each day during the billing cycle and by
dividing that sum by the number of the days in the billing cycle. The daily
balance for an account for any day during a billing cycle is equal to the
beginning balance of the account for that day plus the amount of all purchases
and unpaid finance charges posted to the account on that day minus the amount
of all payments and credits posted to the account on that day. FNANB charges an
annual percentage rate on private label credit card accounts currently ranging
from 19.8% to 24.0%. FNANB will not assess a finance charge on an account if
the entire new balance shown on the billing statement is paid within 25 days of
the statement closing date.

   FNANB assesses a late fee, currently $25, if a cardholder does not remit a
past due payment before the closing date of the next billing cycle. FNANB also
assesses a returned check fee, currently $25, if a financial institution does
not honor a cardholder payment.

   FNANB periodically offers interest free promotions under which holders of
the Circuit City private label credit card are able to purchase designated
products on an interest free basis for a specified period. The interest free
period is usually 90 or 180 days. The cardholder is still required to make
regular monthly principal payments, and finance charges are reinstated,
retroactive to the date of the transaction or the first day of the billing
cycle, whichever is later, if the cardholder does not meet the terms and
conditions of the interest free promotion. The use of interest free promotions
may reduce the amount of finance charge receivables collected by the trust
during the interest free period. We do not expect, however, that this reduction
would cause a material reduction in the yield on the receivables.

   Approximately 80% of the private label cardholders are required to make
minimum monthly payments equal to the greater of $20 or 4% of the account
balance. Approximately 20% of the private label cardholders are required to
make minimum monthly payments equal to the greater of $15 or 3.5% of the
account balance.

Delinquencies and Collections

   FNANB classifies an account as delinquent when the minimum payment due on
the account is not received by the payment due date specified in the
cardholder's billing statement. The FNANB collections staff is segregated into
teams specializing in different delinquency categories. The collections staff
initiates collection efforts as early as the second day of delinquency, and no
later than the 21st day of delinquency, when collectors attempt to establish
telephone contact. FNANB uses behavioral risk scoring of all accounts to adjust
its collection efforts based on the potential risk of an account and the
dollars at risk. Collection efforts escalate in intensity as an account is
cycled into a more advanced delinquency category.

   FNANB's collection strategy begins with an early delinquency calling program
using state-of-the-art technology that includes predictive dialing for accounts
that are up to 60 days past due. FNANB also uses statement messaging and
automatic letter dunning during the first 60 days of delinquency. The FNANB

                                       4
<PAGE>

collections staff monitors delinquency levels on a daily basis, and aggregated
delinquency information is reported to and reviewed by senior management.

   Accounts that are 61-90 days past due are assigned to specific members of
the FNANB collections staff for accelerated collection efforts, including
demands for balance in full, correspondence from one or more of the national
credit bureaus describing the impact that the delinquent credit obligation has
on the cardholder's credit history and preparatory actions to place accounts
with attorneys for legal action. The FNANB collections staff pursues aggressive
collection activities through the 180th day of delinquency. FNANB charges off
an account as uncollectible no later than the earlier of the date on which the
account becomes 181 days past due on a contractual basis and 30 days after
FNANB receives notice of the death or bankruptcy of the cardholder.

   FNANB maintains relationships with a select group of third-party collection
agencies to insure that collections support will be available if FNANB
experiences problems with its collections systems and to allow FNANB to compare
the performance of its collections staff with others in the industry. FNANB
assigns less than 10% of the delinquent accounts to third-party collection
agencies.

   FNANB automatically re-ages delinquent accounts if the cardholder has a
balance equal to or greater than $100 and pays at least the full minimum
monthly payment during three consecutive billing cycles. In general, FNANB will
manually re-age a delinquent account only if billing errors, customer disputes
or other account problems warrant that action. A sample of all re-aged accounts
are audited monthly for compliance with FNANB's re-age procedures.

Customer Service and Account Management

   FNANB's customer service departments are located in Richmond, Virginia, and
Kennesaw, Georgia. An automated voice response unit handles a substantial
percentage of incoming calls and enables customers to receive account
information 24 hours a day. Customers can receive balance, payment and credit
information, request documents and make payments over the telephone without
having to speak with a customer service representative.

   The FNANB customer service representatives are authorized to release
information to a customer relating to the customer's account. Each customer
service representative is also authorized to modify and update account data,
including customer information such as addresses or telephone numbers, and to
record account transactions. The ability to change data on a customer's file is
restricted by established system security protocols. Each customer service
representative is assigned access to customer files by an independent systems
security administrator. In addition, every transaction performed by a customer
service representative, whether the transaction modifies information on the
account or merely allows the customer service representative to view a
customer's information without making changes, is automatically logged in a
computer file which can be reviewed at a later time. FNANB periodically audits
financial transactions and maintenance transactions to confirm that customer
service representatives are complying with applicable policies and procedures.

   The FNANB customer service areas are equipped with overhead monitors that
provide current customer service information. The information provided includes
the number of customers who are waiting to speak to a customer service
representative, the number of calls that have been answered within time
standards established by FNANB, the number of representatives active in the
system to handle telephone calls and the number of representatives performing
follow-up administrative functions to address customer requests.

   FNANB has implemented several other systems to increase the efficiency of
its customer service areas, including a system that automatically displays the
identity of a customer and related account information to a customer service
representative based on the telephone number of the inbound call. FNANB also
uses a system that allows customer service representatives to increase customer
credit lines or decrease customer annual percentage rates within specified
underwriting parameters with the push of a keystroke, reducing call handling
time and attrition while increasing customer satisfaction.

                                       5
<PAGE>

   FNANB uses both a credit bureau risk model developed by an outside
consultant and a credit risk monitoring system to adjust credit lines either up
or down, as necessary. These systems evaluate credit bureau risk scores and
historical experience to develop a composite risk score on each account.
Increases in credit lines are usually granted in conjunction with a purchase
that is outside of a customer's line availability. The decision to increase the
credit line is currently based on a real time point of sale review of the
customer's creditworthiness through a review of the customer's past payment
behavior and credit bureau risk score.

Description of Total System Services, Inc.

   Total System performs various data processing and ministerial functions
associated with the servicing of the private label credit card accounts on
behalf of FNANB from its facilities in Columbus, Georgia. Total System is one
of the world's largest processors of credit, debit, commercial and private
label cards. Total System provides a variety of data processing services to
FNANB, including processing and settlement of transactions, maintenance of
individual cardholder accounts, processing of cardholder statements and
issuance of plastic cards.

                  OVERVIEW OF THE ACCOUNTS AND THE RECEIVABLES

   The trust assets include all receivables created from time to time in a
portfolio of consumer revolving credit card accounts originated by FNANB and
identified in a computer file or microfiche list delivered by FNANB to the
trustee under the master pooling and servicing agreement. FNANB delivers an
updated computer file or microfiche list to the trustee on a monthly basis to
reflect the addition or removal of identified accounts. The accounts identified
in the most current computer file or microfiche list delivered to the trustee
are sometimes referred to in this prospectus and the attached prospectus
supplement as the Accounts included in the trust. You should note, however,
that, under the master pooling and servicing agreement, FNANB transfers to the
trust the receivables created under the Accounts but not the Accounts. FNANB
continues to own the Accounts included in the trust.

   As of the date of this prospectus, the Accounts included in the trust
consist solely of accounts established under the Circuit City private label
credit card program. The Accounts included in the trust fall into one of the
following three categories:

  . Accounts designated by FNANB on the initial closing date and included in
    the trust as of the initial closing date;

  . Accounts automatically included in the trust as of the date of their
    creation, which Accounts are sometimes referred to in this prospectus and
    the attached prospectus supplement as Automatic Additional Accounts; and

  . Accounts designated by FNANB after the initial closing date and included
    in the trust as of the date of their designation, which Accounts are
    sometimes referred to in this prospectus and the attached prospectus
    supplement as Designated Additional Accounts.

   Each Account must satisfy the following eligibility criteria to be included
in the trust:

  . the Account must be in existence and owned by FNANB;

  . the Account must be payable in United States dollars;

  . the related credit card must not have been reported lost or stolen or
    have been designated as fraudulent;

  . the Account must not have been identified in FNANB's computer files as
    having been cancelled due to the bankruptcy, insolvency or death of the
    related obligor;

  . the receivables in the Account must not have been charged off as
    uncollectible in accordance with the FNANB account guidelines;


                                       6
<PAGE>

  . the receivables in the Account must not have been assigned, pledged or
    sold other than under the master pooling and servicing agreement;

  . the related obligor must have provided, as his or her most recent billing
    address, an address located in the United States or its territories or
    possessions; and

  . the related obligor must not be FNANB or an affiliate of FNANB.

   The account eligibility criteria must be satisfied as of the Initial Cut-Off
Date, in the case of Accounts designated by FNANB on the initial closing date,
as of the related date of creation, in the case of Automatic Additional
Accounts, and as of the related Additional Cut-Off Date, in the case of
Designated Additional Accounts. See "Description of the Securities--Addition of
Accounts" beginning on page 15 of this prospectus for a further discussion of
the circumstances under which Automatic Additional Accounts and Designated
Additional Accounts will be included in the trust.

   FNANB has the right to designate accounts previously included in the trust
as Removed Accounts and to cause the receivables in the Removed Accounts to be
retransferred to FNANB. See "Description of the Securities--Removal of
Accounts" beginning on page 15 of this prospectus for a further discussion of
the circumstances under which FNANB may designate Removed Accounts.

   The receivables included in the trust fall into one of the following two
categories:

  . receivables representing amounts charged by cardholders for merchandise,
    repair services, service contracts, other services or credit insurance
    premiums, which receivables are sometimes referred to in this prospectus
    and the attached prospectus supplement as Principal Receivables; or

  . receivables representing amounts billed on the accounts in respect of
    periodic finance charges, late fees, returned check fees or other fees or
    charges, which receivables are sometimes referred to in this prospectus
    and the attached prospectus supplement as Finance Charge Receivables;

provided, however, that, if FNANB exercises the Discount Option, an amount
equal to the product of the Discount Percentage and the amount of receivables
created in the Accounts on or after the date the Discount Option is exercised
that would otherwise be treated as Principal Receivables will be treated as
Finance Charge Receivables. See "Description of the Securities--Discount
Option" beginning on page 16 of this prospectus for a further discussion of the
Discount Option.

   Each receivable must satisfy the following eligibility criteria to be
included in the trust:

  . the receivable must have been created under an Eligible Account;

  . the receivable must have been created in compliance with all applicable
    requirements of law and pursuant to an agreement which complies with all
    applicable requirements of law, in either case the failure to comply with
    which would have a material adverse effect upon the securityholders;

  . all material consents, licenses, approvals or authorizations of, or
    registrations with, any governmental authority required to be obtained or
    given by FNANB in connection with the creation of the receivable or the
    execution, delivery and performance by FNANB of the related account
    agreement must have been duly obtained or given and must be in full force
    and effect as of the date of that creation;

  . the trust must have had good and marketable title to the receivable at
    the time of the transfer of the receivable to the trust, free and clear
    of all liens other than limited tax or other governmental liens permitted
    under the master pooling and servicing agreement;

  . the receivable must have been the subject of either a valid transfer and
    assignment from FNANB to the trust of all of FNANB's right, title and
    interest in the receivable or the grant of a first priority perfected
    security interest in the receivable and in the proceeds of the receivable
    to the extent set forth in Section 9-306 of the Uniform Commercial Code,
    effective until the termination of the trust;


                                       7
<PAGE>

  . the receivable must at all times be the legal, valid and binding payment
    obligation of the related obligor enforceable against that obligor in
    accordance with its terms, subject to bankruptcy and equity related
    exceptions;

  . the receivable must constitute chattel paper, an account or a general
    intangible under and as defined in Article 9 of the UCC;

  . the receivable, at the time of its transfer to the trust, must not have
    been waived or modified other than in accordance with the policies and
    procedures of FNANB relating to the operation of its consumer credit card
    business;

  . the receivable, at the time of its transfer to the trust, must not have
    been subject to any setoff, right of rescission, counterclaim or other
    defense, including the defense of usury, other than bankruptcy related
    defenses;

  . FNANB must have satisfied all obligations to be fulfilled with respect to
    the receivable at the time of the transfer of the receivable to the
    trust; and

  . FNANB must have done nothing to impair the rights of the trust or the
    securityholders in the receivable at the time of the transfer of the
    receivable to the trust.

   FNANB must accept the retransfer of receivables included in the trust that
were ineligible at the time of their transfer to the trust and must, to the
extent specified in the master pooling and servicing agreement, either replace
the retransferred receivables with eligible receivables or pay the value of the
retransferred receivables to the trust. See "Description of the Securities--
Representations and Warranties" and "--Addition of Accounts" beginning on page
13 and page 15, respectively, of this prospectus for a further discussion of
the circumstances under which FNANB will be required to replace or pay for
ineligible receivables.

                            MATURITY CONSIDERATIONS

   We expect that each series will include an Accumulation Period, in which
case collections of Principal Receivables will be used to make a single
principal payment to securityholders on a Scheduled Distribution Date, or an
Amortization Period, in which case collections of Principal Receivables will be
used to make a series of principal payments to securityholders commencing on a
Principal Commencement Date. The attached prospectus supplement describes the
structure and material terms of any Accumulation Period or Amortization Period
applicable to your series or class of securities.

   If a series includes an Accumulation Period and a single class of
securities, we expect that:

  . all or a portion of the collections of Principal Receivables allocated to
    that series plus any other amounts specified in the related series
    supplement will be deposited on or before each Distribution Date relating
    to the Accumulation Period into a Principal Funding Account for that
    series;

  . the amount of each deposit will not exceed a specified amount, in the
    case of a Controlled Accumulation Period, or will equal the collections
    of Principal Receivables allocated to that series plus any other amounts
    specified in the related series supplement, in the case of a Rapid
    Accumulation Period; and

  . the amount accumulated in the Principal Funding Account will be used to
    make a single principal payment to securityholders on the Scheduled
    Distribution Date for that series;

provided, however, that, if an Early Amortization Event occurs with respect to
that series or if the actual payment rate on the receivables is substantially
lower than the payment rate assumed in structuring the Accumulation Period,
securityholders may begin to receive principal payments earlier than the
Scheduled Distribution Date or may not be paid in full on the Scheduled
Distribution Date. If your series includes an

                                       8
<PAGE>

Accumulation Period, the attached prospectus supplement may describe
circumstances under which the commencement of that period may be postponed or
that period may be suspended.

   If a series includes an Amortization Period and a single class of
securities, we expect that:

  . all or a portion of the collections of Principal Receivables allocated to
    that series plus any other amounts specified in the related series
    supplement will be used to make a series of principal payments to
    securityholders on each Distribution Date commencing on the Principal
    Commencement Date for that series; and

  . the amount of each principal payment will not exceed a specified amount,
    in the case of a Controlled Amortization Period, or will equal the
    collections of Principal Receivables allocated to that series plus any
    other amounts specified in the related series supplement, in the case of
    a Principal Amortization Period;

provided, however, that, if an Early Amortization Event occurs with respect to
that series or if the actual payment rate on the receivables is substantially
lower than the payment rate assumed in structuring the Amortization Period,
securityholders may begin to receive principal payments earlier than the
Principal Commencement Date or may not receive the full amount scheduled to be
paid on any Distribution Date.

   If a series has more than one class of securities, a different method of
making principal payments, or a different Scheduled Distribution Date or
Principal Commencement Date, may be assigned to each class. See "Description of
the Securities--Application of Collections" beginning on page 17 of this
prospectus for a further discussion of the different Accumulation Periods or
Amortization Periods that may be used with respect to the securities.

   The principal payment structure for a series will provide for the
accelerated accumulation or payment of principal upon the occurrence of an
Early Amortization Event with respect to that series. If an Early
Amortization Event occurs with respect to your securities, you may receive
principal payments earlier than expected.

   The principal payment structure for a series will be established based upon
various assumptions as to the payment rate on the receivables. These
assumptions will be based upon a review of historical payment rates and other
information relating to the Circuit City private label credit card program. The
attached prospectus supplement provides historical performance information with
respect to the receivables in the trust, including payment rate information. We
cannot assure you, however, that the future payment rate experience for the
receivables in the trust will be similar to the historical payment rates
reviewed in structuring the Accumulation Period or the Amortization Period for
your securities. The payment rate on the receivables is influenced by a number
of factors, including seasonal variations in consumer spending, the
availability of competing sources of credit, general economic conditions and
the payment habits of individual cardholders. If the actual payment rate on the
receivables is substantially lower than the payment rate assumed in structuring
the Accumulation Period or the Amortization Period for your securities, you may
receive principal payments later than expected.

                                USE OF PROCEEDS

   The net proceeds from the sale of each series of securities will, in most
cases, be paid to FNANB and used for general corporate purposes. The attached
prospectus supplement may provide that all or a portion of the net sale
proceeds will be used for other purposes, including the full or partial
repayment of other series or the funding of one or more trust accounts.

                                       9
<PAGE>

                         DESCRIPTION OF THE SECURITIES

Overview of the Securities

   The securities will be issued in series. Each series of securities will be
issued by the trust under the master pooling and servicing agreement and a
series supplement related to that series. A copy of the master pooling and
servicing agreement and a form of the series supplement are filed with the SEC
as exhibits to the registration statement of which this prospectus is a part.
This prospectus describes the material provisions common to each series of
securities. The attached prospectus supplement provides additional information
specific to your securities.

   Each series of securities may include one or more classes, one or more of
which may be senior securities and one or more of which may be subordinated
securities. The Invested Amount of a series with more than one class will be
allocated among the classes of that series as described in the related
prospectus supplement. The securities of each class included in a series may
have different terms, including different interest rates, principal payment
structures, maturity dates, allocation terms and access to credit enhancement.

   Each series of securities may be included in a designated group. Each series
of securities included in a designated group will be entitled to share amounts
collected on the receivables and allocated to other series in that group to the
extent those amounts are not needed to make required deposits or payments with
respect to other series in that group, in each case in the manner and to the
extent provided in the series supplements for those other series.

   Each series of securities will represent an undivided interest in the assets
of the trust. The assets of the trust not allocated to the securityholders will
be allocated among the holder of the Exchangeable Transferor Certificate and,
to the extent described in the series supplement for any series, the provider
of any credit enhancement for that series. FNANB currently holds the
Exchangeable Transferor Certificate.

   Each series of securities:

  . will represent the right to receive a varying percentage of the amounts
    collected on the receivables during each Due Period;

  . will be allocated a varying percentage of the receivables, if any,
    charged off as uncollectible during each Due Period; and

  . will be allocated a varying percentage of the downward adjustments, if
    any, made in the amount of the receivables for non-credit reasons during
    each Due Period.

   Each series of securities:

  . will represent the right to receive interest at a specified rate per
    annum on each Distribution Date in the manner and to the extent provided
    in the related series supplement;

  . if that series includes an Accumulation Period, will represent the right
    to receive principal on a Scheduled Distribution Date in the manner and
    to the extent provided in the related series supplement; and

  . if that series includes an Amortization Period, will represent the right
    to receive principal commencing on a Principal Commencement Date in the
    manner and to the extent provided in the related series supplement.

   The series supplement for a series may provide that the securities of that
series will initially be represented by securities registered in the name of
Cede & Co., as nominee of The Depository Trust Company, and that beneficial
interests in those securities will be available for purchase in book-entry form
only. If the securities of a series are registered in the name of Cede & Co.,
all references in this prospectus or the attached prospectus

                                       10
<PAGE>

supplement to actions taken by securityholders refer to actions taken by DTC,
upon instructions from its participants, and all references in this prospectus
or the attached prospectus supplement to distributions, notices, reports and
statements to securityholders refer to distributions, notices, reports and
statements to DTC or Cede & Co., as the registered holder of the securities, as
the case may be, for distribution to the Security Owners in accordance with DTC
procedures. See "Registration and Transfer of the Securities" beginning on page
30 of this prospectus for a further discussion of the book-entry registration
system and the limited circumstances under which Definitive Securities will be
issued.

