Document:

<PAGE>   1
                                                                   Exhibit 10.1

                                                                  EXECUTION COPY

              SECOND AMENDMENT TO INDENTURE AND SERVICING AGREEMENT

                    (FLOATING RATE MIDLAND RECEIVABLES-BACKED
                     VARIABLE FUNDING NOTES, SERIES 1999-A)

      This SECOND AMENDMENT TO INDENTURE AND SERVICING AGREEMENT, dated as of
January 31, 2000 (this "Amendment"), is executed by and among Midland Funding
98-A Corporation, as issuer (the "Issuer"), Norwest Bank Minnesota, National
Association, as trustee (in such capacity, the "Trustee"), and as backup
Servicer (in such capacity, the "Backup Servicer"), Midland Credit Management,
Inc., as servicer (the "Servicer"), Asset Guaranty Insurance Company, as note
insurer (the "Note Insurer"), Banco Santander Central Hispano, S.A., New York
Branch and Warehouse Line, L.L.C. (the "Noteholders").

                                    RECITALS

      A. The Issuer, the Trustee, the Backup Servicer, the Servicer and the Note
Insurer are parties to an Indenture and Servicing Agreement dated as of March
31, 1999 (as amended, supplemented or otherwise modified, the "Indenture and
Servicing Agreement") relating to the Floating Rate Midland Receivables-Backed
Variable Funding Notes, Series 1999-A; and

      B. Pursuant to that certain Funding Agreement dated as of January 14, 2000
among the Issuer, the Servicer, the Trustee, the Backup Servicer, the Note
Insurer and the Noteholders, each party agreed to certain amendments to the
Indenture and Servicing Agreement and also agreed to execute an amendment to the
Indenture and Servicing Agreement containing the provisions set forth herein;
and

      C.    The Noteholders are the only holders of the Notes issued by the
Issuer pursuant to the Indenture and Servicing Agreement on the date hereof; and

      D.    Section 12.01 of the Indenture and Servicing Agreement permits
amendment of the Indenture and Servicing Agreement on the terms and subject to
the conditions provided therein.

      NOW THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1.   AMENDMENTS.  Subject to the terms and conditions set forth herein,
the Indenture and Servicing Agreement is hereby amended as follows:

(a) Section 1.01 is amended by replacing the percentages set forth in the tables
found in the definition of "Acquisition Price" with the following:

                                       1
<PAGE>   2
<TABLE>
<CAPTION>

            NUMBER OF PRIOR             MAJOR CARD       OTHER CARD
            AGENCY PLACEMENTS           PERCENTAGE       PERCENTAGE
<S>                                     <C>               <C>
            Zero                          10.00             8.00%
            One                           8.20%             6.60%
            Two                           3.60%             2.90%
            Three or more                 2.00%             1.60%
</TABLE>
<TABLE>
<CAPTION>
            AVERAGE AGE                  MAJOR CARD       OTHER CARD
            SINCE CHARGE-OFF             PERCENTAGE       PERCENTAGE
<S>                                      <C>              <C>
            0 Months                     10.00%             8.00%
            1-3 Months                    9.10%             7.30%
            4-6 Months                    8.20%             6.60%
            7-9 Months                    6.70%             5.40%
            10-12 Months                  5.30%             4.20%
            13-15 Months                  4.60%             3.70%
            16-18 Months                  4.10%             3.30%
            19-21 Months                  4.00%             3.20%
            22-24 Months                  3.80%             3.10%
            25-30 Months                  3.50%             2.80%
            31-36 Months                  2.80%             2.30%
            37-42 Months                  2.30%             1.80%
            43-48 Months                  1.50%             1.20%
            49 or more Months             0.00%             0.00%
</TABLE>

      (b) Section 1.01 is amended by adding the following language to the
definition of Funding Amount in Clause A of such definition, immediately
preceding the word ", minus (B)":

            or for Pools purchased under a forward flow contract, prior to any
            Pool purchased under such forward flow contract demonstrating
            Satisfactory Performance, eighty-five and a half percent (85.5%) for
            Major Cards and eighty-one percent (81%) for Other Cards (and upon
            any Pool purchased under such forward flow contract demonstrating
            Satisfactory Performance, an amount equal to one ninth (1/9) of all
            Fundings with respect to all Pools purchased under such forward flow
            contract prior to such Satisfactory Performance.

      (c) Section 1.01 is amended by adding the following definition:

            "Liquidity" shall mean unrestricted cash and/or availability under
            one or more committed working capital facilities the provider of
            each of which has (i) a short-term rating of at least A-1 from S&P
            or P-1 from Moody's and (ii) a long-term rating of at least A from
            S&P or A2 from Moody's, the terms and conditions of each of which
            (including without limitation the conditions precedent to funding)
            are in all material respects no less favorable to the Servicer than
            the terms and conditions which are customary in the market for
            committed commercial lending facilities, or such other provider,
            terms and conditions reasonably acceptable to the Controlling Party,
            and the remaining term of each of which is at least 6

                                       2
<PAGE>   3
            months; provided that, prior to the earlier of April 15, 2000 or the
            day upon which the Servicer receives written notice that such
            Promissory Note will not be renewed with respect to the Third
            Amended and Restated Promissory Note payable to Bank of America,
            N.A., availability under such Promissory Note shall be included
            notwithstanding the stated maturity of April 15, 2000.

      (d) Section 1.01 is amended by replacing the period (".") at the end of
the definition of Required Reserve Amount and adding the following language
thereto to read as follows:

            ; provided that, if the Servicer or Issuer fail to comply with
            Section 3.10(b), Section 8.07(p), Section 9.01(n) and the delivery
            of the monthly compliance report pursuant to Section 3.06(a), then
            so long as such failure continues and if the Issuer submits a
            Request for Funding during the continuation of such failure, then
            upon the related Funding, the Required Reserve Amount shall be
            increased by the amount of such Funding.

      (e) Section 1.01 is amended by adding the following definition:

            "Satisfactory Performance" shall mean, for a Pool purchased,
            cumulative collections shall exceed 20% of the respective Purchase
            Price by the end of the sixth full month since purchase.

      (f) Section 3.10 is amended by adding "(a)" to the existing paragraph and
by adding a new subsection (b) thereafter to read as follows:

            (b) In addition to, and not by way of limitation of, any other
            rights of the Note Insurer hereunder, each of the Issuer and the
            Servicer shall permit the Note Insurer, upon reasonable notice and
            during normal business hours, to visit and inspect the properties of
            the Issuer or Servicer, to examine its books of account, records,
            reports, and other papers, to make copies and extracts therefrom and
            to discuss its affairs, finances and accounts with its officers,
            employees, and independent public accountants, all at such
            reasonable times and as often as may be reasonably requested.

      (g) Section 3.06(a) is amended by adding the following sentence thereto:

            The Servicer shall include as part of each Monthly Servicing Report
            a monthly compliance report calculated as of the end of each
            Collection Period substantially in the form attached hereto as
            Exhibit 3.06(a).

                                       3
<PAGE>   4
      (h) Section 6.11 is amended by adding a new subsection (j) thereto to read
as follows:

            (j) If the Servicer or Issuer fail to comply with Section 3.10(b),
            Section 8.07(p), Section 9.01(n) and the delivery of the monthly
            compliance report pursuant to Section 3.06(a), then so long as such
            failure continues, the Noteholders shall not be required to make
            such a Funding during such time unless (i) such Funding is required
            pursuant to this Agreement and (ii) the Issuer concurrent with such
            Funding, deposits an amount in the Reserve Account so that after
            such Funding the balance in the Reserve Account shall equal the then
            adjusted Required Reserve Amount.

      (i) Section 7.07 is amended by adding a new subsection (s) thereto to read
as follows:

            (s) The Issuer shall provide the Trustee within ten (10) Business
            Days subsequent to each Funding Date a CD-ROM or computer tape
            listing of all Receivables which became subject to this Agreement on
            such Funding Date.

      (j) Section 8.07 is amended by adding a new subsection (p) thereto to read
as follows:

            (p) The Servicer shall not purchase more than $3,000,000 of
            additional receivables under or in connection with a Consumer
            Account during each period that the Servicer has less than
            $10,000,000 in Liquidity.

      (k) Section 9.01 is amended by replacing the period (".") at the end of
subsection (m) with ";or" and adding a new subsection (n) and (o) thereto to
read as follows:

            (n) the Servicer shall have at any time during the periods set forth
            below, Liquidity in at least the amounts set forth below:
<TABLE>
<CAPTION>
            Period (all dates inclusive)                Required Liquidity
            ----------------------------                ------------------
<S>                                                     <C>
            Closing Date - March 31, 2000               $5,000,000
            April 1- April 30, 2000                     $4,250,000
            May 1- May 31, 2000                         $3,500,000
            June 1- June 30, 2000                       $3,000,000
            July 1- July 31, 2000                       $2,500,000
            August 1- August 31, 2000                   $1,750,000
            September 1- September 30, 2000             $1,250,000
            October 1 - November 29, 2000               $1,000,000
            November 30 - December 30, 2000             $2,000,000
            December 31, 2000 - January 30,2001         $3,250,000
            January 31 - February 27, 2001              $4,250,000
            February 28, 2001 and thereafter            $5,000,000
</TABLE>

            ; or

            (o) the existence and continuation of a "Servicer Default" or an
            "Event of Default" (which has not been waived) as defined in and
            pursuant to any securitization transaction to which the Servicer and
            Note Insurer are parties.

                                       4
<PAGE>   5
      (l) Section 9.02(a) is amended by deleting the first sentence in its
entirety and replacing it with the following:

            The rights and obligations of the Servicer shall terminate upon the
            earlier of (i) the occurrence and continuation of a Servicer Default
            or (ii) the last day of each calendar quarter, unless the Servicer
            is appointed by the Controlling Party for successive quarterly
            periods. If a Servicer Default shall occur and be continuing, so
            long as such Servicer Default has not been cured or waived pursuant
            to Section 9.05, or if the Controlling Party does not appoint the
            Servicer to a successive quarterly term at least ten (10) Business
            Days prior to the end of a calendar quarter, the Trustee shall, upon
            the direction of the Controlling Party, by notice then given in
            writing to the Servicer and the Note Insurer terminate all (but not
            less than all) of the rights and obligations of the Servicer, as
            Servicer under this Agreement and the other Transaction Documents,
            and in and to the Receivables and proceeds thereof.

