Document:

<PAGE>

                                                                 Exhibit 10.1(b)

                                                    FORM OF INDENTURE SUPPLEMENT

                           SERIES 200_-___ SUPPLEMENT

                          Dated as of ________ __, 200_

                                       to

                                MASTER INDENTURE

                            Dated as of July 14, 2000

                       Series 200_-___ Asset Backed Notes

        $__________________ Class A Variable Funding Floating Rate Notes

                  Class B Variable Funding Floating Rate Notes

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

               COMPUCREDIT CREDIT CARD MASTER NOTE BUSINESS TRUST

                                 SERIES 200_-___

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

                                      among

               COMPUCREDIT CREDIT CARD MASTER NOTE BUSINESS TRUST

                                     Issuer

                             COMPUCREDIT CORPORATION

                                    Servicer

                                       and

                              THE BANK OF NEW YORK

                                Indenture Trustee

                  on behalf of the Series 200_-___ Noteholders

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                                TABLE OF CONTENTS

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                                    ARTICLE I

                      Creation of the Series 200_-___ Notes

Section 1.01.   Designation................................................   1

                                   ARTICLE II

                                   Definitions

Section 2.01.   Definitions................................................   2

                                   ARTICLE III

                          Servicing Fee and Interchange

Section 3.01.   Servicing Compensation; Interchange........................  13

                                   ARTICLE IV

                      Rights of Series 200_-___ Noteholders
                  and Allocation and Application of Collections

Section 4.01.   Collections and Allocations................................  13

Section 4.02.   Determination of Monthly Interest..........................  17

Section 4.03.   Suspension of the Revolving Period; Limited Redemption
                Period and Optional Redemption.............................  18

Section 4.04.   Class A Required Amount....................................  19

Section 4.05.   Application of Available Funds and Available Principal
                Collections................................................  19

Section 4.06.   Defaulted Amounts; Reduction Amounts.......................  21

Section 4.07.   Reallocated Principal Collections..........................  21

Section 4.08.   Excess Finance Charge Collections..........................  22

Section 4.09.   Reallocated Series Finance Charge Collections..............  22

Section 4.10.   Shared Principal Collections...............................  23

Section 4.11.   Spread Account.............................................  24

Section 4.12.   Principal Amount Increases.................................  25

                                    ARTICLE V

            Distributions and Reports to Series 200_-___ Noteholders

Section 5.01.   Distributions..............................................  26

Section 5.02.   Reports and Statements to Series 200_-___ Noteholders......  27

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                                TABLE OF CONTENTS
                                   (CONTINUED)

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                                   ARTICLE VI

                             Early Redemption Events

Section 6.01.   Early Redemption Events....................................  28

                              ARTICLE VII

                Optional Redemption; Series Termination

Section 7.01.   Optional Redemption........................................  30

Section 7.02.   Stated Maturity Date.......................................  31

                                  ARTICLE VIII

            Redemption of Series 200_-___ Notes; Final Distributions

Section 8.01.   Sale of Receivables or Redemption of the Notes pursuant to
                Section 2.06 or 8.01 of the Transfer and Servicing
                Agreement and Sections 5.05 and 5.17 of the Indenture and
                Section 7.01 of this Supplement............................  31

                                   ARTICLE IX

                            Miscellaneous Provisions

Section 9.01.   Ratification of Agreement..................................  32

Section 9.02.   Counterparts...............................................  32

Section 9.03.   Governing Law..............................................  32

Section 9.04.   Tax Matters................................................  32

Section 9.05.   Additional Provisions Regarding Agreement..................  35

Section 9.06.   Additional Provisions Regarding the Servicer...............  35

Section 9.07.   Notices....................................................  36

Section 9.08.   Transfer of Class B Notes..................................  36

Section 9.09.   Certain Matters Relating to the Initial Distribution Date..  36

Section 9.10.   Limitation of Liability....................................  37

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EXHIBITS

Exhibit A   Form of Class A Note

Exhibit B   Form of Class B Note

Exhibit C   Form of Monthly Servicer's Statement

Exhibit D   Form of Class B Increase Notice

Exhibit E   Form of Investment Letter

<PAGE>

       SERIES 200_-___ INDENTURE SUPPLEMENT, dated as of ________ __, 200_ (this
"SUPPLEMENT"), between COMPUCREDIT CREDIT CARD MASTER NOTE BUSINESS TRUST, a
business trust organized and existing under the laws of the State of Nevada (the
"ISSUER"), COMPUCREDIT CORPORATION, a Georgia corporation, as Servicer, and THE
BANK OF NEW YORK, 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 (together with its successors in the trusts thereunder as provided in
the Indenture, the "INDENTURE TRUSTEE") under the Master Indenture dated as of
July 14, 2000 (the "INDENTURE") between the Issuer, the Servicer and the
Indenture Trustee.

       Section 2.11 of the Indenture provides that the Issuer may, from time to
time, pursuant to one or more Indenture Supplements direct the Indenture
Trustee, on behalf of the Issuer, to issue one or more new Series of Notes and
to set forth the Principal Terms of such Series.

       Pursuant to this Supplement, the Issuer and the Indenture Trustee shall
create a new Series of Notes and specify the Principal Terms thereof.

                                    ARTICLE I

                      CREATION OF THE SERIES 200_-___ 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 Supplement to be known as "CompuCredit
Credit Card Master Note Business Trust, Series 200_-___ Notes" or the "Series
200_-___ Notes." The Series 200_-___ Notes shall be issued in two Classes, the
first of which shall be known as the "Class A Series 200_-___ Floating Rate
Variable Funding Notes" and the second of which shall be known as the "Class B
Series 200_-___ Floating Rate Variable Funding Notes." The Series 200_-___ Notes
shall be due and payable on the Stated Maturity Date.

       (b)    Series 200_-___ shall be included in Group __ and shall be a
Principal Sharing Series. Series 200_-___ shall be an Excess Allocation Series.
Series 200_-___ shall not be subordinated to any other Series. Notwithstanding
any provision in the Indenture or in this Supplement to the contrary, the first
Distribution Date with respect to Series 200_-___ shall be _______ __, 200_.

       (c)    In the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Indenture, the terms and provisions of this Supplement shall be controlling.

<PAGE>

                                   ARTICLE II

                                   DEFINITIONS

       Section 2.01. DEFINITIONS.

       (a)    All capitalized terms not otherwise defined herein are defined in
the Indenture, the Transfer and Servicing Agreement or the Trust Agreement
(including by way of reference to other documents). Each capitalized term
defined herein shall relate only to the Series 200_-___ Notes and no other
Series of Notes issued by the Issuer. Whenever used in this 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.

       "ADMINISTRATIVE AGENT" shall mean ____________________, or any successor
designated as the Agent in the Note Purchase Agreement.

       "ALLOCATION AMOUNT" shall mean, as of any date of determination, an
amount equal to (a) the Initial Note Principal Balance, PLUS (b) the total
amount of Class A Note Principal Balance Increases and Class B Note Principal
Balance Increases on or prior to such date, MINUS (c) the total amount of
principal payments made on the Series 200_-___ Notes prior to such date, MINUS
(d) the excess, if any, of the total amount of Reduction Amounts for all prior
Distribution Dates and Reallocated Principal Collections that under Section 4.07
were used to fund the Class A Required Amount on all prior Distribution Dates
OVER such Reduction Amounts and Reallocated Principal Collections reimbursed
pursuant to subsection 4.05(a)(vi) prior to such date.

       "AVAILABLE FUNDS" shall mean, for any Distribution Date, an amount equal
to the sum of (a) the Reallocated Series Finance Charge Collections, (b) the
Excess Finance Charge Collections and (c) the amount of funds, if any, to be
withdrawn from the Spread Account which, pursuant to subsection 4.11(c), are
required to be included in Available Funds with respect to such Distribution
Date.

       "AVAILABLE PRINCIPAL COLLECTIONS" shall mean, with respect to any Monthly
Period, an amount equal to the sum of (a) (i) an amount equal to the
Fixed/Floating Allocation Percentage of Series 200_-___ Allocable Principal
Collections received during the related Monthly Period MINUS (ii) the amount of
Reallocated Principal Collections with respect to such Monthly Period which
pursuant to Section 4.07 are required to fund the Class A Required Amount for
the related Distribution Date, (b) any Shared Principal Collections with respect
to other Series that are allocated to Series 200_-___ in accordance with Section
4.02 of the Transfer and Servicing Agreement and Section 4.10 hereof and (c) any
other amounts which pursuant to Section 4.05 hereof are to be treated as
Available Principal Collections with respect to such Distribution Date.

       "AVAILABLE SPREAD ACCOUNT AMOUNT" shall mean, with respect to any
Distribution Date, the lesser of (a) the principal amount on deposit in the
Spread Account on such date (before

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giving effect to any deposit to be made to the Spread Account on such date) and
(b) the Required Spread Account Amount.

       "AVERAGE ALLOCATION AMOUNT" shall mean, for any period, the sum of the
Allocation Amounts for each day in such period divided by the number of days in
such period.

       "AVERAGE NOTE PRINCIPAL BALANCE" shall mean, for any period, the sum of
the Note Principal Balances for each day in such period divided by the number of
days in such period.

       "AVERAGE PRINCIPAL RECEIVABLES" shall mean, for any period, the sum of
the Principal Receivables for each day in such period divided by the number of
days in such period.

       "BASE RATE" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is equal
to the sum of the Monthly Interest and the Monthly Servicing Fee, if any, with
respect to the related Distribution Date and the denominator of which is the
Average Note Principal Balance as of the last day of the preceding Monthly
Period.

       "CLASS A INITIAL NOTE PRINCIPAL BALANCE" shall mean $________.

       "CLASS A MONTHLY INTEREST" shall have the meaning specified in subsection
4.02(a).

       "CLASS A NOTE PRINCIPAL BALANCE" shall mean, on any date, (a) the Class A
Initial Note Principal Balance, PLUS (b) the total amount of Class A Note
Principal Balance Increases made on or prior to such date, MINUS (c) the total
amount of principal payments made on the Class A Notes on or prior to such date.