   The series supplement for a series may specify that application will be made
to list the securities of that series, or all or a portion of any class of that
series, on the Luxembourg Stock Exchange or any other specified exchange.

Interest Payments

   Each series or class of securities will accrue interest from the date
specified in the related series supplement on the outstanding principal amount
of that series or class at the interest rate specified for that series or class
in that series supplement. Each interest rate may be a fixed rate, a floating
rate or any other type of rate specified in the related series supplement.
Interest will be paid to securityholders on the Distribution Dates specified in
the related series supplement.

   Interest payments for any series or class of securities will be funded on
each Distribution Date from collections of Finance Charge Receivables received
during the preceding Due Period and allocated to that series or class plus any
other sources specified in the related series supplement. If the Distribution
Dates for a series or class occur less frequently than monthly, an Interest
Funding Account may be established to accumulate the required interest payment
amount. If a series includes more than one class of securities, each class in
that series may have a separate Interest Funding Account.

   Your securities will pay interest on the Distribution Dates and at the
interest rate specified in the attached prospectus supplement. If your
securities bear interest at a floating rate, the attached prospectus supplement
describes the initial interest rate and the method for calculating subsequent
interest rates.

Principal Payments

   Each series of securities will include a Revolving Period during which
principal will not be accumulated for or paid to the securityholders of that
series. The Revolving Period for a series will begin on the related closing
date and will end on the earlier of the close of business on the day preceding
the commencement of the Accumulation Period for that series and the close of
business on the day preceding the commencement of the Amortization Period for
that series. All collections of Principal Receivables allocated to a series
during the Revolving Period for that series will, to the extent specified in
the related series supplement, be applied as reallocated collections of
Principal Receivables, shared with other series, deposited in the Excess
Funding Account or paid to the holder of the Exchangeable Transferor
Certificate.

   At the end of the Revolving Period for a series, one or more of the
following types of principal accumulation periods or principal payment periods
will commence:

  . a Controlled Accumulation Period;

  . a Rapid Accumulation Period;

  . a Controlled Amortization Period;

  . a Principal Amortization Period; or

  . an Early Amortization Period.

                                       11
<PAGE>

   The Controlled Accumulation Period, Rapid Accumulation Period, Controlled
Amortization Period or Principal Amortization Period, as applicable, for a
series will begin on the date specified in or determined in the manner
specified in the related series supplement. The Early Amortization Period for a
series will begin upon the occurrence of an Early Amortization Event with
respect to that series.

   During the Controlled Accumulation Period or Rapid Accumulation Period for a
series, collections of Principal Receivables allocated to that series and any
other amounts specified in the related series supplement will be used on or
before each Distribution Date to make deposits into a Principal Funding Account
for that series. At the end of the Accumulation Period, the amount on deposit
in the Principal Funding Account will be used to make a single principal
payment to the securityholders of that series. The series supplement for each
series that includes an Accumulation Period will specify the Scheduled
Distribution Date for that series and the frequency and amount of the scheduled
deposits. The series supplement for each series that includes an Accumulation
Period may also specify circumstances under which FNANB may postpone the
commencement of the Accumulation Period or eliminate the Accumulation Period.

   The funds held in any Principal Funding Account for a series may be subject
to a guaranteed rate or investment agreement or other arrangement specified in
the related series supplement intended to assure a minimum rate of return on
the investment of those funds. A series or class that includes an Accumulation
Period may be subject to a principal guaranty or other similar arrangement
specified in the related series supplement to enhance the likelihood that the
principal amount of that series or class will be paid in full at the end of the
Accumulation Period.

   During the Controlled Amortization Period or Principal Amortization Period
for a series, collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement will be used on
each Distribution Date to make principal payments to the securityholders of
that series. The series supplement for each series that includes a Controlled
Amortization Period or a Principal Amortization Period will specify the
Principal Commencement Date for that series and the frequency and amount of the
scheduled principal payments.

   During the Early Amortization Period for a series, collections of Principal
Receivables allocated to that series and any other amounts specified in the
related series supplement will be used each month to make principal payments to
the securityholders of that series. The series supplement for each series will
specify the Early Amortization Events applicable to that series. See
"Description of the Securities--Early Amortization Events" beginning on page 22
of this prospectus for a further discussion of the Early Amortization Events
applicable to all series.

   If your class of securities is subordinated to one or more senior classes,
you will receive principal payments only after the more senior classes are paid
in full. You may receive principal payments earlier or later than expected. See
"Maturity Considerations" beginning on page 8 of this prospectus for a further
discussion of the circumstances under which principal payments could be made
earlier or later than expected.

Identification of the Receivables

   FNANB has indicated in its records, including its computer files, that the
receivables have been transferred from FNANB to the trust. In addition, FNANB
has provided to the trustee a computer file or a microfiche list showing the
Account number and the amount of receivables relating to each Account. FNANB,
as initial servicer, will retain and will not deliver to the trustee any other
records or agreements relating to the Accounts or the receivables. The records
and agreements relating to the Accounts or the receivables will not be
segregated from those relating to other credit card accounts or receivables
owned or serviced by FNANB and will not be stamped or otherwise marked to
reflect the transfer of the receivables to the trust. The trustee will have
reasonable access to these records and agreements as required by applicable law
or to enforce the rights of the securityholders. FNANB has filed UCC financing
statements in accordance with Georgia state law to

                                       12
<PAGE>

perfect the trust's interest in the receivables. See "Material Legal Aspects of
the Receivables" beginning on page 40 of this prospectus for a discussion of
the limited circumstances under which a creditor of FNANB could acquire an
interest in the receivables.

Issuing New Series

   FNANB may tender the Exchangeable Transferor Certificate, or the
Exchangeable Transferor Certificate and the securities of one or more series,
to the trustee in exchange for one or more newly issued series of securities
and a reissued Exchangeable Transferor Certificate. FNANB will specify the
principal terms of each new series in the related series supplement. The master
pooling and servicing agreement does not limit the number of exchanges that
FNANB may perform.

   FNANB must notify the trustee at least three days in advance of the date on
which it proposes to issue a new series of securities. FNANB must also notify
the trustee of the designation of the new series, the initial Invested Amount
of the new series and, if applicable, the initial amount to be deposited in the
Pre-Funding Account for the new series or the method for calculating these
amounts and the interest rates applicable to the new series or the method for
allocating interest payments or other cash flows to the new series, if any. On
the date of the issuance of a new series of securities, FNANB must deliver to
the trustee the following:

  . a series supplement in form satisfactory to the trustee signed by FNANB
    and specifying the terms of the new series;

  . the credit enhancement, if any, applicable to the new series and the
    related credit enhancement agreement;

  . an opinion of counsel to the effect that securities of the new series,
    other than any class required to be retained by FNANB, will be
    characterized either as indebtedness or an interest in a partnership that
    is not taxable as a corporation under existing law for federal income tax
    purposes and that the issuance of the new series will not have a material
    adverse effect on the federal income tax characterization of any
    outstanding series that has been the subject of a previous opinion of tax
    counsel or result in the trust being taxable as an association for
    federal or applicable state tax purposes;

  . written confirmation from each rating agency that the issuance of the new
    series will not result in a reduction or withdrawal of the rating
    assigned by that rating agency to any outstanding series; and

  . the existing Exchangeable Transferor Certificate and, if applicable, the
    securities of the series to be exchanged.

   Upon satisfaction of these conditions, the trustee will cancel the existing
Exchangeable Transferor Certificate and the securities of the exchanged series,
if applicable, and issue the new series of securities and a new Exchangeable
Transferor Certificate. FNANB, the servicer, the trustee and the trust are not
required to obtain, and do not intend to obtain, the consent of any
securityholder to the issuance of a new series of securities. The issuance of a
new series of securities could affect the timing or amount of payments on your
securities.

Representations and Warranties

   FNANB represents and warrants to the trustee, on behalf of the trust, that:

  . each receivable is an Eligible Receivable as of the initial cut-off date,
    in the case of receivables in the initial Accounts, as of the related
    creation date, in the case of receivables in the Automatic Additional
    Accounts, and as of the related Additional Cut-Off Date, in the case of
    receivables in the Designated Additional Accounts;

  . each computer file or microfiche list of the Accounts delivered by FNANB
    to the trustee under the master pooling and servicing agreement is an
    accurate and complete listing of the Accounts in all

                                       13
<PAGE>

   material respects as of the initial cut-off date, in the case of the
   initial Accounts, as of the related creation date, in the case of the
   Automatic Additional Accounts, and as of the related Additional Cut-Off
   Date, in the case of the Designated Additional Accounts; and

  . no selection procedure believed by FNANB to be adverse to the interests
    of the securityholders was used in selecting the Accounts.

   If any of these representations and warranties is found to have been
incorrect when made and, as a result, any receivable is charged off or the
trust's rights in that receivable or its proceeds are materially impaired and
that breach continues unremedied for 60 days, or for such longer period as may
be agreed to by the trustee not to exceed an additional 90 days, after FNANB
discovers or receives notice of that breach, then FNANB will be obligated to
accept retransfer of the principal amount of that receivable by directing the
servicer to deduct the principal amount of that receivable from the aggregate
amount of Principal Receivables in the trust. If this deduction would cause the
Transferor Amount to be reduced below zero, FNANB will deposit into the Excess
Funding Account an amount equal to the amount by which the Transferor Amount
would have been reduced below zero. This deduction or deposit will be treated
as a repayment in full of the related receivable and will be allocated in the
same manner as payments received from cardholders under the Accounts. FNANB
will also be obligated to accept retransfer of receivables that are subject to
various types of liens immediately upon the discovery of those liens. FNANB's
obligation to accept retransfer of a receivable is the only remedy available to
the securityholders with respect to any breach of a representation or warranty
concerning the eligibility of that receivable.

   FNANB represents and warrants to the trustee, on behalf of the trust, as of
each closing date with respect to each series, that:

  . FNANB is duly organized and validly existing and has the authority to
    execute, deliver and perform its obligations under the master pooling and
    servicing agreement and the related series supplement and to issue the
    securities of that series;

  . the master pooling and servicing agreement and the related series
    supplement constitute legal, valid, binding and enforceable obligations
    of FNANB; and

  . the trust owns or has a first priority perfected security interest in the
    receivables subject only to limited tax or other governmental liens
    permitted under the master pooling and servicing agreement.

   If any of these representations and warranties is found to have been
incorrect when made or if a material amount of receivables are not Eligible
Receivables and, in either case, that event has a material adverse effect on
the securityholders and continues unremedied for 60 days, or for such longer
period as may be agreed to by the trustee not to exceed an additional 90 days,
after FNANB receives notice of that event, then the trustee or the holders of
securities representing more than 50% of the aggregate Invested Amount of all
outstanding series may direct FNANB to accept retransfer of all of the
receivables in the trust on a Distribution Date specified by FNANB occurring
within the applicable cure period by depositing into the Collection Account an
amount equal to the aggregate Invested Amount of all outstanding series plus
all accrued but unpaid interest on the securities of all outstanding series.
This deposit will be treated as a prepayment in full of the receivables and
will be allocated in the same manner as payments received from cardholders
under the Accounts. FNANB's obligation to accept retransfer of all of the
receivables in the trust is the only remedy available to the securityholders
with respect to any breach of these representations or warranties.

   The attached prospectus supplement may specify additional representations
and warranties made by FNANB with respect to your securities. The trustee is
not required to make any initial or periodic examination of the receivables or
any records relating to the receivables. The servicer, however, is required to
deliver to the trustee once each year an opinion of counsel as to the validity
of the security interest of the trust in the receivables.

                                       14
<PAGE>

Addition of Accounts

   Automatic Additional Accounts

   All Eligible Accounts will be automatically included as Accounts as of the
date of their creation upon the identification of those accounts in a computer
file or microfiche list delivered to the trustee; provided, however, that each
Automatic Additional Account must be of a type previously included in the trust
or otherwise consented to in writing by each rating agency and the number of
Automatic Additional Accounts that may be added during any Due Period is
limited. The receivables in the Automatic Additional Accounts will be
automatically transferred to the trust. FNANB can discontinue the Automatic
Additional Account feature at any time and for any reason. The Automatic
Additional Account feature allows FNANB to transfer additional receivables to
the trust more efficiently than through the designation of Designated
Additional Accounts.

   The securityholders will not incur any costs in connection with the addition
of Automatic Additional Accounts. We cannot assure you, however, that the
Automatic Additional Accounts will be of the same credit quality as the initial
Accounts.

   Designated Additional Accounts

   FNANB has the right to designate, from time to time, additional Eligible
Accounts to be included as Accounts. In addition, FNANB is required to
designate additional Eligible Accounts to be included as Accounts if, as of the
end of any Due Period, the Transferor Amount is less than the Minimum
Transferor Amount and FNANB fails to eliminate that deficiency by repurchasing
securities of one or more outstanding series or the aggregate amount of
Principal Receivables in the trust is less than the Minimum Aggregate Principal
Receivables.

   FNANB will transfer the receivables in the new Accounts to the trust upon
satisfaction of various conditions, including the following:

  . each new Account must be an Eligible Account at the time of its
    selection;

  . each new Account must be selected in a manner that FNANB believes will
    not materially adversely affect the securityholders or any provider of
    credit enhancement;

  . the trust must own or have a first priority perfected security interest
    in each new Account;

  . FNANB must deliver to the trustee and each rating agency an opinion of
    counsel as specified in the master pooling and servicing agreement;

  . FNANB must record and file financing statements to the extent necessary
    to perfect the transfer of the new Accounts to the trust; and

  . FNANB must deliver prior written notice of the designation of the new
    Accounts to each rating agency, the trustee and the servicer and, if
    required, must receive written confirmation from each rating agency that
    the designation of the new Accounts will not result in a reduction or
    withdrawal of the rating assigned by that rating agency to any
    outstanding series.

   The Designated Additional Account feature requires FNANB to transfer
additional receivables to the trust if there would otherwise be insufficient
receivables to support all outstanding series. If FNANB fails to designate new
Eligible Accounts within 10 days after it is required to do so, an Early
Amortization Event will occur with respect to the related series.

   The securityholders will not incur any costs in connection with the addition
of Designated Additional Accounts. We cannot assure you, however, that the
Designated Additional Accounts will be of the same credit quality as the
initial Accounts.

Removal of Accounts

   FNANB has the right to designate, from time to time, Accounts the
receivables in which will be removed from the trust. The trust will retransfer
the receivables in the Removed Accounts to FNANB upon satisfaction of various
conditions, including the following:

                                       15
<PAGE>

  . FNANB must deliver to the trustee a reassignment document to be signed by
    the trustee and a computer file or microfiche list containing a true and
    complete list of the Removed Accounts;

  . FNANB must represent and warrant that the Removed Accounts were not
    selected through a procedure believed to be materially adverse to the
    interests of the securityholders or any provider of credit enhancement;

  . the retransfer of the receivables in the Removed Accounts must not, in
    the reasonable belief of FNANB, cause an Early Amortization Event or an
    event which, with notice or lapse of time or both, would constitute an
    Early Amortization Event to occur;

  . the retransfer of the receivables in the Removed Accounts must not cause
    the Transferor Amount to be less than the Minimum Transferor Amount; and

  . FNANB must deliver prior written notice of the designation of the Removed
    Accounts to each rating agency and must receive written confirmation from
    each rating agency that the retransfer of the receivables in the Removed
    Accounts will not result in a reduction or withdrawal of the rating
    assigned by that rating agency to any outstanding series.

Discount Option

   FNANB has the right to cause a specified percentage of receivables in the
trust that would otherwise be treated as Principal Receivables to be treated as
Finance Charge Receivables, a right which is referred to in this prospectus and
the attached prospectus supplement as the Discount Option. FNANB may only
exercise or discontinue the Discount Option upon satisfaction of various
conditions, including receipt of written confirmation from each rating agency
that the proposed action will not result in a reduction or withdrawal of the
rating assigned by that rating agency to any outstanding series. FNANB may use
the Discount Option to reduce the likelihood that an Early Amortization Event
would occur as a result of a decrease in the yield on the receivables. The use
of the Discount Option will increase the likelihood that FNANB will be required
to add Principal Receivables to the trust.

The Collection Account

   The trustee has established and will maintain with an Eligible Institution,
for the benefit of the securityholders of all series, a segregated trust
account designated as the Collection Account. The servicer may direct that
funds on deposit in the Collection Account be invested in Eligible Investments.
On each Distribution Date, all net investment earnings on funds on deposit in
the Collection Account will be withdrawn from the Collection Account and paid
to the holder of the Exchangeable Transferor Certificate. The servicer has the
revocable power to make withdrawals and payments from the Collection Account
and to instruct the trustee to make withdrawals and payments from the
Collection Account, in each case in accordance with the master pooling and
servicing agreement and any series supplement.

   The servicer will deposit amounts collected on the receivables that are
allocated to a series into the Collection Account no later than the second
Business Day following the date those collections are processed; provided,
however, that the servicer will not be required to deposit collections into the
Collection Account until the Business Day before each Distribution Date if:

  . FNANB or an affiliate of FNANB is the servicer;

  . no Servicer Default has occurred and is continuing; and

  . the servicer maintains short-term credit ratings required by the rating
    agencies or obtains written confirmation from each rating agency that the
    monthly deposit of collections will not result in a reduction or
    withdrawal of the rating assigned by that rating agency to any
    outstanding series.

                                       16
<PAGE>

   If amounts collected on the receivables are deposited into the Collection
Account on a monthly basis, the servicer may use those collections for its own
purposes until the deposit date, the servicer need not segregate those
collections from its other assets until the deposit date and the servicer may
invest those collections in investments that mature on or before the deposit
date and may retain for its own account any net investment earnings on those
collections. We cannot assure you that collections held by the servicer will be
available to the securityholders if the servicer becomes insolvent or a
receiver or conservator is appointed for the servicer.

   The servicer will remit amounts collected on the receivables that are
allocated to the Transferor Interest to the holder of the Exchangeable
Transferor Certificate on each Business Day. The series supplement for a series
may limit the amounts collected on the receivables during any Due Period that
need to be deposited into the Collection Account.

Funding Period

   The series supplement for a series may provide for a Funding Period during
which the aggregate amount of Principal Receivables in the trust that are
allocated to that series may be less than the aggregate principal amount of the
securities of that series. If a series includes a Funding Period, the amount of
that deficiency will be deposited into a Pre-Funding Account pending the
transfer of additional receivables to the trust or the reduction of the
Invested Amount of one or more other series. During the Funding Period, funds
on deposit in the Pre-Funding Account will be withdrawn and paid to FNANB to
the extent of any increase in the aggregate amount of Principal Receivables in
the trust. On each Distribution Date during the Funding Period, all net
investment earnings on funds on deposit in the Pre-Funding Account will be
withdrawn from the Pre-Funding Account and deposited into the Collection
Account and will be used to pay interest on the securities of the related
series in the manner specified in the related series supplement.

   The series supplement for a series that includes a Funding Period will
specify the initial Invested Amount of that series, the initial aggregate
principal amount of the securities of that series, the date by which the
Invested Amount of that series is expected to equal the initial aggregate
principal amount of the securities of that series and the date on which that
Funding Period will end. If the Funding Period for a series does not end by the
date specified in the related series supplement, any amount remaining in the
Pre-Funding Account on that date and any other amounts specified in the related
series supplement will be paid to securityholders.

Allocation of Collections

   On each Determination Date, the servicer will allocate all amounts collected
on the receivables during the preceding Due Period among each outstanding
series, or, if a series has multiple classes, among each class of that series,
the Transferor Interest and, to the extent provided in the series supplement
for any outstanding series, any provider of credit enhancement for that series.
The servicer will allocate these amounts based on the applicable Invested
Percentage of each series or the Transferor Percentage. The series supplement
for each series will specify how the Invested Percentages are calculated for
that series and, if that series has multiple classes, how allocations will be
made among those classes. The Invested Percentage for a series may be based on
an amount other than the Invested Amount of that series.