      (m) Section 9.08 is amended by replacing the period (".") at the end of
subsection (k) with ";or" and adding a adding a new subsection (l) thereto to
read as follows:

            (l) the Issuer does not deposit in the Reserve Account the required
            amount indicated in the proviso of the definition of Required
            Reserve Amount within two Business Days of the date of the related
            Funding.

      SECTION 2. EFFECTIVENESS. This amendment provided for by this Amendment
shall become effective as of the date hereof upon the occurrence of each of the
following events:

            (a)   the Trustee, the Seller, the Servicer and the Note Insurer
                  shall have received counterparts of this Amendment, duly
                  executed by the parties hereto; and

            (b)   the Trustee shall have furnished the Rating Agency and the
                  Placement Agent with written notification of the substance of
                  this Amendment.

      SECTION 3. REPRESENTATIONS. Each party hereto hereby represents and
warrants that this Amendment has been duly executed and delivered by such party
and constitutes the legal, valid and binding obligation of such party,
enforceable against such party in accordance with its terms except as the
enforceability hereof may be limited by bankruptcy, insolvency, reorganization,
moratorium and other laws affecting creditors' rights and remedies in general.

      SECTION 4. REFERENCE. On and after the effective date of this Amendment,
each reference in the Indenture and Servicing Agreement to "this Agreement",
"hereunder", "herein" or words of like import referring to the Indenture and
Servicing Agreement, and each reference in the other Transaction Documents to
the "Indenture and Servicing Agreement", "thereunder", "thereof", or words of
like import referring to the Indenture and Servicing Agreement shall mean and be
a reference to the Indenture and Servicing Agreement as amended by this
Amendment.

      SECTION 5. COUNTERPARTS; EFFECTIVENESS; FULL FORCE AND EFFECT. This
Amendment may be executed by one or more of the parties to this Amendment on any
number of separate counterparts (including by facsimile transmission), and all
of said counterparts taken together all shall be deemed to constitute one and
the same instrument. A copy of this Amendment signed by all the parties shall be
lodged with the Trustee. Except as expressly set forth herein, the

                                       5
<PAGE>   6
terms, provisions and conditions of the Indenture and Servicing Agreement and
the other Transaction Documents shall remain in full force and effect and in all
other respects are hereby ratified and confirmed.

      SECTION 6. HEADINGS. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

      SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      SECTION 8. DEFINED TERMS. Capitalized terms used herein and not otherwise
defined shall have the meanings given to such terms in the Indenture and
Servicing Agreement.

                   (BALANCE OF PAGE INTENTIONALLY LEFT BLANK)

                                       6
<PAGE>   7
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as
of the date first above written.

                                    MIDLAND FUNDING 98-A CORPORATION, as Issuer

                                    By:
                                       ---------------------------------------
                                         R. Brooks Sherman, Treasurer

                                    MIDLAND CREDIT MANAGEMENT, INC., as Servicer

                                    By:
                                       ---------------------------------------
                                      R. Brooks Sherman, Executive Vice
                                      President

                                    NORWEST BANK MINNESOTA, National
                                    ASSOCIATION, not in its individual
                                    capacity, but solely as Trustee and as
                                    Backup Servicer

                                    By:
                                       ---------------------------------------
                                            Casey Kelly, Corporate Trust Officer

                                    ASSET GUARANTY INSURANCE COMPANY

                                    By:
                                       ---------------------------------------
                                            Scott Mangan, Vice President

                                    BANCO SANTANDER CENTRAL HISPANO, S.A., NEW
                                    YORK BRANCH

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

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

                                    WAREHOUSE LINE, L.L.C.

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

                                       7
<PAGE>   8
                                 EXHIBIT 3.06(a)

                            MONTHLY COMPLIANCE REPORT
                         MIDLAND CREDIT MANAGEMENT, INC.
                                       FOR
          FLOATING RATE MIDLAND RECEIVABLES-BACKED NOTES, SERIES 1999-A

      Pursuant to the Indenture and Servicing Agreement, dated as of March 31,
1999 (the "Indenture and Servicing Agreement"), Midland Credit Management, Inc.,
as "Servicer" submits the following information for the Collection Period set
out herein as it relates to the Floating Rate Midland Receivables-Backed Notes,
Series 1999-A.

Capitalized terms used in this certificate have the meanings set forth in the
Indenture and Servicing Agreement.

                    Collection Period covered by this Report:

            _________________, _____ through _________________, _____

                       Determination Date of this Report:

                            _________________, _____

                          Payment Date for this Report:

                            _________________, _____

A. LIQUIDITY

Cash                                                        $_____________

Availability under the Third Amended and                    $_____________
Restated Promissory Note payable to Bank
of America N.A. (the "B of A Note")

      Total amount available under the
      B of A Note                   $________________

      Maturity Date                 _________________
Other Liquidity

Source:
1) __________________________________                 $_____________

      Total amount available under such
      source                              $________________

      Commitment Expiration Date          _________________

                                      A-1
<PAGE>   9
2) __________________________________                           $_____________

      Total amount available under such
      source                              $________________

      Commitment Expiration Date          _________________

3) __________________________________                           $_____________

      Total amount available under such
      source                              $________________

      Commitment Expiration Date          _________________

4) __________________________________                           $_____________

      Total amount available under such
      source                              $________________

      Commitment Expiration Date          _________________

Total Liquidity                                                 $_____________

B.  POOL INFORMATION

1. Acquisition Date - Section 2.04(l)(i)
<TABLE>
<CAPTION>

                  Pool #        Date of Acquisition
                                   (2.04(l)(i))
<S>                             <C>

</TABLE>

                                      A-2
<PAGE>   10
2. Originator Concentration - Section 2.04(l)(iv)

<TABLE>
<CAPTION>

                  Name of Originator     Charged-Off Balance of
                                          Receivables acquired
                                          from such Originator
                                             divided by the
                                         Charged-Off Balance of
                                            all Receivables
                                            (expressed as a
                                              percentage)
               --------------------------------------------------
<S>                                      <C>

</TABLE>

3. Average Age Since Charge-Off - Section 2.04(l)(v)

      The Average Age since Charge-Off for all Receivables is _________ months.

4. State Concentration - Section 2.04(l)(vi)

<TABLE>
<CAPTION>
  Obligor Location by     Charged-Off Balance    Charged-Off Balance of
    mailing address                                Location divided by
                                                  aggregate Charged-Off
                                                     Balance of all
                                                       Receivables
-----------------------------------------------------------------------
<S>                       <C>                   <C>

</TABLE>

5. Average Charged-Off Balance - Section 2.04(l)(vii)

      The Average Charged-Off Balance of all Receivables (per account) is
$               .

6. Charged-Off Balance Concentration Limit - Section 2.04(l)(viii)

      The percentage of accounts with a Charged-Off Balance in excess of
$7,500.00 is    %.

                                      A-3
<PAGE>   11
7. Originating Institution Concentration Limits - Section 2.04(l)(ix)

<TABLE>
<CAPTION>
 Rating Agency Rating of the   Charged-Off Balance of    Charged-Off Balance of
 Originating Institution(s)      accounts related to      accounts related to
                               Major Cards divided by    Other Cards divided by
                                    the aggregate            the aggregate
                               Charged-Off Balance of    Charged-Off Balance of
                                   the Receivables          the Receivables
                                   (expressed as a          (expressed as a
                                     percentage)              percentage)
---------------------------------------------------------------------------------
<S>                            <C>                       <C>
A- or Better

BBB+

BBB

BBB-

BB+

BB and lower (including
unrated)
</TABLE>

8. Previous Agency Placement Concentration Limits - Section 2.04(l)(x)
<TABLE>
<CAPTION>

 Previous Agency Placement     Charged-Off Balance           Percentage of
                                                        Charged-Off Balance to
                                                             the aggregate
                                                        Charged-Off Balance of
                                                            the Receivables
------------------------------------------------------------------------------
<S>                             <C>                     <C>
Zero

One

Two

Three
</TABLE>

9. Private Label Retail Receivables Concentration Limit - Section 2.04(l)(xi)

      The aggregate Charged-Off Balances of all private label retail Receivables
is     % of the aggregate Charged-Off Balance of all Receivables.

C. MONTHLY COLLECTIONS

<TABLE>
<CAPTION>

  Pool #       Collections for the       Servicing Fee Percentage
                Collection Period
--------------------------------------------------------------------
<S>            <C>                       <C>

</TABLE>

                                      A-4<PAGE>   1
                                                                   EXHIBIT 10.2

                               THIRD AMENDMENT TO
                        INDENTURE AND SERVICING AGREEMENT
                    (FLOATING RATE MIDLAND RECEIVABLES-BACKED
                     VARIABLE FUNDING NOTES, SERIES 1999-A)

         This THIRD AMENDMENT TO INDENTURE AND SERVICING AGREEMENT, dated as of
September 22, 2000 (this "Amendment"), is executed by and among Midland Funding
98-A Corporation, as issuer (the "Issuer"), Wells Fargo Bank Minnesota, National
Association, fka Norwest Bank Minnesota, National Association, as trustee (in
such capacity, the "Trustee"), and as backup Servicer (in such capacity, the
"Backup Servicer"), Midland Credit Management, Inc., as servicer (the
"Servicer"), Asset Guaranty Insurance Company, as note insurer (the "Note
Insurer"), Banco Santander Central Hispano, S.A., New York Branch and Warehouse
Line, L.L.C. (the "Noteholders").

