Document:

<Page>

Exhibit 10.5

                                                                  EXECUTION COPY

================================================================================

                          USS RECEIVABLES COMPANY, LTD.

                    UNITED STATIONERS FINANCIAL SERVICES LLC,
                                  as Servicer,

                            THE CHASE MANHATTAN BANK,
                                as Funding Agent,

                      PARK AVENUE RECEIVABLES CORPORATION,
                              as Initial Purchaser,

                            THE CHASE MANHATTAN BANK,
                                 as an APA Bank

                                       AND

                            THE CHASE MANHATTAN BANK,
                    as Trustee and as Securities Intermediary

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

                           SECOND AMENDED AND RESTATED
                            SERIES 1998-1 SUPPLEMENT

                             Dated as of May 1, 2001

                                       to

                     AMENDED AND RESTATED POOLING AGREEMENT

                             Dated as of May 1, 2001

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

                   UNITED STATIONERS RECEIVABLES MASTER TRUST

================================================================================

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                               PAGE

                                    ARTICLE I
                                   DEFINITIONS

<S>             <C>                                                             <C>
SECTION 1.1.    Definitions......................................................2

                                   ARTICLE II
                          DESIGNATION OF CERTIFICATES;
                    PURCHASE AND SALE OF THE VFC CERTIFICATES

SECTION 2.1.    Designation.....................................................27
SECTION 2.2.    The Series 1998-1 Interests.....................................27
SECTION 2.3.    Purchases of Interests in the VFC Certificates..................27
SECTION 2.4.    Delivery........................................................28
SECTION 2.5.    Procedure for Increasing the Series 1998-1 Invested Amount......29
SECTION 2.6.    Sales by the Initial Purchaser of its Series 1998-1 Purchaser
                Invested Amount to the APA Banks................................31
SECTION 2.7.    Procedure for Decreasing the Series 1998-1 Invested Amount;
                Optional Termination............................................34
SECTION 2.8.    Reductions of the Commitments...................................35
SECTION 2.9.    Interest, Fees..................................................36
SECTION 2.10.   Indemnification by the Company and the Servicer.................37

                                   ARTICLE III
                          ARTICLE III OF THE AGREEMENT

SECTION 3A.2.   Establishment of Trust Accounts.................................38
SECTION 3A.3.   Allocations.....................................................41
SECTION 3A.4.   Determination of Interest.......................................42
SECTION 3A.5.   Determination of Series 1998-1 Monthly Principal................44
SECTION 3A.6.   Applications....................................................45
</Table>

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<Table>
<Caption>
                                   ARTICLE IV
                            DISTRIBUTIONS AND REPORTS

<S>             <C>                                                             <C>
SECTION 4A.1.   Distributions...................................................47
SECTION 4A.2.   Reserved........................................................48
SECTION 4A.3.   Statements and Notices..........................................48

                                    ARTICLE V
                      ADDITIONAL EARLY AMORTIZATION EVENTS

SECTION 5.1.    Additional Early Amortization Events............................49

                                   ARTICLE VI
                                  SERVICING FEE

SECTION 6.1.    Servicing Compensation..........................................53

                                   ARTICLE VII
                             CHANGE IN CIRCUMSTANCES

SECTION 7.1.    Illegality......................................................53
SECTION 7.2.    Increased Costs.................................................54
SECTION 7.3.    Taxes...........................................................55
SECTION 7.4.    Break Funding Payments..........................................57
SECTION 7.5.    Alternate Rate of Interest......................................58
SECTION 7.6.    Mitigation Obligations..........................................58

                                  ARTICLE VIII
                    REPRESENTATIONS AND WARRANTIES, COVENANTS

SECTION 8.1.    Representations and Warranties of the
                Company and the Servicer........................................59
SECTION 8.2.    Covenants of the Company and the Servicer.......................60
SECTION 8.3.    Covenants of the Servicer.......................................60
SECTION 8.4.    Obligations Unaffected..........................................61

                                   ARTICLE IX
                              CONDITIONS PRECEDENT

SECTION 9.1.    Conditions Precedent to Effectiveness of Supplement.............61
</Table>

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<Table>
<Caption>
                                    ARTICLE X
                                THE FUNDING AGENT

<S>             <C>                                                             <C>
SECTION 10.1.   Appointment.....................................................64
SECTION 10.2.   Delegation of Duties............................................65
SECTION 10.3.   Exculpatory Provisions..........................................65
SECTION 10.4.   Reliance by Funding Agent.......................................66
SECTION 10.5.   Notice of Servicer Default or Early Amortization Event or Close
                Up Potential Early Amortization Event...........................66
SECTION 10.6.   Non-Reliance on the Funding Agent and Other Purchasers..........67
SECTION 10.7.   Indemnification.................................................67
SECTION 10.8.   The Funding Agent in Its Individual Capacity....................68
SECTION 10.9.   Successor Funding Agent.........................................68

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1.   Ratification of Agreement.......................................68
SECTION 11.2.   Governing Law...................................................69
SECTION 11.3.   Further Assurances..............................................69
SECTION 11.4.   Payments........................................................69
SECTION 11.5.   Costs and Expenses..............................................69
SECTION 11.6.   No Waiver, Cumulative Remedies..................................70
SECTION 11.7.   Amendments......................................................70
SECTION 11.8.   Severability....................................................71
SECTION 11.9.   Notices.........................................................71
SECTION 11.10.  Successors and Assigns..........................................72
SECTION 11.11.  Securities Laws; Participations; Assignments....................73
SECTION 11.12.  Adjustments; Set-off............................................75
SECTION 11.13.  Counterparts....................................................76
SECTION 11.14.  No Bankruptcy Petition..........................................76
5SECTION 11.15.  Confidentiality.................................................77
SECTION 11.16.  Limited Recourse................................................77
SECTION 11.17.  Consents of Investor Certificateholders.........................78

                                   ARTICLE XII
                              FINAL DISTRIBUTIONSs

SECTION 12.1.   Certain Distributions...........................................79
</Table>

                                       iii
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<Table>
<Caption>
SCHEDULES

<S>             <C>
Schedule 1      Commitments
</Table>

                                       iv
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          This SECOND AMENDED AND RESTATED SERIES 1998-1 SUPPLEMENT, dated as of
May 1, 2001 (as further amended, supplemented or otherwise modified from time to
time, this "SUPPLEMENT"), is by and among USS RECEIVABLES COMPANY, LTD., a
Cayman Islands limited liability company (together with its permitted successors
and assigns, the "COMPANY"), UNITED STATIONERS FINANCIAL SERVICES LLC, an
Illinois limited liability company (together with its successors and assigns,
"USFS"), as servicer (except where otherwise noted) (together with its
successors and assigns in such capacity, the "SERVICER"), PARK AVENUE
RECEIVABLES CORPORATION, a Delaware corporation (including its successors and
assigns but excluding the APA Banks as assignees pursuant to Section 2.6, the
"INITIAL PURCHASER"), the several banks or financial institutions parties to
this Supplement as of the Effective Date (as defined below) and the other banks
or financial institutions from time to time parties hereto pursuant to Section
11.11 (c) (collectively, the "APA BANKS"; each, individually, an "APA BANK"),
THE CHASE MANHATTAN BANK, a New York banking corporation ("CHASE"), in its
capacity as Funding Agent (the "FUNDING AGENT"), and THE CHASE MANHATTAN BANK,
in its capacity as trustee (together with its successors and assigns in such
capacity, the "TRUSTEE") and as Securities Intermediary (together with its
successors and assigns in such capacity, the "SECURITIES INTERMEDIARY") under
the Agreement (as defined below).

                              W I T N E S S E T H:

          WHEREAS, the Company, the Servicer and the Trustee have entered into
an Amended and Restated Pooling Agreement, dated as of May 1, 2001 (as amended,
supplemented or otherwise modified from time to time, the "AGREEMENT";
capitalized terms used herein and not otherwise defined are used as defined in
the Agreement);

          WHEREAS, the Company, the Servicer, the Trustee, the Initial Purchaser
and the APA Banks have entered into an Amended and Restated Series 1998-1
Supplement dated as of April 3, 1998 (as amended, supplemented or otherwise
modified to the date hereof, the "ORIGINAL SUPPLEMENT");

          WHEREAS, the Company, the Servicer, the Trustee, the Initial Purchaser
and the APA Banks desire to amend and restate the Original Supplement on the
terms and conditions set forth herein;

                                        1
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          WHEREAS, the Agreement provides, among other things, that the Company,
the Servicer and the Trustee may at any time and from time to time enter into
supplements to the Agreement for the purpose of authorizing the issuance on
behalf of the Trust by the Company for execution and redelivery to the Trustee
for authentication of one or more Series of Investor Certificates; and

          WHEREAS, the Company, the Servicer, the Trustee, the Initial Purchaser
and the APA Banks wish to supplement the Agreement as hereinafter set forth.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby expressly acknowledged, the parties
hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.1. DEFINITIONS. (a) The following words and phrases shall
have the following meanings with respect to Series 1998-1 and the definitions of
such terms are applicable to the singular as well as the plural form of such
terms and to the masculine as well as the feminine and neuter genders of such
terms:

          "ACCRUAL PERIOD" shall mean the period from and including a
Distribution Date, to but excluding the succeeding Distribution Date.

          "ACCRUED EXPENSE AMOUNT" shall mean, for each Business Day during an
Accrual Period, the sum of (i) the Daily Interest Deposit for such Business Day,
(ii) the Daily Commitment Fee Deposit for such Business Day, (iii) the Daily
Utilization Fee Deposit for such Business Day, (iv) the Daily Servicing Fee
Deposit for such Business Day and (v) all Program Costs which have accrued since
the preceding Business Day.

          "ACQUIRING APA BANK" shall have the meaning assigned in Section
11.11(c).

          "ADDITIONAL INTEREST" shall have the meaning assigned in Section
3A.4(b).

                                        2
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          "ADJUSTED LIBO RATE" shall mean, with respect to each day during each
Eurodollar Period pertaining to a portion of the Series 1998-1 Invested Amount
allocated to a Eurodollar Tranche, an interest rate per annum (rounded upwards,
if necessary, to the nearest 1/16th of 1%) equal to the LIBO Rate for such
Eurodollar Period multiplied by the Statutory Reserve Rate.

          "ADJUSTED LIQUIDITY PRICE" shall mean, in determining the Purchase
Price of the Purchase Amount on an APA Bank Purchase Date prior to the
occurrence of an Early Amortization Event, an amount equal to:

     IP X [OC + NDR]

     where:

     IP                      =             the Invested Percentage on such
                                           APA Bank Purchase Date;

     OC                      =             the product of (i) the APA Bank
                                           Purchase Percentage for such Purchase
                                           Date MULTIPLIED by (ii) the sum of
                                           (A) any and all amounts due and owing
                                           to the Company or the Trust in
                                           respect of Seller Repurchase Payments
                                           and Seller Adjustment Payments
                                           pursuant to the Transaction Documents
                                           and any, (B) all amounts due and
                                           owing to the Trust as Transfer
                                           Deposit Amounts pursuant to
                                           Section 2.5(b) of the Agreement on
                                           such APA Bank Purchase Date and (C)
                                           all collections received by the
                                           Sellers, the Company or the Trust
                                           which are due and owing to the
                                           Initial Purchaser under the
                                           Transaction Documents which have not
                                           yet been remitted to the Initial
                                           Purchaser; and

                                        3
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     NDR                     =             the product of (i) the APA Bank
                                           Purchase Percentage for such APA Bank
                                           Purchase Date MULTIPLIED BY (ii)
                                           aggregate outstanding Principal
                                           Amount of all Receivables that are
                                           not Defaulted Receivables as of such
                                           APA Bank Purchase Date.

     Each of the foregoing shall be determined as of the most recent Settlement
Report Date.

          "AGED RECEIVABLES RATIO" shall mean, as of the last day of each
Settlement Period, the percentage equivalent of a fraction, the numerator of
which shall be the sum of (a) the aggregate unpaid balance of Receivables
originated by the Sellers that were 60 to 89 days past due and (b) the aggregate
amount of Receivables of such Sellers that were charged off as uncollectible
prior to the day that is 60 days after its original due date during such
Settlement Period, and the denominator of which shall be the aggregate Principal
Amount of Receivables originated by the Sellers during the third prior
Settlement Period (including the Settlement Period ended on such day).

          "AGGREGATE COMMITMENT AMOUNT" shall mean the aggregate amount of the
Commitments of all APA Banks, as reduced from time to time pursuant to Section
2.8; PROVIDED that at all times the Aggregate Commitment Amount shall be no less
than 102% of the Maximum Invested Amount.

          "AGREEMENT" shall have the meaning specified in the recitals hereto.

          "ALTERNATE BASE RATE" shall mean, for any day, a rate per annum equal
to the greatest of (a) the Prime Rate in effect on such day and (b) the Federal
Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate due to a change in the Prime Rate or the Federal Funds
Effective Rate shall be effective from and including the effective day of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

          "APA BANKS" shall have the meaning specified in the introductory
paragraph hereto.

          "APA BANK PURCHASE DATE" shall mean the date of any Purchase.

                                        4
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          "APA BANK PURCHASE PERCENTAGE" shall mean, for any APA Bank Purchase
Date, the percentage equivalent of a fraction, the numerator of which is the
Purchase Amount for such APA Bank Purchase Date and the denominator of which is
the Series 1998-1 Invested Amount on such APA Bank Purchase Date.

          "APPLICABLE MARGIN" shall mean on any date of determination (i) for
each Eurodollar Tranche, 1.50% per annum and (ii) for each Floating Tranche,
0.25% per annum; PROVIDED, HOWEVER that, after the Commitment Expiry Date or the
occurrence of an Early Amortization Event, the Applicable Margin shall mean on
any date of determination for each Eurodollar Tranche or the Floating Tranche,
the applicable rate per annum set forth below under the caption "Eurodollar
Spread" or "Floating Rate Spread," as the case may be, based upon the Pricing
Leverage Ratio (as defined in, and determined in accordance with, the Credit
Agreement under the definition of Letter of Credit Fee Rate, as in effect on the
date hereof) as of the most recent determination date:

<Table>
<Caption>
                LEVERAGE                               EURODOLLAR    FLOATING RATE
CATEGORY        RATIO                                  SPREAD        SPREAD
--------        --------                               ----------    -------------
<S>             <C>                                    <C>           <C>
Category 1      greater than 4.50 to 1.00              2.00%         0.75%
Category 2      greater than 4.00 to 1.00 and less     1.75%         0.50%
                than or equal to 4.50 to 1.00
Category 3      greater than 3.50 to 1.00 and less     1.50%         0.25%
                than or equal to 4.00 to 1.00
Category 4      greater than 3.00 to 1.00 and less     1.25%         0.00%
                than or equal to 3.50 to 1.00
Category 5      less than or equal to 3.00 to 1.00     1.00%         0.00%
</Table>

          "ASSIGNMENT/PARTICIPATION CERTIFICATION" shall mean an assignment or
participation certification, as the case may be, in substantially the form of
Exhibit B hereto.

          "AVAILABLE PRICING AMOUNT" shall mean, on any Business Day, the sum of
(i) the Unallocated Balance PLUS (ii) the Increase, if any, on such date.

          "BENEFITTED PURCHASER" shall have the meaning assigned in Section
11.12.

          "BOARD" shall mean the Board of Governors of the Federal Reserve
System of the United States.

                                        5
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          "CARRYING COST RESERVE RATIO" shall mean, as of any Settlement Report
Date and continuing until (but not including) the next Settlement Report Date,
an amount (expressed as a percentage) equal to (a) the product of (i) 2.0 times
Days Sales Outstanding as of such day and (ii) 1.30 times the Alternate Base
Rate in effect as of such day divided by (b) 365.

          "CHANGE IN LAW" shall mean (a) the adoption of any law, rule or
regulation after the Issuance Date, (b) any change in law, rule or regulation or
in the interpretation or application thereof by any Governmental Authority after
the Issuance Date or (c) compliance by any Purchaser with any request, guideline
or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the Issuance Date.

          "CHASE" shall have the meaning specified in the introductory paragraph
hereto.

          "CLAIM" shall have the meaning assigned in Section 2.10(a).

          "COMMERCIAL PAPER" shall mean the short-term promissory notes of the
Initial Purchaser issued in the United States commercial paper market.

          "COMMITMENT" shall mean, as to any APA Bank, its obligation to
purchase an interest in the VFC Certificate on and after the Issuance Date, to
acquire a PRO RATA share of the Initial Purchaser's VFC Certificate and to
maintain and, subject to certain conditions, increase, its Series 1998-1
Purchaser Invested Amount, in each case, in an aggregate amount not to exceed at
any one time outstanding the amount set forth opposite such APA Bank's name on
Schedule 1 under the caption "Commitment", as such amount may be reduced from
time to time as provided herein; collectively, as to all APA Banks, the
"COMMITMENTS".

          "COMMITMENT EXPIRY DATE" shall mean March 29, 2002 (as may be extended
for an additional period of time up to 364 days from time to time in writing by
PARCO, the Funding Agent and the APA Banks).

          "COMMITMENT FEE" shall have the meaning assigned in Section 2.9(b).

          "COMMITMENT FEE RATE" shall have the meaning assigned in the Fee
Letter.

                                        6
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          "COMMITMENT PERIOD" shall mean the period commencing on the Issuance
Date and terminating on the Commitment Termination Date.

          "COMMITMENT REDUCTION" shall have the meaning assigned in Section
2.8(a).

          "COMMITMENT TERMINATION DATE" shall mean the earlier to occur of (i)
the date on which the Aggregate Commitment Amount has been reduced to zero
pursuant to Section 2.8 of this Agreement and (ii) the Commitment Expiry Date.

          "COMMITMENT TRANSFER SUPPLEMENT" shall have the meaning assigned in
Section 11.11(c).

          "COMPANY" shall have the meaning specified in the introductory
paragraph hereto.

          "COMPANY INDEMNIFIED PERSON" shall have the meaning assigned in
Section 2.10(a).

          "CP RATE" shall mean for any day the weighted average of the interest
rates (or if issued at a discount, the weighted average of the rates, after
converting to interest-bearing equivalents) on all outstanding Commercial Paper
issued by the Initial Purchaser to fund the Initial Purchaser's Series 1998-1
Purchaser Invested Amount, together with related dealer fees and commissions.

          "CP RATE PERIOD" shall mean the period from and including a
Distribution Date to but excluding the next succeeding Distribution Date.

          "CP TRANCHE" shall mean a portion of the Series 1998-1 Invested Amount
for which the Series 1998-1 Monthly Interest is calculated by reference to a
particular Discount and a particular CP Rate Period.

          "CREDIT AGREEMENT" shall mean that certain Third Amended and Restated
Credit Agreement, dated as of June 29, 2000, among USSC, as borrower, United
Stationers Inc., as guarantor, The Chase Manhattan Bank, as administrative
agent, and Chase Securities Inc., as arranger, as the same may be amended,
supplemented or otherwise modified and in effect from time to time.

                                        7
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          "DAILY COMMITMENT FEE DEPOSIT" shall mean, for any Business Day, an
amount equal to (i) the amount of Daily Commitment Fee Expense for each day
since the preceding Business Day plus (ii) the aggregate amount of all
previously accrued Daily Commitment Fee Expense that has not yet been deposited
in the Series 1998-1 Non-Principal Collection Sub-subaccount.

          "DAILY COMMITMENT FEE EXPENSE" shall mean, for any day in any Accrual
Period, the product of (A) the excess of the Aggregate Commitment Amount over
the aggregate Series 1998-1 Purchaser Invested Amounts of the APA Banks on such
day multiplied by (B) the Commitment Fee Rate divided by 360.

          "DAILY INTEREST DEPOSIT" shall mean, for any Business Day, an amount
equal to (i) the amount of Daily Interest Expense for each day since the
preceding Business Day PLUS (ii) the aggregate amount of a previously accrued
Daily Interest Expense that has not yet been deposited in the Series 1998-1
Non-Principal Collection Sub-subaccount PLUS (iii) the aggregate amount of all
Additional Interest for each day since the preceding Business Day.

          "DAILY INTEREST EXPENSE" shall mean (i) for any portion of the Series
1998-1 Invested Amount held by the Initial Purchaser during an Accrual Period,
the product of (A) the Initial Purchaser's Series 1998-1 Purchaser Invested
Amount divided by 360 and (B) the CP Rate for such day and (ii) for any portion
of the Series 1998-1 Invested Amount held by the APA Banks during an Accrual
Period, the sum of (A) the product of (x) the sum of (a) the portion of the APA
Banks' Series 1998-1 Purchaser Invested Amount (calculated with respect to all
APA Banks without regard to clauses (d) and (e) of the definition of Series
1998-1 Purchaser Invested Amount) allocable to the Floating Tranche on such day
and (b) for any day during the period from and including an APA Bank Purchase
Date to but excluding the Distribution Date immediately succeeding an APA Bank
Purchase Date, the Unaccrued Discount divided by 365 (or 366, as the case may
be) and (y) the Alternate Base Rate plus the Applicable Margin in effect on such
day, (B) the product of (x) the portion of the Series 1998-1 Invested Amount
(calculated with respect to all APA Banks without regard to clauses (d) and (e)
of the definition of Series 1998-1 Purchaser Invested Amount) allocable to
Eurodollar Tranches on such day divided by 360 and (y) the weighted average
Adjusted LIBO Rate plus the Applicable Margin on such day in effect with respect
thereto and (C) on an APA Bank Purchase Date, the Unaccrued Discount; PROVIDED,
HOWEVER, that for any such day during the continuance of an Early Amortization
Period, the "Daily Interest Expense" for such day shall be equal to the greater
of (i) the sum of the amounts calculated pursuant to clause (ii) above and (ii)
the product of (x) the Series 1998-1

                                        8
<Page>

Invested Amount on such day divided by 365 (or 366, as the case may be) and (y)
the Alternate Base Rate plus the Applicable Margin in effect on such day plus
2.00%.

          "DAILY SERVICING FEE DEPOSIT" shall mean, for any Business Day, an
amount equal to (i) the amount of Daily Servicing Fee Expense for each day since
the preceding Business Day PLUS (ii) the aggregate amount of all previously
accrued Daily Servicing Fee Expense that has not yet been deposited in the
Series 1998-1 Non-Principal Collection Sub-subaccount.

          "DAILY SERVICING FEE EXPENSE" shall mean, for any day in any Accrual
Period the Series 1998-1 Interests' PRO RATA portion (determined in accordance
with Section 6.1) of the Servicing Fee accruing for such day.

          "DAILY UTILIZATION FEE DEPOSIT" shall mean an amount equal to (i) the
amount of Daily Utilization Fee Expense for each day since the preceding
Business Day PLUS (ii) the aggregate amount of all previously accrued Daily
Utilization Fee Expense that has not yet been deposited in the Series 1998-1
Non-Principal Collection Sub-subaccount.

          "DAILY UTILIZATION FEE EXPENSE" shall mean, for any day in any Accrual
Period on which the Initial Purchaser holds a Series 1998-1 Purchaser Invested
Amount, the product of (A) such Series 1998-1 Purchaser Invested Amount on such
day multiplied by (B) the Utilization Fee Rate divided by 360.

          "DAYS SALES OUTSTANDING" shall mean, as of any Settlement Report Date
and continuing until (but not including) the next Settlement Report Date, the
number of days equal to the product of (a) 91 and (b) the amount obtained by
dividing (i) the aggregate Principal Amount of Eligible Receivables by (ii) the
aggregate Principal Amount of Receivables generated by the Seller for the three
Settlement Periods immediately preceding such earlier Settlement Report Date.

          "DECREASE" shall have the meaning assigned in Section 2.7(a).

          "DEFAULTING APA BANK" shall have the meaning assigned in Section
2.6(c).

          "DEFAULT RATIO" shall mean, for any Settlement Period, a ratio
(expressed as a percentage) equal to the quotient of (a) the sum of (i) the
aggregate outstanding Principal Amount of all Receivables which are unpaid in
whole or in

                                        9
<Page>

part for more than 91 days after their respective due dates on the last day of
such Settlement Period and (ii) the aggregate amount of Disputed Receivables;
and (b) the aggregate outstanding Principal Amount of all Receivables on such
last day.

          "DILUTION PERIOD" shall mean, as of any Settlement Report Date and
continuing until (but not including) the next Settlement Report Date, the
quotient of (i) the product of (A) the aggregate Principal Amount of Receivables
that were originated by the Sellers during the Settlement Period preceding such
earlier Settlement Report Date and (B) the quotient of (1) Days Sales
Outstanding as of such Settlement Report Date and (2) 30 and (ii) the Aggregate
Receivables Amount as of the last day of the Settlement Period preceding such
earlier Settlement Report Date.

          "DILUTION RATIO" shall mean, as of the last day of each Settlement
Period, an amount (expressed as a percentage) equal to (i) the difference
between (A) the aggregate amount of Dilution Adjustments made during such
Settlement Period and (B) the Dilution Reduction Amount divided by (ii) the
average aggregate Principal Amount of Receivables that were originated by the
Sellers during the last two Settlement Periods (including the Settlement Period
ending on such day).

          "DILUTION RESERVE RATIO" shall mean, as of any Settlement Report Date
and continuing until (but not including) the next Settlement Report Date, an
amount (expressed as a percentage) that is calculated as follows:

          DRR = [ (c * d) + (e-d) * (e/d) ] * f

     Where:

          DRR = Dilution Reserve Ratio;

          c = 2.00;

          d = the average of the Dilution Ratio that occurred during the period
of twelve consecutive Settlement Periods ending immediately prior to such
earlier Settlement Report Date;

          e = the highest average of the Dilution Ratio that occurred during the
period of twelve consecutive Settlement Periods ending prior to such earlier
Settlement Report Date; and

                                       10
<Page>

          f = the Dilution Period.

          "DISCOUNT" shall mean, for purposes of this Agreement, the amount of
interest or discount to accrue on or in respect of Commercial Paper allocated,
in whole or in part, by the Funding Agent to fund the purchase or maintenance of
the Initial Purchaser's Series 1998-1 Purchaser Invested Amount (including
related commercial paper placement agent costs and commissions and odd-lot
amounts).

          "EARLY AMORTIZATION DATE BALANCE" shall mean, on the date of any
occurrence of an Early Amortization Event, an amount equal to:

                                 IP X [OC + NDR]

where:

          IP   =      the Invested Percentage on such date;

          OC   =      the sum of (i) any and all amounts due and
                      owing to the Company or the Trust in respect
                      of Seller Repurchase Payments and Seller
                      Adjustment Payments pursuant to the
                      Transaction Documents, (ii) all amounts due
                      and owing to the Trust as Transfer Deposit
                      Amounts pursuant to Section 2.5(b) of the
                      Agreement on such date and (iii) all
                      collections received by the Sellers, the
                      Company and/or the Trust which are due and
                      owing to the Initial Purchaser under the
                      Transaction Documents which have not yet
                      been remitted to the Initial Purchaser;

          NDR  =      the aggregate outstanding Principal Amount
                      of all Receivables that are not Defaulted
                      Receivables as of such date.

          Each of the foregoing shall be determined from the Settlement Report
delivered to the Funding Agent on or immediately prior to the date of occurrence
of such Early Amortization Event.

          "EARLY AMORTIZATION EVENT" shall have the meanings assigned in Section
5.1 of this Supplement and Section 7.1 of the Agreement.

                                       11
<Page>

          "EARLY AMORTIZATION PERIOD" shall have the meaning assigned in Section
5.1 of this Supplement and Section 7.1 of the Agreement.

          "EFFECTIVE DATE" shall have the meaning assigned in Section 9.1.

          "ELIGIBLE ASSIGNEE" shall mean any financial institution that is a
United States Person (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code) and that has a short-term debt rating of at least A-1 from S&P and
P-1 from Moody's.

          "EURODOLLAR PERIOD" shall mean, with respect to any Eurodollar
Tranche, prior to the Scheduled Revolving Termination Date, a period of one,
two, three, four, five or six months requested by the Company commencing on a
Business Day requested by the Company and agreed to by the Funding Agent;
PROVIDED, HOWEVER, that each such Eurodollar Period shall expire on a
Distribution Date.

          "EURODOLLAR TRANCHE" shall mean a portion of the Series 1998-1
Invested Amount for which the Series 1998-1 Monthly Interest is calculated by
reference to an Adjusted LIBO Rate determined by reference to a particular
Eurodollar Period.

          "EXCLUDED TAXES" shall mean, with respect to the Funding Agent, any
Purchaser or any other recipient of any payment to be made by or on account of
any increased obligation of the Company hereunder, (a) income or franchise taxes
imposed on (or measured by) its net income (i) by the United States of America,
or (ii) by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located, managed or controlled, or, in the
case of any APA Bank, in which its applicable lending office is located, or
(iii) by reason of any connection between the jurisdiction imposing such tax and
the Funding Agent, such recipient or such office other than a connection arising
solely from this Agreement or any other Transaction Document or any transaction
hereunder or thereunder, and (b) any branch profits imposed by the United States
of America or any similar tax imposed by any other jurisdiction in which the
Company is located.

          "FEE LETTER" shall mean, collectively, those certain Fee Letters,
dated as of the date hereof, among the Company, the Funding Agent and the
Initial Purchaser, as the same may from time to time be amended, supplemented or
otherwise modified and in effect.

                                       12
<Page>

          "FEDERAL FUNDS EFFECTIVE RATE" shall mean, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day of such
transactions received by the Funding Agent from three Federal funds brokers of
recognized standing selected by it.

          "FLOATING TRANCHE" shall mean, for any portion of the Series 1998-1
Invested Amount that is held by the APA Banks, that portion of the Series 1998-1
Invested Amount not allocated to a Eurodollar Tranche for which the Series
1998-1 Monthly Interest is calculated by reference to the Alternate Base Rate.

          "FUNDING AGENT" shall have the meaning specified in the introductory
paragraph hereto.

          "INCREASE" shall have the meaning assigned in Section 2.5(a).

          "INCREASE AMOUNT" shall have the meaning assigned in Section 2.5(a).

          "INCREASE DATE" shall have the meaning assigned in Section 2.5(a).

          "INDEMNIFIED TAXES" shall mean Taxes other than Excluded Taxes.

          "INITIAL PURCHASER" shall have the meaning specified in the
introductory paragraph hereto.

          "INITIAL SERIES 1998-1 INVESTED AMOUNT" shall mean the initial
invested amount applicable to Series 1998-1.

          "INTEREST SHORTFALL" shall have the meaning assigned in Section
3A.4(b).

          "INVESTED PERCENTAGE" shall mean, with respect to any Business Day (i)
during the Series 1998-1 Revolving Period, the percentage equivalent of a
fraction, the numerator of which is the Series 1998-1 Allocated Receivables
Amount

                                       13
<Page>

as of the end of the immediately preceding Business Day and the denominator of
which is the Aggregate Receivables Amount with respect to such Business Day and
(ii) during the Series 1998-1 Amortization Period, the percentage equivalent of
a fraction, the numerator of which is the Series 1998-1 Allocated Receivables
Amount as of the end of the last Business Day of the Series 1998-1 Revolving
Period (PROVIDED THAT if during the Series 1998-1 Amortization Period, the
amortization periods of all other Outstanding Series which were outstanding
prior to the commencement of the Series 1998-1 Amortization Period commence,
then, from and after the date the last of such Series commences its Amortization
Period, the numerator shall be the Series 1998-1 Allocated Receivables Amount as
of the end of the Business Day preceding such date) and the denominator of which
is the greater of (A) the Aggregate Receivables Amount with respect to such
Business Day and (B) the sum of the numerators used to calculate the Invested
Percentage for all Outstanding Series on the Business Day for which such
percentage is determined.

          "ISSUANCE DATE" shall mean April 3, 1998.

          "LIBO RATE" shall mean, with respect to each day during each
Eurodollar Period pertaining to a Eurodollar Tranche, the rate appearing on Page
3750 of the Telerate Service (or on any successor or substitute page of such
Service, providing rate quotations comparable to those currently provided on
such page of such Service, as determined by the Funding Agent from time to time
for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market) at approximately 11:00 a.m. (London
time) on the second Business Day prior to the commencement of such Eurodollar
Period, as the rate for dollar deposits with a maturity comparable to the
Eurodollar Period applicable to such Eurodollar Tranche. In the event that such
rate is not available at such time for any reason, then the "LIBO RATE" with
respect to each day during such Eurodollar Period pertaining to such Eurodollar
Tranche shall be the rate at which dollar deposits of $5,000,000 and for a
maturity comparable to such Eurodollar Period are offered by the principal
London office of the Funding Agent in immediately available funds in the London
interbank market at approximately 11:00 a.m. (London time) on the second
Business Day prior to the commencement of such Eurodollar Period.

          "LOSS RESERVE RATIO" shall mean, as of any Settlement Report Date and
continuing until (but not including) the next Settlement Report Date, an amount
(expressed as a percentage) that is calculated as follows:

                                       14
<Page>

          LRR = (a * b)/c * d * e

     Where:

          LRR = Loss Reserve Ratio;

          a = the aggregate Principal Amount of Receivables originated by the
Sellers during the three Settlement Periods immediately preceding such earlier
Settlement Report Date;

          b = the highest three-month rolling average of the Aged Receivables
Ratio that occurred during the period of twelve consecutive Settlement Periods
ending prior to such earlier Settlement Report Date;

          c = the Aggregate Receivables Amount as of the last day of the
Settlement Period immediately preceding such earlier Settlement Report Date; and

          d = 2.00.

          e = Payment Terms Factor

          "LOSS-TO-LIQUIDATION RATIO" shall mean, for any Settlement Period, a
ratio (expressed as a percentage) equal to the quotient of (a) the difference,
if any, between (i) the aggregate Principal Amount of Charged-Off Receivables
with respect to such Settlement Period and the immediately preceding two
Settlement Periods and (ii) the aggregate amount of Recoveries during such two
Settlement Periods, and (b) the aggregate amount of Collections during such two
Settlement Periods.

          "MAJORITY PURCHASERS" shall mean (i) on any day on which the Initial
Purchaser shall hold an interest in the Series 1998-1 Certificates, the Initial
Purchaser and the Required APA Banks and (ii) on any day on which the Initial
Purchaser shall not hold an interest in the Series 1998-1 Certificates, the
Required APA Banks.

          "MAXIMUM COMMITMENT AMOUNT" shall mean $81,600,000.

          "MAXIMUM INVESTED AMOUNT" shall mean $80,000,000.

                                       15
<Page>

          "MINIMUM RATIO" shall mean, as of any Settlement Report Date and
continuing until (but not including) the next Settlement Report Date, the sum of
(i) 10% and (ii) 2.5% for each customer designated as a Special Obligor.

          "MONTHLY INTEREST PAYMENT" shall have the meaning assigned in Section
3A.6(a).

          "NON-DEFAULTING APA BANK" shall have the meaning assigned in Section
2.6(c).

          "OPTIONAL TERMINATION DATE" shall have the meaning assigned in Section
2.7(d).

          "OPTIONAL TERMINATION NOTICE" shall have the meaning assigned in
Section 2.7(d).

          "OTHER TAXES" shall mean any and all current or future stamp or
documentary taxes or other excise or property taxes, charges or similar levies
arising from any payment made under the Transaction Documents or from the
execution, delivery or enforcement of, or otherwise with respect to, any
Transaction Document.

          "PARCO" shall mean Park Avenue Receivables Corporation, a Delaware
corporation, and its permitted successors and assigns.

          "PARCO INSOLVENCY EVENT" shall mean the occurrence of any one or more
of the following: (i) any proceeding shall have been instituted by the Initial
Purchaser seeking to adjudicate it as bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of any
order for relief or the appointment of a receiver, trustee or other similar
official for it or any substantial part of its property, or (ii) any proceeding
of the type described in the foregoing clause (i) shall be instituted against
the Initial Purchaser and shall have remained undismissed for a period of sixty
(60) consecutive days, or an order granting relief requested in any such
proceeding shall be entered.

          "PARCO INTEREST" shall mean all of the Initial Purchaser's right,
title and interest in the Series 1998-1 Purchaser Invested Amount.

                                       16
<Page>

          "PARCO TERMINATION EVENT" shall mean that the providers of the Initial
Purchaser's program liquidity and/or letter of credit facilities shall have
given notice to the Initial Purchaser that an event of default has occurred and
is continuing under their respective agreements with the Initial Purchaser.

          "PARTICIPANTS" shall have the meaning assigned in Section 11.11(b).

          "PAYMENT TERMS FACTOR" shall mean 1.017.

          "PBGC" shall mean the Pension Benefit Guaranty Corporation established
pursuant to Subtitle A of Title IV of ERISA.

          "PRIME RATE" shall mean the rate of interest per annum publicly
announced from time to time by the Funding Agent as its prime rate in effect at
its principal office in New York, New York; each change in the Prime Rate shall
be effective from and including the date such change is publicly announced as
being effective.

          "PROGRAM COSTS" shall mean, for any Business Day, the sum of (i) all
expenses, indemnities and other amounts due and payable to the Purchasers and
the Funding Agent under the Agreement or this Supplement (including, without
limitation, any Article VII Costs) and (ii) the product of (A) all unpaid fees
and expenses due and payable to counsel to, and independent auditors of, the
Company (other than fees and expenses payable on or in connection with the
closing of the issuance of the Series 1998-1 Interests) and (B) a fraction, the
numerator of which is the Aggregate Commitment Amount on such Business Day and
the denominator of which is the sum of (x) the Aggregate Invested Amounts on
such Business Day (other than the Series 1998-1 Invested Amount and the Invested
Amount in respect of any variable funding certificate of any other Outstanding
Series) and (y) the Aggregate Commitment Amount on such Business Day plus the
Aggregate Commitment Amount for any variable funding certificate of any other
Outstanding Series; PROVIDED, HOWEVER, that the amount of Program Costs payable
pursuant to Section 3A.6(b)(iv) shall not exceed $75,000 in the aggregate in any
fiscal year of the Servicer.

          "PRO RATA SHARE" shall mean, on any date of determination, with
respect to any APA Bank, the ratio (expressed as a percentage) of such APA
Bank's Commitment to the Aggregate Commitment Amount at such time; PROVIDED
that, on

                                       17
<Page>

any date after the Commitment Expiry Date, the Pro Rata Share of any APA Bank
shall be such APA Bank's Pro Rata Share on the Commitment Expiry Date.

          "PURCHASE" shall mean the assignment by the Initial Purchaser to the
APA Banks of any portion of the Initial Purchaser's Series 1998-1 Purchaser
Invested Amount pursuant to Section 2.6.

