Document:

EMPLOYMENT AGREEMENT

              THIS AGREEMENT is made effective as of April 10, 2000 by and between LAFAYETTE SAVINGS BANK, FSB (the "Bank"), a Federally chartered savings institution, with its
office at Lafayette, Indiana, and CLARK BUSH (the "Executive").  The Bank is the wholly-owned subsidiary of LSB FINANCIAL CORP. (the "Company"), a corporation organized under the laws of the State of Indiana. 

              For and in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereby agree as follows:  

              1.  Employment.  The Executive is employed as the Executive Vice President
of the Bank.  As Executive Vice President, the Executive shall render administrative and
management services as may be from time to time prescribed by the Board of Directors of the
Bank and shall report directly to the President of the Bank.  The Executive shall devote his best
efforts and substantially all of his business time and attention to the business and affairs of the
Bank and its subsidiaries and affiliated companies.  

              2.  Compensation.  The Bank agrees to pay the Executive during the term of
this Agreement at the rate of One Hundred Thirty Thousand Dollars ($130,000.00) per year,
payable bi-weekly or in accordance with any then existing payroll policy of the Bank for
executives.  

              3.  Benefits.  The Executive shall be entitled to employee benefits provided to
executives under exiting or amended Bank policies, which benefits are currently as follows:  

       (a)  Stock grants -- 7,000 shares with vesting over a five (5) year period.

       (b)  Stock options -- 10,000 shares.

       (c)  Employee Stock Ownership Plan, pursuant to existing or amended
Bank policies with normal vesting periods.  

       (d)  Term life insurance in an amount equivalent to approximately one
year's salary, with the premium to be paid by the Bank and the beneficiary to be
designated by the Executive.  

       (e)  Short and long term disability coverage pursuant to any present or
amended Bank plan, with the premium paid by the Bank.

       (f)  Paid time off equal to 23 days per calendar year (prorated).  

       (g)  Medical insurance pursuant to the prevailing Bank medical insurance
plan with premiums paid in accordance with prevailing Bank policy for executives. 

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       (h)  Dental/vision insurance which is currently $200.00 prorated after six
months for the employee and dependents.  

       (i)  401(k) Plan pursuant to the existing or modified Bank plan with the
next plan entry date of July 1, 2000.  

       (j)  Exclusive use of a leased automobile mutually acceptable to the
parties with a new value in the $28,000.00 to $30,000.00 range, with all lease
payments to be paid by the Bank.  

       (k)  Membership in Lafayette Country Club with initiation fee, dues and
assessments to be paid by the Bank.  

       (l)  Reasonable moving expenses in relocating to Lafayette.  

       (m)  If necessary, reasonable rental expense for an apartment if permanent
housing is not yet available.  

              4.  Term.  Except as hereinafter provided, the term of this Agreement shall be
for one year commencing April 10, 2000 and terminating April 9, 2001.  This Agreement may be
terminated  as hereinafter set forth.  

              5.  Payments to Executive upon Change in Control.

       (a)  The provisions of this Agreement shall apply only upon the
occurrence of a Change in Control of the Bank or the Company (as herein defined)
followed at any time during the term of this Agreement by (i) involuntary termination
of Executive's employment, other than Termination for Cause, as defined in Section
5(c) hereof, or (ii) the Executive's voluntary termination of his employment
following any demotion, loss of title or office, significant reduction in authority,
significant reduction in annual compensation or benefits, or relocation of his
principal place of employment by more than 30 miles from its location immediately
prior to the Change in Control. 

       (b)  Definition of a Change in Control.  A "Change in Control" of the Bank
or the Company shall mean a change in control of a nature that:  (i) would be
required to be reported in response to Item 1(a) of the current report on Form 8-K,
as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 (the "Exchange Act"); or (ii) results in a Change in Control of
the Bank or the Company within the meaning of the Home Owner's Loan Act of
1933, as amended, and the Rules and Regulations promulgated by the Office of
Thrift Supervision (or its predecessor agency), as in effect on the date hereof
(provided that in applying the definition of change in

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control or presumptive change
in control or acting in concert or presumptive acting in concert as set forth under the
Rules and Regulations of the OTS, ownership of stock by a tax qualified employee
benefit plan of the Bank or the Company shall not be subject to presumptions of
control or acting in concert); or (iii) would be deemed to have occurred at such time
as (a) any "person" (as the term is used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Bank or Company
representing 20% or more of the combined voting power of the Bank's or Company's
outstanding securities except for any securities purchased by the Bank's employee
stock ownership plan and trust; or (b) individuals who constitute the Board of
Directors of the Company on the date hereof (the "Incumbent Board") cease for any
reason to constitute at least a majority thereof, provided that any person becoming
a director subsequent to the date hereof whose election was approved by a vote of at
least three-quarters of the directors comprising the Incumbent Board, or whose
nomination for election by the Company's stockholders was approved by the
Company's Nominating Committee, shall be for purposes of this clause (b),
considered as though he were a member of the Incumbent Board; or (c) a plan of
reorganization, merger, consolidation, sale of all or substantially all the assets of the
Bank or the Company or similar transaction in which the Bank or the Company is not
the surviving entity.  