                                    RECITALS

         A. The Issuer, the Trustee, the Backup Servicer, the Servicer and the
Note Insurer are parties to an Indenture and Servicing Agreement dated as of
March 31, 1999 (as amended, supplemented or otherwise modified, the "Indenture
and Servicing Agreement") relating to the Floating Rate Midland
Receivables-Backed Variable Funding Notes, Series 1999-A; and

         B. The Issuer, the Servicer, the Trustee, the Backup Servicer, the Note
Insurer and the Noteholders agree that certain amendments to the Indenture and
Servicing Agreement are necessary and in the best interests of each party; and

         C. The Noteholders are the only holders of the Notes issued by the
Issuer pursuant to the Indenture and Servicing Agreement on the date hereof; and

         D. Section 12.01 of the Indenture and Servicing Agreement permits
amendment of the Indenture and Servicing Agreement on the terms and subject to
the conditions provided therein.

         NOW THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

            SECTION 1. AMENDMENTS. Subject to the terms and conditions set forth
herein, the Indenture and Servicing Agreement is hereby amended as follows:

            (a) Section 1.01 is amended by adding the following definition:

                  "Additional Premium Rate" means the Premium Rate as defined in
                  the Premium Letter applicable at such times that Notes,
                  without the benefit of the Policy, are rated by the Rating
                  Agency below BBB-.

                                      -1-
<PAGE>   2
            (b) Section 1.01 is amended by adding the following definition:

                  "Bankrupt Sale Net Proceeds" means the portion of Net Proceeds
                  arising from the sale of Bankrupt Sale Receivables pursuant to
                  Section 3.13(a).

            (c) Section 1.01 is amended by adding the following definition:

                  "Bankrupt Sale Receivable" means any Receivable the Obligor of
                  which is subject to (i) a petition filed by or against the
                  Obligor, (ii) a decree or order for relief entered by a court
                  or agency or supervisory authority having jurisdiction in
                  respect of the Obligor, or (iii) the appointment of a trustee
                  in bankruptcy, conservator or receiver for the Obligor, in any
                  bankruptcy, insolvency, readjustment of debt or similar
                  proceeding.

            (d) Section 1.01 is amended by adding the following definition:

                  "Base Premium Rate" means the Premium Rate as defined in the
                  Premium Letter applicable at such times that the Notes,
                  without the benefit of the Policy, are rated by the Rating
                  Agency is rated at BBB- or higher.

            (e) Section 1.01 is amended by replacing the current definition of
"Final Payment Date" with the following definition:

                  "Final Payment Date" means the earlier of (i) December 15,
                  2004, or (ii) the Payment Date which follows the Payment Date
                  on which all proceeds of the sale of the Trust Estate pursuant
                  to Section 9.24(c) were distributed.

            (f) Section 1.01 is amended by replacing the current definition of
"Funding Period" with the following definition:

                  "Funding Period" means the period of time which begins on the
                  Closing Date and which terminates on September 11, 2000.

            (g) Section 1.01 is amended by replacing the current definition of
"Liquidity" with the following definition:

                  "Liquidity" shall mean unrestricted cash and/or availability
                  under one or more committed working capital facilities the
                  provider of each of which (A) has (i) a short-term rating of
                  at least A-1 from S&P or P-1 from Moody's and (ii) a long term
                  rating of at least A from S&P or A2 from Moody's, or (B) is
                  CTW Funding, LLC ("CTW") or such other provider reasonably
                  acceptable to the Controlling Party, the terms and conditions
                  of each of which (including without limitation the conditions
                  precedent to funding) are in all material respects no less
                  favorable to the Servicer than the terms and conditions which
                  are customary in the market for committed commercial lending
                  facilities, or such other terms and

                                      -2-
<PAGE>   3
                  conditions reasonably acceptable to the Controlling Party, and
                  the remaining term of each of which is at least 6 months or
                  such lesser period of time acceptable to the Controlling
                  Party; provided that, with respect to the revolving facility
                  provided by CTW pursuant to the Credit and Security Agreement,
                  dated September 22, 2000, as it may be amended, the undrawn
                  commitment thereunder will be counted as Liquidity through its
                  term.

            (h) Section 1.01 is amended by replacing the definition of "Net
Proceeds" it with the following definition:

                  "Net Proceeds" means, with respect to a Receivable, all monies
                  representing collected available funds, net of checks returned
                  for insufficient funds, received or otherwise recovered by the
                  Servicer or Permitted Third Parties on or with respect to a
                  Receivable or from or for the account of the related Obligor
                  on such Receivable including, without limitation in connection
                  with a sale thereof pursuant to Section 3.13. Third-Party Fees
                  and Third-Party Costs incurred by Permitted Third Parties and
                  paid in connection with collecting or enforcing a Receivable
                  will be deducted from collections on any Receivable by either
                  the applicable Permitted Third-Party or by the Servicer on
                  their behalf and will not constitute Net Proceeds.
                  Notwithstanding the foregoing, proceeds from the sale of
                  accounts pursuant to Section 3.13(b) and Net Seller Recoveries
                  shall not be Net Proceeds for purposes of computing the
                  Servicing Fee or the cumulative amount of Net Proceeds for
                  purposes of Section 9.01(p) and Exhibit 9.01(p).

            (i) Section 1.01 is amended by adding the following definition of
"Note Insurer Additional Premium":

                  "Note Insurer Additional Premium" means the premium payable to
                  the Note Insurer in respect of the Policy, in an amount equal
                  to the greater of (x) the product of (i) 1/12 of a per annum
                  rate equal to the Additional Premium Rate and (ii) the average
                  daily Note Balance during the preceding Collection Period, and
                  (y) the fixed minimum amount set forth for all premium
                  payments in the Premium Letter when the Notes, without the
                  benefit of the Policy, are rated by the Rating Agency below
                  BBB-.

            (j) Section 1.01 is amended by adding the following definition of
"Note Insurer Base Premium":

                  "Note Insurer Base Premium" means the premium payable to the
                  Note Insurer in respect of the Policy, in an amount equal to
                  the greater of (x) the product of (i) 1/12 of a per annum rate
                  equal to the Base Premium Rate and (ii) the average daily Note
                  Balance during the preceding Collection Period, and (y) the
                  fixed minimum amount set forth for all premium payments in the
                  Premium Letter

                                      -3-
<PAGE>   4
                  when the Notes, without the benefit of the Policy, are rated
                  by the Rating Agency BBB- or higher.

            (k) Section 1.01 is amended by adding the following definition of
"Permitted Third Party":

                  "Permitted Third Party" means (i) any member of the National
                  Attorney Network, (ii) any member of American Alliance of
                  Creditor Attorneys; and (iii) any other Person that the
                  Controlling Party has agreed in writing to be a Permitted
                  Third Party.

            (l) Article 1.01 is amended by adding the following definition of
"Net Seller Recoveries":

                  "Net Seller Recoveries" means any and all monies, property,
                  rights or interests, including, without limitation, any
                  accounts or receivables directly or indirectly received by the
                  Issuer on or after September 22, 2000 from BankOne
                  Corporation, First USA Bank, N.A., MBNA America Bank, N.A., or
                  Chase Manhattan Bank USA, N.A., or any affiliate of any of the
                  foregoing (collectively, the "Receivable Sellers") resulting
                  from claims that the Issuer or Midland may have or had against
                  any of the Receivable Sellers or that the Note Insurer or the
                  Issuer may have or had as a third-party beneficiary against
                  any of the Receivable Sellers arising from or relating to the
                  previous purchase of Receivables by Midland from the
                  Receivable Sellers that are or were part of the Trust Estate,
                  net of (i) third party expenses which in the aggregate do not
                  exceed $75,000 without the consent of the Note Insurer, and
                  (ii) attorney fees and attorney costs incurred by Midland or
                  the Issuer, in connection with the receipt of such monies,
                  property, rights or interests.

            (m) Section 1.01 is amended by replacing the current definition of
"Note Rate" with the following definition:

                  "Note Rate" means for any day (i) the sum of (A) 117 basis
                  points (1.17%) plus (B) the Index Rate (rounded upwards, if
                  necessary, to the nearest 1/100 of 1%) (ii) divided by 365.

            (n) Section 1.01 is amended by adding the following definition of
"Re-Write Note":

                  "Re-Write Note " has the meaning set forth in Section 3.15.

            (o) Section 1.01 is amended by replacing the current definition of
"Scheduled Termination Date" with the following definition:

                  "Scheduled Termination Date" means September 15, 2005.

                                      -4-
<PAGE>   5
            (p) Section 1.01 is amended by replacing the current definition of
"Servicing Fee" with the following definition:

                  "Servicing Fee" means the fee payable to the Servicer,
                  calculated pursuant to Section 3.05, for services rendered
                  during the related time period, which shall be equal to (i)
                  35% of all Net Proceeds received during the related time
                  period for services rendered during such time period that are
                  not (A) Bankrupt Sale Net Proceeds or (B) Net Proceeds arising
                  from a sale of Receivables pursuant to Section 3.13(b), and
                  (ii) 25% of all Bankrupt Sale Net Proceeds, received during
                  the related time period. The term "Servicing Fee" shall also
                  mean the additional amounts payable to a Successor Servicer
                  for servicing pursuant to Section 9.03, but only to the extent
                  such amounts do not exceed the amount calculated in accordance
                  with the preceding sentence; all amounts in excess thereof are
                  herein called the "Additional Servicing Fee.

            (q) Section 1.01 is amended by adding the following definition of
"Third-Party Costs":

                  "Third-Party Costs" means all out-of-pocket costs and expenses
                  incurred by a Permitted Third Party in connection with
                  collection actions or proceedings related to the enforcement
                  or collection of any Receivable.