          "PURCHASE AMOUNT" shall mean, for any APA Bank Purchase Date, the
amount of the Initial Purchaser's Series 1998-1 Purchaser Invested Amount
specified in the Sale Notice for such APA Bank Purchase Date.

          "PURCHASE PERCENTAGE" shall mean, for any APA Bank Purchase Date, the
percentage equivalent of a fraction, the numerator of which is the Purchase
Amount for such APA Bank Purchase Date and the denominator of which is the
Initial Purchaser's Series 1998-1 Purchaser Invested Amount on such APA Bank
Purchase Date.

          "PURCHASE PRICE" shall mean either:

               (a) on any APA Bank Purchase Date on or prior to the occurrence
     of an Early Amortization Event, an amount equal to the lesser of (i) the
     Purchase Amount for such APA Bank Purchase Date and (ii) the Adjusted
     Liquidity Price with respect to such Purchase Amount, as clauses (a)(i) and
     (a)(ii) shall be increased by the sum of (A) the Purchase Percentage of all
     accrued and unpaid Discount PLUS (B) the Unaccrued Discount; and

               (b) on any APA Bank Purchase Date after the occurrence of an
     Early Amortization Event, an amount equal to (i) the Purchase Amount for
     such APA Bank Purchase Date PLUS (ii) the sum of (A) the Purchase
     Percentage of all accrued and unpaid Discount PLUS (B) the Unaccrued
     Discount with respect to such Purchase Amount; PROVIDED that, if on the
     date of occurrence of such Early Amortization Event, the Series 1998-1
     Invested Amount exceeded the Early Amortization Date Balance (the amount of
     such excess, the "LOSS AMOUNT"), the amount in clause (b)(i) above on any
     APA Bank Purchase Date occurring after the occurrence of such Early
     Amortization Event shall be reduced by an amount equal to the APA Bank
     Purchase Percentage of the Loss Amount for such APA Bank Purchase Date.

                                       18
<Page>

          "PURCHASE PRICE DEFICIT" shall have the meaning assigned in Section
2.6(c).

          "PURCHASER" shall mean, at any time, either the Initial Purchaser,
each APA Bank or each Acquiring APA Bank, as applicable.

          "RATING AGENCY" and "RATING AGENCIES" shall mean Moody's, S&P or any
other nationally recognized statistical rating organization from which a rating
for the Commercial Paper was requested by the Initial Purchaser and is currently
in effect.

          "RATING AGENCY CONDITION" shall mean, with respect to any action, that
(i) each Rating Agency shall have been given 10 days' (or such shorter period as
shall be acceptable to each Rating Agency) prior notice thereof and that each of
the Rating Agencies shall have notified the Initial Purchaser and the Funding
Agent in writing that such action will not result in a reduction or withdrawal
of the then current rating of the Commercial Paper and (ii) the Required APA
Banks shall have given their prior written consent to such action.

          "RECORD DATE" shall mean the first Business Day prior to each
Distribution Date.

          "REDUCTION PERCENTAGE" shall mean the percentage equivalent of a
fraction, the numerator of which is the PARCO Residual Amount and the
denominator of which is the sum of the PARCO Residual Amount and the Adjusted
Liquidity Price or the Early Amortization Date Balance, as applicable, on the
related APA Bank Purchase Date.

          "REGISTER" shall mean a register maintained by the Funding Agent for
recording transfers of the Commitments.

          "REQUIRED APA BANKS" shall mean APA Banks having Pro Rata Shares in
the aggregate at least equal to 66-2/3% or, if the Commitments have been
terminated, holding at least 66-2/3% of the outstanding Series 1998-1 Invested
Amount; PROVIDED that the Commitment of any Defaulting APA Bank that has not
paid all amounts due and owing by it in respect of the purchase it was obligated
to make shall not be included in the Aggregate Commitment Amount for purposes of
this definition.

                                       19
<Page>

          "REPORTED PERIOD" shall mean, with respect to Series 1998-1, each
Business Day.

          "SALE NOTICE" shall mean an irrevocable written notice given by an
authorized signatory or authorized officer of the Initial Purchaser (or on
behalf of the Initial Purchaser by Chase, in its capacity as the Initial
Purchaser's administrative agent) to the Funding Agent committing to sell,
assign and transfer to the APA Banks, on the basis of their Pro Rata Shares, all
or a portion of the Initial Purchaser's Series 1998-1 Purchaser Invested Amount,
which notice shall designate (i) the APA Bank Purchase Date, (ii) the Series
1998-1 Invested Amount and the Initial Purchaser's Series 1998-1 Purchaser
Invested Amount, (iii) the Purchase Price (including details showing calculation
of the Purchase Price), (iv) the Purchase Amount, (v) the Purchase Percentage
and the APA Bank Purchase Percentage for such APA Bank Purchase Date, (vi) that
no PARCO Insolvency Event has occurred and (vii) wire transfer instructions
specifying the account(s) into which the proceeds of the Purchase Price shall be
deposited.

          "SCHEDULED COMMITMENT EXPIRATION DATE" shall mean, with respect to the
obligation of the APA Banks to make Purchases from the Initial Purchaser, March
29, 2002 (as may be extended for an additional period of time up to 364 days
from time to time in writing by PARCO, the Funding Agent and the APA Banks).

          "SCHEDULED REVOLVING TERMINATION DATE" shall mean the last day of the
Settlement Period ending on or immediately before the Commitment Expiry Date.

          "SECURITIES INTERMEDIARY" shall have the meaning specified in the
introductory paragraph hereto.

          "SERIES 1998-1" shall mean Series 1998-1, the Principal Terms of which
are set forth in this Supplement.

          "SERIES 1998-1 ACCRUED INTEREST SUB-SUBACCOUNT" shall have the meaning
assigned in Section 3A.2(a).

          "SERIES 1998-1 ADJUSTED INVESTED AMOUNT" shall mean, as of any date of
determination, (i) the Series 1998-1 Invested Amount on such date, MINUS (ii)
the amount on deposit in the Series 1998-1 Principal Collection Sub-subaccount
on such date.

                                       20
<Page>

          "SERIES 1998-1 ALLOCABLE CHARGED-OFF AMOUNT" shall mean, with respect
to any Special Allocation Settlement Report Date, the "Allocable Charged-Off
Amount", if any, which has been allocated to Series 1998-1.

          "SERIES 1998-1 ALLOCABLE RECOVERIES AMOUNT" shall mean, with respect
to any Special Allocation Settlement Report Date, the "Allocable Recoveries
Amount", if any, which has been allocated to Series 1998-1.

          "SERIES 1998-1 ALLOCATED RECEIVABLES AMOUNT" shall mean, on any date
of determination, the lower of (i) the Series 1998-1 Target Receivables Amount
on such day and (ii) the product of (x) the Aggregate Receivables Amount on such
day and (y) the percentage equivalent of a fraction the numerator of which is
the Series 1998-1 Target Receivables Amount on such day and the denominator of
which is the Aggregate Target Receivables Amount on such day.

          "SERIES 1998-1 AMORTIZATION PERIOD" shall mean the period commencing
on the Business Day following the earliest to occur of (i) the date on which an
Early Amortization Period is declared to commence or automatically commences,
(ii) the Optional Termination Date and (iii) the Scheduled Revolving Termination
Date and ending on the earlier of (i) the date when the Series 1998-1 Invested
Amount shall have been reduced to zero and all accrued interest and other
amounts owing on the VFC Certificates and to the Funding Agent and the
Purchasers hereunder shall have been paid in full and (ii) the Series 1998-1
Termination Date.

          "SERIES 1998-1 COLLECTION SUBACCOUNT" shall have the meaning assigned
in Section 3A.2(a).

          "SERIES 1998-1 INTERESTS" shall mean, collectively, the VFC
Certificates and the Series 1998-1 Subordinated Interest.

          "SERIES 1998-1 INVESTED AMOUNT" shall mean, as of any date of
determination, the sum of the Series 1998-1 Purchaser Invested Amounts of all
Purchasers on such date.

          "SERIES 1998-1 MONTHLY INTEREST" shall have the meaning assigned in
Section 3A.4(a).

          "SERIES 1998-1 MONTHLY PRINCIPAL PAYMENT" shall have the meaning
assigned in Section 3A.5.

                                       21
<Page>

          "SERIES 1998-1 NON-PRINCIPAL COLLECTION SUB-SUBACCOUNT" shall have the
meaning assigned in Section 3A.2(a).

          "SERIES 1998-1 PERIODIC SERVICING FEE" shall have the meaning assigned
in Section 6.1.

          "SERIES 1998-1 PRINCIPAL COLLECTION SUB-SUBACCOUNT" shall have the
meaning assigned in Section 3A.2(a).

          "SERIES 1998-1 PURCHASER INVESTED AMOUNT" shall mean, with respect to
the Initial Purchaser or, in the aggregate, the APA Banks, in each case on any
date of determination, an amount equal to (a) the Initial Purchaser's or the APA
Banks' Series 1998-1 Purchaser Invested Amount, as applicable, on the
immediately preceding Business Day (or, with respect to the day as of which
another Purchaser acquires an interest in the Series 1998-1 Invested Amount,
whether pursuant to Section 2.6, by executing a counterpart hereof, a Commitment
Transfer Supplement or otherwise, the portion of the transferor's Series 1998-1
Purchaser Invested Amount being purchased), PLUS (b) the amount of any increases
in the Initial Purchaser's or the APA Banks' Series 1998-1 Purchaser Invested
Amount, as applicable, pursuant to Section 2.5 made on such day, MINUS (c) the
amount of any distributions to such Purchaser in respect of principal received
and applied on such day minus (d) the aggregate Series 1998-1 Allocable
Charged-Off Amount applied to such Purchaser on or prior to such date pursuant
to Section 3A.5(b)(ii) and PLUS (e) (but only to the extent of any unreimbursed
reductions made pursuant to clause (d) above) the aggregate Series 1998-1
Allocable Recoveries Amount applied to such Purchaser on or prior to such date
pursuant to Section 3A.5(c)(i).

          "SERIES 1998-1 RATIO" shall mean, as of any Settlement Report Date and
continuing until (but not including) the next Settlement Report Date, the
greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Ratio
and (ii) the Minimum Ratio, in each case, then in effect.

          "SERIES 1998-1 REQUIRED RESERVES" shall mean, (x) as of any date of
determination during the Series 1998-1 Revolving Period, an amount equal to the
sum of:

               (a) an amount equal to the product of (i) the Series 1998-1
     Adjusted Invested Amount on such day (after giving effect to any increase
     or decrease thereof on such day) and (ii) the percentage equivalent of a
     fraction,

                                       22
<Page>

     the numerator of which is the Series 1998-1 Ratio and the denominator of
     which is one MINUS the Series 1998-1 Ratio;

               (b) the product of (i) the Series 1998-1 Invested Amount on such
     day (after giving effect to any increase or decrease thereof on such day),
     (ii) the Carrying Cost Reserve Ratio in effect on such day and (iii) the
     percentage equivalent of a fraction, the numerator of which is one and the
     denominator of which is one MINUS the Series 1998-1 Ratio; and

               (c) the product of (i) the aggregate Principal Amount of
     Receivables in the Trust on such day, (ii) the Series 1998-1 Invested
     Amount on such day (after giving effect to any increase or decrease thereof
     on such day) DIVIDED BY the Aggregate Invested Amount on such day, (iii)
     the Servicing Reserve Ratio in effect on such day and (iv) the percentage
     equivalent of a fraction, the numerator of which is one and the denominator
     of which is one MINUS the Series 1998-1 Ratio;

and (y) on any date of determination during the Series 1998-1 Amortization
Period, an amount equal to the Series 1998-1 Required Reserves on the last
Business Day of the Series 1998-1 Revolving Period; PROVIDED, in each case, that
such amount shall be adjusted on each Special Allocation Settlement Report Date,
if any, to the extent required as set forth in Section 3A.5(b)(i) and Section
3A.5(c)(ii).

          "SERIES 1998-1 REVOLVING PERIOD" shall mean the period commencing on
the Issuance Date and terminating on the earliest to occur of the close of
business on (i) the date on which an Early Amortization Period is declared to
commence or automatically commences, (ii) the Optional Termination Date and
(iii) the Commitment Termination Date.

          "SERIES 1998-1 SUBORDINATED INTEREST" shall have the meaning assigned
in Section 2.2(b).

          "SERIES 1998-1 SUBORDINATED INTEREST AMOUNT" shall mean, for any date
of determination, an amount equal to (i) the Series 1998-1 Allocated Receivables
Amount MINUS (ii) the Series 1998-1 Adjusted Invested Amount.

          "SERIES 1998-1 SUBORDINATED INTEREST REDUCTION AMOUNT" shall have the
meaning assigned in Section 2.7(b).

                                       23
<Page>

          "SERIES 1998-1 TARGET RECEIVABLES AMOUNT" shall mean, on any date of
determination, the greater of (i) the sum of (A) the Series 1998-1 Adjusted
Invested Amount on such day and (B) the Series 1998-1 Required Reserves for such
day and (ii) $350,000.

          "SERIES 1998-1 TERMINATION DATE" shall mean the Distribution Date that
occurs on October 2, 2002.

          "SERIES 1998-1 TRANSACTION DOCUMENTS" shall mean this Supplement, the
Receivables Sale Agreements, the Agreement and the Servicing Agreement.

          "SERVICER" shall have the meaning specified in the introductory
paragraph hereto.

          "SERVICER INDEMNIFIED PERSON" shall have the meaning assigned in
Section 2.10(b).

          "SERVICING RESERVE RATIO" shall mean, as of any Settlement Report Date
and continuing until (but not including) the next Settlement Report Date, an
amount (expressed as a percentage) equal to (i) the product of (A) the Servicing
Fee Percentage and (B) 2.0 TIMES Days Sales Outstanding as of such earlier
Settlement Report Date, DIVIDED BY (ii) 360.

          "STATUTORY RESERVE RATE" shall mean a fraction (expressed as a
decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve percentages
(including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Funding Agent is subject for
eurocurrency funding (currently referred to as "Eurocurrency Liabilities" in
Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to Regulation D. Eurodollar Tranches shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Purchaser under such Regulation D or comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in the reserve percentage.

          "SUPPLEMENT" shall have the meaning specified in the introductory
paragraph hereto.

                                       24
<Page>

          "TAXES" shall mean any and all present or future taxes, levies,
imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority.

          "THREE-MONTH SECONDARY CD RATE" shall mean, for any day, the secondary
market rate for three-month certificates of deposit reported as being in effect
on such day (or, if such day shall not be a Business Day, the next preceding
Business Day) by the Board through the public information telephone line of the
Federal Reserve Bank of New York (which rate will, under the current practices
of the Board, be published in Federal Reserve Statistical Release H.15(519)
during the week following such day), or, if such rate is not so reported on such
day or such next preceding Business Day, the average of the secondary market
quotations for three-month certificates of deposit of major money center banks
in New York City received at approximately 10:00 A.M., New York City time, on
such day (or, if such day shall not be a Business Day, on the next preceding
Business Day) by the Funding Agent from three New York City negotiable
certificate of deposit dealers of recognized standing selected by it.

          "TRANSACTION PARTIES" shall have the meaning assigned in Section
2.6(d).

          "TRANSFER ISSUANCE DATE" shall mean the date on which a Commitment
Transfer Supplement becomes effective pursuant to the terms of such Commitment
Transfer Supplement.

          "TRANSFEREE" shall have the meaning assigned in Section 11.11(f).

          "TRUST ACCOUNTS" shall have the meaning assigned in Section 3A.2(a).

          "TRUSTEE" shall have the meaning specified in the introductory
paragraph hereto.

          "UCC CERTIFICATE" shall mean a certificate substantially in the form
of Exhibit D to this Supplement.

          "UNACCRUED DISCOUNT" shall mean, on any APA Bank Purchase Date with
respect to any Purchase Amount, the Discount that would have accrued on the
Commercial Paper allocated, in whole or in part, by the Funding Agent to fund

                                       25
<Page>

the purchase or maintenance of such Purchase Amount subsequent to such APA Bank
Purchase Date to the maturity date thereof if the related reduction in the
Initial Purchaser's Series 1998-1 Purchaser Invested Amount had not occurred.

          "UNALLOCATED BALANCE" shall mean, on any Business Day with respect to
the APA Banks and the APA Banks' Series 1998-1 Purchaser Invested Amount, the
sum of (A) the portion of the Series 1998-1 Invested Amount for which interest
is then being calculated by reference to the Alternate Base Rate and (B) the
portion of the Series 1998-1 Invested Amount allocated to any Eurodollar Tranche
the Eurodollar Period in respect of which expires on such Business Day.

          "USI CHANGE IN CONTROL" shall have the meaning assigned to the term
"Change of Control" in Section 1.01 of the Credit Agreement.

          "USCC" shall mean United Stationers Supply Co., an Illinois
corporation.

          "UTILIZATION FEE" shall have the meaning assigned in Section 2.9(c).

          "UTILIZATION FEE RATE" shall have the meaning assigned in the Fee
Letter.

          "VFC CERTIFICATE" shall mean a VFC Certificate, Series 1998-1,
executed by the Company and authenticated by or on behalf of the Trustee,
substantially in the form of Exhibit A.

          "VFC CERTIFICATEHOLDERS" shall mean the Purchasers.

          "VFC CERTIFICATEHOLDERS' INTEREST" shall have the meaning assigned in
Section 2.2(a).

          (b) If any term or provision contained herein conflicts with or is
inconsistent with any term, definition or provision contained in the Agreement,
the terms and provisions of this Supplement shall govern. All Article, Section
or subsection references herein shall mean Article, Section or subsections of
this Supplement, except as otherwise provided herein. Unless otherwise stated
herein, the context otherwise requires or such term is otherwise defined in the
Agreement, each capitalized term used or defined herein shall relate only to the
Series 1998-1 Interests and no other Series of Investor Certificates issued by
the Trust. All

                                       26
<Page>

capitalized terms used herein and not otherwise defined have the meanings
assigned to such terms in Section 1.1 of the Agreement.

                                   ARTICLE II

                 DESIGNATION OF CERTIFICATES; PURCHASE AND SALE
                             OF THE VFC CERTIFICATES

          SECTION 2.1. DESIGNATION. The Certificates and interests created and
authorized pursuant to the Agreement and this Supplement shall be divided into
two Classes, which shall be designated respectively as (i) the "VFC
Certificates, Series 1998-1" and (ii) an interest designated as the "Series
1998-1 Subordinated Interest."

          SECTION 2.2. THE SERIES 1998-1 INTERESTS. (a) The VFC Certificates
shall represent fractional undivided interests in the Trust, including the right
to receive (i) the Invested Percentage (expressed as a decimal) of Collections
received with respect to the Receivables and all other funds on deposit in the
Collection Account and (ii) all other funds on deposit in the Series Collection
Subaccounts and any subaccounts thereof (collectively, the "VFC
CERTIFICATEHOLDERS' INTEREST").

          (b) The "SERIES 1998-1 SUBORDINATED INTEREST" shall be a fractional
undivided interest in the Trust retained by the Company, consisting of the right
to receive Collections with respect to the Receivables allocated to the VFC
Certificateholders' Interest and not required to be distributed to or for the
benefit of the Purchasers. The Exchangeable Company Interest and any other
Series of Investor Certificates outstanding shall represent the ownership
interest in the remainder of the Trust not allocated pursuant hereto to the VFC
Certificateholders' Interest or the Series 1998-1 Subordinated Interest.

          (c) The VFC Certificates shall be substantially in the form of Exhibit
A and shall, upon issue, be executed and delivered by the Company to the Trustee
for authentication and redelivery as provided in Section 2.4 hereof and Section
5.2 of the Agreement.

          SECTION 2.3. PURCHASES OF INTERESTS IN THE VFC CERTIFICATES. (a)
INITIAL PURCHASE. Subject to the terms and conditions of this Supplement,
including delivery of notice in accordance with Section 2.4 and 2.5, (i) on and
after the

                                       27
<Page>

Issuance Date, (A) the Initial Purchaser may, in its sole discretion, purchase a
VFC Certificate in an amount equal to the Initial Series 1998-1 Invested Amount
or (B) if the Initial Purchaser shall have notified the Funding Agent that it
has elected not to purchase all or a portion of a VFC Certificate on the
Issuance Date, each APA Bank hereby severally agrees to purchase on the Issuance
Date a VFC Certificate in an amount equal to such APA Bank's Pro Rata Share of
the Initial Series 1998-1 Invested Amount and (ii) thereafter, (A) if the
Initial Purchaser shall have purchased a VFC Certificate on the Issuance Date,
the Initial Purchaser may, in its sole discretion, maintain its VFC Certificate,
subject to increase or decrease during the Series 1998-1 Revolving Period, in
accordance with the provisions of this Supplement and (B) if the APA Banks shall
have purchased VFC Certificates on the Issuance Date or, in any case, on or
after the APA Bank Purchase Date, the APA Banks hereby severally agree to
maintain their respective VFC Certificates, subject to increase or decrease
during the Series 1998-1 Revolving Period, in accordance with the provisions of
this Supplement. The Company hereby agrees to maintain ownership of the Series
1998-1 Subordinated Interest, subject to increase or decrease during the Series
1998-1 Revolving Period, in accordance with the provisions of this Supplement.
Payments by the Initial Purchaser or the APA Banks, as the case may be, in
respect of the VFC Certificates shall be made in immediately available funds on
the applicable Business Day to the Funding Agent for payment to the Company.

          (b) SUBSEQUENT PURCHASES. Subject to the terms and conditions of this
Supplement, each Acquiring APA Bank hereby severally agrees to maintain its VFC
Certificate, subject to increase or decrease during the Series 1998-1 Revolving
Period, in accordance with the provisions of this Supplement.

          (c) MAXIMUM SERIES 1998-1 PURCHASER INVESTED AMOUNT. Notwithstanding
anything to the contrary contained in this Supplement, at no time shall the
Series 1998-1 Purchaser Invested Amount (calculated without regard to clauses
(d) and (e) of the definition thereof) of any APA Bank exceed such APA Bank's
Commitment at such time.

          SECTION 2.4. DELIVERY. On the Issuance Date, the Company shall sign,
on behalf of the Trust, and shall direct the Trustee in writing pursuant to
Section 5.2 of the Agreement to duly authenticate, and the Trustee, upon
receiving such direction, shall so authenticate the VFC Certificates in such
names and such denominations and deliver such VFC Certificates to the Funding
Agent, on behalf of the Initial Purchaser, or the APA Banks, as the case may be,
in accordance with such written directions. The VFC Certificates shall be issued
in minimum denominations of $1,000,000 and in integral multiples of $100,000 in
excess thereof. The Trustee

                                       28
<Page>

shall mark on its books the actual Series 1998-1 Invested Amount and Series
1998-1 Subordinated Interest Amount outstanding on any date of determination,
which, absent manifest error, shall constitute PRIMA FACIE evidence of the
outstanding Series 1998-1 Invested Amount and Series 1998-1 Subordinated
Interest Amount from time to time.

          SECTION 2.5. PROCEDURE FOR INCREASING THE SERIES 1998-1 INVESTED
AMOUNT. (a) Subject to Section 2.5(c), on any Business Day during the Commitment
Period, the Initial Purchaser may agree, in its sole discretion, and each APA
Bank hereby agrees that the Series 1998-1 Invested Amount may be increased by
increasing such Purchaser's Series 1998-1 Purchaser Invested Amount (an
"INCREASE"), upon the request of the Servicer or the Company on behalf of the
Trust (each date on which an increase in the Series 1998-1 Invested Amount
occurs hereunder being herein referred to as the "INCREASE DATE" applicable to
such Increase); PROVIDED, HOWEVER, that the Servicer or the Company, as the case
may be, shall have given the Funding Agent (with a copy to the Trustee)
irrevocable written notice (effective upon receipt), substantially in the form
of Exhibit E hereto, of such request no later than (i) 11:00 a.m., New York City
time, two Business Days prior to the Increase Date in the case of any Increase
to be priced by reference to the CP Rate or (ii) (x) if the Increase Amount is
to be priced with reference to the Alternate Base Rate, on or prior to 12:00
noon, New York City time, on the Increase Date, or (y) if all or a portion of
the Initial Series 1998-1 Invested Amount or Increase Amount is to be allocated
to a Eurodollar Tranche, 1:00 p.m., New York City time, three Business Days
prior to the Increase Date; PROVIDED, FURTHER, that the provisions of this
Section shall not restrict the allocations of Collections pursuant to Article
III. Such notice shall state (x) the Increase Date, (y) the proposed amount of
such Increase (the "INCREASE AMOUNT") and (z) what portions thereof will be
allocated to Commercial Paper, a Eurodollar Tranche and a Floating Tranche.

          (b) If the Initial Purchaser elects not to fund any portion of a
requested Increase, the Initial Purchaser shall notify the Funding Agent thereof
and deliver a Sale Notice in accordance with Section 2.6 and each APA Bank shall
purchase its Pro Rata Share of the Initial Purchaser's Series 1998-1 Purchaser
Invested Amount in accordance with Section 2.6 and fund such Increase in an
amount equal to its Pro Rata Share of such Increase; PROVIDED, HOWEVER that an
APA Bank shall not be obligated to fund any portion of an Increase that would
cause its Series 1998-1 Purchaser Invested Amount to exceed its unused
Commitment.

                                       29
<Page>

          (c) On and after the Effective Date, the Purchasers shall not be
required to increase their respective Series 1998-1 Purchaser Invested Amounts
on any Increase Date hereunder unless:

               (i) the related aggregate initial purchase amount or Increase
     Amount is equal to $1,000,000 or an integral multiple of $100,000 in excess
     thereof;

               (ii) after giving effect to the Increase Amount, (A) the Series
     1998-1 Invested Amount would not exceed either the Maximum Invested Amount
     or the Maximum Commitment Amount on such Increase Date and (B) the Series
     1998-1 Allocated Receivables Amount would not be less than the Series
     1998-1 Target Receivables Amount on such Increase Date;

               (iii) no Early Amortization Event or Potential Early Amortization
     Event shall have occurred and be continuing;

               (iv) in the case of a purchase by the Initial Purchaser, the
     Initial Purchaser shall have consented to such purchase in its sole
     discretion; and

               (v) all of the representations and warranties made by each of the
     Company, USFS, the Servicer and the Seller in each Transaction Document to
     which it is a party are true and correct in all material respects on and as
     of such Increase Date as if made on and as of such date (except to the
     extent such representations and warranties are expressly made as of another
     date).

The Company's acceptance of funds in connection with each Increase occurring on
any Increase Date shall constitute a representation and warranty by the Company
to the Purchasers as of such Increase Date (except to the extent such
representations and warranties are expressly made as of another date), as the
case may be, that all of the conditions contained in this Section 2.5(c) have
been satisfied.

          (d) After receipt by the Funding Agent of the notice required by
Section 2.5(a) from the Servicer or the Company on behalf of the Trust, the
Funding Agent shall, so long as the conditions set forth in Sections 2.5(a) and
(c) are satisfied, promptly provide telephonic notice to the Initial Purchaser
and, to the extent the Initial Purchaser elects in its sole discretion not to
fund a portion of the Increase, the

                                       30
<Page>

APA Banks, of the Increase Date and of the portion of the Increase Amount
allocable to the Initial Purchaser and each such APA Bank (which shall equal
each such APA Bank's Pro Rata Share of the Increase Amount), as applicable. If
the Initial Purchaser elects to fund an Increase, the Initial Purchaser agrees
to pay in immediately available funds the amount of such Increase on the related
Increase Date to the Funding Agent for payment to the Trust for deposit in the
Series 1998-1 Principal Collection Sub-subaccount. In the event the APA Banks
shall purchase a portion of the Series 1998-1 Invested Amount, each APA Bank
agrees to pay in immediately available funds such APA Bank's Pro Rata Share of
each Increase on the related Increase Date to the Funding Agent for payment to
the Trust for deposit in the Series 1998-1 Principal Collection Sub-subaccount.

          SECTION 2.6. SALES BY THE INITIAL PURCHASER OF ITS SERIES 1998-1
PURCHASER INVESTED AMOUNT TO THE APA BANKS. (a) On any date during the
Commitment Period, the Initial Purchaser may, solely in its own discretion, and
the Initial Purchaser shall, on the Scheduled Commitment Expiration Date or upon
the occurrence of a PARCO Termination Event, in each case, by delivering a Sale
Notice to the Funding Agent, the Company and the Trustee, sell to the APA Banks
(in accordance with their respective Pro Rata Shares), and each APA Bank hereby
agrees to purchase its Pro Rata Share of the Purchase Percentage of the PARCO
Interest. The Purchase Amount set forth in the Sale Notice delivered by the
Initial Purchaser on the Scheduled Commitment Expiration Date or upon the
occurrence of a PARCO Termination Event shall equal 100% of the PARCO Interest.
Any Sale Notice shall be delivered by the Initial Purchaser to the Funding
Agent, the Company and the Trustee prior to 12:30 p.m., New York City time, on
the related APA Bank Purchase Date and shall constitute an irrevocable offer by
the Initial Purchaser to sell the Purchase Percentage of the PARCO Interest. Any
Sale Notice shall be deemed to be a representation and warranty by the Initial
Purchaser that no PARCO Insolvency Event shall have occurred and be continuing.
Each APA Bank hereby agrees to purchase from the Initial Purchaser such APA
Bank's Pro Rata Share of the PARCO Interest for a purchase price equal to such
APA Bank's Pro Rata Share of the Purchase Price on the related APA Bank Purchase
Date (which date, subject to Section 2.6(b), may be the same as the date of the
Sale Notice). Notwithstanding anything to the contrary set forth in this
Supplement, no APA Bank shall have any obligation to purchase all or any portion
of the PARCO Interest if, on such APA Bank Purchase Date, any PARCO Insolvency
Event shall have occurred and be continuing.

          (b) If, at or prior to 12:30 p.m. New York City time, on any Business
Day, the Initial Purchaser delivers the Sale Notice to the Funding Agent

                                       31
<Page>

specifying that the related APA Bank Purchase Date shall be the same date as the
date of the Sale Notice, the Funding Agent shall, by no later than 1:00 p.m.,
New York City time, notify (by telecopy or by telephone call promptly confirmed
in writing by telecopy) each APA Bank of the receipt and content of the Sale
Notice. Each APA Bank shall purchase its Pro Rata Share of the Purchase
Percentage of the PARCO Interest by depositing its Pro Rata Share of the
Purchase Price in immediately available funds into the account(s) specified by
the Initial Purchaser in the Sale Notice no later than 2:00 p.m., New York City
time. If the Initial Purchaser delivers the Sale Notice to the Funding Agent
after 12:30 p.m., New York City time, on any Business Day or the Initial
Purchaser delivers the Sale Notice to the Funding Agent specifying that the
related APA Bank Purchase Date shall be a date other than the date of the Sale
Notice, the Funding Agent shall promptly advise (by telecopy or by telephone
call promptly confirmed in writing by telecopy) each APA Bank of the receipt and
content of the Sale Notice. Notwithstanding the fact that the APA Bank Purchase
Date may occur on a date which is later than the date on which the Sale Notice
is delivered to the Funding Agent, the several obligations of each APA Bank to
make such purchase and to make payment of the amounts required to be paid by it
pursuant to Section 2.6(a) shall arise immediately upon receipt by the Funding
Agent of the Sale Notice. Upon payment of the Purchase Price as provided herein
and delivery to the Trustee by the Funding Agent of the Initial Purchaser's VFC
Certificate, the Company shall sign, on behalf of the Trust, and shall direct
the Trustee in writing to duly authenticate, and the Trustee, upon receiving
such direction, shall so authenticate, a new VFC Certificate in the name of each
APA Bank and in a denomination equal to such APA Bank's Pro Rata Share as set
forth in such written direction and shall deliver such VFC Certificate to each
such APA Bank in accordance with such written direction.

          (c) If, by 2:00 p.m., New York City time, one or more APA Banks (each,
a "DEFAULTING APA BANK," and each APA Bank other than the Defaulting APA Bank(s)
being referred to as a "NON-DEFAULTING APA BANK") fails to make its Pro Rata
Share of the Purchase Price available to the Funding Agent pursuant to Section
2.6(b) (the aggregate amount not so made available to the Funding Agent being
herein called the "PURCHASE PRICE DEFICIT"), then the Funding Agent shall, by no
later than 2:30 p.m., New York City time, instruct each Non-Defaulting APA Bank
to pay, by no later than 3:00 p.m., New York City time, in immediately available
funds, to the account designated by the Funding Agent, an amount equal to the
lesser of (x) such Non-Defaulting APA Bank's proportionate share (based upon the
relative Commitments of the Non-Defaulting APA Banks) of the Purchase Price
Deficit and (y) its unused Commitment. A Defaulting APA Bank shall forthwith,
upon demand, pay to the Funding Agent for the ratable benefit of the
Non-Defaulting

                                       32
<Page>

APA Banks all amounts paid by each Non-Defaulting APA Bank on behalf of such
Defaulting APA Bank, together with interest thereon, for each day from the date
a payment was made by a Non-Defaulting APA Bank until the date such
Non-Defaulting APA Bank has been paid such amounts in full, at a rate per annum
equal to the sum of the Federal Funds Effective Rate plus 2%. In addition,
without prejudice to any other rights that the Initial Purchaser may have under
applicable law, each Defaulting APA Bank shall pay to the Initial Purchaser
forthwith upon demand, the difference between the Defaulting APA Bank's unpaid
Pro Rata Share of the Purchase Price and the amount paid with respect thereto by
the Non-Defaulting APA Banks, together with interest thereon, for each day from
the date of the Funding Agent's request for such Defaulting APA Bank's Pro Rata
Share of the Purchase Price pursuant to Section 2.6(b) until the date the
requisite amount is paid to the Initial Purchaser in full, at a rate per annum
equal to the sum of the Federal Funds Effective Rate plus 2%.

          (d) The transfer of the Initial Purchaser's VFC Certificate pursuant
to this Section 2.6 shall be without recourse or warranty, express or implied,
except that such VFC Certificate is free and clear of adverse claims created by
or arising as a result of claims against the Initial Purchaser. By executing and
delivering a Sale Notice pursuant to Section 2.6(a), (i) the Initial Purchaser
makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with
the VFC Certificate or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the VFC Certificate, or any other
agreement, instrument or other document furnished pursuant thereto or in
connection therewith, including without limitation any Transaction Document, and
(ii) the Initial Purchaser makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Trust, the
Trustee, the Seller, USFS, the Servicer or any Obligor (collectively, the
"TRANSACTION PARTIES") or the Funding Agent, or the performance or observance by
the Transaction Parties of any of their respective obligations under the VFC
Certificate or the Transaction Documents.

          (e) If the Adjusted Liquidity Price or the Early Amortization Date
Balance, as applicable, on the APA Bank Purchase Date is less than the Series
1998-1 Invested Amount on the APA Bank Purchase Date (the amount of such
insufficiency, the "PARCO RESIDUAL AMOUNT"), each APA Bank agrees that (i) on
each Distribution Date after the APA Bank Purchase Date on which interest is
distributed to VFC Certificateholders pursuant to subsection 3A.6(a), the
Funding Agent shall distribute to the Initial Purchaser its Reduction Percentage
of such interest payments and (ii) on each Distribution Date after the APA Bank
Purchase

                                       33
<Page>

Date on which amounts in reduction of the Series 1998-1 Invested Amount are
distributed to VFC Certificateholders pursuant to Section 2.7 or subsection
3A.6(c), the Funding Agent shall distribute to the Initial Purchaser its
Reduction Percentage of such amounts only after the Series 1998-1 Invested
Amount has been paid in full.

          SECTION 2.7. PROCEDURE FOR DECREASING THE SERIES 1998-1 INVESTED
AMOUNT; OPTIONAL TERMINATION. (a) On any Business Day during the Series 1998-1
Revolving Period or the Series 1998-1 Amortization Period (except for
Distribution Dates during the Series 1998-1 Amortization Period (which shall be
governed by Section 3A.6(c)), upon the written request of the Servicer or the
Company on behalf of the Trust to the Trustee, the Series 1998-1 Invested Amount
may be reduced (a "DECREASE") by the distribution by the Trustee to the Funding
Agent for the PRO RATA benefit of the Purchasers in accordance with their
respective Series 1998-1 Purchaser Invested Amount of funds on deposit in the
Series 1998-1 Principal Collection Sub-subaccount on such day in an amount not
to exceed the amount of such funds on deposit on such day; PROVIDED that the
Servicer shall have given the Funding Agent (with a copy to the Trustee)
irrevocable written notice (effective upon receipt), prior to 1:00 p.m., New
York City time, (i) on the second Business Day prior to such Decrease, in the
case of any Decrease occurring prior to an APA Bank Purchase Date and (ii) (A)
if the Decrease relates solely to a Floating Tranche, on the Business Day of
such Decrease or (B) if all or any portion of the Decrease relates to a
Eurodollar Tranche, on the Business Day that is three Business Days prior to
such Decrease, in the case of any Decrease occurring prior to an APA Bank
Purchase Date, and which notice shall state the amount of such Decrease;
PROVIDED, FURTHER, that (x) such Decrease shall be in an amount equal to
$1,000,000 and integral multiples of $100,000 in excess thereof and (y) prior to
an APA Bank Purchase Date, such Decrease shall be in an amount no greater than
the Unallocated Balance on such day.

          (b) Simultaneously with any such Decrease during the Series 1998-1
Revolving Period, the Series 1998-1 Subordinated Interest Amount shall be
reduced by an amount (the "SERIES 1998-1 SUBORDINATED INTEREST REDUCTION
AMOUNT") such that the Series 1998-1 Subordinated Interest Amount shall equal
the Series 1998-1 Required Reserves after giving effect to such Decrease. During
the Series 1998-1 Revolving Period, after the distribution described in Section
(a) above has been made, and the Series 1998-1 Subordinated Interest Amount
shall have been reduced by the Series 1998-1 Subordinated Interest Reduction
Amount, a distribution shall be made to the owner of the Series 1998-1
Subordinated Interest out of remaining funds on deposit in the Series 1998-1
Principal Collection Sub-subaccount in an amount equal to the lesser of (x) the
Series 1998-1 Subordinated Interest

                                       34
<Page>

Reduction Amount and (y) the amount of such remaining funds on deposit in the
Series 1998-1 Principal Collection Sub-subaccount.

          (c) On or after any APA Bank Purchase Date, any reduction in the
Series 1998-1 Invested Amount on any Business Day shall be allocated first to
reduce the Unallocated Balance and then to reduce the portion of the Series
1998-1 Invested Amount allocated to Eurodollar Tranches in such order as the
Company may select in order to minimize costs payable pursuant to Section 7.4.

