Document:

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                                                                    EXHIBIT 10.5

                        WHITEHALL HOMES AT MIRAMAR LTD.,
                          LIMITED PARTNERSHIP AGREEMENT

         This Agreement of Limited Partnership ("Agreement") dated March 12,
2003 by and among WHITEHALL HOMES AT MIRAMAR INC., a Florida Corporation
("General Partner"), a corporation organized and existing under the laws of
Florida with offices at 290 Cocoanut Avenue, Sarasota, Florida 34236; and
MIRAMAR INVESTMENT GROUP ONE, LLC, a Florida Limited liability company ("Limited
Partner"). Hereinafter, the Limited Partner, together with any persons hereafter
becoming limited partners-hereof and excluding any persons hereafter withdrawing
from the limited partnership as limited partners, from and after the time of
such withdrawal, shall be referred to collectively as the Limited Partners, and,
together with the General Partner shall be referred to collectively as the
Partners.

                                     RECITAL

         WHEREAS, the General Partner and the Limited Partner are desirous for
forming a limited partnership (Partnership) pursuant to the Revised Uniform
Limited Partnership Act of Florida (Act);

         NOW, THEREFORE, the parties hereto, being duly sworn, and intending to
be legally bound, hereby state, agree, swear to and certify as follows:

                                    Article I
                                      NAME

         1.1.     NAME. The name of the Partnership is WHITEHALL HOMES AT
MIRAMAR LTD, a Florida Limited Partnership.

                                   Article II
                          OFFICE AND AGENT FOR SERVICE

         2.1.     PLACE OF BUSINESS. The principal office of the Partnership
shall be located at 290 Cocoanut Avenue, Sarasota, Florida 34236 or such other
location as may hereafter be determined by the General Partner. The General
Partner shall notify the Limited Partner(s) of any change in the principal
office of the Partnership.

         2.2      AGENT FOR SERVICE OF PROCESS. The agent for service of process
for the Partnership shall be Ronald Mustari, an individual having a business
address at 290 Cocoanut Avenue, Sarasota, Florida 34236 and a residence address
at 467 Walls Way, Sarasota, Florida

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                                   Article III
                                    PURPOSES

         3.1.     PURPOSES. The purposes of the Partnership shall be to develop
the property described in Exhibit "A" attached hereto (the "Property") with a
172 Unit condominium, residential project (the "Project"). The Project shall
proceed pursuant to the development plan completed by the General Partner and
reviewed and approved by the Partnership (the "Development Plan"). A copy of the
Development Plan is attached to this Agreement as Exhibit "B". The General
Partner shall acquire ownership of the Property in the name of the Partnership
for the purposes of the Project.

         3.2.     POWERS TO CARRY OUT PURPOSES. In order to carry out its
purpose, the General Partner is empowered and authorized on behalf of the
Partnership as further set forth hereinbelow, and subject to the limitations as
set forth herein, to do any and all acts necessary, appropriate, proper,
advisable, incidental to or convenient for the furtherance and accomplishment of
its purposes, and for the protection and benefit of the Partnership including,
without limitation, the acquisition and ownership of the Property by the
Partnership pursuant to that certain agreement for purchase and sale by and
between the Whitehall Quality Homes, Inc., (or its assignee) as Buyer, and SMR
Communities Joint Venture, a Florida General Partnership, as Seller, and
Schroeder-Manatee Ranch, Inc., a Delaware Corporation ("SMR") executed in March
of 2002, (Miramar Project) (referred to herein as the "Purchase Agreement");
thereafter, the development of the Project on the Property and the subsequent
marketing, sale and disposition of individual residential condominium units in
the Project.

                                   Article IV
                                      TERM

         4.1.     TERM. The Partnership shall continue until terminated as
provided in Section 10 hereof.

                                    Article V
                   CAPITAL CONTRIBUTIONS AND CAPITAL ACCOUNTS

         5.1.     CONTRIBUTION BY THE GENERAL PARTNER. The General Partner shall
initially contribute ONE DOLLAR ($1.00) to the capital of the Partnership.
Thereafter, the General Partner shall not be required to contribute monetary
funds to the capital and equity of the Partnership in exchange for its equity
interest therein as set forth below. The General Partner shall be required to
provide and to render all required management and development services to the
Partnership for the Property and the Project, inclusive, as well as to obtain
all necessary acquisition, development and construction funding for the
acquisition of the Property and the development of the Project and shall be
subject to all of the liabilities of the Partnership except as otherwise agreed
between the General Partner and the Partnership and the General Partner and its
creditors.

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         5.2.     CONTRIBUTIONS BY THE LIMITED PARTNER. The Limited Partners
shall contribute ONE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($1,800,000.00) to
the Partnership. All payments made by the Limited Partner shall be made to the
Partnership in cash or by check. The conditions precedent to the obligations of
the Limited Partner to complete its capital contribution are set forth in
Exhibit "C".

         Upon payment of the total capital contributions of the Limited Partner
to the Partnership, the General Partner and the Limited Partners shall each be
deemed to have an equity interest in the Partnership in proportion to their
respective capital accounts, and neither the General Partner nor the Limited
Partner may transfer their interest in the Partnership without the consent of
all parties hereto and any such transfer shall be in compliance with applicable
security laws, if any. The equity interests of the General Partner and the
Limited Partner may not be changed or modified except as expressly provided for
in this Agreement. No additional capital contributions shall be required of the
Limited Partner and its interest in this Partnership cannot be modified except
as provided in this Agreement.

         5.3.     INITIAL CAPITAL ACCOUNTS. The initial capital accounts of the
General and the Limited Partner and their respective Units shall be as follows,
after the contribution of the capital contributions referred to above:

<TABLE>
<S>                         <C>
General Partner:            $        1.00
Limited Partner:            $1,800,000.00
</TABLE>

         5.4.     LIABILITY OF LIMITED PARTNER(S). A limited partner is not
liable for the obligations of this limited partnership.

         5.5.     CAPITAL ACCOUNTS. The Partnership shall establish for each
Partner an initial capital account as provided above. Each Partner's capital
account shall be increased by the net profits from operations allocated to each
Partner pursuant to Section 8 below which Section specifically provides for a
preferred equity and cash flow return to be paid to the Limited Partner from the
gross proceeds of individual condominium unit sales, all as provided
hereinbelow.

         Except as otherwise provided in this Agreement, whenever it is
necessary to determine the capital account of any Partner for purposes of
Section 8 or 9, the capital account of such Partner shall be determined after
giving effect to the allocation for the Partnership's current year of net
profits and net losses from operations under Section 8.1., and all distributions
for such year under Section 9.2. Loans made by the limited partner to the
Partnership shall not be considered contributions to the capital of the
Partnership. A Partner shall not be entitled to withdraw any part of such
Partner's capital account or to receive any distribution from the Partnership,
except as specifically provided in this Agreement. Any Partner, including any
substituted Partner, who shall receive an Interest in the Partnership or whose
Interest in the Partnership shall be increased by means of a transfer to such
Partner of all or part of the interest of another Partner, shall have a capital

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account which reflects such transfer.

         The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with
Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner
consistent with such Section throughout the term of this Agreement. If the
General Partner shall determine that it is necessary to modify the manner in
which the Capital Accounts, or other debits or credits thereto, are computed or
maintained in order to comply with such Regulations then upon the mutual consent
of the General Partner and the Limited Partner, the General Partner is
authorized to make such modification.

         5.6.     ALLOCATIONS AND DISTRIBUTIONS AMONG LIMITED PARTNERS. Whenever
amounts are allocated or distributed to the Limited Partners, such amounts shall
be allocated or distributed among the Limited Partners in the proportion that
the Unit(s) held by each of the Limited Partners bears to the aggregate Units
held by all of the Limited Partners.

         5.7.     DISALLOWANCE OF DEDUCTIONS. Notwithstanding any other
provisions of this Agreement, in the event that any fees paid to the General
Partner or its affiliates pursuant to this Agreement or any Schedule hereto, and
deducted by the Partnership in reliance on Section 707(a) and/or 707(c) of the
Internal Revenue Code of 1986, as amended (Code) are disallowed as deductions to
the Partnership on its federal income tax return and treated as Partnership
distributions, the General Partner shall be allocated items of Partnership
income, if any, in the year such fees were paid, equal to the amount of such
fees for which deductions were disallowed. In such event, the amounts paid to
the General Partner shall be deemed to be partnership distributions and not fee
payments.

                      Article VI. LOANS TO THE PARTNERSHIP

         6.1.     LOANS TO THE PARTNERSHIP. If the General Partner or the
Limited Partners shall make any loan or loans to the Partnership or advance
money on its behalf (other than as expressly required herein), the amount of any
such loan or advance shall not be deemed an increase in or contribution to the
capital account of the lending Partner or entitle such lending Partner to any
increase in its share of the distributions of the Partnership, or entitle or
subject such lending Partner to any greater proportion of the profits, gains, or
losses which the Partnership may sustain. Except as provided herein: (i) the
General Partner or any affiliate of the General Partner (Affiliate) may, but is
not obligated to, loan or cause to be loaned to the Partnership such additional
sums as the General Partner deems appropriate and necessary for the conduct of
the Partnership's business (ii) loans made by a General Partner, or any
Affiliate of the General Partner, shall be upon such terms and for such
maturities as the General Partner deems reasonable; (iii) if: (a) the General
Partner or any Affiliate of a General Partner borrows money and reloans the
money to the Partnership, such General Partner or its Affiliate shall be
reimbursed for the actual interest paid by such party on such original loan, and
other borrowing costs incurred; (b) the General Partner or any Affiliate of the
General Partner loans its own money to the

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Partnership, the Partnership shall pay interest to the General Partner or its
Affiliate at a rate of interest equal to the rate of interest earned by any
Lender to the Partnership with respect to the acquisition, development or
construction of the Property and/or Project; and (iv) any such loans referred to
in this Paragraph 6.2. and the interest earned thereon (but in no event at a
rate greater than the maximum rate allowed by the appropriate usury law) may be
payable from borrowings, cash flow and reserves, to the extent such reserves are
not committed to repairs, and shall immediately become due and payable upon the
sale, exchange or other disposition of all or substantially all of the
Partnership's property or prior to any distributions of capital or interim
capital items to the Partners, provided however that all such repayments shall
be subject to the priority of distributions to the Limited Partner as required
by Article IX below.

                       Article VII. MANAGEMENT AND CONTROL

         7.1.     OVERALL MANAGEMENT AND CONTROL. The General Partner shall have
full, exclusive and complete discretion in the management and control of the
Partnership for the purposes set forth in Section 3. Such discretion shall
include, without limitation, the right to cause the Partnership to do the
following and to perform any of the following on behalf of the Partnership:

                  a. Acquire ownership to the Property in the name of the
Partnership pursuant to the terms of the Purchase Agreement.

                  b. Perform any and all acts necessary to carry out any and all
agreements entered into or required in connection with the Purchase Agreement
and to pay all sums due pursuant thereto

                  c. Expend funds, including profits, in furtherance of the
Partnership's business and the development of the Project.

                  d. Employ, on behalf of the Partnership and in connection with
the Project, individuals, fees and corporations, and professionals on such terms
and for such compensation as the General Partner shall, in its reasonable
discretion, determine.

                  e. Do all acts and things which, in the General Partner's
judgment, are necessary or desirable for the proper management of the
Partnership, the Property, the Project and/or its other assets.

                  f. Compromise, MEDIATE, submit to arbitration, sue or defend
any and all claims for or against the Partnership.

                  g. Make or revoke any election permitted the Partnership by
any taxing authority. The General Partner is hereby specifically authorized to
act as the "Tax Matters Partner" under the Code and in any similar capacity
under state and/or local law.

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                  h. In the ordinary course of the Partnership business, buy,
sell, transfer, assign, convey, lease or sublet portions of the property or
assets on behalf of the Partnership, upon such terms and conditions and for such
consideration as the General Partner may determine; however, such authority
shall not include a sale of all of the Property or substantially all of the
assets or the Project, and such authority is subject to the limitations set
forth in Section 7.2.

                  i. Obtain a written lending commitment and to borrow funds for
the Partnership purposes for acquisition of the Property and development and
construction of the Project and subsequent thereto refinance any such loans or
mortgages on behalf of the General Partner and/or the Partnership upon terms and
upon such security as the General Partner shall determine.

                  j. Disseminate financial and other reports to the Limited
Partners.

                  k. Maintain or cause to be maintained proper books and records
of the Partnership.

                  I. Assist the accountants for the Partnership in the
preparation of financial statements and tax returns.

                  m. Execute and file necessary certificates and other
Partnership documents including any amendment thereto.

                  n. To invest funds of the Partnership, including funds held as
reserves, in certificates of deposit, interest-bearing, time deposits in state
or national banks; in United States Government securities; in bank repurchase
agreements, bankers' acceptances or money market funds, as the General Partner
may, from time to time, deem to be in the best interests of the Partnership.

                  o. To acquire, enter into and pay for any contract of
insurance which the General Partner reasonably deems necessary and proper for
the protection of the Partnership, for the conservation of the assets of the
Partnership, or for any purpose beneficial to the Partnership.

                  p. To employ attorneys, brokers, consultants, managers and
accountants on behalf of the Partnership, including affiliates of the General
Partner.

                  q. To establish reasonable reserve funds from income derived
from the Partnership's operations or from capital transactions to provide for
future requirements of the Partnership.

                  r. To perform or cause to be performed all of the
Partnership's obligations under any agreement to which the Partnership is a
party.

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                  s. To make, execute and deliver any and all documents of
transfer and conveyance and any and all other instruments and agreements,
including agreements with regulatory agencies, that may be necessary or
appropriate to carry out the powers herein granted.

                  t. Perform any and all acts and execute any and all documents
as the General Partner, shall deem necessary or appropriate to carry out the
purposes of the Partnership.

                  u. Borrow funds in the name of the Partnership from the
General Partner, or from affiliates of the General Partner, provided however,
that all repayments of principal or interest on such loans shall be subordinate
to all the provisions of this Agreement relating to the preferred return to be
paid to the Limited Partner.

                  V. SUBJECT TO THE REQUIREMENTS AND RESTRICTIONS OF THIS
AGREEMENT, BORROW FUNDS IN THE NAME OF THE PARTNERSHIP FROM INSTITUTIONAL OR
PRIVATE LENDERS ON SUCH TERMS AND CONDITIONS AS ARE COMMON IN THE MARKET PLACE,
AND GIVE SUCH SECURITY AS IS NECESSARY TO EFFECTUATE SUCH LOANS, PROVIDED THAT
THE RIGHTS OT DISTRIBUTIONS OF THE LIMITED PARTNER PROVIDED FOR IN ARTICLE IX
ARE NOT ADVERESLY AFFECTED OR MODIFIED.

         The General Partner agrees to manage and control the affairs of the
Partnership to the best of its ability, and to conduct the operations
contemplated under this Agreement in a careful and prudent manner and in
accordance with good industry practice. Except as otherwise provided herein, all
Partnership decisions shall be made by the General Partner. The General Partner
shall devote such time as, in its discretion, may be necessary for the proper
performance of its duties hereunder, and may subcontract to others any portion
of its management duties hereunder, but such subcontracting shall not relieve
the General Partner from its supervisory obligations and responsibilities set
forth herein.

         7.2.     LIMITATION ON MANAGEMENT RIGHTS. Notwithstanding the
generality of the foregoing, the General Partner shall not be empowered (without
the consent of the Limited Partner) to:

                  a. Do any act in contravention of this Agreement;

                  b. Possess the Property or other Partnership property
including, without limitation the Property or assign any rights in specific
Partnership property for other than a Partnership purpose;

                  c. Admit a person as a substitute General or Limited Partner,
except as otherwise permitted in this Agreement;

                  d. Change or reorganize the Partnership into any other legal
form;

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                  e. Require any Limited Partner to make any contribution to the
capital of the Partnership not provided for herein; or

                  f. Amend this Agreement, if any such amendment would
materially change the rights, duties and obligations of the parties to this
Agreement.

                  g. Reinvest the proceeds of any loan secured by the
Partnership Property received by the Partnership in any manner for other than
the benefit of the Partnership or in any manner inconsistent with the
Development Plan or the Partnership's objectives.

                  h. Construct improvements to the Property or Project not
contemplated by the Development Plan.

                  i. Borrow money in the name of the Partnership or utilize
property owned by the Partnership as collateral security for loans other than
the development and acquisition loan referenced in the Development Plan, and
other financing of the Partnership property (i.e. furniture and decoration of
models), provided however, that this limitation shall not apply to borrowing in
the name of the Partnership from the General Partner, or affiliates of the
General Partner.

                  j. Sell or contract to sell units other than in accordance
with the schedule of minimum prices approved and agreed upon by the Partners,
which is attached hereto as Exhibit "D" (the "Schedule of Minimum Prices"),
provided however, that if units are sold at prices different than the agreed
Schedule of Minimum Prices, the scheduled payments due the Limited Partner as
provided herein shall be based on the greater of the Schedule of Minimum Prices
or the actual sales price.

                  k. Make any change in the Development Plan which would have,
the effect of lowering the total project, budgeted sell out by more than 20%.

                  I. Make any change in the budget for the completion of the
Project and implementation of the Development Plan as approved by the Partners
(the "Budget"), which change would increase any category by more than 10 % over
the approved amount, unless there are other changes in other categories which
will reasonably lower the proposed change to not more than 10 % over the
approved amount. A copy of the Budget is attached to this Agreement as Exhibit
"E".

                  m. Make any expenditure, or incur any obligation by or on
behalf of the Partnership involving a sum in excess of one hundred and ten
percent (110 %) of the amount budgeted therefor in the Development Plan or the
approved Budget.

                  n. General Partner may make a change in excess of such allowed
amounts if General Partner shall fund the excess change from other than
Partnership funds, or loan

proceeds otherwise available to the Partnership from Partnership borrowings
(other than

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loans from the General Partner or an affiliate of the General Partner).

                  o. Sell or contract to sell the Property or Project in a bulk
sale except to a bonafide third party purchaser in an arms length transaction.

         7.3.     RIGHT TO EXAMINE PARTNERSHIP RECORDS, ETC. Each Limited
Partner shall have the right to examine the books and records of the Partnership
at its principal place of business during regular business hours and to make
reasonable inquiry as to Partnership affairs.

         7.4.     RIGHT TO REMOVE GENERAL PARTNER. The General Partner may not
voluntarily withdraw from the Partnership. The Limited Partner(s) shall have the
right to remove the General Partner for cause upon the affirmative vote of the
Limited Partner(s) who at least hold One Hundred percent (100%) of the
outstanding Limited Partner Units. At the request of Limited Partners who hold
at least One Hundred percent (100%) of the outstanding Units, the General
Partner shall call a meeting within 5 days after such notice, on the question of
removal and the selection of a substitute General Partner. If there would be no
remaining General Partner after the removal of the General Partner, at least one
substitute General Partner shall be simultaneously selected by a vote of Limited
Partners who own collectively at least One Hundred percent (100%) of the
outstanding Units. The substitute General Partner shall succeed to the interest
of the General Partner and be entitled to all distributions to the General
Partner under Article VIII and Article IX and as elsewhere provided in this
Agreement. If a substitute General Partner is not simultaneously elected, the
Partnership shall thereupon terminate in accordance with Section 10. hereof.
Upon a General Partner's removal, the interest of such General Partner in the
Partnership shall be automatically converted into a Limited Partnership Interest
as of the date of such removal, in accordance with and subject to the terms and
conditions set forth in Section 10.2.

         For all purposes of this Section 7.4., the right of the Limited
Partners to remove the General, Partner for cause upon affirmative vote of the
Limited Partners as provided hereinabove shall be limited, specifically, to a
finding, of the following cause for such removal having occurred and having, not
been remedied by such General Partner for a period of thirty days after written
notice thereof from the Limited Partners,

                  a. The default by the General Partner in its obligations under
the terms and provisions of the Purchase Agreement and the failure to cure such
default within any curative period as provided under such Purchase Agreement; or

                  b. An event of default under the terms and provisions of any
acquisition, development and construction loan financing loan obtained by the
Partnership with respect to acquisition of the Property and the development and
construction of the Project thereon, or the failure to cure such event of
default within any curative period as provided thereunder; or

                  c. The failure and/or default by the General Partner in
satisfying and

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discharging, all obligations and requirements of this Agreement, including, but
not limited to the provisions hereof related to Affirmative Obligations of the
General Partner set forth in Section 7.11.

         7.5.     NO MANAGEMENT BY LIMITED PARTNERS. The Limited Partner(s)
shall take no part in the management of or transact any business for or on
behalf of the Partnership and shall not have any right or authority to act for
or bind the Partnership. The exercise of the rights and powers of a Limited
Partner under Sections 7.2. and 7.4. hereof shall not be deemed taking part in
the day-to-day affairs of the Partnership of the exercise of control over
Partnership affairs.

         7.6.     CONFLICTS OF INTEREST. Any Partner may engage in or possess an
interest in other business ventures of any nature or description independently
or with others, including but not limited to, the real estate business in all
phases which shall include, without limitation, ownership, operation,
management, syndication and development of real property, and neither the
Partnership nor any Partner shall have any rights in or to such independent
ventures or the income or profits derived therefrom.

         7.7.     LIMITATIONS ON GENERAL PARTNER'S LIABILITY. The General
Partner shall not be liable, responsible or accountable in damages or otherwise
to any other Partner or the Partnership for any acts performed by it in good
faith and within the scope of this Agreement. The General Partner shall,
however, be liable for such actions to the extent they are attributable to gross
negligence, fraud, or intentional violation of the provisions of this Agreement.
The General Partner shall not be liable to any other Partner or the Partnership
in the event that any taxing authority disallows or adjusts any income,
deductions or credits in the Partnership's tax returns.

         7.8.     LIMITATION ON LIABILITY OF THE GENERAL PARTNER FOR RETURN OF
LIMITED PARTNER'S CAPITAL. Subject to the General Partner's liabilities to the
Limited Partners as provided for in Section 7.7, the General Partner shall not
be liable for the return of the Capital Contributions of the Limited Partners,
or any portion thereof, except as provided herein relating to the obligation to
make distributions as provided for herein, and as provided in Section 7.11 j.

         7.9.     INDEMNIFICATION. The Partnership, but not any Limited Partner,
shall indemnify and hold harmless the General Partner and its shareholders,
successors, assigns, officers and directors, for any claim, loss, damage,
liability, action, cost or expense (including reasonable attorney fees) arising
out of any act or failure to act by them (including any act or failure to act as
'Tax Matters Partner") if such act or failure to act is in good faith, within
the scope of this Agreement and is not attributable to gross negligence, fraud,
or intentional violation of the provisions of this Agreement. The Partnership
and the General Partner shall indemnify and hold harmless the Limited Partner
from and against all liabilities, damages, and actions (including attorneys'
fees) which may arise from this Agreement and/or the development and sale of the
Project, including any actions or claims of Unit owners or Condominium
Associations and excepting, specifically, any actions, damages

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or liabilities resulting from the breach of this Agreement by the Limited
Partner or resulting or arising from or attributable to gross negligence or
fraud of the Limited Partner, its agents or employees.

         7.10.    RELATED PERSONS. The fact that a partner or any "Related
Person" (as hereinafter defined) is employed by the Partnership, or is directly
or indirectly interested in or connected with any person, firm, or corporation
employed by the Partnership to render or perform a service, or from which or
whom the Partnership may purchase any property, shall not prohibit the General
Partner from employing such person, firm or corporation or from otherwise
dealing with him or it, and neither the Partnership nor the Partners thereof
shall have any rights in or to any income derived therefrom, provided that any
such transaction is done in good faith and on not materially less favorable
terms than would be obtainable from an unrelated party. Neither the Partnership
nor any of the Partners shall, as a consequence of the Partnership relationship
created herein, have any rights in or to any income or profits derived
therefrom. A "Related Person" shall include any person, firm or corporation
affiliated with a Partner; and any partner, venturer, employee, officer,
director, or shareholder thereof; or any member of the family of any of the
foregoing.

         7.11.    AFFIRMATIVE OBLIGATIONS OF GENERAL PARTNER. The General
Partner shall have the following affirmative obligations as a part of the
Development Plan approved by the Partners:

                  a. To build, develop, supervise, and contract for the
construction of condominium phases, units and condominium common elements and
amenities of the community and, as necessary, supervise and engage in financing
activities on behalf of the Partnership as set forth in the Development Plan and
supervise and engage in sales of the individual condominium units, which
obligation shall include, but shall not be limited to the affirmative
obligations to cause the substantial completion of the items as set forth in
Exhibit "F" attached hereto ("Substantial Completion Obligations of the General
Partner").

                  b. To supervise all necessary staff and to attend to the
hiring of staff as required from time to time.

                  c. To review AND SET all prices, fees and rates for the
Development Plan and the sale of the individual condominium units.

                  d. To maintain all licenses and permits required to accomplish
the Development Plan and the sale of the individual condominium units.

                  e. To maintain suitable internal accounting and internal
auditing systems

                  f. To maintain such inventories, provisions, supplies, and
equipment as may be required in order to develop and construct the improvements
contemplated by the Development Plan and to engage in the sale of the individual
condominium units.

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                  g. To plan, prepare and contract for ongoing advertising and
promotional programs reasonably required to sell the individual condominium
units.

                  h. To maintain full, true and accurate records and accounts of
the business transactions of the Partnership.

                  i. To provide the Partners with a quarterly operating
statement within 45 days after the last day of each calendar quarter, and to
provide an annual operating statement within 90 days after the last day of each
fiscal year.

                  J. TO COMPLY WITH ALL OF THE TERMS AND CONDITIONS OF THE
PURCHASE AGREEMENT, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING,
SPECIFICALLY TO TAKE SUCH ACTIONS AND ARRANGE SUCH FUNDING UNDER THE LOANS
OBTAINED BY THE PARTNERSHIP TO ACQUIRE PHASES II AND III OF THE PROPERTY AS
PROVIDED FOR UNDER THE PURCHASE AGREEMENT, ON OR BEFORE THE REQUIRED ACQUISITION
DATE SPECIFIED THEREFOR IN THE PURCHASE AGREEMENT. IN ADDITION TO ALL OF THE
RIGHTS OF THE LIMITED PARTNER UNDER THIS AGREEMENT IT IS SPECIFICALLY PROVIDED
THAT IF THE PARTNERSHIP DOES NOT ACQUIRE THE PHASE II AND PHASE II PORTIONS OF
THE PROPERTY UNDER THE PURCHASE AGREEMENT, THIS IS A MATERIAL DEFAULT BY THE
GENERAL PARTNER, AND UPON SUCH DEFAULT THE GENERAL PARTNER SHALL NOT BE ENTITLED
TO ANY DISTRIBUTIONS FROM THE PARTNERSHIP, EXCEPT FOR THE REIMBURSEMENT PROVIDED
FOR IN SECTION 9.4 OF THIS AGREEMENT UNTIL THERE HAS BEEN DISTRIBUTED TO THE
LIMITED PARTNER THE RETURN OF ITS ENTIRE CAPITAL CONTRIBUTION OF $1,800,000.00.
ALL PROCEEDS AVAILABLE FROM ANY SOURCE TO THE PARTNERSHIP SHALL BE DISTRIBUTED
TO THE LIMITED PARTNER UNTIL SUCH AMOUNT HAS BEEN DISTRIBUTED THE LIMITED
PARTNER.

                                  Article VIII
                        ALLOCATIONS OF PROFITS AND LOSSES

         8.1.     ALLOCATION OF PROFITS.

                  a. The profits and gains of the Partnership shall be allocated
twenty-five percent (25%) to the Limited Partner and seventy-five percent (75%)
to the General Partner. The allocations hereunder shall comply with Section
704(b) of the Internal Revenue Code;

                  b. The allocation method set forth in this Article is intended
to allocate net profits and net losses to the Partners for Federal Income tax
purposes in accordance with their economic interests in the Partnership while
complying with the requirements of Internal Revenue Code Section 704(b) and the
Regulations promulgated thereunder. If, in the opinion of the General Partner,
such allocations shall not (i) satisfy the requirements of Internal Revenue Code
Section 704(b) or the Regulations thereunder, (ii) comply with any other
provisions of the Code or Regulations, or (iii) properly take into account any
expenditure made by the Partnership, then upon the mutual consent of the General
Partner and the Limited Partner, net profits and net losses shall be allocated
in such manner as the

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General Partner shall determine to be required to reflect properly (i), (ii), or
(iii), as applicable, and upon the mutual consent of the General Partner and the
Limited Partner, the General Partner shall have the right to reflect any such
change in the method of allocating net profits and net losses; provided,
however, that any change in the method of allocating net profits and net losses
shall not materially alter the economic agreement among the Partners.