            (r) Article 2.01 is hereby amended by adding the following
subsection (e) thereto which shall read as follows:

                  (e) Midland and the Issuer acknowledge and agree that any Net
                  Seller Recovery (i) is included as part of the "Contributed
                  Assets," as defined in the Contribution Agreement, (ii) is,
                  and shall be, property of the Issuer free of any right, claim
                  or interest of Midland, and (iii) is, and shall be, part of
                  the Trust Estate. Issuer shall immediately advise in writing
                  the Trustee and the Controlling Party of the receipt of the
                  Issuer of any Net Seller Recovery and the Issuer shall (i)
                  within one (1) Business Day of receipt deposit all money
                  received in respect thereof to the Collection Account and (ii)
                  shall execute, deliver and file any and all financing
                  statements, and deliver such documents and records to the
                  Trustee as the Controlling Party may reasonably request to
                  perfect or continue perfection of the Trustee's Security
                  Interest in such Net Seller Recovery. Any Receivables received
                  as part of any Net Seller Recovery shall become a Receivable
                  subject to this Indenture and shall be serviced by the
                  Servicer pursuant hereto.

            (s) Section 2.04(i) is amended by deleting the provision in its
entirety and replacing it with the following provision:

                  (i) UCC Status. No Receivable is secured by "real property" or
                  "fixtures" or, except for Re-Write Notes, evidenced by an
                  "instrument" under, and as defined in, the UCC.

                                      -5-
<PAGE>   6
            (t) Section 3.03(d) is amended by deleting the provision in its
entirety and replacing it with the following provision:

                  (d) No Instruments. Except for Re-Write Notes, or in
                  connection with the Servicer's enforcement or collection of
                  the Receivables, the Servicer shall take no action to cause
                  any Receivables to be evidenced by any instruments (as defined
                  in the UCC) and if any Receivable is so evidenced, except for
                  Re-Write Notes, such Receivable shall be assigned to the
                  Servicer as provided in Section 3.04.

            (u) Section 3.05 is amended by:

                           (i) deleting the first sentence in its entirety and
                  replacing it with the following sentence:

                           As compensation for the performance of its
                           obligations hereunder, the Servicer shall be entitled
                           to receive the Servicing Fee as provided in Section
                           4.02 and Section 4.04.

            and

                           (ii) deleting the first parenthetical in the second
                  (2nd) sentence in its entirety and replacing it with the
                  following parenthetical:

                  (other than Third-Party Fees, Third-Party Costs and those
                  specified in the following proviso)

            (v) Section 3.10 is amended by deleting the current provision in its
entirety and replacing it with the following provision:

                  Section 3.10 Access to Certain Documentation and Information.

                  (a) The Servicer shall provide the Note Insurer, the Trustee
                  and the Noteholders with access to the documentation relating
                  to the Receivables as provided in Section 2.06(b). In each
                  case, access to documentation relating to the Receivables
                  shall be afforded without charge but only upon reasonable
                  request and during normal business hours at the offices of the
                  Servicer. Nothing in this Section shall impair the obligation
                  of the Servicer to observe any applicable law prohibiting
                  disclosure of information regarding the Obligors, which
                  obligation shall be evidenced by an Opinion of Counsel to such
                  effect, and the failure of the Servicer to provide access as
                  provided in this Section as a result of such obligation shall
                  not constitute a breach of this Section.

                  (b) In addition to, and not by way of limitation of, any other
                  rights of the Note Insurer hereunder, each of the Issuer and
                  the Servicer

                                      -6-
<PAGE>   7
                  shall permit the Note Insurer, upon reasonable notice and
                  during normal business hours, to visit and inspect the
                  properties of the Issuer or Servicer, to examine its books of
                  account, records, reports, and other papers, to make copies
                  and extracts therefrom and to discuss its affairs, finances
                  and accounts with its officers, employees, and independent
                  public accountants, all at such reasonable times and as often
                  as may be reasonably requested.

            (w) Article III is amended by adding the following Section 3.13
entitled "Sale of Receivables":

                  (a) The Servicer, as agent of the Trustee and the Issuer, may,
                  without the consent of any Person, sell Bankrupt Sale
                  Receivables in arm's length transactions with third parties
                  who are not Affiliates of the Issuer or the Servicer in a
                  manner consistent with the procedures set forth in Exhibit
                  3.13(a). The Net Proceeds of all sales of Bankrupt Sale
                  Receivables must be in immediately available funds.

                  (b) The Servicer, as agent of the Trustee and the Issues, may
                  sell any Receivable in arm's length transactions with third
                  parties who are not Affiliates of the Issuer or the Servicer
                  upon receipt of the prior written consent from the Controlling
                  Party. The Servicer shall deliver to the Controlling Party no
                  later than five (5) Business Days preceding the date of such
                  proposed sale, an Officer's Certificate in the form of Exhibit
                  3.13(b). The Controlling Party shall within five (5) Business
                  Days of receipt of the foregoing notice advise the Servicer
                  and the Trustee of its consent or withholding consent to the
                  proposed sale. The Net Proceeds of all sales of such
                  Receivables must be in immediately available funds.

Exhibits 3.13(a) and Exhibit 3.13(b) to this Amendment are hereby deemed
attached to the Indenture.

            (x) Article III is amended by adding the following Section 3.15
entitled "Re-Write Program":

                  Section 3.15. Re-Write Program. In furtherance of the
                  collection of the Receivables, the Servicer may accept, on
                  behalf of the Issuer and subject to the Trustee's security
                  interest, a promissory note in replacement of any Receivable
                  (a "Re-Write Note"). The Re-Write Note shall be in compliance
                  with all applicable laws and, upon execution by the Obligor,
                  the Servicer shall, within ten (10) days of such execution,
                  deliver each Re-Write Note to the Trustee. The Trustee shall
                  hold the Re-Write Note for the sole purpose of perfecting the
                  Trustee's security interest in the Re-Write Note. If the
                  Servicer ever needs possession of the Re-Write Note for
                  amendment, enforcement, or return to the Obligor upon final
                  payment, it shall provide the Trustee with written request for
                  the applicable Re-Write Note. Upon receipt of such a request,
                  the Trustee shall promptly provide the Servicer with the
                  requested Re-

                                      -7-
<PAGE>   8
                  Write Note. Unless the Re-Write Note is paid in full or a
                  lesser amount is accepted by the Servicer in its reasonable
                  judgment in full satisfaction of the amounts owing thereunder,
                  the Servicer shall promptly return the Re-Write Note to the
                  Trustee when the Servicer no longer has immediate need for the
                  possession thereof.

            (y) Section 4.02 is amended by adding the following as a new
sentence at the end thereof:

                  For Net Proceeds received on and after August 1, 2000, if the
                  amount on deposit in the Collection Account is sufficient to
                  pay the Trustee Fee (reasonably estimated by the Servicer)
                  payable on the next two (2) occurring Payment Dates, then
                  beginning on September 22, 2000 and on each Friday thereafter,
                  the Servicer shall submit to the Trustee and Note Insurer a
                  notice of calculation of (i) the Servicing Fee for the period
                  beginning with the immediately-preceding Friday through the
                  immediately-preceding Thursday, plus (ii) accrued and unpaid
                  Servicing Fee for any time beginning on or after August 1,
                  2000, and upon receipt of such notice, the Trustee shall send
                  to the Servicer via wire transfer the owing Servicing Fee as
                  computed on such notice.

            (z) Section 4.03(a) is amended by deleting the word "and" which
immediately proceeds "(ii)", deleting the period at the end of such subsection
and adding the following provision at the end of the subsection:

                  ; and (iii) the Servicer shall remit on each Determination
                  Date the positive amount, if any, by which (A) the payments to
                  the Servicer of the Servicing Fee for the immediately
                  preceding Collection Period pursuant to Section 4.02 exceeded
                  (B) the amount of the Servicing Fee that should be paid to the
                  Servicer for such Collection Period.

             (aa) Section 4.04(a) is amended by deleting the current provision
in its entirety and replacing it with the following provision:

                  (a) On each Determination Date, the Servicer shall calculate
                  (i) the amount of funds on deposit in each of the Accounts and
                  the amount of Available Funds, and (ii) as applicable, the
                  Trustee Fee, the Backup Servicing Fee, the Servicing Fee
                  calculated with reference to the related Collection Period,
                  the amounts paid to the Servicer on a weekly basis as payment
                  of the Servicing Fee during the related Collection Period, a
                  reconciliation of the Collections from the applicable
                  Collection Period which were used to pay the Servicing Fee for
                  the previous Collection Period pursuant to Section 4.02, the
                  Additional Servicing Fee, the Interest Distributable Amount,
                  the Required Reserve Amount, the Reserve Fund Reimbursement
                  Amount, the aggregate Principal Distributable Amount, the
                  unpaid Note Balance before and after giving effect to any
                  Principal Distributable Amount, the

                                      -8-
<PAGE>   9
                  Prepayment Amount, the Release Payment, the Facility Fee, and
                  the amount payable by the Note Insurer pursuant to the Policy,
                  which amounts shall be set forth in the Monthly Servicer
                  Report for the related Payment Date. The Servicer shall send
                  the Monthly Servicer Report to the Trustee and the Note
                  Insurer by 11:00 a.m. New York, New York time on each such
                  Determination Date.

             (bb) Section 4.04(b)(ii) is amended by deleting the provision in
its entirety and replacing it with the following provision:

                  (ii) to the Servicer, from the Available Funds in the
                  Collection Account, (A) the amount, if any, by which (i) the
                  Servicing Fee calculated for the related Collection Period
                  exceeds, (ii) the aggregate amount previously retained by the
                  Servicer on a weekly basis for payment of the Servicing Fee
                  for the related Collection Period pursuant to Section 4.02,
                  plus (B) all accrued and unpaid Servicing Fees, if any, for
                  prior Collection Periods (plus an amount equal to any
                  Transition Fees then owing to the Successor Servicer, if any);

             (cc) Section 4.04(b)(v) is amended by deleting the provision in its
entirety and replacing it with the following provision:

                  (v) for so long as no Insurer Default shall have occurred and
                  be continuing, to the Note Insurer, (A) from Available Funds
                  transferred from the Collection Account to the Note Payment
                  Account the sum of (x) the Note Insurer Base Premium for such
                  Payment Date, plus (y) all accrued but unpaid Note Insurer
                  Base Premiums, if any, for prior Payment Dates plus (z) the
                  aggregate amount of all other Note Insurer Obligations payable
                  to the Note Insurer and outstanding on such Payment Date,
                  except for any Note Insurer Additional Premiums, provided that
                  (B) if Available Funds transferred from the Collection Account
                  to the Note Payment Account are insufficient to pay the
                  amounts due the outstanding Note Insurer Obligations then
                  payable, the Trustee will withdraw from the Reserve Account an
                  amount equal to the lesser of the amount then on deposit in
                  the Reserve Account and the amount of such shortfall, and
                  remit such lesser amount to the Note Insurer in reduction of
                  such shortfall;

             (dd) Section 4.04(b)(xii) is amended by deleting the provision in
its entirety and replacing it with the following provision:

                  (xii) remaining amounts in the following order of priority:
                  (A) any of the Trustee's reasonable, out-of-pocket expenses to
                  which the Trustee is entitled to payment (to the extent
                  expressly set forth in this Agreement) which have exceeded
                  $200,000.00 in the aggregate during the term of this
                  Agreement; then (B) any amounts which would have been paid to
                  the Note Insurer under subsection (b)(v) but for the
                  occurrence and continuation of an Insurer Default; then (C) to
                  the Note Insurer any unpaid Note Insurer Additional Premium;
                  and then (D) to the Issuer.

