Document:

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                                                                     Exhibit 4.6

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                         RECEIVABLES PURCHASE AGREEMENT

                          dated as of December 21, 2001

                                      among

                          YORK RECEIVABLES FUNDING LLC,

                         YORK INTERNATIONAL CORPORATION,
                                   as Servicer

                     THE MEMBERS OF VARIOUS PURCHASER GROUPS
                         FROM TIME TO TIME PARTY HERETO

                                       and

                         PNC BANK, NATIONAL ASSOCIATION,
                                as Administrator

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         This RECEIVABLES PURCHASE AGREEMENT (as amended, supplemented or
otherwise modified from time to time, this "Agreement") is entered into as of
December 21, 2001, among YORK RECEIVABLES FUNDING LLC, a Delaware limited
liability company, as seller (the "Seller"), YORK INTERNATIONAL CORPORATION, a
Delaware corporation ("York"), as initial servicer (in such capacity, together
with its successors and permitted assigns in such capacity, the "Servicer"),
MARKET STREET FUNDING CORPORATION ("Market Street"), a Delaware corporation, as
a Conduit Purchaser, PNC BANK, NATIONAL ASSOCIATION, a national banking
association ("PNC"), as agent for the Market Street Purchaser Group, LIBERTY
STREET FUNDING CORP. ("Liberty Street"), a Delaware corporation, as a Conduit
Purchaser, THE BANK OF NOVA SCOTIA ("BNS"), a Canadian chartered bank acting
through its New York Agency as agent for the Liberty Street Purchaser Group,
each of the other members of each Purchaser Group that become parties hereto by
executing an Assumption Agreement or a Transfer Supplement and PNC as
administrator for each Purchaser Group a party hereto or that become parties
hereto (in such capacity, the "Administrator").

         PRELIMINARY STATEMENTS. Certain terms that are capitalized and used
throughout this Agreement are defined in Exhibit I. References in the Exhibits
hereto to the "Agreement" refer to this Agreement, as amended, supplemented or
otherwise modified from time to time.

         The Seller desires to sell, transfer and assign an undivided variable
percentage interest in a pool of receivables, and the Purchasers desire to
acquire such undivided variable percentage interest, as such percentage interest
shall be adjusted from time to time based upon, in part, reinvestment payments
that are made by such Purchasers.

         In consideration of the mutual agreements, provisions and covenants
contained herein, the parties hereto agree as follows:

                                   ARTICLE I
                       AMOUNTS AND TERMS OF THE PURCHASES

         Section 1.1 Purchase Facility.

                  (a) On the terms and subject to the conditions hereof, the
         Seller may, from time to time before the Facility Termination Date,
         request that the Conduit Purchasers, or, only if a Conduit Purchaser
         denies such request or is unable to fund (and provides notice of such
         denial or inability to the Seller, the Administrator and its Purchaser
         Agent), ratably request that the Related Committed Purchasers, make
         purchases of and reinvestments in undivided percentage ownership
         interests with regard to the Purchased Interest from the Seller from
         time to time from the date hereof to the Facility Termination Date.
         Subject to Section 1.4(b), concerning reinvestments, at no time will a
         Conduit Purchaser have any obligation to make a purchase. Each Related
         Committed Purchaser severally hereby agrees, on the terms and subject
         to the conditions hereof, to make Purchases before the Facility
         Termination Date, based on the applicable Purchaser Group's Ratable
         Share of each purchase requested pursuant to Section 1.2(a) (each a
         "Purchase") (and, in the case of each Related Committed Purchaser, its
         Commitment Percentage of its Purchaser Group's Ratable Share of such
         Purchase) to the extent its
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         Investment would not thereby exceed its Commitment and the Aggregate
         Investment would not (after giving effect to all Purchases on such
         date) exceed the Purchase Limit.

                  (b) The Seller may, upon at least 60 days' written notice to
         the Administrator and each Purchaser Agent terminate the purchase
         facility provided for in this Section in whole or, upon 30 days'
         written notice to the Administrator and each Purchaser Agent, from time
         to time, irrevocably reduce in part the unfunded portion of the
         Purchase Limit (but not below the amount which would cause the Group
         Investment of any Purchaser Group to exceed its Group Commitment (after
         giving effect to such reduction)); provided that each partial reduction
         shall be in the amount of at least $5,000,000, or an integral multiple
         of $1,000,000 in excess thereof and unless terminated in whole, the
         Purchase Limit shall in no event be reduced below $50,000,000. Such
         reduction shall at the option of the Seller be applied either (i)
         ratably to reduce the Group Commitment of each Purchaser Group or (ii)
         to terminate the Group Commitment of any one Purchaser Group.

         Section 1.2 Making Purchases.

                  (a) Each purchase (but not reinvestment) of undivided
         percentage ownership interests with regard to the Purchased Interest
         hereunder shall be made upon the Seller's irrevocable written notice in
         the form of Annex B delivered to the Administrator and each Purchaser
         Agent in accordance with Section 6.2 (which notice must be received by
         the Administrator and each Purchaser Agent before 11:00 a.m., New York
         City time) at least three Business Days before the requested Purchase
         Date, which notice shall specify: (A) the amount requested to be paid
         to the Seller (such amount, which shall not be less than $1,000,000,
         with respect to each Purchaser Group, being the aggregate of the
         Investments of each Purchaser within such Purchaser Group, relating to
         the undivided percentage ownership interest then being purchased), (B)
         the date of such purchase (which shall be a Business Day), and (C) a
         pro forma calculation of the Purchased Interest after giving effect to
         the increase in the Aggregate Investment. If the Purchase is requested
         from a Conduit Purchaser and such Conduit Purchaser determines, in its
         sole discretion, to make the requested Purchase, such Conduit Purchaser
         shall transfer to the account of the Seller described in Section
         1.2(b), below (the "Disbursement Account"), an amount equal to such
         Conduit Purchaser's Purchaser Group Ratable Share of such Purchase on
         the requested Purchase Date. If the Purchase is requested from the
         Related Committed Purchasers for a Purchaser Group (in the case where
         the related Conduit Purchaser determined not to or was unable to make
         such Purchase), subject to the terms and conditions hereof, such
         Related Committed Purchasers for a Purchaser Group shall transfer the
         applicable Purchaser Group's Ratable Share of each Purchase (and, in
         the case of each Related Committed Purchaser, its Commitment Percentage
         of its Purchaser Group's Ratable Share of such Purchase) into the
         Disbursement Account on the Purchase Date and shall use its reasonable
         best efforts to make such transfer by no later than 4:00 p.m. (New York
         time) on such Purchase Date.

                  (b) On the date of each Purchase, each Purchaser (or the
         related Purchaser Agent on its behalf), shall make available to the
         Seller in same day funds, at, Wilmington Trust, account number, ABA
         57038-0, ABA 031100092, an amount equal to the proceeds of such
         Purchase.

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                  (c) Effective on the date of each Purchase pursuant to this
         Section 1.2 and each reinvestment pursuant to Section 1.4, the Seller
         hereby sells and assigns to the Administrator for the benefit of the
         Purchasers (ratably, according to each such Purchaser's Investment) an
         undivided percentage ownership interest in: (i) each Pool Receivable
         then existing, (ii) all Related Security with respect to such Pool
         Receivables, and (iii) all Collections with respect to, and other
         proceeds of, such Pool Receivables and Related Security.

                  (d) To secure all of the Seller's obligations (monetary or
         otherwise) under this Agreement and the other Transaction Documents to
         which it is a party, whether now or hereafter existing or arising, due
         or to become due, direct or indirect, absolute or contingent, the
         Seller hereby grants to the Administrator, for the benefit of the
         Purchasers, a security interest in all of the Seller's right, title and
         interest (including any undivided interest of the Seller) in, to and
         under all of the following, whether now or hereafter owned, existing or
         arising: (i) all Pool Receivables, (ii) all Related Security with
         respect to such Pool Receivables, (iii) all Collections with respect to
         such Pool Receivables, (iv) the Lock-Box Accounts (and the related
         lock-boxes) and all amounts on deposit therein, and all certificates
         and instruments, if any, from time to time evidencing such Lock-Box
         Accounts (and such related lock-boxes) and amounts on deposit therein,
         (v) all books and records of each Receivable, all rights, remedies,
         powers and privileges of the Seller in any accounts into which
         Collections are or may be received and all rights (but none of the
         obligations) of the Seller under the Purchase and Sale Agreement and
         (vi) all proceeds and products of, and all amounts received or
         receivable under any or all of, the foregoing (collectively, the "Pool
         Assets"). The Administrator, for the benefit of the Purchasers, shall
         have, with respect to the Pool Assets, and in addition to all the other
         rights and remedies available to the Administrator and the Purchasers,
         all the rights and remedies of a secured party under any applicable
         UCC.

                  (e) The Seller may, with the written consent of the
         Administrator and each Purchaser, add additional Persons as Purchasers
         (either to an existing Purchaser Group or by creating new Purchaser
         Groups) or cause an existing Purchaser to increase its Commitment in
         connection with a corresponding increase in the Purchase Limit;
         provided, however, that the Commitment of any Purchaser may only be
         increased with the consent of such Purchaser. Each new Purchaser (or
         Purchaser Group) and each Purchaser increasing its Commitment shall
         become a party hereto or increase its Commitment, as the case may be,
         by executing and delivering to the Administrator and the Seller an
         Assumption Agreement in the form of Annex C hereto (which Assumption
         Agreement shall, in the case of any new Purchaser or Purchasers be
         executed by each Person in such new Purchaser's Purchaser Group).

                  (f) Each Related Committed Purchaser's obligation hereunder
         shall be several, such that the failure of any Related Committed
         Purchaser to make a payment in connection with any purchase hereunder
         shall not relieve any other Related Committed Purchaser of its
         obligation hereunder to make payment for any Purchase. Further, in the
         event any Related Committed Purchaser fails to satisfy its obligation
         to make a purchase as required hereunder, upon receipt of notice of
         such failure from the Administrator (or any relevant Purchaser Agent),
         subject to the limitations set forth herein, the

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         non-defaulting Related Committed Purchasers in such defaulting Related
         Committed Purchaser's Purchaser Group shall purchase the defaulting
         Related Committed Purchaser's Commitment Percentage of the related
         Purchase pro rata in proportion to their relative Commitment
         Percentages (determined without regard to the Commitment Percentage of
         the defaulting Related Committed Purchaser; it being understood that a
         defaulting Related Committed Purchaser's Commitment Percentage of any
         Purchase shall be first put to the Related Committed Purchasers in such
         defaulting Related Committed Purchaser's Purchaser Group and thereafter
         if there are no other Related Committed Purchasers in such Purchaser
         Group or if such other Related Committed Purchasers are also defaulting
         Related Committed Purchasers, then such defaulting Related Committed
         Purchaser's Commitment Percentage of such Purchase shall be put to each
         other Purchaser Group ratably and applied in accordance with this
         paragraph (f)). Notwithstanding anything in this paragraph (f) to the
         contrary, no Related Committed Purchaser shall be required to make a
         Purchase pursuant to this paragraph for an amount which would cause (i)
         the aggregate Investment of such Related Committed Purchaser (after
         giving effect to such Purchase) to exceed its Commitment or (ii) the
         sum of the aggregate Investments of all Purchasers in the Purchaser
         Group of such Related Committed Purchaser (after giving effect to such
         Purchase) to exceed the sum of the Commitments of all of the Purchasers
         in such Purchaser Group.

         Section 1.3 Purchased Interest Computation. The Purchased Interest
shall be initially computed on the date of the initial Purchase hereunder.
Thereafter, until the Facility Termination Date, such Purchased Interest shall
be automatically recomputed (or deemed to be recomputed) on each Business Day
other than a Termination Day. From and after the occurrence of any Termination
Day, the Purchased Interest shall (until the event(s) giving rise to such
Termination Day are satisfied or are waived by the Administrator and a Simple
Majority of the Purchasers) be deemed to be 100%. The Purchased Interest shall
become zero when the Aggregate Investment thereof and Aggregate Discount thereon
shall have been paid in full, all the amounts owed by the Seller and the
Servicer hereunder to each Purchaser, the Administrator and any other
Indemnified Party or Affected Person are paid in full, and the Servicer shall
have received the accrued Servicing Fee thereon.

         Section 1.4 Settlement Procedures.

                  (a) The collection of the Pool Receivables shall be
         administered by the Servicer in accordance with this Agreement. The
         Seller shall provide to the Servicer on a timely basis all information
         needed for such administration, including notice of the occurrence of
         any Termination Day and current computations of the Purchased Interest.

                  (b) The Servicer shall, on each day on which Collections of
         Pool Receivables are received (or deemed received) by the Seller or the
         Servicer:

                           (i) set aside and hold in trust (and shall, at the
                  request of the Administrator (with the consent or at the
                  direction of the Majority Purchasers), segregate in a separate
                  account approved by the Administrator if, at the time of such
                  request, there exists an Unmatured Termination Event or a
                  Termination Event or if the failure to so segregate reasonably
                  could be expected to cause a

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                  Material Adverse Effect) for the benefit of each Purchaser
                  Group, out of the Purchasers' Share of such Collections,
                  first, an amount equal to the Aggregate Discount accrued
                  through such day for each Portion of Investment and not
                  previously set aside, second, an amount equal to the fees set
                  forth in each Purchaser Group Fee Letter accrued and unpaid
                  through such day, and third, to the extent funds are available
                  therefor, an amount equal to the aggregate of each Purchaser
                  Group's Ratable Share of the Purchasers' Share of the
                  Servicing Fee accrued through such day and not previously set
                  aside,

                           (ii) subject to Section 1.4(f), if such day is not a
                  Termination Day, remit to the Seller, ratably, on behalf of
                  each Purchaser Group, the remainder of the Purchasers' Share
                  of such Collections. Such remainder shall, to the extent
                  representing a return on the Aggregate Investment, ratably,
                  according to each Purchaser's Investment, be automatically
                  reinvested in Pool Receivables, and in the Related Security,
                  Collections and other proceeds with respect thereto; provided,
                  however, that if the Purchased Interest would exceed 100%,
                  then the Servicer shall not reinvest, but shall set aside and
                  hold in trust for the benefit of the Purchasers (and shall, at
                  the request of the Administrator (with the consent or at the
                  direction of the Majority Purchasers), segregate in a separate
                  account approved by the Administrator if, at the time of such
                  request, there exists an Unmatured Termination Event or a
                  Termination Event or if the failure to so segregate reasonably
                  could be expected to cause a Material Adverse Effect) a
                  portion of such Collections that, together with the other
                  Collections set aside pursuant to this paragraph, shall equal
                  the amount necessary to reduce the Purchased Interest to 100%;
                  provided, further, that in the case of any Purchaser that has
                  provided notice (an "Exiting Notice") to its Purchaser Agent
                  of its refusal, pursuant to Section 1.10, to extend its
                  Commitment hereunder (an "Exiting Purchaser"), then such
                  Purchaser's ratable share of such Collections based on its
                  Investment shall not be reinvested and shall instead be held
                  in trust for the benefit of such Purchaser and applied in
                  accordance with clause (iii) below,

                           (iii) if such day is a Termination Day (or any day
                  following the provision of an Exiting Notice), set aside,
                  segregate and hold in trust (and shall, at the request of the
                  Administrator (with the consent or at the direction of a
                  Simple Majority of the Purchasers), segregate in a separate
                  account approved by the Administrator) for the benefit of each
                  Purchaser Group the entire remainder of the Purchasers' Share
                  of the Collections (or in the case of an Exiting Purchaser an
                  amount equal to such Exiting Purchaser's ratable share of such
                  Collections based on its Investment; provided, that solely for
                  the purpose of determining such Exiting Purchaser's ratable
                  share of such Collections applicable to its Investment (and
                  not for purposes of calculating any Fees or Discount payable
                  to such Exiting Purchaser hereunder), such Exiting Purchaser's
                  Investment shall be deemed to remain constant from the date of
                  the provision of an Exiting Notice until the date such Exiting
                  Purchaser's Investment has been paid in full; it being
                  understood that if such day is also a Termination Day, such
                  Exiting Purchaser's Investment shall be recalculated taking
                  into account amounts received by such Purchaser in respect

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                  of this parenthetical and thereafter Collections shall be set
                  aside for such Exiting Purchaser ratably in respect of its
                  Investment (as recalculated)); provided, that if amounts are
                  set aside and held in trust on any Termination Day of the type
                  described in clause (a) of the definition of "Termination Day"
                  (or any day following the provision of an Exiting Notice) and,
                  thereafter, the conditions set forth in Section 2 of Exhibit
                  II are satisfied or waived by the Administrator and a Simple
                  Majority of the Purchasers (or in the case of an Exiting
                  Notice, such Exiting Notice has been revoked by the related
                  Exiting Purchaser, and written notice thereof has been
                  provided to the Administrator, the related Purchaser Agent and
                  the Servicer), such previously set-aside amounts shall, to the
                  extent representing a return on Aggregate Investment (or the
                  Investment of the Exiting Purchaser) and ratably in accordance
                  with each Purchaser's Investment, be reinvested in accordance
                  with clause (ii) on the day of such subsequent satisfaction or
                  waiver of conditions or revocation of Exiting Notice, and

                           (iv) release to the Seller (subject to Section
                  1.4(f)) for its own account any Collections in excess of: (x)
                  amounts required to be reinvested in accordance with clause
                  (ii) or the proviso to clause (iii) plus (y) the amounts that
                  are required to be set aside pursuant to clause (i), the
                  proviso to clause (ii) and clause (iii) plus (z) the Seller's
                  Share of the Servicing Fee accrued and unpaid through such day
                  and all reasonable and appropriate out-of-pocket costs and
                  expenses of the Servicer for servicing, collecting and
                  administering the Pool Receivables.

                  (c) The Servicer shall, in accordance with the priorities set
         forth in Section 1.4(d), below, deposit into each applicable
         Purchaser's account (or such other account designated by such
         applicable Purchaser or its Purchaser Agent), on each Settlement Date
         (or solely with respect to Collections held for the Purchasers pursuant
         to clause (f)(iii) of Section 1.4 such other date approved by the
         Administrator with at least (5) Business Days prior written notice to
         the Administrator of such payment), Collections held for each Purchaser
         with respect to such Purchaser's Portion(s) of Investment pursuant to
         clause (b)(i) or (f) plus the amount of Collections then held for such
         Purchaser pursuant to clauses (b)(ii) and (iii) of Section 1.4;
         provided, York may retain the portion of the Collections set aside
         pursuant to clause (b)(i) that represents the aggregate of each
         Purchaser Group's Ratable Share of the Purchasers' Share of the
         Servicing Fee. On or before the last day of each Yield Period with
         respect to any Portion of Investment, the applicable Purchaser Agent
         will notify the Servicer by facsimile of the amount of the Discount
         accrued with respect to each such Portion of Investment during the
         related Yield Period then ending.

                  (d) The Servicer shall distribute the amounts described (and
         at the times set forth) in Section 1.4(c), as follows:

                           (i) if such distribution occurs on a day that is not
                  a Termination Day and the Purchased Interest does not exceed
                  100%, first to each Purchaser Agent ratably according to the
                  Discount accrued during such Yield Period (for the benefit of
                  the relevant Purchasers within such Purchaser Agent's
                  Purchaser Group) in payment in full of all accrued Discount
                  and fees (other than Servicing

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                  Fees) with respect to each Portion of Investment maintained by
                  such Purchasers; it being understood that each Purchaser Agent
                  shall distribute such amounts to the Purchasers within its
                  Purchaser Group ratably according to Discount, and second, if
                  the Servicer has set aside amounts in respect of the Servicing
                  Fee pursuant to clause (b)(i) and has not retained such
                  amounts pursuant to clause (c), to the Servicer's own account
                  (payable in arrears on each Settlement Date) in payment in
                  full of the aggregate of each Purchaser Group's Ratable Share
                  of the Purchasers' Share of accrued Servicing Fees so set
                  aside, and

                           (ii) if such distribution occurs on a Termination Day
                  or on a day when the Purchased Interest exceeds 100%, first to
                  the Servicer's own account in payment in full of all accrued
                  Servicing Fees, second to each Purchaser Agent ratably
                  according to Discount (for the benefit of the relevant
                  Purchasers within such Purchaser Agent's Purchaser Group) in
                  payment in full of all accrued Discount with respect to each
                  Portion of Investment funded or maintained by the Purchasers
                  within such Purchaser Agent's Purchaser Group, third to each
                  Purchaser Agent ratably according to the Group Investment of
                  such Purchaser Agent's Purchaser Group (for the benefit of the
                  relevant Purchasers within such Purchaser Agent's Purchaser
                  Group) in payment in full of each Purchaser's Investment (or,
                  if such day is not a Termination Day, the amount necessary to
                  reduce the Purchased Interest to 100%); it being understood
                  that each Purchaser Agent shall distribute the amounts
                  described in the first and second clauses of this Section
                  1.4(d)(ii) to the Purchasers within its Purchaser Group
                  ratably according to Discount and Investment, respectively and
                  fourth, if the Aggregate Investment and accrued Aggregate
                  Discount with respect to each Portion of Investment for all
                  Purchaser Groups have been reduced to zero, and all accrued
                  Servicing Fees payable to the Servicer have been paid in full,
                  to each Purchaser Group ratably (for the benefit of the
                  Purchasers within such Purchaser Group) in accordance with its
                  Ratable Share, the Administrator and any other Indemnified
                  Party or Affected Person in payment in full of any other
                  amounts owed thereto by the Seller or Servicer hereunder.

After the Aggregate Investment, Aggregate Discount, fees payable pursuant to
each Purchaser Group Fee Letter and Servicing Fees with respect to the Purchased
Interest, and any other amounts payable by the Seller and the Servicer to each
Purchaser Group, the Administrator or any other Indemnified Party or Affected
Person hereunder, have been paid in full, all additional Collections with
respect to the Purchased Interest shall be paid to the Seller for its own
account.

                  (e) For the purposes of this Section 1.4:

                           (i) if on any day the Outstanding Balance of any Pool
                  Receivable is reduced or adjusted as a result of any
                  defective, rejected, returned, repossessed or foreclosed goods
                  or services, or any revision, cancellation, allowance,
                  discount or other adjustment made by the Seller or any
                  Affiliate of the Seller, or the Servicer or any Affiliate of
                  the Servicer, or any setoff or dispute between the Seller or
                  any Affiliate of the Seller, or the Servicer or any Affiliate
                  of the Servicer and an

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                  Obligor, the Seller shall be deemed to have received on such
                  day a Collection of such Pool Receivable in the amount of such
                  reduction or adjustment;

                           (ii) if on any day any of the representations or
                  warranties in Section 1(g) or (n) of Exhibit III is not true
                  with respect to any Pool Receivable, the Seller shall be
                  deemed to have received on such day a Collection of such Pool
                  Receivable in full;

                           (iii) except as provided in clause (i) or (ii), or as
                  otherwise required by applicable law or the relevant Contract,
                  all Collections received from an Obligor of any Receivable
                  shall be applied to the Receivables of such Obligor in the
                  order of the age of such Receivables, starting with the oldest
                  such Receivable, unless such Obligor designates in writing its
                  payment for application to specific Receivables; and

                           (iv) if and to the extent the Administrator, any
                  Purchaser Agent or any Purchaser shall be required for any
                  reason to pay over to an Obligor (or any trustee, receiver,
                  custodian or similar official in any Insolvency Proceeding)
                  any amount received by it hereunder, such amount shall be
                  deemed not to have been so received by such Person but rather
                  to have been retained by the Seller and, accordingly, such
                  Person shall have a claim against the Seller for such amount,
                  payable when and to the extent that any distribution from or
                  on behalf of such Obligor is made in respect thereof.

                  (f) If at any time the Seller shall wish to cause the
         reduction of Aggregate Investment (but not to commence the liquidation,
         or reduction to zero, of the entire Aggregate Investment), the Seller
         may do so as follows:

                           (i) the Seller shall give the Administrator, each
                  Purchaser Agent and the Servicer written notice in the Form of
                  Annex E (A) at least two Business Days' prior written notice
                  thereof for any reduction of Aggregate Investment less than or
                  equal to $10,000,000 and (B) at least ten Business Days' prior
                  written notice thereof for any reduction of Aggregate
                  Investment greater than $10,000,000 (in each case such notice
                  shall include the amount of such proposed reduction and the
                  proposed date on which such reduction will commence);

                           (ii) on the proposed date of commencement of such
                  reduction and on each day thereafter, the Servicer shall cause
                  Collections not to be reinvested until the amount thereof not
                  so reinvested shall equal the desired amount of reduction; and

                           (iii) the Servicer shall hold such Collections in
                  trust for the benefit of each Purchaser ratably according to
                  its Investment, for payment to each such Purchaser (or its
                  related Purchaser Agent for the benefit of such Purchaser) on
                  the (i) next Settlement Date with respect to any Portions of
                  Investment maintained by such Purchaser immediately following
                  the related current Yield Period or (ii) such other date
                  approved by the Administrator with at least five Business Days
                  prior

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                  written notice to the Administrator of such payment, and the
                  Aggregate Investment (together with the Investment of any
                  related Purchaser) shall be deemed reduced in the amount to be
                  paid to such Purchaser (or its related Purchaser Agent for the
                  benefit of such Purchaser) only when in fact finally so paid;

provided, that:

                  (A) the amount of any such reduction shall be not less than
         $1,000,000 for each Purchaser Group and shall be an integral multiple
         of $100,000, and the entire Aggregate Investment after giving effect to
         such reduction shall be not less than $50,000,000 and shall be in an
         integral multiple of $100,000 (unless the Aggregate Investment shall
         have been reduced to zero); and

                  (B) with respect to any Portion of Investment, the Seller
         shall choose a reduction amount, and the date of commencement thereof,
         so that to the extent practicable such reduction shall commence and
         conclude in the same Yield Period.

         Section 1.5 Fees. The Seller shall pay to each Purchaser Agent for the
benefit of the related Purchasers certain fees in the amounts and on the dates
set forth in letters, dated the date hereof, each such letter (as amended,
supplemented, or otherwise modified from time to time, a "Purchaser Group Fee
Letter") in each case among the Seller, the Servicer, the Purchasers and the
related Purchaser Agent.

         Section 1.6 Payments and Computations, Etc.

                  (a) All amounts to be paid or deposited by the Seller or the
         Servicer hereunder shall be made without reduction for offset or
         counterclaim and shall be paid or deposited no later than 2:00 p.m.
         (New York City time) on the day when due in same day funds to the
         applicable Purchaser's account (as such account is identified in the
         related Purchaser Group Fee Letter). All amounts received after 2:00
         p.m. (New York City time) will be deemed to have been received on the
         next Business Day.

                  (b) The Seller or the Servicer, as the case may be, shall, to
         the extent permitted by law, pay interest on any amount not paid or
         deposited by the Seller or the Servicer, as the case may be, when due
         hereunder, at an interest rate equal to the Base Rate, payable on
         demand.

                  (c) All computations of interest under clause (b) and all
         computations of Discount, fees and other amounts hereunder shall be
         made on the basis of a year of 360 (or 365 or 366, as applicable, with
         respect to Discount or other amounts calculated by reference to the
         Base Rate) days for the actual number of days elapsed. Whenever any
         payment or deposit to be made hereunder shall be due on a day other
         than a Business Day, such payment or deposit shall be made on the next
         Business Day and such extension of time shall be included in the
         computation of such payment or deposit.

                                       9
<PAGE>
         Section 1.7 Increased Costs.

                  (a) If any Purchaser Agent, Purchaser, Liquidity Provider, the
         Administrator or any other Program Support Provider or any of their
         respective Affiliates (each an "Affected Person") reasonably determines
         that the existence of or compliance with: (i) any law or regulation or
         any change therein or in the interpretation or application thereof, in
         each case adopted, issued or occurring after the date hereof, or (ii)
         any request, guideline or directive from any central bank or other
         Governmental Authority (whether or not having the force of law) issued
         or occurring after the date of this Agreement, affects or would affect
         the amount of capital required or expected to be maintained by such
         Affected Person, and such Affected Person determines that the amount of
         such capital is increased by or based upon the existence of any
         commitment to make purchases of (or otherwise to maintain the
         investment in) Pool Receivables related to this Agreement or any
         related liquidity facility, credit enhancement facility or other
         commitments of the same type, then, upon demand by such Affected Person
         (with a copy to the Administrator), the Seller shall promptly pay to
         the Administrator, for the account of such Affected Person, from time
         to time as specified by such Affected Person, additional amounts
         sufficient to compensate such Affected Person in the light of such
         circumstances, to the extent that such Affected Person reasonably
         determines such increase in capital to be allocable to the existence of
         any of such commitments. A certificate as to such amounts submitted to
         the Seller and the Administrator by such Affected Person shall be
         conclusive and binding for all purposes, absent manifest error.

                  (b) If, due to either: (i) the introduction of or any change
         in or in the interpretation of any law or regulation or (ii) compliance
         with any guideline or request from any central bank or other
         Governmental Authority (whether or not having the force of law), there
         shall be any increase in the cost to any Affected Person of agreeing to
         purchase or purchasing, or maintaining the ownership of, the Purchased
         Interest or any portion thereof in respect of which Discount is
         computed by reference to the Euro-Rate, then, upon demand by such
         Affected Person, the Seller shall promptly pay to such Affected Person,
         from time to time as specified by such Affected Person, additional
         amounts sufficient to compensate such Affected Person for such
         increased costs. A certificate as to such amounts submitted to the
         Seller and the Administrator by such Affected Person shall be
         conclusive and binding for all purposes, absent manifest error.

                  (c) If such increased costs affect the related Affected
         Person's portfolio of financing transactions, such Affected Person
         shall use reasonable averaging and attribution methods to allocate such
         increased costs to the transactions contemplated by this Agreement.

                  (d) Each Affected Person will notify Seller and the applicable
         Purchaser Agent promptly after it has received official notice of any
         event which will entitle such Affected Person to such additional
         amounts as compensation pursuant to this Section 1.7. Such additional
         amounts shall accrue from the date as to which such Affected Person
         becomes subject to such additional costs as a result of such event (or
         if such notice of such event is not given to Seller by such Affected
         Person within 90 days after such

                                       10
<PAGE>
         Affected Person received such official notice of such event, from the
         date which is 90 days prior to the date such notice is given to Seller
         by such Affected Person).

         Section 1.8 Requirements of Law.

                  If any Affected Person reasonably determines that the
         existence of or compliance with: (a) any law or regulation or any
         change therein or in the interpretation or application thereof, in each
         case adopted, issued or occurring after the date hereof, or (b) any
         request, guideline or directive from any central bank or other
         Governmental Authority (whether or not having the force of law) issued
         or occurring after the date of this Agreement:

                           (i) does or shall subject such Affected Person to any
                  tax of any kind whatsoever with respect to this Agreement, any
                  increase in the Purchased Interest or any portion thereof or
                  in the amount of such Person's Investment relating thereto, or
                  does or shall change the basis of taxation of payments to such
                  Affected Person on account of Collections, Discount or any
                  other amounts payable hereunder (excluding taxes imposed on
                  the overall pre-tax net income of such Affected Person, and
                  franchise taxes imposed on such Affected Person, by the
                  jurisdiction under the laws of which such Affected Person is
                  organized or a political subdivision thereof),

                           (ii) does or shall impose, modify or hold applicable
                  any reserve, special deposit, compulsory loan or similar
                  requirement against assets held by, or deposits or other
                  liabilities in or for the account of, purchases, advances or
                  loans by, or other credit extended by, or any other
                  acquisition of funds by, any office of such Affected Person
                  that are not otherwise included in the determination of the
                  Euro-Rate or the Base Rate hereunder, or

                           (iii) does or shall impose on such Affected Person
                  any other condition,

and the result of any of the foregoing is: (A) to increase the cost to such
Affected Person of acting as Administrator or as a Purchaser Agent, or of
agreeing to purchase or purchasing or maintaining the ownership of undivided
percentage ownership interests with regard to the Purchased Interest (or
interests therein) or any Portion of Investment, or (B) to reduce any amount
receivable hereunder (whether directly or indirectly), then, in any such case,
upon demand by such Affected Person, the Seller shall promptly pay to such
Affected Person additional amounts necessary to compensate such Affected Person
for such additional cost or reduced amount receivable. All such amounts shall be
payable as incurred. A certificate from such Affected Person to the Seller and
the Administrator certifying, in reasonably specific detail, the basis for,
calculation of, and amount of such additional costs or reduced amount receivable
shall be conclusive and binding for all purposes, absent manifest error;
provided, however, that no Affected Person shall be required to disclose any
confidential or tax planning information in any such certificate.

                  Each Affected Person will notify Seller and the applicable
Purchaser Agent promptly after it has received official notice of any event
which will entitle such Affected Person

                                       11
<PAGE>
to such additional amounts as compensation pursuant to this Section 1.8. Such
additional amounts shall accrue from the date as to which such Affected Person
becomes subject to such additional costs as a result of such event (or if such
notice of such event is not given to Seller by such Affected Person within 90
days after such Affected Person received such official notice of such event,
from the date which is 90 days prior to the date such notice is given to Seller
by such Affected Person).

         Section 1.9 Inability to Determine Euro-Rate. (a) If the Administrator
(or any Purchaser Agent) determines before the first day of any Yield Period
(which determination shall be final and conclusive) that, by reason of
circumstances affecting the interbank eurodollar market generally, deposits in
dollars (in the relevant amounts for such Yield Period) are not being offered to
banks in the interbank eurodollar market for such Yield Period, or adequate
means do not exist for ascertaining the Euro-Rate for such Yield Period, then
the Administrator shall give notice thereof to the Seller. Thereafter, until the
Administrator or such Purchaser Agent notifies the Seller that the circumstances
giving rise to such suspension no longer exist, (A) no Portion of Investment
shall be funded at the Yield Rate determined by reference to the Euro-Rate and
(B) the Discount for any outstanding Portions of Investment then funded at the
Yield Rate determined by reference to the Euro-Rate shall, on the last day of
the then current Yield Period, be converted to the Yield Rate determined by
reference to the Base Rate.

                  (b) If, on or before the first day of any Yield Period, the
         Administrator shall have been notified by any Purchaser, Purchaser
         Agent or Liquidity Provider that, such Person has determined (which
         determination shall be final and conclusive) that, any enactment,
         promulgation or adoption of or any change in any applicable law, rule
         or regulation, or any change in the interpretation or administration
         thereof by a governmental authority, central bank or comparable agency
         charged with the interpretation or administration thereof, or
         compliance by such Person with any guideline, request or directive
         (whether or not having the force of law) of any such authority, central
         bank or comparable agency shall make it unlawful or impossible for such
         Person to fund or maintain any Portion of Investment at the Yield Rate
         and based upon the Euro-Rate, the Administrator shall notify the Seller
         thereof. Upon receipt of such notice, until the Administrator notifies
         the Seller that the circumstances giving rise to such determination no
         longer apply, (A) no Portion of Investment funded by the affected
         Person shall be funded at the Yield Rate determined by reference to the
         Euro-Rate and (B) the Discount for any outstanding Portions of
         Investment then funded at the Yield Rate determined by reference to the
         Euro-Rate shall be converted to the Yield Rate determined by reference
         to the Base Rate either (i) on the last day of the then current Yield
         Period if such Person may lawfully continue to maintain such Portion of
         Investment at the Yield Rate determined by reference to the Euro-Rate
         to such day, or (ii) immediately, if such Person may not lawfully
         continue to maintain such Portion of Investment at the Yield Rate
         determined by reference to the Euro-Rate to such day.

         Section 1.10 Extension of Termination Date. The Seller may advise the
Administrator and each Purchaser Agent in writing of its desire to extend the
Facility Termination Date for an additional 364 days, provided such request is
made not more than 90 days prior to, and not less than 60 days prior to, the
then current Facility Termination Date. In the event that the Purchaser Agents
are all agreeable to such extension, the Administrator shall so notify the
Seller in writing

                                       12
<PAGE>
(it being understood that the Purchaser Agents may accept or decline such a
request in their sole discretion and on such terms as they may elect) not less
than 30 days prior to the then current Facility Termination Date and the Seller,
the Administrator, the Purchaser Agents and the Purchasers shall enter into such
documents as the Purchasers may deem necessary or appropriate to reflect such
extension, and all reasonable costs and expenses incurred by the Purchasers, the
Administrator and the Purchaser Agents in connection therewith (including
reasonable Attorneys' Costs) shall be paid by the Seller. In the event the
Purchaser Agents decline the request for such extension, the Administrator shall
so notify the Seller of such determination; provided, however, that the failure
of the Administrator to notify the Seller of the determination to decline such
extension shall not affect the understanding and agreement that the Purchaser
Agents shall be deemed to have refused to grant the requested extension in the
event the Administrator fails to affirmatively notify the Seller, in writing, of
their agreement to accept the requested extension.

                                   ARTICLE II
                   REPRESENTATIONS AND WARRANTIES; COVENANTS;
                               TERMINATION EVENTS

         Section 2.1 Representations and Warranties; Covenants. Each of the
Seller and the Servicer hereby makes the representations and warranties, and
hereby agrees to perform and observe the covenants, applicable to it set forth
in Exhibits III, IV and VI, respectively.

         Section 2.2 Termination Events. If any of the Termination Events set
forth in Exhibit V shall occur, the Administrator may (with the consent of a
Simple Majority of the Purchasers) or shall (at the direction of a Simple
Majority of the Purchasers), by notice to the Seller, declare the Facility
Termination Date to have occurred (in which case the Facility Termination Date
shall be deemed to have occurred); provided, that automatically upon the
occurrence of any event (without any requirement for the passage of time or the
giving of notice) described in paragraph (f) of Exhibit V, the Facility
Termination Date shall occur. Upon any such declaration, occurrence or deemed
occurrence of the Facility Termination Date, the Administrator, each Purchaser
Agent and each Purchaser shall have, in addition to the rights and remedies that
they may have under this Agreement, all other rights and remedies provided after
default under the New York UCC and under other applicable law, which rights and
remedies shall be cumulative.

