Document:

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                                                                     EXHIBIT 4.5

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            AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC,

                                   Transferor

             AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

                           Servicer and Administrator

                        AMERICAN EXPRESS ISSUANCE TRUST,

                                     Issuer

                                       and

                              THE BANK OF NEW YORK,

                                Indenture Trustee

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

                          FORM OF AMENDED AND RESTATED

                        TRANSFER AND SERVICING AGREEMENT

                          dated as of March [__], 2006

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                                    ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

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                                                    TABLE OF CONTENTS

                                                                                                           PAGE
<S>                   <C>                                                                                    <C>
Section 1.1.          Definitions................................................................................1
Section 1.2.          Other Definitional Provisions.............................................................21

                                                         ARTICLE II
                                                        TRUST ASSETS

Section 2.1.          Conveyance of Trust Assets................................................................23
Section 2.2.          Acceptance by Issuer......................................................................25
Section 2.3.          Representations and Warranties of Each Transferor Relating to Such Transferor.............25
Section 2.4.          Representations and Warranties of Each Transferor.........................................27
Section 2.5.          Notice of Breach..........................................................................31
Section 2.6.          Transfer of Ineligible Receivables and Ineligible Collateral Certificates.................31
Section 2.7.          Reassignment of Trust Assets..............................................................32
Section 2.8.          Additional Transferors....................................................................33
Section 2.9.          Covenants of Each Transferor..............................................................34
Section 2.10.         Covenants of Each Transferor With Respect to Any Applicable Receivables Purchase
                      Agreement.................................................................................37
Section 2.11.         Reinvestment in Trust Assets..............................................................37
Section 2.12.         Increases in the Invested Amount of an Existing Collateral Certificate....................38
Section 2.13.         Addition of Trust Assets..................................................................39
Section 2.14.         Removal of Accounts.......................................................................43
Section 2.15.         Account Allocations.......................................................................45
Section 2.16.         Discount Option Receivables...............................................................45

                                                         ARTICLE III
                                       COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS

Section 3.1.          Collections and Allocations...............................................................47
Section 3.2.          Allocations of Finance Charge Collections and the Default Amount..........................48
Section 3.3.          Allocations of Principal Collections......................................................48
Section 3.4.          Allocations of the Servicing Fee..........................................................48
Section 3.5.          Allocations of Amounts to the Overconcentration Account and Allocations of Amounts
                      on Deposit in the Overconcentration Account...............................................49
Section 3.6.          Allocations of Amounts to the Excess Funding Account and Allocations of Amounts on
                      Deposit in the Excess Funding Account.....................................................49
Section 3.7.          Final Payment.............................................................................50
Section 3.8.          Payments within a Series, Class or Tranche................................................50
Section 3.9.          Allocations of Finance Charge Collections, the Default Amount, the Servicing Fee
                      and Principal Collections Allocable to the Transferor Interest............................51
Section 3.10.         Adjustments for Miscellaneous Credits and Fraudulent Charges..............................51
Section 3.11.         Issuer Rate Fees..........................................................................52
Section 3.12.         Designation of Remaining Principal Shortfalls.............................................53
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                                                         ARTICLE IV
                                                  SERVICING OF RECEIVABLES

Section 4.1.          Acceptance of Appointment and Other Matters Relating to the Servicer......................54
Section 4.2.          Representations, Warranties and Covenants of the Servicer.................................55
Section 4.3.          Reports and Records for the Owner Trustee and the Indenture Trustee.......................58
Section 4.4.          Annual Certificate of Servicer............................................................58
Section 4.5.          Annual Servicing Report of Independent Public Accountants; Copies of Reports
                      Available.................................................................................58
Section 4.6.          Tax Treatment.............................................................................59
Section 4.7.          Notices to American Express Entities......................................................59
Section 4.8.          Recoveries................................................................................59
Section 4.9.          Reports to the Commission.................................................................60

                                                          ARTICLE V
                                   ADMINISTRATION OF THE TRUST; DUTIES OF THE ADMINISTRATOR

Section 5.1.          Appointment of Administrator; Duties of Administrator.....................................61
Section 5.2.          Records...................................................................................65
Section 5.3           Compensation..............................................................................65
Section 5.4           Additional Information to be Furnished to Issuer..........................................65
Section 5.5           Independence of Administrator.............................................................65
Section 5.6           No Joint Venture..........................................................................66
Section 5.7           Other Activities of Administrator.........................................................66
Section 5.8.          Termination, Resignation and Removal of
                      Administrator.............................................................................66
Section 5.9.          Action Upon Termination, Resignation or
                      Removal...................................................................................67

                                                             ARTICLE VI
                                              OTHER MATTERS RELATING TO EACH TRANSFEROR

Section 6.1.          Liability of Each Transferor..............................................................68
Section 6.2.          Merger or Consolidation of, or Assumption of the Obligations of, a Transferor.............68
Section 6.3.          Limitations on the Liability of Each Transferor...........................................69
Section 6.4.          [RESERVED]................................................................................69
Section 6.5.          Assumption of a Transferor's Obligations..................................................69
Section 6.6.          Expenses..................................................................................71

                                                             ARTICLE VII
                                               OTHER MATTERS RELATING TO THE SERVICER

Section 7.1.          Liability of the Servicer.................................................................72
Section 7.2.          Merger or Consolidation of, or Assumption of the Obligations of, the Servicer.............72
Section 7.3.          Limitations on the Liability of the Servicer and Others...................................72
Section 7.4.          Servicer Indemnification of the Trust, the Owner Trustee and the Indenture Trustee........73
Section 7.5.          Resignation of the Servicer...............................................................74
Section 7.6.          Access to Certain Documentation and Information Regarding the Collateral..................74
Section 7.7.          Delegation of Duties......................................................................75
Section 7.8.          Examination of Records....................................................................75
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                                                     ARTICLE VIII
                                                   INSOLVENCY EVENTS

Section 8.1.          Rights Upon the Occurrence of an Insolvency Event.........................................76

                                                       ARTICLE IX
                                                    SERVICER DEFAULTS

Section 9.1.          Servicer Defaults.........................................................................77
Section 9.2.          Indenture Trustee to Act; Appointment of Successor........................................79
Section 9.3.          Notification to Noteholders...............................................................81
Section 9.4.          Waiver of Past Defaults...................................................................81

                                                        ARTICLE X
                                               ACQUISITION OF TRUST ASSETS

Section 10.1.         Acquisition of Trust Assets...............................................................82

                                                       ARTICLE XI
                                                       TERMINATION

Section 11.1.         Termination of Agreement..................................................................83

                                                       ARTICLE XII
                                                      MISCELLANEOUS

Section 12.1.         Amendment; Waiver of Past Defaults........................................................84
Section 12.2.         Protection of Right, Title and Interest in and to Trust Assets............................86
Section 12.3.         Fees Payable by the Transferor............................................................87
Section 12.4.         Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of
                      Process...................................................................................87
Section 12.5.         Notices; Payments.........................................................................87
Section 12.6.         Severability of Provisions................................................................89
Section 12.7.         Further Assurances........................................................................89
Section 12.8.         No Waiver; Cumulative Remedies............................................................89
Section 12.9.         Counterparts..............................................................................89
Section 12.10.        Third-Party Beneficiaries.................................................................89
Section 12.11.        Actions by Noteholders....................................................................89
Section 12.12.        Rule 144A Information.....................................................................90
Section 12.13.        Merger and Integration....................................................................90
Section 12.14.        Headings..................................................................................90
Section 12.15.        Limitation of Liability...................................................................90
Section 12.16.        No Petition...............................................................................90
Section 12.17.        Force Majeure.............................................................................91
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                                                      ARTICLE XIII
                                              COMPLIANCE WITH REGULATION AB

Section 13.1.         Intent of Parties; Reasonableness.........................................................92
Section 13.2.         Additional Representations and Warranties of the Indenture Trustee........................92
Section 13.3.         Information to Be Provided by the Indenture Trustee.......................................92
Section 13.4.         Report on Assessment of Compliance and Attestation........................................93
Section 13.5.         Additional Representations and Warranties of the Servicer.................................94
Section 13.6.         Information to Be Provided by the Servicer................................................94
Section 13.7.         Report on Assessment of Compliance and Attestation........................................96
Section 13.8.         Use of Subservicers and Servicing Participants............................................97
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                                    EXHIBITS

<S>           <C>                                                                    <C>
Exhibit A      Form of Assignment of Receivables in Aggregate Addition Accounts       A-1

Exhibit B      Form of Assignment of Collateral Certificates                          B-1

Exhibit C      Form of Assignment of Receivables in New Accounts                      C-1

Exhibit D      Form of Reassignment of Receivables in Removed Accounts                D-1

Exhibit E      [Reserved]                                                             E-1

Exhibit F-1    Form of Opinion of Counsel with respect to Amendments                  F-1-1

Exhibit F-2    Form of Opinion of Counsel with respect to Aggregate
               Addition Accounts                                                      F-2-1

Exhibit F-3    Form of Opinion of Counsel with respect to New Accounts                F-3-1

Exhibit F-4    Form of Annual Opinion of Counsel                                      F-4-1

Exhibit G      Form of Annual Certification                                           G-1

Exhibit H      Servicing Criteria to be Addressed in Assessment of Compliance         H-1

Exhibit I      Form of Annual Certification                                           I-1

Exhibit J      Servicing Criteria to be Addressed in Assessment of Compliance         J-1

                               SCHEDULES

Schedule 1     List of Accounts Delivered to Indenture Trustee

Schedule 2     List of Collateral Certificates Delivered to Indenture Trustee
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                  This AMENDED AND RESTATED TRANSFER AND SERVICING AGREEMENT
among AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC, a Delaware
limited liability company, as transferor (the "Transferor"), AMERICAN EXPRESS
TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as servicer and
administrator (the "Servicer" and the "Administrator"), AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust created under the laws of the State of
Delaware, as issuer (the "Issuer" or the "Trust"), and THE BANK OF NEW YORK, a
New York banking corporation, in its capacity as indenture trustee (the
"Indenture Trustee"), is made and entered into as of March [__], 2006.

                  WHEREAS, this Transfer and Servicing Agreement, dated as of
May 19, 2005 (as amended and supplemented, the "Original Transfer Agreement"),
was entered into among the Transferor, the Servicer, the Administrator, the
Issuer and the Indenture Trustee; and

                  WHEREAS, the parties hereto agree to and do hereby amend and
restate the Original Transfer Agreement as of March [__], 2006, to read in its
entirety as set forth herein.

                  NOW, THEREFORE, in consideration of the mutual agreements
herein contained, this Agreement is hereby amended and restated to read in its
entirety as follows and each party agrees as follows for the benefit of the
other parties and the Noteholders:

                                   ARTICLE I

                       DEFINITIONS AND OTHER PROVISIONS OF
                               GENERAL APPLICATION

                  Section 1.1. Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings, and the
definitions of such terms are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter
genders of such terms.

                  "Account" means (a) each Initial Account, (b) each Additional
Account (but only from and after the Addition Date with respect thereto) and (c)
each Related Account. The term "Account" shall include any account replacing an
Account in connection with the transfer of ownership of such Account from an
Account Owner to any other Account Owner (provided that such replacement account
can be traced or identified by reference to, or by way of, the code designation
in the securitization field of such replacement account, which code designation
is contained in the computer or other records of the applicable Account Owner or
TRS used to generate the computer files or microfiche lists delivered to the
Indenture Trustee pursuant to Article II). The term "Account" shall exclude any
Account, all the Receivables of which are either (a) reassigned to a Transferor
pursuant to Section 2.6 or 2.7 or (b) assigned and transferred to the Servicer
pursuant to Section 4.2. The term "Account" shall include any Removed Account
only prior to the Removal Date with respect thereto.
<PAGE>

                  "Account Agreement" means, with respect to an Account, the
agreements between an Account Owner and an Obligor governing the terms and
conditions of such Account, as such agreements may be amended, modified or
otherwise changed from time to time and as distributed (including any amendments
and revisions thereto) to holders of such Account.

                  "Account Assignment" means, collectively, any Aggregate
Addition Account Assignment and New Account Assignment.

                  "Account Guidelines" means, with respect to the Accounts of
each Account Owner, the established policies and procedures of such Account
Owner, (a) relating to the operation of its charge business which generally are
applicable to its portfolio of similar accounts, including the policies and
procedures for determining the creditworthiness of customers and the extension
of charge privileges to customers and (b) relating to the maintenance of
accounts and collection of receivables, in each case as such policies and
procedures may be amended, modified or otherwise changed from time to time.

                  "Account Owner" means, with respect to an Account, TRS,
Centurion, FSB or any other entity that, pursuant to the Account Agreement
related to such Account, is the issuer of the charge card related to, or the
owner of, such Account; provided that the Transferor shall notify each Note
Rating Agency promptly following the designation of any Account Owner other than
TRS, Centurion or FSB.

                  "Accumulation Period" means, with respect to any Series, Class
or Tranche of Notes, a period following the Revolving Period during which
Principal Collections are accumulated in an account for the benefit of the
Noteholders of such Series, Class or Tranche, which shall be the controlled
accumulation period, the principal accumulation period, the early accumulation
period, the optional accumulation period, the limited accumulation period or
other accumulation period, in each case as defined with respect to such Series,
Class or Tranche in the related Indenture Supplement.

                  "Addition Cut Off Date" means (i) with respect to Aggregate
Addition Accounts, the date specified as such in the notice delivered with
respect thereto pursuant to subsection 2.13(c) and (ii) with respect to each New
Account, the date on which such New Account is originated.

                  "Addition Date" means (i) with respect to Aggregate Addition
Accounts, the date from and after which such Aggregate Addition Accounts are to
be included as Accounts pursuant to subsection 2.13(a) or (b), (ii) with respect
to Collateral Certificates, the date from and after which such Collateral
Certificates are to be included as part of the Trust Assets pursuant to
subsection 2.13(a) or (b) and (iii) with respect to each New Account, the close
of business on the last day of the Monthly Period in which such New Account was
originated.

                  "Addition Limit" means, unless and until each Note Rating
Agency otherwise consents in writing, (i) the aggregate number of Additional
Accounts designated with respect to any three consecutive Monthly Periods shall
not exceed 15% of the aggregate number of Accounts as of the first day of such
three-month period, (ii) the aggregate number of Additional Accounts designated
with respect to any twelve consecutive Monthly Periods shall not exceed 20% of
the aggregate number of Accounts as of first day of such twelve-month period,
(iii) the aggregate amount of Receivables added to the Trust with respect to any
three consecutive Monthly Periods shall not exceed 15% of the aggregate amount
of Receivables in the Trust as of the first day of such three-month period and
(iv) the aggregate amount of Receivables added to the Trust with respect to any
twelve consecutive Monthly Periods shall not exceed 20% of the aggregate amount
of Receivables in the Trust as of the first day of such twelve-month period.

                                       2
<PAGE>

                  "Additional Account" means each New Account and each Aggregate
Addition Account.

                  "Additional Transferor" has the meaning specified in Section
2.8.

                  "Administrator" means TRS, in its capacity as Administrator of
the Trust, and any successors or assigns thereto.

                  "Adverse Effect" has the meaning specified in the Indenture.

                  "Affiliate" has the meaning specified in the Indenture.

                  "Aggregate Addition" means the designation of additional
Eligible Accounts, other than New Accounts, to be included as Accounts pursuant
to subsection 2.13(a) or (b).

                  "Aggregate Addition Account" means each charge account
established pursuant to an Account Agreement between an Account Owner and any
Person, which account is designated pursuant to subsection 2.13(a) or (b) to be
included as an Account and identified in the computer file or microfiche list
delivered to the Issuer and the Indenture Trustee by the Transferor pursuant to
Section 2.1 and subsection 2.13(c).

                  "Aggregate Addition Account Assignment" has the meaning
specified in subsection 2.13(c)(viii).

                  "Agreement" means the Original Transfer Agreement, as amended
and restated by this Transfer and Servicing Agreement, as the same may be
further amended, supplemented or otherwise modified from time to time.

                  "Amortization Period" means, with respect to any Series, Class
or Tranche of Notes, a period following the Revolving Period during which
Principal Collections are distributed to Noteholders of such Series, Class or
Tranche, which shall be the controlled amortization period, the principal
amortization period, the early amortization period, the optional amortization
period, the limited amortization period or other amortization period, in each
case as defined with respect to such Series, Class or Tranche in the related
Indenture Supplement.

                  "Appointment Date" has the meaning specified in Section 8.1.

                  "Assigned Assets" has the meaning specified in Section 6.5.

                  "Assumed Obligations" has the meaning specified in
Section 6.5.

                                       3
<PAGE>

                  "Assuming Entity" has the meaning specified in Section 6.5.

                  "Assumption Agreement" has the meaning specified in
subsection 6.5(a).

                  "Authorized Newspaper" has the meaning specified in the
Indenture.

                  "Authorized Officer" means:

                  (a) with respect to the Issuer, any officer of the Owner
Trustee who is authorized to act for the Owner Trustee in matters relating to
the Issuer and who is identified on the list of Authorized Officers, containing
the specimen signature of each such Person, delivered by the Owner Trustee to
the Indenture Trustee from time to time, and any officer of the Administrator
who is authorized to act for the Administrator in matters relating to the Issuer
and to be acted upon by the Administrator pursuant to this Agreement and who is
identified on the list of Authorized Officers, containing the specimen
signatures of such officers, delivered by the Administrator to the Indenture
Trustee from time to time;

                  (b) with respect to each Transferor, any officer of such
Transferor who is identified on the list of Authorized Officers, containing the
specimen signature of each such Person, delivered by such Transferor to the
Indenture Trustee from time to time; and

                  (c) with respect to the Servicer, any Servicing Officer.

                  "Available Overconcentration Account Amount" means, for any
Monthly Period, the lesser of (a) the amount on deposit in the Overconcentration
Account on the related First Note Transfer Date (before giving effect to any
deposit made or to be made pursuant to subsection 3.9(d) to the
Overconcentration Account on such date) and (b) the Required Overconcentration
Account Amount.

                  "Available Principal Collections" has, with respect to any
Outstanding Series of Notes, the meaning specified in the related Indenture
Supplement for such Series.

                  "Bearer Notes" has the meaning specified in the Indenture.

                  "Beneficial Interest" has the meaning specified in the Trust
Agreement.

                  "Beneficiary" has the meaning specified in the Trust
Agreement.

                  "Business Day" has the meaning specified in the Indenture.

                  "Centurion" means American Express Centurion Bank, a Utah
industrial bank, and its permitted successors and assigns.

                  "Certificate Assignment" has the meaning specified in
subsection 2.13(c)(ix).

                  "Class" has the meaning specified in the Indenture.

                                       4
<PAGE>

                  "Collateral Certificate" means any Investor Certificate issued
pursuant to a Pooling and Servicing Agreement and the related Series Supplement
that has been transferred to the Trust pursuant to subsection 2.13(a) or (b).

                  "Collateral Certificate Principal Shortfall Payments" means
for any Monthly Period, amounts received on each Collateral Certificate in
respect of Principal Shortfalls (as such term is defined in the applicable
Series Supplement).

                  "Collection Account" has the meaning specified in the
Indenture.

                  "Collections" means for any Monthly Period, the sum of (i)
with respect to Receivables included as part of the Trust Assets, all payments
by or on behalf of Obligors (excluding Recoveries) received in respect of the
Receivables, in the form of cash, checks, wire transfers, electronic transfers,
ATM transfers or any other form of payment in accordance with the related
Account Agreement in effect from time to time and all other amounts specified by
this Agreement, the Indenture or the applicable Indenture Supplement as
constituting Collections and (ii) with respect to any Collateral Certificate
included as part of the Trust Assets, collections allocable to the holder of
such Collateral Certificate pursuant to the applicable Series Supplement for
such Collateral Certificate.

                  "Commercial Obligor" means the corporation, limited liability
company, partnership (general or limited), joint venture, association,
joint-stock company, trust, unincorporated organization, governmental entity or
other entity of similar nature (each, a "commercial entity") who is an Obligor
on the Account Agreement between an Account Owner and such commercial entity.

                  "Commercial Obligor Overconcentration Amount" means, with
respect to any Monthly Period, and with respect to any Commercial Obligor, the
amount of Principal Receivables due from such Commercial Obligor and (without
duplication) its Related Obligors as of the close of business on the last day of
the preceding Monthly Period which, expressed as a percentage of the Pool
Balance, exceeds (a) 1.50% for Commercial Obligors rated below BBB- (including
any private, confidential, estimated or shadow rating) by Standard & Poor's or
not rated by Standard & Poor's or as otherwise consented to by Standard &
Poor's; (b) 2.75% for Commercial Obligors rated from BBB to BBB- (including any
private, confidential, estimated or shadow rating) by Standard & Poor's or as
otherwise consented to by Standard & Poor's; (c) 4.00% for Commercial Obligors
rated from A to BBB+ (including any private, confidential, estimated or shadow
rating) by Standard & Poor's or as otherwise consented to by Standard & Poor's;
and (d) 5.00% for Commercial Obligors rated A+ (including any private,
confidential, estimated or shadow rating) by Standard & Poor's or as otherwise
consented to by Standard & Poor's; provided that other percentages may be used
to the extent Standard & Poor's has confirmed in writing that a Ratings Effect
will not occur in connection therewith. Receivables due from Commercial Obligors
rated AA- or higher (including any private, confidential, estimated or shadow
rating) by Standard & Poor's or as otherwise consented to by Standard & Poor's,
together with Receivables due from their Related Obligors, will be excluded from
the computation of the Commercial Obligor Overconcentration Amount.

                  "Commission" means the United States Securities and Exchange
Commission.

                                       5
<PAGE>

                  "Corporate Trust Office" has the meaning (i) when used in
respect of the Owner Trustee, specified in the Trust Agreement and (ii) when
used in respect of the Indenture Trustee, specified in the Indenture.

                  "Credco" means American Express Credit Corporation, a Delaware
corporation, including any subsidiary thereof, and its permitted successors and
assigns.

                  "Date of Processing" means, with respect to any transaction or
receipt of Collections, the Business Day after such transaction or receipt is
first output in written form under the Servicer's customary and usual servicing
practices, from the Servicer's computer file of accounts comparable to the
Accounts (without regard to the effective date of such recordation).

                  "Default Amount" means for any Monthly Period, the sum of (i)
with respect to Receivables included as part of the Trust Assets, an amount
(which shall not be less than zero) equal to (a) the aggregate amount of
Principal Receivables (other than Ineligible Receivables) which became Defaulted
Receivables in such Monthly Period, minus (b) the aggregate amount of Recoveries
received in such Monthly Period (not to exceed the amount set forth in clause
(a)) in respect of Defaulted Accounts, minus (c) the amount of any Defaulted
Receivables of which a Transferor or the Servicer became obligated to accept
reassignment or assignment in accordance with the terms of this Agreement during
such Monthly Period; provided, however, that if an Insolvency Event occurs with
respect to any Transferor, the amount of such Defaulted Receivables which are
subject to reassignment to such Transferor in accordance with the terms of this
Agreement shall not be added to the sum so subtracted and, if any of the events
described in subsection 9.1(d) occur with respect to the Servicer, the amount of
such Defaulted Receivables which are subject to assignment to the Servicer in
accordance with the terms of this Agreement shall not be added to the sum so
subtracted, and (ii) with respect to any Collateral Certificate included as part
of the Trust Assets, the investor default amount or similar amount allocated to
the holder of the Collateral Certificate for such Monthly Period pursuant to the
applicable Series Supplement for such Collateral Certificate.

                  "Defaulted Account" means any Account that has Defaulted
Receivables.

                  "Defaulted Receivables" means for any Monthly Period, all
Principal Receivables which are charged off as uncollectible in such Monthly
Period in accordance with the Account Guidelines and the Servicer's customary
and usual servicing procedures for servicing receivables comparable to the
Receivables. A Principal Receivable shall become a Defaulted Receivable on the
Date of Processing on which such Principal Receivable is recorded as charged-off
on the Servicer's computer file of Accounts.

                  "Derivative Agreement" has the meaning specified in the
Indenture.

                  "Derivative Counterparty" has the meaning specified in the
Indenture.

                  "Discount Note" has the meaning specified in the Indenture.

                                       6
<PAGE>

                  "Discount Option Date" means initially, the date of this
Agreement and thereafter, each subsequent date on which a Discount Option
Percentage designated by the Transferor pursuant to Section 2.16 takes effect.

                  "Discount Option Percentage" has the meaning specified in
subsection 2.16(a).

                  "Discount Option Receivables" has the meaning specified in
subsection 2.16(a).

                  "Discount Option Receivables Collections" means on any Date of
Processing occurring on or after the initial Discount Option Date, the product
of (i) the Discount Option Percentage and (ii) Collections of Receivables
received on such Date of Processing.

                  "Dollars," "$" or "U.S. $" means United States dollars.

                  "Early Amortization Event" has the meaning specified in the
Indenture, as supplemented with respect to any Series, Class or Tranche of Notes
by the applicable Indenture Supplement.

                  "Eligible Account" means each charge account established
pursuant to an Account Agreement between an Account Owner and any Person, which
meets the following requirements as of the applicable Selection Date:

                  (i)    is a charge account in existence and maintained with an
                         Account Owner;

                  (ii)   is payable in Dollars;

                  (iii)  has not been identified by the Servicer in its computer
                         files as cancelled due to a related Obligor's
                         bankruptcy or insolvency;

                  (iv)   has an Obligor who has provided as his or her most
                         recent billing address an address located in the United
                         States or its territories or possessions or a United
                         States military address; provided, however, that as of
                         such Selection Date, up to 3% of the aggregate amount
                         of Receivables may have related Obligors who have
                         provided as their billing addresses, addresses located
                         outside of such jurisdictions;

                  (v)    if such account is a charge card account, has not been
                         identified as an account with respect to which a
                         related card has been lost or stolen;

                  (vi)   has not been sold or pledged to any other party except
                         for any other Account Owner that either entered into
                         (or, on or prior to the applicable Addition Date, will
                         enter into) a Receivables Purchase Agreement or that is
                         (or, on or prior to the applicable Addition Date, will
                         be) a Transferor;

                  (vii)  does not have any receivables that have been sold or
                         pledged by an Account Owner to any Person other than
                         Credco, TRS or any Transferor; and

                                       7
<PAGE>

                  (viii) does not have receivables that have been written off or
                         that have been identified by the Servicer as having
                         been incurred as a result of the fraudulent use of a
                         related charge card.

                  Nothwithstanding the above requirements, Eligible Accounts may
include accounts, the receivables of which have been written off, or which have
been identified by the Servicer in its computer files as cancelled due to a
related Obligor's bankruptcy or insolvency, in each case as of the related
Selection Date; provided that (i) the balance of all receivables included in
such accounts is reflected on the books and records of the related Account Owner
(and is treated for purposes of this Agreement) as "zero" and (ii) borrowing and
charging privileges with respect to all such accounts have been cancelled in
accordance with the Account Guidelines applicable thereto.

                  "Eligible Collateral Certificate" means a Collateral
Certificate that has been duly authorized by the applicable Transferor and
validly issued by the applicable Master Trust and is entitled to the benefits of
the applicable Pooling and Servicing Agreement and with respect to which the
representations and warranties made in subsections 2.4(a), (d), (e), (f), (g)
and (h) are true and correct in all material respects.

                  "Eligible Deposit Account" has the meaning specified in the
Indenture.

                  "Eligible Institution" has the meaning specified in the
Indenture.

                  "Eligible Investments" has the meaning specified in the
Indenture.

                  "Eligible Receivable" means each Receivable:

                  (i)    which has arisen in an Eligible Account;

                  (ii)   which was created in compliance in all material
                         respects with all Requirements of Law applicable to the
                         Account Owner of such Eligible Account and pursuant to
                         an Account Agreement which complies in all material
                         respects with all Requirements of Law applicable to
                         such Account Owner, in either case, the failure to
                         comply with which would have an Adverse Effect;

                  (iii)  with respect to which all material consents, licenses,
                         approvals or authorizations of, or registrations or
                         declarations with, any Governmental Authority required
                         to be obtained, effected or given in connection with
                         the creation of such Receivable or the execution,
                         delivery and performance by the applicable Account
                         Owner of the Account Agreement pursuant to which such
                         Receivable was created, have been duly obtained,
                         effected or given and are in full force and effect;

                  (iv)   as to which, immediately prior to the transfer of such
                         Receivable to the Trust, the applicable Transferor has
                         good and marketable title thereto, free and clear of
                         all Liens (other than any Lien for municipal or other
                         local taxes of a Transferor or an Account Owner if such
                         taxes are not then due and payable or if such
                         Transferor or such Account Owner is then contesting the
                         validity thereof in good faith by appropriate
                         proceedings and has set aside on its books and records
                         adequate reserves with respect thereto);

                                       8
<PAGE>

                  (v)    which has been the subject of either a valid transfer
                         and assignment from a Transferor to the Trust of all
                         such Transferor's right, title and interest therein
                         (including any proceeds thereof), or the grant of a
                         first-priority perfected security interest therein (and
                         in the proceeds thereof), effective until the
                         termination of the Trust;

                  (vi)   which is the legal, valid and binding payment
                         obligation of an Obligor thereon, enforceable against
                         such Obligor in accordance with its terms, except as
                         such enforceability may be limited by applicable
                         bankruptcy, insolvency, reorganization, moratorium or
                         other similar laws, now or hereafter in effect,
                         affecting the enforcement of creditors' rights in
                         general and except as such enforceability may be
                         limited by general principles of equity (whether
                         considered in a suit at law or in equity);

                  (vii)  which, at the time of transfer to the Trust, has not
                         been waived or modified except as permitted in
                         accordance with the Account Guidelines and which waiver
                         or modification is reflected in the Servicer's computer
                         file of Accounts;

                  (viii) which, at the time of transfer to the Trust, is not
                         subject to any right of rescission, setoff,
                         counterclaim or any other defense (including defenses
                         arising out of violations of usury laws) of an Obligor,
                         other than defenses arising out of applicable
                         bankruptcy, insolvency, reorganization, moratorium or
                         other similar laws affecting the enforcement of
                         creditors' rights in general;

                  (ix)   as to which, at the time of transfer to the Trust, the
                         Transferor thereof has satisfied all its obligations
                         required to be satisfied by such time;

                  (x)    as to which, at the time of transfer to the Trust, none
                         of the Transferor, any Account Owner, Credco or TRS, as
                         the case may be, has taken any action which would
                         impair, or omitted to take any action the omission of
                         which would impair, the rights of the Trust or the
                         Noteholders therein; and

                  (xi)   which constitutes an "account" or a "general
                         intangible" under and as defined in Article 9 of the
                         UCC as then in effect in any jurisdiction where the
                         filing of a financing statement is then required to
                         perfect the Trust's interest in such Receivable.

                  "Eligible Servicer" means TRS, Centurion, FSB or the Indenture
Trustee or, if none of TRS, Centurion, FSB or the Indenture Trustee is acting as
Servicer, an entity which, at the time of its appointment as Servicer, (a) is
servicing a portfolio of charge or credit accounts, (b) is legally qualified and
has the capacity to service the Accounts, (c) in the sole determination of the
Indenture Trustee, which determination shall be conclusive and binding, has
demonstrated the ability to service professionally and competently a portfolio
of similar accounts in accordance with high standards of skill and care, (d) is
qualified to use the software that is then being used to service the Accounts or
obtains the right to use or has its own software which is adequate to perform
its duties under this Agreement and (e) has a net worth of at least $50,000,000
as of the end of its most recent fiscal quarter.

                                       9
<PAGE>

                  "Event of Default" has the meaning specified in the Indenture.

                  "Excess Funding Account" has the meaning specified in the
Indenture.

                  "Excess Funding Amount" means, at any time, the aggregate
amount on deposit in the Excess Funding Account.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                  "Execution Date" means May 19, 2005.

                  "Finance Charge Collections" means for any Monthly Period, the
sum of (i) with respect to Receivables included as part of the Trust Assets, all
Collections received by the Servicer on behalf of the Issuer of Finance Charge
Receivables, (ii) with respect to any Collateral Certificate included as part of
the Trust Assets, collections of finance charge receivables allocable to the
holder of the Collateral Certificate for such Monthly Period pursuant to the
applicable Series Supplement for such Collateral Certificate, (iii) any amounts
received by the Issuer which are designated as Finance Charge Collections
pursuant to this Agreement, the Indenture or any Indenture Supplement for such
Monthly Period and (iv) the amount of investment earnings (net of losses and
investment expenses), if any, on amounts on deposit in the Collection Account,
the Overconcentration Account and the Excess Funding Account for such Monthly
Period.

                  "Finance Charge Receivables" means the aggregate amount of
Discount Option Receivables.

                  "First Note Transfer Date" means for any Monthly Period, the
earliest Note Transfer Date for any Series, Class or Tranche of Notes in such
Monthly Period.

                  "Fitch" means Fitch, Inc., or its successor.

                  "Floating Allocation Percentage" has, with respect to any
Outstanding Series of Notes, the meaning specified in the related Indenture
Supplement for such Series.

                  "FSB" means American Express Bank, FSB, a federal savings
bank, and its permitted successors and assigns.

                  "Governmental Authority" means the United States of America,
any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

                                       10
<PAGE>

                  "Increase Date" means any date on which the Invested Amount of
an existing Collateral Certificate is increased pursuant to Section 2.11 or
2.12.

                  "Indenture" means the Amended and Restated Indenture, dated as
of March [__], 2006, between the Issuer and the Indenture Trustee, as the same
may be amended, supplemented or otherwise modified from time to time.

                  "Indenture Supplement" has the meaning specified in the
Indenture.

                  "Indenture Trustee" means The Bank of New York, in its
capacity as indenture trustee under the Indenture, its successors in interest
and any successor indenture trustee under the Indenture.

                  "Ineligible Collateral Certificate" has the meaning specified
in subsection 2.6(b).

                  "Ineligible Receivables" has the meaning specified in
subsection 2.6(b).

                  "Initial Account" means each charge account established
pursuant to an Account Agreement between an Account Owner and any Person, which
account is identified in the computer file or microfiche list delivered to the
Issuer and the Indenture Trustee on the Execution Date by the Transferor
pursuant to Section 2.1.

                  "Initial Cut Off Date" means April 24, 2005.

                  "Insolvency Event" has the meaning specified in Section 8.1.

                  "Invested Amount" has, with respect to any Collateral
Certificate, the meaning specified in the applicable Series Supplement for such
Collateral Certificate.

                  "Investor Certificate" has the meaning specified in the
applicable Pooling and Servicing Agreement.

                  "Issuance Date" means each date on which a Series, Class or
Tranche of Notes is issued.

                  "Issuer" has the meaning specified in the first paragraph of
this Agreement.

                  "Issuer Accounts" means, collectively, the Excess Funding
Account, the Collection Account, the Overconcentration Account and any
Supplemental Issuer Account, including any Sub-Accounts thereof.

                  "Issuer Rate Fees" shall mean all issuer rate fees payable to
an Account Owner in connection with cardholder charges for goods or services
with respect to the Receivables.

                  "Issuer Tax Opinion" has the meaning specified in the
Indenture.

                  "Legal Maturity Date" has, for any Note, the meaning specified
in the related Indenture Supplement.

                                       11
<PAGE>

                  "Lien" means any security interest, mortgage, deed of trust,
pledge, hypothecation, assignment, deposit arrangement, equity interest,
encumbrance, lien (statutory or other), preference, participation interest,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever, including any conditional sale or other title retention
agreement, or any financing lease having substantially the same economic effect
as any of the foregoing; provided, however, that any assignment permitted by
Section 3.02 of the Trust Agreement or Section 6.2 or Section 6.5 and the lien
created by the Original Transfer Agreement or this Agreement shall not be deemed
to constitute a Lien; provided further, however, that the lien created in favor
of the Indenture Trustee under the Original Indenture or the Indenture shall not
be deemed to constitute a Lien.

                  "Master Trust" has the meaning specified in the Indenture.

                  "Master Trust Servicer" means the entity responsible for the
servicing obligations under the applicable Pooling and Servicing Agreement.

                  "Master Trust Tax Opinion" has the meaning specified in the
Indenture.

                  "Master Trust Transferor" means the entity acting as
transferor under the applicable Pooling and Servicing Agreement.

                  "Master Trust Trustee" means the entity acting as trustee
under the applicable Pooling and Servicing Agreement.

                  "Monthly Noteholders' Statement" has the meaning specified in
the Indenture.

                  "Monthly Interest" has, for any Series of Notes, the meaning
specified in the related Indenture Supplement.

                  "Monthly Period" has the meaning specified in the Indenture.

                  "Monthly Servicer's Certificate" means the certificate
delivered by the Servicer as described in subsection 4.3(b) in substantially the
form specified in the related Indenture Supplement.

                  "Moody's" means Moody's Investors Service, Inc., or its
successor.

                  "New Account" means each charge account established pursuant
to an Account Agreement between an Account Owner and any Person, which account
is designated pursuant to subsection 2.13(d) to be included as an Account and
identified in the computer file or microfiche list delivered to the Issuer and
the Indenture Trustee by a Transferor pursuant to Section 2.1 and subsection
2.13(e).

                  "New Account Assignment" has the meaning specified in
subsection 2.13(e)(vi).

                  "New Account Delivery Date" means, with respect to any New
Account, the fifteenth calendar day of the month (or, if such 15th calendar day
is not a Business Day, the next succeeding Business Day) following the Monthly
Period in which the Addition Date for such New Account occurs.

                                       12
<PAGE>

                  "Nominal Liquidation Amount" has, with respect to any Series,
Class or Tranche of Notes, the meaning specified in the applicable Indenture
Supplement for such Series, Class or Tranche.

                  "Nominal Liquidation Amount Deficit" has, with respect to any
Series, Class or Tranche of Notes, the meaning specified in the applicable
Indenture Supplement for such Series, Class or Tranche.

                  "Note" or "Notes" has the meaning specified in the Indenture.

                  "Note Owner" has the meaning specified in the Indenture.

                  "Note Rating Agency" means, with respect to any Outstanding
Notes, each nationally recognized statistical rating agency selected by the
Transferor to rate such Notes as specified in the applicable Indenture
Supplement for such Notes.

                  "Note Rating Agency Condition" means, with respect to any
action, that each Note Rating Agency shall have notified the Transferor, the
Servicer, the Owner Trustee and the Indenture Trustee in writing that such
action will not result in a reduction or withdrawal of the then existing rating
of any outstanding Series, Class or Tranche of Notes with respect to which it is
a Note Rating Agency; provided, however, that if such Series, Class or Tranche
of Notes has not been rated, the Note Rating Agency Condition with respect to
any such action shall either be defined in the applicable Indenture Supplement
or shall not apply.

                  "Note Register" has the meaning specified in the Indenture.

                  "Note Registrar" has the meaning specified in the Indenture.

                  "Note Transfer Date" means the Business Day prior to the
Payment Date for a Series, Class or Tranche of Notes.

                  "Noteholder" or "Holder" has the meaning specified in the
Indenture.

                  "Notice Date" has the meaning specified in subsection
2.13(c)(i).

                  "Notices" has the meaning specified in subsection 12.5(a).

                  "Obligor" means, with respect to any Account, the Person or
Persons obligated to make payments with respect to such Account, including any
guarantor thereof, but excluding any merchant.

                  "Officer's Certificate" has the meaning specified in the
Indenture.

                  "Opinion of Counsel" has the meaning specified in the
Indenture.

                  "Outstanding" has the meaning specified in the Indenture.

                                       13
<PAGE>

                  "Outstanding Dollar Principal Amount" has the meaning
specified in the Indenture.

                  "Overconcentration Account" has the meaning specified in the
Indenture.

                  "Owner Trustee" means Wilmington Trust Company, not in its
individual capacity, but solely as owner trustee under the Trust Agreement, its
successors in interest and any successor owner trustee under the Trust
Agreement.

                  "Paying Agent" has the meaning specified in the Indenture.

                  "Payment Date" has the meaning specified in the Indenture.

                  "Payment Instruction" has the meaning specified in the
Indenture.

                  "Person" has the meaning specified in the Indenture.

                  "Pool Balance" means, for any Monthly Period, the sum of (i)
the aggregate amount of Principal Receivables as of the close of business on the
last day of such Monthly Period, (ii) the sum of the Invested Amount of each
Collateral Certificate as of the close of business on the last day of such
Monthly Period and (iii) the Excess Funding Amount as of the close of business
on the last day of such Monthly Period.

                  "Pooling and Servicing Agreement" has the meaning specified in
the Indenture.

                  "Prefunding Excess Amount" has, with respect to any Series,
Class or Tranche of Notes, the meaning specified in the applicable Indenture
Supplement for such Series, Class or Tranche.

                  "Principal Allocation Percentage" has, with respect to any
Outstanding Series of Notes, the meaning specified in the related Indenture
Supplement for such Series.

                  "Principal Collections" means, for any Monthly Period, the sum
of (i) with respect to Receivables, all Collections other than those designated
as Finance Charge Collections for such Monthly Period, (ii) with respect to any
Collateral Certificate, all collections of principal receivables, including
Collateral Certificate Principal Shortfall Payments, allocable to the holder of
such Collateral Certificate for such Monthly Period pursuant to the applicable
Series Supplement for such Collateral Certificate and (iii) the amount of funds
withdrawn from the Excess Funding Account for such Monthly Period which are
required to be deposited into the Collection Account and treated as Principal
Collections in accordance with Section 3.6.

                  "Principal Funding Account" has, with respect to any Series,
Class or Tranche of Notes, the meaning specified in the applicable Indenture
Supplement for such Series, Class or Tranche.

                  "Principal Receivables" means, for any date of determination,
all Receivables other than Finance Charge Receivables.

                                       14
<PAGE>

                  "Principal Shortfalls" has the meaning specified in the
applicable Series Supplement for a Collateral Certificate.

                  "Proposed Principal Shortfall Amount" has the meaning
specified in Section 3.12.

                  "Ratings Effect" has the meaning specified in the Indenture.

                  "Reallocation Group" means all Reallocation Series that have
the same Reallocation Group designation.

                  "Reallocation Series" means a Series that, pursuant to the
Indenture Supplement therefor, will share certain Finance Charge Collections or
other specified amounts with other Series in the same Reallocation Group, as
more specifically specified in such Indenture Supplement.

                  "Reassignment" has the meaning specified in subsection
2.14(b).

                  "Reassignment Amount" means, with respect to the Receivables
or a particular Collateral Certificate subject to reassignment pursuant to
Section 2.7, for any First Note Transfer Date, the sum of (i)(a) an amount equal
to the outstanding principal balance of such Receivables as of the last day of
the prior Monthly Period or (b) the Invested Amount of such Collateral
Certificate, and (ii) accrued and unpaid interest through the related Payment
Date on Notes with an outstanding principal amount equal to the applicable
amount specified in clause (i), which interest shall be determined based on the
applicable note interest rates of each such Series, Class or Tranche of Notes
through the related Payment Date of such Series, Class or Tranche.

                  "Receivables" means all amounts shown on the Servicer's
records as amounts payable by an Obligor on any Account from time to time,
including amounts payable for Principal Receivables and Finance Charge
Receivables. Receivables that become Defaulted Receivables will cease to be
included as Receivables as of the day on which they become Defaulted
Receivables.

                  "Receivables Purchase Agreement" means (i) any receivables
purchase agreement entered into between an Account Owner and TRS for the sale of
receivables which TRS then sells to a Transferor and (ii) any receivables
purchase agreement entered into between a Transferor and an Account Owner for
the sale of receivables which such Transferor then transfers to the Trust.

                  "Receivables Servicing Fee" means for any Monthly Period,
one-twelfth of the product of (i) the Servicing Fee Percentage for such Monthly
Period and (ii) the aggregate amount of Principal Receivables as of the close of
business on the last day of the prior Monthly Period.

                  "Record Date" has the meaning specified in the Indenture.

                  "Recoveries" shall mean all Recoveries as defined in the
related Receivables Purchase Agreement that are paid to a Transferor as provided
in the related Receivables Purchase Agreement.

                                       15
<PAGE>

                  "Registered Note" has the meaning specified in the Indenture.

                  "Registered Noteholder" has the meaning specified in the
Indenture.

                  "Regulation AB" means Subpart 229.1100 - Asset Backed
Securities (Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be
amended from time to time, and subject to such clarification and interpretation
as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.
7, 2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.

                  "Reinvestment Amount" means, for any Monthly Period, an amount
equal to (i) the sum of (a) the Principal Collections for such Monthly Period,
(b) the Finance Charge Collections and similar amounts applied with respect to
the Default Amount and the Nominal Liquidation Amount Deficit, if any, for all
Series of Notes for such Monthly Period, (c) Collateral Certificate Principal
Shortfall Payments for such Monthly Period, (d) the portion of the Prefunding
Excess Amount, if any, paid to the Issuer pursuant to the applicable Indenture
Supplement for such Monthly Period, (e) any amounts withdrawn from the
Overconcentration Account and deposited into the Principal Funding Accounts for
all Series of Notes with respect to such Monthly Period or paid to Noteholders
with respect to such Monthly Period, (f) Dollar payments which will be received
under Derivative Agreements with respect to principal for such Monthly Period,
and (g) the aggregate amount of the accretion of principal on all Discount Notes
for such Monthly Period paid pursuant to the applicable Indenture Supplement,
minus (ii) the sum of (a) the aggregate principal amount deposited into the
Principal Funding Accounts for all Series of Notes with respect to such Monthly
Period or paid to Noteholders with respect to such Monthly Period, and (b) the
aggregate amount of Principal Collections reallocated to pay the Monthly
Interest and the Servicing Fee for such Monthly Period.

                  "Related Account" means each Account with respect to which a
new account number has been issued by the applicable Account Owner or the
Servicer (i) in compliance with the Account Guidelines and the related Account
Agreement, (ii) to the same Obligor or Obligors of such Account, and (iii) (a)
as a result of the charge card with respect to such Account being lost or
stolen; (b) as a result of the related Obligor requesting a change in his or her
billing cycle; (c) as a result of the related Obligor requesting the
discontinuance of responsibility with respect to such Account; (d) as a result
of the related Obligor requesting a product change; or (e) for any other reasons
permitted by the Account Guidelines; provided that such Account can be traced or
identified by reference to or by way of the code designation in the
securitization field of such Account, which code designation is contained in the
computer or other records of the applicable Account Owner or TRS used to
generate the computer files or microfiche lists delivered to the Indenture
Trustee pursuant to Article II.

                  "Related Agreements" means, with respect to any Series, Class
or Tranche of Notes, collectively, this Agreement, the Indenture, any applicable
Indenture Supplement and the Trust Agreement.

                  "Related Obligor" means, with respect to any Commercial
Obligor, any Obligor who is an employee of such Commercial Obligor who has
charging privileges.

                                       16
<PAGE>

                  "Remaining Series Available Principal Collections Shortfall"
has, with respect to any Series of Notes, the meaning specified in the
applicable Indenture Supplement for such Series of Notes.

                  "Removal Date" has the meaning specified in subsection
2.14(a)(i).

                  "Removal Notice Date" has the meaning specified in subsection
2.14(a)(i).

                  "Removed Accounts" has the meaning specified in Section 2.14.

                  "Required Overconcentration Account Amount" means, for any
Monthly Period, an amount equal to the product of (i) the Commercial Obligor
Overconcentration Amount as of the close of business on the last day of such
Monthly Period, (ii) the sum of the aggregate Floating Allocation Percentages
for all Series of Notes and (iii) (a) 100% for any Commercial Obligors rated
below BBB- by Standard & Poor's (including any private, confidential, estimated
or shadow rating) or not rated by Standard & Poor's or as otherwise consented to
by Standard & Poor's or (b) 75% for any Commercial Obligors rated BBB- or above
(including any private, confidential, estimated or shadow rating) by Standard &
Poor's or as otherwise consented to by Standard & Poor's.

                  "Required Pool Balance" means, for any Monthly Period, the sum
of (i) for all Notes in their Revolving Period, the sum of the Nominal
Liquidation Amounts of such Notes as of the close of business on the last day of
such Monthly Period and (ii) for all Notes in their Amortization Period, the sum
of the Nominal Liquidation Amounts of such Notes as of the close of business on
the last day of the most recent Revolving Period for each of such Notes
(exclusive of (a) any Notes that will be paid in full on the applicable Payment
Date in the following Monthly Period and (b) any Notes that will have a Nominal
Liquidation Amount of zero on the applicable Payment Date in the following
Monthly Period).

                  "Required Transferor Amount" means, for any Monthly Period,
the product of (i) the Principal Receivables as of the close of business on the
last day of such Monthly Period and (ii) the Required Transferor Amount
Percentage.

                  "Required Transferor Amount Percentage" means 15% or such
other percentage as shall be designated from time to time by the Transferor;
provided, however, that prior to designating any lesser percentage, the
Transferor shall have provided to the Indenture Trustee an Issuer Tax Opinion
and written confirmation from each Note Rating Agency that such designation
shall not have a Ratings Effect.

                  "Requirements of Law" means any law, treaty, rule or
regulation, or determination of an arbitrator or Governmental Authority, whether
federal, state or local (including usury laws, the Federal Truth in Lending Act
and Regulation B and Regulation Z of the Board of Governors of the Federal
Reserve System), and, when used with respect to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of such
Person.

                                       17
<PAGE>

                  "Revolving Credit Agreement" means the RFC V Revolving Credit
Agreement, as the same may be amended, supplemented or otherwise modified from
time to time, and any substantially similar agreement entered into between any
lender and a Transferor.

                  "Revolving Period" has, with respect to any Series, Class or
Tranche of Notes, the meaning specified in the applicable Indenture Supplement
with respect to such Series, Class or Tranche.

                  "RFC V" means American Express Receivables Financing
Corporation V LLC, a Delaware limited liability company, and its permitted
successors and assigns.

                  "RFC V Revolving Credit Agreement" means the Revolving Credit
Agreement by and between TRS and RFC V, dated as of May 19, 2005, as such
agreement may be amended from time to time in accordance therewith, or any
substantially similar agreement entered into between any lender and RFC V.

                  "Sarbanes Certification" shall have the meaning specified in
Section 13.4.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Securitization Transaction" shall mean any new issuance of a
Series, Class or Tranche of Notes, pursuant to Section 4.10 of the Indenture,
whether publicly offered or privately placed, rated or unrated.

                  "Selection Date" means (i) (a) with respect to each Initial
Account with the code designation "AA," the close of business on the cycle
billing date for such Account occurring in the Monthly Period beginning October
2, 2004 and ending at the close of business on October 29, 2004 and (b) with
respect to each Initial Account with the code designation "5," the close of
business on the cycle billing date for such Account occurring in the Monthly
Period beginning March 18, 2004 and ending at the close of business on April 14,
2004, (ii) with respect to each Aggregate Addition Account, the date specified
as such in the notice delivered with respect thereto pursuant to subsection
2.13(c) and (iii) with respect to each New Account, the date on which such New
Account is originated.

                  "Series" means, with respect to any Notes, the series
specified in the applicable Indenture Supplement.

                  "Series Available Finance Charge Collections Shortfall" has,
with respect to any Series of Notes, the meaning specified in the applicable
Indenture Supplement for such Series of Notes.

                  "Series Available Principal Collections Shortfall" has, with
respect to any Series of Notes, the meaning specified in the applicable
Indenture Supplement for such Series of Notes.

                  "Series Supplement" has the meaning specified in the
Indenture.

                  "Service Transfer" has the meaning specified in Section 9.1.

                                       18
<PAGE>

                  "Servicer" means TRS, in its capacity as servicer pursuant to
this Agreement, and, after any Service Transfer, the Successor Servicer.

                  "Servicer Default" has the meaning specified in Section 9.1.

                  "Servicing Criteria" means mean the "servicing criteria" set
forth in Item 1122(d) of Regulation AB, as such may be amended from time to
time.

                  "Servicing Fee" has the meaning specified in subsection
3.4(a).

                  "Servicing Fee Percentage" means 2.00%.

                  "Servicing Officer" means any officer of the Servicer or an
attorney-in-fact of the Servicer who in either case is involved in, or
responsible for, the administration and servicing of the Receivables and whose
name appears on a list of servicing officers furnished to the Transferor and the
Indenture Trustee by the Servicer, as such list may from time to time be
amended.

                  "Servicing Participant" means the Servicer, any Subservicer or
any Person that participates in any of the servicing functions specified in Item
1122(d) of Regulation AB with respect to the Receivables. For the avoidance of
doubt, subject to Section 13.1, the term "Servicing Participant" shall not
include the Owner Trustee or the Indenture Trustee.

                  "Servicing Party" shall have the meaning specified in Section
13.6(a).

                  "Shared Excess Available Finance Charge Collections" has, with
respect to any Series of Notes, the meaning specified in the applicable
Indenture Supplement for such Series of Notes.

                  "Shared Excess Available Finance Charge Collections Group" has
the meaning specified in the Indenture.

                  "Shared Excess Available Principal Collections" has, with
respect to any Series of Notes, the meaning specified in the applicable
Indenture Supplement for such Series of Notes.

                  "Shared Excess Available Principal Collections Group" has the
meaning specified in the Indenture.

                  "Small Balances" has the meaning established in accordance
with the Account Guidelines.

                  "Standard & Poor's" means Standard & Poor's Ratings Services,
or its successor.

                  "Stated Principal Amount" has the meaning specified in the
Indenture.

                  "Sub-Account" has the meaning specified in the Indenture.

                  "Subservicer" shall mean any Person that services the
Receivables on behalf of the Servicer or any Subservicer and is responsible for
the performance (whether directly or through Subservicers or Servicing
Participants) of a substantial portion of the material servicing functions
required to be performed by the Servicer under this Agreement that are
identified in Item 1122(d) of Regulation AB. For the avoidance of doubt, subject
to Section 13.1, the term "Subservicer" shall not include the Owner Trustee or
the Indenture Trustee.

                                       19
<PAGE>

                  "Successor Servicer" has the meaning specified in subsection
9.2(a).

                  "Supplemental Credit Enhancement" means any Supplemental
Credit Enhancement Agreement or Supplemental Liquidity Agreement entered into
between the Trust and the applicable Supplemental Credit Enhancement Provider or
Supplemental Liquidity Provider.

                  "Supplemental Credit Enhancement Agreement" has the meaning
specified in the Indenture.

                  "Supplemental Credit Enhancement Provider" has the meaning
specified in the Indenture.

                  "Supplemental Issuer Account" has the meaning specified in the
Indenture.

                  "Supplemental Liquidity Agreement" has the meaning specified
in the Indenture.

                  "Supplemental Liquidity Provider" has the meaning specified in
the Indenture.

                  "Surviving Entity" has the meaning specified in subsection
6.2(a).

                  "Termination Notice" has the meaning specified in Section 9.1.

                  "Terms Document" has the meaning specified in the Indenture.

                  "Tranche" has the meaning specified in the Indenture.

                  "Transaction Document" means the Trust Agreement, the
applicable Pooling and Servicing Agreement, the applicable Series Supplement,
this Agreement, the Indenture or the related Indenture Supplement, as
applicable.

                  "Transfer Restriction Event" has the meaning specified in
Section 2.15.

                  "Transferor" means (a) RFC V or its successors under this
Agreement and (b) any Additional Transferor or Additional Transferors.
References to "each Transferor" shall refer to each entity mentioned in the
preceding sentence and references to "the Transferor" shall refer to all of such
entities.

                  "Transferor Amount" means, for any Monthly Period, an amount,
not less than zero, equal to (i) the Pool Balance for such Monthly Period minus
(ii) the aggregate Nominal Liquidation Amount of all Notes as of close of
business on the last day of such Monthly Period.

                  "Transferor Interest" means an interest having such rights as
are set forth in this Agreement and the other Transaction Documents, including
the right to receive amounts specified in this Agreement, the Indenture or any
Indenture Supplement to be distributed to the holders of the Transferor
Interest; provided that, as used herein and in any Indenture Supplement,
"Transferor Interest" shall mean either the uncertificated interest in the
Transferor Interest or, if the Transferor elects to evidence its interest in the
Transferor Interest in certificated form, a certificate executed and delivered
by the Issuer and authenticated by the Owner Trustee substantially in the form
of Exhibit B to the Trust Agreement.

                                       20
<PAGE>

                  "Transferor Percentage" means, for any Monthly Period, 100%
minus (a) the sum of the aggregate Principal Allocation Percentages or (b) the
sum of the aggregate Floating Allocation Percentages, as applicable, for all
Series of Notes with respect to Principal Collections, Finance Charge
Collections, the Servicing Fee or the Default Amount, as applicable.

                  "TRS" means American Express Travel Related Services Company,
Inc., a New York corporation, and its permitted successors and assigns.

                  "Trust" has the meaning specified in the first paragraph of
this Agreement.

                  "Trust Agreement" means the Amended and Restated Trust
Agreement relating to the Trust, dated as of March [__], 2006, between the
Transferor and the Owner Trustee, as the same may be amended, supplemented or
otherwise modified from time to time.

                  "Trust Assets" has the meaning specified in subsection 2.1(a).

                  "Trust Indenture Act" has the meaning specified in the
Indenture.

                  "UCC" means the Uniform Commercial Code, as amended from time
to time, as in effect in the relevant jurisdiction.

Section 1.2.      Other Definitional Provisions.

                  (a) The terms defined in this Article have the meanings
assigned to them in this Article, and, along with any other term defined in any
Section of this Agreement, include the plural as well as the singular.

                  (b) With respect to any Series of Notes, all terms used herein
and not otherwise defined herein shall have meanings ascribed to them in the
applicable Transaction Document.

                  (c) All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

                  (d) As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
otherwise defined in this Agreement or in any such certificate or other
document, and accounting terms partly defined in this Agreement or in any such
certificate or other document to the extent not defined, shall have the
respective meanings assigned to them in accordance with generally accepted
accounting principles and, except as otherwise herein expressly provided, the
term "generally accepted accounting principles" with respect to any computation
required or permitted hereunder means such accounting principles as are
generally accepted in the United States of America at the date of such
computation.

                                       21
<PAGE>

                  (e) The agreements, representations and warranties of RFC V in
this Agreement in its capacity as a Transferor shall be deemed to be the
agreements, representations and warranties of each such entity solely in such
capacity for so long as such entity acts in such capacity under this Agreement.
The agreements, representations and warranties of TRS in this Agreement in its
capacity as the Servicer shall be deemed to be the agreements, representations
and warranties of such entity solely in such capacity for so long as such entity
acts in such capacity under this Agreement.

                  (f) Any reference to each Note Rating Agency shall only apply
to any specific rating agency if such rating agency is then rating any
Outstanding Series, Class or Tranche of Notes.

                  (g) Unless otherwise specified, references to any amount as on
deposit or outstanding on any particular date shall mean such amount at the
close of business on such day.

                  (h) The words "hereof," "herein," "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; references to any
subsection, Section, Schedule or Exhibit are references to subsections,
Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified; and the term "including" means "including without limitation." Unless
the context otherwise requires, terms used herein that are defined in the UCC
and not otherwise defined herein shall have the meanings set forth in the UCC.

                               [END OF ARTICLE I]

                                       22
<PAGE>

                                   ARTICLE II

                                  TRUST ASSETS

                  Section 2.1. Conveyance of Trust Assets.

                  (a) By execution of this Agreement, each Transferor does
hereby transfer, assign, set over and otherwise convey to the Trust, without
recourse except as provided herein, all of its right, title and interest in, to
and under (i) the Receivables existing at the close of business on the Initial
Cut Off Date, in the case of Receivables arising in the Initial Accounts
(including Related Accounts with respect to such Initial Accounts), and
thereafter created from time to time in such Accounts until the termination of
the Trust, (ii) the Receivables existing at the close of business on each
applicable Addition Cut Off Date, in the case of Receivables arising in the
Additional Accounts (including Related Accounts with respect to such Additional
Accounts), and thereafter created from time to time in the Accounts until the
termination of the Trust, (iii) each Collateral Certificate as of each
applicable Addition Date, (iv) the Recoveries allocable to the Trust as provided
in this Agreement, (v) all monies due and to become due with respect to all of
the foregoing, (vi) all amounts received with respect to all of the foregoing
and (vii) all proceeds thereof, but excluding any Issuer Rate Fees allocable to
such Receivables. Each Transferor does hereby further transfer, assign, set over
and otherwise convey to the Trust all of its rights, remedies, powers,
privileges and claims under or with respect to any related Receivables Purchase
Agreement (whether arising pursuant to the terms of such Receivables Purchase
Agreement or otherwise). The property described in the two preceding sentences,
together with all monies and other property on deposit in or credited to the
Issuer Accounts established pursuant to this Agreement and each Indenture
Supplement, the rights of the Trust under this Agreement and the Trust Agreement
and the property conveyed to the Trust under this Agreement and any Series
Supplement shall constitute the assets of the Trust (the "Trust Assets"). The
foregoing does not constitute and is not intended to result in the creation or
assumption by the Trust, the Owner Trustee, the Indenture Trustee or any
Noteholder of any obligation of the Servicer, any Transferor, Credco, any
Account Owner or any other Person in connection with the Trust Assets or under
any agreement or instrument relating thereto, including any obligation to
Obligors, merchants clearance systems or insurers.

                  (b) Each Transferor agrees to record and file, at its own
expense, financing statements (and amendments to such financing statements when
applicable) with respect to the Trust Assets conveyed by such Transferor meeting
the requirements of applicable state law in such manner and in such
jurisdictions as are necessary to perfect, and maintain the perfection of, the
transfer, assignment, set-over or other conveyance of its interest in such Trust
Assets to the Trust, and to deliver a file-stamped copy of each such financing
statement or amendment or other evidence of such filing to the Owner Trustee and
the Indenture Trustee as soon as practicable after (i) the Execution Date, in
the case of Trust Assets relating to the Initial Accounts, and (ii) if any
additional filing is so necessary, the applicable Addition Date, in the case of
Trust Assets relating to Additional Accounts or Collateral Certificates. Neither
the Owner Trustee nor the Indenture Trustee shall be under any obligation
whatsoever to file such financing statements or amendments to financing
statements or to make any other filing under the UCC in connection with such
transfer, assignment, set-over or other conveyance.

                                       23
<PAGE>

                  (c) Each Transferor further agrees, at its own expense, on or
prior to (i) the Execution Date, in the case of the Initial Accounts, (ii) the
applicable Addition Date, in the case of Additional Accounts or Collateral
Certificates and (iii) the applicable Removal Date, in the case of Removed
Accounts, with respect to such Transferor, to indicate in the appropriate
computer files that Receivables created (or reassigned, in the case of Removed
Accounts) in connection with such Accounts and such Collateral Certificates have
been conveyed to the Trust pursuant to this Agreement (or conveyed to such
Transferor or its designee in accordance with Section 2.14, in the case of
Removed Accounts) by including (or deleting, in the case of Removed Accounts) in
the securitization field of such computer files the code "AA" or "5," as
applicable, in the case of the Initial Accounts and, in the case of Additional
Accounts, a similar code designation that shall be specified in the Account
Assignment related thereto. Each Transferor further agrees not to alter the code
referenced in this paragraph with respect to any Account during the term of this
Agreement unless and until such Account becomes a Removed Account.

                  (d) Each Transferor further agrees, at its own expense, on or
prior to (a) the date that is five Business Days after the Execution Date, in
the case of the Initial Accounts, (b) the date that is five Business Days after
the applicable Addition Date, in the case of Aggregate Addition Accounts, (c)
the applicable New Account Delivery Date, in the case of New Accounts and (d)
the applicable Removal Date, in the case of Removed Accounts, to deliver to the
Issuer and the Indenture Trustee one or more computer files or microfiche lists
containing a true and complete list of all such Accounts, specifying for each
such Account, as of the Initial Cut Off Date, in the case of the Initial
Accounts, as of the applicable Addition Cut Off Date, in the case of Additional
Accounts, and as of the applicable Removal Date, in the case of Removed
Accounts, its account number and the aggregate amount outstanding in such
Account. Such computer files or microfiche lists also shall specify that the
Receivables arising in each such Account have been transferred to the Trust.
Each such file or list, as supplemented from time to time to reflect Related
Accounts, Additional Accounts and Removed Accounts, shall be marked as Schedule
1 to this Agreement and is hereby incorporated into and made a part of this
Agreement. Schedule 1 shall be updated not later than semiannually, beginning
October 2005, to include any new Related Accounts.

                  (e) Each Transferor further agrees, at its own expense, on or
prior to the date that is five Business Days after the applicable Addition Date,
in the case of Collateral Certificates, to deliver to the Issuer and the
Indenture Trustee one or more schedules containing a true and complete list of
all Collateral Certificates. Each such schedule, as supplemented from time to
time to reflect Collateral Certificates, shall be marked as Schedule 2 to this
Agreement and is hereby incorporated into and made a part of this Agreement.
Each Transferor further agrees (i) with respect to each Collateral Certificate
in certificated form, to cause the Issuer to acquire possession in the State of
New York or the State of Delaware of the related security certificate, endorsed
to the Issuer, or in blank by an effective endorsement, or registered in the
name of the Issuer upon original issue or registration of transfer by the issuer
of such Collateral Certificate, and (ii) with respect to each Collateral
Certificate in uncertificated form, to cause the issuer of such Collateral
Certificate to register the Issuer as the registered owner of such Collateral
Certificate.

                                       24
<PAGE>

                  (f) To the extent that a Transferor retains any interest in
the Trust Assets, such Transferor hereby grants to the Trust and the Indenture
Trustee a first priority perfected security interest in all of such Transferor's
right, title and interest, whether now owned or hereafter acquired, in, to and
under the Trust Assets and all proceeds thereof, to secure such Transferor's
obligations hereunder. This Agreement shall constitute a security agreement
under applicable law.

                  Section 2.2. Acceptance by Issuer

                  (a) The Issuer hereby acknowledges its acceptance of all
right, title and interest to the Trust Assets conveyed to the Trust pursuant to
Section 2.1. The Issuer further acknowledges that, prior to or simultaneously
with the execution and delivery of this Agreement, the Transferor delivered to
the Issuer and the Indenture Trustee Schedule 1 identifying the Initial
Accounts.

                  (b) The Owner Trustee and the Trust each hereby agrees (and
the Indenture Trustee shall, pursuant to the Indenture, agree) not to disclose
to any Person any of the account numbers or other information contained in the
computer files or microfiche lists marked as Schedule 1 and delivered to the
Issuer and the Indenture Trustee from time to time except (i) to a Successor
Servicer or as required by a Requirement of Law applicable to the Owner Trustee
or the Trust, (ii) in connection with the performance of the Owner Trustee's or
the Trust's duties hereunder, (iii) to the Indenture Trustee in connection with
its duties in enforcing the rights of Noteholders and in connection with its
duties under this Agreement and the Indenture or (iv) to bona fide creditors or
potential creditors of any Account Owner or any Transferor for the limited
purpose of enabling any such creditor to identify Receivables or Accounts
subject to this Agreement or the Receivables Purchase Agreements. The Owner
Trustee and the Trust each agrees to take such measures as shall be reasonably
requested by any Account Owner or any Transferor to protect and maintain the
security and confidentiality of such information and, in connection therewith,
shall allow each Account Owner and each Transferor or their duly authorized
representatives to inspect the Owner Trustee's security, data protection and
confidentiality arrangements from time to time during normal business hours upon
prior written notice. The Owner Trustee and the Trust shall provide the
applicable Account Owner and the applicable Transferor with notice 15 Business
Days prior to disclosure of any information of the type described in this
subsection 2.2(b).

                  (c) The Owner Trustee shall have no power to create, assume or
incur indebtedness or other liabilities in the name of the Trust other than as
contemplated in any Related Agreement.

                  Section 2.3. Representations and Warranties of Each Transferor
Relating to Such Transferor. Each Transferor hereby severally represents and
warrants to the Trust (and agrees that the Owner Trustee and the Indenture
Trustee may rely on each such representation and warranty in accepting the
Receivables and Collateral Certificates in trust under this Agreement or the
Indenture, as applicable, and in authenticating the Notes) as of the Execution
Date and each Issuance Date (but only if it was a Transferor on such date and
only if it was a party to the applicable Related Agreement on such date) that:

                                       25
<PAGE>

                  (a) Organization and Good Standing. Such Transferor is an
entity validly existing under the laws of the jurisdiction of its organization
or incorporation and has, in all material respects, full power and authority to
own its properties and conduct its business as presently owned or conducted, and
to execute, deliver and perform its obligations under this Agreement, each
applicable Receivables Purchase Agreement, if any, each applicable Pooling and
Servicing Agreement, if any, and each applicable Series Supplement, if any.

                  (b) Due Qualification. Such Transferor is duly qualified to do
business and is in good standing and has obtained all necessary licenses and
approvals, in each jurisdiction in which failure to so qualify or to obtain such
licenses and approvals would (i) render any Account Agreement relating to an
Account specified herein or any Receivable or any Collateral Certificate
conveyed by such Transferor to the Trust unenforceable by such Transferor, the
Servicer, the Indenture Trustee or the Owner Trustee and (ii) have a material
adverse effect on any Noteholders; provided, however, that no Transferor makes
any representation or warranty with respect to any qualifications, licenses or
approvals that the Indenture Trustee or the Owner Trustee would have to obtain
to do business in any state in which the Indenture Trustee or the Owner Trustee
seeks to enforce any Receivable or any Collateral Certificate.

                  (c) Due Authorization. The execution and delivery by such
Transferor of this Agreement, each applicable Receivables Purchase Agreement, if
any, each applicable Pooling and Servicing Agreement, if any, and each
applicable Series Supplement, if any, and the order to the Indenture Trustee to
have the Notes authenticated and delivered and the consummation by such
Transferor of the transactions provided for in this Agreement, each applicable
Receivables Purchase Agreement, if any, each applicable Pooling and Servicing
Agreement, if any, and each applicable Series Supplement, if any, have been duly
authorized by such Transferor by all necessary corporate action on the part of
such Transferor.