          (d) (i) On any Business Day unless the Scheduled Revolving Termination
Date, an Early Amortization Event or a Potential Early Amortization Event shall
have occurred and be continuing, the Company shall have the right to deliver an
irrevocable written notice (an "OPTIONAL TERMINATION NOTICE") to the Trustee,
the Servicer and the Rating Agencies in which the Company declares that the
Series 1998-1 Revolving Period shall terminate on the date (the "OPTIONAL
TERMINATION DATE") set forth in such notice (which date, in any event, shall be
the last day of a Settlement Period which is not less than 10 days from the date
on which such notice is delivered).

               (ii) From and after the Optional Termination Date, the Series
     1998-1 Amortization Period shall commence for all purposes under this
     Agreement and the other Transaction Documents. The Trustee shall give
     prompt written notice of its receipt of an Optional Termination Notice to
     the Purchasers.

          SECTION 2.8. REDUCTIONS OF THE COMMITMENTS. (a) On any Business Day
during the Series 1998-1 Revolving Period, the Company, on behalf of the Trust,
may, upon three Business Days prior written notice to the Funding Agent
(effective upon receipt) (with copies to the Servicer and the Trustee) reduce or
terminate the Commitments (a "COMMITMENT REDUCTION") in a minimum aggregate
amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof;
PROVIDED that no such termination or reduction shall be permitted if, after
giving effect thereto and to any reduction in the Series 1998-1 Invested Amount
on such date, the Series 1998-1 Invested Amount would exceed the Maximum
Invested Amount then in effect. Each APA Bank's Commitment shall be reduced by
such APA Bank's Pro Rata Share of the amount of such Commitment Reduction.

          (b) If an Early Amortization Period has commenced, the Aggregate
Commitment Amount shall be reduced to 102% of the Maximum Invested Amount, and
the Maximum Invested Amount shall be reduced to the Series 1998-1

                                       35
<Page>

Invested Amount. Each APA Bank's commitment shall be reduced by such APA Bank's
Pro Rata Share of the amount of such reduction.

          (c) Once reduced, the Commitments may not be subsequently reinstated.
Upon effectiveness of any such reduction, the Funding Agent shall prepare a
revised Schedule 1 to reflect the reduced Commitment of each APA Bank and
Schedule 1 of this Supplement shall be deemed to be automatically superseded by
such revised Schedule 1. The Funding Agent shall distribute such revised
Schedule 1 to the Company, the Servicer, the Trustee and each APA Bank.

          SECTION 2.9. INTEREST, FEES. (a) Interest shall be payable on the VFC
Certificates on each Distribution Date pursuant to Section 3A.6(a).

          (b) The Trustee (acting at the written direction of the Servicer upon
which the Trustee may conclusively rely) shall distribute pursuant to Section
3A.6(b), from amounts on deposit in the Series 1998-1 Non-Principal Collection
Sub-subaccount, to the Funding Agent, for the PRO RATA account of the APA Banks
in accordance with their respective Pro Rata Shares, on each Distribution Date,
a commitment fee with respect to each Accrual Period ending on such date (the
"COMMITMENT FEE") (i) during the Series 1998-1 Revolving Period at the
Commitment Fee Rate of the average daily excess of the Aggregate Commitment
Amount OVER the average aggregate Series 1998-1 Purchaser Invested Amounts of
the APA Banks during such Accrual Period and (ii) during the Series 1998-1
Amortization Period at the Commitment Fee Rate of the average daily Series
1998-1 Invested Amount during such Accrual Period. The Commitment Fee shall be
payable (i) monthly in arrears on each Distribution Date and (ii) on the
Commitment Termination Date. To the extent that funds on deposit in the Series
1998-1 Non-Principal Collection Sub-subaccount at any such date are insufficient
to pay the Commitment Fee due on such date, the Servicer shall so notify the
Company and the Company shall immediately pay the Funding Agent the amount of
any such deficiency.

          (c) The Trustee (acting at the written direction of the Servicer upon
which the Trustee may conclusively rely) shall distribute pursuant to Section
3A.6(b), from amounts on deposit in the Series 1998-1 Non-Principal Collection
Sub-subaccount, to the Funding Agent, for the account of the Initial Purchaser,
on each Distribution Date with respect to which the Initial Purchaser held a
portion of the Series 1998-1 Invested Amount during the Accrual Period ending on
such date, a utilization fee (the "UTILIZATION FEE") with respect to such
Accrual Period at the Utilization Fee Rate of the average Series 1998-1 Invested
Amount during such period. The Utilization Fee shall be payable monthly in
arrears on each Distribution

                                       36
<Page>

Date. To the extent that funds on deposit in the Series 1998-1 Non-Principal
Collection Sub-subaccount at any such date are insufficient to pay the
Utilization Fee due on such date, the Servicer shall so notify the Company and
the Company shall immediately pay the Funding Agent the amount of any such
deficiency.

          (d) Calculations of per annum rates and fees under this Supplement
shall be made on the basis of a 360- (or 365-/366-, in the case of interest on
the Floating Tranche based on the Prime Rate) day year with respect to
Commitment Fees, Utilization Fees and interest rates. Each determination of the
Adjusted LIBO Rate by the Funding Agent shall be conclusive and binding upon
each of the parties hereto in the absence of manifest error.

          SECTION 2.10. INDEMNIFICATION BY THE COMPANY AND THE SERVICER. (a) The
Company agrees to indemnify and hold harmless the Trustee, the Funding Agent,
each APA Bank, each Purchaser and each of their respective officers, directors,
agents and employees (each, a "COMPANY INDEMNIFIED PERSON") from and against any
loss, liability, expense, damage or injury suffered or sustained by (a "CLAIM")
such Company indemnified person by reason of (i) any acts, omissions or alleged
acts or omissions arising out of, or relating to, activities of the Company
pursuant to any Pooling and Servicing Agreement or the other Transaction
Documents to which it is a party, (ii) a breach of any representation or
warranty made or deemed made by the Company (or any of its officers) in any
Pooling and Servicing Agreement or other Transaction Document or (iii) a failure
by the Company to comply with any applicable law or regulation or to perform its
covenants, agreements, duties or obligations required to be performed or
observed by it in accordance with the provisions of any Pooling and Servicing
Agreement or the other Transaction Documents, including, but not limited to, any
judgment, award, settlement, reasonable attorneys' fees and other reasonable
costs or expenses incurred in connection with the defense of any actual or
threatened action, proceeding or claim, except to the extent such loss,
liability, expense, damage or injury (A) resulted from the gross negligence, bad
faith or wilful misconduct of such Company indemnified person or its officers,
directors, agents, principals, employees or employers, (B) resulted solely from
a default by an Obligor with respect to any Receivable or (C) include any income
or franchise taxes imposed on (or measured by) any Company indemnified person's
net income; PROVIDED that any payments made by the Company pursuant to this
Section shall be made solely from funds available to the Company which are not
otherwise needed to be applied to the payment of any amounts (other than amounts
payable to the Company) pursuant to any Pooling and Servicing Agreements, shall
be non-recourse other than with respect to proceeds in excess of

                                       37
<Page>

the proceeds needed to make such payment, and shall not constitute a claim
against the Company to the extent that insufficient proceeds exist to make such
payment.

          (b) The Servicer agrees to indemnify and hold harmless the Trustee,
the Funding Agent, each APA Bank, each Purchaser and each of their respective
officers, directors, agents and employees (each, a "SERVICER INDEMNIFIED
PERSON") from and against any Claim by reason of (i) any acts, omissions or
alleged acts or omissions arising out of, or relating to, activities of the
Servicer pursuant to any Pooling and Servicing Agreement or the other
Transaction Documents to which it is a party, (ii) a material breach of any
representation or warranty made or deemed made by the Servicer (or any of its
officers) in any Pooling and Servicing Agreement or other Transaction Document
or (iii) a failure by the Servicer to comply in any material respect with any
applicable law or regulation or to perform its covenants, agreements, duties or
obligations required to be performed or observed by it in accordance with the
provisions of any Pooling and Servicing Agreement or the other Transaction
Documents, including, but not limited to, any judgment, award, settlement,
reasonable attorneys' fees and other reasonable costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim, except to the extent such loss, liability, expense, damage or injury (A)
resulted from the gross negligence, bad faith or wilful misconduct of such
Servicer indemnified person or its officers, directors, agents, principals,
employees or employers, (B) resulted solely from a default by an Obligor with
respect to any Receivable or (C) include any income or franchise taxes imposed
on (or measured by) any Servicer indemnified person's net income.

                                   ARTICLE III

                          ARTICLE III OF THE AGREEMENT

          Section 3.1 of the Agreement and each other section of Article III of
the Agreement relating to another Series shall read in their entirety herein as
provided in the Agreement. Article III of the Agreement (except for Section 3.1
thereof and any portion thereof relating to another Series) shall read in its
entirety herein as follows and shall be exclusively applicable to the Series
1998-1 Interests:

          SECTION 3A.2. ESTABLISHMENT OF TRUST ACCOUNTS. (a) The Trustee shall
cause to be established and maintained in the name of the Trustee, on behalf of
the Trust, (i) for the benefit of the Purchasers and (ii) in the case of clauses
(A) and (B) below, for the benefit, subject to the prior and senior interest of
the

                                       38
<Page>

Purchasers, of the owner of the Series 1998-1 Subordinated Interest, (A) a
subaccount of the Collection Account (the "SERIES 1998-1 COLLECTION
SUBACCOUNT"), which subaccount is the Series Collection Subaccount with respect
to Series 1998-1; (B) two subaccounts of the Series 1998-1 Collection
Subaccount: (1) the Series 1998-1 Principal Collection Sub-subaccount and (2)
the Series 1998-1 Non-Principal Collection Sub-subaccount (respectively, the
"SERIES 1998-1 PRINCIPAL COLLECTION SUB-SUBACCOUNT" and the "SERIES 1998-1
NON-PRINCIPAL COLLECTION SUB-SUBACCOUNT") and (C) a subaccount of the Series
1998-1 Non-Principal Collection Sub-subaccount (the "SERIES 1998-1 ACCRUED
INTEREST SUB-SUBACCOUNT"; all accounts established pursuant to this Section
3A.2(a), collectively, the "TRUST ACCOUNTS"), each Trust Account to bear a
designation indicating that the funds deposited therein are held for the benefit
of the Persons (and, for each such Person, to the extent) set forth in clauses
(i) and (ii) above. The Trustee shall possess all right, title and interest in
all funds from time to time on deposit in, and all Eligible Investments credited
to, the Trust Accounts and in all proceeds thereof. The Trust Accounts shall be
under the sole dominion and control of the Trustee for the exclusive benefit of
the Persons (and, for each such Person, to the extent) set forth in clauses (i)
and (ii) above.

          (b) All Eligible Investments in the Trust Accounts shall be delivered
to the Trustee in accordance with the definition of "Delivery" and shall be held
by the Trustee or its nominee (including the Securities Intermediary) for the
exclusive benefit of the Purchasers and, subject to the prior interest of the
Purchasers, the owner of the Series 1998-1 Subordinated Interest; PROVIDED,
HOWEVER, that funds on deposit in a Trust Account which is a sub-subaccount of a
Collection Account may, at the direction of the Servicer, be invested together
with funds held in other sub-subaccounts of the Collection Account. After giving
effect to any distribution to the Company pursuant to Section 3A.3(b), amounts
on deposit and available for investment in the Series 1998-1 Principal
Collection Sub-subaccount shall be invested by the Trustee at the written
direction of the Servicer in Eligible Investments that mature, or that are
payable or redeemable upon demand of the holder thereof, (i) in the case of any
such investment made during the Series 1998-1 Revolving Period, on or prior to
the next Business Day and (ii) in the case of any such investment made during
the Series 1998-1 Amortization Period, on or prior to the Business Day
immediately preceding the next Distribution Date. Amounts on deposit and
available for investment in the Series 1998-1 Non-Principal Collection
Sub-subaccount and the Series 1998-1 Accrued Interest Sub-subaccount shall be
invested by the Trustee at the written direction of the Servicer in Eligible
Investments that mature, or that are payable or redeemable upon demand of the
holder thereof, on or prior to the Business Day immediately preceding the next
Distribution Date. As of the Business Day immediately preceding such next
Distribution Date,

                                       39
<Page>

(x) all interest and other investment earnings (net of losses and investment
expenses) on funds deposited in the Series 1998-1 Accrued Interest
Sub-subaccount shall be deposited in the Series 1998-1 Non-Principal Collection
Sub-subaccount and (y) all interest and investment earnings (net of losses and
investment expenses) on funds deposited in the Series 1998-1 Principal
Collection Sub-subaccount shall be deposited in the Series 1998-1 Non-Principal
Collection Sub-subaccount. If the Servicer fails to give the Trustee investment
instructions with respect to amounts on deposit in any Series 1998-1 Collection
Subaccount or any subaccount thereof, such amounts shall remain uninvested.

          (c) Any securities intermediary maintaining a securities account for
the Trustee for the benefit of the Purchasers, and The Chase Manhattan Bank as
initial Securities Intermediary, hereby represents that it is as of the date
hereof and shall be for so long as it is the Securities Intermediary hereunder a
bank or broker-dealer that (i) in the ordinary course of its business maintains
securities accounts for others and is acting in that capacity hereunder and (ii)
maintains a Participant's Securities Account (as defined in the United States
Regulations) with a Federal Reserve Bank. The Securities Intermediary shall
agree (and The Chase Manhattan Bank as initial Securities Intermediary hereby
agrees) with the parties hereto that (x) the Collection Account (including any
sub-accounts thereof) is a securities account to which financial assets may be
credited, (y) the Trustee shall be entitled to exercise rights that comprise
such financial assets and to exercise the ordinary rights of an entitlement
holder, (z) the "securities intermediary's jurisdiction" as defined in the UCC
of the Securities Intermediary with respect to the Eligible Investments credited
to the Collection Account (including any sub-accounts thereof) shall be the
State of New York. The Securities Intermediary shall represent and covenant (and
The Chase Manhattan Bank hereby represents and covenants) 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 Agreement. The
Securities Intermediary shall covenant (and The Chase Manhattan Bank hereby
covenants) that it will not take any action inconsistent with the provisions of
this Agreement applicable to it. It is the intent of the Trustee, the Servicer
and the Company that the Collection Account (including any sub-accounts thereof)
shall be a securities account of the Trustee and not an account of the Company
or the Servicer. If despite such intent, the Collection Account (including any
sub-accounts thereof) is determined to be an account of the Company or the
Servicer, then the Securities Intermediary agrees to comply with entitlement
orders originated by the Trustee without further consent by the Company or the
Servicer.

                                       40
<Page>

          SECTION 3A.3. ALLOCATIONS. In accordance with the written direction of
the Servicer, upon which the Trustee may conclusively rely:

          (a) The portion of the Aggregate Daily Collections allocated to the
Series 1998-1 Interests pursuant to Article III of the Agreement shall be
allocated and distributed as set forth in this Article III by the Trustee as
follows:

               (i) on each Business Day, an amount equal to the Accrued Expense
     Amount for such day (or, during the Series 1998-1 Revolving Period, such
     greater amount as the Company may request in writing) shall be transferred
     from the Series 1998-1 Collection Subaccount to the Series 1998-1
     Non-Principal Collection Sub-subaccount; and

               (ii) following the transfers pursuant to clause (i) above, any
     remaining funds on deposit in the Series 1998-1 Collection Subaccount shall
     be transferred by the Trustee to the Series 1998-1 Principal Collection
     Sub-subaccount.

          (b) (i) On each Business Day that is not a Distribution Date during
the Series 1998-1 Revolving Period, after giving effect to (x) all allocations
of Aggregate Daily Collections and (y) any deposit resulting from an Increase,
if any, pursuant to Section 2.5(c) on such Business Day, amounts on deposit in
the Series 19981 Principal Collection Sub-subaccount shall be distributed by the
Trustee to such accounts or such persons as the Company may direct in writing
(which directions may consist of standing instructions provided by the Company
that shall remain in effect until changed by the Company in writing); PROVIDED
that such distribution shall be made only if no Early Amortization Event or
Potential Early Amortization Event has occurred and is continuing and only to
the extent that, if after giving effect to such distribution, the Series 1998-1
Target Receivables Amount would not exceed the Series 1998-1 Allocated
Receivables Amount; PROVIDED FURTHER that if the Company or the Servicer, on
behalf of the Company, shall have given the Funding Agent irrevocable written
notice (effective upon receipt) (A) at least two Business Days prior to such
day, in the case of any notice given to the Initial Purchaser, (B) on such day,
in the case of any notice given to the APA Banks with respect to the Floating
Tranche, or (C) at least three Business Days prior to such day, in the case of
any notice given to the APA Banks with respect to a Eurodollar Tranche, the
Company or the Servicer may instruct the Trustee in writing (specifying the
related amount) to withdraw all or a portion of such amounts on deposit in the
Series 1998-1 Principal Collection Sub-subaccount and apply such withdrawn

                                       41
<Page>

amounts toward the reduction of the Series 1998-1 Invested Amount and the Series
1998-1 Subordinated Interest Amount in accordance with Section 2.6.

               (ii) On each Business Day during the Series 1998-1 Amortization
     Period (including Distribution Dates), funds deposited in the Series 1998-1
     Principal Collection Sub-subaccount shall be invested in Eligible
     Investments, at the written direction of the Servicer pursuant to Section
     3A.2(b), that mature on or prior to the Business Day immediately preceding
     the next Distribution Date and shall be distributed on such Distribution
     Date in accordance with Section 3A.6(c). Except as set forth in Section
     3A.6(c), no amounts on deposit in the Series 1998-1 Principal Collection
     Sub-subaccount shall be distributed by the Trustee to the Company or the
     owner of the Series 1998-1 Subordinated Interest during the Series 1998-1
     Amortization Period.

          (c) On each Business Day, an amount equal to the Daily Interest
Deposit for such day shall be transferred by the Trustee from the Series 1998-1
Non-Principal Collection Sub-subaccount to the Series 1998-1 Accrued Interest
Sub-subaccount.

          (d) The allocations to be made pursuant to this Section 3A.3 are
subject to the provisions of Sections 2.5, 2.6, 7.2, 9.1 and 9.4 of the
Agreement.

          SECTION 3A.4. DETERMINATION OF INTEREST. (a) (i) The amount of
interest distributable with respect to the VFC Certificates ("SERIES 1998-1
MONTHLY INTEREST") on each Distribution Date shall be the amount of Daily
Interest Expense accrued during the Accrual Period ending on such Distribution
Date as calculated by the Servicer.

               (ii) If a change in the CP Rate, the weighted average Adjusted
     LIBO Rate or the Alternate Base Rate on or after any Settlement Report Date
     results in a change in Series 1998-1 Monthly Interest for the Accrual
     Period ending on the Distribution Date immediately succeeding such
     Settlement Report Date, the Servicer shall amend the Monthly Settlement
     Statement to reflect the adjustment in the Series 1998-1 Monthly Interest
     for such Accrual Period caused by such change and any consequent
     adjustments and the Servicer shall also provide written notification to the
     Trustee of any such change. Any amendment to the Monthly Settlement
     Statement pursuant to this Section 3A.4(a)(ii) shall be completed by 1:00
     p.m. on the day preceding the next Distribution Date.

                                       42
<Page>

          (b) On each Distribution Date, the Servicer shall determine the
excess, if any (the "INTEREST SHORTFALL"), of (i) the Series 1998-1 Monthly
Interest for the Accrual Period ending on such Distribution Date OVER (ii) the
amount which will be available to be distributed to the Purchasers on such
Distribution Date in respect thereof pursuant to this Supplement. If the
Interest Shortfall with respect to any Distribution Date is greater than zero,
an additional amount ("ADDITIONAL INTEREST") equal to the product of (A) the
number of days until such Interest Shortfall shall be repaid DIVIDED BY 365 (or
366, as the case may be), (B) the Alternate Base Rate PLUS 2.0% and (C) such
Interest Shortfall (or the portion thereof which has not been paid to the
Purchasers) shall be payable as provided herein with respect to the VFC
Certificates on each Distribution Date following such Distribution Date, to but
excluding the Distribution Date on which such Interest Shortfall is paid to the
VFC Certificateholders.

          (c) On any Business Day, the Company may, subject to Section 3A.4(e),
elect to allocate all or any portion of the Available Pricing Amount (i) to
Commercial Paper commencing on such Business Day by giving the Funding Agent
irrevocable written or telephonic (confirmed in writing) notice thereof, which
notice must be received by the Funding Agent prior to 1:00 p.m., New York City
time, two Business Days prior to such Business Day (PROVIDED that the selection
of CP Tranches in respect of which shall be at the sole discretion of the
Funding Agent) or (ii) to one or more Eurodollar Tranches with Eurodollar
Periods commencing on such Business Day by giving the Funding Agent irrevocable
written or telephonic (confirmed in writing) notice thereof, which notice must
be received by the Funding Agent prior to 1:00 p.m., New York City time, three
Business Days prior to such Business Day. Such notice shall specify (i) the
applicable Business Day, (ii) the Available Pricing Amount that shall be
allocable to Commercial Paper, if any and (iii) the Eurodollar Period and the
Available Pricing Amount for each Eurodollar Tranche to which a portion of the
Available Pricing Amount is to be allocated, if any. With respect to any
Eurodollar Tranche or portion of the Series 1998-1 Invested Amount held by the
APA Banks at the Alternate Base Rate, the Funding Agent shall notify each APA
Bank of the contents of each such notice promptly upon receipt thereof.

          (d) Any reduction in the Series 1998-1 Invested Amount on any Business
Day shall be allocated in the following order of priority:

          FIRST, to reduce the Unallocated Balance, as appropriate; and

                                       43
<Page>

          SECOND, to reduce the portion of the Series 1998-1 Invested Amount
allocated to Eurodollar Tranches in such order as the Company may select in
order to minimize costs payable pursuant to Section 7.4.

          (e) Notwithstanding anything to the contrary contained in this Section
3A.4, (i) if the Initial Purchaser has a Series 1998-1 Purchaser Invested
Amount, the Initial Purchaser shall approve the portion of the Series 1998-1
Invested Amount allocated to Commercial Paper and (ii) if the APA Banks have a
Series 1998-1 Purchaser Invested Amount, (A) the portion of the Series 1998-1
Invested Amount allocable to each Eurodollar Tranche must be in an amount equal
to $500,000 or an integral multiple of $500,000 in excess thereof, (B) no more
than five Eurodollar Tranches shall be outstanding at any one time, (C) after
the occurrence and during the continuance of any Early Amortization Event or
Potential Early Amortization Event, the Company may not elect to allocate any
portion of the Available Pricing Amount to a Eurodollar Tranche and (D) after
the end of the Series 1998-1 Revolving Period, the Company may not select any
Eurodollar Period that does not end on or prior to the next succeeding
Distribution Date.

          SECTION 3A.5. DETERMINATION OF SERIES 1998-1 MONTHLY PRINCIPAL. (a)
PAYMENTS OF SERIES 1998-1 PRINCIPAL. The amount (the "SERIES 1998-1 MONTHLY
PRINCIPAL PAYMENT") distributable from the Series 1998-1 Principal Collection
Sub-subaccount on each Distribution Date during the Series 1998-1 Amortization
Period, as determined by the Servicer, shall be equal to the amount on deposit
in such account on the immediately preceding Settlement Report Date; PROVIDED,
HOWEVER, that the Series 1998-1 Monthly Principal Payment on any Distribution
Date shall not exceed the Series 1998-1 Invested Amount on such Distribution
Date after giving effect to the reductions and increases pursuant to paragraphs
(b) and (c) below. Further, on any other Business Day during the Series 1998-1
Amortization Period, funds may be distributed from the Series 1998-1 Principal
Collection Sub-subaccount to the Purchasers in accordance with Section 2.7 of
this Supplement.

          (b) REDUCTIONS TO SERIES 1998-1 PRINCIPAL. If, on any Special
Allocation Settlement Report Date, the Series 1998-1 Allocable Charged-Off
Amount is greater than zero for the related Settlement Period, the Trustee shall
(in accordance with written directions from the Servicer, upon which the Trustee
may conclusively rely) make the following allocations of such amounts in the
following order of priority:

                                       44
<Page>

               (i) the Series 1998-1 Required Reserves shall be reduced (but not
     below zero) by an amount equal to the Series 1998-1 Allocable Charged-Off
     Amount (which shall also be reduced by the amount so applied);

               (ii) then, to the extent that the Series 1998-1 Allocable
     Charged-Off Amount is greater than zero following the application in clause
     (i) above, the Series 1998-1 Invested Amount shall be reduced (but not
     below zero) by such remaining Series 1998-1 Allocable Charged-Off Amount
     (which shall also be reduced by the amount so applied).

          (c) INCREASES TO SERIES 1998-1 PRINCIPAL. If, on any Special
Allocation Settlement Report Date, the Series 1998-1 Allocable Recoveries Amount
is greater than zero for the related Settlement Period, the Trustee shall (in
accordance with written directions from the Servicer upon which the Trustee may
conclusively rely) make the following allocations (after giving effect to the
applications in paragraph (b) of such amount in the following order of
priority):

               (i) the Series 1998-1 Invested Amount shall be increased (but
     only to the extent of any previous reductions of the Series 1998-1 Invested
     Amount pursuant to Section 3A.5(b)(ii)) by the amount of the Series 1998-1
     Allocable Recoveries Amount (which shall also be reduced by the amount so
     applied);

               (ii) then, to the extent that the Series 1998-1 Allocable
     Recoveries Amount is greater than zero following the applications in clause
     (i) above, the Series 1998-1 Required Reserves shall be increased (but only
     to the extent of any previous reductions of the Series 1998-1 Required
     Reserves pursuant to Section 3A.5(b)(i)) by such remaining Series 1998-1
     Allocable Recoveries Amount (which shall also be reduced by the amount so
     applied).

          SECTION 3A.6. APPLICATIONS. (a) The Trustee (acting at the written
direction of the Servicer upon which the Trustee may conclusively rely) shall on
each Distribution Date distribute to the Purchasers, from amounts on deposit in
the Series 1998-1 Accrued Interest Sub-subaccount, an amount equal to the Series
1998-1 Monthly Interest payable on such Distribution Date (such amount, the
"MONTHLY INTEREST PAYMENT"), PLUS the amount of any Monthly Interest Payment
previously due but not distributed to the Purchasers on a prior Distribution
Date, PLUS the amount of any Additional Interest for such Distribution Date and
any Additional Interest previously due but not distributed to the Purchasers on
a prior Distribution Date.

                                       45
<Page>

          (b) On each Distribution Date, the Trustee shall apply funds on
deposit in the Series 1998-1 Non-Principal Collection Sub-subaccount in the
following order of priority to the extent funds are available:

               (i) an amount equal to the Commitment Fee for the Accrual Period
     ending on such Distribution Date shall be withdrawn from the Series 1998-1
     Non-Principal Collection Sub-subaccount by the Trustee and paid to the
     Funding Agent, for the PRO RATA account of the APA Banks, in accordance
     with their respective Pro Rata Shares;

               (ii) an aggregate amount equal to the Utilization Fee for the
     Accrual Period ending on such Distribution Date shall be withdrawn from the
     Series 1998-1 Non-Principal Collection Sub-subaccount by the Trustee and
     paid to the Funding Agent, for the account of the Initial Purchaser;

               (iii) an amount equal to any amounts owing to the Trustee
     pursuant to Section 8.5 of the Agreement, shall be withdrawn from the
     Series 1998-1 Non-Principal Collection Sub-subaccount by the Trustee and
     paid to itself;

               (iv) an amount equal to the Series 1998-1 Periodic Servicing Fee
     for the Accrual Period ending on such Distribution Date shall be withdrawn
     from the Series 1998-1 Non-Principal Collection Sub-subaccount by the
     Trustee and paid to the Servicer or, if USFS or any Affiliate thereof is
     not the Servicer, an amount equal to the Series 1998-1 Periodic Servicing
     Fee shall be paid to the Person acting as Successor Servicer (less, in each
     case, any amounts payable to the Trustee pursuant to Section 8.5 of the
     Agreement, which shall be paid to the Trustee); and

               (v) an amount equal to any unpaid Program Costs due and payable
     shall be withdrawn from the Series 1998-1 Non-Principal Collection
     Sub-subaccount by the Trustee and paid to the Persons owed such amounts.

Any remaining amounts on deposit in the Series 1998-1 Non-Principal Collection
Sub-subaccount (in excess of the Accrued Expense Amount as of such day) not
allocated pursuant to clauses (i) through (v) above shall be paid to the owner
of the Series 1998-1 Subordinated Interest; PROVIDED, HOWEVER, that during the
Series 1998-1 Amortization Period, such remaining amounts shall be deposited in
the Series

                                       46
<Page>

1998-1 Principal Collection Sub-subaccount for distribution in accordance with
Section 3A.6(c).

          (c) During the Series 1998-1 Amortization Period, the Trustee shall
apply, on each Distribution Date, amounts on deposit in the Series 1998-1
Principal Collection Sub-subaccount in the following order of priority:

               (i) an amount equal to the Series 1998-1 Monthly Principal
     Payment for such Distribution Date shall be distributed from the Series
     1998-1 Principal Collection Sub-subaccount to the Purchasers;

               (ii) if, following the repayment in full of the Series 1998-1
     Invested Amount, any amounts are owed to the Trustee, the Purchasers or any
     other Person hereunder, such amounts shall be transferred from the Series
     1998-1 Principal Collection Sub-subaccount and paid to the Trustee, the
     Purchasers or such other Person; and

               (iii) following the repayment in full of the Series 1998-1
     Invested Amount and of all of the amounts set forth in clause (ii), the
     remaining amount on deposit in the Series 1998-1 Principal Collection
     Sub-subaccount on such Distribution Date, if any, shall be distributed to
     the owner of the Series 1998-1 Subordinated Interest.

                                   ARTICLE IV

                            DISTRIBUTIONS AND REPORTS

          Article IV of the Agreement (except for any portion thereof relating
to another Series) shall read in its entirety herein as follows and the
following shall be exclusively applicable to the VFC Certificates:

          SECTION 4A.1. DISTRIBUTIONS. (a) on each Distribution Date, the
Trustee shall distribute to each Purchaser its applicable PRO RATA share (based
on each such Purchaser's Series 1998-1 Invested Amount) of the amount to be
distributed to the Purchasers pursuant to Article III.

          (b) All allocations and distributions hereunder shall be in accordance
with the Monthly Settlement Statement, upon which the Trustee may conclusively

                                       47
<Page>

rely, and shall be made in accordance with the provisions of Section 11.4 hereof
and subject to Section 3.1(h) of the Agreement.

          SECTION 4A.2. Reserved.

          SECTION 4A.3. STATEMENTS AND NOTICES. (a) MONTHLY SETTLEMENT
STATEMENTS. On each Settlement Report Date, the Servicer shall deliver to the
Trustee and the Funding Agent (commencing with the Settlement Report Date
occurring on April 15, 1998) a Monthly Settlement Statement in the Form of
Exhibit F setting forth, among other things, the Loss Reserve Ratio, the
Dilution Reserve Ratio, the Minimum Ratio, the Carrying Cost Reserve Ratio, the
Servicing Reserve Ratio and the components of the calculation thereof, the
Series 1998-1 Monthly Interest, the Additional Interest, the Series 1998-1
Periodic Servicing Fee, the Commitment Fee and the Series 1998-1 Monthly
Principal Payment, each as recalculated for the period until the next succeeding
Settlement Report Date. The Funding Agent shall forward a copy of each Monthly
Settlement Statement to any Purchaser upon request by such Purchaser. The
Trustee shall have no obligation whatsoever to verify the accuracy of any
information contained within the Monthly Settlement Statement, including any
calculations contained therein. A copy of any such items may be obtained by any
holder of a Certificate upon a written request delivered to the Trustee at the
Corporate Trust Office.

          Where the Servicer is required to provide written instructions to the
Trustee in respect of the distributions and allocations to be made on a
Distribution Date, the delivery by the Servicer to the Trustee of the Monthly
Settlement Statement with all such instructions contained therein on the
Settlement Report Date shall satisfy the Servicer's obligation to provide
written instructions.

          (b) ANNUAL CERTIFICATEHOLDERS' TAX STATEMENT. On or before January 31
of each calendar year (or such earlier date as required by applicable law),
beginning with calendar year 2001, the Company on behalf of the Trustee shall
furnish, or cause to be furnished, to each Person who at any time during the
preceding calendar year was a Purchaser, a statement prepared by the Company
containing the aggregate amount distributed to such Person for such calendar
year or the applicable portion thereof during which such Person was a Purchaser,
together with such other information as is required to be provided by an issuer
of indebtedness under the Internal Revenue Code and such other customary
information as the Company deems necessary or desirable to enable the Purchasers
to prepare their tax returns. Such obligation of the Company shall be deemed to
have been satisfied to the extent that substantially comparable information
shall have been prepared by the

                                       48
<Page>

Servicer and provided to the Trustee or the Funding Agent and to the Purchasers,
in each case pursuant to any requirements of the Internal Revenue Code as from
time to time in effect.

          (c) EARLY AMORTIZATION EVENT/DISTRIBUTION OF PRINCIPAL NOTICES. Upon
the occurrence of an Early Amortization Event with respect to Series 1998-1, the
Company or the Servicer, as the case may be, shall give prompt written notice
thereof to the Trustee and the Funding Agent. As promptly as reasonably
practicable after its receipt of notice of the occurrence of an Early
Amortization Event with respect to Series 1998-1, the Trustee shall give notice
to the Funding Agent, who in turn shall give notice to each Purchaser. In
addition, on the Business Day preceding each day on which a distribution of
principal is to be made during the Series 1998-1 Amortization Period, the
Servicer shall direct the Funding Agent to send notice to each Purchaser, which
notice shall set forth the amount of principal to be distributed on the related
date to the Purchasers with respect to the outstanding VFC Certificates.

                                    ARTICLE V

                      ADDITIONAL EARLY AMORTIZATION EVENTS

          SECTION 5.1. ADDITIONAL EARLY AMORTIZATION EVENTS. If any one of the
events specified in Section 7.1 of the Agreement (after the expiration of any
grace periods or consents applicable thereto) or any one of the following events
(each, an "EARLY AMORTIZATION EVENT") shall occur during the Series 1998-1
Revolving Period with respect to the Series 1998-1 Interests:

          (a) (i) failure on the part of the Servicer to direct any payment or
deposit to be made or failure of any payment or deposit to be made in respect of
interest owing on any VFC Certificates or the Commitment Fee within two Business
Days of the date such interest or Commitment Fee is due or (ii) failure on the
part of the Servicer to direct any payment or deposit to be made or of the
Company to make any payment or deposit in respect of any other amounts owing by
the Company under any Pooling and Servicing Agreement within five Business Days
of the date such other amount is due or such deposit is required to be made;

          (b) (i) failure on the part of the Company to duly observe or perform
in any material respect any of the covenants or agreements of the Company set
forth in Section 2.7 and 2.8 of the Agreement or (ii) failure on the part of the

                                       49
<Page>

Company duly to observe or perform in any material respect any other covenants
or agreements of the Company set forth in any Pooling and Servicing Agreement,
which failure continues unremedied until 30 days after the earlier of the date
on which a Responsible Officer of the Company or the Servicer has knowledge
thereof and the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Company by the Trustee, or to the
Company and the Trustee by the Funding Agent or Purchasers representing 25% or
more of the Series 1998-1 Invested Amount;

          (c) any representation or warranty made or deemed made by the Company
in any Pooling and Servicing Agreement to or for the benefit of the Purchasers
(i) proves to have been incorrect in any material respect when made or when
deemed made and (ii) continues to be materially incorrect until 30 days after
the earlier of the date on which a Responsible Officer of the Company or the
Servicer has knowledge thereof and the date on which notice of such failure,
requiring the same to be remedied, has been given by the Trustee to the Company
or by Purchasers representing 25% or more of the Series 1998-1 Invested Amount
to the Company and the Trustee; PROVIDED, HOWEVER, that an Early Amortization
Event with respect to the Series 1998-1 Interests shall not be deemed to have
occurred under this paragraph if the incorrectness of such representation or
warranty gives rise to an obligation to repurchase the related Receivables and
the Company has repurchased the related Receivable or all such Receivables, if
applicable, in accordance with the provisions of the Pooling and Servicing
Agreements within ten Business Days of the day on which the Company was
obligated to do so;

          (d) a Servicer Default with respect to the Servicer shall have
occurred and be continuing or the Servicer shall have resigned;

          (e) a Purchase Termination Event (as defined in any Receivables Sale
Agreement) shall have occurred and be continuing under such Receivables Sale
Agreement;

          (f) a USI Change in Control shall have occurred, or any Seller or the
Servicer shall cease to be a directly or indirectly wholly-owned, Subsidiary of
United Stationers Inc.;

          (g) USFS, USI or any one of USI's wholly-owned direct or indirect
subsidiaries shall cease to own 100% of the ordinary shares of the Company;
PROVIDED, that 30% of the voting rights with respect to such shares shall be
held by the independent director as nominee.