       "CLASS A NOTE PRINCIPAL BALANCE INCREASE" shall have the meaning
specified in subsection 4.12(a).

       "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.

       "CLASS A REQUIRED AMOUNT" shall have the meaning specified in Section
4.04.

       "CLASS B INITIAL NOTE PRINCIPAL BALANCE" shall mean $________.

       "CLASS B MONTHLY INTEREST" shall have the meaning specified in subsection
4.02(b).

       "CLASS B NOTE PRINCIPAL BALANCE" shall mean, on any date, (a) the Class B
Initial Note Principal Balance, PLUS (b) the total amount of Class B Note
Principal Balance Increases

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made on or prior to such date, MINUS (c) the total amount of principal payments
made on the Class B Notes on or prior to such date.

       "CLASS B NOTE PRINCIPAL BALANCE INCREASE" shall have the meaning
specified in subsection 4.12(b).

       "CLASS B NOTE RATE" shall mean, for any Interest Period with respect to
the Class B Notes, a per annum rate of 0%, PROVIDED, HOWEVER, that upon notice
to the Indenture Trustee and the Servicer, the Class B Note Rate shall equal
such other rate as shall be agreed upon by the Issuer and the Class B
Noteholder, from time to time.

       "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 B.

       "CLOSING DATE" shall mean ________ __, 200_.

       "COLUMBUS BANK" shall mean Columbus Bank and Trust Company, a state bank
chartered under the laws of the State of Georgia, and its successors and
permitted assigns under the Affinity Card Agreement.

       "COMMITMENT TERMINATION DATE" shall have the meaning provided in the Note
Purchase Agreement.

       "CONTROLLED REDEMPTION PERIOD" shall mean, unless an Early Redemption
Event with respect to Series 200_-___ shall have occurred prior thereto, the
period commencing on the Termination Date (as defined in the Note Purchase
Agreement, excluding clause (v) thereof) and ending upon the first to occur of
(x) the commencement of the Early Redemption Period, (y) the payment in full to
Class A Noteholders and the Class B Noteholders of the Class A Note Principal
Balance and the Class B Note Principal Balance, respectively, and (z) the Stated
Maturity Date.

       "DELINQUENCY RATIO" shall mean, for any Monthly Period, the ratio
(expressed as a percentage) of (i) the balance of all Receivables as to which,
as of the last day of such Monthly Period, any payment remains unpaid for more
than 30 days from the due date with respect thereto, but excludes Ineligible
Receivables, to (ii) the balance of all Receivables (excluding Ineligible
Receivables) as of the last day of such Monthly Period.

       "DISTRIBUTION DATE" shall mean the fifteenth day of each calendar month,
or if such fifteenth day is not a Business Day, the next succeeding Business Day
commencing with ________ __, 200_.

       "EARLY REDEMPTION EVENT" shall mean any Early Redemption Event specified
in Section 5.01 of the Indenture and any Early Redemption Event specified in
Section 6.01 hereof.

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       "EARLY REDEMPTION PERIOD" shall mean the period commencing at the close
of business on the Business Day immediately preceding the day on which an Early
Redemption Event with respect to Series 200_-___ is deemed to have occurred, and
ending on the first to occur of (i) the payment in full of the Note Principal
Balance or (ii) the Stated Maturity Date.

       "EXCESS FINANCE CHARGE COLLECTIONS" shall have the meaning specified in
Section 4.05 of the Transfer and Servicing Agreement, as further described in
Section 4.08 hereof.

       "EXPECTED PRINCIPAL PAYMENT DATE" shall mean the twelfth Distribution
Date occurring in the Controlled Redemption Period.

       "FACILITY LIMIT" shall have the meaning specified in the Note Purchase
Agreement.

       "FINANCE CHARGE SHORTFALL" shall have the meaning specified in Section
4.08.

       "FIXED/FLOATING ALLOCATION PERCENTAGE" shall mean, with respect to any
day during a Monthly Period, the percentage equivalent (which percentage shall
never exceed 100%) of a fraction, the numerator of which is (a) during the
Revolving Period, the Series Adjusted Allocation Amount for Series 200_-___ as
of the last day of the immediately preceding Monthly Period (or, in the case of
the first Monthly Period, the Initial Note Principal Balance) and (b) during the
Redemption Period or any Limited Redemption Period, the Series Adjusted
Allocation Amount for Series 200_-___ as of the close of business on the date on
which the Revolving Period shall have terminated or been suspended, as the case
may be, and the denominator of which is the product of (x) the greater of (A)
the sum of (i) the total amount of Principal Receivables as of the last day of
the immediately preceding Monthly Period (or with respect to the first Monthly
Period, the total amount of Principal Receivables as of the Closing Date), (ii)
the Special Funding Amount as of such last day (or with respect to the first
Monthly Period, the Closing Date) and (iii) the amount of Collections of
Principal Receivables on deposit in the Collection Account as of such last day
(or with respect to the first Monthly Period, as of the Closing Date) and (B)
the sum of the numerators used to determine the series allocation percentages
with respect to Collections of Principal Receivables for all Series of Notes
Outstanding, and (y) the Series 200_-___ Allocation Percentage as of the last
day of the immediately preceding Monthly Period; PROVIDED, HOWEVER, that with
respect to any Monthly Period in which one or more Reset Dates occurs, the
Fixed/Floating Allocation Percentage shall be recalculated as provided above but
as of such Reset Date for the period from and including such Reset Date to but
excluding the next such Reset Date, if any, or if no other Reset Date occurs
during such Monthly Period, to and including the last day of such Monthly
Period, as applicable; PROVIDED FURTHER, that the numerator in clause (b) above
shall continue to be the Series Adjusted Allocation Amount for Series 200_-___
as of the close of business on the date on which the Revolving Period shall have
been terminated or suspended unless the Series 200_-___ Notes are paid in full
on such date.

       "FLOATING ALLOCATION PERCENTAGE" shall mean, with respect to any day
during a Monthly Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is the Allocation Amount as
of the last day of the preceding

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Monthly Period (or in the case of the first Monthly Period, the Initial Note
Principal Balance) and the denominator of which is the product of (x) the Series
200_-___ Allocation Percentage with respect to such Monthly Period and (y) the
greater of (A) the sum of (i) the total amount of Principal Receivables as of
such day (or with respect to the first Monthly Period, the total amount of
Principal Receivables on the Closing Date), (ii) the Special Funding Amount as
of such last day (or with respect to the first Monthly Period, the Closing Date)
and (iii) the amount of Collections of Principal Receivables on deposit in the
Collection Account as of such last day (or with respect to the first Monthly
Period, as of the Closing Date) and (B) the sum of the numerators used to
determine the series allocation percentages with respect to Collections of
Finance Charge Receivables for all Series of Notes Outstanding; PROVIDED,
HOWEVER, that with respect to any Monthly Period in which one or more Reset
Dates occurs, the Floating Allocation Percentage shall be recalculated as
provided above but as of such Reset Date, for the period from and after the date
on which any such Reset Date occurs to but excluding the date, if any, that
another such Reset Date occurs or, if no other Reset Date occurs during such
Monthly Period, to and including the last day of such Monthly Period.

       "GROUP __" shall mean Series 200_-___ and each other Series specified in
the related Supplement to be included in Group __.

       "GROUP __ SERIES ADDITIONAL AMOUNTS" shall mean, with respect to any
Monthly Period, the sum of (a) Series 200_-___ Additional Amounts for such
Distribution Date and (b) for all other Series included in Group __, the sum of
(i) the aggregate net amount by which the allocation amounts of such Series have
been reduced as a result of Reduction Amounts, subordination of principal
collections and, if applicable, funding the series default amounts in respect of
any Class of Notes or Series Enhancement of such Series as of such Distribution
Date and (ii) if the applicable Supplements so provide, the aggregate unpaid
amount of interest at the applicable note interest rates that has accrued on the
amounts described in the preceding clause (i) for such Distribution Date.

       "GROUP __ SERIES DEFAULT AMOUNT" shall mean, with respect to any
Distribution Date, the sum of (a) the Series Default Amount for such
Distribution Date and (b) the aggregate amount of the series default amounts for
all other Series included in Group __ for such Distribution Date.

       "GROUP __ SERIES FINANCE CHARGE COLLECTIONS" shall mean, with respect to
any Distribution Date, the sum of (a) Series Finance Charge Collections for such
Distribution Date and (b) the aggregate amount of the series finance charge
collections for all other Series included in Group __ for such Distribution
Date.

       "GROUP __ SERIES MONTHLY FEES" shall mean with respect to any
Distribution Date, the sum of (a) Series 200_-___ Monthly Fees for such
Distribution Date and (b) the aggregate amount of the servicing fees, series
fees, fees payable to any Series Enhancer and any other similar fees, which are
payable out of reallocated series finance charge collections pursuant to the
related Supplements, for all other Series included in Group __ for such
Distribution Date.

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       "GROUP __ SERIES MONTHLY INTEREST" shall mean, with respect to any
Distribution Date, the sum of (a) Series 200_-___ Monthly Interest for such
Distribution Date and (b) the aggregate amount of monthly interest, including
overdue monthly interest and interest on such overdue monthly interest, if such
amounts are payable out of reallocated series finance charge collections
pursuant to the related Supplements, for all other Series included in Group __
for such Distribution Date.

       "GROUP __ SERIES SERVICER ADVANCES" shall mean, with respect to any
Distribution Date, the sum of (a) amounts owed to the Servicer in respect of
Servicer Advances pursuant to Section 4.05(a)(i) hereof for such Distribution
Date and (b) the aggregate amount of servicer advances, including unreimbursed
servicer advances from prior Interest Periods, for all other Series included in
Group __ for such Distribution Date.

       "INITIAL NOTE PRINCIPAL BALANCE" shall mean the sum of the Class A
Initial Note Principal Balance and the Class B Initial Note Principal Balance.

       "INTEREST DISTRIBUTION DATE" shall have the meaning assigned to such term
in Section 4.02(c).

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

       "INVESTMENT LETTER" shall have the meaning specified in Section 9.04(c).