                                      -9-
<PAGE>   10
             (ee) Section 8.06(c) is amended by deleting the current provision
in its entirety and replacing it with the following provision:

                  (c) The Backup Servicer shall assume its duties as Successor
                  Servicer in accordance with Sections 9.02 and 9.03 except upon
                  the determination that the Backup Servicer is legally unable
                  to perform the duties of the Servicer under this Agreement as
                  provided in Section 9.03; and neither the Backup Servicer nor
                  the Trustee shall be held liable for any costs, claims,
                  damages or liabilities incurred by any Person arising as a
                  result of the Backup Servicer's failure to perform its duties
                  as Successor Servicer to the extent such performance is
                  prevented by applicable law or court order.

             (ff) Section 8.07 is amended by adding a new subsection (p) to read
as follows:

                  (p) Outside Parties. Servicer will not engage outside parties
                  for the collection of Receivables on any basis except
                  Permitted Third Parties.

            (gg) Section 8.07(p) is amended by deleting the current provision in
its entirety and replacing it with the following provision:

                  (p) The Servicer shall not purchase any Receivables under or
                  in connection with a Consumer Account if after giving effect
                  to the purchase of such Receivables and the funding of such
                  purchase the Servicer would have less than $2,000,000 of
                  Liquidity.

             (hh) Section 9.01(n) is amended by deleting the current provision
in its entirety and replacing it with the following provision:

                  (n) the Servicer fails to have at any time at least $2,000,000
                  of Liquidity; or

             (ii) Section 8.07(b) is deleted and Section 9.01 is amended by
adding the following as a new Section 9.01(o):

                  (o) for the period of time during which Midland acts as
                  Servicer, Midland's consolidated Stockholder's Equity as
                  required to be shown on its consolidated financial statements
                  is less than the amount set forth on Exhibit 9.01(o) attached
                  hereto for the applicable period; or

Exhibit 9.01(o) attached to this Amendment is hereby deemed attached to the
Indenture.

             (jj) Section 9.01 is amended by adding the following as a new
Section 9.01(p):

                  (p) commencing with the January 2001 Collection Period, and at
                  the end of each Collection Period thereafter, both (i) the

                                      -10-
<PAGE>   11
                  cumulative amount of Net Proceeds in respect of all
                  Receivables for such Collection Period and the two preceding
                  Collection Periods is less than the amount specified in
                  Exhibit 9.01(p) for such period of three Collection Periods
                  and (ii) the cumulative amount of New Proceeds in respect of
                  all Receivables for such Collection Period and all preceding
                  Collection Periods from and after the January 2001 Collection
                  Period is less than the amount specified in Exhibit 9.01(p)
                  for such Collection Periods (the lesser of any such deficiency
                  in (i) and (ii) is a "Cumulative Collections Deficiency");
                  provided, however, that a Cumulative Collections Deficiency
                  shall not be a Servicer Default if the Issuer deposits an
                  amount equal to the Cumulative Collections Deficiency to the
                  Reserve Account within ten (10) calendar days of the end of
                  the Collection Period during which the Cumulative Collections
                  Deficiency occurred.

Exhibit 9.01(p) attached to this Amendment is hereby deemed attached to the
Indenture.

             (kk) Section 9.02(a) is amended by deleting the current first two
(2) sentences thereof and replacing them with the following provision:

                  The rights and obligations of the Servicer shall terminate
                  upon the earlier of (i) the occurrence and continuation of a
                  Servicer Default or (ii) the last day of each Collection
                  Period, unless the Servicer had been appointed by the
                  Controlling Party on or prior to the first day of such
                  Collection Period for the next occurring Collection Period. If
                  a Servicer Default shall occur and be continuing, so long as
                  such Servicer Default has not been cured or waived pursuant to
                  Section 9.05, the Trustee shall, upon the direction of the
                  Controlling Party, by notice then given in writing to the
                  Servicer and the Note Insurer terminate immediately, all (but
                  not less than all) of the rights and obligations of the
                  Servicer, as Servicer under this Agreement and the other
                  Transaction Documents, and in and to the Receivables and
                  proceeds thereof. If the Controlling Party does not appoint
                  the Servicer to a successive Collection Period by the first
                  day of the immediately preceding Collection Period, at the end
                  of the Collection Period through which the Servicer has
                  previously been appointed, all (but not less than all) of the
                  rights and obligations of the Servicer, as Servicer under this
                  Agreement and the other Transaction Documents, and in and to
                  the Receivables and proceeds thereof shall be deemed to have
                  automatically terminated, except for accrued and unpaid
                  Servicer Fees. Notwithstanding such termination any Permitted
                  Third Party shall be allowed to continue to service any
                  Receivable serviced by them at the time of such Termination,
                  and collect and receive the related Third-Party Costs and
                  Third-Party Fees.

                                      -11-
<PAGE>   12
         (ll) Exhibit A to the Indenture and Servicing Agreement is amended by
deleting the current Exhibit A in its entirety and replacing it with Exhibit A
attached hereto. The Servicer shall also provide a weekly report to the Trustee
and the Note Insurer on the date the weekly Servicer Fee is due setting forth
(i) the collections for the prior week and for the then current Collection
Period; (ii) the Liquidity of the Servicer and (iii) the computation of the
Servicing Fee for such week.

         (mm) On the Payment Date occurring on November 15, 2000, and prior to
making any distributions pursuant to Section 4.04(b), the Trustee shall pay from
Available Funds to Mayer Brown & Platt $5,000.00 in payment of services rendered
in representing the Noteholders in connection with this Amendment.

                  SECTION 2. CROSS-ASSIGNMENT. Article XII is amended by adding
         the following as a new Section 12.12.

         Section 12.12 Cross Assignment. Notwithstanding any provision in this
         Indenture and Servicing Agreement, the Issuer shall not receive any
         distributions pursuant to Section 4.04(b)(xii)(C), Section 4.05(b) and
         Section 4.05(d) (collectively, the "99-A Distributions") during any
         period of time that any amount remains payable to the Noteholders, the
         Trustee, the Servicer, the Back-up Servicer or the Note Insurer and any
         such amounts shall be deposited to or remain on deposit in the Reserve
         Account, as applicable. Upon payment in full of all amounts to the
         Noteholders, the Trustee, the Servicer, the Back-up Servicer, and the
         Note Insurer, the Trustee shall pay (i) all amounts otherwise payable
         to the Issuer to the "Trustee" for deposit under the "Indenture and
         Servicing Agreement" and the other "Transaction Documents" to the
         "Reserve Account" as such terms are defined in and pursuant to that
         certain Indenture and Servicing Agreement dated as of January 14, 2000,
         among Midland Receivables 99-1 Corporation, as "Issuer" ("Receivables
         99-1"); Wells Fargo Bank Minnesota N.A., fka Norwest Bank Minnesota,
         National Association, as Trustee and Back-Up Servicer; Midland Credit
         Management, Inc., as Servicer; and Asset Guaranty Insurance Company, as
         Note Insurer (the "99-1 Indenture") provided that if at such time all
         amounts payable under the 99-1 Indenture and the "Transaction
         Documents" related thereto, as defined in the 99-1 Indenture have been
         paid to the "Noteholders," the "Trustee," the "Servicer," the "Back-up
         Servicer" and the "Note Insurer" as each are defined in and pursuant to
         the 99-1 Indenture, then amounts payable to the Issuer shall be so paid
         to the Issuer pursuant to this Indenture and Servicing Agreement. Any
         amounts received by the Trustee from the "Trustee" under the 99-1
         Indenture shall be deposited by the Trustee into the Reserve Account,
         shall for all purposes become part of the Reserve Account, and shall be
         held, invested, and disbursed by the Trustee pursuant to this Indenture
         and Servicing Agreement. The Issuer is willing to agree to the terms of
         this Section 12.12 in consideration of (i) the Amendments made pursuant
         to the terms of Amendment No. 3 hereto, dated as of September 22, 2000;
         and (ii) the similar cross-assignment by Receivables 99-1 in that
         certain Amendment to Indenture and Servicing Agreement regarding the
         99-1 Indenture of even date it herewith, and further agrees that the
         "Trustee" under the 99-1 Indenture and the "Note Insurer" thereunder
         are

                                      -12-
<PAGE>   13
         entitled to enforce the Issuer's rights to have the Trustee make the
         cross-assignment of funds to the "Trustee" of the 99-1 Indenture
         required pursuant to this Section 12.12. The Issuer shall execute any
         documents and take any action requested by the Note Insurer to evidence
         or give effect to the foregoing cross-assignment.