         8.2.     ALLOCATION OF INCOME TO THE GENERAL PARTNER. The balance of
all taxable income for each taxable year not allocated to the Limited Partner
shall be allocated to the General Partner.

         8.3.     ALLOCATION OF LOSSES. The Limited Partner shall be allocated
all of the tax losses of the Partnership until such time as the Capital Accounts
of the Limited Partner and General Partner are equal. To the extent that the
General Partner's basis shall under the federal tax laws require the suspension
of tax losses otherwise allocable to the General Partner, such losses shall be
allocated to the Limited Partner.

         8.4.     INTERIM CAPITAL TRANSACTIONS. Intentionally omitted.

         8.5.     NET GAIN FROM DISSOLUTION AND TERMINATION. Except for any
depreciation recapture all net gains and net losses of the Partnership in
connection with a sale of substantially all of its assets or dissolution and
termination of the Partnership, as determined for federal income tax purposes,
will be allocated in the following order of priority, to the extent applicable:

                  a. First, any such gain in an amount equal to the "minimum
gain" (as defined in Treasury Regulation Section 1.704-1 (b)(4)(iv)(c))
attributable to the property which is the subject of the capital transaction
giving rise to such gain (whether or not such gain has been recognized for
federal income tax purposes) will be allocated to all Partners with an Adjusted
Capital Account Deficit in the amount and in the proportions necessary to
eliminate such Adjusted Capital Account Deficit as quickly as possible;

                  b. Then, an amount equal to the deficit in the capital account
of each Partner shall be allocated to each Partner with a deficit remaining in
his capital account. (In the event that, such net gains are less than the
aggregate of the deficits in the capital accounts of each such Partner, such
gains shall be allocated among such Partners in the same ratio that the deficit
in the capital accounts of each such Partner bears to the aggregate of all such
Partners' deficits);

                  c. Then, to the Partners in amounts equal to the amounts
distributed pursuant to Section 9.2 hereof and in the same order of priority.

         8.6.     NET LOSSES FROM DISSOLUTION AND TERMINATION. The net losses
upon dissolution or termination of the Partnership shall be allocated as
provided in Article 8.3.

                                       13

<PAGE>

         8.7.     DEPRECIATION RECAPTURE. Notwithstanding the foregoing, if the
taxable gain to be allocated pursuant to Section 8.2 or 8.3 above includes
income treated as ordinary income for federal income tax purposes because it is
attributable to the recapture of depreciation, such gain so treated as ordinary
income shall be allocated to and reported by the Partners in proportion to their
accumulated depreciation allocations, and the Partnership shall keep records of
such allocations.

         8.8.     SPECIAL ALLOCATIONS. In the event any Partners unexpectedly
receive any adjustments, allocations, or distributions described in Treasury
Regulation Sections 1.704l(b)(2)(ii)(d)(4), 1.704-1 (b)(2)(ii)(d)(5), or 1.704-1
(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially
allocated to such Partners in accordance with Regulation Section
1.704l(b)(4)(iv)(d) in an amount and manner sufficient to allocate the deficit
balances as quickly as possible. Any special allocations of items of income or
gain pursuant to this Section shall be taken into account in computing
subsequent allocations of Profits pursuant to this Section, so that the net
amount of any items so allocated and the Profits, Losses and all other items
allocated to each Partner pursuant to this Section, to the extent possible, be
equal to the net amount that would have been allocated to each such Person
pursuant to the provisions of this Section if such unexpected adjustments,
allocations or distributions had not occurred.

         8.9.     CHANGE IN ALLOCATIONS. It is the intent of the Partners that
each Partner's distributive share of income, gain, loss, deduction, or credit
(or item thereof) shall be allocated in accordance with this Section 8 to the
fullest extent permitted by Section 704(b) of the Code and Regulations. In order
to preserve and protect the allocations provided for in this Section 8 the
General Partner is authorized and directed to allocate income, gain, loss,
deduction or credit (or item thereof) arising in any year differently than
otherwise provided for in this Section 8 if, and to the extent that, the
allocations under this Section 8 would cause the allocations to violate Section
704(b) of the Code or its Regulations thereunder. Any allocation made pursuant
to this Section 8.9 shall be deemed to be a complete substitute for any
allocation otherwise provided for in this Section 8 and no amendment of this
Agreement or approval of any Partner shall be required.

         Notwithstanding, any provision in this Article VIII, it is the
agreement of the Partners that the Limited Partner shall be allocated ordinary
taxable income of no more than the lesser of actual distributions to the Limited
Partner that are in excess of its initial capital contribution of $1,800,000.00
plus any losses allocated to the Limited Partner, and in the event that the
Limited Partner shall receive less than its initial capital contribution in
total distributions from this limited partnership, it shall be allocated a loss
in the amount of such deficiency.

         8.10.    TAX ALLOCATIONS. Notwithstanding the provisions of paragraph
8.3 hereof and in accordance with Code Section 704(c) and the Regulations
promulgated thereunder, income, a loss and deduction with respect to any
property contributed to the capital of the Partnership shall solely, for tax
purposes, be allocated as quickly as possible among the Partners so as to take
into account any variations between the adjusted basis of such

                                       14

<PAGE>

property to the Partnership for federal income tax purposes and the fair-market
value of such property as of the date such property was contributed to the
capital of the Partnership.

                                   Article IX
                            DISTRIBUTIONS TO PARTNERS

         9.1.     DISTRIBUTIONS TO THE LIMITED PARTNER. The Limited Partner
shall be entitled to a priority of distribution from sales of condominium units
until the aggregate distributions to the Limited Partner totals 200% of the
Limited Partner Capital Contributions as reflected in Section 5.2 of this
Agreement. In addition to this priority distribution, the Limited Partner shall
be entitled to additional priority distributions totaling TWO HUNDRED AND FIFTY
THOUSAND DOLLARS ($250,000.00) as provided for hereinafter. After the aggregate
distributions to the Limited Partner totals 200% of the Limited Partner Capital
Contributions, and the Limited Partner has received the additional priority
distributions totaling $250,000.00, the Limited Partner shall be deemed to have
received the return of its capital account.

         9.2.     DISTRIBUTIONS TO LIMITED PARTNER FROM SALES OF UNITS. The
General Partner shall direct each closing agent engaged by the Partnership with
respect to the closing of the sale of individual condominium units in the
Project to make to the Limited Partner at the time of each such closing the
following preferred distributions: (i) distributions in an amount equal to 7.25%
of the gross sales price for each of the first twenty individual condominium
units sold by the Partnership in the Project and (ii) distributions in an amount
equal to 9.25% of the gross sales price for each of the next twenty individual
condominium units in the Project, and (iii) distributions in the amount of
10.25% of the remaining number of individual condominium units required to be
sold in order for the Limited Partner to receive the total priority distribution
of $3,600,000.00, which is 200% of its capital contribution of $1,800,000.00,
and thereafter distributions in an amount equal to 3% of the gross sales price
of the remainder of the individual condominium units, until the Limited Partner
has received additional distributions totaling $250,000.00. It is further agreed
that if units are sold at prices different than the agreed Schedule of Minimum
Prices, the scheduled payment due the Limited Partner as provided herein shall
be based on the greater of the Schedule of Minimum Prices or the actual sales
price. Such preferred distributions shall continue by the closing agent(s) until
such time as the General Partner has confirmed that the Limited Partner has
received the preferred distributions provided for hereinabove. The percentages
of each unit gross sales price required to be paid above are based upon the
projected sales prices for individual condominium units in the Project as
previously determined by the General Partner and shall be set forth as an
exhibit to this Partnership Agreement and shall govern the distributions for all
purposes. Any adjustment in such percentages shall be agreed, in writing, by all
of the Partners. The amount of the preferred distribution shall be the stated
percentage of the greater of the minimum approved sales price or the actual
sales price. "Sales Price" as used in this section shall include charges to
buyer of the unit for the options and upgrades.

         Notwithstanding anything herein to the contrary, in the event that the
distributions

                                       15

<PAGE>

to the Limited Partner hereunder are less than 40% of the taxable income
allocated to the Limited Partner, then in that event, prior to any distributions
to the General Partner, the Limited Partner shall receive an amount equal to the
greater of 40% of the taxable income allocated to the Limited Partner for the
tax year of the distribution and prior tax years, or the actual amount of the
aggregate tax paid by the Limited Partner for the tax year of the distribution
and prior tax years, which amounts shall be credited against the total amounts
due the Limited Partner hereunder.

         9.3.     DISTRIBUTIONS TO LIMITED PARTNER OTHER THAN FROM SALES OF
UNITS. The General Partner shall direct each closing agent of a sale of
Partnership property other than units, and of a re-finance of Partnership
property with respect to the closing, of the sale or refinance to make to the
Limited Partner at the time of each such closing a preferred distribution in an
amount equal to the proceeds of such sale or refinance available to the
Partnership after the satisfaction of loans to the partnership approved by the
Limited Partner. Such preferred distributions shall continue by such closing
agent(s) until such time as the General Partner has confirmed that the Limited
Partner has received an amount from distributions under this section and the
preceding section totaling, in the aggregate the preferred distributions
required by Section 9.2 above.

         9.4.     DISTRIBUTIONS TO THE GENERAL PARTNER. The General Partner
shall be entitled to receive distributions from the Partnership in accordance
with the following:

                  a. Distributions to the General Partner shall be from net
closing proceeds from each closing in excess of costs of closing as disclosed on
the closing statement, after required loan paydown, and after the amounts
disbursed to the Limited Partner as a priority distribution as detailed above,
in accordance with this Article.

                  b. The General Partner shall receive the reimbursement of sums
equal to the allocated general overhead costs of 4% of the gross sales price of
the individual units in the Project paid at each closing which have been
expended by the General Partner as disclosed on the approved budgets.

                  c. In addition to the foregoing, until the distributions from
the Partnership to the Limited Partner (as paid to the Limited Partner by the
closing agents of the respective unit closings, and otherwise from the
commencement of the Partnership) are in the aggregate the sum of $2,200,000.00,
from the remaining net closing proceeds the General Partner shall receive an
amount which shall, when added to amounts distributed to the General Partner
from the Partnership in the current and prior tax years (other than
distributions of the allocated general overhead cost reimbursement as in b.
above), in the aggregate be equal to the greater of 40% of the taxable income
allocated to the General Partner for the tax year of the distribution and prior
tax years, or the actual amount of the aggregate tax paid by the General Partner
for the tax year of the distribution and prior tax years.

                  d. If the General Partner chooses to receive additional
distributions from the

                                       16
<PAGE>

remaining net closing proceeds after the distributions above, the Limited
Partner shall receive as a distribution an amount equal to the sums distributed
to the General Partner. Distributions to the Limited Partner under this
subsection shall be counted in satisfaction of the distributions to which the
Limited Partner is entitled under Article 9.1 of this Agreement.

                  e. After the Limited Partner has received distributions which
in the aggregate total $2,200,000.00, and after the satisfaction of the
distributions to the Limited Partner from the closing proceeds pursuant to
Article 9.2, the General Partner shall receive as a distribution from the
Partnership the remaining net closing proceeds, without the limitations in (c)
above or the requirement for distributions to the Limited Partner (as provided
in subsection d. above) in excess of the distributions detailed in Article 9.2.

         9.5.     CASH DISTRIBUTIONS. All cash distributions to the Limited
Partners shall be made to the Limited Partners at the addresses specified in
this Agreement, or such other address of which a Limited Partner shall notify
the Partnership in writing.

         9.6      DISTRIBUTIONS IN KIND. If any assets of the Partnership shall
be distributed in kind, such assets shall be distributed to the Partners
entitled thereto as tenants-in-common in the same proportions in which such
Partners would have been entitled to cash distributions.

         9.7.     ONLY CASH IN RETURN OF CAPITAL. No Partner shall be entitled
to demand and receive property other than cash in return for such Partner's
Capital Contributions to the Partnership, and no Partner shall have the right to
sue for a partition of Partnership property.

         9.8.     STANDARDS FOR DISTRIBUTIONS AND ALLOCATIONS. The methods
hereinabove set forth by which distributions and allocations are made are hereby
expressly consented to by each Partner as an express condition to becoming a
Partner.

                                    Article X
                           DISSOLUTION AND LIQUIDATION

         10.1.    DISSOLUTION. The Partnership shall be dissolved, and its
business wound up, upon the earliest to occur of:

                  a. The Project has been completed and all of the individual
single family, residential (INCLUDING LAND CONDOMINIUMS) condominium units in
such Project have been sold and/or conveyed;

                  b. The General Partner's determination, with the consent of
the holders of at least One Hundred percent (100 %) of the outstanding Limited
Partnership Units, that the Partnership should be dissolved;

                                       17

<PAGE>

                  c.The death, incompetency, insolvency, bankruptcy or removal
of a General Partner, unless the remaining General Partner if any, consent(s) in
writing within sixty (60) days of such event to continue the Partnership. If
there is no remaining General Partner, the Partnership shall terminate unless
the holders of at least One Hundred percent (100%) of the outstanding Limited
Partnership Units consent in writing within 30 days of such event to continue
the Partnership, and a successor General Partner is elected by the holders of at
least One Hundred percent (100 %) of the outstanding Units within such
thirty-day period; or

                  d.The sale of all, or substantially all of the Partnership's
assets.

         For the purposes of this Agreement, the bankruptcy of a General Partner
shall be deemed to occur when such General Partner files a petition in
bankruptcy or voluntarily takes advantage of any bankruptcy or insolvency law,
or is adjudicated a bankrupt, or when a petition or answer is filed proposing
the adjudication of such General Partner as a bankrupt and such General Partner
either consents to the filing, thereof, or such petition or answer is not
discharged or denied prior to the expiration of 120 days from the date of such
filing. The insolvency of a General Partner shall be deemed to occur when such
General Partner's assets are insufficient to pay such General Partner's
liabilities.

         10.2.    CONTINUATION OF PARTNERSHIP. In the event the Partnership is
continued upon the death, incompetency, insolvency, bankruptcy or removal of a
General Partner, the Partnership Interest of such General Partner shall be
converted into a Limited Partnership Interest as of the date of such event. Upon
the happening of such event, such Limited Partnership Interest shall be entitled
to one hundred percent (100 %) of all distributions and allocations pursuant to
Section 8 and 9 hereof to which such General Partner was entitled prior to such
event and no other distribution or allocation subsequent to such event.
Provided, that such interest at all times is subordinate and inferior to payment
of the priority distributions to the Limited Partner. Such Limited Partnership
Interest, including all of the rights and obligations of a Limited Partner under
this Agreement, shall descend and vest in such General Partner or his or its,
successors, heirs, legatees or legal representatives. Such General Partner, or
such successors, heirs, legatees or legal representatives may be admitted as a
Limited Partner in accordance with the provisions of Section 11.3.

         Notwithstanding anything to the contrary in this Agreement, it is
expressly agreed and understood that a deceased, incompetent, insolvent,
bankrupt or removed General Partner and his or its heirs, legatees, successors
or legal representatives shall remain fully liable for all Partnership
liabilities and obligations arising, prior to the date of any such events,
whether such liabilities and obligations are fixed or contingent as of such
date. The liability of the deceased, incompetent, insolvent, bankrupt or removed
General Partner shall continue with respect to such liabilities as if the
deceased, incompetent, insolvent, bankrupt or removed General Partner has
remained and continued as a General Partner of the Partnership.

                                       18

<PAGE>

         10.3.    EARLY TERMINATION OF THE PARTNERSHIP. In the event the
Partnership terminates prior to the Closing on the Property, or prior to the
commencement of the development of the Property into condominium units, or in
the event that the Partnership sells the Property at a bulk sale, then prior to
any other distributions, the General Partner shall proceed as quickly as
possible in winding up the affairs of the Partnership and shall liquidate the
assets and distribute the proceeds of the Partnership as follows:

                  a. First to repay any loans made to the Partnership by the
Limited Partner, with interest as provided in such loan documents;

                  b. Next, to the Limited Partner in accordance with its then
positive capital account until the Limited Partner has received distributions
which in the aggregate total $1,800,000 plus any additional capital
contributions made by the Limited Partner; and

                  c. Thereafter, to the Limited Partner in an amount equal to
the greater of 15% of the actual capital contributions made by the Limited
Partner prior to such sale, or termination or 50% of the remaining proceeds.

                  d. The remaining proceeds shall be distributed to the General
Partner.

                  e. All sums due under this section shall be paid within 10
days of the sale or termination.

         10.4     TERMINATION OF PARTNERSHIP SUBSEQUENT TO COMMENCEMENT OF
DEVELOPMENT. In the event the Partnership terminates subsequent to the
commencement of development of the Property into condominium units, then in that
event, the General Partnership shall proceed as quickly as possible in winding
up the affairs of the Partnership and shall distribute the proceeds as provided
in Article 9 of this Agreement.

                                   Article XI
                       ASSIGNMENT OF INTEREST OF PARTNERS

         11.1.    ASSIGNMENT OF INTEREST OF PARTNERS. The Partnership Interest
of any Partner may be assigned only as permitted by the provisions of this
Article 11. Neither the Partnership nor the Partners shall be bound by any such
assignment until a counterpart of the instrument of assignment, executed and
acknowledged by the parties thereto, is delivered to the Partnership, and such
assignment shall be effective as of the date specified therein, subject to
compliance as hereinafter set forth, with applicable federal and state
securities laws. The Limited Partner shall be entitled to pledge, mortgage, or
hypothecate its Limited Partner's Interest.

         11.2.    RESTRICTIONS ON ASSIGNMENT OF INTEREST. Except as may be
provided in Sections 7.4,10 or 12.1, and 11.1 above, no Partner shall transfer,
sell, assign, give or otherwise dispose of his or her Partnership Interest or a
part thereof, whether voluntarily or by operation of law, or at judicial sale or
otherwise.

                                       19

<PAGE>

         11.3.    SUBSTITUTE PARTNER. No Assignee or transferee of all or part
of the Partnership Interest of any Partner shall have the right to become a
substitute Partner, unless:

                  a. His assignee has stated such intention in the instrument of
assignment;

                  b. The assignee has executed an instrument reasonably
satisfactory to both the General and Limited Partner accepting and adopting the
terms and provisions of this Agreement; and

                  c. The assignor or assignee has paid any reasonable expense in
connection with the admission of the assignee as a Partner.

         11.4.    TRANSFEROR - TRANSFEREE ALLOCATIONS. As between a Limited
Partner and his transferee, profits and losses for any month shall be
apportioned to the person who is the holder of that Limited Partnership Interest
transferred on the last day of such month, without regard to the results of the
Partnership's operations during the period before and after such transfer. A
transferee of, or substitute Limited Partner for, a Limited Partner's Limited
Partnership Interest shall be entitled to receive distributions from the
Partnership with respect to such Limited Partnership Interest only after the
effective date of such assignment.

         11.5.    LIMITED PARTNERSHIP INTEREST TRANSFERRED TO THE GENERAL
PARTNER. IF A General Partner should acquire an Interest as a Limited Partner,
such General Partner shall with respect to such Interest, enjoy all of the
rights and be subject to all of the obligations and duties of a Limited Partner
to the extent of such Interest.

         11.6.    SECTION 754 ELECTION. In the event of a transfer of all or
part of the Interest of a Partner in the Partnership, by sale or exchange or on
the death of a Partner, at the request of the Partner or the executor,
administrator or other legal representative of a deceased Partner, the General
Partner may, in its sole discretion, cause the Partnership to elect, pursuant to
Section 754 of the Code, or the corresponding provisions of subsequent law, to
adjust the basis of Partnership property as provided in Sections 734 and 743 of
the Code.

                                   Article XII
        DEATH, BANKRUPTCY, INSANITY OR INCOMPETENCY OF A LIMITED PARTNER

         12.1.    DEATH, BANKRUPTCY, INSANITY OR INCOMPETENCY OF A LIMITED
PARTNER. THE death, adjudication of insanity, legal incompetency, general
assignment for the benefit of creditors, or adjudication of bankruptcy of a
Limited Partner shall not dissolve the Partnership. In any of such events, the
Interest of such Limited Partner and all rights and obligations under this
Agreement shall descend to and vest in the heirs, legatees or legal
representatives of such Limited Partner. Such heirs, legatees or legal
representatives may be admitted as substitute Limited Partners in accordance
with the provisions of Section 11.3.

                                       20

<PAGE>

                                  Article XIII
                                   ARBITRATION

         13.1.    APPLICATION; LOCATION. Whenever (a) there exists a dispute
whether a Partner is in default under the terms of this Agreement, (b) the
Partners disagree and such disagreement materially impairs the ability of the
Partnership to develop the Project or otherwise pursue the Partnership's
objectives, or (c) the Partners mutually agree to submit any other question,
matter, or dispute to arbitration, the provisions of this Article shall apply,
provided however that this provision shall not apply to the obligation to
contribute to the capital of this Partnership. The location of the arbitration
shall be in Sarasota County, Florida.

         13.2.    INITIATING ARBITRATION; SELECTION OF ARBITRATORS. Arbitration
shall be instituted by a Partner delivering notice to the other Partner(s) of
its intention to arbitrate specifying the matters to be arbitrated. The
arbitration shall be conducted by three arbitrators. The arbitrators shall be
impartial and shall not be related, directly or indirectly, so far as employment
of services is concerned, to any Partner or to any Affiliate thereof. In an
arbitration proceeding involving any specialized area of the management and
operation of the Project, the arbitrators shall have substantial knowledge and
experience in such a specialized area. For example, in any dispute involving
accounting procedures, the arbitrators shall be independent certified public
accountants.

         13.3.    PROCEDURES. The arbitrators shall be chosen, and the
arbitration shall be conducted, in accordance with the Commercial Arbitration
Rules of the American Arbitration Association. The three arbitrators shall
investigate the facts and shall hold hearings at which the Partners may present
evidence and arguments, be represented by counsel and conduct cross examination.
The three arbitrators shall render a written decision upon the matter presented
to them by a majority vote within 30 days after the date upon which the last
arbitrator is appointed, and that decision shall be final and binding on the
Partners. Judgment upon the decision rendered in such arbitration may be entered
by any court having jurisdiction thereof. No Partner shall be considered in
default hereunder during the pendency of arbitration proceedings relating to a
disputed default, provided however, that if the matter being arbitrated involves
the obligation for the payment of money, interest due shall be computed from the
date such payment or expenditure should have been made. If the three arbitrators
shall fail to render a decision within such 30-day period, then any Partner
shall have the right to seek judicial determination of the issues.

         13.4     LIMITATIONS ON AUTHORITY. In determining, any question,
matter, or dispute before them, the arbitrators shall apply the provisions of
this Agreement, without varying therefrom in any respect. They shall not have
the power to add to, modify, or change any of the provisions of this Agreement.

         13.5     ATTORNEYS' FEES; SPECIFIC PERFORMANCE. The costs of any
arbitration proceeding shall be shared equally by the Partners. The prevailing
party in any such arbitration proceeding, as determined by the arbitrators,
shall be entitled to reimbursement

                                       21

<PAGE>

of reasonable attorneys' fees incurred in such proceeding. The prevailing party
shall be entitled to an order by a Court of competent jurisdiction for specific
performance of the arbitrator's final decision and any party hereunder may seek
specific performance of the obligation to arbitrate as required hereunder.

                                   Article XIV
                            MISCELLANEOUS PROVISIONS

         14.1.    FISCAL YEAR. The General Partner may select the fiscal year of
the Partnership subject to the requirements of the Internal Revenue Code.

         14.2.    RECORDS. The General Partner shall-keep, or cause to be kept,
full and accurate records of all transactions of the Partnership in accordance
with principles and practices generally accepted for such methods of accounting
and depreciation as shall, in the opinion of the General Partner, be in the best
interest of the Limited Partners.

         14.3.    AVAILABILITY FOR INSPECTION.

                  a. All of such books of account shall, at all times, be
maintained at the office of the Partnership at 290 Cocoanut Avenue, Sarasota,
Florida 34236, and shall be open during reasonable business hours for the
reasonable inspection and examination by the Limited Partners or their
authorized representatives.

                  b. The General Partner shall as a minimum maintain the
following records at the aforesaid office of the Partnership: (i) a current list
of the full name and last known business address of each Partner set forth in
alphabetical order; (ii) a copy of the Agreement and Certificate of Limited
Partnership and all certificates of amendment thereto, together with executed
copies of any power of attorney pursuant to which any certificate has been
executed; (iii) copies of the Partnership's federal, state and local income tax
returns and reports, if any, for the three most recent years for which they have
been prepared; and (iv) copies of any then effective written Partnership
Agreement and of any financial statements of the Partnership for the three most
recent years for which they have been prepared.

                  c. The General Partner shall not be obligated to deliver or
mail copies of the Agreement and Certificate of Limited Partnership or
amendments thereto to each Limited Partner. However, upon the written request of
any Limited Partner, the General Partner shall mail a copy of such requested
documents to such Limited Partner.

         14.4.    TAX RETURNS. The General Partner shall prepare, or cause to be
prepared

                                       22

<PAGE>

(by April 1st of the year after the fiscal year to which such tax return
relates), a federal income tax return and such state tax returns as are required
for the Partnership.

         14.5.    CASH FLOW STATEMENTS. Within 90 days after the end of each
fiscal year of the Partnership, the General Partner shall use its best efforts
to cause to be delivered to the Limited Partners an annual cash flow report for
the Partnership for such fiscal year. This report shall be mailed to the Limited
Partners together with any amounts distributable to the Limited Partners
pursuant to Section 9.

         14.6.    TAX INFORMATION. Within 90 days after the end of each fiscal
year of the Partnership, the General Partner shall use its best efforts to cause
to be delivered to the Limited Partners such information as shall be necessary
(including a statement for that year of each Limited Partner's share of net
profits, net gains and losses, and other items of the Partnership) for the
preparation by the Limited Partners of their federal and state income and other
tax returns.

         14.7.    FINANCIAL STATEMENTS. The General Partner shall use its best
efforts to cause to be delivered to the Limited Partners, within 90 days after
the end of each fiscal year of the Partnership, financial statements of the
Partnership from such fiscal year.

         14.8.    PARTNERSHIP TAX RETURN. In lieu of the reports required by
Sections 14.1 and 14.3, the General Partner may, in its discretion, cause to be
delivered to the Limited Partners a copy of the federal Partnership return for
each year, within thirty (30) days after such return has been filed.

         14.9.    BANK ACCOUNTS. The General Partner may elect to maintain a
special bank account or accounts in which shall be deposited all funds of the
Partnership. Withdrawals from such account or accounts shall be made upon the
signature of the General Partner.

         14.10.   NOTICES. Whenever any notice is required or permitted to be
given under any provisions of this Agreement, such notice shall be in writing,
signed by or on behalf of the person giving the notice, and shall be deemed to
have been given when delivered by personal delivery or mailed by certified mail,
postage prepaid, return receipt requested, addressed to the person or persons to
whom such notice is to be given as follows (or at such other address as shall be
stated on a notice similarly given):

                  a. If to the General Partner, at 290 Cocoanut Avenue,
Sarasota, Florida 34236.

                  b. If to the Limited Partners, such notice shall be given to
the Limited Partner at its respective address indicated herein, or at such other
address as may be furnished to the General Partner in writing.

         14.11.   BINDING EFFECT. Except as herein otherwise provided to the
contrary, this Agreement shall be binding upon and inure to the benefit of the
parties hereto, their

                                       23

<PAGE>

personal representatives, heirs, successors and permitted assigns.

         14.12.   NO ORAL MODIFICATION. No modification or waiver of this
Agreement or any part hereof shall be valid or effective unless in writing and
signed by the party or parties sought to be charged therewith; and no waiver of
any breach or condition of this Agreement shall be deemed to be a waiver of any
other subsequent breach or condition, whether of like or different nature.

         14.13.   APPLICABLE LAWS. This Agreement shall be governed by and
construed in accordance with the laws of Florida. The venue for any proceeding
brought to enforce the terms and provisions of this Agreement shall be agreed to
be in Sarasota County, Florida, or in the United States District Court, Middle
District of Florida, Tampa Division.

         14.14.   COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, and said counterparts
shall constitute but one and the same instrument which may be sufficiently
evidence by one counterpart.

         IN WITNESS WHEREOF, the parties hereto have executed and certified this
Agreement of Limited Partnership as of the day and year first above written.