       "LIMITED REDEMPTION AMOUNT" shall mean for any Distribution Date relating
to a Limited Redemption Period, the excess, if any, of (i) the amount specified
in the notice delivered by the Issuer in accordance with Section 4.03(a) over
(ii) the aggregate amount of principal paid on the Class A Notes on all prior
Distribution Dates, if any, in such Limited Redemption Period.

       "LIMITED REDEMPTION PERIOD" shall mean, unless the Controlled Redemption
Period or the Early Redemption Period shall have commenced prior thereto, a
period beginning on the first day of the Monthly Period specified in the notice
delivered by the Issuer in accordance with Section 4.03(a), and ending upon the
first to occur of (i) the commencement of the Controlled Redemption Period or
the Early Redemption Period and (ii) the last day of the Monthly Period related
to the Distribution Date on which the aggregate amount distributed pursuant to
Section 4.05(c)(ii) equals the Limited Redemption Amount for such Distribution
Date.

       "MONTHLY INTEREST" shall mean, with respect to any Distribution Date, the
Class A Monthly Interest and the Class B Monthly Interest for such Distribution
Date.

       "MONTHLY SERVICING FEE" shall have the meaning specified in Section
3.01(a).

       "NET PORTFOLIO YIELD" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, (A) the numerator of which is
equal to (a) Series

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Finance Charge Collections with respect to such Monthly Period, PLUS (b) without
duplication of amounts referred to in clause (a) above, the amount of
Interchange to be included as Series 200_-___ Allocable Finance Charge
Collections for such Monthly Period pursuant to subsection 3.01(b), MINUS (c)
the Series Default Amount for the Distribution Date with respect to such Monthly
Period, and (B) the denominator of which is the Average Note Principal Balance
with respect to such Monthly Period.

       "NET YIELD" shall mean, with respect to any Monthly Period, (a) the Net
Portfolio Yield with respect to such Monthly Period MINUS (b) the Base Rate with
respect to such Monthly Period.

       "NOTE ASSIGNMENT" shall have the meaning specified in Section 9.04(e).

       "NOTE PRINCIPAL BALANCE" shall mean, for any date of determination, the
sum of the Class A Note Principal Balance and the Class B Note Principal
Balance.

       "NOTE PRINCIPAL BALANCE INCREASE" shall mean a Class A Note Principal
Balance Increase or a Class B Note Principal Balance Increase.

       "NOTE PURCHASE AGREEMENT" shall mean the Note Purchase Agreement dated as
of ________ __, 200_ by and among CFC, CompuCredit, the Issuer, the
Administrative Agent and ______________________________, and all amendments
thereto.

       "OPTIONAL REDEMPTION AMOUNT" shall have the meaning specified in
subsection 4.03(b).

       "OPTIONAL REDEMPTION DATE" shall have the meaning specified in subsection
4.03(b).

       "OPTIONAL REDEMPTION NOTICE" shall have the meaning specified in
subsection 4.03(b).

       "PARTICIPANT" shall have the meaning specified in Section 9.04(f).

       "PRIVATE HOLDER" shall mean each holder of a right to receive interest or
principal in respect of any direct or indirect interest in the Issuer, including
any financial instrument or contract the value of which is determined in whole
or in part by reference to the Issuer (including the assets of the Issuer,
income of the Issuer or distributions made by the Issuer), but excluding any
interest in the Issuer 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 such Series, Class or other interest will
be treated as debt or otherwise not as an equity interest in either the Issuer
or the Receivables for federal income tax purposes, in each case, PROVIDED such
interest is not convertible or exchangeable into an interest in the Issuer or
the Issuer'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

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<PAGE>

include the Holders of the Trust Certificate, the Transferor Certificates or any
interest in either, the Servicer and the Series 200_-___ Noteholders. Any Person
holding more than one interest in the Issuer 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 (which consent shall
be based on an Opinion of Counsel generally to the effect that the action taken
pursuant to the consent will not cause the Issuer to become a publicly traded
partnership treated as a corporation).

       "RATING AGENCY CONDITION" shall mean, if no Series or Class of Notes has
been rated, the consent of the Administrative Agent.

       "REALLOCATED SERIES FINANCE CHARGE COLLECTIONS" shall mean that portion
of Group __ Series Finance Charge Collections allocated to Series 200_-___
pursuant to Section 4.09.

       "REALLOCATED PRINCIPAL COLLECTIONS" shall mean, with respect to any
Distribution Date, an amount equal to the lesser of (I) the product of (a) the
Series 200_-___ Allocable Principal Collections deposited in the Collection
Account for the related Monthly Period and, (b) the Fixed/Floating Allocation
Percentage for the related Monthly Period, and (II) the greater of (x) the Class
B Note Principal Balance minus the excess, if any, of the total amount of
Reduction Amounts for all prior Distribution Dates and Reallocated Principal
Collections that under Section 4.07 were used to fund the Class A Required
Amount on all prior Distribution Dates OVER such Reduction Amounts and
Reallocated Principal Collections reimbursed pursuant to Section 4.05(a)(vi)
prior to such date and (y) 0.

       "RECORDS" shall mean all Credit Card Agreements and other documents,
books, records and other information (including, without limitation, computer
programs, tapes, discs, punch cards, data processing software and related
property and rights) maintained with respect to Receivables and the related
Obligors.

       "REDEMPTION AMOUNT" shall mean, with respect to any Distribution Date,
after giving effect to any deposits and distributions otherwise to be made on
such Distribution Date, the sum of (i) the Note Principal Balance on such
Distribution Date PLUS (ii) Monthly Interest for such Distribution Date and any
Monthly Interest previously due but not distributed to the Series 200_-___
Noteholders on a prior Distribution Date.

       "REDEMPTION PERIOD" shall mean, with respect to Series 200_-___, the
Controlled Redemption Period or the Early Redemption Period (or both), as the
context requires and, for purposes of Shared Principal Collections, the Limited
Redemption Period and an Optional Redemption Date, if so designated by the
Issuer.

       "REDUCTION AMOUNTS" shall have the meaning specified in Section 4.06.

       "REQUIRED SPREAD ACCOUNT AMOUNT" shall mean, on any date of
determination, the product of (i) the Class A Note Principal Balance as of such
date of determination and (ii) the Spread Account Cap Percentage as of such date
of determination.

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       "REQUIRED SUBORDINATE AMOUNT" shall mean, on any date of determination,
the Class A Note Principal Balance as of the end of the day immediately
preceding such determination date, multiplied by the Required Subordination
Percentage.

       "REQUIRED SUBORDINATION PERCENTAGE" shall mean, for any date of
determination, ____%.

       "RESET DATE" shall mean each of (a) an Addition Date, (b) a date on which
a Note Principal Balance Increase occurs, (c) an Optional Redemption Date, (d)
the date of any increase or decrease (other than regularly scheduled redemptions
or early redemptions but including any optional redemption in the principal
balance of the Notes of any Series) in the note principal balance or allocation
amount for another variable funding series, and (e) any date on which a new
Series is issued.

       "REVOLVING PERIOD" shall mean the period beginning at the close of
business on the Closing Date and ending on the earlier of (a) the close of
business on the day immediately preceding the day the Controlled Redemption
Period commences and (b) the close of business on the day immediately preceding
the day the Early Redemption Period commences; PROVIDED, HOWEVER, that the
Revolving Period shall be temporarily suspended for the duration of any Limited
Redemption Period.

       "SERIES 200_-___" shall mean the Series of Notes the terms of which are
specified in this Supplement.

       "SERIES 200_-___ ADDITIONAL AMOUNTS" shall mean, with respect to any
Distribution Date, the sum of the amounts determined pursuant to subsection
4.05(a)(vi) for such Distribution Date.

       "SERIES 200_-___ ALLOCABLE DEFAULTED AMOUNT" shall mean the Series
Allocable Defaulted Amount with respect to Series 200_-___.

       "SERIES 200_-___ ALLOCABLE FINANCE CHARGE COLLECTIONS" shall mean the
Series Allocable Finance Charge Collections with respect to Series 200_-___.

       "SERIES 200_-___ ALLOCABLE PRINCIPAL COLLECTIONS" shall mean the Series
Allocable Principal Collections with respect to Series 200_-___.

       "SERIES 200_-___ ALLOCATION PERCENTAGE" shall mean the Series Allocation
Percentage with respect to Series 200_-___ which shall be an amount equal to,
with respect to any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the Series Adjusted Allocation Amount for Series 200_-___
as of the last day of the immediately preceding Monthly Period PLUS the Series
Required Transferor Amount as of such last day and the denominator of which is
the Trust Adjusted Allocation Amount PLUS the Required Transferor Amount as of
such last day; PROVIDED, HOWEVER, that with respect to any Monthly Period in
which one or more Reset Dates occurs, the Series 200_-___ Allocation Percentage
shall be recalculated as provided above but as of such Reset Date for the period
from and after the date on which any such Reset Date occurs to but excluding the
date, if any, that another such Reset Date occurs or,

                                       10
<PAGE>

if no other Reset Date occurs during such Monthly Period, to and including the
last day of such Monthly Period.

       "SERIES 200_-___ MONTHLY FEES" shall mean, with respect to any
Distribution Date, the amount determined pursuant to subsection 4.05(a)(iv).

       "SERIES 200_-___ MONTHLY INTEREST" shall mean the amounts determined
pursuant to subsections 4.02(a) and (b).

       "SERIES 200_-___ NOTE" shall mean a Class A Note or a Class B Note.

       "SERIES 200_-___ NOTEHOLDER" shall mean a Class A Noteholder or a Class B
Noteholder.

       "SERIES 200_-___ PRINCIPAL SHORTFALL" shall have the meaning specified in
Section 4.10.

       "SERIES ALLOCATION AMOUNT" shall mean, for Series 200_-___ and with
respect to any date of determination, the Initial Note Principal Balance plus
the aggregate principal amount of Note Principal Balance Increases and MINUS any
payments of principal to the Series 200_-___ Noteholders during the Limited
Redemption Period or on an Optional Redemption Date.