Application of Collections

   On each Distribution Date, the servicer will apply or cause the trustee to
apply all amounts collected on the receivables during the preceding Due Period
as follows:

  . Finance Charge Receivables During All Periods. All collections of Finance
    Charge Receivables allocated to a series will be applied as specified in
    the related series supplement;

  . Principal Receivables During the Revolving Period. All collections of
    Principal Receivables allocated to a series will be shared with other
    series, deposited into the Excess Funding Account or paid to the holder
    of the Exchangeable Transferor Certificate, in each case as specified in
    the related series supplement;

                                       17
<PAGE>

  . Principal Receivables During the Controlled Accumulation Period. All
    collections of Principal Receivables allocated to a series, up to a
    specified amount, will be deposited into the Principal Funding Account
    for that series as specified in the related series supplement; provided,
    however, that, if the available amount exceeds the amount to be deposited
    into the Principal Funding Account, that excess will be shared with other
    series, deposited into the Excess Funding Account or paid to the holder
    of the Exchangeable Transferor Certificate, in each case as specified in
    the related series supplement;

  . Principal Receivables During the Rapid Accumulation Period. All
    collections of Principal Receivables allocated to a series will be
    deposited into the Principal Funding Account for that series as specified
    in the related series supplement; provided, however, that, if the
    available amount exceeds the amount remaining to be accumulated with
    respect to that series, that excess will be shared with other series,
    deposited into the Excess Funding Account or paid to the holder of the
    Exchangeable Transferor Certificate, in each case as specified in the
    related series supplement;

  . Principal Receivables During the Controlled Amortization Period. All
    collections of Principal Receivables allocated to a series, up to a
    specified amount, will be paid to the securityholders of that series as
    specified in the related series supplement; provided, however, that, if
    the available amount exceeds the amount to be paid to securityholders,
    that excess will be shared with other series, deposited into the Excess
    Funding Account or paid to the holder of the Exchangeable Transferor
    Certificate, in each case as specified in the related series supplement;
    and

  . Principal Receivables During the Principal Amortization Period or the
    Early Amortization Period. All collections of Principal Receivables
    allocated to a series will be paid to the securityholders of that series
    as specified in the related series supplement; provided, however, that,
    if the available amount exceeds the amount remaining to be paid with
    respect to that series, that excess will be shared with other series,
    deposited into the Excess Funding Account or paid to the holder of the
    Exchangeable Transferor Certificate, in each case as specified in the
    related series supplement.

   If a series of securities includes more than one class, the amounts
collected on the receivables and allocated to that series will be applied to
each class in the manner and order of priority specified in the related series
supplement.

Shared Excess Finance Charge Collections

   If a series is included in a group, collections of Finance Charge
Receivables allocated to that series in excess of the amount needed to make all
required deposits or payments with respect to that series may be shared with
other series in that group. If only one series in a group requires additional
collections of Finance Charge Receivables, that series will have access to all
of the excess collections available to the series in that group. If two or more
series in a group require additional collections of Finance Charge Receivables,
the excess collections available to the series in that group will be allocated
among those series pro rata based on the amount required by each series. In all
cases, any excess collections of Finance Charge Receivables remaining after
covering amounts required by other series in a group will be paid to the holder
of the Exchangeable Transferor Certificate.

   The sharing of excess collections of Finance Charge Receivables may enable
FNANB to avoid the occurrence of an Early Amortization Event that would
otherwise occur as a result of a shortfall in collections of Finance Charge
Receivables allocated to one or more series. We cannot assure you, however,
that excess collections will exist or be allocated to any particular series on
any Distribution Date.

Shared Principal Collections

   If a series is included in a group, collections of Principal Receivables
allocated to that series in excess of the amount needed to make all required
deposits or payments with respect to that series may be shared with other
series in that group. If only one series in a group requires additional
collections of Principal Receivables,

                                       18
<PAGE>

that series will have access to all of the excess collections available to the
series in that group. If two or more series in a group require additional
collections of Principal Receivables, the excess collections available to the
series in that group will be allocated among those series pro rata based on the
amount required by each series. In all cases, any excess collections of
Principal Receivables remaining after covering amounts required by other series
in a group will be deposited into the Excess Funding Account or paid to the
holder of the Exchangeable Transferor Certificate, in each case as provided in
the related series supplement.

   The sharing of excess collections of Principal Receivables may enable FNANB
to avoid the occurrence of an Early Amortization Event that would otherwise
occur as a result of a shortfall in collections of Principal Receivables
allocated to one or more series. We cannot assure you, however, that excess
collections will exist or be allocated to any particular series on any
Distribution Date.

The Excess Funding Account

   The trustee has established and will maintain with an Eligible Institution,
for the benefit of the securityholders of all series, a segregated trust
account designated as the Excess Funding Account. The servicer may direct that
funds on deposit in the Excess Funding Account be invested in Eligible
Investments. On each Distribution Date, all net investment earnings on funds on
deposit in the Excess Funding Account will be withdrawn from the Excess Funding
Account, deposited into the Collection Account and applied as collections of
Finance Charge Receivables.

   If, on any Business Day, the Transferor Amount is less than the Minimum
Transferor Amount, the servicer will deposit into the Excess Funding Account
any collections of Principal Receivables that otherwise would be distributed to
the holder of the Exchangeable Transferor Certificate.

   If, on any Business Day, the Transferor Amount exceeds the Minimum
Transferor Amount, the servicer will instruct the trustee to withdraw from the
Excess Funding Account and pay to the holder of the Exchangeable Transferor
Certificate an amount equal to that excess or, if less, the amount then on
deposit in the Excess Funding Account; provided, however, that if the
Accumulation Period or the Amortization Period commences for a series included
in a group, the amount that would otherwise be withdrawn from the Excess
Funding Account and paid to the holder of the Exchangeable Transferor
Certificate will instead be withdrawn from the Excess Funding Account and
shared with other series to the extent specified in the related series
supplement.

Companion Series

   The series supplement for a series may provide for that series to be paired
with one or more Companion Series. A Companion Series may be used to finance
the increase in the Transferor Amount that would otherwise occur as principal
is deposited into a Principal Funding Account for another series or paid to the
securityholders of another series. As principal is allocated to the series with
which the Companion Series is paired, the Invested Amount of the Companion
Series will increase and either:

  . an equal amount of funds on deposit in a Pre-Funding Account for the
    Companion Series will be released to FNANB; or

  . an interest in a variable funding series that is equal to the principal
    allocated to the series with which the Companion Series is paired will be
    sold and the proceeds will be distributed to FNANB.

   If a Companion Series includes a Pre-Funding Account, that account will be
funded on the related closing date with the proceeds from the sale of the
Companion Series. Any Pre-Funding Account will be held for the benefit of the
Companion Series and not for the benefit of any other series.

   We cannot assure you that the terms of a Companion Series will not have an
adverse impact on the timing or amount of payments allocated to the series with
which the Companion Series is paired. If an Early

                                       19
<PAGE>

Amortization Event occurs with respect to a Companion Series while the series
with which it is paired is outstanding, the percentage of receivables allocated
to the series with which the Companion Series is paired may be reduced if the
series supplement relating to the Companion Series requires that the Companion
Series also receive its share of collections of Principal Receivables. In
addition, if an Early Amortization Event occurs with respect to the series with
which a Companion Series is paired, the percentage of receivables allocated to
the Companion Series may be reduced until the series with which the Companion
Series is paired is paid in full.

   A Companion Series may be issued privately or sold publicly. A Companion
Series sold publicly will be registered under the registration statement we
have filed with the SEC relating to the securities. The series supplement for a
Companion Series and the series supplement for each series with which a
Companion Series is paired will specify the relationship between those series.

Allocation of Default Amount

   On each Determination Date, the servicer will calculate the Default Amount
for the preceding Due Period. The Default Amount for any Due Period represents,
in general, the aggregate amount of Principal Receivables charged-off as
uncollectible during that Due Period minus the aggregate amount of recoveries
received by the servicer during that Due Period with respect to charged-off
receivables. A receivable will be considered charged off for purposes of the
master pooling and servicing agreement on the earliest of the date on which the
related Account is charged off under the customary and usual servicing
procedures of the servicer, the last day of the month in which that receivable
becomes 180 days delinquent on a contractual basis and 30 days after receipt of
notice by the servicer that the related obligor has died or declared
bankruptcy.

   On each Determination Date, the servicer will allocate the Default Amount
for the preceding Due Period among each outstanding series, or, if a series has
multiple classes, among each class of that series, the Transferor Interest and,
to the extent provided in the series supplement for any outstanding series, any
provider of credit enhancement for that series. The servicer will allocate the
Default Amount based on the applicable Invested Percentage of each series and
the Transferor Percentage. If a series includes one or more classes of
subordinated securities, the related series supplement may provide that all or
a portion of any collections otherwise allocable to the subordinated securities
are to be allocated to the senior securities to cover any Default Amount
allocated to the senior securities.

Calculation of Series Adjustment Amount

   On each Determination Date, the servicer will calculate the Dilution Amount
as of the last day of the preceding Due Period. The Dilution Amount as of the
last day of any Due Period represents, in general, the amount of any deficiency
in trust assets as of that last day attributable to downward adjustments made
in the amount of Principal Receivables in the trust for non-credit reasons.
FNANB may adjust downward the amount of a Principal Receivable because of a
rebate, refund or billing error, because goods or services were refused,
returned or not received by a cardholder or because of a fraudulent or
counterfeit charge. If FNANB adjusts downward the amount of a Principal
Receivable for any of these reasons, or if FNANB makes any other downward
adjustment in the amount of a Principal Receivable without collecting the
amount of that adjustment or charging off that amount as uncollectible, the
aggregate amount of Principal Receivables in the trust will be reduced by the
amount of the adjustment.

   If the Dilution Amount as of the last day of any Due Period is greater than
zero, the servicer will allocate a portion of that amount to each outstanding
series based on a percentage, the numerator of which is the sum of the Invested
Amount of that series plus the Series Minimum Transferor Amount for that series
and the denominator of which is the sum of the aggregate Invested Amount of all
outstanding series plus the Minimum Transferor Amount. If the Dilution Amount
allocated to any series exceeds the Series Minimum Transferor

                                       20
<PAGE>

Amount for that series, FNANB will be required to deposit an amount equal to
that excess into the Excess Funding Account. If FNANB fails to make this
deposit with respect to one or more series:

  . the servicer will allocate a portion of any amount deposited to each
    outstanding series based on a percentage, the numerator of which is the
    amount required to be deposited with respect to that series and the
    denominator of which is the amount required to be deposited with respect
    to all outstanding series; and

  . the servicer will calculate for each series the amount, if any, by which
    the Dilution Amount allocated to that series exceeds the sum of the
    Series Minimum Transferor Amount for that series plus any amount
    deposited into the Excess Funding Account with respect to that Dilution
    Amount that has been allocated to that series, which excess is referred
    to in this prospectus as the Series Adjustment Amount for that series.

   On each Determination Date, the servicer will allocate the Series Adjustment
Amount calculated as of the last day of the preceding Due Period for any series
that has multiple classes among each class of that series as specified in the
related series supplement. If a series includes one or more classes of
subordinated securities, the related series supplement may provide that all or
a portion of any collections otherwise allocable to the subordinated securities
are to be allocated to the senior securities to cover any Series Adjustment
Amount allocated to the senior securities.

Investor Charge-Offs

   On each Distribution Date, the servicer will apply all collections of
Finance Charge Receivables allocated to each series and any other amounts
specified in the related series supplement to pay or cover various amounts,
including, to the extent specified in that series supplement:

  . the interest payable on that series on that Distribution Date;

  . the servicing fee payable to a successor servicer with respect to that
    series;

  . the Default Amount allocated to that series for the preceding Due Period;

  . the Series Adjustment Amount calculated for that series as of the last
    day of the preceding Due Period; and

  . any other required amounts.

   If the available funds for any series are insufficient to pay or cover the
required amounts for that series, the Invested Amount of that series will be
reduced in the manner and to the extent specified in the related series
supplement. The amount of this reduction on any Distribution Date will be
limited to the Default Amount allocated to that series for that Distribution
Date plus the Series Adjustment Amount calculated for that series as of the
last day of the preceding Due Period. The Invested Amount of a series may be
increased through reimbursement of Investor Charge-Offs on any subsequent
Distribution Date.

   If a series includes one or more classes of subordinated securities, the
related series supplement may provide that all or a portion of any collections
otherwise allocable to the subordinated securities are to be allocated to the
senior securities to cover any Investor Charge-Offs that would otherwise be
applied to the senior securities.

Defeasance

   FNANB may terminate its obligations with respect to a series by depositing
with the trustee funds adequate to make all remaining scheduled interest and
principal payments on that series. FNANB may defease an outstanding series upon
satisfaction of various conditions, including the following:

  . FNANB must deliver to the trustee an opinion of counsel that the
    defeasance will not be treated for federal income tax purposes as a sale
    or exchange by the holders of the defeased series;

                                       21
<PAGE>

  . FNANB must receive written confirmation from each rating agency that the
    defeasance will not result in a reduction or withdrawal of the rating
    assigned by that rating agent to any outstanding series;

  . FNANB must deliver to the trustee an opinion of counsel that the
    defeasance will not require the trust to register as an investment
    company under the Investment Company Act of 1940, as amended; and

  . FNANB must deliver to the trustee an officer's certificate confirming
    that, in the reasonable opinion of FNANB, the defeasance will not cause
    an Early Amortization Event to occur with respect to any outstanding
    series.

   If FNANB terminates its obligations with respect to a defeased series, the
securityholders may lose the benefit of any credit enhancement for that
series.

Optional Repurchase

   FNANB has the option to repurchase the securities of any series on any
Distribution Date after the Invested Amount of that series is reduced to an
amount equal to or less than 5% of the initial outstanding principal amount of
the securities of that series or any other amount specified in the related
series supplement. The repurchase price for any series will equal the Invested
Amount of that series plus all accrued but unpaid interest on the securities
of that series and any other amounts specified in the related series
supplement or any other repurchase price specified in the related series
supplement.

Series Termination

   The securities of each series will be retired on the earliest of the date
on which the Invested Amount of that series is reduced to zero, the Stated
Series Termination Date for that series and the date on which the trust
terminates. If the Invested Amount of a series is greater than zero on the
related Stated Series Termination Date, the trustee will sell receivables
allocated to that series in an amount sufficient to repay the Invested Amount
of that series plus all accrued but unpaid interest on the securities of that
series and any other amounts specified in the related series supplement.

Early Amortization Events

   An Early Amortization Event will occur with respect to all series if any of
the following events occurs:

  . FNANB becomes insolvent or a receiver or conservator is appointed for
    FNANB;

  . FNANB is unable to transfer receivables to the trust as required by the
    master pooling and servicing agreement; or

  . the trust becomes an investment company within the meaning of the
    Investment Company Act.

   Each series may have additional Early Amortization Events applicable only
to that series as specified in the related series supplement. If an Early
Amortization Event occurs with respect to a series, the Early Amortization
Period will begin and the securityholders of that series may receive principal
payments earlier than expected. If a receiver or conservator is appointed for
FNANB, the receiver or conservator may have the power to delay or prevent the
commencement of the Early Amortization Period.

   If FNANB voluntarily enters liquidation or a receiver or conservator is
appointed for FNANB, FNANB will immediately stop transferring receivables to
the trust and will promptly notify the trustee of the occurrence of that
event. The trustee will publish a notice of any liquidation or appointment
within 15 days of its receipt of the notice of that event. The notice
published by the trustee will state that the trustee intends to liquidate the
receivables in the trust in a commercially reasonable manner and on
commercially reasonable terms. The trustee will liquidate the receivables
allocable to any series issued prior to series 1996-1 unless instructed to do
otherwise by the holders of securities representing more than 50% of the
Invested Amount of each class of that

                                      22
<PAGE>

series and each holder of an interest in the Transferor Interest other than
FNANB. The trustee will liquidate the receivables allocable to series 1996-1
and to series issued after series 1996-1 unless instructed to do otherwise by
the holders of interests aggregating more than 50% of each class of each
outstanding series, each holder of an interest in the Transferor Interest other
than FNANB and any other person specified in any series supplement.

   The proceeds from a liquidation of the receivables will be treated as
collections allocable to the applicable securityholders or other holders of
interests in the trust and will be distributed with respect to each series in
the manner specified in the related series supplement. If the trustee is
instructed not to liquidate a portion of the receivables allocable to a series,
the trust will continue for that series under the terms of the master pooling
and servicing agreement and the related series supplement. If a receiver or
conservator is appointed for FNANB, the receiver or conservator may have the
power to delay or prevent an early liquidation of the receivables.

Additional Defaults and Remedies

   The series supplement for a series may provide that additional defaults and
remedies apply to one or more classes included in that series. The additional
defaults applicable to a class may include the failure to pay interest owed to
the holders of that class on one or more Distribution Dates, the failure to
reimburse Investor Charge-Offs applicable to that class for one or more
Distribution Dates or such other defaults as may be specified in the related
series supplement. The additional remedies applicable to a class may include
the right, following the payment in full of all senior securities, to cause the
trustee to liquidate an amount of receivables not to exceed a specified
percentage of the Invested Amount of that class or such other remedies as may
be specified in the related series supplement. The attached prospectus
supplement describes any additional defaults or remedies applicable to your
class of securities.

Indemnification

   The servicer will indemnify the trust, for the benefit of the
securityholders, and the trustee for any losses arising out of or relating to
the actions or omissions of the servicer under the master pooling and servicing
agreement or any series supplement; provided, however, that the servicer will
not indemnify the trust or the trustee for any losses relating to:

  . any action taken by the trustee at the request of the securityholders;

  . any taxes required to be paid by the trust, the trustee or the
    securityholders;

  . as to the trustee, any wrongful actions taken by or omissions of the
    trustee;

  . any fraud, negligence or willful misconduct by the trustee; or

  . market or investment risks.

   FNANB will be liable to each injured party for any losses, other than losses
incurred by a securityholder in the capacity of an investor in the securities,
arising out of or based on the arrangement created by the master pooling and
servicing agreement or the actions taken by the servicer under the master
pooling and servicing agreement as though the master pooling and servicing
agreement created a partnership under the Uniform Partnership Act. In addition,
FNANB will indemnify each securityholder for any of these losses, other than
losses incurred by a securityholder in the capacity of an investor in the
securities, except to the extent that those losses arise from any action by any
securityholder.

The Servicer

   The servicer will be responsible for servicing and administering the
receivables and for collecting payments due under the receivables in accordance
with its customary and usual servicing procedures for servicing credit card
receivables comparable to the receivables. The servicer may modify its
servicing

                                       23
<PAGE>

procedures from time to time. The servicer is required to maintain fidelity
bond coverage against losses incurred through wrongdoing of its servicing
officers in amounts that the servicer believes to be reasonable from time to
time.

   The servicer may not resign from its obligations and duties under the master
pooling and servicing agreement unless it determines that the performance of
those obligations and duties is impermissible under applicable law. Any
resignation of the servicer will be effective only when the trustee or a
successor servicer assumes the servicer's obligations and duties under the
master pooling and servicing agreement. The servicer may delegate some of its
servicing duties to a person who agrees to perform those duties in accordance
with the servicer's written servicing policies and procedures, but the servicer
will remain liable for the performance of those duties.