                                  General Partner:

                                  Whitehall Homes at Miramar, Inc., a
                                  corporation organized and existing
                                  under the laws of Florida

                                  By  /s/ Ronald Mustari
                                      ------------------------
                                      As President

                                  Limited Partner:
                                  Miramar Investment Group One, LLC, a Florida
                                  Limited Liability Company

                                  By its Manager:

                                  Neilron Miramar Corporation, a Florida
                                  corporation

                                  By  /s/ [ILLEGIBLE]
                                      ------------------------
                                          Its President (Vice)

                                  Address of Limited Partnership:

                                  1717 Second Street, Suite A
                                  Sarasota, FL 34236

                                       24

<PAGE>

                                   EXHIBIT "C"

          Conditions Precedent to Limited Partner Capital Contributions

The obligations of the Limited Partner to fund its Capital Contribution is
subject to and contingent upon the satisfaction of the following conditions
precedent:

1.       The issuance of a Final Site Plan Approval of the Project by all
         governmental agencies having jurisdiction over such matters, including;
         but not limited to Lakewood Ranch; and

2.       The funding of an Acquisition and Development Loan by a Lender
         consistent with a written commitment which has been approved by the
         Limited Partner; and

3.       The Closing of a Revolving Construction Loan for Vertical Improvements
         by a Lender consistent with a written commitment letter which has been
         approved by the Limited Partner; and

4.       There being no material changes in the Development Plan. "Material
         Change" is defined either as a change, which shall increase any
         individual line item of the Budget in excess of 20%, or increase the
         total budget in excess of 10% in the aggregate of all line items of
         said Budget; and

5.       No event is in existence at the time of funding which would constitute
         the basis for removal of the Managing General Partner under the
         Agreement.

6.       There not being in existence any right of termination by the Buyer
         under the Purchase Agreement with SMR.

7.       There not being in existence any moratorium or threatened moratorium or
         similar governmental action, which would unreasonably interfere or
         adversely affect the ability of the Partnership to proceed with the
         immediate development of the Project.

General Partner shall provide written notice to the Limited Partner that he
expects the accomplishment of all of the foregoing within 10 business days from
the date of the Notice. A statement, in affidavit form, from the principal of
the General Partner that the foregoing has been satisfied shall be prima facie
evidence that the foregoing has been satisfied, and that funding of the total
capital contribution of the Limited Partner is due. Failure to complete the
funding of the total capital contribution of the Limited Partner within 10
business days after the receipt of the affidavit above shall be deemed a
default, and shall, in the sole discretion of the General Partner allow the
dissolution of the Partnership, and in such event, the Limited Partner shall be
entitled solely to the return of its capital contribution previously paid to the
Partnership (if any).

<PAGE>

          GUARANTEE OF PERFORMANCE. PLEDGE. HYPOTHECATION. AND SECURITY
                                    AGREEMENT

         THIS GUARANTEE OF PERFORMANCE, PLEDGE, HYPOTHECATION AND SECURITY
AGREEMENT ("Agreement"), dated as of__________________________, 2003, is
executed by and among RONALD MUSTARI and JOANNE MUSTARI, husband and wife,
("Mustari") and Whitehall Homes of Miramar, Inc., a Florida corporation
("Pledger") and Miramar Investment Group One, LLC, a Florida limited liability
company ("Pledgee").

WITNESSETH, THAT:

         WHEREAS, Pledgee has on or about even date herewith become a Limited
Partner in Whitehall Homes at Miramar Ltd., a Florida limited partnership
("Partnership"),in accordance with the Whitehall Homes at Miramar, Ltd., Limited
Partnership Agreement ("Partnership Agreement"), and

         WHEREAS, in accordance with, and pursuant to Section 7.11 j. of the
Partnership Agreement, Whitehall Homes at Miramar, Inc., the General Partner of
the Partnership, ("General Partner") has agreed as follows:

         "j. To comply with all of the terms and conditions of the Purchase
Agreement, and without limiting the generality of the foregoing, specifically to
take such actions and arrange such funding under the loans obtained by the
Partnership to acquire Phases II and III of the Property as provided for under
the Purchase Agreement on or before the required acquisition date specified
therefor in the Purchase Agreement. In addition to all of the rights of the
Limited Partner under this Agreement it is specifically provided that if the
Partnership does not acquire the Phase II and Phase II portions of the Property
under the Purchase Agreement, this is a material default by the General Partner,
and upon such default the General Partner shall not be entitled to any
distributions from the Partnership, except for the reimbursement provided for in
Section 9.4 of this Agreement until there has been distributed to the Limited
Partner the return of its entire capital contribution of $1,800,000.00. All
proceeds available from any source to the Partnership shall be distributed to
the Limited Partner until such amount has been distributed the Limited Partner."
(The obligations of the General Partner set forth hereinabove are hereinafter
referred to as the "Affirmative Obligations"), and

         WHEREAS, Mustari and Pledger have agreed to guarantee the performance
by the General Partner of the Affirmative Obligations, and

         WHEREAS, Pledger has agreed, as security for the performance of the
Affirmative Obligations by the General Partner, to grant, hypothecate and pledge
to Pledgee a security interest in the Collateral hereinafter described in this
Agreement.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and in order to induce Pledgee to enter into the
Partnership Agreement, the parties hereto agree as follows:

                                       1

<PAGE>

                                       I.
                              PERFORMANCE GUARANTEE

         Mustari and Pledgor do hereby, jointly and severally, irrevocably and
unconditionally guarantee to Pledgee the performance by General Partner of the
Affirmative Obligations.

                                       II.
                                     PLEDGE

         As security for the due and punctual performance by the General Partner
of the Affirmative Obligations, Pledger does hereby pledge, hypothecate, assign,
transfer and convey to Pledgee, its successors and assigns, and grants to
Pledgee, it successors and assigns, a security interest in and to the following
described property ("Collateral"):

All of Pledger's General Partner's Interest in Whitehall Homes at Edgewater
Moorings, Ltd., together with the right to collect and receive ail proceeds and
payments of any type,(including but not limited Distributions under Article IX)
payable or distributable pursuant to or arising out of the Whitehall Homes at
Edgewater Moorings, Ltd. Limited Partnership Agreement, and all proceeds
therefrom.

                                      III.
                         REPRESENTATIONS AND WARRANTIES

         Pledger hereby represents and warrants that: (a) Pledger is the legal
and equitable owner of the Collateral and its interests therein are free and
clear of all liens, security interests, charges and encumbrances of every kind
and nature; (b) Pledger has good right, power and lawful authority to pledge,
assign and deliver the Collateral in the manner hereby done or contemplated; (c)
no consent or approval (other than any which may be incidental to any filing
with a filing officer to perfect the security interests in the Collateral) of
any governmental body, regulatory authority, person, trust or entity is or will
be (i) necessary to the validity of the rights created hereunder or (ii)
required prior to assignment, transfer and delivery of any of the Collateral to
Pledgee; (d) to Pledger's knowledge, no material dispute, right of setoff,
counterclaim or defense exists with respect to all or any part of the
Collateral; and (e) this Agreement constitutes the legal, valid and binding
obligation of Pledger enforceable against Pledger and the Collateral in
accordance with its terms.

                                       IV.
                      COLLECTIONS ON COLLATERAL BY PLEDGEE

         Upon the failure of the General Partner to discharge and perform its
Affirmative Obligations as set forth above, Pledger shall hold all proceeds of
the Collateral in trust for Pledgee and shall promptly remit same to Pledgee,
and Pledgee shall without limitation be entitled to receive all Distributions,
payments, and proceeds that Pledger is entitled to receive as the General
Partner in Whitehall Homes at Edgewater Moorings, Ltd.

                                        2

<PAGE>

                                       V.
                                FURTHER ASSURANCE

         Pledger, upon request of Pledgee, will promptly correct any defect,
error or omission which may be discovered in the contents of this Agreement, or
in the execution hereof, and will do such further acts and things, and execute,
acknowledge and deliver such further instruments and agreements, and financing
statements covering and constituting Collateral, that Pledgee may at any time
and from time to time request in connection with administration or enforcement
of this Agreement or related to the Collateral or any part thereof or in order
to assure and confirm unto Pledgee the rights, powers, and remedies hereunder.

                                       VI.
                           EVENTS OF DEFAULT REMEDIES

         Upon failure of the General Partner to satisfy and discharge the
Affirmative Obligations, in addition to any and all other rights and remedies
which Pledgee may have hereunder, Pledgee shall be entitled to all rights and
remedies under under the Uniform Commercial Code of the State of Florida.

                                      VII.
                                     WAIVERS

         To the full extent that Pledgor may lawfully so agree, Pledgor will not
at any time plead, claim or take the benefit of any appraisement, valuation,
stay, extension, moratorium or redemption law now or hereafter in force in order
to prevent or delay enforcement of this Agreement, and Pledgor, for itself and
all who may claim under Pledgor, as far as Pledgor now or hereafter may, hereby
waives the benefit of all such laws. No delay on the part of Pledgee in
exercising any power, lien, option or other right hereunder and no notice or
demand which may be given to or made upon Pledgor with respect to any power,
lien, option or other right hereunder shall constitute a waiver thereof, or
limit or impair the right of Pledgee to take any action or to exercise any
option or any other right under this Agreement. Each and every remedy given
Pledgee shall, to the extent permitted by law, be cumulative and shall be in
addition to any other remedy given hereunder or now or hereafter existing at law
or in equity or by statute.

                                      VIII.
                                     NOTICE

         Any notice to Mustari or Pledgor hereunder shall be in writing and
shall be effective on the date on which manually delivered to an officer of
Pledgor or deposited in the United States mails in a property addressed and
stamped envelope addressed to:

                           Ronald and Joanne Mustari/and
                           Whitehall Homes of Edgewater Moorings, Inc.
                           290 Cocoanut Avenue
                           Sarasota, Florida 34236
                           Fax No: 941-954-3676

                                        3

<PAGE>

                           Copy to:

                           Larry Hankin, Esq.

                           Sarasota, Florida 34236
                           Fax No: 941-957-0558

                           or at such other address as Pledger may designate to
                           Pledgee.

                                       IX.
                                     FILING

         Pledgee shall have the right at any time to execute and file this
Agreement as a Financing Statement (or a separate UCC financing statement), but
failure of Pledgee to do so shall not impair the validity or enforceability of
this Agreement.

                                       X.
                               COSTS AND EXPENSES

         Pledger (i) will pay all reasonable out-of-pocket expenses, including,
without limitation, any recording or filing fees, (or any similar fees or
taxes), incurred by Pledgee in connection with administration of this Agreement
enforcement of the rights of Pledgee in connection with this Agreement and
including, without limitation, fees and disbursements of counsel for Pledgee,
and (ii) shall indemnify and hold harmless Pledgee for all liabilities with
respect to any action arising out of this Agreement.

                                       XI.
                                   TERMINATION

         This Agreement shall terminate only at such time as Pledgee has
received the sum of $1,800,00.00 as specified in Section 7.11(j) of the
Partnership Agreement, at which time Pledgee shall reassign and redeliver,
without recourse, or representation, or warranty by Pledgee, at the expense of
Pledger, to Pledger, such of the Collateral (if any) as shall then be under the
control of Pledgee, and not applied and paid to Pledgee as contemplated by this
Agreement, and/or which has not have been sold or otherwise disposed of by
Pledgee.

                                      XII.
                           NON-ASSUMPTION OF LIABILITY

         Pledgee shall not assume or become liable for, nor shall it be deemed
or construed to have assumed or become liable for, any obligation of Pledger
with respect to any of the Collateral, or otherwise, by reason of the grant to
it of security interests in the Collateral.

                                       4

<PAGE>

                                      XIII.
                                  GOVERNING LAW

         This Agreement shall be a contract made under and governed by the laws
of the State of Florida.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.

Witnesses:

 /s/ [ILLEGIBLE]                            /s/ Ronald Mustari
     ----------------------                 ----------------------------
                                                Ronald Mustari
___________________________
                                            /s/ Joanne Mustari
                                            ----------------------------
                                                Joanne Mustari

                                                  "MUSTARI"

                                            Whitehall Homes At Edgewater
                                            Moorings, Inc.

/s/ [ILLEGIBLE]                            By /s/ Ronald Mustari
    -----------------------                   ----------------------------
                                                  Ronald Mustari
                                                  As President
___________________________
                                                  "PLEDGOR"

                                            Miramar Investment Group, LLC, a
                                            Florida limited liability company,

                                            By Its Manager
                                            NEILRON Inc., a Florida corporation,

                                            By /s/ [ILLEGIBLE]
___________________________                    -----------------------------
                                                   As President

___________________________                       "PLEDGEE"

                                       5<PAGE>

                                                                     EXHIBIT 4.1

                       ADVANTA BUSINESS CARD MASTER TRUST

                                     ISSUER

                                       AND

                      DEUTSCHE BANK TRUST COMPANY AMERICAS

                                INDENTURE TRUSTEE

                       SERIES 2003-B INDENTURE SUPPLEMENT

                            DATED AS OF JUNE 1, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                              PAGE
                                                                                                                              ----
<S>                                                                                                                           <C>
ARTICLE I Creation of the Series 2003-B Notes..............................................................................     1
      Section 1.01            Designation..................................................................................     1

ARTICLE II Definitions.....................................................................................................     1
      Section 2.01            Definitions..................................................................................     1

ARTICLE III Servicing Fee and Interchange..................................................................................    15
      Section 3.01            Servicing Compensation; Interchange..........................................................    15

ARTICLE IV Rights of Series 2003-B Noteholders and Allocation and Application of Collections...............................    15
      Section 4.01            Collections and Allocations..................................................................    15
      Section 4.02            Determination of Monthly Interest............................................................    17
      Section 4.03            Determination of Monthly Principal...........................................................    19
      Section 4.04            Application of Available Finance Charge Collections and Available Principal Collections......    20
      Section 4.05            Investor Charge-Offs.........................................................................    23
      Section 4.06            Reallocated Principal Collections............................................................    23
      Section 4.07            Excess Finance Charge Collections............................................................    23
      Section 4.08            Shared Principal Collections.................................................................    23
      Section 4.09            Principal Funding Account....................................................................    24
      Section 4.10            Reserve Account..............................................................................    25
      Section 4.11            Cash Collateral Account......................................................................    27
      Section 4.12            Determination of LIBOR.......................................................................    29
      Section 4.13            Investment Instructions......................................................................    30

ARTICLE V Delivery of Series 2003-B Notes; Distributions; Reports to Series 2003-B Noteholders.............................    30
      Section 5.01            Delivery and Payment for the Series 2003-B Notes; Form and Denomination......................    30
      Section 5.02            Distributions................................................................................    30
      Section 5.03            Reports and Statements to Series 2003-B Noteholders..........................................    32

ARTICLE VI Series 2003-B Pay Out Events....................................................................................    32
      Section 6.01            Series 2003-B Pay Out Events.................................................................    32

ARTICLE VII Redemption of Series 2003-B Notes; Final Distributions; Series Termination.....................................    34
      Section 7.01            Optional Redemption of Series 2003-B Notes; Final Distributions..............................    34
      Section 7.02            Series Termination...........................................................................    35

ARTICLE VIII Miscellaneous Provisions......................................................................................    35
      Section 8.01            Ratification of Indenture....................................................................    35
      Section 8.02            Form of Delivery of the Series 2003-B Notes..................................................    35
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                           <C>
      Section 8.03            Additional Requirements for Registration of and Limitations on
                              Transfer and Exchange of Class D Notes.......................................................    35
      Section 8.04            Amendment....................................................................................    37
      Section 8.05            Counterparts.................................................................................    37
      Section 8.06            GOVERNING LAW................................................................................    37
      Section 8.07            Limitation of Liability......................................................................    38
      Section 8.08            Representations and Warranties of the Issuer.................................................    38
      Section 8.09            Tax Disclosure and Investor List Requirements................................................    39
</TABLE>

EXHIBITS

EXHIBIT A-1       FORM OF CLASS A NOTE

EXHIBIT A-2       FORM OF CLASS B NOTE

EXHIBIT A-3       FORM OF CLASS C NOTE

EXHIBIT A-4       FORM OF CLASS D NOTE

EXHIBIT B         FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                  NOTIFICATION TO THE INDENTURE TRUSTEE

EXHIBIT C         FORM OF MONTHLY STATEMENT

EXHIBIT D         FORM OF MONTHLY SERVICER'S CERTIFICATE

EXHIBIT E         FORM OF INVESTMENT LETTER

                                       ii

<PAGE>

         SERIES 2003-B INDENTURE SUPPLEMENT, dated as of June 1, 2003 (the
"INDENTURE SUPPLEMENT"), between WILMINGTON TRUST COMPANY, as Owner Trustee of
ADVANTA BUSINESS CARD MASTER TRUST, a common law trust organized and existing
under the laws of the State of Delaware (herein, the "ISSUER" or the "TRUST"),
and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as Bankers Trust
Company), a banking corporation organized and existing under the laws of the
State of New York, not in its individual capacity, but solely as indenture
trustee (herein, together with its successors in the trusts thereunder as
provided in the Master Indenture referred to below, the "INDENTURE TRUSTEE")
under the Master Indenture, dated as of August 1, 2000 (the "INDENTURE") between
the Issuer and the Indenture Trustee (the Indenture, together with this
Indenture Supplement, the "AGREEMENT").

         Pursuant to Section 2.12 of the Indenture, the Transferor may direct
the Issuer, to issue one or more Series of Notes. The Principal Terms of this
Series are set forth in this Indenture Supplement to the Indenture.

                                   ARTICLE I
                       Creation of the Series 2003-B Notes

         Section 1.01  Designation.

         (a)      There is hereby created and designated a Series of Notes to be
issued pursuant to the Indenture and this Indenture Supplement to be known as
"ADVANTA BUSINESS CARD MASTER TRUST, SERIES 2003-B ASSET BACKED NOTES" or the
"SERIES 2003-B NOTES." The Series 2003-B Notes shall be issued in four Classes,
the first of which shall be known as the "CLASS A SERIES 2003-B ASSET BACKED
NOTES," the second of which shall be known as the "CLASS B SERIES 2003-B ASSET
BACKED NOTES," the third of which shall be known as the "CLASS C SERIES 2003-B
ASSET BACKED NOTES," and the fourth of which shall be known as the "CLASS D
SERIES 2003-B ASSET BACKED NOTES."

         (b)      Series 2003-B shall be included in Group One and shall be a
Principal Sharing Series with respect to Group One only. Series 2003-B shall be
an Excess Allocation Series with respect to Group One only. Series 2003-B shall
not be subordinated to any other Series.

                                   ARTICLE II
                                   Definitions

         Section 2.01  Definitions.

         (a)      Whenever used in this Indenture Supplement, the following
words and phrases shall have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms
and the masculine as well as the feminine and neuter genders of such terms. All
capitalized terms not otherwise defined herein are defined in the Indenture, the
Transfer and Servicing Agreement or the Trust Agreement. Each capitalized term
defined herein shall relate only to the Series 2003-B Notes and no other Series
of Notes issued by the Issuer, unless the context otherwise requires. In the
event that any term or provision

<PAGE>

contained herein shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the Transfer and Servicing Agreement or
the Trust Agreement, the terms and provisions of this Indenture Supplement shall
be controlling.

         "Accumulation Period Factor" shall mean, (i) for the purpose of
calculating the Accumulation Period Length, with respect to any Monthly Period,
a fraction, the numerator of which is equal to the sum of the initial invested
amounts of all outstanding Series, and the denominator of which is equal to the
sum of (a) the Initial Invested Amount, (b) the initial invested amounts of all
outstanding Series (other than Series 2003-B) which are not expected to be in
their revolving periods, and (c) the initial invested amounts of all other
outstanding Series which are not allocating Shared Principal Collections to
other Series and are in their revolving periods and (ii) for the purpose of
calculating the Controlled Accumulation Amount, the Required Accumulation Factor
Number divided by the Accumulation Period Length; provided, however, that this
definition may be changed at anytime if the Rating Agency Condition is
satisfied.

         "Accumulation Period Length" shall have the meaning assigned such term
in subsection 4.04(e).

         "Accumulation Shortfall" shall mean (a) on the first Payment Date
during the Controlled Accumulation Period, zero and (b) on each subsequent
Payment Date during the Controlled Accumulation Period, the excess, if any, of
the Controlled Deposit Amount for the previous Payment Date over the amount
deposited into the Principal Funding Account pursuant to subsection 4.04(c)(i)
for the previous Payment Date.

         "Additional Interest" shall mean, with respect to any Payment Date,
Class A Additional Interest, Class B Additional Interest, Class C Additional
Interest and Class D Additional Interest for such Payment Date.

         "Adjusted Invested Amount" shall mean, as of any date of determination,
an amount equal to the Invested Amount as of such date, minus the amount on
deposit in the Principal Funding Account on such date.

         "Available Cash Collateral Account Amount" shall mean, with respect to
any Payment Date, an amount equal to the lesser of (a) the amount on deposit in
the Cash Collateral Account, including, notwithstanding the last paragraph of
Section 4.11(b), Investment Earnings, on such date (before giving effect to any
deposit to, or withdrawal from, the Cash Collateral Account made or to be made
with respect to such date) and (b) the Required Cash Collateral Account Amount
for such Payment Date.

         "Available Finance Charge Collections" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge
Collections for such Monthly Period, plus (b) Principal Funding Investment
Proceeds, if any, with respect to the related Payment Date, plus (c) amounts, if
any, to be withdrawn from the Reserve Account which will be deposited into the
Collection Account on the related Payment Date to be treated as Available
Finance Charge Collections pursuant to subsection 4.10(b) and subsection
4.10(d), plus (d) any Excess Finance Charge Collections with respect to other
Series in Group One that are allocated to Series 2003-B pursuant to Section
4.07.

                                     - 2 -

<PAGE>

         "Available Principal Collections" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period, minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to
Section 4.06 are required to be applied on the related Payment Date, plus (c)
any Shared Principal Collections with respect to other Principal Sharing Series
in Group One (including any amounts on deposit in the Excess Funding Account or
any amounts held by the holders of the Trust Beneficial Interests or
Certificates pending allocation and distribution on any Payment Date) pursuant
to Section 8.05 of the Indenture and Section 4.08 hereof that are allocated to
Series 2003-B, plus (d) the aggregate amount to be treated as Available
Principal Collections pursuant to subsections 4.04(a)(v) and (vi) for the
related Payment Date.

         "Available Reserve Account Amount" shall mean, with respect to any
Payment Date, the lesser of (a) the amount on deposit in the Reserve Account on
such date (after taking into account any interest and earnings retained in the
Reserve Account pursuant to subsection 4.10(b) on such date, but before giving
effect to any deposit to, or withdrawal from the Reserve Account made or to be
made on such date), and (b) the Required Reserve Account Amount.

         "Base Rate" shall mean, with respect to any Monthly Period, the per
annum rate (calculated on the basis of a 360-day year consisting of twelve (12)
30-day months) equal to the product of (i) the percentage equivalent of a
fraction, the numerator of which is equal to the sum of the Monthly Interest and
the Monthly Servicing Fee, each with respect to the related Payment Date, and
the denominator of which is the Invested Amount as of the close of business on
the last day of the immediately preceding Monthly Period, multiplied by (ii)
twelve (12).

         "Cash Collateral Account" shall have the meaning specified in
subsection 4.11(a).

         "Cash Collateral Account Deficiency" shall mean the excess, if any, of
the Required Cash Collateral Account Amount over the Available Cash Collateral
Account Amount.

         "Cash Collateral Account Percentage" shall mean, (i) 2.25%, if the
Quarterly Excess Spread Percentage on such Payment Date is greater than or equal
to 4.50%, (ii) 3.25%, if the Quarterly Excess Spread Percentage on such Payment
Date is less than 4.50% and greater than or equal to 4.00%, (iii) 4.25%, if the
Quarterly Excess Spread Percentage on such Payment Date is less than 4.00% and
greater than or equal to 3.50%; (iv) 4.75%, if the Quarterly Excess Spread
Percentage on such Payment Date is less than 3.50% and greater than or equal to
3.00%, (v) 5.25%, if the Quarterly Excess Spread Percentage on such Payment Date
is less than 3.00% and greater than or equal to 2.00%, (vi) 6.25%, if the
Quarterly Excess Spread Percentage is less than 2.00% and greater than 0.00%,
and (vii) 10.75%, if the Quarterly Excess Spread Percentage is less than 0%;
provided, however, if the Cash Collateral Account Percentage for any Payment
Date is higher than the Cash Collateral Account Percentage for the immediately
preceding Payment Date, the Cash Collateral Account Percentage shall not be
subsequently decreased to a lower percentage until the first Payment Date (a)
that falls on or after the third Payment Date following the Payment Date on
which the Cash Collateral Account Percentage had been increased and (b) on which
the Quarterly Excess Spread Percentage has increased to a level above that for
the then-current Cash Collateral Account Percentage, in which case the Cash
Collateral Account Percentage shall be decreased to the appropriate percentage
specified in clauses (i) through (vii) of the definition thereof; and provided
further, that if a Pay Out Event

                                     - 3 -

<PAGE>

with respect to Series 2003-B has occurred (other than a Pay Out Event described
in Section 6.01(e)), the Cash Collateral Account Percentage shall be 10.75% and
shall no longer be subject to reduction; and, provided, however, that the Cash
Collateral Account Percentage may be a lower amount designated by the
Transferor, provided, however, that the Transferor shall provide the Servicer
and the Indenture Trustee with evidence that the Rating Agency Condition with
respect to such designation shall have been satisfied.

         "Class A Additional Interest" shall have the meaning specified in
subsection 4.02(a).

         "Class A Interest Shortfall" shall have the meaning specified in
subsection 4.02(a).

         "Class A Monthly Interest" shall have the meaning specified in
subsection 4.02(a).

         "Class A Note Initial Principal Balance" shall mean $240,000,000.

         "Class A Note Interest Rate" shall mean a per annum rate of 0.35% in
excess of LIBOR as determined on the related LIBOR Determination Date with
respect to each Interest Period thereafter.

         "Class A Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
A Noteholders on or prior to such date.

         "Class A Noteholder" shall mean the Person in whose name a Class A Note
is registered in the Note Register.

         "Class A Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-1.

         "Class A Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(i)
over the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a).

         "Class B Additional Interest" shall have the meaning specified in
subsection 4.02(b).

         "Class B Interest Shortfall" shall have the meaning specified in
subsection 4.02(b).

         "Class B Monthly Interest" shall have the meaning specified in
subsection 4.02(b).

         "Class B Note Initial Principal Balance" shall mean $27,750,000.

         "Class B Note Interest Rate" shall mean a per annum rate of 1.65% in
excess of LIBOR as determined on the related LIBOR Determination Date with
respect to each Interest Period thereafter.

         "Class B Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class B Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
B Noteholders on or prior to such date.

                                     - 4 -

<PAGE>

         "Class B Noteholder" shall mean the Person in whose name a Class B Note
is registered in the Note Register.

         "Class B Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-2.

         "Class B Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(ii)
over the Available Finance Charge Collections applied to pay such amount
pursuant to subsection 4.04(a).

         "Class C Additional Interest" shall have the meaning specified in
subsection 4.02(c).

         "Class C Interest Shortfall" shall have the meaning specified in
subsection 4.02(c).

         "Class C Monthly Interest" shall have the meaning specified in
subsection 4.02(c).

         "Class C Note Initial Principal Balance" shall mean $21,750,000.

         "Class C Note Interest Rate" shall mean a per annum rate equal to 4.10%
in excess of LIBOR as determined on the related LIBOR Determination Date with
respect to each Interest Period thereafter.

         "Class C Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class C Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
C Noteholders on or prior to such date.

         "Class C Noteholder" shall mean the Person in whose name a Class C Note
is registered in the Note Register.

         "Class C Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-3.

         "Class C Required Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess of the amount described in subsection 4.04(a)(iv)
over the Available Finance Charge Collections and amounts withdrawn from the
Cash Collateral Account pursuant to Section 4.11(c) and, in each case, applied
to pay such amount pursuant to subsection 4.04(a).

         "Class D Additional Interest" shall have the meaning specified in
subsection 4.02(d).

         "Class D Note Assignee" shall have the meaning specified in subsection
8.03(a).

         "Class D Note Assignment" shall have the meaning specified in
subsection 8.03(a).

         "Class D Interest Shortfall" shall have the meaning specified in
subsection 4.02(d).

         "Class D Margin Percentage" shall mean 8.00%, unless another percentage
is selected by the Transferor in accordance with Section 4.02(f) of this
Indenture Supplement.

         "Class D Monthly Interest" shall have the meaning specified in
subsection 4.02(d).

                                     - 5 -

<PAGE>

         "Class D Note Initial Principal Balance" shall mean $10,500,000.