       (c)  Executive shall not have the right to receive termination benefits
pursuant to Section 6 hereof upon Termination for Cause.  The term "Termination for
Cause" shall mean termination because of the Executive's personal dishonesty,
incompetence, willful misconduct, any breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule
or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any material provision of this Agreement.  In
determining incompetence, the acts or omissions shall be measured against standards
generally prevailing in the savings institutions industry.  For purposes of this Section,
no act, or the failure to act, on Executive's part shall be "willful" unless done, or
omitted to be done, not in good faith and without reasonable belief that the action or
omission was in the best interest of the Bank or its affiliates.  Notwithstanding the
foregoing, Executive shall not be subject to Termination for Cause unless and until
there shall have been delivered to him a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the Board of Directors of the Bank at
a meeting of the Board called and held for that purpose (after reasonable notice to the
Executive and an opportunity for him, together with counsel, to be heard before the
Board), finding that in the good faith opinion of the Board, the Executive was guilty
of conduct justifying Termination for Cause and specifying the particulars thereof in
detail.  The Executive shall not have the right to receive compensation or other
benefits for any period after Termination for Cause.  Any stock options 

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or limited
rights granted to Executive under any stock option plan or any unvested awards
granted under any other stock benefit plan of the Bank, the Company or any
subsidiary thereof, shall become null and void effective upon Executive's receipt of
Notice of Termination for Cause pursuant to Section 7 hereof, and shall not be
exercisable by Executive at any time subsequent to such Termination for Cause.  

              6.  Termination Benefits.

       (a)  Upon the occurrence of a Change in Control, followed at any time
during the term of this Agreement by the voluntary or involuntary termination of the
Executive's employment, other than for Termination for Cause, the Bank shall be
obligated (i) to pay the Executive, or in the event of his subsequent death, his
beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to 199%
of the Executive's "base amount" of compensation under § 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), payable as provided in Section 6(b)
of this Agreement; and (ii) cause to be provided continued life, medical, dental and
disability coverage substantially identical to the coverage maintained by the Bank for
the Executive prior to termination of his employment.  

       (b)  Payment under Section 6(a)(i) of this Agreement shall be made in a
lump sum within five (5) days after Notice of Termination as defined in Section 7(a)
of this Agreement.  Benefits under Section 6(a)(ii) of this Agreement shall continue
to be provided for a period of twenty-four (24) months from the termination of
Executive's employment.  

       (c)  Notwithstanding any other provision of this Agreement, if any
payment or benefits under this Agreement, together with any other payments or
benefits received or to be received by the Executive in connection with a Change in
Control of the Bank or the Company, would cause any amount to be nondeductible
by the Bank or the Company for federal income tax purposes pursuant to Section
280G of the Code, then payments under this Agreement shall be reduced (not less
than zero) to the extent necessary so as to maximize payments to the Employee
without causing any amount to become nondeductible by the Bank or the Company.
The allocation of such reduction among payments to the Employee shall be
determined by the Employee.  

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              7.  Notice of Termination.

       (a)  Any purported termination by the Bank or by Executive shall be
communicated by Notice of Termination to the other party hereto.  For purposes of
this Agreement, a "Notice of Termination" shall mean a written notice which shall
indicate the specific termination provision in this Agreement relied upon and shall
set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Executive's employment under the provisions so indicated.  

       (b)  "Date of Termination" shall mean the date specified in the Notice of
Termination which, in the instance of Termination for Cause, shall be immediate.  

              8.  Source of Payments.  It is intended by the parties hereto that all payments
provided in this Agreement shall be paid in cash or check from the general funds of the Bank.
The Company guarantees payment and provision of all amounts and benefits due hereunder to
the Executive and, if such amounts and benefits due from the Bank are not timely paid or
provided by the Bank, such amounts and benefits shall be paid or provided by the Company.  

              9.  Effect on Other Benefit Plans.  Except to the extent that Section 6(c) may
be applicable, this Agreement shall not affect or operate to reduce any benefit or compensation
inuring to the Executive of a kind elsewhere provided.  No provision of this Agreement shall be
interpreted to mean that the Executive is subject to receiving fewer benefits than those available
to him without reference to this Agreement.  

              10.  Successors and Assigns.  This Agreement shall be binding upon, and inure
to the benefit of the Executive, the Bank and the Company and their respective successors and
assigns.  

              11.  Modification and Waiver.

       (a)  This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.  

       (b)  No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision of
this Agreement, except by written instrument of the party charged with such waiver
or estoppel.  No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver shall operate only as to the specific
term or condition waived and shall not constitute a waiver of such term or condition
for the future or as to any act other than that specifically waived.  