                                  ARTICLE III
                                 INDEMNIFICATION

         Section 3.1 Indemnities by the Seller. Without limiting any other
rights that any Purchaser Agent, Purchaser, Liquidity Provider, the
Administrator or any Program Support Provider or any of their respective
Affiliates, employees, officers, directors, agents, counsel, successors,
transferees or assigns (each, an "Indemnified Party") may have hereunder or
under applicable law, the Seller hereby agrees to indemnify each Indemnified
Party from and against any and all claims, damages, expenses, costs, losses and
liabilities (including Attorney Costs) (all of the foregoing being collectively
referred to as "Indemnified Amounts") arising out of or resulting from this
Agreement (whether directly or indirectly), the use of proceeds of purchases or
reinvestments, the ownership of the Purchased Interest, or any interest therein,
or in respect of

                                       13
<PAGE>
any Receivable, Related Security or Contract, excluding, however: (a)
Indemnified Amounts to the extent resulting from gross negligence or willful
misconduct on the part of such Indemnified Party or its officers, directors,
agents or counsel, (b) recourse with respect to any Receivable to the extent
that such Receivable is uncollectible on account of the insolvency, bankruptcy
or lack of credit worthiness of the related Obligor, or (c) any overall net
income taxes or franchise taxes imposed on such Indemnified Party by the
jurisdiction under the laws of which such Indemnified Party is organized or any
political subdivision thereof. Without limiting or being limited by the
foregoing, and subject to the exclusions set forth in the preceding sentence,
the Seller shall pay on demand (which demand shall be accompanied by
documentation of the Indemnified Amounts, in reasonable detail) to each
Indemnified Party any and all amounts necessary to indemnify such Indemnified
Party from and against any and all Indemnified Amounts relating to or resulting
from any of the following:

                           (i) the failure of any Receivable included in the
                  calculation of the Net Receivables Pool Balance as an Eligible
                  Receivable to be an Eligible Receivable, the failure of any
                  information contained in an Information Package to be true and
                  correct as of the date such information was provided (except
                  to extent that such in formation relates expressly to an
                  earlier date, and in which case such information shall be true
                  and correct as of such earlier date), or the failure of any
                  other information provided to such Indemnified Party by the
                  Seller or Servicer with respect to Receivables or this
                  Agreement to be true and correct as of the date such
                  information was provided (except to extent that such in
                  formation relates expressly to an earlier date, and in which
                  case such information shall be true and correct as of such
                  earlier date),

                           (ii) the failure of any representation, warranty or
                  statement made or deemed made by the Seller (or any of its
                  officers) under or in connection with this Agreement to have
                  been true and correct as of the date made or deemed made in
                  all respects when made,

                           (iii) the failure by the Seller to comply with any
                  applicable law, rule or regulation with respect to any Pool
                  Receivable or the related Contract, or the failure of any Pool
                  Receivable or the related Contract to conform to any such
                  applicable law, rule or regulation,

                           (iv) the failure to vest in the Administrator (for
                  the benefit of the Purchasers) a valid and enforceable: (A)
                  perfected undivided percentage ownership interest, to the
                  extent of the Purchased Interest, in the Receivables in, or
                  purporting to be in, the Receivables Pool and the other Pool
                  Assets, or (B) first priority perfected security interest in
                  the Pool Assets, in each case, free and clear of any Adverse
                  Claim,

                           (v) the failure to have filed, or any delay in
                  filing, financing statements or other similar instruments or
                  documents under the UCC of any applicable jurisdiction or
                  other applicable laws with respect to any Receivables in, or
                  purporting to be in, the Receivables Pool and the other Pool
                  Assets, whether at the time of any purchase or reinvestment or
                  at any subsequent time,

                                       14
<PAGE>
                           (vi) any dispute, claim, offset or defense (other
                  than discharge in bankruptcy of the Obligor) of the Obligor to
                  the payment of any Receivable in, or purporting to be in, the
                  Receivables Pool (including a defense based on such Receivable
                  or the related Contract not being a legal, valid and binding
                  obligation of such Obligor enforceable against it in
                  accordance with its terms), or any other claim resulting from
                  the sale of the goods or services related to such Receivable
                  or the furnishing or failure to furnish such goods or services
                  or relating to collection activities with respect to such
                  Receivable,

                           (vii) any failure of the Seller, any Affiliate of the
                  Seller or the Servicer to perform its duties or obligations in
                  accordance with the provisions hereof or under the Contracts,

                           (viii) any products liability or other claim,
                  investigation, litigation or proceeding arising out of or in
                  connection with merchandise, insurance or services that are
                  the subject of any Contract,

                           (ix) the commingling of Collections at any time with
                  other funds,

                           (x) the use of proceeds of purchases or
                  reinvestments, or

                           (xi) any reduction in the Aggregate Investment as a
                  result of the distribution of Collections pursuant to Section
                  1.4(d), if all or a portion of such distributions shall
                  thereafter be rescinded or otherwise must be returned for any
                  reason.

         Section 3.2 Indemnities by the Servicer. Without limiting any other
rights that any Indemnified Party may have hereunder or under applicable law,
the Servicer hereby agrees to indemnify each Indemnified Party from and against
any and all Indemnified Amounts arising out of or resulting from (whether
directly or indirectly): (a) the failure of any information contained in an
Information Package to be true and correct as of the date such information was
provided (except to extent that such in formation relates expressly to an
earlier date, and in which case such information shall be true and correct as of
such earlier date), or the failure of any other information provided to such
Indemnified Party by, or on behalf of, the Servicer to be true and correct as of
the date such information was provided (except to extent that such in formation
relates expressly to an earlier date, and in which case such information shall
be true and correct as of such earlier date), (b) the failure of any
representation, warranty or statement made or deemed made by the Servicer (or
any of its officers) under or in connection with this Agreement or any other
Transaction Document to which it is a party to have been true and correct as of
the date made or deemed made in all respects when made, (c) the failure by the
Servicer to comply with any applicable law, rule or regulation with respect to
any Pool Receivable or the related Contract, (d) any dispute, claim, offset or
defense of the Obligor to the payment of any Receivable in, or purporting to be
in, the Receivables Pool resulting from or related to the collection activities
with respect to such Receivable, (e) any failure of the Servicer to perform its
duties or obligations in accordance with the provisions hereof or any other
Transaction Document to which it is a party, (f) the failure of the Servicer to
have filed, or any delay in filing, financing statements or other similar
instruments or documents under the UCC of any

                                       15
<PAGE>
applicable jurisdiction or other applicable laws with respect to any Receivables
in, or purporting to be in, the Receivables Pool and the other Pool Assets,
whether at the time of any purchase or reinvestment or at any subsequent time,
or (g) any commingling by the Servicer of Collections at any time with other
funds.

                                   ARTICLE IV
                         ADMINISTRATION AND COLLECTIONS

         Section 4.1 Appointment of the Servicer.

                  (a) The servicing, administering and collection of the Pool
         Receivables shall be conducted by the Person so designated from time to
         time as the Servicer in accordance with this Section. Until the
         Administrator gives notice to York (in accordance with this Section
         4.1) of the designation of a new Servicer, York is hereby designated
         as, and hereby agrees to perform the duties and obligations of, the
         Servicer pursuant to the terms hereof. Upon the occurrence of a
         Termination Event, the Administrator may (with the consent of the
         Majority Purchasers) or shall (at the direction of the Majority
         Purchasers) designate as Servicer any Person (including itself) to
         succeed York or any successor Servicer, on the condition in each case
         that any such Person so designated shall agree to perform the duties
         and obligations of the Servicer pursuant to the terms hereof.

                  (b) Upon the designation of a successor Servicer as set forth
         in clause (a), York agrees that it will terminate its activities as
         Servicer hereunder in a manner that the Administrator reasonably
         determines will facilitate the transition of the performance of such
         activities to the new Servicer, and York shall cooperate with and
         assist such new Servicer. Such cooperation shall include access to and
         transfer of related records (including all Contracts) and, subject to
         restrictions in applicable contracts and agreements use by the new
         Servicer of all licenses, hardware or software necessary or desirable
         to collect the Pool Receivables and the Related Security.

                  (c) York acknowledges that, in making their decision to
         execute and deliver this Agreement, the Administrator and each
         Purchaser Group have relied on York's agreement to act as Servicer
         hereunder. Accordingly, York agrees that it will not voluntarily resign
         as Servicer.

                  (d) The Servicer may delegate its duties and obligations
         hereunder to any subservicer (each a "Sub-Servicer"); provided, that,
         in each such delegation: (i) such Sub-Servicer shall agree in writing
         to perform the duties and obligations of the Servicer pursuant to the
         terms hereof, (ii) the Servicer shall remain primarily liable for the
         performance of the duties and obligations so delegated, (iii) the
         Seller, the Administrator and each Purchaser Group shall have the right
         to look solely to the Servicer for performance, and (iv) the terms of
         any agreement with any Sub-Servicer shall provide that the
         Administrator may terminate such agreement upon the termination of the
         Servicer hereunder by giving notice of its desire to terminate such
         agreement to the Servicer (and the Servicer shall provide appropriate
         notice to each such Sub-Servicer); provided, however, that if any such
         delegation is to any Person other than an Originator

                                       16
<PAGE>
         or an Affiliate thereof, the Administrator and the Majority Purchasers
         shall have consented in writing in advance to such delegation.

         Section 4.2 Duties of the Servicer.

                  (a) The Servicer shall take or cause to be taken all such
         action as may be necessary or advisable to administer and collect each
         Pool Receivable from time to time, all in accordance with this
         Agreement and all applicable laws, rules and regulations, with
         reasonable care and diligence, and in accordance with the Credit and
         Collection Policies. The Servicer shall set aside, for the account of
         each Purchaser Group, the amount of the Collections to which each such
         Purchaser Group is entitled in accordance with Article I. The Servicer
         may, in accordance with the applicable Credit and Collection Policy,
         take such action as the Servicer may determine to be appropriate to
         maximize Collections thereof or reflect adjustments required under the
         applicable Contract; provided, however, that: (i) such action shall not
         change the number of days such Pool Receivable has remained unpaid from
         the date of the original due date related to such Pool Receivable, (ii)
         such action shall not alter the status of such Pool Receivable as a
         Delinquent Receivable or a Defaulted Receivable or limit the rights of
         the Administrator or any Purchaser Group under this Agreement and (iii)
         if a Termination Event has occurred and York or an Affiliate thereof is
         serving as the Servicer, York or such Affiliate may take such action
         only upon the prior approval of the Administrator (with the consent of
         the Majority Purchasers). The Seller shall deliver to the Servicer and
         the Servicer shall hold for the benefit of the Seller and the
         Administrator (individually and for the benefit of each Purchaser
         Group), in accordance with their respective interests, all records and
         documents (including computer tapes or disks) with respect to each Pool
         Receivable. Notwithstanding anything to the contrary contained herein,
         the Administrator may direct the Servicer (whether the Servicer is York
         or any other Person) to commence or settle any legal action to enforce
         collection of any Pool Receivable or to foreclose upon or repossess any
         Related Security; provided, however, that no such direction may be
         given unless either: (A) a Termination Event has occurred or (B) the
         Administrator believes in good faith that failure to commence, settle
         or effect such legal action, foreclosure or repossession could
         adversely affect Receivables constituting a material portion of the
         Pool Receivables.

                  (b) The Servicer shall, as soon as practicable following
         actual receipt of collected funds, turn over to the Seller the
         collections of any indebtedness that is not a Pool Receivable, less, if
         York or an Affiliate thereof is not the Servicer, all reasonable and
         appropriate out-of-pocket costs and expenses of such Servicer of
         servicing, collecting and administering such collections. The Servicer,
         if other than York or an Affiliate thereof, shall, as soon as
         practicable upon demand, deliver to the Seller all records in its
         possession that evidence or relate to any indebtedness that is not a
         Pool Receivable, and copies of records in its possession that evidence
         or relate to any indebtedness that is a Pool Receivable.

                  (c) The Servicer's obligations hereunder shall terminate on
         the later of: (i) the Facility Termination Date and (ii) the date on
         which all amounts required to be paid to

                                       17
<PAGE>
         the Purchaser Agents, each Purchaser, the Administrator and any other
         Indemnified Party or Affected Person hereunder shall have been paid in
         full.

         After such termination, if York or an Affiliate thereof was not the
Servicer on the date of such termination, the Servicer shall promptly deliver to
the Seller all books, records and related materials that the Seller previously
provided to the Servicer, or that have been obtained by the Servicer, in
connection with this Agreement.

         Section 4.3 Lock-Box Account Arrangements. Upon the occurrence of a
Termination Event, the Administrator may (with the consent of a Simple Majority
of the Purchasers) or shall (upon the direction of a Simple Majority of the
Purchasers) at any time thereafter give notice to each Lock-Box Bank that the
Administrator is exercising its rights under the Lock-Box Agreements to do any
or all of the following: (a) to have the exclusive ownership and control of the
Lock-Box Accounts (and the related lock-boxes) transferred to the Administrator
(for the benefit of the Purchasers) and to exercise exclusive dominion and
control over the funds deposited therein, (b) to have the proceeds that are sent
to the respective Lock-Box Accounts (and the respective related lock-boxes)
redirected pursuant to the Administrator's instructions rather than deposited in
the applicable Lock-Box Account (or sent to the applicable related lock-box),
and (c) to take any or all other actions permitted under the applicable Lock-Box
Agreement. The Seller hereby agrees that if the Administrator at any time takes
any action set forth in the preceding sentence, the Administrator shall have
exclusive control (for the benefit of the Purchasers) of the proceeds (including
Collections) of all Pool Receivables and the Seller hereby further agrees to
take any other action that the Administrator or any Purchaser Agent may
reasonably request to transfer such control. Any proceeds of Pool Receivables
received by the Seller or the Servicer thereafter shall be sent immediately to
the Administrator. The parties hereto hereby acknowledge that if at any time the
Administrator takes control of any Lock-Box Account (and any such related
lock-box), the Administrator shall not have any rights to the funds therein in
excess of the unpaid amounts due to the Administrator, the Purchaser Groups, any
Indemnified Party or any other Person hereunder, and the Administrator shall
distribute or cause to be distributed such funds in accordance with Section
4.2(b) and Article I (in each case as if such funds were held by the Servicer
thereunder).

         Section 4.4 Enforcement Rights.

                  (a) At any time following the occurrence of a Termination
         Event:

                           (i) the Administrator may (with the consent or at the
                  direction of the Majority Purchasers) direct the Obligors that
                  payment of all amounts payable under any Pool Receivable is to
                  be made directly to the Administrator or its designee,

                           (ii) the Administrator may (with the consent or at
                  the direction of the Majority Purchasers) instruct the Seller
                  or the Servicer to give notice of the Purchaser Groups'
                  interest in Pool Receivables to each Obligor, which notice
                  shall direct that payments be made directly to the
                  Administrator or its designee (on behalf of such Purchaser
                  Groups), and the Seller or the Servicer, as the case may be,
                  shall give such notice at the expense of the Seller or the
                  Servicer, as the

                                       18
<PAGE>
                  case may be; provided, that if the Seller or the Servicer, as
                  the case may be, fails to so notify each Obligor, the
                  Administrator (at the Seller's or the Servicer's, as the case
                  may be, expense) may so notify the Obligors, and

                           (iii) the Administrator may (with the consent or at
                  the direction of the Majority Purchasers) request the Servicer
                  to, and upon such request the Servicer shall: (A) assemble all
                  of the records necessary or desirable to collect the Pool
                  Receivables and the Related Security, and transfer or license
                  to a successor Servicer the use of all software necessary or
                  desirable to collect the Pool Receivables and the Related
                  Security, and make the same available to the Administrator or
                  its designee (for the benefit of the Purchasers) at a place
                  selected by the Administrator, and (B) segregate all cash,
                  checks and other instruments received by it from time to time
                  constituting Collections in a manner acceptable to the
                  Administrator and, promptly upon receipt, remit all such cash,
                  checks and instruments, duly endorsed or with duly executed
                  instruments of transfer, to the Administrator or its designee.

                  (b) The Seller hereby authorizes the Administrator (on behalf
         of each Purchaser Group), and irrevocably appoints the Administrator as
         its attorney-in-fact with full power of substitution and with full
         authority in the place and stead of the Seller, which appointment is
         coupled with an interest, to take any and all steps in the name of the
         Seller and on behalf of the Seller necessary or desirable, in the
         determination of the Administrator, after the occurrence of a
         Termination Event, to collect any and all amounts or portions thereof
         due under any and all Pool Assets, including endorsing the name of the
         Seller on checks and other instruments representing Collections and
         enforcing such Pool Assets. Notwithstanding anything to the contrary
         contained in this subsection, none of the powers conferred upon such
         attorney-in-fact pursuant to the preceding sentence shall subject such
         attorney-in-fact to any liability if any action taken by it shall prove
         to be inadequate or invalid, nor shall they confer any obligations upon
         such attorney-in-fact in any manner whatsoever.

                  (c) The parties hereto hereby acknowledge that if at any time
         the Administrator takes steps in the name of Seller and on behalf of
         the Seller pursuant to the powers granted in Section 4.4(b) to collect
         any and all amounts or portions thereof due under any Pool Assets, the
         Administrator shall not have any rights to collect amounts or portions
         thereof in excess of the unpaid amounts due to the Administrator, the
         Purchaser Groups, any Indemnified Party or any other Persons hereunder,
         and the Administrator shall distribute or cause to be distributed such
         amounts in accordance with Section 4.2(b) and Article I (in each case
         as if such amounts were hold by the Servicer thereunder).

         Section 4.5 Responsibilities of the Seller.

                  (a) Anything herein to the contrary notwithstanding, the
         Seller shall: (i) perform all of its obligations, if any, under the
         Contracts related to the Pool Receivables to the same extent as if
         interests in such Pool Receivables had not been transferred hereunder,
         and the exercise by the Administrator, the Purchaser Agents or the
         Purchasers of their respective rights hereunder shall not relieve the
         Seller from such obligations, and

                                       19
<PAGE>
         (ii) pay when due any taxes, including any sales taxes payable in
         connection with the Pool Receivables and their creation and
         satisfaction. The Administrator, the Purchaser Agents or any of the
         Purchasers shall not have any obligation or liability with respect to
         any Pool Asset, nor shall any of them be obligated to perform any of
         the obligations of the Seller, Servicer, York or the Originators
         thereunder.

                  (b) York hereby irrevocably agrees that if at any time it
         shall cease to be the Servicer hereunder, it shall act (if the
         then-current Servicer so requests) as the data-processing agent of the
         Servicer and, in such capacity, York shall conduct the data-processing
         functions of the administration of the Receivables and the Collections
         thereon in substantially the same way that York conducted such
         data-processing functions while it acted as the Servicer and shall be
         entitled to recover from the Servicing Fee its reasonable costs and
         expenses incurred while acting as such data-processing agent of the
         Servicer.

         Section 4.6 Servicing Fee. (a) Subject to clause (b), the Servicer
shall be paid a fee (the "Servicing Fee") equal to 1.00% per annum of the daily
average aggregate Outstanding Balance of the Pool Receivables. The Aggregate of
each Purchaser Group's Ratable Share of such fee shall be paid through the
distributions contemplated by Section 1.4(d), and the Seller's Share of such fee
shall be paid by the Seller.

                  (b) If the Servicer ceases to be York or an Affiliate thereof,
         the servicing fee shall be the greater of: (i) the amount calculated
         pursuant to clause (a), and (ii) an alternative amount specified by the
         successor Servicer not to exceed 110% of the aggregate reasonable costs
         and expenses incurred by such successor Servicer in connection with the
         performance of its obligations as Servicer.

                                    ARTICLE V
                                   THE AGENTS

         Section 5.1 Appointment and Authorization. (a) Each Purchaser and
Purchaser Agent hereby irrevocably designates and appoints PNC as the
"Administrator" hereunder and authorizes the Administrator to take such actions
and to exercise such powers as are delegated to the Administrator hereby and to
exercise such other powers as are reasonably incidental thereto. The
Administrator shall hold, in its name, for the benefit of each Purchaser,
ratably, the Purchased Interest. The Administrator shall not have any duties
other than those expressly set forth herein or any fiduciary relationship with
any Purchaser or Purchaser Agent, and no implied obligations or liabilities
shall be read into this Agreement, or otherwise exist, against the
Administrator. The Administrator does not assume, nor shall it be deemed to have
assumed, any obligation to, or relationship of trust or agency with, the Seller
or Servicer. Notwithstanding any provision of this Agreement or any other
Transaction Document to the contrary, in no event shall the Administrator ever
be required to take any action which exposes the Administrator to personal
liability or which is contrary to the provision of any Transaction Document or
applicable law.

                  (b) Each Purchaser hereby irrevocably designates and appoints
         the respective institution identified as the Purchaser Agent for such
         Purchaser's Purchaser Group on the

                                       20
<PAGE>
         signature pages hereto or in the Assumption Agreement or Transfer
         Supplement pursuant to which such Purchaser becomes a party hereto, and
         each authorizes such Purchaser Agent to take such action on its behalf
         under the provisions of this Agreement and to exercise such powers and
         perform such duties as are expressly delegated to such Purchaser Agent
         by the terms of this Agreement, if any, together with such other powers
         as are reasonably incidental thereto. Notwithstanding any provision to
         the contrary elsewhere in this Agreement, no Purchaser Agent shall have
         any duties or responsibilities, except those expressly set forth
         herein, or any fiduciary relationship with any Purchaser or other
         Purchaser Agent or the Administrator, and no implied covenants,
         functions, responsibilities, duties, obligations or liabilities on the
         part of such Purchaser Agent shall be read into this Agreement or
         otherwise exist against such Purchaser Agent.

                  (c) Except as otherwise specifically provided in this
         Agreement, the provisions of this Article V are solely for the benefit
         of the Purchaser Agents, the Administrator and the Purchasers, and none
         of the Seller or Servicer shall have any rights as a third-party
         beneficiary or otherwise under any of the provisions of this Article V,
         except that this Article V shall not affect any obligations which any
         Purchaser Agent, the Administrator or any Purchaser may have to the
         Seller or the Servicer under the other provisions of this Agreement.
         Furthermore, no Purchaser shall have any rights as a third-party
         beneficiary or otherwise under any of the provisions hereof in respect
         of a Purchaser Agent which is not the Purchaser Agent for such
         Purchaser.

                  (d) In performing its functions and duties hereunder, the
         Administrator shall act solely as the agent of the Purchasers and the
         Purchaser Agents and does not assume nor shall be deemed to have
         assumed any obligation or relationship of trust or agency with or for
         the Seller or Servicer or any of their successors and assigns. In
         performing its functions and duties hereunder, each Purchaser Agent
         shall act solely as the agent of its respective Purchaser and does not
         assume nor shall be deemed to have assumed any obligation or
         relationship of trust or agency with or for the Seller, the Servicer,
         any other Purchaser, any other Purchaser Agent or the Administrator, or
         any of their respective successors and assigns.

         Section 5.2 Delegation of Duties. The Administrator may execute any of
its duties through agents or attorneys-in-fact and shall be entitled to advice
of counsel concerning all matters pertaining to such duties. The Administrator
shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

         Section 5.3 Exculpatory Provisions. None of the Purchaser Agents, the
Administrator or any of their directors, officers, agents or employees shall be
liable for any action taken or omitted (i) with the consent or at the direction
of the Majority Purchasers (or in the case of any Purchaser Agent, the
Purchasers within its Purchaser Group that have a majority of the aggregate
Commitment of such Purchaser Group) or (ii) in the absence of such Person's
gross negligence or willful misconduct. The Administrator shall not be
responsible to any Purchaser, Purchaser Agent or other Person for (i) any
recitals, representations, warranties or other statements made by the Seller,
Servicer, or any of their Affiliates, (ii) the value, validity, effectiveness,
genuineness, enforceability or sufficiency of any Transaction Document, (iii)
any failure of the Seller, any Originator or any of their Affiliates to perform
any obligation or (iv) the satisfaction of any

                                       21
<PAGE>
condition specified in Exhibit II. The Administrator shall not have any
obligation to any Purchaser or Purchaser Agent to ascertain or inquire about the
observance or performance of any agreement contained in any Transaction Document
or to inspect the properties, books or records of the Seller, Servicer,
Originator or any of their Affiliates.

         Section 5.4 Reliance by Agents. Each Purchaser Agent and the
Administrator shall in all cases be entitled to rely, and shall be fully
protected in relying, upon any document or other writing or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person and upon advice and statements of legal counsel (including
counsel to the Seller), independent accountants and other experts selected by
the Administrator. Each Purchaser Agent and the Administrator shall in all cases
be fully justified in failing or refusing to take any action under any
Transaction Document unless it shall first receive such advice or concurrence of
the Majority Purchasers (or in the case of any Purchaser Agent, the Purchasers
within its Purchaser Group that have a majority of the aggregate Commitment of
such Purchaser Group), and assurance of its indemnification, as it deems
appropriate.

                  (a) The Administrator shall in all cases be fully protected in
         acting, or in refraining from acting, under this Agreement in
         accordance with a request of the Majority Purchasers or the Purchaser
         Agents, and such request and any action taken or failure to act
         pursuant thereto shall be binding upon all Purchasers, the
         Administrator and Purchaser Agents.

                  (b) The Purchasers within each Purchaser Group with a majority
         of the Commitment of such Purchaser Group shall be entitled to request
         or direct the related Purchaser Agent to take action, or refrain from
         taking action, under this Agreement on behalf of such Purchasers. Such
         Purchaser Agent shall in all cases be fully protected in acting, or in
         refraining from acting, under this Agreement in accordance with a
         request of such majority Purchasers, and such request and any action
         taken or failure to act pursuant thereto shall be binding upon all of
         such Purchaser Agent's Purchasers.

                  (c) Unless otherwise advised in writing by a Purchaser Agent
         or by any Purchaser on whose behalf such Purchaser Agent is purportedly
         acting, each party to this Agreement may assume that (i) such Purchaser
         Agent is acting for the benefit of each of the Purchasers in respect of
         which such Purchaser Agent is identified as being the "Purchaser Agent"
         in the definition of "Purchaser Agent" hereto, as well as for the
         benefit of each assignee or other transferee from any such Person, and
         (ii) each action taken by such Purchaser Agent has been duly authorized
         and approved by all necessary action on the part of the Purchasers on
         whose behalf it is purportedly acting. Each Purchaser Agent and its
         Purchaser(s) shall agree amongst themselves as to the circumstances and
         procedures for removal, resignation and replacement of such Purchaser
         Agent.

         Section 5.5 Notice of Termination Events. Neither any Purchaser Agent
nor the Administrator shall be deemed to have knowledge or notice of the
occurrence of any Termination Event or Unmatured Termination Event unless such
Administrator has received notice from any Purchaser, Purchaser Agent, the
Servicer or the Seller stating that a Termination Event or Unmatured Termination
Event has occurred hereunder and describing such Termination

                                       22
<PAGE>
Event or Unmatured Termination Event. In the event that the Administrator
receives such a notice, it shall promptly give notice thereof to each Purchaser
Agent whereupon each such Purchaser Agent shall promptly give notice thereof to
its Purchasers. In the event that a Purchaser Agent receives such a notice
(other than from the Administrator), it shall promptly give notice thereof to
the Administrator. The Administrator shall take such action concerning a
Termination Event or Unmatured Termination Event as may be directed by the
Majority Purchasers (unless such action otherwise requires the consent of all
Purchasers), but until the Administrator receives such directions, the
Administrator may (but shall not be obligated to) take such action, or refrain
from taking such action, as the Administrator deems advisable and in the best
interests of the Purchasers and Purchaser Agents.

         Section 5.6 Non-Reliance on Administrator, Purchaser Agents and Other
Purchasers. Each Purchaser expressly acknowledges that none of the
Administrator, the Purchaser Agents nor any of their respective officers,
directors, employees, agents, attorneys-in-fact or Affiliates has made any
representations or warranties to it and that no act by the Administrator, or any
Purchaser Agent hereafter taken, including any review of the affairs of the
Seller, York, Servicer or any Originator, shall be deemed to constitute any
representation or warranty by the Administrator or such Purchaser Agent, as
applicable. Each Purchaser represents and warrants to the Administrator and the
Purchaser Agents that, independently and without reliance upon the
Administrator, Purchaser Agents or any other Purchaser and based on such
documents and information as it has deemed appropriate, it has made and will
continue to make its own appraisal of and investigation into the business,
operations, property, prospects, financial and other conditions and
creditworthiness of the Seller, York, Servicer or the Originators, and the
Receivables and its own decision to enter into this Agreement and to take, or
omit, action under any Transaction Document. Except for items specifically
required to be delivered hereunder, the Administrator shall not have any duty or
responsibility to provide any Purchaser Agent with any information concerning
the Seller, York, Servicer or the Originators or any of their Affiliates that
comes into the possession of the Administrator or any of its officers,
directors, employees, agents, attorneys-in-fact or Affiliates.

         Section 5.7 Administrators and Affiliates. Each of the Purchasers and
the Administrator and their Affiliates may extend credit to, accept deposits
from and generally engage in any kind of banking, trust, debt, equity or other
business with the Seller, York, Servicer or any Originator or any of their
Affiliates and PNC may exercise or refrain from exercising its rights and powers
as if it were not the Administrator. With respect to the acquisition of the
Eligible Receivables pursuant to this Agreement, each of the Purchaser Agents
and the Administrator shall have the same rights and powers under this Agreement
as any Purchaser and may exercise the same as though it were not such an agent,
and the terms "Purchaser" and "Purchasers" shall include each of the Purchaser
Agents and the Administrator in their individual capacities.

         Section 5.8 Indemnification. Each Purchaser Group shall indemnify and
hold harmless the Administrator (but solely in its capacity as Administrator)
and its officers, directors, employees, representatives and agents (to the
extent not reimbursed by the Seller, York or Servicer and without limiting the
obligation of the Seller, York or Servicer to do so), ratably in accordance with
its Ratable Share from and against any and all liabilities, obligations, losses,
damages, penalties, judgments, settlements, costs, expenses and disbursements of
any kind

                                       23
<PAGE>
whatsoever (including in connection with any investigative or threatened
proceeding, whether or not the Administrator or such Person shall be designated
a party thereto) that may at any time be imposed on, incurred by or asserted
against the Administrator or such Person as a result of, or related to, any of
the transactions contemplated by the Transaction Documents or the execution,
delivery or performance of the Transaction Documents or any other document
furnished in connection therewith (but excluding any such liabilities,
obligations, losses, damages, penalties, judgments, settlements, costs, expenses
or disbursements resulting solely from the gross negligence or willful
misconduct of the Administrator or such Person as finally determined by a court
of competent jurisdiction); provided, that in the case of each Purchaser that is
a commercial paper conduit, such indemnity shall be provided solely to the
extent of amounts received by such Purchaser under this Agreement which exceed
the amounts required to repay such Purchaser's outstanding Notes.
Notwithstanding anything in this Section 5.8 to the contrary, each of the
Administrator, each Purchaser Agent and each Purchaser hereby covenants and
agrees that it shall not institute against, or join any other Person in
instituting against, any Conduit Purchaser any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceedings under any
federal or state bankruptcy or similar law, for one year and a day after the
latest maturing Note issued by such Conduit Purchaser is paid in full.

         Section 5.9 Successor Administrator. The Administrator may, upon at
least five (5) days notice to the Seller and each Purchaser and Purchaser Agent,
resign as Administrator. Such resignation shall not become effective until a
successor agent is appointed by the Majority Purchasers and has accepted such
appointment. Upon such acceptance of its appointment as Administrator hereunder
by a successor Administrator, such successor Administrator shall succeed to and
become vested with all the rights and duties of the retiring Administrator, and
the retiring Administrator shall be discharged from its duties and obligations
under the Transaction Documents. After any retiring Administrator's resignation
hereunder, the provisions of Sections 3.1 and 3.2 and this Article V shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was
the Administrator.

                                   ARTICLE VI
                                  MISCELLANEOUS

         Section 6.1 Amendments, Etc. No amendment or waiver of any provision of
this Agreement or any other Transaction Document, or consent to any departure by
the Seller or the Servicer therefrom, shall be effective unless in a writing
signed by the Administrator and each of the Majority Purchasers, and, in the
case of any amendment, by the other parties thereto; and then such amendment,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given; provided, however, that, if required by any
Conduit Purchaser, no such material amendment shall be effective until both
Moody's and Standard & Poor's have notified the related Purchaser Agent in
writing that such action will not result in a reduction or withdrawal of the
rating of any Notes; provided, further that no such amendment or waiver shall,
without the consent of each affected Purchaser, (A) extend the date of any
payment or deposit of Collections by the Seller or the Servicer, (B) reduce the
rate or extend the time of payment of Discount, (C) reduce any fees payable to
the Administrator, any Purchaser Agent or any Purchaser pursuant to the
applicable Purchaser Group Fee Letter, (D) change the amount of Investment of
any Purchaser, any Purchaser's pro rata share of the Purchased Interest or any
Related Committed Purchaser's Commitment, (E) amend, modify or waive any
provision of

                                       24
<PAGE>
the definition of "Majority Purchaser" or this Section 6.1, (F) consent to or
permit the assignment or transfer by the Seller of any of its rights and
obligations under this Agreement, (G) change the definition of "Concentration
Percentage," "Concentration Reserve," "Concentration Reserve Percentage,"
"Eligible Receivable," "Ineligible Elimination Amounts," "Loss Reserve," "Loss
Reserve Percentage," "Dilution Reserve," "Dilution Reserve Percentage,"
"Specifically Reserved Dilution Amount," "Termination Event," "Total Reserve,"
"Yield Reserve," or "Yield Reserve Percentage", (H) amend or modify any defined
term (or any defined term used directly or indirectly in such defined term) used
in clauses (A) through (G) above in a manner that would circumvent the intention
of the restrictions set forth in such clauses, or (I) otherwise materially and
adversely affect the rights of any such Purchaser hereunder. No failure on the
part of the Purchasers or the Administrator to exercise, and no delay in
exercising any right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right.

         Section 6.2 Notices, Etc. All notices and other communications
hereunder shall, unless otherwise stated herein, be in writing (which shall
include facsimile communication) and be sent or delivered to each party hereto
at its address set forth under its name on the signature pages hereof (or in any
Assumption Agreement pursuant to which it became a party hereto) or at such
other address as shall be designated by such party in a written notice to the
other parties hereto. Notices and communications by facsimile shall be effective
when sent (and shall be followed by hard copy sent by first class mail), and
notices and communications sent by other means shall be effective when received.

         Section 6.3 Successors and Assigns; Participations; Assignments.

                  (a) Successors and Assigns. This Agreement shall be binding
         upon and inure to the benefit of the parties hereto and their
         respective successors and assigns. Except as otherwise provided herein,
         the Seller may not assign or transfer any of its rights or delegate any
         of its duties hereunder or under any Transaction Document without the
         prior consent of the Administrator, the Purchaser Agents and the
         Purchasers.

                  (b) Participations. Any Purchaser may sell to one or more
         Persons (each a "Participant") participating interests in the interests
         of such Purchaser hereunder; provided, however, that no Purchaser shall
         grant any participation under which the Participant shall have rights
         to approve any amendment to or waiver of this Agreement or any other
         Transaction Document. Such Purchaser shall remain solely responsible
         for performing its obligations hereunder, and the Seller, each
         Purchaser Agent and the Administrator shall continue to deal solely and
         directly with such Purchaser in connection with such Purchaser's rights
         and obligations hereunder. A Purchaser shall not agree with a
         Participant to restrict such Purchaser's right to agree to any
         amendment hereto, except amendments that require the consent of all
         Purchasers.

                  (c) Assignments by Certain Related Committed Purchasers. Any
         Related Committed Purchaser may assign to one or more Persons (each a
         "Purchasing Related Committed Purchaser"), reasonably acceptable to the
         related Purchaser Agent in its sole discretion, any portion of its
         Commitment pursuant to a supplement hereto, substantially in the form
         of Annex D with any changes as have been approved by the parties
         thereto (a

                                       25
<PAGE>
         "Transfer Supplement"), executed by each such Purchasing Related
         Committed Purchaser, such selling Related Committed Purchaser, such
         related Purchaser Agent. Any such assignment by Related Committed
         Purchaser cannot be for an amount less than $10,000,000. Upon (i) the
         execution of the Transfer Supplement, (ii) delivery of an executed copy
         thereof to the Seller, such related Purchaser Agent and the
         Administrator and (iii) payment by the Purchasing Related Committed
         Purchaser to the selling Related Committed Purchaser of the agreed
         purchase price, such selling Related Committed Purchaser shall be
         released from its obligations hereunder to the extent of such
         assignment and such Purchasing Related Committed Purchaser shall for
         all purposes be a Related Committed Purchaser party hereto and shall
         have all the rights and obligations of a Related Committed Purchaser
         hereunder to the same extent as if it were an original party hereto.
         The amount of the Commitment of the selling Related Committed Purchaser
         allocable to such Purchasing Related Committed Purchaser shall be equal
         to the amount of the Commitment of the selling Related Committed
         Purchaser transferred regardless of the purchase price paid therefor.
         The Transfer Supplement shall be an amendment hereof only to the extent
         necessary to reflect the addition of such Purchasing Related Committed
         Purchaser as a "Related Committed Purchaser" and any resulting
         adjustment of the selling Related Committed Purchaser's Commitment.

                  (d) Replaceable Related Committed Purchaser. If any Related
         Committed Purchaser (a "Replaceable Related Committed Purchaser") shall
         (i) petition the Seller for any amounts under Section 1.7 or 1.8 or
         (ii) cease to have a short-term debt rating of "A-1" by Standard &
         Poor's and "P-1" by Moody's (if such a rating is required by the
         related Purchaser's securitization program), the related Purchaser
         Agent or the Administrator may and if requested by the Seller, use its
         reasonable best efforts to designate a replacement financial
         institution (a "Replacement Related Committed Purchaser"), to which
         such Replaceable Related Committed Purchaser shall, subject to its
         receipt of an amount equal to the aggregate outstanding principal
         balance of its Investment and accrued and unpaid Discount thereon (and,
         if applicable, its receipt (unless a later date for the remittance
         thereof shall be agreed upon by the Seller and such Replaceable Related
         Committed Purchaser) of all amounts claimed under Section 1.7 and/or
         1.8) promptly assign all of its rights, obligations and Commitment
         hereunder, together with all of its right, title and interest in, to
         and under the Purchased Interest allocable to it, to the Replacement
         Related Committed Purchaser in accordance with Section 6.3(c), above.
         Once such assignment becomes effective, the Replacement Related
         Committed Purchaser shall be deemed to be a "Related Committed
         Purchaser" for all purposes hereof and such Replaceable Related
         Committed Purchaser shall cease to be "Related Committed Purchaser" for
         all purposes hereof and shall have no further rights or obligations
         hereunder.

                  (e) Assignment by Conduit Purchasers. Each party hereto agrees
         and consents (i) to any Conduit Purchaser's assignment, participation,
         grant of security interests in or other transfers of any portion of, or
         any of its beneficial interest in, the Purchased Interest (or portion
         thereof), including without limitation to any collateral agent in
         connection with its commercial paper program and (ii) to the complete
         assignment by any Conduit Purchaser of all of its rights and
         obligations hereunder to any other Person, and upon such assignment
         such Conduit Purchaser shall be released from

                                       26
<PAGE>
         all obligations and duties, if any, hereunder; provided, however, that
         such Conduit Purchaser may not, without the prior consent of its
         Related Committed Purchasers, make any such transfer of its rights
         hereunder unless the assignee (i) is principally engaged in the
         purchase of assets similar to the assets being purchased hereunder,
         (ii) has as its Purchaser Agent the Purchaser Agent of the assigning
         Conduit Purchaser and (iii) issues commercial paper or other Notes with
         credit ratings substantially comparable to the ratings of the assigning
         Conduit Purchaser. Any assigning Conduit Purchaser shall deliver to any
         assignee a supplement hereto, substantially in the form of Annex D with
         any changes as have been approved by the parties thereto (also, a
         "Transfer Supplement"), duly executed by such Conduit Purchaser,
         assigning any portion of its interest in the Purchased Interest to its
         assignee. Such Conduit Purchaser shall promptly (i) notify each of the
         other parties hereto of such assignment and (ii) take all further
         action that the assignee reasonably requests in order to evidence the
         assignee's right, title and interest in such interest in the Purchased
         Interest and to enable the assignee to exercise or enforce any rights
         of such Conduit Purchaser hereunder. Upon the assignment of any portion
         of its interest in the Purchased Interest, the assignee shall have all
         of the rights hereunder with respect to such interest (except that the
         Discount therefor shall thereafter accrue at the rate, determined with
         respect to the assigning Conduit Purchaser unless the Seller, the
         related Purchaser Agent and the assignee shall have agreed upon a
         different Discount).