                                       50
<Page>

          (h) any of the Agreement, the Servicing Agreement, this Supplement or
the Receivables Sale Agreements shall cease, for any reason, to be in full force
and effect, or the Company, the Seller or the Servicer or any Affiliate of any
thereof shall so assert in writing;

          (i) the Trust shall for any reason cease to have a valid and perfected
first priority undivided ownership or security interest in the Trust Assets, as
a whole (subject to no other Liens other than Permitted Liens), or any of USSC,
USFS, the Company or any Affiliate of any one thereof shall so assert in
writing;

          (j) there shall have been filed against USSC, USFS, the Company or the
Trust (i) a notice of federal tax Lien from the Internal Revenue Service, (ii) a
notice of Lien from the PBGC under Section 412(n) of the Internal Revenue Code
or Section 302(f) of ERISA for a failure to make a required installment or other
payment to a plan to which either of such sections applies or (iii) a notice of
any other Lien the existence of which could reasonably be expected to have a
Material Adverse Effect on the business, operations or financial condition of
such Person, and, in each case, 40 days shall have elapsed without such notice
having been effectively withdrawn or such Lien having been released or
discharged;

          (k) an Event of Default under the Credit Agreement shall have occurred
and the lender parties thereto shall have caused the indebtedness thereunder to
come due prior to its stated maturity;

          (l) any action, suit, investigation or proceeding at law or in equity
(including, without limitation, injunctions, writs or restraining orders) shall
be brought or commenced or filed by or before any arbitrator, court or
Governmental Authority against the Company or the Servicer or any properties,
revenues or rights of either thereof which could reasonably be expected to have
a Material Adverse Effect with respect to such Person;

          (m)(i) one or more judgments for the payment of money (to the extent
not bonded or covered by insurance to the reasonable satisfaction of the
Required APA Banks) shall be rendered against the Company (A) in an aggregate
amount greater than $50,000 or (B) that, individually or in the aggregate, have
resulted or could reasonably be expected to result in a Material Adverse Effect
or (ii) one or more judgments for the payment of money (to the extent not bonded
or covered by insurance to the reasonable satisfaction of the Funding Agent)
shall be rendered against the Servicer, any Seller or any combination thereof
(A) in an

                                       51
<Page>

aggregate amount greater than $7,500,000 or (B) that, individually or in the
aggregate, have resulted or could reasonably be expected to result in a Material
Adverse Effect and, in either case, the same shall remain undischarged for a
period of 30 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to levy upon
assets or properties of the Company, the Servicer or any Seller to enforce any
such judgment;

          (n) as at the end of any Settlement Period, the average
Loss-to-Liquidation Ratio for the two preceding Settlement Periods (including
such Settlement Period then ended) shall exceed 1.0%;

          (o) as at the end of any Settlement Period, the average Default Ratio
for the two preceding Settlement Periods (including such Settlement Period then
ended) shall exceed 2.75%;

          (p) as at the end of any Settlement Period, the average Dilution Ratio
for the two preceding Settlement Periods (including such Settlement Period then
ended) shall exceed 4.25%;

          (q) for any Settlement Period, Days Sales Outstanding shall be more
than 40 days; or

          (r) the Series 1998-1 Allocated Receivables Amount shall be less than
the Series 1998-1 Target Receivables Amount for a period of two consecutive
Business Days.

then, in the case of (x) any event described in Section 7.1 of the Agreement,
after the applicable grace period (if any) set forth in such Section, and
paragraphs (i) and (j) above automatically without any notice or action on the
part of the Trustee or Purchasers, an early amortization period shall
immediately commence or (y) any other event described above, after the
expiration of the applicable grace period (if any) set forth in such Sections,
the Funding Agent may, and at the written direction of the Required APA Banks
shall, by written notice then given to the Company and the Servicer, declare
that an early amortization period has commenced as of the date of such notice
with respect to Series 1998-1 (any such period under clause (x) or (y) above, an
"EARLY AMORTIZATION PERIOD"); PROVIDED that in the case of any waiver of the
Early Amortization Event specified in Section 5.1(r), the Funding Agent shall
provide prompt written notice of such waiver to the Rating Agencies.

                                       52
<Page>

          Notwithstanding the foregoing, a delay or failure in performance
referred to in clause (a) above for a period of five Business Days after the
expiration of the applicable grace period, or in clause (b) above for a period
of 30 Business Days after the expiration of the applicable grace period, will
not constitute an Early Amortization Event if such delay or failure could not
have been prevented by the exercise of reasonable diligence by the Company and
such delay or failure was caused by a Force Majeure Delay. The Company will
nevertheless be required to use its best efforts to perform its obligations in a
timely manner in accordance with the terms of the Transaction Documents, and the
Company shall promptly give the Trustee an Officer's Certificate notifying it of
any such delay or failure.

                                   ARTICLE VI

                                  SERVICING FEE

          SECTION 6.1. SERVICING COMPENSATION. A periodic servicing fee (the
"SERIES 1998-1 PERIODIC SERVICING FEE") shall be payable to the Servicer on each
Distribution Date for the preceding Settlement Period in an amount equal to the
product of (a) the Servicing Fee and (b) a fraction the numerator of which is
the daily average Aggregate Commitment Amount for such Settlement Period and the
denominator of which is the sum of (i) the Aggregate Invested Amounts (other
than the Series 1998-1 Invested Amount and the Invested Amount in respect of any
variable funding certificate of any other Outstanding Series) on the first day
of such Settlement Period and (ii) the Aggregate Commitment Amount on the first
day of such Settlement Period plus the aggregate Commitment amount for any
variable funding certificate of any other Outstanding Series; PROVIDED, HOWEVER,
that if an Early Amortization Event has occurred and is continuing and USFS or
any Affiliate thereof is Servicer, payment of the Series 1998-1 Periodic
Servicing Fee shall be deferred until the Series 1998-1 Invested Amount has been
paid in full.

                                   ARTICLE VII

                             CHANGE IN CIRCUMSTANCES

          SECTION 7.1. ILLEGALITY. Notwithstanding any other provision herein,
if any Change in Law shall make it unlawful for any APA Bank to make or maintain
its portion of the VFC Certificateholders' Interest in any Eurodollar Tranche
and such APA Bank shall notify in writing the Funding Agent, the Trustee and the

                                       53
<Page>

Company, then the portion of each Eurodollar Tranche applicable to such APA Bank
shall thereafter be calculated by reference to the Alternate Base Rate. If any
such change in the method of calculating interest occurs on a day which is not
the last day of the Eurodollar Period with respect to any Eurodollar Tranche,
the Company shall pay to the Funding Agent for the account of such APA Bank the
amounts, if any, as may be required pursuant to Section 7.4.

          SECTION 7.2. INCREASED COSTS. (a) If any Change in Law (except with
respect to Taxes which shall be governed by Section 7.3) shall:

               (i) impose, modify or deem applicable any reserve, special
     deposit or similar requirement against assets of, deposits with or for the
     account of, or credit extended by, any APA Bank (except any such reserve
     requirement reflected in the Adjusted LIBO Rate); or

               (ii) impose on any APA Bank or the London interbank market any
     other condition affecting the Transaction Documents or the funding of
     Eurodollar Tranches by such APA Bank;

and the result of any of the foregoing shall be to increase the cost to such APA
Bank of making, converting into, continuing or maintaining Eurodollar Tranches
(or maintaining its obligation to do so) or to reduce any amount received or
receivable by such APA Bank hereunder (whether principal, interest or
otherwise), then the Company will pay to such APA Bank such additional amount or
amounts as will compensate such APA Bank for such additional costs incurred or
reduction suffered.

          (b) If any APA Bank determines that any Change in Law regarding
capital requirements has or would have the effect of reducing the rate of return
on such APA Bank's capital or the capital of any corporation controlling such
APA Bank as a consequence of its obligations hereunder to a level below that
which such APA Bank or such corporation could have achieved but for such Change
in Law (taking into consideration such APA Bank's or such corporation's policies
with respect to capital adequacy), then from time to time, the Company shall pay
to such APA Bank such additional amount or amounts as will compensate such APA
Bank for any such reduction suffered.

          (c) A certificate of an APA Bank setting forth in reasonable detail
the amount or amounts necessary to compensate such APA Bank as specified in
Sections (a) and (b) of this Section 7.2 shall be delivered to the Company (with
a copy to the Funding Agent) and shall be conclusive absent manifest error
provided

                                       54
<Page>

that such Certificate is delivered in good faith and in a manner generally
consistent with such APA Bank's standard practice. The agreements in this
Section shall survive the termination of this Supplement and the Agreement and
the payment of all amounts payable hereunder and thereunder for a period of nine
months.

          (d) Failure or delay on the part of any APA Bank to demand
compensation pursuant to this Section 7.2 shall not constitute a waiver of such
APA Bank's right to demand such compensation; PROVIDED that the Company shall
not be required to compensate an APA Bank pursuant to this Section 7.2 for any
increased costs or reductions incurred more than 270 days prior to the date that
such APA Bank notifies the Company of the Change in Law giving rise to such
increased costs or reductions and of such APA Bank's intention to claim
compensation therefor; PROVIDED FURTHER that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 270-day period
referred to above shall be extended to include the period of retroactive effect
thereof.

          SECTION 7.3. TAXES. (a) Any and all payments by or on account of any
obligation of the Company hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; PROVIDED that if the Company
shall be required to deduct any Indemnified Taxes or Other Taxes from such
payments, then (i) the sum payable shall be increased as necessary so that after
making all required deductions (including deductions applicable to additional
sums payable under this Section 7.3) the Funding Agent or such APA Bank receives
an amount equal to the sum that it would have received had no such deductions
been made, (ii) the Company shall make such deductions and (iii) the Company
shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

          (b) In addition, the Company shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law.

          (c) Subject to paragraph (e) of this Section 7.3, the Company shall
indemnify the Funding Agent and each APA Bank within the later of 10 days after
written demand therefor and the Distribution Date next following such demand for
the full amount of any Indemnified Taxes or Other Taxes paid by the Funding
Agent or such APA Bank on or with respect to any payment by or on account of any
obligation of the Company hereunder or under any other Transaction Document
(including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 7.3) and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified

                                       55
<Page>

Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Company by the Funding Agent or an APA Bank shall
be conclusive absent manifest error. Any payments made by the Company pursuant
to this Section shall be made solely from funds available to the Company which
are not otherwise needed to be applied to the payment of any amounts (other than
amounts payable to the Company) pursuant to any Pooling and Servicing
Agreements, shall be non-recourse other than with respect to proceeds in excess
of the proceeds to make such payment, and shall not constitute a claim against
the Company to the extent that insufficient proceeds exist to make such payment.
The agreements in this Section shall survive the termination of this Supplement
and the Agreement and the payment of all amounts payable hereunder and
thereunder for a period of nine months.

          (d) As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the Company to a Governmental Authority, the Company shall
deliver to the Funding Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably
satisfactory to the Funding Agent.

          (e) The Funding Agent and each APA Bank shall (but with respect to any
Indemnified Tax or Other Tax arising from a Change in Law, only to the extent
the Funding Agent or such APA Bank is legally able to do so) deliver to the
Company (with a copy to the Funding Agent) such properly completed and executed
documentation prescribed by applicable law and reasonably requested by the
Company on the later of (i) 30 Business Days after such request is made and the
applicable forms are provided to such APA Bank or (ii) 30 Business Days before
prescribed by applicable law as will permit such payments to be made without
withholding or with an exemption from or reduction of Indemnified Taxes or Other
Taxes. Failure to timely provide such documentation to the Company shall relieve
the Company of any indemnification responsibility under this Section 7.3.

          (f) If the Funding Agent or an APA Bank (or a Transferee) receives a
refund solely in respect of Taxes or Other Taxes, it shall pay over such refund
to the Company to the extent that such Funding Agent or APA Bank (or Transferee)
has already received indemnity payments or additional amounts pursuant to this
Section 7.3 with respect to such Taxes or Other Taxes giving rise to the refund,
net of all out-of-pocket expenses and without interest (other than interest paid
by the relevant Governmental Authority with respect to such refund); PROVIDED,
HOWEVER, that the Company shall, upon request of the Funding Agent or such APA

                                       56
<Page>

Bank (or Transferee), repay such refund (plus interest or other charges imposed
by the relevant Governmental Authority) to the Funding Agent or such APA Bank
(or Transferee) if the Funding Agent or such APA Bank (or Transferee) is
required to repay such refund to such Governmental Authority. Nothing contained
herein shall require the Funding Agent or an APA Bank (or Transferee) to make
its tax returns (or any other information relating to its taxes which it deems
confidential) available to the Company or any other Person.

          SECTION 7.4. BREAK FUNDING PAYMENTS. The Company agrees to indemnify
each APA Bank and to hold each APA Bank harmless from any loss or expense which
such APA Bank may sustain or incur as a consequence of (a) default by the
Company in making a borrowing of, conversion into or continuation of a
Eurodollar Tranche after the Company has given irrevocable notice requesting the
same in accordance with the provisions of this Supplement, or (b) default by the
Company in making any prepayment in connection with a Decrease after the Company
has given irrevocable notice thereof in accordance with the provisions of
Section 2.7 or (c) the making of a prepayment of a Eurodollar Tranche prior to
the termination of the Eurodollar Period for such Eurodollar Tranche. Such
indemnification may include an amount equal to the excess, if any, of (i) the
amount of interest which would have accrued on the amount so prepaid or not so
borrowed, converted or continued, for the period from the date of such
prepayment or of such failure to borrow, convert or continue to the last day of
the Eurodollar Period (or in the case of a failure to borrow, convert or
continue, the Eurodollar Period that would have commenced on the date of such
prepayment or of such failure) in each case at the Adjusted LIBO Rate for such
Eurodollar Tranche provided for herein over (ii) the amount of interest (as
reasonably determined by such APA Bank) which would have accrued to such APA
Bank on such amount by placing such amount on deposit for a comparable period
with leading banks in the interbank eurodollar market; PROVIDED that any
payments made by the Company pursuant to this Section shall be made solely from
funds available to the Company which are not otherwise needed to be applied to
the payment of any amounts (other than amounts payable to the Company) pursuant
to any Pooling and Servicing Agreements, shall be non-recourse other than with
respect to proceeds in excess of the proceeds to make such payment, and shall
not constitute a claim against the Company to the extent that insufficient
proceeds exist to make such payment. This covenant shall survive the termination
of this Supplement and the Agreement and the payment of all amounts payable
hereunder and thereunder for a period of nine months. A certificate as to any
additional amounts payable pursuant to the foregoing sentence, showing in
reasonable detail the calculation thereof, submitted by any APA Bank to the
Company shall be conclusive absent manifest error.

                                       57
<Page>

          Notwithstanding anything in this Agreement to the contrary, the
Company agrees to indemnify the Initial Purchaser and to hold the Initial
Purchaser harmless from any loss or expense which the Initial Purchaser may
sustain or incur as a consequence of (a) default by the Company in making a
borrowing of or conversion into a CP Tranche after the Company has given
irrevocable notice requesting the same in accordance with the provisions of this
Supplement or (b) the prepayment, whether in connection with a Decrease or
otherwise, of any portion of the Series 1998-1 Invested Amount held by the
Initial Purchaser.

          SECTION 7.5. ALTERNATE RATE OF INTEREST. If prior to the commencement
of any Eurodollar Period:

          (a) the Funding Agent determines (which determination shall be
conclusive absent manifest error) that adequate and reasonable means do not
exist for ascertaining the Adjusted LIBO Rate for such Eurodollar Period, or

          (b) the Funding Agent is advised by the Majority Purchasers that the
Adjusted LIBO Rate for such Eurodollar Period will not adequately and fairly
reflect the cost to such Purchasers of making or maintaining the Eurodollar
Tranches during such Eurodollar Period,

then the Funding Agent shall forthwith give telecopy or telephonic notice
thereof to the Company, the Trustee and the Purchasers, whereupon until the
Funding Agent notifies the Company and the Trustee that the circumstances giving
rise to such notice no longer exist, the Available Pricing Amount shall not be
allocated to any Eurodollar Tranche.

          SECTION 7.6. MITIGATION OBLIGATIONS. (a) If any APA Bank requests
compensation under Section 7.2, or if the Company is required to pay any
additional amount to any APA Bank or any Governmental Authority for the account
of any APA Bank pursuant to Section 7.3, then such APA Bank shall use reasonable
efforts to designate a different lending office for funding or booking its
obligations under this Supplement and the Agreement or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in
the judgment of such APA Bank, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 7.2 or 7.3, as the case
may be, in the future and (ii) would not subject such APA Bank to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such
APA Bank. The Company hereby agrees

                                       58
<Page>

to pay all reasonable costs and expenses incurred by any APA Bank in connection
with any such designation or assignment.

          (b) If any APA Bank requests compensation under Section 7.2, or if the
Company is required to pay any additional amount to any APA Bank or any
Governmental Authority for the account of any APA Bank pursuant to Section 7.3,
or if any APA Bank defaults in its obligations hereunder, then the Company may,
at its sole expense and effort, upon notice to such APA Bank and the Funding
Agent require such APA Bank to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 11.11), all
its interests, rights and obligations under this Supplement to an assignee that
shall assume such obligations (which assignee may be another APA Bank, if an APA
Bank accepts such assignment); PROVIDED that (i) the Company shall have received
the prior written consent of the Funding Agent, which consent shall not
unreasonably be withheld, (ii) such APA Bank shall have received payment of an
amount equal to its Series 1998-1 Purchaser Invested Amount, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such Series 1998-1 Purchaser Invested Amount and
accrued interest and fees) or the Company (in the case of all other amounts) and
(iii) in the case of any such assignment resulting from a claim for compensation
under Section 7.2 or payments required to be made pursuant to Section 7.3, such
assignment will result in a reduction in such compensation or payments. An APA
Bank shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such APA Bank or otherwise, the
circumstances entitling the Company to require such assignment and delegation
cease to apply.

                                  ARTICLE VIII

                    REPRESENTATIONS AND WARRANTIES, COVENANTS

          SECTION 8.1. REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE
SERVICER. The Company and the Servicer each hereby represents and warrants to
the Trustee, the Funding Agent and each of the Purchasers that each and every of
their respective representations and warranties contained in the Agreement is
true and correct in all material respects as of the Effective Date and as of the
date of each Increase (except to the extent that any such representation or
warranty is expressly made as of another date).

                                       59
<Page>

          SECTION 8.2. COVENANTS OF THE COMPANY AND THE SERVICER. The Company
and the Servicer hereby agree, in addition to their obligations under the
Agreement and the Servicing Agreement, that:

          (a) they shall observe in all material respects each and every of
their respective covenants (both affirmative and negative) contained in the
Agreement, the Servicing Agreement, this Supplement and all other Transaction
Documents to which each is a party;

          (b) they shall afford the Trustee, Funding Agent or any
representatives of the Trustee or the Funding Agent access to all records
relating to the Receivables at any reasonable time during regular business
hours, upon reasonable prior notice (and without prior notice if an Early
Amortization Event has occurred), for purposes of inspection and shall permit
the Trustee, Funding Agent or any representative of the Trustee or the Funding
Agent to visit any of the Company's or the Servicer's, as the case may be,
offices or properties during regular business hours and as often as may
reasonably be desired to discuss the business, operations, properties, financial
and other conditions of the Company or the Servicer with their respective
officers and employees and with their independent certified public accountants;
PROVIDED that the Funding Agent shall provide the Company or the Servicer, as
the case may be, with reasonable notice prior to any such contact and shall give
the Company or the Servicer the reasonable opportunity to participate in such
discussions; and

          (c) neither the Company nor the Servicer shall take any action, nor
permit the Seller to take any action, requiring the satisfaction of the Rating
Agency Condition pursuant to any Transaction Document without the prior written
consent of the Majority Purchasers.

          SECTION 8.3. COVENANTS OF THE SERVICER. The Servicer hereby agrees
that:

          (a) it shall observe each and all of its respective covenants (both
affirmative and negative) contained in the Pooling and Servicing Agreements in
all material respects;

          (b) it shall provide to the Funding Agent and the Rating Agencies,
simultaneously with delivery to the Trustee, all reports, notices, certificates,
statements and other documents required to be delivered to the Trustee pursuant
to the Agreement, the Servicing Agreement and the other Transaction Documents
and

                                       60
<Page>

furnish to the Funding Agent promptly after receipt thereof a copy of each
material notice, material demand or other material communication (excluding
routine communications) received by or on behalf of the Company or the Servicer
with respect to the Transaction Documents;

          (c) it shall provide notice to the Funding Agent of the appointment of
a Successor Servicer pursuant to Section 6.2 of the Servicing Agreement; and

          (d) it shall operate in good faith to allow the Trustee to use the
Servicer's available facilities, equipment, leasehold agreements, data systems,
records, files and expertise upon the Servicer's termination or default.

          SECTION 8.4. OBLIGATIONS UNAFFECTED. The obligations of the Company
and the Servicer to the Funding Agent and the Purchasers under this Supplement
shall not be affected by reason of any invalidity, illegality or irregularity of
any of the Receivables or any sale of any of the Receivables.

                                   ARTICLE IX

                              CONDITIONS PRECEDENT

          SECTION 9.1. CONDITIONS PRECEDENT TO EFFECTIVENESS OF SUPPLEMENT. This
Supplement shall become effective on the date (the "EFFECTIVE DATE") on which
the following conditions precedent have been satisfied:

          (a) DOCUMENTS. The Funding Agent shall have received, with a copy for
the Initial Purchaser, true and complete copies of this Supplement, executed by
a duly authorized officer of each of the Company, the Servicer, the Trustee, the
Funding Agent, the Initial Purchaser and the APA Banks, together with all
documents related hereto.

          (b) ORGANIZATIONAL DOCUMENTS, ORGANIZATIONAL PROCEEDINGS OF THE
COMPANY AND SERVICER. The Funding Agent shall have received from the Company,
the Seller and the Servicer, with a copy for the Initial Purchaser, true and
complete copies of:

               (i) the articles of association, articles of incorporation or
     other formation documents, including all amendments thereto, of such

                                       61
<Page>

     Person, certified as of a recent date by the Secretary of State or other
     appropriate authority of the state of formation or incorporation, as the
     case may be, and a certificate of compliance, of status or of good
     standing, as and to the extent applicable, of each such Person as of a
     recent date, from the Secretary of State or other appropriate authority of
     such jurisdiction;

               (ii) a certificate of the Secretary or an Assistant Secretary of
     each such Person, dated the Effective Date and certifying (A) that attached
     thereto is a true and complete copy of the bylaws and articles of
     incorporation or articles of association of each such Person, as in effect
     on the Effective Date and at all times since a date prior to the date of
     the resolutions described in clause (B) below, (B) that attached thereto is
     a true and complete copy of the resolutions, in form and substance
     reasonably satisfactory to the Funding Agent, of the Board of Directors of
     each such Person or committees thereof authorizing the execution, delivery
     and performance of the Series 1998-1 Transaction Documents to which it is a
     party and the transactions contemplated thereby, and that such resolutions
     have not been amended, modified, revoked or rescinded and are in full force
     and effect, (C) that the articles of association, article of incorporation
     or other formation documents of each such Person has not been amended since
     the date of the last amendment thereto shown on the certificate of good
     standing (or its equivalent) furnished pursuant to clause (i) above and (D)
     as to the incumbency and specimen signature of each officer executing any
     Series 1998-1 Transaction Documents or any other document delivered in
     connection herewith or therewith on behalf of each such Person; and

               (iii) a certificate of another officer as to the incumbency and
     specimen signature of the Secretary or Assistant Secretary executing the
     certificate pursuant to clause (ii) above.

          (c) GOOD STANDING CERTIFICATES. The Funding Agent shall have received
copies of certificates of compliance, of status or of good standing, dated as of
a recent date, from the Secretary of State or other appropriate authority of
such jurisdiction, with respect to the Company, the Servicer and the Seller, in
each State where the ownership, lease or operation of property or the conduct of
business requires it to qualify as a foreign corporation or limited liability
company, except where the failure to so qualify would not reasonably be expected
to have a material adverse effect on the business, operations, properties or
condition (financial or otherwise) of the Company, the Servicer or the Seller,
as the case may be.

                                       62
<Page>

          (d) CONSENTS, LICENSES, APPROVALS, ETC. The Funding Agent shall have
received, with a copy for the Initial Purchaser, certificates dated the date
hereof of a Responsible Officer of the Company, the Servicer and the Seller
either (i) attaching copies of all material consents, licenses and approvals
required in connection with the execution, delivery and performance by the
Company, the Servicer or the Seller, as the case may be, of this Supplement, and
the validity and enforceability of this Supplement and the Agreement against the
Company and the Servicer, and such consents, licenses and approvals shall be in
full force and effect or (ii) stating that no such consents, licenses or
approvals are so required.

          (e) NO LITIGATION. The Funding Agent shall have received confirmation
that there is no pending or, to their knowledge after due inquiry, threatened
action or proceeding affecting USSC, USFS or any of their respective
Subsidiaries before any Governmental Authority that could reasonably be expected
to have a Material Adverse Effect with respect to USSC and its Subsidiaries
taken as a whole.

          (f) LIEN SEARCHES. The Funding Agent shall have received a written
search report listing all effective financing statements that name the Seller,
USFS or the Company as debtor or assignor and that are filed in the
jurisdictions in which filings were made pursuant to paragraph (h) below and in
any other jurisdictions that the Funding Agent determines are reasonably
necessary or appropriate, together with copies of such financing statements
(none of which, except for those described in paragraph (h) below shall cover
any Receivables), and tax and judgment lien searches showing no such liens that
are not permitted by the Transaction Documents

          (g) UCC CERTIFICATE. The Funding Agent shall have received from each
of the Seller, USFS and the Company a UCC Certificate, completed in a manner
satisfactory to the Funding Agent, duly executed by a Responsible Officer of the
Seller or the Company, as the case may be, and dated the Effective Date.

          (h) FILINGS, REGISTRATIONS AND RECORDINGS. Any documents (including,
without limitation, financing statements) required to be filed in order (i) to
perfect the sale of the Receivables by the Seller to USFS and by USFS to the
Company pursuant to the applicable Receivables Sale Agreement, (ii) to perfect
the sale of Receivables by USSC to the Company under the Original Agreement (as
defined in the Amended and Restated Receivables Sale Agreement) and (iii) to
create, in favor of the Trustee, a perfected ownership/security interest in the
Trust Assets under the Agreement with respect to which an ownership/security
interest

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may be perfected by a filing under the UCC or other comparable statute, shall,
in each case, have been properly prepared and executed for immediate filing in
each office in each jurisdiction listed in the Agreement or the applicable
Receivables Sale Agreement, as the case may be, and such filings are the only
filings required in order to perfect the sale of the Receivables to USFS or the
Company, as the case may be, under the applicable Receivables Sale Agreement or
Original Agreement (as defined in the Amended and Restated Receivables Sale
Agreement), as appropriate, or to the Trust, under the Agreement, as the case
may be, in the jurisdictions listed therein. The Funding Agent shall have
received evidence reasonably satisfactory to it of each such filing,
registration or recordation and reasonably satisfactory evidence of the payment
of any necessary fee, tax or expense relating thereto.

          (i) LEGAL OPINIONS. The Funding Agent shall have received, with a
counterpart for the Initial Purchaser and the Trustee, opinions of counsel to
the Company and the Servicer, dated the Issuance Date, as to corporate, federal
tax (tax status of the VFC Certificates as debt), perfection and priority of
security and/or ownership interests and other matters in form and substance
reasonably acceptable to the Funding Agent and their counsel. On the Effective
Date, the Funding Agent shall have received copies of, and reliance letters
upon, all other opinions of counsel to the Company and the Servicer delivered to
the certificateholders of any other Series of the Trust issued on the Effective
Date.

          (j) FEES. The Funding Agent shall have received payment of all fees
and other amounts due and payable to it, the Initial Purchaser or the APA Banks
on or before the Effective Date.

          (k) MATERIAL ADVERSE CHANGE. No material adverse change shall have
occurred with respect to the business, operations, property or condition
(financial or otherwise) of USSC and its Subsidiaries taken as a whole since
December 31, 1998.

                                    ARTICLE X

                                THE FUNDING AGENT

          SECTION 10.1. APPOINTMENT. Each Purchaser and APA Bank hereby
irrevocably designates and appoints the Funding Agent as the agent of such
Purchaser and APA Bank, respectively, under this Supplement and each such
Purchaser and APA Bank irrevocably authorizes the Funding Agent, in such
capacity,

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<Page>

to take such action on its behalf under the provisions of this Supplement and to
exercise such powers and perform such duties as are expressly delegated to the
Funding Agent by the terms of this Supplement, together with such other powers
as are reasonably incidental thereto. In its capacity as agent of each Purchaser
and APA Bank, the Funding Agent shall act with the same due care as it does with
respect to its own investments. Subject to the foregoing sentence or any
provision to the contrary elsewhere in this Supplement, the Funding Agent shall
not have any duties or responsibilities except those expressly set forth herein,
or any fiduciary relationship with any Purchaser or APA Bank, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall
be read into this Supplement or otherwise exist against the Funding Agent.

          SECTION 10.2. DELEGATION OF DUTIES. The Funding Agent may execute any
of its duties under this Supplement by or through agents or attorneys-in-fact
and shall be entitled to advice of counsel (who may be counsel for the Company
or the Servicer), independent public accountants and other experts selected by
it concerning all matters pertaining to such duties. The Funding Agent shall not
be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

          SECTION 10.3. EXCULPATORY PROVISIONS. Neither the Funding Agent nor
any of its officers, directors, employees, agents, attorneys-in-fact or
Affiliates shall be (i) liable for any action lawfully taken or omitted to be
taken by it or such Person under or in connection with the Agreement or this
Supplement (x) with the consent or at the request of the Majority Purchasers or
(y) in the absence of its own gross negligence or willful misconduct or (ii)
responsible in any manner to any of the Purchasers for any recitals, statements,
representations or warranties made by the Company or any officer thereof
contained in this Supplement or any other Transaction Document or in any
certificate, report, statement or other document referred to or provided for in,
or received by the Funding Agent under or in connection with, this Supplement or
any other Transaction Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Supplement or any other
Transaction Document or for any failure of the Company to perform its
obligations hereunder or thereunder. The Funding Agent shall not be under any
obligation to any Purchaser to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this
Supplement or any other Transaction Document, or to inspect the properties,
books or records of the Company.

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<Page>

          SECTION 10.4. RELIANCE BY FUNDING AGENT. The Funding Agent shall be
entitled to rely, and shall be fully protected in relying, upon any Certificate,
writing, resolution, notice, consent, certificate, affidavit, letter, telecopy,
telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel
(including, without limitation, counsel to the Company or the Servicer),
independent accountants and other experts selected by the Funding Agent and
shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts. The
Funding Agent may deem and treat the payee of any Certificate as the owner
thereof for all purposes unless a written notice of assignment, negotiation or
transfer thereof shall have been filed with the Funding Agent. The Funding Agent
shall be fully justified in failing or refusing to take any action under this
Supplement or any other Transaction Document unless it shall first receive such
advice or concurrence of the Majority Purchasers as it deems appropriate or it
shall first be indemnified to its satisfaction by the Purchasers against any and
all liability and expense which may be incurred by it by reason of taking or
continuing to take any such action. The Funding Agent shall in all cases be
fully protected in acting, or in refraining from acting, under this Supplement
and the other Transaction Documents in accordance with a request of the Majority
Purchasers, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Purchasers.

          SECTION 10.5. NOTICE OF SERVICER DEFAULT OR EARLY AMORTIZATION EVENT
OR CLOSE UP POTENTIAL EARLY AMORTIZATION EVENT. The Funding Agent shall not be
deemed to have knowledge or notice of the occurrence of any Servicer Default
with respect to the Servicer or any Early Amortization Event or Potential Early
Amortization Event hereunder unless the Funding Agent has received notice from a
Purchaser, the Company or the Servicer referring to the Agreement or this
Supplement, describing such Servicer Default or Early Amortization Event or
Potential Early Amortization Event and stating that such notice is a "notice of
a Servicer Default with respect to the Servicer" or a "notice of an Early
Amortization Event or Potential Early Amortization Event", as the case may be.
In the event that the Funding Agent receives such a notice, the Funding Agent
shall give notice thereof to the Purchasers, the Trustee, the Company and the
Servicer. The Funding Agent shall take such action with respect to such Servicer
Default or Early Amortization Event or Potential Early Amortization Event as
shall be reasonably directed by the Majority Purchasers, PROVIDED that unless
and until the Funding Agent shall have received such directions, the Funding
Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Servicer Default or

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Early Amortization Event or Potential Early Amortization Event as it shall deem
advisable in the best interests of the Purchasers.

          SECTION 10.6. NON-RELIANCE ON THE FUNDING AGENT AND OTHER PURCHASERS.
Each Purchaser expressly acknowledges that neither the Funding Agent nor any of
its officers, directors, employees, agents, attorneys-in-fact or Affiliates has
made any representations or warranties to it and that no act by the Funding
Agent hereinafter taken, including any review of the affairs of the Company,
shall be deemed to constitute any representation or warranty by the Funding
Agent to any Purchaser. Each Purchaser represents to the Funding Agent that it
has, independently and without reliance upon the Funding Agent or any other
Purchaser, and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the
Company and made its own decision to enter into this Supplement. Each Purchaser
also represents that it will, independently and without reliance upon the
Funding Agent or any other Purchaser, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Supplement and the other Transaction Documents, and to make such
investigation as it deems necessary to inform itself as to the business,
operations, property, financial and other condition and creditworthiness of the
Company. Except for notices, reports and other documents expressly required to
be furnished to the Purchasers by the Funding Agent hereunder, the Funding Agent
shall have no duty or responsibility to provide any Purchaser with any credit or
other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of the Company which may
come into the possession of the Funding Agent or any of its officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

          SECTION 10.7. INDEMNIFICATION. The Purchasers agree to indemnify the
Funding Agent in its capacity as such (to the extent not reimbursed by the
Company and the Servicer and without limiting the obligation of the Company and
the Servicer to do so), ratably according to their respective Series 1998-1
Purchaser Invested Amounts on the date on which indemnification is sought, from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind
whatsoever which may at any time be imposed on, incurred by or asserted against
the Funding Agent in any way relating to or arising out of the Commitments, this
Supplement, any of the other Transaction Documents or any documents contemplated
by or referred to herein or therein or the transactions contemplated hereby or
thereby or any action

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taken or omitted by the Funding Agent under or in connection with any of the
foregoing; PROVIDED that no Purchaser shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting solely from the
Funding Agent's gross negligence or willful misconduct. The agreements in this
Section shall survive the payment of all amounts payable hereunder.

          SECTION 10.8. THE FUNDING AGENT IN ITS INDIVIDUAL CAPACITY. The
Funding Agent and its Affiliates may make loans to, accept deposits from and
generally engage in any kind of business with the Company, the Servicer or any
of their Affiliates as though the Funding Agent were not the Funding Agent
hereunder. With respect to any VFC Certificate held by the Funding Agent, the
Funding Agent shall have the same rights and powers under this Supplement and
the other Transaction Documents as any Purchaser and may exercise the same as
though it were not the Funding Agent, and the terms "APA Bank" and "Purchaser"
shall include the Funding Agent in its individual capacity.

          SECTION 10.9. SUCCESSOR FUNDING AGENT. The Funding Agent may resign as
Funding Agent upon 10 days' written notice to the Purchasers (with a copy to the
Company). If the Funding Agent shall resign as Funding Agent under this
Supplement, then the Majority Purchasers shall appoint from among the Purchasers
a successor administrative agent for the Purchasers, which successor
administrative agent shall be approved by the Company and the Servicer (which
approval shall not be unreasonably withheld), whereupon such successor
administrative agent shall succeed to the rights, powers and duties of the
Funding Agent, and the term "Funding Agent" shall mean such successor
administrative agent effective upon such appointment and approval, and the
former Funding Agent's rights, powers and duties as Funding Agent shall be
terminated, without any other or further act or deed on the part of such former
Funding Agent or any of the parties to this Supplement. After any retiring
Funding Agent's resignation as Funding Agent, the provisions of this Article 10
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Funding Agent under this Supplement.

                                   ARTICLE XI

                                  MISCELLANEOUS

          SECTION 11.1. RATIFICATION OF AGREEMENT. As supplemented by this
Supplement, the Agreement is in all respects ratified and confirmed and the

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Agreement as so supplemented by this Supplement shall be read, taken and
construed as one and the same instrument.

          SECTION 11.2. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

          SECTION 11.3. FURTHER ASSURANCES. Each of the Company, the Servicer
and the Trustee agrees, from time to time, to do and perform any and all acts
and to execute any and all further instruments required or reasonably requested
by the Funding Agent or the Majority Purchasers more fully to effect the
purposes of this Supplement and the sale of the VFC Certificates hereunder,
including, without limitation, in the case of the Company and the Servicer, the
execution of any financing or registration statements or similar documents or
notices or continuation statements relating to the Receivables and the other
Trust Assets for filing or registration under the provisions of the UCC or
similar legislation of any applicable jurisdiction.

          SECTION 11.4. PAYMENTS. To the extent proper payment instructions are
provided, each payment to be made hereunder shall be made on the required
payment date in lawful money of the United States and in immediately available
funds, if to the Purchasers, at the office of the Funding Agent set forth in
Section 11.9. Except as provided in Section 2.6(e), on each Distribution Date,
the Funding Agent shall remit in like funds to each Purchaser its applicable PRO
RATA share (based on each such Purchaser's Series 1998-1 Purchaser Invested
Amount) of each such payment received by the Funding Agent for the account of
the Purchasers.

          SECTION 11.5. COSTS AND EXPENSES. The Company agrees to pay all
reasonable out-of-pocket costs and expenses of the Funding Agent (including,
without limitation, reasonable fees and disbursements of one counsel to the
Funding Agent) in connection with (i) the preparation, execution and delivery of
this Supplement, the Agreement and the other Transaction Documents and
amendments or waivers of any such documents and (ii) the enforcement by the
Funding Agent of the obligations and liabilities of the Company and the Servicer
under the Agreement, this Supplement, the other Transaction Documents or any
related document; PROVIDED that any payments made by the Company pursuant to
this Section shall be made solely from funds available to the Company which are
not otherwise needed to be applied to the payment of any amounts (other than
amounts payable to the

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Company) pursuant to any Pooling and Servicing Agreements, shall be non-recourse
other than with respect to proceeds in excess of the proceeds to make such
payment, and shall not constitute a claim against the Company to the extent that
insufficient proceeds exist to make such payment.

          SECTION 11.6. NO WAIVER, CUMULATIVE REMEDIES. No failure to exercise
and no delay in exercising, on the part of the Trustee, the Funding Agent or any
Purchaser, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

          SECTION 11.7. AMENDMENTS. (a) Subject to Section (c) of this Section
11.7, this Supplement may be amended in writing from time to time by the
Servicer, the Company and the Trustee, with the consent of the Funding Agent but
without the consent of any holder of any outstanding VFC Certificate, to cure
any ambiguity, to correct or supplement any provisions herein which may be
inconsistent with any other provisions herein or to add any other provisions to
or change in any manner or eliminate any of the provisions with respect to
matters or questions raised under this Supplement which shall not be
inconsistent with the provisions of any Pooling and Servicing Agreement;
PROVIDED, HOWEVER, that such action shall not, as evidenced by an Officer's
Certificate or, to the extent in the reasonable view of the Company, a question
of law exists, an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of the VFC Certificateholders, including
without limitation the tax status of the VFC Certificates or of the Trust, or
the APA Banks. The Trustee may, but shall not be obligated to, enter into any
such amendment pursuant to this paragraph or paragraph (b) below which affects
the Trustee's rights, duties or immunities under any Pooling and Servicing
Agreement or otherwise.