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              12.  Required Regulatory Provisions.

       (a)  The Bank may terminate the Executive's employment at any time, but
any termination by the Bank, other than Termination for Cause, shall not prejudice
the Executive's right to compensation or other benefits under this Agreement.  The
Executive shall not have the right to receive compensation or other benefits for any
period after Termination for Cause as defined in Section 5 of this Agreement.  

       (b)  If the Executive is suspended from office and/or temporarily
prohibited from participating in the conduct of the Bank's affairs by a notice served
under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. §
1818(e)(3) and (g)(1)), the Bank's obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings.  If the
charges in the notice are dismissed, the Bank may in its discretion (i) pay the
Executive all or part of the compensation withheld while its contract obligations were
suspended and (ii) reinstate (in whole or in part) any of the obligations which were
suspended.  

       (c)  If the Executive is removed and/or permanently prohibited from
participating in the conduct of the Bank's affairs by an order issued under Section
8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 181(e)(4) or
(g)(1)), all obligations of the Bank under this Agreement shall terminate as of the
effective date of the order, but vested rights of the contracting parties shall not be
affected.  

       (d)  If the Bank is in default (as defined in Section 3(x)(1) of the Federal
Deposit Insurance Act), all obligations of the Bank under this Agreement shall
terminate as of the date of default, but this paragraph shall not affect any vested
rights of the contracting parties.  

       (e)  All obligations of the Bank under this Agreement shall be terminated,
except to the extent determined that continuation of the Agreement is necessary for
the continued operation of the institution, (i) by Director of the Office of Thrift
Supervision ("Director") or his or her designee, at the time the Federal Deposit
Insurance Corporation or Resolution Trust Corporation enters into an agreement to
provide assistance to or on behalf of the Bank under the authority contained in
Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director or his or
her designee at the time the Director or his or her designee approves a supervisory
merger to resolve problems related to operation of the Bank or when the Bank is
determined by the Director to be in an unsafe or unsound condition.  Any rights of
the parties that have already vested, however, shall not be affected by such action.  

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       (f)  Any payments made to the Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k)
and any regulations promulgated thereunder.  

              13.  Reinstatement of Benefits Under Section 12(b).  In the event the Executive
is suspended and/or temporarily prohibited from participating in the conduct of the Bank's affairs
by a notice described in Section 12(b) hereof (the "Notice") during the term of this Agreement
and a Change in Control, as defined herein, occurs, the Bank will assume its obligation to pay
and the Executive will be entitled to receive all of the termination benefits provided for under
Section 6 of this Agreement upon the Bank's receipt of a dismissal of charges in the Notice.  

              14.  Severability.  If, for any reason, any provision of this Agreement, or any
part of any provision, is held invalid, such invalidity shall not affect any other provision of this
Agreement or any part of such provision not held so invalid, and each such other provision and
part thereof shall to the full extent consistent with law continue in full force and effect.  

              15.  Headings for Reference Only.  The headings of sections and paragraphs
herein are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement.  

              16.  Governing Law.  The validity, interpretation, performance, and
enforcement of this Agreement shall be governed by Indiana law to the extent not preempted by
Federal law.  

              17.  Arbitration.  Any dispute or controversy arising under or in connection
with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by the employee within fifty (50) miles from the location
of the Bank, in accordance with the rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator's award in any court having jurisdiction; provided,
however, that Executive shall be entitled to seek specific performance of his right to be paid until
the Date of Termination during the pendency of any dispute or controversy arising under or in
connection with this Agreement.  

              In the event any dispute or controversy arising under or in connection with
Executive's termination is resolved in favor of the Executive, whether by judgment, arbitration or
settlement, Executive shall be entitled to the payment of all back-pay, including salary, bonuses and
any other cash compensation, fringe benefits and any compensation and benefits due Executive
under this Agreement.  

              18.  Payment of Legal Fees.  All reasonable legal fees paid or incurred by the
Executive pursuant to any dispute or question of interpretation relating to this Agreement shall
be paid or reimbursed by the Bank if the Executive is successful on the merits pursuant 

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to a legal
judgment, arbitration or settlement, which payments are guaranteed by the Company pursuant to
Section 8 hereof.  

              19.  Successors to the Bank and the Company.  The Bank and the Company
shall require any successor or assignee, whether direct or indirect, by purchase, merger,
consolidation or otherwise, to all or substantially all the business or assets of the Bank or the
Company, expressly and unconditionally to assume and agree to perform their respective
obligations under this Agreement, in the same manner and to the same extent that each would be
required to perform if no such succession or assignment had taken place.  

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              20.  Signatures.

              IN WITNESS WHEREOF, Lafayette Savings Bank, FSB and LSB Financial Corp.
have caused this Agreement to be executed by their duly authorized officers, and the Executive has
signed this Agreement, on the   26   day of      April     , 2000.  