         "Class D Note Interest Rate" shall mean a per annum rate equal to the
sum of (a) the Class D Margin Percentage and (b) LIBOR as determined on the
related LIBOR Determination Date with respect to each Interest Period
thereafter.

         "Class D Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class D Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
D Noteholders on or prior to such date.

         "Class D Noteholder" shall mean the Person in whose name a Class D Note
is registered in the Note Register.

         "Class D Notes" shall mean any one of the Notes executed by the Issuer
and authenticated by or on behalf of the Indenture Trustee, substantially in the
form of EXHIBIT A-4.

         "Closing Date" shall mean June 20, 2003.

         "Controlled Accumulation Amount" shall mean, for any Payment Date
occurring during the Controlled Accumulation Period, $37,500,000; provided,
however, that if the Accumulation Period Length is determined to be less than 8
months pursuant to subsection 4.04(e), the Controlled Accumulation Amount for
each Payment Date with respect to the Controlled Accumulation Period will be
equal to (i) the product of (x) the Initial Invested Amount and (y) the
Accumulation Period Factor for such Monthly Period divided by (i) the Required
Accumulation Factor Number.

         "Controlled Accumulation Period" shall mean, unless a Pay Out Event
shall have occurred prior thereto, the period commencing at the close of
business on September 30, 2005 or such later date as is determined in accordance
with subsection 4.04(e), and ending on the first to occur of (a) the
commencement of the Early Amortization Period, (b) the payment in full of the
Note Principal Balance and (c) the Series 2003-B Final Maturity Date.

         "Controlled Deposit Amount" shall mean, for any Payment Date occurring
during the Controlled Accumulation Period, an amount equal to the sum of the
Controlled Accumulation Amount for such Payment Date and any existing
Accumulation Shortfall.

         "Covered Amount" shall mean an amount, determined as of each Payment
Date with respect to any Interest Period, equal to the product of (i) a
fraction, the numerator of which is the actual number of days in such Interest
Period and the denominator of which is 360, times (ii) the weighted average of
the Class A Note Interest Rate, the Class B Note Interest Rate and the Class C
Note Interest Rate in effect with respect to such Interest Period, times (iii)
the aggregate amount on deposit in the Principal Funding Account.

         "Early Amortization Period" shall mean the period commencing on the
Business Day on which a Pay Out Event with respect to Series 2003-B is deemed to
have occurred, and ending on the first to occur of (i) the payment in full of
the Note Principal Balance and (ii) the Series 2003-B Final Maturity Date.

                                     - 6 -

<PAGE>

         "Eligible Institution" shall mean any depository institution (which may
be the Owner Trustee or the Indenture Trustee) organized under the laws of the
United States or any one of the states thereof, or the District of Columbia (or
any domestic branch of a foreign bank), which depository institution at all
times (a) has FDIC deposit insurance and (b) has either (i) a long-term
unsecured debt rating of "AA-" by Standard & Poor's and "Aa2" by Moody's or (ii)
a certificate of deposit rating of "A-1+" by Standard & Poor's and "P-1" by
Moody's. Notwithstanding the previous sentence, any institution the appointment
of which satisfies the Rating Agency Condition shall be considered an Eligible
Institution. If so qualified, the Servicer may be considered an Eligible
Institution for the purposes of this definition.

         "Eligible Investments" shall mean the following securities,
instruments, security entitlement or other investment property, other than
securities issued by or obligations of the Seller:

         (a)      direct obligations of, or obligations fully guaranteed as to
timely payment of principal and interest by, the United States of America;

         (b)      demand deposits, time deposits or certificates of deposit
(having original maturities of no more than 365 days) of depository institutions
or trust companies incorporated under the laws of the United States of America
or any state thereof, or the District of Columbia (or domestic branches of
foreign banks) and subject to supervision and examination by federal or state
banking or depository institution authorities; provided that at the time of the
Trust's investment or contractual commitment to invest therein, the short-term
debt rating of such depository institution or trust company shall be "A-1+" by
Standard & Poor's and "P-1" by Moody's;

         (c)      commercial paper or other short-term obligations having
original or remaining maturities of no more than thirty (30) days, and having,
at the time of the Trust's investment or contractual commitment to invest
therein, a rating of "A-1+" by Standard & Poor's and "P-1" by Moody's;

         (d)      demand deposits, time deposits and certificates of deposit
which are fully insured by the FDIC having, at the time of the Trust's
investment therein, a rating of "A-1+" by Standard & Poor's and "P-1" by
Moody's;

         (e)      notes or bankers' acceptances (having original maturities of
no more than 365 days) issued by any depository institution or trust company
referred to in clause (b) above;

         (f)      money market funds having, at the time of the Trust's
investment therein, a rating of "A-1+" by Standard & Poor's and "P-1" by Moody's
(including funds for which the Indenture Trustee or any of its Affiliates is
investment manager or advisor);

         (g)      time deposits (having maturities not later than the succeeding
Payment Date) other than as referred to in clause (d) above, with a Person the
commercial paper of which has a credit rating of "A-1+" by Standard and Poor's
and "P-1" by Moody's; and

         (h)      any other investment of a type or rating that satisfies the
Rating Agency Condition.

                                     - 7 -

<PAGE>

         "Excess Spread Percentage" shall mean with respect to any Payment Date,
a percentage equal to the Net Portfolio Yield for the preceding Monthly Period
minus the Base Rate for the preceding Monthly Period.

         "Expected Final Principal Payment Date" shall mean the June 2006
Payment Date.

         "Finance Charge Shortfall" shall have the meaning specified in Section
4.07.

         "Finance Charge and Administrative Receivables" shall have the meaning
specified in the Transfer and Servicing Agreement.

         "Fixed Investor Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, (a) the numerator of which is the Invested Amount as of the close of
business on the last day of the Revolving Period and (b) the denominator of
which is the greater of (i) the sum of (A) the total amount of Principal
Receivables in the Trust as of the close of business on the last day of the
immediately preceding Monthly Period (or with respect to the first Monthly
Period, the total amount of Principal Receivables in the Trust as of the close
of business on the Closing Date) and (B) the principal amount on deposit in the
Excess Funding Account as of the close of business on such last day (or with
respect to the first Monthly Period, the Closing Date) and (ii) the sum of the
numerators used to calculate the investor percentages for allocations with
respect to Principal Receivables for all Series outstanding as of the date as to
which such determination is being made; provided, however, that with respect to
any Monthly Period in which a Reset Date occurs, the amount in clause (b)(i)(A)
above shall be (1) the aggregate amount of Principal Receivables in the Trust as
of the close of business on the last day of the prior Monthly Period, for the
period from and including the first day of the prior Monthly Period to but
excluding the related Reset Date, and (2) the aggregate amount of Principal
Receivables in the Trust as of the opening of business on the related Reset Date
after adjusting for the aggregate amount of Principal Receivables added to or
removed from the Trust on the related Reset Date, for the period from and
including the related Reset Date, to and including the last day of such Monthly
Period.

         "Floating Investor Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, (a) the numerator of which is the Adjusted Invested Amount as of the
close of business on the last day of the preceding Monthly Period (or with
respect to the first Monthly Period, the Initial Invested Amount) and (b) the
denominator of which is the greater of (i) the sum of (A) the total amount of
Principal Receivables in the Trust as of the close of business on the last day
of the immediately preceding Monthly Period (or with respect to the first
Monthly Period, the total amount of Principal Receivables in the Trust as of the
close of business on the Closing Date) and (B) the principal amount on deposit
in the Excess Funding Account as of the close of business on such last day (or
with respect to the first Monthly Period, as of the Closing Date) and (ii) the
sum of the numerators used to calculate the investor percentages for allocations
with respect to Finance Charge and Administrative Receivables, Defaulted Amounts
or Principal Receivables, as applicable, for all Series outstanding as of the
date as to which such determination is being made; provided, however, that with
respect to any Monthly Period in which a Reset Date occurs, the amount in clause
(b)(i)(A) above shall be (1) the aggregate amount of Principal Receivables in
the Trust as of the close of business on the last day of the prior Monthly
Period, for the period

                                     - 8 -

<PAGE>

from and including the first day of such Monthly Period to but excluding the
related Reset Date and (2) the aggregate amount of Principal Receivables in the
Trust as of the opening of business on the related Reset Date after adjusting
for the aggregate amount of Principal Receivables added to or removed from the
Trust on the related Reset Date, for the period from and including the related
Reset Date to and including the last day of such Monthly Period.

         "Group One" shall mean Series 1997-A, Series 2000-B, Series 2000-C,
Series 2001-A, Series 2002-A, Series 2003-A, Series 2003-B and each other Series
hereafter specified in the related indenture supplement to be included in Group
One.

         "Initial Invested Amount" shall mean $300,000,000.

         "Interest Period" shall mean, with respect to any Payment Date, the
period from and including the Payment Date immediately preceding such Payment
Date (or, in the case of the first Payment Date, from and including the Closing
Date) to but excluding such Payment Date.

         "Invested Amount" shall mean, as of any date of determination, an
amount equal to (i) the initial principal amount of the Series 2003-B Notes,
minus (ii) the amount of principal previously paid to the Series 2003-B
Noteholders, minus (iii) the excess, if any, of the aggregate amount of Investor
Charge-Offs and Reallocated Principal Collections over the reimbursements of
such amounts pursuant to subsection 4.04(a)(vi) prior to such date.

         "Investment Earnings" shall mean, with respect to any Payment Date, all
interest and earnings on Eligible Investments included in the Cash Collateral
Account (net of losses and investment expenses) during the period commencing on
and including the Payment Date immediately preceding such Payment Date and
ending on but excluding such Payment Date.

         "Investment Letter" shall have the meaning specified in subsection
8.03(a).

         "Investor Charge-Off" shall have the meaning specified in Section 4.05.

         "Investor Default Amount" shall mean, with respect to any Payment Date,
an amount equal to the product of (a) the Defaulted Amount for the related
Monthly Period and (b) the Floating Investor Percentage for such Monthly Period.

         "Investor Finance Charge Collections" shall mean, with respect to any
Monthly Period, an amount equal to the Investor Percentage for such Monthly
Period of (a) Collections of Finance Charge and Administrative Receivables
(including Recoveries treated as Collections of Finance Charge and
Administrative Receivables) deposited in the Collection Account for such Monthly
Period and (b) Interchange treated as Investor Finance Charge Collections for
such Monthly Period pursuant to subsection 3.01(b).

         "Investor Percentage" shall mean, for any Monthly Period, (a) with
respect to Defaulted Amounts and Finance Charge and Administrative Receivables
at any time and Principal Receivables during the Revolving Period, the Floating
Investor Percentage and (b) with respect to Principal Receivables during the
Controlled Accumulation Period or the Early Amortization Period, the Fixed
Investor Percentage.

                                     - 9 -

<PAGE>

         "Investor Principal Collections" shall mean, with respect to any
Monthly Period, the aggregate amount retained in the Collection Account for
Series 2003-B pursuant to subsection 4.01(c)(ii) for such Monthly Period and any
amount treated as Investor Principal Collections for Series 2003-B pursuant to
Section 8.03(b) of the Indenture.

         "LIBOR" shall mean, the London interbank offered rate for one-month
United States dollar deposits determined by the Indenture Trustee for each such
Interest Period in accordance with the provisions of Section 4.12.

         "LIBOR Determination Date" shall mean (i) June 18, 2003 for the period
from and including the Closing Date through and including July 20, 2003, (ii)
July 17, 2003 for the period from and including July 21, 2003 through and
including August 19, 2003 and (iii) the second London Business Day prior to the
commencement of the second and each subsequent Interest Period.

         "London Business Day" shall mean any Business Day on which dealings in
deposits in United States dollars are transacted in the London interbank
market.

         "Monthly Interest" shall mean, with respect to any Payment Date, the
sum of the Class A Monthly Interest, the Class B Monthly Interest, the Class C
Monthly Interest and the Class D Monthly Interest for such Payment Date.

         "Monthly Principal" shall mean the monthly principal distributable in
respect of the Notes as calculated in accordance with Section 4.03.

         "Monthly Principal Reallocation Amount" shall mean, with respect to any
Monthly Period, an amount equal to the sum of:

                  (A)      the lower of (i) the Class A Required Amount and (ii)
the product of (a) 20.00% and (b) (x) the Initial Invested Amount minus (y) the
amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the related Monthly Period) and unreimbursed Reallocated
Principal Collections (as of the previous Payment Date); and

                  (B)      the lower of (i) the sum of the Class B Required
Amount and the Servicing Fee Required Amount and (ii) the product of (a) 10.75%
and (b) (x) the Initial Invested Amount minus (y) the amount of unreimbursed
Investor Charge-Offs (after giving effect to Investor Charge-Offs for the
related Monthly Period) and unreimbursed Reallocated Principal Collections (as
of the previous Payment Date and as required in (A) above); and

                  (C)      the lower of (i) the Class C Required Amount and (ii)
the product of (a) 3.50% and (b) (x) the Initial Invested Amount minus (y) the
amount of unreimbursed Investor Charge-Offs (after giving effect to Investor
Charge-Offs for the related Monthly Period) and unreimbursed Reallocated
Principal Collections (as of the previous Payment Date and as required in (A)
and (B) above).

         "Monthly Servicing Fee" shall have the meaning specified in subsection
3.01(a).

                                     - 10 -

<PAGE>

         "Moody's" shall mean Moody's Investors Service, Inc. and any successor
in interest thereto.

         "Net Portfolio Yield" shall mean, with respect to any Monthly Period,
the per annum rate (calculated on the basis of a 360-day year consisting of
twelve (12) 30-day months) equal to the product of (I) the percentage equivalent
of a fraction, (a) the numerator of which is equal to the sum of (i) Investor
Finance Charge Collections with respect to such Monthly Period, plus (ii) the
Principal Funding Investment Proceeds deposited into the Collection Account on
the Payment Date related to such Monthly Period, plus (iii) the amount of the
Reserve Draw Amount (up to the Available Reserve Account Amount) plus any
amounts of interest and earnings described in Section 4.10, each deposited into
the Collection Account on the Payment Date relating to such Monthly Period, such
sum to be calculated on a cash basis after subtracting the Investor Default
Amount for such Monthly Period, and (b) the denominator of which is the Invested
Amount as of the last day of the prior Monthly Period, multiplied by (II) twelve
(12); provided, however, that Excess Finance Charge Collections that are
allocated to Series 2003-B with respect to such Monthly Period may be added to
the numerator if the Transferor shall have provided ten (10) Business Days prior
written notice of such action to each Rating Agency and the Transferor, the
Servicer and the Indenture Trustee shall have received notification in writing
that such action will not result in any Rating Agency reducing or withdrawing
its then existing rating of the Notes of any outstanding Series or Class with
respect to which it is a Rating Agency.

         "Note Principal Balance" shall mean, on any date of determination, an
amount equal to the sum of the Class A Note Principal Balance, the Class B Note
Principal Balance, the Class C Note Principal Balance and the Class D Note
Principal Balance.

         "Payment Date" shall mean August 20, 2003 and the twentieth day of each
calendar month thereafter, or if such twentieth day is not a Business Day, the
next succeeding Business Day.

         "Percentage Allocation" shall have the meaning set forth in subsection
4.01(c).

         "Principal Funding Account" shall have the meaning set forth in
subsection 4.09(a).

         "Principal Funding Account Balance" shall mean, with respect to any
date of determination, the principal amount, if any, on deposit in the Principal
Funding Account on such date of determination.

         "Principal Funding Investment Proceeds" shall mean, with respect to
each Payment Date, the investment earnings on funds in the Principal Funding
Account (net of investment expenses and losses) for the period from and
including the immediately preceding Payment Date to but excluding such Payment
Date.

         "Private Holder" shall mean each holder of a right to receive interest
or principal in respect of any direct or indirect interest in the Trust,
including any financial instrument or contract the value of which is determined
in whole or in part by reference to the Trust (including the assets of the
Trust, income of the Trust or distributions made by the Trust), but excluding
any interest in the Trust represented by any Series or Class of Notes or any
other interest as to which the Transferor has provided to the Indenture Trustee
an Opinion of Counsel to the effect that

                                     - 11 -

<PAGE>

such Series, Class or other interest will be treated as debt or otherwise not as
an equity interest in either the Trust or the Receivables for federal income tax
purposes, in each case, provided such interest is not convertible or
exchangeable into an interest in the Trust or the Trust's income or equivalent
value. Notwithstanding the immediately preceding sentence, (i) "Private Holder"
shall also include any other Person that the Transferor determines is, may be,
or may become a "partner" within the meaning of Section 1.7704-1(h)(1)(ii)
(including by reason of Section 1.7704-1(h)(3)) of the United States Treasury
Regulations. "Private Holders" shall include the Holders of the Trust Beneficial
Interest or other ownership interest or any interest in either, the Servicer and
the Class D Noteholders. Any Person holding more than one interest in the Trust
each of which separately would cause such Person to be a Private Holder shall be
treated as a single Private Holder. Each holder of an interest in a Private
Holder which is a partnership, S corporation or a grantor trust under the Code
shall be treated as a Private Holder unless excepted with the consent of the
Transferor.

         "Quarterly Excess Spread Percentage" shall mean (a) with respect to the
August 2003 Payment Date, the Excess Spread Percentage for the August 2003
Payment Date, (b) with respect to the September 2003 Payment Date, the
percentage equivalent of a fraction the numerator of which is the sum of (i) the
Excess Spread Percentage for the August 2003 Payment Date and (ii) the Excess
Spread Percentage for the September 2003 Payment Date and the denominator of
which is two, (c) with respect to the October 2003 Payment Date, the percentage
equivalent of a fraction the numerator of which is the sum of (i) the Excess
Spread Percentage for the August 2003 Payment Date, (ii) the Excess Spread
Percentage for the September 2003 Payment Date and (iii) the Excess Spread
Percentage for the October 2003 Payment Date and the denominator of which is
three, (d) with respect to the November 2003 Payment Date and each Payment Date
thereafter, the percentage equivalent of a fraction the numerator of which is
the sum of the Excess Spread Percentages for the then-current Payment Date and
the immediately preceding two Payment Dates and the denominator of which is
three.

         "Rating Agency" shall mean each of Standard & Poor's and Moody's.

         "Reallocated Principal Collections" shall mean, with respect to any
Payment Date, Investor Principal Collections applied in accordance with Section
4.06 in an amount not to exceed the Monthly Principal Reallocation Amount for
the related Monthly Period.

         "Reassignment Amount" shall mean, with respect to any Payment Date,
after giving effect to any deposits and distributions otherwise to be made on
such Payment Date, the sum of (i) the Note Principal Balance on such Payment
Date, plus (ii) Monthly Interest for such Payment Date and any Monthly Interest
previously due but not distributed to the Series 2003-B Noteholders, plus (iii)
the amount of Additional Interest, if any, for such Payment Date and any
Additional Interest previously due but not distributed to the Series 2003-B
Noteholders on a prior Payment Date.

         "Reference Banks" shall mean three major banks in the London interbank
market selected by the Servicer.

         "Required Accumulation Factor Number" shall be equal to a fraction,
rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is

                                     - 12 -

<PAGE>

equal to the lowest monthly principal payment rate on the Accounts, expressed as
a decimal, for the 12 months preceding the date of such calculation; provided,
however, that this definition may be changed at any time if the Rating Agency
Condition is satisfied.

         "Required Cash Collateral Account Amount" shall mean, (a) prior to the
occurrence of an Event of Default with respect to Series 2003-B, with respect to
any date of determination, the product of (i) the Cash Collateral Account
Percentage in effect on such date and (ii) the Initial Invested Amount; provided
that the Required Cash Collateral Account Amount shall not exceed the sum of the
Class C Note Principal Balance and the Class D Note Principal Balance, minus the
excess, if any, of the Principal Funding Account Balance over the sum of the
Class A Note Principal Balance and the Class B Note Principal Balance on such
date of determination and (b) after the occurrence of an Event of Default with
respect to Series 2003-B, for any Payment Date, the sum of (i) the amount on
deposit in the Cash Collateral Account on such Payment Date (including any
amount transferred from the Reserve Account to the Cash Collateral Account
pursuant to Section 4.10(e)), plus (ii) Available Finance Charge Collections for
such Payment Date remaining after application of such amounts pursuant to
subsection 4.04(a)(vii); provided, however, that if after the occurrence of an
Event of Default with respect to Series 2003-B the maturity of the Series 2003-B
Notes is not accelerated, the Required Cash Collateral Account Amount shall not
exceed the Note Principal Balance.

         "Required Reserve Account Amount" shall mean, with respect to any
Payment Date on or after the Reserve Account Funding Date, an amount equal to
(a) the product of (i) 0.50% of the Note Principal Balance as of the preceding
Payment Date and (ii) a fraction the numerator of which is the number of Monthly
Periods scheduled to be included in the Controlled Accumulation Period as of
such date and the denominator of which is eight (except that if such numerator
is one, the Required Reserve Account Amount determined pursuant to this clause
(a) shall be $0), or (b) any other amount designated by the Transferor;
provided, however, that if such designation is of a lesser amount, the
Transferor shall (i) provide the Servicer and the Indenture Trustee with
evidence that the Rating Agency Condition with respect to such designation shall
have been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Transferor, such
designation will not cause a Pay Out Event or an event that, after the giving of
notice or the lapse of time, would cause a Pay Out Event to occur with respect
to Series 2003-B.

         "Required Transferor Interest" shall have the meaning specified in the
Indenture.

         "Reserve Account" shall have the meaning specified in subsection
4.10(a).

         "Reserve Account Funding Date" shall mean the date designated by the
Servicer which occurs not later than the earliest of (a) the Payment Date with
respect to the Monthly Period which commences 3 months prior to the commencement
of the Controlled Accumulation Period or (b) such other date designated by the
Servicer.

         "Reserve Account Surplus" shall mean, as of any Payment Date following
the Reserve Account Funding Date, the amount, if any, by which the amount on
deposit in the Reserve Account exceeds the Required Reserve Account Amount.

                                     - 13 -

<PAGE>

         "Reserve Draw Amount" shall mean, with respect to each Payment Date
during the Controlled Accumulation Period or the first Payment Date during the
Early Amortization Period, the amount, if any, by which the Principal Funding
Investment Proceeds for such Payment Date are less than the Covered Amount
determined as of such Payment Date.

         "Reset Date" shall mean, any date that is (i) an Addition Date, (ii) a
date on which the issuance of additional Notes of an Outstanding Series occurs,
(iii) a date on which an increase or decrease in the Invested Amount of any
Series that is a variable principal funding Series occurs or (iv) a Removal
Date.

         "Revolving Period" shall mean the period beginning on the Closing Date
and ending on the earlier of the close of business on the day the Controlled
Accumulation Period commences or the Early Amortization Period commences.

         "Series 2003-B" shall mean the Series of Notes the terms of which are
specified in this Indenture Supplement.

         "Series 2003-B Final Maturity Date" shall mean the earlier to occur of
(a) the Payment Date on which the Note Principal Balance is paid in full and (b)
the December 2008 Payment Date.

         "Series 2003-B Note" shall mean a Class A Note, a Class B Note, a Class
C Note or a Class D Note.

         "Series 2003-B Noteholder" shall mean a Class A Noteholder, a Class B
Noteholder, a Class C Noteholder or a Class D Noteholder.

         "Series 2003-B Pay Out Event" shall have the meaning specified in
Section 6.01.

         "Series 2003-B Principal Shortfall" shall have the meaning specified in
subsection 4.08.

         "Servicing Fee Rate" shall mean 2% per annum, which may be changed
pursuant to subsection 3.01(c).

         "Servicing Fee Required Amount" shall mean, with respect to any Payment
Date, an amount equal to the excess of the amount described in subsection
4.04(a)(iii) over the Available Finance Charge Collections applied to pay such
amount pursuant to subsection 4.04(a).

         "Standard & Poor's" shall mean Standard & Poor's, a division of the
McGraw-Hill Companies, Inc. and any successor in interest thereto.

         "Telerate Page 3750" shall mean the display page currently so
designated on the Moneyline Telerate Service (or such other page as may replace
that page in that service for the purpose of displaying comparable rates or
prices).

         (b)      The words "HEREOF," "HEREIN," "HEREUNDER" and words of similar
import when used in this Indenture Supplement shall refer to this Indenture
Supplement as a whole and not to any particular provision of this Indenture
Supplement; references to any Article, subsection,

                                      - 14 -

<PAGE>

Section or Exhibit are references to Articles, subsections, Sections and
Exhibits in or to this Indenture Supplement unless otherwise specified; and the
term "INCLUDING" means "INCLUDING WITHOUT LIMITATION."

                                   ARTICLE III
                          Servicing Fee and Interchange

         Section 3.01 Servicing Compensation; Interchange.

         (a)      Servicing Fee. The Servicer shall determine the share of the
Servicing Fee allocable to Series 2003-B with respect to any Payment Date (the
"MONTHLY SERVICING FEE"), which shall be equal to one-twelfth of the product of
(a) the Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the
last day of the Monthly Period preceding such Payment Date, minus (ii) the
product of the amount, if any, on deposit in the Excess Funding Account as of
the last day of the Monthly Period preceding such Payment Date and the Floating
Investor Percentage with respect to such Monthly Period; provided, however, that
with respect to the first Payment Date, the Monthly Servicing Fee shall be equal
to $500,000. The remainder of the Monthly Servicing Fee shall be paid by the
holder of the Trust Beneficial Interest or the noteholders of other Series (as
provided in the related Indenture Supplements) and in no event shall the Trust,
the Indenture Trustee or the Series 2003-B Noteholders be liable for the share
of the Servicing Fee to be paid by the holder of the Trust Beneficial Interest
or the Noteholders of any other Series. To the extent that the Monthly Servicing
Fee is not paid in full pursuant to the preceding provisions of this Section
3.01 and Section 4.04, it shall be paid by the holder of the Trust Beneficial
Interest.

         (b)      Interchange. On or before each Determination Date, the
Servicer shall notify the Transferor of the amount of Interchange to be included
as Investor Finance Charge Collections with respect to the preceding Monthly
Period as determined pursuant to this subsection 3.01(b). Such amount of
Interchange shall be equal to the product of (i) the amount of Interchange
attributable to the Accounts, as reasonably estimated by the Servicer, and (ii)
the Floating Investor Percentage. On each Payment Date, the Servicer shall
deposit into the Collection Account, in immediately available funds, the amount
of Interchange to be so included as Investor Finance Charge Collections with
respect to the preceding Monthly Period and such Interchange shall be treated as
a portion of Investor Finance Charge Collections for all purposes of this
Indenture Supplement, the Indenture and the Transfer and Servicing Agreement.

         (c)      The Servicing Fee Rate may be increased upon the written
direction of Series 2003-B Noteholders holding 66 2/3% or more of the
then-outstanding note principal balance of each Class of the Series 2003-B Notes
and upon the written confirmation from each rating agency then rating any Class
of the Series 2003-B Notes that the increase in the Servicing Fee Rate will not
cause a reduction or withdrawal of the rating of any outstanding Class.

                                   ARTICLE IV
                       Rights of Series 2003-B Noteholders
                  and Allocation and Application of Collections

         Section 4.01 Collections and Allocations.

                                     - 15 -

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         (a)      Allocations. Collections of Finance Charge and Administrative
Receivables and Principal Receivables and Defaulted Receivables allocated to
Series 2003-B pursuant to Article VIII of the Indenture shall be allocated and
distributed as set forth in this Article.

         (b)      Payments to the Transferor. The Servicer shall, on Deposit
Dates, withdraw from the Collection Account and pay to the holders of Trust
Beneficial Interests or Certificates the following amounts:

                  (i)      an amount equal to the Transferor Percentage of
Collections of Finance Charge and Administrative Receivables to the extent such
amount is deposited in the Collection Account; and

                  (ii)     an amount equal to the Transferor Percentage of
Collections of Principal Receivables deposited in the Collection Account, if the
Transferor Interest (determined after giving effect to any Principal Receivables
transferred to the Trust on such Deposit Date) exceeds zero and otherwise shall
be deposited in the Excess Funding Account.

         The withdrawals to be made from the Collection Account pursuant to this
subsection 4.01(b) do not apply to deposits into the Collection Account that do
not represent Collections, including payment of the purchase price for the
Receivables or the Notes pursuant to, respectively, Section 2.06 or Section 7.01
of the Transfer and Servicing Agreement and payment of the purchase price for
the Series 2003-B Notes pursuant to Section 7.01 of this Indenture Supplement.