                  (d) No Conflict. The execution and delivery by such Transferor
of this Agreement, each applicable Receivables Purchase Agreement, if any, each
applicable Pooling and Servicing Agreement, if any, and each applicable Series
Supplement, if any, and the performance by such Transferor of the transactions
contemplated by this Agreement, each applicable Receivables Purchase Agreement,
if any, each applicable Pooling and Servicing Agreement, if any, and each
applicable Series Supplement, if any, and the fulfillment by such Transferor of
the terms hereof and thereof applicable to such Transferor, will not conflict
with or violate any Requirements of Law applicable to such Transferor or
conflict with, result in any breach of any of the material terms and provisions
of, or constitute (with or without notice or lapse of time or both) a material
default under, any indenture, contract, agreement, mortgage, deed of trust or
other instrument to which such Transferor is a party or by which it or its
properties are bound.

                  (e) No Proceedings. There are no proceedings or
investigations, pending or, to the best knowledge of such Transferor, threatened
against such Transferor before any Governmental Authority (i) asserting the
invalidity of this Agreement, any applicable Receivables Purchase Agreement, any
applicable Pooling and Servicing Agreement or any applicable Series Supplement,
(ii) seeking to prevent the consummation of any of the transactions contemplated
by this Agreement, any applicable Receivables Purchase Agreement, any applicable
Pooling and Servicing Agreement or any applicable Series Supplement, (iii)
seeking any determination or ruling that, in the reasonable judgment of such
Transferor, would materially and adversely affect the performance by such
Transferor of its obligations under this Agreement, any applicable Receivables
Purchase Agreement, any applicable Pooling and Servicing Agreement or any
applicable Series Supplement, (iv) seeking any determination or ruling that
would materially and adversely affect the validity or enforceability of this
Agreement, any applicable Receivables Purchase Agreement, any applicable Pooling
and Servicing Agreement or any applicable Series Supplement or (v) seeking to
affect adversely the income or franchise tax attributes of the Trust under the
United States federal or any state income or franchise tax systems.

                                       26
<PAGE>

                  (f) All Consents. All authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority
required to be obtained, effected or given by such Transferor in connection with
the execution and delivery by such Transferor of this Agreement, each applicable
Receivables Purchase Agreement, if any, each applicable Pooling and Servicing
Agreement, if any, and each applicable Series Supplement, if any, and the
performance of the transactions contemplated by this Agreement, each applicable
Receivables Purchase Agreement, if any, each applicable Pooling and Servicing
Agreement, if any, and each applicable Series Supplement, if any, by such
Transferor have been duly obtained, effected or given and are in full force and
effect.

                  Section 2.4. Representations and Warranties of Each
Transferor. Each Transferor hereby severally represents and warrants to the
Issuer, the Indenture Trustee and the Owner Trustee (but, in each case, only if
it was a Transferor on such date and only if it was a party to the applicable
Related Agreement on such date) that:

                  (a) as of the Execution Date and each Issuance Date, each of
this Agreement, each applicable Receivables Purchase Agreement, if any, each
applicable Pooling and Servicing Agreement, if any, and each applicable Series
Supplement, if any, constitutes a legal, valid and binding obligation of such
Transferor, enforceable against such Transferor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally from time to time in effect or general principles of
equity.

                  (b) as of the applicable Addition Date with respect to
Additional Accounts, each of this Agreement and each applicable Receivables
Purchase Agreement, if any, constitutes a legal, valid and binding obligation of
such Transferor, enforceable against such Transferor in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally from time to time in effect or general principles of
equity;

                  (c) as of the applicable Addition Date with respect to
Additional Accounts, the related Account Assignment constitutes a legal, valid
and binding obligation of such Transferor, enforceable against such Transferor
in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors' rights generally from time to time in effect or
general principles of equity;

                                       27
<PAGE>

                  (d) as of the applicable Addition Date with respect to any
Collateral Certificate, each of this Agreement, any applicable Pooling and
Servicing Agreement, any applicable Series Supplement and the related
Certificate Assignment constitutes a legal, valid and binding obligation of such
Transferor, enforceable against such Transferor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally from time to time in effect or general principles of
equity;

                  (e) as of each Increase Date, each of this Agreement, any
applicable Pooling and Servicing Agreement and any applicable Series Supplement,
constitutes a legal, valid and binding obligation of such Transferor,
enforceable against such Transferor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors' rights
generally from time to time in effect or general principles of equity;

                  (f)     (A) as of the Execution Date, with respect to the
Initial Accounts (and the Receivables arising therein), the portion of Schedule
1 to this Agreement under such Transferor's name, as supplemented to such date,
is, as of the Initial Cut Off Date, an accurate and complete listing in all
material respects of the Initial Accounts, the Receivables in which were
transferred by such Transferor as of the Execution Date;

                           (B) as of the applicable Addition Date, with respect
         to Aggregate Addition Accounts (and the Receivables arising therein),
         the portion of Schedule 1 to this Agreement under such Transferor's
         name, as supplemented to such date, is, as of the related Addition Cut
         Off Date, an accurate and complete listing in all material respects of
         such Aggregate Addition Accounts, the Receivables in which were
         transferred by such Transferor as of the applicable Addition Date;

                           (C) as of the applicable New Account Delivery Date,
         with respect to New Accounts (and the Receivables arising therein), the
         portion of Schedule 1 to this Agreement under such Transferor's name,
         as supplemented to such date, is, as of the related Addition Cut Off
         Date, an accurate and complete listing in all material respects of such
         New Accounts, the Receivables in which were transferred by such
         Transferor as of the applicable Addition Date; and

                           (D) as of the applicable Addition Date, with respect
         to Collateral Certificates, the portion of Schedule 2 to this Agreement
         under such Transferor's name, as supplemented to such date, is, as of
         such Addition Date, an accurate and complete listing in all material
         respects of each Collateral Certificate transferred to the Trust after
         the Execution Date that remains outstanding, including any Collateral
         Certificate transferred as of an Addition Date;

         and, in each case, the information contained therein with respect to
         the identity of such Accounts and the Receivables existing thereunder
         as of the Initial Cut Off Date or such Addition Cut Off Date, as the
         case may be, or with respect to the identity of such Collateral
         Certificate as of such Addition Date, is, in each case, true and
         correct in all material respects;

                                       28
<PAGE>

                  (g) as of the Execution Date, each Issuance Date and each
applicable Addition Date, the Receivables or the Collateral Certificates
conveyed by such Transferor to the Trust have been conveyed free and clear of
any Lien (other than as permitted by clause (iv) of the term "Eligible
Receivable");

                  (h) as of (A) the Execution Date, with respect to the Initial
Accounts (and the Receivables arising therein), (B) the applicable Addition
Date, with respect to Additional Accounts (and the Receivables arising therein),
(C) the applicable Addition Date, with respect to a Collateral Certificate and
(D) the applicable Increase Date, with respect to an increase in the Invested
Amount of an existing Collateral Certificate, all authorizations, consents,
orders or approvals of or registrations or declarations with any Governmental
Authority required to be obtained, effected or given by such Transferor in
connection with the conveyance by such Transferor of such Receivables or
Collateral Certificates or the increase of the Invested Amount of any existing
Collateral Certificate have been duly obtained, effected or given and are in
full force and effect;

                  (i) as of (A) the Execution Date, (B) each Issuance Date, (C)
the applicable Addition Date with respect to Additional Accounts (and the
Receivables arising therein), (D) the applicable Addition Date with respect to a
Collateral Certificate and (E) the applicable Increase Date with respect to an
increase in the Invested Amount of an existing Collateral Certificate, subject,
in each case pertaining to proceeds, to Section 9-315 of the UCC, and further
subject to any Liens permitted by clause (iv) of the term "Eligible Receivable,"
each of this Agreement, the related Account Assignment (in the case of
Additional Accounts) and the related Certificate Assignment (in the case of
Collateral Certificates) or any increased Invested Amount of an existing
Collateral Certificate (a) constitutes a valid transfer and assignment to the
Trust of all right, title and interest of such Transferor in the Receivables,
any additional Collateral Certificate or any increased Invested Amount of an
existing Collateral Certificate, as applicable, conveyed to the Trust by such
Transferor and the proceeds and Recoveries thereof, or (b) constitutes a grant
of a first-priority security interest (as defined in the applicable UCC) in such
property to the Trust, which security interest is prior to all other Liens, and
is enforceable as such against creditors of and purchasers from such Transferor
and which, in the case of existing Receivables and the proceeds and Recoveries
thereof, is enforceable upon execution and delivery of this Agreement, or with
respect to then existing Receivables in Additional Accounts or additional
Collateral Certificates, as of the applicable Addition Date, or, with respect to
any increased Invested Amount of an existing Collateral Certificate, as of the
applicable Increase Date, and which will be enforceable with respect to such
Receivables hereafter and thereafter created and the proceeds and Recoveries
thereof upon such creation;

                  (j) as of (A) the Execution Date with respect to the Initial
Accounts (and the Receivables arising therein), (B) the applicable Addition Date
with respect to Aggregate Addition Accounts (and the Receivables arising
therein), (C) the applicable Addition Date with respect to a Collateral
Certificate and (D) the applicable Increase Date with respect to an increase in
the Invested Amount of an existing Collateral Certificate, such Transferor has
caused or will have caused within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
such property granted to the Issuer under this Agreement and upon the filing of
all such appropriate financing statements, the Issuer will have a first priority
perfected security or ownership interest in such property and proceeds;

                                       29
<PAGE>

                  (k) as of (A) the Execution Date with respect to the Initial
Accounts (and the Receivables arising therein), (B) the applicable Addition Date
with respect to Additional Accounts (and the Receivables arising therein), (C)
the applicable Addition Date with respect to a Collateral Certificate and (D)
the applicable Increase Date with respect to an increase in the Invested Amount
of an existing Collateral Certificate, other than the security interest granted
to the Trust pursuant to this Agreement or any other security interest that has
been terminated, such Transferor has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed such property; such Transferor has
not authorized the filing of and is not aware of any financing statements
against such Transferor that include a description of collateral covering such
property other than any financing statement relating to the security interest
granted to the Trust hereunder or that has been terminated; and such Transferor
is not aware of any judgment or tax lien filings against such Transferor;

                  (l) as of (A) the applicable Increase Date with respect to an
existing Collateral Certificate which is to have its Invested Amount increased
on such date and (B) each Addition Date with respect to a Collateral
Certificate, such existing Collateral Certificate or additional Collateral
Certificate, as applicable, constitutes a "certificated security," an
"uncertificated security," an "instrument," an "account" or a "general
intangible," in each case within the meaning of the applicable UCC; such
Transferor has in its possession all original copies of each certificate that
constitutes or evidences such existing Collateral Certificate or additional
Collateral Certificate, as applicable; the certificates that constitute or
evidence such existing Collateral Certificate or additional Collateral
Certificate do not have any marks or notations indicating that they have been
pledged, assigned or otherwise conveyed to any Person other than the Trust; and
all financing statements filed or to be filed against such Transferor in favor
of the Trust in connection herewith describing such existing Collateral
Certificate or additional Collateral Certificate, as applicable, contain a
statement to the following effect: "A purchase of or security interest in any
collateral described in this financing statement will violate the rights of the
Trust";

                  (m) as of the applicable Addition Date with respect to a
Collateral Certificate, such Collateral Certificate is an Eligible Collateral
Certificate;

                  (n) as of the applicable Selection Date, each Initial Account
and each applicable Additional Account is an Eligible Account;

                  (o) as of (A) the applicable Selection Date with respect to
each Receivable contained in the Initial Accounts conveyed to the Trust by such
Transferor on the Execution Date, (B) the applicable Selection Date with respect
to each Receivable contained in the related Additional Accounts to be conveyed
to the Trust by such Transferor on such Addition Date and (C) each Issuance Date
with respect to all Receivables contained in Accounts which have been conveyed
to the Trust by such Transferor and each new Receivable subsequently conveyed to
the Trust by such Transferor, such Receivable constitutes an "account" or a
"general intangible" within the meaning of the applicable UCC;

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<PAGE>

                  (p) as of (A) the Selection Date with respect to each
Receivable contained in the Initial Accounts conveyed to the Trust by such
Transferor on the Execution Date, (B) the applicable Selection Date with respect
to each Receivable contained in the related Additional Accounts to be conveyed
to the Trust by such Transferor on the applicable Addition Date and (C) the date
of the creation of any new Receivable conveyed to the Trust by such Transferor,
such Receivable is an Eligible Receivable;

                  (q) as of (A) the Execution Date with respect to the Initial
Accounts and (B) the applicable Addition Date with respect to Additional
Accounts, no selection procedures believed by such Transferor to be materially
adverse to the interests of the Noteholders have been used in selecting the
Initial Accounts or any Additional Accounts, as applicable; and

                  (r) on each applicable Increase Date, the existing Collateral
Certificate which is to have its Invested Amount increased is an Eligible
Collateral Certificate.

                  Section 2.5. Notice of Breach. The representations and
warranties set forth in Section 2.3 and Section 2.4 shall survive the transfers
and assignments of the Trust Assets to the Trust, the pledge of the Receivables
and the Collateral Certificates to the Indenture Trustee pursuant to the
Indenture, and the issuance of the Notes. Upon discovery by any Transferor, the
Servicer, the Indenture Trustee or the Owner Trustee of a breach of any of the
representations and warranties set forth in Section 2.3 or Section 2.4, the
party discovering such breach shall give prompt written notice to the other
parties following such discovery.

                  Section 2.6. Transfer of Ineligible Receivables and Ineligible
Collateral Certificates.

                  (a) Reassignment of Collateral. In the event (i) any
representation or warranty contained in subsection 2.4(f), (g), (h), (m), (n),
(o), (p), (q) or (r) of this Agreement is not true and correct in any material
respect as of the date specified therein with respect to any Receivable, any
Collateral Certificate or the related Account and such breach has a material
adverse effect on any Noteholders unless cured within 60 days (or such longer
period, not in excess of 120 days, as may be agreed to by the Indenture Trustee
and the Servicer) after the earlier to occur of the discovery thereof by the
Transferor that conveyed such Receivable or Collateral Certificate to the Trust
or receipt by such Transferor of written notice thereof given by the Indenture
Trustee, the Owner Trustee or the Servicer, or (ii) it is so provided in
subsection 2.9(a) with respect to any Receivables conveyed to the Trust by such
Transferor, then such Transferor shall accept reassignment of the Ineligible
Receivables or the Ineligible Collateral Certificates on the terms and
conditions set forth in paragraph (b) below.

                  (b) Procedures for Removal. When the provisions of subsection
2.6(a) above require (i) the removal of a Receivable, the applicable Transferor
shall accept reassignment of such Receivable (each such Receivable, an
"Ineligible Receivable") by directing the Servicer to deduct the principal
balance of each such Ineligible Receivable from the Pool Balance and to decrease
the Transferor Amount by the principal balance of such Ineligible Receivable or
(ii) the removal of a Collateral Certificate, the Indenture Trustee and the
Issuer shall deliver such Collateral Certificate (each such Collateral
Certificate, an "Ineligible Collateral Certificate") to the applicable
Transferor with a valid assignment in the name of such Transferor and direct the
Servicer to deduct the Invested Amount of each such Ineligible Collateral
Certificate from the Pool Balance and to decrease the Transferor Amount by the
Invested Amount of each such Ineligible Collateral Certificate. On and after the
date of such removal, the principal balance of each Ineligible Receivable and
the Invested Amount of each Ineligible Collateral Certificate shall be deducted
from the Pool Balance and the Transferor Amount. In the event that the exclusion
of an Ineligible Receivable or an Ineligible Collateral Certificate from the
calculation of the Transferor Amount and the Pool Balance would cause the
Transferor Amount to be reduced below the Required Transferor Amount or the Pool
Balance to be reduced below the Required Pool Balance, the Transferor who
conveyed such Ineligible Receivable or Ineligible Collateral Certificate shall
immediately, but in no event later than 1:00 p.m., New York City time, on the
first Payment Date following the Monthly Period in which such reassignment
obligation arises, make a deposit in the Excess Funding Account in immediately
available funds in an amount equal to the greater of the amount by which (x) the
Transferor Amount would be reduced below the Required Transferor Amount or (y)
the Pool Balance would be reduced below the Required Pool Balance.

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<PAGE>

                  Upon reassignment of any Ineligible Receivable or Ineligible
Collateral Certificate, the Indenture Trustee and the Trust shall automatically
and without further action transfer, assign, set-over and otherwise convey to
the applicable Transferor or its designee, without recourse, representation or
warranty, all the right, title and interest of the Indenture Trustee and the
Trust in and to such Ineligible Receivable or Ineligible Collateral Certificate,
all Recoveries related thereto, all monies and amounts due or to become due and
all proceeds thereof and such reassigned Ineligible Receivable or Ineligible
Collateral Certificate shall be treated by the Indenture Trustee and the Trust
as collected in full as of the date on which it was reassigned. The obligation
of each Transferor to accept reassignment of any Ineligible Receivable or
Ineligible Collateral Certificate conveyed to the Trust by such Transferor, and
to make the deposits, if any, required to be made to the Excess Funding Account
as provided in this Section 2.6, shall constitute the sole remedy respecting the
event giving rise to such obligation available to the Trust or the Noteholders
(or the Indenture Trustee on behalf of the Noteholders). The Trust shall execute
such documents and instruments of transfer or assignment and take such other
actions as shall reasonably be requested and provided by the applicable
Transferor to effect the conveyance of such Ineligible Receivable or Ineligible
Collateral Certificate pursuant to this subsection 2.6(b), but only upon receipt
of an Officer's Certificate from such Transferor that states that all conditions
set forth in this Section 2.6 have been satisfied.

                  Section 2.7. Reassignment of Trust Assets. (a) In the event
any representation or warranty of a Transferor set forth in subsection 2.3(a) or
(c) or subsection 2.4(a), (b), (c), (d), (e) or (i) of this Agreement is not
true and correct in any material respect and such breach has a material adverse
effect on the Receivables or a particular Collateral Certificate conveyed to the
Trust by such Transferor or the availability of the proceeds thereof to the
Trust then, either the Owner Trustee, the Indenture Trustee or Noteholders
evidencing more than 50% of the aggregate unpaid principal amount of all
Outstanding Notes, by notice then given to the applicable Transferor, the
Administrator and the Servicer (and to the Owner Trustee and the Indenture
Trustee, if given by the Noteholders), may direct such Transferor to accept a
reassignment of the Receivables and/or any such Collateral Certificate conveyed
to the Trust by such Transferor pursuant to this Agreement, if such breach and
any material adverse effect caused by such breach is not cured within 60 days of
such notice (or within such longer period as may be specified in such notice),
and upon those conditions such Transferor shall be obligated to accept such
reassignment on the terms set forth below; provided, however, that the affected
Receivables and the affected Collateral Certificates will not be reassigned to
such Transferor if, on any day during such applicable period the relevant
representation and warranty shall be true and correct in all material respects
as if made on such day. The applicable Transferor shall deposit the portion of
the Reassignment Amount attributable to the applicable Receivables and
Collateral Certificates in the Collection Account to be treated (i) in
connection with amounts determined under clause (a) of the definition of
"Reassignment Amount," as Principal Collections for each Series of Notes and
(ii) in connection with the amounts determined under clause (b) of the
definition of "Reassignment Amount," as Finance Charge Collections for each
Series of Notes, in either case, in immediately available funds not later than
1:00 p.m., New York City time, on the First Note Transfer Date following the
Monthly Period in which such reassignment obligation arises, in payment for such
reassignment.

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<PAGE>

                  (b) If the Owner Trustee, the Indenture Trustee or the
Noteholders give notice directing the applicable Transferor to accept a
reassignment of any Receivables or any Collateral Certificate as provided above,
the obligation of such Transferor to accept such reassignment pursuant to this
Section 2.7 and to make the deposit required to be made to the Collection
Account for each Series of Notes as provided in this Section 2.7 shall
constitute the sole remedy respecting an event of the type specified above in
this Section 2.7 available to the Noteholders (or the Indenture Trustee on
behalf of the Noteholders). Upon reassignment of the affected Receivables and
any affected Collateral Certificate on the First Note Transfer Date following
the Monthly Period in which such obligation arises, the Indenture Trustee and
the Trust shall automatically and without further action transfer, assign,
set-over and otherwise convey to the applicable Transferor, without recourse,
representation or warranty, all the right, title and interest of the Indenture
Trustee and the Trust in and to the affected Receivables and affected Collateral
Certificates, all Recoveries allocable thereto, all monies and amounts due or to
become due with respect thereto and all proceeds thereof (and any costs or
expenses incurred by the Indenture Trustee in connection with such reassignment
shall be reimbursed by the applicable Transferor). The Indenture Trustee and the
Trust shall execute such documents and instruments of transfer or assignment and
take such other actions as shall reasonably be requested by the applicable
Transferor to effect the conveyance of such property pursuant to this
Section 2.7.

                  Section 2.8. Additional Transferors. The Transferor may
designate Affiliates of the Transferor to be included as Transferors (each, an
"Additional Transferor") under this Agreement in an amendment hereto pursuant to
subsection 12.1(a) and, in connection with such designation, such Transferor
shall (i) if the Transferor Interest is evidenced in uncertificated form, direct
the Owner Trustee to register in the books and records of the Trust such
Additional Transferor's interest in the Transferor Interest or (ii) if the
Transferor Interest is evidenced in certificated form, surrender such
certificate to the Owner Trustee in exchange for a newly issued certificate
modified to reflect such Additional Transferor's interest in the Transferor
Interest; provided, however, that each Additional Transferor shall agree in such
amendment hereto to assume all of the duties and obligations of a Transferor
hereunder; and provided further that prior to any such designation and exchange,
(i) the Owner Trustee shall have received an Issuer Tax Opinion, (ii) the Note
Rating Agency Condition shall have been satisfied, (iii) the Master Trust
Trustee shall have received the Master Trust Tax Opinion, if applicable, and
(iv) any additional conditions to the transfer of a Beneficial Interest provided
in Section 3.02 of the Trust Agreement shall have been satisfied.

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<PAGE>

                  Section 2.9. Covenants of Each Transferor. Each Transferor
hereby severally covenants that:

                  (a) Receivables Not To Be Evidenced by Promissory Notes.
Except in connection with its enforcement or collection of an Account, such
Transferor will take no action to cause any Receivable conveyed by it to the
Trust to be evidenced by any instrument (as defined in the UCC) and, if any such
Receivable is so evidenced as a result of any action taken by such Transferor,
it shall be deemed to be an Ineligible Receivable in accordance with subsection
2.7(a) and shall be reassigned to such Transferor in accordance with subsection
2.7(b).

                  (b) Security Interests. Except for the conveyances hereunder,
such Transferor will not sell, pledge, assign or transfer to any other Person,
or grant, create, incur, assume or suffer to exist any Lien (except as permitted
by clause (iv) of the definition of the term "Eligible Receivable") on any
Receivable or Collateral Certificate conveyed by it to the Trust whether now
existing or hereafter created, or any interest therein; and such Transferor
shall defend the right, title and interest of the Trust and the Indenture
Trustee in, to and under the Receivables and any Collateral Certificate, whether
now existing or hereafter created, against all claims of third parties claiming
through or under such Transferor.

                  (c) Transferor Interest. Except for (i) the conveyances
hereunder, in connection with any transaction permitted by subsection 6.2(a)(i)
and as provided in Section 2.8 of this Agreement and Section 4.04 of the Trust
Agreement or (ii) conveyances with respect to which the Note Rating Agency
Condition shall have been satisfied and an Issuer Tax Opinion shall have been
delivered to the Indenture Trustee and the Owner Trustee, such Transferor
agrees, to the fullest extent permitted by applicable law, not to transfer,
sell, assign, exchange or otherwise convey or pledge, hypothecate or otherwise
grant a security interest in the Transferor Interest and any such attempted
transfer, assignment, exchange, conveyance, pledge, hypothecation, grant or sale
shall be void. Nothing contained in this subsection 2.9(c) shall be interpreted
to prohibit or in any way limit any Transferor's ability to grant to another
Person a participation interest in the Transferor Interest upon the delivery to
the Indenture Trustee and the Owner Trustee of an Issuer Tax Opinion; provided
that any transfer by a Transferor of all or any part of its right, title and
interest in and to the Transferor Interest to Credco will not require delivery
of an Issuer Tax Opinion.

                  (d) Delivery of Collections or Recoveries. In the event that
such Transferor receives Collections or Recoveries, such Transferor agrees to
pay the Servicer all such Collections and Recoveries as soon as practicable
after receipt thereof.

                  (e) Notice of Liens. Such Transferor shall notify the Owner
Trustee and the Indenture Trustee promptly after becoming aware of any Lien
(except as permitted by clause (iv) of the definition of the term "Eligible
Receivable") on any Receivable or Collateral Certificate conveyed by it to the
Trust other than the conveyances hereunder and under the Indenture.

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<PAGE>

                  (f) Account Agreements and Guidelines. Each Transferor that is
an Account Owner covenants that it shall comply with and perform its obligations
under the Account Agreements relating to the Accounts and the Account Guidelines
and all applicable rules and regulations of such Transferor except insofar as
any failure to comply or perform would not materially and adversely affect the
rights of the Trust or the Noteholders; provided, however, the applicable
Transferor may change the terms and provisions of the applicable Account
Agreements or the applicable Account Guidelines in any respect (including the
calculation of the amount, or the timing, of charge-offs and other fees to be
assessed thereon) only if such change (i) would not, in the reasonable belief of
such applicable Transferor, cause an Early Amortization Event or Event of
Default to occur, and (ii) is made applicable to any comparable segment of the
charge accounts owned by such applicable Transferor which have characteristics
the same as, or substantially similar to, the Accounts that are the subject of
such change, except as otherwise restricted by an endorsement, sponsorship, or
other agreement between such applicable Transferor and an unrelated third party
or by the terms of the Account Agreements.

                  (g) Separate Corporate Existence. Each Transferor that is a
securitization special purpose entity shall:

                      (i) Maintain in full effect its existence, rights and
         franchises as a limited liability company under the laws of the state
         of its formation or as a corporation under the laws of the state of its
         incorporation and will obtain and preserve its qualification to do
         business in each jurisdiction in which such qualification is or shall
         be necessary to protect the validity and enforceability of this
         Agreement and the applicable Receivables Purchase Agreement and each
         other instrument or agreement necessary or appropriate to proper
         administration hereof and to permit and effectuate the transactions
         contemplated hereby.

                      (ii) Except as provided in this Agreement, maintain its
         own deposit, securities and other account or accounts, separate from
         those of any Affiliate of such Transferor, with financial institutions.
         The funds of such Transferor will not be diverted to any other Person
         or for other than the company use of such Transferor, and, except as
         may be expressly permitted by this Agreement or the applicable
         Receivables Purchase Agreement, the funds of such Transferor shall not
         be commingled with those of any other Person.

                      (iii) Ensure that, to the extent that it shares the same
         officers or other employees as any of its members or other Affiliates,
         the salaries of and the expenses related to providing benefits to such
         officers and other employees shall be fairly allocated among such
         entities, and each such entity shall bear its fair share of the salary
         and benefit costs associated with all such common officers and
         employees.

                      (iv) Ensure that, to the extent that it jointly contracts
         with any of its members or other Affiliates to do business with vendors
         or service providers or to share overhead expenses, the costs incurred
         in so doing shall be allocated fairly among such entities, and each
         such entity shall bear its fair share of such costs. To the extent that
         such Transferor contracts or does business with vendors or service
         providers where the goods and services provided are partially for the
         benefit of any other Person, the costs incurred in so doing shall be
         fairly allocated to or among such entities for whose benefit the goods
         and services are provided, and each such entity shall bear its fair
         share of such costs.

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<PAGE>

                      (v) Ensure that all material transactions between such
         Transferor and any of its Affiliates shall be only on an arm's-length
         basis and shall not be on terms more favorable to either party than the
         terms that would be found in a similar transaction involving unrelated
         third parties.

                      (vi) Maintain a principal executive and administrative
         office through which its business is conducted and a telephone number
         separate from those of its members and other Affiliates. To the extent
         that such Transferor and any of its members or other Affiliates have
         offices in contiguous space, there shall be fair and appropriate
         allocation of overhead costs (including rent) among them, and each such
         entity shall bear its fair share of such expenses.

                      (vii) Conduct its affairs strictly in accordance with its
         certificate of formation and limited liability company agreement or its
         certificate of incorporation and bylaws and observe all necessary,
         appropriate and customary company formalities, including, but not
         limited to, holding all regular and special members' and directors'
         meetings appropriate to authorize all action, keeping separate and
         accurate minutes of such meetings, passing all resolutions or consents
         necessary to authorize actions taken or to be taken, and maintaining
         accurate and separate books, records and accounts, including, but not
         limited to, intercompany transaction accounts. Regular members' and
         directors' meetings shall be held at least annually.

                      (viii) Ensure that its board of directors shall at all
         times include at least one Independent Director (for purposes hereof,
         "Independent Director" shall mean any member of the board of directors
         of such Transferor that is not and has not at any time been (x) an
         officer, agent, advisor, consultant, attorney, accountant, employee,
         member or shareholder of any Affiliate of such Transferor which is not
         a special purpose entity, (y) a director of any Affiliate of such
         Transferor other than an independent director of any Affiliate which is
         a special purpose entity or (z) a member of the immediate family of any
         of the foregoing).

                      (ix) Ensure that decisions with respect to its business
         and daily operations shall be independently made by such Transferor
         (although the officer making any particular decision may also be an
         officer or director of an Affiliate of such Transferor) and shall not
         be dictated by an Affiliate of such Transferor.

                      (x) Act solely in its own company name and through its own
         authorized officers and agents, and no Affiliate of such Transferor
         shall be appointed to act as agent of such Transferor. Such Transferor
         shall at all times use its own stationery and business forms and
         describe itself as a separate legal entity.

                      (xi) Other than as provided in the relevant Revolving
         Credit Agreement, ensure that no Affiliate of such Transferor shall
         advance funds or loan money to such Transferor, and no Affiliate of
         such Transferor will otherwise guaranty debts of such Transferor.

                                       36
<PAGE>

                      (xii) Other than organizational expenses and as expressly
         provided herein, pay all expenses, indebtedness and other obligations
         incurred by it using its own funds.

                      (xiii) Not enter into any guaranty, or otherwise become
         liable, with respect to or hold its assets or creditworthiness out as
         being available for the payment of any obligation of any Affiliate of
         such Transferor nor shall such Transferor make any loans to any Person.

                      (xiv) Ensure that any financial reports required of such
         Transferor shall comply with generally accepted accounting principles
         and shall be issued separately from, but may be consolidated with, any
         reports prepared for any of its Affiliates so long as such consolidated
         reports contain footnotes describing the effect of the transactions
         between such Transferor and such Affiliate and also state that the
         assets of such Transferor are not available to pay creditors of the
         Affiliate.

                      (xv) Ensure that at all times it is adequately capitalized
         to engage in the transactions contemplated in its certificate of
         formation and its limited liability company agreement or in its
         certificate of incorporation and bylaws.

                  Section 2.10. Covenants of Each Transferor With Respect to Any
Applicable Receivables Purchase Agreement. Each Transferor, if such Transferor
is a party to a Receivables Purchase Agreement, in its capacity as purchaser of
Receivables from any Account Owner pursuant to any such Receivables Purchase
Agreement, hereby covenants that such Transferor will at all times enforce the
covenants and agreements of any Account Owner in such Receivables Purchase
Agreement, including covenants that the Account Owner shall at all times enforce
the covenants and agreements of it, as the case may be, in any Receivables
Purchase Agreement. Each Transferor further covenants that it will not enter
into any amendment to any Receivables Purchase Agreement to which it is a party,
or enter into a new Receivables Purchase Agreement unless the Note Rating Agency
Condition shall have been satisfied.

                  Section 2.11. Reinvestment in Trust Assets. (a) On each First
Note Transfer Date, the Reinvestment Amount for the immediately preceding
Monthly Period shall be applied in the following order of priority:

                  (i) if the Trust Assets include one or more Collateral
Certificates, the Transferor, on behalf of the Issuer, shall specify the amount
of the Reinvestment Amount to be reinvested in each existing Collateral
Certificate, which amount shall be determined by the Transferor, on behalf of
the Issuer, in its own discretion, and no such reinvestment shall be required;
provided, however, that, subject to the restrictions specified in subsection
2.12(c), the Transferor, on behalf of the Issuer, shall be required to increase
the Invested Amount of an existing Collateral Certificate if Trust Assets are
required to be added pursuant to subsection 2.13(a) and the Transferor elects to
cause to be increased the Invested Amount of one or more existing Collateral
Certificates as specified in such Section (so long as the applicable Series
Supplement allows such reinvestment and the transferor or seller for the related
Master Trust agrees to such reinvestment); and

                                       37
<PAGE>

                  (ii) the remainder of such amounts shall be paid to the
holders of the Transferor Interest; provided, however, that if the Commercial
Obligor Overconcentration Amount is greater than zero (after giving effect to
any additions to or removals from the Trust on or prior to such date), the
excess, if any, of the Required Overconcentration Account Amount with respect to
such Monthly Period over the Available Overconcentration Account Amount with
respect to such Monthly Period shall be deposited by the Servicer into the
Overconcentration Account; and provided further, however, that if the Transferor
Amount for the prior Monthly Period did not equal or exceed the Required
Transferor Amount for the prior Monthly Period or the Pool Balance for such
prior Monthly Period did not equal or exceed the Required Pool Balance for such
prior Monthly Period (after taking into consideration the application of the
Reinvestment Amount, if any, pursuant to this Section 2.11 and after giving
effect to any deposits made or to be made to the Overconcentration Account with
respect to such date), the lesser of (i) such remaining amount and (ii) the
greater of the amount by which (x) the Required Transferor Amount is greater
than the Transferor Amount or (y) the Required Pool Balance is greater than the
Pool Balance, in each case with respect to such prior Monthly Period, shall be
deposited by the Servicer into the Excess Funding Account.

                  (b) Pursuant to this Agreement, each Receivable shall be
transferred to the Trust and pledged to secure the Notes on the day that such
Receivable arises.

                  Section 2.12. Increases in the Invested Amount of an Existing
Collateral Certificate.

                  (a) In addition to the increases described in Section 2.11
above, the applicable Transferor may cause to be increased the Invested Amount
of any existing Collateral Certificate on any Business Day in connection with:

                      (i)  the issuance of an additional Series, Class or
                  Tranche of Notes; or

                      (ii) the increase of the Transferor Amount.

                  (b) In connection with any increase in the Invested Amount of
an existing Collateral Certificate, such increase shall either be funded from
the proceeds of the issuance of an additional Series, Class or Tranche of Notes
or be funded by the applicable Transferor.

                  (c) Notwithstanding any other provision of this Agreement,
with respect to any Monthly Period, the Invested Amount of an existing
Collateral Certificate shall not be increased, including increases pursuant to
Section 2.11 and this Section 2.12, if (i) an Early Amortization Event shall
have occurred with respect to any Notes as a result of a failure to add
Receivables and/or Collateral Certificates to the Trust or a failure to increase
the Invested Amount of an existing Collateral Certificate at a time when the
Pool Balance for the prior Monthly Period is less than the Required Pool Balance
for such prior Monthly Period and (ii) increasing the Invested Amount of or
reinvesting in an existing Collateral Certificate would result in a reduction in
the allocation percentage applicable for principal collections for such existing
Collateral Certificate.

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<PAGE>

                  Section 2.13. Addition of Trust Assets.

                  (a) Required Additions.

                      (i) If, at the end of any Monthly Period, (a) the
         Transferor Amount for such Monthly Period and for the prior Monthly
         Period is less than the Required Transferor Amount for each such
         Monthly Period or (b) the Pool Balance for such Monthly Period is less
         than the Required Pool Balance for such Monthly Period, the Transferor
         shall (1) transfer Receivables in Aggregate Addition Accounts to the
         Trust, (2) transfer one or more Collateral Certificates to the Trust or
         (3) cause to be increased the Invested Amount of one or more existing
         Collateral Certificates pursuant to Section 2.11 or Section 2.12 in a
         sufficient amount such that, after giving effect to such addition or
         increase, the Transferor Amount for such Monthly Period is at least
         equal to the Required Transferor Amount for such Monthly Period and the
         Pool Balance is at least equal to the Required Pool Balance for such
         Monthly Period.

                      Any transfer of Receivables in any Aggregate Addition
         Accounts to the Trust and/or any transfer of Collateral Certificates to
         the Trust and/or any increase in the Invested Amount of one or more
         existing Collateral Certificates shall occur on or before the thirtieth
         Business Day following the end of such Monthly Period. The failure of
         the Transferor to increase the Transferor Amount or the Pool Balance as
         provided in this clause (i) solely as a result of the unavailability to
         the Transferor of a sufficient amount of Receivables and/or Collateral
         Certificates and/or the inability to cause to be increased the Invested
         Amount of one or more existing Collateral Certificates shall not
         constitute a breach of this Agreement; provided that any such failure
         which has not been timely cured (as specified in the related Indenture
         Supplement) may nevertheless result in the occurrence of an Early
         Amortization Event with respect to each Series for which, pursuant to
         the Indenture Supplement therefor, a failure by the Transferor to
         convey additional Trust Assets to the Trust or cause to be increased
         the Invested Amount of an existing Collateral Certificate by the day on
         which it is required to do so pursuant to this subsection 2.13(a)
         constitutes an "Early Amortization Event" (as defined in such Indenture
         Supplement).

                      (ii) Any Aggregate Addition Accounts or Collateral
         Certificates designated to be included as part of the Trust Assets
         pursuant to clause (i) above may only be so included if the applicable
         conditions specified in subsection (c) below have been satisfied.

                  (b) Permitted Aggregate Additions, Additional Collateral
Certificates and Increases in the Invested Amount of Existing Collateral
Certificates. In addition to its obligation under subsection 2.13(a), each
Transferor may, but shall not be obligated to, subject to the conditions in
paragraph (c) below, (i) cause to be designated from time to time Receivables in
Aggregate Addition Accounts to be included as part of the Trust Assets and/or
additional Collateral Certificates to be included as part of the Trust Assets
and (ii) cause to be increased the Invested Amount of an existing Collateral
Certificate. Such additional Trust Assets shall be transferred to the Trust on
the Addition Date or the Increase Date, as applicable.

                                       39
<PAGE>

                  (c) Conditions to Aggregate Additions and Additional
Collateral Certificates. On each Addition Date with respect to any Aggregate
Addition Accounts and/or additional Collateral Certificates, the applicable
Receivables in Aggregate Addition Accounts (and such Aggregate Addition Accounts
shall be Accounts for purposes of this Agreement) or the applicable Collateral
Certificate shall be designated as additional Trust Assets, subject to the
satisfaction of the following conditions (which shall not apply with respect to
any increase in the Invested Amount of any existing Collateral Certificate
except as specified in clause (i) below):

                      (i) on or before the eighth Business Day prior to the
         Addition Date or Increase Date, as applicable (the "Notice Date"), the
         applicable Transferor shall have delivered to the Owner Trustee, the
         Indenture Trustee, the Servicer, the other Transferors, if any, and
         each Note Rating Agency written notice (unless such notice requirement
         is otherwise waived) that the Receivables in Aggregate Addition
         Accounts and/or additional Collateral Certificates will be transferred
         to the Trust or an increased Invested Amount of an existing Collateral
         Certificate will be included as part of the Trust Assets (the latter
         notice requirement shall only apply to increases made pursuant to
         subsection 2.13(a); provided, however, that notice shall be delivered
         to the Owner Trustee and the Indenture Trustee in connection with any
         increase in the Invested Amount of an existing Collateral Certificate),
         which notice shall specify, as applicable, (x) the approximate
         aggregate amount of the Principal Receivables to be transferred to the
         Trust (y) the Invested Amount of the additional Collateral Certificates
         to be transferred to the Trust and (z) the amount by which the Invested
         Amount of an existing Collateral Certificate is to be increased, as
         well as the applicable Addition Date or Increase Date and, in
         connection with the Aggregate Addition Accounts, the applicable
         Addition Cut Off Date and Selection Date;

                      (ii) the applicable Transferor shall represent and warrant
         that, as of the applicable Selection Date, each Aggregate Addition
         Account is an Eligible Account;

                      (iii) the applicable Transferor shall represent and
         warrant as of the applicable Addition Date, each additional Collateral
         Certificate is an Eligible Collateral Certificate;

                      (iv) the applicable Transferor shall have delivered to the
         Owner Trustee and the Indenture Trustee copies of UCC financing
         statements covering the Receivables in such Aggregate Addition Accounts
         and/or additional Collateral Certificates, if necessary to perfect the
         interest of the Trust therein;

                                       40
<PAGE>

                      (v) to the extent required by Section 3.1, the applicable
         Transferor shall have deposited into the Collection Account all
         Collections with respect to such (a) Aggregate Addition Accounts since
         the applicable Addition Cut Off Date or (b) additional Collateral
         Certificates as of such Addition Date;

                      (vi) as of each of the Addition Cut Off Date and the
         Addition Date, no Insolvency Event shall have occurred nor shall the
         transfer to the Trust of the Receivables arising in the Aggregate
         Addition Accounts have been made in contemplation of the occurrence
         thereof;

                      (vii) as of the Addition Date, no Insolvency Event shall
         have occurred nor shall the transfer to the Trust of the additional
         Collateral Certificates have been made in contemplation of the
         occurrence thereof;

                      (viii) on or before the Addition Date with respect to
         Aggregate Addition Accounts and the Receivables arising thereunder, the
         applicable Transferor shall have delivered to the Owner Trustee, on
         behalf of the Trust, and the Servicer a written assignment in
         substantially the form of Exhibit A (the "Aggregate Addition Account
         Assignment"), and the applicable Transferor shall deliver or cause to
         be delivered to the Issuer and the Indenture Trustee the computer file
         or microfiche list required to be delivered pursuant to Section 2.1 on
         the date such file or list is required to be delivered pursuant
         thereto, which file or list shall be incorporated into and made a part
         of such Aggregate Addition Account Assignment and this Agreement;

                      (ix) on or before the Addition Date with respect to
         Collateral Certificates, the applicable Transferor shall have delivered
         to the Owner Trustee, on behalf of the Trust, and the Servicer a
         written assignment in substantially the form of Exhibit B (the
         "Certificate Assignment") and each Collateral Certificate shall be
         delivered and registered in the name of the Trust, and the applicable
         Transferor shall deliver or cause to be delivered to the Issuer and the
         Indenture Trustee the schedule required to be delivered pursuant to
         Section 2.1 on the date such file or list is required to be delivered
         pursuant thereto, which file or list shall be incorporated into and
         made a part of such Certificate Assignment and this Agreement;

                      (x) the addition to the Trust of the Receivables arising
         in the Aggregate Addition Accounts or of the Collateral Certificates
         shall not, in the reasonable belief of the applicable Transferor,
         result in an Adverse Effect or in the Commercial Obligor
         Overconcentration Amount exceeding zero;

                      (xi) if prior to the applicable Addition Date, with
         respect to any three consecutive Monthly Periods or with respect to any
         twelve consecutive Monthly Periods, the Addition Limit shall have been
         exceeded, the Transferor shall have received notice from each Note
         Rating Agency that the addition pursuant to subsection 2.13(b) of such
         Aggregate Addition Accounts in excess of the Addition Limit will not
         result in the reduction or withdrawal of its then existing rating of
         any Series, Class or Tranche of Notes then issued and Outstanding and
         shall have delivered such notice to the Owner Trustee and the Indenture
         Trustee, and the Transferor shall have delivered to each Note Rating
         Agency an Opinion of Counsel, dated the Addition Date, in accordance
         with subsection 12.2(d);

                      (xii) with respect to the addition of additional
         Collateral Certificates, the Transferor shall have received notice from
         each Note Rating Agency on or prior to the applicable Addition Date
         that the Note Rating Agency Condition shall have been satisfied with
         respect to such Note Rating Agency and shall have delivered such notice
         to the Owner Trustee and the Indenture Trustee;

                                       41
<PAGE>

                      (xiii) the Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officer's Certificate of the
         Transferor, dated the Addition Date, confirming, to the extent
         applicable, the items set forth in clauses (ii) through (vii) and
         clause (x) above; and

                      (xiv) the Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Opinion of Counsel, dated the
         Addition Date, in accordance with subsection 12.2(d).

                  (d) New Accounts. Each Transferor may, from time to time, at
its sole discretion, subject to the conditions specified in paragraph (e) below,
voluntarily designate newly originated Eligible Accounts to be included as New
Accounts. For purposes of this paragraph, Eligible Accounts shall be deemed to
include only charge accounts of the same nature as those included as Initial
Accounts or which have previously been included in any Aggregate Addition.

                  (e) Conditions to Addition of New Accounts. On the Addition
Date with respect to any New Accounts, the Trust shall acquire the applicable
Receivables in such New Accounts (and such New Accounts shall be Accounts for
purposes of this Agreement), subject to the satisfaction of the following
conditions:

                      (i) as of the applicable Selection Date, each New Account
         shall be an Eligible Account;

                      (ii) the applicable Transferor shall have delivered to the
         Owner Trustee and the Indenture Trustee copies of UCC financing
         statements covering the Receivables in such New Accounts, if necessary
         to perfect the interest of the Trust therein;

                      (iii) to the extent required by Section 3.1, the
         applicable Transferor shall have deposited into the Collection Account
         all Collections with respect to such New Accounts since the applicable
         Addition Cut Off Date;

                      (iv) as of each of the applicable Addition Cut Off Date
         and the applicable Addition Date, no Insolvency Event shall have
         occurred nor shall the transfer to the Trust of the Receivables arising
         in the New Accounts have been made in contemplation of the occurrence
         thereof;

                      (v) the addition to the Trust of the Receivables arising
         in the New Accounts shall not, in the reasonable belief of the
         applicable Transferor, result in an Adverse Effect or in the Commercial
         Obligor Overconcentration Amount exceeding zero;

                      (vi) on or before the Addition Date with respect to New
         Accounts and the Receivables arising thereunder, the applicable
         Transferor shall have delivered to the Owner Trustee, on behalf of the
         Trust, and the Servicer a written assignment in substantially the form
         of Exhibit C (the "New Account Assignment"), and the applicable
         Transferor shall deliver to the Issuer and the Indenture Trustee the
         computer file or microfiche list required to be delivered pursuant to
         Section 2.1 on the date such file or list is required to be delivered
         pursuant thereto, which file or list shall be incorporated into and
         made a part of such New Account Assignment and this Agreement;

                                       42
<PAGE>

                      (vii) if on or prior to the applicable Addition Date, with
         respect to any three-month period or with respect to any twelve-month
         period, the Addition Limit shall have been exceeded, the applicable
         Transferor shall have received notice from each Note Rating Agency that
         the addition pursuant to subsection 2.13(d) of such New Accounts in
         excess of the Addition Limit will not result in the reduction or
         withdrawal of its then existing rating of any Series, Class or Tranche
         of Notes then issued and Outstanding and shall have delivered such
         notice to the Owner Trustee and the Indenture Trustee;

                      (viii) the applicable Transferor shall have delivered to
         the Owner Trustee and the Indenture Trustee an Officer's Certificate of
         such Transferor, dated the applicable Addition Date, confirming, to the
         extent applicable, the items set forth in clauses (i) through (v)
         above; and

                      (ix) the applicable Transferor shall have delivered to the
         Owner Trustee and the Indenture Trustee an Opinion of Counsel in
         accordance with subsection 12.2(d).

                  Section 2.14. Removal of Accounts.

                  (a) On any day of any Monthly Period, each Transferor shall
have the right to require the reassignment to it or its designee of all of the
right, title and interest of the Indenture Trustee and the Trust in, to and
under the Receivables then existing and thereafter created, all Recoveries
related thereto, all monies due or to become due and all amounts received with
respect thereto and all proceeds thereof in or with respect to the Accounts
specified herein (the "Removed Accounts") and designated for removal by such
Transferor, upon satisfaction of the conditions in clauses (i) through (v)
below:

                      (i) on or before the tenth Business Day (the "Removal
         Notice Date") immediately preceding the date for removal of the Removed
         Accounts (the "Removal Date"), such Transferor shall have given the
         Owner Trustee, the Indenture Trustee, the Servicer, the other
         Transferors, if any, and each Note Rating Agency notice (unless such
         notice requirement is waived) that the Receivables from such Removed
         Accounts are to be reassigned to such Transferor on the Removal Date;

                      (ii) on or prior to the Removal Date, such Transferor
         shall amend Schedule 1 by delivering to the Issuer and the Indenture
         Trustee a computer file or microfiche list containing a true and
         complete list of the Removed Accounts, specifying for each such
         Account, as of the Removal Notice Date, its account number and the
         aggregate amount of Receivables outstanding in such Account;

                      (iii) such Transferor shall have represented and warranted
         as of the Removal Date that the list of Removed Accounts delivered
         pursuant to paragraph (ii) above, as of the Removal Date, is true and
         complete in all material respects;

                                       43
<PAGE>

                      (iv) the Note Rating Agency Condition shall have been
         satisfied with respect to the removal of the Removed Accounts; and

                      (v) such Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officer's Certificate of such
         Transferor, dated the Removal Date, to the effect that such Transferor
         reasonably believes that (a) such removal of any Receivable of any
         Removed Account will not result in an Adverse Effect with respect to
         any Series, Class or Tranche of Notes and (b) no selection procedures
         believed by such Transferor to be materially adverse to, or materially
         beneficial to, the interests of any Noteholders have been used in
         selecting the Removed Accounts from among any pool of Accounts of a
         similar type.

                  There may be more than one Removal Date in any Monthly Period
and the Accounts to be designated as Removed Accounts need not be selected at
random by the applicable Transferor.

                  (b) Upon satisfaction of the above conditions, the Owner
Trustee, on behalf of the Trust, shall execute and deliver to such Transferor a
written reassignment in substantially the form of Exhibit D (the "Reassignment")
and shall, without further action, sell, transfer, assign, set over and
otherwise convey to such Transferor or its designee, effective as of the Removal
Date, without recourse, representation or warranty, all the right, title and
interest of the Indenture Trustee and the Trust in, to and under the Receivables
arising in the Removed Accounts, all Recoveries related thereto, all monies due
and to become due and all amounts received with respect thereto and all proceeds
thereof, and the Receivables from the Removed Accounts shall no longer
constitute a part of the Trust Assets. The Indenture Trustee and the Owner
Trustee may conclusively rely on the Officer's Certificate delivered pursuant to
this Section 2.14 and shall have no duty to make inquiries with regard to the
matters set forth therein and shall incur no liability in so relying.

                  (c) In addition to the foregoing, on the date when any
Receivable in an Account becomes a Defaulted Receivable (including any related
Finance Charge Receivables), the Indenture Trustee and the Trust shall
automatically and without further action or consideration transfer, set over and
otherwise convey to the applicable Transferor, without recourse, representation
or warranty, all right, title and interest of the Indenture Trustee and the
Trust in, to and under the Defaulted Receivables (including any related Finance
Charge Receivables) in such Account, all monies due or to become due, all
amounts received or receivable with respect thereto and all proceeds thereof;
provided that Recoveries of such Defaulted Receivables shall be applied as
provided in this Agreement. The Indenture Trustee and the Owner Trustee, on
behalf of the Trust, shall execute and deliver such instruments of transfer and
assignment (including any UCC termination statements), in each case without
recourse, as shall be reasonably requested by the applicable Transferor to vest
in such Transferor or its designee all right, title and interest that the
Indenture Trustee and the Trust had in such Defaulted Receivables (including any
related Finance Charge Receivables).

                                       44
<PAGE>

                  Section 2.15. Account Allocations. In the event that any
Transferor is unable for any reason to transfer Receivables to the Trust in
accordance with the provisions of this Agreement, including by reason of the
application of the provisions of Section 8.1 or any order of any Governmental
Authority (a "Transfer Restriction Event"), then, in any such event, (a) such
Transferor agrees (except as prohibited by any such order) to allocate and pay
to the Trust, after the date of such inability, all Collections, including
Collections of Receivables transferred to the Trust prior to the occurrence of
such event, and all amounts which would have constituted Collections with
respect to Receivables but for such Transferor's inability to transfer
Receivables (up to an aggregate amount equal to the amount of Receivables
included as part of the Trust Assets on such date transferred to the Trust by
such Transferor), (b) such Transferor and the Servicer agree that such amounts
will be applied as Collections in accordance with the terms of this Agreement,
the Indenture and each Indenture Supplement and (c) for so long as the
allocation and application of all Collections and all amounts that would have
constituted Collections are made in accordance with clauses (a) and (b) above,
Receivables (and all amounts which would have constituted Receivables but for
such Transferor's inability to transfer Receivables to the Trust) which are
written off as uncollectible in accordance with this Agreement shall continue to
be allocated in accordance with the terms of this Agreement, the Indenture and
each Indenture Supplement. For the purpose of the immediately preceding
sentence, such Transferor and the Servicer shall treat the first received
Collections with respect to the Accounts as allocable to the Trust until the
Trust shall have been allocated and paid Collections in an amount equal to the
aggregate amount of Receivables included in the Trust as of the date of the
occurrence of such event. If such Transferor and the Servicer are unable
pursuant to any Requirements of Law to allocate Collections as described above,
such Transferor and the Servicer agree that, after the occurrence of such event,
payments on each Account with respect to the principal balance of such Account
shall be allocated first to the oldest principal balance of such Account and
shall have such payments applied as Collections in accordance with the terms of
this Agreement, the Indenture and each Indenture Supplement.

                  Section 2.16. Discount Option Receivables.

                  (a) The Transferor shall have the option to designate at any
time and from time to time a percentage or percentages, which may be a fixed
percentage or a variable percentage based on a formula (the "Discount Option
Percentage"), of all or any specified portion of Receivables conveyed on or
after the Discount Option Date ("Discount Option Receivables") to be treated as
Finance Charge Receivables. The aggregate amount of Discount Option Receivables
outstanding on any Date of Processing occurring on or after the initial Discount
Option Date shall equal (a) the aggregate Discount Option Receivables at the end
of the prior Date of Processing, plus (b) any new Discount Option Receivables
created on such Date of Processing, minus (c) any Discount Option Receivables
Collections received on such Date of Processing. Discount Option Receivables
created on any Date of Processing shall mean the product of the amount of any
Receivables created on such Date of Processing and the applicable Discount
Option Percentage. The Transferor shall also have the option of increasing,
reducing or withdrawing the Discount Option Percentage, at any time and from
time to time, without notice to or the consent of any Noteholder, on or after
such Discount Option Date. The Transferor shall provide to the Servicer, the
Owner Trustee, the Indenture Trustee and any Note Rating Agency 30 days prior
written notice of the Discount Option Date and any such designation or increase,
reduction or withdrawal. Such designation, increase, reduction or withdrawal
shall become effective on the Discount Option Date specified therefor upon
satisfaction of the following conditions:

                                       45
<PAGE>

                      (i) each Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officer's Certificate of such
         Transferor certifying that, in the reasonable belief of such Transferor
         based on facts known to such Transferor at such time, such designation,
         increase, reduction or withdrawal will not, at the time of its
         occurrence, cause an Early Amortization Event or Event of Default with
         respect to any Series, Class or Tranche of Notes to occur or an event
         which, with notice or lapse of time or both, would constitute an Early
         Amortization Event or Event of Default with respect to any Series,
         Class or Tranche of Notes;

                      (ii) the Note Rating Agency Condition shall have been
         satisfied with respect to such designation, increase, reduction or
         withdrawal; and

                      (iii) the Transferor shall have caused an Issuer Tax
         Opinion to be delivered to the Owner Trustee and the Indenture Trustee.

                  (b) Following a change in the Discount Option Percentage, the
Transferor shall apply the new Discount Option Percentage to all or the portion
of the Receivables to which the Discount Option Percentage is to be applied. The
Discount Option Percentage currently is 3%.

                  (c) After the Discount Option Date, Discount Option
Receivables Collections received with respect to Discount Option Receivables
shall be treated as Finance Charge Collections.

                               [END OF ARTICLE II]

                                       46
<PAGE>

                                  ARTICLE III

                 COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS

                  Section 3.1. Collections and Allocations.

                  The Servicer pursuant to the terms of this Agreement (or, if
the authority of the Servicer has been revoked pursuant to Section 9.1, the
Indenture Trustee, or, if a Successor Servicer has been appointed, the Successor
Servicer) shall instruct the Indenture Trustee in writing to apply all funds on
deposit in the Collection Account as described in this Article III and in any
Indenture Supplement for any Series of Notes. Except as otherwise provided
below, the Servicer pursuant to the terms of this Agreement shall deposit
Collections with respect to the Receivables into the Collection Account as
promptly as possible after the Date of Processing of such Collections, but in no
event later than the second Business Day following such Date of Processing, and
shall deposit Collections received with respect to the Collateral Certificates
with respect to any Monthly Period into the Collection Account no later than the
First Note Transfer Date in the next succeeding Monthly Period.

                  Subject to the express terms of any Indenture Supplement, but
notwithstanding anything else in this Agreement or the Indenture to the
contrary, for as long as TRS or an Affiliate of TRS remains the Servicer under
this Agreement and (i) maintains a short-term credit rating (which may be an
implied rating) of not less than "A-1" from Standard & Poor's, "P-1" from
Moody's and, if rated by Fitch, "F1" from Fitch (or such other rating below
"A-1," "P-1" or, if rated by Fitch, "F1," as the case may be, which is
satisfactory to such Note Rating Agency), (ii) obtains a guarantee or letter of
credit covering risk of collection with respect to its deposit and payment
obligations under this Agreement (in form and substance satisfactory to each
Note Rating Agency) from a guarantor having a short-term credit rating (which
may be an implied rating) of at least "A-1" from Standard & Poor's, "P-1" from
Moody's and, if rated by Fitch, "F1" from Fitch (or such other rating below
"A-1," "P-1" or, if rated by Fitch, "F1," as the case may be, which is
satisfactory to such Note Rating Agency), or (iii) the Note Rating Agency
Condition will have been satisfied despite the Servicer's inability to satisfy
the rating requirement specified in clause (i) above; and for 30 Business Days
following any reduction of any such rating or failure to satisfy the conditions
specified in clause (ii) or (iii) above, the Servicer need not make the daily
deposits of Collections into the Collection Account as provided in the preceding
paragraph. Rather, the Servicer may make a single deposit into the Collection
Account in immediately available funds not later than 1:00 p.m., New York City
time, on each applicable Note Transfer Date following the Monthly Period with
respect to which such deposit relates.

                  Notwithstanding anything else in this Agreement to the
contrary, with respect to any Monthly Period, whether the Servicer is required
to make daily or monthly deposits to the Collection Account, (i) the Servicer
will only be required to deposit Collections into the Collection Account up to
the amount required to be deposited or, without duplication, paid in respect of
Notes on or prior to the related Payment Date pursuant to the terms of the
applicable Indenture Supplement and (ii) the Servicer need not deposit into the
Collection Account any amount allocated or to be allocated to the holders of the
Transferor Interest pursuant to any Related Agreement and shall pay such amounts
to the holders of the Transferor Interest on a daily or monthly basis, as
directed by the holders of the Transferor Interest. Subject to the immediately
preceding sentence, the Servicer may retain its Servicing Fee and shall not be
required to deposit such Servicing Fee into the Collection Account. Collections
shall not be required to be invested in Eligible Investments until such time as
they are deposited into the Collection Account.

                                       47
<PAGE>

                  Section 3.2. Allocations of Finance Charge Collections and the
Default Amount.

                  (a) With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to each Series of
Notes an amount equal to the product of (i) the Floating Allocation Percentage
for Finance Charge Collections for such Monthly Period for such Series and (ii)
the Finance Charge Collections for such Monthly Period.

                  (b) With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to each Series of
Notes an amount equal to the product of (i) the Floating Allocation Percentage
for the Default Amount for such Monthly Period for such Series and (ii) the
Default Amount for such Monthly Period.

                  Section 3.3. Allocations of Principal Collections. With
respect to each Monthly Period, the Indenture Trustee, at the direction of the
Servicer, shall allocate to each Series of Notes an amount equal to the product
of (i) the Principal Allocation Percentage for Principal Collections for such
Monthly Period for such Series and (ii) the Principal Collections for such
Monthly Period. In addition, with respect to each Monthly Period, if there is a
Remaining Series Available Principal Collections Shortfall for any Series of
Notes, the Indenture Trustee shall allocate to each such Series of Notes a
portion of Collateral Certificate Principal Shortfall Payments for such Monthly
Period in an amount equal to the Remaining Series Available Principal
Collections Shortfall for such Series in accordance with the applicable
Indenture Supplement; provided, however, that if the aggregate amount of
Collateral Certificate Principal Shortfall Payments is less than the aggregate
Remaining Series Available Principal Collections Shortfall for all Series, then
Collateral Certificate Principal Shortfall Payments allocable to each Series
shall equal the product of (i) the Collateral Certificate Principal Shortfall
Payments for such Monthly Period and (ii) a fraction, the numerator of which is
the Remaining Series Available Principal Collections Shortfall for such Series
and the denominator of which is the aggregate Remaining Series Available
Principal Collections Shortfall for all Series of Notes for such Monthly Period.

                  Section 3.4. Allocations of the Servicing Fee.

                  (a) As compensation for its servicing activities hereunder and
as reimbursement for any expense incurred by it in connection therewith, the
Servicer shall be entitled to receive a servicing fee (the "Servicing Fee") with
respect to each Monthly Period prior to the termination of the Trust pursuant to
Article VIII of the Trust Agreement, payable monthly on the related Payment
Date. For each Monthly Period, the Servicing Fee shall equal the sum of (i) the
Receivables Servicing Fee and (ii) the servicing fee amount for each Collateral
Certificate, as specified in the applicable Series Supplement for such
Collateral Certificate. The Issuer agrees to pay the portion of the servicing
fee owed to each Master Trust Servicer as servicer of the receivables underlying
such Collateral Certificate; provided, however, in no event shall the Owner
Trustee (as such or in its individual capacity), the Indenture Trustee, the
Administrator or any Noteholders be liable for the share of such servicing fee.

                                       48
<PAGE>

                  (b) With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to each Series of
Notes an amount equal to the product of (i) the Servicing Fee for such Monthly
Period and (ii) the Floating Allocation Percentage for the Servicing Fee for
such Monthly Period for such Series of Notes.

                  Section 3.5. Allocations of Amounts to the Overconcentration
Account and Allocations of Amounts on Deposit in the Overconcentration Account.

                  (a) If, for any Monthly Period, the Commercial Obligor
Overconcentration Amount is greater than zero (after giving effect to any
additions to or removals from the Trust on or prior to the related First Note
Transfer Date), on the related First Note Transfer Date, the Indenture Trustee
shall, pursuant to subsection 3.9(d), allocate or deposit to the
Overconcentration Account an amount equal to the excess, if any, of the Required
Overconcentration Account Amount with respect to such Monthly Period over the
Available Overconcentration Account Amount with respect to such Monthly Period
(before giving effect to any deposit to, or withdrawal from, the
Overconcentration Account made or to be made with respect to such date).

                  (b) If no Series of Notes is in an Accumulation Period or an
Amortization Period, amounts on deposit in the Overconcentration Account shall
be released to the holders of the Transferor Interest to the extent that, after
such release, the Available Overconcentration Account Amount with respect to the
related Monthly Period is equal to or greater than the Required
Overconcentration Account Amount for such Monthly Period.

                  (c) If an Accumulation Period or an Amortization Period has
commenced and is continuing with respect to any Series of Notes, amounts on
deposit in the Overconcentration Account shall be withdrawn from the
Overconcentration Account, deposited into the Collection Account and treated as
Available Principal Collections and, to the extent required, allocated to each
Series of Notes in an amount equal to the product of (A) a fraction, the
numerator of which is the Nominal Liquidation Amount for such Series as of the
last day of the related Monthly Period and the denominator of which is the
aggregate Nominal Liquidation Amounts for all Outstanding Series, in each case
as of the last day of the related Monthly Period and (B) the Available
Overconcentration Account Amount. Any remaining amounts on deposit in the
Overconcentration Account in excess of the amount required to be treated as
Available Principal Collections for a Monthly Period shall be released to the
holders of the Transferor Interest in accordance with the related Indenture
Supplement to the extent that, after such release, the Available
Overconcentration Account Amount with respect to the related Monthly Period is
equal to or greater than the Required Overconcentration Account Amount for such
Monthly Period.

                  Section 3.6. Allocations of Amounts to the Excess Funding
Account and Allocations of Amounts on Deposit in the Excess Funding Account.

                                       49
<PAGE>

                  (a) If, at the end of any Monthly Period, (i) the Transferor
Amount is, or as a result of a payment on the related First Note Transfer Date
would become, less than the Required Transferor Amount or (ii) the Pool Balance
is, or as a result of a payment on the related First Note Transfer Date would
become, less than the Required Pool Balance, the Indenture Trustee shall,
pursuant to subsection 3.9(d), allocate or deposit to the Excess Funding Account
(after giving effect to any deposit to, or withdrawal from, the
Overconcentration Account made or to be made with respect to such date) an
amount equal to the greater of (i) the amount by which the Transferor Amount
would be less than the Required Transferor Amount and (ii) the amount by which
the Pool Balance would be less than the Required Pool Balance, each determined
with respect to the related Monthly Period.

                  (b) If no Series of Notes is in an Accumulation Period or an
Amortization Period, amounts on deposit in the Excess Funding Account shall be
released to the holders of the Transferor Interest in accordance with the
related Indenture Supplement to the extent that, after such release, (i) the
Transferor Amount is equal to or greater than the Required Transferor Amount and
(ii) the Pool Balance is equal to or greater than the Required Pool Balance.

                  (c) If an Accumulation Period or an Amortization Period has
commenced and is continuing with respect to any Series of Notes, amounts on
deposit in the Excess Funding Account shall be withdrawn from the Excess Funding
Account, deposited into the Collection Account and treated as Principal
Collections and, to the extent required, allocated to each Series of Notes in
accordance with the applicable Indenture Supplement. Any remaining amounts on
deposit in the Excess Funding Account in excess of the amount required to be
treated as Principal Collections for a Monthly Period shall be released to the
holders of the Transferor Interest in accordance with the related Indenture
Supplement to the extent that, after such release, (i) the Transferor Amount is
equal to or greater than the Required Transferor Amount and (ii) the Pool
Balance is equal to or greater than the Required Pool Balance.

                  Section 3.7. Final Payment. Each Series, Class or Tranche of
Notes, as applicable, will be considered to be paid in full in the manner set
forth in the applicable Indenture Supplement. The Holders of such Series, Class
or Tranche of Notes, as applicable, will have no further right or claim, and the
Issuer will have no further obligation or liability with respect to such Series,
Class or Tranche of Notes, as applicable, on the earliest to occur of:

                  (a) the date of the payment in full of the Stated Principal
Amount of and all accrued, past due and additional interest on that Series,
Class or Tranche of Notes, as applicable;

                  (b) the date on which the Trust Assets are sold in accordance
with Section 7.08 of the Indenture and the applicable Indenture Supplement; and

                  (c) the seventh day following the Legal Maturity Date,

in each case after giving effect to all deposits, allocations, reimbursements,
reallocations, sales of Collateral and payments to be made on such date.

                  Section 3.8. Payments within a Series, Class or Tranche. All
payments of principal, interest or other amounts to the Noteholders will be made
in accordance with the Indenture Supplement for the applicable Series, Class or
Tranche of Notes.
                                       50
<PAGE>

                  Section 3.9. Allocations of Finance Charge Collections,
Default Amounts, Servicing Fees and Principal Collections Allocable to the
Transferor Interest.

                  (a) Unless otherwise stated in any Indenture Supplement, the
Servicer shall allocate to the holders of the Transferor Interest an amount
equal to the product of (i) the Transferor Percentage for Finance Charge
Collections with respect to such Monthly Period and (ii) the Finance Charge
Collections for such Monthly Period. If so specified in any Indenture
Supplement, such amounts may be applied to cover certain shortfalls in the
amount of investment earnings (net of losses and investment expenses) on
investments of funds in certain Supplemental Issuer Accounts.

                  (b) The Servicer shall allocate to the holders of the
Transferor Interest an amount equal to the product of (i) the Transferor
Percentage for the Default Amount with respect to such Monthly Period and (ii)
the Default Amount with respect to such Monthly Period.

                  (c) The Servicer shall allocate to the holders of the
Transferor Interest an amount equal to the product of (i) the Transferor
Percentage for the Servicing Fee with respect to such Monthly Period and (ii)
the Servicing Fee with respect to such Monthly Period.

                  (d) Unless otherwise stated in any Indenture Supplement, the
Servicer shall allocate to the holders of the Transferor Interest an amount
equal to the product of (i) the Transferor Percentage for Principal Collections
with respect to such Monthly Period and (ii) the Principal Collections with
respect to such Monthly Period; provided, however, that amounts payable to the
holders of the Transferor Interest pursuant to this subsection 3.9(d) shall
instead be deposited first, into the Overconcentration Account to the extent
that the Available Overconcentration Account Amount with respect to such Monthly
Period is, or as a result of such payment would become, less than the Required
Overconcentration Account Amount with respect to such Monthly Period and second,
into the Excess Funding Account to the extent that (i) the Transferor Amount is,
or as a result of such payment would become, less than the Required Transferor
Amount or (ii) the Pool Balance is, or as a result of such payment would become,
less than the Required Pool Balance.

                  Section 3.10. Adjustments for Miscellaneous Credits and
Fraudulent Charges.

                  (a) If the Servicer adjusts downward the amount of any
Receivable because of a rebate, refund, unauthorized charge or billing error to
an Obligor, because such Receivable was created in respect of merchandise which
was refused or returned by an Obligor, or because the Servicer or applicable
Account Owner processes as a credit adjustment any uncollectible Small Balances,
or if the Servicer otherwise adjusts downward the amount of any Receivable
without receiving Collections therefor or without charging off such amount as
uncollectible, then, in any such case, the amount of Principal Receivables used
to calculate the Transferor Amount, the Transferor Interest and (unless
otherwise specified) any other amount required in any Related Agreement to be
calculated by reference to the amount of Principal Receivables, will be reduced
by the product of one minus the Discount Option Percentage and the amount of the
adjustment. Similarly, the amount of Principal Receivables used to calculate the
Transferor Amount, the Transferor Interest and (unless otherwise specified) any
other amount required in any Related Agreement to be calculated by reference to
the amount of Principal Receivables, will be reduced by the product of one minus
the Discount Option Percentage and the amount of any Receivable which was
discovered as having been created through a fraudulent or counterfeit charge or
with respect to which the covenant contained in subsection 2.9(b) was breached.
Any adjustment required pursuant to either of the two preceding sentences shall
be made on or prior to the end of the Monthly Period in which such adjustment
obligation arises.