Servicer Covenants

   The servicer makes various covenants to the securityholders, including that:

  . the servicer will fulfill in all material respects its obligations with
    respect to each receivable and the related Account;

  . the servicer will maintain in effect all material qualifications required
    to service properly each receivable and the related Account;

  . the servicer will comply in all material respects with all laws relating
    to the servicing of each receivable and the related Account the failure
    to comply with which would have a material adverse effect on the
    securityholders;

  . the servicer will not permit any rescission or cancellation of a
    receivable, except pursuant to a court order or in the ordinary course of
    business and in accordance with its written servicing policies and
    procedures;

  . the servicer will do nothing to impair the rights of the securityholders
    or any provider of credit enhancement in a receivable;

  . the servicer will not take any action that causes a receivable to be
    evidenced by an instrument under the UCC; and

  . the servicer will not reschedule, revise, waive or defer payments due on
    a receivable except in accordance with its written servicing policies and
    procedures.

   If the servicer breaches any of these covenants and that breach:

  . has a material adverse effect on the interests of the securityholders in
    a receivable; and

  . continues unremedied for 60 days, or for such longer period as may be
    agreed to by the trustee not to exceed an additional 90 days, after the
    servicer discovers or receives notice of that breach;

then the servicer will be obligated to accept transfer of that receivable by
depositing the amount of that receivable into the Collection Account. The
servicer will make this deposit on the day before the Distribution Date
following the Due Period during which the obligation to make the deposit
arises. This deposit will be treated as a repayment in full of the related
receivable and will be allocated in the same manner as payments received from
cardholders under the Accounts. The servicer's obligation to accept transfer of
a receivable is the only remedy available to the securityholders with respect
to any breach of the covenants of the servicer.

                                       24
<PAGE>

Servicing Compensation

   The servicer receives a monthly fee for its servicing activities under the
master pooling and servicing agreement and is reimbursed for various expenses
incurred in servicing the receivables and in administering the trust. The
servicing fee is allocated among each outstanding series, or, if a series has
multiple classes, among each class of that series, and the Transferor Interest
and accrues for each outstanding series in the manner specified in the related
series supplement. The servicing fee allocable to each series is payable from
collections of Finance Charge Receivables allocated to that series. If a series
includes multiple classes of securities, each class will be responsible for a
portion of the servicing fee allocated to that series. The trust and the
securityholders are not responsible for any servicing fee allocable to the
Transferor Interest.

   The servicer will pay from its servicing compensation certain expenses
incurred in connection with servicing the receivables and the Accounts,
including expenses related to enforcement of the receivables, payment of fees
and disbursements of the trustee and independent accountants and all other fees
and expenses which are not expressly stated in the master pooling and servicing
agreement to be payable by the trust or the securityholders, other than income
or franchise taxes, if any, of the trust.

Servicer Defaults

   A Servicer Default will occur with respect to all series if any of the
following events occurs:

  . the servicer fails to make, or to instruct the trustee to make, any
    payment when required under the master pooling and servicing agreement or
    any series supplement or within a five Business Day grace period;
    provided, however, that a failure caused by circumstances beyond the
    servicer's control will not be a Servicer Default if the servicer
    promptly remedies that failure within five Business Days after the
    servicer receives notice of or otherwise becomes aware of that failure;

  . the servicer fails to observe or perform any of its other covenants or
    agreements under the master pooling and servicing agreement or any series
    supplement, that failure has a material adverse effect on the
    securityholders of any outstanding series and continues unremedied for 60
    days after written notice of that failure, requiring that it be remedied,
    is given to the servicer by the trustee, or to the servicer and the
    trustee by the holders of more than 50% of the Invested Amount of any
    series adversely affected by that failure, and that failure continues to
    materially adversely affect the rights of the securityholders of any
    outstanding series;

  . the servicer delegates its duties under the master pooling and servicing
    agreement, except as specifically permitted under the master pooling and
    servicing agreement;

  . any representation, warranty or certification made by the servicer in the
    master pooling and servicing agreement or any series supplement or in any
    certificate delivered under those agreements proves to have been
    incorrect when made, that incorrectness has a material adverse effect on
    the rights of the securityholders of any outstanding series and that
    representation or warranty continues to be incorrect in any material
    respect and to affect materially and adversely the rights of the
    securityholders of any outstanding series for 60 days after written
    notice of that incorrectness, requiring that it be remedied, is given to
    the servicer by the trustee, or to the servicer and the trustee by the
    holders of more than 50% of the Invested Amount of any series adversely
    affected by that incorrectness; or

  . various events of bankruptcy, insolvency or receivership occur with
    respect to the servicer;

provided, however, that a Servicer Default will not result from:

  . a failure to make any payment, transfer or deposit which continues for a
    period of 10 Business Days after the applicable grace period; or

  . a failure to observe or perform any other covenant or agreement or a
    breach of a representation or warranty which, in each case, continues for
    a period of 60 Business Days after the applicable grace period;

                                       25
<PAGE>

if the failure could not have been prevented by the exercise of reasonable
diligence by the servicer and the failure was caused by an act of God or other
similar event. The servicer must still use its best reasonable efforts to
perform its obligations in a timely manner under the master pooling and
servicing agreement or any series supplement. The servicer will give prompt
notice to the trustee, FNANB, the securityholders and any providers of credit
enhancement of any failure caused by an act of God or other similar event and
will include with that notice a description of its efforts to remedy that
failure.

   The servicer will immediately notify the trustee in writing of any Servicer
Default. If a Servicer Default occurs and is not remedied, the trustee or the
holders of securities representing more than 50% of the aggregate Invested
Amount of all outstanding series may remove the existing servicer and appoint a
new servicer. If a new servicer has not been appointed or has not accepted its
appointment by the time the outgoing servicer ceases to act as servicer, the
trustee will become the servicer.

   If the trustee is unable to obtain a new servicer and the outgoing servicer
certifies that it cannot in good faith cure the related Servicer Default, the
trustee may offer FNANB the right to accept retransfer of all of the
receivables in the trust. The amount paid by FNANB in connection with the
retransfer will equal:

  . the aggregate Invested Amount of all outstanding series; minus

  . the aggregate principal amount on deposit in the Excess Funding Account
    and any Principal Funding Account for any series; plus

  . all accrued but unpaid interest on the securities of all outstanding
    series; plus

  . any amounts payable to the providers of credit enhancement.

   If a receiver or conservator is appointed for the servicer, the receiver or
conservator may have the power to prevent the appointment of a successor
servicer.

Reports to Securityholders

   On each Determination Date, the servicer will deliver to the trustee a
statement setting forth various information about the trust and the securities
of each series. This information will include:

  . the aggregate amount of collections, the aggregate amount of collections
    of Finance Charge Receivables and the aggregate amount of collections of
    Principal Receivables processed during the immediately preceding Due
    Period;

  . the Invested Percentage for that Due Period;

  . the receivables in the trust broken out by delinquency status;

  . the portion of the Default Amount allocated to each series for that
    Distribution Date;

  . the Series Adjustment Amount calculated for each series as of the last
    day of the preceding Due Period;

  . the amount of any Investor Charge-Offs and any reimbursements of Investor
    Charge-Offs for that Distribution Date;

  . the amount of the servicing fee allocable to each series for that
    Distribution Date;

  . the aggregate amount of receivables in the trust at the close of business
    on the last day of the immediately preceding Due Period;

  . the Invested Amount of each series as of the close of business on the
    last day of the immediately preceding Due Period;

  . whether an Early Amortization Event has occurred; and

  . information relating to floating interest rates, if applicable, for the
    immediately preceding Due Period.

                                       26
<PAGE>

   On each Distribution Date, the trustee will deliver or cause to be delivered
to each securityholder of each series a statement prepared by the servicer
setting forth various information about that series. This information will
include the information about that series set forth in the related monthly
statement delivered by the servicer to the trustee and will also include, to
the extent specified in the related series supplement, the total amount
distributed on that Distribution Date, the amount of that distribution
allocable to principal, the amount of that distribution allocable to interest
and the amount, if any, by which the aggregate principal amount of the
securities exceeds the aggregate Invested Amount of all outstanding series.

   On or before January 31 of each year, the trustee will deliver or cause to
be delivered to each person who was a securityholder of record at any time
during the preceding calendar year a statement summarizing the distributions
made to the related series during that calendar year. This information is
intended to help securityholders prepare their tax returns.

   If the securities are held in book-entry form, each monthly securityholders
statement will be delivered to DTC or its nominee, Cede & Co., as the
registered holder of the securities. DTC and its participants will deliver each
monthly securityholders statement to the Security Owners in accordance with DTC
rules and the rules and policies of the DTC participants.

Evidence as to Compliance

   On or before June 30 of each year, the servicer will cause a firm of
nationally recognized independent accountants to deliver to the trustee, the
rating agencies and, if required by the related series supplement, the provider
of any credit enhancement:

  . a report to the effect that, in their opinion, the monthly statements
    delivered by the servicer to the trustee during the preceding fiscal year
    of the trust conform in all material respects with the requirements of
    the master pooling and servicing agreement; and

  . a report to the effect that, in connection with their examination of the
    monthly statements delivered by the servicer to the trustee during the
    preceding fiscal year of the trust, nothing came to their attention that
    caused them to believe that the servicer failed to comply with specified
    terms and conditions of the master pooling and servicing agreement.

   The report delivered by the accountants in connection with their examination
of the monthly statements delivered by the servicer to the trustee:

  . will be based on a comparison of the mathematical calculations of each
    amount set forth in those statements with the servicer's computer reports
    that were the source of those amounts; and

  . will state that, on the basis of that comparison, the accountants are of
    the opinion that those amounts are in agreement except for such
    exceptions as the accountants believe are immaterial and such other
    exceptions as are set forth in the report.

   On or before June 30 of each year, an officer of the servicer will deliver
to the trustee and the rating agencies a certificate stating that, based on a
review of the activities of the servicer during the preceding fiscal year of
the trust, the servicer has fully performed its obligations under the master
pooling and servicing agreement during that fiscal year or, if an event which,
with the giving of notice or passage of time or both, would constitute a
Servicer Default has occurred, specifying that event and the nature and status
of that event. A securityholder or Security Owner may obtain a copy of this
certificate from the trustee upon written request.

Amendments

   The master pooling and servicing agreement and any series supplement may be
amended from time to time by FNANB, the servicer and the trustee, without
securityholder consent, to do the following:

  . cure any ambiguity;

                                       27
<PAGE>

  . correct or supplement any provision in the master pooling and servicing
    agreement or any series supplement that may be inconsistent with any
    other provision in the master pooling and servicing agreement or that
    series supplement;

  . add additional code numbers to those used to identity the Accounts; or

  . add any other provisions with respect to matters or questions arising
    under the master pooling and servicing agreement or any series supplement
    which are not inconsistent with the provisions of the master pooling and
    servicing agreement or that series supplement;

provided, however, that the proposed amendment may not adversely affect in any
material respect the interests of any of the securityholders.

   The master pooling and servicing agreement and any series supplement may
also be amended from time to time by FNANB, the servicer and the trustee,
without securityholder consent, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the master
pooling and servicing agreement or modifying in any manner the rights of the
securityholders; provided, however, that:

  . the servicer must deliver to the trustee an opinion of counsel to the
    effect that the proposed amendment will not materially and adversely
    affect the interests of the securityholders of any outstanding series,
    which opinion may rely on rating agency confirmation of the ratings for
    any rated series;

  . the servicer must deliver to the trustee an opinion of counsel to the
    effect that the proposed amendment will not cause the trust to be subject
    to corporate taxation or have any other materially adverse federal income
    tax effect on any outstanding series or the securityholders; and

  . each rating agency must confirm in writing that the proposed amendment
    will not result in a reduction or withdrawal of any rating assigned by
    that rating agency to any outstanding series.

   The master pooling and servicing agreement and any series supplement may
also be amended from time to time by FNANB, the servicer and the trustee, with
the consent of the holders of securities representing not less than 66 2/3% of
the aggregate Invested Amount of all series adversely affected by the proposed
amendment, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the master pooling and servicing
agreement or modifying in any manner the rights of the securityholders of any
outstanding series; provided, however, that the proposed amendment may not:

  . reduce in any manner the amount of, or delay the timing of, distributions
    required to be made on the securities of that series without the consent
    of the related securityholders;

  . change the definition of or the manner of calculating the Invested Amount
    of that series, the Invested Percentage of that series, the amount
    available under any credit enhancement for that series or the Default
    Amount allocated to that series without the consent of the related
    securityholders; or

  . reduce the percentage of the Invested Amount of that series that is
    required to consent to an amendment to the master pooling and servicing
    agreement without the consent of the related securityholders.

   The trustee will furnish written notice of the substance of any amendment to
the master pooling and servicing agreement, other than an amendment not
requiring securityholder consent or rating agency confirmation, to each
securityholder promptly after the execution of that amendment.

List of Securityholders

   The holders of securities representing not less than 10% of the Invested
Amount of a series may request access to the trustee's current list of
securityholders for purposes of communicating with other securityholders about
their rights under the master pooling and servicing agreement. The requesting
securityholders must cover any costs and expenses of the trustee relating to
this request.

                                       28
<PAGE>

The Trustee

   Bankers Trust Company is the trustee under the master pooling and servicing
agreement. FNANB, the servicer and their respective affiliates may from time to
time have banking and trustee relationships with the trustee and its
affiliates. The trustee, FNANB, the servicer and their respective affiliates
may hold securities of any series in their own names, but any securities held
by them will not be entitled to participate in any decisions made or
instructions given to the trustee by the securityholders as a group. The
trustee's address is Four Albany Street, New York, New York 10006, Attention:
Corporate Trust and Agency Group--Structured Finance.

   In addition, where required by local law, the trustee may appoint a co-
trustee or separate trustee of all or any part of the trust. If this occurs,
all rights, powers, duties and obligations conferred or imposed upon the
trustee will be conferred or imposed jointly on the trustee and any separate
trustee or co-trustee or, in any jurisdiction where the trustee will be
incompetent or unqualified to perform required acts, singly on any separate
trustee or co-trustee. In each case, a separate trustee or co-trustee will
exercise and perform these rights, powers, duties and obligations solely at the
direction of the trustee.

   The trustee may resign at any time. If the trustee resigns, FNANB will be
obligated to appoint a successor trustee. In addition, FNANB may remove the
trustee and appoint a successor trustee if the trustee ceases to be eligible to
continue in that role under the master pooling and servicing agreement or the
trustee becomes insolvent.

   Any resignation or removal of the trustee and appointment of a successor
trustee will not become effective until acceptance of the appointment by the
successor trustee.

Termination of the Trust

   The trust is scheduled to terminate on the earliest of:

  . the day following the date on which funds are deposited in the Collection
    Account sufficient to pay in full the aggregate Invested Amount of all
    outstanding series and the aggregate Enhancement Invested Amount, if any,
    of all outstanding series plus interest accrued through the last day of
    the preceding interest accrual period on all outstanding series;

  . the expiration of 21 years from the death of the last survivor of the
    descendants of George Herbert Walker Bush, former President of the United
    States, living on October 4, 1994; and

  . September 1, 2094.

   Upon the termination of the trust and the surrender of the Exchangeable
Transferor Certificate, the trustee will convey to FNANB the receivables and
all other assets of the trust, other than amounts held in bank accounts
maintained by the trust for the final payment of interest and principal to
securityholders.

                                       29
<PAGE>

                  REGISTRATION AND TRANSFER OF THE SECURITIES

Book-Entry Securities

   We expect that the offered securities will initially be issued in book-entry
form. If the offered securities are issued in book-entry form, you may hold
your securities through DTC in the United States or through Clearstream or
Euroclear in Europe.

The Depository Trust Company

   DTC is a limited-purpose trust company organized under the New York Banking
Law, a banking organization within the meaning of the New York Banking Law, a
member of the Federal Reserve System, a clearing corporation within the meaning
of the New York UCC and a clearing agency registered under the Exchange Act.
DTC holds securities that its participating organizations deposit with DTC. DTC
also facilitates the clearance and settlement of securities transactions among
organizations participating in DTC, including transfers and pledges of
deposited securities, through electronic book-entry changes in DTC
participants' accounts, eliminating the need for physical movement of
securities. DTC participants include securities brokers and dealers, banks,
trust companies and clearing corporations and may include other organizations.
DTC is owned by a number of its DTC participants and the New York Stock
Exchange, Inc., the American Stock Exchange, Inc. and the National Association
of Securities Dealers, Inc. Indirect access to the DTC system is also available
to others, including securities brokers and dealers, banks and trust companies
that clear through or maintain a custodial relationship with a DTC participant,
either directly or indirectly. The rules applicable to DTC and its DTC
participants are on file with the SEC.

   The information set forth in this section concerning DTC has been provided
by DTC for informational purposes only and is not intended to serve as a
representation, warranty or contract modification of any kind. We make no
representations as to the accuracy or completeness of this information.

Clearstream

   Clearstream Banking, societe anonyme, is incorporated under the laws of
Luxembourg as a professional depository. Clearstream holds securities for
organizations participating in Clearstream's book-entry system and facilitates
the clearance and settlement of securities transactions between Clearstream
customers through electronic book-entry changes in accounts of Clearstream
customers, eliminating the need for physical movement of securities.
Transactions may be settled by Clearstream in any of 36 currencies, including
U.S. dollars. Clearstream provides to its customers, among other things,
services for safekeeping, administration, clearance and settlement of
internationally traded securities and securities lending and borrowing.
Clearstream also deals with domestic securities markets in over 30 countries
through established depository and custodial relationships. Clearstream is
registered as a bank in Luxembourg, and as such is subject to regulation by the
Commission de Surveillance du Secteur Financier, which supervises Luxembourg
banks. Clearstream customers are world-wide financial institutions, including
underwriters, securities brokers and dealers, banks, trust companies and
clearing corporations and may include the underwriters of any series of
securities offered through this prospectus. Clearstream customers in the U.S.
are limited to securities brokers and dealers and banks. Clearstream has
approximately 2,000 customers located in over 80 countries, including all major
European countries, Canada and the United States. Indirect access to
Clearstream is available to other institutions that clear through or maintain a
custodial relationship with an account holder of Clearstream. Clearstream has
established an electronic bridge with Morgan Guaranty Trust Company of New
York, as operator of the Euroclear system, in Brussels, Belgium to facilitate
settlement of trades between Clearstream and Euroclear.

                                       30
<PAGE>

Euroclear

   The Euroclear system was created in 1968 to hold securities for
organizations participating in the Euroclear system and to clear and settle
transactions between those organizations through simultaneous electronic book-
entry delivery against payment, eliminating the need for physical movement of
securities and any risk from lack of simultaneous transfers of securities and
cash. Transactions may be settled through the Euroclear system in any of 34
currencies, including U.S. dollars. The Euroclear system includes various other
services, including securities lending and borrowing and interfaces with
domestic markets in several countries similar to the arrangements for cross-
market transfers with DTC. The Euroclear system is operated by the Brussels,
Belgium office of Morgan Guaranty Trust Company of New York under a contract
with Euroclear Clearance System, S.C., a Belgian cooperative corporation. All
operations are conducted by that office, and all Euroclear securities clearance
accounts and Euroclear cash accounts are maintained with that office, not
Euroclear Clearance System. Euroclear Clearance System establishes policy for
the Euroclear system on behalf of organizations participating in the Euroclear
system. Those organizations include banks, including central banks, securities
brokers and dealers and other professional financial intermediaries, and may
include the underwriters of any series of securities offered through this
prospectus. Indirect access to the Euroclear system is also available to other
firms that clear through or maintain a custodial relationship with a Euroclear
participant, either directly or indirectly.

   Morgan Guaranty is a New York banking corporation and a member bank of the
Federal Reserve System. Morgan Guaranty is regulated and examined by the Board
of Governors of the Federal Reserve System and the New York State Banking
Department. The Brussels, Belgium office of Morgan Guaranty is regulated and
examined by the Belgian Banking Commission.