         (c)      Allocations to the Series 2003-B Noteholders. The Servicer
shall, prior to the close of business on any Deposit Date, allocate to the
Series 2003-B Noteholders the following amounts as set forth below:

                  (i)      Allocations of Finance Charge Collections. The
Servicer shall, allocate to the Series 2003-B Noteholders and deposit in the
Collection Account for application as provided herein an amount equal to the
product of (A) the Investor Percentage and (B) the aggregate amount of
Collections of Finance Charge and Administrative Receivables for such Deposit
Date.

                  (ii)     Allocations of Principal Collections. The Servicer
shall allocate to the Series 2003-B Noteholders the following amounts as
set forth below:

                           (x)      Allocations During the Revolving Period.
         During the Revolving Period, an amount equal to the product of (I) the
         Investor Percentage and (II) the aggregate amount of Collections of
         Principal Receivables on such Deposit Date shall be allocated to the
         Series 2003-B Noteholders and, following allocation in accordance with
         Section 4.04(b) hereof and Section 8.05 of the Indenture, shall be paid
         to the holders of Trust Beneficial Interests or Certificates only if
         the Transferor Interest on such date is greater than the Required
         Transferor Interest (after giving effect to all Principal Receivables
         transferred to the Trust on such day) and otherwise shall be deposited
         in the Excess Funding Account.

                           (y)      Allocations During the Controlled
         Accumulation Period. During the Controlled Accumulation Period an
         amount equal to the product of (I) the Investor

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<PAGE>

         Percentage and (II) the aggregate amount of Collections of Principal
         Receivables deposited in the Collection Account on such Deposit Date
         (the product for any such date is hereinafter referred to as a
         "PERCENTAGE ALLOCATION") shall be allocated to the Series 2003-B
         Noteholders and retained in the Collection Account until deposited
         monthly in the Principal Funding Account as provided herein; provided,
         however, that if the sum of such Percentage Allocation and all
         preceding Percentage Allocations with respect to the same Monthly
         Period exceeds the Controlled Deposit Amount during the Controlled
         Accumulation Period for the related Payment Date, then such excess
         shall not be treated as a Percentage Allocation and, following
         allocation in accordance with Section 4.08 hereof and Section 8.05 of
         the Indenture, shall be paid to the holders of Trust Beneficial
         Interests or Certificates only if the Transferor Interest on such date
         is greater than the Required Transferor Interest (after giving effect
         to all Principal Receivables transferred to the Trust on such day) and
         otherwise shall be deposited in the Excess Funding Account.

                           (z)      Allocations During the Early Amortization
         Period. During the Early Amortization Period, an amount equal to the
         product of (I) the Investor Percentage and (II) the aggregate amount of
         Collections of Principal Receivables deposited in the Collection
         Account on such Deposit Date, shall be allocated to the Series 2003-B
         Noteholders and retained in the Collection Account until applied as
         provided herein; provided, however, that after the date on which an
         amount of such Collections equal to the Adjusted Invested Amount has
         been deposited into the Collection Account and allocated to the Series
         2003-B Noteholders, such amount, following allocation in accordance
         with Section 4.08 hereof and Section 8.05 of the Indenture, shall be
         paid to the holders of Trust Beneficial Interests or Certificates only
         if the Transferor Interest on such date is greater than the Required
         Transferor Interest (after giving effect to all Principal Receivables
         transferred to the Trust on such day) and otherwise shall be deposited
         in the Excess Funding Account.

         Section 4.02 Determination of Monthly Interest.

         (a)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS A MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class A Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class A Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class A Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the initial Payment
Date, the Class A Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine the excess, if any (the "CLASS A INTEREST SHORTFALL"), of (x)
the Class A Monthly Interest for such Payment Date over (y) the aggregate amount
of funds allocated and available to pay such Class A Monthly Interest on such
Payment Date. If the Class A Interest Shortfall with respect to any Payment Date
is greater than zero, on each subsequent Payment Date until such Class A
Interest Shortfall is fully paid, an additional amount ("CLASS A ADDITIONAL
INTEREST") equal to the product of (i) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of
which is 360, times (ii) the Class A Note Interest Rate in effect with respect
to the related Interest Period, times (iii) such Class A Interest Shortfall (or
the

                                     - 17 -

<PAGE>

portion thereof which has not been paid to the Class A Noteholders) shall be
payable as provided herein with respect to the Class A Notes. Notwithstanding
anything to the contrary herein, Class A Additional Interest shall be payable or
distributed to the Class A Noteholders only to the extent permitted by
applicable law.

         (b)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS B MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class B Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class B Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class B Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the initial Payment
Date, the Class B Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine the excess, if any (the "CLASS B INTEREST SHORTFALL"), of (x)
the Class B Monthly Interest for such Payment Date over (y) the aggregate amount
of funds allocated and available to pay such Class B Monthly Interest on such
Payment Date. If the Class B Interest Shortfall with respect to any Payment Date
is greater than zero, on each subsequent Payment Date until such Class B
Interest Shortfall is fully paid, an additional amount ("CLASS B ADDITIONAL
INTEREST") equal to the product of (i) a fraction, the numerator of which is the
actual number of days in the related Interest Period and the denominator of
which is 360, times (ii) the Class B Note Interest Rate in effect with respect
to the related Interest Period, times (iii) such Class B Interest Shortfall (or
the portion thereof which has not been paid to the Class B Noteholders) shall be
payable as provided herein with respect to the Class B Notes. Notwithstanding
anything to the contrary herein, Class B Additional Interest shall be payable or
distributed to the Class B Noteholders only to the extent permitted by
applicable law.

         (c)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS C MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class C Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class C Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class C Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the initial Payment
Date, the Class C Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine an amount (the "CLASS C INTEREST SHORTFALL") equal to (x) the
aggregate Class C Monthly Interest for such Payment Date minus (y) the aggregate
amount of funds allocated and available to pay such Class C Monthly Interest,
including, but not limited to, the Available Cash Collateral Account Amount, on
such Payment Date. If the Class C Interest Shortfall with respect to any Payment
Date is greater than zero, on each subsequent Payment Date until such Class C
Interest Shortfall is fully paid, an additional amount ("CLASS C ADDITIONAL
INTEREST") shall be payable as provided herein with respect to the Class C Notes
equal to the product of (i) a fraction, the numerator of which is the actual
number of days in the related Interest Period and the denominator of which is
360, times (ii) the Class C Note Interest Rate in effect with respect to the
related Interest Period, times (iii) such Class C Interest Shortfall (or the
portion thereof which has not been paid to the Class C Noteholders (after giving
effect to the application of the

                                     - 18 -

<PAGE>

proceeds of any draw made on the Cash Collateral Account as provided in Section
4.04(a)(iv) and Section 4.11(c) for the purpose of paying such amount with
respect to such Payment Date)). Notwithstanding anything to the contrary herein,
Class C Additional Interest shall be payable or distributed to the Class C
Noteholders only to the extent permitted by applicable law.

         (d)      Subject to Section 4.02(e), the amount of monthly interest
("CLASS D MONTHLY INTEREST") distributable from the Collection Account with
respect to the Class D Notes on any Payment Date shall be an amount equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, times (ii)
the Class D Note Interest Rate in effect with respect to the related Interest
Period, times (iii) the Class D Note Principal Balance as of the close of
business on the related Record Date (or, with respect to the initial Payment
Date, the Class D Note Initial Principal Balance).

         On the Determination Date preceding each Payment Date, the Servicer
shall determine an amount (the "CLASS D INTEREST SHORTFALL") equal to (x) the
aggregate Class D Monthly Interest for such Payment Date minus (y) the aggregate
amount of funds allocated and available to pay such Class D Monthly Interest,
including, but not limited to, the Available Cash Collateral Account Amount
(after giving effect to any reduction in such amount after application of funds
therefrom pursuant to Section 4.02(c)), on such Payment Date. If the Class D
Interest Shortfall with respect to any Payment Date is greater than zero, on
each subsequent Payment Date until such Class D Interest Shortfall is fully
paid, an additional amount ("CLASS D ADDITIONAL INTEREST") shall be payable as
provided herein with respect to the Class D Notes equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (ii) the Class D Note
Interest Rate in effect with respect to the related Interest Period, times (iii)
such Class D Interest Shortfall (or the portion thereof which has not been paid
to the Class D Noteholders (after giving effect to the application of the
proceeds of any draw made on the Cash Collateral Account as provided in Section
4.04(a)(viii) and Section 4.11(c) for the purpose of paying such amount with
respect to such Payment Date)). Notwithstanding anything to the contrary herein,
Class D Additional Interest shall be payable or distributed to the Class D
Noteholders only to the extent permitted by applicable law.

         (e)      The amount of Class A Monthly Interest, Class B Monthly
Interest, Class C Monthly Interest and Class D Monthly Interest distributable
pursuant to Section 4.02(a), (b), (c) and (d) above on the first Payment Date
will equal the sum of the interest accrued at the applicable rate from the
Closing Date through and including July 20, 2003 based on LIBOR determined on
June 18, 2003 and the interest accrued from July 21, 2003 through and including
August 19, 2003 based on LIBOR determined on July 17, 2003.

         (f)      The Transferor may change the Class D Margin Percentage with
the prior written consent of each Rating Agency and without the prior consent of
any Noteholder, so long as all of the Class D Notes are held by the Transferor
or an Affiliate of the Transferor; provided, however, that the Class D Margin
Percentage shall not exceed 8.00% at any time.

         Section 4.03 Determination of Monthly Principal. The amount of monthly
principal distributable from the Collection Account with respect to the Notes on
each Payment Date (the "MONTHLY PRINCIPAL"), beginning with the Payment Date in
the month following the month in

                                     - 19 -

<PAGE>

which the Controlled Accumulation Period or, if earlier, the Early Amortization
Period, begins, shall be equal to the least of (i) the Available Principal
Collections on deposit in the Collection Account with respect to such Payment
Date, (ii) for each Payment Date during the Controlled Accumulation Period, the
Controlled Deposit Amount for such Payment Date and (iii) the Adjusted Invested
Amount (after taking into account any adjustments to be made on such Payment
Date pursuant to Sections 4.05 and 4.06) prior to any deposit into the Principal
Funding Account on such Payment Date.

         Section 4.04 Application of Available Finance Charge Collections and
Available Principal Collections. The Servicer shall apply, or shall cause the
Indenture Trustee to apply, by written instruction to the Indenture Trustee, on
each Payment Date, Available Finance Charge Collections and Available Principal
Collections with respect to such Payment Date to make the following
distributions:

         (a)      On each Payment Date, an amount equal to the Available Finance
Charge Collections with respect to such Payment Date will be distributed or
deposited in the following priority:

                  (i)      an amount equal to Class A Monthly Interest for such
Payment Date, plus the amount of any Class A Monthly Interest previously due but
not distributed to Class A Noteholders on a prior Payment Date, plus the amount
of any Class A Additional Interest for such Payment Date, plus the amount of any
Class A Additional Interest previously due but not distributed to Class A
Noteholders on a prior Payment Date, shall be distributed to the Paying Agent
for payment to Class A Noteholders on such Payment Date;

                  (ii)     an amount equal to Class B Monthly Interest for such
Payment Date, plus the amount of any Class B Monthly Interest previously due but
not distributed to Class B Noteholders on a prior Payment Date, plus the amount
of any Class B Additional Interest for such Payment Date, plus the amount of any
Class B Additional Interest previously due but not distributed to Class B
Noteholders on a prior Payment Date, shall be distributed to the Paying Agent
for payment to Class B Noteholders on such Payment Date;

                  (iii)    an amount equal to the Monthly Servicing Fee for such
Payment Date, plus the amount of any Monthly Servicing Fee previously payable
pursuant to this clause (iii) for a prior Payment Date but not paid to the
Servicer, shall be paid to the Servicer unless such amount has been netted
against deposits to the Collection Account in accordance with Section 8.04 of
the Indenture;

                  (iv)     an amount equal to Class C Monthly Interest for such
Payment Date, plus the amount of any Class C Monthly Interest previously due but
not distributed to the Class C Noteholders on a prior Payment Date, plus the
amount of any Class C Additional Interest for such Payment Date, plus the amount
of any Class C Additional Interest previously due but not distributed to the
Class C Noteholders on a prior Payment Date shall be distributed to the Paying
Agent for payment to the Class C Noteholders on such Payment Date; provided,
however, that, in the event that the sum of Class C Monthly Interest exceeds the
amount of Available Finance Charge Collections available (after giving effect to
subsections 4.04(a)(i) through (iii) above) to fund such Class C Monthly
Interest and Class C Additional Interest, a draw will be made from

                                     - 20 -

<PAGE>

amounts available for distribution in the Cash Collateral Account (at the times
and in the amounts specified in Section 4.11) and shall be distributed to the
Paying Agent for payment to the Class C Noteholders on such Payment Date in
accordance with this subsection 4.04(a)(iv);

                  (v)      an amount equal to the Investor Default Amount, if
any, for the related Monthly Period shall be treated as a portion of Available
Principal Collections for such Payment Date;

                  (vi)     an amount equal to the sum of the aggregate amount of
Investor Charge-Offs and the amount of Reallocated Principal Collections which
have not been previously reimbursed pursuant to this subparagraph (vi) shall be
treated as a portion of Available Principal Collections for such Payment Date;

                  (vii)    on each Payment Date from and after the Reserve
Account Funding Date, but prior to the date on which the Reserve Account
terminates as described in subsection 4.10(f), an amount up to the excess, if
any, of the Required Reserve Account Amount over the Available Reserve Account
Amount shall be deposited into the Reserve Account;

                  (viii)   an amount equal to Class D Monthly Interest for such
Payment Date, plus the amount of any Class D Monthly Interest previously due but
not distributed to the Class D Noteholders on a prior Payment Date, plus the
amount of any Class D Additional Interest for such Payment Date, plus the amount
of any Class D Additional Interest previously due but not distributed to the
Class D Noteholders on a prior Payment Date shall be distributed to the Paying
Agent for payment to the Class D Noteholders on such Payment Date; provided,
however, that, in the event that the sum of Class D Monthly Interest exceeds the
amount of Available Finance Charge Collections available (after giving effect to
subsections 4.04(a)(i) through (vii) above) to fund such Class D Monthly
Interest and Class D Additional Interest, a draw will be made from amounts
available for distribution in the Cash Collateral Account (at the times and in
the amounts specified in Section 4.11) and shall be distributed to the Paying
Agent for payment to the Class D Noteholders on such Payment Date in accordance
with this subsection 4.04(a)(viii);

                  (ix)     an amount equal to the amounts required to be
deposited in the Cash Collateral Account pursuant to Section 4.11(f) shall be
deposited into the Cash Collateral Account as provided in Section 4.11(f);

                  (x)      the balance, if any, will constitute a portion of
Excess Finance Charge Collections for such Payment Date and will be available
for allocation to other Series in Group One as described in Section 8.08 of the
Indenture; and

                  (xi)     to the extent not applied as set forth in clause (x),
any remaining amounts will be paid to the holders of Trust Beneficial Interests
or Certificates.

         (b)      On each Payment Date with respect to the Revolving Period, an
amount equal to the Available Principal Collections for the related Monthly
Period shall be treated as Shared Principal Collections and applied in
accordance with Section 8.05 of the Indenture.

                                     - 21 -

<PAGE>

         (c)      On each Payment Date during the Controlled Accumulation Period
or the Early Amortization Period, an amount equal to the Available Principal
Collections for the related Monthly Period shall be distributed or deposited in
the following order of priority:

                  (i)      during the Controlled Accumulation Period, an amount
equal to the Monthly Principal for such Payment Date shall be deposited into the
Principal Funding Account;

                  (ii)     during the Early Amortization Period, an amount equal
to the Monthly Principal for such Payment Date shall be distributed to the
Paying Agent for payment to the Class A Noteholders on such Payment Date and on
each subsequent Payment Date until the Class A Note Principal Balance has been
paid in full;

                  (iii)    during the Early Amortization Period, after the Class
A Note Principal Balance has been paid in full, an amount equal to the Monthly
Principal remaining, if any, shall be distributed to the Paying Agent for
payment to the Class B Noteholders on such Payment Date and on each subsequent
Payment Date until the Class B Note Principal Balance has been paid in full;

                  (iv)     during the Early Amortization Period, after the Class
A Note Principal Balance and the Class B Note Principal Balance have been paid
in full, an amount equal to the Monthly Principal remaining, if any, shall be
distributed to the Paying Agent for payment to the Class C Noteholders on such
Payment Date and on each subsequent Payment Date until the Class C Note
Principal Balance has been paid in full;

                  (v)      during the Early Amortization Period, after the Class
A Note Principal Balance, the Class B Note Principal Balance and the Class C
Note Principal Balance have been paid in full, an amount equal to the Monthly
Principal remaining, if any, shall be distributed to the Paying Agent for
payment to the Class D Noteholders on such Payment Date and on each subsequent
Payment Date until the Class D Note Principal Balance has been paid in full; and

                  (vi)     in the case of each of the Controlled Accumulation
Period and the Early Amortization Period, the balance of such Available
Principal Collections remaining after application in accordance with clause (i)
or (v) above shall be treated as Shared Principal Collections and applied in
accordance with Section 8.05 of the Indenture.

         (d)      On the earlier to occur of (i) the first Payment Date during
the Early Amortization Period and (ii) the Expected Final Principal Payment
Date, the Indenture Trustee, acting in accordance with written instructions from
the Servicer, shall withdraw from the Principal Funding Account and distribute
to the Paying Agent for payment to the Class A Noteholders, the Class B
Noteholders, the Class C Noteholders and the Class D Noteholders, in that order
of priority, the amounts deposited into the Principal Funding Account pursuant
to subsection 4.04(c)(i).

         (e)      The Controlled Accumulation Period is scheduled to commence at
the close of business on September 30, 2005; provided, however, that, if the
Accumulation Period Length (determined as described below) is less than 8
months, the date on which the Controlled Accumulation Period actually commences
will be delayed to the first Business Day of the month that is the number of
whole months prior to the Expected Final Principal Payment Date at least

                                     - 22 -

<PAGE>

equal to the Accumulation Period Length and, as a result, the number of Monthly
Periods in the Controlled Accumulation Period will at least equal the
Accumulation Period Length. On the Determination Date immediately preceding the
Reserve Account Funding Date, and each Determination Date thereafter until the
Controlled Accumulation Period begins, the Servicer will determine the
"ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such
that the sum of the Accumulation Period Factors for each month during such
period will be equal to or greater than the Required Accumulation Factor Number;
provided, however, that the Accumulation Period Length will not be determined to
be less than one month; provided further, however, that the determination of the
Accumulation Period Length may be changed at any time if the Rating Agency
Condition is satisfied.

         Section 4.05 Investor Charge-Offs. On each Determination Date, the
Servicer shall calculate the Investor Default Amount, if any, for the related
Payment Date. If, on any Payment Date, the Investor Default Amount for such
Payment Date exceeds the amount of Available Finance Charge Collections
allocated with respect thereto pursuant to subsection 4.04(a)(v) with respect to
such Payment Date, the Invested Amount (after giving effect to any reductions
for any Reallocated Principal Collections on such Payment Date) will be reduced
by the amount of such excess, but not by more than the lesser of the Investor
Default Amount and the Invested Amount (after giving effect to any reductions
for any Reallocated Principal Collections on such Payment Date) for such Payment
Date (such reduction, an "INVESTOR CHARGE-OFF").

         Section 4.06 Reallocated Principal Collections. On each Payment Date,
the Servicer shall apply, or shall cause the Indenture Trustee to apply,
Reallocated Principal Collections with respect to such Payment Date, to fund any
deficiency pursuant to and in the priority set forth in subsections 4.04(a)(i),
(ii), (iii) and (iv). On each Payment Date, the Invested Amount shall be reduced
by the amount of Reallocated Principal Collections for such Payment Date.

         Section 4.07 Excess Finance Charge Collections. Series 2003-B shall be
an Excess Allocation Series with respect to Group One only. Subject to Section
8.08 of the Indenture, Excess Finance Charge Collections with respect to the
Excess Allocation Series in Group One for any Payment Date will be allocated to
Series 2003-B in an amount equal to the product of (x) the aggregate amount of
Excess Finance Charge Collections with respect to all the Excess Allocation
Series in Group One for such Payment Date and (y) a fraction, the numerator of
which is the Finance Charge Shortfall for Series 2003-B for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such Payment
Date. The "FINANCE CHARGE SHORTFALL" for Series 2003-B for any Payment Date will
be equal to the excess, if any, of (a) the full amount required to be paid,
without duplication, pursuant to subsections 4.04(a)(i) through (viii) on such
Payment Date over (b) the Available Finance Charge Collections with respect to
such Payment Date (excluding any portion thereof attributable to Excess Finance
Charge Collections).

         Section 4.08 Shared Principal Collections. Subject to Section 8.05 of
the Indenture, Shared Principal Collections with respect to the Series in Group
One for any Payment Date will be allocated to Series 2003-B in an amount equal
to the product of (x) the aggregate amount of Shared Principal Collections with
respect to all Principal Sharing Series in Group One for such Payment Date and
(y) a fraction, the numerator of which is the Series 2003-B Principal Shortfall
for such Payment Date and the denominator of which is the aggregate amount of
Principal

                                     - 23 -

<PAGE>

Shortfalls for all the Series which are Principal Sharing Series in Group One
for such Payment Date. The "SERIES 2003-B PRINCIPAL SHORTFALL" will be equal to
(a) for any Payment Date with respect to the Revolving Period or the Early
Amortization Period, zero; (b) for any Payment Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Payment Date over the amount of Available Principal
Collections for such Payment Date (excluding any portion thereof attributable to
Shared Principal Collections).

         Section 4.09 Principal Funding Account.

         (a)      The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2003-B Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "PRINCIPAL FUNDING ACCOUNT"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2003-B Noteholders. The Indenture Trustee shall possess all right, title
and interest in all funds on deposit from time to time in the Principal Funding
Account and in all proceeds thereof. The Principal Funding Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Series 2003-B Noteholders. If at any time the institution holding the
Principal Funding Account ceases to be an Eligible Institution, the Servicer
shall notify the Indenture Trustee in writing, and the Indenture Trustee upon
being so notified (or the Servicer on its behalf) shall, within ten (10)
Business Days, establish a new Principal Funding Account meeting the conditions
specified above with an Eligible Institution, and shall transfer any cash or any
investments to such new Principal Funding Account. The Indenture Trustee, at the
written direction of the Servicer, shall (i) make withdrawals from the Principal
Funding Account from time to time, in the amounts and for the purposes set forth
in this Indenture Supplement, and (ii) on each Payment Date (from and after the
commencement of the Controlled Accumulation Period) prior to the termination of
the Principal Funding Account, make deposits into the Principal Funding Account
in the amounts specified in, and otherwise in accordance with, subsection
4.04(c)(i).

         (b)      Funds on deposit in the Principal Funding Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Eligible Investments. Funds on deposit in the Principal Funding Account on any
Payment Date, after giving effect to any deposits to or withdrawals from the
Principal Funding Account on such Payment Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Payment Date.

         The Indenture Trustee shall hold such of the Eligible Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with

                                     - 24 -

<PAGE>

entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.

         On each Payment Date during the Controlled Accumulation Period and on
the first Payment Date to occur during the Early Amortization Period, the
Indenture Trustee, acting at the Servicer's written direction given on or before
such Payment Date, shall transfer from the Principal Funding Account to the
Collection Account the Principal Funding Investment Proceeds on deposit in the
Principal Funding Account for application as Available Finance Charge
Collections in accordance with Section 4.04.

         Principal Funding Investment Proceeds (including reinvested interest)
shall not be considered part of the amounts on deposit in the Principal Funding
Account for purposes of this Indenture Supplement.

         Section 4.10 Reserve Account.

         (a)      The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2003-B Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "RESERVE ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2003-B
Noteholders. The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Reserve Account and in all
proceeds thereof. The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2003-B
Noteholders. If at any time the institution holding the Reserve Account ceases
to be an Eligible Institution, the Servicer shall notify the Indenture Trustee
in writing, and the Indenture Trustee upon being so notified (or the Servicer on
its behalf) shall, within ten (10) Business Days, establish a new Reserve
Account meeting the conditions specified above with an Eligible Institution, and
shall transfer any cash or any investments to such new Reserve Account. The
Indenture Trustee, at the written direction of the Servicer, shall (i) make
withdrawals from the Reserve Account from time to time in an amount up to the
Available Reserve Account Amount at such time, for the purposes set forth in
this Indenture Supplement, and (ii) on each Payment Date (from and after the
Reserve Account Funding Date) prior to termination of the Reserve Account, make
a deposit into the Reserve Account in the amount specified in, and otherwise in
accordance with, subsection 4.04(a)(vii).

         (b)      Funds on deposit in the Reserve Account shall be invested at
the written direction of the Servicer by the Indenture Trustee in Eligible
Investments. Funds on deposit in the Reserve Account on any Payment Date, after
giving effect to any deposits to or withdrawals from the Reserve Account on such
Payment Date, shall be invested in such investments that will

                                     - 25 -

<PAGE>

mature so that such funds will be available for withdrawal on or prior to the
following Payment Date.

         The Indenture Trustee shall hold such of the Eligible Investments as
consist of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible Investments as constitute investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.

         On each Payment Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Payment Date on funds on
deposit in the Reserve Account shall be retained in the Reserve Account (to the
extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and the balance, if any, shall be deposited into the
Collection Account and included in Available Finance Charge Collections for such
Payment Date. For purposes of determining the availability of funds or the
balance in the Reserve Account for any reason under this Indenture Supplement,
except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.

         (c)      On or before each Payment Date during the Controlled
Accumulation Period and on or before the first Payment Date to occur during the
Early Amortization Period, the Servicer shall calculate the Reserve Draw Amount;
provided, however, that such amount will be reduced to the extent that funds
otherwise would be available for deposit in the Reserve Account under Section
4.04(a)(vii) with respect to such Payment Date.

         (d)      In the event that for any Payment Date the Reserve Draw Amount
is greater than zero, the Reserve Draw Amount, up to the Available Reserve
Account Amount, shall be withdrawn from the Reserve Account on such Payment Date
by the Indenture Trustee (acting in accordance with the written instructions of
the Servicer) and deposited into the Collection Account for application as
Available Finance Charge Collections for such Payment Date.

         (e)      In the event that the Reserve Account Surplus on any Payment
Date, after giving effect to all deposits to and withdrawals from the Reserve
Account with respect to such Payment Date, is greater than zero, the Indenture
Trustee, acting in accordance with the written instructions of the Servicer,
shall withdraw from the Reserve Account an amount equal to such

                                     - 26 -

<PAGE>

Reserve Account Surplus and (i) deposit such amounts in the Cash Collateral
Account, to the extent that funds on deposit in the Cash Collateral Account are
less than the Required Cash Collateral Account Amount, and (ii) distribute any
such amounts remaining after application pursuant to subsection 4.10(e)(i) to
the holders of Trust Beneficial Interests or Certificates.

         (f)      Upon the earliest to occur of (i) the termination of the Trust
pursuant to Article VIII of the Trust Agreement, (ii) the first Payment Date to
occur during the Early Amortization Period and (iii) the Expected Final
Principal Payment Date, the Indenture Trustee, acting in accordance with the
written instructions of the Servicer, after the prior payment of all amounts
owing to the Series 2003-B Noteholders that are payable from the Reserve Account
as provided herein, shall withdraw from the Reserve Account all amounts, if any,
on deposit in the Reserve Account and (x) deposit such amounts in the Cash
Collateral Account, to the extent that funds on deposit in the Cash Collateral
Account are less than the Required Cash Collateral Account Amount, and (y)
distribute any such amounts remaining after application pursuant to subsection
4.10(f)(x) to the holders of the Trust Beneficial Interests or Certificates. The
Reserve Account shall thereafter be deemed to have terminated for purposes of
this Indenture Supplement.

         Section 4.11 Cash Collateral Account.