       "SERIES DEFAULT AMOUNT" shall mean, with respect to any Monthly Period,
an amount equal to the product of (a) the Series 200_-___ Allocable Defaulted
Amount for the related Monthly Period and (b) the Floating Allocation Percentage
for such Monthly Period.

       "SERIES FINANCE CHARGE COLLECTIONS" shall mean with respect to any
Distribution Date, an amount equal to the product of (a) (i) during the
Revolving Period, the Controlled Redemption Period or the Limited Redemption
Period, the Floating Allocation Percentage for the related Monthly Period and
(ii) during the Early Redemption Period, the Fixed/Floating Allocation
Percentage for the related Monthly Period and (b) the Series 200_-___ Allocable
Finance Charge Collections deposited in the Collection Account for the related
Monthly Period.

       "SERIES REQUIRED TRANSFEROR AMOUNT" shall mean an amount equal to 0% of
the Allocation Amount.

       "SERVICER ADVANCE" shall have the meaning specified in Section 4.02(c).

       "SERVICING BASE AMOUNT" shall have the meaning specified in Section
3.01(a).

       "SERVICING FEE RATE" shall mean the greater of (a) 2.0% per annum and (b)
the percentage cost per annum of servicing the Accounts or Receivables pursuant
to the applicable fee schedule governing the then-effective servicing or
sub-servicing arrangement as estimated by independent public accountants on
behalf of the Indenture Trustee, the Class A Noteholders and the Noteholders of
each other Series of Notes then outstanding; PROVIDED, HOWEVER, that during the
period that Columbus Bank owns the Accounts pursuant to the Affinity Card
Agreement, the Servicing Fee Rate shall be 0.10% per annum.

                                       11
<PAGE>

       "SPECIAL PAYMENT DATE" shall mean each Distribution Date with respect to
the Early Redemption Period.

       "SPREAD ACCOUNT" shall have the meaning specified in subsection 4.11(a).

       "SPREAD ACCOUNT CAP PERCENTAGE" shall mean, as of any date of
determination, if the most recent two-month average (calculated as of the
Determination Date immediately preceding such date) of the Net Yield for such
date is greater than or equal to the percentage set forth in the left-hand
column of the table below, and less than the percentage set forth in the middle
column of the table below, an amount equal to the percentage set forth next to
such percentages in the right-hand column of the table below:

<TABLE>
<CAPTION>

                     AVERAGE NET YIELD
                                                  Spread
              Greater Than          Less          Account
               or Equal to          Than          Cap %
               -----------          ----          -----
<S>                                <C>            <C>

</TABLE>

       "SPREAD ACCOUNT DRAW AMOUNT" shall have the meaning specified in
subsection 4.11(c).

       "SPREAD ACCOUNT SURPLUS" shall mean, as of any date of determination, the
amount, if any, by which the amount on deposit in the Spread Account exceeds the
Required Spread Account Amount.

       "STATED MATURITY DATE" shall mean the August, 2008 Distribution Date.

       "TERMINATION DATE" shall mean the earliest to occur of (a) the
commencement of the Early Redemption Period, (b) the second Business Day prior
to the Commitment Termination Date and (c) the date of termination as specified
in the Note Purchase Agreement.

       "TRANSFEROR PERCENTAGE" shall mean 100% MINUS (a) the Floating Allocation
Percentage, when used at any time with respect to Defaulted Receivables, (b) the
Floating Allocation Percentage, when used during the Revolving Period, the
Controlled Redemption Period or the Limited Redemption Period with respect to
Collections of Finance Charge Receivables, (c) the Fixed/Floating Allocation
Percentage, when used during the Early Redemption Period with respect to
Collections of Finance Charge Receivables or (d) the Fixed/Floating Allocation
Percentage, when used at any time with respect to Collections of Principal
Receivables.

                                       12
<PAGE>

       (b)    The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Supplement shall refer to this Supplement as a whole
and not to any particular provision of this Supplement; references to any
Article, subsection, Section or Exhibit are references to Articles, subsections,
Sections and Exhibits in or to this 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 share of the Servicing Fee allocable to the
Series 200_-___ Noteholders with respect to any Distribution Date (the "MONTHLY
SERVICING FEE") shall be equal to one-twelfth of the product of (a) the
Servicing Fee Rate and (b) (i) the Average Allocation Amount for the Monthly
Period preceding such Distribution Date, MINUS (ii) the product of the amount,
if any, on deposit in the Special Funding Account as of the last day of the
Monthly Period preceding such Distribution Date and the Series 200_-___
Allocation Percentage with respect to such Monthly Period (the amount calculated
pursuant to this clause (b) is referred to as the "SERVICING BASE AMOUNT"). The
remainder of the Servicing Fee shall be paid by the Issuer and the Noteholders
of other Series (as provided in the Transfer and Servicing Agreement and the
related Supplements) and in no event shall the Indenture Trustee or the Series
200_-___ Noteholders be liable for the share of the Servicing Fee to be paid by
the Issuer or the Noteholders of any other Series.

       (b)    INTERCHANGE. On or before each Determination Date, the Servicer
shall notify the Indenture Trustee and the Transferor of the amount of
Interchange to be included as Series 200_-___ Allocable 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 Series 200_-___ Allocation
Percentage. On each Transfer Date, pursuant to the Transfer and Servicing
Agreement, the Transferor shall pay to the Servicer, and the Servicer shall
deposit into the Collection Account, in same day funds, the amount of
Interchange to be so included as Series 200_-___ Allocable Finance Charge
Collections with respect to the preceding Monthly Period and such Interchange
shall be treated as a portion of Series 200_-___ Allocable Finance Charge
Collections for all purposes of this Supplement and the Indenture.

                                   ARTICLE IV

                    Rights of Series 200_-___ Noteholders and
                    ALLOCATION AND APPLICATION OF COLLECTIONS

       Section 4.01. COLLECTIONS AND ALLOCATIONS.

                                       13
<PAGE>

       (a)    ALLOCATIONS. Collections of Finance Charge Receivables and
Principal Receivables and Defaulted Receivables allocated to Series 200_-___
pursuant to Section 4.01 of the Transfer and Servicing Agreement (and, as
described herein, Collections of Finance Charge Receivables reallocated from
other Series in Group __) shall be allocated and distributed or reallocated as
set forth in this Article.

       (b)    PAYMENTS TO THE ISSUER. The Servicer shall, on any Business Day
requested by the Issuer, withdraw from the Collection Account and pay to the
Issuer for application as provided in the Trust Agreement the following amounts:

       (i)    an amount equal to the Transferor Percentage for the related
Monthly Period of Series 200_-___ Allocable Finance Charge Collections deposited
in the Collection Account; PROVIDED, HOWEVER, that if on such date the Available
Spread Account Amount is less than the Required Spread Account Amount (after
giving effect to any deposits into the Spread Account on such date pursuant to
subsection 4.05(a)(viii)), then such amount shall be deposited on such date into
the Spread Account to the extent of such deficiency; and

       (ii)   an amount equal to the Transferor Percentage for the related
Monthly Period of Series 200_-___ Allocable Principal Collections deposited in
the Collection Account, if the Transferor Amount (determined after giving effect
to any Principal Receivables transferred to the Issuer on such date) exceeds
zero; PROVIDED, HOWEVER, that if on such date the Available Spread Account
Amount is less than the Required Spread Account Amount (after giving effect to
any deposits into the Spread Account on such date pursuant to subsections
4.01(b)(i), 4.01(c)(ii)(w) or (x) and 4.05(a)(viii)), then such amount shall be
deposited on such date into the Spread Account to the extent of such deficiency.

       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 for the reassignment of the
Receivables and Participation Interests pursuant to Section 2.06 of the Transfer
and Servicing Agreement, payment of the purchase price for the Series 200_-___
Notes pursuant to Section 8.01 of the Transfer and Servicing Agreement, payment
of the redemption price for the Series 200_-___ Notes pursuant to Section 7.01
of this Supplement and proceeds from the sale, disposition or liquidation of
Receivables pursuant to Section 5.05 of the Indenture.

       (c)    ALLOCATIONS TO THE SERIES 200_-___ NOTEHOLDERS. The Servicer
shall, prior to the close of business on any Deposit Date, allocate to the
Series 200_-___ Noteholders the following amounts as set forth below:

       (i)    ALLOCATIONS OF FINANCE CHARGE COLLECTIONS. The Servicer shall
allocate to the Series 200_-___ Noteholders the following amounts as set forth
below:

       (x)    ALLOCATIONS DURING THE REVOLVING PERIOD, THE CONTROLLED REDEMPTION
PERIOD AND THE LIMITED REDEMPTION PERIOD. During the Revolving Period, the
Controlled Redemption Period and the Limited Redemption Period, the Servicer
shall allocate to the Series 200_-___ Noteholders and retain in the Collection
Account for application as provided herein an amount

                                       14
<PAGE>

equal to the product of (A) the Floating Allocation Percentage and (B) the
Series 200_-___ Allocation Percentage and (C) the aggregate amount of
Collections of Finance Charge Receivables deposited in the Collection Account on
such Deposit Date; PROVIDED, HOWEVER, that after the date on which an amount of
such Collections of Finance Charge Receivables equal to the amount specified in
subsection 4.05(a)(i) has been deposited into the Collection Account and
allocated to the Series 200_-___ Noteholders, such amount specified in
subsection 4.05(a)(i) shall be paid to the Servicer; PROVIDED FURTHER, HOWEVER,
that after the date on which an amount of such Collections of Finance Charge
Receivables equal to the sum of the amounts specified in subsections 4.05(a)(i)
through (viii) have been deposited into the Collection Account (or paid to the
Servicer pursuant to the immediately preceding proviso) and allocated to the
Series 200_-___ Noteholders (and, with respect to the amount specified in
subsection 4.05(a)(viii), deposited into the Spread Account), such amount shall
be paid to the Issuer for application pursuant to the Trust Agreement.