                                       51
<PAGE>

                  In the event that, following the exclusion of such Principal
Receivables from (x) the calculation of the Transferor Amount, such Transferor
Amount would be an amount less than the Required Transferor Amount or (y) the
calculation of the Pool Balance, such Pool Balance would be an amount less than
the Required Pool Balance, the applicable Transferor shall make a deposit, not
later than 1:00 p.m., New York City time, on the Payment Date following the
Monthly Period in which such adjustment obligation arises, into the Excess
Funding Account in immediately available funds in an amount equal to the greater
of the amount by which (i) the Transferor Amount would be less than the Required
Transferor Amount or (ii) the Pool Balance would be less than the Required Pool
Balance, due to adjustments with respect to Receivables conveyed by such
Transferor (up to the amount of such Principal Receivables).

                  (b) If (i) the Servicer makes a deposit into the Collection
Account in respect of a Collection of a Receivable and such Collection was
received by the Servicer in the form of a check which is not honored for any
reason or (ii) the Servicer makes a mistake with respect to the amount of any
Collection and deposits an amount that is less than or more than the actual
amount of such Collection, the Servicer shall appropriately adjust the amount
subsequently deposited into the Collection Account to reflect such dishonored
check or mistake. Any Receivable in respect of which a dishonored check is
received shall be deemed not to have been paid. Notwithstanding the first two
sentences of this paragraph, adjustments made pursuant to this Section 3.10
shall not require any change in any report previously delivered.

                  Section 3.11. Issuer Rate Fees. The Transferor shall have the
option to transfer to the Trust at any time all or a portion of any interchange,
merchant discount, issuer rate fees or other fees or charges derived from
transactions related to the Accounts. All of such interchange, merchant
discount, issuer rate fees or other fees or charges shall be deemed to be, and
shall be treated as, Finance Charge Collections under this Agreement and the
Indenture.

                                       52
<PAGE>
                  Section 3.12. Designation of Remaining Principal Shortfalls.
On each First Note Transfer Date, the Servicer shall determine with respect to
the prior Monthly Period whether there is a Remaining Series Available Principal
Collections Shortfall for any Series of Notes after application of Shared Excess
Available Principal Collections for the benefit of such Series of Notes for such
Monthly Period. The Servicer shall determine the aggregate amount of such
Remaining Series Available Principal Collections Shortfalls for all Series of
Notes for such Monthly Period and shall propose, with respect to each Collateral
Certificate, a principal shortfall amount (the "Proposed Principal Shortfall
Amount") for such Monthly Period. The sum of all such Proposed Principal
Shortfall Amounts shall equal the aggregate amount of such Remaining Series
Available Principal Collections Shortfalls for such Monthly Period. In
determining the Proposed Principal Shortfall Amount for each Collateral
Certificate, the Servicer agrees to determine such amount in a manner that shall
maximize the amount of payments received from Collateral Certificates in respect
of Proposed Principal Shortfalls Amounts.

                              [END OF ARTICLE III]

                                       53
<PAGE>

                                   ARTICLE IV

                            SERVICING OF RECEIVABLES

                  Section 4.1. Acceptance of Appointment and Other Matters
Relating to the Servicer.

                  (a) TRS has agreed to act, and has acted, as the Servicer
under the Original Transfer Agreement and this Agreement, and TRS hereby agrees
to act as the Servicer under this Agreement. The Noteholders, by their
acceptance of the Notes, shall be deemed to consent to TRS acting as Servicer.

                  (b) The Servicer shall service and administer the Receivables,
shall collect and deposit into the Collection Account, the Overconcentration
Account, the Excess Funding Account or any Supplemental Issuer Account or
Sub-Account payments due under the Receivables and shall charge off as
uncollectible Receivables, all in accordance with its customary and usual
servicing procedures for servicing charge receivables comparable to the
Receivables and in accordance with the Account Guidelines. The Servicer shall
service and administer the Collateral Certificates and shall collect payments
due under the Collateral Certificates in accordance with the terms and
provisions of each such Collateral Certificate. The Servicer shall have full
power and authority, acting alone or through any party properly designated by it
hereunder, to do any and all things in connection with such servicing and
administration which it may deem necessary or desirable. Without limiting the
generality of the foregoing and subject to Section 9.1, the Servicer or its
designee is hereby authorized and empowered, unless such power is revoked by the
Indenture Trustee on account of the occurrence of a Servicer Default pursuant to
Section 9.1, (i) to instruct the Indenture Trustee to make allocations,
withdrawals and payments to or from the Collection Account, the
Overconcentration Account, the Excess Funding Account and any Supplemental
Issuer Account or Sub-Account as set forth in this Agreement, the Indenture or
any Indenture Supplement, (ii) to take any action required or permitted under
any Supplemental Credit Enhancement Agreement or Derivative Agreement, as set
forth in this Agreement, the Indenture or any Indenture Supplement, (iii) to
instruct the Indenture Trustee or the Owner Trustee in writing, as set forth in
this Agreement, (iv) to execute and deliver, on behalf of the Trust, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the Receivables
or the Collateral Certificates and, after the delinquency of any Receivable and
to the extent permitted under and in compliance with applicable Requirements of
Law, to commence collection or enforcement proceedings with respect to such
Receivables, (v) to execute and deliver, on behalf of the Trust, any and all
instruments deemed necessary or appropriate by it to take any action or fulfill
any obligation with respect to the Collateral Certificates and (vi) at the
expense of the Transferor, to make any filings, reports, notices, applications
and registrations with, and to seek any consents or authorizations from, the
Commission and any state securities authority on behalf of the Trust as may be
necessary or advisable to comply with any federal or state securities or
reporting requirements or other laws or regulations. Each of the Indenture
Trustee and the Owner Trustee agree that it shall promptly follow the
instructions of the Servicer to withdraw funds from the applicable Issuer
Account and to take any action required under any Supplemental Credit
Enhancement Agreement or Derivative Agreement at such time as required under
this Agreement, the Indenture or any Indenture Supplement. Each of the Indenture
Trustee and the Owner Trustee shall execute and furnish the Servicer with such
documents as may be necessary or appropriate to enable the Servicer to carry out
its servicing and administrative duties hereunder.

                                       54
<PAGE>

                  (c) The Servicer shall not, and no Successor Servicer shall,
be obligated to use separate servicing procedures, offices, employees or
accounts for servicing the Receivables from the procedures, offices, employees
and accounts used by the Servicer or such Successor Servicer, as the case may
be, in connection with servicing other comparable receivables.

                  (d) The Servicer shall comply with and perform its servicing
obligations with respect to the Accounts and the Receivables in accordance with
the Account Agreements relating to the Accounts and the Account Guidelines and
all applicable rules and regulations affecting the Accounts and the Receivables,
except insofar as any failure to so comply or perform would not materially and
adversely affect the Trust or the Noteholders.

                  (e) The Servicer shall pay out of its own funds, without
reimbursement, all expenses incurred in connection with the servicing activities
hereunder, including all expenses related to enforcement of the Receivables and
the Collateral Certificates, fees and disbursements of the Indenture Trustee and
the Owner Trustee (including the reasonable fees and expenses of their
respective outside counsel) and independent accountants for the Servicer.

                  Section 4.2. Representations, Warranties and Covenants of the
Servicer. TRS, as initial Servicer, hereby makes, and any Successor Servicer by
its appointment hereunder shall make, with respect to itself, on the Execution
Date and on each Issuance Date on which it is the Servicer (and on the date of
any such appointment), the following representations, warranties and covenants
on which the Transferor, the Trust, the Owner Trustee and the Indenture Trustee
shall be deemed to have relied in accepting each Receivable and each Collateral
Certificate in trust under this Agreement or the Indenture, as applicable, and
in entering into this Agreement and the Indenture:

                  (a) Organization and Good Standing. The Servicer is a
corporation duly incorporated and validly existing under the applicable law of
the jurisdiction of its organization or incorporation and has, in all material
respects, full power and authority to own its properties and conduct its
servicing business as presently owned or conducted, and to execute, deliver and
perform its obligations under this Agreement.

                  (b) Due Qualification. The Servicer is duly qualified to do
business and is in good standing as a foreign corporation or other foreign
entity (or is exempt from such requirements) and has obtained all necessary
licenses and approvals in each jurisdiction in which the servicing of
Receivables as required by this Agreement requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have a
material adverse effect on its ability to perform its obligations as Servicer
under this Agreement.

                  (c) Due Authorization. The execution, delivery, and
performance by the Servicer of this Agreement and the other agreements and
instruments executed or to be executed by the Servicer as contemplated hereby or
thereby, have been duly authorized by the Servicer by all necessary action on
the part of the Servicer.

                                       55
<PAGE>

                  (d) Binding Obligation. This Agreement constitutes a legal,
valid and binding obligation of the Servicer, enforceable in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally from time to time in effect or by general principles
of equity.

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

                  (f) No Violation. The execution and delivery of this Agreement
by the Servicer, the performance by the Servicer of the transactions
contemplated by this Agreement and the fulfillment by the Servicer of the terms
hereof applicable to the Servicer, will not conflict with or violate any
Requirements of Law applicable to the Servicer.

                  (g) No Proceedings. There are no proceedings or investigations
pending or, to the best knowledge of the Servicer, threatened against the
Servicer before any Governmental Authority seeking to prevent the consummation
of any of the transactions contemplated by this Agreement or seeking any
determination or ruling that, in the reasonable judgment of the Servicer, would
materially and adversely affect the performance by the Servicer of its
obligations under this Agreement.

                  (h) Compliance With Requirements of Law. The Servicer shall
duly satisfy all obligations on its part to be fulfilled under or in connection
with each Receivable and the related Account, if any, will maintain in effect
all qualifications required under Requirements of Law in order to service
properly each Receivable and the related Account, if any, and will comply in all
material respects with all other Requirements of Law in connection with
servicing each Receivable and the related Account, if any, the failure to comply
with which would have an Adverse Effect.

                  (i) No Rescission or Cancellation. The Servicer shall not
authorize any rescission or cancellation of any Receivable or any Collateral
Certificate, except in accordance with the Account Guidelines or as ordered by a
court of competent jurisdiction or other Governmental Authority.

                  (j) Protection of Rights. The Servicer shall take no action
which, nor omit to take any action the omission of which, would impair the
rights of the Trust, the Indenture Trustee or the Noteholders in any Receivable
or in any Collateral Certificate, nor shall it reschedule, revise or defer
payments due on any Receivable except in accordance with the Account Guidelines,
nor shall it sell any Trust Assets except as provided in any Related Agreement.

                                       56
<PAGE>

                  (k) Receivables Not To Be Evidenced by Instruments. Except in
connection with its enforcement or collection of an Account, the Servicer will
take no action to cause any Receivable to be evidenced by any instrument (as
defined in the UCC) and, if any Receivable is so evidenced as a result of the
Servicer's action, it shall be assigned to the Servicer as provided in this
Section 4.2.

                  (l) All Consents. All authorizations, consents, orders or
approvals of, or registrations or declarations with, any Governmental Authority
required to be obtained, effected or given by the Servicer in connection with
the execution and delivery by the Servicer of this Agreement and the performance
by the Servicer of the transactions contemplated by this Agreement, have been
duly obtained, effected or given and are in full force and effect.

                  In the event any of the representations, warranties or
covenants of the Servicer contained in subsection 4.2(h), (i), (j) or (k) with
respect to any Receivable, the related Account or any Collateral Certificate is
breached, and such breach has a material adverse effect on the interest of the
Indenture Trustee or the Trust in such Receivable or Collateral Certificate, as
applicable, and is not cured within 60 days (or such longer period, not in
excess of 150 days, as may be agreed to by the Indenture Trustee and the
Transferor) of the earlier to occur of the discovery of such event by the
Servicer, or receipt by the Servicer of notice of such event given by the
Indenture Trustee or a Transferor, each such Receivable or, at the option of the
Transferor, all Receivables in the Account or Accounts or each such Collateral
Certificate, as applicable, to which such event relates shall be assigned and
transferred to the Servicer on the terms and conditions set forth below;
provided, however, that such Receivables or Collateral Certificate will not be
assigned to the Servicer if, on any day prior to the end of such 60-day or
longer period, (i) the relevant representation and warranty shall be true and
correct, or the related covenant shall have been complied with, in all material
respects and (ii) the Servicer shall have delivered to the Transferor and the
Indenture Trustee a certificate of an Authorized Officer of the Servicer
describing the nature of the breach and the manner in which such breach was
cured.

                  The Servicer shall effect such assignment by making a deposit
into the Collection Account in immediately available funds on the First Note
Transfer Date following the Monthly Period in which such assignment obligation
arises in an amount equal to the amount of such Receivables or the Invested
Amount of such Collateral Certificate, as applicable.

                  Upon each such assignment to the Servicer, the Indenture
Trustee and the Trust shall automatically and without further action sell,
transfer, assign, set over and otherwise convey to the Servicer, without
recourse, representation or warranty, all right, title and interest of the
Indenture Trustee and the Trust in and to such Receivables and/or Collateral
Certificates, all Recoveries with respect thereto, all monies due or to become
due and all amounts received with respect thereto and all proceeds thereof. The
Indenture Trustee and the Trust shall execute such documents and instruments of
transfer or assignment and take such other actions as shall be reasonably
requested by the Servicer to effect the conveyance of any such property pursuant
to this Section 4.2 but only upon receipt of an Officer's Certificate of the
Servicer that states that all conditions set forth in this Section 4.2 have been
satisfied. The obligation of the Servicer to accept assignment of such property,
and to make the deposits, if any, required to be made to the Collection Account
as provided in the preceding paragraph, shall constitute the sole remedy
respecting the event giving rise to such obligation available to Noteholders (or
the Indenture Trustee on behalf of Noteholders) or the Trust, except as provided
in Section 7.4.

                                       57
<PAGE>

                  Section 4.3. Reports and Records for the Owner Trustee and the
Indenture Trustee.

                  (a) Daily Records. For as long as deposits of Collections are
required to be made daily by the Servicer pursuant to Section 3.1, on each
Business Day, the Servicer shall make or cause to be made available at the
office of the Servicer for inspection by the Owner Trustee, the Indenture
Trustee and any Transferor upon request a record setting forth (i) the
Collections in respect of Principal Receivables and Finance Charge Receivables
processed by the Servicer as of the close of business on the second preceding
Business Day in each Account, (ii) the aggregate amount of Receivables as of the
close of business on the second preceding Business Day in each Account and (iii)
if the Trust Assets include one or more Collateral Certificates, the Invested
Amount of each Collateral Certificate as of the close of business on the second
preceding Business Day. The Servicer shall, at all times, maintain its computer
files with respect to the Accounts in such a manner so that the Accounts may be
specifically identified and shall make available to the Indenture Trustee, the
Owner Trustee and any Transferor at the office of the Servicer on any Business
Day any computer programs necessary to make such identification; provided,
however, that the Indenture Trustee, the Owner Trustee and the Transferor shall
enter into such confidentiality agreements (including terms and provisions for
information security and data protection) as the Servicer may deem necessary to
protect its interests.

                  (b) Monthly Servicer's Certificate. Not later than the second
Business Day preceding each Payment Date, the Servicer shall, with respect to
each outstanding Series, deliver to the Owner Trustee, the Indenture Trustee,
the Transferor and each Note Rating Agency a certificate of an Authorized
Officer substantially in the form specified in the related Indenture Supplement.

                  Section 4.4. Annual Certificate of Servicer. The Servicer
shall deliver to the Indenture Trustee, the Owner Trustee, the Transferors and
each Note Rating Agency on or before the 90th day following the end of each
fiscal year, beginning with the fiscal year ending December 31, 2006, the
statement of compliance required under Item 1123 of Regulation AB with respect
to such fiscal year, which statement will be in the form of an Officer's
Certificate of the Servicer (with appropriate insertions) to the effect that (a)
a review of the activities of the Servicer during such fiscal year and of its
performance under this Agreement was made under the supervision of the officer
signing such certificate and (b) to the best of such officer's knowledge, based
on such review, the Servicer has fulfilled all its obligations under this
Agreement in all material respects throughout such fiscal year or, if there has
been a failure to fulfill any such obligation in any material respect,
specifying each such failure known to such officer and the nature and status
thereof; provided, however, that on or before March 31, 2006, the Servicer shall
cause to be delivered the Officer's Certificate of the Servicer (with
appropriate insertions) as was required to be delivered pursuant to, and in
accordance with, Section 4.4 of the Original Transfer Agreement.

                  Section 4.5. Annual Servicing Report of Independent Public
Accountants; Copies of Reports Available.

                                       58
<PAGE>

                  (a) On or before the 90th day following the end of each fiscal
year, beginning with the fiscal year ending December 31, 2006, the Servicer
shall cause a firm of nationally recognized independent public accountants (who
may also render other services to the Servicer or the Transferor) to furnish to
the Indenture Trustee, the Owner Trustee, the Servicer, the Transferor and each
Note Rating Agency each attestation report on assessments of compliance with the
Servicing Criteria with respect to the Servicer or any affiliate thereof during
the related fiscal year delivered by such accountants pursuant to Rule 13(a)-18
or Rule 15(d)-18 of the Exchange Act and Item 1122 of Regulation AB; provided,
however, that on or before March 31, 2006, the Servicer shall cause to be
furnished the reports as were required to be delivered pursuant to, and in
accordance with, Section 4.5 of the Original Transfer Agreement.

                  (b) A copy of each certificate and report provided pursuant to
subsection 4.3(b), or Section 4.4 or 4.5 may be obtained by any Noteholder or
Note Owner by a request in writing to the Indenture Trustee addressed to the
Corporate Trust Office.

                  Section 4.6. Tax Treatment. Unless otherwise specified in the
Indenture or an Indenture Supplement with respect to a particular Series, Class
or Tranche of Notes, each Transferor has entered into this Agreement, and the
Notes will be issued, with the intention that, for federal, state and local
income and franchise tax purposes, (i) each Series, Class or Tranche of Notes
which are characterized as indebtedness at the time of their issuance will
qualify as indebtedness secured by the Trust Assets and (ii) the Trust shall not
be treated as an association or publicly traded partnership taxable as a
corporation. Each Transferor, by entering into this Agreement, and each
Noteholder, by the acceptance of any such Note (and each Note Owner, by its
acceptance of an interest in the applicable Note), agree to treat such Note for
federal, state and local income and franchise tax purposes as indebtedness of
the Transferor. Each Noteholder agrees that it will cause any Note Owner
acquiring an interest in a Note through it to comply with this Agreement as to
treatment as indebtedness under applicable tax law, as described in this Section
4.6. The parties hereto agree that they shall not cause or permit the making, as
applicable, of any election under Treasury Regulation Section 301.7701-3 whereby
the Trust or any portion thereof would be treated as a corporation for federal
income tax purposes. Subject to Section 8.15 of the Indenture, the parties
hereto shall treat the Trust as a security arrangement for federal income tax
purposes and shall not file any federal income tax returns or obtain any federal
employer identification number for the Trust. The provisions of this Agreement
shall be construed in furtherance of the foregoing intended tax treatment.

                  Section 4.7. Notices to American Express Entities. In the
event that TRS is no longer acting as Servicer, any Successor Servicer shall
deliver or make available to Centurion, FSB and TRS each certificate and report
required to be provided thereafter pursuant to subsection 4.3(b), Section 4.4
and subsections 4.5(a) and (b), as well as information reasonably requested by
Centurion, FSB or TRS.

                  Section 4.8. Recoveries. If at any time the Servicer cannot
identify the Recoveries that relate to specific Defaulted Receivables, then the
Servicer shall reasonably estimate, on or prior to each First Note Transfer
Date, the amount of Recoveries to be attributed to such Defaulted Receivables.

                                       59
<PAGE>

                  Section 4.9. Reports to the Commission. The Servicer shall, on
behalf of the Trust and at the expense of the Transferor, cause to be filed with
the Commission any periodic reports required to be filed under the provisions of
the Exchange Act and the rules and regulations of the Commission thereunder. The
applicable Transferor shall, at its own expense, cooperate in any reasonable
request of the Servicer in connection with such filings.

                               [END OF ARTICLE IV]

                                       60
<PAGE>

                                   ARTICLE V

            ADMINISTRATION OF THE TRUST; DUTIES OF THE ADMINISTRATOR

                  Section 5.1. Appointment of Administrator; Duties of
Administrator.

                  (a) The Issuer hereby appoints TRS to act as initial
administrator (the "Administrator"), subject to Section 5.8.

                  (b) Duties of Administrator with Respect to the Related
Agreements. The Administrator shall consult with the Owner Trustee regarding the
duties of the Issuer and the Owner Trustee under the Related Agreements. The
Administrator shall monitor the performance of the Issuer and shall advise the
Owner Trustee when action is necessary to comply with the Issuer's or the Owner
Trustee's duties under the Related Agreements. The Administrator shall prepare
for execution by the Issuer or the Owner Trustee or shall cause the preparation
by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer or
the Owner Trustee to prepare, file or deliver pursuant to any Related Agreement.
In furtherance of the foregoing, the Administrator shall take all appropriate
action that it is the duty of the Issuer or the Owner Trustee to take pursuant
to the Indenture and any Indenture Supplement including such of the foregoing as
are required with respect to the following matters under the Indenture and any
Indenture Supplement (parenthetical references are to Articles or Sections of
the Indenture):

                      (i) the duty to cause the Note Register to be kept, and
         notifying the Indenture Trustee of any appointment of a new Note
         Registrar and the location, or change in location, of the Note
         Registrar (subsection 4.05(a));

                      (ii) preparing or obtaining the documents, legal opinions
         and instruments required for execution, authentication and delivery of
         the Notes, and delivery of the same to the Indenture Trustee for
         authentication (Sections 4.03, 4.04 and 4.10), providing for the
         replacement of mutilated, destroyed, lost or stolen Notes (Section
         4.06), providing for the exchange or transfer of Notes (Section 4.05)
         and, to the extent set forth in the related Indenture Supplement,
         notifying each Note Rating Agency in writing of the issuance of any
         Tranche, Class or Series of Notes;

                      (iii) directing the Indenture Trustee with respect to the
         investment of funds in the Issuer Accounts (Section 5.03);

                      (iv) preparing or obtaining the documents, legal opinions
         and instruments required to be delivered to the Indenture Trustee with
         respect to the satisfaction and discharge of the Indenture (subsection
         6.01(c)) and preparing the documents necessary for the Indenture
         Trustee to acknowledge the same (subsection 6.01(a));

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                      (v) on the resignation or removal of any Indenture
         Trustee, appointing a successor Indenture Trustee (subsection 8.10(e))
         and giving written notice of such resignation or removal and
         appointment to each Noteholder (subsection 8.10(f));

                      (vi) preparing or causing to be prepared tax returns for
         the Issuer (if required) and the reporting information for the
         Noteholders (Section 8.15);

                      (vii) preparing on behalf of the Issuer written
         instructions regarding any action proposed to be taken or omitted by
         the Indenture Trustee upon the Indenture Trustee's application therefor
         (Section 8.18);

                      (viii) furnishing to the Indenture Trustee a list of the
         names and addresses of the Registered Noteholders not more than 15 days
         after each Record Date or at such other times as the Indenture Trustee
         may request in writing (Section 9.01);

                      (ix) establishing reasonable rules for matters relating to
         any request, demand, authorization, direction, notice, consent, waiver
         or other action provided by the Indenture to be given or taken by, or a
         meeting of, Noteholders not otherwise set forth in Section 9.04 of the
         Indenture (subsection 9.04(g));

                      (x) preparing for the Issuer such filings for filing with
         the Commission, and providing the Indenture Trustee with copies thereof
         once filed, as required by the Exchange Act or otherwise as in
         accordance with rules and regulations prescribed from time to time by
         the Commission (Section 9.05);

                      (xi) preparing, completing and delivering to the Indenture
         Trustee and the trustee for the applicable Master Trust (with a copy to
         each Note Rating Agency), a Monthly Noteholders' Statement (Section
         9.06);

                      (xii) preparing for the Issuer the Payment Instruction
         after the Issuer receives each Monthly Servicer's Certificate under the
         applicable Series Supplement, delivering a copy thereof to the
         Indenture Trustee and the trustee for the applicable Master Trust and
         compiling such other information for the Issuer (subsection 9.07(a));

                      (xiii) preparing or obtaining any necessary Opinion of
         Counsel, Issuer Tax Opinion, Officer's Certificate, or other document
         or instrument as may be required in connection with any supplemental
         indenture or amendment to the Indenture or any Indenture Supplement
         (Article X);

                      (xiv) giving notice to each Note Rating Agency and
         collecting the vote of Noteholders, as necessary, in connection with
         any supplemental indenture or amendment to the Indenture or any
         Indenture Supplement (Article X);

                      (xv) appointing Paying Agents (Section 11.02) and causing
         any such Paying Agents to execute and deliver to the Indenture Trustee
         an instrument pursuant to which it agrees to act as Paying Agent as set
         forth in Section 11.03 of the Indenture;

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                      (xvi) preparing Officer's Certificates of the Issuer
         directing the Paying Agent to pay to the Indenture Trustee sums held in
         trust by the Issuer or such Paying Agent for the purpose of discharging
         the Indenture (Section 11.03);

                      (xvii) preparing written statements for execution by an
         Authorized Officer as required by Section 11.04 of the Indenture;

                      (xviii) performing or causing to be performed all things
         necessary to preserve and keep in full force and effect the legal
         existence of the Issuer (Section 11.05) and comply with applicable law
         (Section 11.07);

                      (xix) giving prompt written notice to the Indenture
         Trustee and each Note Rating Agency of each Event of Default under the
         Indenture, each breach on the part of the applicable Master Trust
         Servicer or the applicable Master Trust Transferor of its respective
         obligations under the applicable Pooling and Servicing Agreement or any
         default of a Derivative Counterparty (Section 11.08);

                      (xx) providing to Noteholders and prospective Noteholders
         information required to be provided by the Issuer pursuant to Rule 144A
         under the Securities Act (Section 11.11);

                      (xxi) performing and observing all of the Issuer's
         obligations under the Indenture, any Indenture Supplement, the Trust
         Agreement and any other instrument or agreement relating to the
         Collateral including, without limitation, preparing and causing the
         Issuer to file UCC financing statements and continuation statements
         (Section 11.12);

                      (xxii) preparing or obtaining the instruments, documents,
         agreements and legal opinions required to be delivered by the Issuer
         and preparing any notice required to be given to the Note Rating
         Agencies, in connection with the merger or consolidation of the Issuer
         with any other Person (subsection 11.13(a)) or the conveyance or
         transfer of any of the Issuer's property or assets (subsection
         11.13(b));

                      (xxiii) giving written notice to the affected Noteholders
         of any optional repurchase by the Servicer (Section 12.02) and to the
         Indenture Trustee and each Note Rating Agency with respect to any such
         optional repurchase or Early Amortization Event (Section 12.03);

                      (xxiv) to the extent set forth herein or in the Indenture,
         preparing or obtaining the instruments, documents, agreements and legal
         opinions required to be delivered by the Issuer and/or the Indenture
         Trustee and preparing any notice required to be given by the Issuer to
         the Note Rating Agencies, the Indenture Trustee and the Servicer in
         connection with addition or removal of Collateral, and designating such
         Collateral to be added or removed, as the case may be;

                      (xxv) to the extent set forth herein or in the Indenture,
         taking, or assisting the Issuer and/or the Indenture Trustee in taking,
         all actions necessary and advisable to obtain, maintain and enforce a
         perfected lien on and security interest in the Collateral in favor of
         the Indenture Trustee and preparing for execution and delivery or
         filing by the Issuer all such supplements and amendments to this
         Agreement and the Indenture and all such financing statements,
         amendments to such financing statements, instruments of further
         assurance and other instruments; and

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                      (xxvi) to the extent set forth herein or in the Indenture,
         obtaining legal opinions with respect to the security interest in the
         Collateral.

                  (c) Additional Duties.

                      (i) In addition to the duties of the Administrator set
         forth above, the Administrator shall perform all duties and obligations
         of the Issuer under the Related Agreements and shall perform such
         calculations and shall prepare for execution by the Issuer and shall
         cause the preparation by other appropriate Persons of all such
         documents, reports, filings, instruments, certificates and opinions as
         it shall be the duty of the Issuer or the Owner Trustee to prepare,
         file or deliver pursuant to the Related Agreements, and at the request
         of the Issuer shall take all appropriate action that it is the duty of
         the Issuer or the Owner Trustee to take pursuant to the Related
         Agreements. Subject to Section 5.5 of this Agreement, and in accordance
         with the directions of the Issuer, the Administrator shall administer,
         perform or supervise the performance of such other activities in
         connection with the Collateral (including the Related Agreements) as
         are not covered by any of the foregoing provisions and as are expressly
         requested by the Owner Trustee and are reasonably within the capability
         of the Administrator.

                      (ii) The Administrator shall perform the duties expressly
         required to be performed by the Administrator under the Trust
         Agreement.

                      (iii) In carrying out the foregoing duties or any of its
         other obligations under this Agreement, the Administrator may enter
         into transactions with or otherwise deal with any of its Affiliates;
         provided, however, that the terms of any such transactions or dealings
         shall be in accordance with any directions received from the Issuer and
         shall be, in the Administrator's opinion, no less favorable to the
         Issuer than would be available from unaffiliated parties.

                      (iv) It is the intention of the parties hereto that the
         Administrator shall, and the Administrator hereby agrees to, execute on
         behalf of the Issuer all such documents, reports, filings, instruments,
         certificates and opinions as it shall be the duty of the Issuer to
         prepare, file or deliver pursuant to the Related Agreements. In
         furtherance thereof, the Owner Trustee shall, on behalf of the Issuer,
         execute and deliver to the Administrator and its agents, and to each
         successor Administrator appointed pursuant to the terms hereof, one or
         more powers of attorney substantially in the form of Exhibit C,
         appointing the Administrator the attorney-in-fact of the Issuer for the
         purpose of executing on behalf of the Issuer all such documents,
         reports, filings, instruments, certificates and opinions.

                  (d) Non-Ministerial Matters.

                      (i) With respect to matters that in the reasonable
         judgment of the Administrator are non-ministerial, the Administrator
         shall not take any action unless within a reasonable time before the
         taking of such action, the Administrator shall have notified the Owner
         Trustee of the proposed action and the Owner Trustee shall not have
         withheld consent or provided an alternative direction. For the purpose
         of the preceding sentence, "non-ministerial matters" shall include:

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                      1. the amendment of or any supplement to the Indenture;

                      2. the initiation of any claim or lawsuit by the Issuer
                      and the compromise of any action, claim or lawsuit brought
                      by or against the Issuer;

                      3. the amendment, change or modification of the Related
                      Agreements;

                      4. the appointment of successor Note Registrars, successor
                      Paying Agents and successor trustees pursuant to the
                      Indenture or the appointment of successor Administrators,
                      or the consent to the assignment by the Note Registrar,
                      Paying Agent or trustee of its obligations under the
                      Indenture; and

                      5. the removal of the Indenture Trustee.

                      (ii) Notwithstanding anything to the contrary in this
         Agreement, the Administrator shall not be obligated to, and shall not,
         (x) make any payments to the Noteholders or any Transferor under the
         Related Agreements or (y) take any other action that the Issuer directs
         the Administrator not to take on its behalf.

                  Section 5.2. Records. The Administrator shall maintain
appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for inspection
by the Issuer, the Owner Trustee, the Indenture Trustee and any Transferor at
any time during normal business hours.

                  Section 5.3. Compensation. As compensation for the performance
of the Administrator's obligations under this Agreement, the Administrator shall
be entitled to an amount not to exceed $5,000 per month, in addition to
reimbursement for its liabilities and extra out-of-pocket expenses related to
its performance hereunder or under any Related Agreement. Such amounts shall be
paid by the Transferor in accordance with Section 12.3.

                  Section 5.4. Additional Information To Be Furnished to Issuer.
The Administrator shall furnish to the Issuer or the Indenture Trustee from time
to time such additional information regarding the Related Agreements and the
Trust as each of them shall reasonably request.

                  Section 5.5. Independence of Administrator. For all purposes
of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of the Issuer or the Owner Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

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                  Section 5.6. No Joint Venture. Nothing contained in this
Agreement shall (i) constitute the Administrator and either of the Issuer or the
Owner Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) be construed
to impose any liability as such on any of them or (iii) be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

                  Section 5.7. Other Activities of Administrator. Nothing herein
shall prevent the Administrator or its Affiliates from engaging in other
businesses or, in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

                  Section 5.8. Termination, Resignation and Removal of
Administrator.

                  (a) Subject to subsection 5.8(d), the Administrator may resign
its duties hereunder by providing the Issuer with at least 60 days prior written
notice.

                  (b) Subject to subsection 5.8(d), and provided that TRS or an
Affiliate is not the Administrator, the Issuer or the Transferor may, with
written notice to each Note Rating Agency, remove the Administrator without
cause by providing the Administrator with at least 60 days prior written notice.

                  (c) Subject to subsection 5.8(d), at the sole option of the
Issuer or the Transferor and with written notice to each Note Rating Agency, the
Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall occur:

                      (i) the Administrator shall default in the performance of
         any of its duties under this Agreement and, after notice of such
         default, shall not cure such default within 60 days (or, if such
         default cannot be cured in such time, shall not give within 60 days
         such assurance of cure as shall be reasonably satisfactory to the
         Transferor and the Issuer);

                      (ii) a court having jurisdiction in the premises shall
         enter a decree or order for relief, and such decree or order shall not
         have been vacated within 60 days, in respect of the Administrator in
         any involuntary case under any applicable bankruptcy, insolvency or
         other similar law now or hereafter in effect or appoint a receiver,
         liquidator, assignee, custodian, trustee, sequestrator or similar
         official for the Administrator or any substantial part of its property
         or order the winding-up or liquidation of its affairs; or

                      (iii) the Administrator shall commence a voluntary case
         under any applicable bankruptcy, insolvency or other similar law now or
         hereafter in effect, shall consent to the entry of an order for relief
         in an involuntary case under any such law, or shall consent to the
         appointment of a receiver, liquidator, assignee, trustee, custodian,
         sequestrator or similar official for the Administrator or any
         substantial part of its property, shall consent to the taking of
         possession by any such official of any substantial part of its
         property, shall make any general assignment for the benefit of its
         creditors or shall fail generally to pay its debts as they become due.

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         The Administrator agrees that if any of the events specified in clause
(ii) or (iii) of this subsection 5.8(c) shall occur, it shall give written
notice thereof to the Issuer, the Owner Trustee and the Indenture Trustee within
seven days after the happening of such event.

                      (d) No termination, resignation or removal of the
Administrator pursuant to this Section 5.8 shall be effective until (i) a
successor Administrator shall have been appointed by the Issuer and (ii) such
successor Administrator shall have agreed in writing to be bound by the terms of
this Agreement in the same manner as the Administrator is bound hereunder.

                  Section 5.9. Action Upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of the Administrator pursuant to
subsection 5.8(c) or the resignation or removal of the Administrator pursuant to
subsection 5.8(a) or (b), respectively, the Administrator shall be entitled to
be paid all fees and reimbursable expenses accruing to it to the date of such
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to subsection 5.8(c) deliver to the Issuer all property and documents
of or relating to the Collateral then in the custody of the Administrator. In
the event of the resignation or removal of the Administrator pursuant to
subsection 5.8(a) or (b), respectively, the Administrator shall cooperate with
the Issuer and take all reasonable steps requested to assist the Issuer in
making an orderly transfer of the duties of the Administrator.

                               [END OF ARTICLE V]

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                                   ARTICLE VI

                    OTHER MATTERS RELATING TO EACH TRANSFEROR

                  Section 6.1. Liability of Each Transferor. Each Transferor
shall be severally, and not jointly, liable for all obligations, covenants,
representations and warranties of such Transferor arising under or related to
this Agreement. Each Transferor shall be liable only to the extent of the
obligations specifically undertaken by it in its capacity as a Transferor.

                  Section 6.2. Merger or Consolidation of, or Assumption of the
Obligations of, a Transferor.

                  (a) No Transferor shall dissolve, liquidate, consolidate with
or merge into any other Person or convey, transfer or sell its properties and
assets substantially as an entirety to any Person (in each case, a "Surviving
Entity") unless:

                      (i) (x) the Surviving Entity is organized and existing
under the laws of the United States of America or any state or the District of
Columbia, and either is a savings association, national banking association,
bank or other entity which is not eligible to be a debtor in a case under the
United States Bankruptcy Code or is a special purpose entity whose powers and
activities are limited, and shall expressly assume, by an agreement supplemental
hereto, executed and delivered to the Trust and the Indenture Trustee, in form
reasonably satisfactory to the Trust and the Indenture Trustee, the performance
of every covenant and obligation of such Transferor hereunder and shall benefit
from all the rights granted to such Transferor, as applicable hereunder; and (y)
such Transferor has delivered to the Owner Trustee and the Indenture Trustee an
Officer's Certificate of such Transferor and an Opinion of Counsel to the effect
that such consolidation, merger, conveyance, transfer or sale and such
supplemental agreement comply with this Section 6.2 and that such supplemental
agreement is a valid and binding obligation of the Surviving Entity, enforceable
against such Surviving Entity in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws
affecting creditors' rights generally from time to time in effect and except as
such enforceability may be limited by general principles of equity;

                      (ii) all UCC filings, if any, required to perfect the
interest of the Trust in any Receivables and Collateral Certificates to be
conveyed by the Surviving Entity shall have been made and copies thereof shall
have been delivered to the Owner Trustee and the Indenture Trustee;

                      (iii) the Owner Trustee and the Indenture Trustee shall
have received one or more Opinions of Counsel to the effect that (a) under the
UCC, the transfer of Receivables and/or Collateral Certificates by the Surviving
Entity shall constitute either a sale of, or the granting of a security interest
in, such Receivables or Collateral Certificates, as the case may be, by the
Surviving Entity to the Trust, (b) the condition specified in paragraph (ii)
above shall have been satisfied, and (c) if the Surviving Entity shall be
subject to the FDIA, the interest of the Trust in such Receivables or Collateral
Certificates, as the case may be, should not be subject to avoidance by the FDIC
if the FDIC were to become the receiver or conservator of the Surviving Entity;

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<PAGE>

                      (iv) the Owner Trustee and the Indenture Trustee shall
have received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion;
and

                      (v) the Note Rating Agency Condition shall have been
satisfied with respect to such consolidation, merger, conveyance, transfer or
sale.

                  (b) The obligations of each Transferor hereunder shall not be
assignable nor shall any Person succeed to the obligations of any Transferor
hereunder except in each case in accordance with the provisions of the foregoing
paragraph or Section 6.5.

                  Section 6.3. Limitations on Liability of Each Transferor.
Subject to Section 6.1, no Transferor nor any of the directors, officers,
employees, members, incorporators or agents of any Transferor acting in such
capacities shall be under any liability to the Trust, the Owner Trustee, the
Indenture Trustee, the Noteholders, the Servicer, any Supplemental Credit
Enhancement Provider, any other Transferor or any other Person for any action
taken, or for refraining from the taking of any action, in good faith in such
capacities pursuant to this Agreement, it being expressly understood that all
such liability is expressly waived and released as a condition of, and
consideration for, the execution of this Agreement, the Indenture and any
Indenture Supplement and the issuance of the Notes; provided, however, that this
provision shall not protect any Transferor or any director, officer, employee,
member, incorporator or agent of any Transferor against any liability which
would otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. Each Transferor and any director, officer,
employee, member, incorporator or agent of such Transferor may rely in good
faith on any document of any kind prima facie properly executed and submitted by
any Person (other than such Transferor) respecting any matters arising
hereunder.

                  Section 6.4. [Reserved].

                  Section 6.5. Assumption of a Transferor's Obligations.
Notwithstanding the provisions of Section 6.2, each Transferor may assign,
convey, transfer or sell all of its right, title and interest in, to and under
the Receivables and the Collateral Certificates in which it has an interest
and/or its interest in the Transferor Interest (collectively, the "Assigned
Assets"), together with all servicing functions and other obligations, if any,
under this Agreement or relating to the transactions contemplated hereby
(collectively, the "Assumed Obligations"), to another entity (the "Assuming
Entity") which may be an entity that is not affiliated with such Transferor, and
such Transferor may assign, convey and transfer the Assigned Assets and the
Assumed Obligations to the Assuming Entity, without the consent or approval of
the holders of any Notes, upon satisfaction of the following conditions:

                  (a) the Assuming Entity, such Transferor, the Trust and the
Indenture Trustee shall have entered into a supplement to this Agreement or an
assumption agreement (in form and substance reasonably satisfactory to the Trust
and the Indenture Trustee) (either, the "Assumption Agreement") providing for
the Assuming Entity to assume the Assumed Obligations, including the obligation
under this Agreement to transfer the Receivables arising under the Accounts, the
Receivables arising under any Additional Accounts and any Collateral
Certificates to the Trust, and such Transferor shall have delivered to the Owner
Trustee and the Indenture Trustee an Officer's Certificate of such Transferor
and an Opinion of Counsel each stating that such transfer and assumption comply
with this Section 6.5, that such Assumption Agreement is a valid and binding
obligation of such Assuming Entity, enforceable against such Assuming Entity in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, receivership,
conservatorship or other similar laws affecting creditors' rights generally from
time to time in effect and except as such enforceability may be limited by
general principles of equity (whether considered in a suit at law or in equity),
and that all conditions precedent herein provided for relating to such
transaction have been complied with;

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                  (b) all UCC filings required to perfect the interest of the
Trust in the Receivables and/or the Collateral Certificates to be conveyed by
the Assuming Entity shall have been duly made and copies thereof shall have been
delivered to the Owner Trustee and the Indenture Trustee;

                  (c) (i) if the Assuming Entity shall not be eligible to be a
debtor under the United States Bankruptcy Code, such Transferor shall have
delivered notice of such transfer and assumption to each Note Rating Agency or
(ii) if the Assuming Entity shall be eligible to be a debtor in a case under the
United States Bankruptcy Code, such Transferor shall have delivered copies of
each such written notice to the Servicer, each other Transferor, the Owner
Trustee and the Indenture Trustee, and the Note Rating Agency Condition shall
have been satisfied;

                  (d) the Owner Trustee and the Indenture Trustee shall have
received one or more Opinions of Counsel to the effect that (i) the transfer of
Receivables and/or Collateral Certificates by the Assuming Entity shall
constitute either a sale of, or the granting of a security interest in, such
Receivables or Collateral Certificates, as the case may be, by the Assuming
Entity to the Trust, (ii) the condition specified in paragraph (b) above shall
have been satisfied, and (iii) if the Assuming Entity shall be subject to the
FDIA, the interest of the Trust in such Receivables or Collateral Certificates
should not be subject to avoidance by the FDIC if the FDIC were to become the
receiver or conservator of the Assuming Entity; and

                  (e) the Owner Trustee and the Indenture Trustee shall have
received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion.

                  Upon such transfer to and assumption by the Assuming Entity,
such Transferor shall surrender the certificate, if applicable, evidencing its
interest in the Transferor Interest to the Note Registrar for registration of
transfer and the Note Registrar shall issue a new certificate, if applicable,
evidencing the Transferor Interest in the name of the Assuming Entity (or, if
applicable, register such Assuming Entity's uncertificated interest in the
Transferor Interest). Notwithstanding such assumption, such Transferor shall
continue to be liable for all representations and warranties and covenants made
by it and all obligations performed or to be performed by it in its capacity as
Transferor prior to such transfer.

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                  Section 6.6. Expenses. The Transferor shall pay out of its own
funds, without reimbursement, all expenses incurred in connection with the
Trust, including the costs of filing any amendment to UCC financing statements,
the costs and expenses relating to obtaining and maintaining the listing of any
Notes on any stock exchange, the fees and disbursements of the Administrator as
provided in Section 12.3, and any stamp, documentary, excise, property (whether
on real, personal or intangible property) or any similar tax levied on the Trust
or the Trust's assets that are not expressly stated in this Agreement to be
payable by the Trust or a Transferor. A Transferor's obligations pursuant to
this Section 6.6 shall not constitute a claim against such Transferor to the
extent such Transferor does not have funds sufficient to make payment of such
obligations.

                               [END OF ARTICLE VI]

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                                  ARTICLE VII

                     OTHER MATTERS RELATING TO THE SERVICER

                  Section 7.1. Liability of the Servicer. The Servicer shall be
liable under this Article VII only to the extent of the obligations specifically
undertaken by the Servicer in its capacity as Servicer.

                  Section 7.2. Merger or Consolidation of, or Assumption of the
Obligations of, the Servicer. The Servicer shall not consolidate with or merge
into any other Person or convey, transfer or sell its properties and assets
substantially as an entirety to any Person, unless:

                  (a) (i) the Person formed by such consolidation or into which
         the Servicer is merged or the Person which acquires by conveyance,
         transfer or sale the properties and assets of the Servicer
         substantially as an entirety shall be, if the Servicer is not the
         surviving entity, a corporation or a national banking association
         organized and existing under the laws of the United States of America
         or any state or the District of Columbia or is a special purpose entity
         whose powers and activities are limited, and, if the Servicer is not
         the surviving entity, such Person shall expressly assume, by an
         agreement supplemental hereto, executed and delivered to the Trust and
         the Indenture Trustee, in form satisfactory to the Trust and the
         Indenture Trustee, the performance of every covenant and obligation of
         the Servicer hereunder (to the extent that any right, covenant or
         obligation of the Servicer, as applicable hereunder, is inapplicable to
         the successor entity, such successor entity shall be subject to such
         covenant or obligation, or benefit from such right, as would apply, to
         the extent practicable, to such successor entity);

                  (ii) the Servicer has delivered to the Transferor,
         the Owner Trustee and the Indenture Trustee an Officer's Certificate of
         the Servicer and an Opinion of Counsel, each stating that such
         consolidation, merger, conveyance, transfer or sale comply with this
         Section 7.2 and that all conditions precedent herein provided for
         relating to such transaction have been complied with; and

                  (iii) the Servicer shall have given the Note Rating Agencies
prompt notice of such consolidation, merger or transfer of assets; and

                  (b) the Person formed by such consolidation or into which the
Servicer is merged or the Person which acquires by conveyance, transfer or sale
the properties and assets of the Servicer substantially as an entirety shall be
or shall be immediately thereafter an Eligible Servicer.

                  Section 7.3. Limitation on Liability of the Servicer and
Others. Except as provided in Section 7.4, neither the Servicer nor any of the
directors, officers, employees, members or agents of the Servicer shall be under
any liability to the Trust, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Transferor or any other Person for any action taken, or for
refraining from the taking of any action, in good faith in its capacity as
Servicer pursuant to this Agreement; provided, however, that this provision
shall not protect the Servicer or any directors, officers, employees, members or
agents of the Servicer against any liability which would otherwise be imposed by
reason of willful misfeasance, bad faith or gross negligence in the performance
of duties or by reason of reckless disregard of obligations and duties
hereunder. The Servicer and any director, officer, employee, member or agent of
the Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person (other than the Servicer)
respecting any matters arising hereunder. The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action which is not
incidental to its duties as Servicer in accordance with this Agreement and which
in its reasonable judgment may involve it in any expense or liability. The
Servicer may, in its sole discretion, undertake any such legal action which it
may deem necessary or desirable for the benefit of the Noteholders with respect
to this Agreement and the rights and duties of the parties hereto and the
interests of the Noteholders hereunder.

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<PAGE>

                  Section 7.4. Servicer Indemnification of the Trust, the Owner
Trustee and the Indenture Trustee. To the fullest extent permitted by applicable
law, the Servicer shall indemnify and hold harmless each of the Transferor (in
the case of clause (a) below), the Trust, the Owner Trustee (as such and in its
individual capacity), the Indenture Trustee and any trustees predecessor thereto
(including the Indenture Trustee in its capacity as Note Registrar or as Paying
Agent) and their respective directors, officers, employees, members and agents
from and against any and all reasonable loss, liability, expense, damage or
injury arising out of or relating to any claims, actions or proceedings brought
or asserted by third parties which are suffered or sustained by reason of (a)
any acts or omissions of the Servicer with respect to the Trust pursuant to this
Agreement or (b) the administration of the Trust by the Owner Trustee, including
any judgment, award, settlement, reasonable attorneys' fees and other costs or
expenses incurred in connection with the defense of any action, proceeding or
claim; provided, however, that the Servicer shall not indemnify any Transferor,
the Trust, the Owner Trustee (as such or in its individual capacity), the
Indenture Trustee, any trustees predecessor thereto (including the Indenture
Trustee in its capacity as Note Registrar or as Paying Agent) or their
respective directors, officers, employees, members and agents, if such acts,
omissions or alleged acts or omissions constitute or are caused by negligence or
willful misconduct by such Transferor, the Trust, the Owner Trustee (as such or
in its individual capacity), the Indenture Trustee, any trustees predecessor
thereto (including the Indenture Trustee in its capacity as Note Registrar or as
Paying Agent) or their respective directors, officers, employees, members and
agents; provided further that the Servicer shall not indemnify the Trust for any
liabilities, costs or expenses of the Trust with respect to any action taken by
the Owner Trustee (as such or in its individual capacity), the Indenture
Trustee, any trustees predecessor thereto (including the Indenture Trustee in
its capacity as Note Registrar or as Paying Agent) or their respective
directors, officers, employees, members and agents at the request of the
Noteholders; provided further that the Servicer shall not indemnify the Trust as
to any losses, claims or damages incurred with respect to the investment in the
Trust Assets, including losses incurred as a result of Defaulted Accounts or
Defaulted Receivables or losses suffered by the Collateral Certificates; and
provided further that the Servicer shall not indemnify the Trust for any
liabilities, costs or expenses of the Trust arising under any tax law, including
any federal, state, local or foreign income or franchise taxes (or any interest
or penalties with respect thereto or arising from a failure to comply therewith)
required to be paid by the Trust in connection herewith to any taxing authority.
Any such indemnification shall not be payable from the Trust Assets, but shall
be payable only from the assets of the Servicer. The provisions of this
indemnity shall run directly to and be enforceable by an injured party subject
to the limitations hereof and shall survive the resignation or removal of the
Servicer, the resignation or removal of the Owner Trustee and the Indenture
Trustee and the termination of this Agreement.

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                  Section 7.5. Resignation of the Servicer. The Servicer shall
not resign from the obligations and duties hereby imposed on it except (a) upon
determination that (i) the performance of its duties hereunder is no longer
permissible under applicable law and (ii) there is no reasonable action which
the Servicer could take to make the performance of its duties hereunder
permissible under applicable law or (b) upon the assumption, by an agreement
supplemental hereto, executed and delivered to the Transferor, the Trust and the
Indenture Trustee, in form satisfactory to the Transferor, the Trust and the
Indenture Trustee, of the obligations and duties of the Servicer hereunder by
any of its Affiliates or by any other entity the appointment of which shall have
satisfied the Note Rating Agency Condition and, in either case, qualifies as an
Eligible Servicer. Any determination permitting the resignation of the Servicer
shall be evidenced as to clause (a) above by an Opinion of Counsel to such
effect delivered to the Transferor, the Owner Trustee and the Indenture Trustee.
No resignation shall become effective until the Indenture Trustee or a Successor
Servicer shall have assumed the responsibilities and obligations of the Servicer
in accordance with Section 9.2. If, within 120 days of the date of the
determination that the Servicer may no longer act as Servicer under clause (a)
above, the Indenture Trustee is unable to appoint a Successor Servicer, the
Indenture Trustee shall serve as Successor Servicer (but shall have continued
authority to appoint another Person as Successor Servicer). Notwithstanding the
foregoing, the Indenture Trustee shall, if it is legally unable so to act,
petition a court of competent jurisdiction at the expense of the resigning
Servicer to appoint any established institution qualifying as an Eligible
Servicer as the Successor Servicer hereunder. The Indenture Trustee shall give
prompt notice to each Note Rating Agency upon the appointment of a Successor
Servicer. Notwithstanding anything in this Agreement to the contrary, TRS,
Centurion or FSB, as Servicer, may assign part or all of its obligations and
duties as Servicer under this Agreement to an Affiliate of TRS so long as TRS,
Centurion or FSB, as the case may be, shall have fully guaranteed the
performance of such obligations and duties under this Agreement and such
assignment will not constitute a resignation within the meaning of this Section
7.5.

                  Section 7.6. Access to Certain Documentation and Information
Regarding the Collateral. The Servicer shall provide to the Trust and the
Indenture Trustee access to documentation regarding the Accounts, the
Receivables and the Collateral Certificates in such cases where the Indenture
Trustee is required in connection with the enforcement of the rights of
Noteholders or by applicable statutes or regulations to review such
documentation, such access being afforded without charge but only (a) upon
reasonable request, (b) during normal business hours, (c) subject to the
Servicer's normal security, data protection and confidentiality procedures or
such procedures as the Servicer may deem reasonably necessary and (d) at
reasonably accessible offices in the continental United States designated by the
Servicer. Nothing in this Section 7.6 shall derogate from the obligation of the
Transferor, the Trust, the Owner Trustee, the Indenture Trustee and the Servicer
to observe any applicable law prohibiting disclosure of information regarding
the Obligors, and the failure of the Servicer to provide access as provided in
this Section 7.6 as a result of such obligation shall not constitute a breach of
this Section 7.6.

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                  Section 7.7. Delegation of Duties. Subject to Section 13.8, in
the ordinary course of business, the Servicer may at any time delegate all or
part of its duties hereunder to any Person that agrees to conduct such duties in
accordance with the Account Guidelines and this Agreement. Any such delegation
shall not relieve the Servicer of its liability and responsibility with respect
to such duties, and shall not constitute a resignation within the meaning of
Section 7.5.

                  Section 7.8. Examination of Records. Each Transferor and the
Servicer shall indicate generally in their computer files or other records that
the Receivables arising in the Accounts have been conveyed to the Trust pursuant
to this Agreement and assigned to the Indenture Trustee under the Indenture.
Each Transferor and the Servicer shall, prior to the sale or transfer to a third
party of any receivable held in its custody, examine its computer records and
other records to determine that such receivable is not, and does not include, a
Receivable. Each Transferor and the Servicer shall also indicate generally in
their computer files or other records that each applicable Collateral
Certificate has been conveyed to the Trust pursuant to this Agreement and
assigned to the Indenture Trustee under the Indenture.

                              [END OF ARTICLE VII]

                                       75
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                                  ARTICLE VIII

                                INSOLVENCY EVENTS

Section 8.1. Rights Upon the Occurrence of an Insolvency Event. If any
Transferor or holder of the Transferor Interest shall consent to or fail to
object to the appointment of a bankruptcy trustee or conservator, receiver or
liquidator in any bankruptcy proceeding or other insolvency, readjustment of
debt, marshalling of assets and liabilities or similar proceedings of or
relating to such Transferor or such holder of the Transferor Interest or of or
relating to all or substantially all of such Person's respective property, or a
decree or order of a court or agency or supervisory authority having
jurisdiction in the premises for the appointment of a bankruptcy trustee or
conservator, receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings, or for the
winding-up, insolvency, bankruptcy, reorganization, conservatorship,
receivership or liquidation of such Person's respective affairs, shall have been
entered against such Transferor or any holder of the Transferor Interest; or
such Transferor or such holder of the Transferor Interest shall admit in writing
its respective inability, or shall be unable, to pay its debts generally as they
become due, or file a petition to take advantage of any applicable bankruptcy,
insolvency, reorganization, receivership or conservatorship statute, make an
assignment for the benefit of its creditors or voluntarily suspend payment of
its obligations; or such Transferor or holder of the Transferor Interest shall
consent to, or fail to object to, the filing of any such petition, or, if such
Transferor or holder of the Transferor Interest shall so object to the filing of
any such petition, such petition shall not have been dismissed within 60 days of
the filing thereof (any such act or occurrence being an "Insolvency Event");
then each Transferor shall on the day any such Insolvency Event occurs (the
"Appointment Date"), immediately cease to (i) transfer Receivables or Collateral
Certificates and (ii) cause to be increased any Invested Amount of an existing
Collateral Certificate transferred to the Trust by such Transferor and shall
promptly give notice to the Owner Trustee, the Indenture Trustee and the
Servicer of such Insolvency Event. Notwithstanding any cessation of the transfer
to the Trust of additional Receivables, (i) Receivables transferred to the Trust
prior to the occurrence of such Insolvency Event, (ii) Collections in respect of
such Receivables and (iii) Collateral Certificates transferred to the Trust
prior to the occurrence of such Insolvency Event, shall continue to be a part of
the Trust Assets, and Collections with respect thereto shall continue to be
allocated to Noteholders in accordance with the terms of this Agreement, the
Indenture and each Indenture Supplement.

                              [END OF ARTICLE VIII]

                                       76
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                                   ARTICLE IX

                                SERVICER DEFAULTS

                  Section 9.1. Servicer Defaults. If any one of the following
events (a "Servicer Default") shall occur and be continuing:

                  (a) any failure by the Servicer to make any payment, transfer
or deposit or to give notice or instructions to the Indenture Trustee to make
any required payment, transfer or deposit on the date the Servicer is required
to do so under the terms of this Agreement, the Indenture or any applicable
Indenture Supplement, or within the applicable grace period, which will not
exceed 35 Business Days; provided, however, that any such failure caused by a
nonwillful act of the Servicer shall not constitute a Servicer Default if the
Servicer promptly remedies such failure within 35 Business Days after receiving
notice of such failure or otherwise becoming aware of such failure;

                  (b) failure on the part of the Servicer duly to observe or
perform in any material respect any other covenants or agreements of the
Servicer set forth in this Agreement which has an Adverse Effect on any
Noteholders and which continues unremedied for a period of 60 days after the
date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Servicer by the Owner Trustee or the Indenture
Trustee, or to the Servicer, the Owner Trustee and the Indenture Trustee by
Noteholders evidencing not less than 50% of the aggregate unpaid principal
amount of all Notes sustaining such Adverse Effect (or, with respect to any such
failure that does not relate to all Series, Classes or Tranches of Notes, not
less than 50% of the aggregate unpaid principal amount of all Series, Classes or
Tranches of Notes to which such failure related); or the Servicer shall assign
or delegate its duties under this Agreement, except as permitted by Sections
7.2, 7.5 and 7.7;

                  (c) any representation, warranty or certification made by the
Servicer in this Agreement or in any certificate delivered pursuant hereto shall
prove to have been incorrect when made, which has an Adverse Effect on the
rights of any Noteholders and which Adverse Effect continues for a period of 60
days after the date on which written notice thereof, requiring the same to be
remedied, shall have been given to the Servicer by the Owner Trustee or the
Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture
Trustee by Noteholders evidencing not less than 50% of the aggregate unpaid
principal amount of all Notes (or, with respect to any such representation,
warranty or certification that does not relate to all Series, Classes or
Tranches of Notes, not less than 50% of the aggregate unpaid principal amount of
all Series, Classes or Tranches of Notes adversely affected by such
representation, warranty or certification);

                  (d) the Servicer shall consent to the appointment of a
bankruptcy trustee or conservator or receiver or liquidator in any bankruptcy
proceeding or other insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings of or relating to the Servicer or of or
relating to all or substantially all its property, or a decree or order of a
court or agency or supervisory authority having jurisdiction in the premises for
the appointment of a bankruptcy trustee or a conservator or receiver or
liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings, or the winding-up or liquidation
of its affairs, shall have been entered against the Servicer and such decree or
order shall have remained in force undischarged or unstayed for a period of 60
days; or the Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable bankruptcy, insolvency or reorganization statute, make any assignment
for the benefit of its creditors or voluntarily suspend payment of its
obligations and such petition shall not have been dismissed within 60 days of
the filing thereof; or

                                       77
<PAGE>

                  (e) any other Servicer Default described in any Indenture
Supplement;

                  then, in the event of any Servicer Default, so long as the
Servicer Default shall not have been remedied, either the Indenture Trustee or
Noteholders evidencing more than 50% of the aggregate unpaid principal amount of
all affected Notes, by notice then given in writing to the Servicer and the
Owner Trustee (and to the Indenture Trustee if given by the Noteholders) (a
"Termination Notice"), may terminate all but not less than all the rights and
obligations of the Servicer as Servicer under this Agreement; provided, however,
if within 60 days of receipt of a Termination Notice the Indenture Trustee does
not receive any bids from Eligible Servicers in accordance with subsection
9.2(d) to act as a Successor Servicer and receives an Officer's Certificate of
the Servicer to the effect that the Servicer cannot in good faith cure the
Servicer Default which gave rise to the Termination Notice, the Indenture
Trustee shall, except in the case of a Servicer Default set forth in subsection
9.1(d), grant the Transferor the right of first refusal to purchase the interest
of the Noteholders on the First Note Transfer Date in the next calendar month.
If the Transferor elects not to exercise such right of first refusal, the
Indenture Trustee shall assume the role of Successor Servicer.

                  The purchase price for the interest of the Noteholders shall
be equal to the sum of the amounts specified therefor with respect to each
Outstanding Series, Class or Tranche of Notes herein or in the applicable
Indenture Supplement. The Transferor shall notify the Indenture Trustee prior to
the Record Date for the First Note Transfer Date of the purchase if the
Transferor is exercising such right of first refusal. If the Transferor
exercises such right of first refusal, the Transferor shall deposit the purchase
price into the Collection Account on such First Note Transfer Date in
immediately available funds. The purchase price shall be allocated and
distributed to the Noteholders in accordance with the terms hereof or the
applicable Indenture Supplement.

                  After receipt by the Servicer of a Termination Notice, and on
the date that a Successor Servicer is appointed by the Indenture Trustee
pursuant to Section 9.2, all authority and power of the Servicer under this
Agreement shall pass to and be vested in the Successor Servicer (a "Service
Transfer") and, without limitation, the Indenture Trustee is hereby authorized
and empowered (upon the failure of the Servicer to cooperate) to execute and
deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or
deliver such documents or instruments, and to do and accomplish all other acts
or things necessary or appropriate to effect the purposes of such Service
Transfer. The Servicer agrees to cooperate with the Indenture Trustee and such
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing hereunder, including the transfer to
such Successor Servicer of all authority of the Servicer to service the Trust
Assets provided for under this Agreement, including, without limitation, all
authority over all Collections which shall on the date of transfer be held by
the Servicer for deposit, or which have been deposited by the Servicer, in the
Collection Account, or which shall thereafter be received with respect to the
Trust Assets, and in assisting the Successor Servicer. The Servicer shall within
20 Business Days transfer its electronic records or electronic copies thereof
relating to the Trust Assets to the Successor Servicer in such electronic form
as the Successor Servicer may reasonably request and shall promptly transfer to
the Successor Servicer all other records, correspondence and documents necessary
for the continued servicing of the Trust Assets in the manner and at such times
as the Successor Servicer shall reasonably request. To the extent that
compliance with this Section 9.1 shall require the Servicer to disclose to the
Successor Servicer information of any kind which the Servicer deems to be
confidential, the Successor Servicer shall be required to enter into such
customary licensing, security, data protection and confidentiality agreements as
the Servicer shall deem reasonably necessary to protect its interests.

                                       78
<PAGE>

                  Notwithstanding the foregoing, a delay in or failure of
performance referred to in paragraph (a) above for a period of 10 Business Days
after the applicable grace period or under paragraph (b) or (c) above for a
period of 60 Business Days after the applicable grace period, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and such delay or failure
was caused by an act of God or the public enemy, acts of declared or undeclared
war, public disorder, rebellion or sabotage, epidemics, landslides, lightning,
fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence
shall not relieve the Servicer from using all commercially reasonable efforts to
perform its obligations in a timely manner in accordance with the terms of this
Agreement and the Servicer shall provide the Indenture Trustee, the Owner
Trustee and each Transferor with an Officer's Certificate of the Servicer giving
prompt notice of such failure or delay by it, together with a description of its
efforts so to perform its obligations.

                  Section 9.2. Indenture Trustee To Act; Appointment of
Successor.

                  (a) On and after the receipt by the Servicer of a Termination
Notice pursuant to Section 9.1, the Servicer shall continue to perform all
servicing functions under this Agreement until the date specified in the
Termination Notice or otherwise specified by the Indenture Trustee or until a
date mutually agreed upon by the Servicer and the Indenture Trustee. The
Indenture Trustee shall as promptly as possible after the giving of a
Termination Notice appoint an Eligible Servicer as a successor servicer (the
"Successor Servicer"), and such Successor Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee and the
Transferor. The Transferor shall have the right to nominate to the Indenture
Trustee the name of a potential successor servicer, which nominee shall be
selected by the Indenture Trustee as the Successor Servicer. In the event that a
Successor Servicer has not been appointed or has not accepted its appointment at
the time when the Servicer ceases to act as Servicer, the Indenture Trustee
without further action shall automatically be appointed the Successor Servicer.
The Indenture Trustee may delegate any of its servicing obligations to an
Affiliate or agent in accordance with subsection 4.1(b) and Section 7.7.

                                       79
<PAGE>

                  (b) Notwithstanding the foregoing, the Indenture Trustee
shall, if it is legally unable so to act, petition a court of competent
jurisdiction to appoint any established institution qualifying as an Eligible
Servicer as the Successor Servicer hereunder. The Indenture Trustee shall notify
each Note Rating Agency, the Owner Trustee, the Transferor and the Administrator
upon the removal of the Servicer and upon the appointment of a Successor
Servicer.

                  (c) Upon its appointment, the Successor Servicer shall be the
successor in all respects to the Servicer with respect to servicing functions
under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Servicer by the terms and
provisions hereof, and all references in this Agreement to the Servicer shall be
deemed to refer to the Successor Servicer.

                  (d) In connection with any Termination Notice, the Indenture
Trustee will review any bids which it obtains from Eligible Servicers and shall
be permitted to appoint any Eligible Servicer submitting such a bid as a
Successor Servicer or, as provided in subsection 9.2(a), the Successor Servicer
nominated by the Transferor, for servicing compensation not in excess of the
Servicing Fee plus the sum of the amounts with respect to each Series and with
respect to each Payment Date equal to any Finance Charge Collections allocable
to Noteholders of such Series which are payable to the holders of the Transferor
Interest after payment of all amounts owing to the Noteholders of such Series
with respect to such Payment Date or required to be deposited in the applicable
Issuer Accounts or Sub-Accounts with respect to such Payment Date; provided,
however, that any holder of the Transferor Interest shall be responsible for
payment of its portion of such Servicing Fee and all other such amounts in
excess of such Servicing Fee. Each holder of the Transferor Interest agrees
that, if TRS (or any Successor Servicer) is terminated as Servicer hereunder,
the portion of the Collections in respect of Finance Charge Receivables that
such holder is entitled to receive pursuant to any Related Agreement shall be
reduced by an amount sufficient to pay the Transferor's share of the
compensation of the Successor Servicer.

                  (e) All authority and power granted to the Servicer under this
Agreement shall automatically cease and terminate upon termination of the Trust
pursuant to Article IX of the Trust Agreement, and shall pass to and be vested
in the Transferor and, without limitation, the Transferor is hereby authorized
and empowered to execute and deliver, on behalf of the Servicer as
attorney-in-fact or otherwise, all documents and other instruments, and to do
and accomplish all other acts or things necessary or appropriate to effect the
purposes of such transfer of servicing rights. The Servicer agrees to cooperate
with the Transferor in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing of the Receivables. The Servicer
shall transfer its electronic records relating to the Receivables to the
Transferor or its designee in such electronic form as it may reasonably request
and shall transfer all other records, correspondence and documents to it in the
manner and at such times as it shall reasonably request. To the extent that
compliance with this Section 9.2 shall require the Servicer to disclose to the
Transferor information of any kind which the Servicer deems to be confidential,
the Transferor shall be required to enter into such customary licensing,
security, data protection and confidentiality agreements as the Servicer shall
deem necessary to protect its interests.

                                       80
<PAGE>

                  Section 9.3. Notification to Noteholders. Within five Business
Days after the Servicer becomes aware of any Servicer Default, the Servicer
shall give notice thereof to the Transferor, the Owner Trustee, the Indenture
Trustee and each Note Rating Agency, and the Indenture Trustee shall give notice
to the Noteholders. Upon any termination or appointment of a Successor Servicer
pursuant to this Article, the Indenture Trustee shall give prompt notice thereof
to the Noteholders.

                  Section 9.4. Waiver of Past Defaults. Noteholders evidencing
more than 66 2/3% of the aggregate unpaid principal amount of the Notes of each
Series or, with respect to any Series with two or more Classes or Tranches, of
each Class or Tranche, as applicable (or, with respect to any default that does
not relate to or affect all Series, 66 2/3% of the aggregate unpaid principal
balance of the Notes of each Series to which such default relates or, with
respect to any such Series with two or more Classes or Tranches, of each Class
or Tranche, as applicable) may, on behalf of all Noteholders of such Series,
Class or Tranche, waive any default by the Transferor or the Servicer in the
performance of its obligations hereunder and its consequences, except the
failure to make any required deposits or payments of interest or principal
relating to such Series, Class or Tranche pursuant to Article III. Upon any such
waiver of a past default, such default shall cease to exist, and any default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereon except to the extent expressly so waived.