         (a)      On or prior to the Closing Date, the Servicer shall establish
and maintain with an Eligible Institution, which may be the Indenture Trustee in
the name of the Trust, on behalf of the Trust, for the benefit of the Class C
Noteholders and the Class D Noteholders, a segregated account with the corporate
trust department of such Eligible Institution (the "CASH COLLATERAL ACCOUNT"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Class C Noteholders and the Class D Noteholders.
Except as otherwise provided in this Section 4.11, the Indenture Trustee shall
possess all right, title and interest in all funds on deposit from time to time
in the Cash Collateral Account and in all proceeds thereof. The Cash Collateral
Account shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Class C Noteholders and the Class D Noteholders. If at
any time the institution holding the Cash Collateral Account ceases to be an
Eligible Institution, the Servicer shall notify the Indenture Trustee in
writing, and the Indenture Trustee upon being so notified (or the Servicer on
its behalf) shall, within ten (10) Business Days (or such longer period as to
which the Rating Agencies may consent) establish a new Cash Collateral Account
meeting the conditions specified above with an Eligible Institution and shall
transfer any cash or any investments to such new Cash Collateral Account. The
Indenture Trustee, at the written direction of the Servicer, shall (i) make
withdrawals from the Cash Collateral Account from time to time in an amount up
to the Available Cash Collateral Account Amount at such time, for the purposes
set forth in this Indenture Supplement, and (ii) on each Payment Date prior to
termination of the Cash Collateral Account, make a deposit into the Cash
Collateral Account in the amount specified in, and otherwise in accordance with,
subsection 4.11(f).

         (b)      Funds on deposit in the Cash Collateral Account shall be
invested at the written direction of the Servicer by the Indenture Trustee in
Eligible Investments. Funds on deposit in the Cash Collateral Account on any
Payment Date, after giving effect to any withdrawals from and deposits to the
Cash Collateral Account on such Payment Date, shall be invested in such
investments that will mature so that such funds will be available for withdrawal
on or prior to the following Payment Date.

                                     - 27 -

<PAGE>

         The Indenture Trustee shall hold such of the Eligible Investments as
consists of instruments, deposit accounts, negotiable documents, money, goods,
letters of credit, and advices of credit in the State of New York. The Indenture
Trustee shall hold such of the Eligible Investments as constitutes investment
property through a securities intermediary, which securities intermediary shall
agree with the Indenture Trustee that (a) such investment property shall at all
times be credited to a securities account of the Indenture Trustee, (b) such
securities intermediary shall treat the Indenture Trustee as entitled to
exercise the rights that comprise each financial asset credited to such
securities account, (c) all property credited to such securities account shall
be treated as a financial asset, (d) such securities intermediary shall comply
with entitlement orders originated by the Indenture Trustee without the further
consent of any other person or entity, (e) such securities intermediary will not
agree with any person or entity other than the Indenture Trustee to comply with
entitlement orders originated by such other person or entity, (f) such
securities accounts and the property credited thereto shall not be subject to
any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC. Except as permitted by this subsection 4.11(b), the Indenture Trustee shall
not hold Eligible Investments through an agent or a nominee.

         On each Payment Date (but subject to subsections 4.11(c) and 4.11(d)),
the Investment Earnings, if any, accrued since the preceding Payment Date on
funds on deposit in the Cash Collateral Account shall be retained in the Cash
Collateral Account and applied as other funds therein are applied. For purposes
of determining the availability of funds or the balance in the Cash Collateral
Account for any reason under this Indenture Supplement (subject to subsections
4.11(c) and 4.11(d)), all Investment Earnings shall be deemed not to be
available or on deposit.

         (c)      If, on any Payment Date, the aggregate amount available for
distribution pursuant to subsections 4.04(a)(iv) and 4.04(a)(viii), including,
but not limited to, any amount available pursuant to Section 4.07, is less than
the aggregate amount required to be distributed pursuant to subsections
4.04(a)(iv) and 4.04(a)(viii) (without giving effect to any limitation based on
Available Finance Charge Collections), the Indenture Trustee, at the written
direction of the Servicer, shall withdraw from the Cash Collateral Account the
amount of such deficiency up to the Available Cash Collateral Account Amount
and, if the Available Cash Collateral Account Amount is less than such
deficiency, Investment Earnings credited to the Cash Collateral Account, and
deposit such amount in the Collection Account for payment first to the Class C
Noteholders in respect of interest on the Class C Notes to the extent of any
deficiency in amounts otherwise available under subsection 4.04(a)(iv) and then
to the Class D Noteholders in respect of interest on the Class D Notes in
accordance with Section 4.04.

         (d)      On the Series 2003-B Final Maturity Date, the Indenture
Trustee at the written direction of the Servicer shall withdraw from the Cash
Collateral Account an amount equal to the lesser of (i) the sum of the Class C
Note Principal Balance and the Class D Note Principal Balance (after any
payments to be made pursuant to subsection 4.04(c) on such date) and (ii) the
Available Cash Collateral Account Amount and, if the Available Cash Collateral
Account Amount is not sufficient to reduce first, the Class C Note Principal
Balance and then, the Class D Note Principal Balance to zero, Investment
Earnings credited to the Cash Collateral Account up

                                     - 28 -

<PAGE>

to the amount required to reduce each of the Class C Note Principal Balance and
the Class D Note Principal Balance to zero, and the Indenture Trustee or the
Servicer shall deposit such amounts into the Collection Account for distribution
first, to the Class C Noteholders and then, to the Class D Noteholders in
accordance with subsections 5.02(f) and 5.02(h).

         (e)      On any day following the occurrence of an Event of Default
with respect to Series 2003-B and acceleration of the maturity of the Series
2003-B Notes pursuant to Section 5.03 of the Indenture, the Servicer shall
withdraw from the Cash Collateral Account an amount equal to the Available Cash
Collateral Account Amount and the Indenture Trustee or the Servicer shall
deposit such amounts into the Collection Account for distribution to the Class C
Noteholders and the Class D Noteholders, in that order of priority, in
accordance with Section 5.02, to fund any shortfalls in amounts owed to such
Noteholders.

         (f)      If on any Payment Date, after giving effect to all withdrawals
from the Cash Collateral Account, the Available Cash Collateral Account Amount
is less than the Required Cash Collateral Account Amount then in effect,
Available Finance Charge Collections, minus the amount described in clause (d)
of the definition of Available Finance Charge Collections, shall be deposited
into the Cash Collateral Account under the circumstances set forth in subsection
4.04(a)(ix) up to the amount of the Cash Collateral Account Deficiency.

         (g)      If on any Payment Date, after giving effect to all withdrawals
from and deposits to the Cash Collateral Account, the amount on deposit in the
Cash Collateral Account would exceed the Required Cash Collateral Account Amount
then in effect, the Indenture Trustee shall, at the written direction of the
Servicer, release such excess to the Transferor. On the date on which each of
the Class C Note Principal Balance and the Class D Note Principal Balance has
been paid in full (including amounts to be paid to the Class C Noteholders and
the Class D Noteholders pursuant to subsection 4.11(d) above), the Indenture
Trustee, at the written direction of the Servicer, shall withdraw from the Cash
Collateral Account all amounts then remaining in the Cash Collateral Account and
pay such amounts to the Transferor.

         Section 4.12 Determination of LIBOR.

         (a)      On each LIBOR Determination Date, the Indenture Trustee shall
determine LIBOR on the basis of the rate for deposits in United States dollars
having a maturity of one month commencing on such LIBOR Determination Date which
appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If
such rate does not appear on Telerate Page 3750, LIBOR for that LIBOR
Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London
interbank market for a one-month period and in an amount of not less than U.S.
$1,000,000. The Indenture Trustee shall request the principal London office of
each of the Reference Banks to provide a quotation of its rate. If at least two
(2) such quotations are provided, LIBOR for that LIBOR Determination Date shall
be the arithmetic mean of the quotations. If fewer than two (2) quotations are
provided as requested, LIBOR for that LIBOR Determination Date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the Servicer, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period
and in an amount of not less than U.S. $1,000,000; provided, that, if the

                                     - 29 -

<PAGE>

banks selected by the Servicer are not quoting such rates, LIBOR for that LIBOR
Determination Date will be the same as LIBOR for the immediately preceding LIBOR
Determination Date.

         (b)      The Class A Note Interest Rate, the Class B Note Interest
Rate, the Class C Note Interest Rate and the Class D Note Interest Rate
applicable to the then current and the immediately preceding Interest Periods
may be obtained by telephoning the Indenture Trustee at its corporate trust
office at (800) 735-7777 or such other telephone number as shall be designated
by the Indenture Trustee for such purpose by prior written notice by the
Indenture Trustee to each Series 2003-B Noteholder from time to time.

         (c)      On each LIBOR Determination Date, the Indenture Trustee shall
send to the Transferor by facsimile transmission, notification of LIBOR for the
following Interest Period.

         Section 4.13 Investment Instructions. Any investment instructions
required to be given to the Indenture Trustee pursuant to the terms hereof must
be given to the Indenture Trustee no later than 11:00 a.m., New York City time,
on the date such investment is to be made. In the event the Indenture Trustee
receives such investment instruction later than such time, the Indenture Trustee
may, but shall have no obligation to, make such investment. In the event the
Indenture Trustee is unable to make an investment required in an investment
instruction received by the Indenture Trustee after 11:00 a.m., New York City
time, on such day, such investment shall be made by the Indenture Trustee on the
next succeeding Business Day. In no event shall the Indenture Trustee be liable
for any investment not made pursuant to investment instructions received after
11:00 a.m., New York City time, on the day such investment is requested to be
made.

                                   ARTICLE V
                        Delivery of Series 2003-B Notes;
               Distributions; Reports to Series 2003-B Noteholders

         Section 5.01 Delivery and Payment for the Series 2003-B Notes; Form and
Denomination. The Issuer shall execute and issue, and the Indenture Trustee
shall authenticate, the Series 2003-B Notes in accordance with Section 2.03 of
the Indenture. The Indenture Trustee shall deliver the Series 2003-B Notes to or
upon the order of the Trust when so authenticated. The Class A Notes, the Class
B Notes and the Class C Notes shall be Book-Entry Notes. The Class D Notes shall
be delivered as Definitive Notes, and not as Book-Entry Notes. The Class D Notes
shall not be registered in the name of the nominee of the Clearing Agency or
Foreign Clearing Agency. The Class D Notes shall be available in denominations
of $500,000 and integral multiples thereof.

         Section 5.02 Distributions.

         (a)      On each Payment Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay interest on the Class A Notes pursuant to this
Indenture Supplement.

                                     - 30 -

<PAGE>

         (b)      On each Payment Date, the Paying Agent shall distribute to
each Class A Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class A Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class A Notes pursuant to this
Indenture Supplement.

         (c)      On each Payment Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay interest on the Class B Notes pursuant to this
Indenture Supplement.

         (d)      On each Payment Date, the Paying Agent shall distribute to
each Class B Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class B Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class B Notes pursuant to this
Indenture Supplement.

         (e)      On each Payment Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11)) that are allocated
and available on such Payment Date to pay interest on the Class C Notes pursuant
to this Indenture Supplement.

         (f)      On each Payment Date, the Paying Agent shall distribute to
each Class C Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class C Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class C Notes pursuant to this
Indenture Supplement.

         (g)      On each Payment Date, the Paying Agent shall distribute to
each Class D Noteholder of record on the related Record Date (other than as
provided in Section 11.02 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Paying Agent (including amounts held by the
Paying Agent with respect to amounts withdrawn from the Cash Collateral Account
(at the times and in the amounts specified in Section 4.11)) that are allocated
and available on such Payment Date to pay interest on the Class D Notes pursuant
to this Indenture Supplement.

         (h)      On each Payment Date, the Paying Agent shall distribute to
each Class D Noteholder of record on the related Record Date (other that as
provided in Section 11.02 of the Indenture) such Class D Noteholder's pro rata
share of the amounts held by the Paying Agent that are allocated and available
on such Payment Date to pay principal of the Class D Notes pursuant to this
Indenture Supplement.

                                     - 31 -

<PAGE>

         (i)      The distributions to be made pursuant to this Section 5.02 are
subject to the provisions of Sections 2.06, 6.01 and 7.01 of the Transfer and
Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this
Indenture Supplement.

         (j)      Except as provided in Section 11.02 of the Indenture with
respect to a final distribution, distributions to Series 2003-B Noteholders
hereunder shall be made by (i) check mailed to each Series 2003-B Noteholder (at
such Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2003-B Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2003-B Note or the
making of any notation thereon.

         Section 5.03 Reports and Statements to Series 2003-B Noteholders.

         (a)      On each Payment Date, the Paying Agent, on behalf of the
Indenture Trustee, shall forward to each Series 2003-B Noteholder a statement
substantially in the form of EXHIBIT C prepared by the Servicer.

         (b)      Not later than the second Business Day preceding each Payment
Date, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee,
the Paying Agent and each Rating Agency (i) a statement substantially in the
form of EXHIBIT C prepared by the Servicer and (ii) a certificate of an
Authorized Officer substantially in the form of EXHIBIT D; provided that the
Servicer may amend the form of EXHIBIT C and EXHIBIT D, from time to time, with
the consent of the Indenture Trustee, which consent shall not be unreasonably
withheld.

         (c)      A copy of each statement or certificate provided pursuant to
paragraph (a) or (b) may be obtained by any Series 2003-B Noteholder by a
request in writing to the Servicer.

         (d)      On or before January 31 of each calendar year, beginning with
calendar year 2004, the Paying Agent, on behalf of the Indenture Trustee, shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2003-B Noteholder, a statement prepared by
the Servicer containing the information which is required to be contained in the
statement to Series 2003-B Noteholders, as set forth in paragraph (a) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2003-B Noteholder, together with other information as
is required to be provided by an issuer of indebtedness under the Code. Such
obligation of the Paying Agent shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect.

                                   ARTICLE VI
                          Series 2003-B Pay Out Events

         Section 6.01 Series 2003-B Pay Out Events. If any one of the following
events shall occur with respect to the Series 2003-B Notes:

         (a)      failure on the part of the Transferor (i) to make any payment
or deposit required to be made by the Transferor by the terms of the Transfer
and Servicing Agreement, the Indenture or this Indenture Supplement on or before
the date occurring five (5) Business Days

                                     - 32 -

<PAGE>

after the date such payment or deposit is required to be made therein or herein
or (ii) duly to observe or perform any other covenants or agreements of the
Transferor set forth in the Transfer and Servicing Agreement, the Indenture or
this Indenture Supplement, which failure has a material adverse effect on the
Series 2003-B Noteholders and which continues unremedied for a period of sixty
(60) days after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Transferor by the Indenture
Trustee, or to the Transferor and the Indenture Trustee by any Holder of the
Series 2003-B Notes and continues to materially and adversely affect the
interests of the noteholders during such 60-day period;

         (b)      any representation or warranty made by the Transferor in the
Transfer and Servicing Agreement, the Indenture or this Indenture Supplement, or
any information contained in a computer file or microfiche list required to be
delivered by the Transferor pursuant to Section 2.01 or subsection 2.09(h) of
the Transfer and Servicing Agreement shall prove to have been incorrect in any
material respect when made or when delivered, which continues to be incorrect in
any material respect for a period of sixty (60) days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Transferor by the Indenture Trustee, or to the Transferor and
the Indenture Trustee by any Holder of the Series 2003-B Notes and as a result
of which the interests of the Series 2003-B Noteholders are materially and
adversely affected for such period; provided, however, that a Series 2003-B Pay
Out Event pursuant to this subsection 6.01(b) shall not be deemed to have
occurred hereunder if the Transferor has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in
accordance with the provisions of the Transfer and Servicing Agreement;

         (c)      the average of the Net Portfolio Yield for any three
consecutive Monthly Periods is reduced to a rate which is less than the average
of the Base Rates for such period;

         (d)      the Class A Note Principal Balance, the Class B Note Principal
Balance, the Class C Note Principal Balance or the Class D Note Principal
Balance shall not be paid in full on the Expected Final Principal Payment Date;
or

         (e)      without limiting the foregoing, the occurrence of an Event of
Default with respect to Series 2003-B.

then, in the case of any event described in subparagraph (a) or (b) or any Trust
Pay Out Event described in Section 5.01(a) of the Indenture, after the
applicable grace period, if any, set forth in such subparagraphs or in Section
5.01 of the Indenture, either the Indenture Trustee or the Holders of Series
2003-B Notes evidencing not less than 50% of the aggregate unpaid principal
amount of Series 2003-B Notes by notice then given in writing to the Transferor
and the Servicer (and to the Indenture Trustee if given by the Series 2003-B
Noteholders) may declare that a "Series Pay Out Event" with respect to Series
2003-B (a "SERIES 2003-B PAY OUT EVENT") has occurred as of the date of such
notice, and, in the case of any event described in subparagraph (c), (d) or (e)
or any Trust Pay Out Event described in Sections 5.01(b), (c) or (d) of the
Indenture, a Series 2003-B Pay Out Event shall occur without any notice or other
action on the part of the Indenture Trustee or the Series 2003-B Noteholders
immediately upon the occurrence of such event.

                                     - 33 -

<PAGE>

                                   ARTICLE VII
                       Redemption of Series 2003-B Notes;
                     Final Distributions; Series Termination

         Section 7.01 Optional Redemption of Series 2003-B Notes; Final
Distributions.

         (a)      On any day occurring on or after the date on which the Note
Principal Balance is reduced to 10% or less of the Note Principal Balance as of
the Closing Date, the Servicer shall have the option to redeem the Series 2003-B
Notes, at a purchase price equal to (i) if such day is a Payment Date, the
Reassignment Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Reassignment Amount for the Payment Date following such day.

         (b)      The Servicer shall give the Issuer and the Indenture Trustee
at least thirty (30) days prior written notice of the date on which the Servicer
intends to exercise such optional redemption. Not later than 12:00 noon, New
York City time, on such day the Servicer shall deposit into the Collection
Account in immediately available funds the excess of the Reassignment Amount
over the amount, if any, on deposit in the Principal Funding Account. Such
redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the
foregoing, the Invested Amount for Series 2003-B shall be reduced to zero and
the Series 2003-B Noteholders shall have no further security interest in the
Receivables. The Reassignment Amount shall be distributed as set forth in
subsection 7.01(d).

         (c)      (i)      The amount to be paid by the Transferor with respect
to Series 2003-B in connection with a reassignment of Receivables to the
Transferor pursuant to Section 2.06 of the Transfer and Servicing Agreement
shall equal the Reassignment Amount for the first Payment Date following the
Monthly Period in which the reassignment obligation arises under the Transfer
and Servicing Agreement.

                  (ii)     The amount to be paid by the Transferor with respect
to Series 2003-B in connection with a repurchase of the Notes pursuant to
Section 7.01 of the Transfer and Servicing Agreement shall equal the
Reassignment Amount for the Payment Date of such repurchase.

         (d)      With respect to the Reassignment Amount deposited into the
Collection Account pursuant to this Section 7.01, the Indenture Trustee shall,
in accordance with the written direction of the Servicer, not later than 12:00
noon, New York City time, on the related Payment Date, make deposits or
distributions of the following amounts (in the priority set forth below and, in
each case, after giving effect to any deposits and distributions otherwise to be
made on such date) in immediately available funds: (i) (x) the Class A Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class A Noteholders and (y) an amount equal to the sum of (A)
Class A Monthly Interest for such Payment Date, (B) any Class A Monthly Interest
previously due but not distributed to the Class A Noteholders on a prior Payment
Date and (C) the amount of Class A Additional Interest, if any, for such Payment
Date and any Class A Additional Interest previously due but not distributed to
the Class A Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class A Noteholders, (i) (x) the Class B Note
Principal Balance on such Payment Date will be distributed to the Paying Agent
for payment to the Class B Noteholders and (y) an amount

                                     - 34 -

<PAGE>

equal to the sum of (A) Class B Monthly Interest for such Payment Date, (B) any
Class B Monthly Interest previously due but not distributed to the Class B
Noteholders on a prior Payment Date and (C) the amount of Class B Additional
Interest, if any, for such Payment Date and any Class B Additional Interest
previously due but not distributed to the Class B Noteholders on any prior
Payment Date, will be distributed to the Paying Agent for payment to the Class B
Noteholders, (ii) (x) the Class C Note Principal Balance on such Payment Date
will be distributed to the Paying Agent for payment to the Class C Noteholders
and (y) an amount equal to the sum of (A) Class C Monthly Interest for such
Payment Date, (B) any Class C Monthly Interest previously due but not
distributed to the Class C Noteholders on a prior Payment Date and (C) the
amount of Class C Additional Interest, if any, for such Payment Date and any
Class C Additional Interest previously due but not distributed to the Class C
Noteholders on any prior Payment Date, will be distributed to the Paying Agent
for payment to the Class C Noteholders, (iii) (x) the Class D Note Principal
Balance on such Payment Date will be distributed to the Paying Agent for payment
to the Class D Noteholders and (y) an amount equal to the sum of (A) Class D
Monthly Interest for such Payment Date, (B) any Class D Monthly Interest
previously due but not distributed to the Class D Noteholders on a prior Payment
Date and (C) the amount of Class D Additional Interest, if any, for such Payment
Date and any Class D Additional Interest previously due but not distributed to
the Class D Noteholders on any prior Payment Date, will be distributed to the
Paying Agent for payment to the Class D Noteholders and (iv) any excess shall be
released to the Issuer.

         (e)      Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement, if the Paying
Agent is not also the Indenture Trustee, all amounts distributed to the Paying
Agent pursuant to subsection 7.01(d) for payment to the Series 2003-B
Noteholders shall be deemed distributed in full to the Series 2003-B Noteholders
on the date on which such funds are distributed to the Paying Agent pursuant to
this Section 7.01 and shall be deemed to be a final distribution pursuant to
Section 11.02 of the Indenture.

         Section 7.02 Series Termination. On the Series 2003-B Final Maturity
Date, the right of the Series 2003-B Noteholders to receive payments from the
Issuer will be limited solely to the right to receive payments pursuant to
Section 5.05 of the Indenture.

                                  ARTICLE VIII
                            Miscellaneous Provisions

         Section 8.01 Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read,
taken and construed as one and the same instrument.

         Section 8.02 Form of Delivery of the Series 2003-B Notes. The Class A
Notes, the Class B Notes and the Class C Notes shall be Book-Entry Notes and
shall be delivered as Registered Notes as provided in Section 2.01 of the
Indenture in substantially the form of Exhibit A hereto.

         Section 8.03 Additional Requirements for Registration of and
Limitations on Transfer and Exchange of Class D Notes.

                                     - 35 -

<PAGE>

         (a)      No Holder of a Class D Note may sell, convey, assign,
hypothecate, pledge, participate or otherwise transfer any interest in the Class
D Notes (each, a "CLASS D NOTE ASSIGNMENT"), to any Person (upon such Class D
Note Assignment, a "CLASS D NOTE ASSIGNEE"), unless (i) the Class D Note
Assignment consists of the entirety of such assignor Holder's Class D Note and
no Class D Note Assignments of a partial interest in such Class D Notes will be
made, and (ii) the Transferor shall have granted its prior written consent
(which consent shall not be granted if, among other things, the Transferor
determines in its sole and absolute discretion that such Class D Note Assignment
would create or increase a risk that the Trust would be classified for Federal
or any applicable state tax purposes as an association or publicly traded
partnership taxable as a corporation); provided, however, that any Class D Note
Assignment shall be void unless (i) such proposed Class D Note Assignee, other
than ABC or an Affiliate of ABC, shall comply with this Section 8.03 and shall
have delivered to the Indenture Trustee, the Servicer and the Transferor an
investment representation letter substantially in the form of Exhibit E attached
hereto (an "INVESTMENT LETTER"), or such other form as the Transferor in its
sole and absolute discretion deems acceptable, prior to the effectiveness of
such Class D Note Assignment; (ii) the number of Private Holders would not
exceed, as of the date of the proposed Class D Note Assignment, eighty (80), and
(iii) the number of Private Holders owning interests in the Class D Notes would
not exceed, as of the date of the proposed Class D Note Assignment, four (4) or
such greater number as may be consented to by the Transferor in its sole and
absolute discretion. In connection with any Class D Note Assignment, the
assignor Class D Note Holder shall request in writing to the Indenture Trustee
(who shall promptly deliver it to the Transferor) for the consent of the
Transferor, and the Transferor shall respond to any such request within ten
Business Days after its receipt; it being understood that the obtaining of such
consent is a condition to the effectiveness of the Class D Note Assignment. Each
Class D Note Assignee is subject to the terms and conditions of this Section
8.03 and its Investment Letter on an ongoing basis and shall make the
certifications, representations and warranties contained in its Investment
Letter. Any transfer, resale, pledge or other transfer of a Class D Note (or any
interest therein) contrary to the restriction set forth above in this Section
8.03 or made in reliance upon any false representation or warranty made by a
transferee in its Investment Letter shall be deemed void ab initio by the
Indenture Trustee.

         (b)      Registration of transfer of the Class D Notes shall be
effected only if such transfer is exempt from the registration requirements
under the Securities Act. The transferor or the transferee, other than ABC or an
Affiliate of ABC, shall deliver, at its expense, to the Transferor, the Servicer
and the Indenture Trustee, an investment letter from the transferee,
substantially in the form of the investment representation letter attached
hereto as Exhibit E. None of the Issuer, the Transferor, the Servicer, the
Seller, the Indenture Trustee or the Transfer Agent and Registrar is obligated
to register or qualify the Class D Notes under the Securities Act or any other
securities law or to take any action not otherwise required under this Indenture
Supplement or the Indenture to permit the transfer of the Class D Notes without
registration or qualification. Any Class D Noteholder desiring to effect a
transfer of unregistered Class D Notes shall, and does hereby agree to,
indemnify the Issuer, the Transferor (unless the transferor of the Class D Notes
is the Transferor), the Servicer, the Seller, the Indenture Trustee and the
Transfer Agent and Registrar against any liability that may result if the
transfer is not exempt from such registration or qualification or is not made in
accordance with such federal and state laws and no registration of transfer
shall be made until such letter is so delivered.

                                     - 36 -

<PAGE>

         (c)      The Class D Notes may not be acquired or held by or on behalf
of or with "plan assets" of (a) an employee benefit plan (as defined in Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"), whether or not subject to Title I of ERISA, (b) a plan described in
Section 4975(e)(1) of the Code, (c) an entity whose underlying assets include
"plan assets" by reason of a plan's investment in the purchaser or (d) a
"benefit plan investor" (as defined in U.S. Department of Labor ("DOL")
Regulation Section 2510.3-101) ("BENEFIT PLAN INVESTOR"), unless (i) the
investor is acquiring or holding the Class D Notes with assets of an "insurance
company general account" (within the meaning of DOL Prohibited Transaction Class
Exemption ("PTCE") 95-60 (a "GENERAL ACCOUNT")), (ii) the purchase and holding
of the Class D Notes are eligible for the exemptive relief afforded under
Section I of PTCE 95-60, (iii) less than 25% of the assets of such General
Account constitute "plan assets" of Benefit Plan Investors, and (iv) after
giving effect to the purchase of the Class D Notes and all other purchases
occurring simultaneously therewith, less than 25% of the Class D Notes
(excluding Class D Notes held by the Servicer or any Affiliate of the Servicer)
will constitute "plan assets" of Benefit Plan Investors.

         (d)      Each Class D Noteholder, other than ABC or an Affiliate of
ABC, agrees with the Transferor and the Indenture Trustee that: (i) such Class D
Noteholder will deliver to the Transferor, the Servicer and the Indenture
Trustee on or before the acquisition of the Class D Notes and on or before the
effective date of any Class D Note Assignment, as applicable, a letter in the
form annexed hereto as Exhibit E, executed by the Class D Noteholder, or such
Class D Note Assignee, in the case of a Class D Note Assignment, with respect to
the purchase by such Class D Noteholder or Class D Note Assignee, as the case
may be, of a Class D Note and (ii) all of the statements made by such Class D
Noteholder in its Investment Letter shall be true and correct as of the date
made.

         (e)      Class D Notes issued upon registration or transfer of, or
Class D Notes issued in exchange for Class D Notes shall bear the restrictive
legends regarding securities laws, tax and ERISA matters contained in the form
of the Class D Note attached as Exhibit A-4 hereto, unless the Transferor, the
Servicer, the Indenture Trustee and the Transfer Agent and Registrar receive an
Opinion of Counsel, satisfactory to each of them, to the effect that such legend
may be removed or modified.

         (f)      If so requested by the Transferor, the Indenture Trustee will
make available to any prospective purchaser of Class D Notes who so requests, a
copy of a letter provided to the Indenture Trustee by or on behalf of the
Transferor relating to the transferability of any Series or Class.

         Section 8.04 Amendment. This Indenture Supplement may be amended only
in accordance with the provisions set forth in Sections 10.01 and 10.02 of the
Indenture.

         Section 8.05 Counterparts. This Indenture Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

         Section 8.06 GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,

                                     - 37 -

<PAGE>

WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

         Section 8.07 Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Agreement has been executed and delivered by
Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall (i) Wilmington Trust
Company in its individual capacity, (ii) any owner of a beneficial interest in
the Trust or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Trust, the Owner Trustee or of any successor or
assign of the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed (it being understood that the Owner Trustee has
no such obligations in its individual capacity), have any liability in respect
of the representations, warranties, or obligations of the Trust hereunder or
under any other document, as to all of which recourse shall be had solely to the
assets of the Trust, and for all purposes of this Agreement and each other
document, the Owner Trustee (as such or in its individual capacity) shall be
subject to, and entitled to the benefits of, the terms and provisions of the
Trust Agreement.