                  (f) Opinions of Counsel. If required by the Administrator or
         the applicable Purchaser Agent or to maintain the ratings of any
         Conduit Purchaser, each Transfer Supplement must be accompanied by an
         opinion of counsel of the assignee as to such matters as the
         Administrator or such Purchaser Agent may reasonably request.

         Section 6.4 Costs, Expenses and Taxes. (a) In addition to the rights of
indemnification granted under Section 3.1, the Seller agrees to pay on demand
(which demand shall be accompanied by documentation thereof in reasonable
detail) all reasonable costs and expenses in connection with the preparation,
execution, delivery and administration (including periodic internal audits by
the Administrator of Pool Receivables) of this Agreement, the other Transaction
Documents and the other documents and agreements to be delivered hereunder (and
all reasonable costs and expenses in connection with any amendment, waiver or
modification of any thereof), including: (i) Attorney Costs for the
Administrator, each Purchaser Group and their respective Affiliates and agents
with respect thereto and with respect to advising the Administrator, each
Purchaser Group and their respective Affiliates and agents as to their rights
and remedies under this Agreement and the other Transaction Documents, and (ii)
all reasonable costs and expenses (including Attorney Costs), if any, of the
Administrator, each Purchaser Group and their respective Affiliates and agents
in connection with the enforcement of this Agreement and the other Transaction
Documents.

                  (b) In addition, the Seller shall pay on demand any and all
         stamp and other taxes and fees payable in connection with the
         execution, delivery, filing and recording of this Agreement or the
         other documents or agreements to be delivered hereunder, and agrees to
         save each Indemnified Party harmless from and against any liabilities
         with respect to or resulting from any delay in paying or omission to
         pay such taxes and fees.

                                       27
<PAGE>
         Section 6.5 No Proceedings; Limitation on Payments. Each of the Seller,
York, the Servicer, the Administrator, the Purchaser Agents, the Purchasers,
each assignee of the Purchased Interest or any interest therein, and each Person
that enters into a commitment to purchase the Purchased Interest or interests
therein, hereby covenants and agrees that it will not institute against, or join
any other Person in instituting against, any Conduit Purchaser any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other
proceeding under any federal or state bankruptcy or similar law, for one year
and one day after the latest maturing Note issued by such Conduit Purchaser is
paid in full. The provision of this Section 6.5 shall survive any termination of
this Agreement.

         Section 6.6 GOVERNING LAW AND JURISDICTION.

                  (a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
         AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
         FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
         LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR
         PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF
         ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION
         OTHER THAN THE STATE OF NEW YORK.

                  (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
         AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF
         THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY
         EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO
         CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
         NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO
         IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY
         OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON
         THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE
         TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN
         RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE
         PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR
         OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED
         BY NEW YORK LAW.

         Section 6.7 Execution in Counterparts. This Agreement may be executed
in any number of counterparts, each of which, when so executed, shall be deemed
to be an original, and all of which, when taken together, shall constitute one
and the same agreement.

         Section 6.8 Survival of Termination. The provisions of Sections 1.7,
1.8, 3.1, 3.2, 6.4, 6.5, 6.6, 6.9 and 6.14 shall survive any termination of this
Agreement.

         Section 6.9 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO WAIVES
THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF OR RELATED TO THIS

                                       28
<PAGE>
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR
OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER
PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR
OTHERWISE. EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF
ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE
FOREGOING, EACH OF THE PARTIES HERETO FURTHER AGREES THAT ITS RESPECTIVE RIGHT
TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING THAT SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

         Section 6.10 Sharing of Recoveries. Each Purchaser agrees that if it
receives any recovery, through set-off, judicial action or otherwise, on any
amount payable or recoverable hereunder in a greater proportion than should have
been received hereunder or otherwise inconsistent with the provisions hereof,
then the recipient of such recovery shall purchase for cash an interest in
amounts owing to the other Purchasers (as return of Investment or otherwise),
without representation or warranty except for the representation and warranty
that such interest is being sold by each such other Purchaser free and clear of
any Adverse Claim created or granted by such other Purchaser, in the amount
necessary to create proportional participation by the Purchaser in such
recovery. If all or any portion of such amount is thereafter recovered from the
recipient, such purchase shall be rescinded and the purchase price restored to
the extent of such recovery, but without interest.

         Section 6.11 Right of Setoff. During a Termination Event, each
Purchaser is hereby authorized (in addition to any other rights it may have) to
setoff, appropriate and apply (without presentment, demand, protest or other
notice which are hereby expressly waived) any deposits and any other
indebtedness held or owing by such Purchaser (including by any branches or
agencies of such Purchaser) to, or for the account of, the Seller against
amounts owing by the Seller hereunder (even if contingent or unmatured).

         Section 6.12 Entire Agreement. This Agreement and the other Transaction
Documents embody the entire agreement and understanding between the parties
hereto, and supersede all prior or contemporaneous agreements and understandings
of such Persons, verbal or written, relating to the subject matter hereof and
thereof.

         Section 6.13 Headings. The captions and headings of this Agreement and
any Exhibit, Schedule or Annex hereto are for convenience of reference only and
shall not affect the interpretation hereof or thereof.

         Section 6.14 Purchaser Groups' Liabilities. The obligations of each
Purchaser Agent and each Purchaser under the Transaction Documents are solely
the corporate obligations of such Person. Except with respect to any claim
arising out of the intentional breach of this Agreement, willful misconduct or
gross negligence of the Administrator, any Purchaser Agent or any Purchaser, no
claim may be made by the Seller or the Servicer or any other Person against the

                                       29
<PAGE>
Administrator, any Purchaser Agent or any Purchaser or their respective
Affiliates, directors, officers, employees, attorneys or agents for any special,
indirect, consequential or punitive damages in respect of any claim for breach
of contract or any other theory of liability arising out of or related to the
transactions contemplated by the Agreement or any other Transaction Document, or
any act, omission or event occurring in connection therewith; and each of Seller
and Servicer hereby waives, releases, and agrees not to sue upon any claim for
any such damages, whether or not accrued and whether or not known or suspected
to exist in its favor.

         Section 6.15 Confidentiality. Unless otherwise required by applicable
law, each of the Seller and the Servicer agrees to maintain the confidentiality
of this Agreement and the other Transaction Documents (and all drafts thereof)
in communications with third parties and otherwise; provided, that this
Agreement may be disclosed to: (a) third parties to the extent such disclosure
is made pursuant to a written agreement of confidentiality in form and substance
reasonably satisfactory to the Administrator, and (b) the Seller's legal counsel
and auditors if they agree to hold it confidential. Unless otherwise required by
applicable law, each of the Administrator, the Purchaser Agents and the
Purchasers agree to maintain the confidentiality of non-public financial
information regarding York and its Subsidiaries and Affiliates; provided, that
such information may be disclosed to: (i) third parties to the extent such
disclosure is made pursuant to a written agreement of confidentiality in form
and substance reasonably satisfactory to York, (ii) legal counsel and auditors
of the Purchasers, the Purchaser Agents or the Administrator if they agree to
hold it confidential, (iii) the rating agencies rating the Notes, (iv) any
Program Support Provider or potential Program Support Provider (if they agree to
hold it confidential), (v) any placement agent placing the Notes and (vi) any
regulatory authorities having jurisdiction over PNC, BNS, the Purchasers, the
Purchaser Agents or any Program Support Provider.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       30
<PAGE>
         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                 YORK RECEIVABLES FUNDING LLC

                                 By: ___________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      Address:

                                               York Receivables Funding LLC
                                               1403 Foulk Road, Suite 102
                                               Wilmington, Delaware 19803

                                               Attention: James P. Corcoran
                                               Telephone: (717) 771-7438
                                               Facsimile:  (717) 771-6843

                                 YORK INTERNATIONAL CORPORATION, as Servicer

                                 By: ___________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      Address:

                                               York International Corporation
                                               631 S. Richland Avenue
                                               York, Pennsylvania 17403

                                               Attention: James P. Corcoran
                                               Telephone: (717) 771-7438
                                               Facsimile: (717) 771-6843

                                      S-1
<PAGE>
                                 PNC BANK, NATIONAL ASSOCIATION,

                                 as Administrator

                                 By: ___________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      Address:

                                          PNC Bank, National Association
                                          One PNC Plaza
                                          249 Fifth Avenue
                                          Pittsburgh, Pennsylvania  15222-2707

                                          Attention: John Smathers
                                          Telephone No.: (412) 762-6440
                                          Facsimile No.: (412) 762-9184

                                      S-2
<PAGE>
PURCHASERS:

                                 MARKET STREET FUNDING CORPORATION,
                                 as a Conduit Purchaser and a Related
                                 Committed Purchaser

                                 By: ___________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                 Address:

                                          Market Street Funding Corporation
                                          c/o AMACAR Group, L.L.C.
                                          6525 Morrison Blvd., Suite 318
                                          Charlotte, North Carolina  28211

                                          Attention: Douglas K. Johnson
                                          Telephone No.: (704) 365-0569
                                          Facsimile No.: (704) 365-1362

                            With a copy to:

                                          PNC Bank, National Association
                                          One PNC Plaza
                                          249 Fifth Avenue
                                          Pittsburgh, Pennsylvania  15222-2707

                                          Attention: John Smathers
                                          Telephone No.: (412) 762-6440
                                          Facsimile No.: (412) 762-9184
                                          Commitment $__________________________

                                      S-3
<PAGE>
                                 LIBERTY STREET FUNDING CORP.,
                                 as a Conduit Purchaser and a Related
                                 Committed Purchaser

                                 By: ___________________________________________
                                     Name: _____________________________________
                                     Title: ____________________________________

                                     Address:

                                              Liberty Street Funding Corp.
                                              c/o Global Securitization
                                                    Services, LLC
                                              114 West 47th Street, Suite 1715
                                              New York, New York 10036

                                              Attention: Andrew L.  Stidd
                                              Telephone No.: (212) 302-5151
                                              Facsimile No.: (212) 302-8767

                                   With a copy to:

                                              The Bank of Nova Scotia
                                              One Liberty Plaza
                                              New York, New York 10006

                                              Attention: Norman Last
                                              Telephone No.: (212) 225-5000
                                              Facsimile No.: (212) 225-5090
                                              Commitment $_____________________

                                      S-4
<PAGE>
                                 PNC BANK, NATIONAL ASSOCIATION,
                                 as Market Street Purchaser Agent

                                 By: ___________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      Address:

                                           PNC Bank, National Association
                                           One PNC Plaza
                                           249 Fifth Avenue
                                           Pittsburgh, Pennsylvania  15222-2707

                                           Attention: John Smathers
                                           Telephone No.: (412) 762-6440
                                           Facsimile No.: (412) 762-9184

                                      S-5
<PAGE>
                                 THE BANK OF NOVA SCOTIA,
                                 as Liberty Street Purchaser Agent

                                 BBy: __________________________________________
                                      Name: ____________________________________
                                      Title: ___________________________________

                                      Address:

                                               The Bank of Nova Scotia
                                               One Liberty Plaza
                                               New York, New York 10006

                                               Attention: Norman Last
                                               Telephone No.: (212) 225-5000
                                               Facsimile No.: (212) 225-5090

                                      S-6
<PAGE>
                                    EXHIBIT I
                                   DEFINITIONS

         As used in the Agreement (including its Exhibits, Schedules and
Annexes), the following terms shall have the following meanings (such meanings
to be equally applicable to both the singular and plural forms of the terms
defined). Unless otherwise indicated, all Section, Annex, Exhibit and Schedule
references in this Exhibit are to Sections of and Annexes, Exhibits and
Schedules to the Agreement.

         "Administrator" has the meaning set forth in the preamble to the
Agreement.

         "Administrator's Account" means the account (account number 1002422076
ABA 043000096) of the Administrator maintained at the office of PNC at One PNC
Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222-2707, or such other
account as may be so designated in writing by the Administrator to the Servicer.

         "Adverse Claim" means a lien, security interest or other charge or
encumbrance, or any other type of preferential arrangement; it being understood
that any thereof in favor of the Administrator (for the benefit of the
Purchasers ) shall not constitute an Adverse Claim.

         "Affected Person" has the meaning set forth in Section 1.7 of the
Agreement.

         "Affiliate" means, as to any Person: (a) any Person that, directly or
indirectly, is in control of, is controlled by or is under common control with
such Person, or (b) who is a director or officer: (i) of such Person or (ii) of
any Person described in clause (a), except that, in the case of each Conduit
Purchaser, Affiliate shall mean the holder of its capital stock. For purposes of
this definition, control of a Person shall mean the power, direct or indirect:
(x) to vote 25% or more of the securities having ordinary voting power for the
election of directors of such Person, or (y) to direct or cause the direction of
the management and policies of such Person, in either case whether by ownership
of securities, contract, proxy or otherwise.

         "Aggregate Discount" at any time, means the sum of the aggregate for
each Purchaser of the accrued and unpaid Discount with respect to each such
Purchaser's Investment at such time.

         "Aggregate Investment" means the amount paid to the Seller in respect
of the Purchased Interest or portion thereof by each Purchaser pursuant to the
Agreement, as reduced from time to time by Collections distributed and applied
on account of such Aggregate Investment pursuant to Section 1.4(d) of the
Agreement; provided, that if such Aggregate Investment shall have been reduced
by any distribution, and thereafter all or a portion of such distribution is
rescinded or must otherwise be returned for any reason, such Aggregate
Investment shall be increased by the amount of such rescinded or returned
distribution as though it had not been made.

         "Agreement" has the meaning set forth in the preamble to the Agreement.

         "Assumption Agreement" means an agreement substantially in the form set
forth in Annex C to the Agreement.

         "Attorney Costs" means and includes all reasonable fees and
disbursements of any law firm or other external counsel.

                                      I-1
<PAGE>
         "Bankruptcy Code" means the United States Bankruptcy Reform Act of 1978
(11 U.S.C. Section 101, et seq.), as amended from time to time.

         "Base Rate" means, for any day, (a) in the case of the Purchaser Group
including Market Street, the Market Street Base Rate, (b) in the case of the
Purchaser Group including Liberty Street, the Liberty Street Base Rate, and (c)
in the case of each other Purchaser Group, shall mean the rate set forth as the
Base Rate for such Purchaser Group in the related Purchaser Group Fee Letter.

         "BBA" means the British Bankers' Association.

         "Benefit Plan" means any employee benefit pension plan as defined in
Section 3(2) of ERISA in respect of which the Seller, any Originator, York or
any ERISA Affiliate is, or at any time during the immediately preceding six
years was, an "employer" as defined in Section 3(5) of ERISA.

         "Business Day" means any day (other than a Saturday or Sunday) on
which: (a) banks are not authorized or required to close in New York City, New
York or Pittsburgh, Pennsylvania and (b) if this definition of "Business Day" is
utilized in connection with the Euro-Rate, dealings are carried out in the
London interbank market.

         "Cancelled Distributor" means the following Obligors with whom the
Originators are no longer doing business, (i) Watsco Companies, Inc., (ii)
Ferguson Enterprises and (iii) Dale Supply Company.

         "Change in Control" means (a) with respect to Seller, that at any time
York shall fail to own, directly or indirectly through one or more wholly-owned
Subsidiaries free and clear of any Adverse Claim, 100% of the shares of
outstanding voting stock of the Seller on a fully diluted basis, (b) with
respect to any Originator other than York, that at any time York shall fail to
own, directly or indirectly through one or more wholly-owned Subsidiaries free
and clear of any Adverse Claim, 100% of the share of outstanding voting stock of
such Originator on a fully diluted basis, and (c) with respect to York, the
acquisition by any person or group of persons (within the meaning of Section 13
or 14 of the Securities Exchange Act of 1934, as amended) of 20% or more of the
shares of outstanding voting stock of York.

         "Closing Date" means December 21, 2001.

         "Collections" means, with respect to any Pool Receivable: (a) all funds
that are received by any Originator, York, the Seller or the Servicer in payment
of any amounts owed in respect of such Receivable (including purchase price,
finance charges, interest and all other charges), or that are applied to amounts
owed in respect of such Receivable (including insurance payments and net
proceeds of the sale or other disposition of repossessed goods or other
collateral or property of the related Obligor or any other Person directly or
indirectly liable for the payment of such Pool Receivable and available to be
applied thereon), (b) all amounts deemed to have been received pursuant to
Section 1.4(e) of the Agreement and (c) all other proceeds of such Pool
Receivable.

                                      I-2
<PAGE>
         "Commitment" means, with respect to each Related Committed Purchaser,
the maximum amount which such Purchaser is obligated to pay hereunder on account
of any Purchase, as set forth below its signature to this Agreement or in the
Assumption Agreement pursuant to which it became a Purchaser, as such amount may
be modified in connection with any subsequent assignment pursuant to Section
6.3(c) or in connection with a change in the Purchase Limit pursuant to Section
1.1(b).

         "Commitment Percentage" means, for each Related Committed Purchaser in
a Purchaser Group, such Related Committed Purchaser's Commitment divided by the
total of all Commitments of all Related Committed Purchasers in such Purchaser
Group.

         "Company Note" has the meaning set forth in Section 3.1 of the Purchase
and Sale Agreement.

         "Concentration Percentage" means as to any Obligor which is (a) a Group
A Obligor, 16.0%, (b) a Group B Obligor, 16.0%, (c) a Group C Obligor, 8.0%, or
(d) a Group D Obligor, 4.0%.

         "Concentration Reserve" means, on any day, an amount equal to: (a) the
Aggregate Investment at the close of business of the Servicer on such date
multiplied by (b) (i) the Concentration Reserve Percentage on such date, divided
by (ii) 100% minus the Concentration Reserve Percentage on such date.

         "Concentration Reserve Percentage" means, on any date, the quotient of
(i) the greatest of (a) the largest aggregate Outstanding Balance of the
Receivables of any single Group A Obligor or Group B Obligor, (b) the sum of the
largest aggregate Outstanding Balances of the Receivables of any two Group C
Obligors or (c) the sum of the largest aggregate Outstanding Balances of the
Receivables of any four Group D Obligors, divided by (ii) the aggregate
Outstanding Balance of all Eligible Receivables, on such date. For the purposes
of this definition the Outstanding Balance of an Obligor shall exclude the
Excess Concentration Amounts for such Obligor.

         "Conduit Purchasers" means each commercial paper conduit that is a
party to the Agreement, as a purchaser, or that becomes a party to the
Agreement, as a purchaser pursuant to an Assumption Agreement.

         "Contract" means, with respect to any Receivable, any and all
contracts, understandings, instruments, agreements, leases, invoices, notes or
other writings pursuant to which such Receivable arises or that evidence such
Receivable or under which an Obligor becomes or is obligated to make payment in
respect of such Receivable.

         "CP Rate" for any Yield Period for any Portion of Investment (a) in the
case of the Purchaser Group including Market Street, means the Market Street CP
Rate, (b) in the case of the Purchaser Group including Liberty Street, means the
Liberty Street CP Rate and (c) in the case of each other Purchaser Group, shall
mean the rate set forth as the CP Rate for such Purchaser Group in the related
Purchaser Group Fee Letter.

                                      I-3
<PAGE>
         "Credit and Collection Policy" means, as the context may require, those
receivables credit and collection policies and practices of each Originator and
of York in effect on the date of the Agreement and described in Schedule I to
the Agreement, as the same may be modified from time to time in compliance with
the Agreement.

         "Current Days' Sales Outstanding" means, for any Fiscal Month, an
amount computed as of the last day of such Fiscal Month equal to: (a) the
average of the Outstanding Balance of all Pool Receivables that are not passed
their respective due date as of the last day of the most recent three Fiscal
Months divided by (b)(i) the average of the aggregate credit sales made by the
Originators during most recent three Fiscal Months divided by (ii) 90.

         "Cut-off Date" has the meaning set forth in the Purchase and Sale
Agreement.

         "Debt" means: (a) indebtedness for borrowed money, (b) obligations
evidenced by bonds, debentures, notes or other similar instruments, (c)
obligations to pay the deferred purchase price of property or services, (d)
obligations as lessee under leases that shall have been or should be, in
accordance with generally accepted accounting principles, recorded as capital
leases, and (e) obligations under direct or indirect guaranties in respect of,
and obligations (contingent or otherwise) to purchase or otherwise acquire, or
otherwise to assure a creditor against loss in respect of, indebtedness or
obligations of others of the kinds referred to in clauses (a) through (d).

         "Default Ratio" means the ratio (expressed as a percentage and rounded
to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of
the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding
Balance of all Pool Receivables that became Defaulted Receivables during such
month excluding Ineligible Elimination Amounts, by (b)(i) at all times during
which the Current Days' Sales Outstanding is less than or equal to 45, the
aggregate credit sales made by the Originators during the month that is five
months before such month and (ii) at all other times, the aggregate credit sales
made by the Originators during the month that is six months before such month.

         "Defaulted Receivable" means a Receivable:

                  (a) as to which any payment, or part thereof, remains unpaid
         for more than 120 days, in each case from the due date for such
         payment, or

                  (b) without duplication (i) as to which an Insolvency
         Proceeding shall have occurred with respect to the Obligor thereof or
         any other Person obligated thereon or owning any Related Security with
         respect thereto, (ii) that has been charged-off as uncollectible or
         (iii) that should have been charged-off as uncollectible pursuant to
         the Credit and Collection Policy. The "Outstanding Balance" of any
         Defaulted Receivable shall be determined without regard to any credit
         memos or balances.

         "Delinquency Ratio" means the ratio (expressed as a percentage and
rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed
as of the last day of each Fiscal Month by dividing: (a) the aggregate
Outstanding Balance of all Pool Receivables that were Delinquent Receivables on
such day excluding Ineligible Elimination Amounts by (b) the aggregate
Outstanding Balance of all Pool Receivables on such day.

                                      I-4
<PAGE>
         "Delinquent Receivable" means a Receivable (a) as to which any payment,
or part thereof, remains unpaid for more than 90 days from the due date for such
payment or (b) without duplication, which has been (or consistent with the
Credit and Collection Policy, would be) classified as a Delinquent Receivable by
the applicable Originator. The "Outstanding Balance" of any Delinquent
Receivable shall be determined without regard to any credit memos or balances.

         "Dilution Ratio" means the ratio (expressed as a percentage and rounded
to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as
of the last day of each Fiscal Month by dividing: (a) the aggregate amount of
payments made or owed by the Seller pursuant to Section 1.4(e)(i) of the
Agreement during such Fiscal Month excluding payments related to Ineligible
Elimination Amounts, Specifically Reserved Dilution Amount and amounts reported
as credits and rebills on the Information Package, by (b) the aggregate credit
sales made by the Originators during the Fiscal Month that is one month prior to
such Fiscal Month.

         "Dilution Reserve" means, on any day, an amount equal to: (a) the
Aggregate Investment at the close of business of the Servicer on such date
multiplied by (b) (i) the Dilution Reserve Percentage on such date, divided by
(ii) 100% minus the Dilution Reserve Percentage on such date.

         "Dilution Reserve Percentage" means, on any date, the greater of (a)
6.0%, or (b) the percentage determined by the following formula:

        [[(2.0 x ED) + ((DS-ED) x DS/ED))] x DHR]

        ED    =    the "Expected Dilution," which shall be equal to the
                   12-month rolling average Dilution Ratio, expressed as a
                   percentage;

        DS    =    the "Dilution Spike," which shall be equal to the
                   highest one month Dilution Ratio over the immediately
                   preceding 12 months, expressed as a percentage; and

        DHR   =    the "Dilution Horizon Ratio," which shall be equal to
                   the aggregate credit sales made by the Originators
                   during the two preceding Fiscal Months divided by the
                   Net Receivables Pool Balance as of the last day of most
                   recent Fiscal Month.

         "Discount" means with respect to any Purchaser:

                  (a) for any Portion of Investment for any Yield Period with
         respect to any Purchaser to the extent such Portion of Investment will
         be funded by such Purchaser during such Yield Period through the
         issuance of Notes:

                                CPR x I x ED/360

                  (b) for any Portion of Investment for any Yield Period with
         respect to any Purchaser to the extent such Portion of Investment will
         not be funded by such Purchaser during such Yield Period through the
         issuance of Notes:

                                      I-5
<PAGE>
                              YR x I x ED/Year + TF

         where:

                 YR    =    the Yield Rate, as applicable, for such
                            Portion of Investment for such Yield Period
                            with respect to such Purchaser,

                 I     =    the Investment with respect to such Portion
                            of Investment during such Yield Period with
                            respect to such Purchaser,

                 CPR   =    the CP Rate for the Portion of Investment for
                            such Yield Period with respect to such Purchaser,

                 ED    =    the actual number of days during such Yield Period,

                 Year  =    if such Portion of Investment is funded based
                            upon: (a) the Euro-Rate, 360 days, and (b) the Base
                            Rate, 365 or 366 days, as applicable, and

                 TF    =    the Termination Fee, if any, for the Portion of
                            Investment for such Yield Period with respect to
                            such Purchaser;

provided, that no provision of the Agreement shall require the payment or permit
the collection of Discount in excess of the maximum permitted by applicable law;
and provided further, that Discount for any Portion of Investment shall not be
considered paid by any distribution to the extent that at any time all or a
portion of such distribution is rescinded or must otherwise be returned for any
reason.

         "Eligible Receivable" means, at any time, a Pool Receivable:

                  (a) the Obligor of which is (i) a United States resident;
         provided, however, if (A) the Obligor of such Receivable is a resident
         of Canada, such Receivable shall be deemed to satisfy the requirements
         of this clause (a)(i) to the extent that the sum of the Outstanding
         Balance of such Receivable and the aggregate Outstanding Balance of all
         other Eligible Receivables of Obligors who are residents of Canada does
         not exceed 5.00% of the aggregate Outstanding Balance of all Eligible
         Receivables at such time as determined, without giving effect to this
         proviso or (B) the Obligor of such Receivable is not a United States
         resident such Receivables shall be deemed to satisfy the requirements
         of this clause (a)(i) to the extent that the sum of the Outstanding
         Balance of such Receivable and the aggregate Outstanding Balance of all
         other Eligible Receivables the Obligors of which are not United States
         residents does not exceed $5,000,000 and credit enhancement
         satisfactory to each Purchaser Agent has been provided for such
         Obligor, (ii) not a government or a governmental subdivision, affiliate
         or agency; (iii) not subject to any action of the type described in
         paragraph (f) of Exhibit V to the Agreement and (iv) not an Affiliate
         of York,

                  (b) that is denominated and payable only in U.S. dollars in
         the United States,

                  (c) that does not have a stated maturity which is more than 60
         days after the original invoice date of such Receivable; provided,
         however, that up to 10.00% of the

                                      I-6
<PAGE>
         aggregate Outstanding Balance of all Receivables may have a stated
         maturity which is more than 60 days but not more than 180 days from the
         original invoice date of such Receivable; provided, further, that up to
         10.00% of the aggregate Outstanding Balance of all Receivables may have
         a stated maturity which is more than 180 days but not more than 360
         days from the original invoice date of such Receivables and such
         Receivables are covered by an insurance policy in form and substance
         acceptable to the Purchasers.

                  (d) that arises under a duly authorized Contract for the sale
         and delivery of goods and services in the ordinary course of an
         Originator's business,

                  (e) that arises under a duly authorized Contract that is in
         full force and effect and that is a legal, valid and binding obligation
         of the related Obligor, enforceable against such Obligor in accordance
         with its terms,

                  (f) that conforms in all material respects with all applicable
         laws, rulings and regulations in effect,

                  (g) that is not the subject of any asserted dispute, offset,
         hold back defense, Adverse Claim or other claim,

                  (h) that satisfies all applicable requirements of the
         applicable Credit and Collection Policy,

                  (i) that has not been modified, waived or restructured since
         its creation, except as permitted pursuant to Section 4.2 of the
         Agreement,

                  (j) in which the Seller owns good and marketable title, free
         and clear of any Adverse Claims, and that is freely assignable by the
         Seller (including without any consent of the related Obligor),

                  (k) for which the Administrator (for the benefit of each
         Purchaser) shall have a valid and enforceable undivided percentage
         ownership or security interest, to the extent of the Purchased
         Interest, and a valid and enforceable first priority perfected security
         interest therein and in the Related Security and Collections with
         respect thereto, in each case free and clear of any Adverse Claim,

                  (l) that constitutes an account as defined in the UCC, and
         that is not evidenced by instruments or chattel paper,

                  (m) that is not a Defaulted Receivable or a Delinquent
         Receivable,

                  (n) for which none of the Originator thereof, the Seller and
         the Servicer has established any offset arrangements with the related
         Obligor,

                  (o) for which Defaulted Receivables of the related Obligor do
         not exceed 25% of the Outstanding Balance of all such Obligor's
         Receivables,

                                      I-7
<PAGE>
                  (p) that represents amounts earned and payable by the Obligor
         that are not subject to the performance of additional services by the
         Originator or Servicer thereof, including without limitation, any
         progress billed Receivables, and

                  (q) the Obligor of which is not a Cancelled Distributor.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any successor statute of similar import, together
with the regulations thereunder, in each case as in effect from time to time.
References to sections of ERISA also refer to any successor sections.

         "ERISA Affiliate" means: (a) any corporation that is a member of the
same controlled group of corporations (within the meaning of Section 414(b) of
the Internal Revenue Code) as the Seller, any Originator or York, (b) a trade or
business (whether or not incorporated) under common control (within the meaning
of Section 414(c) of the Internal Revenue Code) with the Seller, any Originator
or York, or (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Internal Revenue Code) as the Seller, any
Originator, any corporation described in clause (a) or any trade or business
described in clause (b).

         "Euro-Rate" means with respect to any Yield Period, the interest rate
per annum determined by the Administrator by dividing (the resulting quotient
rounded upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the
rate of interest determined by the applicable Purchaser Agent in accordance with
its usual procedures (which determination shall be conclusive absent manifest
error) to be the average of the London interbank market offered rates for U.S.
dollars quoted by the BBA as set forth on Dow Jones Markets Service (formerly
known as Telerate) (or appropriate successor or, if BBA or its successor ceases
to provide display page 3750 (or such other display page on the Dow Jones
Markets Service system as may replace display page 3750) at or about 11:00 a.m.
(London time) on the Business Day which is two (2) Business Days prior to the
first day of such Yield Period for an amount comparable to the Portion of
Investment to be funded at the Yield Rate and based upon the Euro-Rate during
such Yield Period by (ii) a number equal to 1.00 minus the Euro-Rate Reserve
Percentage. The Euro-Rate may also be expressed by the following formula:

Euro-Rate = Average of London interbank offered rates quoted by BBA as shown on
            Dow Jones Markets Service display page 3750 or appropriate successor
            --------------------------------------------------------------------
                           1.00 - Euro-Rate Reserve Percentage

where "Euro-Rate Reserve Percentage" means, the maximum effective percentage in
effect on such day as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for determining the reserve requirements
(including without limitation, supplemental, marginal, and emergency reserve
requirements) with respect to eurocurrency funding (currently referred to as
"Eurocurrency Liabilities"). The Euro-Rate shall be adjusted with respect to any
Portion of Investment funded at the Yield Rate and based upon the Euro-Rate that
is outstanding on the effective date of any change in the Euro-Rate Reserve
Percentage as of such effective date. The applicable Purchaser Agent shall give
prompt notice to the Seller of the Euro-Rate as determined or adjusted in
accordance herewith (which determination shall be conclusive absent manifest
error).

                                      I-8
<PAGE>
         "Excess Concentration" means, on any date, the sum of the amounts by
which the Outstanding Balance of Eligible Receivables of each Obligor then in
the Receivables Pool exceeds an amount equal to: (a) the applicable
Concentration Percentage for such Obligor multiplied by (b) the Outstanding
Balance of all Eligible Receivables, on such date.

         "Exiting Purchaser" has the meaning set forth in Section 1.4(b)(ii).

         "Facility Termination Date" means the earliest to occur of: (a) with
respect to each Purchaser December 20, 2002, subject to any extension pursuant
to Section 1.10 of the Agreement (it being understood that if any such Purchaser
does not extend its Commitment hereunder then the Purchase Limit shall be
reduced ratably with respect to the Purchasers in each Purchaser Group by an
amount equal to the Commitment of such Exiting Purchaser and the Commitment
Percentages and Group Commitments of the Purchasers within each Purchaser Group
shall be appropriately adjusted), (b) the date determined pursuant to Section
2.2 of the Agreement, (c) the date the Purchase Limit reduces to zero pursuant
to Section 1.1(b) of the Agreement, (d) with respect to each Purchaser Group,
the date that the commitments of all of the Liquidity Providers terminate under
the related Liquidity Agreements and (e) with respect to each Purchaser Group,
the date that the commitment, of all of the Related Committed Purchasers of such
Purchaser Group terminate pursuant to Section 1.10 and (f) the failure to cause
the amendment or modification of any Transaction Document or related opinion as
required by Moody's or Standard and Poor's and such failure shall continue for
10 Business Days after such amendment is initially requested.

         "Federal Funds Rate" means, for any day, the per annum rate set forth
in the weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Board (including any such
successor, "H.15(519)") for such day opposite the caption "Federal Funds
(Effective)." If on any relevant day such rate is not yet published in
H.15(519), the rate for such day will be the rate set forth in the daily
statistical release designated as the Composite 3:30 p.m. Quotations for U.S.
Government Securities, or any successor publication, published by the Federal
Reserve Bank of New York (including any such successor, the "Composite 3:30 p.m.
Quotations") for such day under the caption "Federal Funds Effective Rate." If
on any relevant day the appropriate rate is not yet published in either
H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be
the arithmetic mean as determined by the applicable Purchaser Agent of the rates
for the last transaction in overnight Federal funds arranged before 9:00 a.m.
(New York time) on that day by each of three leading brokers of Federal funds
transactions in New York City selected by such Purchaser Agent.

         "Federal Reserve Board" means the Board of Governors of the Federal
Reserve System, or any entity succeeding to any of its principal functions.

         "Fees" means the fees payable by the Seller to each Purchaser Group
pursuant to the applicable Purchaser Group Fee Letter.

         "Fiscal Month" means, with respect to any date, the monthly period
designated with respect to such date on Schedule IV hereto, as such Schedule may
be modified or replaced from time to time.

                                      I-9
<PAGE>
         "GAAP" means the generally accepted accounting principles and practices
in the United States, consistently applied.

         "Governmental Authority" means any nation or government, any state or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any body or entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government, including any court, and any Person owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing.

         "Group A Obligor" means an Obligor with a short-term senior unsecured
indebtedness rating (or, if such Obligor does not have such a short-term rating,
a long-term senior unsecured indebtedness rating) of at least "A-1" (or "A+") by
Standard & Poor's and "P-1" (or "A1") by Moody's.

         "Group B Obligor" means an Obligor with a short-term senior unsecured
indebtedness rating (or, if such Obligor does not have such a short-term rating,
a long-term senior unsecured indebtedness rating) of at least "A-2" (or "BBB+")
by Standard & Poor's and "P-2" (or "Baa1") by Moody's, that is not a Group A
Obligor.

         "Group C Obligor" means an Obligor with a short-term senior unsecured
indebtedness rating (or, if such Obligor does not have such a short-term rating,
a long-term senior unsecured indebtedness rating) of at least "A-3" (or "BBB-")
by Standard & Poor's and "P-3" (or "Baa3") by Moody's, that is not a Group A
Obligor or a Group B Obligor.

         "Group Commitment" means with respect to any Purchaser Group the
aggregate of the Commitments of each Purchaser within such Purchaser Group.

         "Group D Obligor" means an Obligor which is not a Group A Obligor, a
Group B Obligor or a Group C Obligor.

         "Group Investment" means with respect to any Purchaser Group, an amount
equal to the aggregate of all Investments of the Purchasers within such
Purchaser Group.

         "Indemnified Amounts" has the meaning set forth in Section 3.1 of the
Agreement.

         "Indemnified Party" has the meaning set forth in Section 3.1 of the
Agreement.

         "Independent Director" has the meaning set forth in paragraph 3(c) of
Exhibit IV to the Agreement.

         "Ineligible Elimination Amounts" means amounts which are reported by
the Servicer as inputs to the Information Package as credit memos or aged
invoices which relate to Receivables, the Obligors of which are Cancelled
Distributors.

         "Information Package" means a report, in substantially the form of
Annex A to the Agreement, including all supporting input information, source
data information, worksheets and calculations furnished to the Administrator
pursuant to the Agreement.

                                      I-10
<PAGE>
         "Insolvency Proceeding" means: (a) any case, action or proceeding
before any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up
or relief of debtors, or (b) any general assignment for the benefit of creditors
of a Person or, composition, marshaling of assets for creditors of a Person, or
other, similar arrangement in respect of its creditors generally or any
substantial portion of its creditors, in each of cases (a) and (b) undertaken
under U.S. Federal, state or foreign law, including the Bankruptcy Code.

         "Internal Revenue Code" means the Internal Revenue Code of 1986, as
amended from time to time, and any successor statute of similar import, together
with the regulations thereunder, in each case as in effect from time to time.
References to sections of the Internal Revenue Code also refer to any successor
sections.

         "Investment" means with respect to any Purchaser the amount paid to the
Seller by such Purchaser pursuant to the Agreement, or such amount divided or
combined in accordance with the Agreement, in each case reduced from time to
time by Collections distributed and applied on account of such Investment
pursuant to Section 1.4(d) of the Agreement; provided, that if such Investment
shall have been reduced by any distribution and thereafter all or a portion of
such distribution is rescinded or must otherwise be returned for any reason,
such Investment shall be increased by the amount of such rescinded or returned
distribution as though it had not been made.

         "Liberty Street" has the meaning set forth in the preamble to the
Agreement.

         "Liberty Street Base Rate" means, in the case of Liberty Street or any
Purchaser in its Purchaser Group, for any day, a fluctuating interest rate per
annum as shall be in effect from time to time, which rate shall be at all times
equal to the higher of:

                  (a) the rate of interest in effect for such day as publicly
         announced from time to time by BNS in New York, New York as its
         "reference rate". Such "reference rate" is set by BNS based upon
         various factors, including BNS's costs and desired return, general
         economic conditions and other factors, and is used as a reference point
         for pricing some loans, which may be priced at, above or below such
         announced rate, and

                  (b) 0.50% per annum above the latest Federal Funds Rate.

         "Liberty Street CP Rate" means, with respect to Liberty Street for any
Yield Period with respect to any Portion of Investment, the per annum rate
equivalent to the "weighted average cost" (as defined below) related to the
issuance of Liberty Street's Notes that are allocated, in whole or in part, by
Liberty Street (or by its Purchaser Agent) to fund or maintain such Portion of
Investment (and which may also be allocated in part to the funding of other
Portions of Investment hereunder or of other assets of Liberty Street);
provided, however, that if any component of such rate is a discount rate, in
calculating the "Liberty Street CP Rate" for such Portion of Investment for such
Yield Period, Liberty Street shall for such component use the rate resulting
from converting such discount rate to an interest bearing equivalent rate per
annum. As used in this definition, Liberty Street's "weighted average cost"
shall consist of (x) the actual interest rate (or discount) paid to purchasers
of Liberty Street's Notes, together with the

                                      I-11
<PAGE>
commissions of placement agents and dealers in respect of such Notes, to the
extent such commissions are allocated, in whole or in part, to such Notes by
Liberty Street (or by its Purchaser Agent) and (y) any incremental carrying
costs incurred with respect to Liberty Street's Notes maturing on dates other
than those on which corresponding funds are received by Liberty Street.
Notwithstanding the foregoing, the "Liberty Street CP Rate" for any day while a
Termination Event exists shall be an interest rate equal to 2% above the Base
Rate in effect on such day.