                               [END OF ARTICLE IX]

                                       81
<PAGE>

                                   ARTICLE X

                           ACQUISITION OF TRUST ASSETS

                  Section 10.1. Acquisition of Trust Assets. If a Master Trust
Transferor exercises its option to accept retransfer of any Collateral
Certificate pursuant to the terms of the related Series Supplement, the
Transferor shall cause such Master Trust Transferor to (a) acquire the
Collateral Certificate, which acquisition shall be effective as of the date on
which such retransfer occurs, (b) deliver notice of such acquisition to the
Owner Trustee, the Indenture Trustee, the other Master Trust Transferors, if
any, the Transferor and the Servicer on or prior to the Determination Date
following the applicable Monthly Period for which the option is deemed
exercised, (c) deposit in the Collection Account on or prior to the First Note
Transfer Date following the applicable Monthly Period an amount equal to the
Invested Amount of the existing Collateral Certificate on such date and all
other amounts payable to the Noteholders of each related Outstanding Series of
Notes including otherwise unpaid principal and accrued interest on the Notes.
Upon the completion of the foregoing condition, the applicable Master Trust
shall succeed to all interests in and to the Trust with respect to such
Collateral Certificate.

                               [END OF ARTICLE X]

                                       82
<PAGE>

                                   ARTICLE XI

                                   TERMINATION

                  Section 11.1. Termination of Agreement. This Agreement and the
respective obligations and responsibilities of the Trust, each Transferor, the
Administrator and the Servicer under this Agreement shall terminate, except with
respect to the indemnification obligations described in Section 7.4, on the date
on which the Trust is dissolved in accordance with Article IX of the Trust
Agreement.

                               [END OF ARTICLE XI]

                                       83
<PAGE>

                                  ARTICLE XII

                            MISCELLANEOUS PROVISIONS

                  Section 12.1. Amendment; Waiver of Past Defaults.

                  (a) This Agreement may be amended from time to time by the
Servicer, the Transferor, the Issuer and the Indenture Trustee, by a written
instrument signed by each of them, without the consent of any of the
Noteholders; provided that (i) each Transferor shall have delivered to the
Indenture Trustee and the Owner Trustee an Officer's Certificate of such
Transferor, dated the date of any such amendment, stating that such Transferor
reasonably believes that such amendment will not have an Adverse Effect and (ii)
the Note Rating Agency Condition shall have been satisfied with respect to any
such amendment; provided further that such action shall not effect a significant
change in the Permitted Activities of the Trust except for those changes
necessary for compliance with accounting requirements or tax requirements or
required to cure any ambiguity or correct or supplement any provision contained
in this Agreement which may be defective or inconsistent with any provisions
thereof.

                  Additionally, notwithstanding any provision of this Article
XII to the contrary and in addition to the immediately preceding paragraph, this
Agreement may also be amended without the consent of any of the Noteholders,
upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax
Opinion and, to the extent a Collateral Certificate is included in the Trust
Assets, a Master Trust Tax Opinion, to provide for (i) the establishment of
multiple asset pools and the designation of Trust Assets to be included as part
of specific asset pools or (ii) those changes necessary for compliance with
securities law requirements; provided, however, that (i) the Issuer shall
deliver to the Indenture Trustee and the Owner Trustee an Officer's Certificate
to the effect that the Issuer reasonably believes that such amendment will not
have an Adverse Effect and is not reasonably expected to have an Adverse Effect
at any time in the future and (ii) each Note Rating Agency confirms in writing
that such amendment will not cause a Ratings Effect.

                  Any amendments regarding the addition or removal of
Receivables or Collateral Certificates from the Trust as provided herein,
executed in accordance with the provisions hereof, shall not be considered
amendments to this Agreement for the purpose of subsections 12.1(a) and (b).

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<PAGE>

                  (b) This Agreement may also be amended in writing from time to
time by the Servicer, the Transferor, the Indenture Trustee and the Trust, (A)
in the case of a significant change in the Permitted Activities of the Trust
which is not materially adverse to any Noteholders, with the consent of
Noteholders evidencing not less than 50% of the aggregate unpaid principal
amount of all Series, Classes or Tranches of Notes affected by such change,
unless such change is necessary for compliance with accounting requirements or
tax requirements or required to cure any ambiguity or correct or supplement any
provision contained in this Agreement which may be defective or inconsistent
with any provisions thereof and (B) in all other cases, with the consent of
Noteholders evidencing more than 66 2/3% of the aggregate unpaid principal
amount of all affected Series, Classes or Tranches of Notes for which the
Transferor has not delivered an Officer's Certificate stating that there is no
Adverse Effect, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of any Noteholders; provided, however, that no such
amendment shall (i) reduce in any manner the amount of or delay the timing of
any distributions (changes in Early Amortization Events or Events of Default
that decrease the likelihood of the occurrence thereof shall not be considered
delays in the timing of distributions for purposes of this clause) to be made to
Noteholders or deposits of amounts to be so distributed or the amount available
under any Supplemental Credit Enhancement Agreement and any Derivative Agreement
without the consent of each affected Noteholder, (ii) change the definition of
or the manner of calculating the interest of any Noteholder without the consent
of each affected Noteholder, (iii) reduce the aforesaid percentage required to
consent to any such amendment without the consent of each Noteholder or (iv)
adversely affect the rating of any Series, Class or Tranche of Notes by each
Note Rating Agency without the consent of Noteholders evidencing not less than
66 2/3% of the aggregate unpaid principal amount of such Series, Class or
Tranche (which shall not be deemed to occur if the Note Rating Agency Condition
shall have been satisfied with respect to such amendment).

                  (c) Promptly after the execution of any such amendment or
consent (other than an amendment pursuant to paragraph (a)), the Trust shall
furnish notification of the substance of such amendment to each Noteholder, and
the Servicer shall furnish notification of the substance of such amendment to
each Note Rating Agency and each Supplemental Credit Enhancement Provider.

                  (d) It shall not be necessary for the consent of Noteholders
under this Section 12.1 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Noteholders shall be subject to such
reasonable requirements as the Indenture Trustee may prescribe.

                  (e) Notwithstanding anything in this Section 12.1 (other than
subsection (h) below) to the contrary, no amendment may be made to this
Agreement which would adversely affect in any material respect the interests of
any Supplemental Credit Enhancement Provider without the consent of such
Supplemental Credit Enhancement Provider.

                  (f) Any Indenture Supplement executed in accordance with the
provisions of Article X of the Indenture shall not be considered an amendment of
this Agreement for the purposes of this Section 12.1. Any supplemental agreement
executed in accordance with the provisions of Section 6.2 or any Assumption
Agreement executed in accordance with the provisions of Section 6.5 shall not be
considered an amendment to this Agreement for purposes of this Section 12.1.

                  (g) The Owner Trustee and the Indenture Trustee may, but shall
not be obligated to, enter into any such amendment which adversely affects in
any material respect the rights, duties, benefits, protections, privileges or
immunities of the Owner Trustee or the Indenture Trustee, as applicable, under
this Agreement or otherwise. In connection with the execution of any amendment
hereunder, the Owner Trustee and the Indenture Trustee shall be entitled to
receive the Opinion of Counsel described in subsection 12.2(d).

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                  Section 12.2. Protection of Right, Title and Interest in and
to Trust Assets.

                  (a) The Transferor shall cause this Agreement, all amendments
and supplements hereto and all financing statements and amendments to financing
statements and any other necessary documents covering the right, title and
interest of the Trust and the Indenture Trustee to the Trust Assets to be
promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required
by law fully to preserve and protect such right, title and interest. The
Transferor shall deliver to the Owner Trustee and the Indenture Trustee
file-stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available following such
recording, registration or filing.

                  (b) Within 30 days after any Transferor makes any change in
its name or its type or jurisdiction of organization, such Transferor shall give
the Owner Trustee and the Indenture Trustee notice of any such change and shall
file such financing statements or amendments as may be necessary to continue the
perfection of the security interest or ownership interest of the Trust in the
Trust Assets.

                  (c) Each Transferor and the Servicer shall give the Owner
Trustee and the Indenture Trustee prompt written notice of any relocation of any
office from which it services Receivables or keeps records concerning the
Receivables and the Collateral Certificates or of its chief executive office and
whether, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of any previously filed financing
statement or amendment thereto or of any new financing statement and shall file
such financing statements or amendments as may be necessary to perfect or to
continue the perfection of the security interest or ownership interest of the
Trust in the Trust Assets. Each Transferor and the Servicer shall at all times
maintain each office from which it services Receivables and its chief executive
offices within the United States and shall at all times be organized under the
laws of a jurisdiction located within the United States. Each of the Owner
Trustee and the Indenture Trustee shall give each Transferor and the Servicer
prompt notice of any change in its name or any change in its address as shown on
any financing statement filed in connection with the transactions contemplated
by any Related Agreement if the address so shown ceases to be an address from
which information concerning the Trust Assets can be obtained.

                  (d) The Transferor shall deliver to the Owner Trustee and the
Indenture Trustee (i) upon the execution and delivery of each amendment of this
Agreement pursuant to Section 12.1, an Opinion of Counsel to the effect
specified in Exhibit F-1; (ii) on each Addition Date with respect to the
addition of Aggregate Addition Accounts to be designated to the Trust pursuant
to subsection 2.13(a) or (b), an Opinion of Counsel substantially in the form of
Exhibit F-2; (iii) semi-annually (or, if the applicable Account Owner has a
long-term rating below "A" by Moody's, "AA-" by Standard & Poor's or, if rated
by Fitch, "AA-" by Fitch, quarterly), beginning six months following the end of
the first Monthly Period in which New Accounts are designated to the Trust
pursuant to subsection 2.13(d), an Opinion of Counsel substantially in the form
of Exhibit F-3; (iv) on each Addition Date on which any Collateral Certificate
is included as part of the Trust Assets pursuant to subsection 2.13(a) or (b),
an Opinion of Counsel covering the same substantive legal issues addressed by
Exhibit F-2; (v) on or before March 31 of each year, beginning with March 31,
2006, an Opinion of Counsel substantially in the form of Exhibit F-4; and (iii)
in connection with the occurrence of any event contemplated in Section 6.2 or
6.5, the Opinions of Counsel, the Issuer Tax Opinion and the Master Trust Tax
Opinion specified therein.

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<PAGE>

                  Section 12.3. Fees Payable by the Transferor. Notwithstanding
anything contained in any other Transaction Document (unless such document
specifically refers to this Section 12.3), the Transferor shall pay out of its
own funds, without reimbursement, all expenses incurred, fees and disbursements
of the Owner Trustee (as such and in its individual capacity), the Administrator
and the Indenture Trustee (including, in each case, the reasonable fees and
expenses of its outside counsel) and independent accountants and all other fees
and expenses relating to the Trust, including the costs of filing UCC
continuation statements, the costs and expenses relating to obtaining and
maintaining the listing of any Notes on any stock exchange, the costs and
expenses relating to maintaining Issuer Accounts, and any stamp, documentary,
excise, property (whether on real, personal or intangible property) or any
similar tax levied on the Trust or the Trust's assets that are not expressly
stated in this Agreement to be payable by the Trust (other than federal, state,
local and foreign income and franchise taxes, if any, or any interest or
penalties with respect thereto, assessed on the Trust, which shall be paid by
the Trust).

                  Section 12.4. Governing Law; Submission to Jurisdiction;
Appointment of Agent for Service of Process. This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflict of laws. The parties hereto hereby declare that
it is their intention that this Agreement shall be regarded as made under the
laws of the State of Delaware and that the laws of said State shall be applied
in interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto agrees (a) that this Agreement involves at
least $100,000.00, and (b) that this Agreement has been entered into by the
parties hereto in express reliance upon 6 Del. C. ss. 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts
sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party's agent for acceptance
of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b)
(1) or (2) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within
the State of Delaware.

                  Section 12.5. Notices; Payments.

                  (a) All demands, notices, instructions, directions and
communications (collectively, "Notices") under this Agreement shall be in
writing and shall be deemed to have been duly given if personally delivered at,
mailed by certified mail, return receipt requested, or sent by facsimile
transmission or sent by electronic mail:

                  (i) in the case of TRS, as the Servicer or the Administrator,
to:

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                  AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
                  200 Vesey Street
                  New York, New York  10285
                  Attention: Secretary
                  Fax: (212) 619-9261

                  (ii) in the case of RFC V, as a Transferor, to:

                  AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC
                  200 Vesey Street, Room 507A
                  New York, New York  10285
                  Attention: President
                  Fax: (212) 640-2417

                  (iii) in the case of the Trust or the Owner Trustee, to:

                  Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890-1600
                  Attention: Corporate Trust Administration
                  Fax: (302) 636-4140

                  (iv) in the case of the Indenture Trustee, to:

                  The Bank of New York
                  101 Barclay Street, Floor 8 West
                  New York, New York 10286
                  Attention: Asset Backed Unit
                  Fax: (212) 815-2493
                  ccerilles@bankofny.com

                  (v) in the case of the Note Rating Agency for a particular
Series, the address, if any, specified in the Indenture Supplement relating to
such Series, and

                  (vi) to any other Person as specified in the Indenture; or, as
to each party, at such other address, facsimile number or electronic mail
address as shall be designated by such party in a written notice to each other
party.

                  (b) Any Notice required or permitted to be given to a Holder
of Notes that are Registered Notes shall be given by first-class mail, postage
prepaid, at the address of such Holder as shown in the Note Register. No Notice
shall be required to be mailed to a Holder of Notes that are Bearer Notes but
shall be given as provided below. Any Notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given, whether or not the Noteholder receives such Notice. In addition, (a) if
and so long as any Series, Class or Tranche of Notes is listed on the Luxembourg
Stock Exchange and such stock exchange shall so require, any Notice to
Noteholders shall be published in an Authorized Newspaper of general circulation
in Luxembourg within the time period prescribed in this Agreement and (b) in the
case of any Series, Class or Tranche of Notes with respect to which any Bearer
Notes are Outstanding, any Notice required or permitted to be given to Holders
of such Series, Class or Tranche shall be published in an Authorized Newspaper
within the time period prescribed in this Agreement.

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<PAGE>

                  Section 12.6. Severability of Provisions. If any one or more
of the covenants, agreements, provisions or terms of this Agreement shall for
any reason whatsoever be held invalid, then such provisions shall be deemed
severable from the remaining provisions of this Agreement and shall in no way
affect the validity or enforceability of the remaining provisions or of the
Notes or the rights of any Noteholders.

                  Section 12.7. Further Assurances. Each Transferor and the
Servicer agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the
Owner Trustee and the Indenture Trustee more fully to effect the purposes of
this Agreement, including the authorization and/or filing of any financing
statements or amendments thereto relating to the Receivables and/or the
Collateral Certificates for filing under the provisions of the UCC of any
applicable jurisdiction.

                  Section 12.8. No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Trust, the Owner
Trustee, the Indenture Trustee or any Noteholders, any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege under this
Agreement preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges provided under this Agreement are cumulative and not exhaustive of
any rights, remedies, powers and privileges provided by law.

                  Section 12.9. Counterparts. This Agreement may be executed in
two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

                  Section 12.10. Third-Party Beneficiaries. This Agreement will
inure to the benefit of and be binding upon the parties hereto, the Noteholders,
any Supplemental Credit Enhancement Providers, any Derivative Counterparties and
their respective successors and permitted assigns. Except as otherwise expressly
provided in this Agreement, no other Person will have any right or obligation
hereunder.

                  Section 12.11. Actions by Noteholders.

                  (a) Wherever in this Agreement a provision is made that an
action may be taken or a Notice, demand or instruction given by Noteholders,
such action, Notice, demand or instruction may be taken or given by any
Noteholder, unless such provision requires a specific percentage of Noteholders.

                  (b) Any Notice, request, demand, authorization, direction,
consent, waiver or other act by a Noteholder shall bind such Noteholder and
every subsequent Holder of such Note and of any Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or omitted to be done by the Owner Trustee, the
Indenture Trustee, any Transferor or the Servicer in reliance thereon, whether
or not notation of such action is made upon such Note.

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<PAGE>

                  Section 12.12. Rule 144A Information. For so long as any of
the Notes are "restricted securities" within the meaning of Rule 144(a)(3) under
the Securities Act, each Transferor and each of the Owner Trustee, the Indenture
Trustee and the Servicer agree to cooperate with each other to provide to any
Holders of such Series, Class or Tranche and to any prospective purchaser of
Assets Pool One Notes designated by such Noteholder, upon the request of such
Noteholder or prospective purchaser, any information required to be provided to
such Holder or prospective purchaser to satisfy the condition set forth in Rule
144A(d)(4) under the Securities Act.

                  Section 12.13. Merger and Integration. Except as specifically
stated otherwise herein, this Agreement sets forth the entire understanding of
the parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

                  Section 12.14. Headings. The headings herein are for purposes
of reference only and shall not otherwise affect the meaning or interpretation
of any provision hereof.

                  Section 12.15. Limitation of Liability. Notwithstanding any
other provision herein or elsewhere, this Agreement has been executed and
delivered by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Trust. In no event shall
Wilmington Trust Company in its individual capacity have any liability in
respect of the representations, warranties, or obligations of the Trust
hereunder or under any other document, as to all of which recourse shall be had
solely to the Trust Assets, and for all purposes of this Agreement and each
other document, the Owner Trustee (as such or in its individual capacity) shall
be subject to, and entitled to the benefits of, the terms and provisions of the
Trust Agreement.

                  Section 12.16. No Petition. To the fullest extent permitted by
applicable law, the Indenture Trustee, the Servicer and each Transferor, by
entering into this Agreement, and each Noteholder, by accepting a Note, agrees
that it will not at any time institute against any Master Trust or the Issuer,
or join in any institution against any Master Trust or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes and this
Agreement.

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<PAGE>

                  Section 12.17. Force Majeure. In no event shall the Indenture
Trustee or the Owner Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Indenture Trustee
and the Owner Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

                              [END OF ARTICLE XII]

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<PAGE>

                                  ARTICLE XIII

                          COMPLIANCE WITH REGULATION AB

                  Section 13.1. Intent of the Parties; Reasonableness. The
Transferor, the Servicer, the Issuer and the Indenture Trustee acknowledge and
agree that the purpose of this Article XIV is to facilitate compliance by the
Transferor with the provisions of Regulation AB and related rules and
regulations of the Commission. The Transferor shall not exercise its right to
request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than the Transferor's compliance
with the Securities Act, the Exchange Act and the rules and regulations of the
Commission thereunder (or the provision in a private offering of disclosure
comparable to that required under the Securities Act). The Indenture Trustee
acknowledges that interpretations of the requirements of Regulation AB may
change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply with
requests made by the Transferor in good faith for delivery of information under
these provisions on the basis of evolving interpretations of Regulation AB. The
Indenture Trustee agrees to cooperate in good faith with any reasonable request
by the Transferor for information regarding the Indenture Trustee which is
required in order to enable the Transferor to comply with the provisions of
Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of Regulation AB
as it relates to the Indenture Trustee or to the Indenture Trustee's obligations
under this Agreement. The Servicer agrees to cooperate in good faith with any
reasonable request by the Transferor for information regarding the Servicer
which is required in order to enable the Transferor to comply with the
provisions of Items 1103(a)(1), 1105, 1108, 1117, 1118, 1119, 1121, 1122 and
1123 of Regulation AB as it relates to the Servicer or to the Servicer's
obligations under this Agreement.

                  Section 13.2. Additional Representations and Warranties of the
Indenture Trustee. The Indenture Trustee shall be deemed to represent to the
Transferor, as of the date on which information is provided to the Transferor
under Section 13.3 that, except as disclosed in writing to the Transferor prior
to such date to the best of its knowledge, but without independent
investigation: (i) neither the execution, delivery and performance by the
Indenture Trustee of this Agreement, the performance by the Indenture Trustee of
its obligations under this Agreement nor the consummation of any of the
transactions by the Indenture Trustee contemplated thereby, is in violation of
any indenture, mortgage, bank credit agreement, note or bond purchase agreement,
long-term lease, license or other agreement or instrument to which the Indenture
Trustee is a party or by which it is bound, which violation would have a
material adverse effect on the Indenture Trustee's ability to perform its
obligations under this Agreement, or of any judgment or order applicable to the
Indenture Trustee; and (ii) there are no proceedings pending or threatened
against the Indenture Trustee in any court or before any governmental authority,
agency or arbitration board or tribunal which, individually or in the aggregate,
would have a material adverse effect on the right, power and authority of the
Indenture Trustee to enter into this Agreement or to perform its obligations
under this Agreement.

                  Section 13.3. Information to Be Provided by the Indenture
Trustee. The Indenture Trustee shall (i) on or before the fifth Business Day of
each month, provide to the Transferor, in writing, such information regarding
the Indenture Trustee as is requested for the purpose of compliance with Item
1117 of Regulation AB, and (ii) as promptly as practicable following notice to
or discovery by the Indenture Trustee of any changes to such information,
provide to the Transferor, in writing, such updated information.

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<PAGE>

                  The Indenture Trustee shall (i) on or before the fifth
Business Day of each January, April, July and October, provide to the Transferor
such information regarding the Indenture Trustee as is requested for the purpose
of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of
Regulation AB, and (ii) as promptly as practicable following notice to or
discovery by the Indenture Trustee of any changes to such information, provide
to the Transferor, in writing, such updated information. Such information shall
include, at a minimum:

                           (A) the Indenture Trustee's name and form of
                  organization;

                           (B) a description of the extent to which the
                  Indenture Trustee has had prior experience serving as an
                  Indenture Trustee for asset-backed securities transactions
                  involving credit or charge card receivables;

                           (C) a description of any affiliation between the
                  Indenture Trustee and any of the following parties to a
                  Securitization Transaction, as such parties are identified to
                  the Indenture Trustee by the Transferor in writing in advance
                  of such Securitization Transaction:

                                    (1) the sponsor;

                                    (2) any depositor;

                                    (3) the issuing entity;

                                    (4) any servicer;

                                    (5) any trustee;

                                    (6) any originator;

                                    (7) any significant obligor;

                                    (8) any enhancement or support provider; and

                                    (9) any other material transaction party.

                  In connection with the above-listed parties, a description of
                  whether there is, and if so the general character of, any
                  business relationship, agreement, arrangement, transaction or
                  understanding that is entered into outside the ordinary course
                  of business or is on terms other than would be obtained in an
                  arm's length transaction with an unrelated third party, apart
                  from the asset-backed securities transaction, that currently
                  exists or that existed during the past two years and that is
                  material to an investor's understanding of the asset-backed
                  securities.

                  Section 13.4. Report on Assessment of Compliance and
Attestation. On or before the earlier of (a) March 1 and (b) 30 days prior to
the date on which the Trust is required to file the report on Form 10-K in each
calendar year, commencing in 2007, the Indenture Trustee shall:

                  (i) deliver to the Transferor a report regarding the Indenture
         Trustee's assessment of compliance with the Servicing Criteria during
         the immediately preceding calendar year, as required under Rules 13a-18
         and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such
         report shall be addressed to the Transferor or the Servicer, as
         applicable, and signed by an authorized officer of the Indenture
         Trustee, and shall address each of the Servicing Criteria specified in
         Exhibit H or such criteria as mutually agreed upon by the Transferor
         and the Indenture Trustee;

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<PAGE>

                  (ii) deliver to the Transferor a report of a registered public
         accounting firm reasonably acceptable to the Transferor that attests
         to, and reports on, the assessment of compliance made by the Indenture
         Trustee and delivered pursuant to the preceding paragraph. Such
         attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
         Regulation S-X under the Securities Act and the Exchange Act; and

                  (iii) deliver to the Transferor and any other Person that will
         be responsible for signing the certification (a "Sarbanes
         Certification") required by Rules 13a-14(d) and 15d-14(d) under the
         Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of
         2002) on behalf of the Trust or the Transferor with respect to a
         Securitization Transaction a certification substantially in the form
         attached hereto as Exhibit G or such form as mutually agreed upon by
         the Transferor and the Indenture Trustee.

                  The Indenture Trustee acknowledges that the parties identified
in clause (iii) above may rely on the certification provided by the Indenture
Trustee pursuant to such clause in signing a Sarbanes Certification and filing
such with the Commission.

                  Section 13.5. Additional Representations and Warranties of the
Servicer. The Servicer shall be deemed to represent to the Transferor, as of the
date on which information is provided to the Transferor under Section 13.6 that,
except as disclosed in writing to the Transferor prior to such date to the best
of its knowledge: (i) the Servicer is not aware and has not received notice that
any default, early amortization or other performance triggering event has
occurred as to any other securitization due to any act or failure to act of the
Servicer; (ii) the Servicer has not been terminated as servicer in a
securitization involving credit card or charge card receivables, either due to a
servicing default or to application of a servicing performance test or trigger;
(iii) no material noncompliance with the applicable servicing criteria with
respect to other securitizations of credit card receivables involving the
Servicer as servicer has been disclosed or reported by the Servicer; (iv) no
material changes to the Servicer's policies or procedures with respect to the
servicing function it will perform under this Agreement have occurred during the
three-year period immediately preceding the related Securitization Transaction;
(v) there are no aspects of the Servicer's financial condition that could have a
material adverse effect on the performance by the Servicer of its servicing
obligations under this Agreement; and (vi) there are no material legal or
governmental proceedings pending (or known to be contemplated) against the
Servicer, any Subservicer or any unaffiliated third-party originator of
Receivables.

                  Section 13.6. Information to Be Provided by the Servicer. In
connection with any Securitization Transaction, the Servicer shall (i) within
five (5) Business Days following a request by the Transferor, provide to the
Transferor, in writing, the information specified in this Section, and (ii) as
promptly as practicable following notice to or discovery by the Servicer of any
changes to such information, provide to the Transferor, in writing, such updated
information.

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<PAGE>

                  (a) If so requested by the Transferor, the Servicer shall
provide to the Transferor such information regarding the Servicer and each
Subservicer (each of the Servicer and each Subservicer, for purposes of this
paragraph, a "Servicing Party"), as is requested for the purpose of compliance
with Item 1108 of Regulation AB. Such information shall include, at a minimum:

                      (A) the Servicing Party's name and form of organization;

                      (B) a description of how long the Servicing Party has been
         servicing credit or charge card receivables; a general discussion of
         the Servicing Party's experience in servicing assets of any type as
         well as a more detailed discussion of the Servicing Party's experience
         in, and procedures for, the servicing function it will perform under
         this Agreement; information regarding the size, composition and growth
         of the Servicing Party's portfolio of credit card accounts of a type
         similar to the Accounts and information on factors related to the
         Servicing Party that may be material, in the good faith judgment of the
         Transferor, to any analysis of the servicing of the Receivables or the
         related asset-backed securities, as applicable, including, without
         limitation:

                          (1) whether any prior securitizations of credit or
                      charge card receivables involving the Servicing Party
                      defaulted or experienced an early amortization or other
                      performance triggering event because of servicing during
                      the three-year period immediately preceding the related
                      Securitization Transaction;

                          (2) the extent of outsourcing the Servicing Party
                      utilizes;

                          (3) whether there has been previous disclosure of
                      material noncompliance with the applicable servicing
                      criteria with respect to other securitizations of credit
                      card receivables involving the Servicing Party as a
                      servicer during the three-year period immediately
                      preceding the related Securitization Transaction;

                          (4) whether the Servicing Party has been terminated as
                      servicer in a securitization of credit or charge card
                      receivables, either due to a servicing default or to
                      application of a servicing performance test or trigger;
                      and

                          (5) such other information as the Transferor may
                      reasonably request for the purpose of compliance with Item
                      1108(b)(2) of Regulation AB;

                  (C) a description of any material changes during the
         three-year period immediately preceding the related Securitization
         Transaction to the Servicing Party's policies or procedures with
         respect to the servicing function it will perform under this Agreement;

                                       95
<PAGE>

                  (D) information regarding the Servicing Party's financial
         condition, to the extent that there is a material risk that an adverse
         financial event or circumstance involving the Servicing Party could
         have a material adverse effect on the performance by the Servicing
         Party of its servicing obligations under this Agreement;

                  (E) a description of the Servicing Party's processes and
         procedures designed to address any special or unique factors involved
         in servicing;

                  (F) a description of the Servicing Party's processes for
         handling delinquencies, losses, bankruptcies and recoveries, such as
         sale of defaulted receivables; and

                  (G) information as to how the Servicing Party defines or
         determines delinquencies and charge-offs, including the effect of any
         grace period, re-aging, restructuring, partial payments considered
         current or other practices with respect to delinquency and loss
         experience.

                      (b) As a condition to the succession to the Servicer or
any Subservicer as servicer or subservicer under this Agreement by any Person
(i) into which the Servicer or such Subservicer may be merged or consolidated,
or (ii) which may be appointed as a successor to the Servicer or such
Subservicer, the Servicer shall provide to the Transferor at least fifteen (15)
calendar days prior to the effective date of such succession or appointment, (x)
written notice to the Transferor of such succession or appointment and (y) in
writing and in form and substance reasonably satisfactory to the Transferor, all
information reasonably requested by the Transferor in order to comply with its
reporting obligation under Item 6.02 of Form 8-K with respect to any Series,
Class or Tranche.

                      (c) In addition to such information as the Servicer is
obligated to provide pursuant to other provisions of this Agreement, if so
requested by the Transferor, the Servicer shall provide to the Transferor such
information regarding the performance or servicing of the Receivables as is
reasonably required to facilitate preparation of distribution reports in
accordance with Item 1121 of Regulation AB. Such information shall be provided
concurrently with the distribution reports otherwise required to be delivered
monthly by the Servicer under this Agreement, commencing with the first such
report due not less than ten (10) Business Days following such request.

                      Section 13.7. Report on Assessment of Compliance and
Attestation.

                      (a) On or before the earlier of (a) March 1 and (b) 30
days prior to the date on which the Trust is required to file the report on Form
10-K in each calendar year, commencing in 2007, the Servicer shall:

                          (i) deliver to the Transferor a report regarding the
                  Servicer's assessment of compliance with the Servicing
                  Criteria during the immediately preceding calendar year, as
                  required under Rules 13a-18 and 15d-18 of the Exchange Act and
                  Item 1122 of Regulation AB. Such report shall be addressed to
                  the Transferor and signed by an authorized officer of the
                  Servicer, and shall address each of the Servicing Criteria
                  specified in Exhibit J or such criteria as mutually agreed
                  upon by the Transferor and the Servicer;

                                       96
<PAGE>

                           (ii) deliver to the Transferor a report of a
                  registered public accounting firm reasonably acceptable to the
                  Transferor that attests to, and reports on, the assessment of
                  compliance made by the Servicer and delivered pursuant to the
                  preceding paragraph. Such attestation shall be in accordance
                  with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
                  Securities Act and the Exchange Act;

                           (iii) cause each Servicing Participant to deliver to
                  the Transferor an assessment of compliance and accountants'
                  attestation as and when provided in paragraphs (i) and (ii) of
                  this Section; and

                           (iv) deliver to the Transferor and any other Person
                  that will be responsible for signing the Sarbanes
                  Certification on behalf of the Trust or the Transferor with
                  respect to a Securitization Transaction a certification in the
                  form attached hereto as Exhibit I.

                  The Servicer acknowledges that the parties identified in
clause (iv) above may rely on the certification provided by the Servicer
pursuant to such clause in signing a Sarbanes Certification and filing such with
the Commission.

                      (b) Each assessment of compliance provided by a
Subservicer pursuant to Section 13.7(a)(i) shall address each of the Servicing
Criteria specified on a certification substantially in the form of Exhibit K
hereto delivered to the Transferors upon reasonable request of the Transferor
after the execution of this Agreement or, in the case of a Subservicer
subsequently appointed as such, on or prior to the date of such appointment. An
assessment of compliance provided by a Servicing Participant (other than the
Servicer or any Subservicer) pursuant to Section 13.7(a)(iii) need not address
any elements of the Servicing Criteria other than those specified by the
Servicer pursuant to Section 13.8.

                      Section 13.8. Use of Subservicers and Servicing
Participants. The Servicer shall use its best efforts to hire or otherwise
utilize only the services of Subservicers that agree to comply with the
provisions of paragraph (a) of this Section. The Servicer shall use its best
efforts to hire or otherwise utilize only the services of Servicing
Participants, and shall use its best efforts to ensure that Subservicers hire or
otherwise utilize only the services of Servicing Participants, to fulfill any of
the obligations of the Servicer as servicer under this Agreement, if those
Servicing Participants agree to comply with the provisions of paragraph (b) of
this Section.

                      (a) It shall not be necessary for the Servicer to seek the
consent of the Transferor to the utilization of any Subservicer. The Servicer
shall use its best efforts to cause any Subservicer used by the Servicer (or by
any Subservicer) for the benefit of the Transferor to comply with the provisions
of this Section and with Sections 4.4, 13.5, 13.6(c) and (d) and 13.7(a)(i) and
(ii) of this Agreement to the same extent as if such Subservicer were the
Servicer. The Servicer shall be responsible for obtaining from each Subservicer
and delivering to the Transferor any servicer compliance statement required to
be delivered by such Subservicer under Section 4.4, any assessment of compliance
and attestation required to be delivered by such Subservicer under Section
13.7(a)(i) or (ii) and the certification, if any, required to be delivered to
the Person that will be responsible for signing the Sarbanes Certification under
Section 13.7 as and when required to be delivered.

                                       97
<PAGE>

                      (b) It shall not be necessary for the Servicer to seek the
consent of the Transferor to the utilization of any Servicing Participant. The
Servicer shall promptly upon request provide to the Transferors a written
description (in form and substance satisfactory to the Transferor) of the role
and function of each Servicing Participant utilized by the Servicer or any
Subservicer, specifying (i) the identity of each such Servicing Participant and
(ii) which elements of the Servicing Criteria will be addressed in assessments
of compliance provided by each Servicing Participant.

                      (c) As a condition to the utilization of any Servicing
Participant, the Servicer shall use its best efforts to cause any such Servicing
Participant used by the Servicer (or by any Subservicer) for the benefit of the
Transferors to comply with the provisions of Section 13.7 of this Agreement to
the same extent as if such Servicing Participant were the Servicer. The Servicer
shall be responsible for obtaining from each Servicing Participant and
delivering to the Transferors any assessment of compliance and attestation
required to be delivered by such Servicing Participant under Section 13.7, in
each case as and when required to be delivered.

                                       98
<PAGE>

                  IN WITNESS WHEREOF, the Transferor, the Servicer, the
Indenture Trustee and the Trust have caused this Agreement to be executed by
their respective officers as of the day and year first above written.

                               AMERICAN EXPRESS RECEIVABLES FINANCING
                               CORPORATION V LLC,
                               as Transferor
                               By:
                                   --------------------------------
                                   Name:
                                   Title:

                               AMERICAN EXPRESS TRAVEL RELATED SERVICES
                               COMPANY, INC.,
                               as Servicer and Administrator
                               By:
                                   --------------------------------
                                   Name:
                                   Title:

                               AMERICAN EXPRESS ISSUANCE TRUST

                               By: WILMINGTON TRUST COMPANY,
                                   not in its individual capacity but solely
                                   as Owner Trustee on behalf of the Trust

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

                               THE BANK OF NEW YORK,
                               as Indenture Trustee

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

                                  99
<PAGE>

                                                                       EXHIBIT A

        FORM OF ASSIGNMENT OF RECEIVABLES IN AGGREGATE ADDITION ACCOUNTS
                   INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST
 (as required by section 2.13(c)(viii) of the Transfer and Servicing Agreement)

                      ASSIGNMENT No. [___] OF RECEIVABLES IN AGGREGATE ADDITION
ACCOUNTS INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST (this "Assignment"), dated
as of [__________],(1) by and between AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION V LLC ("RFC V"), as transferor (the "Transferor"), and AMERICAN
EXPRESS ISSUANCE TRUST (the "Trust"), as issuer, pursuant to the Transfer and
Servicing Agreement referred to below.

                              W I T N E S S E T H:

                  WHEREAS, RFC V, as Transferor, American Express Travel Related
Services Company, Inc., as servicer (the "Servicer") and administrator, the
Trust and The Bank of New York, as Indenture Trustee (the "Indenture Trustee"),
are parties to the Amended and Restated Transfer and Servicing Agreement, dated
as of March [__], 2006 (hereinafter as such agreement may have been, or may from
time to time be, amended, supplemented or otherwise modified, the "Transfer and
Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Transferor wishes to designate Aggregate Addition Accounts to be included as
Accounts and to convey its right, title and interest in the Receivables of such
Aggregate Addition Accounts, whether existing at the Addition Cut-Off Date or
thereafter created, to the Trust pursuant to the Transfer and Servicing
Agreement; and

                  WHEREAS, the Trust is willing to accept such designation and
pledge subject to the terms and conditions hereof.

                  NOW, THEREFORE, the Transferor and the Trust hereby agree as
follows:

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

                      "Addition Cut Off Date" shall mean, with respect to the
Aggregate Addition Accounts, [_______, ___].

                  "Addition Date" shall mean, with respect to the Aggregate
Addition Accounts, [___________, ___].

                  "Additional Trust Assets" shall have the meaning set forth in
Subsection 3(a).

-----------
(1) To be dated as of the applicable Addition Date.

                                      A-1
<PAGE>

                  "Aggregate Addition Accounts" shall mean the Aggregate
Addition Accounts, as defined in the Transfer and Servicing Agreement, that are
designated hereby and listed on Schedule 1 hereto.

                  "Selection Date" shall mean [(i)] for the added accounts with
the code designation "[__]," the close of business on the cycle billing date for
such added accounts occurring in the period beginning on the close of business
on [_______] and ending at the close of business on [______] [and (ii) for the
added accounts with the code designation "[__]," the close of business on the
cycle billing date for such added accounts occurring in the period beginning on
the close of business on [_______] and ending at the close of business on
[_______]].

                  2. Designation of Aggregate Addition Accounts. The Transferor
shall deliver or cause to be delivered to the Trust and the Indenture Trustee
not later than five Business Days after the Addition Date, a computer file or
microfiche list containing a true and complete list of the Aggregate Addition
Accounts. Such list is incorporated into and made part of this Assignment, shall
be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Transfer
and Servicing Agreement.

                  3. Conveyance of Receivables. (a) The Transferor does hereby
transfer, assign, set over and otherwise convey to the Trust, without recourse
except as provided in the Transfer and Servicing Agreement, all of its right,
title and interest, whether now owned or hereafter acquired, in, to and under
the Receivables existing at the Addition Cut Off Date and thereafter created and
arising in the Aggregate Addition Accounts (including Related Accounts with
respect to such Aggregate Addition Accounts), all Recoveries allocable to such
Receivables, all monies due or to become due and all amounts received or
receivable with respect thereto, all Collections with respect thereto, and all
proceeds (including "proceeds" as defined in the UCC) thereof (collectively, the
"Additional Trust Assets"). The foregoing does not constitute and is not
intended to result in the creation or assumption by the Trust, the Owner Trustee
(as such or in its individual capacity), the Indenture Trustee, any Noteholders
or any Supplemental Credit Enhancement Providers of any obligation of the
Servicer, the Transferor or any other Person in connection with the Additional
Trust Assets or under any agreement or instrument relating thereto, including
any obligation to Obligors, merchants clearance systems or insurers.

                      (b) If necessary, the Transferor shall record and file, at
         its own expense, any financing statements (and amendments with respect
         to such financing statements when applicable) with respect to the
         Additional Trust Assets meeting the requirements of applicable state
         law in such manner and in such jurisdictions as are necessary to
         perfect, and maintain perfection of, the transfer, assignment, set-over
         or other conveyance of its interest in such Additional Trust Assets to
         the Trust and to deliver a file-stamped copy of each such financing
         statement or other evidence of such filing to the Trust and the
         Indenture Trustee as soon as practicable after the Addition Date.
         Neither the Trust nor the Indenture Trustee shall be under any
         obligation whatsoever to file such financing statements or amendments
         to statements or to make any filing under the UCC in connection with
         such transfer, assignment, set-over or other conveyance.

                                      A-2
<PAGE>

                      (c) The Transferor shall, at its own expense, on or prior
         to the Addition Date, indicate in the appropriate computer files that
         all Receivables created in connection with the Aggregate Addition
         Accounts and the related Additional Trust Assets have been conveyed to
         the Trust pursuant to the Transfer and Servicing Agreement and this
         Assignment by including in the securitization field of such computer
         files the code "[__]" [or "[__]," as applicable,] for each such
         Aggregate Addition Account.

                  (d)______The Transferor does hereby grant to the Trust and the
Indenture Trustee a security interest in all of such Transferor's right, title
and interest, whether now owned or hereafter acquired, in, to and under the
Additional Trust Assets. This Assignment shall constitute a security agreement
under applicable law.

                  4. Acceptance by Trust. The Trust hereby acknowledges its
acceptance of all right, title and interest in and to the Additional Trust
Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment.

                  5. Representations and Warranties of the Transferor. The
Transferor hereby acknowledges on the Addition Date that it makes the
representations and warranties in Sections 2.3 and 2.4 of the Transfer and
Servicing Agreement with respect to the Aggregate Addition Accounts.

                  6. Ratification of the Transfer and Servicing Agreement. The
Transfer and Servicing Agreement is hereby ratified, and all references to the
"Transfer and Servicing Agreement," to "this Transfer and Servicing Agreement"
and "herein" shall be deemed from and after the Addition Date to be a reference
to the Transfer and Servicing Agreement as supplemented and amended by this
Assignment. Except as expressly amended hereby, all the representations,
warranties, terms, covenants and conditions of the Transfer and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and, except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to noncompliance with any term or provision of the
Transfer and Servicing Agreement.

                  7. Counterparts. This Assignment may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
instrument.

                                      A-3
<PAGE>
                  8. Governing Law; Submission to Jurisdiction; Appointment of
Agent for Service of Process. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to
principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Agreement shall be regarded as made under the laws of
the State of Delaware and that the laws of said State shall be applied in
interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto agrees (a) that this Agreement involves at
least $100,000.00, and (b) that this Agreement has been entered into by the
parties hereto in express reliance upon 6 Del. C. ss. 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts
sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party's agent for acceptance
of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b)
(1) or (2) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within
the State of Delaware.

                                      A-4
<PAGE>

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

                        AMERICAN EXPRESS RECEIVABLES FINANCING
                        CORPORATION V LLC,
                        as Transferor

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

                        AMERICAN EXPRESS ISSUANCE TRUST

                        By: WILMINGTON TRUST COMPANY,
                            not in its individual capacity but solely
                            as Owner Trustee on behalf of the Trust

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

ACCEPTED AND ACKNOWLEDGED:

THE BANK OF NEW YORK,
as Indenture Trustee

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

<PAGE>

                                                       Schedule 1 (to Exhibit A)

                       LIST OF AGGREGATE ADDITION ACCOUNTS

<PAGE>

                                                                       EXHIBIT B

           FORM OF ASSIGNMENT OF AN ADDITIONAL COLLATERAL CERTIFICATE
                   INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST
 (as required by section 2.13(c)(viii) of the Transfer and Servicing Agreement)

                  ASSIGNMENT No. [__] OF AN ADDITIONAL COLLATERAL CERTIFICATE
INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST (this "Assignment"), dated as of
[____________],(2) by and between AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION V LLC ("RFC V"), as transferor (the "Transferor"), and AMERICAN
EXPRESS ISSUANCE TRUST (the "Trust"), as issuer, pursuant to the Transfer and
Servicing Agreement referred to below.

                              W I T N E S S E T H:

                  WHEREAS, RFC V, as Transferor, American Express Travel Related
Services Company, Inc., as servicer (the "Servicer") and administrator, the
Trust and The Bank of New York, as Indenture Trustee (the "Indenture Trustee"),
are parties to the Amended and Restated Transfer and Servicing Agreement, dated
as of March [__], 2006 (hereinafter as such agreement may have been, or may from
time to time be, amended, supplemented or otherwise modified, the "Transfer and
Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Transferor wishes to designate an additional Collateral Certificate to be
included as a Collateral Certificate and to convey its right, title and interest
in such additional Collateral Certificate to the Trust pursuant to the Transfer
and Servicing Agreement; and

                  WHEREAS, the Trust is willing to accept such designation and
pledge subject to the terms and conditions hereof.

                  NOW, THEREFORE, the Transferor and the Trust agree as follows:

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

                  "Addition Date" shall mean, with respect to the Collateral
Certificate designated on Schedule 1 hereto, [_________, ______].

                  "Additional Trust Assets" shall have the meaning set forth in
Subsection 3(a).

                  2. Designation of Additional Collateral Certificate. The
Transferor shall deliver or cause to be delivered to the Trust and the Indenture
Trustee not later than five Business Days after the Addition Date, one or more
lists containing a true and complete list of the Collateral Certificates. Such
list is incorporated into and made part of this Assignment, shall be Schedule 1
to this Assignment and shall supplement Schedule 2 to the Transfer and Servicing
Agreement.

-----------
(2) To be dated as of the applicable Addition Date.

                                      B-1
<PAGE>

                  3. Conveyance of Additional Collateral Certificate. (a) The
Transferor does hereby transfer, assign, set over and otherwise convey to the
Trust, without recourse except as provided in the Transfer and Servicing
Agreement, all of its right, title and interest, whether now owned or hereafter
acquired, in, to and under the additional Collateral Certificate as of the
Addition Date, all monies due or to become due and all amounts received or
receivable with respect thereto, all Collections with respect thereto, and all
proceeds (including "proceeds" as defined in the UCC) thereof (collectively, the
"Additional Trust Assets"). The foregoing does not constitute and is not
intended to result in the creation or assumption by the Trust, the Owner Trustee
(as such or in its individual capacity), the Indenture Trustee, any Noteholders
or any Supplemental Credit Enhancement Providers of any obligation of the
Servicer, the Transferor or any other Person in connection with the Additional
Trust Assets or under any agreement or instrument relating thereto, including
any obligation to Obligors, merchants clearance systems or insurers.

                  (b) If necessary, the Transferor shall record and file,
at its own expense, financing statements (and amendments with respect to such
financing statements when applicable) with respect to the Additional Trust
Assets meeting the requirements of applicable state law in such manner and in
such jurisdictions as are necessary to perfect, and maintain perfection of, the
transfer, assignment, set-over or other conveyance of its interest in such
Additional Trust Assets to the Trust and to deliver a file-stamped copy of each
such financing statement or other evidence of such filing to the Trust and the
Indenture Trustee as soon as practicable after the Addition Date. Neither the
Trust nor the Indenture Trustee shall be under any obligation whatsoever to file
such financing statements or amendments to statements or to make any filing
under the UCC in connection with such transfer, assignment, set-over or other
conveyance.

                  (c) The Transferor does hereby grant to the Trust and the
Indenture Trustee a security interest in all of such Transferor's right, title
and interest, whether now owned or hereafter acquired, in, to and under the
Additional Trust Assets. This Assignment shall constitute a security agreement
under applicable law.

                  4. Acceptance by Trust. The Trust hereby acknowledges its
acceptance of all right, title and interest in and to the Additional Trust
Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment.

                  5. Representations and Warranties of the Transferor. The
Transferor hereby acknowledges on the Addition Date that it makes the
representations and warranties in Sections 2.3 and 2.4 of the Transfer and
Servicing Agreement with respect to the additional Collateral Certificate.

                  6. Ratification of the Transfer and Servicing Agreement. The
Transfer and Servicing Agreement is hereby ratified, and all references to the
"Transfer and Servicing Agreement," to "this Transfer and Servicing Agreement"
and "herein" shall be deemed from and after the Addition Date to be a reference
to the Transfer and Servicing Agreement as supplemented and amended by this
Assignment. Except as expressly amended hereby, all the representations,
warranties, terms, covenants and conditions of the Transfer and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and, except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to noncompliance with any term or provision of the
Transfer and Servicing Agreement.

                                      B-2
<PAGE>

                  7. Counterparts. This Assignment may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
instrument.

                  8. Governing Law; Submission to Jurisdiction; Appointment of
Agent for Service of Process. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to
principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Agreement shall be regarded as made under the laws of
the State of Delaware and that the laws of said State shall be applied in
interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto agrees (a) that this Agreement involves at
least $100,000.00, and (b) that this Agreement has been entered into by the
parties hereto in express reliance upon 6 Del. C. ss. 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts
sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party's agent for acceptance
of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b)
(1) or (2) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within
the State of Delaware.

                                      B-3
<PAGE>

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

                             AMERICAN EXPRESS RECEIVABLES FINANCING
                             CORPORATION V LLC,
                             as Transferor

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

                             AMERICAN EXPRESS ISSUANCE TRUST

                             By: WILMINGTON TRUST COMPANY,
                                 not in its individual capacity but solely
                                 as Owner Trustee on behalf of the Trust

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

ACCEPTED AND ACKNOWLEDGED:

THE BANK OF NEW YORK,
as Indenture Trustee

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

<PAGE>

                                                       Schedule 1 (to Exhibit B)

                         LIST OF COLLATERAL CERTIFICATES

<PAGE>

                                                                       EXHIBIT C

                FORM OF ASSIGNMENT OF RECEIVABLES IN NEW ACCOUNTS
                   INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST
  (as required by section 2.13(e)(vi) of the Transfer and Servicing Agreement)

                  ASSIGNMENT No. [___] OF RECEIVABLES IN NEW ACCOUNTS INCLUDED
IN AMERICAN EXPRESS ISSUANCE TRUST (this "Assignment"), dated as of the Addition
Date set forth below, by and between AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION V LLC ("RFC V"), as transferor (the "Transferor"), and AMERICAN
EXPRESS ISSUANCE TRUST (the "Trust"), as issuer, pursuant to the Transfer and
Servicing Agreement referred to below.

                              W I T N E S S E T H:

                  WHEREAS, RFC V, as Transferor, American Express Travel Related
Services Company, Inc., as servicer (the "Servicer") and administrator, the
Trust and The Bank of New York, as Indenture Trustee (the "Indenture Trustee"),
are parties to the Amended and Restated Transfer and Servicing Agreement, dated
as of March [__], 2006 (hereinafter as such agreement may have been, or may from
time to time be, amended, supplemented or otherwise modified, the "Transfer and
Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Transferor wishes to designate New Accounts to be included as Accounts and to
convey its right, title and interest in the Receivables of such New Accounts (as
each such term is defined in the Transfer and Servicing Agreement), whether
existing at the Addition Cut-Off Date of each New Account or thereafter created,
to the Trust pursuant to the Transfer and Servicing Agreement; and

                  WHEREAS, the Trust is willing to accept such designation and
pledge subject to the terms and conditions hereof.

                  NOW, THEREFORE, the Transferor and the Trust hereby agree as
follows:

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

                  "Addition Cut Off Date" shall mean, with respect to each New
Account, the date on which such New Account is originated.

                  "Addition Date" shall mean, with respect to each New Account,
[________].

                  "Additional Trust Assets" shall have the meaning set forth in
Subsection 3(a).

                  "New Account Delivery Date" shall mean the fifteenth calendar
day of the month (or, if such fifteenth calendar day is not a Business Day, the
next succeeding Business Day) following the Monthly Period in which the Addition
Date occurs.

                                      C-1
<PAGE>

                  "New Accounts" shall mean the New Accounts, as defined in the
Transfer and Servicing Agreement, that are designated hereby and to be listed on
Schedule 1 hereto.

                  "Selection Date" shall mean, with respect to each New Account,
the date on which such New Account is originated.

                  2. Designation of New Accounts. The New Accounts are
designated hereby. On the New Account Delivery Date, the Transferor shall
deliver or cause to be delivered to the Trust and the Indenture Trustee a
computer file or microfiche list containing a true and complete list of the New
Accounts. Such list is incorporated into and made part of this Assignment, shall
be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Transfer
and Servicing Agreement.

                  3. Pledge of Receivables. (a) The Transferor does hereby
transfer, assign, set over and otherwise convey to the Trust, without recourse
except as provided in the Transfer and Servicing Agreement, all of its right,
title and interest, whether now owned or hereafter acquired, in, to and under
the Receivables existing at the close of business at the applicable Addition Cut
Off Date of each New Account and thereafter created and arising in the New
Accounts (including Related Accounts with respect to such Aggregate Addition
Accounts), all Recoveries allocable to such Receivables, all monies due or to
become due and all amounts received or receivable with respect thereto, all
Collections with respect thereto, and all proceeds (including "proceeds" as
defined in the UCC) thereof (collectively, the "Additional Trust Assets"). The
foregoing does not constitute and is not intended to result in the creation or
assumption by the Trust, the Owner Trustee (as such or in its individual
capacity), the Indenture Trustee, any Noteholders or any Supplemental Credit
Enhancement Providers of any obligation of the Servicer, the Transferor or any
other Person in connection with the Additional Trust Assets or under any
agreement or instrument relating thereto, including any obligation to Obligors,
merchants clearance systems or insurers.

                      (b) If necessary, the Transferor shall record and file, at
         its own expense, financing statements (and amendments with respect to
         such financing statements when applicable) with respect to the
         Additional Trust Assets meeting the requirements of applicable state
         law in such manner and in such jurisdictions as are necessary to
         perfect, and maintain perfection of, the transfer, assignment, set-over
         or other conveyance of its interest in such Additional Trust Assets to
         the Trust, and to deliver a file-stamped copy of each such financing
         statement or other evidence of such filing to the Trust and the
         Indenture Trustee as soon as practicable after the Addition Date.
         Neither the Trust nor the Indenture Trustee shall be under any
         obligation whatsoever to file such financing statements or amendments
         to statements or to make any filing under the UCC in connection with
         such transfer, assignment, set-over or other conveyance.

                      (c) The Transferor shall, at its own expense, on or prior
         to the Addition Date, indicate in the appropriate computer files that
         all Receivables created in connection with the New Accounts and the
         related Additional Trust Assets have been conveyed to the Trust
         pursuant to this Assignment by including in the securitization field of
         such computer files the code "[__]" [or "[__]," as applicable,] for
         each such New Account.

                                      C-2
<PAGE>

                      (d) The Transferor does hereby grant to the Trust and the
         Indenture Trustee a security interest in all of such Transferor's
         right, title and interest, whether now owned or hereafter acquired, in,
         to and under the Additional Trust Assets. This Assignment shall
         constitute a security agreement under applicable law.

                  4. Acceptance by Trust. The Trust hereby acknowledges its
acceptance of all right, title and interest in and to the Additional Trust
Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment.

                  5. Representations and Warranties of the Transferor. The
Transferor hereby acknowledges on the Addition Date that it makes the
representations and warranties in Sections 2.3 and 2.4 of the Transfer and
Servicing Agreement with respect to the New Accounts.

                  6. Ratification of the Transfer and Servicing Agreement. The
Transfer and Servicing Agreement is hereby ratified, and all references to the
"Transfer and Servicing Agreement," to "this Transfer and Servicing Agreement"
and "herein" shall be deemed from and after the Addition Date to be a reference
to the Transfer and Servicing Agreement as supplemented and amended by this
Assignment. Except as expressly amended hereby, all the representations,
warranties, terms, covenants and conditions of the Transfer and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and, except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to noncompliance with any term or provision of the
Transfer and Servicing Agreement.

                  7. Counterparts. This Assignment may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument.

                                      C-3
<PAGE>

                  8. Governing Law; Submission to Jurisdiction; Appointment of
Agent for Service of Process. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to
principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Agreement shall be regarded as made under the laws of
the State of Delaware and that the laws of said State shall be applied in
interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto agrees (a) that this Agreement involves at
least $100,000.00, and (b) that this Agreement has been entered into by the
parties hereto in express reliance upon 6 Del. C. ss. 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts
sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party's agent for acceptance
of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b)
(1) or (2) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within
the State of Delaware.

                                      C-4
<PAGE>

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

                                AMERICAN EXPRESS RECEIVABLES FINANCING
                                CORPORATION V LLC,
                                as Transferor

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

                                AMERICAN EXPRESS ISSUANCE TRUST

                                By: WILMINGTON TRUST COMPANY,
                                    not in its individual capacity but solely
                                    as Owner Trustee on behalf of the Trust

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

ACCEPTED AND ACKNOWLEDGED:

THE BANK OF NEW YORK,
as Indenture Trustee

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

<PAGE>

                                                       Schedule 1 (to Exhibit C)

                              LIST OF NEW ACCOUNTS

<PAGE>

                                                                       EXHIBIT D

             FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS
                      FROM AMERICAN EXPRESS ISSUANCE TRUST
    (as required by section 2.14(b) of the Transfer and Servicing Agreement)

                  REASSIGNMENT No. [___] OF RECEIVABLES INCLUDED IN AMERICAN
EXPRESS ISSUANCE TRUST (this "Reassignment"), dated as of [___________],(3) by
and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC ("RFC V"),
as transferor (the "Transferor"), and AMERICAN EXPRESS ISSUANCE TRUST (the
"Trust"), as issuer, pursuant to the Transfer and Servicing Agreement referred
to below.

                              W I T N E S S E T H:

                  WHEREAS, RFC V, as Transferor, American Express Travel Related
Services Company, Inc., as Servicer (the "Servicer") and administrator, the
Trust and The Bank of New York, as Indenture Trustee (the "Indenture Trustee"),
are parties to the Amended and Restated Transfer and Servicing Agreement, dated
as of March [__], 2006 (hereinafter as such agreement may have been, or may from
time to time be, amended, supplemented or otherwise modified, the "Transfer and
Servicing Agreement");

                  WHEREAS, pursuant to the Transfer and Servicing Agreement, the
Trust wishes to remove from the Trust all Receivables in certain designated
Accounts (the "Removed Accounts") and to cause the Trust to reassign the
Receivables of such Removed Accounts, whether now existing or hereafter created,
from the Trust to the Transferor; and

                  WHEREAS, the Trust is willing to accept such designation and
to reconvey the Receivables in the Removed Accounts subject to the terms and
conditions hereof.

                  NOW, THEREFORE, the Trust and the Transferor hereby agree as
follows:

                  1. Defined Terms. All terms defined in the Transfer and
Servicing Agreement and used herein shall have such defined meanings when used
herein, unless otherwise defined herein.

                  "Removal Date" shall mean, with respect to the Removed
Accounts, [________, ____].

                  "Removal Notice Date" shall mean, with respect to the Removed
Accounts, [_____, ____].

                  "Removed Accounts" shall mean the Removed Accounts, as defined
in the Transfer and Servicing Agreement, that are designated hereby and listed
on Schedule 1 hereto.

                  2. Designation of Removed Accounts. On or prior to the
Removal Date, the Transferor shall deliver or cause to be delivered to the Trust
and the Indenture Trustee a computer file or microfiche list containing a true
and complete list of the Removed Accounts. Such list is incorporated into and
made part of this Assignment, shall be Schedule 1 to this Reassignment and shall
supplement Schedule 1 to the Transfer and Servicing Agreement.

-----------
(3) To be dated as of the Removal Date.

                                      D-1
<PAGE>

                  3. Conveyance of Receivables. (a) The Trust does hereby sell,
transfer, assign, set over and otherwise convey to the Transferor, effective as
of the Removal Date, without recourse, representation or warranty, all the
right, title and interest of the Trust in, to and under the Receivables arising
in the Removed Accounts, all Recoveries allocable to such Receivables, all
monies due or to become due and all amounts received or receivable with respect
thereto, all Collections with respect thereto, and all proceeds (including
"proceeds" as defined in the UCC) thereof (collectively, the "Removed Trust
Assets").

                      (b) In connection with such reassignment, the Trust agrees
         to execute and deliver to the Transferor, on or prior to the date this
         Reassignment is delivered, applicable termination statements prepared
         by the Trust with respect to the Removed Trust Assets evidencing the
         release by the Trust of its security interest in the Receivables in the
         Removed Accounts, and meeting the requirements of applicable state law,
         in such manner and such jurisdictions as necessary to terminate such
         interest.

                      (c) The Transferor shall, at its own expense, on or prior
         to the Removal Date, indicate in the appropriate computer files that
         all Receivables reassigned in connection with the Removed Accounts and
         the related Removed Trust Assets have been conveyed to the Transferor
         pursuant to this Reassignment by deleting in the securitization field
         of such computer files the code "[__]"[or "[__]," as applicable,] for
         each such Removed Account.

                   4. Representations and Warranties. The Transferor hereby
represents and warrants to the Indenture Trustee as of the Removal Date:

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

                      (b) List of Removed Accounts. The list of Removed Accounts
         delivered pursuant to subsection 2.14(a)(ii) of the Transfer and
         Servicing Agreement, as of the Removal Date, is true and complete in
         all material respects.

                   5. Ratification of the Transfer and Servicing Agreement. The
Transfer and Servicing Agreement is hereby ratified, and all references to the
"Transfer and Servicing Agreement," to "this Transfer and Servicing Agreement"
and "herein" shall be deemed from and after the removal Date to be a reference
to the Transfer and Servicing Agreement as supplemented and amended by this
Reassignment. Except as expressly amended hereby, all the representations,
warranties, terms, covenants and conditions of the Transfer and Servicing
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and, except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to noncompliance with any term or provision of the
Transfer and Servicing Agreement.

                                      D-2
<PAGE>

                   6. Counterparts. This Reassignment may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument.

                   7. Governing Law; Submission to Jurisdiction; Appointment of
Agent for Service of Process. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to
principles of conflict of laws. The parties hereto hereby declare that it is
their intention that this Agreement shall be regarded as made under the laws of
the State of Delaware and that the laws of said State shall be applied in
interpreting its provisions in all cases where legal interpretation shall be
required. Each of the parties hereto agrees (a) that this Agreement involves at
least $100,000.00, and (b) that this Agreement has been entered into by the
parties hereto in express reliance upon 6 Del. C. ss. 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the
jurisdiction of the courts of the State of Delaware and of the federal courts
sitting in the State of Delaware, and (b) (1) to the extent such party is not
otherwise subject to service of process in the State of Delaware, to appoint and
maintain an agent in the State of Delaware as such party's agent for acceptance
of legal process, and (2) that, to the fullest extent permitted by applicable
law, service of process may also be made on such party by prepaid certified mail
with a proof of mailing receipt validated by the United States Postal Service
constituting evidence of valid service, and that service made pursuant to (b)
(1) or (2) above shall, to the fullest extent permitted by applicable law, have
the same legal force and effect as if served upon such party personally within
the State of Delaware.

                                      D-3
<PAGE>

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

                                    AMERICAN EXPRESS ISSUANCE TRUST

                                    By: WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee on behalf of the Trust

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

                                    AMERICAN EXPRESS RECEIVABLES FINANCING
                                    CORPORATION V LLC,
                                    as Transferor

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

ACCEPTED AND ACKNOWLEDGED:

THE BANK OF NEW YORK,
as Indenture Trustee

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

                                      D-4
<PAGE>

                                                       Schedule 1 (to Exhibit D)

                                REMOVED ACCOUNTS

                                      D-5
<PAGE>

                                                                       EXHIBIT E

                                   [RESERVED]

                                      E-1
<PAGE>

                                                                     EXHIBIT F-1

                           FORM OF OPINION OF COUNSEL
                           WITH RESPECT TO AMENDMENTS

                          Provisions to be included in
                   Opinion of Counsel to be delivered pursuant
                              to Section 12.2(d)(i)

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions Of Counsel delivered on any applicable amendment date.

                  (i)    The amendment to the Transfer and Servicing Agreement,
                         attached hereto as Schedule 1 (the "Amendment"), has
                         been duly authorized, executed and delivered by the
                         Transferor and constitutes the legal, valid and binding
                         agreement of the Transferor, enforceable in accordance
                         with its terms, except as such enforceability may be
                         limited by applicable bankruptcy, insolvency,
                         reorganization, moratorium or other laws from time to
                         time in effect affecting creditors' rights generally.
                         The enforceability of the Transferor's obligations is
                         also subject to general principles of equity
                         (regardless of whether such enforceability is
                         considered in a proceeding in equity or at law).

                  (ii)   The Amendment has been entered into in accordance with
                         the terms and provisions of Section 12.1 of the
                         Transfer and Servicing Agreement.

                                     F-1-1
<PAGE>

                                                                     EXHIBIT F-2

                           FORM OF OPINION OF COUNSEL
                   WITH RESPECT TO AGGREGATE ADDITION ACCOUNTS

                          Provisions to be included in
                            Opinion of Counsel to be
                              delivered pursuant to
                         subsection 12.2(d)(ii) or (iv)

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions of Counsel delivered on any applicable Issuance Date.

                  1.     The Transfer and Servicing Agreement creates in favor
                         of the Trust a security interest in the rights of the
                         Transferor in the Receivables identified in Schedule 1
                         to the Transfer and Servicing Agreement and the
                         identifiable proceeds thereof.

                  2.     The security interest described in the paragraph above
                         is perfected.

                  3.     The UCC search report obtained from the Secretary of
                         State of the State of Delaware (Uniform Commercial Code
                         Section) (the "Division") against the Transferor sets
                         forth the proper filing office and the proper debtor
                         necessary to identify those persons who under the
                         Delaware Uniform Commercial Code have on file financing
                         statements against the Transferor covering the
                         Receivables as of the effective time of the UCC search
                         report. The UCC search report identifies no secured
                         party (other than The Bank of New York) who has on file
                         with the Division a currently effective financing
                         statement naming the Transferor as debtor.

                                     F-2-1
<PAGE>

                                                                     EXHIBIT F-3

                           FORM OF OPINION OF COUNSEL
                          WITH RESPECT TO NEW ACCOUNTS

                          Provisions to be included in
                            Opinion of Counsel to be
                              delivered pursuant to
                             subsection 12.2(d)(iii)

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions of Counsel delivered on any applicable Issuance Date.

                  1.     The Transfer and Servicing Agreement creates in favor
                         of the Trust a security interest in the rights of the
                         Transferor in the Receivables identified in Schedule 1
                         to the Transfer and Servicing Agreement and the
                         identifiable proceeds thereof.

                  2.     The security interest described in the paragraph above
                         is perfected.

                  3.     The UCC search report obtained from the Secretary of
                         State of the State of Delaware (Uniform Commercial Code
                         Section) (the "Division") against the Transferor sets
                         forth the proper filing office and the proper debtor
                         necessary to identify those persons who under the
                         Delaware Uniform Commercial Code have on file financing
                         statements against the Transferor covering the
                         Receivables as of the effective time of the UCC search
                         report. The UCC search report identifies no secured
                         party (other than The Bank of New York) who has on file
                         with the Division a currently effective financing
                         statement naming the Transferor as debtor.

                                     F-3-1

<PAGE>

                                                                     EXHIBIT F-4

                          PROVISIONS TO BE INCLUDED IN
                            ANNUAL OPINION OF COUNSEL

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions of Counsel delivered on any applicable Issuance Date. Unless otherwise
indicated, all capitalized terms used herein shall have the meanings ascribed to
them in the Transfer and Servicing Agreement and in the Assignment.

                  4. The security interest created by the Transfer and Servicing
Agreement in favor of the Trust in the rights of the Transferor in the
Receivables identified in Schedule 1 to the Transfer and Servicing Agreement and
the identifiable proceeds thereof is perfected.

                  5. A UCC search report has been obtained from the Secretary of
State of the State of Delaware (Uniform Commercial Code Division) (the
"Division") that confirms that the financing statement(s) filed to perfect the
security interest of the Trust in the Receivables is(are) still effective and of
record with the Division.

                                     F-4-1
<PAGE>

                                                                       EXHIBIT G

                          FORM OF ANNUAL CERTIFICATION

         Re:      The Amended and Restated Transfer and Servicing Agreement,
                  dated as of March [__], 2006 (the "Agreement"), among American
                  Express Receivables Financing Corporation V LLC, as
                  transferor, American Express Travel Related Services Company,
                  Inc., as servicer and administrator, American Express Issuance
                  Trust, as issuer, and The Bank of New York, as indenture
                  trustee

         I, ________________________________, the _______________________ of THE
BANK OF NEW YORK (the "Company"), certify to the Transferor, and their
respective officers, with the knowledge and intent that they will rely upon this
certification, that:

                  (1) I have reviewed the report on assessment of the Company's
         compliance provided in accordance with Rules 13a-18 and 15d-18 under
         the Securities Exchange Act of 1934, as amended (the "Exchange Act")
         and Item 1122 of Regulation AB (the "Servicing Assessment"), and the
         registered public accounting firm's attestation report provided in
         accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
         Section 1122(b) of Regulation AB (the "Attestation Report"), that were
         delivered by the Company to the Transferor pursuant to the Agreement
         (collectively, the "Company Information");

                  (2) To the best of my knowledge, the Company Information,
         taken as a whole, does not contain any untrue statement of a material
         fact or omit to state a material fact necessary to make the statements
         made, in the light of the circumstances under which such statements
         were made, not misleading with respect to the period of time covered by
         the Company Information;

                  (3) To the best of my knowledge, all of the Company
         Information required to be provided by the Company under the Agreement
         has been provided to the Transferor; and

                  (4) To the best of my knowledge, except as disclosed in the
         Servicing Assessment or the Attestation Report, the Company has
         fulfilled its obligations in all material respects under the Agreement.

                                     Date:
                                          -----------------------------------

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

                                      G-1
<PAGE>

                                                                       EXHIBIT H

         SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         The assessment of compliance to be delivered by the Indenture Trustee
shall address, at a minimum, the criteria identified as below as "Applicable
Servicing Criteria":

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
                        GENERAL SERVICING CONSIDERATIONS
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
1122(d)(1)(i)        Policies and procedures are instituted to monitor any
                     performance or other triggers and events of default in
                     accordance with the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(ii)       If any material servicing activities are outsourced to
                     third parties, policies and procedures are instituted to
                     monitor the third party's performance and compliance with
                     such servicing activities.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain
                     a back-up servicer for the credit card accounts or accounts
                     are maintained.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in
                     effect on the party participating in the servicing function
                     throughout the reporting period in the amount of coverage
                     required by and otherwise in accordance with the terms of
                     the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                       CASH COLLECTION AND ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(i)        Payments on credit card accounts are deposited into the                       |X|(1)
                     appropriate |X|(4) custodial bank accounts and related bank
                     clearing accounts no more than two business days following
                     receipt, or such other number of days specified in the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to             |X|
                     an investor are made only by authorized personnel.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash
                     flows or distributions, and any interest or other fees
                     charged for such advances, are made, reviewed and approved
                     as specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(iv)       The related accounts for the transaction, such as cash
                     reserve accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g.,
                     with respect to commingling of cash) as set forth in the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(v)        Each custodial account is maintained at a federally insured
                     depository institution as set forth in the transaction
                     agreements. For purposes of this criterion, "federally
                     insured depository institution" with respect to a foreign
                     financial institution means a foreign financial institution
                     that meets the requirements of Rule 13k-1(b)(1) of the
                     Securities Exchange Act.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent
                     unauthorized access.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all
                     asset-backed securities related bank accounts, including
                     custodial accounts and related bank clearing accounts.
                     These reconciliations are (A) mathematically accurate; (B)
                     prepared within 30 calendar days after the bank statement
                     cutoff date, or such other number of days specified in the
                     transaction agreements; (C) reviewed and approved by
                     someone other than the person who prepared the
                     reconciliation; and (D) contain explanations for
                     reconciling items. These reconciling items are resolved
                     within 90 calendar days of their original identification,
                     or such other number of days specified in the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

-----------
(1) Solely with regard to deposits made by the Indenture Trustee.