         Section 8.08 Representations and Warranties of the Issuer. The Issuer
hereby represents and warrants to the Indenture Trustee that:

         (a)      Valid and Enforceable Security Interest. The Indenture creates
a valid and continuing security interest (as defined in the applicable UCC) in
the Collateral in favor of the Indenture Trustee, which security interest is
prior to all other Liens, and is enforceable as such as against creditors of and
purchasers from the Issuer;

         (b)      No Liens. The Issuer owns and has good and marketable title to
the Collateral free and clear of any Lien;

         (c)      Filings. The Issuer has caused the delivery for filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
the Collateral granted to the Indenture Trustee under the Indenture;

         (d)      Accounts. The Receivables constitute "accounts" within the
meaning of the applicable UCC;

         (e)      Conveyance of Collateral; Judgments and Tax Liens. Other than
the security interest granted to the Indenture Trustee pursuant to the
Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Collateral. The Issuer has not
authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Collateral,
other than any financing statement relating to the security interest granted to
the Indenture Trustee under the Indenture or that has been terminated. The
Issuer is not aware of any judgment or tax lien filings against the Collateral;
and

                                     - 38 -

<PAGE>

         (f)      Survival of Representations and Warranties. All
representations, warranties and agreements contained in this Section 8.08 shall
remain operative and in full force and effect and shall survive the consummation
of the transactions contemplated hereby.

         Section 8.09 Tax Disclosure and Investor List Requirements. The
Transferor, the Servicer, the Owner Trustee and the Indenture Trustee agree, and
the underwriters and each recipient of this prospectus are deemed to agree, that
each of them and each of their employees, representatives, and other agents may
disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of any transaction relating to the Trust or the
Notes or Trust Beneficial Interest or Certificates and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them
relating to such tax treatment and tax structure. For this purpose, the phrase
"tax treatment" refers to the Federal income tax treatment of the Trust, the
Notes and the Trust Beneficial Interest or Certificates, and the phrase "tax
structure" refers to any fact that may be relevant to the understanding of such
tax treatment.

                                     - 39 -

<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Indenture
Supplement to be duly executed and delivered by their respective duly authorized
officers on the day and year first above written.

                                         WILMINGTON TRUST COMPANY,
                                             as Owner Trustee of
                                         ADVANTA BUSINESS CARD MASTER TRUST

                                         By: /s/ R. Simpson
                                             ---------------------
                                         Name:   Rachel L. Simpson
                                         Title:  Financial Services Officer

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                             as Indenture Trustee

                                         By: /s/ P. Becker
                                             ----------------
                                         Name:   Peter T. Becker
                                         Title:  Vice President

Acknowledged and Accepted:

ADVANTA BANK CORP.,
     as Servicer

By:  /s/ Michael Coco
     ----------------
Name:    Michael Coco
Title:   Vice President

ADVANTA BUSINESS RECEIVABLES CORP.,
     as Transferor

By:  /s/ Michael Coco
     ----------------
Name:    Michael Coco
Title:   Vice President

             [Signature Page to Series 2003-B Indenture Supplement]

<PAGE>

                                                                     EXHIBIT A-1

                        FORM OF CLASS A ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                 Exhibit A-1-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $__________*
No. A-_________                                              CUSIP NO. ________

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS A ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________________, or
registered assigns, subject to the following provisions, the principal sum of
__________ DOLLARS, or such greater or lesser amount as determined in accordance
with the Indenture, on the Series 2003-B Final Maturity Date (which is the
earlier to occur of (a) the Payment Date on which the Note Principal Balance is
paid in full and (b) the December 2008 Payment Date), except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Payment
Date until the principal amount of this Note is paid in full. Interest on this
Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date. Interest will be computed on the basis of a 360-day
year and the actual number of days elapsed. Principal of this Note shall be paid
in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

-----------------
*        Denominations of $1,000 and integral multiples of $1,000 in excess
         thereof.

                                 Exhibit A-1-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly
executed.

                                           WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                           ADVANTA BUSINESS CARD MASTER TRUST

                                           By:__________________________________
                                           Name:
                                           Title:

Dated:

                                 Exhibit A-1-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           not in its individual capacity,
                                           but solely as Indenture Trustee

                                           By:__________________________________
                                                      Authorized Signatory

Dated:

                                 Exhibit A-1-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS A ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class A Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-B (the
"SERIES 2003-B NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of June 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class B Notes, the Class C Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class A Note Initial Principal Balance is $240,000,000. The Class A
Note Principal Balance on any date of determination will be an amount equal to
(a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount
of principal payments made to the Class A Noteholders on or prior to such date.

         The Expected Final Principal Payment Date is the June 20, 2006 Payment
Date, but principal with respect to the Class A Notes may be paid earlier or
later under certain circumstances described in the Indenture. If for one or more
months during the Controlled Accumulation Period there are not sufficient funds
to deposit into the Principal Funding Account the Controlled Deposit Amount,
then to the extent that excess funds are not available on subsequent Payment
Dates with respect to the Controlled Accumulation Period to make up for such
shortfalls, the final payment of principal of the Notes will occur later than
the Expected Final Principal Payment Date. Payments of principal of the Notes
shall be payable in accordance with the provisions of the Indenture.

                                 Exhibit A-1-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class A
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class A Note) such Class A Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class A Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-B Noteholders shall be made by (i) check
mailed to each Series 2003-B Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-B
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-B Note or the making of any notation thereon. Final
payment of this Class A Note will be made only upon presentation and surrender
of this Class A Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-B Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-B Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-B Notes, the Servicer
shall have the option to redeem the Series 2003-B Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class A
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class A Note shall be registered in
the Note Register upon surrender of this Class A Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class A Noteholder or such Class A Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class A
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class A Notes are exchangeable for new Class A Notes in any
authorized denominations and of like

                                 Exhibit A-1-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class A Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

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

                                 Exhibit A-1-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                 _________________________**
                                                   Signature Guaranteed

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

**       The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                 Exhibit A-1-8

<PAGE>

                                                                     EXHIBIT A-2

                        FORM OF CLASS B ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                 Exhibit A-2-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $__________*
No. B-_________                                               CUSIP NO. ________

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS B ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-B Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the December 2008 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class B Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Closing
Date to but excluding such Payment Date. Interest will be computed on the basis
of a 360-day year and the actual number of days elapsed. Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

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

*        Denominations of $1,000 and integral multiples of $1,000 in excess
thereof.

                                 Exhibit A-2-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly
executed.

                                           WILMINGTON TRUST COMPANY,
                                                as Owner Trustee of
                                           ADVANTA BUSINESS CARD MASTER TRUST

                                           By:__________________________________
                                           Name:
                                           Title:

Dated:

                                 Exhibit A-2-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B Notes described in the within-mentioned Indenture.

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           not in its individual capacity,
                                           but solely as Indenture Trustee

                                           By:__________________________________
                                                     Authorized Signatory

Dated:

                                 Exhibit A-2-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS B ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class B Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-B (the
"SERIES 2003-B NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of June 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class C Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class B Note Initial Principal Balance is $27,750,000.

         The Class B Note Principal Balance on any date of determination will be
an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class B Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the June 20, 2006 Payment
Date, but principal with respect to the Class B Notes may be paid earlier or
later under certain circumstances described in the Indenture. If for one or more
months during the Controlled Accumulation Period there are not sufficient funds
to deposit into the Principal Funding Account the Controlled Deposit Amount,
then to the extent that excess funds are not available on subsequent Payment
Dates with respect to the Controlled Accumulation Period to make up for such
shortfalls, the final payment of principal of the Notes will occur later than
the Expected Final Principal Payment Date. Payments of principal of the Notes
shall be payable in accordance with the provisions of the Indenture.

                                 Exhibit A-2-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class B
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class B Note) such Class B Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class B Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-B Noteholders shall be made by (i) check
mailed to each Series 2003-B Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-B
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-B Note or the making of any notation thereon. Final
payment of this Class B Note will be made only upon presentation and surrender
of this Class B Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-B Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-B Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-B Notes, the Servicer
shall have the option to redeem the Series 2003-B Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class B
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class B Note shall be registered in
the Note Register upon surrender of this Class B Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class B Noteholder or such Class B Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class B
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class B Notes are exchangeable for new Class B Notes in any
authorized denominations and of like

                                  Exhibit A-2-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class B Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

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

                                  Exhibit A-2-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee _______________________.

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                     _________________________**
                                                       Signature Guaranteed

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

**       The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                 Exhibit A-2-8

<PAGE>

                                                                     EXHIBIT A-3

                        FORM OF CLASS C ASSET BACKED NOTE

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

                                  Exhibit A-3-1

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                    $________ *
No. C-_________                                              CUSIP NO. ________

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS C ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-B Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the December 2008 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class C Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Closing
Date to but excluding such Payment Date. Interest will be computed on the basis
of a 360-day year and the actual number of days elapsed. Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A AND THE CLASS B NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

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

*        Denominations of $1,000 and integral multiples of $1,000 in excess
         thereof.

                                  Exhibit A-3-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class C Note to be duly
executed.

                                              WILMINGTON TRUST COMPANY,
                                                 as Owner Trustee of
                                              ADVANTA BUSINESS CARD MASTER TRUST

                                              By:_______________________________
                                              Name:
                                              Title:

Dated:

                                  Exhibit A-3-3

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class C Notes described in the within-mentioned Indenture.

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          not in its individual capacity,
                                          but solely as Indenture Trustee

                                          By:__________________________________
                                                    Authorized Signatory

Dated:

                                  Exhibit A-3-4

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS C ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class C Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-B (the
"SERIES 2003-B NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of June 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class B Notes and the Class D Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class C Note Initial Principal Balance is $21,750,000.

         The Class C Note Principal Balance on any date of determination will be
an amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the June 20, 2006 Payment
Date, but principal with respect to the Class C Notes may be paid earlier or
later under certain circumstances described in the Indenture. If for one or more
months during the Controlled Accumulation Period there are not sufficient funds
to deposit into the Principal Funding Account the Controlled Deposit Amount,
then to the extent that excess funds are not available on subsequent Payment
Dates with respect to the Controlled Accumulation Period to make up for such
shortfalls, the final payment of principal of the Notes will occur later than
the Expected Final Principal Payment Date. Payments of principal of the Notes
shall be payable in accordance with the provisions of the Indenture.

                                  Exhibit A-3-5

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class C
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class C Note) such Class C Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class C Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-B Noteholders shall be made by (i) check
mailed to each Series 2003-B Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-B
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-B Note or the making of any notation thereon. Final
payment of this Class C Note will be made only upon presentation and surrender
of this Class C Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-B Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-B Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-B Notes, the Servicer
shall have the option to redeem the Series 2003-B Notes, at a purchase price
equal to (i) if such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class C
Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class C Note shall be registered in
the Note Register upon surrender of this Class C Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class C Noteholder or such Class C Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class C
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class C Notes are exchangeable for new Class C Notes in any
authorized denominations and of like

                                  Exhibit A-3-6

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class C Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

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

                                  Exhibit A-3-7

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                  _________________________ **
                                                    Signature Guaranteed

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

**       The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                  Exhibit A-3-8

<PAGE>

                                                                     EXHIBIT A-4

                        FORM OF CLASS D ASSET BACKED NOTE

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS D NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS D NOTES AS
INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

         THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR ITS AFFILIATES OR (2) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT (A "QIB") PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A UNDER THE SECURITIES ACT. THIS SECURITY WILL NOT BE ACCEPTED FOR
REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY TO
THE TRANSFER AGENT AND REGISTRAR THAT THE RESTRICTIONS ON TRANSFER SET FORTH IN
THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT HAVE BEEN COMPLIED WITH. THIS
NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE
PRIOR WRITTEN CONSENT OF THE TRANSFEROR AND UNLESS AND UNTIL THE INDENTURE
TRUSTEE, THE TRANSFEROR AND THE SERVICER SHALL HAVE RECEIVED THE CERTIFICATIONS
REQUIRED BY THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT.

         THE CLASS D NOTES ARE ALSO SUBJECT TO RESTRICTIONS ON THE PURCHASE,
OWNERSHIP AND DISPOSITION OF SUCH SECURITIES, INCLUDING THE CONSENT OF THE
TRANSFEROR AND THE DELIVERY OF AN INVESTMENT LETTER. SUCH RESTRICTIONS ARE SET
FORTH IN THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT, COPIES OF WHICH ARE
AVAILABLE FROM THE INDENTURE TRUSTEE.

                                  Exhibit A-4-1

<PAGE>

         THIS CLASS D NOTE MAY NOT BE SOLD OR TRANSFERRED TO ANY PLAN THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA") OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), TO ANY PERSON ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY SUCH
PLAN, OR TO ANY OTHER "BENEFIT PLAN INVESTOR" (AS DEFINED IN UNITED STATES
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101(f)(2)), INCLUDING AN INSURANCE
COMPANY GENERAL ACCOUNT, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE SUPPLEMENT.

         THIS CLASS D NOTE MAY NOT BE ACQUIRED, SOLD, TRADED OR TRANSFERRED, NOR
MAY AN INTEREST IN THIS CLASS D NOTE BE MARKETED, ON OR THROUGH (I) AN
"ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING, WITHOUT LIMITATION, AN
OVER THE-COUNTER-MARKET OR AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF SECTION 7704(b)(2) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING A MARKET WHEREIN
INTERESTS IN THE CLASS D NOTES ARE REGULARLY QUOTED BY ANY PERSON MAKING A
MARKET IN SUCH INTERESTS AND A MARKET WHEREIN ANY PERSON REGULARLY MAKES
AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO INTERESTS IN THE CLASS D NOTES AND
STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR ITSELF
OR ON BEHALF OF OTHERS.

         BEFORE PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON
RESALE OR TRANSFER. NEITHER THE ISSUER NOR THE SELLER OF THIS NOTE HAS AGREED TO
REGISTER THIS NOTE UNDER THE SECURITIES ACT, TO QUALIFY THIS NOTE UNDER THE
SECURITIES LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER.

         AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                                  Exhibit A-4-2

<PAGE>

INITIAL OUTSTANDING PRINCIPAL BALANCE REGISTERED                  $_________ *
No. D-_________                                               CUSIP NO. ________

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS D ASSET BACKED NOTE

         Wilmington Trust Company, as Owner Trustee of Advanta Business Card
Master Trust (herein referred to as the "Issuer" or the "Trust"), a Delaware
common law trust governed by a Trust Agreement dated as of August 1, 2000, for
value received, hereby promises to pay to _________________, or registered
assigns, subject to the following provisions, the principal sum of
__________________ DOLLARS, or such greater or lesser amount as determined in
accordance with the Indenture, on the Series 2003-B Final Maturity Date (which
is the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full and (b) the December 2008 Payment Date), except as
otherwise provided below or in the Indenture. The Issuer will pay interest on
the unpaid principal amount of this Note at the Class D Note Interest Rate on
each Payment Date until the principal amount of this Note is paid in full.
Interest on this Note will accrue for each Payment Date from and including the
most recent Payment Date on which interest has been paid to but excluding such
Payment Date or, for the initial Payment Date, from and including the Closing
Date to but excluding such Payment Date. Interest will be computed on the basis
of a 360-day year and the actual number of days elapsed. Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

         THIS CLASS D NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND
PAYMENTS ON THE CLASS A NOTES, THE CLASS B NOTES AND THE CLASS C NOTES TO THE
EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

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

*        Denominations of $500,000 and integral multiples of $500,000 in excess
thereof.

                                  Exhibit A-4-3

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this Class D Note to be duly
executed.

                                            WILMINGTON TRUST COMPANY,
                                               as Owner Trustee of
                                            ADVANTA BUSINESS CARD MASTER TRUST

                                            By:________________________________
                                            Name:
                                            Title:

Dated:

                                  Exhibit A-4-4

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class D Notes described in the within-mentioned Indenture.

                                           DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                           not in its individual capacity,
                                           but solely as Indenture Trustee

                                           By:_________________________________
                                                     Authorized Signatory

Dated:

                                  Exhibit A-4-5

<PAGE>

                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B

                            CLASS D ASSET BACKED NOTE

                         Summary of Terms and Conditions

         This Class D Note is one of a duly authorized issue of Notes of the
Issuer, designated as Advanta Business Card Master Trust, Series 2003-B (the
"SERIES 2003-B NOTES"), issued under a Master Indenture dated as of August 1,
2000 (the "MASTER INDENTURE"), between the Issuer and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as indenture trustee
(the "INDENTURE TRUSTEE"), as supplemented by the Indenture Supplement dated as
of June 1, 2003 (the "INDENTURE SUPPLEMENT"), and representing the right to
receive certain payments from the Issuer. The term "Indenture," unless the
context otherwise requires, refers to the Master Indenture as supplemented by
the Indenture Supplement. The Notes are subject to all of the terms of the
Indenture. All terms used in this Note that are defined in the Indenture shall
have the meanings assigned to them in or pursuant to the Indenture. In the event
of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

         The Class A Notes, the Class B Notes and the Class C Notes will also be
issued under the Indenture.

         The Noteholder, by its acceptance of this Note, agrees that it will
look solely to the property of the Trust allocated to the payment of this Note
for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

         This Note does not purport to summarize the Indenture and reference is
made to the Indenture for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Indenture Trustee.

         The Class D Note Initial Principal Balance is $10,500,000.

         The Class D Note Principal Balance on any date of determination will be
an amount equal to (a) the Class D Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class D Noteholders on or
prior to such date.

         The Expected Final Principal Payment Date is the June 20, 2006 Payment
Date, but principal with respect to the Class D Notes may be paid earlier or
later under certain circumstances described in the Indenture. If for one or more
months during the Controlled Accumulation Period there are not sufficient funds
to deposit into the Principal Funding Account the Controlled Deposit Amount,
then to the extent that excess funds are not available on subsequent Payment
Dates with respect to the Controlled Accumulation Period to make up for such
shortfalls, the final payment of principal of the Notes will occur later than
the Expected Final Principal Payment Date. Payments of principal of the Notes
shall be payable in accordance with the provisions of the Indenture.

                                  Exhibit A-4-6

<PAGE>

         Subject to the terms and conditions of the Indenture, the Transferor
may, from time to time, direct the Owner Trustee, on behalf of the Trust, to
issue one or more new Series of Notes.

         On each Payment Date, the Paying Agent shall distribute to each Class D
Noteholder of record on the related Record Date (except for the final payment in
respect of this Class D Note) such Class D Noteholder's pro rata share of the
amounts held by the Paying Agent that are allocated and available on such
Payment Date to pay interest and principal on the Class D Notes pursuant to the
Indenture Supplement. Except as provided in the Indenture with respect to a
final payment, payments to Series 2003-B Noteholders shall be made by (i) check
mailed to each Series 2003-B Noteholder (at such Noteholder's address as it
appears in the Note Register), except that with respect to any Series 2003-B
Notes registered in the name of the nominee of a Clearing Agency, such payment
shall be made in immediately available funds and (ii) without presentation or
surrender of any Series 2003-B Note or the making of any notation thereon. Final
payment of this Class D Note will be made only upon presentation and surrender
of this Class D Note at the office or agency specified in the notice of final
payment delivered by the Indenture Trustee to the Series 2003-B Noteholders in
accordance with the Indenture.

         On any day occurring on or after the date on which the outstanding
principal balance of the Series 2003-B Notes is reduced to 10% or less of the
initial outstanding principal balance of the Series 2003-B Notes, the Servicer
shall have the option to redeem the Series 2003-B Notes, at a purchase price
equal to (i) f such day is a Payment Date, the Reassignment Amount for such
Payment Date or (ii) if such day is not a Payment Date, the Reassignment Amount
for the Payment Date following such day.

         THIS CLASS D NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST
IN, THE TRANSFEROR, ADVANTA BANK CORP., ADVANTA CORP., OR ANY AFFILIATE OF ANY
OF THEM AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Issuer or the Transferor, or join
in instituting against the Issuer or the Transferor, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

         Except as otherwise provided in the Indenture Supplement, the Class D
Notes are issuable only in minimum denominations of $500,000 and integral
multiples of $500,000. The transfer of this Class D Note shall be registered in
the Note Register upon surrender of this Class D Note for registration of
transfer at any office or agency maintained by the Transfer Agent and Registrar
accompanied by a written instrument of transfer, in a form satisfactory to the
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class D Noteholder or such Class D Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class D
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

         As provided in the Indenture and subject to certain limitations therein
set forth, Class D Notes are exchangeable for new Class D Notes in any
authorized denominations and of like

                                  Exhibit A-4-7

<PAGE>

aggregate principal amount, upon surrender of such Notes to be exchanged at the
office or agency of the Transfer Agent and Registrar. No service charge may be
imposed for any such exchange but the Issuer or Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         Registration of transfer of Class D Notes shall be effected only if the
Transferor has given its consent to the transfer and the transferee has executed
and delivered an investment letter in the form and substance attached to the
Indenture Supplement as Exhibit E with respect to certain matters under the
Securities Act of 1933, as amended, the Employee Retirement Income Security Act
of 1974, as amended, and the Internal Revenue Code of 1986, as amended.

         The Issuer, the Transferor, the Indenture Trustee and any agent of the
Issuer, the Transferor or the Indenture Trustee shall treat the person in whose
name this Class D Note is registered as the owner hereof for all purposes, and
neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the
Issuer, the Transferor or the Indenture Trustee shall be affected by notice to
the contrary.

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

                                  Exhibit A-4-8

<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ______________________________ (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints ____________________, attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:__________                                   ________________________ **
                                                     Signature Guaranteed

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

**       The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                  Exhibit A-4-9

<PAGE>

                                                                       EXHIBIT B

 FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO THE INDENTURE TRUSTEE
                               ADVANTA BANK CORP.
                       ADVANTA BUSINESS RECEIVABLES CORP.
                ADVANTA BUSINESS CARD MASTER TRUST SERIES 2003-B
                              MONTHLY PERIOD ENDING

Capitalized terms used in this notice have their respective meanings set forth
in the Master Indenture and the Transfer and Servicing Agreement. References to
certain sections and subsections are references to the respective sections and
subsections of the Master Indenture as supplemented by the Series 2003-B
Indenture Supplement. This notice is delivered pursuant to Section 4.04

         A)       Advanta Bank Corp. is the Servicer under the Master Indenture.

         B)       The undersigned is an Authorized Officer.

         C)       The date of this notice is on or before the second Business
                  Day preceding the related Payment Date.

I.  INSTRUCTION TO MAKE A WITHDRAWAL

Pursuant to Section 4.04, the Servicer does hereby instruct the Indenture
Trustee to apply Available Finance Charge Collections and Available Principal
Collections in a manner set forth below:

<TABLE>
<S>                                                                                                 <C>
A.       Pursuant to section 4.04 (a) (i):

         1.   Class A Monthly Interest for such Payment Date.....................................   $_______________
         2.   Any Class A Monthly Interest previously due but not distributed to the Class A
              Noteholder.........................................................................   $_______________
         3.   Class A Additional Interest for such Payment Date..................................   $_______________
         4.   Any Class A Additional Interest previously due but not distributed to Class A
              Noteholder.........................................................................   $_______________

B.       Pursuant to section 4.04 (a) (ii)

         1.   Class B Monthly Interest for such Payment Date.....................................   $_______________
         2.   Any Class B Monthly Interest previously due but not distributed to the Class B
              Noteholder.........................................................................   $_______________
         3.   Class B Additional Interest for such Payment Date..................................   $_______________
         4.   Any Class B Additional Interest previously due but not distributed to Class B
              Noteholder.........................................................................   $_______________

C.       Pursuant to section 4.04 (a) (iii)

         Monthly Servicing Fee for such Payment Date plus the amount of any Monthly Servicing Fee
         previously due but not distributed to the Servicer on a prior Payment Date..............   $_______________

D.       Pursuant to section 4.04 (a) (iv)

         1.   The amount withdrawn from Cash Collateral Account to cover distributions
              pursuant to subsection 4.04 (a)(iv)................................................   $_______________
         2.   Class C Monthly Interest for such Payment Date.....................................   $_______________
         3.   Any Class C Monthly Interest previously due but not distributed to the Class C
              Noteholder.........................................................................   $_______________
         4.   Class C Additional Interest for such Payment Date..................................   $_______________
         5.   Any Class C Additional Interest previously due but not distributed to Class C
              Noteholder.........................................................................   $_______________
</TABLE>

                                   Exhibit B-1

<PAGE>

<TABLE>
<S>                                                                                                 <C>
E. Pursuant to section 4.04 (a) (v)

         Investor Default Amount for the related Monthly Period to be treated as Available
         Principal Collections...................................................................   $_______________

F. Pursuant to section 4.04(a) (vi)

         1.   Investor Charge-Offs which have not been previously reimbursed.....................   $_______________
         2.   Reallocated Principal Collections which have not been previously reimbursed .......   $_______________

G. Pursuant to section 4.04 (a) (vii)

         On each Payment Date from and after the Reserve Account Funding Date, to the Reserve
         Account an amount up to the excess, if any, of the Required Reserve Account Amount
         over the Available Reserve Account Amount...............................................   $_______________

H. Pursuant to section 4.04 (a) (viii)

         1.   The amount withdrawn from Cash Collateral Account to cover
              distributions pursuant to subsection 4.04 (a)(viii)...............................    $_______________
         2.   Class D Monthly Interest for such Payment Date.....................................   $_______________
         3.   Any Class D Monthly Interest previously due but not distributed to the Class D
              Noteholder.........................................................................   $_______________
         4.   Class D Additional Interest for such Payment Date..................................   $_______________
         5.   Any Class D Additional Interest previously due but not distributed to Class D
              Noteholder.........................................................................   $_______________

I. Pursuant to section 4.04 (a) (ix)

         Amount required to be deposited in the Cash Collateral Account pursuant to subsection
         4.11 (f)................................................................................   $_______________

J. Pursuant to section 4.04 (a) (x)

         Amount, if any, to be treated as Excess Finance Charge Collections for such Payment
         Date allocated to other Series in Group One.............................................   $_______________

K. Pursuant to section 4..04 (a) (xi)

         Remaining amounts paid to the holders of Trust Beneficial Interests or Certificates.....   $_______________

                                                                             Total                  $
                                                                                                    ================

L. Pursuant to section 4.04 (b)

         On each Payment Date with respect to the Revolving Period, the amount
         of Available Principal Collections for the related Monthly Period to be
         treated as Shared Principal Collections.................................................   $_______________

M. Pursuant to section 4.04 (c)

         On each Payment Date with respect to the Controlled Accumulation Period or the Early
         Amortization Period, Available Principal Collections shall be distributed as follows:
</TABLE>

                                   Exhibit B-2

<PAGE>

<TABLE>
<S>                                                                                                 <C>
         1.   The Monthly Principal for such Payment Date deposited into the Principal Funding
              Account............................................................................   $_______________
         2.   Monthly Principal to the Class A Noteholder........................................   $_______________
         3.   Monthly Principal to the Class B Noteholder .......................................   $_______________
         4.   Monthly Principal to the Class C Noteholder .......................................   $_______________
         5.   Monthly Principal to the Class D Noteholder .......................................   $_______________
         6.   Monthly Principal to be treated as Shared Principal Collections ...................   $_______________

N. Pursuant to section 4.04 (d)

         On the earlier to occur of (a) the first Payment Date during the early
         Amortization Period and (b) the Expected Final Principal Payment Date,
         withdraw from the Principal Funding Account and distribute as follows:

         1.   Monthly Principal to the Class A Noteholder .......................................   $_______________
         2.   Monthly Principal to the Class B Noteholder .......................................   $_______________
         3.   Monthly Principal to the Class C Noteholder .......................................   $_______________
         4.   Monthly Principal to the Class D Noteholder .......................................   $_______________

II.  REALLOCATED PRINCIPAL COLLECTIONS

         Pursuant to Section 4.06, the Servicer does hereby instruct the Indenture Trustee
         to apply Reallocated Principal Collections with respect to such Payment Date, to
         fund any deficiency pursuant to subsections 4.04 (a)(i), (ii), (iii), and (iv)..........   $_______________

III. SHARED PRINCIPAL COLLECTIONS

         Pursuant to Section 8.05 of the Master indentures, Available Principal Collections for
         the related Monthly Period treated as Shared Principal Collections paid to the Trust
         Beneficial Interests or Certificates....................................................   $_______________

IV.  ACCRUED AND UNPAID AMOUNTS

         After giving effect to the withdrawals and transfers to be made in accordance with
         this notice, the following amounts will be accrued and unpaid with respect to all
         Monthly Periods preceding the current calendar month:

         1.   Aggregate Class A Interest Shortfall...............................................   $_______________
         2.   Aggregate Class B Interest Shortfall...............................................   $_______________
         3.   Aggregate Class C Interest Shortfall...............................................   $_______________
         4.   Aggregate Class D Interest Shortfall...............................................   $_______________
         5.   Aggregate amount of all accrued and unpaid Monthly Servicing Fee...................   $_______________
         6.   Aggregate amount of all unreimbursed Investor Charge-Offs..........................   $_______________

V.   CASH COLLATERAL ACCOUNT

         1.   Beginning Balance .................................................................   $_______________
         2.   Investment Earnings since the preceding Payment Date...............................   $_______________
         3.   Amount withdrawn to cover payments pursuant to subsections 4.04(a)(iv) and
              4.04(a)(viii) .....................................................................   $_______________
         4.   On the Series 2003-B Final Maturity Date, amount withdrawn pursuant to
              subsection 4.11(d).................................................................   $_______________
</TABLE>

                                   Exhibit B-3

<PAGE>

<TABLE>
<S>                                                                                                 <C>
         5.   On the day following the occurrence of an Event of Default, amount withdrawn
              pursuant to subsection 4.11 (e)....................................................   $_______________
         6.   Amount deposited to cover any Cash Collateral Account Deficiency ..................   $_______________
         7.   Excess over the Required Cash Collateral Account Amount paid to the Transferor.....   $_______________
         8.   Ending Balance.....................................................................   $
                                                                                                    ================

VI. RESERVE ACCOUNT

         1.   Beginning Balance..................................................................   $_______________
         2.   Interest and earnings for the related Payment Date.................................   $_______________
         3.   Interest earnings withdrawn to be included in Available Finance Charge
              Collections........................................................................   $_______________
         4.   On each Payment Date from and after the Reserve Account Funding Date, amount
              deposited pursuant to subsection 4.04(a)(vii)......................................   $_______________
         5.   The Reserve Draw Amount to be deposited into the Collection Account to be
              treated as Available Finance Charge Collections....................................   $_______________
         6.   The Reserve Account Surplus to be paid to the holders of Trust Beneficial
              Interests .........................................................................   $_______________
         7.   Amount withdrawn pursuant to subsection 4.10(f)....................................   $_______________
         8.   Ending Balance.....................................................................   $
                                                                                                    ================

VII. PRINCIPAL FUNDING ACCOUNT

         1.   Beginning Balance..................................................................   $_______________
         2.   Principal Funding Account Investment Proceeds for the related Payment Date.........   $_______________
         3.   Principal Funding Account Investment Proceeds to be deposited into the
              Collection Account included as Available Finance Charge Collections................   $_______________
         4.   During the Controlled Accumulation Period, the amount of Monthly Principal for
              such Payment Date deposited into the Principal Funding Account.....................   $_______________
         5.   On the earliest to occur of (a) first Payment Date during the
              Early Amortization period and (b) the Expected Final Principal
              Payment Date, the amount withdrawn for payment to the Noteholders..................   $_______________
         6.   Ending Balance.....................................................................   $
                                                                                                    ================

VIII. EXCESS FUNDING ACCOUNT

         1.   Beginning Balance..................................................................   $_______________
         2.   Interest income from investments in the related Monthly Period pursuant to
              subsection 8.03 (b) of the Master Indenture........................................   $_______________
         3.   Deposits made pursuant to subsections 4.01(b)(ii), 4.01(c)(ii)(x),
              4.01(c)(ii)(y) and 4.01(c)(ii)(z) of the Series 2000-C Indenture Supplement........   $_______________
         4.   Interest income withdrawn to be included as Available Finance Charge Collections...   $_______________
         5.   Amount withdrawn to be treated as Shared Principal Collections pursuant to
              subsection 8.03 (b) of the Master Indenture........................................   $_______________
         6.   Amount withdrawn and paid to the holders of the Trust Beneficial Interest or
              Certificates pursuant to subsection 8.03 (b) of the Master Indenture...............   $_______________
         7.   Ending Balance.....................................................................   $
                                                                                                    ================
</TABLE>

                                  Exhibit B-4

<PAGE>

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this _____ day of __________.