          (b) Subject to Section (c) of this Section 11.7, this Supplement may
also be amended in writing from time to time by the Servicer, the Company and
the Trustee with the consent of the Majority Purchasers for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Supplement or of modifying in any manner the rights of the
VFC Certificateholders (including, without limitation, the acceleration of the
payment of sums payable to or for the account of the Purchasers under any
provision of this Supplement); PROVIDED, HOWEVER, that no such amendment shall,
unless signed or

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consented to in writing by all Purchasers and each APA Bank, (i) extend the time
for payment, or reduce the amount, of any sum payable to or for the account of
any Purchaser under any provision of this Supplement or extend the Series 1998-1
Termination Date, (ii) subject any Purchaser to any additional obligation
(including, without limitation, any change in the determination of any amount
payable by any Purchaser), (iii) change the Aggregate Commitment Amount, the
amount of any interest or fees or the percentage of Purchasers which shall be
required for any action under this Section or any other provision of this
Supplement or (iv) change the tax characteristics of the VFC Certificates or of
the Trust.

          (c) Any amendment hereof can be effected without the Funding Agent's
being party thereto; PROVIDED, HOWEVER, that no such amendment, modification or
waiver of this Supplement that affects rights or duties of the Funding Agent
shall be effective unless the Funding Agent shall have given its prior written
consent thereto.

          (d) No amendment hereof shall be effective until the Rating Agency
Condition is satisfied with respect thereto.

          SECTION 11.8. SEVERABILITY. If any provision hereof is void or
unenforceable in any jurisdiction, such voidness or unenforceability shall not
affect the validity or enforceability of (i) such provision in any other
jurisdiction or (ii) any other provision hereof in such or any other
jurisdiction.

          SECTION 11.9. NOTICES. All notices, requests and demands to or upon
any party hereto to be effective shall be given (i) in the case of the Company,
the Servicer and the Trustee, in the manner set forth in Section 10.4 of the
Agreement and (ii) in the case of the Funding Agent, the Rating Agencies, the
Initial Purchaser and each APA Bank, in writing, and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered
by hand or three days after being deposited in the mail, postage prepaid, or, in
the case of facsimile notice, when received, (A) in the case of each APA Bank,
at its address set forth on Schedule 1 hereto and (B) addressed as follows in
the case of the Funding Agent, the Rating Agencies and the Initial Purchaser; or
to such other address as may be hereafter notified by the respective parties
hereto:

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<Page>

         Funding Agent:             The Chase Manhattan Bank
                                    450 West 33rd Street, 15th Floor
                                    New York, New York 10001
                                    Attention:  Lara Graff
                                    Fax:  212-946-8098

         S&P:                       Standard & Poor's Ratings Service
                                    55 Water Street, 40th Floor
                                    New York, New York  10041
                                    Attention:  Philip Galgano
                                    Fax: 212-438-2647

         Moody's:                   Moody's Investors Service
                                    99 Church Street
                                    New York, New York 10007
                                    Attention:  Brigitte Posch
                                    Fax: 212-553-0881

         Initial Purchaser:         Park Avenue Receivables Corporation
                                    c/o Global Securitization Services, LLC
                                    114 West 47th Street, Suite 1715
                                    New York, New York  10036
                                    Attention:  Andy Stidd
                                    Fax: 212-302-8767

                                    WITH A COPY TO:

                                    Chase Securities Inc.
                                    270 Park Avenue, 7th Floor
                                    New York, New York  10017
                                    Attention:  Tino Luzano
                                    Fax:  212-834-6562

          SECTION 11.10. SUCCESSORS AND ASSIGNS. This Supplement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that the Company may not assign or transfer any
of its rights under this Supplement without the prior written consent of all of
the Purchasers, the Initial Purchaser may not assign or transfer any of its
rights under this Supplement except as set forth in Section 2.6 and each APA
Bank may not assign or transfer any of its rights under this Supplement except
as set forth in Section 11.11.

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<Page>

          SECTION 11.11. SECURITIES LAWS; PARTICIPATIONS; ASSIGNMENTS. (a) Each
Purchaser agrees that its VFC Certificate will be acquired for investment only
and not with a view to any public distribution thereof, and that such Purchaser
will not offer to sell or otherwise dispose of its VFC Certificate (or any
interest therein) in violation of any of the registration requirements of the
Securities Act or any applicable state or other securities laws. Each Purchaser
acknowledges that it has no right to require the Company to register its VFC
Certificate under the Securities Act or any other securities law. Each Purchaser
hereby confirms and agrees that in connection with any transfer by it of an
interest in the VFC Certificate, such Purchaser has not engaged and will not
engage in a general solicitation or general advertising including
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio or television, or
any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising.

          (b) Any APA Bank may, in the ordinary course of its business and in
accordance with applicable law, at any time sell to one or more financial
institutions or other entities ("PARTICIPANTS") participations in its VFC
Certificate and its rights hereunder pursuant to documentation in form and
substance satisfactory to such APA Bank and the Participant; PROVIDED, HOWEVER,
that (i) in the event of any such sale by an APA Bank to a Participant, (A) such
APA Bank's obligations under this Supplement shall remain unchanged, (B) such
APA Bank shall remain solely responsible for the performance thereof and (C) the
Company shall continue to deal solely and directly with such APA Bank in
connection with its rights and obligations under the Pooling and Servicing
Agreements, (ii) no APA Bank shall sell any participating interest under which
the Participant shall have rights to approve any amendment to, or any consent or
waiver with respect to, any Pooling and Servicing Agreement, except to the
extent that the approval of such amendment, consent or waiver otherwise would
require the unanimous consent of all APA Banks hereunder, (iii) no sale by an
APA Bank to a Participant shall be given effect if such sale would result in
there being more than 20 Targeted Holders with respect to the VFC Certificates
or is not otherwise permitted under Section 5.3(e) of the Agreement, and (iv)
each Participant shall, prior to becoming a Participant, execute and deliver to
the Funding Agent an Assignment/Participation Certification. The Company agrees
that each APA Bank is entitled, in its own name, to enforce for the benefit of,
or as agent for, any Participant any and all rights, claims and interest of such
Participant in respect of the Trust and the Company's obligations under this
Supplement. A Participant shall have the right to receive Article VII Costs but
only to the extent that

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<Page>

the related selling APA Bank would have had such right absent the sale of the
related participation.

          (c) Any APA Bank may, upon the satisfaction of all applicable
requirements under Section 5.3 of the Agreement, in the ordinary course of its
business and in accordance with applicable law, at any time sell all or any part
of its rights and obligations under this Supplement and the VFC Certificate to
(i) its Affiliates and to any other APA Bank and (ii) upon prior written notice
to the Funding Agent, one or more banks or other entities (an "ACQUIRING APA
BANK"), in each case pursuant to a commitment transfer supplement, substantially
in the form of Exhibit G (the "COMMITMENT TRANSFER SUPPLEMENT"), executed by
such Acquiring APA Bank, such assigning APA Bank and the Funding Agent (and, in
the case of an Acquiring APA Bank that is not then an existing APA Bank or an
Affiliate thereof, by the Company and the Servicer), and delivered to the
Funding Agent for its acceptance and recording in the Register with notice
delivered to each Rating Agency. Notwithstanding the foregoing, no APA Bank
shall so sell its rights hereunder (other than to its Affiliate or any other APA
Bank) without the prior written consent of the Company, which consent shall not
be unreasonably withheld, and no APA Bank shall sell its rights hereunder (w) if
such sale would result in there being more than 20 Targeted Holders with respect
to the VFC Certificates or more than 20 beneficial owners of the VFC
Certificates for the purposes of the 1940 Act or is not otherwise permitted
under Section 5.3(e) of the Agreement, (x) if such Acquiring APA Bank is not an
Eligible Assignee, (y) unless such APA Bank reasonably believes that such
Acquiring APA Bank is a "qualified institutional buyer" within the meaning of
Rule 144A promulgated under the Securities Act and (z) unless, prior to such
sale, the purchaser of such rights shall have executed and delivered to the
Funding Agent and the Transfer Agent and Registrar an Assignment/Participation
Certification. Upon such execution, delivery, acceptance and recording, (A) the
Company shall sign, on behalf of the Trust, and shall direct the Trustee in
writing to duly authenticate, and the Trustee, upon receiving such direction,
shall so authenticate, a new VFC Certificate in the name and the denomination
determined pursuant to the related Commitment Transfer Supplement and set forth
in such written direction and shall deliver such VFC Certificate to the
Acquiring APA Bank in accordance with such written direction, and (B) from and
after the Transfer Issuance Date determined pursuant to such Commitment Transfer
Supplement, (1) the Acquiring APA Bank thereunder shall be a party hereto and,
to the extent provided in such Commitment Transfer Supplement, have the rights
and obligations of an APA Bank hereunder with a Commitment as set forth therein
and (2) the transferor APA Bank thereunder shall, to the extent provided in such
Commitment Transfer Supplement, be released from its obligations under this
Supplement. Such

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<Page>

Commitment Transfer Supplement shall be deemed to amend this Supplement
(including the Schedules attached hereto) to the extent, and only to the extent,
necessary to reflect the addition of such Acquiring APA Bank as an "APA Bank"
and the resulting adjustment of Pro Rata Shares arising from the purchase by
such Acquiring APA Bank of all or a portion of the rights and obligations of
such transferor APA Bank under this Supplement and the VFC Certificates.

          (d) The Funding Agent shall maintain at its address referred to in
Section 11.9 a copy of each Commitment Transfer Supplement delivered to it.

          (e) Upon its receipt of a Commitment Transfer Supplement executed by a
transferor APA Bank and an Acquiring APA Bank (and, in the case of a Transferee
that is not then an existing APA Bank or an Affiliate thereof, by the Company
and the Servicer) and a processing fee of $3,500, the Funding Agent shall (i)
promptly accept such Commitment Transfer Supplement and (ii) on the Transfer
Issuance Date determined pursuant thereto record the information contained
therein in the Register and give notice of such acceptance and recordation to
the Initial Purchaser, the APA Banks, the Servicer and the Company.

          (f) The Company and the Servicer each authorizes each APA Bank to
disclose to any Participant or Acquiring APA Bank (each, a "TRANSFEREE") and any
prospective Transferee any and all financial information in such APA Bank's
possession concerning the Company, the Servicer or the Receivables which has
been delivered to such APA Bank by the Company or the Servicer pursuant to this
Supplement or which has been delivered to such APA Bank by or on behalf of the
Company in connection with such APA Bank's credit evaluation of the Company, the
Servicer, the Trust and the Trust Assets prior to becoming a party to this
Supplement; PROVIDED, HOWEVER, the Transferee or prospective Transferee shall
have agreed to be bound by the terms and conditions of Section 11.15.

          (g) Notwithstanding any other provisions herein, no transfer or
assignment of any interests or obligations of any APA Bank hereunder or any
grant of participations therein shall be permitted if such transfer, assignment
or grant would result in a prohibited transaction under Section 4975 of the
Internal Revenue Code or Section 406 of ERISA or cause the Trust Assets to be
regarded as plan assets pursuant to 29 C.F.R. ss. 2510.3-101.

          SECTION 11.12. ADJUSTMENTS; SET-OFF. (a) If any Purchaser (a
"BENEFITTED PURCHASER") shall at any time receive in respect of its Series
1998-1 Invested Amount any distribution of principal, interest, Commitment Fees
or other

                                       75
<Page>

fees, or any interest thereon, or receive any collateral in respect thereof
(whether voluntarily or involuntarily, by set-off or otherwise) in a greater
proportion than any such distribution received by any other Purchaser, if any,
in respect of such other Purchaser's Series 1998-1 Invested Amount, or interest
thereon, such Benefitted Purchaser shall purchase for cash from the other
Purchasers such portion of each such other Purchaser's interest in the VFC
Certificates, or shall provide such other Purchasers with the benefits of any
such collateral, or the proceeds thereof, as shall be necessary to cause such
Benefitted Purchaser to share the excess payment or benefits of such collateral
or proceeds ratably with each of the Purchasers; PROVIDED, HOWEVER, that if all
or any portion of such excess payment or benefits is thereafter recovered from
such Benefitted Purchaser, such purchase shall be rescinded, and the purchase
price and benefits returned, to the extent of such recovery, but without
interest. The Company agrees that each Purchaser so purchasing a portion of the
VFC Certificateholders' Interest may exercise all rights of payment (including,
without limitation, rights of set-off) with respect to such portion as fully as
if such Purchaser were the direct holder of such portion.

          (b) In addition to any rights and remedies of the Purchasers provided
by law, each Purchaser shall have the right, without prior notice to the
Company, any such notice being expressly waived by the Company to the extent
permitted by applicable law, upon any amount becoming due and payable by the
Company hereunder or under the VFC Certificates to set-off and appropriate and
apply against any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or
claims, in any currency, in each case whether direct or indirect, absolute or
contingent, matured or unmatured, at any time held or owing by such Purchaser to
or for the credit or the account of the Company. Each Purchaser agrees promptly
to notify the Company and the Funding Agent after any such set-off and
application made by such Purchaser, PROVIDED that the failure to give such
notice shall not affect the validity of such set-off and application.

          SECTION 11.13. COUNTERPARTS. This Supplement may be executed in any
number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original,
and all of which taken together shall constitute one and the same agreement.

          SECTION 11.14. NO BANKRUPTCY PETITION. (a) The Funding Agent and each
Purchaser hereby covenants and agrees that, prior to the date which is one year
and one day after the later of (i) the last day of the Series 1998-1
Amortization Period and (ii) the last day of the amortization period of any
other Outstanding

                                       76
<Page>

Series, it will not institute against, or join any other Person in instituting
against, the Company any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state
bankruptcy or similar law.

          (b) The Company, the Servicer, the Trustee, the Funding Agent and each
APA Bank hereby covenants and agrees that, prior to the date which is one year
and one day after the payment in full of all outstanding Commercial Paper, it
will not institute against, or join any other Person in instituting against, the
Initial Purchaser any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any federal or state
bankruptcy or similar law. The provisions of this Section 11.14(b) shall survive
termination of this Agreement.

          SECTION 11.15. CONFIDENTIALITY. Each APA Bank agrees to keep
information obtained by it pursuant hereto and the other Transaction Documents
identified as confidential in writing at the time of delivery confidential in
accordance with such APA Bank's customary practices and agrees that it will only
use such information in connection with the transactions contemplated by the
Pooling and Servicing Agreements and not disclose any of such information other
than (a) to such APA Bank's employees, representatives, directors, attorneys,
auditors, agents, professional advisors, trustees or affiliates who are advised
of the confidential nature of such information, (b) to the extent such
information that is in the public domain at the time of disclosure, (c) to the
extent disclosure is required by law (including applicable securities laws),
regulation, subpoena or judicial order or process (PROVIDED that notice of such
requirement or order shall be promptly furnished to the Company or the Servicer
unless such notice is legally prohibited) or requested or required by bank,
securities, insurance or investment company regulations or auditors or any
administrative body or commission to whose jurisdiction such APA Bank may be
subject, (d) to any rating agency to the extent required in connection with any
rating to be assigned to such APA Bank, (e) to Transferees or prospective
Transferees who agree to be bound by the provisions of this Section 11.15, or
(f) with the Company's or the Servicer's prior written consent. The agreements
in this Section 11.15 shall survive the termination of this Supplement and the
Agreement and the payment of all amounts payable hereunder and thereunder.

          SECTION 11.16. LIMITED RECOURSE. Notwithstanding anything to the
contrary contained herein, the obligations of the Initial Purchaser under this
Agreement are solely the corporate obligations of the Initial Purchaser and, in
the case of obligations of the Initial Purchaser other than Commercial Paper,
shall be

                                       77
<Page>

payable at such time as funds are received by or are available to the Initial
Purchaser in excess of funds necessary to pay in full all outstanding Commercial
Paper and, to the extent funds are not available to pay such obligations, the
claims relating thereto shall not constitute a claim against the Initial
Purchaser but shall continue to accrue. Each party hereto agrees that the
payment of any claim (as defined in Section 101 of Title 11, United States Code
(Bankruptcy)) of any such party shall be subordinated to the payment in full of
all Commercial Paper.

          No recourse under any obligation, covenant or agreement of the Initial
Purchaser contained in this Agreement shall be had against any incorporator,
stockholder, officer, director, employee or agent of the Initial Purchaser, the
Initial Purchaser's administrative agent, the Funding Agent, Global
Securitization Services, LLC or any of their Affiliates (solely by virtue of
such capacity) by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise; it being expressly agreed and
understood that this Agreement is solely a corporate obligation of the Initial
Purchaser individually, and that no personal liability whatever shall attach to
or be incurred by any incorporator, stockholder, officer, director, member,
employee or agent of the Initial Purchaser, the Initial Purchaser's
administrative agent, the Funding Agent, Global Securitization Services, LLC or
any of their Affiliates (solely by virtue of such capacity) or any of them under
or by reason of any of the obligations, covenants or agreements of the Initial
Purchaser contained in this Agreement, or implied therefrom, and that any and
all personal liability for breaches by the Initial Purchaser of any of such
obligations, covenants or agreements, either at common law or at equity, or by
statute, rule or regulation, of every such incorporator, stockholder, officer,
director, employee or agent is hereby expressly waived as a condition of and in
consideration for the execution of this Agreement; PROVIDED that the foregoing
shall not relieve any such Person from any liability it might otherwise have as
a result of fraudulent actions taken or omissions made by them. The provisions
of this Section 11.16 shall survive termination of this Agreement.

          SECTION 11.17. CONSENTS OF INVESTOR CERTIFICATEHOLDERS. Each of the
Investor Certificateholders party hereto consents to the execution and delivery
of the Agreement and the Servicing Agreement.

                                       78
<Page>

                                   ARTICLE XII

                               FINAL DISTRIBUTIONS

          SECTION 12.1. CERTAIN DISTRIBUTIONS. (a) Not later than 2:00 p.m., New
York City time, on the Distribution Date following the date on which the
proceeds from the disposition of the Receivables pursuant to Section 7.2(b) of
the Agreement are deposited into the Series 1998-1 Non-Principal Collection
Sub-subaccount and the Series 1998-1 Principal Collection Sub-subaccount, the
Trustee shall distribute such amounts pursuant to Article III of this
Supplement.

          (b) Notwithstanding anything to the contrary in this Supplement or the
Agreement, any distribution made pursuant to this Section shall be deemed to be
a final distribution pursuant to Section 9.3 of the Agreement with respect to
the VFC Certificates.

                                       79
<Page>

          IN WITNESS WHEREOF, the Company, the Servicer, the Trustee, the
Funding Agent, the Initial Purchaser and the APA Banks have caused this Second
Amended and Restated Series 1998-1 Supplement to be duly executed by their
respective officers as of the day and year first above written.

                                                 USS RECEIVABLES COMPANY, LTD.

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

                                                 UNITED STATIONERS  FINANCIAL
                                                 SERVICES LLC, as Servicer

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

                                                 THE CHASE MANHATTAN BANK, not
                                                 in its individual capacity but
                                                 solely as Trustee and as
                                                 Securities Intermediary

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

                                       80
<Page>

                                                 THE CHASE MANHATTAN BANK,
                                                  as Funding Agent

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

                                                 PARK AVENUE RECEIVABLES
                                                  CORPORATION, as Initial
                                                  Purchaser

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

                                                 THE CHASE MANHATTAN BANK,
                                                  as an APA Bank

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

                                                 THE NORTHERN TRUST COMPANY,
                                                  as an APA Bank

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

                                       81
<Page>

                                                 THE BANK OF NEW YORK, as
                                                  an APA Bank

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

                                       82
<Page>

Consented to by:

UNITED STATIONERS SUPPLY CO.

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

                                       83
<Page>

                                                                      SCHEDULE 1

                               LIST OF COMMITMENTS

<Table>
<Caption>
NAME OF APA BANK                            COMMITMENT

<S>                                         <C>
The Chase Manhattan Bank                    $51,600,000

The Northern Trust Company                  $15,000,000

The Bank of New York                        $15,000,000
                                            -----------

Total Commitment                            $81,600,000
</Table>

                                       84<Page>

                                                                  EXHIBIT 10.6

                          USS RECEIVABLES COMPANY, LTD.

                    UNITED STATIONERS FINANCIAL SERVICES LLC,
                                  as Servicer,

                         PNC BANK, NATIONAL ASSOCIATION,
                                as Administrator,

                       MARKET STREET FUNDING CORPORATION,
                             as Committed Purchaser,

                                       and

                            THE CHASE MANHATTAN BANK,
                    as Trustee and as Securities Intermediary

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

                              AMENDED AND RESTATED
                            SERIES 2000-2 SUPPLEMENT

                             Dated as of May 1, 2001

                                       to

                              AMENDED AND RESTATED
                                POOLING AGREEMENT

                             Dated as of May 1, 2001

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

                   UNITED STATIONERS RECEIVABLES MASTER TRUST

================================================================================

<Page>

                                         TABLE OF CONTENTS
<Table>
<Caption>
                                                                                                          PAGE
<S>                                                                                                        <C>
ARTICLE I      DEFINITIONS................................................................................. -1-

ARTICLE II     DESIGNATION OF CERTIFICATES; PURCHASE AND SALE OF
               THE VFC CERTIFICATES........................................................................-20-
       SECTION 2.1.             Designation................................................................-20-
       SECTION 2.2              The Series 2000-2 Interests................................................-20-
       SECTION 2.3.             Purchases of Interests in the VFC Certificates.............................-21-
       SECTION 2.4.             Delivery...................................................................-21-
       SECTION 2.5.             Procedure for Initial Issuance and for Increasing the Series
                                2000-2 Invested Amount.....................................................-21-
       SECTION 2.6.             [Reserved].................................................................-23-
       SECTION 2.7.             Procedure for Decreasing the Series 2000-2 Invested Amount;
                                Optional Termination.......................................................-23-
       SECTION 2.9.             Interest, Fees.............................................................-24-
       SECTION 2.10.            Indemnification by the Company and the Servicer............................-25-

ARTICLE III         ARTICLE III OF THE AGREEMENT...........................................................-26-
       SECTION 3A.2             ...........................................................................-27-
       SECTION 3A.3.            Allocations................................................................-28-
       SECTION 3A.4.            Determination of Series 2000-2 Monthly Interest............................-29-
       SECTION 3A.5.            Determination of Series 2000-2 Monthly Principal...........................-30-
       SECTION 3A.6.            Applications...............................................................-31-

ARTICLE IV DISTRIBUTIONS AND REPORTS.......................................................................-33-
       SECTION 4A.1.            Distributions..............................................................-33-
       SECTION 4A.2.            Reserved...................................................................-33-
       SECTION 4A.3.            Statements and Notices.....................................................-33-

ARTICLE V           ADDITIONAL EARLY AMORTIZATION EVENTS...................................................-34-
       SECTION 5.1.             Additional Early Amortization Events.......................................-34-

ARTICLE VI          SERVICING FEE .........................................................................-37-
       SECTION 6.1.             Servicing Compensation.....................................................-37-

ARTICLE VII CHANGE IN CIRCUMSTANCES........................................................................-38-
       SECTION 7.1.             Illegality ................................................................-38-
       SECTION 7.2.             Increased Costs ...........................................................-38-
       SECTION 7.3.             Taxes . ...................................................................-39-
       SECTION 7.4.             Break Funding Payments . ..................................................-41-
</Table>

                                       -i-
<Page>

<Table>
<S>                                                                                                        <C>
       SECTION 7.5.             Mitigation Obligations.....................................................-41-

ARTICLE VIII REPRESENTATIONS AND WARRANTIES, COVENANTS.....................................................-42-
       SECTION 8.1.             Representations and Warranties of the Company and the Service..............-42-
       SECTION 8.2.             Covenants of the Company and the Servicer..................................-42-
       SECTION 8.3.             Covenants of the Servicer..................................................-43-
       SECTION 8.4.             Obligations Unaffected.....................................................-43-

ARTICLE IX          CONDITIONS PRECEDENT ..................................................................-44-
       SECTION 9.1.             Conditions Precedent to Effectiveness of Supplement .......................-44-

ARTICLE X           [Reserved] ............................................................................-46-

ARTICLE XI          MISCELLANEOUS . .......................................................................-47-
       SECTION 11.1.            Ratification of Agreement .................................................-47-
       SECTION 11.2.            Governing Law .............................................................-47-
       SECTION 11.3.            Further Assurances ........................................................-48-
       SECTION 11.4.            Payments ..................................................................-48-
       SECTION 11.5.            Costs and Expenses . ......................................................-48-
       SECTION 11.6.            No Waiver, Cumulative Remedies . ..........................................-48-
       SECTION 11.7.            Amendments ................................................................-48-
       SECTION 11.8.            Severability ..............................................................-49-
       SECTION 11.9.            Notices . .................................................................-49-
       SECTION 11.10.           Successors and Assigns ....................................................-50-
       SECTION 11.11.           Securities Laws; Assignments . ............................................-51-
       SECTION 11.12.           [Reserved] ................................................................-52-
       SECTION 11.13.           Counterparts . ............................................................-52-
       SECTION 11.14.           No Bankruptcy Petition ....................................................-52-

ARTICLE XII         FINAL DISTRIBUTIONS . .................................................................-53-
       SECTION 12.1.            Certain Distributions .....................................................-53-
</Table>

                                       -ii-
<Page>

EXHIBITS

Exhibit A            VFC Certificate, Series 2000-2
Exhibit B            Form of [Assignment] [Participation] Certification
Exhibit C            Reserved.
Exhibit D            Form of UCC Certificate of United Stationers Supply Co.
Exhibit E            Form of Notice of Increase
Exhibit F            Form of Monthly Settlement Statement
Exhibit G            Form of Commitment Transfer Supplement

SCHEDULES

Schedule 1           Commitments

                                       -iii-
<Page>

          AMENDED AND RESTATED SERIES 2002 SUPPLEMENT, dated as of May 1, 2001
(as amended, supplemented or otherwise modified from time to time, this
("SUPPLEMENT"), among USS Receivables Company, Ltd., a Cayman Islands limited
liability company (the "COMPANY"), United Stationers Financial Services LLC
("USFS"), as servicer (except where otherwise noted) (in such capacity, the
"SERVICER"), Market Street Funding Corporation, a Delaware corporation
(including its successors and assigns, the "COMMITTED PURCHASER"), PNC Bank,
National Association, a national banking association ("PNC"), in its capacity as
administrator (the "ADMINISTRATOR"), and The Chase Manhattan Bank, in its
capacity as Trustee (the "TRUSTEE") and as Securities Intermediary (the
"SECURITIES INTERMEDIARY") under the Agreement (as defined below).

                              W I T N E S S E T H:

          WHEREAS, the Company, the Servicer and the Trustee have entered into
an Amended and Restated Pooling Agreement, dated as of May 1, 2001 (as amended,
supplemented or otherwise modified from time to time, the "AGREEMENT";
capitalized terms used herein and not otherwise defined are used as defined in
the Agreement);

          WHEREAS, the Company, USSC, as the initial Servicer, the Committed
Purchaser, the Administrator and the Trustee and Securities Intermediary are
parties to that certain Series 2000-2 Supplement, dated as of March 31, 2000 (as
amended or otherwise modified prior to the date hereof, the "ORIGINAL
SUPPLEMENT");

          WHEREAS, the parties hereto desire to amend and restate the Original
Supplement in its entirety; and

          WHEREAS, the Committed Purchaser and the Administrator desire to
evidence their consent to the execution and delivery of the Agreement, the
Servicing Agreement, the USFS Receivables Sale Agreement and the Amended and
Restated Receivables Sale Agreement and the other Transaction Documents being
executed concurrently herewith, which consent shall be evidenced by their
execution of this Supplement.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby expressly acknowledged, the parties
hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.1. DEFINITIONS. The following words and phrases shall have
the following meanings with respect to Series 2000-2 and the definitions of such
terms are applicable

<Page>

to the singular as well as the plural form of such terms and to the masculine as
well as the feminine and neuter genders of such terms:

               "ACCRUAL PERIOD" shall mean the period from and including a
          Distribution Date, or, in the case of the initial Accrual Period, the
          Issuance Date, to but excluding the succeeding Distribution Date.

               "ACCRUED EXPENSE AMOUNT" shall mean, for each Business Day during
          an Accrual Period, the sum of (i) the Daily Interest Deposit for such
          Business Day, (ii) the Daily Commitment Fee Deposit for such Business
          Day, (iii) the Daily Utilization Fee Deposit for such Business Day,
          (iv) the Daily Servicing Fee Deposit for such Business Day and (v) all
          Program Costs which have accrued since the preceding Business Day.

               "ADDITIONAL INTEREST" shall have the meaning assigned in
          subsection 3A.4(c).

               "ADMINISTRATOR" shall have the meaning specified in the
          introductory paragraph hereto.

               "AFFECTED PART" means any of the Committed Purchaser, any
          Liquidity Purchaser, the Administrator, any other Program Support
          Provider and their respective Affiliates.

               "AGED RECEIVABLES RATIO" shall mean, as of the last day of each
          Settlement Period, the percentage equivalent of a fraction, the
          numerator of which shall be the sum of (a) the aggregate unpaid
          balance of Receivables originated by the Sellers that were 60 to 89
          days past due and (b) the aggregate amount of Receivables of such
          Sellers that were charged off as uncollectible prior to the day that
          is 60 days after its original due date during such Settlement Period,
          and the denominator of which shall be the aggregate Principal Amount
          of Receivables originated by the Sellers during the third prior
          Settlement Period (including the Settlement Period ended on such day).

               "AGENT" shall mean, for purposes of this Supplement and the
          Agreement, the Administrator.

               "AGGREGATE COMMITMENT AMOUNT" for purposes of any calculation
          under any Transaction Document referring to the "Commitment" amount
          under this Supplement, shall mean the Purchase Limit.

               "ALLOCATED RECEIVABLES AMOUNT" shall mean the Series 2000-2
          Allocated Receivables Amount.

               "ALTERNATE RATE" shall mean, for any Rate Period for any Funding
          Tranche, an interest rate PER ANNUM equal to: (a) the Applicable
          Margin PER ANNUM plus the Euro-Rate for such Rate Period, or, in the
          sole discretion of the Administrator (b) the Base Rate for

                                      -2-
<Page>

          as determined each day in such Rate Period; PROVIDED, HOWEVER, that
          the "Alternate Rate" for any day while an Early Amortization Event
          exists shall be an interest rate equal to 2.00% per annum above the
          Base Rate in effect on such day.

               "APPLICABLE MARGIN " shall mean on any date of determination (i)
          for each Eurodollar Tranche, 1.50% per annum and (ii) for each
          Floating Tranche, 0.25% per annum; PROVIDED, HOWEVER that, after the
          occurrence of (i) the date which is five Business Days prior to the
          Commitment Termination Date or (ii) an Early Amortization Event, the
          Applicable Margin shall mean on any date of determination for each
          Eurodollar Tranche or the Floating Tranche, the applicable rate per
          annum set forth below under the caption "Eurodollar Spread" or
          "Floating Rate Spread," as the case may be, based upon the Pricing
          Leverage Ratio (as defined in, and determined in accordance with, the
          Credit Agreement under the definition of Letter of Credit Fee Rate, as
          in effect on the date hereof) as of the most recent determination
          date:

<Table>
<Caption>
                            LEVERAGE                                   EURODOLLAR           FLOATING RATE
          CATEGORY          RATIO                                      SPREAD               SPREAD
          --------          --------                                   ----------           -------------
          <S>               <C>                                        <C>                  <C>
          Category 1        greater than 4.50 to 1.00                  2.00%                0.75%

          Category 2        greater than 4.00 to 1.00 and less         1.75%                0.50%
                            than or equal to 4.50 to 1.00

          Category 3        greater than 3.50 to 1.00 and less         1.50%                0.25%
                            than or equal to 4.00 to 1.00

          Category 4        greater than 3.00 to 1.00 and less         1.25%                0.00%
                            than or equal to 3.50 to 1.00

          Category 5        less than or equal to 3.00 to 1.00         1.00%                0.00%
</Table>

               "ASSIGNMENT/PARTICIPATION CERTIFICATION" shall mean an assignment
          or participation certification, as the case may be, in substantially
          the form of Exhibit B hereto.

                                      -3-
<Page>

               "BASE RATE" shall mean, for any day, the sum of (i) the
          Applicable Margin for a Floating Tranche and (ii) a fluctuating
          interest rate per annum as shall be in effect from time to time, which
          rate shall be at all times equal to the higher of:

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

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

               "BOARD" shall mean the Board of Governors of the Federal Reserve
          System of the United States.

               "CARRYING COST RESERVE RATIO" shall mean, as of any Settlement
          Report Date and continuing until (but not including) the next
          Settlement Report Date, an amount (expressed as a percentage) equal to
          the quotient of (a) the product of (i) 2.0 times Days Sales
          Outstanding as of such day times (ii) 1.30 times the rate set forth in
          clause (ii) of the definition of Base Rate in effect as of such day
          divided by (b) 365.

               "CHANGE IN LAW" shall mean (a) the adoption of any law, rule or
          regulation after the Issuance Date, (b) any change in law, rule or
          regulation or in the interpretation or application thereof by any
          Governmental Authority after the Issuance Date or (c) compliance by
          any Person with any request, guideline or directive (whether or not
          having the force of law) of any Governmental Authority made or issued
          after the Issuance Date.

               "CLAIM" shall have the meaning assigned in subsection 2.10(a).

               "COMMERCIAL PAPER" shall mean the promissory notes issued or to
          be issued by the Committed Purchaser in the commercial paper market.

               "COMMITMENT EXPIRY DATE" shall mean March 28, 2002 (as may be
          extended for an additional 364 days from time to time in writing by
          the Committed Purchaser and the Administrator (in their sole
          discretion).

               "COMMITMENT FEE" shall have the meaning assigned in subsection
          2.9(b).

               "COMMITMENT FEE RATE" shall have the meaning assigned in the Fee
          Letter.

               "COMMITMENT PERIOD" shall mean the period commencing on the
          Issuance Date and terminating on the Commitment Termination Date.

                                       -4-
<Page>

               "COMMITMENT TERMINATION DATE" shall mean the earlier to occur of
          (i) the date on which the Purchase Limit has bean reduced to zero
          pursuant to Section 2.8 of this Agreement and (ii) the Commitment
          Expiry Date.

               "COMMITMENT TRANSFER SUPPLEMENT" shall have the meaning assigned
          in subsection 11.11(b).

               "COMPANY" shall have the meaning specified in the introductory
          paragraph hereto.

               "COMPANY INDEMNIFIED PERSON" shall have the meaning assigned in
          subsection 2.10(a).

               "COMMITTED PURCHASER" shall have the meaning specified in the
          introductory paragraph hereto.

               "CP RATE" for any Rate Period for any Funding Tranche means a
          rate calculated in good faith by the Administrator equal to: (a) the
          rate (or if more than one rate, the weighted average of the rates) at
          which Commercial Paper of the Committed Purchaser on each day during
          the related Accrual Period have been outstanding; PROVIDED, that if
          such rate(s) is (are) a discount rate(s), then the CP Rate shall be
          the rate (or if more than one rate, the weighted average of the rates)
          resulting from converting such discount rate(s) to an
          interest-bearing equivalent rate plus (b) the commissions and charges
          charged by such placement agent or commercial paper dealer with
          respect to such Commercial Paper, expressed as a percentage of the
          face amount of such Commercial Paper and converted to an
          interest-bearing equivalent rate per annum. Notwithstanding the
          foregoing, the "CP Rate" for any day while an Early Amortization Event
          exists shall be an interest rate equal to 2% above the Base
          Rate in effect on such day.

               "CP TRANCHE" shall mean a Funding Tranche that accrues interest
          at the CP Rate.

               "CREDIT AGREEMENT" shall mean that certain Third Amended and
          Restated Credit Agreement, dated as of June 29, 2000, among USSC, as
          borrower, United Stationers Inc., as guarantor, The Chase Manhattan
          Bank, as administrative agent, and Chase Securities Inc., as arranger,
          as the same maybe amended, supplemented or otherwise modified from
          time to time.

               "DAILY COMMITMENT FEE DEPOSIT" shall mean, for any Business Day,
          an amount equal to (i) the amount of Daily Commitment Fee Expense for
          each day since the preceding Business Day plus (ii) the aggregate
          amount of all previously accrued Daily Commitment Fee Expense that has
          not yet been deposited in the Series 2000-2 Non-Principal Collection
          Sub-subaccount.

                                       -5-
<Page>

               "DAILY COMMITMENT FEE EXPENSE" shall mean, (i) during the Series
          2000-2 Revolving Period, for any day in any Accrual Period, the
          product of (A) the excess of 102% of the Purchase Limit over the
          Series 2000-2 Purchaser Invested Amount of the Committed Purchaser on
          such day multiplied by (B) the Commitment Fee Rate divided by 360.

               "DAILY INTEREST DEPOSIT" shall mean, for any Business Day, an
          amount equal to (i) the amount of Daily Interest Expense for each day
          since the preceding Business Day PLUS (ii) the aggregate amount of a
          previously accrued Daily Interest Expense that has not yet been
          deposited in the Series 2000-2 Non-Principal Collection Sub-subaccount
          PLUS (iii) the aggregate amount of all Additional Interest for each
          day since the preceding Business Day.

               "DAILY INTEREST EXPENSE" shall mean for each day in an Accrual
          Period, the sum of: (i) for each CP Tranche outstanding on such day,
          the product of (A) the portion of the Series 2000-2 Funded Amount
          allocated to such Funding Tranche on such day and (B) the "estimated
          CP Rate" (which shall be the CP Rate in effect for the preceding
          Accrual Period (or, in the case of the initial Accrual Period, the CP
          Rate specified by the Administrator by notice to the Servicer on or
          prior to the Closing Date) TIMES 1.5)/360 PLUS (ii) for each Floating
          Tranche outstanding on such day, the product of (A) the portion of the
          Series 2000-2 Funded Amount allocated to such Floating Tranche on such
          day and (B) the Base Rate in effect on such day (or, if such day is
          after the delivery of the calculation of Series 2000-2 Monthly
          Interest to the Servicer for any Accrual Period, the Base Rate in
          effect on the date of such delivery 365 or 366, as applicable, PLUS
          (iii) for each Eurodollar Tranche outstanding on such day, the product
          of (A) the portion of the Series 2000-2 Funded Amount allocable to
          such Eurodollar Tranche on such day and (y) the Euro-Rate in effect
          for such Accrual Period/360.

               "DAILY SERVICING FEE DEPOSIT" shall mean, for any Business Day,
          an amount equal to (i) the amount of Daily Servicing Fee Expense for
          each day since the preceding Business Day PLUS (ii) the aggregate
          amount of all previously accrued Daily Servicing Fee Expense that has
          not yet been deposited in the Series 2000-2 Non-Principal Collection
          Sub-subaccount.

               "DAILY SERVICING FEE EXPENSE" shall mean, for any day in any
          Accrual Period the Series 2000-2 Interests' PRO RATA portion
          (determined in accordance with Section 6.1) of the Servicing Fee
          accruing for such day.