       (y)    ALLOCATIONS DURING THE EARLY REDEMPTION PERIOD. During the Early
Redemption Period, the Servicer shall allocate to the Series 200_-___
Noteholders and retain in the Collection Account for application as provided
herein an amount equal to the product of (A) the Fixed/Floating Allocation
Percentage and (B) the Series 200_-___ Allocation Percentage and (C) the
aggregate amount of Collections of Finance Charge Receivables deposited in the
Collection Account on such Deposit Date; PROVIDED, HOWEVER, that after the date
on which an amount of such Collections of Finance Charge Receivables equal to
the amount specified in subsection 4.05(a)(i) has been deposited into the
Collection Account and allocated to the Series 200_-___ Noteholders, such amount
specified in subsection 4.05(a)(i) shall be paid to the Servicer; PROVIDED
FURTHER, HOWEVER, that after the date on which an amount of such Collections of
Finance Charge Receivables equal to the sum of the amounts specified in
subsections 4.05(a)(i) through (viii) have been deposited into the Collection
Account (or paid to the Servicer pursuant to the immediately preceding proviso)
and allocated to the Series 200_-___ Noteholders (and, with respect to the
amount specified in subsection 4.05(a)(viii), deposited into the Spread
Account), such amount shall be paid to the Issuer for application pursuant to
the Trust Agreement.

       (ii)   ALLOCATIONS OF PRINCIPAL COLLECTIONS. The Servicer shall allocate
to the Series 200_-___ Noteholders the following amounts as set forth below:

       (w)    ALLOCATIONS DURING THE REVOLVING PERIOD. During the Revolving
Period (A) an amount equal to the product of (I) the Required Subordination
Percentage and (II) the Fixed/Floating Allocation Percentage and (III) the
Series 200_-___ Allocation Percentage and (IV) the aggregate amount of
Collections of Principal Receivables deposited in the Collection Account on such
Deposit Date, shall be allocated to the Series 200_-___ Noteholders and retained
in the Collection Account until applied as provided herein; PROVIDED, HOWEVER,
that any such amount may be paid to the Issuer for application pursuant to the
Trust Agreement on any Business Day requested by the Issuer, but only if (i) the
Transferor Amount on such date is greater than the Required Transferor Amount
(after giving effect to all Principal Receivables transferred to the Issuer on
such day) and (ii) the Available Spread Account Amount is equal to or greater
than the Required Spread Account Amount (after giving effect to any deposits
into the Spread Account on such Deposit Date pursuant to subsection
4.05(a)(viii)) and (B) an amount

                                       15
<PAGE>

equal to the product of (I) 1 MINUS the Required Subordination Percentage and
(II) the Fixed/Floating Allocation Percentage and (III) the Series 200_-___
Allocation Percentage and (IV) the aggregate amount of Collections of Principal
Receivables deposited in the Collection Account on such Deposit Date shall, if
such Deposit Date is after an Optional Redemption Notice has been given but
prior to the related Optional Redemption Date, be allocated to the Series
200_-___ Noteholders and retained in the Collection Account until applied as
provided herein; PROVIDED, HOWEVER, that, with respect to clause (B) above, if
the sum of such amount and all such preceding amounts since the date the
Optional Redemption Notice was given exceeds the Optional Redemption Amount
(less (x) any amounts which the Servicer has notified the Indenture Trustee will
be available to pay the Optional Redemption Amount from the proceeds of the
issuance of one or more new Series of Notes and (y) any amounts available in the
Special Funding Account to pay such Optional Redemption Amount), or if no
Optional Redemption Notice has been given or the needed amount has been
allocated, then such excess shall be first, if on such Deposit Date the
Available Spread Account Amount is less than the Required Spread Account Amount
(after giving effect to any deposits into the Spread Account on such Deposit
Date pursuant to subsection 4.05(a)(viii)), deposited into the Spread Account,
second, if any other Principal Sharing Series is outstanding and in its
redemption period or accumulation period, retained in the Collection Account for
application, to the extent necessary, as Shared Principal Collections on the
related Distribution Date, and third, paid to the Issuer for application
pursuant to the Trust Agreement on each Distribution Date; PROVIDED, HOWEVER,
that any such amount to be paid to the Issuer shall be paid to the Issuer only
if the Transferor Amount on such date is greater than the Required Transferor
Amount (after giving effect to all Principal Receivables transferred to the
Issuer on such day) and otherwise shall be deposited in the Special Funding
Account.

       (x)    ALLOCATIONS DURING THE LIMITED REDEMPTION PERIOD. During the
Limited Redemption Period, (A) an amount equal to the product of (I) the
Required Subordination Percentage and (II) the Fixed/Floating Allocation
Percentage and (III) the Series 200_-___ Allocation Percentage and (IV) the
aggregate amount of Collections of Principal Receivables deposited in the
Collection Account on such Deposit Date, shall be allocated to the Series
200_-___ Noteholders and retained in the Collection Account until applied as
provided herein; PROVIDED, HOWEVER, that any such amount may be paid to the
Issuer for application pursuant to the Trust Agreement on any Business Day
requested by the Issuer, but only if (i) the Transferor Amount on such date is
greater than the Required Transferor Amount (after giving effect to all
Principal Receivables transferred to the Issuer on such day) and (ii) the
Available Spread Account Amount is equal to or greater than the Required Spread
Account Amount (after giving effect to any deposits into the Spread Account on
such Deposit Date pursuant to subsection 4.05(a)(viii)) and (B) an amount equal
to the product of (I) 1 MINUS the Required Subordination Percentage and (II) the
Fixed/Floating Allocation Percentage and (III) the Series 200_-___ Allocation
Percentage and (IV) the aggregate amount of Collections of Principal Receivables
deposited in the Collection Account on such Deposit Date, shall be allocated to
the Series 200_-___ Noteholders and retained in the Collection Account until
applied as provided herein; PROVIDED, HOWEVER, that, with respect to clause (B)
above, after the date on which an amount of such Collections equal to the
Limited Redemption Amount has been deposited into the Collection Account and
allocated to the Series 200_-___ Noteholders, such amount shall be first,

                                       16
<PAGE>

if on such Deposit Date the Available Spread Account Amount is less than the
Required Spread Account Amount (after giving effect to any deposits into the
Spread Account on such Deposit Date pursuant to subsection 4.05(a)(viii)),
deposited into the Spread Account, second, if any other Principal Sharing Series
is outstanding and in its redemption period or accumulation period, retained in
the Collection Account for application, to the extent necessary, as Shared
Principal Collections on the related Distribution Date, and third paid to the
Issuer for application pursuant to the Trust Agreement only if the Transferor
Amount on such Deposit Date is greater than the Required Transferor Amount
(after giving effect to all Principal Receivables transferred to the Issuer on
such day) and otherwise shall be deposited in the Special Funding Account.

       (y)    ALLOCATIONS DURING THE CONTROLLED REDEMPTION PERIOD. During the
Controlled Redemption Period, an amount equal to the product of (I) the
Fixed/Floating Allocation Percentage and (II) the Series 200_-___ Allocation
Percentage and (III) the aggregate amount of Collections of Principal
Receivables deposited in the Collection Account on such Deposit Date, shall be
allocated to the Series 200_-___ 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 Note Principal Balance has
been deposited into the Collection Account and allocated to the Series 200_-___
Noteholders, such amount shall be first, if any other Principal Sharing Series
is outstanding and in its redemption period or accumulation period, retained in
the Collection Account for application, to the extent necessary, as Shared
Principal Collections on the related Distribution Date, and second paid to the
Issuer for application pursuant to the Trust Agreement only if the Transferor
Amount on such Deposit Date is greater than the Required Transferor Amount
(after giving effect to all Principal Receivables transferred to the Issuer on
such day) and otherwise shall be deposited in the Special Funding Account.

       (z)    ALLOCATIONS DURING THE EARLY REDEMPTION PERIOD. During the Early
Redemption Period, an amount equal to the product of (I) the Fixed/Floating
Allocation Percentage and (II) the Series 200_-___ Allocation Percentage and
(III) the aggregate amount of Collections of Principal Receivables deposited in
the Collection Account on such Deposit Date, shall be allocated to the Series
200_-___ 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 Note Principal Balance has been deposited into the
Collection Account and allocated to the Series 200_-___ Noteholders, such amount
shall be first, if any other Principal Sharing Series is outstanding and in its
redemption period or accumulation period, retained in the Collection Account for
application, to the extent necessary, as Shared Principal Collections on the
related Distribution Date, and second paid to the Issuer for application
pursuant to the Trust Agreement only if the Transferor Amount on such date is
greater than the Required Transferor Amount (after giving effect to all
Principal Receivables transferred to the Issuer on such day) and otherwise shall
be deposited in the Special Funding Account.

                                       17
<PAGE>

       Section 4.02. DETERMINATION OF MONTHLY INTEREST.

       (a)    The amount of monthly interest ("CLASS A MONTHLY INTEREST")
distributable from the Collection Account with respect to the Class A Notes on
any Distribution Date shall be an amount determined as provided in the Note
Purchase Agreement.

       (b)    The amount of monthly interest ("CLASS B MONTHLY INTEREST")
distributable from the Collection Account with respect to the Class B Notes on
any Distribution Date shall be an amount equal to the product of (i) (A) a
fraction, the numerator of which is the actual number of days in the applicable
Interest Period and the denominator of which is 360, times (B) the Class B Note
Rate and (ii) the Class B Note Principal Balance with respect to the related
Interest Period.

       (c)    Interest accrued on each Tranche shall be payable on the day on
which such Tranche matures (each such day, an "INTEREST DISTRIBUTION DATE"). The
Servicer, for so long as CompuCredit is the Servicer, shall make an advance on
each Interest Distribution Date in an amount equal to the interest due and
payable with respect to each Tranche maturing on such Interest Distribution Date
(each such advance, a "SERVICER ADVANCE"). Such Servicer Advance shall be paid
to the Administrative Agent, for the benefit of the Class A Noteholders, on each
such Interest Distribution Date. The Servicer shall not be required to make a
Servicer Advance to the extent that the Servicer, in its sole discretion,
determines that such Servicer Advance is unlikely to be recovered from amounts
retained in the Collection Account pursuant to Section 4.01(c)(i) and subsequent
applications of Available Funds pursuant to Section 4.05(a)(i). On each
Distribution Date, the Servicer shall be entitled to reimbursement, without
interest, for any Servicer Advances not previously reimbursed in accordance with
Section 4.05(a)(i).