   The Terms and Conditions Governing Use of Euroclear, the related Operating
Procedures of the Euroclear system and applicable Belgian law govern the
securities clearance accounts and cash accounts maintained with the operator of
the Euroclear system, transfers of securities and cash within the Euroclear
system, withdrawal of securities and cash from the Euroclear system and
receipts of payments with respect to securities in the Euroclear system. All
securities in the Euroclear system are held on a fungible basis without
attribution of specific securities to specific securities clearance accounts.
The operator of the Euroclear system acts under these terms and conditions only
on behalf of Euroclear customers and has no record of or relationship with
persons holding through those organizations.

Book-Entry Registration

   Cede & Co., as DTC's nominee, will hold the global securities. Clearstream
and Euroclear will hold omnibus positions on behalf of Clearstream customers
and Euroclear participants, respectively, through customers' securities
accounts in Clearstream's and Euroclear's names on the books of their
respective depositaries. These depositaries will in turn hold these positions
in customers' securities accounts in the depositaries' names on DTC's books.

   Transfers between DTC participants will occur in accordance with DTC rules.
Transfers between Clearstream customers and Euroclear participants will occur
in accordance with their applicable rules and operating procedures. Cross-
market transfers between persons holding securities directly or indirectly
through DTC, on the one hand, and directly or indirectly through Clearstream
customers or Euroclear participants, on the other, will be effected in DTC in
accordance with DTC rules on behalf of the relevant European international
clearing system by its depositary. These cross-market transactions will require
delivery of instructions to the relevant European international clearing system
by the counterparty in the system in accordance with its rules and procedures
and within its established European time deadlines. The relevant European
international clearing system will, if the transaction meets its settlement
requirements, deliver instructions to its depositary to take action to effect
final settlement on its behalf by delivering or receiving securities in DTC and
making or receiving payment in accordance with normal procedures for same-day
funds

                                       31
<PAGE>

settlement applicable to DTC. Clearstream customers or Euroclear participants
may not deliver instructions directly to the Clearstream or Euroclear
depositaries.

   Because of time-zone differences, credits of securities in Clearstream or
Euroclear as a result of a transaction with a DTC participant will be made
during the subsequent securities settlement processing, dated the business day
following the DTC settlement date, and those credits or any transactions in
those securities settled during that processing will be reported to the
relevant Clearstream customer or Euroclear participant on that business day.
Cash received in Clearstream or the Euroclear system as a result of sales of
securities by or through a Clearstream customer or Euroclear participant to a
DTC participant will be received with value on the DTC settlement date but will
be available in the relevant Clearstream or Euroclear cash account only as of
the business day following settlement in DTC.

   All purchases of securities under the DTC system must be made by or through
DTC participants, which will receive a credit for the securities on DTC's
records. The ownership interest of each Security Owner is in turn recorded on
the records of the DTC participant or, in the case of a purchase made through
an indirect participant, on the records of the indirect participant. The
Security Owners will not receive written confirmation from DTC of their
purchase, but are expected to receive written confirmation providing details of
the transaction, as well as periodic statements of their holdings, from the DTC
participant or indirect participant through which they entered into the
transaction. Transfers of ownership interests in the securities are
accomplished by entries made on the books of DTC participants acting on behalf
of the Security Owners.

   To facilitate subsequent transfers, all securities deposited with DTC by its
participating organizations are registered in the name of Cede & Co. The
deposit of securities with DTC and their registration in the name of Cede & Co.
effects no change in beneficial ownership. DTC has no knowledge of the identity
of the Security Owners. DTC's records reflect only the identity of the DTC
participants to whose accounts the securities are credited, which may or may
not be the Security Owners. DTC participants remain responsible for keeping
account of their holdings on behalf of their customers.

   Because DTC can only act on behalf of its participating organizations, who
in turn act on behalf of organizations participating indirectly in DTC and
various banks, the ability of the Security Owners to pledge those securities to
persons or entities that do not participate in the DTC system, or otherwise
take action relating to the securities, may be limited due to the lack of a
physical certificate for the securities.

   Conveyance of notices and other communications by DTC to DTC participants,
by DTC participants to indirect participants and by DTC participants and
indirect participants to securityholders will be governed by arrangements among
them, subject to any statutory or regulatory requirements as may be in effect
from time to time.

   Neither DTC nor Cede & Co. will consent or vote with respect to the
securities. Under its usual procedures, DTC mails an omnibus proxy to the
issuer as soon as possible after the record date, which assigns Cede & Co.'s
consenting or voting rights to those DTC participants to whose accounts these
securities are credited on the relevant record date as identified in a listing
attached to the omnibus proxy.

   Principal and interest payments on the securities will be made to DTC. DTC's
practice is to credit DTC participants' accounts on the applicable Distribution
Date in accordance with their respective holdings shown on DTC's records unless
DTC has reason to believe that it will not receive payment on the Distribution
Date. Payments by DTC participants to securityholders will be governed by
standing instructions and customary practices, as is the case with securities
held for the account of customers in bearer form or registered in street name,
and will be the responsibility of the relevant DTC participant and not of DTC,
the trustee or FNANB, subject to any statutory or regulatory requirements as
may be in effect from time to time. Payments of principal and interest to DTC
will be the responsibility of the trustee, disbursement of these payments to
DTC participants will be the responsibility of DTC, and disbursement of these
payments to securityholders will be

                                       32
<PAGE>

the responsibility of DTC participants and indirect participants. Accordingly,
the actual owners of the securities may experience some delay in their receipt
of principal and interest payments.

   Distributions on securities held through Clearstream or Euroclear will be
credited to the cash accounts of Clearstream customers or Euroclear
participants in accordance with the relevant system's rules and procedures, to
the extent received by its depositary. These distributions will be subject to
tax reporting in accordance with relevant United States tax laws and
regulations as described under "--Material U.S. Federal Income Tax
Documentation Requirements" beginning on page 35 of this prospectus and
"Material Federal Income Tax Consequences" beginning on page 43 of this
prospectus. Clearstream or the operator of the Euroclear system, as applicable,
will take any other action permitted to be taken by a securityholder under the
master pooling and servicing agreement or any series supplement, as applicable,
on behalf of a Clearstream customer or Euroclear participant only in accordance
with its relevant rules and procedures and subject to its depositary's ability
to effect those actions on its behalf through DTC.

   Although DTC, Clearstream and Euroclear have agreed to the foregoing
procedures in order to facilitate transfers of securities among their
participants, they are under no obligation to perform or continue to perform
these procedures, and these procedures may be discontinued at any time.

Definitive Securities

   If the securities are initially issued in book-entry form, Definitive
Securities will not be issued to any party other than DTC or its nominee
unless:

  . FNANB advises the trustee in writing that DTC is no longer willing or
    able to discharge properly its responsibilities as depository with
    respect to a series, and the trustee or FNANB is unable to locate a
    qualified successor;

  . FNANB, at its option, advises the trustee in writing that it elects to
    terminate the book-entry system through DTC; or

  . after the occurrence of a Servicer Default, Security Owners representing
    beneficial interests aggregating more than 50%, or such other percentage
    as may be specified in the related series supplement, of the Invested
    Amount of any series advise the trustee and DTC through DTC participants
    in writing that the continuation of a book-entry system through DTC or
    its successor is no longer in the best interests of the Security Owners.

   If any of these events occurs, the trustee will notify the Security Owners,
through the DTC participants, of the availability of Definitive Securities.
Upon surrender by DTC of the physical certificate representing the securities
and receipt of instructions for re-registration, the trustee will issue the
securities as Definitive Securities. The trustee will recognize the holders of
the Definitive Securities as securityholders under the master pooling and
servicing agreement.

   Principal and interest payments on the Definitive Securities will be made on
each Distribution Date directly to the holders in whose names the Definitive
Securities were registered at the close of business on the related Record Date;
provided, however, that the final payment on any Definitive Security will be
made only upon presentation and surrender of that security at the office or
agency specified in the notice of final distribution to securityholders.

   Definitive Securities will be transferable and exchangeable at the offices
of the transfer agent and registrar, which will initially be the trustee. No
service charge will be imposed for any registration of transfer or exchange,
but the transfer agent and registrar may require payment of a sum sufficient to
cover any tax or other governmental charge imposed in connection with any
transfer or exchange. The transfer agent and registrar will not be required to
register the transfer or exchange of Definitive Securities for a period of
fifteen days before the due date for any payment of the Definitive Securities.

                                       33
<PAGE>

Initial Settlement

   Investors who elect to hold securities through DTC will follow the
settlement procedures applicable to U.S. corporate debt obligations. The
custody accounts of investors who elect to hold securities through DTC will be
credited with their holdings against payment in same-day funds on the
settlement date.

   Investors who elect to hold securities through Clearstream or Euroclear
accounts will follow the settlement procedures applicable to conventional
eurobonds, except that there will be no temporary global security and no
distribution compliance period. The securities will be credited to the
securities custody accounts on the settlement date against payment in same-day
funds.

Secondary Market Trading

   Because the purchaser determines the place of delivery, it is important to
establish at the time of the trade where both the purchaser's and seller's
accounts are located to ensure that settlement can be made on the desired value
date.

   Trading Between DTC Participants. Secondary market trading between investors
holding securities through DTC will be conducted in accordance with the rules
and procedures applicable to U.S. corporate debt obligations. Secondary market
trading between DTC participants will be settled in same-day funds.

   Trading Between Clearstream Customers and/or Euroclear
Participants. Secondary market trading between investors holding securities
through Clearstream and Euroclear will be conducted in accordance with their
normal rules and operating procedures and in accordance with conventional
eurobond practice. Secondary market trading between Clearstream customers or
Euroclear participants will be settled using the procedures applicable to
conventional eurobonds in same-day funds.

   Trading Between DTC Seller and Clearstream or Euroclear Purchaser. When
securities are to be transferred from the account of a DTC participant to the
account of a Clearstream customer or Euroclear participant, the purchaser will
send instructions to Clearstream or Euroclear through a Clearstream customer or
Euroclear participant, as applicable, at least one business day prior to
settlement. Clearstream or Euroclear will instruct its respective depositary to
receive the securities against payment. Payment will include interest accrued
on the securities from and including the last coupon payment date to and
excluding the settlement date. Payment will then be made by the respective
depositary to the DTC participant's account against delivery of the securities.
After settlement has been completed, the securities will be credited to the
respective clearing system and by the clearing system, in accordance with its
usual procedures, to the account of the Clearstream customer or Euroclear
participant. The securities credit will appear the next day, European time, and
the cash debit will be back-valued to, and the interest on the securities will
accrue from, the value date which would be the preceding day when settlement
occurred in New York. If settlement is not completed on the intended value
date, the Clearstream or Euroclear cash debit will be valued as of the actual
settlement date.

   Clearstream customers and Euroclear participants must make available to the
respective clearing systems the funds necessary to process same-day funds
settlement. The most direct means of doing so is to pre-position funds for
settlement, either from cash on hand or existing lines of credit, as they would
for any settlement occurring within Clearstream or Euroclear. Under this
approach, they may take on credit exposure to Clearstream or Euroclear until
the securities are credited to their accounts one day later.

   As an alternative, if Clearstream or Euroclear has extended a line of credit
to them, Clearstream customers or Euroclear participants can elect not to pre-
position funds and allow that credit line to be drawn upon to finance
settlement. Under this procedure, Clearstream customers or Euroclear
participants purchasing securities would incur overdraft charges for one day,
assuming they cleared the overdraft when the securities were credited to their
accounts. Interest on the securities would accrue from the value date.
Therefore, in many cases, the investment income on the securities earned during
that one-day period may substantially reduce or offset

                                       34
<PAGE>

the amount of these overdraft charges, although this result will depend on the
cost of funds for the related Clearstream customer or Euroclear participant.

   Because settlement is taking place during New York business hours, DTC
participants can use their usual procedures for sending securities to the
respective depositary for the benefit of Clearstream customers or Euroclear
participants. The sale proceeds will be available to the DTC seller on the
settlement date. Therefore, to the DTC participant, a cross-market transaction
will settle no differently than a trade between two DTC participants.

   Trading Between Clearstream or Euroclear Seller and DTC Purchaser. Due to
time zone differences in their favor, Clearstream customers or Euroclear
participants may employ their customary procedures for transactions in which
securities are to be transferred by the respective clearing system, through the
respective depositary, to a DTC participant. The seller will send instructions
to Clearstream or Euroclear through a Clearstream customer or Euroclear
participant, as applicable, at least one business day prior to settlement.
Clearstream or Euroclear will instruct the respective depositary to deliver the
securities to the DTC participant's account against payment. Payment will
include interest accrued on the securities from and including the last coupon
payment date to and excluding the settlement date. The payment will then be
reflected in the account of the Clearstream customer or Euroclear participant
the following day, and the receipt of the cash proceeds in the Clearstream
customer's or Euroclear participant's account will be back-valued to the value
date, which will be the preceding day, when settlement occurred in New York. If
the Clearstream customer or Euroclear participant has a line of credit with its
respective clearing system and elects to be in debit in anticipation of receipt
of the sale proceeds in its account, the back-valuation will extinguish any
overdraft charges incurred over that one-day period. If settlement is not
completed on the intended value date, receipt of the cash proceeds in the
Clearstream customer's or Euroclear participant's account will be valued as of
the actual settlement date.

   Finally, day traders that use Clearstream or Euroclear and that purchase
securities from DTC participants for delivery to Clearstream customers or
Euroclear participants should note that these trades will automatically fail on
the sale side unless affirmative action is taken. At least three techniques
should be readily available to eliminate this potential problem:

  . borrowing through Clearstream or Euroclear for one day, until the
    purchase side of the day trade is reflected in their Clearstream or
    Euroclear accounts, in accordance with the clearing system's customary
    procedures;

  . borrowing the securities in the U.S. from a DTC participant no later than
    one day prior to settlement, which would give the securities sufficient
    time to be reflected in their Clearstream or Euroclear accounts in order
    to settle the sale side of the trade; or

  . staggering the value dates for the buy and sell sides of the trade so
    that the value date for the purchase from the DTC participant is at least
    one day prior to the value date for the sale to the Clearstream customer
    or Euroclear participant.

Material U.S. Federal Income Tax Documentation Requirements

   A Security Owner holding securities through Clearstream or Euroclear, or
through DTC if the holder has an address outside the U.S., will be subject to
the 30% U.S. withholding tax that generally applies to payments of interest,
including original issue discount, on registered debt issued by U.S. Persons
unless:

  . each clearing system, bank or other financial institution that holds
    customers' securities in the ordinary course of its trade or business in
    the chain of intermediaries between the Security Owner and the U.S.
    entity required to withhold tax complies with applicable certification
    requirements; and

  . the Security Owner takes one of the following steps to obtain an
    exemption or reduced tax rate:

                                       35
<PAGE>

   Exemption For Non-U.S. Persons. A Security Owner that is a Non-U.S. Person
can obtain a complete exemption from the withholding tax by filing Form W-8,
Certificate of Foreign Status. If the information shown on Form W-8 changes, a
new Form W-8 must be filed within 30 days of that change.

   Exemption For Non-U.S. Persons With Effectively Connected Income. A Security
Owner that is a Non-U.S. Person, including a non-U.S. corporation or bank with
a U.S. branch, and for which the related interest income is effectively
connected with the conduct of a trade or business in the United States can
obtain a complete exemption from the withholding tax by filing Form 4224,
Exemption from Withholding of Tax on Income Effectively Connected with the
Conduct of a Trade or Business in the United States. For payments made after
December 31, 2000, Form 4224 will not apply, and a Security Owner that is a
Non-U.S. Person will be required to file a Form W-8 ECI to obtain an exemption
for interest payments that are effectively connected with the conduct of a
trade or business in the U.S.

   Exemption or Reduced Rate For Non-U.S. Persons Resident in Treaty
Countries. A Security Owner that is a Non-U.S. Person and resides in a country
that has a tax treaty with the United States can obtain an exemption or reduced
tax rate, depending on the treaty terms, by filing Form 1001, Ownership,
Exemption or Reduced Rate Certificate. If the treaty provides only for a
reduced rate, withholding tax will be imposed at that rate unless the Security
Owner files Form W-8. Form 1001 may be filed by the Security Owner or its
agent. For payments made after December 31, 2000, Form 1001 will not apply, and
a Security Owner that is a Non-U.S. Person will be required to file a Form W-8
BEN to claim the benefit of an applicable tax treaty.

   Exemption for U.S. Persons. A Security Owner that is a U.S. Person can
obtain a complete exemption from the withholding tax by filing Form W-9,
Payer's Request for Taxpayer Identification Number and Certification.

   U.S. Federal Income Tax Reporting Procedure. A Security Owner or, in the
case of a Form 1001 or a Form 4224 filer, its agent files by submitting the
appropriate form to the person through whom it holds, which person would be the
clearing agency in the case of persons holding directly on the books of the
clearing agency. Form W-8 and Form 1001 are effective for three calendar years
and Form 4224 is effective for one calendar year. For payments made after
December 31, 2000, Form 4224 and Form 1001 will be replaced by Form W-8 ECI and
Form W-8 BEN, respectively, each of which will be effective from the date the
form is signed through the end of the third succeeding calendar year.

    This summary does not deal with all aspects of U.S. federal income tax
withholding that may be relevant to foreign Security Owners. We suggest that
each foreign Security Owner consult its own tax advisors regarding the tax
consequences of the purchase, ownership and disposition of the securities.

                                       36
<PAGE>

                               CREDIT ENHANCEMENT

   Each series or class of securities may benefit from one or more forms of
credit enhancement available only to that series or class. The trustee will
hold each form of credit enhancement only on behalf of the series or class to
which that credit enhancement relates. The form of credit enhancement for any
series or class may be different from the form of credit enhancement for any
other series or class. The attached prospectus supplement describes the
structure and material terms of any credit enhancement applicable to your
securities and the material provisions of any agreement relating to that credit
enhancement.

   The structure and terms of the credit enhancement applicable to any series
or class of securities will be determined based on several factors, including:

  . the characteristics of the receivables and the Accounts included in the
    trust as of the closing date for that series or class;

  . the desired rating for the securities of that series or class; and

  . the requirements of each rating agency rating the securities of that
    series or class.

   In most cases, credit enhancement will not provide protection against all
risks of loss and will not guarantee the timely payment of interest or
repayment of the entire principal amount of the related securities. If losses
occur which are not covered by credit enhancement or which exceed the amount
covered by credit enhancement, the securityholders will bear their allocable
share of those losses.

   If your securities benefit from one or more forms of credit enhancement, the
attached prospectus supplement may provide information with respect to the
provider of that credit enhancement, including:

  . a brief description of its principal business activities;

  . its principal place of business, the jurisdiction of its incorporation or
    organization and the jurisdictions under which it is licensed to do
    business;

  . if applicable, the identity of the regulatory agencies which exercise
    primary jurisdiction over the conduct of its business; and

  . its total assets, its stockholders' equity or policy holders' surplus, if
    applicable, and other appropriate financial information as of the date
    specified in the prospectus supplement.

   If any credit enhancement for your securities is available to make principal
payments following the occurrence of an Early Amortization Event, the provider
of that credit enhancement may hold an interest in amounts collected on the
receivables.

   The securities issued by the trust may benefit from one or more of the
following forms of credit enhancement. The attached prospectus supplement
describes the extent, if any, to which these forms of credit enhancement are
applicable to your securities.

Subordination

   The securities of one or more classes of a series may be subordinated to the
extent necessary to fund payments with respect to the securities of one or more
other classes of that series. The rights of the holders of the subordinated
securities to receive interest payments or principal payments on any
Distribution Date may be subordinated in right and priority to the rights of
the holders of the senior securities. The prospectus supplement for any series
that includes subordination will provide the following information:

  . the designation and amount of each class of subordinated securities and
    the circumstances, if any, under which that amount will increase or
    decrease;

                                       37
<PAGE>

  . the circumstances, if any, under which amounts that would otherwise be
    paid to the holders of the subordinated securities will instead be paid
    to the holders of the senior securities; and

  . the circumstances, if any, under which losses that would otherwise be
    allocated to the holders of the senior securities will instead be
    allocated to the holders of the subordinated securities.