                                      H-1
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
                       INVESTOR REMITTANCES AND REPORTING
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
1122(d)(3)(i)        Reports to investors, including those to be filed with the
                     Commission, are maintained in accordance with the
                     transaction agreements and applicable Commission
                     requirements. Specifically, such reports (A) are prepared
                     in accordance with timeframes and other terms set forth in
                     the transaction agreements; (B) provide information
                     calculated in accordance with the terms specified in the
                     transaction agreements; (C) are filed with the Commission
                     as required by its rules and regulations; and (D) agree
                     with investors' or the trustee's records as to the total
                     unpaid principal balance and number of credit card accounts
                     serviced by the Servicer.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance              |X|
                     with timeframes, distribution priority and other terms set forth in
                     the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(iii)      Disbursements made to an investor are posted within two business
                     days to the Servicer's investor records, or such other number of               |X|
                     days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(iv)       Amounts remitted to investors per the investor reports
                     agree with cancelled checks, or other form of payment, or
                     custodial bank statements.                                                     |X|
-------------------- --------------------------------------------------------------------- ----------------------
                                          POOL ASSET ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(i)        Collateral or security on credit card accounts is maintained as                |X|
                     required by the transaction agreements or related asset pool
                     documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(ii)       Account and related documents are safeguarded as required by the               |X|
                     transaction agreements
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool
                     are made, reviewed and approved in accordance with any
                     conditions or requirements in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(iv)       Payments on credit card accounts, including any payoffs,
                     made in accordance with the related credit card accounts
                     documents are posted to the Servicer's obligor records
                     maintained no more than two business days after receipt, or
                     such other number of days specified in the transaction
                     agreements, and allocated to principal, interest or other
                     items (e.g., escrow) in accordance with the related asset
                     pool documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(v)        The Servicer's records regarding the accounts and the
                     accounts agree with the Servicer's records with respect to
                     an obligor's unpaid principal balance.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's
                     account (e.g., loan modifications or re-agings) are made,
                     reviewed and approved by authorized personnel in accordance
                     with the transaction agreements and related pool asset
                     documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance
                     plans, modifications and deeds in lieu of foreclosure,
                     foreclosures and repossessions, as applicable) are
                     initiated, conducted and concluded in accordance with the
                     timeframes or other requirements established by the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained
                     during the period a Account is delinquent in accordance
                     with the transaction agreements. Such records are
                     maintained on at least a monthly basis, or such other
                     period specified in the transaction agreements, and
                     describe the entity's activities in monitoring delinquent
                     Accounts including, for example, phone calls, letters and
                     payment rescheduling plans in cases where delinquency is
                     deemed temporary (e.g., illness or unemployment).
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for
                     Accounts with variable rates are computed based on the
                     related Account documents.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

                                      H-2
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as
                     escrow accounts): (A) such funds are analyzed, in
                     accordance with the obligor's Account documents, on at
                     least an annual basis, or such other period specified in
                     the transaction agreements; (B) interest on such funds is
                     paid, or credited, to obligors in accordance with
                     applicable Account documents and state laws; and (C) such
                     funds are returned to the obligor within 30 calendar days
                     of full repayment of the related Accounts, or such other
                     number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or
                     insurance payments) are made on or before the related
                     penalty or expiration dates, as indicated on the
                     appropriate bills or notices for such payments, provided
                     that such support has been received by the servicer at
                     least 30 calendar days prior to these dates, or such other
                     number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment
                     to be made on behalf of an obligor are paid from the
                     servicer's funds and not charged to the obligor, unless the
                     late payment was due to the obligor's error or omission.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted
                     within two business days to the obligor's records
                     maintained by the servicer, or such other number of days
                     specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are
                     recognized and recorded in accordance with the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xv)       Any external enhancement or other support, identified in
                     Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
                     is maintained as set forth in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------

-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

                                    [NAME OF INDENTURE TRUSTEE]

                                     Date:
                                          -----------------------------------

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

                                      H-3
<PAGE>

                                                                       EXHIBIT I

                          FORM OF ANNUAL CERTIFICATION

         Re:        The [            ] agreement dated as of [      ], 200[ ]
                    (the "Agreement"), among [IDENTIFY PARTIES]

         I, ________________________________, the _______________________ of
[NAME OF COMPANY] (the "Company"), certify to the Transferor, and its officers,
with the knowledge and intent that they will rely upon this certification, that:

                  (1) I have reviewed the report on assessment of the Company's
         compliance provided in accordance with Rules 13a-18 and 15d-18 under
         the Securities Exchange Act of 1934, as amended (the "Exchange Act")
         and Item 1122 of Regulation AB (the "Servicing Assessment"), and the
         registered public accounting firm's attestation report provided in
         accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
         Section 1122(b) of Regulation AB (the "Attestation Report"), that were
         delivered by the Company to the Transferor pursuant to the Agreement
         (collectively, the "Company Information");

                  (2) To the best of my knowledge, the Company Information,
         taken as a whole, does not contain any untrue statement of a material
         fact or omit to state a material fact necessary to make the statements
         made, in the light of the circumstances under which such statements
         were made, not misleading with respect to the period of time covered by
         the Company Information;

                  (3) To the best of my knowledge, all of the Company
         Information required to be provided by the Company under the Agreement
         has been provided to the Transferor; and

                  (4) To the best of my knowledge, except as disclosed in the
         Servicing Assessment or the Attestation Report, the Company has
         fulfilled its obligations in all material respects under the Agreement.

                                     Date:
                                          -----------------------------------

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

                                      I-1
<PAGE>

                                                                       EXHIBIT J

         SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         The assessment of compliance to be delivered by the [Servicer]
[Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria":

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------- -------------- -----------------
                                  SERVICING CRITERIA                                     APPLICABLE       APPLICABLE
                                                                                          SERVICING       SERVICING
                                                                                        CRITERIA FOR    CRITERIA FOR A
                                                                                          SERVICER       SUBSERVICER
-------------------- ------------------------------------------------------------------ -------------- -----------------
     REFERENCE                                   CRITERIA
-------------------- ------------------------------------------------------------------ -------------- -----------------
                                     GENERAL SERVICING CONSIDERATIONS
-------------------- ------------------------------------------------------------------ -------------- -----------------
<S>                  <C>                                                                <C>            <C>
1122(d)(1)(i)        Policies and procedures are instituted to monitor any
                     performance or other triggers and events of default in
                     accordance with the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(1)(ii)       If any material servicing activities are outsourced to
                     third parties, policies and procedures are instituted to
                     monitor the third party's performance and compliance with
                     such servicing activities.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain
                     a back-up servicer for the credit card accounts or accounts
                     are maintained.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in
                     effect on the party participating in the servicing function
                     throughout the reporting period in the amount of coverage
                     required by and otherwise in accordance with the terms of
                     the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
                                    CASH COLLECTION AND ADMINISTRATION
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(i)        Payments on credit card accounts are deposited into the
                     appropriate custodial bank accounts and related bank
                     clearing accounts no more than two business days following
                     receipt, or such other number of days specified in the
                     transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an
                     obligor or to an investor are made only by authorized
                     personnel.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash
                     flows or distributions, and any interest or other fees
                     charged for such advances, are made, reviewed and approved
                     as specified in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(iv)       The related accounts for the transaction, such as cash
                     reserve accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g.,
                     with respect to commingling of cash) as set forth in the
                     transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(v)        Each custodial account is maintained at a federally insured
                     depository institution as set forth in the transaction
                     agreements. For purposes of this criterion, "federally
                     insured depository institution" with respect to a foreign
                     financial institution means a foreign financial institution
                     that meets the requirements of Rule 13k-1(b)(1) of the
                     Securities Exchange Act.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent
                     unauthorized access.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all
                     asset-backed securities related bank accounts, including
                     custodial accounts and related bank clearing accounts.
                     These reconciliations are (A) mathematically accurate; (B)
                     prepared within 30 calendar days after the bank statement
                     cutoff date, or such other number of days specified in the
                     transaction agreements; (C) reviewed and approved by
                     someone other than the person who prepared the
                     reconciliation; and (D) contain explanations for
                     reconciling items. These reconciling items are resolved
                     within 90 calendar days of their original identification,
                     or such other number of days specified in the transaction
                     agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
</TABLE>

                                      J-1
<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------- -------------- -----------------
                                  SERVICING CRITERIA                                     APPLICABLE       APPLICABLE
                                                                                          SERVICING       SERVICING
                                                                                        CRITERIA FOR    CRITERIA FOR A
                                                                                          SERVICER       SUBSERVICER
-------------------- ------------------------------------------------------------------ -------------- -----------------
     REFERENCE                                   CRITERIA
-------------------- ------------------------------------------------------------------ -------------- -----------------
<S>                  <C>                                                                <C>            <C>
                                    INVESTOR REMITTANCES AND REPORTING
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(3)(i)        Reports to investors, including those to be filed with the
                     Commission, are maintained in accordance with the
                     transaction agreements and applicable Commission
                     requirements. Specifically, such reports (A) are prepared
                     in accordance with timeframes and other terms set forth in
                     the transaction agreements; (B) provide information
                     calculated in accordance with the terms specified in the
                     transaction agreements; (C) are filed with the Commission
                     as required by its rules and regulations; and (D) agree
                     with investors' or the trustee's records as to the total
                     unpaid principal balance and number of credit card accounts
                     serviced by the Servicer.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in
                     accordance with timeframes, distribution priority and other
                     terms set forth in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(3)(iii)      Disbursements made to an investor are posted within two
                     business days to the Servicer's investor records, or such
                     other number of days specified in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(3)(iv)       Amounts remitted to investors per the investor reports
                     agree with cancelled checks, or other form of payment, or
                     custodial bank statements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
                                         POOL ASSET ADMINISTRATION
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(i)        Collateral or security on credit card accounts is
                     maintained as required by the transaction agreements or
                     related asset pool documents.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(ii)       Account and related documents are safeguarded as required by the
                     transaction agreements
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool
                     are made, reviewed and approved in accordance with any
                     conditions or requirements in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(iv)       Payments on credit card accounts, including any payoffs,
                     made in accordance with the related credit card accounts
                     documents are posted to the Servicer's obligor records
                     maintained no more than two business days after receipt, or
                     such other number of days specified in the transaction
                     agreements, and allocated to principal, interest or other
                     items (e.g., escrow) in accordance with the related asset
                     pool documents.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(v)        The Servicer's records regarding the accounts and the
                     accounts agree with the Servicer's records with respect to
                     an obligor's unpaid principal balance.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's
                     account (e.g., loan modifications or re-agings) are made,
                     reviewed and approved by authorized personnel in accordance
                     with the transaction agreements and related pool asset
                     documents.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance
                     plans, modifications and deeds in lieu of foreclosure,
                     foreclosures and repossessions, as applicable) are
                     initiated, conducted and concluded in accordance with the
                     timeframes or other requirements established by the
                     transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained
                     during the period a Account is delinquent in accordance
                     with the transaction agreements. Such records are
                     maintained on at least a monthly basis, or such other
                     period specified in the transaction agreements, and
                     describe the entity's activities in monitoring delinquent
                     Accounts including, for example, phone calls, letters and
                     payment rescheduling plans in cases where delinquency is
                     deemed temporary (e.g., illness or unemployment).
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for
                     Accounts with variable rates are computed based on the
                     related Account documents.
-------------------- ------------------------------------------------------------------ -------------- -----------------
</TABLE>

                                      J-2
<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------- -------------- -----------------
                                  SERVICING CRITERIA                                     APPLICABLE       APPLICABLE
                                                                                          SERVICING       SERVICING
                                                                                        CRITERIA FOR    CRITERIA FOR A
                                                                                          SERVICER       SUBSERVICER
-------------------- ------------------------------------------------------------------ -------------- -----------------
     REFERENCE                                   CRITERIA
-------------------- ------------------------------------------------------------------ -------------- -----------------
<S>                  <C>                                                                <C>            <C>
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as
                     escrow accounts): (A) such funds are analyzed, in
                     accordance with the obligor's Account documents, on at
                     least an annual basis, or such other period specified in
                     the transaction agreements; (B) interest on such funds is
                     paid, or credited, to obligors in accordance with
                     applicable Account documents and state laws; and (C) such
                     funds are returned to the obligor within 30 calendar days
                     of full repayment of the related Accounts, or such other
                     number of days specified in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or
                     insurance payments) are made on or before the related
                     penalty or expiration dates, as indicated on the
                     appropriate bills or notices for such payments, provided
                     that such support has been received by the servicer at
                     least 30 calendar days prior to these dates, or such other
                     number of days specified in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment
                     to be made on behalf of an obligor are paid from the
                     servicer's funds and not charged to the obligor, unless the
                     late payment was due to the obligor's error or omission.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted
                     within two business days to the obligor's records
                     maintained by the servicer, or such other number of days
                     specified in thev transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are
                     recognized and recorded in accordance with the transaction
                     agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------
1122(d)(4)(xv)       Any external enhancement or other support, identified in
                     Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
                     is maintained as set forth in the transaction agreements.
-------------------- ------------------------------------------------------------------ -------------- -----------------

-------------------- ------------------------------------------------------------------ -------------- -----------------
</TABLE>

                                    [NAME OF [SERVICER] [SUBSERVICER]

                                     Date:
                                          -----------------------------------

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

                                      J-3

<PAGE>

                                                                      SCHEDULE 1

                                List of Accounts

                        [Delivered to Indenture Trustee]

<PAGE>

                                                                      SCHEDULE 2

                         List of Collateral Certificates

                        [Delivered to Indenture Trustee]<PAGE>

                                                                     EXHIBIT 4.6

                         AMERICAN EXPRESS ISSUANCE TRUST

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK

               as Indenture Trustee and as Securities Intermediary

                     FORM OF AMENDED AND RESTATED INDENTURE

                          DATED AS OF MARCH [__], 2006

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                 PAGE

<S>                                                                                               <C>
ARTICLE I        DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION...........................4

  Section 1.01   Definitions.......................................................................4
  Section 1.02   Compliance Certificates and Opinions.............................................22
  Section 1.03   Form of Documents Delivered to Indenture Trustee.................................23
  Section 1.04   Acts of Noteholders..............................................................23
  Section 1.05   Notices, etc. to Indenture Trustee and Issuer....................................25
  Section 1.06   Notices to Noteholders, Waiver...................................................25
  Section 1.07   Conflict with Trust Indenture Act................................................26
  Section 1.08   Effect of Headings and Table of Contents.........................................27
  Section 1.09   Successors and Assigns...........................................................27
  Section 1.10   Separability.....................................................................27
  Section 1.11   Benefits of Indenture............................................................27
  Section 1.12   Governing Law....................................................................27
  Section 1.13   Counterparts.....................................................................27
  Section 1.14   Indenture Referred to in the Trust Agreement.....................................27
  Section 1.15   Legal Holidays...................................................................27

ARTICLE II       COLLATERAL.......................................................................28

  Section 2.01   Recordings, Etc..................................................................28
  Section 2.02   Trust Indenture Act Requirements.................................................29
  Section 2.03   Suits To Protect the Collateral..................................................30
  Section 2.04   Purchaser Protected..............................................................30
  Section 2.05   Powers Exercisable by Receiver or Indenture Trustee..............................30
  Section 2.06   Determinations Relating to Collateral............................................30
  Section 2.07   Release of All Collateral........................................................31
  Section 2.08   Certain Actions by Indenture Trustee.............................................31
  Section 2.09   Opinions as to Collateral........................................................31
  Section 2.10   Certain Commercial Law Representations and Warranties............................32
  Section 2.11   The Securities Intermediary......................................................33

ARTICLE III      NOTE FORMS.......................................................................35

  Section 3.01   Forms Generally..................................................................35
  Section 3.02   Forms of Notes...................................................................35
  Section 3.03   Form of Indenture Trustee's Certificate of Authentication........................35
  Section 3.04   Notes Issuable in the Form of a Global Note......................................36
  Section 3.05   Temporary Global Notes and Permanent Global Notes................................38
  Section 3.06   Beneficial Ownership of Global Notes.............................................39
  Section 3.07   Notices to Depository............................................................40
  Section 3.08   CUSIP Numbers....................................................................40
</TABLE>

                                      -i-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                 PAGE

<S>                                                                                              <C>
ARTICLE IV       THE NOTES........................................................................41

  Section 4.01   General Title, General Limitations, Issuable in Series, Terms of a
                 Series, Class or Tranche of Notes................................................41
  Section 4.02   Denominations....................................................................44
  Section 4.03   Execution, Authentication and Delivery and Dating................................44
  Section 4.04   Temporary Notes..................................................................45
  Section 4.05   Registration, Transfer and Exchange..............................................45
  Section 4.06   Mutilated, Destroyed, Lost and Stolen Notes......................................48
  Section 4.07   Payment of Interest, Interest Rights Preserved; Withholding Taxes................49
  Section 4.08   Persons Deemed Owners............................................................49
  Section 4.09   Cancellation.....................................................................49
  Section 4.10   New Issuances of Notes...........................................................50
  Section 4.11   Specification of Required Subordinated Amount and other Terms with
                 Respect to each Series, Class or Tranche of Notes................................52
  Section 4.12   Groups...........................................................................52

ARTICLE V        ISSUER ACCOUNTS AND INVESTMENTS..................................................53

  Section 5.01   Collections......................................................................53
  Section 5.02   Issuer Accounts; Distributions from Issuer Accounts..............................53
  Section 5.03   Investment of Funds in the Issuer Accounts.......................................55

ARTICLE VI       SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES
                 HELD BY THE ISSUER OR THE TRANSFEROR.............................................56

  Section 6.01   Satisfaction and Discharge of Indenture..........................................56
  Section 6.02   Application of Trust Money.......................................................56
  Section 6.03   Cancellation of Notes Held by the Issuer or the Transferor.......................57

ARTICLE VII      EVENTS OF DEFAULT AND REMEDIES...................................................58

  Section 7.01   Events of Default................................................................58
  Section 7.02   Acceleration of Maturity; Rescission and Annulment...............................59
  Section 7.03   Collection of Indebtedness and Suits for Enforcement by Indenture Trustee........60
  Section 7.04   Indenture Trustee May File Proofs of Claim.......................................61
  Section 7.05   Indenture Trustee May Enforce Claims Without Possession of Notes.................61
</TABLE>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                 PAGE

<S>                                                                                              <C>
  Section 7.06   Application of Money Collected...................................................62
  Section 7.07   Indenture Trustee May Elect to Hold the Collateral...............................62
  Section 7.08   Sale of Collateral for Accelerated Notes.........................................62
  Section 7.09   Noteholders Have the Right to Direct the Time, Method and Place of
                 Conducting Any Proceeding for Any Remedy Available to the Indenture
                 Trustee..........................................................................62
  Section 7.10   Limitation on Suits..............................................................63
  Section 7.11   Unconditional Right of Noteholders to Receive Principal and Interest;
                 Limited Recourse.................................................................63
  Section 7.12   Restoration of Rights and Remedies...............................................64
  Section 7.13   Rights and Remedies Cumulative...................................................64
  Section 7.14   Delay or Omission Not Waiver.....................................................64
  Section 7.15   Control by Noteholders...........................................................64
  Section 7.16   Waiver of Past Defaults..........................................................64
  Section 7.17   Undertaking for Costs............................................................65
  Section 7.18   Waiver of Stay or Extension Laws.................................................65

ARTICLE VIII     THE INDENTURE TRUSTEE............................................................66

  Section 8.01   Certain Duties and Responsibilities..............................................66
  Section 8.02   Notice of Defaults...............................................................67
  Section 8.03   Certain Rights of Indenture Trustee..............................................67
  Section 8.04   Not Responsible for Recitals or Issuance of Notes................................69
  Section 8.05   May Hold Notes...................................................................69
  Section 8.06   Money Held in Trust..............................................................69
  Section 8.07   Compensation and Reimbursement; Limit on Compensation Reimbursement and
                 Indemnity........................................................................69
  Section 8.08   Disqualification; Conflicting Interests..........................................70
  Section 8.09   Corporate Indenture Trustee Required; Eligibility................................70
  Section 8.10   Resignation and Removal; Appointment of Successor................................70
  Section 8.11   Acceptance of Appointment by Successor...........................................72
  Section 8.12   Merger, Conversion, Consolidation or Succession to Business......................72
  Section 8.13   Preferential Collection of Claims Against Issuer.................................73
  Section 8.14   Appointment of Authenticating Agent..............................................73
  Section 8.15   Tax Returns......................................................................74
  Section 8.16   Representations and Covenants of the Indenture Trustee...........................75
  Section 8.17   Indenture Trustee's Application for Instructions from the Issuer.................75
  Section 8.18   Appointment of Co-Trustee or Separate Indenture Trustee..........................75
  Section 8.19   Certain Securities Laws Covenants................................................76
</TABLE>

                                      -iii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                 PAGE
<S>                                                                                              <C>

ARTICLE IX       NOTEHOLDERS' MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND
                 BENEFICIARY......................................................................77

  Section 9.01   Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders...........77
  Section 9.02   Preservation of Information; Communications to Noteholders.......................77
  Section 9.03   Reports by Indenture Trustee.....................................................78
  Section 9.04   Meetings of Noteholders; Amendments and Waivers..................................79
  Section 9.05   Reports by Issuer to the Commission..............................................81
  Section 9.06   Monthly Noteholders' Statement...................................................81
  Section 9.07   Payment Instruction to Master Trust..............................................81

ARTICLE X        INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND
                 AMENDMENTS TO THE TRUST AGREEMENT................................................83

  Section 10.01  Supplemental Indentures and Amendments Without Consent of Noteholders............83
  Section 10.02  Supplemental Indentures with Consent of Noteholders..............................85
  Section 10.03  Execution of Amendments and Indenture Supplements................................86
  Section 10.04  Effect of Amendments and Indenture Supplements...................................86
  Section 10.05  Conformity with Trust Indenture Act..............................................87
  Section 10.06  Reference in Notes to Indenture Supplements......................................87
  Section 10.07  Amendments to the Pooling and Servicing Agreement................................87
  Section 10.08  Amendments to the Trust Agreement................................................87

ARTICLE XI       REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER..............................89

  Section 11.01  Payment of Principal and Interest................................................89
  Section 11.02  Maintenance of Office or Agency..................................................89
  Section 11.03  Money for Note Payments to be Held in Trust......................................89
  Section 11.04  Statement as to Compliance.......................................................91
  Section 11.05  Legal Existence..................................................................91
  Section 11.06  Further Instruments and Acts.....................................................91
  Section 11.07  Compliance with Laws.............................................................91
  Section 11.08  Notice of Events of Default......................................................91
  Section 11.09  Certain Negative Covenants.......................................................92
  Section 11.10  No Other Business................................................................92
  Section 11.11  Rule 144A Information............................................................92
  Section 11.12  Performance of Obligations; Servicing of Receivables.............................92
  Section 11.13  Issuer May Consolidate, Etc., Only on Certain Terms..............................93
</TABLE>

                                      -iv-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                                 PAGE
<S>                                                                                              <C>

  Section 11.14  Successor Substituted............................................................94
  Section 11.15  Guarantees, Loans, Advances and Other Liabilities................................94
  Section 11.16  Capital Expenditures.............................................................95
  Section 11.17  Restricted Payments..............................................................95
  Section 11.18  No Borrowing.....................................................................95

ARTICLE XII      EARLY AMORTIZATION OF NOTES......................................................96

  Section 12.01  Applicability of Article.........................................................96
  Section 12.02  Optional Repurchase..............................................................97
  Section 12.03  Notice...........................................................................98

ARTICLE XIII     MISCELLANEOUS....................................................................99

  Section 13.01  No Petition......................................................................99
  Section 13.02  Trust Obligations................................................................99
  Section 13.03  Limitations on Liability.........................................................99
  Section 13.04  Tax Treatment....................................................................99
  Section 13.05  Actions Taken by the Issuer.....................................................100
  Section 13.06  Alternate Payment Provisions....................................................100
  Section 13.07  Termination of Issuer...........................................................100
  Section 13.08  Final Distribution..............................................................100
  Section 13.09  Termination Distributions.......................................................101
  Section 13.10  Derivative Counterparty, Supplemental Credit Enhancement Provider and
                 Supplemental Liquidity Provider as Third-Party Beneficiary......................101
  Section 13.11  Notices.........................................................................101
  Section 13.12  Force Majeure...................................................................102

ARTICLE XIV      COMPLIANCE WITH REGULATION AB

  Section 14.01  Intent of the Parties; Reasonableness...........................................103
  Section 14.02  Additional Representations and Warranties of the Indenture Trustee..............103
  Section 14.03  Information to Be Provided by the Indenture Trustee.............................104
  Section 14.04  Report on Assessment of Compliance and Attestation..............................104
</TABLE>

                                      -v-
<PAGE>

                                    EXHIBITS

EXHIBIT A        FORM OF INVESTMENT LETTER

EXHIBIT B-1      FORM OF CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE
                 BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF
                 DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY
                 GLOBAL NOTE

EXHIBIT B-2      FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR
                 CLEARSTREAM, LUXEMBOURG BY [o] WITH RESPECT TO REGISTERED NOTES
                 SOLD TO QUALIFIED INSTITUTIONAL BUYERS

EXHIBIT B-3      FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR
                 CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER
                 THAN A QUALIFIED INSTITUTIONAL BUYER

EXHIBIT C        FORM OF ANNUAL CERTIFICATION

EXHIBIT D        SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

<PAGE>

                  This AMENDED AND RESTATED INDENTURE between AMERICAN EXPRESS
ISSUANCE TRUST, a statutory trust organized under the laws of the State of
Delaware (the "Issuer"), having its principal office at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890-1600, and THE BANK OF NEW
YORK, a New York banking corporation, in its capacity as Indenture Trustee (the
"Indenture Trustee") and as the initial Securities Intermediary, is made and
entered into as of March [__], 2006.

                             RECITALS OF THE ISSUER

                  The Issuer duly authorized the execution and delivery of the
Indenture, dated as of May 19, 2005 (as amended and supplemented, the "Original
Indenture"), to provide for the issuance of its Notes to be issued in one or
more fully registered or bearer Series, Classes or Tranches.

                  The parties hereto agree to and do hereby amend and restate
the Original Indenture as of March [__], 2006, to read in its entirety as set
forth herein.

                  All things necessary to make this Indenture a valid and
legally binding agreement of the Issuer, in accordance with its terms, have been
done.

                                 GRANTING CLAUSE

                  The Issuer hereby grants to the Indenture Trustee, for the
benefit and security of the Noteholders and the Indenture Trustee, in its
individual capacity, a first priority security interest in all of its right,
title and interest, whether now owned or hereafter acquired, in and to the
following:

                  (i)      (A) the Receivables existing at the close of business
                           on the Initial Cut Off Date, in the case of
                           Receivables arising in the Initial Accounts
                           (including Related Accounts with respect to such
                           Initial Accounts), and thereafter created from time
                           to time in such Accounts until the termination of the
                           Issuer, (B) the Receivables existing at the close of
                           business on each applicable Addition Cut Off Date, in
                           the case of Receivables arising in the Additional
                           Accounts (including Related Accounts with respect to
                           such Additional Accounts), and thereafter created
                           from time to time in the Accounts until the
                           termination of the Issuer, and (C) the Recoveries
                           allocable to the Issuer as provided in the Transfer
                           and Servicing Agreement;

                  (ii)     each Collateral Certificate as of each applicable
                           Addition Date;

                  (iii)    the Excess Funding Account (including all
                           Sub-Accounts thereof);

                  (iv)     the Overconcentration Account (including all
                           Sub-Accounts thereof);

                  (v)      the Collection Account (including all Sub-Accounts
                           thereof);
<PAGE>

                  (vi)     each Supplemental Issuer Account (including all
                           Sub-Accounts thereof);

                  (vii)    all Eligible Investments and all investment property,
                           money and other property held in the Collection
                           Account, the Excess Funding Account or any
                           Supplemental Issuer Account (including any
                           Sub-Accounts thereof);

                  (viii)   all rights, benefits and powers under any Derivative
                           Agreement with respect to any Tranche of Notes;

                  (ix)     all rights, benefits and powers under any
                           Supplemental Credit Enhancement Agreement or
                           Supplemental Liquidity Agreement with respect to any
                           Tranche of Notes;

                  (x)      all rights, benefits and powers under the Transfer
                           and Servicing Agreement;

                  (xi)     all present and future claims, demands, causes of and
                           choses in action in respect of any of the foregoing
                           and all interest, principal, payments and
                           distributions of any nature or type on any of the
                           foregoing;

                  (xii)    all accounts, general intangibles, chattel paper,
                           instruments, documents, goods, money, investment
                           property, deposit accounts, letters of credit,
                           letter-of-credit rights and oil, gas and other
                           minerals consisting of, arising from, or relating to
                           any of the foregoing; and

                  (xiii)   all proceeds of the foregoing;

                  in each case, excluding the Transferor Amount and all amounts
         distributable to the Holders of the Transferor Interest pursuant to the
         terms of any Transaction Document.

                  The property described in the preceding sentence is
collectively referred to as the "Collateral." The Security Interest in the
Collateral is granted to secure the Notes (and the related obligations under
this Indenture), equally and ratably without prejudice, priority or distinction
between any Note by reason of difference in time of issuance or otherwise,
except as otherwise expressly provided in this Indenture or in the Indenture
Supplement which establishes any Series, Class or Tranche of Notes, and to
secure (i) the payment of all amounts due on such Notes (and, to the extent so
specified, the obligations under any applicable Derivative Agreements) in
accordance with their terms, (ii) the payment of all other sums payable by the
Issuer under this Indenture or any Indenture Supplement relating to the Notes
and (iii) compliance by the Issuer with the provisions of this Indenture or any
Indenture Supplement relating to the Notes. This Indenture, as may be
supplemented, is a security agreement within the meaning of the UCC.

                  The Indenture Trustee acknowledges the grant of such Security
Interest, and accepts the Collateral in trust hereunder in accordance with the
provisions hereof and agrees to perform the duties herein such that the
interests of the Noteholders may be adequately and effectively protected.

                  The Notes, Derivative Agreements, Supplemental Credit
Enhancement Agreements, Supplemental Liquidity Agreements and other obligations
under this Indenture and any Indenture Supplement relating to the Notes will
benefit from the Security Interest to the extent (and only to the extent)
proceeds of and distributions on the Collateral are allocated for their benefit
pursuant to the Indenture and the applicable Indenture Supplement.

                                      -2-
<PAGE>

                            AGREEMENTS OF THE PARTIES

                  To set forth or to provide for the establishment of the terms
and conditions upon which the Notes are to be authenticated, issued and
delivered, and in consideration of the premises and the purchase of Notes by the
Holders thereof, it is mutually covenanted and agreed as follows, for the equal
and proportionate benefit of all Holders of the Notes or of a Series, Class or
Tranche thereof, as the case may be.

                                LIMITED RECOURSE

                  The obligation of the Issuer to make payments of principal,
interest and other amounts on the Notes and to make payments in respect of
Derivative Agreements, Supplemental Credit Enhancement Agreements or
Supplemental Liquidity Agreements is limited in recourse as set forth in Section
7.11.

                                      -3-
<PAGE>
                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         Section 1.01 Definitions. For all purposes of this Indenture and of any
Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires:

                  (1) the terms defined in this Article I have the meanings
assigned to them in this Article I, and include the plural as well as the
singular;

                  (2) all other terms used herein which are defined in the Trust
Indenture Act or by Commission rule under the Trust Indenture Act or in the
Transfer and Servicing Agreement, either directly or by reference therein, have
the meanings assigned to them therein;

                  (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term
"generally accepted accounting principles" with respect to any computation
required or permitted hereunder means such accounting principles as are
generally accepted in the United States of America at the date of such
computation;

                  (4) unless the context otherwise requires, terms defined in
the UCC and not otherwise defined in this Indenture or the applicable Indenture
Supplement shall have the meanings set forth in the UCC;

                  (5) all references in this Indenture to designated "Articles,"
"Sections" and other subdivisions are to the designated Articles, Sections and
other subdivisions of this Indenture as originally executed. The words "herein,"
"hereof" and "hereunder" and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision; and

                  (6) "including" and words of similar import will be deemed to
be followed by "without limitation."

                  "Account" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Account Owner" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Act," when used with respect to any Noteholder, has the
meaning specified in subsection 1.04(a).

                  "Action," when used with respect to any Noteholder, has the
meaning specified in subsection 1.04(a).

                                      -4-
<PAGE>

                  "Addition Cut Off Date" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Additional Account" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Adjusted Outstanding Dollar Principal Amount" means, at any
time with respect to any Series, Class or Tranche of Notes, the Outstanding
Dollar Principal Amount of all Outstanding Notes of such Series, Class or
Tranche of Notes at such time, less any funds on deposit in respect of principal
in any Issuer Account or the related Sub-Account, as applicable, for the benefit
of such Series, Class or Tranche of Notes at such time.

                  "Adverse Effect" means, whenever used in this Indenture with
respect to any Series, Class or Tranche of Notes with respect to any Action,
that such Action will at the time of its occurrence (a) result in the occurrence
of an Early Amortization Event or Event of Default relating to such Series,
Class or Tranche of Notes, as applicable, (b) materially adversely affect the
amount or timing of payments to be made to the Noteholders of any such Series,
Class or Tranche of Notes pursuant to this Indenture, or (c) adversely affect
the Security Interest of the Indenture Trustee in the Collateral unless
otherwise permitted by this Indenture.

                  "Affiliate" shall mean, with respect to any specified Person,
any other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "control" shall mean the
power to direct the management and policies of a Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

                  "Authenticating Agent" means any Person authorized by the
Indenture Trustee to authenticate Notes under Section 8.14.

                  "Authorized Newspaper" means any newspaper or newspapers of
general circulation in the Borough of Manhattan, The City of New York, printed
in the English language and customarily published on each Business Day at such
place, whether or not published on Saturdays, Sundays or holidays, or if and so
long as Notes of any Series, Class or Tranche are listed on any securities
exchange and that exchange so requires, the newspaper of record required by the
applicable securities exchange, printed in any language satisfying the
requirements of such exchange.

                  "Authorized Officer" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Available Finance Charge Collections" means, for any Monthly
Period, (a) with respect to the Noteholders, the Finance Charge Collections paid
to the Issuer and allocated to the Noteholders, and (b) with respect to any
Series, Class or Tranche of Notes, the amount of collections in clause (a)
allocated to such Series, Class or Tranche of Notes, as applicable, plus
investment earnings allocable to the amounts on deposit in the Collection
Account and Excess Funding Account allocable to such Series, Class or Tranche of
Notes, plus any other amounts, or allocable portion thereof, to be treated as
Available Finance Charge Collections with respect to such Series, Class or
Tranche of Notes, subject to the applicable Indenture Supplement.

                                      -5-
<PAGE>

                  "Available Principal Collections" means, for any Monthly
Period, (a) with respect to the Noteholders, the Principal Collections paid to
the Issuer and allocated to the Noteholders, and (b) with respect to any Series,
Class or Tranche of Notes, (i) the amount of collections in clause (a) allocated
to such Series, Class or Tranche of Notes, as applicable, plus (ii) any other
amounts, or allocable portion thereof, to be treated as Available Principal
Collections with respect to such Series, Class or Tranche of Notes, subject to
the applicable Indenture Supplement.

                  "Bearer Note" means a Note in bearer form.

                  "Beneficiary" has the meaning specified in the Trust
Agreement.

                  "Business Day" means (i) any day other than (a) a Saturday or
Sunday or (b) any other day on which national banking associations or state
banking institutions in New York, New York, or any other state in which the
principal executive offices of any Account Owner or the Indenture Trustee, as
the case may be, are located, are authorized or are obligated by law, executive
order or governmental decree to be closed or (c) for purposes of any particular
Series, Class or Tranche of Notes, any other day specified in the applicable
Indenture Supplement and (ii) with respect to the determination of LIBOR, a
London Business Day (as such term is defined in the related Indenture
Supplement).

                  "Centurion" means American Express Centurion Bank, a Utah
industrial bank, and its permitted successors and assigns.

                  "Certificate of Authentication" means the certificate of
authentication of the Indenture Trustee, the form of which is described in
Section 3.03, or the alternative certificate of authentication of the
Authenticating Agent, the form of which is described in Section 8.14.

                  "Class" means, with respect to any Note, the class specified
in the applicable Indenture Supplement.

                  "Collateral" has the meaning specified in the Granting Clause
of this Indenture.

                  "Collateral Certificate" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Collection Account" has the meaning specified in subsection
5.02(a).

                  "Collections" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act, or, if
at any time after the execution of this Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such date.

                                      -6-
<PAGE>

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this
Indenture is located at 101 Barclay Street, Floor 8 West, New York, New York
10286, Attention: Asset-Backed Securities Unit, or at such other address as the
Indenture Trustee may designate from time to time by notice to the Noteholders
and the Transferor, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee will
notify the Noteholders and the Transferor).

                  "Default Amount" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Deliver" or "Delivery": The taking of the following steps by
the Issuer:

                  (a) with respect to such of the Collateral as constitutes an
instrument, causing the Indenture Trustee to take possession in the State of New
York of such instrument, indorsed to the Indenture Trustee or in blank by an
effective indorsement;

                  (b) with respect to such of the Collateral as constitutes
tangible chattel paper, goods, a negotiable document, or money, causing the
Indenture Trustee to take possession in the State of New York of such tangible
chattel paper, goods, negotiable document, or money;

                  (c) with respect to such of the Collateral as constitutes a
certificated security in bearer form, causing the Indenture Trustee to acquire
possession in the State of New York of the related security certificate;

                  (d) with respect to such of the Collateral as constitutes a
certificated security in registered form, causing the Indenture Trustee to
acquire possession in the State of New York of the related security certificate,
indorsed to the Indenture Trustee or in blank by an effective indorsement, or
registered in the name of the Indenture Trustee, upon original issue or
registration of transfer by the issuer of such certificated security;

                  (e) with respect to such of the Collateral as constitutes an
uncertificated security, causing the issuer of such uncertificated security to
register the Indenture Trustee as the registered owner of such uncertificated
security;

                  (f) with respect to such of the Collateral as constitutes a
security entitlement, causing the Securities Intermediary to indicate by book
entry that the financial asset relating to such security entitlement has been
credited to the appropriate Issuer Account;

                  (g) with respect to such of the Collateral as constitutes an
account or a general intangible, causing to be filed with the Delaware Secretary
of State a properly completed UCC financing statement that names the Issuer as
debtor and the Indenture Trustee as secured party and that covers such account
or general intangible;

                  (h) with respect to such of the Collateral as constitutes a
deposit account, causing such deposit account to be maintained in the name of
the Indenture Trustee and causing the bank with which such deposit account is
maintained to agree in writing with the Indenture Trustee and the Issuer that
(i) such bank will comply with instructions originated by the Indenture Trustee
directing disposition of the funds in such deposit account without further
consent of any other person or entity, (ii) such bank will not agree with any
person or entity other than the Indenture Trustee to comply with instructions
originated by any person or entity other than the Indenture Trustee, (iii) such
deposit account and the property credited thereto will not be subject to any
lien, security interest, encumbrance, or right of set-off in favor of such bank
or anyone claiming through it (other than the Indenture Trustee), (iv) such
agreement will be governed by the laws of the State of New York, and (v) the
State of New York will be the bank's jurisdiction of such bank for purposes of
Article 9 of the UCC; or

                                      -7-
<PAGE>

                  (i) in the case of each of paragraphs (a) through (h) above,
such additional or alternative procedures as may hereafter become appropriate to
grant a first priority perfected Security Interest in such items of the
Collateral to the Indenture Trustee, consistent with applicable law or
regulations.

                  In each case of Delivery contemplated herein, the Indenture
Trustee shall make appropriate notations on its records indicating that such
item of the Collateral is held by the Indenture Trustee pursuant to and as
provided herein.

                  Effective upon Delivery of any item of the Collateral, the
Indenture Trustee shall be deemed to have acknowledged that it holds such item
of the Collateral as Indenture Trustee hereunder for the benefit of the
Noteholders. Any additional or alternative procedures for accomplishing
"Delivery" for purposes of paragraph (i) of this definition shall be permitted
only upon delivery to the Indenture Trustee of an Opinion of Counsel to the
effect that such procedures are appropriate to grant a first priority perfected
Security Interest in the applicable type of collateral to the Indenture Trustee.

                  "Depository" means a U.S. Depository or a Foreign Depository,
as the case may be.

                  "Derivative Agreement" means any currency, interest rate or
other swap, cap, collar, guaranteed investment contract or other derivative
agreement.

                  "Derivative Counterparty" means any party to any Derivative
Agreement other than the Issuer or the Indenture Trustee.

                  "Discount Note" means a Note that provides for an amount less
than the Stated Principal Amount (but not less than the Initial Dollar Principal
Amount) thereof to be due and payable upon the occurrence of an Early
Amortization Event or other optional or mandatory redemption or the occurrence
of an Event of Default and the acceleration of such Note, in each case before
the Expected Final Payment Date of the applicable Note.

                  "Dollar," "$" or "U.S. $" means United States dollars.

                  "Early Amortization Event" has the meaning specified in
Section 12.01.

                                      -8-
<PAGE>

                  "Effective Date" means the date on which this Indenture is
executed and delivered by the parties hereto.

                  "Eligible Deposit Account" means either (a) a segregated
account with an Eligible Institution (other than any Account Owner) or (b) a
segregated trust account with the corporate trust department of a depository
institution (other than any Account Owner) organized under the laws of the
United States or any one of the states thereof, including the District of
Columbia (or any domestic branch of a foreign bank), and acting as a trustee for
funds deposited in such account, so long as any of the unsecured, unguaranteed
senior debt securities of such depository institution shall have a credit rating
from each Note Rating Agency in one of its generic credit rating categories that
signifies investment grade.

                  "Eligible Institution" means a depository institution (which
may be the Indenture Trustee, the Owner Trustee or any Affiliate thereof, but
not any Account Owner) organized under the laws of the United States, any one of
the states thereof or the District of Columbia (or any domestic branch of a
foreign bank), which depository institution at all times (i) is a member of the
FDIC and (ii) has (x) a long-term unsecured debt rating acceptable to each Note
Rating Agency or (y) a certificate of deposit rating acceptable to each Note
Rating Agency. Notwithstanding the previous sentence, any institution the
appointment of which satisfies the Note Rating Agency Condition shall be
considered an Eligible Institution. If so qualified, the Servicer (if the
Servicer is not an Account Owner) may be considered an Eligible Institution for
the purposes of this definition.

                  "Eligible Investments" means negotiable instruments,
investment property, or deposit accounts which evidence:

                  (a) direct obligations of, or obligations fully guaranteed as
to timely payment by, the United States of America;

                  (b) demand deposits, time deposits or certificates of deposit
(having original maturities of no more than 365 days) of depository institutions
or trust companies incorporated under the laws of the United States of America,
any state thereof or the District of Columbia (or domestic branches of foreign
banks) and subject to supervision and examination by federal or state banking or
depository institution authorities; provided that at the time of the Trust's
investment or contractual commitment to invest therein, the short-term debt of
such depository institution or trust company shall be rated at least "A-1+" by
Standard & Poor's, "P-1" by Moody's and, if rated by Fitch, "F1+" by Fitch (or
any other rating from any Note Rating Agency, subject to receipt by the
Transferor, the Servicer, the Owner Trustee and the Indenture Trustee of written
notification from such Note Rating Agency that investments of such type at such
other rating will not result in such Note Rating Agency reducing or withdrawing
its then existing rating of the Notes of any outstanding Series, Class or
Tranche with respect to which it is a Note Rating Agency);

                                      -9-
<PAGE>

                  (c) commercial paper (having original or remaining maturities
of no more than 30 days), that shall be rated, at the time of the Trust's
investment or contractual commitment to invest therein, at least "A-1+" by
Standard & Poor's, "P-1" by Moody's and, if rated by Fitch, "F1+" by Fitch (or
any other rating from any Note Rating Agency, subject to receipt by the
Transferor, the Servicer, the Owner Trustee and the Indenture Trustee of written
notification from such Note Rating Agency that investments of such type at such
other rating will not result in such Note Rating Agency reducing or withdrawing
its then existing rating of the Notes of any outstanding Series, Class or
Tranche with respect to which it is a Note Rating Agency);

                  (d) demand deposits, time deposits and certificates of deposit
which are fully insured by the FDIC having, at the time of the Issuer's
investment therein, a rating satisfactory to the Note Rating Agency;

                  (e) bankers' acceptances (having original maturities of no
more than 365 days) issued by any depository institution or trust company
referred to in clause (b) above;

                  (f) time deposits (having maturities not later than the First
Note Transfer Date) other than as referred to in clause (b) above, with a Person
the commercial paper of which shall be rated at least "A-1+" by Standard &
Poor's, "P-1" by Moody's and, if rated by Fitch, "F1+" by Fitch (or any other
rating from any Note Rating Agency, subject to receipt by the Transferor, the
Servicer, the Owner Trustee and the Indenture Trustee of written notification
from such Note Rating Agency that investments of such type at such other rating
will not result in such Note Rating Agency reducing or withdrawing its then
existing rating of the Notes of any outstanding Series, Class or Tranche with
respect to which it is a Note Rating Agency);

                  (g) only to the extent permitted by Rule 3a-7 under the
Investment Company Act, (i) money market funds that shall be rated, at the time
of the Trust's investment therein, at least "AAA-m" or "AAAm-G" by Standard &
Poor's, "Aaa" by Moody's and, if rated by Fitch, "AAA-V1+" by Fitch (or any
other rating from any Note Rating Agency, subject to receipt by the Transferor,
the Servicer, the Owner Trustee and the Indenture Trustee of written
notification from such Note Rating Agency that investments of such type at such
other rating will not result in such Note Rating Agency reducing or withdrawing
its then existing rating of the Notes of any outstanding Series, Class or
Tranche with respect to which it is a Note Rating Agency) (including any such
fund for which the Indenture Trustee or any Affiliate of the Indenture Trustee
is investment manager or advisor) or (ii) any other investment of a type or
rating that satisfies the Note Rating Agency Condition; or

                  (h) any other investments approved in writing by each Note
Rating Agency;

provided that Eligible Investments shall not include securities issued by, or
other obligations of, any Account Owner.

                  "Eligible Receivables" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Entity" means any Person other than an individual or
government (including any agency or political subdivision thereof).

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

                                      -10-
<PAGE>

                  "Event of Default" has the meaning specified in Section 7.01.

                  "Excess Funding Account" has the meaning specified in
subsection 5.02(b).

                  "Exchange Date" means, with respect to any Series, Class or
Tranche of Notes, the latest of:

                  (a) in the case of exchanges of beneficial interests in
Temporary Global Notes for beneficial interests in Permanent Global Notes in
registered form, any date that is after the related issuance date;

                  (b) in the case of exchanges of beneficial interests in
Temporary Global Notes for beneficial interests in Permanent Global Notes in
bearer form, the date of presentation of certification of non-United States
beneficial ownership (as described in Section 3.05); and

                  (c) the earliest date on which such an exchange of a
beneficial interest in a Temporary Global Note for a beneficial interest in a
Permanent Global Note is permitted by applicable law.

                  "Expected Final Payment Date" has, with respect to any Series,
Class or Tranche of Notes, the meaning specified in the applicable Indenture
Supplement.

                  "FDIC" means the Federal Deposit Insurance Corporation or any
successor thereto.

                  "Federal Bankruptcy Code" means Title 11 of the United States
Code, as amended from time to time.

                  "Finance Charge Collections" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Fitch" means Fitch, Inc., or any successor thereto.

                  "Foreign Currency" means (a) a currency other than Dollars, or
(b) denominated in a currency other than Dollars.

                  "Foreign Currency Note" means a Note denominated in a Foreign
Currency.

                  "Foreign Depository" means the Person specified in the
applicable Indenture Supplement, in its capacity as depository for the accounts
of any clearing agencies located outside the United States.

                  "FSB" means American Express Bank, FSB, a federal savings
bank, and its permitted successors and assigns.

                  "GAAP" means generally accepted accounting principles in the
United States of America in effect from time to time.

                  "Global Note" means any Note issued pursuant to Section 3.04.

                                      -11-
<PAGE>

                  "Group" means any one or more Series of Notes which are
specified as belonging to a common group (including any Group established by an
Indenture Supplement) in the applicable Indenture Supplement. A particular
Series may be included in more than one Group if the Indenture Supplement for
such Series so provides.

                  "Holder," when used with respect to any Note, means a
Noteholder.

                  "Indenture" or "this Indenture" means the Original Indenture,
as amended and restated by this Amended and Restated Indenture, and as amended,
supplemented, restated or otherwise modified from time to time, including by
Indenture Supplements for the issuance of Series of Notes entered into pursuant
to the applicable provisions hereof.

                  "Indenture Supplement" means, with respect to any Series of
Notes, a supplement to this Indenture, executed and delivered in conjunction
with the issuance of such Notes pursuant to Section 4.01, together with any
applicable Terms Document for any Classes and Tranches of Notes belonging to
such Series related to such Indenture Supplement and any amendment to the
Indenture Supplement executed pursuant to Section 10.01 or 10.02, and, in either
case, including all amendments thereof and supplements thereto.

                  "Indenture Trustee" means the Person named as the Indenture
Trustee in the first paragraph of this Indenture until a successor Indenture
Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter "Indenture Trustee" means and includes each Person who
is then an Indenture Trustee hereunder. If at any time there is more than one
such Person, "Indenture Trustee" as used with respect to the Notes of any
Series, Class or Tranche means the Indenture Trustee with respect to Notes of
that Series, Class or Tranche.

                  "Indenture Trustee Authorized Officer" means, when used with
respect to the Indenture Trustee, any vice president, any assistant vice
president, the treasurer, any assistant treasurer, any senior trust officer or
trust officer, or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his or her
knowledge of and familiarity with the particular subject.

                  "Initial Account" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Initial Cut Off Date" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Initial Dollar Principal Amount" means (a) unless otherwise
specified in the applicable Indenture Supplement, with respect to a Series,
Class or Tranche of Dollar Notes, the aggregate initial principal amount of the
Outstanding Notes of such Series, Class or Tranche plus the aggregate initial
principal amount of any additional Notes of such Series, Class or Tranche, and
(b) with respect to a Series, Class or Tranche of Discount Notes or Foreign
Currency Notes, the amount specified in the applicable Indenture Supplement as
the Initial Dollar Principal Amount thereof.

                                      -12-
<PAGE>

                  "Interest-bearing Note" means a Note that bears interest at a
stated or computed rate on the principal amount thereof. A Note may be both an
Interest-bearing Note and a Discount Note.

                  "Internal Revenue Code" means the Internal Revenue Code of
1986, as amended from time to time.

                  "Invested Amount" has, with respect to any Collateral
Certificate, the meaning specified in the Series Supplement for the applicable
Collateral Certificate and, with respect to any other Investor Certificate, the
meaning specified in the applicable Pooling and Servicing Agreement and the
related Series Supplement.

                  "Investor Certificate" means an investor certificate, and not
a seller certificate or transferor certificate, issued pursuant to a Pooling and
Servicing Agreement and related Series Supplement.

                  "Investor Certificateholder" means the holder of record of an
Investor Certificate.

                  "Investment Company Act" means the Investment Company Act of
1940, as amended. "Issuer" has the meaning specified in the first paragraph of
this Indenture.

                  "Issuer Accounts" means, collectively, the Excess Funding
Account, the Collection Account and any Supplemental Issuer Account, including
any Sub-Accounts thereof.

                  "Issuer Certificate" means a certificate (including an
Officer's Certificate) signed in the name of an Authorized Officer of the
Issuer, or the Issuer by an Authorized Officer of the Issuer and, in each case
delivered to the Indenture Trustee relating to, among other things, the issuance
of a new Series, Class or Tranche of Notes. Wherever this Indenture requires
that an Issuer Certificate be signed also by an accountant or other expert, such
accountant or other expert (except as otherwise expressly provided in this
Indenture) may be an employee of a Beneficiary.

                  "Issuer Tax Opinion" means, with respect to any action, an
Opinion of Counsel to the effect that, for United States federal income tax
purposes, (a) such action will not adversely affect the tax characterization as
debt of any Outstanding Series, Class or Tranche of Notes that were
characterized as debt at the time of their issuance, (b) such action will not
cause the Issuer to be treated as an association (or publicly traded
partnership) taxable as a corporation and (c) such action will not cause or
constitute an event in which gain or loss would be recognized by any Holder of
any such Notes.

                  "Legal Maturity Date" means, with respect to a Series, Class
or Tranche of Notes, the date specified in the Indenture Supplement for such
Notes as the fixed date on which the principal of such Series, Class or Tranche
of Notes is due and payable.

                  "Majority Holders" means, with respect to any Series, Class or
Tranche of Notes or all Outstanding Notes, the Holders of greater than 50% in
Outstanding Dollar Principal Amount of the Outstanding Notes of that Series,
Class or Tranche or of all Outstanding Notes, as the case may be.

                                      -13-
<PAGE>

                  "Master Trust" means a master trust or other securitization
special purpose entity for which the Transferor or an Affiliate of the
Transferor acts as transferor or seller or servicer, established pursuant to a
Pooling and Servicing Agreement.

                  "Master Trust Servicer" means the entity responsible for the
servicing obligations under the applicable Pooling and Servicing Agreement.

                  "Master Trust Tax Opinion" means, with respect to any action,
an Opinion of Counsel to the effect that, for United States federal income tax
purposes, (a) such action will not adversely affect the tax characterization as
debt of the Investor Certificates of any outstanding series or class under the
applicable Master Trust that were characterized as debt at the time of their
issuance, (b) such action will not cause such Master Trust to be treated as an
association (or publicly traded partnership) taxable as a corporation and (c)
such action will not cause or constitute an event in which gain or loss would be
recognized by any Investor Certificateholder of such Master Trust.

                  "Master Trust Trustee" means the entity acting as trustee
under the applicable Pooling and Servicing Agreement.

                  "Monthly Servicer's Certificate" has the meaning specified in
the Transfer and Servicing Agreement.

                  "Monthly Noteholders' Statement" means, with respect to any
Series of Notes, a report, the form of which is attached as an exhibit to the
related Indenture Supplement.

                  "Monthly Period" means, with respect to each Payment Date,
unless otherwise provided in an Indenture Supplement, the period (i) from and
including the second day following the last day of the seventh billing cycle
applicable to the Accounts ending during the second preceding calendar month and
(ii) to and including the day following the last day of the seventh billing
cycle applicable to the Accounts ending in the calendar month immediately
preceding the calendar month in which such Payment Date shall occur; provided,
however, that the initial Monthly Period with respect to any Series will
commence on the Closing Date with respect to such Series.

                  "Monthly Pool Balance Percentage" shall mean, for any day, the
percentage equivalent of a fraction, the numerator of which is an amount equal
to the portion of the Pool Balance attributable to the Transferor or Account
Owner with respect to which an Insolvency Event or a Transfer Restriction Event
has occurred, and the denominator of which is an amount equal to the Pool
Balance, in each as of the last day of the immediately preceding Monthly Period.

                  "Moody's" means Moody's Investors Service, Inc., or any
successor thereto.

                                      -14-
<PAGE>

                  "Nominal Liquidation Amount" means, with respect to any
Outstanding Series, Class or Tranche of Notes, an amount determined in
accordance with the applicable Indenture Supplement.

                  "Note" or "Notes" means any note or notes of any Series, Class
or Tranche authenticated and delivered from time to time under this Indenture.

                  "Note Owner" means the beneficial owner of an interest in a
Global Note.

                  "Note Rating Agency" means, with respect to any Outstanding
Series, Class or Tranche of Notes, each statistical note rating agency, as
specified in the Indenture Supplement applicable to such Outstanding Series,
Class or Tranche of Notes, selected by the Transferor to rate such Notes.

                  "Note Rating Agency Condition" has the meaning specified in
the Transfer and Servicing Agreement.

                  "Note Register" has the meaning specified in subsection
4.05(a).

                  "Note Registrar" means the Person who keeps the Note Register
specified in subsection 4.05(a).

                  "Note Transfer Date" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Noteholder" means a Person in whose name a Note is registered
in the Note Register or the bearer of any Bearer Note (including a Global Note
in bearer form), as the case may be.

                  "Obligor" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Officer's Certificate" means a certificate on behalf of any
Person that is signed by any authorized officer or Vice President or more senior
officer of such Person and states that the certifications set forth in such
certificate are based upon the results of a due inquiry into the matters in
question conducted by or under the supervision of the signing officer and that
the facts stated in such certifications are true and correct to the best of the
signing officer's knowledge.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be an employee of or counsel to an Account Owner, the Transferor, the
Beneficiary or the Servicer.

                  "Outstanding," means, as of the date of determination, all
Notes theretofore authenticated and delivered under this Indenture, except:

                  (a) any Notes theretofore canceled by the Indenture Trustee or
delivered to the Indenture Trustee for cancellation pursuant to Section 4.09, or
canceled by the Issuer and delivered to the Indenture Trustee pursuant to
Section 4.09;

                                      -15-
<PAGE>

                  (b) any Notes for whose full payment (including principal and
interest) or redemption money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the
Holders of such Notes; provided that, if such Notes are to be redeemed, notice
of such redemption has been duly given if required pursuant to this Indenture or
the related Indenture Supplement, or provision therefor satisfactory to the
Indenture Trustee has been made;

                  (c) any Notes which are canceled pursuant to Section 6.03; and

                  (d) any Notes in exchange for or in lieu of which other Notes
have been authenticated and delivered pursuant to this Indenture, or which will
have been paid pursuant to the terms of Section 4.06 (except with respect to any
such Note as to which proof satisfactory to the Indenture Trustee is presented
that such Note is held by a person in whose hands such Note is a legal, valid
and binding obligation of the Issuer).

                  For purposes of determining the amounts of deposits,
allocations, reallocations or payments to be made, unless the context clearly
requires otherwise, references to "Notes" will be deemed to be references to
"Outstanding Notes." In determining whether the Holders of the requisite
principal amount of such Outstanding Notes have taken any Action hereunder, and
for purposes of Section 9.04, Notes beneficially owned by the Issuer or the
Transferor or any Affiliate of the Issuer or the Transferor will be disregarded
and deemed not to be Outstanding. In determining whether the Indenture Trustee
will be protected in relying upon any such Action, only Notes which an Indenture
Trustee Authorized Officer knows to be owned by the Issuer or the Transferor or
any Affiliate of the Issuer or the Transferor will be so disregarded. Notes so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee creates to the satisfaction of the Indenture Trustee the pledgee's
right to act as owner with respect to such Notes and that the pledgee is not the
Issuer, the Transferor or any other obligor upon the Notes or any Affiliate of
the Issuer, the Transferor or such other obligor.

                  "Outstanding Dollar Principal Amount" means at any time
either:

                  (a) with respect to any Series, Class or Tranche of Notes
(other than Discount Notes), the aggregate Initial Dollar Principal Amount of
the Outstanding Notes of such Series, Class or Tranche at such time, less the
amount of any withdrawals from any Issuer Account or Sub-Account for such
Series, Class or Tranche of Notes for payment of principal to the Holders of
such Series, Class or Tranche of Notes or the applicable Derivative Counterparty
pursuant to the related Indenture Supplement, or

                  (b) with respect to any Series, Class or Tranche of Discount
Notes, an amount of the Outstanding Notes of such Series, Class or Tranche
calculated by reference to the applicable formula set forth in the applicable
Indenture Supplement, taking into account the amount and timing of payments of
principal made to the Holders of such Series, Class or Tranche or to the
applicable Derivative Counterparty and accretions of principal, each pursuant to
the related Indenture Supplement;

                                      -16-
<PAGE>

plus, in either case, the amount of any increase in the Outstanding Dollar
Principal Amount of such Series, Class or Tranche of Notes due to the issuance
of additional Notes of such Series, Class or Tranche pursuant to Section 4.10.

                  "Overconcentration Account" has the meaning specified in
subsection 5.02(c).

                  "Owner Trustee" has the meaning specified in the Trust
Agreement.

                  "Paying Agent" means any Person authorized by the Issuer to
pay the principal of or interest on any Notes on behalf of the Issuer as
provided in Section 11.02.

                  "Payment Date" means, with respect to any Series, Class or
Tranche of Notes, the fifteenth day of each calendar month or, if such fifteenth
day is not a Business Day, the next succeeding Business Day, or the date
otherwise specified in the applicable Indenture Supplement for such Series,
Class or Tranche.

                  "Payment Instruction" means, with respect to any Series of
Notes, the instructions substantially in the form of Exhibit C, as the same may
be supplemented as set forth in the related Indenture Supplement.

                  "Permanent Global Note" has the meaning specified in Section
3.05.

                  "Person" means any person or entity, including any individual,
corporation, limited liability company, partnership (general or limited), joint
venture, association, joint-stock company, trust, unincorporated organization,
governmental entity or other entity of similar nature.

                  "Place of Payment" means, with respect to any Series, Class or
Tranche of Notes issued hereunder, the city or political subdivision so
designated with respect to such Series, Class or Tranche of Notes in accordance
with the provisions of Section 4.01.

                  "Pool Balance" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Pooling and Servicing Agreement" means a pooling and
servicing agreement, indenture or other agreement for the issuance of securities
from time to time from a Master Trust and the servicing of the receivables in
such Master Trust, as such agreement may be amended, restated and supplemented
from time to time.

                  "Predecessor Notes" of any particular Note means every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purposes of this definition, any Note
authenticated and delivered under Section 4.06 in lieu of a mutilated, lost,
destroyed or stolen Note will be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

                  "Principal Collections" has the meaning specified in the
Transfer and Servicing Agreement.

                                      -17-
<PAGE>

                  "Ratings Effect" means a reduction, qualification with
negative implications or withdrawal of any then current rating of the Notes
(other than as a result of the termination of a Note Rating Agency).

                  "Reallocation Group" means a Group of one or more Series as
specified in the related Indenture Supplement, if any, with respect to which
reallocation of certain Finance Charge Collections and other similar amounts are
to be made among such Series, where applicable, for certain specified purposes
as specified in this Indenture or any related Indenture Supplement, including,
to the extent so specified, pooling amounts available to all Series in the
particular Reallocation Group prior to any application for individual Series
requirements and sharing such amounts among such Series on the basis of the
relative requirements for each such Series.

                  "Receivables" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Receivables Purchase Agreement" has the meaning specified in
the Transfer and Servicing Agreement.

                  "Record Date" means, for the interest or principal payable on
any Note on any applicable Payment Date, the last day of the calendar month
immediately preceding such Payment Date, unless otherwise specified in the
applicable Indenture Supplement.

                  "Recoveries" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Registered Note" means a Note issued in registered form.

                  "Registered Noteholder" means a Holder of a Registered Note.

                  "Regulation AB" means Subpart 229.1100 - Asset Backed
Securities (Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be
amended from time to time, and subject to such clarification and interpretation
as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the
Commission or its staff from time to time.

                  "Related Account" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Required Pool Balance" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Required Subordinated Amount" means, with respect to any
Tranche of a Senior Class of Notes, the amount, if any, specified in the related
Indenture Supplement.

                  "RFC V" means American Express Receivables Financing
Corporation V LLC, a Delaware limited liability company, and its permitted
successors and assigns.

                                      -18-
<PAGE>

                  "Sarbanes Certification" has the meaning specified in
Section 14.04.

                  "Securitization Transaction" means any new issuance of any
Series, Class or Tranche of Notes pursuant to Section 4.10 whether publicly
offered or privately placed, rated or unrated.

                  "Securities Act" means the Securities Act of 1933, as amended
from time to time.

                  "Securities Exchange Act" means the Securities Exchange Act of
1934, as amended from time to time.

                  "Securities Intermediary" has the meaning specified in
subsection 2.11(a).

                  "Security Interest" means the security interest granted
pursuant to the Granting Clause of this Indenture.

                  "Senior Class" has, with respect to a Class of Notes of any
Series, the meaning specified in the related Indenture Supplement.

                  "Series" means, with respect to any Note, the Series specified
in the applicable Indenture Supplement.

                  "Series Available Finance Charge Collections Shortfall," has,
with respect to any Shared Excess Available Finance Charge Collections Series,
the meaning specified in the related Indenture Supplement.

                  "Series Available Principal Collections Shortfall," has, with
respect to any Shared Excess Available Principal Collections Series, the meaning
specified in the related Indenture Supplement.

                  "Series Supplement" means a series supplement to a Pooling and
Servicing Agreement or similar document setting forth the terms of a Collateral
Certificate, as such agreement may be amended, supplemented, restated or
otherwise modified from time to time.

                  "Servicer" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Servicing Criteria" means the "servicing criteria" set forth
in Item 1122(d) of Regulation AB, as such may be amended from time to time.

                  "Servicing Fee" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Shared Excess Available Finance Charge Collections Series"
means a Series that, pursuant to the Indenture Supplement therefor, will share
certain Finance Charge Collections allocated to such Series with other Series in
the same Shared Excess Available Finance Charge Collections Group, as
specifically described in such Indenture Supplement.

                                      -19-
<PAGE>

                  "Shared Excess Available Finance Charge Collections Group"
means a Group of Series which have all been designated to share certain excess
Finance Charge Collections allocated to such Series with one another.

                  "Shared Excess Available Principal Collections Series" means a
Series that, pursuant to the Indenture Supplement therefor, will share certain
Principal Collections allocated to such Series with other Series in the same
Shared Excess Available Principal Collections Group, as specifically described
in such Indenture Supplement.

                  "Shared Excess Available Principal Collections Group" means a
Group of Series which have all been designated to share certain excess Principal
Collections allocated to such Series with one another.

                  "Standard & Poor's" means Standard & Poor's Ratings Services,
or any successor thereto.

                  "Stated Principal Amount," has, with respect to any Note, the
meaning specified in the related Indenture Supplement or Terms Document.

                  "Sub-Account" means each sub-account of an Issuer Account
maintained pursuant to this Indenture or the related Indenture Supplement.

                  "Subordinated Class" has, with respect to a Class of Notes of
any Series, the meaning specified in the related Indenture Supplement.

                  "Subordinated Notes" means Notes of a Subordinated Class of a
Series.

                  "Supplemental Credit Enhancement Agreement" means a letter of
credit, cash collateral account or surety bond or other similar arrangement with
any credit enhancement provider which provides the benefit of one or more
additional forms of credit enhancement which is referenced in the applicable
Indenture Supplement for any Series, Class or Tranche of Notes.

                  "Supplemental Credit Enhancement Provider" means any party to
any Supplemental Credit Enhancement Agreement other than the Issuer or the
Indenture Trustee.

                  "Supplemental Issuer Account" means the trust account or
accounts designated as such and established pursuant to subsection 5.02(d).

                  "Supplemental Liquidity Agreement" means a liquidity facility
or other liquidity agreement which provides the benefit of liquidity for any
Series, Class or Tranche of Notes which is referenced in the applicable
Indenture Supplement for such Series, Class or Tranche of Notes.

                  "Supplemental Liquidity Provider" means any party to any
Supplemental Liquidity Agreement other than the Issuer or the Indenture Trustee.

                  "Temporary Global Note" has the meaning specified in
Section 3.05.

                                      -20-
<PAGE>

                  "Terms Document" means, with respect to any Class or Tranche
of Notes, a supplement to the Indenture Supplement that establishes such Class
or Tranche.

                  "Tranche" means, with respect to any Class of Notes, Notes of
such Class which have identical terms, conditions and Tranche designation. Notes
of a single Tranche may be issued on different dates.

                  "Transaction Document" has the meaning specified in the
Transfer and Servicing Agreement.

                  "Transfer and Servicing Agreement" means the Amended and
Restated Transfer and Servicing Agreement, dated as of March [__], 2006, among
RFC V, as Transferor, American Express Travel Related Services Company, Inc., as
Servicer and Administrator, the Issuer, and The Bank of New York, as Indenture
Trustee, as amended, supplemented or restated from time to time.

                  "Transfer Restriction Event" has the meaning specified in the
Transfer and Servicing Agreement or in the related Receivables Purchase
Agreement, as applicable.

                  "Transferor" has the meaning specified in the Transfer and
Servicing Agreement.

                  "Transferor Amount" has the meaning specified in the Transfer
and Servicing Agreement.

                  "Transferor Interest" has the meaning specified in the
Transfer and Servicing Agreement.

                  "TRS" means American Express Travel Related Services Company,
Inc., a New York corporation, and its permitted successors and assigns.

                  "Trust Agreement" means the American Express Issuance Trust
Trust Agreement, dated as of May 18, 2005, between RFC V, as Beneficiary and as
Transferor, and Wilmington Trust Company, as Owner Trustee, as the same may be
amended, supplemented, restated and otherwise modified from time to time.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended by the Trust Indenture Reform Act of 1990, as in force at the date as
of which this Indenture was executed except as provided in Section 10.05.

                  "UCC" means the Uniform Commercial Code, as in effect in the
State of New York or any other relevant jurisdiction.

                  "United States Person" means a citizen or resident of the
United States, a corporation, partnership or other entity created or organized
in or under the laws of the United States of America, any one of the states
thereof, the District of Columbia or any political subdivision thereof, or an
estate or trust the income of which is subject to United States federal income
taxation regardless of its source.