         "Liberty Street Yield Rate" for any Yield Period for any Portion of
Investment of the Purchased Interest in the case of Liberty Street or any
Purchaser in its Purchaser Group, means an interest rate per annum equal to: (a)
the rate set forth as the "Applicable Margin" in the Purchaser Group Fee Letter
relating to Liberty Street above the Euro-Rate for such Yield Period, or (b) if
requested by the Seller the Base Rate for such Yield Period; provided, however,
that in the case of:

                           (i) any Yield Period on or before the first day of
                  which BNS shall have been notified by any Purchaser within the
                  Liberty Street Purchaser Group or other Program Support
                  Provider that the introduction of or any change in or in the
                  interpretation of any law or regulation makes it unlawful, or
                  any central bank or other Governmental Authority asserts that
                  it is unlawful, for such Person, to fund any Euro-Rate Portion
                  of Investment (and such Person shall not have subsequently
                  notified BNS that such circumstances no longer exist),

                           (ii) any Yield Period of one to (and including) 29
                  days,

                           (iii) any Yield Period as to which BNS does not
                  receive notice before noon (New York City time) on the third
                  Business Day preceding the first day of such Yield Period that
                  the Seller desires that the related Portion of Investment be a
                  Euro-Rate Portion of Investment, or

                           (iv) any Yield Period relating to a Portion of
                  Investment that is less than $5,000,000,

the "Yield Rate" for each such Yield Period shall be an interest rate per annum
equal to the Base Rate in effect on each day of such Yield Period. The "Yield
Rate" for any day while a Termination Event exists shall be an interest rate
equal to 2% per annum above the applicable Base Rate in effect on such day.

         "Liquidity Agent" means each of the banks acting as agent for the
various Liquidity Banks under each Liquidity Agreement.

         "Liquidity Agreement" means any agreement entered into in connection
with this Agreement pursuant to which a Liquidity Provider agrees to make
purchases or advances to, or purchase assets from, any Conduit Purchaser in
order to provide liquidity for such Conduit Purchaser's Purchases.

         "Liquidity Provider" means each bank or other financial institution
that provides liquidity support to any Conduit Purchaser pursuant to the terms
of a Liquidity Agreement.

                                      I-12
<PAGE>
         "Lock-Box Account" means an account in the name of the Seller and
maintained by the Seller at a bank or other financial institution for the
purpose of, directly or indirectly, receiving Collections.

         "Lock-Box Agreement" means an agreement, among the applicable
Originator, the Seller, the Servicer, the Administrator, the Purchasers and a
Lock-Box Bank.

         "Lock-Box Bank" means any of the banks or other financial institutions
holding one or more Lock-Box Accounts.

         "Loss Horizon" (a) (i) at all times during which the Current Days'
Sales Outstanding is less than or equal to 45, the aggregate credit sales made
by the Originators during the five most recent Fiscal Months, and (ii) at all
other times, the aggregate credit sales made by the Originators during the six
most recent Fiscal Months divided by (b) the Net Receivables Pool Balance as of
such date.

         "Loss Reserve" means, on any date, an amount equal to (a) the Aggregate
Investment at the close of business of the Servicer on such date multiplied by
(b) (i) the Loss Reserve Percentage on such date divided by (2) 100% minus the
Loss Reserve Percentage on such date.

         "Loss Reserve Percentage" means, on any date, the greater of, (a) 10.0%
and (b) the product of (i) 2 times (ii) the highest average of the Default
Ratios for any three consecutive Fiscal Months during the twelve most recent
Fiscal Months multiplied by (iii) the Loss Horizon.

         "Majority Purchasers" means, at any time, Purchasers whose Commitments
aggregate more than 66.67% of the aggregate of the Commitments of all
Purchasers; provided, however, that so long as any Purchaser's Commitment is
greater than 50% of the aggregate Commitments, then "Majority Purchasers" shall
mean a minimum of two Purchasers whose Commitments aggregate more than 50% of
the aggregate Commitments.

         "Market Street" has the meaning set forth in the preamble to the
Agreement.

         "Market Street Base Rate" means, in the case of Market Street or any
Purchaser in its Purchaser Group, for any day, a fluctuating interest rate per
annum as shall be in effect from time to time, which rate shall be at all times
equal to the higher of:

                  (a) the rate of interest in effect for such day as publicly
         announced from time to time by PNC in Pittsburgh, Pennsylvania as its
         "prime rate." Such "prime rate" is set by PNC based upon various
         factors, including PNC's costs and desired return, general economic
         conditions and other factors, and is used as a reference point for
         pricing some loans, which may be priced at, above or below such
         announced rate, and

                  (b) 0.50% per annum above the latest Federal Funds Rate.

         "Market Street CP Rate" means, with respect to Market Street for any
Yield Period with respect to any Portion of Investment, the per annum rate
equivalent to the "weighted average cost" (as defined below) related to the
issuance of Market Street's Notes that are allocated, in whole or in part, by
Market Street (or by its Purchaser Agent) to fund or maintain such Portion of

                                      I-13
<PAGE>
Investment (and which may also be allocated in part to the funding of other
Portions of Investment hereunder or of other assets of Market Street); provided,
however, that if any component of such rate is a discount rate, in calculating
the "Market Street CP Rate" for such Portion of Investment for such Yield
Period, Market Street shall for such component use the rate resulting from
converting such discount rate to an interest bearing equivalent rate per annum.
As used in this definition, Market Street's "weighted average cost" shall
consist of (x) the actual interest rate (or discount) paid to purchasers of
Market Street's Notes, together with the commissions of placement agents and
dealers in respect of such Notes, to the extent such commissions are allocated,
in whole or in part, to such Notes by Market Street (or by its Purchaser Agent)
and (y) any incremental carrying costs incurred with respect to Market Street's
Notes maturing on dates other than those on which corresponding funds are
received by Market Street. Notwithstanding the foregoing, the "Market Street CP
Rate" for any day while a Termination Event exists shall be an interest rate
equal to 2% above the Base Rate in effect on such day.

         "Market Street Yield Rate" for any Yield Period for any Portion of
Investment of the Purchased Interest in the case of Market Street or any
Purchaser in its Purchaser Group, means an interest rate per annum equal to: (a)
the rate set forth as the "Applicable Margin" in the Purchaser Group Fee Letter
relating to Market Street above the Euro-Rate for such Yield Period, or (b) if
requested by the Seller, the Base Rate for such Yield Period; provided, however,
that in the case of:

                           (i) any Yield Period on or before the first day of
                  which the Administrator shall have been notified by any
                  Purchaser within the Market Street Purchaser Group or other
                  Program Support Provider that the introduction of or any
                  change in or in the interpretation of any law or regulation
                  makes it unlawful, or any central bank or other Governmental
                  Authority asserts that it is unlawful, for such Person, to
                  fund any Euro-Rate Portion of Investment (and such Person
                  shall not have subsequently notified the Administrator that
                  such circumstances no longer exist),

                           (ii) any Yield Period of one to (and including) 29
                  days,

                           (iii) any Yield Period as to which the Administrator
                  does not receive notice before noon (New York City time) on
                  the third Business Day preceding the first day of such Yield
                  Period that the Seller desires that the related Portion of
                  Investment be a Euro-Rate Portion of Investment, or

                           (iv) any Yield Period relating to a Portion of
                  Investment that is less than $5,000,000,

the "Yield Rate" for each such Yield Period shall be an interest rate per annum
equal to the Base Rate in effect on each day of such Yield Period. The "Yield
Rate" for any day while a Termination Event exists shall be an interest rate
equal to 2% per annum above the applicable Base Rate in effect on such day.

                                      I-14
<PAGE>
         "Material Adverse Effect" means, relative to any Person with respect to
any event or circumstance, a material adverse effect on:

                  (a) the assets, operations, business or financial condition of
         such Person.

                  (b) the ability of any of such Person to perform its
         obligations under the Agreement or any other Transaction Document to
         which it is a party,

                  (c) the validity or enforceability of any other Transaction
         Document, or the validity, enforceability or collectibility of a
         material portion of the Pool Receivables, or

                  (d) the status, perfection, enforceability or priority of any
         Purchaser's or the Seller's interest in the Pool Assets.

         "Moody's" means Moody's Investors Service, Inc.

         "Net Receivables Pool Balance" means, at any time: (a) the Outstanding
Balance of Eligible Receivables then in the Receivables Pool minus (b) the sum
of (i) the Excess Concentration and (ii) Specifically Reserved Dilution Amount;
provided that such calculation shall exclude the Receivables for which the
related Obligor has a net credit balance with respect to such Obligor's Eligible
Receivables.

         "Notes" means short-term promissory notes issued, or to be issued, by
each Conduit Purchaser to fund its investments in accounts receivable or other
financial assets.

         "Obligor" means, with respect to any Receivable, the Person obligated
to make payments pursuant to the Contract relating to such Receivable.

         "Originator" has the meaning set forth in the Purchase and Sale
Agreement.

         "Originator Assignment Certificate" means each assignment, in
substantially the form of Exhibit C to the Purchase and Sale Agreement,
evidencing Seller's ownership of the Receivables generated by Originator, as the
same may be amended, supplemented, amended and restated, or otherwise modified
from time to time in accordance with the Purchase and Sale Agreement.

         "Outstanding Balance" of any Receivable at any time means the then
outstanding principal balance thereof.

         "Payment Date" has the meaning set forth in Section 2.1 of the Purchase
and Sale Agreement.

         "Person" means an individual, partnership, corporation (including a
business trust), joint stock company, trust, unincorporated association, joint
venture, limited liability company or other entity, or a government or any
political subdivision or agency thereof.

         "PNC" has the meaning set forth in the preamble to the Agreement.

         "Pool Assets" has the meaning set forth in Section 1.2(d) of the
Agreement.

                                      I-15
<PAGE>
         "Pool Receivable" means a Receivable in the Receivables Pool.

         "Portion of Investment" means, with respect to any Purchaser and its
related Investment, the portion of such Investment being funded or maintained by
such Purchaser by reference to a particular interest rate basis.

         "Program Support Agreement" means and includes any Liquidity Agreement
and any other agreement entered into by any Program Support Provider providing
for: (a) the issuance of one or more letters of credit for the account of any
Conduit Purchaser, (b) the issuance of one or more surety bonds for which the
such Conduit Purchaser is obligated to reimburse the applicable Program Support
Provider for any drawings thereunder, (c) the sale by such Conduit Purchaser to
any Program Support Provider of the Purchased Interest (or portions thereof)
maintained by such Conduit Purchaser and/or (d) the making of loans and/or other
extensions of credit to any Conduit Purchaser in connection with such Conduit
Purchaser's securitization program contemplated in the Agreement, together with
any letter of credit, surety bond or other instrument issued thereunder (but
excluding any discretionary advance facility provided by the Administrator).

         "Program Support Provider" means and includes with respect to each
Conduit Purchaser any Liquidity Provider and any other Person (other than any
customer of such Conduit Purchaser) now or hereafter extending credit or having
a commitment to extend credit to or for the account of, or to make purchases
from, such Conduit Purchaser pursuant to any Program Support Agreement.

         "Purchase" is defined in Section 1.1(a).

         "Purchase and Sale Agreement" means the Purchase and Purchase and Sale
Agreement, dated as of December 21, 2001, among the Seller and the Originators
as amended through the date of the Agreement and as such agreement may be
amended, amended and restated, supplemented or otherwise modified from time to
time.

         "Purchase and Sale Indemnified Amounts" has the meaning set forth in
Section 9.1 of the Purchase and Sale Agreement.

         "Purchase and Sale Indemnified Party" has the meaning set forth in
Section 9.1 of the Purchase and Sale Agreement.

         "Purchase and Sale Termination Date" has the meaning set forth in
Section 1.4 of the Purchase and Sale Agreement.

         "Purchase and Sale Termination Event" has the meaning set forth in
Section 8.1 of the Purchase and Sale Agreement.

         "Purchase Date" means the date of which a Purchase or a reinvestment is
made pursuant to the Agreement.

         "Purchase Facility" has the meaning set forth in Section 1.1 of the
Purchase and Sale Agreement.

                                      I-16
<PAGE>
         "Purchase Limit" means $175,000,000, as such amount may be reduced
pursuant to Section 1.1(b) of the Agreement. References to the unused portion of
the Purchase Limit shall mean, at any time, the Purchase Limit minus the then
outstanding Aggregate Investment.

         "Purchase Price" has the meaning set forth in Section 2.1 of the
Purchase and Sale Agreement.

         "Purchase Report" has the meaning set forth in Section 2.1 of the
Purchase and Sale Agreement.

         "Purchased Interest" means, at any time, the undivided percentage
ownership interest in: (a) each and every Pool Receivable now existing or
hereafter arising, (b) all Related Security with respect to such Pool
Receivables and (c) all Collections with respect to, and other proceeds of, such
Pool Receivables and Related Security. Such undivided percentage interest shall
be computed as:

                      Aggregate Investment + Total Reserves
                      -------------------------------------
                          Net Receivables Pool Balance

The Purchased Interest shall be determined from time to time pursuant to Section
1.3 of the Agreement.

         "Purchaser" means each Conduit Purchaser and/or each Related Committed
Purchaser, as applicable.

         "Purchaser Agent" means each Person acting as agent on behalf of a
Purchaser Group and designated as a Purchaser Agent for such Purchaser Group on
the signature pages to the Agreement or any other Person who becomes a party to
this Agreement as a Purchaser Agent pursuant to an Assumption Agreement or a
Transfer Supplement.

         "Purchaser Group" means, for each Conduit Purchaser, such Conduit
Purchaser, its Related Committed Purchasers and its related Purchaser Agent.

         "Purchaser Group Fee Letter" has the meaning set forth in Section 1.5
of the Agreement.

         "Purchasers' Share" of any amount means such amount multiplied by the
Purchased Interest at the time of determination.

         "Ratable Share" means, for each Purchaser Group, such Purchaser Group's
aggregate Commitments divided by the aggregate Commitments of all Purchaser
Groups.

         "Rating Agency Condition" means, with respect to any material event or
occurrence, receipt by the Administrator (or the applicable Purchaser Agent) of
written confirmation from each of Standard & Poor's and Moody's that such event
or occurrence shall not cause the rating on the then outstanding Notes of any
applicable Purchaser to be downgraded or withdrawn.

         "Receivable" means any indebtedness and other obligations (whether or
not earned by performance) owed to the Seller or any Originator by, or any right
of the Seller or any Originator

                                      I-17
<PAGE>
to payment from or on behalf of, an Obligor, whether constituting an account,
chattel paper, instrument or general intangible, arising in connection with
property or goods that have been or are to be sold or otherwise disposed of, or
services rendered or to be rendered by an Originator, and includes the
obligation to pay any finance charges, fees and other charges with respect
thereto. Indebtedness and other obligations arising from any one transaction,
including indebtedness and other obligations represented by an individual
invoice or agreement, shall constitute a Receivable separate from a Receivable
consisting of the indebtedness and other obligations arising from any other
transaction.

         "Receivables Pool" means, at any time, all of the then outstanding
Receivables purchased or otherwise acquired by the Seller pursuant to the
Purchase and Sale Agreement prior to the Facility Termination Date.

         "Related Committed Purchaser" means each Person listed as such (and its
respective Commitment) for each Conduit Purchaser as set forth on the signature
pages of the Agreement or in any Assumption Agreement or Transfer Supplement.

         "Related Rights" has the meaning set forth in Section 1.1 of the
Purchase and Sale Agreement.

         "Related Security" means, with respect to any Receivable:

                  (a) all of the Seller's and the Originator thereof's interest
         in any goods (including returned goods), and documentation of title
         evidencing the shipment or storage of any goods (including returned
         goods), relating to any sale giving rise to such Receivable,

                  (b) all instruments and chattel paper that may evidence such
         Receivable,

                  (c) all other security interests or liens and property subject
         thereto from time to time purporting to secure payment of such
         Receivable, whether pursuant to the Contract related to such Receivable
         or otherwise, together with all UCC financing statements or similar
         filings relating thereto, and

                  (d) all of the Seller's and the Originator thereof's rights,
         interests and claims under the Contracts and all guaranties,
         indemnities, insurance, letters of credit and other agreements
         (including the related Contract) or arrangements of whatever character
         from time to time supporting or securing payment of such Receivable or
         otherwise relating to such Receivable, whether pursuant to the Contract
         related to such Receivable or otherwise.

         "Seller" has the meaning set forth in the preamble to the Agreement.

         "Seller's Share" of any amount means the greater of: (a) $0 and (b)
such amount minus the product of (i) such amount multiplied by (ii) the
Purchased Interest.

         "Servicer" has the meaning set forth in the preamble to the Agreement.

                                      I-18
<PAGE>
         "Servicing Fee" shall mean the fee referred to in Section 4.6 of the
Agreement.

         "Settlement Date" means (a) prior to the Facility Termination Date the
23rd calendar day of each calendar month or if such day is not a Business Day
the next succeeding Business Day and (b) on and after the Facility Termination
Date, each day selected from time to time by the Administrator (it being
understood that the Administrator may select such Settlement Date to occur as
frequently as daily), or in the absence of any such selection, the day which
would be the Settlement Date for the Portion of Investment pursuant to clause
(a) of this definition.

         "Simple Majority" means, at any time, Purchasers whose Commitments
aggregate 50% or more of the aggregate of the Commitments of all Purchasers.

         "Solvent" means, with respect to any Person at any time, a condition
under which:

                  (a) the fair value and present fair saleable value of such
         Person's total assets is, on the date of determination, greater than
         such Person's total liabilities (including contingent and unliquidated
         liabilities) at such time;

                  (b) the fair value and present fair saleable value of such
         Person's assets is greater than the amount that will be required to pay
         such Person's probable liability on its existing debts as they become
         absolute and matured ("debts," for this purpose, includes all legal
         liabilities, whether matured or unmatured, liquidated or unliquidated,
         absolute, fixed, or contingent);

                  (c) such Person is and shall continue to be able to pay all of
         its liabilities as such liabilities mature; and

                  (d) such Person does not have unreasonably small capital with
         which to engage in its current and in its anticipated business.

         For purposes of this definition:

                  (A) the amount of a Person's contingent or unliquidated
         liabilities at any time shall be that amount which, in light of all the
         facts and circumstances then existing, represents the amount which can
         reasonably be expected to become an actual or matured liability;

                  (B) the "fair value" of an asset shall be the amount which may
         be realized within a reasonable time either through collection or sale
         of such asset at its regular market value;

                  (C) the "regular market value" of an asset shall be the amount
         which a capable and diligent business person could obtain for such
         asset from an interested buyer who is willing to Purchase such asset
         under ordinary selling conditions; and

                  (D) the "present fair saleable value" of an asset means the
         amount which can be obtained if such asset is sold with reasonable
         promptness in an arm's-length transaction in an existing and not
         theoretical market.

                                      I-19
<PAGE>
         "Specifically Reserved Dilution Amount" means, at any time, the greater
of (a) the balance sheet reserve amount maintained by each Originator or the
Servicer representing pricing discount amounts; or (b) the actual amount of
credits issued in the most recent month related to pricing discounts.

         "Standard & Poor's" means Standard & Poor's, a division of The
McGraw-Hill Companies, Inc.

         "Subsidiary" means, as to any Person, a corporation, partnership,
limited liability company or other entity of which shares of stock of each class
or other interests having ordinary voting power (other than stock or other
interests having such power only by reason of the happening of a contingency) to
elect a majority of the Board of Directors or other managers of such entity are
at the time owned, or management of which is otherwise controlled: (a) by such
Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and
one or more Subsidiaries of such Person.

         "Tangible Net Worth" means, with respect to any Person, the tangible
net worth of such Person as determined in accordance with GAAP.

         "Termination Day" means: (a) each day on which the conditions set forth
in Section 2 of Exhibit II to the Agreement are not satisfied or (b) each day
that occurs on or after the Facility Termination Date.

         "Termination Event" has the meaning specified in Exhibit V to the
Agreement.

         "Termination Fee" means, for any Yield Period, with respect to any
Purchaser, the amount, if any, by which: (a) the additional Discount related to
such Purchaser's Investment (calculated without taking into account any
Termination Fee or any shortened duration of such Yield Period) that would have
accrued during such Yield Period on the reductions of Investment relating to
such Yield Period had such reductions not been made, exceeds (b) the income, if
any, received by such Purchaser from investing the proceeds of such reductions
of Investment, as determined by the such Purchaser's Purchaser Agent, which
determination shall be binding and conclusive for all purposes, absent manifest
error.

         "Total Reserves" means, at any time, the sum of the Yield Reserve and
the greater of (a) the sum of the Loss Reserve and the Dilution Reserve, or (b)
the Concentration Reserve.

         "Transaction Documents" means the Agreement, the Lock-Box Agreements,
each Purchaser Group Fee Letter, the Purchase and Sale Agreement and all other
certificates, instruments, UCC financing statements, reports, notices,
agreements and documents executed or delivered under or in connection with any
of the foregoing, in each case as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the Agreement.

         "Transfer Supplement" has the respective meanings set forth in Sections
6.3(c) and 6.3(e).

                                      I-20
<PAGE>
         "Turnover Rate" means, for any Fiscal Month, an amount computed as of
the last day of such Fiscal Month equal to: (a) the Outstanding Balance of all
Pool Receivables as of the last day of the most recent Fiscal Month, divided by
(b) the quotient of (i) the aggregate credit sales made by the Originators
during the three Fiscal Months ended on the last day of such Fiscal Month,
divided by (ii) 3.

         "UCC" means the Uniform Commercial Code as from time to time in effect
in the applicable jurisdiction.

         "Unmatured Purchase and Sale Termination Event" means any event which,
with the giving of notice or lapse of time, or both, would become a Purchase and
Sale Termination Event.

         "Unmatured Termination Event" means an event that, with the giving of
notice or lapse of time, or both, would constitute a Termination Event.

         "Yield Period" means, with respect to each Portion of Investment: (a)
before the Facility Termination Date: (i) initially the period commencing on the
date of the initial Purchase pursuant to Section 1.2 of the Agreement (or in the
case of any fees payable hereunder, commencing on the Closing Date) and ending
on (but not including) the next Settlement Date, and (ii) thereafter, each
period commencing on such Settlement Date and ending on (but not including) the
next Settlement Date, and (b) on and after the Facility Termination Date, such
period (including a period of one day) as shall be selected from time to time by
the Administrator or, in the absence of any such selection, each period of 30
days from the last day of the preceding Yield Period.

         "Yield Rate" for any Yield Period for any Portion of Investment of the
Purchased Interest (a) in the case of the Purchaser Group including Market
Street, means the Market Street Yield Rate, (b) in the case of the Purchaser
Group including Liberty Street, means the Liberty Street Yield Rate and (c) in
the case of each other Purchaser Group, shall mean the rate set forth as the
Yield Rate for such Purchaser Group in the related Purchaser Group Fee Letter.

         "Yield Reserve" shall be equal to the Aggregate Investment multiplied
by a percentage equal to (a) the Yield Reserve Percentage divided by (b) 100%
minus the Yield Reserve Percentage.

         "Yield Reserve Percentage" means, on any date, an amount equal to (a)
the sum of the Base Rate for the most recent period plus 1.0%, multiplied by (b)
the product of 1.5 times the Turnover Rate, divided by (c) 12.

         "York" has the meaning set forth in the preamble to the Agreement.

         Other Terms. All accounting terms not specifically defined herein shall
be construed in accordance with generally accepted accounting principles. All
terms used in Article 9 of the UCC in the State of New York, and not
specifically defined herein, are used herein as defined in such Article 9.
Unless the context otherwise requires, "or" means "and/or," and "including" (and
with correlative meaning "include" and "includes") means including without
limiting the generality of any description preceding such term.

                                      I-21
<PAGE>
                                   EXHIBIT II
                             CONDITIONS OF PURCHASES

         1. Conditions Precedent to Initial Purchase. The initial Purchase under
this Agreement is subject to the following conditions precedent that the
Administrator and each Purchaser Agent shall have received on or before the date
of such Purchase, each in form and substance (including the date thereof)
satisfactory to the Administrator and each Purchaser Agent:

                  (a) A counterpart of the Agreement and the other Transaction
         Documents executed by the parties thereto.

                  (b) Certified copies of: (i) the resolutions of the Board of
         Directors, the Managing Member or other managers of each of the Seller,
         the Originators and York authorizing the execution, delivery and
         performance by the Seller, such Originator and York, as the case may
         be, of the Agreement and the other Transaction Documents to which it is
         a party; (ii) all documents evidencing other necessary organizational
         action and governmental approvals, if any, with respect to the
         Agreement and the other Transaction Documents and (iii) the certificate
         of incorporation and by-laws or certificate of formation and limited
         liability company agreement or any other organizational document, as
         applicable, of the Seller, each Originator and York.

                  (c) A certificate of the Secretary or Assistant Secretary of
         the Seller, the Originators and York certifying the names and true
         signatures of its officers who are authorized to sign the Agreement and
         the other Transaction Documents. Until the Administrator and each
         Purchaser Agent receives a subsequent incumbency certificate from the
         Seller, an Originator or York, as the case may be, the Administrator
         and each Purchaser Agent shall be entitled to rely on the last such
         certificate delivered to it by the Seller, such Originator or York, as
         the case may be.

                  (d) Acknowledgment copies, or time stamped receipt copies, of
         proper financing statements, duly filed on or before the date of such
         initial purchase under the UCC of all jurisdictions that the
         Administrator may deem necessary or desirable in order to perfect the
         interests of the Seller, York and the Administrator (on behalf of each
         Purchaser) contemplated by the Agreement and the Purchase and Sale
         Agreement.

                  (e) Acknowledgment copies, or time-stamped receipt copies, of
         proper financing statements, if any, necessary to release all security
         interests and other rights of any Person in the Receivables, Contracts
         or Related Security previously granted by the Originators, York or the
         Seller.

                  (f) Completed UCC search reports, dated on or shortly before
         the date of the initial purchase hereunder, listing the financing
         statements filed in all applicable jurisdictions referred to in
         subsection (d) above that name the Originators or the Seller as debtor,
         together with copies of such other financing statements, and similar
         search reports with respect to judgment liens, federal tax liens and
         liens of the Pension Benefit Guaranty

                                      II-1
<PAGE>
         Corporation in such jurisdictions, as the Administrator or any
         Purchaser Agent may request, showing no Adverse Claims on any Pool
         Assets.

                  (g) Copies of executed Lock-Box Agreements with each Lock-Box
         Bank.

                  (h) Favorable opinions, in form and substance reasonably
         satisfactory to the Administrator and each Purchaser Agent, of: (i)
         Blank Rome Comisky & McCauley LLP, counsel for the Seller, each
         Originator, York and the Servicer, and (ii) general counsel for Seller,
         York and each Originator.

                  (i) [Reserved]

                  (j) A pro forma Information Package representing the
         performance of the Receivables Pool for the Fiscal Month before
         closing.

                  (k) Evidence of payment by the Seller of all accrued and
         unpaid fees (including those contemplated by each Purchaser Group Fee
         Letter), costs and expenses to the extent then due and payable on the
         date thereof, including any such costs, fees and expenses arising under
         or referenced in Section 6.4 of the Agreement and the Fee Letter.

                  (l) Each Purchaser Group Fee Letter (received only by the
         related Purchaser Group Agent) duly executed by the Seller and the
         Servicer.

                  (m) Good standing certificates with respect to each of the
         Seller, the Originators and the Servicer issued by the Secretary of
         State (or similar official) of the state of each such Person's
         organization and principal place of business.

                  (n) To the extent required by each Conduit Purchaser's
         commercial paper program, letters from each of the rating agencies then
         rating the Notes confirming the rating of such Notes after giving
         effect to the transaction contemplated by the Agreement.

                  (o) Each Liquidity Agreement (received only by the related
         Purchaser Group Agent) and all other Transaction Documents duly
         executed by the parties thereto.

                  (p) A computer file containing all information with respect to
         the Receivables as the Administrator or any Purchaser Agent may
         reasonably request.

                  (q) Such other approvals, opinions or documents as the
         Administrator or any Purchaser Agent may reasonably request.

         2. Conditions Precedent to All Purchases and Reinvestments. Each
Purchase (including the initial Purchase) and each reinvestment shall be subject
to the further conditions precedent that:

                  (a) solely in the case of each purchase but not a
         reinvestment, the Servicer shall have delivered to the Administrator
         and each Purchaser Agent on or before such purchase, in form and
         substance satisfactory to the Administrator and such Purchaser Agent, a
         completed pro forma Information Package to reflect the level of
         Investment with

                                      II-2
<PAGE>
         respect to each Purchaser Group and related reserves and the
         calculation of the Purchased Interest after such subsequent purchase
         and a completed purchase notice in the form of Annex B; and

                  (b) on the date of such purchase or reinvestment (and with
         respect to item (v) below within ninety days of the Closing Date) the
         following statements shall be true (and acceptance of the proceeds of
         such purchase or reinvestment shall be deemed a representation and
         warranty by the Seller that such statements are then true):

                           (i) the representations and warranties contained in
                  Exhibit III to the Agreement are true and correct in all
                  material respects on and as of the date of such purchase or
                  reinvestment as though made on and as of such date (except to
                  the extent that such representations and warranties relate
                  expressly to an earlier date, and in which case such
                  representations and warranties shall be true and correct in
                  all material respects as of such earlier date);

                           (ii) no event has occurred and is continuing, or
                  would result from such purchase or reinvestment, that
                  constitutes a Termination Event or an Unmatured Termination
                  Event;

                           (iii) after giving effect to such purchase, the
                  Purchased Interest will not exceed 100% and the Aggregate
                  Investment will not exceed the Purchase Limit;

                           (iv) the Facility Termination Date shall not have
                  occurred; and

                           (v) Satisfactory results of a review and audit
                  (performed by representatives of each Purchaser Agent) of the
                  Servicer's collection, operating and reporting systems, the
                  Credit and Collection Policy of each Originator, historical
                  receivables data and accounts, including satisfactory results
                  of a review of the Servicer's operating location(s).

                                      II-3
<PAGE>
                                   EXHIBIT III
                         REPRESENTATIONS AND WARRANTIES

         1. Representations and Warranties of the Seller. The Seller represents
and warrants as follows:

                  (a) The Seller is a limited liability company duly organized,
         validly existing and in good standing under the laws of the State of
         Delaware, and is duly qualified to do business and is in good standing
         as a foreign organization in every jurisdiction where the nature of its
         business requires it to be so qualified, except where the failure to be
         so qualified would not have a Material Adverse Effect.

                  (b) The execution, delivery and performance by the Seller of
         the Agreement and the other Transaction Documents to which it is a
         party, including its use of the proceeds of purchases and
         reinvestments: (i) are within its organizational powers; (ii) have been
         duly authorized by all necessary organizational action; (iii) do not
         contravene or result in a default under or conflict with: (A) its
         certification of formation or limited liability company agreement, (B)
         any law, rule or regulation applicable to it, (C) any indenture, loan
         agreement, mortgage, deed of trust or other material agreement or
         instrument to which it is a party or by which it is bound, or (D) any
         order, writ, judgment, award, injunction or decree binding on or
         affecting it or any of its property; and (iv) do not result in or
         require the creation of any Adverse Claim upon or with respect to any
         of its properties. The Agreement and the other Transaction Documents to
         which it is a party have been duly executed and delivered by the
         Seller.

                  (c) No authorization, approval or other action by, and no
         notice to or filing with, any Governmental Authority or other Person is
         required for its due execution, delivery and performance by the Seller
         of the Agreement or any other Transaction Document to which it is a
         party, other than the Uniform Commercial Code filings referred to in
         Exhibit II to the Agreement, all of which shall have been filed on or
         before the date of the first purchase hereunder.

                  (d) Each of the Agreement and the other Transaction Documents
         to which the Seller is a party constitutes its legal, valid and binding
         obligation of the Seller enforceable against the Seller in accordance
         with its terms, except as enforceability may be limited by bankruptcy,
         insolvency, reorganization or other similar laws from time to time in
         effect affecting the enforcement of creditors' rights generally and by
         general principles of equity, regardless of whether such enforceability
         is considered in a proceeding in equity or at law.

                  (e) There is no pending or, to Seller's best knowledge,
         threatened action or proceeding affecting Seller or any of its
         properties before any Governmental Authority or arbitrator.

                  (f) No proceeds of any purchase or reinvestment will be used
         to acquire any equity security of a class that is registered pursuant
         to Section 12 of the Securities Exchange Act of 1934.

                                     III-1
<PAGE>
                  (g) The Seller is the legal and beneficial owner of the Pool
         Receivables and Related Security, free and clear of any Adverse Claim.
         Upon each purchase or reinvestment, Administrator (for the benefit of
         each Purchaser) shall acquire a valid and enforceable perfected
         undivided percentage ownership or security interest, to the extent of
         the Purchased Interest, in each Pool Receivable then existing or
         thereafter arising and in the Related Security, Collections and other
         proceeds with respect thereto, free and clear of any Adverse Claim. The
         Agreement creates a security interest in favor of the Administrator
         (for the benefit of each Purchaser) in the Pool Assets, and the
         Administrator (for the benefit of each Purchaser) has a first priority
         perfected security interest in the Pool Assets, free and clear of any
         Adverse Claims. No effective financing statement or other instrument
         similar in effect covering any Pool Asset is on file in any recording
         office, except those filed in favor of the Seller pursuant to the
         Purchase and Sale Agreement and the Administrator (for the benefit of
         each Purchaser) relating to the Agreement, or in respect of which the
         Administrator has received evidence satisfactory to the Administrator
         of acknowledgment copies, or time-stamped receipt copies, of proper
         financing statements releasing or terminating, as applicable, all
         security interests and other rights of any Person in such Pool Asset.

                  (h) Each Information Package (if prepared by the Seller or one
         of its Affiliates, or to the extent that information contained therein
         is supplied by the Seller or an Affiliate), information, exhibit,
         financial statement, document, book, record or report furnished or to
         be furnished at any time by or on behalf of the Seller to the
         Administrator or any Purchaser Agent in connection with the Agreement
         or any other Transaction Document to which it is a party is or will be
         complete and accurate in all material respects as of its date or as of
         the date so furnished, and does not and will not contain any material
         misstatement of fact or omit to state a material fact or any fact
         necessary to make the statements contained therein not misleading.

                  (i) The Seller's principal place of business and chief
         executive office (as such terms are used in the UCC) and the office
         where it keeps its records concerning the Receivables are located at
         the address referred to in Section 1(b) and 2(b) of Exhibit IV to the
         Agreement. The Seller is a limited liability company, organized under
         the laws of the State of Delaware and its organizational number is
         3469762.

                  (j) The names and addresses of all the Lock-Box Banks,
         together with the account numbers of the Lock-Box Accounts (and the
         related lock-boxes) at such Lock-Box Banks, are specified in Schedule
         II to the Agreement (or at such other Lock-Box Banks and/or with such
         other Lock-Box Accounts (and such other related lock-boxes) as have
         been notified to the Administrator in accordance with the Agreement)
         and all Lock-Box Accounts (and all related lock-boxes) are subject to
         Lock-Box Agreements. Seller has not granted to any Person, other than
         the Administrator as contemplated by the Agreement, dominion and
         control of any Lock-Box Account, or the right to take dominion and
         control of any such account at a future time or upon the occurrence of
         a future event.

                  (k) The Seller is not in violation of any order of any court,
         arbitrator or Governmental Authority.

                                     III-2
<PAGE>
                  (l) Neither the Seller nor any of its Affiliates has any
         direct or indirect ownership or other financial interest in any
         Purchaser.

                  (m) No proceeds of any purchase or reinvestment will be used
         for any purpose that violates any applicable law, rule or regulation,
         including Regulations T, U or X of the Federal Reserve Board.

                  (n) Each Pool Receivable included as an Eligible Receivable in
         the calculation of the Net Receivables Pool Balance is an Eligible
         Receivable.

                  (o) No event has occurred and is continuing that constitutes a
         Termination Event or an Unmatured Termination Event and no event would
         result from a purchase in respect of, or reinvestment in respect of,
         the Purchased Interest or from the application of the proceeds
         therefrom that constitutes a Termination Event or an Unmatured
         Termination Event.

                  (p) The Seller has accounted for each sale of undivided
         percentage ownership interests in Receivables in its books and
         financial statements as sales, consistent with generally accepted
         accounting principles.

                  (q) The Seller has complied in all material respects with the
         Credit and Collection Policy of each Originator with regard to each
         Receivable originated by such Originator.

                  (r) The Seller has complied in all material respects with all
         of the terms, covenants and agreements contained in the Agreement and
         the other Transaction Documents that are applicable to it and all laws,
         rules, regulations and orders that are applicable to it.

                  (s) The Seller's complete organizational name is set forth in
         the preamble to the Agreement, and it does not use and has not during
         the last six years used any other organizational name, trade name,
         doing-business name or fictitious name, except as set forth on Schedule
         III to the Agreement and except for names first used after the date of
         the Agreement and set forth in a notice delivered to the Administrator
         pursuant to Section 1(k)(iv) of Exhibit IV to the Agreement.

                  (t) The Seller is not an "investment company," or a company
         "controlled" by an "investment company" within the meaning of the
         Investment Company Act of 1940, as amended. In addition, the Seller is
         not a "holding company," a "subsidiary company" of a "holding company"
         or an "affiliate" of a "holding company" or of a "subsidiary company"
         of a "holding company" within the meaning of the Public Utility Holding
         Company Act of 1935, as amended.

                  (u) With respect to each Receivable transferred to the Seller
         under the Purchase and Sale Agreement, Seller has given reasonably
         equivalent value to the Originator thereof in consideration therefor
         and such transfer was not made for or on account of an antecedent debt.
         No transfer by any Originator of any Receivable under the

                                     III-3
<PAGE>
         Purchase and Sale Agreement is or may be voidable under any section of
         the Bankruptcy Code.

                  (v) Each Contract with respect to each Receivable is effective
         to create, and has created, a legal, valid and binding obligation of
         the related Obligor to pay the Outstanding Balance of the Receivable
         created thereunder and any accrued interest thereon, enforceable
         against the Obligor in accordance with its terms, except as such
         enforcement may be limited by applicable bankruptcy, insolvency,
         reorganization or other similar laws relating to or limiting creditors'
         rights generally and by general principles of equity (regardless of
         whether enforcement is sought in a proceeding in equity or at law).

                  (w) Since its most recent fiscal year end, there has been no
         change in the business, operations, financial condition, properties or
         assets of the Seller which would have a Material Adverse Effect on its
         ability to perform its obligations under the Agreement or any other
         Transaction Document to which it is a party or materially and adversely
         affect the transactions contemplated under the Agreement or such other
         Transaction Documents.

                  (x) The Seller has filed all tax returns and reports required
         by law to have been filed by it and has paid all taxes and governmental
         charges thereby shown to be owing, except any such taxes or charges
         which are being diligently contested in good faith by appropriate
         proceedings and for which adequate reserves in accordance with GAAP
         shall have been set aside on its books.