                  SECTION 3. EFFECTIVENESS. This amendment provided for by this
         Amendment shall become effective as of the date hereof upon the
         occurrence of each of the following events:

         (a)      the Trustee, the Seller, the Servicer, the Note Insurer and
                  the Noteholders shall have received counterparts of this
                  Amendment, duly executed by the parties hereto;

         (b)      the Issuer shall have executed and filed a UCC-1 Financing
                  Statement in the States of Delaware and California, to perfect
                  the security interest granted to the Note Insurer pursuant to
                  Section 2 of this Amendment;

         (c)      the Trustee shall have furnished the Rating Agency and the
                  Placement Agent with written notification of the substance of
                  this Amendment; and

         (d)      the Servicer shall have closed and has available the revolving
                  credit facility provided by CTW Funding, LLC referenced in
                  Section (d) above.

                  After this Amendment becomes effective, all amendments herein
         will be effective for and after the October 2000 Collection Period.

                  SECTION 4. REPRESENTATIONS. Each party hereto hereby
         represents and warrants that this Amendment has been duly executed and
         delivered by such party and constitutes the legal, valid and binding
         obligation of such party, enforceable against such party in accordance
         with its terms except as the enforceability hereof may be limited by
         bankruptcy, insolvency, reorganization, moratorium and other laws
         affecting creditors' rights and remedies in general.

                  SECTION 5. REFERENCE. On and after the effective date of this
         Amendment, each reference in the Indenture and Servicing Agreement to
         "this Agreement", "hereunder", "herein" or words of like import
         referring to the Indenture and Servicing Agreement, and each reference
         in the other Transaction Documents to the "Indenture and Servicing
         Agreement", "thereunder", "thereof", or words of like import referring
         to the Indenture and Servicing Agreement shall mean and be a reference
         to the Indenture and Servicing Agreement as amended by this Amendment.

         SECTION 6. COUNTERPARTS; EFFECTIVENESS; FULL FORCE AND EFFECT. This
Amendment may be executed by one or more of the parties to this Amendment on any
number of separate counterparts (including by facsimile transmission), and all
of said counterparts taken together all shall be deemed to constitute one and
the same instrument. A copy of this Amendment signed by all the parties shall be
lodged with the Trustee. Except as expressly set forth herein, the terms,
provisions and conditions of the Indenture and Servicing Agreement and the other
Transaction Documents shall remain in full force and effect and in all other
respects are hereby ratified and confirmed.

                                      -13-
<PAGE>   14
                      SECTION 7. REPRESENTATIONS, ENFORCEABILITY AND NO WAIVER.

             (a)  Each Issuer and the Servicer hereby reaffirm all covenants,
         representations and warranties made by it in Indenture and Servicing
         Agreement, and (ii) agree that all such covenants, representations and
         warranties shall be deemed to have been re-made as of the date of this
         Amendment.

             (b)  Each Issuer and the Servicer hereby represent and warrant that
         this Amendment constitutes its legal, valid and binding obligation,
         enforceable against it in accordance with its terms.

             (c)  The execution, delivery and effectiveness of this Amendment
         shall not operate as a waiver of any right, power or remedy of any of
         the parties hereto under the Indenture and Servicing Agreement or any
         other Transaction Document or any other document, instrument or
         agreement executed in connection therewith.

             SECTION 8. MISCELLANEOUS. The Amendment is not evidence of any
position by the Note Insurer, affirmative or negative, as to whether any action
by the Noteholders, or any other party, is required in addition to the execution
of the Amendment by the Note Insurer. No representation is made by the Note
Insurer as to the necessity or the satisfaction of any additional action or
condition under the Indenture and Servicing Agreement with respect to this
Amendment. This Amendment does not modify the obligations of the Note Insurer
under the Policy as defined in the Indenture and Servicing Agreement. Except as
specifically provided in this Agreement, the terms and conditions of the
Indenture and Servicing Agreement shall remain in full force and effect. Except
as specifically provided in this Amendment, none of the Trustee's, Note
Insurer's or the Noteholders' rights, interests or remedies pursuant to the
Indenture and Servicing Agreement shall be reduced or limited in any way by this
Agreement. This Agreement may be executed in any number of counterparts, each of
which shall be an original, and each of which shall constitute one in the same
Agreement. Time is of the essence of this Agreement.

             SECTION 9. HEADINGS. Section and subsection headings in this
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose or be given any
substantive effect.

             SECTION 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

             SECTION 11. DEFINED TERMS. Capitalized terms used herein and not
otherwise defined shall have the meanings given to such terms in the Indenture
and Servicing Agreement.

             SECTION 12. NO OTHER AGREEMENTS. All of the parties to this
Agreement hereby acknowledge and agree that there no other Agreements by or
among any of them with respect to the amendments to the Indenture and Servicing
Agreement other than as set forth in (i) the First Amendment To Indenture and
Servicing Agreement dated as of June 17, 1999; (ii) the Second Amendment To
Indenture and Servicing Agreement dated as of January 31, 2000; and (iii) this
Amendment.

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<PAGE>   15
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                                      -15-
<PAGE>   16
             IN WITNESS WHEREOF, the parties hereto have caused this Amendment
to be duly executed and delivered by their respective officers thereunto duly
authorized as of the date first above written.

                                  MIDLAND FUNDING 98-A CORPORATION, as Issuer

                                  By:
                                     __________________________________________

                                  Name:  Carl C. Gregory III
                                  Title:     President

                                  MIDLAND CREDIT MANAGEMENT, INC., as Servicer

                                  By:
                                     __________________________________________
                                  Name:  Carl C. Gregory III
                                  Title:     President

                                  WELLS FARGO BANK MINNESOTA, NATIONAL
                                  ASSOCIATION, fka NORWEST BANK MINNESOTA,
                                  National ASSOCIATION, not in its individual
                                  capacity, but solely as Trustee and as
                                  Backup Servicer

                                  By:
                                     __________________________________________
                                  Name:  ______________________________________
                                  Title:  _____________________________________

                                  ASSET GUARANTY INSURANCE COMPANY

                                  By:
                                     __________________________________________
                                  Name:  ______________________________________
                                  Title:  _____________________________________

                                  BANCO SANTANDER CENTRAL HISPANO, S.A., NEW
                                  YORK BRANCH

                                  By:
                                     __________________________________________
                                  Name:  ______________________________________
                                  Title:  _____________________________________

                                  By:
                                     __________________________________________
                                  Name:  ______________________________________
                                  Title: ______________________________________

                                  WAREHOUSE LINE, L.L.C.

                                  By:
                                     __________________________________________
                                  Name:  ______________________________________
                                  Title:  _____________________________________

                                      -16-
<PAGE>   17
                                    EXHIBIT A

                             MONTHLY SERVICER REPORT

                                   [ATTACHED]

                                      -17-
<PAGE>   18
                           MONTHLY SERVICER REPORT OF
                         MIDLAND CREDIT MANAGEMENT, INC.
                                       FOR
                MIDLAND RECEIVABLES-BACKED VARIABLE FUNDING NOTES
                                  SERIES 1999-A

      Pursuant to the Indenture and Servicing Agreement, dated as of March
31, 1999 (the "Indenture and Servicing Agreement"), among Midland Funding 98-A
Corp., as Issuer (the "Issuer"), Midland Credit Management, Inc., as servicer
(the "Servicer"), Norwest Bank Minnesota, N.A., as trustee (in such capacity,
the "Trustee") and as Backup Servicer, and Asset Guaranty Insurance Company, as
Note Insurer (the "Note Insurer"), the Servicer submits the following
information for the relevant Dates set forth below with respect to the Floating
Rate Midland Receivables-Backed Variable Funding Notes, Series 1999-A.
Capitalized terms used in this certificate have the meanings set forth in the
Indenture and Servicing Agreement.

                    Collection Period covered by this Report:

        ___________________________ through ___________________________

                       Determination Date of this Report:

                            ___________________________________________

                          Payment Date for this Report:

                            ___________________________________________

A.    AVAILABLE FUNDS:

      Amount of funds on deposit and the Available Fund for this Collection
Period:

<TABLE>
<S>                                                                             <C>
             Collections for the Month:                                         $
                                                                                  --------------

             Refunds From Issuers                                               $
                                                                                  --------------

             Bankrupt Sale Proceeds                                             $
                                                                                  --------------

             Non-Bankrupt Sale Proceeds                                         $
                                                                                  --------------

             less Permitted Third Party Fees and Costs                          $
                                                                                  --------------

             Earnings on Collection Account during the period                   $
                                                                                  --------------

             Note Payment Account:                                              $
                                                                                  --------------

             Earnings on Note Payment Account during the period                 $
                                                                                  --------------

             Reserve Account at end of Reporting Month:                         $
                                                                                  --------------

             Earnings on Reserve Account during the period                      $
                                                                                  --------------

             Deposit by Servicer of excess Servicing Fee paid during
             prior Collection Period                                            $
                                                                                  --------------

                       Total Available Funds plus Reserve Account               $
                                                                                  --------------

B.    TRUSTEE FEE:

      (i)    the total Trustee Fee accrued with respect to the current
             Payment Date - computed on average daily note balance              $
                                                                                  --------------

      (ii)   the total accrued and past due Trustee Fee with
             respect to prior Payment Dates                                     $
                                                                                  --------------

      (iii)  the total amount of Trustee Fees from (i) and (ii) to be
             paid on the next Payment Date                                      $
                                                                                  --------------

      (iv)   Trustee's out-of-pocket expenses                                   $
                                                                                  --------------

      (v)    the total amount of accrued and unpaid Trustee Fees and
             expenses to be carried forward                                     $
                                                                                  --------------

      (vi)   Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------
</TABLE>

                                   Page 1 of 6
<PAGE>   19
<TABLE>
<S>                                                                             <C>
C.    SERVICING FEE:

      (i)    the total Servicing Fee accrued with respect to the current
             Payment Date (excluding Servicing Fee on Bankrupt Sale
             Proceeds)                                                          $
                                                                                  --------------

      (ii)   Servicing fee on Bankrupt Sale Proceeds accrued with
             respect to the current Payment                                     $
                                                                                  --------------

      (iii)  less Weekly Servicing Fee previously retained                      $
                                                                                  --------------

      (iv)   the total accrued and past due Servicing Fee(s) owed
             form prior Payment Dates                                           $
                                                                                  --------------