               "DAILY UTILIZATION FEE DEPOSIT" shall mean, for any day in an
          Accrual Period, an amount equal to (i) the amount of Daily Utilization
          Fee Expense for each day since the preceding Business Day PLUS (ii)
          the aggregate amount of all previously accrued Daily Utilization Fee
          Expense that has not yet been deposited in the Series 2000-2
          Non-Principal Collection Sub-subaccount.

                                       -6-
<Page>

               "DAILY UTILIZATION FEE EXPENSE" shall mean for any day in any
          Accrual Period, the product of (A) the Series 2000-2 Funded Amount on
          such day multiplied by (B) the Utilization Fee Rate divided by 360 and
          (ii) for any day thereafter, zero.

               "DAYS SALES OUTSTANDING" shall mean, as of any Settlement Report
          Date and continuing until (but not including) the next Settlement
          Report Date, the number of days equal to the product of (a) 91 and (b)
          the amount obtained by dividing (i) the aggregate Principal Amount of
          Eligible Receivables by (ii) the aggregate Principal Amount of
          Receivables generated by the Seller for the three Settlement Periods
          immediately preceding such earlier Settlement Report Date.

               "DECREASE" shall have the meaning assigned in subsection 2.7(a).

               "DEFAULT RATIO" shall mean, for any Settlement Period, a ratio
          (expressed as a percentage) equal to the quotient of (a) the sum of
          (i) the aggregate outstanding Principal Amount of all Receivables
          which are unpaid in whole or in part for more than 91 days after their
          respective due dates on the last day of such Settlement Period and
          (ii) the aggregate amount of Disputed Receivables; and (b) the
          aggregate outstanding Principal Amount of all Receivables on such last
          day.

               "DILUTION PERIOD" shall mean, as of any Settlement Report Date
          and continuing until (but not including) the next Settlement Report
          Date, the quotient of (i) the product of (A) the aggregate Principal
          Amount of Receivables that were originated by the Sellers during the
          Settlement Period preceding such earlier Settlement Report Date and
          (B) the quotient of (1) Days Sales Outstanding as of such Settlement
          Report Date and (2) 30 and (ii) the Aggregate Receivables Amount as of
          the last day of the Settlement Period preceding such earlier
          Settlement Report Date.

               "DILUTION RATIO" shall mean, as of the last day of each
          Settlement Period, an amount (expressed as a percentage) equal to (i)
          the difference between (A) the aggregate amount of Dilution
          Adjustments made during such Settlement Period and (B) the Dilution
          Reduction Amount divided by (ii) the average aggregate Principal
          Amount of Receivables that were originated by the Sellers during the
          last two Settlement Periods (including the Settlement Period ending on
          such day).

               "DILUTION RESERVE RATIO" shall mean, as of any Settlement Report
          Date and continuing until (but not including) the next Settlement
          Report Date, an amount (expressed as a percentage) that is calculated
          as follows:

                         DRR = [ (c * d) + ((e-d) * (e/d)) ] * f

               Where:

                                  -7-
<Page>

                         DRR = Dilution Reserve Ratio;

                         c = 2.00;

                         d = the average of the Dilution Ratios that occurred
          during the period of twelve consecutive Settlement Periods ending
          immediately prior to such earlier Settlement Report Date;

                         e = the highest of the Dilution Ratios that occurred
          during the period of twelve consecutive Settlement Periods ending
          prior to such earlier Settlement Report Date; and

                         f = the Dilution Period.

               "DISCOUNT" shall mean for each Rate Period and each Funding
          Tranche:

                         (a) for any Funding Tranche for any Rate Period to the
          extent the Committed Purchaser will be funding such Funding Tranche
          during such Rate Period through the issuance of Commercial Paper:

                                     CPR x C x ED/360

                         (b) for any Funding Tranche for any Rate Period to the
          extent the Committed Purchaser will not be funding such Funding
          Tranche during such Rate Period through the issuance of Commercial
          Paper:

                                     AR x C x ED/Year

               where:

                         AR    =    the Alternate Rate for the Funding Tranche
                                    for such Rate Period,

                         C     =    the Series 2000-2 Funded Amount allocated to
                                    the Funding Tranche during such Rate Period,

                         CPR   =    the weighted average CP Rate for the Funding
                                    Tranche for such Rate Period,

                         ED    =    the actual number of days on which such
                                    Funding Tranche remained outstanding during
                                    such Rate Period, and

                                       -8-
<Page>

                         Year  =    if such Funding Tranche is funded based
                                    upon: (i) the Euro-Rate, 360 days, and (ii)
                                    the Base Rate, 365 or 366 days, as
                                    applicable;

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

               "EARLY AMORTIZATION EVENT" shall have the meanings assigned in
          Section 5.1 of this Supplement and Section 7.1 of the Agreement.

               "EARLY AMORTIZATION PERIOD" shall have the meaning assigned in
          Section 5.1 of this Supplement and Section 7.1 of the Agreement.

               "EFFECTIVE DATE" shall have the meaning assigned in Section 9.1.

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

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

                                   1.00 - Euro-Rate Reserve Percentage

          where "Euro-Rate Reserve Percentage" means, the maximum effective
          percentage in effect on such day as prescribed by the Board (or any
          successor) for determining the

                                       -9-
<Page>

          reserve requirements (including without limitation, supplemental,
          marginal, and emergency reserve requirements) with respect to
          eurocurrency funding (currently referred to as "Eurocurrency
          Liabilities"). The Euro-Rate shall be adjusted with respect to any
          Funding Tranche funded at the Alternate Rate and based upon the
          Euro-Rate that is outstanding on the effective date of any change in
          the Euro-Rate Reserve Percentage as of such effective date. The
          Administrator shall give prompt notice to the Servicer of the
          Euro-Rate as determined or adjusted in accordance herewith (which
          determination shall be conclusive absent manifest error).

               "EURODOLLAR TRANCHE" shall mean each Funding Tranche that accrues
          interest at the Euro-Rate.

               "EXCLUDED TAXES" shall mean, with respect to the Administrator,
          any Purchaser or any other recipient of any payment to be made by or
          on account of any increased obligation of the Company hereunder, (a)
          income or franchise taxes imposed on (or measured by) its net income
          (i) by the United States of America, or (ii) by the jurisdiction under
          the laws of which such recipient is organized or in which its
          principal office is located, managed or controlled, or, in the case of
          any Alternate Investor, in which its applicable lending office is
          located, or (iii) by reason of any connection between the jurisdiction
          imposing such tax and the Administrator, such recipient or such office
          other than a connection arising solely from this Agreement or any
          other Transaction Document or any transaction hereunder or thereunder,
          and (b) any branch profits imposed by the United States of America or
          any similar tax imposed by any other jurisdiction in which the Company
          is located.

               "FACILITY TERMINATION DATE" shall mean the earliest to occur of:
          (a) the Commitment Termination Date, (b) the date on which the Early
          Amortization Period is declared to commence or automatically
          commences, (c) the Optional Termination Date, (d) the date on which
          the commitment of the Liquidity Purchasers terminates under the
          Liquidity Agreement and (e) the Company's failure to cause the
          amendment or modification of any Transaction Document or related
          opinion as required by Moody's or Standard & Poor's, which failure
          shall continue for 30 days after such amendment is initially proposed.

               "FEDERAL FUNDS RATE" shall mean, for any day, the per annum rate
          set forth in the weekly statistical release designated as H.15(519),
          or any successor publication, published by the Board (including any
          such successor, "H.15(519)") for such day opposite the caption
          "Federal Funds (Effective)." If on any relevant day such rate is not
          yet published in H.15(519), the rate for such day will be the rate set
          forth in the daily statistical release designated as the Composite
          3:30 p.m. Quotations for U.S. Government Securities, or any successor
          publication, published by the Federal Reserve Bank of New York
          (including any such successor, the "Composite 3:30 p.m. Quotations")
          for such day under the caption "Federal Funds Effective Rate." If on
          any relevant day the appropriate

                                      -10-
<Page>

          rate is not yet published in either H.15(519) or the Composite 3:30
          p.m. Quotations, the rate for such day will be the arithmetic mean as
          determined by the Administrator of the rates for the last transaction
          in overnight Federal funds arranged before 9:00 a.m. (New York time)
          on that day by each of three leading brokers of Federal funds
          transactions in New York City selected by the Administrator.

               "FEE LETTER" shall mean, collectively, those certain Fee Letters,
          dated as of the date hereof, among the Company, the Administrator and
          the Committed Purchaser.

               "FLOATING TRANCHE" shall mean, a Funding Tranche that accrues
          interest at the Base Rate.

               "FUNDING TRANCHE" shall have the meaning assigned in subsection
          3A.4(a).

               "INCREASE" shall have the meaning assigned in subsection 2.5(a).

               "INCREASE AMOUNT" shall have the meaning assigned in subsection
          2.5(a).

               "INCREASE DATE" shall have the meaning assigned in subsection
          2.5(a).

               "INDEMNIFIED TAXES" shall mean Taxes other than Excluded Taxes.

               "INITIAL SERIES 2000-2 INVESTED AMOUNT" shall have the meaning
          assigned in subsection 2.5(a).

               "INTEREST SHORTFALL" shall have the meaning assigned in
          subsection 3A.4(c).

               "INVESTED PERCENTAGE" shall mean, with respect to any Business
          Day (i) during the Series 2000-2 Revolving Period, the percentage
          equivalent of a fraction, the numerator of which is the Series 2000-2
          Allocated Receivables Amount as of the end of the immediately
          preceding Business Day and the denominator of which is the Aggregate
          Receivables Amount with respect to such Business Day and (ii) during
          the Series 2000-2 Amortization Period, the percentage equivalent of a
          fraction, the numerator of which is the Series 2000-2 Allocated
          Receivables Amount as of the end of the last Business Day of the
          Series 2000-2 Revolving Period (PROVIDED THAT if during the Series
          2000-2 Amortization Period, the amortization periods of all other
          Outstanding Series which were outstanding prior to the commencement of
          the Series 2000-2 Amortization Period commence, then, from and after
          the date the last of such Series commences its Amortization Period,
          the numerator shall be the Series 2000-2 Allocated Receivables Amount
          as of the end of the Business Day preceding such date) and the
          denominator of which is the greater of (A) the Aggregate Receivables
          Amount with respect to such Business Day and (B) the sum of the
          numerators used to calculate the Invested Percentage for all
          Outstanding Series on the Business Day for which such percentage is
          determined.

                                      -11-
<Page>

               "ISSUANCE DATE" shall have the meaning assigned in subsection
          2.5(a).

               "LIQUIDITY AGREEMENT" shall mean the Liquidity Asset Purchase
          Agreement, dated as of March 31, 2000, between the Liquidity
          Purchasers from time to time party thereto, the Committed Purchaser
          and PNC, as Administrator and liquidity agent for the Liquidity
          Purchasers, as the same may be amended, supplemented or otherwise
          modified from time to time.

               "LIQUIDITY PURCHASER" shall mean each bank or other institutions
          party to the Liquidity Agreement

               "LOSS RESERVE RATIO" shall mean, as of any Settlement Report Date
          and continuing until (but not including) the next Settlement Report
          Date, an amount (expressed as a percentage) that is calculated as
          follows:

                         LRR = (a * b)/c * d * e

               Where:

                         LRR = Loss Reserve Ratio;

                         a = the aggregate Principal Amount of Receivables
          originated by the Sellers during the three Settlement Periods
          immediately preceding such earlier Settlement Report Date;

                         b = the highest three-month rolling average of the Aged
          Receivables Ratio that occurred during the period of twelve
          consecutive Settlement Periods ending prior to such earlier Settlement
          Report Date;

                         c = the Aggregate Receivables Amount as of the last day
          of the Settlement Period immediately preceding such earlier Settlement
          Report Date; and

                         d = 2.00.

                         e = Payment Terms Factor

               "LOSS-TO-LIQUIDATION RATIO" shall mean, for any Settlement
          Period, a ratio (expressed as a percentage) equal to the quotient of
          (a) the difference, if any, between (i) the aggregate Principal Amount
          of Charged-Off Receivables with respect to such Settlement Period and
          the immediately preceding two Settlement Periods and (ii) the
          aggregate amount of Recoveries during such two Settlement Periods, and
          (b) the aggregate amount of Collections during such two Settlement
          Periods.

                                      -12-
<Page>

               "MINIMUM RATIO" shall mean, as of any Settlement Report Date and
          continuing until (but not including) the next Settlement Report Date,
          the sum of (i) 10% and (ii) 2.5% for each customer designated as a
          Special Obligor.

               "MONTHLY INTEREST PAYMENT" shall have the meaning assigned in
          subsection 3A.6(a).

               "OPTIONAL TERMINATION DATE" shall have the meaning assigned in
          subsection 2.7(d).

               "OPTIONAL TERMINATION NOTICE" shall have the meaning assigned in
          subsection 2.7(d).

               "ORIGINAL SUPPLEMENT" shall have the meaning assigned in the
          preamble hereto.

               "OTHER TAXES" shall mean any and all current or future stamp or
          documentary taxes or other excise or property taxes, charges or
          similar levies arising from any payment made under the Transaction
          Documents or from the execution, delivery or enforcement of, or
          otherwise with respect to, any Transaction Document.

               "PAYMENT TERMS FACTOR" shall mean 1.017.

               "PBGC" shall mean the Pension Benefit Guaranty Corporation
          established pursuant to Subtitle A of Title IV of ERISA.

               "PNC" shall have the meaning specified in the introductory
          paragraph hereto.

               "PROGRAM COSTS" shall mean, for any Business Day, the sum of (i)
          all expenses, indemnities and other amounts due and payable to any
          Affected Party under the Agreement or this Supplement (including,
          without limitation, any Article VII Costs) and (ii) the product of (A)
          all unpaid fees and expenses due and payable to counsel to, and
          independent auditors of, the Company (other than fees and expenses
          payable on or in connection with the closing of the issuance of the
          Series 2000-2 Interests) and (B) a fraction, the numerator of which is
          the Purchase Limit on such Business Day and the denominator of which
          is the sum of (x) the Aggregate Invested Amounts on such Business Day
          (other than the Series 2000-2 Invested Amount and the Invested Amount
          in respect of any variable funding certificate of any other
          Outstanding Series) and (y) the Aggregate Commitment Amount on such
          Business Day plus the Aggregate Commitment Amount for any variable
          funding certificate of any other Outstanding Series; PROVIDED,
          HOWEVER, that the amount of Program Costs payable pursuant to
          subsection 3A.6(b)(iv) shall not exceed $75,000 in the aggregate in
          any fiscal year of the Servicer.

                                      -13-
<Page>

               "PROGRAM SUPPORT AGREEMENT" shall mean and include the Liquidity
          Agreement and any other agreement entered into by any Program Support
          Provider providing for: (a) the issuance of one or more letters of
          credit for the account of the Committed Purchaser, (b) the issuance of
          one or more surety bonds for which the Committed Purchaser is
          obligated to reimburse the applicable Program Support Provider for any
          drawings thereunder, (c) the sale by the Committed Purchaser to any
          Program Support Provider of its Series 2000-2 Purchaser Invested
          Amount (or portions thereof or participations therein) and/or (d) the
          making of loans and/or other extensions of credit to the Committed
          Purchaser in connection with the Committed Purchaser's commercial
          paper program, together with any letter of credit, surety bond or
          other instrument issued thereunder but excluding any discretionary
          advance facility provided by the Administrator.

               "PROGRAM SUPPORT PROVIDER" shall mean and include any Liquidity
          Purchaser and any other Person (other than any customer of the
          Committed Purchaser) now or hereafter extending credit or having a
          commitment to extend credit to or for the account of, or to make
          purchases from, the Committed Purchaser or issuing a letter of credit,
          surety bond or other instrument to support any obligations arising
          under or in connection with the Committed Purchaser's commercial paper
          program

               "PURCHASE LIMIT" shall mean $80,000,000, as such amount may be
          reduced in accordance with Section 2.8.

               "PURCHASE LIMIT REDUCTION" shall have the meaning assigned in
          subsection 2.7(a).

               "RATE PERIOD" shall mean, unless otherwise mutually agreed by the
          Administrator and the Company, with respect to any Funding Tranche,
          (i) initially the period commencing on (and including) the date of the
          initial purchase or funding of such Funding Tranche and ending on (but
          excluding) the next following Distribution Date, and (ii) thereafter,
          each period commencing on (and including) a Distribution Date and
          ending on (but excluding) the next following Distribution Date;
          PROVIDED, that:

                    (A) any Rate Period with respect to any Funding Tranche not
               funded at the CP Rate which would otherwise end on a day which is
               not a Business Day shall be extended to the next succeeding
               Business Day; PROVIDED, HOWEVER, if Yield in respect of such Rate
               Period is computed by reference to the Euro-Rate, and such Rate
               Period would otherwise end on a day which is not a Business Day,
               and there is no subsequent Business Day in the same calendar
               month as such day, such Rate Period shall end on the next
               preceding Business Day;

                    (B) in the case of any Rate Period for any Funding Tranche
               which commences before the occurrence of an Early Amortization
               Event and would otherwise end on a date occurring after the
               occurrence of an Early

                                      -14-
<Page>

               Amortization Event, such Rate Period shall end on the date of the
               occurrence of an Early Amortization Event and the duration of
               each Rate Period which commences on or after the occurrence of an
               Early Amortization Event shall be of such duration as shall be
               selected by the Administrator; and

                    (C) any Rate Period in respect of which Yield is computed by
               reference to the CP Rate may be terminated at the election of,
               and upon notice thereof to the Company and the Servicer by, the
               Administrator any time, in which case the Funding Tranche
               allocated to such terminated Rate Period shall be allocated to a
               new Rate Period commencing on (and including) the date of such
               termination and ending on (but excluding) the next following
               Distribution Date, and shall accrue Yield at the Alternate Rate.

               "RATE TYPE" shall mean the Euro-Rate, the Base Rate or the CP
          Rate.

               "RATING AGENCY" and "RATING AGENCIES" shall mean Moody's, S&P
          and/or any other nationally recognized statistical rating organization
          from which a rating for the Commercial Paper was requested by the
          Committed Purchaser and is currently in effect.

               "RATING AGENCY CONDITION" shall mean, with respect to any action,
          that the Administrator and the Committed Purchaser shall have given
          their prior written consent to such action.

               "RECORD DATE" shall mean the first Business Day prior to each
          Distribution Date.

               "REPORTED PERIOD" shall mean, with respect to Series 2000-2, each
          Business Day.

               "REQUIRED DOWNGRADE ASSIGNMENT PERIOD" is defined in Section
          2.12(a).

               "SCHEDULED REVOLVING TERMINATION DATE" shall mean the last day of
          the Settlement Period ending on or immediately before March 29, 2003.

               "SECURITIES INTERMEDIARY" shall have the meaning specified in the
          introductory paragraph hereto.

               "SERIES 2000-2" shall mean Series 2000-2, the Principal Terms of
          which are set forth in this Supplement.

               "SERIES 2000-2 ACCRUED INTEREST SUB-SUBACCOUNT" shall have the
          meaning assigned in subsection 3A.2(a).

                                      -15-
<Page>

               "SERIES 2000-2 ADJUSTED INVESTED AMOUNT" shall mean, as of any
          date of determination, (i) the Series 2000-2 Invested Amount on such
          date, MINUS (ii) the amount on deposit in the Series 2000-2 Principal
          Collection Sub-subaccount on such date.

               "SERIES 2000-2 ALLOCABLE CHARGED-OFF AMOUNT" shall mean, with
          respect to any Special Allocation Settlement Report Date, the
          "Allocable Charged-Off Amount", if any, which has been allocated to
          Series 2000-2.

               "SERIES 2000-2 ALLOCABLE RECOVERIES AMOUNT" shall mean, with
          respect to any Special Allocation Settlement Report Date, the
          "Allocable Recoveries Amount", if any, which has been allocated to
          Series 2000-2.

               "SERIES 2000-2 ALLOCATED RECEIVABLES AMOUNT" shall mean, on any
          date of determination, the lower of (i) the Series 2000-2 Target
          Receivables Amount on such day and (ii) the product of (x) the
          Aggregate Receivables Amount on such day and (y) the percentage
          equivalent of a fraction the numerator of which is the Series 2000-2
          Target Receivables Amount on such day and the denominator of which is
          the Aggregate Target Receivables Amount on such day.

               "SERIES 2000-2 AMORTIZATION PERIOD" shall mean the period
          commencing on the Business Day following the earliest to occur of (i)
          the date on which an Early Amortization Period is declared to commence
          or automatically commences, (ii) the Optional Termination Date and
          (iii) the Scheduled Revolving Termination Date and ending on the
          earlier of (i) the date when the Series 2000-2 Invested Amount shall
          have been reduced to zero and all accrued interest and other amounts
          owing on the VFC Certificates and to the Administrator and the
          Committed Purchaser hereunder shall have been paid in full and (ii)
          the Series 2000-2 Termination Date.

               "SERIES 2000-2 COLLECTION SUBACCOUNT" shall have the meaning
          assigned in subsection 3A.2(a).

               "SERIES 2000-2 FUNDED AMOUNT" shall mean, as of any date of
          determination, the Series 2000-2 Purchaser Funded Amount of the
          Committed Purchaser on such date.

               "SERIES 2000-2 INTERESTS" shall mean, collectively, the VFC
          Certificates and the Series 2000-2 Subordinated Interest.

               "SERIES 2000-2 INVESTED AMOUNT" shall mean, as of any date of
          determination, the Series 2000-2 Purchaser Invested Amount of the
          Committed Purchaser on such date.

               "SERIES 2000-2 MONTHLY INTEREST" shall mean, for each
          Distribution Date, the summation of the Discount that accrued during
          the related Rate Period on each Funding Tranche outstanding during all
          or a portion of such Accrual Period.

                                      -16-
<Page>

               "SERIES 2000-2 MONTHLY PRINCIPAL PAYMENT" shall have the meaning
          assigned in Section 3A.5.

               "SERIES 2000-2 NON-PRINCIPAL COLLECTION SUB-SUBACCOUNT" shall
          have the meaning assigned in subsection 3A.2(a).

               "SERIES 2000-2 PERIODIC SERVICING FEE" shall have the meaning
          assigned in Section 6.1.

               "SERIES 2000-2 PRINCIPAL COLLECTION SUB-SUBACCOUNT" shall have
          the meaning assigned in subsection 3A.2(a).

               "SERIES 2000-2 PURCHASER FUNDED AMOUNT" shall mean the Series
          2000-2 Purchaser Invested Amount of the Committed Purchaser
          (calculated without regard to clauses (d) and (e) of the definition
          thereof).

               "SERIES 2000-2 PURCHASER INVESTED AMOUNT" shall mean, with
          respect to the Committed Purchaser on the Issuance Date, an amount
          equal to the Initial Series 2000-2 Invested Amount, and thereafter, an
          amount equal to (a) the Committed Purchaser's Series 2000-2 Purchaser
          Invested Amount on the immediately preceding Business Day, plus (b)
          the amount of any increases in the Committed Purchaser's Series
          2000-2 Purchaser Invested Amount pursuant to Section 2.5 made on such
          day, MINUS (c) the amount of any distributions to the Committed
          Purchaser in respect of principal received and applied on such day
          minus (d) the aggregate Series 2000-2 Allocable Charged-Off Amount
          applied to the Committed Purchaser on or prior to such date pursuant
          to subsection 3A.5(b)(ii) and PLUS (e) (but only to the extent of any
          unreimbursed reductions made pursuant to clause (d) above) the
          aggregate Series 2000-2 Allocable Recoveries Amount applied to the
          Committed Purchaser on or prior to such date pursuant to subsection
          3A.5(c)(i).

               "SERIES 2000-2 RATIO" shall mean, as of any Settlement Report
          Date and continuing until (but not including) the next Settlement
          Report Date, the greater of (i) the sum of the Loss Reserve Ratio and
          the Dilution Reserve Ratio and (ii) the Minimum Ratio, in each case,
          then in effect.

               "SERIES 2000-2 REQUIRED RESERVES" shall mean, (x) as of any date
          of determination during the Series 2000-2 Revolving Period, an amount
          equal to the sum of:

                    (a) the product of (i) the Series 2000-2 Adjusted Invested
               Amount on such day (after giving effect to any increase or
               decrease thereof on such day) and (ii) the percentage equivalent
               of a fraction, the numerator of which is the Series 2000-2 Ratio
               and the denominator of which is one MINUS the Series 2000-2
               Ratio;

                                      -17-
<Page>

                    (b) the product of (i) the Series 2000-2 Invested Amount on
               such day (after giving effect to any increase or decrease thereof
               on such day), (ii) the Carrying Cost Reserve Ratio in effect on
               such day and (iii) the percentage equivalent of a fraction, the
               numerator of which is one and the denominator of which is one
               MINUS the Series 2000-2 Ratio; and

                    (c) the product of (i) the aggregate Principal Amount of
               Receivables in the Trust on such day, (ii) the Series 2000-2
               Invested Amount on such day (after giving effect to any increase
               or decrease thereof on such day) DIVIDED BY the Aggregate
               Invested Amount on such day, (iii) the Servicing Reserve Ratio in
               effect on such day and (iv) the percentage equivalent of a
               fraction, the numerator of which is one and the denominator of
               which is one MINUS the Series 2000-2 Ratio;

          and (y) on any date of determination during the Series 2000-2
          Amortization Period, an amount equal to the Series 2000-2 Required
          Reserves on the last Business Day of the Series 2000-2 Revolving
          Period; PROVIDED, in each case, that such amount shall be adjusted on
          each Special Allocation Settlement Report Date, if any, to the extent
          required as set forth in subsection 3A.5(b)(i) and subsection
          3A.5(c)(ii).

               "SERIES 2000-2 REVOLVING PERIOD" shall mean the period commencing
          on the Issuance Date and terminating on the Facility Termination Date.

               "SERIES 2000-2 SUBORDINATED INTEREST" shall have the meaning
          assigned in subsection 2.2(b).

               "SERIES 2000-2 SUBORDINATED INTEREST AMOUNT" shall mean, for any
          date of determination, an amount equal to (i) the Series 2000-2
          Allocated Receivables Amount MINUS (ii) the Series 2000-2 Adjusted
          Invested Amount.

               "SERIES 2000-2 SUBORDINATED INTEREST REDUCTION AMOUNT" shall have
          the meaning assigned in subsection 2.7(b).

               "SERIES 2000-2 TARGET RECEIVABLES AMOUNT" shall mean, on any
          date of determination, the greater of (A) sum of (i) the Series 2000-2
          Adjusted Invested Amount on such day and (ii) the Series 2000-2
          Required Reserves for such day and (B) $350,000.

               "SERIES 2000-2 TERMINATION DATE" shall mean the Distribution Date
          that occurs in September, 2003.

               "SERIES 2000-2 TRANSACTION DOCUMENTS" shall mean this Supplement,
          the Receivables Sale Agreements, the Pooling Agreement and the
          Servicing Agreement.

                                      -18-
<Page>

               "SERVICER" shall have the meaning specified in the introductory
          paragraph hereto.

               "SERVICER INDEMNIFIED PERSON" shall have the meaning assigned in
          subsection 2.10(b).

               "SERVICING RESERVE RATIO" shall mean, as of any Settlement Report
          Date and continuing until (but not including) the next Settlement
          Report Date, an amount (expressed as a percentage) equal to (i) the
          product of (A) the Servicing Fee Percentage and (B) 2.0 TIMES Days
          Sales Outstanding as of such earlier Settlement Report Date, DIVIDED
          BY (ii) 360.

               "SUPPLEMENT" shall have the meaning specified in the introductory
          paragraph hereto

               "TAXES" shall mean any and all present or future taxes, levies,
          imposts, duties, deductions, charges or withholdings imposed by any
          Governmental Authority.

               "TRANSACTION PARTIES" shall have the meaning assigned in
          subsection 2.6(d).

               "TRANSFER ISSUANCE DATE" shall mean the date on which a
          Commitment Transfer Supplement becomes effective pursuant to the terms
          of such Commitment Transfer Supplement.

               "TRUST ACCOUNTS" shall have the meaning assigned in subsection
          3A.2(a).

               "TRUSTEE" shall have the meaning specified in the introductory
          paragraph hereto.

               "UCC CERTIFICATE" shall mean a certificate substantially in the
          form of Exhibit D to this Supplement.

               "UNALLOCATED BALANCE" shall mean, as of any Business Day, (i) the
          portion of the Series 2000-2 Funded Amount allocated to any CP
          Tranche and (ii) the sum of (A) the portion of the Series 2000-2
          Funded Amount for which interest is then being calculated by reference
          to the Base Rate and (B) the portion of the Series 2000-2 Funded
          Amount allocated to any Eurodollar Tranche the Rate Period in respect
          of which expires on such Business Day.

               "USI CHANGE IN CONTROL" shall have the meaning assigned to the
          term "Change of Control" in Section 1.01 of the Credit Agreement.

               "USFS" shall have the meaning specified in the introductory
          paragraph hereto.

               "USSC" shall mean United Stationers Supply Co., an Illinois
          corporation.

                                      -19-
<Page>

               "UTILIZATION FEE" shall have the meaning assigned in subsection
          2.9(c).

               "UTILIZATION FEE RATE" shall have the meaning assigned in the Fee
          Letter.

               "VFC CERTIFICATE" shall mean a VFC Certificate, Series 2000-2,
          executed by the Company and authenticated by or on behalf of the
          Trustee, substantially in the form of Exhibit A.

               "VFC CERTIFICATEHOLDER" shall mean the Committed Purchaser.

               "VFC CERTIFICATEHOLDERS' INTEREST" shall have the meaning
          assigned in subsection 2.2(a).

                    (b) If any term or provision contained herein conflicts with
          or is inconsistent with any term, definition or provision contained in
          the Agreement, the terms and provisions of this Supplement shall
          govern. All Article, Section or subsection references herein shall
          mean Article, Section or subsections of this Supplement, except as
          otherwise provided herein. Unless otherwise stated herein, the context
          otherwise requires or such term is otherwise defined in the Agreement,
          each capitalized term used or defined herein shall relate only to the
          Series 2000-2 Interests and no other Series of Investor Certificates
          issued by the Trust.

                                   ARTICLE II

                DESIGNATION OF CERTIFICATES; PURCHASE AND SALE OF
                              THE VFC CERTIFICATES

                    SECTION 2.1. DESIGNATION. The Certificates and interests
created and authorized pursuant to the Agreement and this Supplement shall be
divided into two Classes, which shall be designated respectively as (i) the "VFC
Certificates, Series 2000-2" and (ii) an interest designated as the "Series
2000-2 Subordinated Interest."

                    SECTION 2.2. THE SERIES 2000-2 INTERESTS. (a) The VFC
Certificates shall represent fractional undivided interests in the Trust,
including the right to receive (i) the Invested Percentage (expressed as a
decimal) of Collections received with respect to the Receivables and all other
funds on deposit in the Collection Account and (ii) all other funds on deposit
in the Series Collection Subaccounts and any subaccounts thereof (collectively,
the "VFC CERTIFICATEHOLDERS' INTEREST").

                    (b) The "SERIES 2000-2 SUBORDINATED INTEREST" shall be a
fractional undivided interest in the Trust retained by the Company, consisting
of the right to receive Collections with respect to the Receivables allocated to
the VFC Certificateholders' Interest and not required to be

                                      -20-
<Page>

distributed to or for the benefit of the Committed Purchaser. The Exchangeable
Company Interest and any other Series of Investor Certificates outstanding shall
represent the ownership interest in the remainder of the Trust not allocated
pursuant hereto to the VFC Certificateholders' Interest or the Series 2000-2
Subordinated Interest.

                    (c) The VFC Certificates shall be substantially in the form
of Exhibit A and shall, upon issue, be executed and delivered by the Company to
the Trustee for authentication and redelivery as provided in Section 2.4 hereof
and Section 5.2 of the Agreement.

                    SECTION 2.3. PURCHASES OF INTERESTS IN THE VFC CERTIFICATES,
INITIAL PURCHASE. (a) Subject to the terms and conditions of this Supplement,
including delivery of notice in accordance with Section 2.4 and 2.5, (i) on the
Issuance Date, the Committed Purchaser hereby agrees to purchase on the Issuance
Date a VFC Certificate in an amount equal to the Initial Series 2000-2 Invested
Amount and (ii) thereafter, the Committed Purchaser hereby agrees to maintain
its VFC Certificate, subject to increase or decrease during the Series 2000-2
Revolving Period, in accordance with the provisions of this Supplement. The
Company hereby agrees to maintain ownership of the Series 2000-2 Subordinated
Interest, subject to increase or decrease during the Series 2000-2 Revolving
Period, in accordance with the provisions of this Supplement. Payments by the
Committed Purchaser in respect of the VFC Certificates shall be made in
immediately available funds on the Issuance Date to the Administrator for
payment to the Company.

                    (b) MAXIMUM SERIES 2000-2 PURCHASER FUNDED AMOUNT.
Notwithstanding anything to the contrary contained in this Supplement, at no
time shall the Series 2000-2 Funded Amount exceed the Purchase Limit at such
time.

                    SECTION 2.4. DELIVERY. On the Issuance Date, the Company
shall sign, on behalf of the Trust, and shall direct the Trustee in writing
pursuant to Section 5.2 of the Agreement to duly authenticate, and the Trustee,
upon receiving such direction, shall so authenticate a VFC Certificate in such
name and such denomination and deliver such VFC Certificate to the
Administrator, on behalf of the Committed Purchaser, in accordance with such
written directions. The VFC Certificate shall be issued in a minimum
denominations of $1,000,000 and in integral multiples of $100,000 in excess
thereof. The Trustee shall mark on its books the actual Series 2000-2 Invested
Amount and Series 2000-2 Subordinated Interest Amount outstanding on any date of
determination, which, absent manifest error, shall constitute prima facie
evidence of the outstanding Series 2000-2 Invested Amount and Series 2000-2
Subordinated Interest Amount from time to time.

                    SECTION 2.5. PROCEDURE FOR INITIAL ISSUANCE AND FOR
INCREASING THE SERIES 2000-2 INVESTED AMOUNT. (a) Subject to subsection 2.5(c)
of this Supplement, (i) on the date designated in writing as provided herein
(the "ISSUANCE DATE"), the Committed Purchaser hereby agrees to purchase a VFC
Certificate in accordance with Section 2.3 and (ii) on any Business Day during
the Commitment Period, the Committed Purchaser hereby agrees that the Series
2000-2

                                      -21-
<Page>

Invested Amount may be increased by increasing its Series 2000-2 Purchaser
Invested Amount (an "INCREASE"), upon the request of the Servicer or the Company
on behalf of the Trust (each date on which an increase in the Series 2000-2
Invested Amount occurs hereunder being herein referred to as the "INCREASE DATE"
applicable to such Increase); PROVIDED, HOWEVER, that the Servicer or the
Company, as the case may be, shall have given the Administrator (with a copy to
the Trustee) irrevocable written notice (effective upon receipt), substantially
in the form of Exhibit E hereto, of such request no later than (i) 11:00 a.m.,
New York City time, two Business Days prior to the Issuance Date or such
Increase Date, as the case maybe, in the case of any Increase Date if the
Initial Series 2000-2 Invested Amount or Increase Amount is to be priced solely
with reference to the CP Rate or (ii) (x) if the Initial Series 2000-2 Invested
Amount or Increase Amount is to be priced solely with reference to the Base
Rate, on or prior to 12:00 noon, New York City time, on the Issuance Date or
such Increase Date, as the case may be and (y) if all or a portion of the
Initial Series 2000-2 Invested Amount or Increase Amount is to be allocated to a
Eurodollar Tranche, 1:00 p.m., New York City time, three Business Days prior to
the Issuance Date or such Increase Date, as the case may be; PROVIDED, FURTHER,
that the provisions of this subsection shall not restrict the allocations of
Collections pursuant to Article III. Such notice shall state (x) the Issuance
Date or the Increase Date, as the case may be, and (y) the initial invested
amount (the "INITIAL SERIES 2000-2 INVESTED AMOUNT") or, the proposed amount of
such Increase (the "INCREASE AMOUNT"), as the case may be.

                    (b) [Reserved].

                    (c) The Committed Purchaser shall not be required to make
the initial purchase of VFC Certificates on the Issuance Date or to increase its
Series 2000-2 Purchaser Invested Amount on any Increase Date hereunder unless:

                        (i)   the related aggregate initial purchase amount or
          Increase Amount is equal to $1,000,000 or an integral multiple of
          $100,000 in excess thereof;

                        (ii)  after giving effect to the initial purchase amount
          or Increase Amount, (A) the Series 2000-2 Funded Amount would not
          exceed the Purchase Limit on the Issuance Date or such Increase Date,
          as the case may be, and (B) the Series 2000-2 Allocated Receivables
          Amount would not be less than the Series 2000-2 Target Receivables
          Amount on the Issuance Date or such Increase Date, as the case may be;

                        (iii) at the time of and after giving effect to the
          initial purchase amount or the Increase Amount, no Early Amortization
          Event or Potential Early Amortization Event shall have occurred and be
          continuing; and

                        (iv)  all of the representations and warranties made by
          each of the Company, the Servicer, USFC, the Support Provider and the
          Seller in each Transaction Document to which it is a party are true
          and correct in all material respects on and as of the Issuance Date or
          such Increase Date, as the case may be, as if made on and as of such

                                      -22-
<Page>

          date (except to the extent such representations and warranties are
          expressly made as of another date).

The Company's acceptance of funds in connection with (x) the initial purchase of
VFC Certificates on the Issuance Date and (y) each Increase occurring on any
Increase Date shall constitute a representation and warranty by the Company to
the Committed Purchaser as of the Issuance Date or such Increase Date (except to
the extent such representations and warranties are expressly made as of another
date), as the case may be, that all of the conditions contained in this
subsection 2.5(c) have been satisfied.

                    (d) After receipt by the Administrator of the notice
required by subsection 2.5(a) from the Servicer or the Company on behalf of the
Trust, the Administrator shall, so long as the conditions set forth in
subsections 2.5(a) and (c) are satisfied, promptly provide telephonic notice to
the Committed Purchaser of the Increase Date and of the Increase Amount. The
Committed Purchaser agrees to pay in immediately available funds the amount of
such Increase on the related Increase Date to the Administrator for payment to
the Trust for deposit in the Series 2000-2 Principal Collection Sub-subaccount.