         2. Representations and Warranties of York (including in its capacity as
the Servicer). York, individually and in its capacity as the Servicer,
represents and warrants as follows:

                  (a) York is a corporation duly incorporated, validly existing
         and in good standing under the laws of the State of Delaware, and is
         duly qualified to do business and is in good standing as a foreign
         corporation in every jurisdiction where the nature of its business
         requires it to be so qualified, except where the failure to be so
         qualified would not have a Material Adverse Effect.

                  (b) The execution, delivery and performance by York, of the
         Agreement and the other Transaction Documents to which it is a party,
         including the Servicer's use of the proceeds of purchases and
         reinvestments: (i) are within its corporate powers; (ii) have been duly
         authorized by all necessary corporate action; (iii) do not contravene
         or result in a default under or conflict with: (A) its charter or
         by-laws, (B) any law, rule or regulation applicable to it, (C) any
         indenture, loan agreement, mortgage, deed of trust or other material
         agreement or instrument to which it is a party or by which it is bound,
         or (D) any order, writ, judgment, award, injunction or decree binding
         on or affecting it or any of its property; and (iv) do not result in or
         require the creation of any Adverse Claim upon or with respect to any
         of its properties. The Agreement and the other Transaction Documents to
         which York is a party have been duly executed and delivered by York.

                                     III-4
<PAGE>
                  (c) No authorization, approval or other action by, and no
         notice to or filing with any Governmental Authority or other Person, is
         required for the due execution, delivery and performance by York of the
         Agreement or any other Transaction Document to which it is a party.

                  (d) Each of the Agreement and the other Transaction Documents
         to which York is a party constitutes the legal, valid and binding
         obligation of York enforceable against York in accordance with its
         terms, except as enforceability may be limited by bankruptcy,
         insolvency, reorganization or other similar laws from time to time in
         effect affecting the enforcement of creditors' rights generally and by
         general principles of equity, regardless of whether such enforceability
         is considered in a proceeding in equity or at law.

                  (e) The balance sheets of York and its consolidated
         Subsidiaries as at December 31, 2000, and the related statements of
         income and retained earnings for the fiscal year then ended, copies of
         which have been furnished to the Administrator and each Purchaser
         Agent, fairly present the financial condition of York and its
         consolidated Subsidiaries as at such date and the results of the
         operations of York and its Subsidiaries for the period ended on such
         date, all in accordance with generally accepted accounting principles
         consistently applied, and since December 31, 2000 there has been no
         event or circumstances which have had a Material Adverse Effect.

                  (f) Except as disclosed in the most recent audited financial
         statements of York furnished to the Administrator and each Purchaser
         Agent, there is no pending or, to its best knowledge, threatened action
         or proceeding affecting it or any of its Subsidiaries before any
         Governmental Authority or arbitrator that could have a Material Adverse
         Effect.

                  (g) No proceeds of any purchase or reinvestment will be used
         to acquire any equity security of a class that is registered pursuant
         to Section 12 of the Securities Exchange Act of 1934.

                  (h) Each Information Package (if prepared by York or one of
         its Affiliates, or to the extent that information contained therein is
         supplied by York or an Affiliate), information, exhibit, financial
         statement, document, book, record or report furnished or to be
         furnished at any time by or on behalf of the Servicer to the
         Administrator, any Purchaser or any Purchaser Agent in connection with
         the Agreement is or will be complete and accurate in all material
         respects as of its date or as of the date so furnished and does not and
         will not contain any material misstatement of fact or omit to state a
         material fact or any fact necessary to make the statements contained
         therein not materially misleading.

                  (i) The principal place of business and chief executive office
         (as such terms are used in the UCC) of York and the office where it
         keeps its records concerning the Receivables are located at the address
         referred to in Section 2(b) of Exhibit IV to the Agreement. York is a
         corporation, organized under the laws of the State of Delaware and its
         organizational number is 2164946.

                                     III-5
<PAGE>
                  (j) York is not in violation of any order of any court,
         arbitrator or Governmental Authority, which could have a Material
         Adverse Effect.

                  (k) Neither York nor any of its Affiliates has any direct or
         indirect ownership or other financial interest in any Purchaser.

                  (l) The Servicer has complied in all material respects with
         the Credit and Collection Policy of each Originator with regard to each
         Receivable originated by such Originator.

                  (m) York has complied in all material respects with all of the
         terms, covenants and agreements contained in the Agreement and the
         other Transaction Documents that are applicable to it.

                  (n) York is not an "investment company" or a company
         "controlled" by an "investment company" within the meaning of the
         Investment Company Act of 1940, as amended. In addition, York is not a
         "holding company," a "subsidiary company" of a "holding company," or an
         "affiliate" of a "holding company" or of a "subsidiary company" of a
         "holding company" within the meaning of the Public Utility Holding
         Company Act of 1935, as amended.

                  (o) Since its most recent fiscal year end, there has been no
         change in the business, operations, financial condition, properties or
         assets of the Servicer which would have a Material Adverse Effect on
         its ability to perform its obligations under the Agreement or any other
         Transaction Document to which it is a party or materially and adversely
         affect the transactions contemplated under the Agreement or such other
         Transaction Documents.

                  (p) [Reserved]

                  (q) The Servicer has filed all tax returns and reports
         required by law to have been filed by it and has paid all taxes and
         governmental charges thereby shown to be owing, except any such taxes
         or charges which are being diligently contested in good faith by
         appropriate proceedings and for which adequate reserves in accordance
         with GAAP shall have been set aside on its books.

                                     III-6
<PAGE>
                                   EXHIBIT IV
                                    COVENANTS

         1. Covenants of the Seller. Until the latest of the Facility
Termination Date, the date on which no Investment of or Discount in respect of
the Purchased Interest shall be outstanding or the date all other amounts owed
by the Seller under the Agreement to any Purchaser, Purchaser Agent, the
Administrator and any other Indemnified Party or Affected Person shall be paid
in full:

                  (a) Compliance with Laws, Etc. The Seller shall comply in all
         material respects with all applicable laws, rules, regulations and
         orders, and preserve and maintain its organizational existence, rights,
         franchises, qualifications and privileges, except to the extent that
         the failure so to comply with such laws, rules and regulations or the
         failure so to preserve and maintain such rights, franchises,
         qualifications and privileges would not have a Material Adverse Effect.

                  (b) Offices, Records and Books of Account, Etc. The Seller:
         (i) shall keep its principal place of business and chief executive
         office (as such terms or similar terms are used in the UCC) and the
         office where it keeps its records concerning the Receivables at the
         address of the Seller set forth under its name on the signature page to
         the Agreement and keep its state of organization at the state set forth
         in Section 1(a) of Exhibit III or, pursuant to clause (k)(iv) below, at
         any other locations in jurisdictions where all actions reasonably
         requested by the Administrator to protect and perfect the interest of
         the Administrator (for the benefit of the Purchasers) in the
         Receivables and related items (including the Pool Assets) have been
         taken and completed and (ii) shall provide the Administrator with at
         least 30 days' written notice before making any change in the Seller's
         name or making any other change in the Seller's identity or
         organizational structure (including a Change in Control) that could
         render any UCC financing statement filed in connection with this
         Agreement "seriously misleading" as such term (or similar term) is used
         in the UCC or to be filed in the incorrect jurisdiction in order to
         protect and perfect the interest of the Administrator (for the benefit
         of the Purchasers) in the Receivables and related items (including the
         Pool Assets) as a first priority security interest; each notice to the
         Administrator pursuant to this sentence shall set forth the applicable
         change and the effective date thereof. The Seller also will maintain
         and implement (or cause the Servicer to maintain and implement)
         administrative and operating procedures (including an ability to
         recreate records evidencing Receivables and related Contracts in the
         event of the destruction of the originals thereof), and keep and
         maintain (or cause the Servicer to keep and maintain) all documents,
         books, records, computer tapes and disks and other information
         reasonably necessary or advisable for the collection of all Receivables
         (including records adequate to permit the daily identification of each
         Receivable and all Collections of and adjustments to each existing
         Receivable). The Seller will (and will cause each Originator to) on or
         prior to the date of the Agreement, mark its master data processing
         records and other books and records relating to the Purchased Interest
         (and at all times thereafter (until the latest of the Facility
         Termination Date or the date all other amounts owed by the Seller under
         the Agreement shall be paid in full) continue to maintain such records)
         with a legend, acceptable to the Administrator, describing the
         Purchased Interest.

                                      IV-1
<PAGE>
                  (c) Performance and Compliance with Contracts and Credit and
         Collection Policy. The Seller shall (and shall cause the Servicer to),
         at its expense, timely and fully perform and comply with all material
         provisions, covenants and other promises required to be observed by it
         under the Contracts related to the Receivables and timely and fully
         comply in all material respects with the applicable Credit and
         Collection Policies with regard to each Receivable and the related
         Contract.

                  (d) Ownership Interest, Etc. The Seller shall (and shall cause
         the Servicer to), at its expense, take all action necessary or
         desirable to establish and maintain a valid and enforceable undivided
         percentage ownership or security interest, to the extent of the
         Purchased Interest which shall not be greater than 100%, in the Pool
         Receivables, the Related Security and Collections with respect thereto,
         and a first priority perfected security interest in the Pool Assets, in
         each case free and clear of any Adverse Claim, in favor of the
         Administrator (for the benefit of the Purchasers), including taking
         such action to perfect, protect or more fully evidence the interest of
         the Administrator (for the benefit of the Purchasers) as the
         Administrator, may reasonably request.

                  (e) Sales, Liens, Etc. The Seller shall not sell, assign (by
         operation of law or otherwise) or otherwise dispose of, or create or
         suffer to exist any Adverse Claim upon or with respect to, any or all
         of its right, title or interest in, to or under any Pool Assets
         (including the Seller's undivided interest in any Receivable, Related
         Security or Collections, or upon or with respect to any account to
         which any Collections of any Receivables are sent), or assign any right
         to receive income in respect of any items contemplated by this
         paragraph.

                  (f) Extension or Amendment of Receivables. Except as provided
         in the Agreement, the Seller shall not, and shall not permit the
         Servicer to, extend the maturity or adjust the Outstanding Balance or
         otherwise modify the terms of any Pool Receivable, or amend, modify or
         waive any term or condition of any related Contract.

                  (g) Change in Business or Credit and Collection Policy. The
         Seller shall not make (or permit any Originator to make) any change in
         the character of its business or in any Credit and Collection Policy
         that would have a Material Adverse Effect. The Seller shall not make
         (or permit any Originator to make) any other change in any Credit and
         Collection Policy without the prior written consent of thereof to the
         Administrator and each Purchaser Agent.

                  (h) Audits. The Seller shall (and shall cause each Originator
         to), from time to time during regular business hours, but no more
         frequently than annually unless (x) a Termination Event or Unmatured
         Termination Event has occurred and is continuing or (y) in the opinion
         of the Administrator (with the consent or at the direction of the
         Majority Purchasers) reasonable grounds for insecurity exist with
         respect to the collectibility of a material portion of the Pool
         Receivables or with respect to the Seller's performance or ability to
         perform in any material respect its obligations under the Agreement, as
         reasonably requested in advance (unless a Termination Event or
         Unmatured Termination Event exists) by the Administrator or any
         Purchaser, permit the Administrator or any Purchaser, or agent or
         representatives of the Administration or any

                                      IV-2
<PAGE>
         Purchaser: (i) to examine and make copies of and abstracts from all
         books, records and documents (including computer tapes and disks) in
         the possession or under the control of the Seller (or any such
         Originator) relating to Receivables and the Related Security, including
         the related Contracts, and (ii) to visit the offices and properties of
         the Seller and the Originators for the purpose of examining such
         materials described in clause (i) above, and to discuss matters
         relating to Receivables and the Related Security or the Seller's,
         York's or the Originator's performance under the Transaction Documents
         or under the Contracts with any of the officers, employees, agents or
         contractors of the Seller, York or the Originator having knowledge of
         such matters and (iii) without limiting clauses (i) and (ii) above, no
         more than once annually (unless a Termination Event or an Unmatured
         Termination Event exists or there shall be a material variance in the
         performance of the Receivables), during regular business hours, and
         upon reasonable prior notice, to engage certified public accountants or
         other auditors acceptable to the Seller and the Administrator to
         conduct, at the Seller's expense, a review of the Seller's books and
         records with respect to such Receivables.

                  (i) Change in Lock-Box Banks, Lock-Box Accounts and Payment
         Instructions to Obligors. The Seller shall not, and shall not permit
         the Servicer or any Originator to, add or terminate any bank as a
         Lock-Box Bank or any account as a Lock-Box Account (or any related
         lock-box) from those listed in Schedule II to the Agreement, or make
         any change in its instructions to Obligors regarding payments to be
         made to the Seller, the Originators, the Servicer or any Lock-Box
         Account (or related lock-box), unless the Administrator and the
         Majority Purchasers shall have consented thereto in writing and the
         Administrator shall have received copies of all agreements and
         documents (including Lock-Box Agreements) that it may reasonably
         request in connection therewith. Notwithstanding anything herein to the
         contrary, the Administrator and the Majority Purchasers shall not be
         required to consent in connection with the Seller's request to
         terminate and/or add any bank as a Lock-Box Bank and/or Lock-Box
         Account provided that the new Lock-Box Bank or Lock-Box Account to be
         added is (or is with) a commercial bank having a combined capital and
         surplus of at least $250,000,000. The Seller will not (and will not
         permit the Servicer to) deposit or otherwise credit, or cause or permit
         to be so deposited or credited, to any Lock-Box Account cash or cash
         proceeds other than Collections.

                  (j) Deposits to Lock-Box Accounts. The Seller shall (or shall
         cause the Servicer to): (i) deposit, or cause to be deposited, any
         Collections received by it, the Servicer or any Originator into
         Lock-Box Accounts not later than one Business Day after receipt
         thereof, and (ii) instruct all Obligors to make payments of all
         Receivables to one or more Lock-Box Accounts or to lock-boxes to which
         only Lock-Box Banks have access (and shall instruct the Lock-Box Banks
         to cause all items and amounts relating to such Receivables received in
         such lock-boxes to be removed and deposited into a Lock-Box Account on
         a daily basis). Each Lock-Box Account shall at all times be subject to
         a Lock-Box Agreement. The Seller will not (and will not permit the
         Servicer to) deposit or otherwise credit, or cause or permit to be so
         deposited or credited, to any Lock-Box Account cash or cash proceeds
         other than Collections.

                                      IV-3
<PAGE>
                  (k) Reporting Requirements. The Seller will provide to the
         Administrator (in multiple copies, if requested by the Administrator)
         and each Purchaser Agent the following:

                           (i) as soon as available and in any event within 90
                  days after the end of each fiscal year of the Seller,
                  unaudited financial statements for such year certified as to
                  accuracy by the chief financial officer or treasurer of the
                  Seller;

                           (ii) as soon as possible and in any event within five
                  days after the occurrence of each Termination Event or
                  Unmatured Termination Event, a statement of the chief
                  financial officer of the Seller setting forth details of such
                  Termination Event or Unmatured Termination Event and the
                  action that the Seller has taken and proposes to take with
                  respect thereto;

                           (iii) promptly after the filing or receiving thereof,
                  copies of all reports and notices that the Seller or any
                  Affiliate files under ERISA with the Internal Revenue Service,
                  the Pension Benefit Guaranty Corporation or the U.S.
                  Department of Labor or that the Seller or any Affiliate
                  receives from any of the foregoing or from any multiemployer
                  plan (within the meaning of Section 4001(a)(3) of ERISA) to
                  which the Seller or any of its Affiliates is or was, within
                  the preceding five years, a contributing employer, in each
                  case in respect of the assessment of withdrawal liability or
                  an event or condition that could, in the aggregate, result in
                  the imposition of material liability on the Seller and/or any
                  such Affiliate;

                           (iv) at least 30 days before any change in the
                  Seller's name or any other change requiring the amendment of
                  UCC financing statements, a notice setting forth such changes
                  and the effective date thereof;

                           (v) promptly after the Seller obtains knowledge
                  thereof, notice of any: (A) litigation, investigation or
                  proceeding that may exist at any time between the Seller and
                  any Person or (B) litigation or proceeding relating to any
                  Transaction Document;

                           (vi) promptly after obtaining knowledge thereof,
                  notice of a material adverse change in the business,
                  operations, property or financial or other condition of the
                  Seller, the Servicer or any Originator; and

                           (vii) such other information respecting the
                  Receivables or the condition or operations, financial or
                  otherwise, of the Seller or any of its Affiliates as the
                  Administrator or any Purchaser Agent may from time to time
                  reasonably request.

                  (l) Certain Agreements. Without the prior written consent of
         the Administrator and the Majority Purchasers, the Seller will not (and
         will not permit any Originator to) amend, modify, waive, revoke or
         terminate any Transaction Document to which it is a party or any
         provision of Seller's certificate of incorporation or by-laws.

                                      IV-4
<PAGE>
                  (m) Restricted Payments. (i) Except pursuant to clause (ii)
         below, the Seller will not: (A) purchase or redeem any shares of its
         capital stock, (B) declare or pay any dividend or set aside any funds
         for any such purpose, (C) prepay, purchase or redeem any Debt, (D) lend
         or advance any funds or (E) repay any loans or advances to, for or from
         any of its Affiliates (the amounts described in clauses (A) through (E)
         being referred to as "Restricted Payments").

                           (ii) Subject to the limitations set forth in clause
                  (iii) below, the Seller may make Restricted Payments so long
                  as such Restricted Payments are made only in one or more of
                  the following ways: (A) the Seller may make cash payments
                  (including prepayments) on the Company Note in accordance with
                  its terms, and (B) if no amounts are then outstanding under
                  the Company Note, the Seller may declare and pay dividends.

                           (iii) The Seller may make Restricted Payments only
                  out of the funds it receives pursuant to Sections 1.4(b)(ii)
                  and (iv) of the Agreement. Furthermore, the Seller shall not
                  pay, make or declare: (A) any dividend if, after giving effect
                  thereto, the Seller's Tangible Net Worth would be less than
                  $20,000,000 or (B) any Restricted Payment (including any
                  dividend) if, after giving effect thereto, any Termination
                  Event or Unmatured Termination Event shall have occurred and
                  be continuing.

                  (n) Other Business. The Seller will not: (i) engage in any
         business other than the transactions contemplated by the Transaction
         Documents; (ii) create, incur or permit to exist any Debt of any kind
         (or cause or permit to be issued for its account any letters of credit
         or bankers' acceptances) other than pursuant to this Agreement or the
         Company Note; or (iii) form any Subsidiary or make any investments in
         any other Person; provided, however, that the Seller shall be permitted
         to incur minimal obligations to the extent necessary for the day-to-day
         operations of the Seller (such as expenses for stationery, audits,
         maintenance of legal status, etc.).

                  (o) Use of Seller's Share of Collections. The Seller shall
         apply the Seller's Share of Collections to make payments in the
         following order of priority: (i) the payment of its expenses (including
         all obligations payable to the Purchaser Groups and the Administrator
         under the Agreement and under each Purchaser Group Fee Letter); (ii)
         the payment of accrued and unpaid interest on the Company Note; and
         (iii) other legal and valid organizational purposes.

                  (p) Tangible Net Worth. The Seller will not permit its
         Tangible Net Worth, at any time, to be less than $20,000,000.

         2. Covenants of the Servicer and York. Until the latest of the Facility
Termination Date, the date on which no Investment of or Discount in respect of
the Purchased Interest shall be outstanding or the date all other amounts owed
by the Seller under the Agreement to the Purchaser Agents, the Purchasers, the
Administrator and any other Indemnified Party or Affected Person shall be paid
in full:

                                      IV-5
<PAGE>
                  (a) Compliance with Laws, Etc. The Servicer and, to the extent
         that it ceases to be the Servicer, York shall comply (and shall cause
         each Originator to comply) in all material respects with all applicable
         laws, rules, regulations and orders, and preserve and maintain its
         corporate existence, rights, franchises, qualifications and privileges,
         except to the extent that the failure so to comply with such laws,
         rules and regulations or the failure so to preserve and maintain such
         existence, rights, franchises, qualifications and privileges would not
         have a Material Adverse Effect.

                  (b) Offices, Records and Books of Account, Etc. The Servicer
         and, to the extent that it ceases to be the Servicer, York, shall keep
         (and shall cause each Originator to keep) its principal place of
         business and chief executive office (as such terms or similar terms are
         used in the applicable UCC) and the office where it keeps its records
         concerning the Receivables at the address of the Servicer set forth
         under its name on the signature page to the Agreement or, upon at least
         30 days' prior written notice of a proposed change to the
         Administrator, at any other locations in jurisdictions where all
         actions reasonably requested by the Administrator to protect and
         perfect the interest of the Administrator (for the benefit of each
         Purchaser) in the Receivables and related items (including the Pool
         Assets) have been taken and completed. The Servicer and, to the extent
         that it ceases to be the Servicer, York, also will (and will cause each
         Originator to) maintain and implement administrative and operating
         procedures (including an ability to recreate records evidencing
         Receivables and related Contracts in the event of the destruction of
         the originals thereof), and keep and maintain all documents, books,
         records, computer tapes and disks and other information reasonably
         necessary or advisable for the collection of all Receivables (including
         records adequate to permit the daily identification of each Receivable
         and all Collections of and adjustments to each existing Receivable).
         The Servicer will (and will cause each Originator to) on or prior to
         the date of the Agreement, mark its master data processing records and
         other books and records relating to the Purchased Interest (and at all
         times thereafter (until the latest of the Facility Termination Date or
         the date all other amounts owing by the Seller under the Agreement
         shall be paid in full) continue to maintain such records) with a
         legend, acceptable to the Administrator, describing the Purchased
         Interest.

                  (c) Performance and Compliance with Contracts and Credit and
         Collection Policy. The Servicer and, to the extent that it ceases to be
         the Servicer, York, shall (and shall cause each Originator to), at its
         expense, timely and fully perform and comply with all material
         provisions, covenants and other promises required to be observed by it
         under the Contracts related to the Receivables, and timely and fully
         comply in all material respects with the applicable Credit and
         Collection Policies with regard to each Receivable and the related
         Contract.

                  (d) Extension or Amendment of Receivables. Except as provided
         in the Agreement, the Servicer and, to the extent that it ceases to be
         the Servicer, York, shall not extend (and shall not permit any
         Originator to extend), the maturity or adjust the Outstanding Balance
         or otherwise modify the terms of any Pool Receivable, or amend, modify
         or waive any term or condition of any related Contract.

                                      IV-6
<PAGE>
                  (e) Change in Business or Credit and Collection Policy. The
         Servicer and, to the extent that it ceases to be the Servicer, York,
         shall not make (and shall not permit any Originator to make) any change
         in the character of its business or in any Credit and Collection Policy
         that would have a Material Adverse Effect. The Servicer and, to the
         extent that it ceases to be the Servicer, York, shall not make (and
         shall not permit any Originator to make) any other change in any Credit
         and Collection Policy without the prior written consent of the
         Administrator and each Purchaser Agent.

                  (f) Audits. The Servicer and, to the extent that it ceases to
         be the Servicer, York, shall (and shall cause each Originator to), from
         time to time during regular business hours, but no more frequently than
         annual unless (x) a Termination Event or Unmatured Termination Event
         has occurred and is continuing or (y) in the opinion of the
         Administrator (with the consent or at the direction of the Majority
         Purchasers) reasonable grounds for insecurity exist with respect to the
         collectibility of a material portion of the Pool Receivables or with
         respect to the Servicer's performance or ability to perform in any
         material respect its obligations under the Agreement, as reasonably
         requested in advance (unless a Termination Event or Unmatured
         Termination Event exists) by the Administrator or a Purchaser, permit
         the Administrator or a Purchaser, or of the Administrator or any
         Purchaser agent or representative: (i) to examine and make copies of
         and abstracts from all books, records and documents (including computer
         tapes and disks) in its possession or under its control relating to
         Receivables and the Related Security, including the related Contracts;
         and (ii) to visit its offices and properties for the purpose of
         examining such materials described in clause (i) above, and to discuss
         matters relating to Receivables and the Related Security or its
         performance hereunder or under the Contracts with any of its officers,
         employees, agents or contractors having knowledge of such matters and
         (iii) without limiting clauses (i) and (ii) above, no more than once
         annually (unless a Termination Event or an Unmatured Termination Event
         exists or there shall be a material variance in the performance of the
         Receivables), during regular business hours, and upon reasonable prior
         notice, to engage certified public accountants or other auditors
         acceptable to the Servicer and the Administrator to conduct, at the
         Servicer's expense, a review of the Servicer's books and records with
         respect to such Receivables.

                  (g) Change in Lock-Box Banks, Lock-Box Accounts and Payment
         Instructions to Obligors. The Servicer and, to the extent that it
         ceases to be the Servicer, York, shall not (and shall not permit any
         Originator to) add or terminate any bank as a Lock-Box Bank or any
         account as a Lock-Box Account (or any related lock-box) from those
         listed in Schedule II to the Agreement, or make any change in its
         instructions to Obligors regarding payments to be made to the Servicer
         or any Lock-Box Account (or related lock-box), unless the Administrator
         and the Majority Purchasers shall have consented thereto in writing and
         the Administrator shall have received copies of all agreements and
         documents (including Lock-Box Agreements) that it may reasonably
         request in connection therewith. Notwithstanding anything herein to the
         contrary, the Administrator and the Majority Purchasers shall not be
         required to consent in connection with the Servicer's request to
         terminate and/or add any bank as a Lock-Box Bank and/or Lock-Box
         Account provided that the new Lock-Box Bank or Lock-Box Account to be
         added is (or is with) a commercial bank having a combined capital and
         surplus of at least

                                      IV-7
<PAGE>
         $250,000,000. The Servicer will not deposit or otherwise credit, or
         cause or permit to be so deposited or credited, to any Lock-Box Account
         cash or cash proceeds other than Collections.

                  (h) Deposits to Lock-Box Accounts. The Servicer shall: (i)
         deposit, or cause to be deposited, any Collections received by it into
         Lock-Box Accounts not later than one Business Day after receipt
         thereof, and (ii) instruct all Obligors to make payments of all
         Receivables to one or more Lock-Box Accounts or to lock-boxes to which
         only Lock-Box Banks have access (and shall instruct the Lock-Box Banks
         to cause all items and amounts relating to such Receivables received in
         such lock-boxes to be removed and deposited into a Lock-Box Account on
         a daily basis). Each Lock-Box Account shall at all times be subject to
         a Lock-Box Agreement. The Servicer will not deposit or otherwise
         credit, or cause or permit to be so deposited or credited, to any
         Lock-Box Account cash or cash proceeds other than Collections.

                  (i) Reporting Requirements. York shall provide to the
         Administrator (in multiple copies, if requested by the Administrator)
         and each Purchaser Agent the following:

                           (i) as soon as available and in any event within 45
                  days after the end of the first three quarters of each fiscal
                  year of York and the Seller, balance sheets of York and its
                  consolidated Subsidiaries and of Seller as of the end of such
                  quarter and statements of income, retained earnings and cash
                  flow of York and its consolidated Subsidiaries and the Seller
                  for the period commencing at the end of the previous fiscal
                  year and ending with the end of such quarter, certified by the
                  chief financial officer of such Person;

                           (ii) as soon as available and in any event within 90
                  days after the end of each fiscal year of York and of Seller,
                  a copy of the annual report for such year for York and its
                  consolidated Subsidiaries and the Seller, containing financial
                  statements for such year audited by independent certified
                  public accountants of nationally recognized standing;

                           (iii) as to the Servicer only, as soon as available
                  and in any event not later than two Business Days prior to the
                  Settlement Date, an Information Package as of the last day of
                  such month or, within 10 Business Days of a request by the
                  Administrator or any Purchaser Agent, an Information Package
                  for such periods as is specified by the Administrator or such
                  Purchaser Agent (including on a semi-monthly, weekly or daily
                  basis);

                           (iv) as soon as possible and in any event within five
                  days after becoming aware of the occurrence of each
                  Termination Event or Unmatured Termination Event, a statement
                  of the chief financial officer of York setting forth details
                  of such Termination Event or Unmatured Termination Event and
                  the action that such Person has taken and proposes to take
                  with respect thereto;

                                      IV-8
<PAGE>
                           (v) promptly after the sending or filing thereof,
                  copies of all reports that York sends to any of its security
                  holders, and copies of all reports and registration statements
                  that York or any Subsidiary files with the Securities and
                  Exchange Commission or any national securities exchange;
                  provided, that any filings with the Securities and Exchange
                  Commission that have been granted "confidential" treatment
                  shall be provided promptly after such filings have become
                  publicly available;

                           (vi) promptly after the filing or receiving thereof,
                  copies of all reports and notices that York or any of its
                  Affiliate files under ERISA with the Internal Revenue Service,
                  the Pension Benefit Guaranty Corporation or the U.S.
                  Department of Labor or that such Person or any of its
                  Affiliates receives from any of the foregoing or from any
                  multiemployer plan (within the meaning of Section 4001(a)(3)
                  of ERISA) to which such Person or any of its Affiliate is or
                  was, within the preceding five years, a contributing employer,
                  in each case in respect of the assessment of withdrawal
                  liability or an event or condition that could, in the
                  aggregate, result in the imposition of a liability on York
                  and/or any such Affiliate;

                           (vii) at least thirty days before any change in
                  York's or any Originator's name or any other change requiring
                  the amendment of UCC financing statements, a notice setting
                  forth such changes and the effective date thereof;

                           (viii) promptly after York obtains knowledge thereof,
                  notice of any: (A) litigation, investigation or proceeding
                  that may exist at any time between York or any of its
                  Subsidiaries and any Governmental Authority that, if not cured
                  or if adversely determined, as the case may be, would have a
                  Material Adverse Effect; (B) litigation or proceeding
                  adversely affecting such Person or any of its Subsidiaries in
                  which the amount involved is $1,000,000 or more and not
                  covered by insurance or in which injunctive or similar relief
                  is sought; or (C) litigation or proceeding relating to any
                  Transaction Document;

                           (ix) promptly after obtaining knowledge thereof,
                  notice of a material adverse change in the business,
                  operations, property or financial or other condition of the
                  Servicer, the Seller or York or any of its subsidiaries;

                           (x) promptly after the occurrence thereof, notice of
                  any downgrade of York;

                           (xi) such other information respecting the
                  Receivables or the condition or operations, financial or
                  otherwise, of York or any of its Affiliates as the
                  Administrator or any Purchaser Agent may from time to time
                  reasonably request; and

                           (xii) promptly after the occurrence thereof, notice
                  of any material acquisition or investment by York of or in any
                  Person, business or operation.

         3. Separate Existence. Each of the Seller and York hereby acknowledges
that the Purchasers, the Purchaser Agents, the Administrator and the Liquidity
Providers are entering

                                      IV-9
<PAGE>
into the transactions contemplated by this Agreement and the other Transaction
Documents in reliance upon the Seller's identity as a legal entity separate from
York and its Affiliates. Therefore, from and after the date hereof, each of the
Seller and York shall take all steps specifically required by the Agreement or
reasonably required by the Administrator to continue the Seller's identity as a
separate legal entity and to make it apparent to third Persons that the Seller
is an entity with assets and liabilities distinct from those of York and any
other Person, and is not a division of York, its Affiliates or any other Person.
Without limiting the generality of the foregoing and in addition to and
consistent with the other covenants set forth herein, each of the Seller and
York shall take such actions as shall be required in order that:

                  (a) The Seller will be a limited purpose limited liability
         company whose primary activities are restricted in its limited
         liability company agreement to: (i) purchasing or otherwise acquiring
         from the Originators, owning, holding, granting security interests or
         selling interests in Pool Assets, (ii) entering into agreements for the
         selling and servicing of the Receivables Pool, and (iii) conducting
         such other activities as it deems necessary or appropriate to carry out
         its primary activities;

                  (b) The Seller shall not engage in any business or activity,
         or incur any indebtedness or liability, other than as expressly
         permitted by the Transaction Documents;

                  (c) Not less than one member of the Seller's Board of
         Directors (the "Independent Director") shall be an individual who is
         not a direct, indirect or beneficial stockholder, officer, director,
         employee, affiliate, associate or supplier of York or any of its
         Affiliates. The limited liability company agreement of the Seller shall
         provide that: (i) the Seller's Board of Directors shall not approve, or
         take any other action to cause the filing of, a voluntary bankruptcy
         petition with respect to the Seller unless the Independent Director
         shall approve the taking of such action in writing before the taking of
         such action, and (ii) such provision cannot be amended without the
         prior written consent of the Independent Director;

                  (d) The Independent Director shall not at any time serve as a
         trustee in bankruptcy for the Seller, York or any Affiliate thereof;

                  (e) Any employee, consultant or agent of the Seller will be
         compensated from the Seller's funds for services provided to the
         Seller. The Seller will not engage any agents other than its attorneys,
         auditors and other professionals, and a servicer and any other agent
         contemplated by the Transaction Documents for the Receivables Pool,
         which servicer will be fully compensated for its services by payment of
         the Servicing Fee, and a manager, which manager will be fully
         compensated from the Seller's funds;

                  (f) The Seller will contract with the Servicer to perform for
         the Seller all operations required on a daily basis to service the
         Receivables Pool. The Seller will pay the Servicer the Servicing Fee
         pursuant to the Agreement. The Seller will not incur any material
         indirect or overhead expenses for items shared with York (or any other
         Affiliate thereof) that are not reflected in the Servicing Fee. To the
         extent, if any, that the Seller (or any Affiliate thereof) shares items
         of expenses not reflected in the Servicing Fee or

                                      IV-10
<PAGE>
         the manager's fee, such as legal, auditing and other professional
         services, such expenses will be allocated to the extent practical on
         the basis of actual use or the value of services rendered, and
         otherwise on a basis reasonably related to the actual use or the value
         of services rendered; it being understood that York shall pay all
         expenses relating to the preparation, negotiation, execution and
         delivery of the Transaction Documents, including legal, agency and
         other fees;

                  (g) The Seller's operating expenses will not be paid by York
         or any other Affiliate thereof;

                  (h) All of the Seller's business correspondence and other
         communications shall be conducted in the Seller's own name and on its
         own separate stationery;

                  (i) The Seller's books and records will be maintained
         separately from those of York and any other Affiliate thereof;

                  (j) All financial statements of York or any Affiliate thereof
         that are consolidated to include Seller will contain detailed notes
         clearly stating that: (i) a special purpose limited liability company
         exists as a Subsidiary of York, and (ii) the Originators have sold
         receivables and other related assets to such special purpose Subsidiary
         that, in turn, has sold undivided interests therein to certain
         financial institutions and other entities;

                  (k) The Seller's assets will be maintained in a manner that
         facilitates their identification and segregation from those of York or
         any Affiliate thereof;

                  (l) The Seller will strictly observe organizational
         formalities in its dealings with York or any Affiliate thereof, and
         funds or other assets of the Seller will not be commingled with those
         of York or any Affiliate thereof except as permitted by the Agreement
         in connection with servicing the Pool Receivables. The Seller shall not
         maintain joint bank accounts or other depository accounts to which York
         or any Affiliate thereof (other than York in its capacity as the
         Servicer) has independent access. The Seller is not named, and has not
         entered into any agreement to be named, directly or indirectly, as a
         direct or contingent beneficiary or loss payee on any insurance policy
         with respect to any loss relating to the property of York or any
         Subsidiary or other Affiliate of York. The Seller will pay to the
         appropriate Affiliate the marginal increase or, in the absence of such
         increase, the market amount of its portion of the premium payable with
         respect to any insurance policy that covers the Seller and such
         Affiliate;

                  (m) The Seller will maintain arm's-length relationships with
         York (and any Affiliate thereof). Any Person that renders or otherwise
         furnishes services to the Seller will be compensated by the Seller at
         market rates for such services it renders or otherwise furnishes to the
         Seller. Neither the Seller nor York will be or will hold itself out to
         be responsible for the debts of the other or the decisions or actions
         respecting the daily business and affairs of the other. The Seller and
         York will immediately correct any known misrepresentation with respect
         to the foregoing, and they will not operate or

                                     IV-11
<PAGE>
         purport to operate as an integrated single economic unit with respect
         to each other or in their dealing with any other entity; and

                  (n) York shall not pay the salaries of Seller's employees, if
         any.