                                Advanta Bank Corp,
                                   as Servicer

                                By:____________________________________
                                Name:
                                Title:

                                  Exhibit B-5

<PAGE>

                                                                       EXHIBIT C

CLASS A CUSIP # __________
CLASS B CUSIP # __________
CLASS C CUSIP # __________

                     FORM OF MONTHLY NOTEHOLDER'S STATEMENT
                               ADVANTA BANK CORP.
                       ADVANTA BUSINESS CARD MASTER TRUST
                                  SERIES 2003-B
                                  PERIOD ENDING
                                 [_____________]

The information which is required to be prepared with respect to the Payment
Date of __________, 200__ and with respect to the performance of the Trust
during the period of __________ , 20___ through __________, 20___ is set forth
below.

Capitalized terms used in this statement have their respective meanings set
forth in the Master Indenture and the Transfer and Servicing Agreement.
References to certain sections and subsections are references to the respective
sections and subsections of the Master Indenture as supplemented by the Series
2003-B Indenture Supplement.

<TABLE>
<S>                                                                                                        <C>
I.        INFORMATION REGARDING THE CURRENT MONTHLY PRINCIPAL DISTRIBUTION TO THE NOTEHOLDERS (STATED
          ON THE BASIS OF $1,000 ORIGINAL PRINCIPAL BALANCE)

          1.     The amount of distribution in respect to principal payment to the Class A Noteholders...  $_________
          2.     The amount of distribution in respect to principal payment to the Class B Noteholders...  $_________
          3.     The amount of distribution in respect to principal payment to the Class C Noteholders...  $_________
          4.     The amount of distribution in respect to principal payment to the Class D Noteholders...  $_________

II.       INFORMATION REGARDING THE CURRENT MONTHLY INTEREST DISTRIBUTION TO THE NOTEHOLDERS (STATED
          ON THE BASIS OF $1,000 ORIGINAL NOTE PRINCIPAL BALANCE)

          1.     The amount of distribution in respect to the Class A Monthly Interest...................  $_________
          2.     The amount of distribution in respect to the Class B Monthly Interest...................  $_________
          3.     The amount of distribution in respect to the Class C Monthly Interest...................  $_________
          4.     The amount of distribution in respect to the Class D Monthly Interest...................  $_________

III.      INFORMATION REGARDING THE TOTAL MONTHLY DISTRIBUTION TO THE NOTEHOLDER (STATED ON THE BASIS
          OF $1,000 ORIGINAL NOTE PRINCIPAL BALANCE)

          1.     The total amount of distribution in respect to the Class A Noteholders..................  $_________
          2.     The total amount of distribution in respect to the Class B Noteholders..................  $_________
          3.     The total amount of distribution in respect to the Class C Noteholders..................  $_________
          4.     The total amount of distribution in respect to the Class D Noteholders..................  $_________

IV.       INFORMATION REGARDING THE PERFORMANCE OF THE ADVANTA BUSINESS CARD MASTER TRUST

          1.     The aggregate amount of such Collections with respect to Principal Receivables for
                 the Monthly Period preceding such Payment Date..........................................  $_________
</TABLE>

                                  Exhibit C-1

<PAGE>

<TABLE>
<S>                                                                                                        <C>
          2.     The aggregate amount of such Collections with respect to Finance Charge and
                 Administrative Receivables for the Monthly Period preceding such Payment Date........     $_________
          3.     Recoveries for the preceding Monthly Period..........................................     $_________
          4.     The Defaulted Amount for the preceding Monthly Period................................     $_________
          5.     The total amount of Principal Receivables in the trust at the beginning of the
                 preceding Monthly Period.............................................................     $_________
          6.     The total amount of Principal Receivables in the trust as of the last day of the
                 preceding Monthly Period.............................................................     $_________
          7.     The total amount of Finance Charge and Administrative Receivables in the Trust as of
                 the last day of the preceding Monthly Period is......................................     $_________
          8.     The aggregated Adjusted Invested Amounts of all Series of Notes outstanding as of
                 the last day of the preceding Monthly Period.........................................     $_________
          9.     The Transferor Interest as of the last day of the preceding Monthly Period...........     $_________
          10.    The Transferor Percentage as of the last day of the preceding Monthly Period.........      _________%
          11.    The Required Transferor Percentage...................................................      _________%
          12.    The monthly principal payment rate for the preceding Monthly Period..................      _________%
          13.    The balance in the Excess Funding Account as of the last day of the preceding
                 Monthly Period.......................................................................     $_________
          14.    The aggregate outstanding balance of the Accounts which were delinquent as of the
                 close of business on the last day of the Monthly Period preceding such Payment Date..
</TABLE>

<TABLE>
<CAPTION>
                                                    Percentage of              Aggregate
                                                        Total                   Account
                                                     Receivables                Balance
                                                   ---------------            ------------
<S>                                                <C>                        <C>
(a) Delinquent between 30 days and 59 days             _____%                      $

(b) Delinquent between 60 days and 89 days             _____%                      $

(c) Delinquent between 90 days and 119 days            _____%                      $

(d) Delinquent between 120 days and 149 days           _____%                      $

(e) Delinquent between 150 days and 179 days           _____%                      $

(f) Delinquent 180 days or greater                     _____%                      $
                                                     ---------                  --------
(e) Aggregate                                          _____%                      $
                                                     =========                  ========
</TABLE>

<TABLE>
<S>                                                                                                        <C>
V.        INFORMATION REGARDING SERIES 2003-B

          1.     The amount of Principal Receivables in the Trust represented by the Invested Amount
                 of Series 2003-B as of the last day of the related Monthly Period....................     $_________
          2.     The amount of Principal Receivables in the Trust represented by the Adjusted
                 Invested Amount of Series 2003-B on the last day of the related Monthly Period......     $_________
                                                                                          NOTE FACTORS
          3.     The amount of Principal Receivables in the Trust represented by the Class A Note
                 Principal Balance on the last day of the related Monthly Period .....................     $_________
          4.     The amount of Principal Receivables in the Trust represented by the Class B Note
                 Principal Balance on the last day of the related Monthly Period......................     $_________
          5.     The amount of Principal Receivables in the Trust represented by the Class C Note
                 Principal Balance on the last day of the related Monthly Period .....................     $_________
</TABLE>

                                  Exhibit C-2

<PAGE>

<TABLE>
<S>                                                                                                     <C>
          6.     The amount of Principal Receivables in the trust represented by the Class D Note
                 Principal Balance on the last day of the related Monthly Period......................  $_________
          7.     The Floating Investor Percentage with respect to the period:

                         _________, 20___ through __________, 20___...................................   _________%
                         _________, 20___ through __________, 20___...................................   _________%
                         _________, 20___ through __________, 20___...................................   _________%
          8.     The Fixed Investor Percentage with respect to the period:

                         _________, 20___ through __________, 20___...................................   _________
                         _________, 20___ through __________, 20___...................................   _________
                         _________, 20___ through __________, 20___...................................   _________
          9.     The amount of Available Finance Charge Collections on deposit in the Collection
                 Account on related Payment Date......................................................  $_________
          10.    The Investor Default Amount for the related Monthly Period...........................  $_________
          11.    The Monthly Servicing Fee for the related Monthly Period.............................  $_________
          12.    Trust yields for the related Monthly Period:

                 a.      The cash yield for the related Monthly Period................................   _________%
                 b.      The default rate for the related Monthly Period..............................   _________%
                 c.      The Net Portfolio Yield for the related Monthly Period.......................   _________%
                 d.      The Base Rate for the related Monthly Period.................................   _________%
                 e.      The Excess Spread Percentage for the related Monthly Period..................   _________%
                 f.      The Quarterly Excess Spread percentage.......................................   _________%

                         (i) Excess Spread Percentage related to         MM-YY                           _________%
                         (ii) Excess Spread Percentage related to        MM-YY                           _________%
                         (iii) Excess Spread Percentage related to       MM-YY                           _________%

          13.    Floating Rate Determinations:

                 LIBOR for the Interest Period from _____ through and including _____, 20___..........   _________%
                 LIBOR for the Interest Period from _____ through and including _____, 20___..........   _________%

          14.    Principal Funding Account............................................................
                 a.      The amount on deposit in the Principal Funding Account on the related
                         Payment Date (after taking into consideration deposits and withdraws for the
                         related Payment Date)........................................................  $_________
                 b.      The Accumulation Shortfall with respect to the related Monthly Period........  $_________
                 c.      The Principal Funding Investment Proceeds deposited in the Collection
                         Account to be treated as Available Finance Charge Collections................  $_________
          15.    Reserve Account
                 a.      The amount on deposit in the Reserve Account on the related Payment Date
                         (after taking into consideration deposits and withdraws for the related
                         Payment Date)................................................................  $_________
                 b.      The Reserve Draw Amount for the related Monthly Period deposited into the
                         Collection Account to be treated as Available Finance Charge Collections.....  $_________
                 c.      Interest earnings on the Reserve Account deposited into the Collection
                         Account to be treated as Available Finance Charge Collections................  $_________
          16.    Cash Collateral Account
                 a.      The Required Cash Collateral Account Amount on the related Payment Date......  $_________
                 b.      The Available Cash Collateral Account Amount on the related Payment Date.....  $_________
          17.    Investor Charge-Offs
                 a.      The aggregate amount of Investor Charge-Offs for the related Monthly Period..  $_________
                 b.      The aggregate amount of Investor Charge-Offs reimbursed on the Payment Date..  $_________
</TABLE>

                                  Exhibit C-3

<PAGE>

<TABLE>
<S>                                                                                                     <C>
          18.    The Monthly Principal Reallocation Amount for the related Monthly Period.............  $_________
</TABLE>

                                                    Advanta Bank Corp.
                                                       as Servicer

                                                    By:_________________________
                                                    Name:
                                                    Title:

                                  Exhibit C-4

<PAGE>

                                                                       EXHIBIT D

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                     ADVANTA BANK CORP. OFFICERS CERTIFICATE

         I, [name], [title] of Advanta Bank Corp. ("ABC") hereby certify that
Advanta Bank Corp. ("ABRC"), as Servicer pursuant to the Advanta Business Card
Master Series 2003-B Indenture Supplement (the "Agreement") dated as of June 1,
2003 by and among Advanta Business Card Master Trust, as issuer (the "Issuer")
and Deutsche Bank Trust Company Americas, as trustee (the "Trustee"). Any terms
not defined herein will have their respective meanings as defined in the
Agreement.

         (a)      In compliance with Section 5.03 of the Agreement, ABC hereby
states that no Pay Out Event has occurred during the preceding Monthly Period.

         IN WITNESS WHEREOF, I have hereunto set my hand this ____ day of
_______, 20__.

                                              ADVANTA BANK CORP.

                                              By:_______________________________
                                              Name:
                                              Title:

                                   Exhibit D-1

<PAGE>

                                                                       EXHIBIT E

                            FORM OF INVESTMENT LETTER

                                INVESTMENT LETTER

                                     [Date]

[Indenture Trustee]

[Transferor]

[Servicer]

              Re:     Purchase of Advanta Business Card Master Trust,
                      Series 2003-B, Class D Asset Backed Notes

Dear Sirs:

         The undersigned proposes to purchase the Class D Notes identified below
issued by Advanta Business Card Master Trust (the "Issuer"), pursuant to the
Series 2003-B Indenture Supplement, dated as of June 1, 2003 (the "Indenture
Supplement"), among the Issuer, Advanta Business Receivables Corp., as
transferor (the "Transferor"), and Advanta Bank Corp., as servicer (the
"Servicer") and Deutsche Bank Trust Company Americas (formerly known as Bankers
Trust Company), as indenture trustee (the "Indenture Trustee"). In connection
with our proposed purchase of such notes we acknowledge, represent, warrant and
covenant that:

         1.       the Class D Notes will be offered and may be resold only to
"qualified institutional buyers" ("QIBs") pursuant to Rule 144A of the
Securities Act of 1933, as amended (the "Securities Act");

         2.       the Class D Notes have not been and will not be registered
under the Securities Act or any state or other applicable securities law and the
Class D Notes, or any interest or participation therein, may not be offered,
sold, pledged or otherwise transferred unless registered pursuant to, or exempt
from registration under, the Securities Act and any other applicable securities
law;

         3.       none of the Owner Trustee, the Indenture Trustee, the
Transferor or the Servicer or any person representing the Owner Trustee, the
Indenture Trustee, the Transferor or the Servicer has made any representation to
us with respect to the Issuer or the offering or sale of any of the Class D
Notes, other than the information contained in the accompanying Private
Placement Memorandum, which has been delivered to us and upon which we are
relying in making our investment decision with respect to the Class D Notes. We
have had access to such financial and other information concerning the Issuer
and the Class D Notes as we have deemed necessary in connection with our
decision to purchase such notes;

                                   Exhibit E-1

<PAGE>

         4.       we have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an
investment in the Class D Notes, and we (and any account for which we are
purchasing under paragraph (8) below) are able to bear the economic risk of an
investment in the Class D Notes;

         5.       the Class D Notes will bear a legend to the following effect:

         "THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS
NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND ONLY (1) TO THE ISSUER OR ITS AFFILIATES OR (2) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT (A "QIB") PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE,
THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A UNDER THE SECURITIES ACT. THIS SECURITY WILL NOT BE ACCEPTED FOR
REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION OF EVIDENCE SATISFACTORY TO
THE TRANSFER AGENT AND REGISTRAR THAT THE RESTRICTIONS ON TRANSFER SET FORTH IN
THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT HAVE BEEN COMPLIED WITH. THIS
NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE
PRIOR WRITTEN CONSENT OF THE TRANSFEROR AND UNLESS AND UNTIL THE INDENTURE
TRUSTEE AND THE TRANSFEROR SHALL HAVE RECEIVED THE CERTIFICATIONS REQUIRED BY
THE MASTER INDENTURE AND THE INDENTURE SUPPLEMENT. THE CLASS D NOTES ARE ALSO
SUBJECT TO RESTRICTIONS ON THE PURCHASE, OWNERSHIP AND DISPOSITION OF SUCH
SECURITIES, INCLUDING THE CONSENT OF THE TRANSFEROR AND THE DELIVERY OF AN
INVESTMENT LETTER. SUCH RESTRICTIONS ARE SET FORTH IN THE MASTER INDENTURE AND
THE INDENTURE SUPPLEMENT, COPIES OF WHICH ARE AVAILABLE FROM THE INDENTURE
TRUSTEE.

         THIS CLASS D NOTE MAY NOT BE SOLD OR TRANSFERRED TO ANY PLAN THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA") OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), TO ANY PERSON ACTING ON BEHALF OF OR WITH "PLAN ASSETS" OF ANY SUCH
PLAN, OR TO ANY OTHER "BENEFIT PLAN INVESTOR" (AS DEFINED IN UNITED STATES
DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101(f)(2)), INCLUDING AN INSURANCE
COMPANY GENERAL ACCOUNT, EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE SUPPLEMENT.

                                   Exhibit E-2

<PAGE>

         THIS CLASS D NOTE MAY NOT BE ACQUIRED, SOLD, TRADED OR TRANSFERRED, NOR
MAY AN INTEREST IN THIS CLASS D NOTE BE MARKETED, ON OR THROUGH (I) AN
"ESTABLISHED SECURITIES MARKET" WITHIN THE MEANING OF SECTION 7704(b)(1) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING, WITHOUT LIMITATION, AN
OVER THE-COUNTER-MARKET OR AN INTERDEALER QUOTATION SYSTEM THAT REGULARLY
DISSEMINATES FIRM BUY OR SELL QUOTATIONS OR (II) A "SECONDARY MARKET (OR THE
SUBSTANTIAL EQUIVALENT THEREOF)" WITHIN THE MEANING OF SECTION 7704(b)(2) OF THE
CODE AND ANY TREASURY REGULATION THEREUNDER, INCLUDING A MARKET WHEREIN
INTERESTS IN THE CLASS D NOTES ARE REGULARLY QUOTED BY ANY PERSON MAKING A
MARKET IN SUCH INTERESTS AND A MARKET WHEREIN ANY PERSON REGULARLY MAKES
AVAILABLE BID OR OFFER QUOTES WITH RESPECT TO INTERESTS IN THE CLASS D NOTES AND
STANDS READY TO EFFECT BUY OR SELL TRANSACTIONS AT THE QUOTED PRICES FOR ITSELF
OR ON BEHALF OF OTHERS.

         BEFORE PURCHASING THIS NOTE, PURCHASERS SHOULD CONSULT COUNSEL WITH
RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON
RESALE OR TRANSFER. NEITHER THE ISSUER NOR THE SELLER OF THIS NOTE HAS AGREED TO
REGISTER THIS NOTE UNDER THE SECURITIES ACT, TO QUALIFY THIS NOTE UNDER THE
SECURITIES LAWS OF ANY STATE OR JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER.

         AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF."

         Any portion of this legend may be removed or modified if the
Transferor, the Servicer and the Indenture Trustee and the Transfer Agent and
Registrar have received an Opinion of Counsel, in form and substance
satisfactory to them, to the effect that such paragraph may be removed or
modified;

         6.       if we are acquiring any Class D note, or any interest or
participation therein, as a fiduciary or agent for one or more investor
accounts, we have sole investment discretion with respect to that account and we
have full power to make the acknowledgements, representations and agreements
contained herein on behalf of each of those accounts;

         7.       we (1) are a QIB, (2) are aware that the sale to us is being
made in reliance on Rule 144A and if we are acquiring those Class D notes or any
interest or participation therein for the account of another QIB, that such
other QIB is aware that the sale is being made in reliance on Rule 144A and (3)
are acquiring those Class D notes or any interest or participation therein for
our own account or for the account of a QIB;

         8.       we are purchasing the Class D notes for our own account, or
for one or more investor accounts for which we are acting as fiduciary or agent,
in each case for investment, and not with a view to, or for offer or sale in
connection with, any distribution thereof in violation of

                                   Exhibit E-3

<PAGE>

the Securities Act, subject to any requirements of law that the disposition of
our property or the property of that investor account or accounts be at all
times within our or their control and subject to our or their ability to resell
those Class D notes, or any interest or participation therein, as described
herein and as provided in the Master Indenture or the Indenture Supplement
relating to the Series 2003-B Notes;

         9.       we agree that if in the future we should offer, sell or
otherwise transfer that Class D note or any interest or participation therein,
we will do so only (A) to the Transferor or an affiliate of the Transferor, or
(B) pursuant to Rule 144A to a person whom we reasonably believe is a QIB in a
transaction meeting the requirements of Rule 144A, purchasing for its own
account or for the account of a QIB, whom we have informed that such offer, sale
or other transfer is being made in reliance on Rule 144A;

         10.      the Transferor, the Issuer, the Servicer, the Owner Trustee,
the Indenture Trustee and others will rely on the truth and accuracy of the
foregoing representations, warranties and covenants and we agree that if any of
the foregoing representations, warranties and covenants deemed to have been made
by us are no longer accurate, we shall promptly notify the Transferor, the
Issuer, the Servicer, the Owner Trustee and the Indenture Trustee. We further
agree to use reasonable efforts to produce a replacement investor which is
acceptable to the Transferor to replace us in the event of any such breach
(understanding also that the Transferor shall also have the right to procure a
replacement investor), and agree to take all actions necessary to permit a
replacement investor to succeed to our rights and obligations with respect to
the related Class D note. We acknowledge that the portion of the Tax Opinion to
the effect that the Trust will not be treated as a publicly traded partnership
taxable as a corporation is dependent in part on the accuracy of the
certifications described herein;

         11.      we are the beneficial owner for United States federal income
tax purposes and, unless otherwise consented to by the Transferor in its sole
discretion in writing, we are and will remain a "United States person" for such
purposes for so long as we hold any interest in a Class D Note;

         12.      by our acceptance of an interest in the Class D Notes,  we
agree to treat the Class D Notes for federal, state and local income and
franchise tax purposes as indebtedness of the Transferor;

         13.      unless otherwise consented to by the Transferor in its sole
discretion in writing, we are properly classified as, and shall remain
classified as, a "corporation" as described in Section 7701(a)(3) of the
Internal Revenue Code of 1986 (the "Code") and are not, and so long as we shall
be an owner of Class D Notes will not become, an "S Corporation" (within the
meaning of Section 1361(a) of the Code) for U.S. federal income tax purposes;

         14.      we have not acquired, and shall not sell, trade or transfer
any interest in the Class D Notes, nor cause any interest in the Class D Notes
to be marketed on or through either (i) an "established securities market"
within the meaning of Section 7704(b)(1) of the Code (including an interdealer
quotation system that regularly disseminates firm buy or sell quotations by
identified brokers or dealers by electronic means or otherwise) or (ii) a
"secondary market (or the substantial equivalent thereof)" within the meaning of
Code Section 7704(b)(2) (including a

                                   Exhibit E-4

<PAGE>

market wherein interests in the Class D Notes are regularly quoted by any person
making a market in such interests and a market wherein any person regularly
makes available bid or offer quotes with respect to interests in the Class D
Notes and stands ready to effect, buy or sell transactions at the quoted prices
for itself or on behalf of others);

         15.      either [check one]:

                  [ ]      we are not, and we are not acquiring the Class D
                           Notes by or on behalf of, or with "plan assets" of,
                           (i) an employee benefit plan (as defined in Section
                           3(3) of The Employment Retirement Income Security Act
                           of 1974, as amended (" ERISA"), whether or not
                           subject to Title I of ERISA, (ii) a plan described in
                           Section 4975(e)(1) of the Code, (iii) an entity whose
                           underlying assets include "plan assets" by reason of
                           a Plan's investment in us; or (a) a person who is
                           otherwise a "benefit plan investor," as defined in
                           U.S. Department of Labor ("DOL") Regulation Section
                           2510.3-101 (a "Benefit Plan Investor"), including any
                           insurance company general account or a governmental
                           or foreign plan that is generally not subject to
                           ERISA or Section 4975 of the Code; OR

                  [ ]      we are acquiring the Class D Notes and the Class D
                           Notes will be held by or on behalf of, or with "plan
                           assets" of, a Plan or other Benefit Plan Investor and

                           (a) (1) we are purchasing the Class D Notes with
                           assets of an "insurance company general account"
                           (within the meaning of DOL Prohibited Transaction
                           Class Exemption ("PTCE") 95-60 (a "General Account");
                           (2) our purchase of the Class D Notes is eligible for
                           the exemptive relief afforded under Section I of PTCE
                           95-60; and (3) less than ____% (enter a percentage
                           not in excess of 25%) of the assets of the such
                           General Account constitute "plan assets" of Benefit
                           Plan Investors; and

                           (b) after giving effect to our purchase and all other
                           purchases occurring simultaneously therewith, less
                           than 25% of the Class D Notes (excluding Class D
                           Notes held by the servicer or any of its affiliates)
                           will constitute "plan assets" of Benefit Plan
                           Investors;

         16.      we represent and warrant and agree with you that (i) our
purchase and holding of Class D Notes will satisfy the ERISA requirements
described in paragraph 15 above and (ii) we will not assign or transfer Class D
Notes unless (a) the proposed assignee or transferee delivers a letter to you
evidencing its agreement to the ERISA representations and covenants in Paragraph

                                   Exhibit E-5

<PAGE>

15 above with respect to its purchase, holding and transfer of Class D Notes and
(b) if we (x) are not (and are not acting on behalf of ) a Benefit Plan
Investor, the assignee or transferee will also not be a Benefit Plan Investor,
or (y) are (or are acting on behalf of) a General Account, the assignee or
transferee will be accurately identified in such letter as either another
General Account or a person who is not (and is not acting on behalf of) a
Benefit Plan Investor;

         17.      registration of transfer of any Class D Note or any interest
therein will require delivery of such certificates and other requirements as are
required by the Indenture Supplement, as more specifically set forth therein;
and

         18.      transfers of the Class D Notes or any interest or
participation therein shall otherwise be subject in all respects to the
restrictions applicable thereto contained in the Master Indenture or the
Indenture Supplement.

         Capitalized terms used but not defined herein shall have the meanings
set forth in the Indenture Supplement.

                                                    Very truly yours,

                                                    [NAME OF INVESTOR]

                                                    By:_________________________
                                                    Name:
                                                    Title:

CLASS D NOTES TO BE PURCHASED

U.S.$__________ aggregate principal amount of Series 2003-B Class D Asset Backed
Notes

                                   Exhibit E-6

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