      (v)    less Acquisition Payment due for the period (See H(i))             $               **
                                                                                  --------------

      (vi)   Refunds to Debtors Paid by Servicer                                $
                                                                                  --------------

      (vii)  the total amount of Servicer Fee(s) from (i) and (ii) to be
             paid on the next Payment Date                                      $
                                                                                  --------------

      (viii) the total amount of all Servicer Fee(s) to be carried
             forward to a subsequent Payment Date                               $
                                                                                  --------------

      (ix)   Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------

      In the event of a Servicer Default during the reporting period,
      Calculahe amount of Transition Fees owed                                  $
                                                                                  --------------

D.    BACKUP SERVICER FEE:

      (i)    the total Backup Servicer Fee accrued with respect to the
             current Payment Date computed on avg. daily note balance           $
                                                                                  --------------

      (ii)   the total amount of accrued and past due Backup
             Servicer Fee(s) with respect to prior Payment Dates                $
                                                                                  --------------

      (iii)  the total amount of all Backup Servicer Fee(s) from (i)
             and (ii) to be paid on the next Payment Date                       $
                                                                                  --------------

      (iv)   the total amount of accrued and unpaid Backup
             Servicer Fee(s) to be carried forward to the next
             Payment Date                                                       $
                                                                                  --------------

      (v)    Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------
</TABLE>

                                  Page 2 of 6
<PAGE>   20
<TABLE>
<S>                                                                             <C>
E.    INTEREST DISTRIBUTABLE AMOUNT:

      (i)    Interest Distributable Amount for Note No. One for the             $
             current Payment Date                                                 --------------

      (ii)   Interest Distributable Amount for Note No. Two for the             $
             current Payment Date                                                 --------------

      (iii)  the total Interest Distributable Amount for the current
             Payment Date                                                       $
                                                                                  --------------

      (iv)   the total Interest Carryover Shortfall with respect to
             Prior Payment Date                                                 $
                                                                                  --------------

      (v)    the total Interest Distributable Amount and Interest
             Carryover Shortfall from (i) and (ii) to be paid on the
             next Payment Date                                                  $
                                                                                  --------------

      (vi)   the total amount required from the Reserve Account
             to pay (iii) due to deficiencies in Available funds                $
                                                                                  --------------

      (vii)  the total amount required from the Note Insurer to
             pay (iii) due to deficiencies in the Reserve Account
             and Available Funds                                                $
                                                                                  --------------

      (viii) the total amount of accrued and unpaid Interest
             Distributable Amount(s) and Interest Carryover
             Shortfall to be carried forward to the next
             Payment Date                                                       $
                                                                                  --------------

      (ix)   Remaining Available Funds plus Reserve Account

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

F.    NOTE INSURER PAYMENTS(1):

      (i)    the total Note Insurer Premium accrued with respect
             to the current Payment Date, computed on                           $
             average daily note balance                                           --------------

      (ii)   the total amount of accrued and past due Note Insurer
             Premiums due for prior Payment Date(s)                             $
                                                                                  --------------

      (iii)  the total Note Insurer Obligations payable on
             the current Payment Date (if any)                                  $
                                                                                  --------------

      (iv)   the total amount of all Note Insurer Premiums and
             Note Insurer Obligations from (i) and (ii) to be paid on
             the next Payment Date                                              $
                                                                                  --------------

      (v)    the total amount of accrued and unpaid Note Insurer
             Premium(s) and Note Insurer Obligations to be carried
             forward to the next Payment Date                                   $
                                                                                  --------------

      (vi)   Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------
</TABLE>

                                  Page 3 of 6
<PAGE>   21
<TABLE>
<S>                                                                             <C>
G.    ADDITIONAL SERVICING FEE(2):

      (i)    the total Additional Servicing Fee accrued with respect
             to the current Payment Date                                        $
                                                                                  --------------

      (ii)   the total accrued and past due Additional Servicing Fees
             for prior Payment Dates                                            $
                                                                                  --------------

      (iii)  the total amount of Additional Servicing Fee and
             accrued Additional Servicing Fees to be paid on the
             the next Payment Date                                              $
                                                                                  --------------

      (iv)   the total amount required from the Reserve Account
             to pay (iii) due to deficiencies in Available Funds                $
                                                                                  --------------

      (v)    the total accrued and unpaid Additional Servicing Fees
             to be carried forward to subsequent Payment Dates                  $
                                                                                  --------------

      (vi)   Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------

(2) To be calculated only in the event of a Servicer default.

H.    FACILITY FEE

      (i)    Note Number One Facility Fee accrued with respect
             to the current Payment Date                                        $
                                                                                  --------------

      (ii)   Note Number Two Facility Fee accrued with respect
             to the current Payment Date                                        $
                                                                                  --------------

      (iii)  the total accrued and past due Facility Fees
             for prior Payment Dates                                            $
                                                                                  --------------

      (iv)   the total amount of Facility Fees and
             accrued Facility Fees to be paid on the
             the next Payment Date                                              $
                                                                                  --------------

      (v)    the total amount required from the Reserve Account
             to pay (iii) due to deficiencies in Available Funds                $
                                                                                  --------------

      (vi)   the total accrued and unpaid Additional Servicing Fees
             to be carried forward to subsequent Payment Dates                  $
                                                                                  --------------

      (vii)  Remaining Available Funds plus Reserve Account                     $
                                                                                  --------------
</TABLE>

I.    ACQUISITION PAYMENT:

      Are there any Removed Receivables for the reporting period?

                           Yes                  No
                                 ------              ------
      (if "NO" proceed to section "J") (if "YES" complete attached Schedule I)

      (i) the total Acquisition Payment due for the current Payment Date
          See Line C(iii) $_____**     ** Netted with Service Fee at line C(iii)

                                  Page 4 of 6
<PAGE>   22
J.    NOTE BALANCE PAYMENTS:

<TABLE>
<S>                                                                             <C>
      (i)    Remaining Available Funds plus Reserve Account                     $
                                                                                 --------------

      (ii)   less Reserve Account balance end of Current Period                 $
                                                                                 --------------

      (iii)  amount available for note balance payments                         $
                                                                                 --------------

      (iv)   Note Balance at End of Month:                                      $
                                                                                 --------------

      (v)    Note Balance payment for the current Payment Date:                 $
                                                                                 --------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                                 Banco
                                                                                 Total         Santander         WLA
                                                                             -------------    -----------    -----------
<S>                                                                          <C>              <C>            <C>
             Note Balance at Beginning of Month
             Advances During the Month
             Principal Payments During the Month
                                                                             -------------    -----------    -----------
             Balance at  End of Month

             Prorata Principal Payment from current Servicer Report
                                                                             -------------    -----------    -----------
             Note Balance after Prorata Principal Payment
                                                                             =============    ===========    ===========
</TABLE>

<TABLE>
<S>                                                                             <C>
K.    NOTE BALANCE AFTER PRORATA PRINCIPAL PAYMENT                              $
</TABLE>

L.    RESERVE ACCOUNT:

<TABLE>
<S>                                                                             <C>
      (i)    Ending balance of Reserve Account from
             Servicer Report of previous month                                  $
                                                                                  --------------

      (ii)   plus additional deposits made to Reserve Account in                $
             current month                                                        --------------

      (iii)  Deposit by Issuer of Cumulative Collections Deficiency             $
                                                                                  --------------

      (iv)   Earnings on Reserve Account for current month                      $
                                                                                  --------------

      (v)    the total Reserve Fund Reimbursement Amount due for
             the current Payment Date - Payable to Issuer                       $
                                                                                  --------------

      (vi)   Ending Balance of the Reserve Account after                        $
             payment to Issuer                                                    --------------

</TABLE>

K.    CUMULATIVE COLLECTIONS & LIQUIDITY

<TABLE>
<S>                                                                             <C>
      (i)    Cumulative Net Collections for current and prior
             two Collection Periods (beginning Nov00)                           $
                                                                                  --------------

      (ii)   Required three month Cumulative Collections                        $
                                                                                  --------------

      (iii)  Cumulative Collections Deficiency (additional deposit              $
             to reserve account)                                                  --------------

      (iv)   Liquidity as of the end of the current Collection Period           $
                                                                                  --------------
</TABLE>

                                  Page 5 of 6
<PAGE>   23
                         MIDLAND CREDIT MANAGEMENT, INC.

                                             BY:_______________________________
Date_____________________                       Executive Vice President

<TABLE>
<S>                                 <C>
WIRING INSTRUCTIONS FOR ISSUER:     Wells Fargo Bank, ABA Routing Number 121000248
                                    For Credit To: Midland Credit Management, Inc.
                                    Account No.: 4758372635

WIRING INSTRUCTIONS FOR SERVICER:   Wells Fargo Bank, ABA Routing Number 121000248
                                    For Credit To: Midland Credit Management, Inc.
                                    Account No.: 4758372635
</TABLE>

                                   SCHEDULE I

See Servicer's Remittance Date Certificate pursuant to Section 3.04 identifying
all Removed Receivables including name, MCM #, address, acquisition price,
acquisition date, charge-off balance, Net-Proceeds collected of all accounts
removed during the reporting period.

Additional Information:
<TABLE>
<S>                                                                                <C>
                 Average daily balance for the month

                 Monthly rate, trustee fee                                         0.00291667%
                 Note insurer monthly premium rate                                 0.33333333%
                 Backup Servicer Fee                                               0.01250000%
                 Facility Fee Rate                                                 0.01041667%
</TABLE>

                                  Page 6 of 6
<PAGE>   24
                                 EXHIBIT 3.13(a)

                        BANKRUPT ACCOUNT SALE PROCEDURES

1.    Receivable must be Bankrupt Sale Receivables.

2.    Price must be 7.5% of the face amount or greater.

3.    Seller only to represent and warrant the following:

            1. The Seller is duly organized, existing and in good standing as a
      corporation under the laws of the State of Delaware; the Seller's
      execution, delivery and performance of the Agreement are within the
      Seller's corporate powers and have been duly authorized by all necessary
      action; this Agreement is the legal, valid and binding obligation of the
      Seller enforceable against the Seller in accordance with its terms except
      that enforcement may be limited by bankruptcy, insolvency, reorganization,
      moratorium or other similar laws affecting enforcement of creditors'
      rights generally and by general equity principles; and the Agreement is
      not in conflict with the terms of the Seller's charter or bylaws, or of
      any material indenture, agreement or undertaking to which the Seller is
      bound.