                                     IV-12
<PAGE>
                                    EXHIBIT V
                               TERMINATION EVENTS

         Each of the following shall be a "Termination Event":

         (a) (i) the Seller, York, any Originator or the Servicer shall fail to
perform or observe any term, covenant or agreement under the Agreement or any
other Transaction Document and, except as otherwise provided herein, such
failure shall continue for more than 15 Business Days after knowledge or notice
thereof, (ii) the Seller or the Servicer shall fail to make when due any payment
or deposit to be made by it under the Agreement and such failure shall continue
unremedied for one Business Day or (iii) York shall resign as Servicer, and no
successor Servicer reasonably satisfactory to the Administrator and the Majority
Purchasers shall have been appointed;

         (b) York (or any Affiliate thereof) shall fail to transfer to any
successor Servicer when required any rights pursuant to the Agreement that York
(or such Affiliate) then has as Servicer;

         (c) any representation or warranty made or deemed made by the Seller,
York or any Originator (or any of their respective officers) under or in
connection with the Agreement or any other Transaction Document, or any
information or report delivered by the Seller, York or any Originator or the
Servicer pursuant to the Agreement or any other Transaction Document, shall
prove to have been incorrect or untrue in any respect when made or deemed made
or delivered; provided, however, if the violation of this paragraph (c) by the
Seller, any Originator or the Servicer may be cured without any potential or
actual detriment to the Issuer, the Administrator or any Program Support
Provider, the Seller, such Originator or the Servicer, as applicable, shall have
15 Business Days from the earlier of (i) such Person's actual knowledge of such
failure and (ii) notice to such Person of such failure to so cure any such
violation before a Termination Event shall occur so long as such Person is
diligently attempting to effect such cure;

         (d) the Seller or the Servicer shall fail to deliver the Information
Package pursuant to the Agreement, and such failure shall remain unremedied for
two Business Days;

         (e) the Agreement or any purchase or reinvestment pursuant to the
Agreement shall for any reason: (i) cease to create, or the Purchased Interest
shall for any reason cease to be, a valid and enforceable perfected undivided
percentage ownership or security interest to the extent of the Purchased
Interest in each Pool Receivable, the Related Security and Collections with
respect thereto, free and clear of any Adverse Claim, or (ii) cease to create
with respect to the Pool Assets, or the interest of the Administrator (for the
benefit of the Purchasers) with respect to such Pool Assets shall cease to be, a
valid and enforceable first priority perfected security interest, free and clear
of any Adverse Claim;

         (f) the Seller, York or any Originator shall generally not pay its
debts as such debts become due, or shall admit in writing its inability to pay
its debts generally, or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against the Seller, York
or any Originator seeking to adjudicate it a bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization

                                       V-1
<PAGE>
or relief of debtors, or seeking the entry of an order for relief or the
appointment of a receiver, trustee, custodian or other similar official for it
or for any substantial part of its property and, in the case of any such
proceeding instituted against it (but not instituted by it), either such
proceeding shall remain undismissed or unstayed for a period of 60 days, or any
of the actions sought in such proceeding (including the entry of an order for
relief against, or the appointment of a receiver, trustee, custodian or other
similar official for, it or for any substantial part of its property) shall
occur; or the Seller, York or any Originator shall take any organizational
action to authorize any of the actions set forth above in this paragraph;

         (g) (i) (A) the Default Ratio shall exceed 4.00%, or (B) the
Delinquency Ratio shall exceed 13.00% or (c) the Current Days' Sales Outstanding
shall exceed 80 days or (ii) the average for three consecutive Fiscal Months of
(A) the Default Ratio shall exceed 3.50%, (B) the Delinquency Ratio shall exceed
11.00%, or (C) the Dilution Ratio shall exceed 4.75%;

         (h) a Change in Control shall occur with respect to Seller, any
Originator or York;

         (i) at any time (i) the sum of (A) the Aggregate Investment plus (B)
the Total Reserves, exceeds (ii) the sum of (A) the Net Receivables Pool Balance
at such time plus (B) the Purchasers' Share of the amount of Collections then on
deposit in the Lock-Box Accounts (other than amounts set aside therein
representing Discount and Fees), and such circumstance shall not have been cured
within five days;

         (j) (i) York or any of its Subsidiaries shall fail to pay any principal
of or premium or interest on any of its Debt that is outstanding in a principal
amount of at least $25,000,000 in the aggregate when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement, mortgage, indenture or instrument
relating to such Debt (and shall have not been waived); or (ii) any other event
shall occur or condition shall exist under any agreement, mortgage, indenture or
instrument relating to any such Debt and shall continue after the applicable
grace period, if any, specified in such agreement, mortgage, indenture or
instrument (and shall have not been waived), if, in either case: (a) the effect
of such non-payment, event or condition is to give the applicable debtholders
the right (whether acted upon or not) to accelerate the maturity of such Debt,
or (b) any such Debt shall be declared to be due and payable, or required to be
prepaid (other than by a regularly scheduled required prepayment), redeemed,
purchased or defeased, or an offer to repay, redeem, purchase or defease such
Debt shall be required to be made, in each case before the stated maturity
thereof;

         (k) either: (i) a contribution failure shall occur with respect to any
Benefit Plan sufficient to give rise to a lien under Section 302(f) of ERISA and
such failure shall not be cured within 10 days, (ii) the Internal Revenue
Service shall file a notice of lien asserting a claim or claims of $250,000 or
more in the aggregate pursuant to the Internal Revenue Code with regard to any
of the assets of Seller, any Originator, York or any ERISA Affiliate and such
lien shall have been filed and not released within 10 days, or (iii) the Pension
Benefit Guaranty Corporation shall, or shall indicate its intention in writing
to the Seller, any Originator, York or any ERISA Affiliate to, either file a
notice of lien asserting a claim pursuant to ERISA with regard to any assets of
the Seller, any Originator, York or any ERISA Affiliate or terminate any

                                      V-2
<PAGE>
Benefit Plan that has unfunded benefit liabilities, or any steps shall have been
taken to terminate any Benefit Plan subject to Title IV of ERISA so as to result
in any liability in excess of $1,000,000 and such lien shall have been filed and
not released within 10 days;

         (l) one or more final judgments for the payment of money shall be
entered against the Seller or (ii) one or more final judgments for the payment
of money in an amount in excess of $20,000,000, individually or in the
aggregate, shall be entered against the Servicer or any Originator on claims not
covered by insurance or as to which the insurance carrier has denied its
responsibility, and such judgment shall continue unsatisfied and in effect for
sixty (60) consecutive days without a stay of execution; or

         (m) the "Purchase and Sale Termination Date" under and as defined in
the Purchase and Sale Agreement shall occur under the Purchase and Sale
Agreement or any Originator shall for any reason cease to transfer, or cease to
have the legal capacity to transfer, or otherwise be incapable of transferring
Receivables to the Seller under the Purchase and Sale Agreement.

                                      V-3
<PAGE>
                                   EXHIBIT VI
                    SUPPLEMENTAL PERFECTION REPRESENTATIONS,
                            WARRANTIES AND COVENANTS

         In addition to the representations, warranties and covenants contained
in Exhibit III and Exhibit IV hereof, the Seller hereby makes the following
additional representations, warranties and covenants:

         1. Receivables; Lock-box Accounts.

                  (a) The Pool Receivables constitute "accounts", "general
intangibles" or "tangible chattel paper", each within the meaning of the
applicable UCC.

                  (b) Lock-Box Accounts. Each Lock-Box Account constitutes a
"deposit account" within the meaning of the applicable UCC.

         2. Creation of Security Interest. The Seller owns and has good and
marketable title to the Pool Receivables and Lock-Box Accounts (and the related
lock-boxes), free and clear of any Adverse Claim. The Agreement creates a valid
and continuing security interest (as defined in the applicable UCC) in the Pool
Receivables and the Lock-Box Accounts (and the related lock-boxes) in favor of
the Administrator (for the benefit of the Purchasers), which security interest
is prior to all other Adverse Claims and is enforceable as such as against any
creditors of and purchasers from the Seller.

         3. Perfection.

                  (a) General. The Seller has or has caused, or will or will
cause within ten days after the date hereof, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the sale of the Pool
Receivables from the Originators to the Seller pursuant to the Purchase and Sale
Agreement and the security interest granted by the Seller to the Administrator
(for the benefit of the Purchasers) in the Receivables and Lock-Box Accounts
(and the related lock-boxes) hereunder.

                  (b) Tangible Chattel Paper. With respect to any Pool
Receivable that constitutes "tangible chattel paper", the Servicer is in
possession of the original copies of the tangible chattel paper that constitute
or evidence such Pool Receivables, and the Seller has filed and has caused each
Originator to file, or will file or will cause each Originator to file within
ten days after the date hereof, the financing statements described in paragraph
(a) above, each of which will contain a statement that: "A purchase of or a
grant of a security interest in any property described in this financing
statement will violate the rights of the Administrator." The Pool Receivables to
the extent they are evidenced by "tangible chattel paper" do not have any marks
or notations indicating that they have been pledged, assigned or otherwise
conveyed to any Person other than the Seller or the Administrator.

                  (c) Lock-Box Accounts. With respect to all Lock-Box Accounts
(and all related lock-boxes), the Seller has delivered to the Administrator, on
behalf of the Purchasers, a fully executed Lock-Box Agreement pursuant to which
the applicable Lock-Box Bank has agreed, following the occurrence and
continuation of a Termination Event, to comply with all

                                      VI-1
<PAGE>
instructions given by the Administrator with respect to all funds on deposit in
such Lock-Box Account (and all funds sent to the respective lock-box), without
further consent by the Seller or the Servicer.

         4. Priority.

                  (a) Other than the transfer of the Receivables by the
Originators to the Seller pursuant to the Purchase and Sale Agreement and the
grant of security interest by the Seller to the Administrator (for the benefit
of the Purchasers) in the Pool Receivables and Lock-Box Accounts (and the
related lock-boxes) hereunder, neither the Seller nor any Originator has
pledged, assigned, sold, conveyed, or otherwise granted a security interest in
any of the Pool Receivables or Lock-Box Accounts (and the related lock-boxes) to
any other Person.

                  (b) Neither the Seller nor any Originator has authorized, or
is aware of, any filing of any financing statement against the Seller or any
Originator that include a description of collateral covering the Pool
Receivables or any other Pool Assets, other than any financing statement filed
pursuant to the Purchase and Sale Agreement and the Agreement or financing
statements that have been validly terminated prior to the date hereof.

                  (c) The Seller is not aware of any judgment, ERISA or tax lien
filings against either the Seller or any Originator.

                  (d) None of the Lock-Box Accounts (and the related lock-boxes)
are in the name of any Person other than the Seller or the Administrator.
Neither the Seller, the Servicer or any Originator has consented to any Lock-Box
Bank's complying with instructions of any person other than the Administrator.

         5. Survival of Supplemental Representations. Notwithstanding any other
provision of the Agreement or any other Transaction Document, the
representations contained in this Exhibit VI shall be continuing, and remain in
full force and effect until such time as all the Investment has finally been
paid in full and all other obligations of the Seller under the Agreement or any
other Transaction Documents have been fully performed.

         6. No Waiver. The parties to the Agreement: (i) shall not, without
obtaining a written confirmation of the then-current rating of the Notes by the
rating agencies then rating the Notes, waive any of the representations set
forth in this Exhibit VI; (ii) shall provide the ratings agencies rating the
Notes with prompt written notice of any breach of any representations set forth
in this Exhibit VI, and (iii) shall not, without obtaining a written
confirmation of the then-current rating of the Notes by the rating agencies then
rating the Notes (as determined after any adjustment or withdrawal of the
ratings following notice of such breach) waive a breach of any of the
representations set forth in this Exhibit VI.

         7. Seller or Servicer to Maintain Perfection and Priority. In order to
evidence the interests of the Administrator under this Agreement, the Seller or
Servicer shall, from time to time take such action, or execute and deliver such
instruments (other than filing financing statements) as may be necessary or
advisable (including, without limitation, such actions as are requested by the
Administrator on behalf of the Purchasers) to maintain and perfect, as a
first-priority interest, the Administrator's security interest (for the benefit
of the Purchasers) in

                                      VI-2
<PAGE>
the Pool Assets. The Seller or Servicer shall, from time to time and within the
time limits established by law, prepare and present to the Administrator for the
Administrator's authorization and approval all financing statements, amendments,
continuations or initial financing statements in lieu of a continuation
statement, or other filings necessary to continue, maintain and perfect the
Administrator's security interest (for the benefit of the Purchasers in the Pool
Assets as a first-priority interest. The Administrator's approval of such
filings shall authorize the Seller or Servicer to file such financing statements
under the UCC without the signature of the Seller, any Originator or the
Administrator where allowed by applicable law. Notwithstanding anything else in
the Transaction Documents to the contrary, neither the Seller, the Servicer, nor
any Originator, shall have any authority to file a termination, partial
termination, release, partial release or any amendment that deletes the name of
a debtor or excludes collateral of any such financing statements, without the
prior written consent of the Administrator, on behalf of the Purchasers.

                                      VI-3
<PAGE>
                                   SCHEDULE I
                          CREDIT AND COLLECTION POLICY

                                  Schedule I-1
<PAGE>
                                   SCHEDULE II
                      LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS

<TABLE>
<CAPTION>
             Lock-Box Bank            Lock-Box                   Account
<S>                                   <C>                     <C>
Bank of America, N.A.                  100561                   3750203390
                                       281181                   3750203390
                                       198247                   3750203390
                                       96823                    7188101154
                                       91760                    7188101154
                                       91286                    7188101154
                                       96696                    7188101154
                                       54521                    123570522
                                        N/A                     3750682319
First Union National Bank               N/A                   2095380336562
PNC Bank, National Association          5092                     2285978
                                         64                      2285978
                                        840                      2285978
                                       910013                    2286671
</TABLE>

                                 Schedule II-1
<PAGE>
                                  SCHEDULE III
                                   TRADE NAMES

<TABLE>
<CAPTION>
Organizational Name                   Trade Names / Fictitious Names
<S>                                   <C>
York Receivables Funding LLC          None
</TABLE>

                                 Schedule III-1
<PAGE>
                                     ANNEX A
                        TO RECEIVABLES PURCHASE AGREEMENT

                           FORM OF INFORMATION PACKAGE

                                   Annex A-2
<PAGE>
                                     ANNEX B
                        TO RECEIVABLES PURCHASE AGREEMENT

                             FORM OF PURCHASE NOTICE

                                December 21, 2001

PNC Bank, National Association
One PNC Plaza, 3rd Floor
249 Fifth Avenue
Pittsburgh, PA 15222-2707

Ladies and Gentlemen:

         Reference is hereby made to the Receivables Purchase Agreement, dated
as of December 21, 2001 (as heretofore amended or supplemented, the "
Receivables Purchase Agreement"), among York Receivables Funding LLC ("Seller
"), York International Corporation, as Servicer, Market Street Funding
Corporation, Liberty Street Funding Corp., The Bank of Nova Scotia, the various
other Purchaser Groups from time to time a party thereto and PNC Bank National
Association, (the "Administrator"). Capitalized terms used in this Purchase
Notice and not otherwise defined herein shall have the meanings assigned thereto
in the Receivables Purchase Agreement.

         This letter constitutes a Purchase Notice pursuant to Section 1.2(a) of
the Receivables Purchase Agreement. Seller desires to sell an undivided variable
interest in a pool of receivables on ___________, [2001], for a purchase price
of $____________. Subsequent to this Purchase, the Aggregate Investment will be
$___________. Each Purchaser's Purchaser Group Ratable Share of such Purchase is
set forth on Schedule I attached hereto.

         Seller hereby represents and warrants as of the date hereof, and as of
the date of Purchase, as follows:

         (i) the representations and warranties contained in Exhibit III of the
Receivables Purchase Agreement are correct on and as of such dates as though
made on and as of such dates and shall be deemed to have been made on such
dates;

         (ii) no Termination Event or Unmatured Termination Event has occurred
and is continuing, or would result from such purchase;

         (iii) after giving effect to the purchase proposed hereby, the
Purchased Interest will not exceed 100% and the Aggregate Investment will not
exceed the Purchase Limit; and

         (iv) the Facility Termination Date shall not have occurred.

         IN WITNESS WHEREOF, the undersigned has caused this Purchase Notice to
be executed by its duly authorized officer as of the date first above written.

                                   Annex B-1
<PAGE>
                          YORK RECEIVABLES FUNDING LLC

                             By:  ______________________________________________
                                  Name Printed__________________________________
                                  Title:________________________________________

                                   Annex B-2
<PAGE>
                                  SCHEDULE I TO
                                 PURCHASE NOTICE

                                                            Purchaser Group
Purchaser                                                     Ratable Share

                                   Annex B-3
<PAGE>
                                                                         ANNEX C
                                               TO RECEIVABLES PURCHASE AGREEMENT

                          FORM OF ASSUMPTION AGREEMENT

         THIS ASSUMPTION AGREEMENT (this "Agreement"), dated as of [______ __,
____], is among YORK RECEIVABLES FUNDING LLC (the "Seller"), [________], as
purchaser (the "[_____]Conduit Purchaser"), [________], as the related committed
purchaser (the "[______] Related Committed Purchaser" and together with the
Conduit Purchaser, the "[_____] Purchasers"), and [________], as agent for the
Purchasers (the "[______] Purchaser Agent" and together with the Purchasers, the
"[_______] Purchaser Group").

                                   BACKGROUND

         The Seller and various others are parties to a certain Receivables
Purchase Agreement dated as of December 21, 2001 (as amended through the date
hereof, the "Receivables Purchase Agreement"). Capitalized terms used and not
otherwise defined herein have the respective meaning assigned to such terms in
the Receivables Purchase Agreement.

         NOW, THEREFORE, the parties hereto hereby agree as follows:

         SECTION 1. This letter constitutes an Assumption Agreement pursuant to
Section 1.2(e) of the Receivables Purchase Agreement. The Seller desires [the
[_____] Purchasers] [the [______] Related Committed Purchaser] to [become
Purchasers under] [increase its existing Commitment under] the Receivables
Purchase Agreement and upon the terms and subject to the conditions set forth in
the Receivables Purchase Agreement, the [________] Purchasers agree to [become
Purchasers thereunder] [increase its Commitment in an amount equal to the amount
set forth as the "Commitment" under the signature of the [______] Related
Committed Purchaser hereto].

         Seller hereby represents and warrants to the [________] Purchasers as
of the date hereof, as follows:

         (i) the representations and warranties contained in Exhibit III of the
Receivables Purchase Agreement are correct on and as of such dates as though
made on and as of such dates and shall be deemed to have been made on such
dates;

         (ii) no Termination Event or Unmatured Termination Event has occurred
and is continuing, or would result from such purchase; and

         (iii) the Facility Termination Date shall not have occurred.

         SECTION 2. Upon execution and delivery of this Assumption Agreement by
the Seller and each member of the [______] Purchaser Group, satisfaction of the
other conditions to assignment specified in Section 1.2(e) of the Receivables
Purchase Agreement (including the consent of the Administrator and each of the
other Purchasers party thereto) and receipt by the Administrator of counterparts
of this Agreement (whether by facsimile or otherwise) executed by

                                   Annex C-1
<PAGE>
each of the parties hereto, [the [_____] Purchasers shall become a party to, and
have the rights and obligations of Purchasers under, the Receivables Purchase
Agreement] [the [______] Related Committed Purchaser shall increase its
Commitment in the amount set forth as the "Commitment" under the signature of
the [______] Related Committed Purchaser, hereto].

         SECTION 3. Each party hereto hereby covenants and agrees that it will
not institute against, or join any other Person in instituting against, any
Conduit Purchaser, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, for one year and one day after the latest maturing
Notes issued by such Conduit Purchaser is paid in full. The covenant contained
in this paragraph shall survive any termination of the Receivables Purchase
Agreement.

         SECTION 4. THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEW YORK. This Agreement may not be amended, supplemented or waived
except pursuant to a writing signed by the party to be charged. This Agreement
may be executed in counterparts, and by the different parties on different
counterparts, each of which shall constitute an original, but all together shall
constitute one and the same agreement.

                          (continued on following page)

                                   Annex C-2
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have executed this Agreement by
their duly authorized officers as of the date first above written.

                             [___________], as a Conduit Purchaser

                             By:  ______________________________________________
                                  Name Printed:_________________________________
                                  Title:________________________________________

                             [Address]

                             [___________], as a Related Committed Purchaser

                             By:  ______________________________________________
                                  Name Printed:_________________________________
                                  Title:________________________________________

                             [Address]
                             [Commitment]

                             [_____________], as Purchaser Agent for [_________]

                             By:  ______________________________________________
                                  Name Printed:_________________________________
                                  Title:________________________________________

                             [Address]

                                   Annex C-3
<PAGE>
YORK RECEIVABLES FUNDING LLC,

as Seller

By:__________________________________________________
Name Printed:________________________________________
Title:_______________________________________________

Consented and Agreed:

PNC BANK, NATIONAL ASSOCIATION,

as Administrator

By:__________________________________________________
Name Printed:________________________________________
Title:_______________________________________________

Consented and Agreed:

[THE PURCHASERS]

                                   Annex C-4
<PAGE>
                                                                         ANNEX D
                                               TO RECEIVABLES PURCHASE AGREEMENT

                           FORM OF TRANSFER SUPPLEMENT
                                 WITH RESPECT TO
                          YORK RECEIVABLES FUNDING LLC
                         RECEIVABLES PURCHASE AGREEMENT

                                               [------- --, ------]

Section 1.

        [Commitment assigned:                                          $_______
        Assignor's remaining Commitment:                               $_______
        Investment allocable to Commitment assigned:                   $_______
        Investment assigned:](1)
        Assignor's remaining Investment:                               $_______
        Discount (if any) allocable to Investment assigned:            $_______
        Discount(if any) allocable to Assignor's remaining Investment: $_______

Section 2.

         Effective Date of this Transfer Supplement:   [__________]

         Upon execution and delivery of this Transfer Supplement by transferee
and transferor and the satisfaction of the other conditions to assignment
specified in [Section 6.3(c)] [Section 6.3(e)] of the Receivables Purchase
Agreement, from and after the effective date specified above, the transferee
shall become a party to, and have the rights and obligations of a [Conduit
Purchaser] [Related Committed Purchaser] under, the Receivables Purchase
Agreement dated as of December 21, 2001 (as amended through the date hereof, the
Receivables Purchase Agreement), among YORK RECEIVABLES FUNDING LLC, YORK
INTERNATIONAL CORPORATION and various other parties.

-----------------------
1        Bracketed language is only applicable to assignments by Related
         Committed Purchasers pursuant to Section 6.3(c).

                                   Annex D-1
<PAGE>
ASSIGNOR       [_________], as a [Related Committed Purchaser for [_______]]
               [Conduit Purchaser]

               By:  ____________________________________________________________
                    Name:_______________________________________________________
                    Title:______________________________________________________

ASSIGNEE:      [_________], as a [Related Committed Purchaser for [_______]]
               [Conduit Purchaser]

               By:  ____________________________________________________________
                    Name:_______________________________________________________
                    Title:______________________________________________________

                                    [Address]
                            [Commitment Assigned](2)

---------------------
2    Bracketed language is only applicable to assignments by Related Committed
     Purchasers pursuant to Section 6.3(c).

                                   Annex D-2
<PAGE>
Accepted as of date first above

written:

[--------------------------------------------------],
as Purchaser Agent for the
[______] Purchaser Group

By:  ________________________________________________
     Name:___________________________________________
     Title:__________________________________________

                                   Annex D-3
<PAGE>
                                                                         ANNEX E
                                               TO RECEIVABLES PURCHASE AGREEMENT

                             FORM OF PAYDOWN NOTICE

                                December 21, 2001

PNC Bank, National Association
One PNC Plaza, 3rd Floor
249 Fifth Avenue
Pittsburgh, PA 15222-2707

Ladies and Gentlemen:

         Reference is hereby made to the Receivables Purchase Agreement, dated
as of December 21, 2001 (as heretofore amended or supplemented, the "
Receivables Purchase Agreement"), among York Receivables Funding LLC ("Seller
"), York International Corporation, as Servicer, Market Street Funding
Corporation, Liberty Street Funding Corp., The Bank of Nova Scotia, the various
other Purchaser Groups from time to time a party thereto and PNC Bank National
Association, (the "Administrator"). Capitalized terms used in this Purchase
Notice and not otherwise defined herein shall have the meanings assigned thereto
in the Receivables Purchase Agreement.

         This letter constitutes a Paydown Notice pursuant to Section 1.4(f)(i)
of the Receivables Purchase Agreement. Seller desires to reduce the Aggregate
Investment on ______________, ___ by(3) the application of $____________ in cash
to pay the Aggregate Investment and Discount to accrue (until such cash can be
used to pay commercial paper notes) with respect to such Aggregate Investment,
together with all cost related to such reduction of Aggregate Investment.

-----------------
3    Notice must be given at least five Business Days' prior to the requested
     paydown date, in the case of reductions in excess of $10,000,000, or at
     least two Business Days prior to the requested paydown date, in case of
     reductions of $10,000,000 or less.

                                   Annex E-1
<PAGE>
         IN WITNESS WHEREOF, the undersigned has caused this Paydown Notice to
be executed by its duly authorized officer as of the date first above written.

                          YORK RECEIVABLES FUNDING LLC

                            By:  ____________________________________________
                                 Name Printed:_______________________________
                                 Title:______________________________________

                                   Annex E-2
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                          Page
<S>                                                                       <C>
                                    ARTICLE I
                       AMOUNTS AND TERMS OF THE PURCHASES

Section 1.1    Purchase Facility............................................1
Section 1.2    Making Purchases.............................................2
Section 1.3    Purchased Interest Computation...............................4
Section 1.4    Settlement Procedures........................................4
Section 1.5    Fees.........................................................9
Section 1.6    Payments and Computations, Etc...............................9
Section 1.7    Increased Costs.............................................10
Section 1.8    Requirements of Law.........................................11
Section 1.9    Inability to Determine Euro-Rate............................12
Section 1.10   Extension of Termination Date...............................13

                                   ARTICLE II
          REPRESENTATIONS AND WARRANTIES; COVENANTS; TERMINATION EVENTS

Section 2.1    Representations and Warranties; Covenants...................14
Section 2.2    Termination Events..........................................14

                                   ARTICLE III
                                 INDEMNIFICATION

Section 3.1    Indemnities by the Seller...................................14
Section 3.2    Indemnities by the Servicer.................................16

                                   ARTICLE IV
                         ADMINISTRATION AND COLLECTIONS

Section 4.1    Appointment of the Servicer.................................17
Section 4.2    Duties of the Servicer......................................18
Section 4.3    Lock-Box Account Arrangements...............................19
Section 4.4    Enforcement Rights..........................................19
Section 4.5    Responsibilities of the Seller..............................21
Section 4.6    Servicing Fee...............................................21

                                    ARTICLE V
                                   THE AGENTS

Section 5.1    Appointment and Authorization...............................21
Section 5.2    Delegation of Duties........................................23
Section 5.3    Exculpatory Provisions......................................23
Section 5.4    Reliance by Agents..........................................23
Section 5.5    Notice of Termination Events................................24
Section 5.6    Non-Reliance on Administrator, Purchaser Agents and
                 Other Purchasers..........................................24
Section 5.7    Administrators and Affiliates...............................25
Section 5.8    Indemnification.............................................25
</TABLE>

                                       -i-
<PAGE>
                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                          Page
<S>                                                                       <C>
Section 5.9    Successor Administrator.....................................25

                                   ARTICLE VI
                                  MISCELLANEOUS

Section 6.1    Amendments, Etc.............................................26
Section 6.2    Notices, Etc................................................26
Section 6.3    Successors and Assigns; Participations; Assignments.........27
Section 6.4    Costs, Expenses and Taxes...................................29
Section 6.5    No Proceedings; Limitation on Payments......................29
Section 6.6    GOVERNING LAW AND JURISDICTION..............................29
Section 6.7    Execution in Counterparts...................................30
Section 6.8    Survival of Termination.....................................30
Section 6.9    WAIVER OF JURY TRIAL........................................30
Section 6.10   Sharing of Recoveries.......................................31
Section 6.11   Right of Setoff.............................................31
Section 6.12   Entire Agreement............................................31
Section 6.13   Headings....................................................31
Section 6.14   Purchaser Groups' Liabilities...............................31
Section 6.15   Confidentiality.............................................32
</TABLE>

EXHIBIT I              Definitions
EXHIBIT II             Conditions of Purchases
EXHIBIT III            Representations and Warranties
EXHIBIT IV             Covenants
EXHIBIT V              Termination Events
EXHIBIT VI             Supplemental Perfection Representations,
                          Warranties and Covenants

SCHEDULE I             Credit and Collection Policy
SCHEDULE II            Lock-Box Banks and Lock-Box Accounts
SCHEDULE III           Trade Names
SCHEDULE IV            Fiscal Months

ANNEX A                Form of Information Package
ANNEX B                Form of Purchase Notice
ANNEX C                Form of Assumption Agreement
ANNEX D                Form of Transfer Supplement
ANNEX E                Form of Paydown Notice

                                      -ii-<PAGE>
                                                                     EXHIBIT 4.7

                           PURCHASE AND SALE AGREEMENT

                          Dated as of December 21, 2001

                                     between

                     VARIOUS ENTITIES LISTED ON SCHEDULE I,
                               as the Originators

                                       and

                          YORK RECEIVABLES FUNDING LLC
<PAGE>
         THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), dated as of
December 21, 2001, is entered into between VARIOUS ENTITIES LISTED ON SCHEDULE I
(each, an "Originator"; and collectively, "Originators"), and YORK RECEIVABLES
FUNDING LLC a Delaware limited liability company (the "Company").

                                   DEFINITIONS

         Unless otherwise indicated herein, capitalized terms used in this
Agreement are defined in Exhibit I to the Receivables Purchase Agreement of even
date herewith (as the same may be amended, supplemented or otherwise modified
from time to time, the "Receivables Purchase Agreement") among the Company, as
the Seller, York International Corporation (individually, "York"), as the
initial Servicer, Market Street Funding Corporation, Liberty Street Funding
Corp., The Bank of Nova Scotia, the members of the various other Purchaser
Groups from time to time a party thereto, and PNC Bank, National Association, as
the Administrator. All references herein to months are to Fiscal Months unless
otherwise expressly indicated.

                                   BACKGROUND:

         1. The Company is a special purpose limited liability company, all of
the issued and outstanding shares of which are owned by York International
Corporation.

         2. The Originators generate Receivables in the ordinary course of their
businesses.

         3. The Originators, in order to finance their respective businesses,
wish to sell Receivables to the Company, and the Company is willing to purchase
Receivables from the Originators, on the terms and subject to the conditions set
forth herein.

         4. The Originators and the Company intend this transaction to be a true
sale of Receivables by each Originator to the Company, providing the Company
with the full benefits of ownership of the Receivables, and the Originators and
the Company do not intend the transactions hereunder to be characterized as a
loan from the Company to any Originator.

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

                                   ARTICLE I
                         AGREEMENT TO PURCHASE AND SELL

         SECTION 1.1 Agreement To Purchase and Sell. On the terms and subject to
the conditions set forth in this Agreement, each Originator, severally and for
itself, agrees to sell to the Company, and the Company agrees to purchase from
such Originator, from time to time on or after the Closing Date, but before the
Purchase and Sale Termination Date, all of such Originator's right, title and
interest in and to:

               (a) each Receivable of such Originator that existed and was owing
to such Originator at the closing of such Originator's business on October 28,
2001 (the "Cut-off Date") other than Receivables contributed pursuant to Section
1.6 (the "Contributed Receivables");
<PAGE>
               (b) each Receivable generated by such Originator from and
including the Cut-off Date to and including the Purchase and Sale Termination
Date (other than any Receivable later contributed pursuant to the second
sentence of Section 3.1);

               (c) all rights to, but not the obligations of such Originator
under all Related Security;

               (d) all monies due or to become due to such Originator with
respect to any of the foregoing;

               (e) all books and records of such Originator related to any of
the foregoing and all rights, remedies, powers, privileges, title and interest
of such Originator in each lock-box and related lock-box address and account to
which Collections are sent, all amounts on deposit therein, all certificates and
instruments, if any, from time to time evidencing such accounts and amounts on
deposit therein, and all related agreements between such Originator and each
Lock-Box Bank; and

               (f) all collections and other proceeds and products of any of the
foregoing (as defined in the applicable UCC) that are or were received by such
Originator on or after the Cut-off Date, including, without limitation, all
funds which either are received by such Originator, the Company or the Servicer
from or on behalf of the Obligors in payment of any amounts owed (including,
without limitation, invoice price, finance charges, interest and all other
charges) in respect of Receivables, or are applied to such, amounts owed by the
Obligors (including, without limitation, any insurance payments that such
Originator or the Servicer applies in the ordinary course of its business to
amounts owed in respect of any Receivable, and net proceeds of sale or other
disposition of repossessed goods or other collateral or property of the Obligors
in respect of Receivables or any other parties directly or indirectly liable for
payment of such Receivables).

All purchases and contributions hereunder shall be made without recourse, but
shall be made pursuant to, and in reliance upon, the representations, warranties
and covenants of the Originators set forth in this Agreement and each other
Transaction Document. No obligation or liability to any Obligor on any
Receivable is intended to be assumed by the Company hereunder, and any such
assumption is expressly disclaimed. The Company's foregoing commitment to
purchase Receivables and the proceeds and rights described in clauses (c)
through (f) (collectively, the "Related Rights") is herein called the "Purchase
Facility."

         SECTION 1.2 Timing of Purchases.

               (a) Closing Date Purchases. Each Originator's entire right, title
and in (i) each Receivable that existed and was owing to such Originator at the
Cut-off Date (other than Contributed Receivables), (ii) all Receivables created
by such Originator from and including the Cut-off Date, to and including the
Closing Date (other than Contributed Receivables), and (iii) all Related Rights
with respect thereto automatically shall be deemed to have been sold by such
Originator to the Company on the Closing Date.

               (b) Subsequent Purchases. After the Closing Date, until the
Purchase and Sale Termination Date, each Receivable and the Related Rights
generated by each Originator

                                       2
<PAGE>
shall be deemed to have been sold by such Originator to the Company immediately
(and without further action) upon the creation of such Receivable.

         SECTION 1.3 Consideration for Purchases. On the terms and subject to
the conditions set forth in this Agreement, the Company agrees to make Purchase
Price payments to the Originators in accordance with Article III and to reflect
all contributions in accordance with Section 1.6.

         SECTION 1.4 Purchase and Sale Termination Date. The "Purchase and Sale
Termination Date" shall be the earliest to occur of (a) the date the Purchase
Facility is terminated pursuant to Section 8.2, (b) the Facility Termination
Date and (c) the Payment Date immediately following the day on which Originators
shall have given written notice to the Company at or prior to 10:00 a.m. (New
York City time) that the Originators desire to terminate this Agreement.

         SECTION 1.5 Intention of the Parties. It is the express intent of the
parties hereto that the transfers of the Receivables and Related Rights by the
Originators to the Company, as contemplated by this Agreement be, shall be
treated as sales or contributions, as applicable (without recourse except as
provided herein), of all of the Originators' right, title and interest in, to
and under the Receivables or the Contributed Receivables, as applicable, and
Related Rights, and not as loans secured by the Receivables and Related Rights.
If, however, notwithstanding the intent of the parties, such transactions are
deemed to be loans, each Originator hereby grants to the Company a first
priority security interest in all of such Originator's right, title and interest
in and to: (i) the Receivables and the Related Rights now existing and hereafter
created by such Originator, (ii) all monies due or to become due and all amounts
received with respect thereto, (iii) all books and records of such Originator
related to any of the foregoing, and all rights, remedies, powers, privileges,
title and interest of such Originator in each lock-box and related lock-box
address and account to which Collections are sent, all amounts on deposit
therein, all certificates and instruments, if any, from time to time evidencing
such accounts and amounts on deposit therein, and all related agreements between
such Originator and each Lock-Box Bank; and (iv) all collections and other
proceeds and products of any of the foregoing to secure all of such Originator's
obligations hereunder.

         SECTION 1.6 Contribution of Receivables. On the Closing Date, York
shall, and hereby does, contribute to the capital of the Company Receivables and
Related Rights consisting of each Receivable of York that existed and was owing
to York on the Closing Date beginning with the oldest of such Receivables and
continuing chronologically thereafter such that the aggregate Outstanding
Balance of all such Contributed Receivables shall be equal to $20,000,000
Notwithstanding anything in this Agreement to the contrary, no Originator shall
be prevented from contributing Receivables to the Company from time to time;
provided, however that such Originator shall provide the Administrator with
prior written notice of the date and amount of each such contribution.
Contributions made in connection with the immediately preceding sentence (i)
shall have no effect on the aggregate Purchase Price of any Receivables sold by
any Originator to the Company on the date of such contribution and (ii) shall
not effect the aggregate outstanding balance of any Company Note.

                                       3
<PAGE>
         SECTION 1.7 Additional Originators. Additional Persons may be added as
Originators hereunder, with the consent of the Company, the Purchaser Agents and
the Administrator, provided that following conditions are satisfied on or before
the date of such addition:

               (a) The Servicer shall have given the Purchaser Agents, and the
Administrator and the Company at least thirty days prior written notice of such
proposed addition and the identity of the proposed additional Originator and
shall have provided such other information with respect to such proposed
additional Originator as the Administrator or the Purchaser Agents may
reasonably request;

               (b) such proposed additional Originator has executed and
delivered to the Company, the Purchaser Agents and the Administrator an
agreement substantially in the form attached hereto as Exhibit C (a "Joinder
Agreement");

               (c) such proposed additional Originator has delivered to the
Company, Purchaser Agents and the Administrator each of the documents with
respect to such Originator described in Sections 4.1 and 4.2 to the extent
applicable;

               (d) the receivables intended to be sold by such additional
Originator to the Company hereunder shall be Receivables; and

               (e) no Purchase and Sale Termination Date shall have occurred.

                                   ARTICLE II
                 PURCHASE REPORT; CALCULATION OF PURCHASE PRICE

         SECTION 2.1 Purchase Report. On the Closing Date and on each Settlement
Date, the Servicer shall deliver to the Company and each Originator a report in
substantially the form of Exhibit A (each such report being herein called a
"Purchase Report") setting forth, among other things:

               (a) Receivables purchased by the Company from each Originator on
the Closing Date (in the case of the Purchase Report to be delivered on the
Closing Date);

               (b) Receivables purchased by the Company from each Originator
during the period commencing on the Settlement Date immediately preceding such
Settlement Date to (but not including) such Settlement Date (in the case of each
subsequent Purchase Report); and

               (c) the calculations of reductions of the Purchase Price for any
Receivables as provided in Section 3.3 (a) and (b). --------------- ----

         SECTION 2.2 Calculation of Purchase Price. The "Purchase Price" to be
paid to each Originator for the Receivables that are purchased hereunder from
such Originator shall be determined in accordance with the following formula:

                  PP       =        OB x FMVD

                  where:

                                       4
<PAGE>
         PP =  Purchase Price for each Receivable as calculated on the
               relevant Payment Date.

         OB =  The Outstanding Balance of such Receivable on the
               relevant Payment Date.

         FMVD= Fair Market Value Discount, as measured on
               such Payment Date, which is equal to the
               quotient (expressed as percentage) of (a)
               one divided by (b) the sum of (i) one, plus
               (ii) the product of (A) the Prime Rate on
               such Payment Date plus 0.25% and (B) a
               fraction, the numerator of which is the
               Turnover Rate (calculated as of the last day
               of the Yield Period next preceding such
               Payment Date) and the denominator of which
               is 12.

         "Payment Date" means (i) the Closing Date and (ii) each Business Day
thereafter that Originators are open for business.

         "Prime Rate" means a per annum rate equal to the "Prime Rate" as
published in the "Money Rates" section of The Wall Street Journal or if such
information ceases to be published in The Wall Street Journal, such other
publication as determined by the Administrator in its reasonable discretion.

                                  ARTICLE III
                            PAYMENT OF PURCHASE PRICE

         SECTION 3.1 Initial Purchase Price Payment. On the terms and subject to
the conditions set forth in this Agreement, the Company agrees to pay to each
Originator the Purchase Price for the purchase to be made from such Originator
on the Closing Date partially in cash (in an amount to be agreed between the
Company and such Originator and set forth in the initial Purchase Report) and
partially by issuing a promissory note in the form of Exhibit B to such
Originator with an initial principal balance equal to the remaining Purchase
Price (each such promissory note, as it may be amended, supplemented, endorsed
or otherwise modified from time to time, together with all promissory notes
issued from time to time in substitution therefor or renewal thereof in
accordance with the Transaction Documents, each being herein called a "Company
Note").

         SECTION 3.2 Subsequent Purchase Price Payments. On each Payment Date
subsequent to the Closing Date, on the terms and subject to the conditions set
forth in this Agreement, the Company shall pay to each Originator the Purchase
Price for the Receivables generated by such Originator on such Payment Date:

               (a) First, in cash to the extent the Company has cash available
therefor; and

               (b) Second, to the extent any portion of the Purchase Price
remains unpaid, the principal amount outstanding under the applicable Company
Note shall be increased by an amount equal to such remaining Purchase Price.

                                       5
<PAGE>
The Servicer shall make all appropriate record keeping entries with respect to
each of the Company Notes to reflect the foregoing payments and reductions made
pursuant to Section 3.3, and the Servicer's books and records shall constitute
rebuttable presumptive evidence of the principal amount of, and accrued interest
on, each of the Company Notes at any time. Furthermore, the Servicer shall hold
the Company Notes for the benefit of the applicable Originator. Each Originator
hereby irrevocably authorizes the Servicer to mark the Company Notes "CANCELED"
and to return such Company Notes to the Company upon the final payment thereof
after the occurrence of the Purchase and Sale Termination Date.

         SECTION 3.3 Settlement as to Specific Receivables and Dilution.

               (a) If, on the day of purchase or contribution of any Receivable
from an Originator hereunder, any of the representations or warranties set forth
in Sections 5.4 and 5.12 are not true with respect to such Receivable or as a
result of any action of such Originator or any inaction of such Originator, on
any subsequent day, any of such representations or warranties set forth in
Sections 5.4 and 5.12 is no longer true with respect to such Receivable, then
the Purchase Price (or in the case of a Contributed Receivable the Outstanding
Balance of such Receivable (the "Contributed Value")), with respect to such
Receivable shall be reduced by an amount equal to the Outstanding Balance of
such Receivable and shall be accounted to such Originator as provided in clause
(c) below; provided, that if the Company thereafter receives payment on account
of Collections due with respect to such Receivable, the Company promptly shall
deliver such funds to such Originator or cause the Servicer to deliver such
funds to such Originator.