                    SECTION 2.6. [Reserved]

                    SECTION 2.7. PROCEDURE FOR DECREASING THE SERIES 2000-2
INVESTED AMOUNT; OPTIONAL TERMINATION. (a) On any Business Day during the Series
2000-2 Revolving Period or the Series 2000-2 Amortization Period (except for
Distribution Dates during the Series 2000-2 Amortization Period (which shall be
governed by subsection 3A.6(c)), upon the written request of the Servicer or the
Company on behalf of the Trust to the Trustee, the Series 2000-2 Invested Amount
may be reduced (a "DECREASE") by the distribution by the Trustee to the
Administrator for the benefit of the Committed Purchaser in accordance with its
Series 2000-2 Purchaser Invested Amount of funds on deposit in the Series 2000-2
Principal Collection Sub-subaccount on such day in an amount not to exceed the
amount of such funds on deposit on such day; PROVIDED that the Servicer shall
have given the Administrator (with a copy to the Trustee) irrevocable written
notice (effective upon receipt), prior to 1:00 p.m., New York City time, (i) on
the second Business Day prior to such Decrease or, in the ease of any Decrease
which is greater than $10,000,000, on the tenth Business Day prior to such
Decrease, in the case of any Decrease that relates to a CP Tranche and (ii) (A)
if the Decrease relates solely to a Floating Tranche, on the Business Day of
such Decrease or (B) if all or any portion of the Decrease relates to an
Eurodollar Tranche, on the Business Day that is three Business Days prior to
such Decrease and which notice shall state the amount of such Decrease;
PROVIDED, FURTHER, that such Decrease shall be in an amount equal to $1,000,000
and integral multiples of $100,000 in excess thereof and such Decrease shall be
in an amount no greater than the Unallocated Balance on such day.

                    (b) Simultaneously with any such Decrease during the Series
2000-2 Revolving Period, the Series 2000-2 Subordinated Interest Amount shall be
reduced by an amount (the "SERIES 2000-2 SUBORDINATED INTEREST REDUCTION
AMOUNT") such that the Series

                                      -23-
<Page>

2000-2 Subordinated Interest Amount shall equal the Series 2000-2 Required
Reserves after giving effect to such Decrease. During the Series 2000-2
Revolving Period, after the distribution described in subsection (a) above has
been made, and the Series 2000-2 Subordinated Interest Amount shall have been
reduced by the Series 2000-2 Subordinated Interest Reduction Amount, a
distribution shall be made to the owner of the Series 2000-2 Subordinated
Interest out of remaining funds on deposit in the Series 2000-2 Principal
Collection Sub-subaccount in an amount equal to the lesser of (x) the Series
2000-2 Subordinated Interest Reduction Amount and (y) the amount of such
remaining funds on deposit in the Series 2000-2 Principal Collection
Sub-subaccount.

                    (c) Any reduction in the Series 2000-2 Invested Amount on
any Business Day shall be allocated first to reduce the Unallocated Balance and
then to reduce the portion of the Series 2000-2 Invested Amount allocated to
Eurodollar Tranches in such order as the Company may select in order to minimize
costs payable pursuant to Section 7.4.

                    (d) (i) On any Business Day unless the Scheduled Revolving
Termination Date, an Early Amortization Event or a Potential Early Amortization
Event shall have occurred and be continuing, the Company shall have the right to
deliver an irrevocable written notice (an "OPTIONAL TERMINATION NOTICE") to the
Trustee, the Servicer and the Administrator in which the Company declares that
the Series 2000-2 Revolving Period shall terminate on the date (the "OPTIONAL
TERMINATION DATE") set forth in such notice (which date, in any event, shall be
the last day of a Settlement Period which is not less than 10 days from the date
on which such notice is delivered).

                        (ii) From and after the Optional Termination Date, the
Series 2000-2 Amortization Period shall commence for all purposes under this
Agreement and the other Transaction Documents. The Trustee shall give prompt
written notice of its receipt of an Optional Termination Notice to the Committed
Purchaser.

                    SECTION 2.8. REDUCTION OF THE PURCHASE LIMIT (a) On any
Business Day during the Series 2000-2 Revolving Period, the Company, on behalf
of the Trust, may, upon three Business Days' prior written notice to the
Administrator (effective upon receipt) (with copies to the Servicer and the
Trustee) reduce or terminate the Purchase Limit (a "PURCHASE LIMIT REDUCTION")
in a minimum aggregate amount equal to $5,000,000 or a whole multiple of
$1,000,000 in excess thereof; PROVIDED that no such termination or reduction
shall be permitted if, after giving effect thereto and to any reduction in the
Series 2000-2 Invested Amount on such date, the Series 2000-2 Invested Amount
would exceed the Purchase Limit then in effect.

                    (b) [Reserved]

                    (c) Once reduced, the Purchase Limit may not be subsequently
reinstated. The Administrator shall provide written notice of the reduced
Purchaser Limit to the Company, the Servicer and the Trustee.

                                      -24-
<Page>

                    SECTION 2.9. INTEREST, FEES. (a) Interest shall be payable
on the VFC Certificates on each Distribution Date pursuant to subsection
3A.6(a).

                    (b) The Trustee (acting at the written direction of the
Servicer upon which the Trustee may conclusively rely) shall distribute pursuant
to subsection 3A.6(b), from amounts on deposit in the Series 2000-2
Non-Principal Collection Sub-subaccount, to the Administrator, for the account
of the Committed Purchaser, on each Distribution Date, a commitment fee with
respect to each Accrual Period ending on such date (the "COMMITMENT FEE") at the
Commitment Fee Rate of the average daily excess of 102% of the Purchase Limit
OVER the average Series 2000-2 Purchaser Invested Amount during such Accrual
Period for the actual number of days in such Accrual Period. The Commitment Fee
shall be payable (i) monthly in arrears on each Distribution Date and (ii) on
the Facility Termination Date. To the extent that funds on deposit in the Series
2000-2 Non-Principal Collection Sub-subaccount at any such date are insufficient
to pay the Commitment Fee due on such date, the Servicer shall so notify the
Company and the Company shall immediately pay the Administrator the amount of
any such deficiency.

                    (c) The Trustee (acting at the written direction of the
Servicer upon which the Trustee may conclusively rely) shall distribute pursuant
to subsection 3A.6(b), from amounts on deposit in the Series 2000-2
Non-Principal Collection Sub-subaccount, to the Administrator, for the account
of the Committed Purchaser, on each Distribution Date, a utilization fee (the
"UTILIZATION FEE") with respect to each Accrual Period ending on such date at
the Utilization Fee Rate of the average daily Series 2000-2 Purchaser Invested
Amount during such period for the actual number of days in such Accrual Period.
The Utilization Fee shall be payable (i) monthly in arrears on each Distribution
Date and (ii) on the Facility Termination Date. To the extent that funds on
deposit in the Series 2000-2 Non-Principal Collection Sub-subaccount at any such
date are insufficient to pay the Utilization Fee due on such date, the Servicer
shall so notify the Company and the Company shall immediately pay the
Administrator the amount of any such deficiency.

                    (d) Calculations of per annum rates and fees under this
Supplement shall be made on the basis of a 360- (or 365-/366-, in the case of
interest on the Floating Tranche based on the Base Rate) day year with respect
to Commitment Fees, Utilization Fees and interest rates. Each determination of
the Euro-Rate by the Administrator shall be conclusive and binding upon each of
the parties hereto in the absence of manifest error.

                    SECTION 2.10. INDEMNIFICATION BY THE COMPANY AND THE
SERVICER. (a) The Company agrees to indemnify and hold harmless the Trustee, its
officers, directors, agents and employees and each Affected Party (each, a
"COMPANY INDEMNIFIED PERSON") from and against any loss, liability, expense,
damage or injury suffered or sustained by (a "CLAIM") such Company Indemnified
Person by reason of (i) any acts, omissions or alleged acts or omissions arising
out of, or relating to, activities of the Company pursuant to any Pooling and
Servicing Agreement or the other Transaction Documents to which it is a party,
(ii) a breach of any representation or warranty made or deemed made by the
Company (or any of its officers) in any Pooling and

                                      -25-
<Page>

Servicing Agreement or other Transaction Document or (iii) a failure by the
Company to comply with any applicable law or regulation or to perform its
covenants, agreements, duties obligations required to be performed or observed
by it in accordance with the provisions of any Pooling and Servicing Agreement
or the other Transaction Documents, including, but not limited to, any judgment,
award, settlement, reasonable attorneys' fees and other reasonable costs or
expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim, except to the extent such loss, liability, expense,
damage or injury (A) resulted from the gross negligence, bad faith or wilful
misconduct of such Company Indemnified Person or its officers, directors,
agents, principals, employees or employers, (B) resulted solely from a default
by an Obligor with respect to any Receivable or (C) includes any income or
franchise taxes imposed on (or measured by) any Company Indemnified Person's net
income; PROVIDED that any payments made by the Company pursuant to this
subsection shall be made solely from funds available to the Company which are
not otherwise needed to be applied to the payment of any amounts (other than
amounts payable to the Company pursuant to any Pooling and Servicing Agreements,
shall be non-recourse other than with respect to proceeds in excess of the
proceeds needed to make such payment, and shall not constitute a claim against
the Company to the extent that insufficient proceeds exist to make such payment.

                    (b) The Servicer agrees to indemnify and hold harmless the
Trustee, its officers, directors, agents and employees and each Affected Party
(each, a "SERVICER INDEMNIFIED PERSON") from and against any Claim by reason of
(i) any acts, omissions or alleged acts or omissions arising out of, or relating
to, activities of the Servicer pursuant to any Pooling and Servicing Agreement
or the other Transaction Documents to which it is a party, (ii) a material
breach of any representation or warranty made or deemed made by the Servicer (or
any of its officers) in any Pooling and Servicing Agreement or other Transaction
Document or (iii) a failure by the Servicer to comply in any material respect
with any applicable law or regulation or to perform its covenants, agreements,
duties or obligations required to be performed or observed by it in accordance
with the provisions of any Pooling and Servicing Agreement or the other
Transaction Documents, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other reasonable costs or expenses
incurred in connection with the defense of any actual or threatened action,
proceeding or claim, except to the extent such loss, liability, expense, damage
or injury (A) resulted from the gross negligence, bad faith or wilful misconduct
of such Servicer indemnified person or its officers, directors, agents,
principals, employees or employers, (B) resulted solely from a default by an
Obligor with respect to any Receivable or (C) include any income or franchise
taxes imposed on (or measured by) any Servicer Indemnified Person's net income.

                                      -26-
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                                   ARTICLE III

                          ARTICLE III OF THE AGREEMENT

                    Section 3.1 of the Agreement and each other section of
Article III of the Agreement relating to another Series shall read in their
entirety herein as provided in the Agreement. Article III of the Agreement
(except for Section 3.1 thereof and any portion thereof relating to another
Series) shall read in its entirety herein as follows and shall be exclusively
applicable to the Series 2000-2 Interests:

                    SECTION 3A.2. ESTABLISHMENT OF TRUST ACCOUNTS. (a) The
Trustee shall cause to be established and maintained in the name of the Trustee,
on behalf of the Trust, (i) for the benefit of the Committed Purchaser and (ii)
in the case of clauses (A) and (B) below, for the benefit, subject to the prior
and senior interest of the Committed Purchaser, of the owner of the Series
2000-2 Subordinated Interest, (A) a subaccount of the Collection Account (the
"SERIES 2000-2 COLLECTION SUBACCOUNT"), which subaccount is the Series
Collection Subaccount with respect to Series 2000-2; (B) two subaccounts of the
Series 2000-2 Collection Subaccount: (1) the Series 2000-2 Principal Collection
Sub-subaccount and (2) the Series 2000-2 Non-Principal Collection Sub-subaccount
(respectively, the "SERIES 2000-2 PRINCIPAL COLLECTION SUB-SUBACCOUNT" and the
"SERIES 2000-2 NON-PRINCIPAL COLLECTION SUB-SUBACCOUNT") and (C) a subaccount of
the Series 2000-2 Non-Principal Collection Sub-subaccount (the "SERIES 2000-2
ACCRUED INTEREST SUB-SUBACCOUNT"; all accounts established pursuant to this
subsection 3A.2(a), collectively, the "TRUST ACCOUNTS"), each Trust Account to
bear a designation indicating that the funds deposited therein are held for the
benefit of the Persons (and, for each such Person, to the extent) set forth in
clauses (i) and (ii) above. The Trustee shall possess all right, title and
interest in all funds from time to time on deposit in, and all Eligible
Investments credited to, the Trust Accounts and in all proceeds thereof. The
Trust Accounts shall be under the sole dominion and control of the Trustee for
the exclusive benefit of the Persons (and, for each such Person, to the extent)
set forth in clauses (i) and (ii) above.

                    (b) All Eligible Investments in the Trust Accounts shall be
delivered to the Trustee in accordance with the definition of "Delivery" and
shall be held by the Trustee or its nominee (including the Securities
Intermediary) for the exclusive benefit of the Committed Purchaser and, subject
to the prior interest of the Committed Purchaser, the owner of the Series 2000-2
Subordinated Interest; PROVIDED, HOWEVER, that funds on deposit in a Trust
Account which is a sub-subaccount of a Collection Account may, at the direction
of the Servicer, be invested together with funds held in other sub-subaccounts
of the Collection Account. After giving effect to any distribution to the
Company pursuant to subsection 3A.3(b), amounts on deposit and available for
investment in the Series 2000-2 Principal Collection Sub-subaccount shall be
invested by the Trustee at the written direction of the Servicer in Eligible
Investments that mature, or that are payable or redeemable upon demand of the
holder thereof, (i) in the case of any such investment made during the Series
2000-2 Revolving Period, on or prior to the next Business Day and (ii) in the
case of any such investment made during the Series 2000-2

                                      -27-
<Page>

Amortization Period, on or prior to the Business Day immediately preceding the
next Distribution Date. Amounts on deposit and available for investment in the
Series 2000-2 Non Principal Collection Sub-subaccount and the Series 2000-2
Accrued Interest Sub-subaccount shall be invested by the Trustee at the written
direction of the Servicer in Eligible Investments that mature, or that are
payable or redeemable upon demand of the holder thereof, on or prior to the
Business Day immediately preceding the next Distribution Date. As of the
Business Day immediately preceding such next Distribution Date, (x) all interest
and other investment earnings (net of losses and investment expenses) on funds
deposited in the Series 2000-2 Accrued Interest Sub-subaccount shall be
deposited in the Series 2000-2 Non-Principal Collection Sub-subaccount and (y)
all interest and investment earnings (net of losses and investment expenses) on
funds deposited in the Series 2000-2 Principal Collection Sub-subaccount shall
be deposited in the Series 2000-2 Non-Principal Collection Sub-subaccount. If
the Servicer fails to give the Trustee investment instructions with respect to
amounts on deposit in any Series 2000-2 Collection Subaccount or any subaccount
thereof, such amounts shall remain uninvited.

                    (c) Any securities intermediary maintaining a securities
account for the Trustee for the benefit of the Committed Purchaser, and The
Chase Manhattan Bank as initial Securities Intermediary, hereby represents that
it is as of the date hereof and shall be for so long as it is the Securities
Intermediary hereunder a bank or broker-dealer that (i) in the ordinary course
of its business maintains securities accounts for others and is acting in that
capacity hereunder and (ii) maintains a Participant's Securities Account (as
defined in the United States Regulations) with a Federal Reserve Bank. The
Securities Intermediary shall agree (and The Chase Manhattan Bank as initial
Securities Intermediary hereby agrees) with the parties hereto that (x) the
Collection Account (including any sub-accounts thereof) is a securities account
to which financial assets may be credited, (y) the Trustee shall be entitled to
exercise rights that comprise such financial assets and to exercise the ordinary
rights of an entitlement holder, (z) the "securities intermediary's
jurisdiction" as defined in the UCC of the Securities Intermediary with respect
to the Eligible Investments credited to the Collection Account (including any
subaccounts thereof) shall be the State of New York. The Securities Intermediary
shall represent and covenant (and The Chase Manhattan Bank hereby represents and
covenants) 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 Agreement. The Securities Intermediary shall covenant (and
The Chase Manhattan Bank hereby covenants) that it will not take any action
inconsistent with the provisions of this Agreement applicable to it. It is the
intent of the Trustee, the Servicer and the Company that the Collection Account
(including any sub-accounts thereof) shall be a securities account of the
Trustee and not an account of the Company or the Servicer. If despite such
intent, the Collection Account (including any sub-accounts thereof) is
determined to be an account of the Company or the Servicer, then the Securities
Intermediary agrees to comply with entitlement orders originated by the Trustee
without further consent by the Company or the Servicer.

                    SECTION 3A.3. ALLOCATIONS. In accordance with the written
direction of the Servicer, upon which the Trustee may conclusively rely:

                                      -28-
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                    (a) The portion of the Aggregate Daily Collections allocated
to the Series 2000-2 Interests pursuant to Article III of the Agreement shall be
allocated and distributed as set forth in this Article III by the Trustee as
follows:

                        (i)   on each Business Day, an amount equal to the
          Accrued Expense Amount for such day (or, during the Series 2000-2
          Revolving Period, such greater amount as the Company may request in
          writing) shall be transferred from the Series 2000-2 Collection
          Subaccount to the Series 2000-2 Non-Principal Collection
          Sub-subaccount; and

                        (ii)  following the transfers pursuant to clause (i)
          above, any remaining funds on deposit in the Series 2000-2 Collection
          Subaccount shall be transferred by the Trustee to the Series 2000-2
          Principal Collection Sub-subaccount.

                    (b) On each Business Day that is not a Distribution Date
during the Series 2000-2 Revolving Period, after giving effect to (x) all
allocations of Aggregate Daily Collections and (y) any deposit resulting from an
Increase, if any, pursuant to subsection 2.5(c) on such Business Day, amounts on
deposit in the Series 2000-2 Principal Collection Sub-subaccount shall be
distributed by the Trustee to the Company to such accounts or such persons as
the Company may direct in writing (which directions may consist of standing
instructions provided by the Company that shall remain in effect until changed
by the Company in writing); PROVIDED that such distribution shall be made only
if no Early Amortization Event or Potential Early Amortization Event has
occurred and is continuing and only to the extent that, if after giving effect
to such distribution, the Series 2000-2 Target Receivables Amount would not
exceed the Series 2000-2 Allocated Receivables Amount; PROVIDED FURTHER that if
the Company or the Servicer, on behalf of the Company, shall have given the
Administrator irrevocable prior written notice (effective upon receipt) when
required under Section 2.7(a), the Company or the Servicer may instruct the
Trustee in writing (specifying the related amount) to withdraw all or a portion
of such amounts on deposit in the Series 2000-2 Principal Collection
Sub-subaccount and apply such withdrawn amounts toward the reduction of the
Series 2000-2 Invested Amount and the Series 2000-2 Subordinated Interest Amount
in accordance with Section 2.7.

                        (i) On each Business Day during the Series 2000-2
          Amortization Period (including Distribution Dates), funds deposited in
          the Series 2000-2 Principal Collection Sub-subaccount shall be
          invested in Eligible Investments, at the written direction of the
          Servicer pursuant to subsection 3A.2(b), that mature on or prior to
          the Business Day immediately preceding the next Distribution Date and
          shall be distributed on such Distribution Date in accordance with
          subsection 3A.6(c). Except as set forth in subsection 3A.6(c), no
          amounts on deposit in the Series 2000-2 Principal Collection
          Sub-subaccount shall be distributed by the Trustee to the Company or
          the owner of the Series 2000-2 Subordinated Interest during the Series
          2000-2 Amortization Period.

                                      -29-
<Page>

                    (c) On each Business Day, an amount equal to the Daily
Interest Deposit for such day shall be transferred by the Trustee from the
Series 2000-2 Non-Principal Collection Sub-subaccount to the Series 2000-2
Accrued Interest Sub-subaccount.

                    (d) The allocations to be made pursuant to this Section 3A.3
are subject to the provisions of Sections 2.5, 2.7, 7.2, 9.1 and 9.4 of the
Agreement.

                    SECTION 3A.4. DETERMINATION OF SERIES 2000-2 MONTHLY
INTEREST. (a) On or before the Business Day preceding each Distribution Date,
the Administrator shall notify the Servicer and the Trustee of the Series 2000-2
Monthly Interest for the Accrual Period ending on the related Distribution Date.
From time to time, for purposes of determining the Rate Periods applicable to
the different portions of the Series 2000-2 Funded Amount and of calculating
Discount with respect thereto, the Administrator shall allocate the Series
2000-2 Funded Amount to one or more tranches (each a "FUNDING TRANCHE"). At any
time, each Funding Tranche shall have only one Rate Period and one Rate Type. In
addition, at any time when the Series 2000-2 Funded Amount is not divided into
more than one portion, "Funding Tranche" means 100% of the Series 2000-2
Invested Amount.

                    (b) From time to time the Administrator shall notify the
Servicer and the Trustee of the number of Funding Tranches and the Rate Type of
each Funding Tranche.

                    (c) On each Distribution Date, the Servicer shall determine
the excess, if any (the "INTEREST SHORTFALL"), of (i) the Series 2000-2 Monthly
Interest for the Accrual Period ending on such Distribution Date OVER (ii) the
amount which will be available to be distributed to the Purchasers on such
Distribution Date in respect thereof pursuant to this Supplement. If the
Interest Shortfall with respect to any Distribution Date is greater than zero,
an additional amount ("ADDITIONAL INTEREST") equal to the product of (A) the
number of days until such Interest Shortfall shall be repaid DIVIDED BY 365 (or
366, as the case may be), (B) the Base Rate PLUS 2.0% and (C) such Interest
Shortfall (or the portion thereof which has not been paid to the Committed
Purchaser) shall be payable as provided herein with respect to the VFC
Certificates on each Distribution Date following such Distribution Date to but
excluding the Distribution Date on which such Interest Shortfall is paid to the
VFC Certificateholders.

                    (d) Any reduction in the Series 2000-2 Invested Amount on
any Business Day shall be allocated in the following order of priority:

                    FIRST, to reduce the Unallocated Balance, as appropriate;
and

                    SECOND, to reduce the portion of the Series 2000-2 Invested
Amount allocated to Eurodollar Tranches in such order as the Company may select
in order to minimize costs payable pursuant to Section 7.4.

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                    SECTION 3A.5. DETERMINATION OF SERIES 2000-2 MONTHLY
PRINCIPAL. (a) PAYMENTS OF SERIES 2000-2 PRINCIPAL. The amount (the "SERIES
2000-2 MONTHLY PRINCIPAL PAYMENT") distributable from the Series 2000-2
Principal Collection Sub-subaccount on each Distribution Date during the Series
2000-2 Amortization Period, as determined by the Servicer, shall be equal to the
amount on deposit in such account on the immediately preceding Settlement Report
Date; PROVIDED, HOWEVER, that the Series 2000-2 Monthly Principal Payment on any
Distribution Date shall not exceed the Series 2000-2 Invested Amount on such
Distribution Date after giving effect to the reductions and increases pursuant
to paragraphs (b) and (c) below. Further, on any other Business Day during the
Series 2000-2 Amortization Period, funds may be distributed from the Series
2000-2 Principal Collection Sub-subaccount to the Committed Purchaser in
accordance with Section 2.7 of this Supplement.

                    (b) REDUCTIONS TO SERIES 2000-2 PRINCIPAL. If, on any
Special Allocation Settlement Report Date, the Series 2000-2 Allocable
Charged-Off Amount is greater than zero for the related Settlement Period, the
Trustee shall (in accordance with written directions from the Servicer, upon
which the Trustee may conclusively rely) make the following allocations of such
amounts in the following order of priority:

                        (i)  the Series 2000-2 Required Reserves shall be
          reduced (but not below zero) by an amount equal to the Series 2000-2
          Allocable Charged-Off Amount (which shall also be reduced by the
          amount so applied);

                        (ii) then, to the extent that the Series 2000-2
          Allocable Charged-Off Amount is greater than zero following the
          application in clause (i) above, the Series 2000-2 Invested Amount
          shall be reduced (but not below zero) by such remaining Series 2000-2
          Allocable Charged-Off Amount (which shall also be reduced by the
          amount so applied).

                    (c) INCREASES TO SERIES 2000-2 PRINCIPAL. If, on any Special
Allocation Settlement Report Date, the Series 2000-2 Allocable Recoveries Amount
is greater than zero for the related Settlement Period, the Trustee shall (in
accordance with written directions from the Servicer upon which the Trustee may
conclusively rely) make the following allocations (after giving effect to the
applications in paragraph (b) of such amount in the following order of
priority):

                        (i)  the Series 2000-2 Invested Amount shall be
          increased (but only to the extent of any previous reductions of the
          Series 2000-2 Invested Amount pursuant to subsection 3A.5(b)(ii)) by
          the amount of the Series 2000-2 Allocable Recoveries Amount (which
          shall also be reduced by the amount so applied);

                        (ii) then, to the extent that the Series 2000-2
          Allocable Recoveries Amount is greater than zero following the
          applications in clause (i) above, the Series 2000-2 Required Reserves
          shall be increased (but only to the extent of any previous

                                      -31-
<Page>

          reductions of the Series 2000-2 Required Reserves pursuant to
          subsection 3A.5(b)(i)) by such remaining Series 2000-2 Allocable
          Recoveries Amount (which shall also be reduced by the amount so
          applied).

                    SECTION 3A.6. APPLICATIONS. (a) The Trustee (acting at the
written direction of the Servicer upon which the Trustee may conclusively rely)
shall on each Distribution Date distribute to the Administrator, for further
distribution to the Committed Purchaser, from amounts on deposit in the Series
2000-2 Accrued Interest Sub-subaccount, an amount equal to the Series 2000-2
Monthly Interest payable on such Distribution Date (such amount, the "MONTHLY
INTEREST PAYMENT"), PLUS the amount of any Monthly Interest Payment previously
due but not distributed to the Administrator, for further distribution to the
Committed Purchaser on a prior Distribution Date, PLUS the amount of any
Additional Interest for such Distribution Date and any Additional Interest
previously due but not distributed to the Administrator, for further
distribution to the Committed Purchaser on a prior Distribution Date.

                    (b) On each Distribution Date, the Trustee shall apply funds
on deposit in the Series 2000-2 Non-Principal Collection Sub-subaccount in the
following order of priority to the extent funds are available:

                        (i)   an amount equal to the Commitment Fee for the
          Accrual Period ending on such Distribution Date shall be withdrawn
          from the Series 2000-2 Non-Principal Collection Sub-subaccount by the
          Trustee and paid to the Administrator, for the account of the
          Committed Purchaser;

                        (ii)  an aggregate amount equal to the Utilization Fee
          for the Accrual Period ending on such Distribution Date shall be
          withdrawn from the Series 2000-2 Non-Principal Collection
          Sub-subaccount by the Trustee and paid to the Administrator, for the
          account of the Committed Purchaser;

                        (iii) an amount equal to any amounts owing to the
          Trustee pursuant to Section 8.5 of the Agreement, shall be withdrawn
          from the Series 2000-2 Non-Principal Collection Sub-subaccount by the
          Trustee and paid to itself;

                        (iv)  an amount equal to the Series 2000-2 Periodic
          Servicing Fee for the Accrual Period ending on such Distribution Date
          shall be withdrawn from the Series 2000-2 Non-Principal Collection
          Sub-subaccount by the Trustee and paid to the Servicer or, if USSC or
          any Affiliate thereof is not the Servicer, an amount equal to the
          Series 2000-2 Periodic Servicing Fee shall be paid to the Person
          acting as Successor Servicer (less, in each case, any amounts payable
          to the Trustee pursuant to Section 8.5 of the Agreement, which shall
          be paid to the Trustee); and

                                      -32-
<Page>

                        (v)   an amount equal to any unpaid Program Costs due
          and payable shall be withdrawn from the Series 2000-2 Non-Principal
          Collection Sub-subaccount by the Trustee and paid to the Persons owed
          such amounts.

Any remaining amounts on deposit in the Series 2000-2 Non-Principal Collection
Sub-subaccount (in excess of the Accrued Expense Amount as of such day) not
allocated pursuant to clauses (i) through (v) above shall be paid to the owner
of the Series 2000-2 Subordinated Interest; PROVIDED, HOWEVER, that during the
Series 2000-2 Amortization Period, such remaining amounts shall be deposited in
the Series 2000-2 Principal Collection Sub-subaccount for distribution in
accordance with subsection 3A.6(c).

                    (c) During the Series 2000-2 Amortization Period, the
Trustee shall apply, on each Distribution Date, amounts on deposit in the Series
2000-2 Principal Collection Sub-subaccount in the following order of priority:

                        (i)   an amount equal to the Series 2000-2 Monthly
          Principal Payment for such Distribution Date shall be distributed from
          the Series 2000-2 Principal Collection Sub-subaccount to the
          Administrator, for the account of the Committed Purchaser;

                        (ii)  if, following the repayment in full of the Series
          2000-2 Invested Amount, any amounts are owed to the Trustee, the
          Committed Purchaser or any other Person hereunder, such amounts shall
          be transferred from the Series 2000-2 Principal Collection
          Sub-subaccount and paid to the Trustee, the Committed Purchaser or
          such other Person; and

                        (iii) following the repayment in full of the Series
          2000-2 Invested Amount and of all of the amounts set forth in clause
          (ii), the remaining amount on deposit in the Series 2000-2 Principal
          Collection Sub-subaccount on such Distribution Date, if any, shall be
          distributed to the owner of the Series 2000-2 Subordinated Interest.

                                   ARTICLE IV

                            DISTRIBUTIONS AND REPORTS

                    Article IV of the Agreement (except for any portion thereof
relating to another Series) shall read in its entirety herein as follows and the
following shall be exclusively applicable to the VFC Certificates:

                    SECTION 4A.1. DISTRIBUTIONS. (a) On each Distribution Date,
the Trustee shall distribute to the Administrator and the Administrator shall
further distribute to the

                                      -33-
<Page>

Committed Purchaser the amount to be distributed to the Committed Purchaser
pursuant to Article III.

                    (b) All allocations and distributions hereunder shall be in
accordance with the Monthly Settlement Statement, upon which the Trustee may
conclusively rely, and shall be made in accordance with the provisions of
Section 11.4 hereof and subject to Section 3.1 (h) of the Agreement.

                    SECTION 4A.2. Reserved.

                    SECTION 4A.3. STATEMENTS AND NOTICES. (a) MONTHLY SETTLEMENT
STATEMENTS. On each Settlement Report Date, the Servicer shall deliver to the
Trustee and the Administrator (commencing with the Settlement Report Date
occurring on April 17, 2000) a Monthly Settlement Statement in the form of
Exhibit F setting forth, among other things, the Loss Reserve Ratio, the
Dilution Reserve Ratio, the Minimum Ratio, the Carrying Cost Reserve Ratio, the
Servicing Reserve Ratio and the components of the calculation thereof, the
Series 2000-2 Monthly Interest, the Additional Interest, the Series 2000-2
Periodic Servicing Fee, the Commitment Fee and the Series 2000-2 Monthly
Principal Payment, each as recalculated for the period until the next succeeding
Settlement Report Date. The Trustee shall have no obligation whatsoever to
verify the accuracy of any information contained within the Monthly Settlement
Statement, including any calculations contained therein. A copy of any such
items may be obtained by any holder of a Certificate upon a written request
delivered to the Trustee at the Corporate Trust Office. Where the Servicer is
required to provide written instructions to the Trustee in respect of the
distributions and allocations to be made on a Distribution Date, the delivery by
the Servicer to the Trustee of the Monthly Settlement Statement with all such
instructions contained therein on the Settlement Report Date shall satisfy the
Servicers obligation to provide written instructions.

                    (b) ANNUAL CERTIFICATEHOLDERS' TAX STATEMENT. On or before
January 31 of each calendar year (or such earlier date as required by applicable
law), beginning with calendar year 2001, the Company on behalf of the Trustee
shall furnish, or cause to be furnished, to the Committed Purchaser, a statement
prepared by the Company containing the aggregate amount distributed to the
Committed Purchaser for such calendar year or the applicable portion thereof,
together with such other information as is required to be provided by an issuer
of indebtedness under the Internal Revenue Code and such other customary
information as the Company deems necessary or desirable to enable the Purchasers
to prepare their tax returns. Such obligation of the Company shall be deemed to
have been satisfied to the extent that substantially comparable information
shall have been prepared by the Servicer and provided to the Trustee or the
Administrator and to the Committed Purchaser, in each case pursuant to any
requirements of the Internal Revenue Code as from time to time in effect.

                    (c) EARLY AMORTIZATION EVENT/DISTRIBUTION OF PRINCIPAL
NOTICES. Upon the occurrence of an Early Amortization Event with respect to
Series 2000-2, the Company or the

                                      -34-
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Servicer, as the case may be, shall give prompt written notice thereof to the
Trustee and the Administrator. As promptly as reasonably practicable after its
receipt of notice of the occurrence of an Early Amortization Event with respect
to Series 2000-2, the Trustee shall give notice to the Administrator.

                                    ARTICLE V

                      ADDITIONAL EARLY AMORTIZATION EVENTS

                    SECTION 5.1. ADDITIONAL EARLY AMORTIZATION EVENTS. If any
one of the events specified in Section 7.1 of the Agreement (after the
expiration of any grace periods or consents applicable thereto) or any one of
the following events (each, an "EARLY AMORTIZATION EVENT") shall occur during
the Series 2000-2 Revolving Period with respect to the Series 2000-2 Interests:

                    (a) (i) failure on the part of the Servicer to direct any
payment or deposit to be made or failure of any payment or deposit to be made in
respect of interest owing on any VFC Certificates or the Commitment Fee within
two Business Days of the date such interest or Commitment Fee is due or (ii)
failure on the part of the Servicer to direct any payment or deposit to be made
or of the Company to make any payment or deposit in respect of any other amounts
owing by the Company under any Pooling and Servicing Agreement within five
Business Days of the date such other amount is due or such deposit is required
to be made;

                    (b) failure on the part of the Company to duly observe or
perform in any material respect any of the covenants or agreements of the
Company set forth in Section 2.7 and 2.8 of the Agreement or (ii) failure on the
part of the Company duly to observe or perform in any material respect any other
covenants or agreements of the Company set forth in any Pooling and Servicing
Agreement, which failure continues unremedied until 30 days after the earlier of
the date on which a Responsible Officer of the Company or the Servicer has
knowledge thereof and the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Company by the
Trustee, or to the Company and the Trustee by the Administrator;

                    (c) any representation or warranty made or deemed made by
the Company in any Pooling and Servicing Agreement to or for the benefit of the
Committed Purchaser (i) proves to have been incorrect in any material respect
when made or when deemed made and (ii) continues to be materially incorrect
until 30 days after the earlier of the date on which a Responsible Officer of
the Company or the Servicer has knowledge thereof and the date on which notice
of such failure, requiring the same to be remedied, has been given by the
Trustee to the Company or by the Administrator to the Company and the Trustee;
PROVIDED, HOWEVER, that an Early Amortization Event with respect to the Series
2000-2 Interests shall not be deemed to have occurred under this paragraph if
the incorrectness of such representation or warranty gives

                                      -35-
<Page>

rise to an obligation to repurchase the related Receivables and the Company has
repurchased the related Receivable or all such Receivables, if applicable, in
accordance with the provisions of the Pooling and Servicing Agreements within
ten Business Days of the day on which the Company was obligated to do so;

                    (d) a Servicer Default with respect to the Servicer shall
have occurred and be continuing or the Servicer shall have resigned;

                    (e) a Purchase Termination Event (as defined in either
Receivables Sale Agreement) shall have occurred and be continuing either
Receivables Sale Agreement;

                    (f) a USI Change in Control shall have occurred, or any
Seller, the Servicer, the Support Provider or the Company shall cease to be a
directly or indirectly wholly-owned, Subsidiary of United Stationers Inc.;

                    (g) any of the Agreement, the Servicing Agreement, this
Supplement or the Receivables Sale Agreements shall cease, for any reason, to be
in full force and effect, or the Company, the Seller or the Servicer or any
Affiliate of any thereof shall so assert in writing;

                    (h) the Trust shall for any reason cease to have a valid and
perfected first priority undivided ownership or security interest in the Trust
Assets, as a whole (subject to no other Liens other than Permitted Liens), or
any of USSC, USFS, the Company or any Affiliate of either thereof shall so
assert in writing;

                    (i) there shall have been filed against USSC, USFS, the
Company or the Trust (i) a notice of federal tax Lien from the Internal Revenue
Service, (ii) a notice of Lien from the PBGC under Section 412(n) of the
Internal Revenue Code or Section 302(f) of ERISA for a failure to make a
required installment or other payment to a plan to which either of such sections
applies or (iii) a notice of any other Lien the existence of which could
reasonably be expected to have a Material Adverse Effect on the business,
operations or financial condition of such Person, and, in each case, 40 days
shall have elapsed without such notice having been effectively withdrawn or such
Lien having been released or discharged;

                    (j) an Event of Default under the Credit Agreement shall
have occurred and the lender parties thereto shall have caused the indebtedness
thereunder to come due prior to its stated maturity;

                    (k) any action, suit, investigation or proceeding at law or
in equity (including, without limitation, injunctions, writs or restraining
orders) shall be brought or commenced or filed by or before any arbitrator,
court or Governmental Authority against the Company or the Servicer or any
properties, revenues or rights of either thereof which could reasonably be
expected to have a Material Adverse Effect with respect to such Person;

                                      -36-
<Page>

                    (1) (i) one or more judgments for the payment of money (to
the extent not bonded or covered by insurance to the reasonable satisfaction of
the Administrator) shall be rendered against the Company (A) in an aggregate
amount greater than $50,000 or (B) that, individually or in the aggregate, have
resulted or could reasonably be expected to result in a Material Adverse Effect
or (ii) one or more judgments for the payment of money (to the extent not bonded
or covered by insurance to the reasonable satisfaction of the Administrator)
shall be rendered against the Servicer, the Support Provider, any Seller or any
combination thereof (A) in an aggregate amount greater than $7,500,000 or (B)
that, individually or in the aggregate, have resulted or could reasonably be
expected to result in a Material Adverse Effect and, in either case, the same
shall remain undischarged for a period of 30 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken
by a judgment creditor to levy upon assets or properties of the Company, the
Servicer, the Support Provider or any Seller to enforce any such judgment;

                    (m) as at the end of any Settlement Period, the average
Loss-to-Liquidation Ratio for the two preceding Settlement Periods (including
such Settlement Period then ended) shall exceed 1.0%;

                    (n) as at the end of any Settlement Period, the average
Default Ratio for the two preceding Settlement Periods (including such
Settlement Period then ended) shall exceed 2.75%;

                    (o) as at the end of any Settlement Period, the average
Dilution Ratio for the two preceding Settlement Periods (including such
Settlement Period then ended) shall exceed 4.25%;

                    (p) for any Settlement Period, Days Sales Outstanding shall
be more than 40 days; or

                    (q) the Series 2000-2 Allocated Receivables Amount shall be
less than the Series 2000-2 Target Receivables Amount for a period of two
consecutive Business Days.

then, in the case of (x) any event described in Section 7.1 of the Agreement,
after the applicable grace period (if any) set forth in such Section, and
paragraphs (h) and (i) above automatically without any notice or action on the
part of the Trustee or Administrator, an early amortization period shall
immediately commence or (y) any other event described above, after the
expiration of the applicable grace period (if any) set forth in such
subsections, the Administrator may, by written notice then given to the Company
and the Servicer, declare that an early amortization period has commenced as of
the date of such notice with respect to Series 2000-2 (any such period under
clause (x) or (y) above, an "EARLY AMORTIZATION PERIOD").