   If collections that would otherwise be paid to the holders of the securities
of one series will instead be used as support for the securities of another
series, the related prospectus supplement will describe the structure and terms
of this cross-support feature.

Letter of Credit

   The securities of one or more classes may benefit from one or more letters
of credit. The issuer of a letter of credit will be obligated to honor drawings
made in accordance with the terms of the letter of credit to the extent of the
amount available under the letter of credit. The prospectus supplement for any
series that includes a letter of credit will provide the following information:

  . the classes that will benefit from the letter of credit;

  . the initial stated amount of the letter of credit and the circumstances,
    if any, under which that amount will increase or decrease;

  . the circumstances under which drawings may be submitted under the letter
    of credit and the manner in which amounts drawn under the letter of
    credit will be applied; and

  . the expiration date of the letter of credit and the circumstances, if
    any, under which the letter of credit may be extended or replaced.

Cash Collateral Guaranty or Cash Collateral Account

   The securities of one or more classes may benefit from a cash collateral
guaranty secured by the deposit of cash or permitted investments in a cash
collateral account or from a cash collateral account. The prospectus supplement
for any series that includes a cash collateral guaranty or a cash collateral
account will provide the following information:

  . the classes that will benefit from the cash collateral guaranty or the
    cash collateral account;

  . the amount required to be on deposit in the cash collateral account on
    the closing date for that series and the circumstances, if any, under
    which the required amount will increase or decrease;

  . the mechanism by which additional amounts, if any, will be deposited in
    the cash collateral account;

  . the amount available under the cash collateral guaranty or the cash
    collateral account, which amount will not exceed the amount on deposit in
    the cash collateral account or such lesser amount as may be specified in
    the related series supplement;

  . the circumstances under which payments will be made under the cash
    collateral guaranty or from the cash collateral account and the manner in
    which those payments will be applied; and

  . the circumstances, if any, under which the cash collateral guaranty may
    be replaced.

Collateral Interest or Collateralized Trust Obligation

   The securities of one or more classes may benefit from the issuance of an
undivided interest in the trust referred to as a collateral interest or a
collateralized trust obligation. The prospectus supplement for any series that
includes a collateral interest or a collateralized trust obligation will
provide the following information:

  . the classes that will benefit from the collateral interest or the
    collateralized trust obligation;

  . the amount of the collateral interest or the collateralized trust
    obligation and the circumstances, if any, under which that amount will
    increase or decrease;

                                       38
<PAGE>

  . the structure and terms of any cash collateral guaranty or cash
    collateral account established in combination with the collateral
    interest or the collateralized trust obligation, including the
    circumstances, if any, under which the amount required to be on deposit
    in the cash collateral account will increase or decrease, the mechanism
    by which additional amounts, if any, will be deposited in the cash
    collateral account, the circumstances under which payments will be made
    under the cash collateral guaranty or from the cash collateral account
    and the manner in which those payments will be applied;

  . the circumstances, if any, under which amounts that would otherwise be
    paid to the holders of the collateral interest or the collateralized
    trust obligation will instead be paid to the holders of one or more other
    classes of securities; and

  . the circumstances, if any, under which losses that would otherwise be
    allocated to the holders of the collateral interest or the collateralized
    trust obligation will instead be allocated to the holders of one or more
    other classes of securities.

   The total amount of credit enhancement available from the collateral
interest or the collateralized trust obligation and, if applicable, the related
cash collateral guaranty or cash collateral account will equal the sum of the
collateral interest or the collateralized trust obligation, as applicable, and
the amount on deposit in the cash collateral account or such lesser amount as
may be specified in the related series supplement.

Surety Bond or Insurance Policy

   The securities of one or more classes may benefit from a surety bond or
insurance policy. The prospectus supplement for any series that includes a
surety bond or an insurance policy will provide the following information:

  . the classes that will benefit from the surety bond or the insurance
    policy;

  . the initial amount of the surety bond or the insurance policy and the
    circumstances, if any, under which that amount will increase or decrease;

  . the circumstances under which claims may be submitted under the surety
    bond or the insurance policy and the manner in which amounts paid under
    the surety bond or the insurance policy will be applied; and

  . the expiration date, if any, of the surety bond or the insurance policy
    and the circumstances, if any, under which the surety bond or the
    insurance policy may be extended or replaced.

Spread Account or Reserve Account

   The securities of one or more classes may benefit from a spread account or a
reserve account. The prospectus supplement for any series that includes a
spread account or a reserve account will provide the following information:

  . the classes that will benefit from the spread account or the reserve
    account;

  . the amount, if any, required to be on deposit in the spread account or
    the reserve account on the closing date for that series and the
    circumstances, if any, under which that amount will increase or decrease;

  . the mechanism by which additional amounts, if any, will be deposited in
    the spread account or the reserve account;

  . the amount available under the spread account or the reserve account,
    which amount will not exceed the amount on deposit in that account or
    such lesser amount as may be specified in the related series supplement;
    and

  . the circumstances under which payments will be made from the spread
    account or the reserve account and the manner in which those payments
    will be applied.

                                       39
<PAGE>

                                SECURITY RATINGS

   FNANB will request one or more nationally recognized statistical rating
organizations to assign a rating to the offered securities. The offered
securities will not be issued unless they are rated in one of the four highest
rating categories by at least one rating agency. The attached prospectus
supplement sets forth each rating assigned to your securities. A rating agency
not requested to rate the offered securities could assign a rating to those
securities and that rating could be lower than any rating assigned to those
securities at the request of FNANB.

   A security rating indicates the rating agency's view on the likelihood that
securityholders will receive required interest and principal payments and the
rating agency's evaluation of the receivables and the sufficiency of any credit
enhancement for the offered securities. A security rating does not address:

  . the likelihood that an Early Amortization Event will occur with respect
    to the offered securities;

  . the likelihood that a U.S. withholding tax will be imposed on non-U.S.
    holders of the offered securities;

  . the price of the offered securities;

  . the marketability of the offered securities; or

  . whether the offered securities are an appropriate investment for you.

   A security rating is not a recommendation to buy, sell or hold the offered
securities. A security rating may be lowered or withdrawn at any time by the
related rating agency.

                   MATERIAL LEGAL ASPECTS OF THE RECEIVABLES

Transfer of Receivables

   The transfer of receivables by FNANB to the trust constitutes either a sale
of the receivables or the grant of a security interest in the receivables. If
the transfer constitutes the grant of a security interest in the receivables,
FNANB has perfected that security interest through the filing of all necessary
financing statements under the UCC. FNANB has represented and warranted in the
master pooling and servicing agreement that the trust has a first priority
perfected ownership interest or security interest in the receivables subject
only to limited tax or other governmental liens permitted under the master
pooling and servicing agreement. If the trust does not have a first priority
perfected interest in the receivables, the trust may direct FNANB to accept
retransfer of the receivables in accordance with the master pooling and
servicing agreement. See "Description of the Securities--Representations and
Warranties" beginning on page 13 of this prospectus for a further discussion of
the circumstances under which the trust may direct FNANB to accept retransfer
of the receivables.

   A creditor of FNANB could, under limited circumstances, acquire an interest
in the receivables that would have priority over the interest of the trust in
the receivables. In addition, a tax, governmental or other nonconsensual lien
on property of FNANB that arises before the transfer of receivables to the
trust might have priority over the interest of the trust in those receivables.
If the OCC were to appoint the FDIC as receiver or conservator for FNANB,
administrative expenses of the receiver or conservator might also have priority
over the interest of the trust in the receivables.

Matters Relating to Receivership and Conservatorship

   FNANB is chartered as a national banking association and is subject to
regulation and supervision by the OCC. If various events relating to FNANB's
financial condition or the propriety of its actions were to occur, the OCC
would be authorized to appoint the FDIC as receiver or conservator for FNANB.


                                       40
<PAGE>

   The FDIC, when acting as receiver or conservator for an insured depository
institution, may repudiate any contract to which the depository institution is
a party if the FDIC determines that performance of the contract would be
burdensome and that repudiation of the contract would promote the orderly
administration of the depository institution's affairs. The FDIC is relieved
from performing any unperformed obligations remaining under a contract that it
has repudiated but is liable for actual direct compensatory damages to the
other contract party.

   The FDIC will not, in the exercise of its authority to repudiate contracts,
seek to reclaim or recover, or to recharacterize as property of an insured
depository institution, any financial assets transferred by the depository
institution in connection with a securitization if the transfer meets the
following conditions:

  . the transfer meets specified conditions for treatment as a sale under
    relevant accounting principles;

  . the depository institution received adequate consideration for the
    transfer;

  . the documentation effecting the transfer reflects the intent of the
    parties to treat the transaction as a sale, and not as a secured
    borrowing, for accounting purposes; and

  . the financial assets were not transferred fraudulently, in contemplation
    of the depository institution's insolvency or with the intent to hinder,
    delay or defraud the depository institution or its creditors.

FNANB believes that these conditions have been met in connection with the
transfer of the receivables to the trust under the master pooling and servicing
agreement.

   If the OCC were to appoint the FDIC as receiver or conservator for FNANB and
one or more of the conditions set forth above were found not to have been met,
the FDIC might reclaim or recover, or recharacterize as property of FNANB, the
receivables transferred to the trust. In that event, the trust could be limited
to seeking recovery based on its security interest in the receivables. The
FDIC's statutory authority would limit the trust's damages in this event to its
actual direct compensatory damages determined as of the date that the FDIC was
appointed as receiver or conservator for FNANB. These damages do not include
damages for lost profits or opportunity, and the staff of the FDIC takes the
position that these damages do not include interest accrued during the period
between the date that the FDIC is appointed as receiver or conservator and the
date of repudiation. Under the FDIC interpretation, you would receive interest
only through the date of the appointment of the receiver or conservator.
Because the FDIC could delay its decision to recognize or avoid the transfer of
the receivables to the trust for a reasonable period following its appointment
as receiver or conservator, this position could cause you to receive less than
the full amount of interest owing to you under your securities. If the FDIC
were to refuse to recognize the transfer of the receivables to the trust, you
could suffer payment delays or losses with respect to your securities.

   If the OCC were to appoint the FDIC as receiver or conservator for FNANB,
the FDIC could, even if the conditions set forth above were found to have been
met:

  . repudiate FNANB's ongoing obligations under the master pooling and
    servicing agreement, such as the duty to collect payments or otherwise
    service the receivables;

  . require that the trust establish its right to collections on the
    receivables by submitting to and completing the administrative claims
    procedure established under the law applicable to bank insolvencies; or

  . request a stay of any proceedings relating to the trust's claims against
    FNANB.

If the FDIC were to take any of these actions or if the master pooling and
servicing agreement or FNANB's transfer of the receivables to the trust were
found to violate the regulatory requirements of the FDIA, you could suffer
payment delays or losses with respect to your securities.

   If FNANB were to become insolvent or a receiver or conservator were to be
appointed for FNANB, an Early Amortization Event would occur with respect to
all outstanding series, newly created receivables would not be transferred to
the trust and the trustee would proceed to liquidate the receivables in a
commercially reasonable manner and on commercially reasonable terms unless
otherwise instructed by the securityholders or otherwise required by the FDIC.
The proceeds from a liquidation of the receivables will be treated as
collections on the receivables and will be distributed to securityholders in
accordance with the master pooling

                                       41
<PAGE>

and servicing agreement. See "Description of the Securities--Early Amortization
Events" beginning on page 22 of this prospectus for a further discussion of the
circumstances under which the securityholders may instruct the trustee not to
liquidate the receivables.

   If the OCC were to appoint the FDIC as receiver or conservator for FNANB,
the FDIC might have the power to delay or prevent the early sale of the
receivables and the commencement of the Early Amortization Period. In addition,
the FDIC might have the power to cause the early sale of the receivables and
the early retirement of the securities or to prohibit the continued transfer of
receivables to the trust. See "Description of the Securities--Early
Amortization Events" beginning on page 22 of this prospectus for a further
discussion of the Early Amortization Events applicable to all series and the
circumstances under which the receivables may be liquidated.

   If the OCC were to appoint the FDIC as receiver or conservator for the
servicer, the FDIC might have the power to prevent the appointment of a
successor servicer. See "Description of the Securities--Servicer Defaults"
beginning on page 25 of this prospectus for a discussion of the Servicer
Defaults applicable to all series and the circumstances under which a successor
servicer may be appointed.

Consumer Protection Laws

   The relationship between the credit card issuer and the cardholder is
extensively regulated by federal and state consumer protection laws. The most
significant laws include the federal Truth-in-Lending Act, the Equal Credit
Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection
Practices Act and the Electronics Funds Transfer Act. These statutes and
various state consumer protection laws:

  . impose disclosure requirements when a credit card account is advertised,
    when an account is opened, at the end of monthly billing cycles, upon
    account renewal for accounts on which annual fees are assessed and at
    year end;

  . limit cardholder liability for unauthorized use;

  . prohibit unfair, deceptive or discriminatory practices in extending
    credit;

  . limit the type of account-related charges that may be assessed; and

  . regulate collection practices.

    In addition, cardholders are entitled under these laws to have payments and
credits applied to their credit card accounts promptly, to receive prescribed
notices and to require billing errors to be resolved promptly.

   The trust may be liable for violations of consumer protection laws that
apply to the receivables. In addition, a cardholder may be entitled to assert
violations of consumer protection laws by way of set off against his or her
obligation to pay outstanding receivables. FNANB has represented and warranted
in the master pooling and servicing agreement that all receivables will be
created in compliance in all material respects with all federal and state
consumer protection laws. In addition, the servicer has agreed in the master
pooling and servicing agreement to indemnify the trust from and against, among
other things, any liability arising from any violation of federal or state
consumer protection laws caused by the servicer. If a receivable is not created
in compliance in all material respects with the consumer protection laws, the
trustee may direct FNANB to accept retransfer of that receivable in accordance
with the master pooling and servicing agreement. See "Description of the
Securities--Representations and Warranties" beginning on page 13 of this
prospectus for a further discussion of the circumstances under which the trust
may direct FNANB to accept retransfer of the receivables.

   There have been numerous attempts at the federal, state and local level to
regulate further the credit card industry. In particular, legislation has been
introduced in Congress that would impose a ceiling on the rate at which a
financial institution may assess finance charges and other fees on credit card
accounts. These ceilings are substantially below the rate at which periodic
finance charges and other fees are currently assessed on the Accounts. FNANB
cannot predict whether any such legislation will be enacted. If ceilings on
periodic finance charges or other fees are enacted, the yield on the
receivables could be reduced and this reduction could result in the
commencement of the Early Amortization Period.

                                       42
<PAGE>

                    MATERIAL FEDERAL INCOME TAX CONSEQUENCES

   The following discussion and the tax discussion in the attached prospectus
supplement summarize the material federal income tax consequences of the
purchase, ownership and disposition of the offered securities. This discussion
is based upon current provisions of the Internal Revenue Code of 1986, as
amended, existing and proposed Treasury regulations promulgated under the
Internal Revenue Code and published rulings and court decisions in effect as of
the date of this prospectus, all of which are subject to change, possibly with
retroactive effect. Any changes in these provisions, regulations, rulings or
decisions could modify or adversely affect the tax consequences summarized
below. We will not seek a ruling from the IRS with respect to any of the
federal income tax consequences discussed in this prospectus and cannot assure
you that the IRS will not challenge the conclusions reached in this prospectus.

   The opinion of McGuireWoods LLP, special tax counsel to FNANB, described in
this prospectus assumes that all relevant parties will comply with the terms of
the master pooling and servicing agreement and all related documents. If the
relevant parties fail to comply with the terms of the master pooling and
servicing agreement or any related document, the conclusions of special tax
counsel reached in the opinion and the discussion of the federal income tax
consequences set forth in this prospectus may not be accurate.

   This discussion does not address every aspect of the federal income tax laws
that may be relevant to Security Owners in light of their personal investment
circumstances or to Security Owners subject to special treatment under the
federal income tax laws, such as banks and other financial institutions,
insurance companies, dealers in securities, tax-exempt organizations and
persons holding offered securities as part of a hedging or conversion
transaction. We suggest that each prospective Security Owner consult its own
tax advisors regarding the federal, state, local and foreign tax consequences
of the purchase, ownership and disposition of the offered securities.

   This discussion assumes that the offered securities will be issued in
registered form, that all payments on the offered securities will be in U.S.
dollar denominations, that the offered securities will have a term exceeding
one year, that the offered securities' interest formula meets the requirements
for qualified stated interest under Treasury regulations relating to original
issue discount and that any OID does not exceed a de minimis amount. This
discussion also assumes that the offered securities will be treated as debt for
federal income tax purposes. See "--Classification of the Transaction"
beginning on page 43 of this prospectus for a further discussion of the
possibility that the offered securities would not be treated as debt.

Tax Treatment of the Offered Securities

   McGuireWoods LLP, special tax counsel to FNANB, will render its opinion in
the attached prospectus supplement as to the federal income tax treatment
applicable to the offered securities.

Tax Treatment of the Trust

   McGuireWoods LLP, special tax counsel to FNANB, is of the opinion that,
under current law, the trust will not be treated as an association or publicly
traded partnership taxable as a corporation for federal income tax purposes.

Classification of the Transaction

   Any opinion of special tax counsel with respect to the federal income tax
treatment of the offered securities or the trust is not binding on the courts
or the IRS. It is possible that the IRS could assert that, for purposes of the
Internal Revenue Code, some or all of the offered securities are not debt
obligations for federal income tax purposes and that the proper classification
of the legal relationship between FNANB, any other holders of equity interests
in the trust and the Security Owners resulting from the transaction
contemplated by

                                       43
<PAGE>

the master pooling and servicing agreement is that of a partnership, a publicly
traded partnership taxable as a corporation or an association taxable as a
corporation. FNANB currently does not intend to comply with the federal income
tax reporting requirements that would apply if the offered securities were
treated as interests in a partnership or corporation unless, as is permitted by
the master pooling and servicing agreement, an interest in the trust is issued
or sold that is intended to be classified as an interest in a partnership.

   If the trust were treated in whole or in part as a partnership in which some
or all Security Owners were partners, that partnership could be classified as a
publicly traded partnership taxable as a corporation. A partnership will be
classified as a publicly traded partnership taxable as a corporation if any of
its equity interests are traded on an established securities market or are
readily tradable on a secondary market or its substantial equivalent, unless
certain exceptions apply. One exception that would apply is if the trust is not
engaged in a financial business and 90% or more of its income consists of
interest and certain other types of passive income. Because Treasury
regulations do not clarify the meaning of a financial business for this
purpose, it is unclear whether this exception applies. FNANB has taken and
intends to take measures designed to reduce the risk that the trust could be
classified as a publicly traded partnership taxable as a corporation. We cannot
assure you, however, that the trust will not become a publicly traded
partnership.

   If the transaction contemplated by the master pooling and servicing
agreement were treated as creating a partnership between FNANB and the Security
Owners whose interests in the trust were treated as equity, the partnership
would not be subject to federal income tax unless it were classified as a
publicly traded partnership taxable as a corporation. If the transaction were
treated as creating a partnership, the partners of the partnership, including
the Security Owners whose interests in the trust were treated as equity, would
be taxed individually on their respective distributive shares of the
partnership's income, gain, loss, deductions and credits. The amount and timing
of items of income and deductions of a Security Owner could differ if the
offered securities were held to constitute partnership interests rather than
indebtedness. In addition, unless the partnership were treated as engaged in a
trade or business, an individual's share of expenses of the partnership would
be miscellaneous itemized deductions that, in the aggregate, would be allowed
as deductions only to the extent they exceeded 2% of the individual's adjusted
gross income and would be subject to reduction under Section 68 of the Internal
Revenue Code if the individual's adjusted gross income exceeded certain limits.
As a result, an individual might be taxed on a greater amount of income than
the stated rate on the offered securities. Finally, if the partnership were
classified as a publicly traded partnership that qualifies for exemption from
taxation as a corporation, all or a portion of any taxable income allocated to
a Security Owner that is a pension, profit sharing or employee benefit plan or
other tax-exempt entity, including an individual retirement account, might,
under certain circumstances, constitute unrelated business taxable income which
in most cases would be taxable to that Security Owner.