               (b) If, on any day, the Outstanding Balance of any Receivable
(including any Contributed Receivable) purchased or contributed hereunder is
reduced or adjusted as a result of any defective, rejected, returned goods or
services, or any discount or other adjustment made by any Originator, the
Company or the Servicer or any setoff or dispute between any Originator or the
Servicer and an Obligor as indicated on the books of the Company (or, for
periods prior to the Closing Date, the books of Originator), then the Purchase
Price or Contributed Value, as the case may be, with respect to such Receivable
shall be reduced by the amount of such net reduction and shall be accounted to
Originator as provided in clause (c) below.

               (c) Any reduction in the Purchase Price or Contributed Value of
any Receivable pursuant to clause (a) or (b) above shall be applied as a credit
for the account of the Company against the Purchase Price of Receivables
subsequently purchased by the Company from such Originator hereunder; provided,
however if there have been no purchases of Receivables from such Originator (or
insufficiently large purchases of Receivables) to create a Purchase Price
sufficient to so apply such credit against, the amount of such credit:

              (i) shall be paid in cash to the Company by such Originator in the
       manner and for application as described in the following proviso, or

              (ii) shall be deemed to be a payment under, and shall be deducted
       from the principal amount outstanding under, the Company Note payable to
       such Originator;

                                       6
<PAGE>
provided, further, that at any time (y) when a Termination Event or Unmatured
Termination Event exists under the Receivables Purchase Agreement or (z) on or
after the Purchase and Sale Termination Date, the amount of any such credit
shall be paid by such Originator to the Company by deposit in immediately
available funds into the relevant Lock-Box Account for application by the
Servicer to the same extent as if Collections of the applicable Receivable in
such amount had actually been received on such date.

         SECTION 3.4 Reconveyance of Receivables. In the event that an
Originator has paid to the Company the full Outstanding Balance of any
Receivable pursuant to Section 3.3, the Company shall reconvey such Receivable
to such Originator, without representation or warranty, but free and clear of
all liens, security interests, charges, and encumbrances created by the Company.

                                   ARTICLE IV
                             CONDITIONS OF PURCHASES

         SECTION 4.1 Conditions Precedent to Initial Purchase. The initial
purchase hereunder is subject to the condition precedent that the Company shall
have received, on or before the Closing Date, the following, each (unless
otherwise indicated) dated the Closing Date, and each in form and substance
satisfactory to the Company:

               (a) An Originator Assignment Certificate in the form of Exhibit D
from each Originator, duly completed, executed and delivered by each Originator;

               (b) A copy of the resolutions of the Board of Directors (or a
duly constituted and authorized committee thereof) of each Originator approving
the Transaction Documents to be delivered by it and the transactions
contemplated hereby and thereby, certified by the Secretary or Assistant
Secretary of such Originator;

               (c) Good standing certificates for each Originator issued as of a
recent date acceptable to the Servicer by the Secretary of State of the
jurisdiction of such Originator's organization and the jurisdiction where such
Originator maintains it's chief executive office;

               (d) A certificate of the Secretary or Assistant Secretary of each
Originator certifying the names and true signatures of the officers authorized
on such Person's behalf to sign the Transaction Documents to be delivered by it
(on which certificate the Servicer and the Company may conclusively rely until
such time as the Servicer shall receive from such Person a revised certificate
meeting the requirements of this clause (d));

               (e) The certificate or articles of incorporation or other
organizational document of each Originator duly certified by the Secretary of
State of the jurisdiction of such Originator's organization as of a recent date,
together with a copy of the by-laws of such Originator, each duly certified by
the Secretary or an Assistant Secretary of such Originator;

               (f) Originals of proper financing statements (Form UCC-1) that
have been duly executed and name each Originator as the debtor/seller and the
Company as the secured party/purchaser (and the Administrator, as assignee of
the Company) of the Receivables generated by such Originator as may be necessary
or, in the Servicer's or the Administrator's

                                       7
<PAGE>
opinion, desirable under the UCC of all appropriate jurisdictions to perfect the
Company's ownership interest in all Receivables and such other rights, accounts,
instruments and moneys (including, without limitation, Related Security) in
which an ownership or security interest may be assigned to it hereunder;

               (g) A written search report from a Person satisfactory to the
Company listing all effective financing statements that name the Originators as
debtors or sellers and that are filed in the jurisdictions in which filings were
made pursuant to the foregoing clause (f), together with copies of such
financing statements (none of which, except for those described in the foregoing
clause (f), shall cover any Receivable or any Related Rights which are to be
sold to the Company hereunder), and tax and judgment lien search reports from a
Person satisfactory to the Servicer showing no evidence of such liens filed
against any Originator;

               (h) A favorable opinion of Blank Rome Comisky & McCauley LLP,
counsel to the Originators, in form and substance satisfactory to the Servicer
and the Administrator;

               (i) A Company Note in favor of each Originator, duly executed by
the Company; and

               (j) A certificate from an officer of each Originator to the
effect that the Servicer and such Originator have placed on the most recent, and
have taken all steps reasonably necessary to ensure that there shall be placed
on each subsequent, data processing report that it generates which are of the
type that a proposed purchaser or lender would use to evaluate the Receivables,
the following legend (or the substantive equivalent thereof): "THE RECEIVABLES
DESCRIBED HEREIN HAVE BEEN SOLD PURSUANT TO A PURCHASE AND SALE AGREEMENT, DATED
AS OF DECEMBER 21, 2001, AS THE SAME MAY FROM TO TIME TO TIME BE AMENDED,
SUPPLEMENTED OR OTHERWISE MODIFIED, BETWEEN CERTAIN ENTITIES LISTED ON SCHEDULE
I THERETO, AS ORIGINATORS, AND YORK RECEIVABLES FUNDING LLC, AS PURCHASER, AND
AN UNDIVIDED, FRACTIONAL OWNERSHIP INTEREST IN THE RECEIVABLES DESCRIBED HEREIN
HAS BEEN SOLD TO THE ADMINISTRATOR ON BEHALF OF THE PURCHASERS PURSUANT TO A
RECEIVABLES PURCHASE AGREEMENT, DATED AS OF DECEMBER 21, 2001 AS THE SAME MAY
FROM TO TIME TO TIME BE AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED, AMONG YORK
RECEIVABLES FUNDING LLC, AS SELLER, YORK INTERNATIONAL CORPORATION, AS SERVICER,
MARKET STREET FUNDING CORPORATION, LIBERTY STREET FUNDING CORP., THE BANK OF
NOVA SCOTIA, THE MEMBERS OF THE VARIOUS OTHER PURCHASER GROUPS FROM TIME TO TIME
A PARTY THERETO, AND PNC BANK, NATIONAL ASSOCIATION, AS ADMINISTRATOR."; and

               (k) Such other approvals, opinions or documents as the
Administrator or the Issuer may reasonably request.

         SECTION 4.2 Certification as to Representations and Warranties. Each
Originator, by accepting the Purchase Price related to each purchase of
Receivables generated by such Originator, shall be deemed to have certified that
the representations and warranties contained in

                                       8
<PAGE>
Article V are true and correct on and as of such day, with the same effect as
though made on and as of such day.

                                   ARTICLE V
                REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR

         In order to induce the Company to enter into this Agreement and to make
purchases hereunder, each Originator hereby makes, with respect to itself, the
representations and warranties set forth in this Article V.

         SECTION 5.1 Organization and Good Standing. Such Originator has been
duly incorporated or formed and is validly existing as a corporation, limited
liability company or partnership, as applicable, in good standing under the laws
of its jurisdiction of incorporation or formation, with power and authority to
own its properties and to conduct its business as such properties are presently
owned and such business is presently conducted.

         SECTION 5.2 Due Qualification. Such Originator is located and is
qualified to transact business as a foreign corporation, limited liability
company or partnership, as applicable, in good standing in all jurisdictions in
which (a) the ownership or lease of its property or the conduct of its business
requires such licensing or qualification and (b) the failure to be so licensed
or qualified would be reasonably likely to have a Material Adverse Effect.

         SECTION 5.3 Power and Authority; Due Authorization. Such Originator has
(a) all necessary power, authority and legal right (i) to execute and deliver,
and perform its obligations under, each Transaction Document to which it is a
party and (ii) to generate, own, sell, contribute and assign Receivables on the
terms and subject to the conditions herein and therein provided; and (b) duly
authorized such execution and delivery and such sale, contribution and
assignment and the performance of such obligations by all necessary corporate
action.

         SECTION 5.4 Valid Sale; Binding Obligations. Each sale or contribution,
as the case may be, of Receivables made by such Originator pursuant to this
Agreement shall constitute a valid sale or contribution, as the case may be,
transfer, and assignment of Receivables to the Company, enforceable against
creditors of, and purchasers from, such Originator; and this Agreement
constitutes, and each other Transaction Document to be signed by such
Originator, when duly executed and delivered, will constitute, a legal, valid,
and binding obligation of such Originator, enforceable in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors'
rights generally and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

         SECTION 5.5 No Violation. The consummation of the transactions
contemplated by this Agreement and the other Transaction Documents, and the
fulfillment of the terms hereof or thereof, will not (a) conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under (i) such Originator's
certificate or articles of incorporation or bylaws, limited partnership
agreements, articles of organization or limited liability company agreements, as
applicable or (ii) any indenture, loan agreement, mortgage, deed of trust, or
other material agreement or instrument to which it is a

                                       9
<PAGE>
party or by which it is bound, (b) result in the creation or imposition of any
Adverse Claim upon any of its properties pursuant to the terms of any such
indenture, loan agreement, mortgage, deed of trust, or other agreement or
instrument, other than the Transaction Documents, or (c) violate any law or any
order, rule or regulation applicable to it of any court or of any state or
foreign regulatory body, administrative agency, or other governmental
instrumentality having jurisdiction over it or any of its properties.

         SECTION 5.6 Proceedings. Except as set forth in Schedule 5.6, there is
no action, suit, proceeding or investigation pending before any court,
regulatory body, arbitrator, administrative agency, or other tribunal or
governmental instrumentality (a) asserting the invalidity of any Transaction
Document, (b) seeking to prevent such Originator from transferring any
Receivable hereunder (or in the case such transfer does not constitute a sale
under any applicable law, from granting or maintaining the security interest in
any Receivable) to the Purchaser or the consummation of any of the transactions
contemplated by any Transaction Document or (c) seeking any determination or
ruling that is reasonably likely to have a Material Adverse Effect.

         SECTION 5.7 Bulk Sales Acts. No transaction contemplated hereby
requires compliance with, or will be subject to avoidance under, any bulk sales
act or similar law.

         SECTION 5.8 Government Approvals. Except for the filing of the UCC
financing statements referred to in Article IV, all of which, at the time
required in Article IV, shall have been duly made and shall be in full force and
effect, no authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for
Originator's due execution, delivery and performance of any Transaction Document
to which it is a party.

         SECTION 5.9 Financial Condition.

               (a) Material Adverse Effect. Since June 30, 2001, no event has
occurred that has had, or is reasonably likely to have, a Material Adverse
Effect.

               (b) Solvent. On the date hereof, and on the date of each purchase
hereunder (both before and after giving effect to such purchase), such
Originator shall be Solvent.

         SECTION 5.10 Licenses, Contingent Liabilities, and Labor Controversies.

               (a) Such Originator has not failed to obtain any licenses,
permits, franchises or other governmental authorizations necessary to the
ownership of its properties or to the conduct of its business, which violation
or failure to obtain would be reasonably likely to have a Material Adverse
Effect.

               (b) There are no labor controversies pending against such
Originator that have had (or are reasonably likely to have) a Material Adverse
Effect.

         SECTION 5.11 Margin Regulations. No use of any funds acquired by any
Originator under this Agreement will conflict with or contravene any of
Regulations, T, U and X promulgated by the Federal Reserve Board from time to
time.

                                       10
<PAGE>
         SECTION 5.12 Quality of Title.

               (a) Each Receivable of such Originator (together with the Related
Rights with respect to such Receivable) which is to be sold to the Company
hereunder is or shall be owned by such Originator, free and clear of any Adverse
Claim, except as provided herein and in the Receivables Purchase Agreement.
Whenever the Company makes a purchase or accepts a contribution hereunder, it
shall have acquired and shall continue to have maintained a valid and perfected
ownership interest (free and clear of any Adverse Claim) in all Receivables
generated by such Originator and all Collections related thereto, and in
Originator's entire right, title and interest in and to the Related Rights with
respect thereto.

               (b) No effective financing statement or other instrument similar
in effect covering any Receivable generated by such Originator or any Related
Rights is on file in any recording office except such as may be filed in favor
of the Company or the Originators, as the case may be, in accordance with this
Agreement or in favor of the Administrator, on behalf of the Purchasers in
accordance with the Receivables Purchase Agreement.

               (c) Unless otherwise identified to the Company on the date of the
purchase or contribution hereunder, each Receivable purchased hereunder is on
the date of purchase or contribution an Eligible Receivable.

         SECTION 5.13 Accuracy of Information. All factual written information
heretofore or contemporaneously furnished (and prepared) by such Originator to
the Company or the Administrator for purposes of or in connection with any
Transaction Document or any transaction contemplated hereby or thereby is, and
all other such factual written information hereafter furnished (and prepared) by
such Originator to the Company or the Administrator pursuant to or in connection
with any Transaction Document will be, true and accurate in all material
respects on the date as of which such information is dated or certified.

         SECTION 5.14 Offices. Such Originator's principal place of business and
chief executive office is located at the address set forth on Schedule 5.14A,
and the office where such Originator keeps its books, records and documents
evidencing its Receivables, the related Contracts and all other agreements
related to such Receivables are located at the addresses specified in Schedule
5.14B (or such other locations, notified to the Servicer and the Administrator
in accordance with Section 6.1(f), in the jurisdictions where all action
required by Section 7.3 has been taken and completed). The Originator's
organization type, jurisdiction of organization and organizational number are
set forth on Schedule 5.14A.

         SECTION 5.15 Trade Names. Such Originator does not use any trade name
other than its actual corporate name and the trade names set forth in Schedule
5.15. From and after the date that fell five (5) years before the date hereof,
except as set forth in Schedule 5.15, such Originator has not been known by any
legal name other than its corporate name as of the date hereof, nor has such
Originator been the subject of any merger or other corporate reorganization.

         SECTION 5.16 Taxes. Such Originator has filed all tax returns and
reports required by law to have been filed by it and has paid all taxes and
governmental charges thereby shown to be owing, except any such taxes or charges
which are being diligently contested in good faith by

                                       11
<PAGE>
appropriate proceedings and for which adequate reserves in accordance with GAAP
shall have been set aside on its books.

         SECTION 5.17 Compliance with Applicable Laws. Such Originator is in
compliance with the requirements of all applicable laws, rules, regulations and
orders of all governmental authorities, a breach of any of which, individually
or in the aggregate, would be reasonably likely to have a Material Adverse
Effect.

         SECTION 5.18 Reliance on Separate Legal Identity. Such Originator
acknowledges that the Purchasers, the Purchaser Agents and the Administrator are
entering into the Receivables Purchase Agreement in reliance upon the Company's
identity as a legal entity separate from such Originator.

         SECTION 5.19 Investment Company. Such Originator is not an "investment
company," or a company "controlled" by an "investment company" within the
meaning of the Investment Company Act of 1940 as amended. In addition, such
Originator is not a "holding company," a "subsidiary company" of a "holding
company" or an "affiliate" of a "holding company" or of a "subsidiary company"
of a "holding company" within the meaning of the Public Utility Holding Company
Act of 1935, as amended.

         SECTION 5.20 Valid Contracts. Each Contract with respect to each
Receivable is effective to create, and has created, a legal, valid and binding
obligation of the related Obligor to pay the Outstanding Balance of the
Receivable created thereunder and any accrued interest thereon, enforceable
against the Obligor in accordance with its terms, except as such enforcement may
be limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors' rights generally and by general
principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

         SECTION 5.21 Perfection Representation. The perfection representations
and warranties set forth in Exhibit VI of the Receivables Purchase Agreement
shall be a part of this Agreement for all purposes.

                                   ARTICLE VI
                          COVENANTS OF THE ORIGINATORS

         SECTION 6.1 Affirmative Covenants. Until the latest of the Facility
Termination Date, the date on which no Capital of or Discount in respect of the
Purchased Interest shall be outstanding or the date on which all other amounts
owed by the Originator under this Agreement or the Receivables Purchase
Agreement to the Seller, the Issuer, the Administrator and any other Indemnified
Party or Affected Person shall be paid in full, each Originator will, unless the
Administrator and the Company shall otherwise consent in writing:

               (a) Compliance with Laws, Etc. Comply in all material respects
with all applicable laws, rules, regulations and orders with respect to the
Receivables generated by it and the Contracts and other agreements related
thereto except where the failure to so comply would not materially and adversely
affect the collectibility of such Receivables or the rights of the Company
hereunder.

                                       12
<PAGE>
               (b) Preservation of Corporate Existence. Preserve and maintain
its existence as a corporation, partnership or limited liability company, as
applicable, and all rights, franchises and privileges in the jurisdiction of its
incorporation, and qualify and remain qualified in good standing as a foreign
corporation, partnership or limited liability company, as applicable, in each
jurisdiction where the failure to preserve and maintain such existence, rights,
franchises, privileges and qualification would be reasonably likely to have a
Material Adverse Effect.

               (c) Receivables Reviews. (i) At any time and from time to time
during regular business hours, but no more frequently than annually unless (x) a
Purchase and Sale Termination Event or an Unmatured Purchase and Sale
Termination Event has occurred and is continuing or (y) or in the opinion of the
Administrator (with consent or at the direction of the Majority Purchasers)
reasonable grounds for insecurity exist with respect to the collectibility of a
material portion of the Receivables or with respect to such Originator's
performance or ability to perform in any material respect its obligations under
the Agreement, as reasonably requested in advance (unless a Purchase and Sale
Termination Event or an Unmatured Purchase and Sale Termination Event exists) by
the Administrator or the Company, permit the Company or the Administrator, or
their respective agents or representatives, (A) to examine and make copies of
and abstracts from all books, records and documents (including, without
limitation, computer tapes and disks) in possession or under the control of each
Originator relating to Receivables, including, without limitation, the related
Contracts and purchase orders and other agreements related thereto, and (B) to
visit the offices and properties of such Originator for the purpose of examining
such materials described in clause (i)(A) next above and to discuss matters
relating to Receivables originated by it or the performance hereunder with any
of the officers or employees of each Originator having knowledge of such
matters, and (ii) without limiting the foregoing clause (i) above, from time to
time on reasonable request of the Administrator, permit certified public
accountants or other auditors acceptable to the Company and Administrator to
conduct, at the Company's expense, a review of such Originator's books and
records with respect to such Receivables.

               (d) Keeping of Records and Books of Account. Maintain and
implement administrative and operating procedures (including, without
limitation, an ability to re-create records evidencing Receivables it generates
in the event of the destruction of the originals thereof), and keep and maintain
all documents, books, records and other information reasonably necessary or
advisable for the collection of such Receivables (including, without limitation,
records adequate to permit the daily identification of each new Receivable and
all Collections of and adjustments to each existing Receivable).

               (e) Performance and Compliance with Receivables and Contracts.
Timely and fully perform and comply, in all material respects with all
provisions, covenants and other promises required to be observed by it under the
Contracts and all other agreements related to the Receivables that it generates.

               (f) Location of Records. Keep its principal place of business and
chief executive office, and the offices where it keeps its records concerning or
related to Receivables, at the address(es) referred to in Schedule 5.14 or, upon
15 days' prior written notice to the Company and the Administrator, at such
other locations, in jurisdictions where all action required by Section 7.3 shall
have been taken and completed.

                                       13
<PAGE>
               (g) Credit and Collection Policies. Comply in all material
respects with its Credit and Collection Policy in connection with the
Receivables that it generates and all Contracts and other agreements related
thereto.

               (h) Post Office Boxes. On or prior to the date hereof, deliver to
the Servicer (on behalf of the Company) a certificate from an authorized officer
of such Originator to the effect that (i) the name of the renter of all post
office boxes into which Collections may from time to time be mailed have been
changed to the name of the Company (unless such post office boxes are in the
name of the relevant Lock-Box Banks) and (ii) all relevant postmasters have been
notified that each of the Servicer and the Administrator are authorized to
collect mail delivered to such post office boxes (unless such post office boxes
are in the name of the relevant Lock-Box Banks).

               (i) Transaction Documents. Comply in all material respects with
the Transaction Documents to which it is a party.

               (j) Change Affecting UCC. At least 30 days before any change in
such Originator's name or any other change requiring the amendment of UCC
financing statements, provide to Company and Servicer notice setting forth such
changes and the effective date thereof and, upon the effectiveness of such
change, take all steps necessary to amend such financing statements to reflect
such change.

               (k) Perfection Covenants. The perfection covenants set forth in
Exhibit VI to the Receivables Purchase Agreement shall be a part of this
Agreement for all purposes.

         SECTION 6.2 Reporting Requirements. Until the latest of the Facility
Termination Date, the date on which no Capital of or Discount in respect of the
Purchased Interest shall be outstanding or the date on which all other amounts
owed by the Originator under this Agreement or the Receivables Purchase
Agreement to the Seller, the Issuer, the Administrator and any other Indemnified
Party or Affected Person shall be paid in full, each Originator will, unless the
Servicer (on behalf of the Company) shall otherwise consent in writing, furnish
to the Company and the Administrator:

               (a) Purchase and Sale Termination Events. As soon as possible
after the Originator has knowledge of the occurrence of, and in any event within
five Business Days after the Originator has knowledge of the occurrence of each
Purchase and Sale Termination Event or each Unmatured Purchase and Sale
Termination Event in respect of such Originator, the statement of the chief
financial officer or chief accounting officer of such Originator describing such
Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination
Event and the action that such Originator proposes to take with respect thereto,
in each case in reasonable detail;

               (b) Proceedings. As soon as possible and in any event within
three Business Days after Originator otherwise has knowledge thereof, written
notice of (i) litigation, investigation or proceeding of the type described in
Section 5.6 not previously disclosed to the Company and (ii) all material
adverse developments that have occurred with respect to any previously disclosed
litigation, proceedings and investigations; and

                                       14
<PAGE>
               (c) Other. Promptly, from time to time, such other information,
documents, records or reports respecting the Receivables or the conditions or
operations, financial or otherwise, of such Originator as the Company, the
Purchasers, the Purchaser Agents or the Administrator may from time to time
reasonably request in order to protect the interests of the Company, the
Purchasers, the Purchaser Agents or the Administrator under or as contemplated
by the Transaction Documents.

         SECTION 6.3 Negative Covenants. Until the latest of the Facility
Termination Date, the date on which no Capital of or Discount in respect of the
Purchased Interest shall be outstanding or the date on which all other amounts
owed by the Originator under this Agreement or the Receivables Purchase
Agreement to the Seller, the Issuer, the Administrator and any other Indemnified
Party or Affected Person shall be paid in full, each Originator agrees that,
unless the Servicer (on behalf of the Company) and the Administrator shall
otherwise consent in writing, it shall not:

               (a) Sales, Liens, Etc. Except as otherwise provided herein or in
any other Transaction Document, sell, assign (by operation of law or otherwise)
or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or
with respect to, any Receivable or related Contract or Related Security, or any
interest therein, or any Collections thereon, or assign any right to receive
income in respect thereof.

               (b) Extension or Amendment of Receivables. Except as otherwise
permitted in Section 4.2(a) of the Receivables Purchase Agreement, extend, amend
or otherwise modify the terms of any Receivable in any material respect
generated by it, or amend, modify or waive, in any material respect, any
Contract related thereto (which term or condition relates to payments under, or
the enforcement of, such Contract).

               (c) Change in Business or Credit and Collection Policy. Make any
change in the character of its business or alter its Credit and Collection
Policy, to the extent that such change or alteration would, in either case,
materially adversely change the credit standing required of particular Obligors
or potential Obligors or impair the collectibility of a material portion of the
Receivables generated by it.

               (d) Receivables Not to be Evidenced by Promissory Notes or
Chattel Paper. Take any action to cause or permit any Receivable generated by it
to become evidenced by any "instrument" or "chattel paper" (as defined in the
applicable UCC).

               (e) Mergers, Acquisitions, Sales, etc. (i) Be a party to any
merger or consolidation, except a merger or consolidation where such Originator
is the surviving entity or is merged or consolidated with another Originator, or
(ii) directly or indirectly sell, transfer, assign, convey or lease (other than
to another Originator or wholly-owned Subsidiary thereof) (A) whether in one or
a series of transactions, all or substantially all of its assets or (B) any
Receivables or any interest therein (other than pursuant to this Agreement).

               (f) Location of Chief Executive Offices and Records. Move its
principal place of business and chief executive office (as such terms are used
in the UCC) and the offices where it keeps its records concerning or related to
the Receivables, to an address other than the

                                       15
<PAGE>
addresses set forth on Schedule 5.14 or, upon 30 days' prior written notice to
the Company and the Administrator, at such other locations in jurisdictions
where all action required by Section 7.3 shall have been taken and completed.

               (g) Lock-Box Banks. Make any changes in its instructions to
Obligors regarding Collections or add or terminate any bank as a Lock-Box Bank
unless the requirements of paragraph 2(g) of Exhibit IV to the Receivables
Purchase Agreement have been met.

               (h) Accounting for Purchases. Account for or treat (whether in
financial statements or otherwise) the transactions contemplated hereby in any
manner other than as sales of the Receivables and Related Rights by such
Originator to the Company.

               (i) Transaction Documents. Enter into, execute, deliver or
otherwise become bound by any agreement, instrument, document or other
arrangement that restricts the right of such Originator to amend, supplement,
amend and restate or otherwise modify, or to extend or renew, or to waive any
right under, this Agreement or any other Transaction Document.

         SECTION 6.4 Substantive Consolidation. Each Originator hereby
acknowledges that this Agreement and the other Transaction Documents are being
entered into in reliance upon the Company's identity as a legal entity separate
from such Originator and its Affiliates. Therefore, from and after the date
hereof, each Originator shall take all reasonable steps necessary to make it
apparent to third Persons that the Company is an entity with assets and
liabilities distinct from those of such Originator and any other Person, and is
not a division or department of such Originator, its Affiliates or any other
Person. Without limiting the generality of the foregoing and in addition to and
consistent with the other covenants set forth herein, such Originator shall take
such actions as shall be required in order that:

               (a) such Originator shall not be involved in the day to day
management of the Company;

               (b) such Originator shall maintain separate corporate records and
books of account from the Company and otherwise will observe corporate
formalities and have a separate area from the Company for its business;

               (c) the financial statements and books and records of such
Originator shall be prepared after the date of creation of the Company to
reflect and shall reflect the separate existence of the Company; provided, that
the Company's assets and liabilities may be included in a consolidated financial
statement issued by an affiliate of the Company; provided, however, that any
such consolidated financial statement or the notes thereto shall make clear that
the Company's assets are not available to satisfy the obligations of such
affiliate;

               (d) except as permitted by the Receivables Purchase Agreement,
(i) such Originator shall maintain its assets separately from the assets of the
Company, (ii) and the Originator's assets, and records relating thereto, have
not been, are not, and shall not be, commingled with those of the Company;

               (e) all of the Company's business correspondence and other
communications shall be conducted in the Company's own name and on its own
stationery;

                                       16
<PAGE>
               (f) such Originator shall not act as an agent for the Company,
other than York International Corporation in its capacity as the Servicer, and
in connection therewith, shall present itself to the public as a servicing agent
for the Company and a legal entity separate from the Company;

               (g) such Originator shall not conduct any of the business of the
Company in its own name;

               (h) such Originator shall not pay any liabilities of the Company
out of its own funds or assets;

               (i) such Originator shall maintain an arm's-length relationship
with the Company;

               (j) such Originator shall not assume or guarantee or become
obligated for the debts of the Company or hold out its credit as being available
to satisfy the obligations of the Company or seek credit for its own account
based on the assets of the Company;

               (k) such Originator shall not acquire obligations of the Company;

               (l) such Originator shall allocate fairly and reasonably overhead
or other expenses that are properly shared with the Company, including, without
limitation, shared office space;

               (m) such Originator shall identify and hold itself out as a
separate and distinct entity from the Company;

               (n) such Originator shall correct any known misunderstanding
respecting its separate identity from the Company;

               (o) such Originator shall not enter into, or be a party to, any
transaction with the Company, except in the ordinary course of its business and
on terms which are intrinsically fair and not less favorable to it than would be
obtained in a comparable arm's-length transaction with an unrelated third party;
and

               (p) such Originator shall not pay the salaries of the Company's
employees, if any.

         The provisions of this Section 6.4 shall survive any termination of
this Agreement.

                                  ARTICLE VII
                      ADDITIONAL RIGHTS AND OBLIGATIONS IN
                             RESPECT OF RECEIVABLES

         SECTION 7.1 Rights of the Company. Each Originator hereby authorizes
the Company, the Servicer or their respective designees to take any and all
steps in such Originator's name necessary or desirable, in their respective
determination, to collect all amounts due under any and all Receivables,
including, without limitation, indorsing the name of such Originator on checks

                                       17
<PAGE>
and other instruments representing Collections and enforcing such Receivables
and the provisions of the related Contracts that concern payment and/or
enforcement of rights to payment.

         SECTION 7.2 Responsibilities of the Originators. Anything herein to the
contrary notwithstanding:

               (a) Collection Procedures. Each Originator agrees to direct its
respective Obligors to make payments of Receivables directly to a post office
box related to the relevant Lock-Box Account at a Lock-Box Bank. Each Originator
further agrees to transfer any Collections that it receives directly to the
Servicer (for the Company's account) within one (1) Business Day of receipt
thereof, and agrees that all such Collections shall be deemed to be received in
trust for the Company and shall be maintained and segregated separate and apart
from all other funds and monies of Originator until transfer of such Collections
to the Servicer.

               (b) Each Originator shall perform its obligations hereunder, and
the exercise by the Company or its designee of its rights hereunder shall not
relieve such Originator from such obligations.

               (c) None of the Company, the Servicer or the Administrator shall
have any obligation or liability to any Obligor or any other third Person with
respect to any Receivables, Contracts related thereto or any other related
agreements, nor shall the Company, the Servicer, the Purchasers, the Purchaser
Agents or the Administrator be obligated to perform any of the obligations of
such Originator thereunder.

               (d) Each Originator hereby grants to the Servicer an irrevocable
power of attorney, with full power of substitution, coupled with an interest, to
take in the name of such Originator all steps necessary or advisable to endorse,
negotiate or otherwise realize on any writing or other right of any kind held or
transmitted by such Originator or transmitted or received by the Company
(whether or not from such Originator) in connection with any Receivable.

         SECTION 7.3 Further Action Evidencing Purchases. Each Originator agrees
that from time to time, at its expense, it will promptly execute and deliver all
further instruments and documents, and take all further action that the Servicer
may reasonably request in order to perfect, protect or more fully evidence the
Receivables and Related Rights purchased or contributed by the Company
hereunder, or to enable the Company to exercise or enforce any of its rights
hereunder or under any other Transaction Document. Without limiting the
generality of the foregoing, upon the request of the Servicer, such Originator
will:

               (a) execute and file such financing or continuation statements,
or amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate; and

               (b) mark the master data processing records that evidence or list
(i) such Receivables and (ii) related Contracts with the legend set forth in
Section 4.1(j).

                                       18
<PAGE>
Each Originator hereby authorizes the Company or its designee to file one or
more financing or continuation statements, and amendments thereto and
assignments thereof, relative to all or any of the Receivables and Related
Rights now existing or hereafter generated by Originator. If any Originator
fails to perform any of its agreements or obligations under this Agreement, the
Company or its designee may (but shall not be required to) itself perform, or
cause the performance of, such agreement or obligation, and the expenses of the
Company or its designee incurred in connection therewith shall be payable by
Originator as provided in Section 9.1.

         SECTION 7.4 Application of Collections. Any payment by an Obligor in
respect of any indebtedness owed by it to any Originator shall, except as
otherwise specified by such Obligor or required by applicable law and unless
otherwise instructed by the Servicer (with the prior written consent of the
Administrator) or the Administrator, be applied as a Collection of any
Receivable or Receivables of such Obligor to the extent of any amounts then due
and payable thereunder before being applied to any other indebtedness of such
Obligor.

                                  ARTICLE VIII
                      PURCHASE AND SALE TERMINATION EVENTS

         SECTION 8.1 Purchase and Sale Termination Events. Each of the following
events or occurrences described in this Section 8.1 shall constitute a "Purchase
and Sale Termination Event":

               (a) A Termination Event (as defined in the Receivables Purchase
Agreement) shall have occurred and, in the case of a Termination Event (other
than one described in paragraph (f) of Exhibit V of the Receivables Purchase
Agreement), the Administrator, shall have declared the Facility Termination Date
to have occurred; or

               (b) Any Originator shall fail to make any payment or deposit to
be made by it hereunder when due and such failure shall remain unremedied for
one (1) Business Day; or

               (c) Any representation or warranty made or deemed to be made by
any Originator (or any of its officers) under or in connection with this
Agreement, any other Transaction Documents, or any other information or report
delivered pursuant hereto or thereto shall prove to have been false or incorrect
in any material respect when made or deemed made; provided, however, if the
violation of this paragraph (c) by any Originator may be cured without any
potential or actual detriment to the Company, the applicable Originator shall
have 15 Business Days from the earlier of (i) such Originator's actual knowledge
of such failure and (ii) notice to such Originator of such failure to so cure
any such violation before a Purchase and Sale Termination Event shall occur so
long as such Originator is diligently attempting to effect such cure; or

               (d) Any Originator shall fail to perform or observe any other
term, covenant or agreement contained in this Agreement on its part to be
performed or observed and such failure shall remain unremedied for 15 Business
Days after written notice thereof shall have been given by the Servicer to such
Originator.

                                       19
<PAGE>
         SECTION 8.2 Remedies.

               (a) Optional Termination. Upon the occurrence of a Purchase and
Sale Termination Event, the Company (and not the Servicer) shall have the
option, by notice to the Originators (with a copy to the Administrator), to
declare the Purchase and Sale Termination Date.

               (b) Remedies Cumulative. Upon any termination of the Purchase
Facility pursuant to Section 8.2(a), the Company shall have, in addition to all
other rights and remedies under this Agreement, all other rights and remedies
provided under the UCC of each applicable jurisdiction and other applicable
laws, which rights shall be cumulative.

                                   ARTICLE IX
                                 INDEMNIFICATION

         SECTION 9.1 Indemnities by the Originators. Without limiting any other
rights which the Company may have hereunder or under applicable law, each
Originator, severally and for itself alone hereby agrees to indemnify the
Company and each of its officers, directors, employees and agents (each of the
foregoing Persons being individually called a "Purchase and Sale Indemnified
Party"), forthwith on demand, from and against any and all damages, losses,
claims, judgments, liabilities and related costs and expenses, including
reasonable attorneys' fees and disbursements (all of the foregoing being
collectively called "Purchase and Sale Indemnified Amounts") awarded against or
incurred by any of them arising out of or as a result of the failure of such
Originator to perform its obligations under this Agreement or any other
Transaction Document, or arising out of the claims asserted against a Purchase
and Sale Indemnified Party relating to the transactions contemplated herein or
therein or the use of proceeds thereof or therefrom, excluding, however, (i)
Purchase and Sale Indemnified Amounts to the extent resulting from gross
negligence or willful misconduct on the part of such Purchase and Sale
Indemnified Party, (ii) any indemnification which has the effect of recourse for
non-payment of the Receivables to any indemnitor (except as otherwise
specifically provided under this Section 9.1) and (iii) any tax based upon or
measured by net income property, or gross receipts. Without limiting but subject
to the foregoing, each Originator, severally for itself alone, shall indemnify
each Purchase and Sale Indemnified Party for Purchase and Sale Indemnified
Amounts relating to or resulting from:

               (a) the transfer by such Originator of an interest in any
Receivable to any Person other than the Company;

               (b) the breach of any representation or warranty made by such
Originator (or any of its officers) under or in connection with this Agreement
or any other Transaction Document, or any information or report delivered by
Originator pursuant hereto or thereto, which shall have been false or incorrect
when made or deemed made;

               (c) the failure by such Originator to comply with any applicable
law, rule or regulation with respect to any Receivable generated by such
Originator or the related Contract, or the nonconformity of any Receivable
generated by such Originator or the related Contract with any such applicable
law, rule or regulation;

                                       20
<PAGE>
               (d) the failure to vest and maintain vested in the Company an
ownership interest in the Receivables generated by such Originator free and
clear of any Adverse Claim, other than an Adverse Claim arising solely as a
result of an act of the Company, the Purchaser or the Administrator whether
existing at the time of the purchase or contribution of such Receivables or at
any time thereafter;

               (e) the failure to file, or any delay in filing, financing
statements or other similar instruments or documents under the UCC of any
applicable jurisdiction or other applicable laws with respect to any Receivables
or purported Receivables generated by such Originator, whether at the time of
any purchase or contribution or at any subsequent time;

               (f) any dispute, claim, offset or defense (other than discharge
in bankruptcy) of the Obligor to the payment of any Receivable or purported
Receivable generated by such Originator (including, without limitation, a
defense based on such Receivable's or the related Contract's not being a legal,
valid and binding obligation of such Obligor enforceable against it in
accordance with its terms), or any other claim resulting from the services
related to any such Receivable or the furnishing of or failure to furnish such
services;

               (g) any product liability claim arising out of or in connection
with services that are the subject of any Receivable generated by such
Originator; and

               (h) any tax or governmental fee or charge (other than any tax
excluded pursuant to clause (iii) in the proviso to the preceding sentence), all
interest and penalties thereon or with respect thereto, and all out-of-pocket
costs and expenses, including the reasonable fees and expenses of counsel in
defending against the same, which may arise by reason of the purchase or
ownership of the Receivables generated by such Originator or any Related
Security connected with any such Receivables.

If for any reason the indemnification provided above in this Section 9.1 is
unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold
such Purchase and Sale Indemnified Party harmless, then each of the Originators,
severally and for itself, shall contribute to the amount paid or payable by such
Purchase and Sale Indemnified Party to the maximum extent permitted under
applicable law.

                                   ARTICLE X
                                  MISCELLANEOUS

         SECTION 10.1 Amendments, etc.

               (a) The provisions of this Agreement may from time to time be
amended, modified or waived, if such amendment, modification or waiver is in
writing and executed by the Company and each Originator (with the prior written
consent of the Administrator).

               (b) No failure or delay on the part of the Company, the Servicer,
any Originator or any third party beneficiary in exercising any power or right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on
the Company, the Servicer or any Originator in any case shall entitle it to any
notice

                                       21
<PAGE>
or demand in similar or other circumstances. No waiver or approval by the
Company or the Servicer under this Agreement shall, except as may otherwise be
stated in such waiver or approval, be applicable to subsequent transactions. No
waiver or approval under this Agreement shall require any similar or dissimilar
waiver or approval thereafter to be granted hereunder.