	ATTEST:

/s/ Mary Jo David
Secretary

SEAL

	LAFAYETTE SAVINGS BANK, FSB

By  /s/ John W. Corey
      President
	ATTEST:

/s/ Mary Jo David
Secretary

SEAL

	LSB FINANCIAL CORP.

By  /s/ John W. Corey
      President
	WITNESS:

/s/ Jenni Souligne
	EMPLOYEE

/s/ Clark K. Bush<PAGE>

                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

                              AMENDMENT NUMBER 6
                                    TO THE
                        POOLING AND SERVICING AGREEMENT

     THIS AMENDMENT NUMBER 6 TO THE POOLING AND SERVICING AGREEMENT, dated as of
October 13, 2000 (this "Amendment"), is between CAPITAL ONE BANK, a Virginia
banking corporation, as Seller and Servicer, and THE BANK OF NEW YORK, as
Trustee (the "Trustee") under the Pooling and Servicing Agreement dated as of
September 30, 1993, between the Seller, the Servicer and the Trustee (as
amended, supplemented and in effect on the date hereof, the "Pooling and
Servicing Agreement").

                                   RECITALS

     WHEREAS, Capital One Bank wishes to amend certain provisions of the Pooling
and Servicing  Agreement as provided herein in accordance with Section  13.01(a)
of the Pooling and Servicing Agreement.

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

     SECTION 1.  Definitions.  Capitalized  terms used herein and not  otherwise
defined  herein shall have the meanings  specified in the Pooling and  Servicing
Agreement.

     SECTION 2.  Amendment  of Section  2.01.  Section  2.01 of the  Pooling and
Servicing Agreement shall be amended by deleting the fourth paragraph thereof in
its entirety and replacing it with the following:

     The parties hereto intend that each transfer of Receivables, any Funds
Collateral, and other property pursuant to the Agreement or any Assignment
constitute a sale, and not a secured borrowing, for accounting purposes. If, and
to the extent that, notwithstanding such intent the transfer pursuant to this
Section 2.01 is not deemed to be a sale, the Seller shall be deemed hereunder to
have granted and does hereby grant to the Trustee, on behalf of the Trust and
for the benefit of the Certificateholders, a security interest in all of its
right, title and interest, whether now owned or hereafter acquired, in, to and
under all of the Trust Assets, and this Agreement constitutes a security
agreement under the UCC.
<PAGE>

     SECTION 3.  Amendment of Exhibit B. Exhibit B of the Pooling and  Servicing
Agreement  shall be deleted in its  entirety  and  replaced  with the  Exhibit B
attached hereto.

     SECTION 4.  Effectiveness.  The  amendments  provided for by this Amendment
shall become effective on the date that each of the following events occur:

     (a) The Seller shall have delivered to each provider of Series  Enhancement
an  Officer's  Certificate  of the Seller  stating  that the  Seller  reasonably
believes that the execution and delivery of this  Amendment  will not,  based on
the facts known to such officer at such time, have a material  adverse effect on
the interests of any such provider of Series Enhancement.

     (b) The  Seller  shall  have  received  from  each  Rating  Agency  written
confirmation  that the execution and delivery of this  Amendment will not have a
Ratings Effect and shall have delivered copies of each such  confirmation to the
Servicer and the Trustee.

     (c) The  Servicer  shall  have  delivered  to the  Trustee  and any  Series
Enhancer  entitled  thereto  pursuant to the relevant  Supplement  an Opinion of
Counsel as to the matters  specified in Exhibit H-1 to the Pooling and Servicing
Agreement with respect to this Amendment.

     (d) Each of the parties  hereto shall have  received  counterparts  of this
Amendment, duly executed by each of the parties hereto.

     (e) Each requirement of any Series Enhancement  agreement  applicable to an
amendment of the Pooling and Servicing Agreement shall have been satisfied.

     SECTION 5.  Pooling  and  Servicing  Agreement  in Full Force and Effect as
Amended.  Except as specifically amended hereby, all of the terms and conditions
of the Pooling and  Servicing  Agreement  shall remain in full force and effect.
All  references to the Pooling and Servicing  Agreement in any other document or
instrument  shall be deemed to mean such  Pooling  and  Servicing  Agreement  as
amended by this Amendment. This Amendment shall not constitute a novation of the
Pooling and Servicing Agreement,  but shall constitute an amendment thereof. The
parties hereto agree to be bound by the terms and obligations of the Pooling and
Servicing  Agreement,  as  amended  by this  Amendment,  as though the terms and
obligations of the Pooling and Servicing Agreement were set forth herein.

     SECTION 6.  Counterparts.  This  Amendment may be executed in any number of
counterparts  and by separate parties hereto on separate  counterparts,  each of
which when executed shall be deemed an original, but all such counterparts taken
together shall constitute one and the same instrument.

     SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED
IN  ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT  REFERENCE TO ITS
CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES OF THE

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<PAGE>

PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have caused this Amendment to the
Pooling  and  Servicing  Agreement  to be  duly  executed  by  their  respective
authorized officers as of the day and year first above written.

                                       CAPITAL ONE BANK,
                                       Seller and Servicer

                                       By: /s/ Thomas Feil
                                          -------------------------------
                                            Name:  Thomas Feil
                                            Title: Director of Securitization

                                       THE BANK OF NEW YORK,
                                       Trustee

                                       By: /s/ Scott J. Tepper
                                          -------------------------------
                                            Name: Scott J. Tepper
                                            Title: Assistant Treasurer

  [Signature Page to Amendment Number 6 to the Pooling and Servicing Agreement]
<PAGE>

                                                                       EXHIBIT B

            FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS

                         (As required by Section 2.08 of
                      the Pooling and Servicing Agreement)

     ASSIGNMENT  No. ___ OF  RECEIVABLES  IN  ADDITIONAL  ACCOUNTS,  dated as of
_______ __, 20__ (the "Assignment"), by and between CAPITAL ONE BANK, a Virginia
banking  corporation,  as Seller and  Servicer  (the  "Seller"  and  "Servicer,"
respectively),  and THE BANK OF NEW YORK,  a New York  banking  corporation,  as
trustee  (the  "Trustee"),  pursuant  to the  Pooling  and  Servicing  Agreement
referred to below.

                                   WITNESSETH

     WHEREAS,  the  Seller,  the  Servicer  and the  Trustee  are parties to the
Pooling and Servicing Agreement,  dated as of September 30, 1993 (as amended and
supplemented from time to time, the "Agreement");

     WHEREAS,  pursuant  to  the  Agreement,  the  Seller  wishes  to  designate
Additional  Accounts  (including  Secured  Accounts)  owned by the  Seller to be
included  as  Accounts  and to convey  the (i)  Receivables  of such  Additional
Accounts,  whether now existing or hereafter created,  and (ii), with respect to
Additional Accounts that are Secured Accounts,  the Funds Collateral relating to
such Additional Accounts, to the Trust as part of the corpus of the Trust; and

     WHEREAS,  the Trustee is willing to accept such  designation and conveyance
subject to the terms and conditions hereof;

     NOW,  THEREFORE,  the Seller,  the Servicer and the Trustee hereby agree as
follows:

     1. Defined Terms. All capitalized terms used herein shall have the meanings
ascribed to them in the Agreement unless otherwise defined herein.

     "Additional  Account" shall have the meaning specified in Section 2 of this
Assignment.

     "Addition  Date"  shall  mean,  with  respect  to the  Additional  Accounts
designated hereby, ________ __, 20__.

     "Additional  Cut-Off  Date"  shall  mean,  with  respect to the  Additional
Accounts designated hereby, ________ __, 20__.
<PAGE>

     2.  Designation of Additional Accounts.  The Seller does hereby deliver to
the Trustee a computer file or a microfiche  list containing a true and complete
list of the Additional Accounts  (including Secured Accounts)  designated hereby
(the "Additional  Accounts")  specifying for each Additional  Account, as of the
Additional  Cut-Off  Date,  its  account  number,  the  collection  status,  the
aggregate amount outstanding in such Additional Account, the aggregate amount of
Principal  Receivables  outstanding in such Additional Account and, with respect
to Additional Accounts that are Secured Accounts, the amount of money on deposit
in or credited to the Deposit Account with respect to such  Additional  Account,
which  computer  file or  microfiche  list  shall  supplement  Schedule 1 to the
Agreement. Such computer file or microfiche list is marked as Schedule 1 to this
Assignment.

     3. Conveyance.  (a) The Seller does hereby sell, transfer, assign, set over
and otherwise convey to the Trustee,  on behalf of the Trust, for the benefit of
the  Certificateholders,  all of its right,  title and interest in, to and under
the Receivables of the Additional  Accounts existing at the close of business on
the Additional  Cut-Off Date and thereafter  created from time to time until the
termination  of the  Trust,  the  Funds  Collateral,  if any,  relating  to such
Additional Accounts, all moneys due or to become due and all amounts received or
receivable  with  respect  thereto and all  proceeds  (including  "proceeds"  as
defined in the UCC and including Insurance Proceeds and Recoveries) thereof, and
the  Interchange  payable  pursuant to Section  2.07(i) of the  Agreement.  This
paragraph 3(a) does not constitute and is not intended to result in the creation
or assumption by the Trust, the Trustee,  any Investor  Certificateholder or any
Series  Enhancer  of any  obligation  of the  Servicer,  the Seller or any other
Person in connection with the Accounts, the Receivables, the Funds Collateral or
under any agreement or instrument relating thereto,  including any obligation to
Obligors,  merchant banks,  merchants  clearance  systems,  VISA,  MasterCard or
insurers.