   If the transaction contemplated by the master pooling and servicing
agreement were treated as creating an entity classified as an association or as
a publicly traded partnership taxable as a corporation, the trust would be
subject to federal income tax at corporate income tax rates on the income it
derives from the receivables, which would reduce the amounts available for
distribution to the Security Owners, possibly including holders of a series
that is treated as indebtedness. That classification might also have adverse
state and local tax consequences that would reduce amounts available for
distribution to Security Owners. In most cases, cash distributions to the
Security Owners, other than the Security Owners of any class not
recharacterized as an equity interest in an association, would be treated as
dividends for tax purposes to the extent deemed part of the corporation's
earnings and profits and, in the case of Non-U.S. Security Owners, would be
subject to withholding tax.

U.S. Security Owners

   If the offered securities are treated as debt obligations for federal income
tax purposes, interest on the offered securities will be includible in income
by a U.S. Security Owner as ordinary income in accordance with its method of
tax accounting. In addition, interest received on the offered securities may
constitute investment

                                       44
<PAGE>

income for purposes of certain limitations of the Internal Revenue Code
concerning deductibility of investment interest expense.

   Although it is not anticipated that the offered securities will be issued at
a greater than de minimis discount, the offered securities may nevertheless be
deemed to have been issued with original issue discount under applicable
Treasury regulations. This could be the case, for example, if interest payments
are not treated as qualified stated interest because the IRS determines that:

  . no reasonable legal remedies exist to compel timely payment; and

  . the offered securities do not have terms and conditions that make the
    likelihood of late payment, other than a late payment that occurs within
    a reasonable grace period, or nonpayment a remote contingency.

   The applicable Treasury regulations provide that, for purposes of the
foregoing test, the possibility of nonpayment due to default, insolvency or
similar circumstances is ignored. Although this provision does not directly
apply to the offered securities because the offered securities have no actual
default provisions, FNANB intends to take the position that, because nonpayment
can occur only as a result of a substantial deterioration in receivable
performance, nonpayment is a remote contingency. Based on the foregoing, and on
the fact that interest will accrue on the offered securities at a qualified
rate, FNANB intends to take the position that interest payments on the offered
securities constitute qualified stated interest. If interest payments on the
offered securities were not qualified stated interest, all of the taxable
income to be recognized with respect to the offered securities would be
includible in income as OID but would not be includible again when the interest
payments were actually received.

   If the offered securities are issued at a greater than de minimis discount
or are treated as having been issued with OID under applicable Treasury
regulations, the excess of the stated redemption price at maturity of an
offered security over the initial offering price at which a substantial amount
of the offered securities are sold to the public will constitute OID. A U.S.
Security Owner must include OID in income as interest over the term of the
offered security under a constant yield method. In general, OID must be
included in income in advance of the receipt of cash representing that income.
In the case of a debt instrument as to which the repayment of principal may be
accelerated as a result of the prepayment of other obligations securing that
debt instrument, the periodic accrual of OID is determined by taking into
account both the prepayment assumptions used in pricing that debt instrument
and the actual prepayment experience. If this provision is applied to the
offered securities, the amount of OID which will accrue in any given accrual
period may either increase or decrease depending upon the actual prepayment
rate. Under the applicable Treasury regulations, if an offered security is
issued with de minimis OID, a U.S. Security Owner must include the OID in
income proportionately as principal payments are made. We suggest that each
U.S. Security Owner consult its own tax advisors regarding the effect of the
OID rules if the offered securities are issued with OID.

   A U.S. Security Owner who purchases an offered security at a discount from
its adjusted issue price after its original issuance may be subject to the
market discount rules of the Internal Revenue Code. These rules provide, in
part, for the treatment of gain attributable to accrued market discount as
ordinary income upon the receipt of partial principal payments or upon the sale
or other disposition of the offered security and for the deferral of interest
deductions with respect to debt incurred to acquire or carry the market
discount offered security.

   A U.S. Security Owner who purchases an offered security after its original
issuance for an amount in excess of the sum of all amounts payable on the
offered security after the purchase date other than payment of qualified stated
interest will be considered to have purchased the offered security at a
premium. The Security Owner may in most cases elect to amortize the premium, as
an offset to interest income, using a constant yield method, over the remaining
term of the offered security.

   A U.S. Security Owner who purchases an offered security that was issued with
OID after its original issuance for an amount less than or equal to the sum of
all amounts payable on the offered security after the

                                       45
<PAGE>

purchase date other than payment of qualified stated interest but in excess of
its adjusted issue price is in most cases permitted to reduce the daily portion
of OID otherwise includible in the Security Owner's taxable income.

Disposition of the Offered Securities

   In general, a U.S. Security Owner will recognize gain or loss upon the sale,
exchange, redemption or other taxable disposition of an offered security
measured by the difference between:

  . the amount of cash and the fair market value of any property received,
    other than amounts attributable to, and taxable as, accrued interest; and

  . the U.S. Security Owner's tax basis in the offered security, which is
    equal, in general, to the purchase price of the offered security
    increased by any OID or market discount previously included in income by
    the holder and decreased by any deductions previously allowed for
    amortizable bond premium and by any payments reflecting principal or OID
    received with respect to the offered security.

   In general, subject to the market discount rules and to the one-year holding
requirement for long-term capital gain treatment, any gain or loss will be
long-term capital gain; provided, however, that the offered security was held
as a capital asset; and, provided further, that, if the rules applicable to
prepayable instruments apply, any OID not previously accrued will be treated as
ordinary income. The maximum ordinary income tax rate for individuals, estates
and trusts exceeds the maximum long-term capital gains tax rate for those
taxpayers. In addition, capital losses may, in general, be used only to offset
capital gains.

Non-U.S. Security Owners

   This section describes the U.S. federal income tax treatment of Non-U.S.
Security Owners if the offered securities are treated as indebtedness.

   Interest, including OID, paid to a Non-U.S. Security Owner will be subject
to U.S. withholding taxes at a rate of 30% unless:

  . the income is effectively connected with the conduct by the Non-U.S.
    Security Owner of a trade or business carried on in the United States and
    the Non-U.S. Security Owner evidences this fact by delivering an IRS Form
    4224 or IRS Form W-8ECI; or

  . the Non-U.S. Security Owner and each securities clearing organization,
    bank or other financial institution that holds the offered securities on
    behalf of the Non-U.S. Security Owner in the ordinary course of its trade
    or business in the chain between the Non-U.S. Security Owner and the U.S.
    person otherwise required to withhold the U.S. tax complies with
    applicable identification requirements; and

  . the Non-U.S. Security Owner does not actually or constructively own 10%
    or more of the voting stock of FNANB or, upon the issuance of an interest
    in the trust that is treated as a partnership interest, any holder of
    that interest;

  . the Non-U.S. Security Owner is not a controlled foreign corporation with
    respect to FNANB or, upon the issuance of an interest in the trust that
    is treated as a partnership interest, any holder of that interest;

  . the Non-U.S. Security Owner is not a bank whose receipt of interest on an
    offered security is described in Section 881(c)(3)(A) of the Internal
    Revenue Code;

  . the interest is not contingent interest described in Section 871(h)(4) of
    the Internal Revenue Code; and

  . the Non-U.S. Security Owner does not bear certain relationships to any
    holder of the Exchangeable Transferor Certificate other than FNANB or any
    holder of the securities of any series not properly characterized as
    debt.

                                       46
<PAGE>

   In general, applicable identification requirements will be satisfied if
there is delivered to a securities clearing organization:

  . IRS Form W-8 or IRS Form W-8BEN signed under penalties of perjury by the
    Security Owner stating that the Security Owner is not a U.S. Security
    Owner and providing the Security Owner's name and address; or

  . IRS Form 1001 or IRS Form W-8BEN, signed under penalties of perjury by
    the Security Owner or the Security Owner's agent claiming exemption from
    withholding under an applicable tax treaty;

provided, however, that, in each case, the applicable form must be delivered
under applicable procedures and must be properly transmitted to the United
States entity otherwise required to withhold tax and none of the entities
receiving that form may have actual knowledge that the Security Owner is a U.S.
Security Owner.

   Recently finalized Treasury regulations affect the procedures to be followed
by a Non-U.S. Security Owner in complying with U.S. federal withholding, backup
withholding and information reporting rules. These regulations are not
effective as of the date of this prospectus but will be effective in most cases
for payments made after December 31, 2000. We suggest that you consult your own
tax advisors regarding the effect, if any, of these regulations on the
purchase, ownership and disposition of the offered securities.

   If a Non-U.S. Security Owner is engaged in a trade or business in the United
States and interest on the offered security is effectively connected with the
conduct of that trade or business, the Non-U.S. Security Owner, although exempt
from U.S. withholding tax, will be subject to U.S. federal income tax on the
interest on a net income basis in the same manner as if the Non-U.S. Security
Owner were a U.S. Security Owner. In addition, a Non-U.S. Security Owner that
is a foreign corporation may be subject to a branch profits tax equal to 30% of
its effectively connected earnings and profits for the taxable year, subject to
certain adjustments.

   A Non-U.S. Security Owner will not be subject to U.S. federal income tax on
gain realized upon the sale, exchange or redemption of an offered security if:

  . the gain is not effectively connected with the conduct of a trade or
    business in the United States;

  . in the case of a Non-U.S. Security Owner that is an individual, the Non-
    U.S. Security Owner is not present in the United States for 183 days or
    more during the taxable year in which the sale, exchange or redemption
    occurs; and

  . in the case of gain representing accrued but unpaid interest, the
    conditions described with respect to interest and OID are satisfied.

   If the interests of a Non-U.S. Security Owner were classified as interests
in a partnership, not taxable as a corporation, that classification could cause
a Non-U.S. Security Owner to be treated as engaged in a trade or business in
the United States. If a Non-U.S. Security Owner were to be treated as engaged
in a trade or business in the United States, the Non-U.S. Security Owner would
be required to file a U.S. federal income tax return and, in general, would be
subject to U.S. federal income tax, including branch profits tax in the case of
a Non-U.S. Security Owner that is a corporation, unless eliminated under an
applicable tax treaty, on its net income from the partnership. In addition, the
partnership would be required, on a quarterly basis, to pay withholding tax
equal to the sum, for each foreign partner, of the foreign partner's
distributive share of effectively connected income of the partnership
multiplied by the highest rate of tax applicable to that foreign partner. The
tax withheld from each foreign partner would be credited against the foreign
partner's U.S. income tax liability.

   If the Trust were taxable as a corporation, distributions to foreign
persons, to the extent treated as dividends, would, in general, be subject to
withholding at the rate of 30%, unless the rate were reduced by an applicable
tax treaty.

                                       47
<PAGE>

Backup Withholding

   A Security Owner may be subject to backup withholding at the rate of 31%
with respect to interest paid on the offered securities if the Security Owner
fails to supply the trustee or the Security Owner's broker with the Security
Owner's taxpayer identification number, furnishes an incorrect taxpayer
identification number, fails to report interest, dividends or other reportable
payments properly or, under certain circumstances, fails to provide the trustee
or the Security Owner's broker with a certified statement that the Security
Owner is not subject to backup withholding. Information returns will be sent
annually to the IRS and to each Security Owner setting forth the amount of
interest paid on the offered securities owned by that Security Owner and the
amount of tax withheld on those payments.

State and Local Tax Consequences

   The above discussion does not address the tax consequences of the purchase,
ownership or disposition of the offered securities under any state or local tax
law. We suggest that you consult your own tax advisors regarding the state and
local tax consequences of the purchase, ownership and disposition of the
offered securities.

                              ERISA CONSIDERATIONS

   ERISA and the Internal Revenue Code impose requirements on Plans and Plan
fiduciaries. A Plan fiduciary considering an investment in the offered
securities should determine, among other factors, whether that investment is
permitted under the governing Plan, is appropriate for the Plan in view of its
overall investment policy and the composition and diversification of its
portfolio and is prudent considering the factors discussed in this prospectus
and the attached prospectus supplement.

   ERISA and the Internal Revenue Code prohibit various transactions involving
the assets of a Plan and persons referred to as parties in interest under ERISA
or disqualified persons under the Internal Revenue Code. A prohibited
transaction could subject disqualified persons to excise taxes and Plan
fiduciaries to other liabilities. A Plan fiduciary considering an investment in
the offered securities should consider whether that investment might constitute
a prohibited transaction under ERISA or the Internal Revenue Code.

   A number of employee benefit plans, such as foreign plans, governmental
plans, as defined in Section 3(32) of ERISA, and certain church plans, as
defined in Section 3(33) of ERISA, are not subject to the restrictions of
ERISA. As a result, assets of these plans may be invested in the offered
securities without regard to the ERISA restrictions, subject to the provisions
of any other applicable federal or state law. You should note, however, that
any governmental plan or church plan that is qualified and exempt from taxation
under Sections 401(a) and 501(a) of the Internal Revenue Code is subject to the
prohibited transaction rules set forth in Section 503 of the Internal Revenue
Code.

Prohibited Transaction Considerations

   Treatment of Trust Assets as Plan Assets.  A transaction involving the
operation of the trust might constitute a prohibited transaction under ERISA
and the Internal Revenue Code if assets of the trust were deemed to be assets
of an investing Plan. The United States Department of Labor has issued
regulations, called the plan asset regulations, addressing whether the assets
of a Plan would include the assets of an entity in which the Plan has invested
for purposes of the fiduciary responsibility provisions of ERISA and the
prohibited transaction provisions of ERISA and the Internal Revenue Code. In
general, under the plan asset regulations, when a Plan acquires an equity
interest in an entity such as the trust, the assets of the Plan include both
the equity interest and an undivided interest in each of the underlying assets
of the entity unless the exceptions set forth in the regulations apply. In
general, an equity interest is defined under the plan asset regulations as any
interest in an entity, other than an instrument that is treated as indebtedness
under applicable local law and has no substantial equity features, and includes
a beneficial interest in a trust.

                                       48
<PAGE>

   If the assets of the trust are deemed to be the assets of an investing Plan,
any person who has discretionary authority or control with respect to the trust
assets, and any person who provides investment advice for a fee with respect to
trust assets, will be a fiduciary of the investing Plan. This fiduciary status
would increase the scope of activities that would constitute prohibited
transactions under ERISA and the Internal Revenue Code.

   Exception for Insignificant Participation by Benefit Plan Investors.  The
plan asset regulations provide that the assets of an entity such as the trust
will not be deemed to be the assets of an investing Plan if equity
participation in the entity by benefit plan investors, such as employee benefit
plans or individual retirement accounts, is not significant. An equity
participation in an entity is not deemed to be significant if benefit plan
investors hold less than 25% of the value of each class of equity interests in
that entity. In calculating the value of a class of equity interests, the value
of any equity interests held by FNANB, the trustee or any of their affiliates
must be excluded. We cannot assure you that benefit plan investors will hold
less than 25% of the value of each class of equity interests in the trust.

   Exception for Publicly Offered Securities.  The plan asset regulations
provide that the issuer of a publicly-offered security acquired by a Plan will
not be deemed to hold Plan assets solely because of that acquisition. A
publicly-offered security is a security that is freely transferable, part of a
class of securities that is owned, at the conclusion of the initial offering of
that class, by 100 or more investors independent of the issuer and of one
another and either:

  . part of a class of securities registered under the Exchange Act; or

  . sold to the Plan as part of an offering of securities to the public under
    the Securities Act; provided, however, that the class of securities of
    which the security is a part must be registered under the Exchange Act
    within 120 days, or later if allowed by the SEC, after the end of the
    fiscal year of the issuer during which the offering of the securities to
    the public occurred.

   The attached prospectus supplement states whether FNANB expects the
conditions of this exception to be met with respect to your securities.

   We suggest that Plan fiduciaries or other persons considering an investment
in the offered securities on behalf of or with the assets of a Plan consult
their own counsel regarding the consequences to the Plan of that investment,
including the consequence to the Plan if the assets of the trust were to become
subject to the fiduciary and prohibited transaction rules of ERISA and the
Internal Revenue Code.

Additional Considerations for Insurance Company General Accounts

   In John Hancock Mut. Life Ins. Co. v. Harris Trust and Sav. Bank, 510 U.S.
86 (1993), the United States Supreme Court held that, under some circumstances,
assets held in an insurance company's general account may be deemed to be
assets of Plans that were issued policies supported by that general account.

   The Small Business Job Protection Act of 1996 added a new section of ERISA
relating to the status of the assets of insurance company general accounts
under ERISA and the Internal Revenue Code. This new section provides that
assets underlying general account policies issued before December 31, 1998 will
not be considered assets of a Plan to the extent the criteria set forth in DOL
regulations are satisfied. This new section also requires the DOL to issue
regulations establishing those criteria. On January 4, 2000, the DOL issued
final regulations, called the general account regulations, for this purpose.
The general account regulations are not generally applicable until July 5,
2001. The general account regulations provide that, if a Plan holds a policy
issued by an insurance company on or before December 31, 1998 which is
supported by assets of the insurance company's general account, the assets of
the Plan will include the policy but not the underlying assets of the general
account to the extent the requirements set forth in the general account
regulations are satisfied. The general account regulations do not apply to any
general account policies issued after December 31, 1998.

   We suggest that Plan fiduciaries or other persons considering an investment
in the offered securities on behalf of an insurance company general account
consult their own counsel regarding the effect of the John Hancock decision and
the general account regulations on that investment.

                                       49
<PAGE>

                              PLAN OF DISTRIBUTION

   FNANB may sell the offered securities through underwriters or dealers,
directly to one or more purchasers or through agents. The attached prospectus
supplement sets forth the terms on which your securities are offered,
including, without limitation:

  . the names of any underwriters;

  . the purchase price of your securities and the resulting proceeds to
    FNANB;

  . any underwriting discounts or other items constituting underwriters'
    compensation;

  . the initial public offering price for your securities; and

  . any discounts or commissions allowed or reallowed or paid to dealers.

   The underwriters of any underwritten securities will purchase the securities
for their own account. The underwriters may sell any securities they purchase
in one or more transactions at a fixed public offering price or at varying
prices to be determined at the time of sale. The terms of any sale of your
securities will be set forth or described in the attached prospectus
supplement. If FNANB sells any securities to dealers as principals, those
dealers may re-sell those securities to the public at varying prices set by
those dealers from time to time. FNANB also may sell the securities through
agents on a best-efforts basis at varying prices.

   Each underwriting agreement will provide that FNANB, as transferor of the
receivables, will indemnify the underwriters against liabilities under the
federal securities laws or will contribute to any amounts the underwriters may
be required to pay with respect to those liabilities. Dealers and agents may
also be entitled to indemnification or contribution with respect to liabilities
under the federal securities laws.

   Any underwriter will be permitted to engage in the following transactions,
to the extent permitted by Regulation M under the Exchange Act:

  . over-allotment transactions, which involve syndicate sales in excess of
    the offering size creating a syndicate short position;

  . stabilizing transactions, which permit bids to purchase the offered
    securities so long as the stabilizing bids do not exceed a specified
    maximum;

  . syndicate covering transactions, which involve purchases of the offered
    securities in the open market after the distribution has been completed
    in order to cover syndicate short positions; and

  . penalty bids, which permit the underwriters to reclaim a selling
    concession from a syndicate member when the offered securities originally
    sold by the syndicate member are purchased in a syndicate covering
    transaction.