                                      -21-
<PAGE>

                  "United States Regulations" means 31 C.F.R. Part 357,
Subpart B; 12 C.F.R. Part 615, Subparts O, R and S; 12 C.F.R. Part 987;
12 C.F.R. Part 1511; 24 C.F.R. Part 81, Subpart H; 31 C.F.R. Part 354; 18 C.F.R.
Part 1314; and 24 C.F.R. Part 350.

                  "U.S. Depository" means, unless otherwise specified by the
Issuer pursuant to any of Section 3.04, 3.06, or 4.01, with respect to Notes of
any Tranche issuable or issued as a Global Note within the United States, The
Depository Trust Company, New York, New York, or any successor thereto
registered as a clearing agency under the Securities Exchange Act, or other
applicable statute or regulation.

                  Section 1.02 Compliance Certificates and Opinions. Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer will furnish to the Indenture
Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with and (ii) an Opinion of Counsel stating that, in the opinion of
such counsel, all such conditions precedent, if any, have been complied with,
except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

                  Notwithstanding the provisions of Section 4.10 and of the
preceding paragraph, if all Notes of a Series, Class or Tranche are not to be
originally issued at one time, it will not be necessary to deliver the Issuer
Certificate otherwise required pursuant to Section 4.10 or the Officer's
Certificate and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or before the time of authentication of each Note of such Series,
Class or Tranche if such documents are delivered at or prior to the
authentication upon original issuance of the first Note of such Series, Class or
Tranche to be issued.

                  The Indenture Trustee may rely, as to authorization by the
Issuer of any Series, Class or Tranche of Notes, the form and terms thereof and
the legality, validity, binding effect and enforceability thereof, upon the
Opinion of Counsel and the other documents delivered pursuant to Section 4.10
and this Section 1.02, as applicable, in connection with the first
authentication of Notes of such Series, Class or Tranche.

                  Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (except for the written
statement required by Section 11.04) will include:

                  (a) a statement that each individual signing such certificate
or opinion has read such covenant or condition and the definitions herein
relating thereto;

                  (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based;

                  (c) a statement that such individual has made such examination
or investigation as is necessary to express an informed opinion as to whether or
not such covenant or condition has been complied with; and

                                      -22-
<PAGE>

                  (d) a statement as to whether, in the opinion of each such
individual, such condition or covenant has been complied with.

                  Section 1.03 Form of Documents Delivered to Indenture Trustee.
In any case where several matters are required to be certified by, or covered by
an opinion of, one or more specified Persons, one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to the other matters, and any such Person may certify or give an opinion as
to such matters in one or several documents.

                  Any certificate or opinion of the Issuer may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless the Issuer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
are erroneous. Any such certificate or opinion of, or representation by, counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, the Issuer stating that the information with
respect to such factual matters is in the possession of the Issuer, unless such
counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations are erroneous.

                  Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.

                  Section 1.04 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action (collectively,
an "Action") provided by this Indenture to be given or taken by Noteholders of
any Series, Class or Tranche may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by an agent duly appointed in writing. If Notes of a Series, Class or Tranche
are issuable in whole or in part as Bearer Notes, any Action provided by this
Indenture to be given or taken by such Noteholders may, alternatively, be
embodied in and evidenced by the record of such Noteholders voting in favor
thereof, either in person or by proxies duly appointed in writing, at any
meeting of Noteholders duly called and held in accordance with the provisions of
Section 9.04, or a combination of such instruments and any such record. Except
as herein otherwise expressly provided, such Action will become effective when
such instrument or instruments or record are delivered to the Indenture Trustee,
and, where it is hereby expressly required, to the Issuer. Such instrument or
instruments and any such record (and the Action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Noteholders
signing such instrument or instruments and so voting at any meeting. Proof of
execution of any such instrument or of a writing appointing any such agent, or
the holding by any Person of a Note, will be sufficient for any purpose of this
Indenture and (subject to Section 8.01) conclusive in favor of the Indenture
Trustee and the Issuer, if made in the manner provided in this Section 1.04. The
record of any meeting of Noteholders shall be proved in the manner provided in
Section 9.04.

                                      -23-
<PAGE>

                  (b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness to such
execution or by the certificate of any notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by an officer of a corporation or a member of a partnership, on
behalf of such corporation or partnership, such certificate or affidavit will
also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the person
executing the same, may also be proved in any other manner which the Indenture
Trustee deems sufficient.

                  (c) (i) The ownership of Registered Notes will be proved by
the Note Register.

                      (ii) The ownership of Bearer Notes or coupons will be
         proved by the production of such Bearer Notes or coupons or by a
         certificate, satisfactory to the Issuer and the Indenture Trustee,
         executed, as depositary, by any bank, trust company, recognized
         securities dealer, as depositary, wherever situated, satisfactory to
         the Issuer. Each such certificate will be dated and will state that on
         the date thereof a Bearer Note or coupon bearing a specified serial
         number was deposited with or exhibited to such bank, trust company or
         recognized securities dealer by the Person named in such certificate.
         Any such certificate may be issued in respect of one or more Bearer
         Notes or coupons specified therein. The holding by the Person named in
         any such certificate of any Bearer Note specified therein will be
         presumed to continue for a period of one year from the date of such
         certificate unless at the time of any determination of such holding (A)
         another certificate bearing a later date issued in respect of the same
         Bearer Note or coupon produced, (B) the Bearer Note or coupon specified
         in such certificate is produced by some other Person or (C) the Bearer
         Note or coupon specified in such certificate has ceased to be
         Outstanding.

                  (d) The fact and date of execution of any such instrument or
writing, the authority of the Person executing the same and the principal amount
and serial numbers of Bearer Notes held by the Person so executing such
instrument or writing and the date of holding the same may also be proved in any
other manner which the Indenture Trustee deems sufficient; and the Indenture
Trustee may in any instance require further proof with respect to any of the
matters referred to in this Section 1.04.

                                      -24-
<PAGE>

                  (e) If the Issuer will solicit from the Holders any Action,
the Issuer may, at its option, by an Officer's Certificate and consistent with
the Trust Indenture Act, fix in advance a record date for the determination of
Holders entitled to give such Action, but the Issuer will have no obligation to
do so. If the Issuer does not so fix a record date, such record date will be the
later of 30 days before the first solicitation of such Action or the date of the
most recent list of Noteholders furnished to the Indenture Trustee pursuant to
Section 9.01 before such solicitation. Such Action may be given before or after
the record date, but only the Holders of record at the close of business on the
record date will be deemed to be Holders for the purposes of determining whether
Holders of the requisite proportion of Notes Outstanding have authorized or
agreed or consented to such Action, and for that purpose the Notes Outstanding
will be computed as of the record date; provided that no such authorization,
agreement or consent by the Holders on the record date will be deemed effective
unless it will become effective pursuant to the provisions of this Indenture not
later than six months after the record date.

                  (f) Any Action by the Holder of any Note will bind the Holder
of every Note issued upon the transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything done or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon whether or not notation of
such Action is made upon such Note.

                  (g) Without limiting the foregoing, a Holder entitled
hereunder to take any Action hereunder with regard to any particular Note may do
so with regard to all or any part of the principal amount of such Note or by one
or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. Any notice
given or Action taken by a Holder or its agents with regard to different parts
of such principal amount pursuant to this paragraph shall have the same effect
as if given or taken by separate Holders of each such different part.

                  (h) Without limiting the generality of the foregoing, unless
otherwise specified pursuant to Section 4.01 or pursuant to one or more
Indenture Supplements, a Holder, including a Depository that is the Holder of a
Global Note, may make, give or take, by a proxy or proxies duly appointed in
writing, any Action provided in this Indenture to be made, given or taken by
Holders, and a Depository that is the Holder of a Global Note may provide its
proxy or proxies to the beneficial owners of interests in or security
entitlements to any such Global Note through such Depository's standing
instructions and customary practices.

                  (i) The Issuer may fix a record date for the purpose of
determining the Persons who are beneficial owners of interests in or security
entitlements to any Global Note held by a Depository entitled under the
procedures of such Depository to make, give or take, by a proxy or proxies duly
appointed in writing, any Action provided in this Indenture to be made, given or
taken by Holders. If such a record date is fixed, the Holders on such record
date or their duly appointed proxy or proxies, and only such Persons, shall be
entitled to make, give or take such Action, whether or not such Holders remain
Holders after such record date. No such Action shall be valid or effective if
made, given or taken more than 90 days after such record date.

                  Section 1.05 Notices, etc. to Indenture Trustee and Issuer.
Any Action of Noteholders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, the Indenture
Trustee by any Noteholder or by the Issuer will be sufficient for every purpose
hereunder if in writing and mailed, first-class postage prepaid or sent via
facsimile transmission to the Indenture Trustee at its Corporate Trust Office,
or the Issuer by the Indenture Trustee or by any Noteholder will be sufficient
for every purpose hereunder (except as provided in subsection 7.01(c)) if in
writing and mailed, first-class postage prepaid, to the Issuer addressed to it
at the address of its principal office specified in the first paragraph of this
Indenture or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer.

                  Section 1.06 Notices to Noteholders, Waiver. Where this
Indenture, any Indenture Supplement or any Registered Note provides for notice
to Registered Noteholders of any event, such notice will be sufficiently given
(unless otherwise herein, in such Indenture Supplement or in such Registered
Note expressly provided) if in writing and mailed, first-class postage prepaid,
sent by facsimile, sent by electronic transmission or personally delivered to
each Holder of a Registered Note affected by such event, at such Noteholder's
address as it appears in the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Registered Noteholders is given by mail, facsimile,
electronic transmission or delivery neither the failure to mail, send by
facsimile, send by electronic transmission or deliver such notice, nor any
defect in any notice so mailed, to any particular Noteholders will affect the
sufficiency of such notice with respect to other Noteholders and any notice that
is mailed, sent by facsimile, sent by electronic transmission or delivered in
the manner herein provided shall conclusively have been presumed to have been
duly given.

                                      -25-
<PAGE>

                  Where this Indenture, any Indenture Supplement or any
Registered Note provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver will be the equivalent of such notice. Waivers of
notice by Registered Noteholders will be filed with the Indenture Trustee, but
such filing will not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

                  (a) In case, by reason of the suspension of regular mail
service as a result of a strike, work stoppage or otherwise, it will be
impractical to mail notice of any event to any Holder of a Registered Note when
such notice is required to be given pursuant to any provision of this Indenture,
then any method of notification as will be satisfactory to the Indenture Trustee
and the Issuer will be deemed to be a sufficient giving of such notice.

                  (b) No notice will be given by mail, facsimile, electronic
transmission or otherwise delivered to a Holder of Bearer Notes or coupons in
bearer form. In the case of any Series, Class or Tranche with respect to which
any Bearer Notes are Outstanding, any notice required or permitted to be given
to Holders of such Bearer Notes will be published in an Authorized Newspaper
within the time period prescribed in this Indenture or the applicable Indenture
Supplement.

                  (c) With respect to any Series, Class or Tranche of Notes, the
applicable Indenture Supplement may specify different or additional means of
giving notice to the Holders of the Notes of such Series, Class or Tranche.

                  (d) Where this Indenture provides for notice to any Note
Rating Agency, failure to give such notice will not affect any other rights or
obligations created hereunder and will not under any circumstance constitute an
Adverse Effect.

                  Section 1.07 Conflict with Trust Indenture Act. If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by, or with another provision (an "incorporated provision")
included in this Indenture by operation of, Sections 310 to 318, inclusive, of
the Trust Indenture Act, such imposed duties or incorporated provision will
control. If any provision of this Indenture modifies or excludes any provision
of the Trust Indenture Act that may be so modified or excluded, the latter
provision will be deemed to apply to this Indenture as so modified or excluded,
as the case may be.

                                      -26-
<PAGE>

                  Section 1.08 Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and will not affect the construction hereof.

                  Section 1.09 Successors and Assigns. All covenants and
agreements in this Indenture by the Issuer will bind its successors and assigns,
whether so expressed or not. All covenants and agreements of the Indenture
Trustee in this Indenture shall bind its successors, co-trustees and agents of
the Indenture Trustee.

                  Section 1.10 Separability. In case any provision in this
Indenture or in the Notes will be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions will not in
any way be affected or impaired thereby.

                  Section 1.11 Benefits of Indenture. Nothing in this Indenture
or in any Notes, express or implied, will give to any Person, other than the
parties hereto and their successors hereunder, any Authenticating Agent or
Paying Agent, the Note Registrar, Derivative Counterparties (to the extent
specified in the applicable Derivative Agreement), Supplemental Credit
Enhancement Providers and Supplemental Liquidity Providers (each to the extent
specified in the applicable Supplemental Credit Enhancement Agreement and
Supplemental Liquidity Agreement, as applicable) and the Holders of Notes (or
such of them as may be affected thereby), any benefit or any legal or equitable
right, remedy or claim under this Indenture.

                  Section 1.12 Governing Law. THIS INDENTURE WILL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING
SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. THE STATE OF NEW
YORK SHALL BE THE SECURITIES INTERMEDIARY'S JURISDICTION OF THE SECURITIES
INTERMEDIARY FOR PURPOSES OF ARTICLES 8 AND 9 OF THE UCC AND THE UNITED STATES
REGULATIONS.

                  Section 1.13 Counterparts. This Indenture may be executed in
any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the
same instrument.

                  Section 1.14 Indenture Referred to in the Trust Agreement.
This is the Indenture referred to in the Trust Agreement.

                  Section 1.15 Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

                               [END OF ARTICLE I]

                                      -27-
<PAGE>

                                   ARTICLE II

                                   COLLATERAL

                  Section 2.01 Recording, Etc.

                  (a) The Issuer intends the Security Interest granted pursuant
to this Indenture in favor of the Indenture Trustee to be prior to all other
liens in respect of the Collateral. Subject to Section 2.02, the Issuer will
take all actions necessary to maintain a perfected lien on and Security Interest
in the Collateral in favor of the Indenture Trustee.

                  (b) The Issuer shall cause each item of the Collateral to be
Delivered, and the Indenture Trustee shall hold each item of the Collateral as
Delivered, separate and apart from all other property held by the Indenture
Trustee. To the extent that such of the Collateral as constitutes a deposit
account is maintained with The Bank of New York, The Bank of New York hereby
makes the agreements required under the UCC in order for such deposit account to
be Delivered. Notwithstanding any other provision of this Indenture or any
Indenture Supplement, the Indenture Trustee shall not hold any part of the
Collateral through an agent or nominee except as expressly permitted by this
subsection 2.01(b).

                  (c) The Issuer will from time to time execute, authorize and
deliver all such supplements and amendments hereto and all such financing
statements, amendments thereto, instruments of further assurance and other
instruments, all as prepared by the Issuer, and will take such other action
necessary or advisable to:

                      (i) grant the Security Interest more effectively in all or
         any portion of the Collateral;

                      (ii) maintain or preserve the Security Interest (and the
         priority thereof) created by this Indenture or carry out more
         effectively the purposes hereof;

                      (iii) perfect, publish notice of or protect the validity
         of any grant made or to be made by this Indenture;

                      (iv) enforce the Receivables, any Collateral Certificates,
         any Derivative Agreements, any Supplemental Credit Enhancement
         Agreements and any Supplemental Liquidity Agreements and each other
         instrument or agreement designated for inclusion in the Collateral;

                      (v) preserve and defend title to the Collateral and the
         rights of the Indenture Trustee in the Collateral against the claims of
         all persons and parties; or

                      (vi) pay all taxes or assessments levied or assessed upon
         the Collateral when due.

                                      -28-
<PAGE>

                  (d) The Issuer will from time to time promptly pay and
discharge all UCC recording and filing fees, charges and taxes relating to this
Indenture, any amendments hereto and any other instruments of further assurance.

                  (e) Without limiting the generality of clause (a)(ii) or
(a)(iii):

                      (i) The Issuer will cause this Indenture, all amendments
         and supplements hereto and all financing statements and all amendments
         to such financing statements and any other necessary documents covering
         the Indenture Trustee's right, title and interest in and to the
         Collateral to be promptly recorded, registered and filed, and at all
         times to be kept recorded, registered and filed, all in such manner and
         in such places as may be required by law fully to preserve and protect
         the right, title and interest of the Indenture Trustee in and to all
         property comprising the Collateral. The Issuer will deliver to the
         Indenture Trustee file-stamped copies of, or filing receipts for, any
         document recorded, registered or filed as provided above, as soon as
         available following such recording, registration or filing. The Issuer
         hereby authorizes the filing of financing statements (and amendments of
         financing statements) that name the Issuer as debtor and the Indenture
         Trustee as secured party and that cover all personal property of the
         Issuer. The Issuer also hereby ratifies the filing of any such
         financing statements (or amendments of financing statements) that were
         filed prior to the execution hereof.

                      (ii) The Issuer shall not change its name or its type or
         jurisdiction of organization unless it has first (A) made all filings
         and taken all actions in all relevant jurisdictions under the
         applicable UCC and other applicable law as are necessary to continue
         and maintain the first priority perfected Security Interest of the
         Indenture Trustee in the Collateral, and (B) delivered to the Indenture
         Trustee an Opinion of Counsel to the effect that all necessary filings
         have been made under the applicable UCC in all relevant jurisdictions
         as are necessary to continue and maintain the first priority perfected
         Security Interest of the Indenture Trustee in the Collateral.

The duty of the Indenture Trustee to execute or authorize any instrument
required pursuant to this Section 2.01 will arise only if the Indenture Trustee
has actual knowledge of the type described in subsection 7.01(c) of the
Indenture of any default of the Issuer in complying with the provisions of this
Section 2.01.

                  Section 2.02 Trust Indenture Act Requirements. The release of
any Collateral from the lien created by this Indenture or the release, in whole
or in part, of the lien on all Collateral, will not be deemed to impair the
Security Interest in contravention of the provisions hereof if and to the extent
the Collateral or liens are released pursuant to the terms hereof. The Indenture
Trustee and each of the Noteholders are hereby deemed to acknowledge that a
release of Collateral or liens strictly in accordance with the terms hereof will
not be deemed for any purpose to be an impairment of the remaining Security
Interest in contravention of the terms of this Indenture. To the extent
applicable, without limitation, the Issuer will cause Section 314(d) of the
Trust Indenture Act relating to the release of property or securities from the
liens hereof to be complied with. Any certificate or opinion required by Section
314(d) of the Trust Indenture Act may be made by an Authorized Officer of the
Issuer, except in cases in which Section 314(d) of the Trust Indenture Act
requires that such certificate or opinion be made by an independent person.

                                      -29-
<PAGE>

                  Section 2.03 Suits To Protect the Collateral. Subject to the
provisions of this Indenture, the Indenture Trustee will have power to institute
and to maintain such suits and proceedings as it may deem expedient to prevent
any impairment of the Collateral by any acts which may be unlawful or in
violation of this Indenture, and such suits and proceedings as the Indenture
Trustee may deem expedient to preserve or protect the interests of the
Noteholders and the interests of the Indenture Trustee in the Collateral
(including power to institute and maintain suits or proceedings to restrain the
enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with, such enactment, rule or order would
impair the Security Interest or be prejudicial to the interests of the
Noteholders or the Indenture Trustee). No counterparties to a Derivative
Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity
Agreement may direct the Indenture Trustee to enforce the Security Interest.
Each Derivative Counterparty's, Supplemental Credit Enhancement Provider's and
Supplemental Liquidity Provider's rights consist solely of the right to receive
Finance Charge Collections or Principal Collections, as applicable, allocated
for such party's benefit pursuant to the related Indenture Supplement.

                  Section 2.04 Purchaser Protected. In no event will any
purchaser in good faith of any property purported to be released hereunder be
bound to ascertain the authority of the Indenture Trustee to execute the release
or to inquire as to the satisfaction of any conditions required by the
provisions hereof for the exercise of such authority or to see to the
application of any consideration given by such purchaser or other transferee;
nor will any purchaser or other transferee of any property or rights permitted
by this Article II to be sold be under any obligation to ascertain or inquire
into the authority of the Issuer or any other obligor, as applicable, to make
any such sale or other transfer.

                  Section 2.05 Powers Exercisable by Receiver or Indenture
Trustee. In case the Collateral shall be in the possession of a receiver or
trustee, lawfully appointed, the powers conferred in this Article II upon the
Issuer or any other obligor, as applicable, with respect to the release, sale or
other disposition of such property may be exercised by such receiver or trustee,
and an instrument signed by such receiver or trustee shall be deemed the
equivalent of any similar instrument of the Issuer or any other obligor, as
applicable, or of any officer or officers thereof required by the provisions of
this Article II.

                  Section 2.06 Determinations Relating to Collateral. In the
event (i) the Indenture Trustee shall receive any written request from the
Issuer or any other obligor for consent or approval with respect to any matter
or thing relating to any Collateral or the Issuer's or any other obligor's
obligations with respect thereto or (ii) there shall be due to or from the
Indenture Trustee under the provisions hereof any performance or the delivery of
any instrument or (iii) the Indenture Trustee shall become aware of any
nonperformance by the Issuer or any other obligor of any covenant or any breach
of any representation or warranty of the Issuer or any other obligor set forth
in this Indenture, then, in each such event, the Indenture Trustee shall be
entitled to hire experts, consultants, agents and attorneys to advise the
Indenture Trustee on the manner in which the Indenture Trustee should respond to
such request or render any requested performance or response to such
nonperformance or breach (the expenses of which will be reimbursed to the
Indenture Trustee pursuant to Section 8.07). The Indenture Trustee will be fully
protected in the taking of any action recommended or approved by any such
expert, consultant, agent or attorney or agreed to by Holders of more than
66-2/3% of the Outstanding Dollar Principal Amount of the Outstanding Notes.

                                      -30-
<PAGE>

                  Section 2.07 Release of all Collateral.

                  (a) Subject to the payment of its fees and expenses pursuant
to Section 8.07, the Indenture Trustee shall, at the request of the Issuer or
when otherwise required by the provisions of this Indenture, execute instruments
to release property from the lien of this Indenture, or convey the Indenture
Trustee's interest (which is held by the Indenture Trustee for the benefit of
the Noteholders) in the same, in a manner and under circumstances which are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article II will
be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any funds.

                  (b) Upon delivery of an Officer's Certificate of each
Transferor certifying that the Issuer's obligations under this Indenture have
been satisfied and discharged by complying with the provisions of this Article
II, the Indenture Trustee shall execute and deliver such releases, termination
statements and other instruments (in recordable form, where appropriate) as the
Issuer or any other obligor, as applicable, may reasonably request evidencing
the termination of the Security Interest created by this Indenture.

                  (c) Each Transferor, the Issuer and the Noteholders shall be
entitled to receive at least 10 days written notice when the Indenture Trustee
proposes to take any action pursuant to clause (a), accompanied by copies of any
instruments involved, and the Indenture Trustee shall also be entitled to
require, as a condition to such action, an Opinion of Counsel, stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been complied with. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                  Section 2.08 Certain Actions by Indenture Trustee. Any action
taken by the Indenture Trustee pursuant to this Article II in respect of the
release of any or all of the Collateral will be taken by the Indenture Trustee
as its interest in such Collateral may appear, and no provision of this Article
II is intended to, or will, excuse compliance with any provision hereof.

                  Section 2.09 Opinions as to Collateral. (a) On the date
hereof, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
stating that, in the opinion of such counsel, such action has been taken as is
necessary to perfect the Security Interest created by this Indenture in favor of
the Indenture Trustee and reciting the details of such action.

                                      -31-
<PAGE>

                  (b) On or before March 31 in each calendar year, beginning in
2006, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
with respect to each UCC financing statement which has been filed by the Issuer
with respect to the Collateral either stating that, (i) in the opinion of such
counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of such financing statements and amendments thereto as
are necessary to maintain the first priority Security Interest created by this
Indenture and reciting the details of such action or (ii) in the opinion of such
counsel, no such action is necessary to maintain such Security Interest. Such
Opinion of Counsel will also describe the recording, filing, re-recording and
refiling of such financing statements and amendments thereto that will, in the
opinion of such counsel, be required to maintain the Security Interest created
by this Indenture until March 31 in the following calendar year.

                  Section 2.10 Certain Commercial Law Representations and
Warranties. The Issuer hereby makes the following representations and
warranties. Such representations and warranties shall survive until the
termination of this Indenture. Such representations and warranties speak of the
date that a security interest in the Collateral is granted to the Indenture
Trustee but shall not be waived by any of the parties to this Indenture unless
each Note Rating Agency shall have notified the Beneficiary, the Administrator,
the Owner Trustee and the Indenture Trustee in writing that such waiver will not
result in a reduction or withdrawal of its then current rating of the Notes.

                  (a) This Indenture creates a valid and continuing security
interest (as defined in the applicable UCC) in favor of the Indenture Trustee in
the related Collateral, which security interest is prior to all other Liens, and
is enforceable as such against creditors of and purchasers from the Issuer.

                  (b) Each of the existing Receivables and Collateral
Certificates constitutes an "account," a "general intangible," an "instrument,"
an "uncertificated security" or a "certificated security" within the meaning of
the applicable UCC.

                  (c) At the time of its grant of any security interest in the
related Collateral pursuant to this Indenture, the Issuer owned and had good and
marketable title to such Collateral free and clear of any lien, claim or
encumbrance of any Person.

                  (d) The Issuer has caused or will have caused, within 10 days
of the initial execution of this Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
the related Collateral granted to the Indenture Trustee pursuant to this
Indenture.

                  (e) The Issuer has registered the Indenture Trustee as the
registered owner of the related Collateral.

                  (f) Other than the security interest granted to the Indenture
Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed, the related Collateral.
The Issuer has not authorized the filing of and is not aware of any financing
statements against the Issuer that include a description of the related
Collateral other than any financing statement relating to the security interest
granted to the Indenture Trustee pursuant to this Indenture or that has been
terminated. The Issuer is not aware of any judgment or tax lien filings against
the Issuer.

                                      -32-
<PAGE>

                  Section 2.11 The Securities Intermediary.

                  (a) There shall at all times be one or more securities
intermediaries appointed for purposes of this Indenture (the "Securities
Intermediary"). The Bank of New York is hereby appointed as the initial
Securities Intermediary hereunder, and The Bank of New York accepts such
appointment.

                  (b) The Securities Intermediary shall be, and The Bank of New
York as initial Securities Intermediary hereby represents and warrants that it
is as of the date hereof and shall be, for so long as it is the Securities
Intermediary hereunder, a corporation or national bank that in the ordinary
course of its business maintains securities accounts for others and is acting in
that capacity hereunder. The Securities Intermediary shall, and The Bank of New
York as initial Securities Intermediary does, agree with the parties hereto that
each Issuer Account shall be an account to which financial assets may be
credited and undertake to treat the Indenture Trustee as entitled to exercise
the rights that comprise such financial assets. The Securities Intermediary
shall, and The Bank of New York as initial Securities Intermediary does, agree
with the parties hereto that each item of property credited to each Issuer
Account shall be treated as a financial asset. The Securities Intermediary
shall, and The Bank of New York as initial Securities Intermediary does, agree
with the parties hereto that the securities intermediary's jurisdiction of the
Securities Intermediary with respect to the Collateral shall be the State of New
York. The Securities Intermediary shall, and The Bank of New York as initial
Securities Intermediary does, represent and covenant that it is not and will not
be (as long as it is the Securities Intermediary hereunder) a party to any
agreement that is inconsistent with the provisions of this Indenture. The
Securities Intermediary shall, and The Bank of New York as initial Securities
Intermediary does, covenant that it will not take any action inconsistent with
the provisions of this Indenture applicable to it. The Securities Intermediary
shall, and The Bank of New York as initial Securities Intermediary does, agree
that any item of property credited to any Issuer Account shall not be subject to
any security interest, lien, encumbrance or right of setoff in favor of the
Securities Intermediary or anyone claiming through the Securities Intermediary
(other than the Indenture Trustee).

                  (c) It is the intent of the Indenture Trustee and the Issuer
that each Issuer Account shall be a securities account of the Indenture Trustee
and not an account of the Issuer. Nonetheless, the Securities Intermediary shall
agree to comply with entitlement orders originated by the Indenture Trustee
without further consent by the Issuer or any other person or entity, and The
Bank of New York as initial Securities Intermediary agrees that, for so long as
it is the Securities Intermediary hereunder, it will comply with entitlement
orders originated by the Indenture Trustee without further consent by the Issuer
or any other person or entity. The Securities Intermediary shall covenant that
it will not agree with any person or entity other than the Indenture Trustee
that it will comply with entitlement orders originated by any person or entity
other than the Indenture Trustee, and The Bank of New York as initial Securities
Intermediary hereby covenants that, for so long as it is the Securities
Intermediary hereunder, it will not agree with any person or entity other than
the Indenture Trustee that it will comply with entitlement orders originated by
any person or entity other than the Indenture Trustee.

                                      -33-
<PAGE>

                  (d) Nothing herein shall imply or impose upon the Securities
Intermediary any duties or obligations other than those expressly set forth
herein and those applicable to a securities intermediary under the UCC and the
United States Regulations (and the Securities Intermediary shall be entitled to
all of the protections available to a securities intermediary under the UCC and
the United States Regulations). Without limiting the foregoing, nothing herein
shall imply or impose upon the Securities Intermediary any duties of a fiduciary
nature (such as the fiduciary duties of the Indenture Trustee hereunder).

                  (e) The Securities Intermediary may at any time resign by
notice to the Indenture Trustee and may at any time be removed by notice from
the Indenture Trustee; provided that it shall be the responsibility of the
Indenture Trustee to appoint a successor Securities Intermediary and to cause
the Issuer Accounts to be established and maintained with such successor
Securities Intermediary in accordance with the terms hereof; and the
responsibilities and duties of the retiring Securities Intermediary hereunder
shall remain in effect until all of the Collateral credited to the Issuer
Accounts held by such retiring Securities Intermediary have been transferred to
such successor. Any corporation into which the Securities Intermediary may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which the Securities
Intermediary shall be a party, shall be the successor of the Securities
Intermediary hereunder, without the execution or filing of any further act on
the part of the parties hereto or such Securities Intermediary or such successor
corporation.

                               [END OF ARTICLE II]

                                      -34-
<PAGE>

                                   ARTICLE III

                                   NOTE FORMS

                  Section 3.01 Forms Generally. The Notes will have such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture or the applicable Indenture Supplement
and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon, as may be required to comply with
applicable laws or regulations or with the rules of any securities exchange, or
as may, consistently herewith, be determined by the Issuer, as evidenced by the
Issuer's execution of such Notes. Any portion of the text of any Note may be set
forth on the reverse thereof, with an appropriate reference thereto on the face
of the Note.

                  The definitive Notes will be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with
or without steel engraved borders) or may be produced in any other manner, all
as determined by the Issuer, as evidenced by the Issuer's execution of such
Notes, subject, with respect to the Notes of any Series, Class or Tranche, to
the rules of any securities exchange on which such Notes are listed.

                  Section 3.02 Forms of Notes. Each Note will be in one of the
forms approved from time to time by or pursuant to an Indenture Supplement.
Before the delivery of a Note to the Indenture Trustee for authentication in any
form approved by or pursuant to an Issuer Certificate, the Issuer will deliver
to the Indenture Trustee the Issuer Certificate by or pursuant to which such
form of Note has been approved, which Issuer Certificate will have attached
thereto a true and correct copy of the form of Note which has been approved
thereby or, if an Issuer Certificate authorizes a specific officer or officers
of a Beneficiary to approve a form of Note, a certificate of such officer or
officers approving the form of Note attached thereto. Any form of Note approved
by or pursuant to an Issuer Certificate must be acceptable as to form to the
Indenture Trustee, such acceptance to be evidenced by the Indenture Trustee's
authentication of Notes in that form or a certificate signed by an Indenture
Trustee Authorized Officer and delivered to the Issuer.

                  Section 3.03 Form of Indenture Trustee's Certificate of
Authentication. The form of Indenture Trustee's Certificate of Authentication
for any Note issued pursuant to this Indenture will be substantially as follows:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Notes of the Series, Class or Tranche
designated therein referred to in the within-mentioned Indenture.

                                   THE BANK OF NEW YORK,
                                     as Indenture Trustee,

                                   By:_________________________________________
                                          Authorized Signatory

                                   Dated:______________________________________

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                  Section 3.04 Notes Issuable in the Form of a Global Note. (a)
If the Issuer establishes pursuant to Sections 3.02 and 4.01 that the Notes of a
particular Series, Class or Tranche are to be issued in whole or in part in the
form of one or more Global Notes, then the Issuer will execute and the Indenture
Trustee or its agent will, in accordance with Section 4.03 and the Issuer
Certificate delivered to the Indenture Trustee or its agent thereunder,
authenticate and deliver, such Global Note or Notes, which, unless otherwise
provided in the applicable Indenture Supplement (i) will represent, and will be
denominated in an amount equal to the aggregate Stated Principal Amount (or in
the case of Discount Notes, the aggregate Stated Principal Amount at the
Expected Final Payment Date of such Notes) of the Outstanding Notes of such
Series, Class or Tranche to be represented by such Global Note or Notes, or such
portion thereof as the Issuer will specify in an Issuer Certificate, (ii) in the
case of Registered Notes, will be registered in the name of the Depository for
such Global Note or Notes or its nominee, (iii) will be delivered by the
Indenture Trustee or its agent to the Depository or pursuant to the Depository's
instruction, (iv) if applicable, will bear a legend substantially to the
following effect: "Unless this Note is presented by an authorized representative
of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer
or its agent for registration of transfer, exchange or payment, and any Note
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), any transfer, pledge or other use hereof for value or
otherwise by or to any person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein" and (v) may bear such other legend
as the Issuer, upon advice of counsel, deems to be applicable.

                  (b) Notwithstanding any other provisions of this Section 3.04
or of Section 4.05, and subject to the provisions of paragraph (c) below, unless
the terms of a Global Note or the applicable Indenture Supplement expressly
permit such Global Note to be exchanged in whole or in part for individual
Notes, a Global Note may be transferred, in whole but not in part and in the
manner provided in Section 4.05, only to a nominee of the Depository for such
Global Note, or to the Depository, or a successor Depository for such Global
Note selected or approved by the Issuer, or to a nominee of such successor
Depository.

                  (c) With respect to Notes issued within the United States,
unless otherwise specified in the applicable Indenture Supplement, or with
respect to Notes issued outside the United States, if specified in the
applicable Indenture Supplement:

                      (i) If at any time the Depository for a Global Note
         notifies the Issuer that it is unwilling or unable to continue as
         Depository for such Global Note or if at any time the Depository for
         the Notes for such Series, Class or Tranche ceases to be a clearing
         agency registered under the Securities Exchange Act, or other
         applicable statute or regulation, the Issuer will appoint a successor
         Depository with respect to such Global Note. If a successor Depository
         for such Global Note is not appointed by the Issuer within 90 days
         after the Issuer receives such notice or becomes aware of such
         ineligibility, the Issuer will execute, and the Indenture Trustee or
         its agent, upon receipt of an Issuer Certificate requesting the
         authentication and delivery of individual Notes of such Series, Class
         or Tranche in exchange for such Global Note, will authenticate and
         deliver, individual Notes of such Series, Class or Tranche of like
         tenor and terms in an aggregate Stated Principal Amount equal to the
         Stated Principal Amount of the Global Note in exchange for such Global
         Note.

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                      (ii) The Issuer may at any time and in its sole discretion
         determine that the Notes of any Series, Class or Tranche or portion
         thereof issued or issuable in the form of one or more Global Notes will
         no longer be represented by such Global Note or Notes. In such event
         the Issuer will execute, and the Indenture Trustee, upon receipt of a
         written request by the Issuer for the authentication and delivery of
         individual Notes of such Series, Class or Tranche in exchange in whole
         or in part for such Global Note, will authenticate and deliver
         individual Notes of such Series, Class or Tranche of like tenor and
         terms in definitive form in an aggregate Stated Principal Amount equal
         to the Stated Principal Amount of such Global Note or Notes
         representing such Series, Class or Tranche or portion thereof in
         exchange for such Global Note or Notes.

                      (iii) If specified by the Issuer pursuant to Sections 3.02
         and 4.01 with respect to Notes issued or issuable in the form of a
         Global Note, the Depository for such Global Note may surrender such
         Global Note in exchange in whole or in part for individual Notes of
         such Series, Class or Tranche of like tenor and terms in definitive
         form on such terms as are acceptable to the Issuer and such Depository.
         Thereupon the Issuer will execute, and the Indenture Trustee or its
         agent will authenticate and deliver, without service charge, (A) to
         each Person specified by such Depository a new Note or Notes of the
         same Series, Class or Tranche of like tenor and terms and of any
         authorized denomination as requested by such Person in aggregate Stated
         Principal Amount equal to and in exchange for such Person's beneficial
         interest in the Global Note; and (B) to such Depository a new Global
         Note of like tenor and terms and in an authorized denomination equal to
         the difference, if any, between the Stated Principal Amount of the
         surrendered Global Note and the aggregate Stated Principal Amount of
         Notes delivered to the Holders thereof.

                      (iv) If any Event of Default has occurred and is
         continuing with respect to such Global Notes, and Holders of Notes
         evidencing more than 50% of the unpaid Outstanding Dollar Principal
         Amount of the Global Notes of that Series, Class or Tranche advise the
         Indenture Trustee and the Depository that a Global Note is no longer in
         the best interest of the Noteholders, the Holders of Global Notes of
         that Tranche may exchange such Notes for individual Notes.

                      (v) In any exchange provided for in any of the preceding
         four paragraphs, the Issuer will execute and the Indenture Trustee or
         its agent will authenticate and deliver individual Notes in definitive
         registered form in authorized denominations. Upon the exchange of the
         entire Stated Principal Amount of a Global Note for individual Notes,
         such Global Note will be canceled by the Indenture Trustee or its
         agent. Except as provided in the preceding paragraphs, Notes issued in
         exchange for a Global Note pursuant to this Section 3.04 will be
         registered in such names and in such authorized denominations as the
         Depository for such Global Note, pursuant to instructions from its
         direct or indirect participants or otherwise, will instruct the
         Indenture Trustee or the Note Registrar. The Indenture Trustee or the
         Note Registrar will deliver such Notes to the Persons in whose names
         such Notes are so registered.

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                  Section 3.05 Temporary Global Notes and Permanent Global
Notes. (a) If specified in the applicable Indenture Supplement for any Tranche,
all or any portion of a Global Note may initially be issued in the form of a
single temporary global Bearer Note or Registered Note (the "Temporary Global
Note"), without interest coupons, in the denomination of the entire aggregate
principal amount of such Series, Class or Tranche and substantially in the form
set forth in the exhibit with respect thereto attached to the applicable
Indenture Supplement. The Temporary Global Note will be authenticated by the
Indenture Trustee upon the same conditions, in substantially the same manner and
with the same effect as the Notes in definitive form. The Temporary Global Note
may be exchanged as described below or in the applicable Indenture Supplement
for permanent global Bearer Notes or Registered Notes (the "Permanent Global
Notes").

                  (b) Unless otherwise provided in the applicable Indenture
Supplement, exchanges of beneficial interests in or security entitlements to
Temporary Global Notes for beneficial interests in or security entitlements to
Permanent Global Notes will be made as provided in this subsection 3.05(b). The
Beneficiary will, upon its determination of the date of completion of the
distribution of the Notes of such Series, Class or Tranche, so advise the
Indenture Trustee, the Issuer, the Foreign Depository, and each foreign clearing
agency forthwith. Without unnecessary delay, but in any event not prior to the
Exchange Date, the Issuer will execute and deliver to the Indenture Trustee at
the office or its designated agent outside the United States Permanent Global
Notes in bearer or registered form (as specified in the applicable Indenture
Supplement) in an aggregate principal amount equal to the Outstanding Dollar
Principal Amount of such Series, Class or Tranche of Notes. Bearer Notes so
issued and delivered may have coupons attached. The Temporary Global Note may be
exchanged for an equal aggregate principal amount of Permanent Global Notes only
on or after the Exchange Date. A United States Person may exchange its
beneficial interest in or security entitlement to the Temporary Global Note only
for an equal aggregate principal amount of Permanent Global Notes in registered
form bearing the applicable legend set forth in the form of Registered Note
attached to the applicable Indenture Supplement and having a minimum
denomination of $500,000, which may be in temporary form if the Issuer so
elects. The Issuer may waive the $500,000 minimum denomination requirement if it
so elects. Upon any demand for exchange for Permanent Global Notes in accordance
with this subsection 3.05(b), the Issuer will cause the Indenture Trustee to
authenticate and deliver the Permanent Global Notes to the Holder (x) outside
the United States, in the case of Bearer Notes and (y) according to the
instructions of the Holder, in the case of Registered Notes, but in either case
only upon presentation to the Indenture Trustee of a written statement
substantially in the form of Exhibit B-1 (or such other form as the Issuer may
determine) with respect to the Temporary Global Note, or portion thereof being
exchanged, signed by a foreign clearing agency or Foreign Depository and dated
on the Exchange Date or a subsequent date, to the effect that it has received in
writing or by tested telex a certification substantially in the form of (i) in
the case of beneficial ownership of the Temporary Global Note, or a portion
thereof being exchanged, by a United States institutional investor pursuant to
this clause, the certificate in the form of Exhibit B-2 (or such other form as
the Issuer may determine) signed by the Beneficiary which sold the relevant
Notes or (ii) in all other cases, the certificate in the form of Exhibit B-3 (or
such other form as the Issuer may determine), the certificate referred to in
this clause (ii) being dated on the earlier of the first payment of interest in
respect of such Note and the date of the delivery of such Note in definitive
form. Upon receipt of such certification, the Indenture Trustee will cause the
Temporary Global Note to be endorsed in accordance with subsection 3.05(d). Any
exchange as provided in this Section 3.05 will be made free of charge to the
Holders and the beneficial owners of the Temporary Global Note and to the
beneficial owners of the Permanent Global Note issued in exchange, except that a
Person receiving the Permanent Global Note must bear the cost of insurance,
postage, transportation and the like in the event that such Person does not
receive such Permanent Global Note in person at the offices of a foreign
clearing agency or Foreign Depository.

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                  (c) The delivery to the Indenture Trustee by a foreign
clearing agency or Foreign Depository of any written statement referred to above
may be relied upon by the Issuer and the Indenture Trustee as conclusive
evidence that a corresponding certification or certifications has or have been
delivered to such foreign clearing agency pursuant to the terms of this
Indenture.

                  (d) Upon any such exchange of all or a portion of the
Temporary Global Note for a Permanent Global Note or Notes, such Temporary
Global Note will be endorsed by or on behalf of the Indenture Trustee to reflect
the reduction of its principal amount by an amount equal to the aggregate
principal amount of such Permanent Global Note or Notes. Until so exchanged in
full, such Temporary Global Note will in all respects be entitled to the same
benefits under this Indenture as Permanent Global Notes authenticated and
delivered hereunder except that the beneficial owners of such Temporary Global
Note will not be entitled to receive payments of interest on the Notes until
they have exchanged their beneficial interests in or security entitlements to
such Temporary Global Note for Permanent Global Notes.

                  Section 3.06 Beneficial Ownership of Global Notes. Until
definitive Notes have been issued to the applicable Noteholders pursuant to
Section 3.04 or as otherwise specified in any applicable Indenture Supplement:

                  (a) the Issuer and the Indenture Trustee may deal with the
applicable clearing agency or Depository and the clearing agency's or
Depository's participants for all purposes (including the making of
distributions) as the authorized representatives of the respective Note Owners;
and

                  (b) the rights of the respective Note Owners will be exercised
only through the applicable clearing agency or Depository and the clearing
agency's or Depository's participants and will be limited to those established
by law and agreements between such Note Owners and the clearing agency or
Depository and/or the clearing agency's or Depository's participants. Pursuant
to the operating rules of the applicable clearing agency, unless and until Notes
in definitive form are issued pursuant to Section 3.04, the clearing agency or
the Depository will make book-entry transfers among the clearing agency's or the
Depository's participants and receive and transmit distributions of principal
and interest on the related Notes to such clearing agency's or Depository's
participants.

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                  For purposes of any provision of this Indenture requiring or
permitting Actions with the consent of, or at the direction of, Noteholders
evidencing a specified percentage of the Outstanding Dollar Principal Amount of
Outstanding Notes, such direction or consent may be given by Note Owners (acting
through the clearing agency and the clearing agency's participants) owning
interests in or security entitlements to Notes evidencing the requisite
percentage of principal amount of Notes.

                  Section 3.07 Notices to Depository. Whenever any notice or
other communication is required to be given to Noteholders with respect to which
book-entry Notes have been issued, unless and until Notes in definitive form
will have been issued to the related Note Owners, the Indenture Trustee will
give all such notices and communications to the applicable clearing agency or
Depository.

                  Section 3.08 CUSIP Numbers. In issuing the Notes, the Issuer
may use "CUSIP" numbers (if then generally in use), and, if so, the Indenture
Trustee shall use such CUSIP numbers in notices of redemption as a convenience
to Holders; provided that, subject to Section 8.01, any such notice may state
that (a) no representation is made as to the correctness of such CUSIP numbers
as printed on the related Notes or as contained in any notice of redemption, (b)
reliance may be placed only on the other identification numbers, if any, printed
on the Notes and (c) any such redemption shall not be affected by any defect in
or omission of such CUSIP numbers. The Issuer will promptly notify the Indenture
Trustee written notice of any change in the CUSIP numbers for any Outstanding
Note.

                              [END OF ARTICLE III]

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                                   ARTICLE IV

                                    THE NOTES

                  Section 4.01 General Title, General Limitations, Issuable in
Series, Terms of a Series, Class or Tranche of Notes. (a) The aggregate Stated
Principal Amount of Notes which may be authenticated and delivered and
Outstanding under this Indenture is not limited.

                  (b) The Notes may be issued in one or more Series, Classes or
Tranches up to an aggregate Stated Principal Amount of Notes as from time to
time may be authorized by the Issuer. All Notes of each Series, Class or Tranche
under this Indenture will in all respects be equally and ratably entitled to the
benefits hereof with respect to such Series, Class or Tranche without
preference, priority or distinction on account of (i) the actual time of the
authentication and delivery, (ii) the Expected Final Payment Date or (iii) the
Legal Maturity Date of the Notes of such Series, Class or Tranche, except as
specified in the applicable Indenture Supplement for such Series, Class or
Tranche of Notes.

                  (c) Each Note issued must be part of a Series, Class and
Tranche of Notes for purposes of allocations pursuant to this Indenture, the
related Indenture Supplement and the Transfer and Servicing Agreement. A Series
of Notes is created pursuant to an Indenture Supplement. A Class or Tranche of
Notes is created pursuant to an Indenture Supplement or pursuant to a Terms
Document related to the Indenture Supplement for the applicable Series.

                  (d) Each Series of Notes may be assigned to a Group or Groups
(now existing or hereafter created) of Notes for purposes of allocations of
certain collections pursuant to Section 4.12 and the related Indenture
Supplement. The related Indenture Supplement will identify the Group or Groups,
if any, to which a Series of Notes has been assigned and the manner and extent
to which Series in the same Group or Groups will share certain amounts.

                  (e) Each Series of Notes may, but need not be, subdivided into
multiple Classes. Notes belonging to a Class in any Series may be entitled to
specified payment priorities over other Classes of Notes in that Series.

                  (f) Notes of a Series that belong to different Classes in that
Series belong to different Tranches on the basis of the difference in Class
membership.

                  (g) Each Class of Notes may consist of a single Tranche or may
be subdivided into multiple Tranches. Notes of a single Class of a Series will
belong to different Tranches if they have different terms and conditions. With
respect to any Class of Notes, Notes which have identical terms, conditions and
Tranche designation will be deemed to be part of a single Tranche of Notes.

                  (h) Before the initial issuance of Notes of each Series, Class
or Tranche, there shall also be established in or pursuant to an Indenture
Supplement or pursuant to a Terms Document related to the applicable Indenture
Supplement, provision for:

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                      (i) the Series designation;

                      (ii) the Stated Principal Amount of the Notes;

                      (iii) whether such Series belongs to any Group or Groups;

                      (iv) whether such Notes are of a particular Class of Notes
         or a Tranche of a Class of Notes;

                      (v) the Required Subordinated Amount (if any) for such
         Class or Tranche of Notes;

                      (vi) the currency or currencies in which such Notes will
         be denominated and in which payments of principal of; and interest on,
         such Notes will or may be payable;

                      (vii) if the principal of or interest, if any, on such
         Notes are to be payable, at the election of the Issuer or a Holder
         thereof, in a currency or currencies other than that in which the Notes
         are stated to be payable, the period or periods within which, and the
         terms and conditions upon which, such election may be made;

                      (viii) if the amount of payments of principal of or
         interest, if any, on such Notes may be determined with reference to an
         index based on (A) a currency or currencies other than that in which
         the Notes are stated to be payable, (B) changes in the prices of one or
         more other securities or Groups or indexes of securities or (C) changes
         in the prices of one or more commodities or Groups or indexes of
         commodities, or any combination of the foregoing, the manner in which
         such amounts will be determined;

                      (ix) the price or prices at which such Series, Class or
         Tranche of Notes will be issued;

                      (x) the times at which such Series, Class or Tranche of
         Notes may, pursuant to any optional or mandatory redemption provisions,
         be redeemed, and the other terms and provisions of any such redemption
         provisions;

                      (xi) the rate per annum at which such Series, Class or
         Tranche of Notes will bear interest, if any, or the formula or index on
         which such rate will be determined, including all relevant definitions,
         and the date from which interest will accrue;

                      (xii) each Payment Date, the Expected Final Payment Date
         and the Legal Maturity Date for such Series, Class or Tranche of Notes;

                      (xiii) the Initial Dollar Principal Amount of such Notes,
         and the means for calculating the Outstanding Dollar Principal Amount
         of such Series, Class or Tranche of Notes;

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                      (xiv) the Nominal Liquidation Amount of such Series, Class
         or Tranche of Notes, and the means for calculating the Nominal
         Liquidation Amount of such Series, Class or Tranche of Notes;

                      (xv) whether or not application will be made to list such
         Series, Class or Tranche of Notes on any securities exchange;

                      (xvi) any Events of Default or Early Amortization Events
         with respect to such Series, Class or Tranche of Notes, if not set
         forth herein and any additions, deletions or other changes to the
         Events of Default or Early Amortization Events set forth herein that
         will be applicable to such Series, Class or Tranche of Notes (including
         a provision making any Event of Default or Early Amortization Event set
         forth herein inapplicable to the Notes of that Series, Class or
         Tranche);

                      (xvii) the appointment by the Indenture Trustee of an
         Authenticating Agent in one or more places other than the location of
         the office of the Indenture Trustee with power to act on behalf of the
         Indenture Trustee and subject to its direction in the authentication
         and delivery of such Notes in connection with such transactions as will
         be specified in the provisions of this Indenture or in or pursuant to
         the applicable Indenture Supplement creating such Series, Class or
         Tranche;

                      (xviii) if such Series, Class or Tranche of Notes will be
         issued in whole or in part in the form of a Global Note or Global
         Notes, the terms and conditions, if any, upon which such Global Note or
         Global Notes may be exchanged in whole or in part for other individual
         Notes; and the Depository for such Global Note or Global Notes (if
         other than the Depository specified in Section 1.01);

                      (xix) if such Series, Class or Tranche of Notes will be
         issued in whole or in part as Registered Notes, Bearer Notes or both,
         whether such Series, Class or Tranche of Notes are to be issued with or
         without coupons or both;

                      (xx) the subordination of such Series, Class or Tranche of
         Notes to any other indebtedness of the Issuer, including without
         limitation, the Notes of any other Series, Class or Tranche;

                      (xxi) if such Series, Class or Tranche of Notes are to
         have the benefit of any Derivative Agreement, the terms and provisions
         of such agreement;

                      (xxii) if such Series, Class or Tranche of Notes are to
         have the benefit of any Supplemental Credit Enhancement Agreement or
         Supplemental Liquidity Agreement, the terms and provisions of the
         applicable agreement;

                      (xxiii) the Record Date for any Payment Date of such
         Series, Class or Tranche of Notes, if different from the last day of
         the month before the related Payment Date;

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                      (xxiv) the amount scheduled to be deposited on each
         Payment Date during an amortization period or accumulation period for
         such Series, Class or Tranche of Notes;

                      (xxv) whether and under what conditions, additional
         amounts will be payable to Noteholders; and

                      (xxvi) any other terms of such Notes as stated in the
         related Indenture Supplement;

all upon such terms as may be determined in or pursuant to an Indenture
Supplement with respect to such Series, Class or Tranche of Notes.

                  (i) The form of the Notes of each Series, Class or Tranche
will be established pursuant to the provisions of this Indenture and the related
Indenture Supplement or Terms Document creating such Series, Class or Tranche of
Notes. The Notes of each Series, Class or Tranche will be distinguished from the
Notes of each other Series, Class or Tranche in such manner, reasonably
satisfactory to the Indenture Trustee, as the Issuer may determine.

                  (j) Any terms or provisions in respect of the Notes of any
Series, Class or Tranche issued under this Indenture may be determined pursuant
to this Section 4.01 by providing in the applicable Indenture Supplement for the
method by which such terms or provisions will be determined.

                  Section 4.02 Denominations. The Notes of each Series, Class or
Tranche will be issuable in such denominations and currency as will be provided
in the provisions of this Indenture or in or pursuant to the applicable
Indenture Supplement. In the absence of any such provisions with respect to the
Registered Notes of any Series, Class or Tranche, the Registered Notes of that
Series, Class or Tranche will be issued in denominations of $5,000 and integral
multiples of $1,000. In the absence of any such provisions with respect to the
Bearer Notes of any Series, Class or Tranche, the Bearer Notes of that Series,
Class or Tranche will be issued in denominations of 1,000, 5,000, 50,000 and
100,000 units of the applicable currency.

                  Section 4.03 Execution, Authentication and Delivery and
Dating. (a) The Notes will be executed on behalf of the Issuer by an Authorized
Officer of the Issuer. The signature of any officer of any Beneficiary or the
Owner Trustee on the Notes may be manual or facsimile.

                  (b) Notes bearing the manual or facsimile signatures of
individuals who were at any time an Authorized Officer of the Issuer will bind
the Issuer, notwithstanding that such individuals or any of them have ceased to
hold such offices before the authentication and delivery of such Notes or did
not hold such offices at the date of issuance of such Notes.

                  (c) At any time and from time to time after the execution and
delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer
to the Indenture Trustee for authentication; and the Indenture Trustee will,
upon request by an Officer's Certificate, authenticate and deliver such Notes as
in this Indenture provided and not otherwise.

                                      -44-
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                  (d) Before any such authentication and delivery, the Indenture
Trustee will be entitled to receive, in addition to any Officer's Certificate
and Opinion of Counsel required to be furnished to the Indenture Trustee
pursuant to Section 1.02, the Issuer Certificate and any other opinion or
certificate relating to the issuance of the Series, Class or Tranche of Notes
required to be furnished pursuant to Section 3.02 or Section 4.10.

                  (e) The Indenture Trustee will not be required to authenticate
such Notes if the issue thereof will adversely affect the Indenture Trustee's
own rights, duties or immunities under the Notes and this Indenture.

                  (f) Unless otherwise provided in the form of Note for any
Series, Class or Tranche, all Notes will be dated the date of their
authentication.

                  (g) No Note will be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Note a Certificate of Authentication substantially in the form provided for
herein executed by the Indenture Trustee by manual signature of an authorized
signatory, and such certificate upon any Note will be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered
hereunder.

                  Section 4.04 Temporary Notes. (a) Pending the preparation of
definitive Notes of any Series, Class or Tranche, the Issuer may execute, and,
upon receipt of the documents required by Section 4.03, together with an
Officer's Certificate, the Indenture Trustee will authenticate and deliver,
temporary Notes which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Notes in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
Issuer may determine, as evidenced by the Issuer's execution of such Notes.

                  (b) If temporary Notes of any Series, Class or Tranche are
issued, the Issuer will cause definitive Notes of such Series, Class or Tranche
to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes of such Series, Class or Tranche will be exchangeable
for definitive Notes of such Series, Class or Tranche upon surrender of the
temporary Notes of such Series, Class or Tranche at the office or agency of the
Issuer in a Place of Payment, without charge to the Holder; and upon surrender
for cancellation of any one or more temporary Notes the Issuer will execute and
the Indenture Trustee will authenticate and deliver in exchange therefor a like
Stated Principal Amount of definitive Notes of such Series, Class or Tranche of
authorized denominations and of like tenor and terms. Until so exchanged the
temporary Notes of such Series, Class or Tranche will in all respects be
entitled to the same benefits under this Indenture as definitive Notes of such
Series, Class or Tranche.

                  Section 4.05 Registration, Transfer and Exchange. (a) The
Issuer will keep or cause to be kept a register (herein sometimes referred to as
the "Note Register") in which, subject to such reasonable regulations as it may
prescribe, the Issuer will provide for the registration of Registered Notes, or
of Registered Notes of a particular Series, Class or Tranche, and for transfers
of Registered Notes or of Registered Notes of such Series, Class or Tranche. Any
such register will be in written form or in any other form capable of being
converted into written form within a reasonable time. At all reasonable times
the information contained in such register or registers will be available for
inspection by the Indenture Trustee at the office or agency to be maintained by
the Issuer as provided in Section 11.02.

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                  (b) Subject to Section 3.04, upon surrender for transfer of
any Registered Note of any Series, Class or Tranche at the office or agency of
the Issuer in a Place of Payment, if the requirements of Section 8-401 (a) of
the UCC are met, the Issuer will execute, and, upon receipt of such surrendered
Note, the Indenture Trustee will authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Notes of such
Series, Class or Tranche of any authorized denominations, of a like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and
of like terms.

                  (c) Subject to Section 3.04, at the option of the Holder,
Notes of any Series, Class or Tranche may be exchanged for other Notes of such
Series, Class or Tranche of any authorized denominations, of a like aggregate
Stated Principal Amount, Expected Final Payment Date and Legal Maturity Date and
of like terms, upon surrender of the Notes to be exchanged at such office or
agency. Registered Notes, including Registered Notes received in exchange for
Bearer Notes, may not be exchanged for Bearer Notes. At the option of the Holder
of a Bearer Note, subject to applicable laws and regulations, Bearer Notes may
be exchanged for other Bearer Notes or Registered Notes (of the same Series,
Class and Tranche of Notes) of authorized denominations of like aggregate
fractional undivided interests in the Noteholders' interest, upon surrender of
the Bearer Notes to be exchanged at an office or agency of the Note Registrar
located outside the United States. Each Bearer Note surrendered pursuant to this
Section 4.05 will have attached thereto all unmatured coupons; provided,
however, that any Bearer Note, so surrendered after the close of business on the
last day of the month preceding the relevant Payment Date need not have attached
the coupon relating to such Payment Date. Whenever any Notes are so surrendered
for exchange, the Issuer will execute, and the Indenture Trustee will
authenticate and deliver (in the case of Bearer Notes, outside the United
Sates), the Notes which the Noteholders making the exchange are entitled to
receive.

                  (d) All Notes issued upon any transfer or exchange of Notes
will be the valid and legally binding obligations of the Issuer, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Notes
surrendered upon such transfer or exchange.

                  (e) Every Note presented or surrendered for transfer or
exchange will (if so required by the Issuer or the Indenture Trustee) be duly
indorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Issuer and the Note Registrar duly executed, by the Holder
thereof or his attorney duly authorized in writing.

                  (f) Unless otherwise provided in the Note to be transferred or
exchanged, no service charge will be made on any Noteholder for any transfer or
exchange of Notes, but the Issuer may (unless otherwise provided in such Note)
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of Notes
before the transfer or exchange will be complete, other than exchanges pursuant
to Section 4.04 or Section 10.06 not involving any transfer.

                                      -46-
<PAGE>

                  (g) None of the Issuer, the Note Registrar or the Indenture
Trustee shall be required (i) to issue, register the transfer of or exchange any
Notes of any Series, Class or Tranche during a period beginning at the opening
of business 15 days before the day of selection of Notes of such Series, Class
or Tranche to be redeemed and ending at the close of business on (A) if Notes of
such Series, Class or Tranche are issuable only as Registered Notes, the day of
the mailing of the relevant notice of redemption of Registered Notes of such
Series, Class or Tranche so selected for redemption or (B) if Notes of the
Series, Class or Tranche are issuable as Bearer Notes, the day of the first
publication of the relevant notice of redemption or, if Notes of the Series,
Class or Tranche are also issuable as Registered Notes and there is no
publication, the mailing of the relevant notice of redemption or (ii) to
register the transfer or exchange of any Notes or portions thereof so selected
for redemption.

                  Notwithstanding anything herein to the contrary, the exchange
of Bearer Notes into Registered Notes shall be subject to applicable laws and
regulations in effect at the time of exchange; none of the Issuer, the Indenture
Trustee or the Note Registrar shall exchange any Bearer Notes into Registered
Notes if it has received an Opinion of Counsel that as a result of such
exchanges the Issuer or the Transferor would suffer adverse consequences under
the United States federal income tax laws and regulations then in effect and the
Issuer has delivered to the Indenture Trustee an Issuer Certificate directing
the Indenture Trustee not to make such exchanges unless and until the Indenture
Trustee receives a subsequent Issuer Certificate to the contrary. The Issuer
shall deliver copies of such Issuer Certificates to the Note Registrar.

                  (h) None of the Issuer, the Indenture Trustee, any agent of
the Indenture Trustee, any Paying Agent or the Note Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership of a Global Note or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership.

                  (i) The Issuer initially appoints The Bank of New York to act
as Note Registrar for the Registered Notes on its behalf. The Issuer may at any
time and from time to time authorize any Person to act as Note Registrar in
place of the Indenture Trustee with respect to any Series, Class or Tranche of
Notes issued under this Indenture.

                  (j) Registration of transfer of Notes containing the following
legend or to which the following legend is applicable:

                  THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS NOTE NOR
                  ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
                  PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS
                  OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN
                  AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE
                  TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET
                  FORTH IN THE INDENTURE REFERRED TO HEREIN."

                                      -47-
<PAGE>

will be effected only if such transfer is made pursuant to an effective
registration statement under the Securities Act, or is exempt from the
registration requirements under the Securities Act. In the event that
registration of a transfer is to be made in reliance upon an exemption from the
registration requirements under the Securities Act other than Rule 144A under
the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities
Act, the transferor or the transferee will deliver, at its expense, to the
Issuer and the Indenture Trustee, an investment letter from the transferee,
substantially in the form of the investment letter attached hereto as Exhibit A
or such other form as the Issuer may determine, and no registration of transfer
will be made until such letter is so delivered.

                  Notes issued upon registration or transfer of, or Notes issued
in exchange for, Notes bearing the legend referred to above will also bear such
legend unless the Issuer, the Indenture Trustee and the Note Registrar receive
an Opinion of Counsel, satisfactory to each of them, to the effect that such
legend may be removed.

                  Whenever a Note containing the legend referred to above is
presented to the Note Registrar for registration of transfer, the Note Registrar
will promptly seek instructions from the Issuer regarding such transfer and will
be entitled to receive an Issuer Certificate prior to registering any such
transfer. The Issuer hereby agrees to indemnify the Note Registrar and the
Indenture Trustee and to hold each of them harmless against any loss, liability
or expense incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by them in relation to any such
instructions furnished pursuant to this clause. The Indenture Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

                  Section 4.06 Mutilated, Destroyed, Lost and Stolen Notes. (a)
If (i) any mutilated Note (together, in the case of Bearer Notes, with all
unmatured coupons, if any, appertaining thereto) is surrendered to the Indenture
Trustee or the Note Registrar, or the Issuer, the Note Registrar or the
Indenture Trustee receive evidence to their satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Issuer, the Note
Registrar or the Indenture Trustee such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the
Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a protected purchaser, the Issuer will execute and upon its request
the Indenture Trustee will authenticate and deliver (in the case of Bearer
Notes, outside the United States), in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a new Note of like tenor, Series,
Class or Tranche, Expected Final Payment Date, Legal Maturity Date and Stated
Principal Amount, bearing a number not contemporaneously Outstanding.

                  (b) In case any such mutilated, destroyed, lost or stolen Note
has become or is about to become due and payable, the Issuer in its discretion
may, instead of issuing a new Note, pay such Note.

                                      -48-
<PAGE>

                  (c) Upon the issuance of any new Note under this Section 4.06,
the Issuer may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Indenture Trustee) connected
therewith.

                  (d) Every new Note issued pursuant to this Section 4.06 in
lieu of any destroyed, lost or stolen Note will constitute an original
additional contractual obligation of the Issuer, whether or not the destroyed,
lost or stolen Note will be at any time enforceable by anyone, and will be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes of the same Series, Class or Tranche duly issued
hereunder.

                  (e) The provisions of this Section 4.06 are exclusive and will
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

                  Section 4.07 Payment of Interest; Interest Rights Preserved;
Withholding Taxes. (a) Unless otherwise provided with respect to such Note
pursuant to Section 4.01, interest payable on any Registered Note will be paid
to the Person in whose name that Note (or one or more Predecessor Notes) is
registered at the close of business on the most recent Record Date and interest
payable on any Bearer Note will be paid to the bearer of that Note (or the
applicable coupon).

                  (b) Subject to clause (a), each Note delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Note will
carry the rights to interest accrued or principal accreted and unpaid, and to
accrue or accrete, which were carried by such other Note.

                  (c) The right of any Noteholder to receive interest on or
principal of any Note shall be subject to any applicable withholding or
deduction imposed pursuant to the Internal Revenue Code or other applicable tax
law, including foreign withholding and deduction. Any amounts properly so
withheld or deducted shall be treated as actually paid to the appropriate
Noteholder.

                  Section 4.08 Persons Deemed Owners. Title to any Bearer Note,
including any coupons appertaining thereto, shall pass by delivery. The Issuer,
the Indenture Trustee, the Owner Trustee, a Beneficiary and any agent of the
Issuer, the Indenture Trustee, the Owner Trustee, or a Beneficiary may treat the
Person who is proved to be the owner of such Note pursuant to subsection 1.04(c)
as the owner of such Note for the purpose of receiving payment of principal of
and (subject to Section 4.07) interest on such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and none of the Issuer, the
Indenture Trustee, the Owner Trustee, or any agent of the Issuer, the Indenture
Trustee, the Owner Trustee, or any Beneficiary will be affected by notice to the
contrary.

                  Section 4.09 Cancellation. All Notes surrendered for payment,
redemption, transfer, conversion or exchange will, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and, if
not already canceled, will be promptly canceled by it. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever, and all Notes so delivered will be promptly canceled by the
Indenture Trustee. No Note will be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section 4.09, except as expressly
permitted by this Indenture. The Indenture Trustee will dispose of all canceled
Notes in accordance with its customary procedures and will deliver a certificate
of such disposition to the Issuer.

                                      -49-
<PAGE>

                  Section 4.10 New Issuances of Notes. (a) Unless otherwise
specified in the related Indenture Supplement, the Issuer may issue new Notes of
any Series, Class or Tranche, so long as the following conditions precedent are
satisfied:

                      (i) on or before the fifth Business Day before the date
         that the new issuance is to occur, the Issuer delivers to the Indenture
         Trustee and each Note Rating Agency notice of such new issuance;

                      (ii) on or prior to the date that the new issuance is to
         occur, the Issuer delivers to the Indenture Trustee and each Note
         Rating Agency an Issuer Certificate to the effect that:

                      (A) the Issuer reasonably believes that the new issuance
                  will not cause an Adverse Effect on any Outstanding Notes;

                      (B) all instruments furnished to the Indenture Trustee
                  conform to the requirements of this Indenture and constitute
                  sufficient authority hereunder for the Indenture Trustee to
                  authenticate and deliver such Notes;

                      (C) the form and terms of such Notes have been established
                  in conformity with the provisions of this Indenture; and

                      (D) such other matters as the Indenture Trustee may
                  reasonably request;

                      (iii) on or prior to the date that the new issuance is to
         occur, the Issuer delivers to the Indenture Trustee and each Note
         Rating Agency an Officer's Certificate of an Authorized Officer of the
         Issuer that all laws and requirements with respect to the execution and
         delivery by the Issuer of such Notes have been complied with, the
         Issuer has the trust power and authority to issue such Notes and such
         Notes have been duly authorized and delivered by the Issuer and,
         assuming due authentication and delivery by the Indenture Trustee,
         constitute legal, valid and binding obligations of the Issuer
         enforceable in accordance with their terms (subject, as to enforcement
         of remedies, to applicable bankruptcy, reorganization, insolvency,
         moratorium or other laws and legal principles affecting creditors'
         rights generally from time to time in effect and to general equitable
         principles, whether applied in an action at law or in equity) and
         entitled to the benefits of this Indenture, equally and ratably with
         all other Outstanding Notes, if any, of such Series, Class or Tranche
         of Notes, subject to the terms of this Indenture, each Indenture
         Supplement and each Terms Document;

                      (iv) on or prior to the date that the new issuance is to
         occur, the Issuer will have delivered to the Indenture Trustee and the
         Note Rating Agencies an Issuer Tax Opinion and, to the extent a
         Collateral Certificate is included in the Collateral, a Master Trust
         Tax Opinion for each applicable Master Trust with respect to such
         issuance;

                                      -50-
<PAGE>

                      (v) the Issuer obtains confirmation from each Note Rating
         Agency that the new issuance will not have a Ratings Effect on any
         Outstanding Notes;

                      (vi) as of the date that the new issuance is to occur, the
         (i) Pool Balance as of the last day of the immediately preceding
         Monthly Period is equal to or greater than the Required Pool Balance as
         of the last day of such Monthly Period and (ii) the Transferor Amount
         as of the last day of the immediately preceding Monthly Period is equal
         to or greater than the Required Transferor Amount as of the last day of
         such Monthly Period;

                      (vii) in the case of Bearer Notes described in section
         163(f)(2)(A) of the Internal Revenue Code, such Notes shall be
         described in section 163(f)(2)(B) of the Internal Revenue Code and such
         section shall apply to such Notes;

                      (viii) on or prior to the date that the new issuance is to
         occur, the Issuer will have delivered to the Indenture Trustee an
         Indenture Supplement and, if applicable, the Issuer Certificate or on
         or before the date that the new issuance is to occur, the Issuer will
         have executed with the Indenture Trustee a Terms Document relating to
         the applicable Class or Tranche of Notes;

                      (ix) in the case of Foreign Currency Notes, the Issuer
         will have appointed one or more Paying Agents in the appropriate
         countries;

                      (x) the conditions specified herein or in Section 4.11 are
         satisfied; and

                      (xi) any other conditions specified in the applicable
         Indenture Supplement;

provided, however, that any one of the aforementioned conditions may be
eliminated or modified (other than clause (iv)) as a condition precedent to any
new issuance of a Series, Class or Tranche of Notes if the Note Rating Agency
Condition has been satisfied.