     (b) The Seller agrees to record and file, at its own expense, financing
statements (and continuation statements when applicable) with respect to the
Receivables and the Funds Collateral, if any, now existing or hereafter created
in such Additional Accounts, meeting the requirements of applicable state law in
such manner and in such jurisdictions as are necessary or appropriate to
perfect, and maintain the perfection of, the sale and assignment of such
Receivables and Funds Collateral to the Trust, and to deliver a file stamped
copy of each such financing statement or other evidence of such filing to the
Trustee on or prior to the Addition Date. The Trustee shall be under no
obligation whatsoever to file such financing or continuation statements or to
make any other filing under the UCC in connection with such sale and assignment.

     (c) In connection with such sale, the Seller further agrees, at its own
expense, on or prior to the date of this Assignment, to indicate clearly and
unambiguously in its computer files and to cause the Depository to indicate in
its files, if any, that Receivables created in connection with, and all Funds
Collateral, if any, relating to, the Additional Accounts designated hereby have
been conveyed to the Trust pursuant to the Agreement and this Assignment is for
the benefit of the Certificateholders.

     (d) In connection with such sale, the Seller further agrees, at its own
expense, on or prior to the date of this Assignment, to deliver to the Trustee a
fully executed consent and

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<PAGE>

agreement,  substantially  in the form of Exhibit B hereto (the  "Acknowledgment
and Consent"), from each Depository.

     (e) The parties hereto intend that the transfer of Receivables, any Funds
Collateral, and other property pursuant to this Assignment constitute a sale,
and not a secured borrowing, for accounting purposes. If, and to the extent
that, notwithstanding such intent the transfer pursuant to this Assignment is
not deemed to be a sale, the Seller shall be deemed hereunder to have granted
and does hereby grant to the Trustee a security interest in all of its right,
title and interest, whether now owned or hereafter acquired, in, to and under
the Receivables of the Additional Accounts existing at the close of business on
the Additional Cut-Off Date and thereafter created from time to time until the
termination of the Trust, the Funds Collateral, if any, relating to the
Additional Accounts, all moneys due or to become due and all amounts received or
receivable with respect thereto and all proceeds (including "proceeds" as
defined in the UCC and including Insurance Proceeds and Recoveries) thereof and
the Interchange payable pursuant to Section 2.07(i) of the Agreement. This
Assignment constitutes a security agreement under the UCC.

     (f) The Seller hereby appoints the Trustee as its attorney-in-fact with
full authority in the place and stead of the Seller and in the name of the
Seller or otherwise from time to time in the Trustee's discretion to take any
action and to execute any instrument that the Trustee may deem necessary or
advisable to accomplish the purposes of this Assignment, including, without
limitation, to ask, demand, collect, sue for, recover, compromise, receive and
give acquittances and receipts for moneys due and to become due under or in
connection with the Funds Collateral, receive, endorse and collect all drafts or
other instruments and documents made payable to the Seller in connection
therewith or representing any payment, dividend or other distribution in respect
of the Funds Collateral or any part thereof and to give full discharge for the
same and the Trustee may as such attorney-in-fact, file any claims or take any
action or institute any proceedings which the Trustee may deem to be necessary
or desirable for the collection thereon or to enforce compliance with the terms
and conditions of this Assignment and the Agreement.

     4. Acceptance by Trustee. The Trustee hereby acknowledges its acceptance on
behalf of the Trust of all right, title and interest to the property, now
existing and hereafter created, conveyed to the Trust pursuant to Section 3 of
this Assignment, and declares that it shall maintain such right, title and
interest, upon the trust set forth in the Agreement for the benefit of all
Certificateholders. The Trustee further acknowledges that, prior to or
simultaneously with the execution and delivery of this Assignment, the Seller
delivered to the Trustee the computer file or microfiche list described in
Section 2 of this Assignment.

     5. Withdrawal of Funds from the Deposit Account. (a) Acting in accordance
with its customary and usual servicing procedures for servicing Secured Accounts
and in accordance with the Lending Guidelines, the Servicer shall, upon
withdrawing funds from a Deposit Account, apply an amount up to the aggregate
amount of Principal Receivables outstanding in the Additional Account for which
such amounts are being withdrawn, plus any Finance Charge Receivables related to
such Additional Account and deposit such amount into the Collection Account for
treatment as Collections of Principal Receivables and Finance Charge
Receivables, respectively. Any proceeds of the Funds Collateral received by the
Seller shall be

                                       3
<PAGE>

held in trust by the Seller for and as the Trustee's property and shall not be
commingled with the Seller's other funds or properties.

     (b) The Seller shall, at its own cost and expense, maintain satisfactory
and complete records of the Funds Collateral, including, without limitation, a
record of all deposits made by or on behalf of each Obligor into the Deposit
Account, all credits granted and debits made with respect to such Obligor's
interest in the Deposit Account, and all other dealings with the Deposit
Account. The Seller will deliver and turn over to the Trustee or to its
representatives at any time on demand of the Trustee the Deposit Documents.