   Any over-allotment transactions, stabilizing transactions, syndicate
covering transactions and penalty bids may cause prices of the offered
securities to be higher than they would be in the absence of such transactions.
Neither the trust nor any of the underwriters makes any representation or
prediction as to the effect, if any, that these transactions could have on the
prices of the offered securities. In addition, neither the trust nor any of the
underwriters represents that the underwriters will engage in any of these
transactions or that any of these transactions, once commenced, will not be
discontinued without notice.

   The underwriters or their affiliates may engage in transactions with, or
perform services for, FNANB, Circuit City or their affiliates in the ordinary
course of business.

                                       50
<PAGE>

                                 LEGAL MATTERS

   We expect that legal matters relating to the issuance of the offered
securities will be passed upon for FNANB by McGuireWoods LLP, Richmond,
Virginia, and for the underwriters by Orrick, Herrington & Sutcliffe LLP,
Washington, D.C. We expect that federal income tax matters relating to the
trust and the offered securities will be passed upon for FNANB by McGuireWoods
LLP.

                           REPORTS TO SECURITYHOLDERS

   Unless and until the securities are issued in definitive form, monthly and
annual reports containing information concerning the trust and prepared by the
servicer will be sent on behalf of the trust to Cede & Co., as nominee of DTC
and as registered holder of the securities. These reports will not constitute
financial statements prepared in accordance with generally accepted accounting
principles. FNANB is not required and does not intend to send any of its
financial reports to the securityholders or to the owners of beneficial
interests in the securities. The servicer will file with the SEC those periodic
reports with respect to the trust that are required to be filed under the
Exchange Act and under the SEC rules and regulations under the Exchange Act.
See "Registration and Transfer of the Securities" beginning on page 30 of this
prospectus for a further discussion of the circumstances under which the
securities will be issued in definitive form.

                      WHERE YOU CAN FIND MORE INFORMATION
                       ABOUT THE TRUST AND THE SECURITIES

   We have filed a registration statement relating to the trust and the
securities with the SEC. The registration statement includes information with
respect to the trust and the securities not included in this prospectus.

   We have filed with the SEC periodic and special reports and other
information with respect to the trust and the securities. You may review these
filings, without charge, at the public reference facilities maintained by the
SEC at 450 Fifth Street, NW, Washington, DC 20549, 7 World Trade Center, New
York, New York 10048, and Northwestern Atrium Center, 500 West Madison Street,
Suite 1400, Chicago, Illinois 60661-2511. You may obtain copies of these
filings, for a fee, at the public reference facility maintained by the SEC at
450 Fifth Street, NW, Washington, DC 20549. You may call the SEC at (800) SEC-
0330 for further information about the operation of the public reference
facilities. You may also view SEC filings with respect to the trust and the
securities on the SEC Internet site at http://www.sec.gov.

                    INCORPORATION OF DOCUMENTS BY REFERENCE

   The SEC allows us to incorporate by reference into this prospectus
information contained in documents we file with the SEC. Any information that
we incorporate by reference into this prospectus is considered part of this
prospectus. All information that we file later with the SEC will automatically
update the information in this prospectus. If the information provided in, or
incorporated by reference into, this prospectus or the attached prospectus
supplement differs from later information incorporated by reference into this
prospectus or the attached prospectus supplement, you should rely on the later
information. We incorporate by reference into this prospectus all periodic and
special reports and all other information filed with the SEC by or on behalf of
the trust after the date of this prospectus and before the termination of the
offering of the securities.

   You may obtain a copy of any document we incorporate by reference into this
prospectus, without exhibits unless the exhibits are specifically incorporated
by reference, without charge, by writing or calling us c/o Circuit City Stores,
Inc., 9954 Mayland Drive, Richmond, Virginia 23233, Attention: Treasury
Department, (804) 527-4000.

                                       51
<PAGE>

                           GLOSSARY OF DEFINED TERMS

   "Account" means an Eligible Account included in the trust in accordance with
the master pooling and servicing agreement; provided, however, that:

  . an Automatic Additional Account will be included as an Account only from
    and after the date that account is created;

  . a Designated Additional Account will be included as an Account only from
    and after the date that account is designated; and

  . a Removed Account will be included as an Account only until the
    receivables in that Removed Account are retransferred to FNANB.

   "Accumulation Period" means, with respect to any series, a Controlled
Accumulation Period, a Rapid Accumulation Period or such other type of
accumulation period as may be specified in the related series supplement.

   "Additional Cut-Off Date" means, with respect to a Designated Additional
Account, the related cut-off date.

   "Amortization Period" means, with respect to any series, a Controlled
Amortization Period, a Principal Amortization Period, an Early Amortization
Period or such other type of amortization period as may be specified in the
related series supplement.

   "Automatic Additional Account" means an Eligible Account automatically
included in the trust as of the date of its creation in accordance with the
master pooling and servicing agreement.

   "Business Day" means any day other than a Saturday, a Sunday or a day on
which banking institutions in Richmond, Virginia, Atlanta, Georgia or New York,
New York, or, with respect to any series, any other city specified in the
related series supplement, are authorized or obligated by law or executive
order to be closed.

   "Collection Account" means a segregated trust account established by the
trustee with an Eligible Institution, for the benefit of the securityholders,
into which the servicer deposits amounts collected on the receivables.

   "Companion Series" means a series that is paired with a previously issued
series and that has an Invested Amount that increases as the Invested Amount of
the paired series decreases.

   "Controlled Accumulation Period" means, with respect to any series, a period
during which collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement, up to a specified
amount, are deposited on or before each Distribution Date into a Principal
Funding Account.

   "Controlled Amortization Period" means, with respect to any series, a period
during which collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement, up to a specified
amount, are used on each Distribution Date to make principal payments to the
securityholders of that series or any class of that series then scheduled to
receive principal payments.

   "Definitive Securities" means securities issued in fully registered,
certificated form.

   "Default Amount" means, for any Due Period, the aggregate amount of
Principal Receivables, other than Principal Receivables that are not Eligible
Receivables, in all Accounts that were charged-off during that Due Period minus
all amounts recovered with respect to charged-off Accounts during that Due
Period.

   "Designated Additional Account" means an Eligible Account designated by
FNANB after the initial closing date and included in the trust upon its
designation in accordance with the master pooling and servicing agreement.

                                       52
<PAGE>

   "Determination Date" means the eighth day prior to each Distribution Date
or, if that eighth day is not a Business Day, the next succeeding Business Day.

   "Dilution Amount" means, as of any date, the amount, if any, by which the
sum of the aggregate Invested Amount of all outstanding series plus the Minimum
Transferor Amount, in each case as of that date, exceeds the sum of the
aggregate amount of Principal Receivables plus the amount on deposit in the
Excess Funding Account, in each case as of that date; provided, however, that
this excess will only constitute a Dilution Amount to the extent attributable
to downward adjustments made in the amount of Principal Receivables for non-
credit reasons as described under "Description of the Securities--Calculation
of Series Adjustment Amount" beginning on page 20 of this prospectus.

   "Discount Option" means the option of FNANB to designate a percentage of
receivables in the trust that would otherwise be treated as Principal
Receivables to be treated as Finance Charge Receivables.

   "Discount Percentage" means a specified fixed or variable percentage
specified by FNANB in accordance with the master pooling and servicing
agreement.

   "Distribution Date" means, with respect to any series, the date specified in
the related series supplement on which payments are scheduled to be made to the
securityholders of that series.

   "Due Period" means, with respect to any series, the period from and
including the first day of a month to and including the last day of that month
or such other period as may be specified in the related series supplement.

   "Early Amortization Event" means, with respect to any series, an event or
condition described under "Description of the Securities--Early Amortization
Events" beginning on page 22 of this prospectus and any other event identified
as an Early Amortization Event in the related prospectus supplement.

   "Early Amortization Period" means, with respect to any series, a period
during which collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement are used on each
Distribution Date to make principal payments to the securityholders of that
series or any class of that series then scheduled to receive principal
payments.

   "Eligible Account" means a consumer revolving credit card account that
satisfies the eligibility criteria described under "Overview of the Accounts
and the Receivables" beginning on page 6 of this prospectus.

   "Eligible Institution" means:

  . a depository institution, which may be the trustee, organized under the
    laws of the United States or any state or the District of Columbia, or
    any domestic branch or agency of any foreign bank, the deposits in which
    are insured by the FDIC and which at all times has a short-term unsecured
    debt or certificate of deposit rating of at least A-1+ and P-1 by the
    applicable rating agency or has a long-term unsecured debt rating of at
    least AAA or Aa2 by the applicable rating agency; or

  . a depository institution, which may be the trustee, otherwise acceptable
    to each rating agency;

provided, however, that these ratings will not be required if the depository
institution has corporate trust powers and maintains the Collection Account,
any Principal Funding Account, any Interest Funding Account or any other bank
account maintained for the benefit of the securityholders as a fully segregated
trust account with the trust department of that depository institution.

   "Eligible Investments" means:

  . U.S. government debt;

  . deposits at financial institutions having a rating in the highest rating
    category from the applicable rating agency;

                                       53
<PAGE>

  . commercial paper having a rating in the highest rating category from the
    applicable rating agency;

  . money market funds having a rating in the highest rating category from
    the applicable rating agency;

  . Eurodollar time deposits having a rating in the highest rating category
    from the applicable rating agency;

  . repurchase agreements involving some of these investments so long as the
    counterparty has a rating in the highest rating category from the
    applicable rating agency; and

  . any other investment approved by the applicable rating agency.

 "Eligible Receivable" means a receivable that satisfies the eligibility
criteria described under "Overview of the Accounts and the Receivables"
beginning on page 6 of this prospectus.

   "Enhancement Invested Amount" means, with respect to any series or class,
the aggregate amount of Principal Receivables in the trust allocated to the
provider of any credit enhancement for that series or class, in each case as
specified in the related series supplement.

   "Excess Funding Account" means a segregated trust account established by the
trustee with an Eligible Institution, for the benefit of the securityholders,
in which collections of Principal Receivables are held as collateral if the
Transferor Amount is less than the Minimum Transferor Amount.

   "Exchangeable Transferor Certificate" means a certificate evidencing an
undivided interest in the assets of the trust not evidenced by the securities
of any outstanding series or, to the extent provided in any series supplement
for any outstanding series, any provider of credit enhancement for that series.

   "FDIA" means the Federal Deposit Insurance Act, as amended by the Financial
Institutions Reform, Recovery and Enforcement Act of 1989.

   "Finance Charge Receivables" means receivables representing amounts charged
to the Accounts in respect of periodic finance charges, late fees, returned
check fees or other fees or charges; provided, however, that, if FNANB
exercises the Discount Option, an amount equal to the product of the Discount
Percentage and the amount of receivables created under the Accounts on or after
the date the Discount Option is exercised that would otherwise be treated as
Principal Receivables will be treated as Finance Charge Receivables.

   "Funding Period" means, with respect to any pre-funded series, a period
during which the aggregate amount of Principal Receivables in the trust
allocated to that series may be less than the aggregate principal amount of the
securities of that series.

   "Initial Cut-Off Date" means September 30, 1994.

   "Interest Funding Account" means, with respect to any series that provides
for the payment of interest less frequently than monthly, a segregated trust
account established by the trustee with an Eligible Institution, for the
benefit of the securityholders of that series, into which collections of
Finance Charge Receivables allocated to that series and any other amounts
specified in the related series supplement are deposited.

   "Invested Amount" means, with respect to any series or class, the aggregate
amount of Principal Receivables in the trust allocated to that series or class,
in each case as specified in the related series supplement.

   "Invested Percentage" means, with respect to any series or class, the
percentage used to allocate collections of Finance Charge Receivables,
collections of Principal Receivables or Default Amounts, as applicable, to that
series or class, in each case as specified in the related series supplement.

   "Investor Charge-Off" means, with respect to any series or class, a
reduction in the Invested Amount of that series or class resulting from a
shortfall in available funds; provided, however, that the amount of that
reduction for any series on any Distribution Date may not exceed the Default
Amount allocated to that series for the preceding Due Period.

                                       54
<PAGE>

   "Minimum Aggregate Principal Receivables" means the aggregate of the Series
Minimum Aggregate Principal Receivables for all outstanding series.

   "Minimum Transferor Amount" means the aggregate of the Series Minimum
Transferor Amounts for all outstanding series.

   "Non-U.S. Security Owner" means a beneficial owner of a security who is not
a U.S. Security Owner.

   "Plan" means:

  . an employee benefit plan, as defined in Section 3(3) of ERISA, that is
    subject to Title I of ERISA;

  . a plan, as defined in Section 4975(e)(1) of the Internal Revenue Code,
    that is subject to Section 4975 of the Internal Revenue Code, including
    individual retirement accounts or Keogh plans; and

  . an entity whose underlying assets include plan assets by reason of a
    plan's investment in that entity, including insurance company general
    accounts.

   "Pre-Funding Account" means, with respect to any series that includes a
Funding Period, a segregated trust account established by the servicer with an
Eligible Institution, for the benefit of the securityholders of that series,
into which the difference between the aggregate amount of Principal
Receivables in the trust allocated to that series and the aggregate principal
amount of the securities of that series, and any other amounts specified in
the related series supplement, are deposited.

   "Principal Amortization Period" means, with respect to any series, a period
during which collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement are used on each
Distribution Date to make principal payments to the securityholders of that
series or any class of that series then scheduled to receive principal
payments.

   "Principal Commencement Date" means, with respect to any series that
includes an Amortization Period, the date on which principal payments on the
related securities are scheduled to commence.

   "Principal Funding Account" means, with respect to any series that includes
an Accumulation Period, a segregated trust account established by the servicer
with an Eligible Institution, for the benefit of the securityholders of that
series, into which collections of Principal Receivables allocated to that
series and any other amounts specified in the related series supplement are
deposited.

   "Principal Receivables" means receivables representing amounts charged by
cardholders for merchandise, repair services, service contracts or other
services or credit insurance premiums; provided, however, that, if FNANB
exercises the Discount Option, an amount equal to the product of the Discount
Percentage and the amount of receivables created under the Accounts on or
after the date the Discount Option is exercised that would otherwise be
treated as Principal Receivables will be treated as Finance Charge
Receivables.

   "Rapid Accumulation Period" means, with respect to any series, a period
during which collections of Principal Receivables allocated to that series and
any other amounts specified in the related series supplement are deposited on
or before each Distribution Date into a Principal Funding Account.

   "Record Date" means, with respect to any Distribution Date for any series,
the last Business Day of the preceding month or such other date as may be
specified in the related series supplement.

   "Removed Account" means an Account the receivables in which are to be
retransferred to FNANB.

   "Revolving Period" means, with respect to any series, a period during which
collections of Principal Receivables allocated to that series are not
accumulated for or paid to the securityholders of that series.

                                      55
<PAGE>

   "Scheduled Distribution Date" means, with respect to any series that
includes an Accumulation Period, the date on which a single principal payment
on the related securities is scheduled to occur.

   "Security Owner" means the beneficial owner of a security.

   "Series Adjustment Amount" means, with respect to any series, the amount
calculated for that series as described under "Description of the Securities--
Calculation of Series Adjustment Amount" beginning on page 20 of this
prospectus.

   "Series Minimum Aggregate Principal Receivables" means, with respect to any
series, the amount specified as the minimum aggregate principal receivables in
the related series supplement, which amount is described with respect to the
previously issued series that are currently outstanding under "Annex I:
Previously Issued Series" in the attached prospectus supplement, or such lesser
amount as may be designated by FNANB; provided, however, that FNANB may not
designate a lesser amount unless it receives written confirmation from each
rating agency that the designation of that lesser amount will not result in a
reduction or withdrawal of the rating assigned by that rating agency to any
outstanding series.

   "Series Minimum Transferor Amount" means, with respect to any series, the
amount specified as such in the related series supplement, which amount is
described with respect to the previously issued series that are currently
outstanding under "Annex I: Previously Issued Series" in the attached
prospectus supplement, or such greater amount as may be designated by FNANB;
provided, however, that FNANB may not designate a greater amount unless, after
giving effect to that designation, the Transferor Amount equals or exceeds the
Minimum Transferor Amount.

   "Servicer Default" means, with respect to any series, an event or condition
described under "Description of the Securities--Servicer Defaults" beginning on
page 25 of this prospectus.

   "Shared Excess Finance Charge Collections" means collections of Finance
Charge Receivables allocated to a series included in a group that are not
needed to make required deposits or payments with respect to that series.

   "Shared Principal Collections" means collections of Principal Receivables
allocated to a series included in a group that are not needed to make required
deposits or payments with respect to that series.

   "Stated Series Termination Date" means, for any series, the date specified
in the related series supplement as the last day on which interest and
principal will be distributed to the securityholders of that series.

   "Transferor Amount" means, as of any date:

  . the aggregate amount of Principal Receivables, other than Principal
    Receivables that have been charged off as uncollectible, in the trust at
    the end of the day preceding that date; plus

  . the amount on deposit in the Excess Funding Account at the end of the day
    preceding that date; minus

  . the aggregate Invested Amount of all outstanding series at the end of the
    day preceding that date; minus

  . without duplication, the aggregate Enhancement Invested Amount, if any,
    for all outstanding series at the end of the day preceding that date.

   "Transferor Certificate" means the certificate that represents the interest
of FNANB in the trust.

   "Transferor Interest" means the undivided interest in the assets of the
trust evidenced by the Exchangeable Transferor Certificate.

                                       56
<PAGE>

   "Transferor Percentage" means the percentage used to allocate collections of
Finance Charge Receivables, collections of Principal Receivables or Default
Amounts, as applicable, to FNANB, which percentage equals 100% minus the sum of
the Invested Percentages for all outstanding series.

   "U.S. Security Owner" means a beneficial owner of a security that is:

  . a citizen or resident of the United States;

  . a corporation or partnership created or organized in the United States or
    under the laws of the United States or any political subdivision of the
    United States;

  . an estate the income of which is subject to U.S. federal income taxation
    regardless of its source; or

  . a trust that is subject to the supervision of a court within the Unites
    States and the control of a United States person as described in Section
    7701(a)(30) of the Internal Revenue Code or that has a valid election in
    effect under applicable U.S. Treasury regulations to be treated as a
    United States person.

   "U.S. Person" means:

  . a citizen or resident of the United States;

  . a corporation, partnership or other entity created or organized in the
    United States or under the laws of the United States or of any state,
    unless, in the case of a partnership, Treasury regulations provide
    otherwise;

  . an estate the income of which is includible in gross income for federal
    income taxation regardless of its source; or

  . a trust the income of which is subject to federal income taxation
    regardless of its source, if a United States court is able to exercise
    primary supervision over the administration of the trust and one or more
    U.S. Persons has authority to control all substantial decisions of the
    trust.

                                       57
<PAGE>

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<PAGE>

                     Circuit City Credit Card Master Trust
                                     Issuer

                       First North American National Bank
                            Transferor and Servicer

                       $200,750,000 Class A Floating Rate
                           Asset Backed Certificates
                       $31,625,000 Class B Floating Rate
                           Asset Backed Certificates

                                 SERIES 2000-2

                               ----------------
                             PROSPECTUS SUPPLEMENT

                            Dated November   , 2000
                               ----------------

                    Underwriters of the Class A certificates
                         Banc of America Securities LLC
                          First Union Securities, Inc.
                           Morgan Stanley Dean Witter

                    Underwriter of the Class B certificates
                         Banc of America Securities LLC

  You should rely on the information contained or incorporated by
  reference in this prospectus supplement and the accompanying
  prospectus. We have not authorized anyone to provide you with
  different information.

  We are not offering the Class A certificates or Class B certificates
  in any state where the offer is not permitted.

  Dealers will deliver a prospectus supplement and prospectus when
  acting as underwriters of the Class A certificates and Class B
  certificates and with respect to their unsold allotments or
  subscriptions. In addition, all dealers selling the Class A
  certificates and Class B certificates will deliver a prospectus
  supplement and prospectus until       , 2001.


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