                      (b) The Issuer and the Indenture Trustee will not be
         required to provide prior notice to or to obtain the consent of any
         Noteholder of any Outstanding Series, Class or Tranche to issue any
         additional Notes of any Series, Class or Tranche.

                      (c) There are no restrictions on the timing or amount of
         any additional issuance of Notes of an Outstanding Class or Tranche of
         a Series of Notes, so long as the conditions described in subsection
         4.10(a) are met or waived. As of the date of any additional issuance of
         Notes of an Outstanding Class or Tranche of Notes, the Stated Principal
         Amount, Outstanding Dollar Principal Amount and Nominal Liquidation
         Amount of that Class or Tranche will be increased to reflect the
         principal amount of the additional Notes. If the additional Notes are a
         Class or Tranche of Notes that has the benefit of a Derivative
         Agreement, the Issuer will enter into a Derivative Agreement for the
         benefit of the additional Notes. In addition, if the additional Notes
         are a Class or Tranche of Notes that has the benefit of any
         Supplemental Credit Enhancement Agreement or any Supplemental Liquidity
         Agreement, the Issuer will enter into a Supplemental Credit Enhancement
         Agreement or Supplemental Liquidity Agreement, as applicable, for the
         benefit of the additional Notes. Furthermore, the targeted deposits, if
         any, to any applicable Issuer Account, will be increased
         proportionately to reflect the principal amount of the additional
         Notes.

                                      -51-
<PAGE>

                  When issued, the additional Notes of a Class or Tranche will
be identical in all respects to the other Outstanding Notes of that Class or
Tranche and will be equally and ratably entitled to the benefits of the
Indenture and the related Indenture Supplement applicable to the previously
issued Notes of such Tranche as the other Outstanding Notes of that Class or
Tranche without preference, priority or distinction.

                  Section 4.11 Specification of Required Subordinated Amount and
other Terms with Respect to each Series, Class or Tranche of Notes. (a) The
applicable Indenture Supplement for each Series, Class or Tranche of Notes will
specify a Required Subordinated Amount, if any, of each Subordinated Class or
Tranche of Notes.

                  (b) The Issuer may change the Required Subordinated Amount, if
any, or method of computing such amount, for any Class or Tranche of Notes at
any time without the consent of any Noteholders so long as the Issuer has (i)
received confirmation from the Note Rating Agencies that have rated any
Outstanding Notes of the Series to which such Class or Tranche belongs that the
change in the Required Subordinated Amount will not result in a Ratings Effect
with respect to any Outstanding Notes of such Series and (ii) delivered to the
Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion.

                  Section 4.12 Groups. (a) Reallocation Groups. Finance Charge
Collections and other specified amounts allocated to each Series of Notes in the
same Reallocation Group shall be reallocated to cover interest and other
expenses related to each Series of Notes in such Reallocation Group as specified
in each related Indenture Supplement. The reallocation provisions of the
Indenture Supplement for each Series of Notes in the same Reallocation Group are
required to be identical in all material respects.

                  (b) Shared Excess Available Finance Charge Collections Group.
Certain excess Finance Charge Collections allocated to any Series of Notes in a
Shared Excess Available Finance Charge Collections Group may be redistributed to
cover Series Available Finance Charge Collections Shortfalls incurred by other
Series of Notes belonging to the same Shared Excess Available Finance Charge
Collections Group to the extent and as specified in the related Indenture
Supplement.

                  (c) Shared Excess Available Principal Collections Group.
Certain excess Principal Collections allocated to any Series of Notes in a
Shared Excess Available Principal Collections Group may be redistributed to
cover Series Available Principal Collections Shortfalls incurred by other Series
of Notes belonging to the same Shared Excess Available Principal Collections
Group to the extent and as specified in the related Indenture Supplement.

                               [END OF ARTICLE IV]

                                      -52-
<PAGE>

                                   ARTICLE V

                         ISSUER ACCOUNTS AND INVESTMENTS

                  Section 5.01 Collections. Except as otherwise expressly
provided in this Indenture, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or
assistance from any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this
Indenture including, without limitation, all funds and other property payable to
the Indenture Trustee in connection with the Collateral. The Indenture Trustee
will hold all such money and property received by it as part of the Collateral
and will apply it as provided in this Indenture.

                  Section 5.02 Issuer Accounts; Distributions from Issuer
Accounts. (a) On or before the date hereof, the Issuer shall cause to be
established and maintained an Eligible Deposit Account (the "Collection
Account") in the name of the Indenture Trustee in accordance with Section 2.11,
bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Indenture Trustee and the
Noteholders. All collections and distributions received pursuant to Section 3.1
of the Transfer and Servicing Agreement shall be credited to the Collection
Account. The Collection Account shall be under the control of the Indenture
Trustee for the benefit of the Indenture Trustee and the Noteholders in
accordance with Section 2.11. If, at any time, the institution holding the
Collection Account ceases to be an Eligible Institution, the Transferor shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified in
writing of such ineligibility (or the Servicer on its behalf) shall within 10
Business Days (or such longer period, not to exceed 30 calendar days, as to
which each Note Rating Agency may consent) establish a new Collection Account
that is an Eligible Deposit Account and shall transfer any funds or other
property from such Collection Account to such new Collection Account. From the
date each such new Collection Account is established, it shall be the
"Collection Account."

                  (b) On or before the date hereof, the Issuer shall cause to be
established and maintained an Eligible Deposit Account (the "Excess Funding
Account") in the name of the Indenture Trustee in accordance with Section 2.11,
bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Indenture Trustee and the
Noteholders. Principal Collections that would otherwise be paid to the holders
of the Transferor Interest or that the applicable Indenture Supplement specifies
are to be credited to the Excess Funding Account, shall be credited to the
Excess Funding Account (after giving effect to any deposits required to be made
to the Overconcentration Account), if, after giving effect to reinvestment in
new Trust Assets on that day, the Transferor Amount is not greater than or equal
to the Required Transferor Amount or the Pool Balance is not greater than or
equal to the Required Pool Balance. The Excess Funding Account shall be under
the control of the Indenture Trustee for the benefit of the Indenture Trustee
and the Noteholders in accordance with Section 2.11. If, at any time, the
institution holding the Excess Funding Account ceases to be an Eligible
Institution, the Transferor shall notify the Indenture Trustee, and the
Indenture Trustee upon being notified in writing of such ineligibility (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Note Rating Agency may consent)
establish a new Excess Funding Account that is an Eligible Deposit Account and
shall transfer any funds or other property to such new Excess Funding Account.
From the date each such new Excess Funding Account is established, it shall be
the "Excess Funding Account."

                                      -53-
<PAGE>

                  (c) On or before the date hereof, the Issuer shall cause to be
established and maintained an Eligible Deposit Account (the "Overconcentration
Account") in the name of the Indenture Trustee in accordance with Section 2.11,
bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Indenture Trustee and the
Noteholders. Principal Collections that would otherwise be paid to the holders
of the Transferor Interest or that the applicable Indenture Supplement specifies
are to be credited to the Overconcentration Account, shall be credited to the
Overconcentration Account, if, after giving effect to additions to or removals
from the Trust on or prior to that day, the Commercial Obligor Overconcentration
Amount with respect to the related Monthly Period is greater than zero. The
Overconcentration Account shall be under the control of the Indenture Trustee
for the benefit of the Indenture Trustee and the Noteholders in accordance with
Section 2.11. If, at any time, the institution holding the Overconcentration
Account ceases to be an Eligible Institution, the Transferor shall notify the
Indenture Trustee, and the Indenture Trustee upon being notified in writing of
such ineligibility (or the Servicer on its behalf) shall within 10 Business Days
(or such longer period, not to exceed 30 calendar days, as to which each Note
Rating Agency may consent) establish a new Overconcentration Account that is an
Eligible Deposit Account and shall transfer any funds or other property to such
new Overconcentration Account. From the date each such new Overconcentration
Account is established, it shall be the "Overconcentration Account."

                  (d) From time to time in connection with the issuance of a
Series, Class or Tranche of Notes, the Issuer may cause the Indenture Trustee to
establish one or more Eligible Deposit Accounts denominated as "Supplemental
Issuer Accounts" in the name of the Indenture Trustee in accordance with Section
2.11, bearing a designation clearly indicating that the funds and other property
credited thereto are held for the benefit of the Indenture Trustee and the
applicable Noteholders. Any Supplemental Issuer Account shall be under the
control of the Indenture Trustee for the benefit of the Indenture Trustee and
the applicable Noteholders in accordance with Section 2.11. If, at any time, the
institution holding any Supplemental Issuer Account ceases to be an Eligible
Institution, the Transferor shall notify the Indenture Trustee, and the
Indenture Trustee upon being notified in writing of such ineligibility (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Note Rating Agency may consent)
establish a new Supplemental Issuer Account, as applicable, that is an Eligible
Deposit Account and shall transfer any funds or other property from such
Supplemental Issuer Account to such new Supplemental Issuer Account. From the
date each such new Supplemental Issuer Account is established, it shall be a
"Supplemental Issuer Account." Any Supplemental Issuer Account will receive
deposits as set forth in the Transfer and Servicing Agreement, in the Indenture
and in the applicable Indenture Supplement.

                  (e) All payments to be made from time to time by or on behalf
of the Indenture Trustee to Noteholders out of funds in the Issuer Accounts
pursuant to the Transfer and Servicing Agreement, the Indenture and any
Indenture Supplement will be made by the Indenture Trustee directly to the
Paying Agent not later than 1:00 p.m., New York City time, on the applicable
Payment Date or earlier, if necessary, or as otherwise provided in the
applicable Indenture Supplement but only to the extent of available funds in the
applicable Issuer Account or Sub-Account.

                                      -54-
<PAGE>

                  Section 5.03 Investment of Funds in the Issuer Accounts. (a)
Funds credited to the Issuer Accounts will (unless otherwise stated in this
Indenture or the applicable Indenture Supplement) be invested and reinvested by
the Indenture Trustee at the written direction of the Issuer in one or more
Eligible Investments. The Issuer may authorize the Indenture Trustee to make
specific investments pursuant to written instructions, in such amounts as the
Issuer will specify. Notwithstanding the foregoing, funds held by the Indenture
Trustee in any of the Issuer Accounts will be invested in Eligible Investments
that will mature in each case no later than the date on which such funds in the
Issuer Accounts are scheduled to be transferred or distributed by the Indenture
Trustee pursuant to this Indenture (or as necessary to provide for timely
payment of principal or interest on the applicable Payment Date).

                  (b) All funds from time to time credited to the Issuer
Accounts pursuant to this Indenture and all investments made with such funds
will be held by the Indenture Trustee in the Issuer Accounts as part of the
Collateral as herein provided, subject to withdrawal by the Indenture Trustee
for the purposes specified herein.

                  (c) Funds and other property in any of the Issuer Accounts
will not be commingled with any other funds or property of the Issuer or the
Indenture Trustee.

                  (d) On the applicable Note Transfer Date, all interest and
earnings (net of losses and investment expenses) on funds credited to the Issuer
Accounts will be applied as specified in the related Indenture Supplement.
Unless otherwise stated in the related Indenture Supplement, for purposes of
determining the availability of funds or the balance in the Issuer Accounts for
any reason under this Indenture or any Indenture Supplement, investment earnings
on such funds shall be deemed not to be available or on deposit.

                  Subject to subsection 8.01(d), the Indenture Trustee will not
in any way be held liable by reason of any insufficiency in such Issuer Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee's own failure to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity, in accordance with their terms.

                  (e) Funds credited to the Issuer Accounts will be invested and
reinvested by the Indenture Trustee, to the fullest extent practicable, in such
manner as the Indenture Trustee will from time to time determine, but only in
BNY Cash Reserves, upon the occurrence of any of the following events:

                      (i) the Issuer will have failed to give investment
         directions to the Indenture Trustee; or

                      (ii) an Event of Default will have occurred and is
         continuing but no Notes have been declared due and payable pursuant to
         Section 7.02.

                               [END OF ARTICLE V]

                                      -55-
<PAGE>

                                   ARTICLE VI

                SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES

                      HELD BY THE ISSUER OR THE TRANSFEROR

                  Section 6.01 Satisfaction and Discharge of Indenture. This
Indenture will cease to be of further effect with respect to any Series, Class
or Tranche of Notes (except as to any surviving rights of transfer or exchange
of Notes of that Series, Class or Tranche expressly provided for herein or in
the form of Note for that Series, Class or Tranche), and the Indenture Trustee,
on demand of and at the expense of the Issuer, will execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to that Series,
Class or Tranche, when:

                  (a) all Notes of that Series, Class or Tranche theretofore
authenticated and delivered (other than (i) Notes of that Series, Class or
Tranche which have been destroyed, lost or stolen and which have been replaced
or paid as provided in Section 4.06, and (ii) Notes of that Series, Class or
Tranche for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from that trust, as provided in Section 11.03) have been delivered
to the Indenture Trustee canceled or for cancellation;

                  (b) the Issuer has paid or caused to be paid all other sums
payable under the Indenture (including payments to the Indenture Trustee
pursuant to Section 8.07) by the Issuer with respect to the Notes of that
Series, Class or Tranche; and

                  (c) the Issuer has delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this
Indenture with respect to the Notes of that Series, Class or Tranche have been
complied with.

Notwithstanding the satisfaction and discharge of this Indenture with respect to
any Series, Class or Tranche of Notes, the obligations of the Issuer to the
Indenture Trustee with respect to that Series, Class or Tranche of Notes under
Section 8.07 and the obligations of the Indenture Trustee under Sections 6.02
and 11.03 will survive such satisfaction and discharge.

                  Section 6.02 Application of Trust Money. All money and
obligations deposited with the Indenture Trustee pursuant to Section 5.01 or
Section 5.03 and all money received by the Indenture Trustee in respect of such
obligations will be held in trust and applied by it, in accordance with the
provisions of the Series, Class or Tranche of Notes in respect of which it was
deposited and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the
Indenture Trustee may determine, to the Persons entitled thereto, of the
principal and interest for whose payment that money and obligations have been
deposited with or received by the Indenture Trustee; but that money and
obligations need not be segregated from other funds held by the Indenture
Trustee except to the extent required by law.

                                      -56-
<PAGE>

                  Section 6.03 Cancellation of Notes Held by the Issuer or the
Transferor. If the Issuer, the Transferor or any of their Affiliates holds any
Notes, that Holder may, subject to any provisions of a related Indenture
Supplement limiting the repayment of such Notes, by notice from that Holder to
the Indenture Trustee cause the Notes to be repaid and canceled, whereupon the
Notes will no longer be Outstanding.

                               [END OF ARTICLE VI]

                                      -57-
<PAGE>

                                  ARTICLE VII

                         EVENTS OF DEFAULT AND REMEDIES

                  Section 7.01 Events of Default. "Event of Default," wherever
used herein, means with respect to any Series, Class or Tranche of Notes any one
of the following events (whatever the reason for such Event of Default and
whether it will be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), unless such event is
either expressly stated to be inapplicable to a particular Series, Class or
Tranche of Notes or specifically deleted or modified in the applicable Indenture
Supplement creating such Series, Class or Tranche of Notes or in the form of
Note for such Series, Class or Tranche:

                  (a) with respect to such Series, Class or Tranche of Notes, as
applicable, a default by the Issuer in the payment of any interest on such Notes
when such interest becomes due and payable, and continuance of such default for
a period of 35 days following the date on which such interest became due and
payable;

                  (b) with respect to such Series, Class or Tranche of Notes, as
applicable, a default by the Issuer in the payment of the Stated Principal
Amount of such Series, Class or Tranche of Notes at the applicable Legal
Maturity Date;

                  (c) a default in the performance, or breach, of any covenant
or warranty of the Issuer in this Indenture in respect of the Notes of such
Series, Class or Tranche (other than a covenant or warranty in respect of the
Notes of such Series, Class or Tranche a default in the performance of which or
the breach of which is elsewhere in this Section 7.01 specifically dealt with),
all of such covenants and warranties in this Indenture which are not expressly
stated to be for the benefit of a particular Series, Class and Tranche of Notes
being deemed to be in respect of the Notes of all Series, Classes or Tranches
for this purpose, and continuance of such default or breach for a period of 90
days after there has been given, by registered or certified mail, to the Issuer
by the Indenture Trustee or to the Issuer and the Indenture Trustee by the
Holders of at least 25% of the aggregate Outstanding Dollar Principal Amount of
the Outstanding Notes of the affected Series, Class or Tranche, a written notice
specifying such default or breach and requesting it to be remedied and stating
that such notice is a "Notice of Default" hereunder and, as a result of such
default, the interests of the Holders of the Notes of such Series, Class or
Tranche are materially and adversely affected and continue to be materially and
adversely affected during the 90-day period;

                  (d) (i) the Issuer shall file a petition or commence a
proceeding (A) to take advantage of any bankruptcy, conservatorship,
receivership, insolvency, or similar laws or (B) for the appointment of a
trustee, conservator, receiver, liquidator, or similar official for or relating
to the Issuer or all or substantially all of its property, (ii) the Issuer shall
consent or fail to object to any such petition filed or proceeding commenced
against or with respect to it or all or substantially all of its property, or
any such petition or proceeding shall not have been dismissed or stayed within
90 days of its filing or commencement, or a court, agency, or other supervisory
authority with jurisdiction shall have decreed or ordered relief with respect to
any such petition or proceeding, (iii) the Issuer shall admit in writing its
inability to pay its debts generally as they become due, (iv) the Issuer shall
make an assignment for the benefit of its creditors, or (v) the Issuer shall
voluntarily suspend payment of its obligations; or

                                      -58-
<PAGE>

                  (e) with respect to any such Series, Class or Tranche, any
additional Event of Default specified in the Indenture Supplement for such
Series, Class or Tranche of Notes as applying to such Series, Class or Tranche,
or specified in the form of Note for such Series, Class or Tranche.

                  Section 7.02 Acceleration of Maturity; Rescission and
Annulment. (a) If an Event of Default described in clause (a), (b), (c) or (e)
(if the Event of Default under clause (c) or (e) is with respect to less than
all Series, Classes and Tranches of Notes then Outstanding) of Section 7.01
occurs and is continuing with respect to any Series, Class or Tranche, then and
in each and every such case, unless the principal of all the Notes of such
Series, Class or Tranche shall have already become due and payable, either the
Indenture Trustee or the Holders of more than 66-2/3% of the Outstanding Dollar
Principal Amount of the Notes of such Series, Class or Tranche then Outstanding
hereunder (each such Series, Class or Tranche acting as a separate Class), by
notice in writing to the Issuer (and to the Indenture Trustee if given by the
Holders), may declare the Outstanding Dollar Principal Amount of all the
Outstanding Notes of such Series, Class or Tranche and all interest accrued or
principal accreted and unpaid (if any) thereon to be due and payable
immediately, and upon any such declaration the same will become and will be
immediately due and payable, anything in this Indenture, the related Indenture
Supplement or in the Notes of such Series, Class or Tranche to the contrary
notwithstanding. Such payments are subject to the allocation provisions of the
Transfer and Servicing Agreement and the allocation, deposits and payment
sections of the related Indenture Supplement.

                  (b) If an Event of Default described in clause (c) or (e) of
Section 7.01 occurs with respect to all Series, Classes and Tranches of
Outstanding Notes and is continuing, then and in each and every such case,
unless the principal of all the Notes shall have already become due and payable,
either the Indenture Trustee or the Holders of more than 66-2/3% of the
Outstanding Dollar Principal Amount of all the Outstanding Notes hereunder
(treated as one Class), by notice in writing to the Issuer (and to the Indenture
Trustee if given by Holders), may declare the Outstanding Dollar Principal
Amount of all the Notes then Outstanding and all interest accrued or principal
accreted and unpaid (if any) thereon to be due and payable immediately, and upon
any such declaration the same will become and will be immediately due and
payable, notwithstanding anything in this Indenture, the related Indenture
Supplements or the Notes to the contrary.

                  (c) If an Event of Default described in clause (d) of Section
7.01 occurs and is continuing, then the Notes of all Series, Classes and
Tranches will automatically be and become immediately due and payable by the
Issuer, without notice or demand to any Person, and the Issuer will
automatically and immediately be obligated to pay off the Notes.

                  At any time after such a declaration of acceleration has been
made or an automatic acceleration has occurred with respect to the Notes of any
Series, Class or Tranche and before a judgment or decree for payment of the
money due has been obtained by the Indenture Trustee as hereinafter in this
Article VII provided, the Holders of more than 66-2/3% of the Outstanding Dollar
Principal Amount of such Series, Classes or Tranches, by written notice to the
Issuer and the Indenture Trustee, may rescind and annul such declaration and its
consequences if:

                                      -59-
<PAGE>

                      (i) the Issuer has paid or deposited with the Indenture
         Trustee a sum sufficient to pay (A) all overdue installments of
         interest on the Notes of such Series, Class or Tranche, (B) the
         principal of any Notes of such Series, Class or Tranche which have
         become due otherwise than by such declaration of acceleration, and
         interest thereon at the rate or rates prescribed therefor by the terms
         of the Notes of such Series, Class or Tranche, to the extent that
         payment of such interest is lawful, (C) interest upon overdue
         installments of interest at the rate or rates prescribed therefor by
         the terms of the Notes of such Series, Class or Tranche to the extent
         that payment of such interest is lawful, and (D) all sums paid by the
         Indenture Trustee hereunder and the reasonable compensation, expenses
         and disbursements of the Indenture Trustee, its agents and counsel and
         all other amounts due to the Indenture Trustee under Section 8.07; and

                      (ii) all Events of Default with respect to such Series,
         Class or Tranche of Notes, other than the nonpayment of the principal
         of the Notes of such Series, Class or Tranche which has become due
         solely by such acceleration, have been cured or waived as provided in
         Section 7.16.

                  No such rescission will affect any subsequent default or
impair any right consequent thereon.

                  Section 7.03 Collection of Indebtedness and Suits for
Enforcement by Indenture Trustee. The Issuer covenants that if:

                  (a) the Issuer defaults in the payment of interest on any
Series, Class or Tranche of Notes when such interest becomes due and payable and
such default continues for a period of 35 days following the date on which such
interest became due and payable, or

                  (b) the Issuer defaults in the payment of the Stated Principal
Amount of any Series, Class or Tranche of Notes on the Legal Maturity Date
thereof;

the Issuer will, upon demand of the Indenture Trustee, pay (subject to the
allocation provided in this Article VII and any related Indenture Supplement) to
the Indenture Trustee, for the benefit of the Holders of any such Notes of the
affected Series, Class or Tranche, the whole amount then due and payable on any
such Notes for principal and interest, with interest, to the extent that payment
of such interest will be legally enforceable, upon the overdue principal and
upon overdue installments of interest, (i) in the case of Interest-bearing
Notes, at the rate of interest applicable to the Stated Principal Amount
thereof, unless otherwise specified in the applicable Indenture Supplement; and
(ii) in the case of Discount Notes, as specified in the applicable Indenture
Supplement, and in addition thereto, will pay such further amount as will be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee, its agents and counsel and all other amounts due to the Indenture
Trustee under Section 8.07.

                                      -60-
<PAGE>

                  If the Issuer fails to pay such amounts forthwith upon such
demand, the Indenture Trustee may, in its own name and as trustee of an express
trust, institute a judicial proceeding for the collection of the sums so due and
unpaid, and may directly prosecute such proceeding to judgment or final decree,
and the Indenture Trustee may enforce the same against the Issuer or any other
obligor upon the Notes of such Series, Class or Tranche and collect the money
adjudged or decreed to be payable in the manner provided by law out of the
Collateral or any other obligor upon such Notes, wherever situated.

                  Section 7.04 Indenture Trustee May File Proofs of Claim. In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy or
other similar proceeding relative to the Issuer or any other obligor upon the
Notes or the property of the Issuer or of such other obligor, the Indenture
Trustee (irrespective of whether the principal of the Notes will then be due and
payable as therein expressed or by declaration or otherwise) will be entitled
and empowered by intervention in such proceeding or otherwise:

                      (i) to file and prove a claim for the whole amount of
         principal and interest owing and unpaid in respect of the Notes and to
         file such other papers or documents as may be necessary and advisable
         in order to have the claims of the Indenture Trustee (including any
         claim for the reasonable compensation, expenses, disbursements and
         advances of the Indenture Trustee, its agents and counsel and all other
         amounts due the Indenture Trustee under Section 8.07 and of the
         Noteholders allowed in such judicial proceeding, and

                      (ii) to collect and receive any funds or other property
         payable or deliverable on any such claims and to distribute the same;

and any receiver, assignee, trustee, liquidator or other similar official in any
such proceeding is hereby authorized by each Noteholder to make such payment to
the Indenture Trustee, and in the event that the Indenture Trustee will consent
to the making of such payments directly to the Noteholders, to pay to the
Indenture Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee, its agents and
counsel, and any other amounts due the Indenture Trustee under Section 8.07.

                  Nothing herein contained will be deemed to authorize the
Indenture Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof, or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding.

                  Section 7.05 Indenture Trustee May Enforce Claims Without
Possession of Notes. All rights of action and claims under this Indenture or the
Notes of any Series, Class or Tranche may be prosecuted and enforced by the
Indenture Trustee without the possession of any of the Notes of such Series,
Class or Tranche or the production thereof in any proceeding relating thereto,
and any such proceeding instituted by the Indenture Trustee will be brought in
its own name as trustee of an express trust, and any recovery of judgment will,
after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its respective agents
and counsel, be for the ratable benefit of the Holders of the Notes of the
Series, Class or Tranche in respect of which such judgment has been recovered.

                                      -61-
<PAGE>

                  Section 7.06 Application of Money Collected. Any money or
other property collected by the Indenture Trustee with respect to a Series,
Class or Tranche of Notes pursuant to this Article VII will be applied in the
following order, at the date or dates fixed by the Indenture Trustee and, in
case of the distribution of such money on account of principal or interest, upon
presentation of the Notes of such Series, Class or Tranche and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:

                  (a) first, to the payment of all amounts due the Indenture
Trustee under subsection 8.07(a);

                  (b) second, to the payment of the amounts then due and unpaid
upon the Notes of that Series, Class or Tranche for principal and interest, in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind (but subject to the
allocation provided in the relevant allocation provisions of the Transfer and
Servicing Agreement and the related Indenture Supplement), according to the
amounts due and payable on such Notes for principal and interest, respectively;
and

                  (c) third, to pay any servicing fee and any other fees or
expenses then owing for that Series, Class or Tranche of Notes; and

                  (d) fourth, to the Issuer.

                  Section 7.07 Indenture Trustee May Elect to Hold the
Collateral. Following an acceleration of any Series, Class or Tranche of Notes,
the Indenture Trustee may elect to continue to hold the Collateral and apply
distributions on the Collateral in accordance with the regular distribution
provisions pursuant to the relevant allocation provisions of the Transfer and
Servicing Agreement, except that principal will be paid on the accelerated
Series, Class or Tranche of Notes to the extent funds are received and allocated
to the accelerated Series, Class or Tranche of Notes, and payment is permitted
by the subordination provisions of the accelerated Series, Class or Tranche of
Notes.

                  Section 7.08 Sale of Collateral for Accelerated Notes. In the
case of a Series, Class or Tranche of Notes that has been accelerated following
an Event of Default, the Indenture Trustee may, and at the direction of the
Holders of more than 66-2/3% of the Outstanding Dollar Principal Amount of that
Series, Class or Tranche of Notes will, cause the Issuer to sell Collateral as
provided in the related Indenture Supplement.

                  Section 7.09 Noteholders Have the Right to Direct the Time,
Method and Place of Conducting Any Proceeding for Any Remedy Available to the
Indenture Trustee. The Holders of more than 66-2/3% of the Outstanding Dollar
Principal Amount of any accelerated Series, Class or Tranche of Notes have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee, or exercising any trust or power
conferred on the Indenture Trustee. This right may be exercised only if the
Indenture Trustee, being advised by counsel and provided with an Opinion of
Counsel upon which it may conclusively rely, determines that the direction
provided by the Noteholders does not conflict with applicable law or this
Indenture and does not have a substantial likelihood of involving the Indenture
Trustee in personal liability.

                                      -62-
<PAGE>

                  Section 7.10 Limitation on Suits. To the fullest extent
permitted by applicable law, no Holder of any Note of any Series, Class or
Tranche will have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee
or similar official, or for any other remedy hereunder, unless:

                  (a) such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default with respect to Notes of such
Series, Class or Tranche;

                  (b) the Holders of more than 66-2/3% in Outstanding Dollar
Principal Amount of the Outstanding Notes of such Series, Class or Tranche have
made written request to the Indenture Trustee to institute proceedings in
respect of such Event of Default in the name of the Indenture Trustee hereunder;

                  (c) such Holder or Holders have offered to the Indenture
Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; and

                  (d) the Indenture Trustee, for 60 days after the Indenture
Trustee has received such notice, request and offer of indemnity has failed to
institute any such proceeding;

it being understood and intended that no one or more Holders of Notes of such
Series, Class or Tranche will have any right in any manner whatsoever by virtue
of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Holders of Notes of such Series, Class or
Tranche, or to obtain or to seek to obtain priority or preference over any other
such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and proportionate benefit of all the Holders
of all Notes of such Series, Class or Tranche.

                  Section 7.11 Unconditional Right of Noteholders to Receive
Principal and Interest; Limited Recourse. Notwithstanding any other provisions
in this Indenture, the Holder of any Note will have the right, which is absolute
and unconditional, to receive payment of the principal of and interest on such
Note on the Legal Maturity Date expressed in the related Indenture Supplement
and to institute suit for the enforcement of any such payment, and such right
will not be impaired without the consent of such Holder; provided, however, that
notwithstanding any other provision of this Indenture to the contrary, the
obligation to pay principal of or interest on the Notes or any other amount
payable to any Noteholder will be without recourse to the Transferor, the
Indenture Trustee, the Owner Trustee or any Affiliate, officer, employee, member
or director of any of them, and the obligation of the Issuer to pay principal of
or interest on the Notes or any other amount payable to any Noteholder will be
subject to the allocation and payment provisions of the Transfer and Servicing
Agreement and the applicable Indenture Supplements and limited to amounts
available from the Collateral.

                                      -63-
<PAGE>

                  Section 7.12 Restoration of Rights and Remedies. If the
Indenture Trustee or any Noteholder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders will, subject to any determination in such
proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders will continue as though no such proceeding had been instituted.

                  Section 7.13 Rights and Remedies Cumulative. No right or
remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every
right and remedy will, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, will not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                  Section 7.14 Delay or Omission Not Waiver. No delay or
omission of the Indenture Trustee or of any Holder of any Note to exercise any
right or remedy accruing upon any Event of Default will impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article VII or by law to the
Indenture Trustee or to the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be.

                  Section 7.15 Control by Noteholders. Holders of more than
66-2/3% of the Outstanding Dollar Principal Amount of any affected Series, Class
or Tranche will have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Indenture Trustee, or
exercising any trust or power conferred on the Indenture Trustee with respect to
the Notes of such Series, Class or Tranche, provided that:

                  (a) the Indenture Trustee will have the right to decline to
follow any such direction if the Indenture Trustee, being advised by counsel,
determines that the Action so directed may not lawfully be taken or would
conflict with this Indenture or if the Indenture Trustee in good faith
determines that the proceedings so directed would involve it in personal
liability or be unjustly prejudicial to the Holders not taking part in such
direction, and

                  (b) the Indenture Trustee may take any other action permitted
hereunder deemed proper by the Indenture Trustee which is not inconsistent with
such direction.

                  Section 7.16 Waiver of Past Defaults. Holders of more than
66-2/3% of the Outstanding Dollar Principal Amount of any Series, Class or
Tranche may on behalf of the Holders of all the Notes of such Series, Class or
Tranche waive any past default hereunder or under the related Indenture
Supplement with respect to such Series, Class or Tranche and its consequences,
except a default not theretofore cured in the payment of the principal of or
interest on any Note of such Series, Class or Tranche.

         The consent of the Holders of all Outstanding Notes of a Series, Class
or Tranche is required to waive any past default hereunder or under the related
Indenture Supplement with respect to such Series, Class or Tranche and its
consequences, except a default not theretofore cured in respect of a covenant or
provision hereof which under Article X cannot be modified or amended without the
consent of the Holder of each Outstanding Note of such Series, Class or Tranche.

                                      -64-
<PAGE>

                  Upon any such waiver, such default will cease to exist, and
any Event of Default arising therefrom will be deemed to have been cured, for
every purpose of this Indenture; but no such waiver will extend to any
subsequent or other default or impair any right consequent thereon.

                  Section 7.17 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by his or her acceptance thereof
will be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 7.17 will not apply to any suit instituted by the
Indenture Trustee, to any suit instituted by any Noteholder, or group of
Noteholders, holding in the aggregate more than 25% in Outstanding Dollar
Principal Amount of the Outstanding Notes of any Series, Class or Tranche to
which the suit relates, or to any suit instituted by any Noteholders for the
enforcement of the payment of the principal of or interest on any Note on or
after the applicable Legal Maturity Date expressed in such Note.

                  Section 7.18 Waiver of Stay or Extension Laws. The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Issuer (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Indenture Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                              [END OF ARTICLE VII]

                                      -65-
<PAGE>

                                  ARTICLE VIII

                              THE INDENTURE TRUSTEE

                  Section 8.01 Certain Duties and Responsibilities. (a) The
Indenture Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture with respect to the Notes of any
Series, Class or Tranche, and no implied covenants or obligations will be read
into this Indenture against the Indenture Trustee.

                  (b) In the absence of bad faith on its part, the Indenture
Trustee may, with respect to Notes of any Series, Class or Tranche, conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Indenture Trustee, the Indenture Trustee will be
under a duty to examine the same to determine whether or not they substantially
conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of any mathematical calculations or other facts stated
therein).

                  (c) In case an Event of Default with respect to any Series,
Class or Tranche of Notes has occurred and is continuing, the Indenture Trustee
will exercise with respect to the Notes of such Series, Class or Tranche such of
the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person's own affairs.

                  (d) No provision of this Indenture will be construed to
relieve the Indenture Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that:

                      (i) this subsection (d) will not be construed to limit the
         effect of subsection (a) of this Section 8.01;

                      (ii) the Indenture Trustee will not be liable for any
         error of judgment made in good faith by an Indenture Trustee Authorized
         Officer, unless it will be proved that the Indenture Trustee was
         negligent in ascertaining the pertinent facts;

                      (iii) the Indenture Trustee will not be liable with
         respect to any action taken or omitted to be taken by it in good faith
         in accordance with the direction of the Holders of more than 66-2/3% of
         the Outstanding Dollar Principal Amount of any Series, Class or Tranche
         relating to the time, method and place of conducting any proceeding for
         any remedy available to the Indenture Trustee, or exercising any trust
         or power conferred upon the Indenture Trustee, under this Indenture
         with respect to the Notes of such Series, Class or Tranche; and

                                      -66-
<PAGE>

                      (iv) no provision of this Indenture will require the
         Indenture Trustee to expend or risk its own funds or otherwise incur
         any financial liability in the performance of any of its duties
         hereunder, or in the exercise of any of its rights or powers, if it
         will have reasonable grounds for believing that repayment of such funds
         or indemnity satisfactory to the Indenture Trustee against such risk or
         liability is not reasonably assured to it.

                  (e) Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Indenture Trustee will be subject to the
provisions of this Section 8.01.

                  Section 8.02 Notice of Defaults. Within 90 days after the
occurrence of any default hereunder with respect to Notes of any Series, Class
or Tranche:

                  (a) the Indenture Trustee will transmit by mail to all
Registered Noteholders of such Series, Class or Tranche, as their names and
addresses appear in the Note Register, notice of such default hereunder known to
the Indenture Trustee,

                  (b) the Indenture Trustee will notify all Holders of Bearer
Notes of such Series, Class or Tranche, by publication of notice of such default
in an Authorized Newspaper, or as otherwise provided in the applicable Indenture
Supplement, and

                  (c) the Indenture Trustee will give prompt written
notification thereof to the Note Rating Agencies, unless such default will have
been cured or waived;

provided, however, that, except in the case of a default in the payment of the
principal of or interest on any Note of such Series, Class or Tranche, the
Indenture Trustee will be protected in withholding such notice if and so long as
an Indenture Trustee Authorized Officer in good faith determines that the
withholding of such notice is in the interests of the Noteholders of such
Series, Class or Tranche. For the purpose of this Section 8.02, the term
"default," with respect to Notes of any Series, Class or Tranche, means any
event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to Notes of such Series, Class or Tranche.

                  Section 8.03 Certain Rights of Indenture Trustee. Except as
otherwise provided in Section 8.01:

                  (a) the Indenture Trustee may conclusively rely and will be
protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other paper or document (whether in its original or
facsimile form) believed by it to be genuine and to have been signed or
presented by the proper party or parties;

                  (b) whenever in the administration of this Indenture the
Indenture Trustee will deem it desirable that a matter be proved or established
before taking, suffering or omitting any action hereunder, the Indenture Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, rely upon an Officer's Certificate;

                                      -67-
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                  (c) the Indenture Trustee may consult with counsel of its own
selection and the advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon;

                  (d) the Indenture Trustee will be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Noteholders pursuant to this Indenture,
unless such Noteholders shall have offered to the Indenture Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction;

                  (e) the Indenture Trustee will not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other paper or document, but the Indenture Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Indenture Trustee will determine to
make such further inquiry or investigation, it will be entitled to examine the
books, records and premises of the Issuer, personally or by agent or attorney;

                  (f) the Indenture Trustee may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Indenture Trustee will not be responsible
for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

                  (g) the Indenture Trustee will not be responsible for filing
any financing statements or continuation statements in connection with the
Notes, but will cooperate with the Issuer in connection with the filing of such
financing statements or amendments to such financing statements;

                  (h) the Indenture Trustee shall not be deemed to have notice
of any default (including any Servicer Default under the Transfer and Servicing
Agreement) or Event of Default unless an Indenture Trustee Authorized Officer
has actual knowledge thereof or unless written notice of any event which is in
fact such a default is received by the Indenture Trustee at the Corporate Trust
Office of the Indenture Trustee, and such notice references the Notes and this
Indenture;

                  (i) the rights, privileges, protections, immunities and
benefits given to the Indenture Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the
Indenture Trustee in each of its capacities hereunder, and each agent, custodian
and other person employed to act hereunder; and

                  (j) the Indenture Trustee shall not be liable for any action
taken, suffered or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Indenture.

                                      -68-
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                  Section 8.04 Not Responsible for Recitals or Issuance of
Notes. The recitals contained herein and in the Notes, except the certificates
of authentication, will be taken as the statements of the Issuer, and the
Indenture Trustee assumes no responsibility for their correctness. The Indenture
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Indenture Trustee will not be accountable for the
use or application by the Issuer of Notes or the proceeds thereof.

                  Section 8.05 May Hold Notes. The Indenture Trustee, any Paying
Agent, the Note Registrar or any other agent of the Issuer, in its individual or
any other capacity, may become the owner or pledgee of Notes and, subject to
Sections 8.08 and 8.13, may otherwise deal with the Issuer with the same rights
it would have if it were not Indenture Trustee, Paying Agent, Note Registrar or
such other agent.

                  Section 8.06 Money Held in Trust. Money held by the Indenture
Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law. The Indenture Trustee will be under no liability for
interest on any money received by it hereunder except as otherwise agreed with
the Issuer.

                  Section 8.07 Compensation and Reimbursement; Limit on
Compensation Reimbursement and Indemnity. (a) The Issuer agrees:

                      (i) to pay to the Indenture Trustee from time to time
         reasonable compensation (or, for so long as The Bank of New York is the
         Indenture Trustee, such amount as has been mutually agreed upon in
         writing) for all services rendered by it hereunder (which compensation
         will not be limited by any provision of law in regard to the
         compensation of a trustee of an express trust);

                      (ii) except as otherwise expressly provided herein, to
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the Indenture
         Trustee in accordance with any provision of this Indenture (including
         the reasonable compensation and the reasonable expenses and
         disbursements of its agents and counsel), except any such expense,
         disbursement or advance as may be attributable to its own negligence or
         bad faith; and

                      (iii) to indemnify the Indenture Trustee for, and to hold
         it harmless against, any and all loss, liability, expense, claim,
         damage or injury incurred without negligence or bad faith on its part,
         arising out of or in connection with the acceptance or administration
         of this trust, including the costs and expenses of defending itself
         against any claim or liability (whether asserted by the Issuer, the
         Servicer, any Holder or any other Person) in connection with the
         exercise or performance of any of its powers or duties hereunder.

                  The Indenture Trustee will have no recourse to any asset of
the Issuer other than funds available pursuant to Section 7.06 or to any Person
other than the Issuer. Except as specified in Section 7.06, any such payment to
the Indenture Trustee shall be subordinate to payments to be made to
Noteholders.

                  (b) This Section 8.07 will survive the termination of this
Indenture and the resignation or replacement of the Indenture Trustee under
Section 8.10.

                                      -69-
<PAGE>

                  Section 8.08 Disqualification; Conflicting Interests. If the
Indenture Trustee has or will acquire a conflicting interest within the meaning
of the Trust Indenture Act, the Indenture Trustee will, if so required by the
Trust Indenture Act, either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Indenture. Nothing herein will prevent the Indenture Trustee from
filing with the Commission the application referred to in the second to last
paragraph of Section 310(b) of the Trust Indenture Act.

                  Section 8.09 Corporate Indenture Trustee Required;
Eligibility. There will at all times be an Indenture Trustee hereunder with
respect to each Series, Class or Tranche of Notes, which will be either a bank
or a corporation organized and doing business under the laws of the United
States of America or of any state, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by federal or state
authority, and having a rating of at least "Baa3" by Moody's and "BBB-" by
Standard & Poor's. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 8.09, the combined
capital and surplus of such corporation will be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. The Issuer may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Issuer, serve as
Indenture Trustee. If at any time the Indenture Trustee with respect to any
Series, Class or Tranche of Notes will cease to be eligible in accordance with
the provisions of this Section 8.09, it will resign immediately in the manner
and with the effect hereinafter specified in this Article VIII.

                  Section 8.10 Resignation and Removal; Appointment of
Successor. (a) No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee pursuant to this Article VIII will
become effective until the acceptance of appointment by the successor Indenture
Trustee under Section 8.11.

                  (b) The Indenture Trustee may resign with respect to any
Series, Class or Tranche of Notes at any time by giving written notice thereof
to the Issuer. If an instrument of acceptance by a successor Indenture Trustee
shall not have been delivered to the Indenture Trustee within 30 days after the
giving of such notice of resignation, the resigning Indenture Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

                  (c) The Indenture Trustee may be removed with respect to any
Series, Class or Tranche of Notes at any time by Action of the Majority Holders
of that Series, Class or Tranche, delivered to the Indenture Trustee and to the
Issuer. If an instrument of acceptance by a successor Indenture Trustee shall
not have been delivered to the Indenture Trustee within 30 days after the giving
of such notice of removal, the Indenture Trustee being removed may petition any
court of competent jurisdiction for the appointment of a successor Indenture
Trustee.

                  (d) If at any time:

                      (i) the Indenture Trustee fails to comply with Section
         310(b) of the Trust Indenture Act with respect to any Series, Class or
         Tranche of Notes after written request therefor by the Issuer or by any
         Noteholder who has been a bona fide Holder of a Note of that Series,
         Class or Tranche for at least 6 months, or

                                      -70-
<PAGE>

                      (ii) the Indenture Trustee ceases to be eligible under
         Section 8.09 with respect to any Series, Class or Tranche of Notes and
         fails to resign after written request therefor by the Issuer or by any
         such Noteholder, or

                      (iii) the Indenture Trustee becomes incapable of acting
         with respect to any Series, Class or Tranche of Notes, or

                      (iv) the Indenture Trustee is adjudged bankrupt or
         insolvent or a receiver of the Indenture Trustee or of its property is
         appointed or any public officer takes charge or control of the
         Indenture Trustee or of its property or affairs for the purpose of
         rehabilitation, conservation or liquidation,

then, in any such case, (A) the Issuer may remove the Indenture Trustee, with
respect to the Series, Class or Tranche, or in the case of clause (iv), with
respect to all Series, Classes or Tranches, or (B) subject to Section 7.17, any
Noteholder who has been a bona fide Holder of a Note of such Series, Class and
Tranche for at least 6 months may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Indenture Trustee with respect to such Series, Class or Tranche and the
appointment of a successor Indenture Trustee with respect to the Series, Class
or Tranche, or, in the case of clause (iv), with respect to all Series, Classes
and Tranches.

                  (e) If the Indenture Trustee resigns, is removed or becomes
incapable of acting with respect to any Series, Class or Tranche of Notes, or if
a vacancy shall occur in the office of the Indenture Trustee with respect to any
Series, Class or Tranche of Notes for any cause, the Issuer will promptly
appoint a successor Indenture Trustee for that Series, Class or Tranche of
Notes. If, within one year after such resignation, removal or incapacity, or the
occurrence of such vacancy, a successor Indenture Trustee with respect to such
Series, Class or Tranche of Notes is appointed by Act of the Majority Holders of
such Series, Class or Tranche delivered to the Issuer and the retiring Indenture
Trustee, the successor Indenture Trustee so appointed will, forthwith upon its
acceptance of such appointment, become the successor Indenture Trustee with
respect to such Series, Class or Tranche and supersede the successor Indenture
Trustee appointed by the Issuer with respect to such Series, Class or Tranche of
Notes. If no successor Indenture Trustee with respect to such Series, Class or
Tranche of Notes shall have been so appointed by the Issuer or the Noteholders
of such Series, Class or Tranche and accepted appointment in the manner
hereinafter provided, any Noteholder who has been a bona fide Holder of a Note
of such Series, Class or Tranche for at least 6 months may, on behalf of itself
and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Indenture Trustee with respect to such
Series, Class or Tranche of Notes.

                  (f) The Issuer will give written notice of each resignation
and each removal of the Indenture Trustee with respect to any Series, Class or
Tranche of Notes and each appointment of a successor Indenture Trustee with
respect to any Series, Class or Tranche to each Noteholder as provided in
Section 1.06 and to each Note Rating Agency. To facilitate delivery of such
notice, upon request by the Issuer, the Note Registrar shall provide to the
Issuer a list of the relevant Registered Noteholders. Each notice will include
the name of the successor Indenture Trustee and the address of its principal
Corporate Trust Office.

                                      -71-
<PAGE>

                  Section 8.11 Acceptance of Appointment by Successor. Every
successor Indenture Trustee appointed hereunder will execute, acknowledge and
deliver to the Issuer and to the predecessor Indenture Trustee an instrument
accepting such appointment, with a copy to the Note Rating Agencies, and
thereupon the resignation or removal of the predecessor Indenture Trustee will
become effective with respect to any Series, Class or Tranche as to which it is
resigning or being removed as Indenture Trustee, and such successor Indenture
Trustee, without any further act, deed or conveyance, will become vested with
all the rights, powers, trusts and duties of the predecessor Indenture Trustee
with respect to any such Series, Class or Tranche; but, on request of the Issuer
or the successor Indenture Trustee, such predecessor Indenture Trustee will,
upon payment of its reasonable charges, if any, execute and deliver an
instrument transferring to such successor Indenture Trustee all the rights,
powers and trusts of the predecessor Indenture Trustee, and will duly assign,
transfer and deliver to such successor Indenture Trustee all property and money
held by such predecessor Indenture Trustee hereunder with respect to all or any
such Series, Class or Tranche, subject nevertheless to its lien, if any,
provided for in Section 8.07. Upon request of any such successor Indenture
Trustee, the Issuer will execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Indenture Trustee all such
rights, powers and trusts.

                  In case of the appointment hereunder of a successor Indenture
Trustee with respect to the Notes of one or more (but not all) Series, Classes
or Tranches, the Issuer, the predecessor Indenture Trustee and each successor
Indenture Trustee with respect to the Notes of any applicable Series, Class or
Tranche will execute and deliver an Indenture Supplement which will contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the predecessor Indenture Trustee with
respect to the Notes of any Series, Class or Tranche as to which the predecessor
Indenture Trustee is not being succeeded will continue to be vested in the
predecessor Indenture Trustee, and will add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such Indenture Supplement will
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee will be Indenture Trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Indenture Trustee.

                  No successor Indenture Trustee with respect to any Series,
Class or Tranche of Notes will accept its appointment unless at the time of such
acceptance such successor Indenture Trustee will be qualified and eligible under
this Article VIII.

                  Section 8.12 Merger, Conversion, Consolidation or Succession
to Business. Any corporation into which the Indenture Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Indenture Trustee
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Indenture Trustee, will be the successor of
the Indenture Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article VIII, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. The
Indenture Trustee shall give prompt written notice of such merger, conversion,
consolidation or succession to the Issuer and the Note Rating Agencies. In case
any Notes shall have been authenticated, but not delivered, by the Indenture
Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Indenture Trustee may adopt such authentication and deliver
the Notes so authenticated with the same effect as if such successor Indenture
Trustee had itself authenticated such Notes.

                                      -72-
<PAGE>

                  Section 8.13 Preferential Collection of Claims Against Issuer.
If and when the Indenture Trustee shall be or become a creditor of the Issuer
(or any other obligor upon the Notes), the Indenture Trustee will be subject to
the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee
who has resigned or been removed will be subject to Section 311(a) of the Trust
Indenture Act to the extent provided therein.

                  Section 8.14 Appointment of Authenticating Agent. At any time
when any of the Notes remain Outstanding the Indenture Trustee, with the
approval of the Issuer, may appoint an Authenticating Agent or Agents with
respect to one or more Series, Classes or Tranches of Notes which will be
authorized to act on behalf of the Indenture Trustee to authenticate Notes of
such Series, Classes or Tranches issued upon exchange, registration of transfer
or partial redemption thereof or pursuant to Section 4.06, and Notes so
authenticated will be entitled to the benefits of this Indenture and will be
valid and obligatory for all purposes as if authenticated by the Indenture
Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Notes by the Indenture Trustee or the Indenture
Trustee's Certificate of Authentication, such reference will be deemed to
include authentication and delivery on behalf of the Indenture Trustee by an
Authenticating Agent and a Certificate of Authentication executed on behalf of
the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will
be acceptable to the Issuer and will at all times be a corporation organized and
doing business under the laws of the United States of America, any state thereof
or the District of Columbia, authorized under such laws to act as an
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and, if other than the Issuer itself, subject to supervision or
examination by federal or state authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section 8.14, the combined capital and surplus of such Authenticating
Agent will be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an Authenticating
Agent will cease to be eligible in accordance with the provisions of this
Section 8.14, such Authenticating Agent will resign immediately in the manner
and with the effect specified in this Section 8.14. The initial Authenticating
Agent for the Notes of all Series, Classes and Tranches will be The Bank of New
York.

                  Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent will be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an Authenticating Agent, will
continue to be an Authenticating Agent, provided such corporation will be
otherwise eligible under this Section 8.14, without the execution or filing of
any paper or any further act on the part of the Indenture Trustee or the
Authenticating Agent.

                                      -73-
<PAGE>

                  An Authenticating Agent may resign at any time by giving
written notice thereof to the Indenture Trustee and to the Issuer. The Indenture
Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Issuer.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent will cease to be eligible in
accordance with the provisions of this Section 8.14, the Indenture Trustee, with
the approval of the Issuer, may appoint a successor Authenticating Agent which
will be acceptable to the Issuer and will give notice to each Noteholder as
provided in Section 1.06. Any successor Authenticating Agent upon acceptance of
its appointment hereunder will become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent will be appointed
unless eligible under the provisions of this Section 8.14.

                  The Indenture Trustee agrees to pay to each Authenticating
Agent (other than an Authenticating Agent appointed at the request of the Issuer
from time to time) reasonable compensation for its services under this Section
8.14, and the Indenture Trustee will be entitled to be reimbursed for such
payments, subject to the provisions of Section 8.07.

                  If an appointment with respect to one or more Series, Classes
or Tranches is made pursuant to this Section 8.14, the Notes of such Series,
Classes or Tranches may have endorsed thereon, in addition to the Indenture
Trustee's Certificate of Authentication, an alternate Certificate of
Authentication in the following form:

                  This is one of the Notes of the Series, Classes or Tranches
designated therein referred to in the within-mentioned Indenture.

                                     THE BANK OF NEW YORK, as Indenture Trustee

                                     By:_______________________________________
                                           As Authenticating Agent

                                     By:_______________________________________
                                           Authorized Signatory

                  Section 8.15 Tax Returns. In the event that the Issuer shall
be required to file tax returns, the Administrator shall prepare or shall cause
to be prepared such tax returns and shall provide such tax returns to the Owner
Trustee or the Beneficiary for signature at least 5 days before such tax returns
are due to be filed. The Issuer, in accordance with the terms of each Indenture
Supplement, shall also prepare or shall cause to be prepared all tax information
required by law to be distributed to Noteholders and shall deliver such
information to the Indenture Trustee at least five days prior to the date it is
required by law to be distributed to Noteholders. The Indenture Trustee, upon
written request, will furnish the Administrator with all such information known
to the Indenture Trustee as may be reasonably requested and required in
connection with the preparation of all tax returns of the Issuer, and shall,
upon request, execute such returns. In no event shall the Administrator, the
Indenture Trustee or the Owner Trustee be personally liable for any liabilities,
costs or expenses of the Issuer or any Noteholder arising under any tax law,
including without limitation, federal, state or local income or excise taxes or
any other tax imposed on or measured by income (or any interest or penalty with
respect thereto arising from a failure to comply therewith).

                                      -74-
<PAGE>

                  Section 8.16 Representations and Covenants of the Indenture
Trustee. The Indenture Trustee represents, warrants and covenants that

                      (i) The Indenture Trustee is a banking corporation duly
         organized and validly existing under the laws of the State of New York;

                      (ii) The Indenture Trustee has full power and authority to
         deliver and perform this Indenture and has taken all necessary action
         to authorize the execution, delivery and performance by it of this
         Indenture and other documents to which it is a party; and

                      (iii) Each of this Indenture and the other documents to
         which it is a party has been duly executed and delivered by the
         Indenture Trustee and constitutes its legal, valid and binding
         obligation in accordance with its terms.

                  Section 8.17 Indenture Trustee's Application for Instructions
from the Issuer. Any application by the Indenture Trustee for written
instructions from the Issuer may, at the option of the Indenture Trustee, set
forth in writing any action proposed to be taken or omitted by the Indenture
Trustee under and in accordance with this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective; provided
that such application shall make specific reference to this Section 8.17. The
Indenture Trustee shall not be liable for any action taken by, or omission of,
the Indenture Trustee in accordance with a proposal included in such application
on or after the date specified in such application (which date shall not be less
than five Business Days after the date the Issuer actually receives such
application, unless the Issuer shall have consented in writing to any earlier
date) unless prior to taking any such action (or the effective date in the case
of an omission), the Indenture Trustee shall have received written instructions
in response to such application specifying the action be taken or omitted.

                  Section 8.18 Appointment of Co-Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Indenture
Trustee shall have the power and shall execute and deliver all instruments,
subject to the prior written consent of the Transferor, which consent shall not
be unreasonably withheld, to appoint one or more Persons reasonably acceptable
to the Issuer to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Trust Estate, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Trust Estate, or any part thereof, and, subject to the other
provisions of this Section 8.18, such powers, duties, obligations, rights and
trusts as the Indenture Trustee may consider necessary or desirable. No
co-trustee or separate trustee hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.09 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 8.10.

                                      -75-
<PAGE>

                  (b) Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                      (i) all rights, powers, duties and obligations conferred
         or imposed upon the Indenture Trustee shall be conferred or imposed
         upon and exercised or performed by the Indenture Trustee and such
         separate trustee or co-trustee jointly (it being understood that such
         separate trustee or co-trustee is not authorized to act separately
         without the Indenture Trustee joining in such act), except to the
         extent that under any law of any jurisdiction in which any particular
         act or acts are to be performed, the Indenture Trustee shall be
         incompetent or unqualified to perform such act or acts, in which event
         such rights, powers, duties and obligations (including the holding of
         title to the Trust Estate or any portion thereof in any such
         jurisdiction) shall be exercised and performed singly by such separate
         trustee or co-trustee, but solely at the direction of the Indenture
         Trustee;

                      (ii) no trustee hereunder shall be personally liable by
         reason of any act or omission of any other trustee hereunder; and

                      (iii) the Indenture Trustee may at any time accept the
         resignation of or remove any separate trustee or co-trustee.

                  (c) Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of them.
Every instrument appointing any separate trustee or co-trustee shall refer to
this Indenture and the conditions of this Article VIII. Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability
of, or affording protection to, the Indenture Trustee. Every such instrument
shall be filed with the Indenture Trustee.

                  (d) Any separate trustee or co-trustee may at any time appoint
the Indenture Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                  Section 8.19 Certain Securities Laws Covenants. The Indenture
Trustee shall furnish TRS, Centurion, FSB and the Transferor with any documents
and information relating to the Indenture Trustee necessary or appropriate to
enable such parties to comply with the Securities Act and the Securities
Exchange Act, including the rules contained in 17 CFR Parts 210, 228, 229, 230,
232, 239, 240, 242, 245 and 249 ("Regulation AB").

                              [END OF ARTICLE VIII]

                                      -76-
<PAGE>

                                   ARTICLE IX

               NOTEHOLDERS' MEETINGS, LISTS, REPORTS BY INDENTURE
                         TRUSTEE, ISSUER AND BENEFICIARY

                  Section 9.01 Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee:

                  (a) not more than 15 days after each Record Date, in such form
as the Indenture Trustee may reasonably require, a list of the names and
addresses of the Registered Noteholders of such Series, Classes or Tranches as
of such date, and

                  (b) at such other times as the Indenture Trustee may request
in writing, within 30 days after the receipt by the Issuer of any such request,
a list of similar form and content as of a date not more than 15 days before the
time such list is furnished;

provided, however, that so long as the Indenture Trustee is the Note Registrar,
no such list shall be required to be furnished.

                  Section 9.02 Preservation of Information; Communications to
Noteholders. (a) The Indenture Trustee will preserve, in as current a form as is
reasonably practicable, the names and addresses of Registered Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 9.01 and the names and addresses of Registered Noteholders received
by the Indenture Trustee in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in Section 9.01 upon
receipt of a new list so furnished.

                  (b) If three or more Holders of Notes of any Series, Class or
Tranche (hereinafter referred to as "applicants") (or, if there are less than
three such Holders, all of the Holders) apply in writing to the Indenture
Trustee, and furnish to the Indenture Trustee reasonable proof that each such
applicant has owned a Note of such Series, Class or Tranche for a period of at
least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other Holders of Notes of
such Series, Class or Tranche or with the Holders of all Notes with respect to
their rights under this Indenture or under such Notes and is accompanied by a
copy of the form of proxy or other communication which such applicants propose
to transmit, then the Indenture Trustee will, within five Business Days after
the receipt of such application, at its election, either:

                      (i) afford such applicants access to the information
         preserved at the time by the Indenture Trustee in accordance with
         subsection 9.02(a), or

                      (ii) inform such applicants as to the approximate number
         of Holders of Notes of such Series, Class or Tranche or all Notes, as
         the case may be, whose names and addresses appear in the information
         preserved at the time by the Indenture Trustee in accordance with
         subsection 9.02(a), and as to the approximate cost of mailing to such
         Noteholders the form of proxy or other communication, if any, specified
         in such application.

                                      -77-
<PAGE>

                  If the Indenture Trustee shall elect not to afford such
applicants access to such information, the Indenture Trustee shall, upon the
written request of such applicants, mail to each Holder of a Registered Note of
such Series, Class or Tranche or to all Registered Noteholders, as the case may
be, whose names and addresses appear in the information preserved at the time by
the Indenture Trustee in accordance with subsection 9.02(a), a copy of the form
of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Indenture Trustee of the material to
be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless, within five days after such tender, the Indenture
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Indenture Trustee, such mailing would be contrary to
the best interests of the Holders of Notes of such Series, Class or Tranche or
all Noteholders, as the case may be, or would be in violation of applicable law.
Such written statement will specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing,
that all the objections so sustained have been met and shall enter an order so
declaring, the Indenture Trustee will mail copies of such material to all
Registered Noteholders of such Series, Class or Tranche or all Registered
Noteholders, as the case may be, with reasonable promptness after the entry of
such order and the renewal of such tender; otherwise the Indenture Trustee will
be relieved of any obligation or duty to such applicants respecting their
application.

                  (c) Every Holder of Notes, by receiving and holding the same,
agrees with the Issuer and the Indenture Trustee that neither the Issuer nor the
Indenture Trustee will be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Holders of Notes in
accordance with subsection 9.02(b), regardless of the source from which such
information was derived, and that the Indenture Trustee will not be held
accountable by reason of mailing any material pursuant to a request made under
subsection 9.02(b).

                  Section 9.03 Reports by Indenture Trustee. (a) The term
"reporting date" as used in this Section 9.03 means December 31. Within 60 days
after the reporting date in each year, beginning in 2006, the Indenture Trustee
will transmit to Noteholders, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act, a brief report dated as of such
reporting date if required by Section 313(a) of the Trust Indenture Act.

                  (b) To the extent required by the Trust Indenture Act, the
Indenture Trustee will mail each year to all Registered Noteholders, with a copy
to the Note Rating Agencies a report concerning:

                      (i) its eligibility and qualifications to continue as
         trustee under this Indenture;

                                      -78-
<PAGE>

                      (ii) any amounts advanced by the Indenture Trustee under
         this Indenture;

                      (iii) the amount, interest rate and maturity date or
         indebtedness owing by the Issuer to the Indenture Trustee, in its
         individual capacity;

                      (iv) the property and funds physically held by the
         Indenture Trustee by which such Notes are secured;

                      (v) any release or release and substitution of Collateral
         subject to the lien of this Indenture which has not previously been
         reported; and

                      (vi) any action taken by the Indenture Trustee that
         materially affects the Notes and that has not previously been reported.

                  (c) The Indenture Trustee will comply with subsections 313(b)
and 313 (c) of the Trust Indenture Act.

                  (d) A copy of each such report will, at the time of such
transmission to Noteholders, be filed by the Indenture Trustee with each stock
exchange upon which the Notes are listed, and also with the Commission. The
Issuer will notify the Indenture Trustee when the Notes are admitted to trading
on any stock exchange.

                  Section 9.04 Meetings of Noteholders; Amendments and Waivers.
(a) If Notes of a Series, Class or Tranche are issuable in whole or in part as
Bearer Notes, a meeting of Noteholders of the Notes of such Series, Class or
Tranche may be called at any time and from time to time pursuant to this Section
9.04 to make, give or take any Action provided by this Indenture or any
Indenture Supplement to be made, given or taken by Noteholders of such Series,
Class or Tranche.

                  (b) The Indenture Trustee may call a meeting of the
Noteholders of a Series, Class or Tranche issuable in whole or in part as Bearer
Notes at any time for any purpose specified hereunder or under any Indenture
Supplement. The Indenture Trustee will call a meeting upon request of the Issuer
or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount
of the Outstanding Notes of such Series, Class or Tranche issuable in whole or
in part as Bearer Notes. In any case, a meeting will be called after notice is
given to such Noteholders pursuant to Section 1.06.

                  (c) To be entitled to vote at any meeting of Noteholders of
any Series, Class or Tranche, a Person shall be (1) a Holder of one or more
Outstanding Notes of such Series, Class or Tranche, or (2) a Person appointed by
an instrument in writing as proxy for the Noteholder or Noteholders of one or
more Outstanding Notes of such Series, Class or Tranche by the Noteholder or
Noteholders. The only Person who shall be entitled to be present or to speak at
any meeting of Noteholders of any Series, Class or Tranche shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Indenture Trustee and its counsel and any representatives of the Issuer and its
counsel.

                                      -79-
<PAGE>

                  (d) Except for any consent that must be given by the Holders
of each Outstanding Note affected or any action to be taken by the Issuer as
holder of any Collateral Certificate, any resolution presented at any meeting at
which a quorum is present may be adopted by the affirmative vote of the Holders
of more than 66-2/3% of the Outstanding Dollar Principal Amount of that Series,
Class or Tranche, as the case may be. However, any resolution with respect to
any Action which may be given by the Holders of not less than a specified
percentage in aggregate Outstanding Dollar Principal Amount of Outstanding Notes
of a Series, Class or Tranche of Bearer Notes may be adopted at any meeting at
which a quorum is present only by the affirmative vote of the Holders of not
less than the specified percentage in aggregate Outstanding Dollar Principal
Amount of the Outstanding Notes of such Series, Class or Tranche. Any resolution
passed or decision taken at any meeting of Noteholders duly held in accordance
with this Indenture will be binding on all Noteholders of the affected Series,
Class or Tranche.

                  (e) The quorum at any meeting will be persons holding or
representing the Majority Holders of the Outstanding Dollar Principal Amount of
a Series, Class or Tranche or all Notes, as the case may be; provided, however,
that if any action is to be taken at that meeting concerning an Action that may
be given by the Holders of not less than a specified percentage in aggregate
Outstanding Dollar Principal Amount of the Outstanding Notes of a Series, Class
or Tranche, the persons holding or representing such specified percentage in
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such
Series, Class or Tranche or all Notes will constitute a quorum.

                  (f) The ownership of Bearer Notes will be proved as provided
in subsection 1.04(c)(ii).

                  (g) The Issuer may make reasonable rules for other matters
relating to Action by or a meeting of Noteholders not otherwise covered by this
Section 9.04, including but not limited to the location or locations for such
meeting, the manner of voting at such meeting, the appointment and duties of
inspectors of the vote, the submission and examination of proxies, certificates
and other evidence of the right to vote and the appointment of a chairperson for
the meeting.

                  (h) As set forth in the applicable Pooling and Servicing
Agreement and the related Series Supplement, with respect to certain actions
requiring the consent or direction of Investor Certificateholders holding a
specified percentage of the aggregate unpaid amount outstanding of Investor
Certificates (whether by number of Series or percentage of all outstanding
Investor Certificates depending on the manner of voting or consenting on such
matter), including consenting to certain amendments and terminating the related
Master Trust, the Issuer, as holder of any Collateral Certificate, will be
deemed to have voted in accordance with the Investor Certificateholders holding
a majority of the aggregate Invested Amount outstanding of such Investor
Certificates which are entitled to vote or consent on such matter; provided,
however, that in the event Investor Certificateholders holding equal portions of
the Invested Amount of such Investor Certificates vote in the positive and in
the negative, without taking into consideration the vote of the Issuer, as
holder of such Collateral Certificate, the Issuer shall be deemed to vote in the
negative; provided further, that if the Collateral Certificate is the sole
Investor Certificate outstanding which is entitled to vote or consent on such
matter, the Issuer, as holder thereof, will be deemed to have voted in the
negative.

                                      -80-
<PAGE>

                  Section 9.05 Reports by Issuer to the Commission. The Issuer
will:

                  (a) file with the Indenture Trustee, within 15 days after the
Issuer is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Issuer may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act; or, if the Issuer is not required to file information, documents
or reports pursuant to either of said Sections, then it will file with the
Indenture Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;

                  (b) file with the Indenture Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

                  (c) transmit by mail to all Registered Noteholders, as their
names and addresses appear in the Note Register, and notify all Holders of
Bearer Notes of such Series, Class or Tranche, by publication of such notice in
an Authorized Newspaper or as otherwise provided in the applicable Indenture
Supplement, within 30 days after the filing thereof with the Indenture Trustee,
such summaries of any information, documents and reports required to be filed by
the Issuer pursuant to paragraphs (a) and (b) of this Section 9.05 as may be
required by rules and regulations prescribed from time to time by the
Commission.

                  The delivery of such reports, information and documents to the
Indenture Trustee is for informational purposes only and the Indenture Trustee's
receipt of such reports, information and documents shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer's compliance with any of its
covenants hereunder (as to which the Indenture Trustee is entitled to rely
conclusively on an Officer's Certificate of an Authorized Officer of the
Issuer).

                  Section 9.06 Monthly Noteholders' Statement. On each Payment
Date, the Issuer will, in cooperation with the Servicer and, if applicable, the
Master Trust Servicer, complete and deliver to the Indenture Trustee and, if
applicable, the Master Trust Trustee (with a copy to each Note Rating Agency), a
Monthly Noteholders' Statement.

                  Section 9.07 Payment Instruction to Master Trust. Promptly
after the receipt by the Issuer of each Monthly Servicer's Certificate under the
applicable Series Supplement, the Issuer will, in cooperation with the Servicer,
complete the Payment Instruction and deliver a copy thereof to the Indenture
Trustee and the Master Trust Trustee.

                                      -81-
<PAGE>

                  (a) From time to time, the Issuer will notify the Servicer of
the information necessary to be provided by the Issuer under the applicable
section of the applicable Pooling and Servicing Agreement as supplemented by any
Series Supplement to calculate the Invested Amount of the Collateral Certificate
issued under that Pooling and Servicing Agreement.