                    Notwithstanding the foregoing, a delay or failure in
performance referred to in clause (a) above for a period of five Business Days
after the expiration of the applicable grace

                                      -37-
<Page>

period, or in clause (b) above for a period of 30 Business Days after the
expiration of the applicable grace period, will not constitute an Early
Amortization Event if such delay or failure could not have been prevented by the
exercise of reasonable diligence by the Company and such delay or failure was
caused by a Force Majeure Delay. The Company will nevertheless be required to
use its best efforts to perform its obligations in a timely manner in accordance
with the terms of the Transaction Documents, and the Company shall promptly give
the Trustee an Officer's Certificate notifying it of any such delay or failure.

                                   ARTICLE VI

                                  SERVICING FEE

                    SECTION 6.1. SERVICING COMPENSATION. A periodic servicing
fee (the "SERIES 2000-2 PERIODIC SERVICING FEE") shall be payable to the
Servicer on each Distribution Date for the preceding Settlement Period in an
amount equal to the product of (a) the Servicing Fee and (b) a fraction the
numerator of which is the daily average Purchase Limit for such Settlement
Period and the denominator of which is the sum of (i) the Aggregate Invested
Amounts (other than the Series 2000-2 Invested Amount and the Invested Amount in
respect of any variable funding certificate of any other Outstanding Series) on
the first day of such Settlement Period and (ii) the Purchase Limit on the first
day of such Settlement Period plus the aggregate Commitment amount for any
variable funding certificate of any other Outstanding Series; PROVIDED, HOWEVER,
that if an Early Amortization Event has occurred and is continuing and USFS or
any Affiliate thereof is Servicer, payment of the Series 2000-2 Periodic
Servicing Fee shall be deferred until the Series 2000-2 Invested Amount has been
paid in full.

                                   ARTICLE VII

                             CHANGE IN CIRCUMSTANCES

                    SECTION 7.1. ILLEGALITY. Notwithstanding any other provision
herein, if any Change in Law shall make it unlawful for any Affected Party to
make or maintain its portion of the VFC Certificateholder's Interest (or funding
thereof through a Program Support Agreement) in any Eurodollar Tranche and such
Affected Party shall notify in writing the Administrator, the Trustee and the
Company, then the portion of each Eurodollar Tranche applicable to such Affected
Party shall thereafter be calculated by reference to the Base Rate. If any such
change in the method of calculating interest occurs on a day which is not the
last day of the Rate Period with respect to any Eurodollar Tranche, the Company
shall pay to the Administrator for the account of such Affected Party the
amounts, if any, as may be required pursuant to Section 7.4.

                    SECTION 7.2. INCREASED COSTS. If any Change in Law (except
with respect to Taxes which shall be governed by Section 7.3) shall:

                                      -38-
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               (i)  impose, modify or deem applicable any reserve, special
          deposit or similar requirement against assets of, deposits with or for
          the account of, or credit extended by, any Affected Party (except any
          such reserve requirement reflected in the Euro-Rate); or

               (ii) impose on any Affected Party or the London interbank market
          any other condition affecting the Transaction Documents or the funding
          of Eurodollar Tranches by such Affected Party;

and the result of any of the foregoing shall be to increase the cost to such
Affected Party of making, converting into, continuing or maintaining Eurodollar
Tranches (or maintaining its obligation to do so) or to reduce any amount
received or receivable by such Affected Party hereunder or under any Program
Support Agreement (whether principal, interest or otherwise), then the Company
will pay to such Affected Party such additional amount or amounts as will
compensate such Affected Party for such additional costs incurred or reduction
suffered.

                    (b) If any Affected Party determines that any Change in Law
regarding capital requirements has or would have the effect of reducing the rate
of return on such Affected Party's capital or the capital of any corporation
controlling such Affected Party as a consequence of its obligations hereunder or
under any Program Support Agreement to a level below that which such Affected
Party or such corporation could have achieved but for such Change in Law (taking
into consideration such Affected Party's or such corporation's policies with
respect to capital adequacy), then from time to time, the Company shall pay to
such Affected Party such additional amount or amounts as will compensate such
Affected Party for any such reduction suffered.

                    (c) A certificate of an Affected Party setting forth in
reasonable detail the amount or amounts necessary to compensate such Affected
Party as specified in subsections (a) and (b) of this Section 7.2 shall be
delivered to the Company (with a copy to the Administrator) and shall be
conclusive absent manifest error provided that such Certificate is delivered in
good faith and in a manner generally consistent with such Affected Party's
standard practice. The agreements in this Section shall survive the termination
of this Supplement and the Agreement and the payment of all amounts payable
hereunder and thereunder for a period of nine months.

                    (d) Failure or delay on the part of any Affected Party to
demand compensation pursuant to this Section 7.2 shall not constitute a waiver
of such Affected Party's right to demand such compensation; PROVIDED that the
Company shall not be required to compensate an Affected Party pursuant to this
Section 7.2 for any increased costs or reductions incurred more than 270 days
prior to the date that such Affected Party notifies the Company of the Change in
Law giving rise to such increased costs or reductions and of such Affected
Party's intention to claim compensation therefor; PROVIDED FURTHER that, if the
Change in Law giving rise to such increased costs or reductions is retroactive,
then the 270-day period referred to above shall be extended to include the
period of retroactive effect thereof.

                                      -39-
<Page>

                    SECTION 7.3. TAXES. Any and all payments by or on account of
any obligation of the Company hereunder shall be made free and clear of and
without deduction for any Indemnified Taxes or Other Taxes; PROVIDED that if the
Company shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to
additional sums payable under this Section 7.3) the Administrator or the
Committed Purchaser receives an amount equal to the sum that it would have
received had no such deductions been made, (ii) the Company shall make such
deductions and (iii) the Company shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

                    (a) In addition, the Company shall pay any Other Taxes to
the relevant Governmental Authority in accordance with applicable law.

                    (b) Subject to paragraph (e) of this Section 7.3, the
Company shall indemnify the Administrator and the Committed Purchaser within the
later of 10 days after written demand therefor and the Distribution Date next
following such demand for the full amount of any Indemnified Taxes or Other
Taxes paid by the Administrator or the Committed Purchaser on or with respect to
any payment by or on account of any obligation of the Company hereunder or under
any other Transaction Document (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section
7.3) and any penalties, interest and reasonable expenses arising therefrom or
with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to the
Company by the Administrator or the Committed Purchaser shall be conclusive
absent manifest error. Any payments made by the Company pursuant to this
subsection shall be made solely from funds available to the Company which are
not otherwise needed to be applied to the payment of any amounts (other than
amounts payable to the Company) pursuant to any Pooling and Servicing
Agreements, shall be non-recourse other than with respect to proceeds in excess
of the proceeds to make such payment, and shall not constitute a claim against
the Company to the extent that insufficient proceeds exist to make such payment.
The agreements in this subsection shall survive the termination of this
Supplement and the Agreement and the payment of all amounts payable hereunder
and thereunder for a period of nine months.

                    (c) As soon as practicable after any payment of Indemnified
Taxes or Other Taxes by the Company to a Governmental Authority, the Company
shall deliver to the Administrator the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrator.

                    (d) The Administrator and the Committed Purchaser shall (but
with respect to any Indemnified Tax or Other Tax arising from a Change in Law,
only to the extent the

                                      -40-
<Page>

Administrator or such Purchaser is legally able to do so) deliver to the Company
(with a copy to the Administrator) such properly completed and executed
documentation prescribed by applicable law and reasonably requested by the
Company on the later of (i) 30 Business Days after such request is made and the
applicable forms are provided to the Committed Purchaser or (ii) 30 Business
Days before prescribed by applicable law as will permit such payments to be made
without withholding or with an exemption from or reduction of Indemnified Taxes
or Other Taxes. Failure to timely provide such documentation to the Company
shall relieve the Company of any indemnification responsibility under this
Section 7.3.

                    (e) If the Administrator or the Committed Purchaser receives
a refund solely in respect of Taxes or Other Taxes, it shall pay over such
refund to the Company to the extent that such Administrator or Purchaser has
already received indemnity payments or additional amounts pursuant to this
Section 7.3 with respect to such Taxes or Other Taxes giving rise to the refund,
net of all out-of-pocket expenses and without interest (other than interest paid
by the relevant Governmental Authority with respect to such refund); PROVIDED,
HOWEVER, that the Company shall, upon request of the Administrator or the
Committed Purchaser, repay such refund (plus interest or other charges imposed
by the relevant Governmental Authority) to the Administrator or the Committed
Purchaser if the Administrator or the Committed Purchaser is required to repay
such refund to such Governmental Authority. Nothing contained herein shall
require the Administrator or the Committed Purchaser to make its tax returns (or
any other information relating to its taxes which it deems confidential)
available to the Company or any other Person.

                    SECTION 7.4. BREAK FUNDING PAYMENTS. The Company agrees to
indemnify the Committed Purchaser and to hold the Committed Purchaser harmless
from any loss or expense which the Committed Purchaser may sustain or incur as a
consequence of (a) default by the Company in making a borrowing of a Eurodollar
Tranche after the Company has given irrevocable notice requesting the same in
accordance with the provisions of this Supplement, or (b) default by the Company
in making any prepayment in connection with a Decrease after the Company has
given irrevocable notice thereof in accordance with the provisions of Section
2.7 or (c) the making of a prepayment of a Eurodollar Tranche or CP Tranche
prior to the termination of the Rate Period for such Eurodollar Tranche or CP
Tranche, as applicable. Such indemnification may include an amount equal to the
excess, if any, of (i) the amount of interest which would have accrued on the
amount so prepaid or not so borrowed, for the period from the date of such
prepayment or of such failure to borrow to the last day of the Rate Period (or
in the case of a failure to borrow the Rate Period that would have commenced on
the date of such prepayment or of such failure) in each case at the Euro-Rate or
CP Rate, as applicable, for such Eurodollar Tranche or CP Tranche, as
applicable, provided for herein over (ii) the amount of interest (as reasonably
determined by the Committed Purchaser) which would have accrued to the Committed
Purchaser on such amount by placing such amount on deposit for a comparable
period with leading banks in the interbank eurodollar market; PROVIDED that any
payments made by the Company pursuant to this subsection shall be made solely
from funds available to the Company which are not otherwise needed to be applied
to the payment of any amounts (other

                                      -41-
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than amounts payable to the Company) pursuant to any Pooling and Servicing
Agreements, shall be non-recourse other than with respect to proceeds in excess
of the proceeds to make such payment, and shall not constitute a claim against
the Company to the extent that insufficient proceeds exist to make such payment.
This covenant shall survive the termination of this Supplement and the Agreement
and the payment of all amounts payable hereunder and thereunder for a period of
nine months. A certificate as to any additional amounts payable pursuant to the
foregoing sentence, showing in reasonable detail the calculation thereof,
submitted by the Committed Purchaser to the Company shall be conclusive absent
manifest error.

                    SECTION 7.5. MITIGATION OBLIGATIONS. (a) If any Liquidity
Purchaser requests compensation under Section 7.2, or if the Company is required
to pay any additional amount to any such Liquidity Purchaser or any Governmental
Authority for the account of any Alternate Investor pursuant ho Section 7.3,
then such Liquidity Purchaser shall use reasonable efforts to designate a
different lending office for funding or booking its obligations under this
Supplement and the Agreement or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such
Liquidity Purchaser, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 7.2 or 7.3, as the case may be, in
the future and (ii) would not subject such liquidity Purchaser to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such
Liquidity Purchaser. The Company hereby agrees to pay all reasonable costs and
expenses incurred by any Liquidity Purchaser in connection with any such
designation or assignment.

                    (b) If any Liquidity Purchaser requests compensation under
Section 7.2, or if the Company is required to pay any additional amount to such
Liquidity Purchaser or any Governmental Authority for the account of such
Liquidity Purchaser pursuant to Section 7.3, or if such Liquidity Purchaser
defaults in its obligations under the Liquidity Agreement, Then the Company may,
at its sole expense and effort, upon notice to such Liquidity Purchaser and the
Administrator require such Liquidity Purchaser to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in
Section 11.11), all its interests, rights and obligations under the Liquidity
Agreement to an assignee that shall assume such obligations (which assignee may
be another Liquidity Purchaser, if a Liquidity Purchaser accepts such
assignment); PROVIDED that (i) the Company shall have received the prior written
consent of the Administrator, (ii) such Liquidity Purchaser shall have received
payment of all amounts payable to it hereunder and under the Liquidity
Agreement, from the assignee or the Company (in the case of all amounts payable
hereunder) and (iii) in the case of any such assignment resulting from a claim
for compensation under Section 7.2 or payments required to be made pursuant to
Section 7.3, such assignment will result in a reduction in such compensation or
payments. A Liquidity Purchaser shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such
Liquidity Purchaser or otherwise, the circumstances entitling the Company to
require such assignment and delegation cease to apply.

                                      -42-
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                                  ARTICLE VIII

                    REPRESENTATIONS AND WARRANTIES, COVENANTS

                    SECTION 8.1. REPRESENTATIONS AND WARRANTIES OF THE COMPANY
AND THE SERVICER. The Company and the Servicer each hereby represents and
warrants to the Trustee, the Administrator and each of the Purchasers that each
and every of their respective representations and warranties contained in the
Agreement is true and correct in all material respects as of the Issuance Date
and as of the date of each Increase (except to the extent that any such
representation or warranty is expressly made as of another date).

                    SECTION 8.2. COVENANTS OF THE COMPANY AND THE SERVICER. The
Company and the Servicer hereby agree, in addition to their obligations under
the Agreement and the Servicing Agreement, that:

                    (a) they shall observe in all material respects each and
every of their respective covenants (both affirmative and negative) contained in
the Agreement, the Servicing Agreement, this Supplement and all other
Transaction Documents to which each is a party;

                    (b) they shall afford the Trustee, Administrator or any
representatives of the Trustee or the Administrator access to all records
relating to the Receivables at any reasonable time during regular business
hours, upon reasonable prior notice (and without prior notice if an Early
Amortization Event has occurred), for purposes of inspection and shall permit
the Trustee, Administrator or any representative of the Trustee or the
Administrator to visit any of the Company's or the Servicer's, as the case may
be, offices or properties during regular business hours and as often as may
reasonably be desired to discuss the business, operations, properties, financial
and other conditions of the Company or the Servicer with their respective
officers and employees and with their independent certified public accountants;
PROVIDED that the Administrator shall provide the Company or the Servicer, as
the case may be, with reasonable notice prior to any such contact and shall give
the Company or the Servicer the reasonable opportunity to participate in such
discussions; and

                    (c) neither the Company nor the Servicer shall take any
action, nor permit the Seller to take any action, requiring the satisfaction of
the Rating Agency Condition pursuant to any Transaction Document without the
prior written consent of the Majority Purchasers.

                    SECTION 8.3. COVENANTS OF THE SERVICER. The Servicer hereby
agrees that:

                    (a) it shall observe each and all of its respective
covenants (both affirmative and negative) contained in the Pooling and Servicing
Agreements in all material respects;

                    (b) it shall provide to the Administrator, simultaneously
with delivery to the Trustee, all reports, notices, certificates, statements and
other documents required to be delivered

                                      -43-
<Page>

to the Trustee pursuant to the Agreement, the Servicing Agreement and the other
Transaction Documents and furnish to the Administrator promptly after receipt
thereof a copy of each material notice, material demand or other material
communication (excluding routine communications) received by or on behalf of the
Company or the Servicer with respect to the Transaction Documents;

                    (c) it shall provide notice to the Administrator of the
appointment of a Successor Servicer pursuant to Section 6.2 of the Servicing
Agreement; and

                    (d) it shall operate in good faith to allow the Trustee to
use the Servicer's available facilities, equipment, leasehold agreements, data
systems, records, files and expertise upon the Servicer's termination or
default.

                    SECTION 8.4. OBLIGATIONS UNAFFECTED. The obligations of the
Company and the Servicer to the Administrator and the Committed Purchaser under
this Supplement shall not be affected by reason of any invalidity, illegality or
irregularity of any of the Receivables or any sale of any of the Receivables.

                                   ARTICLE IX

                              CONDITIONS PRECEDENT

                    SECTION 9.1. CONDITIONS PRECEDENT TO EFFECTIVENESS OF
SUPPLEMENT. This Supplement shall become effective on the date (the "EFFECTIVE
DATE") on which the following conditions precedent have been satisfied:

                    (a) DOCUMENTS. The Administrator shall have received, with a
copy for the Committed Purchaser, true and complete copies of (i) this
Supplement, executed by a duly authorized officer of each of the Company, the
Servicer, the Trustee, the Administrator and the Committed Purchaser and (ii)
the other Transaction Documents, each duly executed by the parties thereto.

                    (b) ORGANIZATIONAL DOCUMENTS, ORGANIZATIONAL PROCEEDINGS OF
THE COMPANY AND SERVICER. The Administrator shall have received from the
Company, the Seller, the Support Provider and the Servicer, with a copy for the
Committed Purchaser, true and complete copies of:

                        (i)   the articles of association, articles of
          incorporation or other formation documents, including all amendments
          thereto, of such Person, certified as of a recent date by the
          Secretary of State or other appropriate authority of the state of
          formation or incorporation, as the case may be, and a certificate of
          compliance, of status or of good standing, as and to the extent
          applicable, of each such Person as of a recent date, from the
          Secretary of State or other appropriate authority of such
          jurisdiction;

                                      -44-
<Page>

                        (ii)  a certificate of the Secretary or an Assistant
          Secretary of each such Person, dated the Effective Date and certifying
          (A) that attached thereto is a true and complete copy of the bylaws
          and articles of incorporation or articles of association of each such
          Person, as in effect on the Effective Date and at all times since a
          date prior to the date of the resolutions described in clause (B)
          below, (B) that attached thereto is a true and complete copy of the
          resolutions, in form and substance reasonably satisfactory to the
          Administrator, of the Board of Directors of each such Person or
          committees thereof authorizing the execution, delivery and performance
          of the Series 2000-2 Transaction Documents to which it is a party and
          the transactions contemplated thereby, and that such resolutions have
          not been amended, modified, revoked or rescinded and are in full force
          and effect, (C) that the articles of association, article of
          incorporation or other formation documents of each such Person has not
          been amended since the date of the last amendment thereto shown on the
          certificate of good standing (or its equivalent) furnished pursuant to
          clause (i) above and (D) as to the incumbency and specimen signature
          of each officer executing any Series 2000-2 Transaction Documents or
          any other document delivered in connection herewith or therewith on
          behalf of each such Person; and

                        (iii) a certificate of another officer as to the
          incumbency and specimen signature of the Secretary or Assistant
          Secretary executing the certificate pursuant to clause (ii) above.

                    (c) GOOD STANDING CERTIFICATES. The Administrator shall have
received, with a copy for the Committed Purchaser, copies of certificates of
compliance, of status or of good standing, dated as of a recent date, from the
Secretary of State or other appropriate authority of such jurisdiction, with
respect to the Company, the Servicer, the Support Provider and the Seller, in
each State where the ownership, lease or operation of property or the conduct of
business requires it to qualify as a foreign corporation or limited liability
company, except where the failure to so qualify would not reasonably be expected
to have a material adverse effect on the business, operations, properties or
condition (financial or otherwise) of the Company, the Servicer, the Support
Provider or the Seller, as the case may be.

                    (d) CONSENTS, LICENSES, APPROVALS, ETC. The Administrator
shall have received, with a copy for the Committed Purchaser, certificates dated
the date hereof of a Responsible Officer of the Company, the Servicer and the
Seller either (i) attaching copies of all material consents, licenses and
approvals required in connection with the execution, delivery and performance by
the Company or the Servicer, as the case may be, of this Supplement and the
validity and enforceability of this Supplement against the Company and the
Servicer, and such consents, licenses and approvals shall be in full force and
effect or (ii) stating that no such consents, licenses or approvals are so
required.

                    (e) NO LITIGATION. The Administrator shall have received
confirmation that there is no pending or, to their knowledge after due inquiry,
threatened action or proceeding

                                      -45-
<Page>

affecting USSC, USFS or any of their respective Subsidiaries before any
Governmental Authority that could reasonably be expected to have a Material
Adverse Effect with respect to USSC and its Subsidiaries taken as a whole.

                    (f) LIEN SEARCHES. The Administrator shall have received,
with a copy for the Committed Purchaser, a written search report listing all
effective financing statements that name the Seller, USFS or the Company as
debtor or assignor and that are filed in the jurisdictions in which filings were
made pursuant to paragraph (h) below and in any other jurisdictions that the
Administrator determines are reasonably necessary or appropriate, together with
copies of such financing statements (none of which, except for those described
in paragraph (h) below shall cover any Receivables), and tax and judgment lien
searches showing no such liens that are not permitted by the Transaction
Documents.

                    (g) UCC CERTIFICATE. The Administrator shall have received,
with a copy for the Committed Purchaser, from the Seller, USFS and the Company a
UCC Certificate, completed in a manner satisfactory to the Administrator, duly
executed by a Responsible Officer of the Seller or the Company, as the case
maybe, and dated on or prior to the Issuance Date.

                    (h) FILINGS, REGISTRATIONS AND RECORDINGS. Any documents
(including, without limitation, financing statements) required to be filed in
order (i) to perfect the sale of the Receivables by the Seller to USFS and by
USFS to the Company pursuant to the Receivables Sale Agreements and (ii) to
create, in favor of the Trustee, a perfected ownership/security interest in the
Trust Assets under the Agreement with respect to which an ownership/security
interest may be perfected by a filing under the UCC or other comparable statute,
shall, in each case, have been properly prepared, executed and filed in each
office in each jurisdiction listed in the Agreement or the Receivables Sale
Agreement, as the case may be, and such filings are the only filings required in
order to perfect the sale of the Receivables by a Seller to USFS and by USFS to
the Company under the Receivables Sale Agreements or to the Trust, under the
Agreement, as the case may be, in the jurisdictions listed therein. The
Administrator shall have received evidence reasonably satisfactory to it of each
such filing, registration or recordation and reasonably satisfactory evidence of
the payment of any necessary fee, tax or expense relating thereto.

                    (i) LEGAL OPINIONS. The Administrator shall have received,
with a copy for the Committed Purchaser, opinions of counsel to the Company and
the Servicer, dated the Issuance Date (or, dated as of an earlier date, with a
reliance letter dated as of the Issuance Date as agreed by the Administrator and
the Servicer), as to corporate, federal tax (tax status of the VFC Certificates
as debt), bankruptcy ("true sale" and "non-substantive consolidation"),
perfection and priority of security and/or ownership interests and other matters
in form and substance reasonably acceptable to the Administrator and their
counsel.

                    (j) FEES. The Administrator shall have received payment of
all fees and other amounts due and payable to it or the Committed Purchaser on
or before the Effective Date.

                                      -46-
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                    (k) MATERIAL ADVERSE CHANGE. No material adverse change
shall have occurred with respect to the business, operations, property or
condition (financial or otherwise) of USSC and its Subsidiaries taken as a whole
since December 31, 1999.

                                    ARTICLE X

                                   [Reserved]

                                   ARTICLE XI

                                  MISCELLANEOUS

                    SECTION 11.1. RATIFICATION OF AGREEMENT. As supplemented by
this Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Supplement shall be read, taken and
construed as one and the same instrument.

                    SECTION 11.2. GOVERNING LAW. (a) THIS SUPPLEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF OTHER THAN SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                    EACH OF THE COMPANY, THE TRUSTEE AND THE SERVICER HEREBY
SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR
THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE
CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS SUPPLEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH OF THE COMPANY, THE SERVICER AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
NOTHING IN THIS SECTION 11.2 SHALL AFFECT THE RIGHT OF THE PURCHASERS TO BRING
ANY ACTION OR PROCEEDING AGAINST ANY OF THE COMPANY, THE TRUSTEE OR THE

                                      -47-
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SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER
JURISDICTIONS.

                    (b) EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT,
TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO
OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS
SUPPLEMENT OR THE OTHER TRANSACTION DOCUMENTS.

                    SECTION 11.3. FURTHER ASSURANCES. Each of the Company, the
Servicer and the Trustee agrees, from time to time, to do and perform any and
all acts and to execute any and all further instruments required or reasonably
requested by the Administrator more fully to effect the purposes of this
Supplement and the sale of the VFC Certificates hereunder, including, without
limitation, in the case of the Company and the Servicer, the execution of any
financing or registration statements or similar documents or notices or
continuation statements relating to the Receivables and the other Trust Assets
for filing or registration under the provisions of the UCC or similar
legislation of any applicable jurisdiction.

                    SECTION 11.4. PAYMENTS. To the extent proper payment
instructions are provided, each payment to be made hereunder shall be made on
the required payment date in lawful money of the United States and in
immediately available funds, if to the Committed Purchaser, at the office of the
Administrator set forth in Section 11.9.

                    SECTION 11.5. COSTS AND EXPENSES. The Company agrees to pay
all reasonable out-of-pocket costs and expenses of the Administrator (including,
without limitation, reasonable fees and disbursements of one counsel to the
Administrator) in connection with (i) the preparation, execution and delivery of
this Supplement, the Agreement and the other Transaction Documents and
amendments or waivers of any such documents and (ii) the enforcement by the
Administrator of the obligations and liabilities of the Company and the Servicer
under the Agreement, this Supplement, the other Transaction Documents or any
related document; PROVIDED that any payments made by the Company pursuant to
this subsection shall be made solely from funds available to the Company which
are not otherwise needed to be applied to the payment of any amounts (other than
amounts payable to the Company) pursuant to any Pooling and Servicing
Agreements, shall be non-recourse other than with respect to proceeds in excess
of the proceeds to make such payment, and shall not constitute a claim against
the Company to the extent that insufficient proceeds exist to make such payment.

                    SECTION 11.6. NO WAIVER, CUMULATIVE REMEDIES. No failure to
exercise and no delay in exercising, on the part of the Trustee, the
Administrator or the Committed Purchaser, any right, remedy, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or

                                      -48-
<Page>

privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

                    SECTION 11.7. AMENDMENTS. (a) Subject to subsection (c) of
this Section 11.7, this Supplement may be amended in writing from time to time
by the Servicer, the Company and the Trustee, with the consent of the
Administrator but without the consent of any holder of any outstanding VFC
Certificate, to cure any ambiguity, to correct or supplement any provisions
herein which may be inconsistent with any other provisions herein or to add any
other provisions to or change in any manner or eliminate any of the provisions
with respect to matters or questions raised under this Supplement which shall
not be inconsistent with the provisions of any Pooling and Servicing Agreement;
PROVIDED, HOWEVER, that such action shall not, as evidenced by an Officer's
Certificate or, to the extent in the reasonable view of the Company, a question
of law exists, an Opinion of Counsel delivered to the Trustee, adversely affect
in any material respect the interests of the VFC Certificateholder, including
without limitation the tax status of the VFC Certificates or of the Trust. The
Trustee may, but shall not be obligated to, enter into any such amendment
pursuant to this paragraph or paragraph (b) below which affects the Trustee's
rights, duties or immunities under any Pooling and Servicing Agreement or
otherwise.

                    (b) Subject to subsection (c) of this Section 11.7, this
Supplement may also be amended in writing from time to time by the Servicer, the
Company and the Trustee with the consent of the Administrator for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Supplement or of modifying in any manner the rights of the
VFC Certificateholder (including, without limitation, the acceleration of the
payment of sums payable to or for the account of the Committed Purchaser under
any provision of this Supplement); PROVIDED, HOWEVER, that no such amendment
shall, unless signed or consented to in writing by the Committed Purchaser, (i)
extend the time for payment, or reduce the amount, of any sum payable to or for
the account of the Committed Purchaser under any provision of this Supplement or
extend the Series 2000-2 Termination Date, (ii) subject the Committed Purchaser
to any additional obligation (including, without limitation, any change in the
determination of any amount payable by any Purchaser), (iii) increase the
Purchase Limit or change the amount of any interest or fees or the voting
requirements required for any action under this subsection or any other
provision of this Supplement or (iv) change the tax characteristics of the VFC
Certificates or of the Trust.

                    (c) Any amendment hereof can be effected without the
Administrator's being party thereto; PROVIDED, HOWEVER, that no such amendment,
modification or waiver of this Supplement that affects rights or duties of the
Administrator shall be effective unless the Administrator shall have given its
prior written consent thereto.

                    (d) No amendment hereof shall be effective until the Rating
Agency Condition is satisfied with respect thereto.

                                      -49-
<Page>

                    SECTION 11.8. SEVERABILITY. If any provision hereof is void
or unenforceable in any jurisdiction, such voidness or unenforceability shall
not affect the validity or enforceability of (i) such provision in any other
jurisdiction or (ii) any other provision hereof in such or any other
jurisdiction.

                    SECTION 11.9. NOTICES. All notices, requests and demands to
or upon any party hereto to be effective shall be given (i) in the case of the
Company, the Servicer and the Trustee, in the manner set forth in Section 10.4
of the Agreement and (ii) in the case of the Administrator and the Committed
Purchaser in writing, and, unless otherwise expressly provided herein, shall be
deemed to have been duly given or made when delivered by hand or three days
after being deposited in the mail, postage prepaid, or, in the case of facsimile
notice, when received, addressed as follows in the case of the Administrator,
and the Committed Purchaser; or to such other address as may be hereafter
notified by the respective parties hereto:

         If to the Administrator:

                          PNC Bank, National Association,
                          as Administrator
                          One PNC Plaza
                          259 Fifth Avenue
                          Pittsburgh, Pennsylvania 15222-2707
                          Attention:    John Smathers
                          Telephone:    412/762-6440
                          Facsimile:    412/762-9184

         If to the Committed Purchaser:

                          Market Street Funding Corporation
                          AMACAR Group, LLC
                          6525 Morrison Boulevard, Suite 318
                          Charlotte, North Carolina 28211
                          Attention:    Douglas K. Johnson
                          Telephone:    704/365-0569
                          Facsimile:    704/363-1362

                          (with a copy to the Administrator)

                    SECTION 11.10. SUCCESSORS AND ASSIGNS. This Supplement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Company may not assign or
transfer any of its rights under this Supplement without the prior written
consent of the Administrator and the Committed Purchaser may not

                                      -50-
<Page>

assign or transfer any of its rights under this Supplement except as described
below. The Committed Purchaser may assign its rights under this Supplement
without the prior written consent of the Company to PNC, any Affiliate of PNC
(other than a director or officer of PNC), any Liquidity Purchaser or other
Program Support Provider or any Person that is: (i) in the business of issuing
Commercial Paper and (ii) associated with or administered by PNC or any
Affiliate of PNC. The Administrator shall give prior written notice of any
assignment of the Committed Purchaser's rights and obligations (including
ownership of the VFC Certificate to any Person other than a Program Support
Provider). The Committed Purchaser may at any time grant to one or more
Liquidity Providers party to the Liquidity Agreement, or to any other Program
Support Provider, participating interests in its Series 2000-1 Purchaser
Invested Amount. In the event of any such grant by the Committed Purchaser of a
participating interest to a Liquidity Purchaser or other Program Support
Provider, the Committed Purchaser shall remain responsible for the performance
of its obligations hereunder. The Company agrees that each Liquidity Purchaser
or other Program Support Provider shall be entitled to the benefits of ARTICLE
VII. Only assignments to Persons other than a Program Support Provider shall be
subject to SECTION 11.11.

                    SECTION 11.11. SECURITIES LAWS, ASSIGNMENTS. (a) The
Committed Purchaser agrees that its VFC Certificate will be acquired for
investment only and not with a view to any public distribution thereof, and that
the Committed Purchaser will not offer to sell or otherwise dispose of its VFC
Certificate (or any interest therein) in violation of any of the registration
requirements of the Securities Act or any applicable state or other securities
laws. The Committed Purchaser acknowledges that it has no right to require the
Company to register its VFC Certificate under the Securities Act or any other
securities law. The Committed Purchaser hereby confirms and agrees that in
connection with any transfer by it of an interest in the VFC Certificate, the
Committed Purchaser has not engaged and will not engage in a general
solicitation or general advertising including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or
broadcast over radio or television, or any seminar or meeting whose attendees
have been invited by any general solicitation or general advertising.

                    (b) Any sale subject to the terms of this Section 11. 11(a)
shall be made only upon the satisfaction of all applicable requirements under
Section 5.3 of the Agreement, in the ordinary course of its business and in
accordance with applicable law, in each case pursuant to a commitment transfer
supplement, substantially in the form of Exhibit G (the "COMMITMENT TRANSFER
SUPPLEMENT"), executed by such purchaser, the Committed Purchaser and delivered
to the Administrator for its acceptance and recording in the Register.
Notwithstanding the foregoing, the Committed Purchaser shall not so sell its
rights hereunder, (x) if such sale would result in there being more than 20
beneficial owners of the VFC Certificates for the purposes of the 1940 Act or is
not otherwise permitted under subsection 5.3(e) of the Agreement, (y) unless the
Committed Purchaser reasonably believes that such purchaser is a "qualified
institutional buyer" within the meaning of Rule 144A promulgated under the
Securities Act and (z) unless, prior to such sale, the purchaser of such rights
shall have executed and delivered to the

                                      -51-
<Page>

Administrator and the Transfer Agent and Registrar an Assignment/Participation
Certification. Upon such execution, delivery, acceptance and recording, (A) the
Company shall sign, on behalf of the Trust, and shall direct the Trustee in
writing to duly authenticate, and the Trustee, upon receiving such direction,
shall so authenticate, a new VFC Certificate in the name and the denomination
determined pursuant to the related Commitment Transfer Supplement and set forth
in such written direction and shall deliver such VFC Certificate to such
purchaser (or its designated agent or nominee) in accordance with such written
direction, and (B) from and after the Transfer Issuance Date determined pursuant
to such Commitment Transfer Supplement, (1) the purchaser thereunder shall be a
party hereto and, to the extent provided in such Commitment Transfer Supplement,
have the rights and obligations of the Committed Purchaser hereunder with a
"Commitment" as set forth therein and (2) the Committed Purchaser shall, to the
extent provided in such Commitment Transfer Supplement, be released from its
obligations under this Supplement.

                    (c) The Administrator shall maintain at its address referred
to in Section 11.9 a copy of each Commitment Transfer Supplement delivered to
it.

                    (d) Upon its receipt of an executed Commitment Transfer
Supplement, the Administrator shall (i) promptly accept such Commitment Transfer
Supplement and (ii) on the Transfer Issuance Date determined pursuant thereto
record the information contained therein in the Register and give notice of such
acceptance and recordation to the Servicer and the Company.

                    SECTION 11.12. [Reserved]

                    SECTION 11.13. COUNTERPARTS. This Supplement may be executed
in any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original,
and all of which taken together shall constitute one and the same agreement.

                    SECTION 11.14. NO BANKRUPTCY PETITION. The Administrator and
the Committed Purchaser hereby covenants and agrees that, prior to the date
which is one year and one day after the later of (i) the last day of the Series
2000-2 Amortization Period and (ii) the last day of the amortization period of
any other Outstanding Series, it will not institute against, or join any other
Person in instituting against, the Company any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other similar proceedings
under any federal or state bankruptcy or similar law.

                    (a) The Company, the Servicer, the Trustee, the
Administrator and each Alternate Investor hereby covenants and agrees that,
prior to the date which is one year and one day after the payment in full of all
outstanding Commercial Paper, it will not institute against, or join any other
Person in instituting against, the Committed Purchaser any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
similar proceedings under any federal or state bankruptcy or similar law.

                                      -52-
<Page>

                    SECTION 11.15. COMMITTED PURCHASER'S LIABILITIES.
Notwithstanding anything to the contrary contained in this Supplement, the
obligations of the Committed Purchaser under this Supplement and all other
Transaction Documents are solely the corporate obligations of the Committed
Purchaser. No recourse shall be had against any stockholder, employee, officer,
director or incorporator of the Committed Purchaser; PROVIDED, that this Section
11.15 shall not relieve any such Person of any liability it might otherwise have
for its own gross negligence or willful misconduct.

                                   ARTICLE XII

                               FINAL DISTRIBUTIONS

                    SECTION 12.1. CERTAIN DISTRIBUTIONS. Not later than 2:00
p.m., New York City time, on the Distribution Date following the date on which
the proceeds from the disposition of the Receivables pursuant to subsection
7.2(b) of the Agreement are deposited into the Series 2000-2 Non-Principal
Collection Sub-subaccount and the Series 2000-2 Principal Collection
Sub-subaccount, the Trustee shall distribute such amounts pursuant to Article
III of this Supplement.

                    (a) Notwithstanding anything to the contrary in this
Supplement or the Agreement, any distribution made pursuant to this Section
shall be deemed to be a final distribution pursuant to Section 9.3 of the
Agreement with respect to the VFC Certificates.

                                      -53-
<Page>

                    IN WITNESS WHEREOF, the Company, the Servicer, the Trustee,
the Administrator, the Committed Purchaser and the Alternate Investors have
caused this Series 2000-2 Supplement to be duly executed by their respective
officers as of the day and year first above written.

                          USS RECEIVABLES COMPANY, LTD.

                           by
                              --------------------------------------------------
                              Name:
                              Title:

                          UNITED STATIONERS FINANCIAL SERVICES LLC, as Servicer,

                           by
                              --------------------------------------------------
                              Name:
                              Title:

                          THE CHASE MANHATTAN BANK, not in its individual
                          capacity but solely as Trustee and as Securities
                          Intermediary,

                           by
                              --------------------------------------------------
                              Name:
                              Title:

                          PNC BANK, NATIONAL ASSOCIATION, as Administrator,

                           by
                              --------------------------------------------------
                              Name:
                              Title:

                                       S-1
<Page>

                          MARKET STREET FUNDING CORPORATION, as
                          Committed Purchaser,

                           by
                              --------------------------------------------------
                              Name:
                              Title:

                                      S-2

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