       Section 4.03. SUSPENSION OF THE REVOLVING PERIOD; LIMITED REDEMPTION
PERIOD AND OPTIONAL REDEMPTION.

       (a)    The Issuer may from time to time at its sole discretion, unless an
Early Redemption Event shall have occurred prior thereto, suspend the Revolving
Period and cause a Limited Redemption Period to commence for one or more Monthly
Periods by delivering to the Servicer, the Indenture Trustee and the
Administrative Agent written notice at least two Business Days prior to the
first day of the Monthly Period in which such Limited Redemption Period is
scheduled to commence, which notice shall specify the Limited Redemption Amount
for such Limited Redemption Period; PROVIDED, HOWEVER, that any Limited
Redemption Amount shall be in an amount of $1,000,000 or any higher multiple of
$100,000; PROVIDED FURTHER that the Issuer may not cause a Limited Redemption
Period to commence unless, in the reasonable belief of the Issuer, such Limited
Redemption Period would not result in the occurrence of an Early Redemption
Event.

       (b)    On any Business Day during the Revolving Period, the Issuer may
cause the Servicer to provide written notice to the Indenture Trustee, the
Administrative Agent and the Series 200_-___ Noteholders (an "OPTIONAL
REDEMPTION NOTICE") at least two Business Days prior to any Business Day that is
the last day of a funding period (as determined pursuant to section 2.5 of the
Note Purchase Agreement) (the "OPTIONAL REDEMPTION DATE") stating its

                                       18
<PAGE>

intention to cause a full redemption of the Series 200_-___ Notes on the
Optional Redemption Date in an amount (the "OPTIONAL REDEMPTION AMOUNT") of (x)
with respect to the Class A Notes, an amount equal to the Class A Note Principal
Balance (plus accrued interest, if any) on such Optional Redemption Date and (y)
with respect to the Class B Notes, an amount equal to the Class B Note Principal
Balance on such Optional Redemption Date. The Optional Redemption Notice shall
state the Optional Redemption Date and the Optional Redemption Amount. The
Optional Redemption Amount shall be paid from any Available Principal
Collections on deposit in the Collection Account, from funds on deposit in the
Special Funding Account (but only to the extent withdrawals from the Special
Funding Account will not cause the Transferor Amount to be less than the
Required Transferor Amount after giving effect to such withdrawal) or from the
proceeds of the issuance of one or more new Series of Notes issued substantially
contemporaneously with such full redemption (or any combination of the above).
The accrued interest, if any, on the Class B Notes being paid on such date shall
be payable on the first Distribution Date on or after the related Optional
Redemption Date. On the Optional Redemption Date the Servicer shall pay (x) the
Optional Redemption Amount with respect to the Class A Notes to the
Administrative Agent for the benefit of the Class A Noteholders and (y) the
Optional Redemption Amount with respect to the Class B Notes to the Class B
Noteholders.

       Section 4.04. CLASS A REQUIRED AMOUNT. With respect to each Distribution
Date, on the related Determination Date, the Servicer shall determine the amount
(the "CLASS A REQUIRED AMOUNT"), if any, by which (x) the amount required
pursuant to subsections 4.05(a)(ii) and 4.05(a)(iv) for such Distribution Date
exceeds (y) the Available Funds for such Distribution Date available to fund
each such amount. In the event that the Class A Required Amount for such
Distribution Date is greater than zero, the Servicer shall give written notice
to the Indenture Trustee of such Class A Required Amount on the date of
computation.

       Section 4.05. APPLICATION OF AVAILABLE FUNDS 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 Distribution
Date, Available Funds and Available Principal Collections on deposit in the
Collection Account with respect to such Distribution Date to make the following
distributions:

       (a)    On each Distribution Date, an amount equal to the Available Funds
with respect to such Distribution Date will be distributed in the following
priority:

       (i)    an amount equal to the Servicer Advances made with respect to the
preceding Monthly Period which have not been reimbursed pursuant to Section
4.01(c)(i) and any unreimbursed Servicer Advances from prior Interest Periods
shall be distributed to the Servicer, to the extent not distributed pursuant to
Section 4.01(c)(i);

       (ii)   an amount equal to Class A Monthly Interest for such Distribution
Date, PLUS the amount of any Class A Monthly Interest previously due but not
distributed to Class A Noteholders on a prior Distribution Date shall be
distributed to the Class A Noteholders on the applicable Distribution Date;

                                       19
<PAGE>

       (iii)  an amount equal to the Series Default Amount for such Distribution
Date shall be treated as a portion of Available Principal Collections for such
Distribution Date;

       (iv)   an amount equal to the Monthly Servicing Fee for such Distribution
Date, PLUS the amount of any Monthly Servicing Fee previously due but not
distributed to the Servicer on a prior Distribution Date, shall be distributed
to the Servicer (unless such amount has been netted against deposits to the
Collection Account in accordance with Section 4.01 of the Transfer and Servicing
Agreement);

       (v)    if the Transferor fails to deposit the amount the Transferor is
required to deposit on such Distribution Date into the Special Funding Account
pursuant to Section 3.08 of the Transfer and Servicing Agreement, an amount
equal to the product of (a) the Series 200_-___ Allocation Percentage, (b) the
Floating Allocation Percentage, and (c) the amount the Transferor should have
deposited into the Special Funding Account on such Distribution Date shall be
treated as a portion of Available Principal Collections for such Distribution
Date;

       (vi)   an amount equal to the aggregate amount of Reduction Amounts and
Reallocated Principal Collections that under Section 4.07 were used to fund the
Class A Required Amount which have not been previously reimbursed shall be
treated as a portion of Available Principal Collections for such Distribution
Date;

       (vii)  if an Early Redemption Event has occurred on or prior to such
Distribution Date, an amount up to the Class A Note Principal Balance on such
Distribution Date shall be treated as a portion of Available Principal
Collections for such Distribution Date and distributed to the Class A
Noteholders;

       (viii) on each Distribution Date prior to the date on which the Spread
Account terminates pursuant to subsection 4.11(e), an amount up to the excess,
if any, of the Required Spread Account Amount for such Distribution Date over
the Available Spread Account Amount for such Distribution Date shall be
deposited into the Spread Account;

       (ix)   an amount equal to Class B Monthly Interest for such Distribution
Date, PLUS the amount of any Class B Monthly Interest previously due but not
distributed to Class B Noteholders on a prior Distribution Date shall be
distributed to the Class B Noteholders; and

       (x)    the balance, if any, will constitute a portion of Excess Finance
Charge Collections for such Distribution Date and will be available for
allocation to other Series or to the Issuer as described in Section 4.05 of the
Transfer and Servicing Agreement.

       (b)    On each Distribution Date with respect to the Revolving Period, an
amount equal to the Available Principal Collections deposited in the Collection
Account for the related Monthly Period shall be distributed in the following
order of priority:

       (i)    an amount equal to the excess, if any, of (1) the Class B Note
Principal Balance less the amount of unreimbursed Reduction Amounts and
Reallocated Principal Collections that under Section 4.07 were used to fund the
Class A Required Amount over (2) the Required Subordinate Amount shall be
distributed to the Class B Noteholders; and

                                       20
<PAGE>

       (ii)   the balance of such Available Principal Collections shall be
treated as Shared Principal Collections and applied in accordance with Section
4.02 of the Transfer and Servicing Agreement.

       (c)    On each Distribution Date with respect to the Limited Redemption
Period, an amount equal to the Available Principal Collections deposited in the
Collection Account for the related Monthly Period shall be distributed in the
following order of priority:

       (i)    an amount equal to the excess, if any, of (1) the Class B Note
Principal Balance less the amount of the unreimbursed Reduction Amounts and
Reallocated Principal Collections over (2) the Required Subordinate Amount shall
be distributed to the Class B Noteholders;

       (ii)   an amount equal to the Limited Redemption Amount shall be
distributed to the Class A Noteholders; and

       (iii)  the balance of such Available Principal Collections shall be
treated as Shared Principal Collections and applied in accordance with Section
4.02 of the Transfer and Servicing Agreement.

       (d)    On each Distribution Date with respect to the Controlled
Redemption Period or the Early Redemption Period, an amount equal to the
Available Principal Collections deposited in the Collection Account for the
related Monthly Period shall be distributed in the following order of priority:

       (i)    an amount, to the extent available, equal to the Class A Note
Principal Balance shall be distributed to the Class A Noteholders;

       (ii)   for each Distribution Date beginning on the Distribution Date on
which the Class A Note Principal Balance shall have been paid in full, an
amount, to the extent available, equal to the Class B Note Principal Balance
shall be paid to the Class B Noteholders; and

       (iii)  for each Distribution Date beginning on the Distribution Date on
which the Class B Notes are paid in full, an amount equal to the balance, if
any, of such Available Principal Collections shall be treated as Shared
Principal Collections and applied in accordance with Section 4.02 of the
Transfer and Servicing Agreement.

       Section 4.06. DEFAULTED AMOUNTS; REDUCTION AMOUNTS.

       On each Determination Date, the Servicer shall calculate the Series
Default Amount for the related Distribution Date. If, on any Distribution Date,
the Series Default Amount for the related Monthly Period exceeds the Available
Funds allocated and available for that purpose pursuant to subsection
4.05(a)(iii) for such Distribution Date, the Allocation Amount (after giving
effect to any reductions for Reallocated Principal Collections that under
Section 4.07 were used to fund the Class A Required Amount on such Distribution
Date), will be reduced, subject to the succeeding sentence, by the amount of
such excess, but not by more than

                                       21
<PAGE>

the Series Default Amount for such Distribution Date (a "REDUCTION AMOUNT"). In
the event that such reduction would cause the Allocation Amount to be a negative
number, the Allocation Amount shall be reduced to zero. Reduction Amounts shall
thereafter be reimbursed and the Allocation Amount increased (but not by an
amount in excess of the aggregate unreimbursed Reduction Amounts) on any
Distribution Date by the amount of Available Funds allocated and available for
that purpose pursuant to subsection 4.05(a)(vi).