            2. The Seller has marketable title to the Receivables free and clear
      of any liens or encumbrances (i) by or through it, or (ii) based on
      actions or failure to act of Seller.

            3. Except for the filing of the UCC Financing Statement and any
      approval that has been obtained or notice that has been given, no approval
      or other action by, or notice to or filing with, any [Debtor], any
      governmental authority or any other entity is required to be obtained by
      the Seller in conjunction with the transaction contemplated by the
      Agreement.

            4. Performance of the Agreement by the Seller will not violate any
      order of any court or governmental body having competent jurisdiction or
      any law or regulation that applies to the Seller.

            5. No action, suit or proceeding against the Seller before any
      court, administrative agency or arbitrator, individually or collectively
      would reasonably be expected to materially and adversely affect the Buyer.
      Upon reasonable request, the Seller will review any action, suit or
      proceeding against the Seller with the Buyer to confirm the accuracy of
      this representation.

            6. The Seller is knowledgeable, sophisticated and experienced in
      making, and is qualified to make, decisions like the decision involved in
      the sale of the Accounts, the Seller has made its own review of the
      Accounts and the Seller understands the terms and conditions of the sale
      of the Accounts.

            7. The Seller has not employed any investment banker, broker or
      finder in connection with the transaction contemplated by the Agreement
      who might be entitled to a fee or commission upon consummation of such
      transaction.

            8. The location of the Seller's chief place of business and chief
      executive office is _______________________.

                                      -18-
<PAGE>   25
            9. Each Account is an account or a general intangible, as such term
      is defined in Article 9 of the UCC; [and no Account is evidenced by an
      instrument, as such term is defined in Section 9-106 of the UCC].

                                      -19-
<PAGE>   26
                                 EXHIBIT 3.13(b)

                NOTICE OF PROPOSED SALE OF NON-BANKRUPT ACCOUNTS

      This NOTICE OF PROPOSED SALE is given by MIDLAND CREDIT MANAGEMENT, INC.,
as servicer (the "Servicer"), pursuant to Section 3.13(b) of that certain
Indenture and Servicing Agreement, dated as of March 31, 1999, as amended,
supplemented or otherwise modified (the "Indenture"), among Servicer, MIDLAND
FUNDING 98-A CORPORATION, as Issuer, WELLS FARGO BANK OF MINNESOTA, NATIONAL
ASSOCIATION, FKA NORWEST BANK MINNESOTA, A NATIONAL ASSOCIATION, as Trustee and
Back-up Servicer, and ASSET GUARANTY INSURANCE COMPANY, as Note Insurer. All
capitalized terms that are not defined herein shall have the meaning assigned to
such terms in the Indenture.

      1. The Servicer proposes to sell Receivables (the "Sale Receivables")
pursuant to Section 3.13(b) of the Indenture.

      2. The pool identification number of the Sale Receivables and the date of
MCM's purchase for each of the Sale Receivables is as set forth on Exhibit A
attached hereto.

      3. Attached as Exhibit B to this Notice of Proposed Sale is a true and
complete copy of the offering information distributed to the prospective
purchaser of the Sale Receivables.

      4. The sale price for the Sale Receivables is $_______________.

      5. The proposed date for the sale is _________________.

      6. The original purchase price paid by Midland Credit Management, Inc. for
the Sale Receivables was $__________________.

      7. The terms and conditions of the sale are as set forth on Exhibit C
attached hereto.

      8. The only representations to be made by the Issuer in connection with
the sale is as set forth on Exhibit D attached hereto.

      Executed this _____ day of ___________.

                                        MIDLAND CREDIT MANAGEMENT, INC.

                                        By: ___________________________________
                                        Its: __________________________________

                                      -20-
<PAGE>   27
                                 EXHIBIT 9.01(o)

                                 NET WORTH TABLE

<TABLE>
<CAPTION>
                ------------------------------------------
                    From and After              Amount
                ------------------------------------------
<S>                                         <C>
                ------------------------------------------
                  September 31, 2000        $ 13,600,000
                ------------------------------------------
                  December 31, 2000           12,900,000
                ------------------------------------------
                  March 31, 2001              11,700,000
                ------------------------------------------
                  June 31, 2001               10,000,000
                ------------------------------------------
                  September 31, 2001           7,300,000
                ------------------------------------------
</TABLE>

                                      -21-
<PAGE>   28
                                 EXHIBIT 9.01(p)

                           CUMULATIVE NET COLLECTIONS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                       3-Month Cumulative
 Collection Period        Amount          Collections         Total Collections
--------------------------------------------------------------------------------
<S>                     <C>            <C>                    <C>
    January 2001        $ 635,724              -                $    635,724
--------------------------------------------------------------------------------
   February 2001        $ 627,289              -                $  1,263,013
--------------------------------------------------------------------------------
     March 2001         $ 621,039         $ 1,884,052           $  1,884,052
--------------------------------------------------------------------------------
     April 2001         $ 615,299         $ 1,863,627           $  2,499,351
--------------------------------------------------------------------------------
      May 2001          $ 611,038         $ 1,847,376           $  3,110,389
--------------------------------------------------------------------------------
     June 2001          $ 603,177         $ 1,829,514           $  3,713,566
--------------------------------------------------------------------------------
     July 2001          $ 598,510         $ 1,812,725           $  4,312,076
--------------------------------------------------------------------------------
    August 2001         $ 591,755         $ 1,793,442           $  4,903,831
--------------------------------------------------------------------------------
   September 2001       $ 584,725         $ 1,774,990           $  5,488,556
--------------------------------------------------------------------------------
    October 2001        $ 578,563         $ 1,755,043           $  6,067,119
--------------------------------------------------------------------------------
   November 2001        $ 572,186         $ 1,735,474           $  6,639,305
--------------------------------------------------------------------------------
   December 2001        $ 565,615         $ 1,716,364           $  7,204,920
--------------------------------------------------------------------------------
    January 2002        $ 558,833         $ 1,696,634           $  7,763,753
--------------------------------------------------------------------------------
   February 2002        $ 551,798         $ 1,676,246           $  8,315,551
--------------------------------------------------------------------------------
     March 2002         $ 545,467         $ 1,656,098           $  8,861,018
--------------------------------------------------------------------------------
     April 2002         $ 536,882         $ 1,634,147           $  9,397,900
--------------------------------------------------------------------------------
      May 2002          $ 526,165         $ 1,608,514           $  9,924,065
--------------------------------------------------------------------------------
     June 2002          $ 515,833         $ 1,578,880           $ 10,439,898
--------------------------------------------------------------------------------
     July 2002          $ 509,031         $ 1,551,029           $ 10,948,929
--------------------------------------------------------------------------------
    August 2002         $ 509,031         $ 1,533,895           $ 11,457,960
--------------------------------------------------------------------------------
   September 2002       $ 504,722         $ 1,522,784           $ 11,962,682
--------------------------------------------------------------------------------
    October 2002        $ 321,980         $ 1,335,733           $ 12,284,662
--------------------------------------------------------------------------------
   November 2002        $ 305,587         $ 1,132,289           $ 12,590,249
--------------------------------------------------------------------------------
   December 2002        $ 289,125         $   916,692           $ 12,879,374
--------------------------------------------------------------------------------
    January 2003        $ 272,596         $   867,308           $ 13,151,970
--------------------------------------------------------------------------------
   February 2003        $ 256,007         $   817,728           $ 13,407,977
--------------------------------------------------------------------------------
     March 2003         $ 239,360         $   767,963           $ 13,647,337
--------------------------------------------------------------------------------
     April 2003         $ 222,659         $   718,026           $ 13,869,996
--------------------------------------------------------------------------------
      May 2003          $ 205,908         $   667,927           $ 14,075,904
--------------------------------------------------------------------------------
     June 2003          $ 189,109         $   617,676           $ 14,265,013
--------------------------------------------------------------------------------
     July 2003          $ 172,266         $   567,283           $ 14,437,279
--------------------------------------------------------------------------------
    August 2003         $ 155,381         $   516,756           $ 14,592,660
--------------------------------------------------------------------------------
   September 2003       $ 138,455         $   466,102           $ 14,731,115
--------------------------------------------------------------------------------
    October 2003        $ 121,492         $   415,328           $ 14,852,607
--------------------------------------------------------------------------------
   November 2003        $ 104,493         $   364,440           $ 14,957,100
--------------------------------------------------------------------------------
   December 2003        $  87,461         $   313,446           $ 15,044,561
--------------------------------------------------------------------------------
    January 2004        $  70,396         $   262,350           $ 15,114,957
--------------------------------------------------------------------------------
   February 2004        $  53,301         $   211,158           $ 15,168,258
--------------------------------------------------------------------------------
     March 2004         $  36,177         $   159,874           $ 15,204,435
--------------------------------------------------------------------------------
     April 2004         $  19,025         $   108,503           $ 15,223,460
--------------------------------------------------------------------------------
      May 2004          $  10,858         $    66,060           $ 15,234,318
--------------------------------------------------------------------------------
     June 2004          $   5,099         $    34,982           $ 15,239,417
--------------------------------------------------------------------------------
</TABLE>

                                      -22-
<PAGE>   29
                           EXHIBIT 9.01(p) (CONTINUED)

                           CUMULATIVE NET COLLECTIONS

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                       3-Month Cumulative
 Collection Period        Amount          Collections         Total Collections
--------------------------------------------------------------------------------
<S>                     <C>            <C>                    <C>
     July 2004          $     882         $    16,839           $ 15,240,299
--------------------------------------------------------------------------------
    August 2004         $      22         $     6,003           $ 15,240,321
--------------------------------------------------------------------------------
</TABLE>

                                      -23-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]