                               [END OF ARTICLE IX]

                                      -82-
<PAGE>

                                   ARTICLE X

                INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING
                  AND SERVICING AGREEMENT AND AMENDMENTS TO THE
                                 TRUST AGREEMENT

                  Section 10.01 Supplemental Indentures and Amendments Without
Consent of Noteholders. Without the consent of the Holders of any Notes but with
prior notice to each Note Rating Agency, the Issuer and the Indenture Trustee,
at any time and from time to time, upon delivery of an Issuer Tax Opinion and,
if applicable, a Master Trust Tax Opinion for each applicable Master Trust and
upon delivery by the Issuer to the Indenture Trustee of an Officer's Certificate
to the effect that the Issuer reasonably believes that such amendment will not
have an Adverse Effect and is not reasonably expected to have an Adverse Effect
at any time in the future, the Issuer may amend this Indenture, including any
Indenture Supplement or enter into one or more Indenture Supplements, in form
satisfactory to the Indenture Trustee, for any of the following purposes:

                  (a) to evidence the succession of another Entity to the
Issuer, and the assumption by any such successor of the covenants of the Issuer
herein and in the Notes; or

                  (b) to add to the covenants of the Issuer, or to surrender any
right or power herein conferred upon the Issuer by the Issuer, for the benefit
of the Holders of the Notes of any or all Series, Classes or Tranches (and if
such covenants or the surrender of such right or power are to be for the benefit
of less than all Series, Classes or Tranches of Notes, stating that such
covenants are expressly being included or such surrenders are expressly being
made solely for the benefit of one or more specified Series, Classes or
Tranches); or

                  (c) to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Indenture; or

                  (d) to add to this Indenture such provisions as may be
expressly permitted by the Trust Indenture Act, excluding, however, the
provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in
effect at the date as of which this Indenture was executed or any corresponding
provision in any similar federal statute hereafter enacted; or

                  (e) to establish any form of Note, as provided in Article II,
and to provide for the issuance of any Series, Class or Tranche of Notes as
provided in Article III and to set forth the terms thereof, and/or to add to the
rights of the Holders of the Notes of any Series, Class or Tranche; or

                  (f) to evidence and provide for the acceptance of appointment
by another corporation as a successor Indenture Trustee hereunder with respect
to one or more Series, Classes or Tranches of Notes and to add to or change any
of the provisions of this Indenture as will be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Indenture
Trustee, pursuant to Section 8.11; or

                                      -83-
<PAGE>

                  (g) to add any additional Early Amortization Events or Events
of Default in respect of the Notes of any or all Series, Classes or Tranches
(and if such additional Events of Default are to be in respect of less than all
Series, Classes or Tranches of Notes, stating that such Events of Default are
expressly being included solely for the benefit of one or more specified Series,
Classes or Tranches of Notes); or

                  (h) to provide for the consolidation of any Master Trust and
the Issuer into a single Entity or the transfer of assets in such Master Trust
to the Issuer after the termination of all Series of Investor Certificates
(other than the related Collateral Certificate or Collateral Certificates); or

                  (i) if one or more additional Transferors under the Transfer
and Servicing Agreement or any Pooling and Servicing Agreement are added to, or
replaced under, the Transfer and Servicing Agreement or any such Pooling and
Servicing Agreement, or one or more additional Beneficiaries under the Trust
Agreement are added to, or replaced under, the Trust Agreement, to make any
necessary changes to the Indenture or any other related document; or

                  (j) to designate additional Collateral to the Issuer;

                  (k) to provide for additional or alternative forms of credit
enhancement for any Series, Class or Tranche of Notes; or

                  (l) to comply with any regulatory, accounting, securities or
tax laws, rules, regulations or requirements; or

                  (m) to qualify for sale treatment under generally accepted
accounting principles.

                  Additionally, notwithstanding any provision of this Article X
to the contrary and in addition to clauses (a) through (m) above, this
Indenture, including any Indenture Supplement, may also be amended without the
consent of the Indenture Trustee or any of the Noteholders, upon delivery to the
Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the
extent a Collateral Certificate is included in the property of the Issuer, a
Master Trust Tax Opinion, for the purpose of (i) adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or any Indenture Supplement or (ii) modifying in any manner the rights of the
Holders of the Notes under this Indenture or any Indenture Supplement; provided,
however, that (i) the Issuer shall deliver to the Indenture Trustee and the
Owner Trustee an Officer's Certificate to the effect that the Issuer reasonably
believes that such amendment will not have an Adverse Effect and is not
reasonably expected to have an Adverse Effect at any time in the future and (ii)
each Note Rating Agency confirms in writing that such amendment will not cause a
Ratings Effect.

                  Additionally, notwithstanding any provision of this Article X
to the contrary and in addition to clauses (a) through (m) and the immediately
preceding paragraph, this Indenture, including any Indenture Supplement, may
also be amended without the consent of the Indenture Trustee or any of the
Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an
Issuer Tax Opinion and, to the extent a Collateral Certificate is included in
the property of the Issuer, a Master Trust Tax Opinion, to provide for (i) the
establishment of multiple asset pools and the designation of Collateral to be
included as part of specific asset pools or (ii) those changes necessary for
compliance with securities law requirements; provided, however, that (i) the
Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer's
Certificate to the effect that the Issuer reasonably believes that such
amendment will not have an Adverse Effect and is not reasonably expected to have
an Adverse Effect at any time in the future and (ii) each Note Rating Agency
confirms in writing that such amendment will not cause a Ratings Effect.

                                      -84-
<PAGE>

                  The Indenture Trustee may, but shall not be obligated to,
enter into any amendments which adversely affects the Indenture Trustee's
rights, duties, benefits, protections, privileges or immunities under this
Indenture or otherwise.

                  Section 10.02 Supplemental Indentures with Consent of
Noteholders. In addition to any amendment permitted pursuant to Section 10.01
hereof, with prior notice to each applicable Note Rating Agency and the consent
of Holders of more than 66-2/3% in Outstanding Dollar Principal Amount of each
Series, Class or Tranche of Notes affected by such amendment of this Indenture,
including any Indenture Supplement, by Act of said Holders delivered to the
Issuer and the Indenture Trustee, the Issuer, and the Indenture Trustee, as
applicable, upon delivery of an Issuer Tax Opinion, and, to the extent a
Collateral Certificate is included in the property of the Issuer, upon delivery
of a Master Trust Tax Opinion, may enter into an amendment of this Indenture for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes of each such Series, Class or
Tranche under this Indenture or any Indenture Supplement; provided, however,
that no such amendment of an Indenture Supplement will, without the consent of
the Holder of each Outstanding Note affected thereby:

                  (a) change the scheduled payment date of any payment of
interest on any Note, or change an Expected Final Payment Date or Legal Maturity
Date of any Note;

                  (b) reduce the Stated Principal Amount of, or the interest
rate on any Note, or change the method of computing the Outstanding Dollar
Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the
Nominal Liquidation Amount in a manner that is adverse to the Holder of any
Note;

                  (c) reduce the amount of a Discount Note payable upon the
occurrence of an Early Amortization Event or other optional or mandatory
redemption or upon the acceleration of its Legal Maturity Date;

                  (d) impair the right to institute suit for the enforcement of
any payment on any Note;

                  (e) reduce the percentage in Outstanding Dollar Principal
Amount of the Outstanding Notes of any Series, Class or Tranche of Notes, the
consent of whose Holders is required for any such amendment, or the consent of
whose Holders is required for any waiver of compliance with the provisions of
this Indenture or of defaults hereunder and their consequences, provided for in
this Indenture;

                  (f) modify any of the provisions of this Section 10.02 or
Section 7.18, except to increase any percentage of Holders required to consent
to any such amendment or to provide that other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each
Outstanding Note affected thereby;

                                      -85-
<PAGE>

                  (g) permit the creation of any lien or other encumbrance on
the Collateral that is prior to the lien in favor of the Indenture Trustee for
the benefit of the Holders of such Notes;

                  (h) change any Place of Payment where any principal of, or
interest on, any Note is payable, unless otherwise provided in the applicable
Indenture Supplement;

                  (i) change the method of computing the amount of principal of,
or interest on, any Note on any date; or

                  (j) make any other amendment not permitted by Section 10.01.

                  An amendment of this Indenture or an Indenture Supplement
which changes or eliminates any covenant or other provision of this Indenture
which has expressly been included solely for the benefit of one or more
particular Series, Class or Tranche of Notes, or which modifies the rights of
the Holders of Notes of such Series, Class or Tranche with respect to such
covenant or other provision, will be deemed not to affect the rights under this
Indenture of the Holders of Notes of any other Series, Class or Tranche.

                  It will not be necessary for any Act of Noteholders under this
Section 10.02 to approve the particular form of any proposed amendment or
Indenture Supplement, but it will be sufficient if such Act will approve the
substance thereof.

                  Section 10.03 Execution of Amendments and Indenture
Supplements. In executing or accepting the additional trusts created by any
amendment of this Indenture or Indenture Supplement permitted by this Article X
or the modifications thereby of the trusts created by this Indenture, the
Indenture Trustee will be provided with, and (subject to Section 8.01 or the
applicable provisions of the Transfer and Servicing Agreement) will be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such amendment or Indenture Supplement is authorized or permitted by this
Indenture and that all conditions precedent thereto have been satisfied. The
Indenture Trustee may, but will not (except to the extent required in the case
of an amendment or Indenture Supplement entered into under subsection 10.01(d)
or 10.01(f)) be obligated to, enter into any such amendment or Indenture
Supplement which affects the Indenture Trustee's own rights, duties or
immunities under this Indenture or otherwise.

                  Section 10.04 Effect of Amendments and Indenture Supplements.
Upon the execution of any amendment of this Indenture or any Indenture
Supplement or any supplemental indentures under this Article X, this Indenture
and the related Indenture Supplement will be modified in accordance therewith
with respect to each Series, Class or Tranche of Notes affected thereby, or all
Notes, as the case may be, and such amendment or supplemental indenture will
form a part of this Indenture and the related Indenture Supplement for all
purposes; and every Holder of Notes theretofore or thereafter authenticated and
delivered hereunder will be bound thereby to the extent provided therein.

                                      -86-
<PAGE>

                  Section 10.05 Conformity with Trust Indenture Act. Every
amendment of this Indenture or any Indenture Supplement and every supplemental
indenture executed pursuant to this Article X will conform to the requirements
of the Trust Indenture Act as then in effect.

                  Section 10.06 Reference in Notes to Indenture Supplements.
Notes authenticated and delivered after the execution of any amendment of this
Indenture or any Indenture Supplement or any supplemental indenture pursuant to
this Article X may, and will if required by the Indenture Trustee, bear a
notation in form approved by the Indenture Trustee as to any matter provided for
in such amendment or supplemental indenture. If the Issuer will so determine,
new Notes so modified as to conform, in the opinion of the Indenture Trustee and
the Issuer, to any such amendment or supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes.

                  Section 10.07 Amendments to the Pooling and Servicing
Agreement. By their acceptance of a Note, the Noteholders acknowledge that the
Transferor and the Master Trust Trustee may amend the applicable Pooling and
Servicing Agreement and any supplement thereto without the consent of the
Holders of any Investor Certificates (including the Issuer) or any Noteholder,
so long as such amendment or supplement would not materially adversely affect
the interest of the Holders of any Investor Certificates.

                  For purposes of any vote or consent under a Pooling and
Servicing Agreement or any supplement thereto, with respect to certain actions
requiring the consent or direction of Investor Certificateholders holding a
specified percentage of the aggregate unpaid amount outstanding of Investor
Certificates (whether by number of Series or percentage of all outstanding
Investor Certificates depending on the manner of voting or consenting on such
matter), the Issuer, as holder of the Collateral Certificate, shall be deemed to
be an Investor Certificateholder under such Pooling and Servicing Agreement, and
will be deemed to have voted in accordance with the Investor Certificateholders
holding a majority of the aggregate Invested Amount outstanding of such Investor
Certificates which are entitled to vote or consent on such matter; provided,
however, that in the event Investor Certificateholders holding equal portions of
the Invested Amount outstanding of such Investor Certificates vote in the
positive and in the negative, without taking into consideration the vote of the
Issuer, as holder of such Collateral Certificate, the Issuer shall be deemed to
vote in the negative; provided further that if the Collateral Certificate is the
sole Investor Certificate outstanding entitled to vote or consent on such
matter, the Issuer, as holder thereof, will be deemed to have voted in the
negative.

                  Section 10.08 Amendments to the Trust Agreement. (a) Subject
to the provisions of the Trust Agreement, without the consent of the Holders of
any Notes or the Indenture Trustee, the Owner Trustee (at the written direction
of the Beneficiary) and the Beneficiary may amend the Trust Agreement so long as
such amendment will not have an Adverse Effect and is not reasonably expected to
have an Adverse Effect at any time in the future.

                                      -87-
<PAGE>

                  (b) Subject to the provisions of the Trust Agreement, (A) in
the case of a significant change in the permitted activities of the Issuer which
is not materially adverse to the Holders of the Notes, with the consent of the
Majority Holders of each Class or Tranche of Notes affected by such change, and
(B) in all other cases, with the consent of the Holders of more than 66-2/3% in
Outstanding Dollar Principal Amount of the Outstanding Notes affected by such
amendment, by Action of said Holders delivered to the Indenture Trustee, the
Beneficiary and the Owner Trustee (at the written direction of the Beneficiary),
the Beneficiary may amend the Trust Agreement for the purpose of adding,
changing or eliminating any provisions of the Trust Agreement or of modifying
the rights of those Noteholders.

                               [END OF ARTICLE X]

                                      -88-
<PAGE>

                                   ARTICLE XI

               REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER

                  Section 11.01 Payment of Principal and Interest. With respect
to each Series, Class or Tranche of Notes, the Issuer will duly and punctually
pay the principal of and interest on such Notes in accordance with their terms
and this Indenture, and will duly comply with all the other terms, agreements
and conditions contained in, or made in this Indenture for the benefit of, the
Notes of such Series, Class or Tranche.

                  Section 11.02 Maintenance of Office or Agency. The Issuer will
maintain an office or agency in each Place of Payment where Notes may be
presented or surrendered for payment, where Notes may be surrendered for
transfer or exchange and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. The Issuer will give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of such office or agency. If at any time the Issuer will
fail to maintain such office or agency or will fail to furnish the Indenture
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Indenture
Trustee, and the Issuer hereby appoints the Indenture Trustee its agent to
receive all such presentations, surrenders, notices and demands.

                  The Issuer may also from time to time designate one or more
other offices or agencies where the Notes of one or more Series, Classes or
Tranches may be presented or surrendered for any or all of such purposes
specified above and may constitute and appoint one or more Paying Agents for the
payments of such Notes, in one or more other cities, and may from time to time
rescind such designations and appointments; provided, however, that no such
designation, appointment or rescission shall in any matter relieve the Issuer of
its obligations to maintain an office or agency in each Place of Payment for
Notes of any Series, Class or Tranche for such purposes. The Issuer will give
prompt written notice to the Indenture Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.
Unless and until the Issuer rescinds one or more of such appointments, the
Issuer hereby appoints the Indenture Trustee, at its principal office, as its
Paying Agent in New York, New York with respect to all Series, Classes and
Tranches of Notes having a Place of Payment in the City of New York, New York.

                  Section 11.03 Money for Note Payments to be Held in Trust. The
Paying Agent, on behalf of the Indenture Trustee, will make distributions to
Noteholders from the Collection Account or other applicable Issuer Account
pursuant to the provisions of any Indenture Supplement and will report the
amounts of such distributions to the Indenture Trustee. Any Paying Agent will
have the revocable power to withdraw funds from the Collection Account or other
applicable Issuer Account for the purpose of making the distributions referred
to above. The Indenture Trustee may revoke such power and remove the Paying
Agent if the Indenture Trustee determines in its sole discretion that the Paying
Agent has failed to perform its obligations under this Indenture or any
Indenture Supplement in any material respect. The Paying Agent upon removal will
return all funds in its possession to the Indenture Trustee.

                                      -89-
<PAGE>

                  The Issuer will cause each Paying Agent (other than the
Indenture Trustee) for any Series, Class or Tranche of Notes to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent will
agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying
Agent, it so agrees), subject to the provisions of this Section 11.03, that such
Paying Agent will:

                  (a) hold all sums held by it for the payment of principal of
or interest on Notes of such Series, Class or Tranche in trust for the benefit
of the Persons entitled thereto until such sums will be paid to such Persons or
otherwise disposed of as herein provided;

                  (b) if such Paying Agent is not the Indenture Trustee, give
the Indenture Trustee notice of any default by the Issuer (or any other obligor
upon the Notes of such Series, Class or Tranche) in the making of any such
payment of principal or interest on the Notes of such Series, Class or Tranche;

                  (c) if such Paying Agent is not the Indenture Trustee, at any
time during the continuance of any such default, upon the written request of the
Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in
trust by such Paying Agent;

                  (d) immediately resign as a Paying Agent and, if such Paying
Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee all
sums held by it in trust for the payment of Notes if at any time it ceases to
meet the standards described in this Section 11.03 required to be met by a
Paying Agent at the time of its appointment; and

                  (e) comply with all requirements of the Internal Revenue Code
or any other applicable tax law with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed
thereon and with respect to any applicable reporting requirements in connection
therewith.

                  The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture with respect to any Series, Class
or Tranche of Notes or for any other purpose, pay, or by an Officer's
Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums
held in trust by the Issuer or such Paying Agent in respect of each and every
Series, Class or Tranche of Notes as to which it seeks to discharge this
Indenture or, if for any other purpose, all sums so held in trust by the Issuer
in respect of all Notes, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Indenture Trustee, such
Paying Agent will be released from all further liability with respect to such
money.

                  Any money deposited with the Indenture Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal of
or interest on any Note of any Series, Class or Tranche and remaining unclaimed
for two years after such principal or interest has become due and payable will
be paid to the Issuer upon request in an Officer's Certificate, or (if then held
by the Issuer) will be discharged from such trust; and the Holder of such Note
will thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof, and all liability of the Indenture Trustee or such Paying Agent
with respect to such trust money, and all liability of the Issuer as trustee
thereof, will thereupon cease. The Indenture Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Issuer give to the Holders of the Notes as to which the money to be repaid was
held in trust, as provided in Section 1.06, a notice that such funds remain
unclaimed and that, after a date specified in the notice, which will not be less
than 30 days from the date on which the notice was first mailed or published to
the Holders of the Notes as to which the money to be repaid was held in trust,
any unclaimed balance of such funds then remaining will be paid to the Issuer
free of the trust formerly impressed upon it.

                                      -90-
<PAGE>

                  Each Paying Agent will at all times have a combined capital
and surplus of at least $50,000,000 and be subject to supervision or examination
by a United States federal or state authority or be regulated by or subject to
the supervision or examination of a governmental authority of a nation that is a
member of the Organization for Economic Co-operation and Development. If such
Paying Agent publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 11.03, the combined capital and surplus of such
Paying Agent will be deemed to be its combined capital and surplus as set forth
in its most recent report of condition as so published.

                  Section 11.04 Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee and the Note Rating Agencies, on or before
March 31 of each year, beginning in 2006, a written statement signed by an
Authorized Officer of the Issuer stating that:

                  (a) a review of the activities of the Issuer during the prior
year and of the Issuer's performance under this Indenture and under the terms of
the Notes has been made under such Authorized Officer's supervision; and

                  (b) to the best of such Authorized Officer's knowledge, based
on such review, the Issuer has complied in all material respects with all
conditions and covenants under this Indenture throughout such year, or, if there
has been a material default in the fulfillment of any such condition or covenant
(without regard to any grace period or requirement of notice), specifying each
such default known to such Authorized Officer and the nature and status thereof.

                  Section 11.05 Legal Existence. The Issuer will do or cause to
be done all things necessary to preserve and keep in full force and effect its
legal existence.

                  Section 11.06 Further Instruments and Acts. Upon request of
the Indenture Trustee or as necessary, the Issuer will execute and deliver such
further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of this Indenture.

                  Section 11.07 Compliance with Laws. The Issuer will comply
with the requirements of all applicable laws, the noncompliance with which
would, individually or in the aggregate, materially and adversely affect the
ability of the Issuer to perform its obligations under the Notes or this
Indenture.

                  Section 11.08 Notice of Events of Default. The Issuer agrees
to give the Indenture Trustee and the Note Rating Agencies prompt written notice
of each Event of Default hereunder and each breach on the part of the Master
Trust or the Transferor of its respective obligations under the applicable
Pooling and Servicing Agreement or the Transfer and Servicing Agreement,
respectively, and any default of a Derivative Counterparty.

                                      -91-
<PAGE>

                  Section 11.09 Certain Negative Covenants. The Issuer will not:

                  (a) claim any credit on, or make any deduction from the
principal or interest payable in respect of, the Notes (other than amounts
withheld in good faith from such payments under the Internal Revenue Code or
other applicable tax law including foreign withholding);

                  (b) permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien in favor of the Indenture Trustee created by
this Indenture to be amended, hypothecated, subordinated, terminated or
discharged, or permit any Person to be released from any covenants or
obligations with respect to the Notes under this Indenture except as may be
expressly permitted hereby;

                  (c) permit any lien, charge, excise, claim, security interest,
mortgage or other encumbrance (other than the lien in favor of the Indenture
Trustee created by this Indenture) to be created on or extend to or otherwise
arise upon or burden the Collateral or any part thereof or any interest therein
or the proceeds thereof;

                  (d) permit the lien in favor of the Indenture Trustee created
by this Indenture not to constitute a valid first priority security interest in
the Collateral; or

                  (e) voluntarily dissolve or liquidate.

                  Section 11.10 No Other Business. The Issuer will not engage in
any business other than as permitted under the Trust Agreement.

                  Section 11.11 Rule 144A Information. For so long as any of the
Notes of any Series, Class or Tranche are "restricted securities" within the
meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees
to provide to any Noteholder of such Series, Class or Tranche and to any
prospective purchaser of Notes designated by such Noteholder, upon the request
of such Noteholder or prospective purchaser, any information required to be
provided to such Holder or prospective purchaser to satisfy the conditions set
forth in Rule 144A(d)(4) under the Securities Exchange Act.

                  Section 11.12 Performance of Obligations; Servicing of
Receivables. (a) The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Trust Agreement, the Transfer and
Servicing Agreement, the applicable Pooling and Servicing Agreement or such
other instrument or agreement.

                                      -92-
<PAGE>

                  (b) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, any Indenture
Supplement, the Trust Agreement and in the instruments and agreements (including
but not limited to, the applicable Pooling and Servicing Agreement) relating to
the Collateral, including but not limited to filing or causing to be filed all
UCC financing statements and amendments thereto required to be filed by the
terms of this Indenture and the Trust Agreement in accordance with and within
the time periods provided for herein and therein. Except as otherwise expressly
provided herein or therein, the Issuer shall not waive, amend, modify,
supplement or terminate this Indenture, any Indenture Supplement or the Trust
Agreement or any provision thereof without the consent of the Majority Holders
of the Notes of each adversely affected Series, Class or Tranche.

                  Section 11.13 Issuer May Consolidate, Etc., Only on Certain
Terms. (a) The Issuer shall not consolidate or merge with or into any other
Person, unless:

                  (1) the Person (if other than the Issuer) formed by or
surviving such consolidation or merger (i) shall be a Person organized and
existing under the laws of the United States of America, any state thereof or
the District of Columbia, (ii) shall not be subject to regulation as an
"investment company" under the Investment Company Act and (iii) shall expressly
assume, by a supplemental indenture, executed and delivered to the Indenture
Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance of
every covenant of this Indenture on the part of the Issuer to be performed or
observed;

                  (2) immediately after giving effect to such transaction, no
Event of Default or Early Amortization Event shall have occurred and be
continuing;

                  (3) the Issuer shall have delivered to the Indenture Trustee
an Officer's Certificate and an Opinion of Counsel each stating that (i) such
consolidation or merger and such supplemental indenture comply with this Section
11.13, (ii) all conditions precedent in this Section 11.13 relating to such
transaction have been complied with (including any filing required by the
Securities Exchange Act), and (iii) such supplemental indenture is duly
authorized, executed and delivered and is valid, binding and enforceable against
such Person;

                  (4) the Issuer shall have received written confirmation from
each Note Rating Agency that there will be no Ratings Effect with respect to any
Outstanding Notes as a result of such consolidation or merger;

                  (5) the Issuer shall have received (and shall have delivered
copies thereof to the Indenture Trustee) an Issuer Tax Opinion and a Master
Trust Tax Opinion for each applicable Master Trust; and

                  (6) any action that is necessary to maintain the lien and
security interest created by this Indenture shall have been taken.

                  (b) The Issuer shall not convey or transfer any of its
properties or assets, including those included in the Collateral, substantially
as an entirety to any Person, unless:

                  (1) the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized and
existing under the laws of the United States of America, any state thereof or
the District of Columbia, (B) expressly assume, by a supplemental indenture,
executed and delivered to the Indenture Trustee, in form satisfactory to the
Indenture Trustee, the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant
of this Indenture on the part of the Issuer to be performed or observed, all as
provided herein, (C) expressly agree by means of such supplemental indenture
that all right, title and interest so conveyed or transferred shall be subject
and subordinate to the lien and Security Interest of the Indenture Trustee
created by this Indenture, (D) expressly agree by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified Person)
shall make all filings with the Commission (and any other appropriate Person)
required by the Securities Exchange Act in connection with the Notes and (E) not
be an "investment company" as defined in the Investment Company Act;

                                      -93-
<PAGE>

                  (2) immediately after giving effect to such transaction, no
Event of Default or Early Amortization Event shall have occurred and be
continuing;

                  (3) the Issuer shall have received written confirmation from
each Note Rating Agency that there will be no Ratings Effect with respect to any
Outstanding Notes as a result of such conveyance or transfer;

                  (4) the Issuer shall have received (and shall have delivered
copies thereof to the Indenture Trustee) an Issuer Tax Opinion and a Master
Trust Tax Opinion for each applicable Master Trust;

                  (5) any action that is necessary to maintain the lien and
security interest created by this Indenture shall have been taken; and

                  (6) the Issuer shall have delivered to the Indenture Trustee
an Officer's Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such Indenture Supplement comply with this Section
11.13 and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Securities Exchange Act).

                  Section 11.14 Successor Substituted. Upon any consolidation or
merger, or any conveyance or transfer of the properties and assets of the Issuer
substantially as an entirety in accordance with Section 11.13 hereof, the Person
formed by or surviving such consolidation or merger (if other than the Issuer)
or the Person to which such conveyance or transfer is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Issuer under
this Indenture with the same effect as if such Person had been named as the
Issuer herein. In the event of any such conveyance or transfer, the Person named
as the Issuer in the first paragraph of this Indenture or any successor which
shall theretofore have become such in the manner prescribed in this Section
11.14 shall be released from its obligations under this Indenture as issued
immediately upon the effectiveness of such conveyance or transfer, provided that
the Issuer shall not be released from any obligations or liabilities to the
Indenture Trustee or the Noteholders arising prior to such effectiveness.

                  Section 11.15 Guarantees, Loans, Advances and Other
Liabilities. Except as contemplated by this Indenture or the Trust Agreement,
the Issuer shall not make any loan or advance or credit to, or guarantee
(directly or indirectly or by an instrument having the effect of assuring
another's payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

                                      -94-
<PAGE>

                  Section 11.16 Capital Expenditures. The Issuer shall not make
any expenditure (by long-term or operating lease or otherwise) for capital
assets (either realty or personalty).

                  Section 11.17 Restricted Payments. The Issuer shall not,
directly or indirectly, (i) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, to the Owner Trustee or any owner of a beneficial interest
in the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire
for value any such ownership or equity interest or security or (iii) set aside
or otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (x) distributions as contemplated by,
and to the extent funds are available for such purpose under, the Trust
Agreement and (y) payments to the Indenture Trustee pursuant to Section 8.07
hereof. The Issuer will not, directly or indirectly, make payments to or
distributions from the Collection Account except in accordance with this
Indenture or any Indenture Supplement.

                  Section 11.18 No Borrowing. The Issuer will not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
additional indebtedness, except for the Notes.

                               [END OF ARTICLE XI]

                                      -95-
<PAGE>

                                  ARTICLE XII

                           EARLY AMORTIZATION OF NOTES

                  Section 12.01 Applicability of Article. Unless otherwise
specified in the applicable Indenture Supplement related to a Series, Class or
Tranche of Notes, pursuant to the terms of this Article XII, the Issuer will
redeem and pay, provided that funds are available and subject to the allocation
and reallocation provisions and, with respect to Subordinated Notes, the
subordination provisions of the Senior Class of that Series, of the related
Indenture Supplement, each affected Series, Class or Tranche of Notes upon the
occurrence of any Early Amortization Event. Unless otherwise specified in the
applicable Indenture Supplement relating to a Series, Class or Tranche of Notes,
or in the form of Notes for such Series, Class or Tranche, the following are
"Early Amortization Events":

                  (a) the occurrence of an Event of Default and acceleration of
the Notes of a Series, Class or Tranche pursuant to Article VI hereof;

                  (b) with respect to any Series, Class or Tranche of Notes, the
occurrence of the Expected Final Payment Date of such Series, Class or Tranche
of Notes;

                  (c) the Issuer becomes an investment company within the
meaning of the Investment Company Act;

                  (d) the occurrence of an Insolvency Event as defined in
Section 8.1 of the Transfer and Servicing Agreement relating to the Transferor;

                  (e) the occurrence of an Insolvency Event as defined in the
applicable Receivables Purchase Agreement relating to an Account Owner;

                  (f) a Transfer Restriction Event shall occur;

                  (g) a Transfer Restriction Event as defined in the applicable
Receivables Purchase Agreements shall occur; or

                  (h) with respect to any Series, Class or Tranche of Notes, any
additional Early Amortization Event specified in the Indenture Supplement for
such Series, Class or Tranche of Notes as applying to such Series, Class or
Tranche of Notes;

        provided that in the case of any event described in subparagraph (d),
(e), (f) or (g), an Early Amortization Event shall occur with respect to the
applicable Series, Class or Tranche of Notes without any notice or other action
on the part of the Indenture Trustee or the Noteholders immediately upon the
occurrence of such event (or, in the case of clause (y) below, immediately
following the expiration of the 60-day grace period), but only to the extent
that (x) as of the date of such event, the average of the Monthly Pool Balance
Percentage for the immediately preceding three Monthly Periods is equal to or
greater than 10% or (y) as of the date of such event, the average of the Monthly
Pool Balance Percentage for the immediately preceding three Monthly Periods is
less than 10%, and within 60 days following the occurrence of the related
Insolvency Event or Transfer Restriction Event, the Pool Balance does not at
least equal the Required Pool Balance (without giving effect to Receivables or
Collateral Certificates attributable to the Transferor or the Account Owner with
respect to which the Insolvency Event or the Transfer Restriction Event has
occurred).

                                      -96-
<PAGE>

                  The repayment price of a Series, Class or Tranche of Notes so
redeemed will equal the Outstanding Dollar Principal Amount of such Series,
Class or Tranche, plus accrued, past due and additional interest to but
excluding the date of repayment, the payment of which will be subject to the
allocations, deposits and payments sections and the subordination provisions of
the related Indenture Supplement.

                  If the Issuer is unable to pay the repayment price in full on
the Payment Date following the end of the Monthly Period in which the Early
Amortization Event occurs, monthly payments on such Series, Class or Tranche of
Notes will thereafter be made on each following Payment Date until the Stated
Principal Amount of such Series, Class or Tranche, plus all accrued, past due
and additional interest, is paid in full or the Legal Maturity Date occurs,
whichever is earlier, subject to the allocations, deposits and payments sections
of the related Indenture Supplement. Any funds in any Supplemental Issuer
Accounts for a repaid Series, Class or Tranche will be applied to make the
principal and interest payments on that Series, Class or Tranche on the
repayment date, subject to the allocations, deposits and payments sections of
the related Indenture Supplement. Principal payments on redeemed Classes or
Tranches will be made first to the senior most Notes until paid in full, then to
the next Subordinated Notes until paid in full.

                  No Principal Collections will be allocated to a Series, Class
or Tranche of Notes with a Nominal Liquidation Amount of zero, irrespective of
whether the Stated Principal Amount of that Series, Class or Tranche of Notes
has been paid in full. However, any funds previously deposited into the
applicable Issuer Accounts and any amounts received from an applicable
Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental
Liquidity Agreement will be available to pay principal of and interest on such
Series, Class or Tranche of Notes. Furthermore, Available Finance Charge
Collections may be applied to reimburse reductions in the Nominal Liquidation
Amount of such Series, Class or Tranche.

                  Section 12.02 Optional Repurchase. Unless otherwise provided
in the applicable Indenture Supplement for a Series, Class or Tranche of Notes,
the Trust or the Transferor (but only if the Transferor is the Servicer or an
Affiliate of the Servicer) has the right, but not the obligation, to redeem a
Series, Class or Tranche of Notes in whole but not in part on any day on or
after the day on which the aggregate Outstanding Dollar Principal Amount (after
giving effect to all payments on such day) of such Series, Class or Tranche of
Notes is reduced to less than 10% of its highest Outstanding Dollar Principal
Amount at any time (or such other percentage as shall be specified from time to
time by the Transferor); provided, however, that if such Class or Tranche of
Notes redeemed is of a Subordinated Class or Tranche of Notes, the Transferor
will not redeem such Notes if the provisions of the related Indenture Supplement
would prevent the payment of such Subordinated Notes until a level of prefunding
of the applicable Issuer Accounts for the Senior Classes of Notes for that
Series has been reached such that the amount of such deficiency in the required
subordination of a Senior Class of Notes is no longer required to provide
subordination protection for the Senior Classes of that Series.

                                      -97-
<PAGE>

                  If the Transferor elects to redeem a Series, Class or Tranche
of Notes, it will cause the Issuer to notify the Holders of such redemption at
least 30 days prior to the redemption date. Unless otherwise specified in the
Indenture Supplement or Terms Document applicable to the Notes to be so
redeemed, the redemption price of a Series, Class or Tranche so redeemed will
equal 100% of the Outstanding Dollar Principal Amount of such Series, Class or
Tranche, plus accrued, unpaid and additional interest or principal accreted and
unpaid on such Tranche to but excluding the date of redemption, the payment of
which will be subject to the allocations, deposits and payments sections of the
related Indenture Supplement.

                  If the Issuer is unable to pay the redemption price in full on
the redemption date, monthly payments on such Series, Class or Tranche of Notes
will thereafter be made until either the Outstanding Dollar Principal Amount of
such Series, Class or Tranche, plus all accrued, unpaid and additional interest,
is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject
to Article VI, Article VII and the allocations, deposits and payments sections
of the related Indenture Supplement. Any funds in any Supplemental Issuer
Accounts for a redeemed Series, Class or Tranche will be applied to make the
principal and interest payments on that Series, Class or Tranche on the
redemption date in accordance with the related Indenture Supplement. Principal
payments on redeemed Series, Class or Tranches will be made in accordance with
the related Indenture Supplement.

                  Section 12.03 Notice. Promptly after the occurrence of any
Early Amortization Event or a redemption pursuant to Section 12.02, the Issuer
will notify the Indenture Trustee and the Note Rating Agencies in writing of the
identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the
affected Series, Class or Tranche of Notes to be redeemed. Notice of redemption
will promptly be given as provided in Section 1.06. All notices of redemption
will state (a) the date on which the redemption of the applicable Series, Class
or Tranche of Notes pursuant to this Article XII will begin, which will be the
Payment Date next following the end of the Monthly Period in which the
applicable Early Amortization Event or redemption pursuant to Section 12.02
occurs, (b) the repayment price for such Series, Class or Tranche of Notes and
(c) the Series, Class or Tranche of Notes to be redeemed pursuant to this
Article XII.

                              [END OF ARTICLE XII]

                                      -98-
<PAGE>

                                  ARTICLE XIII

                                  MISCELLANEOUS

                  Section 13.01 No Petition. The Indenture Trustee, by entering
into this Indenture, each Derivative Counterparty, by accepting its rights as a
third party beneficiary hereunder, each Supplemental Credit Enhancement Provider
or Supplemental Liquidity Provider, as applicable, by accepting its rights as a
third party beneficiary hereunder, and each Noteholder, by accepting a Note,
agrees, to the fullest extent permitted by applicable law, that at no time shall
it commence, or join in commencing, a bankruptcy case or other insolvency or
similar proceeding under the laws of any jurisdiction against the Issuer, the
Transferor, or any Master Trust.

                  Section 13.02 Trust Obligations. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer on the
Notes or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer or the Owner Trustee or of any successor or
assign of the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed (it being understood that the Owner Trustee has
no such obligations in its individual capacity).

                  Section 13.03 Limitations on Liability. (a) It is expressly
understood and agreed by the parties hereto that (i) this Indenture is executed
and delivered by Wilmington Trust Company not individually or personally but
solely as Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it under the Trust Agreement, (ii) each of the
representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking or
agreement by Wilmington Trust Company but is made and intended for the purpose
of binding only the Issuer and (iii) under no circumstances will Wilmington
Trust Company be personally liable for the payment of any indebtedness or
expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this
Indenture or any related documents.

                  (b) None of the Indenture Trustee, the Owner Trustee or any
other beneficiary of the Issuer or any of their respective officers, directors,
employers or agents will have any liability with respect to this Indenture, and
recourse of any Noteholder may be had solely to the Collateral.

                  Section 13.04 Tax Treatment. The Issuer and the Noteholders
agree that the Notes are intended to be debt for federal, state and local income
and franchise tax purposes and agree to treat the Notes accordingly for all such
purposes, unless otherwise required by a taxing authority.

                                      -99-
<PAGE>

                  Section 13.05 Actions Taken by the Issuer. Any and all actions
that are to be taken by the Issuer may be taken by either the Beneficiary or the
Owner Trustee on behalf of the Issuer.

                  Section 13.06 Alternate Payment Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer,
with the written consent of the Indenture Trustee, may enter into any agreement
with any Holder of a Note providing for a method of payment or notice that is
different from the methods provided for in this Indenture for such payments or
notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments or notices, as
applicable, to be made in accordance with such agreements.

                  Section 13.07 Termination of Issuer. The Issuer and the
respective obligations and responsibilities of the Indenture Trustee created
hereby (other than the obligation of the Indenture Trustee to make payments to
Noteholders as hereinafter set forth) shall terminate, except with respect to
the duties described in subsection 13.08(b), as provided in the Trust Agreement.

                  Section 13.08 Final Distribution. The Issuer shall give the
Indenture Trustee at least 30 days written notice of the Payment Date on which
the Noteholders of any Series, Class or Tranche may surrender their Notes for
payment of the final distribution on and cancellation of such Notes. Not later
than the fifth day of the month in which the final distribution in respect of
such Series, Class or Tranche is payable to Noteholders, the Indenture Trustee
shall provide notice to Noteholders of such Series, Class or Tranche specifying
(i) the date upon which final payment of such Series, Class or Tranche will be
made upon presentation and surrender of Notes of such Series, Class or Tranche
at the office or offices therein designated, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such payment date
is not applicable, payments being made only upon presentation and surrender of
such Notes at the office or offices therein specified (which, in the case of
Bearer Notes, shall be outside the United States). The Indenture Trustee shall
give such notice to the Note Registrar and the Paying Agent at the time such
notice is given to Noteholders.

                  (a) Notwithstanding a final distribution to the Noteholders of
any Series, Class or Tranche of Notes (or the termination of the Issuer), except
as otherwise provided in this paragraph, all funds then on deposit in any Issuer
Account allocated to such Noteholders shall continue to be held in trust for the
benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall
pay such funds to such Noteholders upon surrender of their Notes, if
certificated. In the event that all such Noteholders shall not surrender their
Notes for cancellation within 6 months after the date specified in the notice
from the Indenture Trustee described in paragraph (a), the Indenture Trustee
shall give a second notice to the remaining such Noteholders to surrender their
Notes for cancellation and receive the final distribution with respect thereto
(which surrender and payment, in the case of Bearer Notes, shall be outside the
United States). If within one year after the second notice all such Notes shall
not have been surrendered for cancellation, the Indenture Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact
the remaining such Noteholders concerning surrender of their Notes, and the cost
thereof shall be paid out of the funds in the Collection Account or any
Supplemental Issuer Accounts held for the benefit of such Noteholders. The
Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held
by them for the payment of principal or interest that remains unclaimed for two
years. After payment to the Issuer, Noteholders entitled to the money must look
to the Issuer for payment as general creditors unless an applicable abandoned
property law designates another Person.

                                     -100-
<PAGE>

                  Section 13.09 Termination Distributions. Upon the termination
of the Issuer pursuant to the terms of the Trust Agreement, the Indenture
Trustee shall release, assign and convey to the Beneficiary or any of its
designees, without recourse, representation or warranty, all of its right, title
and interest in the Collateral, whether then existing or thereafter created, all
monies due or to become due and all amounts received or receivable with respect
thereto (including all moneys then held in any Issuer Account) and all proceeds
thereof, except for amounts held by the Indenture Trustee pursuant to subsection
13.08(b). The Indenture Trustee shall execute and deliver such instruments of
transfer and assignment as shall be provided to it, in each case without
recourse, as shall be reasonably requested by the Transferor, to vest in the
Transferor, as Beneficiary under the Trust Agreement, or any of its designees
all right, title and interest which the Indenture Trustee had in the Collateral.

                  Section 13.10 Derivative Counterparty, Supplemental Credit
Enhancement Provider and Supplemental Liquidity Provider as Third-Party
Beneficiary. Each Derivative Counterparty, Supplemental Credit Enhancement
Provider and Supplemental Liquidity Provider is a third party beneficiary of
this Indenture to the extent specified in the applicable Derivative Agreement,
Supplemental Credit Enhancement Agreement, Supplemental Liquidity Agreement or
Indenture Supplement.

                  Section 13.11 Notices. (1) in the case of Issuer, to:

                       American Express Issuance Trust
                       c/o Wilmington Trust Company
                       Rodney Square North
                       1100 North Market Street
                       Wilmington, Delaware 19890-1600
                       Attention: Corporate Trust Administration
                       Fax: (302) 636-4140
                  with a copy to:

                       American Express Receivables Financing Corporation V LLC
                       200 Vesey Street, Room 507A
                       New York, New York 10285
                       Attention: President
                       Fax: (212) 640-2417

                      (ii) in the case of the Indenture Trustee, to:

                       The Bank of New York
                       101 Barclay Street, Floor 8 West
                       New York, New York 10286
                       Attention: Corporate Trust Administration
                       Fax: (212) 815-5999

                                     -101-
<PAGE>

                  Section 13.12 Force Majeure. In no event shall the Indenture
Trustee or the Owner Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Indenture Trustee
and the Owner Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

                              [END OF ARTICLE XIII]

                                     -102-
<PAGE>

                                  ARTICLE XIV

                          COMPLIANCE WITH REGULATION AB

                  Section 14.01 Intent of the Parties; Reasonableness. The
Transferor, the Servicer, the Issuer and the Indenture Trustee acknowledge and
agree that the purpose of this Article XIV is to facilitate compliance by the
Transferor with the provisions of Regulation AB and related rules and
regulations of the Commission. The Transferor shall not exercise its right to
request delivery of information or other performance under these provisions
other than in good faith, or for purposes other than the Transferor's compliance
with the Securities Act, the Securities Exchange Act and the rules and
regulations of the Commission thereunder (or the provision in a private offering
of disclosure comparable to that required under the Securities Act). The
Indenture Trustee acknowledges that interpretations of the requirements of
Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees to
comply with requests made by the Transferor in good faith for delivery of
information under these provisions on the basis of evolving interpretations of
Regulation AB. The Indenture Trustee agrees to cooperate in good faith with any
reasonable request by the Transferor for information regarding the Indenture
Trustee which is required in order to enable the Transferor to comply with the
provisions of Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of
Regulation AB as it relates to the Indenture Trustee or to the Indenture
Trustee's obligations under this Agreement. The Servicer agrees to cooperate in
good faith with any reasonable request by the Transferor for information
regarding the Servicer which is required in order to enable the Transferor to
comply with the provisions of Items 1103(a)(1), 1105, 1108, 1117, 1118, 1119,
1121, 1122 and 1123 of Regulation AB as it relates to the Servicer or to the
Servicer's obligations under this Agreement.

                  Section 14.02 Additional Representations and Warranties of the
Indenture Trustee. The Indenture Trustee shall be deemed to represent to the
Transferor, as of the date on which information is provided to the Transferor
under Section 13.3 that, except as disclosed in writing to the Transferor prior
to such date to the best of its knowledge, but without independent
investigation: (i) neither the execution, delivery and performance by the
Indenture Trustee of this Agreement, the performance by the Indenture Trustee of
its obligations under this Agreement nor the consummation of any of the
transactions by the Indenture Trustee contemplated thereby, is in violation of
any indenture, mortgage, bank credit agreement, note or bond purchase agreement,
long-term lease, license or other agreement or instrument to which the Indenture
Trustee is a party or by which it is bound, which violation would have a
material adverse effect on the Indenture Trustee's ability to perform its
obligations under this Agreement, or of any judgment or order applicable to the
Indenture Trustee; and (ii) there are no proceedings pending or threatened
against the Indenture Trustee in any court or before any governmental authority,
agency or arbitration board or tribunal which, individually or in the aggregate,
would have a material adverse effect on the right, power and authority of the
Indenture Trustee to enter into this Agreement or to perform its obligations
under this Agreement.

                                     -103-
<PAGE>

                  Section 14.03 Information to Be Provided by the Indenture
Trustee. The Indenture Trustee shall (i) on or before the fifth Business Day of
each month, provide to the Transferor, in writing, such information regarding
the Indenture Trustee as is requested for the purpose of compliance with Item
1117 of Regulation AB, and (ii) as promptly as practicable following notice to
or discovery by the Indenture Trustee of any changes to such information,
provide to the Transferor, in writing, such updated information.

                  The Indenture Trustee shall (i) on or before the fifth
Business Day of each January, April, July and October, provide to the Transferor
such information regarding the Indenture Trustee as is requested for the purpose
of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of
Regulation AB, and (ii) as promptly as practicable following notice to or
discovery by the Indenture Trustee of any changes to such information, provide
to the Transferor, in writing, such updated information. Such information shall
include, at a minimum:

                           (A) the Indenture Trustee's name and form of
                  organization;

                           (B) a description of the extent to which the
                  Indenture Trustee has had prior experience serving as an
                  Indenture Trustee for asset-backed securities transactions
                  involving credit or charge card receivables;

                           (C) a description of any affiliation between the
                  Indenture Trustee and any of the following parties to a
                  Securitization Transaction, as such parties are identified to
                  the Indenture Trustee by the Transferor in writing in advance
                  of such Securitization Transaction:

                               (1) the sponsor;
                               (2) any depositor;
                               (3) the issuing entity;
                               (4) any servicer;
                               (5) any trustee;
                               (6) any originator;
                               (7) any significant obligor;
                               (8) any enhancement or support provider; and
                               (9) any other material transaction party.

                  In connection with the above-listed parties, a description of
                  whether there is, and if so the general character of, any
                  business relationship, agreement, arrangement, transaction or
                  understanding that is entered into outside the ordinary course
                  of business or is on terms other than would be obtained in an
                  arm's length transaction with an unrelated third party, apart
                  from the asset-backed securities transaction, that currently
                  exists or that existed during the past two years and that is
                  material to an investor's understanding of the asset-backed
                  securities.

                  Section 14.04 Report on Assessment of Compliance and
Attestation. On or before the earlier of (a) March 1 and (b) 30 days prior to
the date on which the Trust is required to file the report on Form 10-K in each
calendar year, commencing in 2007, the Indenture Trustee shall:

                  (i) deliver to the Transferor a report regarding the Indenture
         Trustee's assessment of compliance with the Servicing Criteria during
         the immediately preceding calendar year, as required under Rules 13a-18
         and 15d-18 of the Securities Exchange Act and Item 1122 of Regulation
         AB. Such report shall be addressed to the Transferor or the Servicer,
         as applicable, and signed by an authorized officer of the Indenture
         Trustee, and shall address each of the Servicing Criteria specified in
         Exhibit D or such criteria as mutually agreed upon by the Transferor
         and the Indenture Trustee;

                                     -104-
<PAGE>

                  (ii) deliver to the Transferor a report of a registered public
         accounting firm reasonably acceptable to the Transferor that attests
         to, and reports on, the assessment of compliance made by the Indenture
         Trustee and delivered pursuant to the preceding paragraph. Such
         attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
         Regulation S-X under the Securities Act and the Securities Exchange
         Act; and

                  (iii) deliver to the Transferor and any other Person that will
         be responsible for signing the certification (a "Sarbanes
         Certification") required by Rules 13a-14(d) and 15d-14(d) under the
         Securities Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley
         Act of 2002) on behalf of the Trust or the Transferor with respect to a
         Securitization Transaction a certification substantially in the form
         attached hereto as Exhibit C or such form as mutually agreed upon by
         the Transferor and the Indenture Trustee.

                  The Indenture Trustee acknowledges that the parties identified
in clause (iii) above may rely on the certification provided by the Indenture
Trustee pursuant to such clause in signing a Sarbanes Certification and filing
such with the Commission.

                              [END OF ARTICLE XIV]

                                     -105-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed as of the day and year first above written.

                           AMERICAN EXPRESS ISSUANCE TRUST

                           By: WILMINGTON TRUST COMPANY, not in its individual
                               capacity but solely as Owner Trustee on behalf
                               of the Trust

                           By: _________________________________________________
                               Name:
                               Title:

                           THE BANK OF NEW YORK, as Indenture Trustee and not
                               in its individual capacity

                           By: _________________________________________________
                               Name:
                               Title:

                           THE BANK OF NEW YORK, as Securities Intermediary
                               and not in its individual capacity

                           By: _______________________________________________
                               Name:
                               Title:

<PAGE>

Acknowledged and Accepted:

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION V LLC,
as Transferor

By: _________________________________________________
    Name:
    Title:

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,
as Servicer and as Administrator

By: _________________________________________________
    Name:
    Title:

<PAGE>

STATE OF DELAWARE          )

                           )ss:

COUNTY OF NEW CASTLE       )

                  On [       ], [       ], before me personally came
_______________, to me known, who, being by me duly sworn, did depose and say
that [he][she] resides at _____________; that [he][she] is a __________________
of Wilmington Trust Company, acting not in its individual capacity but solely as
Owner Trustee of the American Express Issuance Trust, one of the parties
described in and which executed the above instrument; that [he][she] knows the
corporate seal of the Beneficiary; that the seal affixed to that instrument is
such corporate seal; that it was affixed by authority of the board of directors
of the corporation; and that [he][she] signed [his][her] name thereto by like
authority.

_____________________________________
Name

_____________________________________
[Notarial Seal]

<PAGE>

STATE OF NEW YORK          )

                           )ss:

COUNTY OF NEW YORK         )

                  On [       ], [       ], before me personally came
[          ], to me known, who,

                  being by me duly sworn, did depose and say that [he][she]
resides at [          ]; that [he][she] is [          ] of The Bank of New York,
one of the parties described in and which executed the above instrument; that
[he][she] knows the corporate seal of said corporation; that the seal affixed to
that instrument is such corporate seal; that it was affixed by authority of the
board of directors of the corporation; and that [he][she] signed [his][her] name
thereto by like authority.

______________________________________
Name

______________________________________
[Notarial Seal]

<PAGE>

                                                                       EXHIBIT A

                       [FORM OF] INVESTMENT LETTER [DATE]

The Bank of New York,
as Indenture Trustee,
101 Barclay Street, Floor 8 West
New York, New York 10286
Attention: Corporate Trust Administration

American Express Issuance Trust
c/o Wilmington Trust Company, as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890-1600
Attention: Corporate Trust Administration

                  Re: Purchase of $ ________________* principal amount of
American Express Issuance Trust, Series [o], Class [o] Notes

                  Ladies and Gentlemen:

                  In connection with our purchase of the above Notes (the
"Notes") we confirm that

                  (1) We understand that the Notes are not being registered
under the Securities Act of 1933, as amended (the "Securities Act"), and are
being sold to us in a transaction that is exempt from the registration
requirements of the Securities Act.

                  (2) Any information we desire concerning the Notes or any
other matter relevant to our decision to purchase the Notes is or has been made
available to us.

                  (3) We have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an
investment in the Notes, and we (and any account for which we are purchasing
under paragraph (4) below) are able to bear the economic risk of an investment
in the Notes. We (and any account for which we are purchasing under paragraph
(iv) below) are an "accredited investor" (as such term is defined in Rule
501(a)(1), (2) or (3) of Regulation D under the Securities Act).

                  (4) We are acquiring the Notes for our own account or for
accounts as to which we exercise sole investment discretion and not with a view
to any distribution of the Notes, subject, nevertheless, to the understanding
that the disposition of our property shall at all times be and remain within our
control.

----------
* Not less than $250,000 minimum principal amount.

<PAGE>

                  (5) We agree that the Notes must be held indefinitely by us
unless subsequently registered under the Securities Act or an exemption from any
registration requirements of the Securities Act and any applicable state
securities law is available.

                  (6) We agree that in the event that at some future time we
wish to dispose of or exchange any of the Notes (such disposition or exchange
not being currently foreseen or contemplated), we will not transfer or exchange
any of the Notes unless:

                      (a) (i) the sale is of at least U.S. $250,000 principal
amount of Notes to an Eligible Purchaser (as defined below), (ii) a letter to
substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of
this letter is executed promptly by the purchaser and (iii) all offers or
solicitations in connection with the sale, whether directly or through any agent
acting on our behalf, are limited only to Eligible Purchasers and are not made
by means of any form of general solicitation or general advertising whatsoever;
or

                      (b) the Notes are transferred pursuant to Rule 144 under
the Securities Act by us after we have held them for more than two years; or

                      (c) the Notes are sold in any other transaction that does
not require registration under the Securities Act and, if the Issuer, the
Servicer, the Trustee or the Note Registrar so requests, we theretofore have
furnished to such party an opinion of counsel satisfactory to such party, in
form and substance satisfactory to such party, to such effect; or

                      (d) the Notes are transferred pursuant to an exception
from the registration requirements of the Securities Act under Rule 144A under
the Securities Act; and

                  (7) We understand that the Notes will bear a legend to
substantially the following effect:

                  THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS NOTE NOR
                  ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
                  PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS
                  OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN
                  AVAILABLE EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS
                  NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE
                  INDENTURE REFERRED TO HEREIN.

                  This legend may be removed if the Issuer, the Indenture
Trustee and the Note Registrar have received an opinion of counsel, in form and
substance satisfactory to them, to the effect that the legend may be removed.

                                      A-2
<PAGE>

                  "Eligible Purchaser" means either an Eligible Dealer or a
corporation, partnership or other entity which we have reasonable grounds to
believe and do believe can make representations with respect to itself to
substantially the same effect as the representations set forth herein. "Eligible
Dealer" means any corporation or other entity the principal business of which is
acting as a broker and/or dealer in securities. Capitalized terms used but not
defined herein shall have the meanings given to such terms in the Amended and
Restated Indenture, dated as of March [__], 2006, between American Express
Issuance Trust and The Bank of New York, as indenture trustee.

                                            Very truly yours,

                                            ____________________________________
                                            (Name of Purchaser)

                                            By: ________________________________
                                                (Authorized officer)

                                      A-3
<PAGE>

                                                                     EXHIBIT B-1

                     [FORM OF] CLEARANCE SYSTEM CERTIFICATE
                     TO BE GIVEN TO THE INDENTURE TRUSTEE BY
                    EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR
           DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A
                              TEMPORARY GLOBAL NOTE

                        AMERICAN EXPRESS ISSUANCE TRUST,
                          Series [o], Class [o] Notes
        [Insert title or sufficient description of Notes to be delivered]

         We refer to that portion of the Temporary Global Note in respect of the
Series [o], Class [o] Notes to be exchanged for definitive Notes (the "Submitted
Portion") pursuant to this certificate (the "Notes") as provided in the Amended
and Restated Indenture, dated as of March [__], 2006 (as amended and
supplemented, the "Indenture") in respect of such issue. This is to certify that
(i) we have received a certificate or certificates, in writing or by tested
telex, with respect to each of the persons appearing in our records as being
entitled to a beneficial interest in the Submitted Portion and with respect to
such person's beneficial interest either (a) from such person, substantially in
the form of Exhibit B-2 to the Indenture, or (b) from [_______ ___, ____],
substantially in the form of Exhibit B-3 to the Indenture, and (ii) the
Submitted Portion includes no part of the Temporary Global Note excepted in such
certificates.

         We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion
are no longer true and cannot be relied on as of the date hereof.

         We understand that this certificate is required in connection with
certain securities and tax laws in the United States of America. If
administrative or legal proceedings are commenced or threatened in connection
with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate or a copy hereof to any interested party in such
proceedings.

Dated: _____________ ___, ______, *       [___________________________________
                                          as operator of the Euroclear System]
                                          [Clearstream, Luxembourg]

                                          By__________________________________

----------
* To be dated on the date of the proposed exchange.

                                     B-1-1
<PAGE>

                                                                     EXHIBIT B-2

                    [FORM OF] CERTIFICATE TO BE DELIVERED TO
                      EUROCLEAR OR CLEARSTREAM, LUXEMBOURG
            BY [o] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED
                              INSTITUTIONAL BUYERS

                        AMERICAN EXPRESS ISSUANCE TRUST,
                           Series [o], Class [o] Notes

         In connection with the initial issuance and placement of the Series
[o], Class [o] Notes (the "Notes"), an institutional investor in the United
States (an "institutional investor") is purchasing [U.S.$/(pound)/(U)/SF]
aggregate principal amount of the Notes hold in our account at [_______________
__________________________, as operator of the Euroclear System] [Clearstream,
Luxembourg] on behalf of such investor.

         We reasonably believe that such institutional investor is a qualified
institutional buyer as such term is defined under Rule 144A of the Securities
Act of 1933, as amended.

         [We understand that this certificate is required in connection with
United States laws. We irrevocably authorize you to produce this certificate or
a copy hereof to any interested party in any administrative or legal proceedings
or official inquiry with respect to the matters covered by this certificate.]

         The Definitive Notes in respect of this certificate are to be issued in
registered form in the minimum denomination of [U.S.$/(pound)/(U)/SF] and such
Definitive Notes (and, unless the Indenture or terms document relating to the
Notes otherwise provides, any Notes issued in exchange or substitution for or on
registration of transfer of Notes) shall bear the following legend:

                  "THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
         SECURITIES ACT OF 1933. NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE
         OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO
         U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE
         REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE
         EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE
         IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO
         HEREIN. THIS NOTE CANNOT BE EXCHANGED FOR A BEARER NOTE."

Dated: _____________ ___, ______,

                                          [                        ]
                                          By___________________________________
                                          Authorized Officer

                                     B-2-1
<PAGE>

                                                                     EXHIBIT B-3

                      [FORM OF] CERTIFICATE TO BE DELIVERED
                     TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG
                              BY A BENEFICIAL OWNER
              OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER

                        AMERICAN EXPRESS ISSUANCE TRUST,
                          Series [o], Class [o] Notes

         This is to certify that as of the date hereof and except as provided in
the third paragraph hereof, the Series [o], Class [o] Notes held by you for
our account (the "Notes") (i) are owned by a person that is a United States
person, or (ii) are owned by a United States person that is (A) the foreign
branch of a United States financial institution (as defined in U.S. Treasury
Regulations Section 1.165-12(c)(1)(v)) (a "financial institution") purchasing
for its own account or for resale, or (B) a United States person who acquired
the Notes through the foreign branch of a financial institution and who holds
the Notes through the financial institution on the date hereof (and in either
case (A) or (B), the financial institution hereby agrees to comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) are owned by a
financial institution for purposes of resale during the Restricted Period (as
defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In
addition, financial institutions described in clause (iii) of the preceding
sentence (whether or not also described in clause (i) or (ii)) certify that they
have not acquired the Notes for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions.

         We undertake to advise you by tested telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the Notes in
bearer form with respect to such of the Notes as then appear in your books as
being held for our account.

         This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF]
principal amount of Notes held by you for our account, as to which we are not
yet able to certify beneficial ownership. We understand that delivery of
Definitive Notes in such principal amount cannot be made until we are able to so
certify.

                                     B-3-1
<PAGE>

         We understand that this certificate is required in connection with
certain securities and tax laws in the United States of America. If
administrative or legal proceedings are commenced or threatened in connection
with which this certificate is or would be relevant, we irrevocably authorize
you to produce this certificate or a copy hereof to any interested party in such
proceedings. As used herein, "United States" means the United States of America,
including the States and the District of Columbia, its territories, its
possessions and other areas subject to its jurisdiction; and "United States
Person" means a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States, or any political subdivision thereof, or an estate or trust the
income of which is subject to United States federal income taxation regardless
of its source.

Dated: _____________ ___, ______*         By______________________________
                                          Name:
         As, or as agent for, the beneficial owner(s) of the interest in the
Notes to which this certificate relates.

----------
* This certificate must be dated on the earlier of the date of the first payment
of interest in respect of the Notes and the date of the delivery of the Notes in
definitive form.

                                      B-3-2
<PAGE>

                                                                       EXHIBIT C

                          FORM OF ANNUAL CERTIFICATION

         Re:      The Amended and Restated Indenture, dated as of March [__],
                  2006 (the "Indenture"), among American Express Issuance Trust,
                  as issuer, and The Bank of New York, as indenture trustee and
                  as securities intermediary

         I, ________________________________, the _______________________ of THE
BANK OF NEW YORK (the "Company"), certify to the Transferor, and their
respective officers, with the knowledge and intent that they will rely upon this
certification, that:

                  (1) I have reviewed the report on assessment of the Company's
         compliance provided in accordance with Rules 13a-18 and 15d-18 under
         the Securities Exchange Act of 1934, as amended (the "Exchange Act")
         and Item 1122 of Regulation AB (the "Servicing Assessment"), and the
         registered public accounting firm's attestation report provided in
         accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
         Section 1122(b) of Regulation AB (the "Attestation Report"), that were
         delivered by the Company to the Transferor pursuant to the Indenture
         (collectively, the "Company Information");

                  (2) To the best of my knowledge, the Company Information,
         taken as a whole, does not contain any untrue statement of a material
         fact or omit to state a material fact necessary to make the statements
         made, in the light of the circumstances under which such statements
         were made, not misleading with respect to the period of time covered by
         the Company Information;

                  (3) To the best of my knowledge, all of the Company
         Information required to be provided by the Company under the Indenture
         has been provided to the Transferor; and

                  (4) To the best of my knowledge, except as disclosed in the
         Servicing Assessment or the Attestation Report, the Company has
         fulfilled its obligations in all material respects under the Indenture.

                                        Date:    _____________________________

                                        By:      ______________________________
                                        Name:
                                        Title:

                                      C-1
<PAGE>

                                                                       EXHIBIT D

         SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         The assessment of compliance to be delivered by the Indenture Trustee
shall address, at a minimum, the criteria identified as below as "Applicable
Servicing Criteria":

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                   SERVICING CRITERIA                                            CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
                        GENERAL SERVICING CONSIDERATIONS
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(i)        Policies and procedures are instituted to monitor any
                     performance or other triggers and events of default in
                     accordance with the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(ii)       If any material servicing activities are outsourced to
                     third parties, policies and procedures are instituted to
                     monitor the third party's performance and compliance with
                     such servicing activities.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(iii)      Any requirements in the transaction agreements to maintain
                     a back-up servicer for the credit card accounts or accounts
                     are maintained.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(1)(iv)       A fidelity bond and errors and omissions policy is in
                     effect on the party participating in the servicing function
                     throughout the reporting period in the amount of coverage
                     required by and otherwise in accordance with the terms of
                     the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
                                      CASH COLLECTION AND ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(i)        Payments on credit card accounts are deposited into the                        |X|(1)
                     appropriate custodial bank accounts and related bank
                     clearing accounts no more than two business days following
                     receipt, or such other number of days specified in the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(ii)       Disbursements made via wire transfer on behalf of an obligor or to             |X|
                     an investor are made only by authorized personnel.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(iii)      Advances of funds or guarantees regarding collections, cash
                     flows or distributions, and any interest or other fees
                     charged for such advances, are made, reviewed and approved
                     as specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(iv)       The related accounts for the transaction, such as cash
                     reserve accounts or accounts established as a form of
                     overcollateralization, are separately maintained (e.g.,
                     with respect to commingling of cash) as set forth in the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(v)        Each custodial account is maintained at a federally insured
                     depository institution as set forth in the transaction
                     agreements. For purposes of this criterion, "federally
                     insured depository institution" with respect to a foreign
                     financial institution means a foreign financial institution
                     that meets the requirements of Rule 13k-1(b)(1) of the
                     Securities Exchange Act.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(vi)       Unissued checks are safeguarded so as to prevent
                     unauthorized access.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(2)(vii)      Reconciliations are prepared on a monthly basis for all
                     asset-backed securities related bank accounts, including
                     custodial accounts and related bank clearing accounts.
                     These reconciliations are (A) mathematically accurate; (B)
                     prepared within 30 calendar days after the bank statement
                     cutoff date, or such other number of days specified in the
                     transaction agreements; (C) reviewed and approved by
                     someone other than the person who prepared the
                     reconciliation; and (D) contain explanations for
                     reconciling items. These reconciling items are resolved
                     within 90 calendar days of their original identification,
                     or such other number of days specified in the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

----------
(1) Solely with regard to deposits made by the Indenture Trustee.

                                      D-1
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                               SERVICING CRITERIA                                CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
                                         INVESTOR REMITTANCES AND REPORTING
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
1122(d)(3)(i)        Reports to investors, including those to be filed with the
                     Commission, are maintained in accordance with the
                     transaction agreements and applicable Commission
                     requirements. Specifically, such reports (A) are prepared
                     in accordance with timeframes and other terms set forth in
                     the transaction agreements; (B) provide information
                     calculated in accordance with the terms specified in the
                     transaction agreements; (C) are filed with the Commission
                     as required by its rules and regulations; and (D) agree
                     with investors' or the trustee's records as to the total
                     unpaid principal balance and number of credit card accounts
                     serviced by the Servicer.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(ii)       Amounts due to investors are allocated and remitted in accordance              |X|
                     with timeframes, distribution priority and other terms set forth in
                     the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(iii)      Disbursements made to an investor are posted within two business               |X|
                     days to the Servicer's investor records, or such other number of
                     days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(3)(iv)       Amounts remitted to investors per the investor reports                         |X|
                     agree with cancelled checks, or other form of payment, or
                     custodial bank statements.
-------------------- --------------------------------------------------------------------- ----------------------
                                              POOL ASSET ADMINISTRATION
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(i)        Collateral or security on credit card accounts is maintained as                |X|
                     required by the transaction agreements or related asset pool
                     documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(ii)       Account and related documents are safeguarded as required by the               |X|
                     transaction agreements
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(iii)      Any additions, removals or substitutions to the asset pool
                     are made, reviewed and approved in accordance with any
                     conditions or requirements in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(iv)       Payments on credit card accounts, including any payoffs,
                     made in accordance with the related credit card accounts
                     documents are posted to the Servicer's obligor records
                     maintained no more than two business days after receipt, or
                     such other number of days specified in the transaction
                     agreements, and allocated to principal, interest or other
                     items (e.g., escrow) in accordance with the related asset
                     pool documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(v)        The Servicer's records regarding the accounts and the
                     accounts agree with the Servicer's records with respect to
                     an obligor's unpaid principal balance.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(vi)       Changes with respect to the terms or status of an obligor's
                     account (e.g., loan modifications or re-agings) are made,
                     reviewed and approved by authorized personnel in accordance
                     with the transaction agreements and related pool asset
                     documents.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(vii)      Loss mitigation or recovery actions (e.g., forbearance
                     plans, modifications and deeds in lieu of foreclosure,
                     foreclosures and repossessions, as applicable) are
                     initiated, conducted and concluded in accordance with the
                     timeframes or other requirements established by the
                     transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(viii)     Records documenting collection efforts are maintained
                     during the period a Account is delinquent in accordance
                     with the transaction agreements. Such records are
                     maintained on at least a monthly basis, or such other
                     period specified in the transaction agreements, and
                     describe the entity's activities in monitoring delinquent
                     Accounts including, for example, phone calls, letters and
                     payment rescheduling plans in cases where delinquency is
                     deemed temporary (e.g., illness or unemployment).
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(ix)       Adjustments to interest rates or rates of return for
                     Accounts with variable rates are computed based on the
                     related Account documents.
-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

                                      D-2

<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------ ----------------------
                                                                                           APPLICABLE SERVICING
                                               SERVICING CRITERIA                                CRITERIA
------------------------------------------------------------------------------------------ ----------------------
     REFERENCE                                     CRITERIA
-------------------- --------------------------------------------------------------------- ----------------------
<S>                  <C>                                                                   <C>
1122(d)(4)(x)        Regarding any funds held in trust for an obligor (such as
                     escrow accounts): (A) such funds are analyzed, in
                     accordance with the obligor's Account documents, on at
                     least an annual basis, or such other period specified in
                     the transaction agreements; (B) interest on such funds is
                     paid, or credited, to obligors in accordance with
                     applicable Account documents and state laws; and (C) such
                     funds are returned to the obligor within 30 calendar days
                     of full repayment of the related Accounts, or such other
                     number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xi)       Payments made on behalf of an obligor (such as tax or
                     insurance payments) are made on or before the related
                     penalty or expiration dates, as indicated on the
                     appropriate bills or notices for such payments, provided
                     that such support has been received by the servicer at
                     least 30 calendar days prior to these dates, or such other
                     number of days specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xii)      Any late payment penalties in connection with any payment
                     to be made on behalf of an obligor are paid from the
                     servicer's funds and not charged to the obligor, unless the
                     late payment was due to the obligor's error or omission.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xiii)     Disbursements made on behalf of an obligor are posted
                     within two business days to the obligor's records
                     maintained by the servicer, or such other number of days
                     specified in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xiv)      Delinquencies, charge-offs and uncollectible accounts are
                     recognized and recorded in accordance with the transaction
                     agreements.
-------------------- --------------------------------------------------------------------- ----------------------
1122(d)(4)(xv)       Any external enhancement or other support, identified in
                     Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
                     is maintained as set forth in the transaction agreements.
-------------------- --------------------------------------------------------------------- ----------------------

-------------------- --------------------------------------------------------------------- ----------------------
</TABLE>

                                      [NAME OF INDENTURE TRUSTEE]

                                      Date: _______________________________

                                      By:  ________________________________
                                      Name:
                                      Title:

                                      D-3

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