       Section 4.07. REALLOCATED PRINCIPAL COLLECTIONS. On each Distribution
Date, the Servicer shall apply, or shall cause the Indenture Trustee to apply,
by written instruction to the Indenture Trustee, Reallocated Principal
Collections with respect to such Distribution Date, to fund any deficiency
pursuant to subsections 4.05(a)(ii) and 4.05(a)(iv).

       On each Distribution Date, the Allocation Amount shall be reduced by the
amount of Reallocated Principal Collections, used to fund the Class A Required
Amount, for such Distribution Date, but in any event the Allocation Amount shall
not be reduced by operation of this Section 4.07 to an amount less than the
Class A Note Principal Balance. Reallocated Principal Collections, used to fund
the Class A Required Amount, shall thereafter be reimbursed, and the Allocation
Amount increased (but not by an amount in excess of the aggregate unreimbursed
Reallocated Principal Collections used to fund the Class A Required Amount) on
any Distribution Date by the amount of Available Funds allocated and available
for that purpose pursuant to subsection 4.05(a)(vi).

       Section 4.08. EXCESS FINANCE CHARGE COLLECTIONS. Series 200_-___ shall
be an Excess Allocation Series. Subject to Section 4.05 of the Transfer and
Servicing Agreement, Excess Finance Charge Collections with respect to all
the Excess Allocation Series for any Distribution Date will be allocated to
Series 200_-___ 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 for such Distribution Date and (y) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 200_-___ for
such Distribution Date and the denominator of which is the aggregate amount
of Finance Charge Shortfalls for all the Excess Allocation Series for such
Distribution Date. The "Finance Charge Shortfall" for Series 200_-___ for any
Distribution Date will be equal to the excess, if any, of (a) the full amount
required to be paid, without duplication, pursuant to subsections 4.05(a) (i)
through (ix) on such Distribution Date over (b) the Reallocated Series
Finance Charge Collections for such Distribution Date.

       Section 4.09. REALLOCATED SERIES FINANCE CHARGE COLLECTIONS.

       (a) That portion of Group __ Series Finance Charge Collections for any
Distribution Date equal to the amount of Reallocated Series Finance Charge
Collections for such Distribution Date will be allocated to Series 200_-___ and
will be distributed as set forth in this Supplement.

       (b) Reallocated Series Finance Charge Collections with respect to any
Distribution Date shall equal the sum of (i) any amounts payable to the Servicer
pursuant to Section 4.05(a)(i), the aggregate amount of Series 200_-___ Monthly
Interest, Series Default Amount, Series 200_-___ Monthly Fees and Series
200_-___ Additional Amounts for such

                                       22
<PAGE>

Distribution Date and (ii) that portion of excess Group __ Series Finance Charge
Collections to be included in Reallocated Series Finance Charge Collections
pursuant to subsection (c) hereof; PROVIDED, HOWEVER, that if the amount of
Group __ Series Finance Charge Collections for such Distribution Date is less
than the sum of (v) any amounts payable to the Servicer in reimbursement of
servicer advances for Group __ Series, (w) Group __ Series Monthly Interest, (x)
Group __ Series Default Amount, (y) Group __ Series Monthly Fees and (z) Group
__ Series Additional Amounts, then Reallocated Series Finance Charge Collections
shall equal the sum of the following amounts for such Distribution Date:

       (A) the product of (I) Group __ Series Finance Charge Collections (up to
the amount of Group __ Series Servicer Advances) and (II) a fraction, the
numerator of which is the amounts owed to the Servicer in respect of Servicer
Advances pursuant to Section 4.05(a)(i) hereof and the denominator of which is
the Group __ Series Servicer Advances;

       (B) the product of (I) Group __ Series Finance Charge Collections less
the amount of Group __ Series Servicer Advances (up to the amount of Group __
Series Monthly Interest) and (II) a fraction, the numerator of which is Series
200_-___ Monthly Interest and the denominator of which is Group __ Series
Monthly Interest;

       (C) the product of (I) Group __ Series Finance Charge Collections less
the amount of Group __ Series Servicer Advances and Group __ Series Monthly
Interest (such amount not less than zero) (up to the Group __ Series Default
Amount) and (II) a fraction, the numerator of which is the Series Default Amount
and the denominator of which is the Group __ Series Default Amount;

       (D) the product of (I) Group __ Series Finance Charge Collections less
the sum of (i) Group __ Series Servicer Advances, (ii) Group __ Series Monthly
Interest and (iii) the Group __ Series Default Amount (such amount not less than
zero) (up to Group __ Series Monthly Fees) and (II) a fraction, the numerator of
which is Series 200_-___ Monthly Fees and the denominator of which is Group __
Series Monthly Fees; and

       (E) the product of (I) Group __ Series Finance Charge Collections less
the sum of (i) Group __ Series Servicer Advances, (ii) Group __ Series Monthly
Interest, (iii) the Group __ Series Default Amount and (iv) Group __ Series
Monthly Fees (such amount not less than zero) and (II) a fraction, the numerator
of which is Series 200_-___ Additional Amounts and the denominator of which is
Group __ Series Additional Amounts.

       (c) If the amount of Group __ Series Finance Charge Collections for such
Distribution Date exceeds the sum of (i) Group __ Series Servicer Advances, (ii)
Group __ Series Monthly Interest, (iii) Group __ Series Default Amount, (iv)
Group __ Series Monthly Fees and (v) Group __ Series Additional Amounts, then
Reallocated Series Finance Charge Collections for such Distribution Date shall
include an amount equal to the product of (x) the amount of such excess and (y)
a fraction, the numerator of which is the Allocation Amount as of the last day
of the second preceding Monthly Period and the denominator of which is the sum
of such Allocation Amount and the aggregate allocation amounts for all other
Series included in Group __ as of such last day.

                                       23
<PAGE>

       Section 4.10. SHARED PRINCIPAL COLLECTIONS. Subject to Section 4.02 of
the Transfer and Servicing Agreement, Shared Principal Collections for any
Distribution Date will be allocated to Series 200_-___ in an amount equal to the
product of (x) the aggregate amount of Shared Principal Collections with respect
to all Principal Sharing Series for such Distribution Date and (y) a fraction,
the numerator of which is the Series 200_-___ Principal Shortfall for such
Distribution Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Series which are Principal Sharing Series for
such Distribution Date. The "Series 200_-___ Principal Shortfall" will be equal
to (a) for any Distribution Date with respect to the Revolving Period, zero;
PROVIDED, that if such Distribution Date is an Optional Redemption Date, the
Series 200_-___ Shortfall shall be an amount determined by the Issuer not to
exceed the related Optional Redemption Amount, (b) for any Distribution Date
with respect to the Limited Redemption Period, the excess, if any, of the
Limited Redemption Amount over the amount of Available Principal Collections for
such Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections) and (c) for any Distribution Date with respect to the
Controlled Redemption Period or the Early Redemption Period, the excess, if any,
of the Allocation Amount over the amount of Available Principal Collections for
such Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections).

       Section 4.11. SPREAD ACCOUNT.

       (a)    The Servicer shall establish and maintain, in the name of the
Indenture Trustee, for the benefit of the Class A Noteholders, an Eligible
Deposit Account (the "SPREAD ACCOUNT") bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Class A
Noteholders. The Spread Account shall initially be established with the
Indenture Trustee. The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Spread Account and in
all proceeds thereof. The Spread Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Class A Noteholders. If
at any time the Spread Account ceases to be an Eligible Deposit Account, the
Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days
(or such longer period, not to exceed 30 calendar days, as to which the
Administrative Agent shall consent) establish a new Spread Account meeting the
conditions specified above as an Eligible Deposit Account, and shall transfer
any cash or any investments to such new Spread Account. The Indenture Trustee,
at the written direction of the Servicer, shall (i) make withdrawals from the
Spread Account from time to time in an amount up to the Available Spread Account
Amount at such time, for the purposes set forth in this Supplement, and (ii) on
each Distribution Date prior to the termination of the Spread Account make a
deposit into the Spread Account in the amount specified in, and otherwise in
accordance with, subsection 4.05(a)(viii).

       (b)    Funds on deposit in the Spread Account shall be invested at the
written direction of the Servicer by the Indenture Trustee in Eligible
Investments. In no event shall the Indenture Trustee be liable for the selection
of Eligible Investments or for investment losses incurred thereon, except with
respect to investments on which the institution acting as the Indenture Trustee
is an obligor. The Indenture Trustee shall have no liability in respect of
losses incurred as a result of the liquidation of any Eligible Investment prior
to its stated maturity or the failure of the Servicer to provide timely written
investment direction. The Indenture Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of

                                       24
<PAGE>

written investment direction. Funds on deposit in the Spread Account on any
Transfer Date, after giving effect to any withdrawals from the Spread Account on
such Transfer 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
Transfer Date. The Indenture Trustee shall hold such Eligible Investments as
provided in Section 6.15 of the Indenture. No such Eligible Investment shall be
disposed of prior to its maturity; PROVIDED, HOWEVER, that the Indenture Trustee
may sell, liquidate or dispose of any such Eligible Investment before its
maturity, at the written direction of the Servicer, if such sale, liquidation or
disposal would not result in a loss of all or part of the principal portion of
such Eligible Investment or if, prior to the maturity of such Eligible
Investment, a default occurs in the payment of principal, interest or any other
amount with respect to such Eligible Investment. On each Distribution Date, all
interest and earnings (net of losses and investment expenses) accrued since the
preceding Distribution Date on funds on deposit in the Spread Account shall be
retained in the Spread Account (to the extent that the Available Spread Account
Amount is less than the Required Spread Account Amount) and the balance, if any,
shall be deposited in the Collection Account and treated as Collections of
Finance Charge Receivables allocable to Series 200_-___. For purposes of
determining the availability of funds or the balance in the Spread Account for
any reason under this 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)    In the event that for any Distribution Date (x) the sum of the
amounts required pursuant to subsections 4.05(a)(i) through (vii) exceeds (y)
the amount of Reallocated Series Finance Charge Collections and Excess Finance
Charge Collections allocated to Series 200_-___ (any such excess, the "SPREAD
ACCOUNT DRAW AMOUNT"), the Spread Account Draw Amount, up to the Available
Spread Account Amount, shall be withdrawn from the Spread Account on the related
Transfer Date by the Indenture Trustee (acting in accordance with the written
instructions of the Servicer), deposited into the Collection Account and
included in Available Funds for such Distribution Date. Notwithstanding anything
else to the contrary in this SECTION 4.11, if an Event of Default shall have
occurred with respect to Series 200_-___ and the maturity of the Series 200_-___
Notes shall have been accelerated under Section 5.03 of the Indenture, any
amounts remaining on deposit in the Spread Account shall be applied to pay
interest and principal on the Class A Notes as provided in Section 5.03 of the
Indenture.