     6. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Trustee, on behalf of the Trust, as of the date
of this Assignment and as of the Addition Date, that:

          (a) Legal, Valid and Binding Obligation. This Assignment constitutes a
     legal, valid and binding obligation of the Seller enforceable against the
     Seller in accordance with its terms, except as such enforceability may be
     limited by applicable bankruptcy, insolvency, reorganization, moratorium,
     receivership, conservatorship or other similar laws now or hereafter in
     effect affecting the enforcement of creditors' rights in general and the
     rights of creditors of a state banking association (or a national banking
     association, as the case may be), and except as such enforceability may be
     limited by general principles of equity (whether considered in a suit at
     law or in equity).

          (b) Eligibility of Accounts. Each Additional Account designated hereby
     is an Eligible Account.

          (c) No Lien. Each Receivable created in connection with, and all Funds
     Collateral relating to, the Additional Accounts have been transferred to
     the Trust free and clear of any Lien other than (i) Liens permitted under
     subsection 2.07(b) of the Agreement, (ii) any tax or governmental lien or
     other nonconsensual lien and (iii) with respect to Funds Collateral, Liens
     granted in favor of the Seller by an Obligor.

          (d) Classification. The Receivables created in connection with the
     Additional Accounts (together with the Seller's interest in the related
     Funds Collateral) constitute "accounts" or "general intangibles" under and
     as defined in Article 9 of the UCC;

          (e) Federal Deposit Insurance. Each Obligor of a Secured Account holds
     a beneficial ownership interest in the Funds sufficient to afford such
     Obligor separate federal deposit insurance with respect to the portion of
     the Deposit Account attributable to such Obligor.

          (f) Insolvency. As of each of the Additional Cut-Off Date and the
     Addition Date, no Insolvency Event with respect to the Seller has occurred
     and the transfer by the Seller of Receivables arising in the Additional
     Accounts to the Trust has not been made in contemplation of the occurrence
     thereof.

          (g) Pay Out Event. The Seller reasonably believes that the addition of
     the Receivables arising in the Additional Accounts will not, based on the
     facts known to the

                                       4
<PAGE>

     Seller, cause a Pay Out Event or any event that, after giving of notice or
     the lapse of time, would constitute a Pay Out Event to occur with respect
     to any Series.

          (h) Security Interest. This Assignment constitutes a valid sale,
     transfer and assignment to the Trustee of all right, title and interest of
     the Seller in the Receivables now existing or hereafter created in the
     Additional Accounts and the Funds Collateral, if any, relating to the
     Additional Accounts, all moneys due or to become due and all amounts
     received with respect thereto and the proceeds (including "proceeds" as
     defined in the UCC as in effect in the Commonwealth of Virginia and
     including Insurance Proceeds and Recoveries) thereof, and the Interchange
     payable pursuant to Section 2.07(i) of the Agreement or, if this Assignment
     does not constitute a sale of such property, it constitutes a grant of a
     security interest in such property to the Trustee, which, in the case of
     existing Receivables, Funds Collateral, and the proceeds thereof is
     enforceable upon execution and delivery of this Assignment, and which will
     be enforceable with respect to such Receivables and the Funds Collateral
     hereafter created and the proceeds thereof upon such creation. Upon the
     filing of the financing statements described in Section 3 of this
     Assignment and, in the case of the Receivables and Funds Collateral
     hereafter created and the proceeds thereof, upon the creation thereof, the
     Trustee shall have a first priority perfected security or ownership
     interest in the Seller's rights in such property and proceeds.

          (i) No Conflict. The execution and delivery by the Seller of this
     Assignment, the performance of the transactions contemplated by this
     Assignment and the fulfillment of the terms hereof applicable to the
     Seller, will not conflict with or violate the articles of incorporation or
     bylaws of the Seller or conflict with, result in any breach of any of the
     terms and provisions of, or constitute (with or without notice or lapse of
     time or both) a material default under, any indenture, contract, agreement,
     mortgage, deed of trust or other instrument to which the Seller is a party
     or by which it or its properties are bound.

          (j) No Proceedings. There are no Proceedings or investigations pending
     or, to the best knowledge of the Seller, threatened against the Seller,
     before any court, regulatory body, administrative agency or other tribunal
     or governmental instrumentality (i) asserting the invalidity of this
     Assignment, (ii) seeking to prevent the consummation of any of the
     transactions contemplated by this Assignment, (iii) seeking any
     determination or ruling that, in the reasonable judgment of the Seller,
     would materially and adversely affect the performance by the Seller of its
     obligations under this Assignment or (iv) seeking any determination or
     ruling that would materially and adversely affect the validity or
     enforceability of this Assignment.