               (c) The Transaction Documents contain a final and complete
integration of all prior expressions by the parties hereto with respect to the
subject matter thereof and shall constitute the entire agreement among the
parties hereto with respect to the subject matter thereof, superseding all prior
oral or written understandings.

         SECTION 10.2 Notices, etc. All notices and other communications
hereunder shall, unless otherwise stated herein, be in writing (which shall
include facsimile communication) and be sent or delivered to each party hereto
at its address set forth under its name on the signature pages hereof (or in any
Joinder Agreement pursuant to which it became a party hereto) or at such other
address as shall be designated by such party in a written notice to the other
parties hereto. Notices and communications by facsimile shall be effective when
sent (and shall be followed by hard copy sent by first class mail), and notices
and communications sent by other means shall be effective when received.

         SECTION 10.3 No Waiver; Cumulative Remedies. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law.
Without limiting the foregoing, each Originator hereby authorizes the Company,
at any time and from time to time, to the fullest extent permitted by law, to
set off, against any obligations of such Originator to the Company arising in
connection with the Transaction Documents (including, without limitation,
amounts payable pursuant to Section 9.1) that are then due and payable or that
are not then due and payable but are accruing in respect of the then current
Yield Period, any and all indebtedness at any time owing by the Company to or
for the credit or the account of such Originator.

         SECTION 10.4 Binding Effect; Assignability. This Agreement shall be
binding upon and inure to the benefit of the Company and each Originator and
their respective successors and permitted assigns. No Originator may assign any
of its rights hereunder or any interest herein without the prior written consent
of the Company, except as otherwise herein specifically provided. This Agreement
shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms, and shall remain in full force and effect until such
time as the parties hereto shall agree. The rights and remedies with respect to
any breach of any representation and warranty made by any Originator pursuant to
Article V and the indemnification and payment provisions of Article IX and
Section 10.6 shall be continuing and shall survive any termination of this
Agreement.

         SECTION 10.5 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 10.6 Costs, Expenses and Taxes. In addition to the obligations
of the Originators under Article IX, each Originator, severally and for itself
alone, agrees to pay on demand:

                                       22
<PAGE>
               (a) to the Company (and any successor and permitted assigns
thereof) all reasonable costs and expenses incurred by such Person in connection
with the enforcement of this Agreement and the other Transaction Documents; and

               (b) all stamp and other taxes and fees payable or determined to
be payable in connection with the execution, delivery, filing and recording of
this Agreement or the other Transaction Documents to be delivered hereunder, and
agrees to indemnify each Purchase and Sale Indemnified Party against any
liabilities with respect to or resulting from any delay in paying or omission to
pay such taxes and fees.

         SECTION 10.7 SUBMISSION TO JURISDICTION. EACH PARTY HERETO HEREBY
IRREVOCABLY (a) SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF STATE OF NEW YORK
OR THE FEDERAL COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK
OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY TRANSACTION
DOCUMENT; (b) AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN SUCH STATE OR UNITED STATES FEDERAL COURT; (c)
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING; (d)
IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO SUCH PERSON AT ITS
ADDRESS SPECIFIED IN SECTION 10.2; AND (e) AGREES THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE COMPANY'S RIGHT TO SERVE LEGAL
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING ANY ACTION OR
PROCEEDING AGAINST ANY ORIGINATOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER
JURISDICTIONS.

         SECTION 10.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES ANY RIGHT
TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS
UNDER OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY
AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY RELATIONSHIP
EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT,
AND AGREES THAT (a) ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT
AND NOT BEFORE A JURY AND (b) ANY PARTY HERETO (OR ANY ASSIGNEE OR THIRD PARTY
BENEFICIARY OF THIS AGREEMENT) MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF ANY OTHER
PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY.

         SECTION 10.9 Captions and Cross References; Incorporation by Reference.
The various captions (including, without limitation, the table of contents) in
this Agreement are included for

                                       23
<PAGE>
convenience only and shall not affect the meaning or interpretation of any
provision of this Agreement. References in this Agreement to any underscored
Section or Exhibit are to such Section or Exhibit of this Agreement, as the case
may be. The Exhibits hereto are hereby incorporated by reference into and made a
part of this Agreement.

         SECTION 10.10 Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
Agreement.

         SECTION 10.11 Acknowledgment and Agreement. By execution below, each
Originator expressly acknowledges and agrees that all of the Company's rights,
title, and interests in, to, and under this Agreement (but not its obligations),
shall be assigned by the Company pursuant to the Receivables Purchase Agreement,
and each Originator consents to such assignment. Each of the parties hereto
acknowledges and agrees that the Administrator, the Purchaser Agents and the
Purchasers are third party beneficiaries of the rights of the Company arising
hereunder and under the other Transaction Documents to which any Originator is a
party.

         SECTION 10.12 No Proceeding. (a) Each Originator hereby agrees that it
will not institute against, or cause to be instituted against the Company, or
join any other Person in instituting, against the Company any Insolvency
Proceeding so long as any of the Company Notes remains outstanding and for at
least one year and one day following the day on which the aggregate outstanding
principal amount of each Company Note is paid in full.

               (b) Each Originator hereby agrees that it will not institute
against, or cause to be instituted against, any Conduit Purchaser or join any
other Person in instituting against any Conduit Purchaser, any Insolvency
Proceeding so long as any Notes shall be outstanding and for at least one year
and one day after the latest maturing Note issued by such Conduit Purchaser is
paid in full. The provisions of this Section 10.12(b) shall survive any
termination of this Agreement.

         SECTION 10.13 Limited Recourse. Except as explicitly set forth herein,
the obligations of the Company under this Agreement or any other Transaction
Documents to which it is a party are solely the obligations of the Company. No
recourse under any Transaction Document shall be had against, and no liability
shall attach to, any officer, employee, director, or beneficiary, whether
directly or indirectly, of the Company.

                            [SIGNATURE PAGES FOLLOW]

                                       24
<PAGE>
         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the date
first above written.

                                    YORK RECEIVABLES FUNDING LLC

                                    By:  _______________________________________
                                         Name:__________________________________
                                         Title:_________________________________

                                    Address:     York Receivables Funding LLC
                                                 1403 Foulk Road, Suite 102
                                                 Wilmington, Delaware 19803

                                    Attention:   James P. Corcoran
                                    Telephone:   (717) 771-7438
                                    Facsimile:   (717) 771-6843

                                    With a copy to:

                                    Address:     Blank Rome Comisky &
                                                 McCauley LLP
                                                 One Logan Square
                                                 Philadelphia, PA 19103-6998

                                    Attention:   Michael Medveckus
                                    Telephone:   (215) 569-5335
                                    Facsimile:   (215) 569-5399

                                      S-1
<PAGE>
                                  ORIGINATORS:

                                  YORK INTERNATIONAL CORPORATION

                                  By:  _______________________________________
                                       Name:__________________________________
                                       Title:_________________________________
                                  Address:       York International Corporation
                                                 631 S. Richland Avenue
                                                 York, Pennsylvania 17403

                                  Attention:     James P. Corcoran
                                  Telephone:     (717) 771-7438
                                  Facsimile:     (717) 771-6843

                                  BRISTOL COMPRESSORS, INC.

                                  By:  _______________________________________
                                       Name:__________________________________
                                       Title:_________________________________

                                  Address:       Bristol Compressors, Inc.
                                                 15185 Industrial Park Road
                                                 Bristol, VA 24201

                                  Attention:     James P. Corcoran
                                  Telephone:     (276) 466-2423
                                  Facsimile:     (276) 466-2423

                                      S-2
<PAGE>
                                                                      Schedule I

                               LIST OF ORIGINATORS

York International Corporation

Bristol Compressors, Inc.

                                  Schedule I-1
<PAGE>
                                                                    Schedule 5.6

                                   PROCEEDINGS

                                      NONE.

                                 Schedule 5.6-1
<PAGE>
                                                                  Schedule 5.14A

                       CHIEF EXECUTIVE OFFICE/ORGANIZATION

<TABLE>
<CAPTION>
                                       JURISDICTION OF                                         ORGANIZATIONAL
                                      ORGANIZATION AND                                         IDENTIFICATION
          ORIGINATOR                 TYPE OF ORGANIZATION         CHIEF EXECUTIVE OFFICE           NUMBER
          ----------                 --------------------         ----------------------       ---------------

<S>                                  <C>                        <C>                            <C>
York International Corporation       Delaware                   631 S.  Richland Avenue            2164946
                                                                York, Pennsylvania 17403

Bristol Compressors, Inc.            Delaware                   15185 Industrial Park Road         2411779
                                                                Bristol, VA 24201
</TABLE>

                                Schedule 5.14A-1
<PAGE>
                                                                  Schedule 5.14B

                LOCATION OF BOOKS AND RECORDS OF EACH ORIGINATOR

<TABLE>
<CAPTION>
ORIGINATOR                                                              LOCATION OF BOOKS AND RECORDS
----------                                                              -----------------------------

<S>                                                                     <C>
York International Corporation                                          631 S.  Richland Avenue
                                                                        York, Pennsylvania 17403

Bristol Compressors, Inc.                                               15185 Industrial Park Road
                                                                        Bristol, Virginia 24201
</TABLE>

                                Schedule 5.14B-1
<PAGE>
                                                                   Schedule 5.15

                                   TRADE NAMES

      Legal Name                                                Trade Names
      ----------                                                -----------

                                Schedule 5.15-1
<PAGE>
                                                                       Exhibit A

                             FORM OF PURCHASE REPORT

         Originator:

         Purchaser:                 York Receivables Funding LLC

         Payment Date:

1.       Outstanding Balance of Receivables Purchased:

2.       Fair Market Value Discount:

                  1/{1 + [(Prime Rate + 0.25%) x Turnover Rate]}
                                                              12

                  Where:

                  Prime Rate  =  __________

                  Turnover Rate = __________

3.       Purchase Price  (1 x 2)  =  $ __________

                                  Exhibit A-1
<PAGE>
                                                                       Exhibit B

                              FORM OF COMPANY NOTE

                                                              December ___, 2001

         FOR VALUE RECEIVED, the undersigned, [YORK RECEIVABLES FUNDING LLC], a
Delaware limited liability company ("Company"), promises to pay to [NAME OF THE
ORIGINATOR], a _________ [CORPORATION] [LIMITED LIABILITY COMPANY] [LIMITED
PARTNERSHIP] (the "Originator"), on the terms and subject to the conditions set
forth herein and in the Purchase and Sale Agreement referred to below, the
aggregate unpaid Purchase Price of all Receivables purchased by the Company from
the Originator pursuant to such Purchase and Sale Agreement, as such unpaid
Purchase Price is shown in the records of the Servicer.

         1. Purchase and Sale Agreement. This Company Note is one of the Company
Notes described in, and is subject to the terms and conditions set forth in,
that certain Purchase and Sale Agreement of even date herewith (as the same may
be amended, supplemented, amended and restated or otherwise modified in
accordance with its terms, the "Purchase and Sale Agreement"), between the
Company and the various entities listed on Schedule I thereto, including the
Originator. Reference is hereby made to the Purchase and Sale Agreement for a
statement of certain other rights and obligations of the Company and the
Originator.

         2. Definitions. Capitalized terms used (but not defined) herein have
the meanings assigned thereto in Exhibit I to the Receivables Purchase Agreement
(as defined in the Purchase and Sale Agreement). In addition, as used herein,
the following terms have the following meanings:

         "Bankruptcy Proceedings" has the meaning set forth in clause (b) of
paragraph 9 hereof.

         "Final Maturity Date" means the Payment Date immediately following the
date that falls one hundred twenty one (121) days after the Purchase and Sale
Termination Date.

         "Interest Period" means the period from and including a Settlement Date
(or, in the case of the first Interest Period, the date hereof) to but excluding
the next Settlement Date.

         "Prime Rate" has the meaning assigned thereto in the Purchase and Sale
Agreement.

         "Receivables Purchase Agreement" means the Receivables Purchase
Agreement, dated as of December 21, 2001, entered into among the York
Receivables Funding LLC, York International Corporation, Market Street Funding
Corporation, Liberty Street Funding Corp., The Bank of Nova Scotia, the members
of the various other Purchaser Groups from time to time a party thereto and PNC
Bank, National Association.

         "Senior Interests" means, collectively, (i) all accrued and unpaid
Discount, (ii) all fees payable by the Company to the Senior Interest Holders
pursuant to the Receivables Purchase Agreement, (iii) all amounts payable
pursuant to Section 1.7 and 1.8 of the Receivables Purchase

                                  Exhibit B-1
<PAGE>
Agreement, (iv) the Aggregate Investment and (v) all other obligations owed by
the Company to the Senior Interest Holders under the Receivables Purchase
Agreement and other Transaction Documents that are due and payable, together
with any and all interest and Discount accruing on any such amount after the
commencement of any Bankruptcy Proceedings, notwithstanding any provision or
rule of law that might restrict the rights of any Senior Interest Holder, as
against the Company or anyone else, to collect such interest.

         "Senior Interest Holders" means, collectively, the Purchasers, the
Administrator and the Indemnified Parties.

         "Subordination Provisions" means, collectively, clauses (a) through (l)
of paragraph 9 hereof.

         "Telerate Screen Rate" means, for any Interest Period, the rate for
thirty day commercial paper denominated in dollars which appears on Page 1250 of
the Dow Jones Telerate Service (or such other page as may replace that page on
that service for the purpose of displaying dollar commercial paper rates) at
approximately 9:00 a.m., New York City time, on the first day of such Interest
Period.

         3. Interest. Subject to the Subordination Provisions set forth below,
the Company promises to pay interest on this Company Note as follows:

               (a) Prior to the Final Maturity Date, the aggregate unpaid
Purchase Price from time to time outstanding during any Interest Period shall
bear interest at a rate per annum equal to the Telerate Screen Rate for such
Interest Period as determined by the Servicer; and

               (b) From (and including) the Final Maturity Date to (but
excluding) the date on which the entire aggregate unpaid Purchase Price payable
to the Originator is fully paid, such aggregate unpaid Purchase Price from time
to time outstanding shall bear interest at a rate per annum equal to the Prime
Rate.

         4. Interest Payment Dates. Subject to the Subordination Provisions set
forth below, the Company shall pay accrued interest on this Company Note on each
Settlement Date, and shall pay accrued interest on the amount of each principal
payment made in cash on a date other than a Settlement Date at the time of such
principal payment.

         5. Basis of Computation. Interest accrued hereunder that is computed by
reference to the Telerate Screen Rate shall be computed for the actual number of
days elapsed on the basis of a 360-day year, and interest accrued hereunder that
is computed by reference to the rate described in paragraph 3(b) of this Company
Note shall be computed for the actual number of days elapsed on the basis of a
365- or 366-day year.

         6. Principal Payment Dates. Subject to the Subordination Provisions set
forth below, payments of the principal amount of this Company Note shall be made
as follows:

               (a) The principal amount of this Company Note shall be reduced by
an amount equal to each payment deemed made pursuant to Section 3.3(c)(ii) of
the Purchase and Sale Agreement; and

                                  Exhibit B-2
<PAGE>
               (b) The entire remaining unpaid Purchase Price of all Receivables
purchased by the Company from the Originator pursuant to the Purchase and Sale
Agreement shall be due and payable on the Final Maturity Date.

Subject to the Subordination Provisions set forth below, the principal amount of
and accrued interest on this Company Note may be prepaid on any Business Day
without premium or penalty.

         7. Payment Mechanics. All payments of principal and interest hereunder
are to be made in lawful money of the United States of America.

         8. Enforcement Expenses. In addition to and not in limitation of the
foregoing, but subject to the Subordination Provisions set forth below and to
any limitation imposed by applicable law, the Company agrees to pay all
expenses, including reasonable attorneys' fees and legal expenses, incurred by
the Originator in seeking to collect any amounts payable hereunder which are not
paid when due.

         9. Subordination Provisions. The Company covenants and agrees, and the
Originator and any other holder of this Company Note (collectively, the
Originator and any such other holder are called the "Holder"), by its acceptance
of this Company Note, likewise covenants and agrees on behalf of itself and any
holder of this Company Note, that the payment of the principal amount of and
interest on this Company Note is hereby expressly subordinated in right of
payment to the payment and performance of the Senior Interests to the extent and
in the manner set forth in the following clauses of this paragraph 9:

               (a) No payment or other distribution of the Company's assets of
any kind or character, whether in cash, securities, or other rights or property,
shall be made on account of this Company Note except to the extent such payment
or other distribution is (i) permitted under paragraph 1(m) of Exhibit IV of the
Receivables Purchase Agreement or (ii) made pursuant to clause (a) or (b) of
paragraph 6 of this Company Note;

               (b) In the event of any dissolution, winding up, liquidation,
readjustment, reorganization or other similar event relating to the Company,
whether voluntary or involuntary, partial or complete, and whether in
bankruptcy, insolvency or receivership proceedings, or upon an assignment for
the benefit of creditors, or any other marshalling of the assets and liabilities
of the Company or any sale of all or substantially all of the assets of the
Company other than as permitted by the Purchase and Sale Agreement (such
proceedings being herein collectively called "Bankruptcy Proceedings"), the
Senior Interests shall first be paid and performed in full and in cash before
the Originator shall be entitled to receive and to retain any payment or
distribution in respect of this Company Note. In order to implement the
foregoing during any Bankruptcy Proceeding: (i) all payments and distributions
of any kind or character in respect of this Company Note to which Holder would
be entitled except for this clause (b) shall be made directly to the
Administrator (for the benefit of the Senior Interest Holders); (ii) Holder
shall promptly file a claim or claims, in the form required in any Bankruptcy
Proceedings, for the full outstanding amount of this Company Note, and shall use
commercially reasonable efforts to cause said claim or claims to be approved and
all payments and other distributions in respect thereof to be made directly to
the Administrator (for the benefit of the Senior Interest Holders) until the
Senior Interests shall have been paid and performed in full and in cash; and
(iii) Holder

                                  Exhibit B-3
<PAGE>
hereby irrevocably agrees that the Purchasers (or the Administrator acting on
the Purchasers' behalf), in the name of Holder or otherwise, may demand, sue
for, collect, receive and receipt for any and all such payments or
distributions, and file, prove and vote or consent in any such Bankruptcy
Proceedings with respect to any and all claims of Holder relating to this
Company Note, in each case until the Senior Interests shall have been paid and
performed in full and in cash;

               (c) In the event that Holder receives any payment or other
distribution of any kind or character from the Company or from any other source
whatsoever, in respect of this Company Note, other than as expressly permitted
by the terms of this Company Note, such payment or other distribution shall be
received in trust for the Senior Interest Holders and shall be turned over by
Holder to the Administrator (for the benefit of the Senior Interest Holders)
forthwith. Holder will mark its books and records so as clearly to indicate that
this Company Note is subordinated in accordance with the terms hereof. All
payments and distributions received by the Administrator in respect of this
Company Note, to the extent received in or converted into cash, may be applied
by the Administrator (for the benefit of the Senior Interest Holders) first to
the payment of any and all expenses (including reasonable attorneys' fees and
legal expenses) paid or incurred by the Senior Interest Holders in enforcing
these Subordination Provisions, or in endeavoring to collect or realize upon
this Company Note, and any balance thereof shall, solely as between the
Originator and the Senior Interest Holders, be applied by the Administrator (in
the order of application set forth in Section 1.4(d)(ii) of the Receivables
Purchase Agreement) toward the payment of the Senior Interests; but as between
the Company and its creditors, no such payments or distributions of any kind or
character shall be deemed to be payments or distributions in respect of the
Senior Interests;

               (d) Notwithstanding any payments or distributions received by the
Senior Interest Holders in respect of this Company Note, while any Bankruptcy
Proceedings are pending Holder shall not be subrogated to the then existing
rights of the Senior Interest Holders in respect of the Senior Interests until
the Senior Interests have been paid and performed in full and in cash. If no
Bankruptcy Proceedings are pending, Holder shall only be entitled to exercise
any subrogation rights that it may acquire (by reason of a payment or
distribution to the Senior Interest Holders in respect of this Company Note) to
the extent that any payment arising out of the exercise of such rights would be
permitted under paragraph 1(m) of Exhibit IV of the Receivables Purchase
Agreement;

               (e) These Subordination Provisions are intended solely for the
purpose of defining the relative rights of Holder, on the one hand, and the
Senior Interest Holders on the other hand. Nothing contained in these
Subordination Provisions or elsewhere in this Company Note is intended to or
shall impair, as between the Company, its creditors (other than the Senior
Interest Holders) and Holder, the Company's obligation, which is unconditional
and absolute, to pay Holder the principal of and interest on this Company Note
as and when the same shall become due and payable in accordance with the terms
hereof or to affect the relative rights of Holder and creditors of the Company
(other than the Senior Interest Holders);

               (f) Holder shall not, until the Senior Interests have been paid
and performed in full and in cash, (i) cancel, waive, forgive, transfer or
assign, or commence legal proceedings to enforce or collect, or subordinate to
any obligation of the Company, howsoever created, arising

                                  Exhibit B-4
<PAGE>
or evidenced, whether direct or indirect, absolute or contingent, or now or
hereafter existing, or due or to become due, other than the Senior Interests,
this Company Note or any rights in respect hereof or (ii) convert this Company
Note into an equity interest in the Company, unless Holder shall have received
the prior written consent of the Administrator and the Purchasers in each case;

               (g) Holder shall not, without the advance written consent of the
Administrator and the Purchasers, commence, or join with any other Person in
commencing, any Bankruptcy Proceedings with respect to the Company until at
least one year and one day shall have passed since the Senior Interests shall
have been paid and performed in full and in cash;

               (h) If, at any time, any payment (in whole or in part) of any
Senior Interest is rescinded or must be restored or returned by a Senior
Interest Holder (whether in connection with Bankruptcy Proceedings or
otherwise), these Subordination Provisions shall continue to be effective or
shall be reinstated, as the case may be, as though such payment had not been
made;

               (i) Each of the Senior Interest Holders may, from time to time,
at its sole discretion, without notice to Holder, and without waiving any of its
rights under these Subordination Provisions, take any or all of the following
actions: (i) retain or obtain an interest in any property to secure any of the
Senior Interests; (ii) retain or obtain the primary or secondary obligations of
any other obligor or obligors with respect to any of the Senior Interests; (iii)
extend or renew for one or more periods (whether or not longer than the original
period), alter or exchange any of the Senior Interests, or release or compromise
any obligation of any nature with respect to any of the Senior Interests; (iv)
amend, supplement, amend and restate, or otherwise modify any Transaction
Document; and (v) release its security interest in, or surrender, release or
permit any substitution or exchange for all or any part of any rights or
property securing any of the Senior Interests, or extend or renew for one or
more periods (whether or not longer than the original period), or release,
compromise, alter or exchange any obligations of any nature of any obligor with
respect to any such rights or property;

               (j) Holder hereby waives: (i) notice of acceptance of these
Subordination Provisions by any of the Senior Interest Holders; (ii) notice of
the existence, creation, non-payment or non-performance of all or any of the
Senior Interests; and (iii) all diligence in enforcement, collection or
protection of, or realization upon, the Senior Interests, or any thereof, or any
security therefor;

               (k) Each of the Senior Interest Holders may, from time to time,
on the terms and subject to the conditions set forth in the Transaction
Documents to which such Persons are party, but without notice to Holder, assign
or transfer any or all of the Senior Interests, or any interest therein; and,
notwithstanding any such assignment or transfer or any subsequent assignment or
transfer thereof, such Senior Interests shall be and remain Senior Interests for
the purposes of these Subordination Provisions, and every immediate and
successive assignee or transferee of any of the Senior Interests or of any
interest of such assignee or transferee in the Senior Interests shall be
entitled to the benefits of these Subordination Provisions to the same extent as
if such assignee or transferee were the assignor or transferor; and

                                  Exhibit B-5
<PAGE>
               (l) These Subordination Provisions constitute a continuing offer
from the holder of this Company Note to all Persons who become the holders of,
or who continue to hold, Senior Interests; and these Subordination Provisions
are made for the benefit of the Senior Interest Holders, and the Administrator
may proceed to enforce such provisions on behalf of each of such Persons.

         10. General. No failure or delay on the part of the Originator in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right.
No amendment, modification or waiver of, or consent with respect to, any
provision of this Company Note shall in any event be effective unless (i) the
same shall be in writing and signed and delivered by the Company and Holder and
(ii) all consents required for such actions under the Transaction Documents
shall have been received by the appropriate Persons.

         11. Maximum Interest. Notwithstanding anything in this Company Note to
the contrary, the Company shall never be required to pay unearned interest on
any amount outstanding hereunder and shall never be required to pay interest on
the principal amount outstanding hereunder at a rate in excess of the maximum
interest rate that may be contracted for, charged or received under applicable
federal or state law (such maximum rate being herein called the "Highest Lawful
Rate"). If the effective rate of interest which would otherwise by payable under
this Company Note would exceed the Highest Lawful Rate, or if the holder of this
Company Note shall receive any unearned interest or shall receive monies that
are deemed to constitute interest which would increase the effective rate of
interest payable by the Company under this Company Note to a rate in excess of
the Highest Lawful Rate, then (i) the amount of interest which would otherwise
by payable by the Company under this Company Note shall be reduced to the amount
allowed by applicable law, and (ii) any unearned interest paid by the Company or
any interest paid by the Company in excess of the Highest Lawful Rate shall be
refunded to the Company. Without limitation of the foregoing, all calculations
of the rate of interest contracted for, charged or received by the Originator
under this Company Note that are made for the purpose of determining whether
such rate exceeds the Highest Lawful Rate applicable to the Originator (such
Highest Lawful Rate being herein called the "Originator's Maximum Permissible
Rate") shall be made, to the extent permitted by usury laws applicable to the
Originator (now or hereafter enacted), by amortizing, prorating and spreading in
equal parts during the actual period during which any amount has been
outstanding hereunder all interest at any time contracted for, charged or
received by the Originator in connection herewith. If at any time and from time
to time (i) the amount of interest payable to the Originator on any date shall
be computed at the Originator's Maximum Permissible Rate pursuant to the
provisions of the foregoing sentence and (ii) in respect of any subsequent
interest computation period the amount of interest otherwise payable to the
Originator would be less than the amount of interest payable to the Originator
computed at the Originator's Maximum Permissible Rate, then the amount of
interest payable to the Originator in respect of such subsequent interest
computation period shall continue to be computed at the Originator's Maximum
Permissible Rate until the total amount of interest payable to the Originator
shall equal the total amount of interest which would have been payable to the
Originator if the total amount of interest had been computed without giving
effect to the provisions of the foregoing sentence.

                                  Exhibit B-6
<PAGE>
         12. No Negotiation. This Company Note is not negotiable except that is
may be assigned to any Affiliate of the Originator.

         13. GOVERNING LAW. THIS COMPANY NOTE HAS BEEN DELIVERED IN THE STATE OF
_________, AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF _________.

         14. Captions. Paragraph captions used in this Company Note are for
convenience only and shall not affect the meaning or interpretation of any
provision of this Company Note.

                                  Exhibit B-7
<PAGE>
                                           YORK RECEIVABLES FUNDING LLC

                                           By:  ________________________________
                                                Name:___________________________
                                                Title:__________________________

                                  Exhibit B-8
<PAGE>
                                                                       Exhibit C

                            FORM OF JOINDER AGREEMENT

         THIS JOINDER AGREEMENT, dated as of ___________, 20__ (this
"Agreement") is executed by__________, a corporation organized under the laws of
__________ (the "Additional Seller"), with its principal place of business
located at __________.

                                   BACKGROUND:

         A. York Receivables Funding LLC (the "Buyer") and each entity listed on
Schedule I thereto (collectively, the "Sellers"), have entered into that certain
Purchase and Sale Agreement, dated as of December 21, 2001 (as amended through
the date hereof, and as it may be further amended from time to time, the
"Purchase and Sale Agreement").

         B. The Additional Seller desires to become a Seller pursuant to Section
1.7 of the Purchase and Sale Agreement.

         NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Additional Seller hereby agrees as follows:

         SECTION 1. Definitions. Capitalized terms used in this Agreement and
not otherwise defined herein shall have the meanings assigned thereto in the
Purchase and Sale Agreement or in the Receivables Purchase Agreement (as defined
in the Purchase and Sale Agreement).

         SECTION 2. Transaction Documents. The Additional Seller hereby agrees
that it shall be bound by all of the terms, conditions and provisions of, and
shall be deemed to be a party to (as if it were an original signatory to), the
Purchase and Sale Agreement and each of the other relevant Specified Documents.
From and after the later of the date hereof and the date that the Additional
Seller has complied with all of the requirements of Section 1.7 of the Purchase
and Sale Agreement, the Additional Seller shall be a Seller for all purposes of
the Purchase and Sale Agreement and all other Transaction Documents. The
Additional Seller hereby acknowledges that it has received copies of the
Purchase and Sale Agreement and the other Transaction Documents.

         SECTION 3. Representations and Warranties. The Additional Seller hereby
makes all of the representations and warranties set forth in Article V (to the
extent applicable) of the Purchase and Sale Agreement as of the date hereof
(unless such representations or warranties relate to an earlier date, in which
as of such earlier date), as if such representations and warranties were fully
set forth herein. The Additional Seller hereby represents and warrants that the
chief place of business and chief executive office of the Additional Seller, and
the offices where the Additional Seller keeps all of its Records and Related
Security is as follows:

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

                                  Exhibit C-1
<PAGE>
         The Additional Seller hereby represents and warrants that it is a
[CORPORATION], [LIMITED LIABILITY COMPANY] [LIMITED PARTNERSHIP] organized in
_______________________ and its organizational number is
_________________________.

         SECTION 4. Miscellaneous. This Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of New York. This
Agreement is executed by the Additional Seller for the benefit of the Buyer, and
its assigns, and each of the foregoing parties may rely hereon. This Agreement
shall be binding upon, and shall inure to the benefit of, the Additional Seller
and its successors and permitted assigns.

                            [SIGNATURE PAGES FOLLOW]

                                  Exhibit C-2
<PAGE>
         IN WITNESS WHEREOF, the undersigned has caused this Agreement to be
executed by its duly authorized officer as of the date and year first above
written.

                                                  [NAME OF ADDITIONAL SELLER]

                                                  By:  _________________________
                                                       Name:____________________
                                                       Title:___________________

Consented to:

YORK RECEIVABLES FUNDING LLC

By:  _________________________
     Name:____________________
     Title:___________________

PNC BANK, NATIONAL ASSOCIATION,
as Administrator and a Purchaser Agent

By:  _________________________
     Name:____________________
     Title:___________________

THE BANK OF NOVA SCOTIA,
as a Purchaser Agent

By:  _________________________
     Name:____________________
     Title:___________________

                                  Exhibit C-3
<PAGE>
                                                                       Exhibit D

                    FORM OF ORIGINATOR ASSIGNMENT CERTIFICATE
                        ORIGINATOR ASSIGNMENT CERTIFICATE

         Reference is made to the Purchase and Sale Agreement of even date
herewith (as the same may be amended, supplemented, amended and restated or
otherwise modified from time to time, the "Purchase and Sale Agreement") between
the undersigned, the various entities listed on Schedule I, as Originators, and
York Receivables Funding LLC (the "Company"). Unless otherwise defined herein,
capitalized terms used herein have the meanings provided in the Purchase and
Sale Agreement or in Exhibit I to the Receivables Purchase Agreement (as defined
in the Purchase and Sale Agreement), as applicable.

         The undersigned hereby sells, assigns and transfers unto the Company
and its successors and assigns all right, title and interest of the undersigned
in and to:

                  (a) each Receivable of the undersigned that existed and was
         owing to the undersigned as of the Cut-off Date other than Receivables
         contributed pursuant to Section 1.6 of the Purchase and Sale Agreement;

                  (b) each Receivable generated by the undersigned from and
         including the Cut-off Date to and including the Purchase and Sale
         Termination Date (other than any Receivable later contributed pursuant
         to the second sentence of Section 3.1 of the Purchase and Sale
         Agreement);

                  (c) all rights to, but not the obligations under, all Related
         Security;

                  (d) all monies due or to become due with respect to any of the
         foregoing;

                  (e) all books and records of the undersigned related to any of
         the foregoing and all rights, remedies, powers, privileges, title and
         interest of such Originator in each lock-box and related lock-box
         address and account to which Collections are sent, all amounts on
         deposit therein, all certificates and instruments, if any, from time to
         time evidencing such accounts and amounts on deposit therein, and all
         related agreements between such Originator and each Lock-Box Bank; and

                  (f) all collections and other proceeds and products of any of
         the foregoing (as defined in the applicable UCC) that are or were
         received by the undersigned on or after the Cut-off Date, including,
         without limitation, all funds which either are received by the
         undersigned, the Company or the Servicer from or on behalf of the
         Obligors in payment of any amounts owed (including, without limitation,
         invoice price, finance charges, interest and all other charges) in
         respect of Receivables, or are applied to such amounts owed by the
         Obligors (including, without limitation, insurance payments that the
         undersigned or the Servicer applies in the ordinary course of its
         business to amounts owed in respect of any Receivable and net proceeds
         of sale of other disposition of repossessed goods or other collateral
         or property of the Obligors in respect of

                                  Exhibit D-1
<PAGE>
         Receivables or any other parties directly or indirectly
         liable for payment of such Receivables).

         This Originator Assignment Certificate is made without recourse but on
the terms and subject to the conditions set forth in the Transaction Documents
to which the undersigned is a party. The undersigned acknowledges and agrees
that the Company and its successors and assigns are accepting this Originator
Assignment Certificate in reliance on the representations, warranties and
covenants of the undersigned contained in the Transaction Documents to which the
undersigned is a party.

         THIS ORIGINATOR ASSIGNMENT CERTIFICATE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE PURCHASE AND SALE AGREEMENT AND THE INTERNAL
LAWS OF THE STATE OF NEW YORK.

                                  Exhibit D-2
<PAGE>
         IN WITNESS WHEREOF, the undersigned has caused this Originator
Assignment Certificate to be duly executed and delivered by its duly authorized
officer this ___ day of _____________, 2001.

                                     [ORIGINATOR]
                                     By:  ______________________________________
                                          Name:_________________________________
                                          Title:________________________________

                                      S-1
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                    Page
                                    ARTICLE I
                      AGREEMENT TO PURCHASE AND SELL

<S>                   <C>                                                                                           <C>
SECTION 1.1           Agreement To Purchase and Sell............................................................     1
SECTION 1.2           Timing of Purchases.......................................................................     2
SECTION 1.3           Consideration for Purchases...............................................................     3
SECTION 1.4           Purchase and Sale Termination Date........................................................     3
SECTION 1.5           Intention of the Parties..................................................................     3
SECTION 1.6           Contribution of Receivables...............................................................     3
SECTION 1.7           Additional Originators....................................................................     4

                                    ARTICLE II
                      PURCHASE REPORT; CALCULATION OF PURCHASE PRICE

SECTION 2.1           Purchase Report...........................................................................     4
SECTION 2.2           Calculation of Purchase Price.............................................................     5

                                    ARTICLE III
                      PAYMENT OF PURCHASE PRICE

SECTION 3.1           Initial Purchase Price Payment............................................................     5
SECTION 3.2           Subsequent Purchase Price Payments........................................................     6
SECTION 3.3           Settlement as to Specific Receivables and Dilution........................................     6
SECTION 3.4           Reconveyance of Receivables...............................................................     7

                                    ARTICLE IV
                      CONDITIONS OF PURCHASES

SECTION 4.1           Conditions Precedent to Initial Purchase..................................................     7
SECTION 4.2           Certification as to Representations and Warranties........................................     9

                                    ARTICLE V
                      REPRESENTATIONS AND WARRANTIES OF THE ORIGINATOR

SECTION 5.1           Organization and Good Standing............................................................    10
SECTION 5.2           Due Qualification.........................................................................    10
SECTION 5.3           Power and Authority; Due Authorization....................................................    10
SECTION 5.4           Valid Sale; Binding Obligations...........................................................    10
SECTION 5.5           No Violation..............................................................................    10
SECTION 5.6           Proceedings...............................................................................    11
SECTION 5.7           Bulk Sales Acts...........................................................................    11
SECTION 5.8           Government Approvals......................................................................    11
SECTION 5.9           Financial Condition.......................................................................    11
SECTION 5.10          Licenses, Contingent Liabilities, and Labor Controversies.................................    11
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                   <C>                                                                                           <C>
SECTION 5.11          Margin Regulations........................................................................    11
SECTION 5.12          Quality of Title..........................................................................    12
SECTION 5.13          Accuracy of Information...................................................................    12
SECTION 5.14          Offices...................................................................................    12
SECTION 5.15          Trade Names...............................................................................    13
SECTION 5.16          Taxes.....................................................................................    13
SECTION 5.17          Compliance with Applicable Laws...........................................................    13
SECTION 5.18          Reliance on Separate Legal Identity.......................................................    13
SECTION 5.19          Investment Company........................................................................    13
SECTION 5.20          Valid Contracts...........................................................................    13
SECTION 5.21          Perfection Representation.................................................................    13

                                    ARTICLE VI
                      COVENANTS OF THE ORIGINATORS

SECTION 6.1           Affirmative Covenants.....................................................................    14
SECTION 6.2           Reporting Requirements....................................................................    16
SECTION 6.3           Negative Covenants........................................................................    16
SECTION 6.4           Substantive Consolidation.................................................................    18

                                    ARTICLE VII
                      ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF RECEIVABLES

SECTION 7.1           Rights of the Company.....................................................................    19
SECTION 7.2           Responsibilities of the Originators.......................................................    19
SECTION 7.3           Further Action Evidencing Purchases.......................................................    20
SECTION 7.4           Application of Collections................................................................    21

                                    ARTICLE VIII
                      PURCHASE AND SALE TERMINATION EVENTS

SECTION 8.1           Purchase and Sale Termination Events......................................................    21
SECTION 8.2           Remedies..................................................................................    21

                                    ARTICLE IX
                                 INDEMNIFICATION

SECTION 9.1           Indemnities by the Originators............................................................    22

                                    ARTICLE X
                                  MISCELLANEOUS

SECTION 10.1          Amendments, etc...........................................................................    23
SECTION 10.2          Notices, etc..............................................................................    24
SECTION 10.3          No Waiver; Cumulative Remedies............................................................    24
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                   <C>                                                                                           <C>
SECTION 10.4          Binding Effect; Assignability.............................................................    24
SECTION 10.5          Governing Law.............................................................................    25
SECTION 10.6          Costs, Expenses and Taxes.................................................................    25
SECTION 10.7          SUBMISSION TO JURISDICTION................................................................    25
SECTION 10.8          WAIVER OF JURY TRIAL......................................................................    25
SECTION 10.9          Captions and Cross References; Incorporation by Reference.................................    26
SECTION 10.10         Execution in Counterparts.................................................................    26
SECTION 10.11         Acknowledgment and Agreement..............................................................    26
SECTION 10.12         No Proceeding.............................................................................    26
SECTION 10.13         Limited Recourse..........................................................................    27
</TABLE>

                                    SCHEDULES

Schedule I            List of Originators
Schedule 5.6          Proceedings
Schedule 5.14A        Chief Executive Offices/Organization
Schedule 5.14B        Location of Books and Records
Schedule 5.15         Trade Names

                                    EXHIBITS

Exhibit A             Form of Purchase Report
Exhibit B             Form of Company Note
Exhibit C             Form of Joinder Agreement
Exhibit D             Form of Originator Assignment Certificate

                                      iii

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