          (k) All Consents. All authorizations, consents, orders or other
     actions of any Person or of any Governmental Authority required to be
     obtained by the Seller in connection with the execution and delivery of
     this Assignment by the Seller and the performance of the transactions
     contemplated by this Assignment by the Seller, have been obtained.

          (l) No Material Adverse Effect. None of the terms of this Assignment,
     including the addition to the Trust of the Receivables created in
     connection with, and the

                                       5
<PAGE>

     Funds Collateral relating to, the Additional Accounts, will have a material
     adverse effect on the interests of the Certificateholders.

     7. Covenants of the Seller. The Seller hereby covenants and agrees with the
Trustee, on behalf of the Trust, as follows:

          (a) Transfers, Liens, Etc. Except for the conveyances hereunder, and
     except as otherwise provided under the Agreement, the Seller shall not
     sell, pledge, assign or transfer to any other Person, or grant, create,
     incur, assume or suffer to exist any Lien upon or with respect to any
     Receivable created in connection with, or the Funds Collateral relating to,
     the Additional Accounts, whether now existing or hereafter created.

          (b) Notice of Liens. The Seller shall notify the Trustee and each
     Series Enhancer entitled to such notice pursuant to the relevant Supplement
     promptly after becoming aware of any Lien on any Receivable created in
     connection with, or on the Funds Collateral relating to, the Additional
     Accounts, other than (i) the conveyances hereunder, (ii) Liens permitted
     under Section 2.07(b) of the Agreement, (iii) any tax or governmental lien
     or other nonconsensual lien or (iv) with respect to Funds Collateral, Liens
     granted in favor of the Seller by an Obligor.

          (c) Federal Deposit Insurance. The Seller will maintain or cause to be
     maintained records regarding each Obligor's beneficial ownership interest
     in the Funds sufficient to afford such Obligor separate federal deposit
     insurance with respect to the portion of the Deposit Account attributable
     to such Obligor.

          (d) Location of Deposit Account. The Seller shall not move the
     location of any Deposit Account without the prior written consent of
     Moody's, Standard & Poor's and Fitch.

          (e) Servicer Default. If the Servicer is the Depository, the Seller
     shall, upon the occurrence of a Servicer Default, immediately move the
     location of the Deposit Account to an Eligible Institution.

     8. Covenant of Servicer. The Servicer hereby covenants and agrees with the
Trustee, on behalf of the Trust, that it will take no action which, nor omit to
take any action the omission of which, would substantially impair the rights of
the Certificateholders in the Receivables created in connection with, or the
Funds Collateral relating to, the Additional Accounts.

     9. Reassignment of Receivables and Funds Collateral.

          (a) The parties hereto hereby agree that any reassignment or
     assignment of Receivables to the Seller or the Servicer required pursuant
     to Section 2.05, 2.06 or 3.03 of the Agreement shall include such
     Receivables and the Funds Collateral, if any, related to such Receivables.

          (b) In the event any representation or warranty of the Seller
     contained in Section 6(c), (d) or (e) hereof is not true and correct in any
     material respect as of the date

                                       6
<PAGE>

     hereof or the date specified therein (individually or together with any
     other breach or breaches then existing) and such breach has a material
     adverse effect on the Certificateholders' Interests of all Series in any
     Receivables or related Funds Collateral, if any, transferred to the Trust
     (which determination shall be made without regard to the availability of
     funds under any Series Enhancement) and remains uncured for 60 days (or
     such longer period, not in excess of 150 days, as may be agreed to by the
     Trustee) after the earlier to occur of the discovery thereof by the Seller
     or receipt by the Seller of notice thereof given by the Trustee, then the
     remedy provided under Section 2.05 of the Agreement (including the proviso
     thereto) shall apply with respect to each of the Receivables and the
     related Funds Collateral, if any, transferred to the Trust pursuant to this
     Assignment as if set forth herein.

          (c) In the event any representation or warranty of the Seller
     contained in Section 6(h) hereof is not true and correct in any material
     respect and such breach has a material adverse effect on the
     Certificateholders' Interests of all Series in the Receivables or the
     related Funds Collateral, if any, then the remedy provided under Section
     2.06 of the Agreement (including the proviso thereto) shall apply with
     respect to each of the Receivables and the related Funds Collateral, if
     any, transferred to the Trust pursuant to this Assignment as if set forth
     herein.

     10. Ratification of Agreement. As amended and supplemented by this
Assignment, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Assignment shall be read, taken and
construed as one and the same instrument.

     11. Counterparts. This Assignment may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which
shall be an original, but all of which shall constitute one and the same
instrument.

     12. GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       7
<PAGE>

     IN WITNESS WHEREOF, the Seller and the Trustee have caused this Assignment
to be duly executed by their respective officers as of the day and year first
above written.

                                             CAPITAL ONE BANK,
                                               as Seller

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

                                             THE BANK OF NEW YORK,
                                             as Trustee

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

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