       (d)    In the event that the Spread Account Surplus on any Distribution
Date, after giving effect to all deposits to and withdrawals from the Spread
Account with respect to such Distribution Date, is greater than zero, the
Indenture Trustee, acting in accordance with the written instructions of the
Servicer, shall withdraw from the Spread Account, and pay to the Issuer for
distribution pursuant to the Trust Agreement, an amount equal to such Spread
Account Surplus.

       (e)    Upon the earlier to occur of (i) the day on which the outstanding
principal balance of the Class A Notes and all other accrued and unpaid amounts
owing to the Class A Noteholders pursuant to the Note Purchase Agreement are
paid in full to the Class A Noteholders and (ii) the termination of the Issuer
pursuant to the Trust Agreement, the Indenture Trustee, acting in accordance
with the instructions of the Servicer, after the prior payment of all amounts
owing to the Class A Noteholders which are payable from the Spread Account as
provided herein, shall withdraw from the Spread Account and pay to the Issuer
(or, if the Issuer has been terminated, the Transferor) for application pursuant
to the Trust Agreement all amounts, if any, on deposit in the Spread Account and
the Spread Account shall be deemed to have terminated for purposes of this
Supplement.

                                       25
<PAGE>

       Section 4.12. PRINCIPAL AMOUNT INCREASES.

       (a)    The Class A Noteholders agree, by acceptance of the Class A Notes,
that the Issuer may from time to time, prior to the commencement of the
Controlled Redemption Period or the Early Redemption Period, request upon one
Business Day prior irrevocable written notice to each of the Indenture Trustee,
the Servicer and the Class A Noteholders substantially in the form of EXHIBIT A
to the Note Purchase Agreement that the Class A Noteholders fund increases in
the outstanding principal balance of the Class A Notes in the specified amounts
(each such amount, a "CLASS A NOTE PRINCIPAL BALANCE INCREASE"); PROVIDED,
HOWEVER, that any applicable conditions set forth in Section 2.2 of the Note
Purchase Agreement shall have been satisfied or waived as provided therein. The
Class A Noteholders shall fund such increase, upon payment, in same day funds,
to the Issuer of the amount of such Class A Note Principal Balance Increase, in
accordance with the payment instructions specified in the notice delivered with
respect to such Class A Note Principal Balance Increase.

       (b)    The Class B Noteholders agree, by acceptance of the Class B Notes,
that the Issuer may from time to time, prior to the commencement of the
Controlled Redemption Period or the Early Redemption Period, request upon one
Business Day prior written notice to each of the Indenture Trustee, the Servicer
and the Class B Noteholders substantially in the form of EXHIBIT D that the
Class B Noteholders fund increases in the outstanding principal balance of the
Class B Notes (each such amount, a "CLASS B NOTE PRINCIPAL BALANCE INCREASE");
PROVIDED, HOWEVER, that (i) after giving effect to such Class B Note Principal
Balance Increase, the Transferor Amount shall not be less than the Required
Transferor Amount and (ii) after giving effect to such Class B Note Principal
Balance Increase, (a) the product of the Transferor Amount and the Series
200_-___ Allocation Percentage shall not be less than (b) the Series Required
Transferor Amount. The Class B Noteholders shall fund such increase through a
reduction of the Transferor Amount by the amount of such Class B Note Principal
Balance Increase.

       (c)    The Issuer may on any Business Day permanently reduce the Facility
Limit if the following conditions are met: (i) after giving effect to such
reduction, the Facility Limit would be not less than the Class A Note Principal
Balance on the date of such reduction (after giving effect to any increase
pursuant to subsection 4.12(a) on or prior to the date of such reduction of the
Facility Limit) and (ii) the aggregate Commitments (as defined in the Note
Purchase Agreement) is reduced by the same amount on such date. In order to
effect the reduction of the Facility Limit pursuant to this subsection 4.12(c),
the Issuer shall deliver to the Servicer, the Indenture Trustee and the
Administrative Agent at least five Business Days prior to such reduction a
written notice executed by an Authorized Officer of the Issuer specifying the
decrease in the Facility Limit, the date on which such decrease is to become
effective and the Class A Note Principal Balance on such date. The
Administrative Agent shall, subject to the provisions of the Note Purchase
Agreement, take all actions necessary to reduce the Commitments to an amount
that will permit the specified reduction of the Facility Limit. Upon

                                       26
<PAGE>

the date specified in such notice, if the conditions set forth in this
subsection 4.12(c) have been met, the Facility Limit shall be reduced by the
amount specified in such notice.

       (d)    No decrease in the outstanding principal balance of the Class A
Notes pursuant to Section 4.03 shall limit the ability of the Issuer to increase
the outstanding principal balance of the Class A Notes pursuant to subsection
4.12(a).

                                    ARTICLE V

                          Distributions and Reports to
                           SERIES 200_-___ NOTEHOLDERS

       Section 5.01. DISTRIBUTIONS.

       (a)    On each Distribution Date, the Paying Agent, in accordance with
the statement delivered pursuant to Section 5.02(a)(i), shall distribute to each
Class A Noteholder (other than as provided in Section 10.02 of the Indenture)
such amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay the Class A Monthly Interest, any principal payable to
and other amounts due to the Class A Notes pursuant to this Supplement.

       (b)    On each Special Payment Date, the Paying Agent, in accordance with
the statement delivered pursuant to Section 5.02(a)(i), shall distribute to each
Class A Noteholder of record on the related Record Date (other than as provided
in Section 10.02 of the Indenture) such amounts held by the Paying Agent that
are allocated and available on such date to pay principal of the Class A Notes
pursuant to this Supplement up to a maximum amount on any such date equal to the
Class A Note Principal Balance on such date.

       (c)    On each Distribution Date, the Paying Agent, in accordance with
the statement delivered pursuant to Section 5.02(a)(i), shall distribute to each
Class B Noteholder of record on the related Record Date (other than as provided
in Section 10.02 of the Indenture) such amounts held by the Paying Agent that
are allocated and available on such Distribution Date to pay interest on the
Class B Notes pursuant to this Supplement.

       (d)    On each Special Payment Date, the Paying Agent, in accordance with
the statement delivered pursuant to Section 5.02(a)(i), shall distribute to each
Class B Noteholder of record on the related Record Date (other than as provided
in Section 10.02 of the Indenture) such amounts held by the Paying Agent that
are allocated and available on such date to pay principal of the Class B Notes
pursuant to this Supplement up to a maximum amount on any such date equal to the
Class B Note Principal Balance on such date.

       (e)    The distributions to be made pursuant to this Section 5.01 are
subject to the provisions of Sections 2.06 and 8.01 of the Transfer and
Servicing Agreement and Section 5.05 of the Indenture and Section 8.01 of this
Supplement.

       (f)    Except as provided in Section 10.02 of the Indenture with respect
to a final distribution, distributions to Series 200_-___ Noteholders hereunder
shall be made by wire

                                       27
<PAGE>

transfer of same day funds to the account that has been designated by the
applicable Noteholders not less than ten Business Days prior to such
Distribution Date.

       Section 5.02. REPORTS AND STATEMENTS TO SERIES 200_-___ NOTEHOLDERS.

       (a)    Not later than each Determination Date, the Servicer shall deliver
to the Indenture Trustee, the Paying Agent and the Administrative Agent (i) a
statement substantially in the form of Exhibit C prepared by the Servicer and
(ii) a certificate of a Servicing Officer substantially in the form attached
thereto.

       (b)    A copy of each statement or certificate provided pursuant to
paragraph (a) may be obtained by any Series 200_-___ Noteholder or any
beneficial owner thereof by a request in writing to the Servicer.

       (c)    On or before January 31 of each calendar year, beginning with
calendar year 2001, 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 200_-___ Noteholder, a statement prepared
by the Servicer containing the information which is required to be contained in
the statement to Series 200_-___ 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 200_-___ Noteholder, together with other
information as is required to be provided by an issuer of indebtedness under the
Code. Such obligation of the Servicer 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

                             EARLY REDEMPTION EVENTS

       Section 6.01. EARLY REDEMPTION EVENTS. If any one of the following events
shall occur with respect to the Series 200_-___ Notes:

       (a)    (i) failure on the part of the Transferor or the Issuer to make
any payment or deposit required by the terms of the Transfer and Servicing
Agreement, the Indenture or this Supplement on or before the date occurring five
Business Days after the date such payment or deposit is required to be made
therein or herein or (ii) failure on the part of the Transferor duly to observe
or perform any other covenants or agreements of the Transferor set forth in the
Transfer and Servicing Agreement or the CFC Receivables Purchase Agreement, or
failure on the part of the Issuer duly to observe or perform any other covenants
of the Issuer set forth in the Indenture or this Supplement, which failure has a
material adverse effect on the Series 200_-___ Noteholders and which continues
unremedied for a period of 10 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Transferor and the Issuer by the Indenture Trustee, or to the Transferor, the
Issuer and the Indenture Trustee by the Administrative Agent or any Holder of a
Class A Note;

                                       28
<PAGE>

       (b)    any representation or warranty made by (i) the Transferor in the
Transfer and Servicing Agreement or (ii) the Issuer in the Indenture, or this
Supplement shall prove to have been incorrect when made or when delivered, which
continues to be incorrect for a period of 60 days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Transferor and the Issuer by the Indenture Trustee, or to the
Transferor, the Issuer and the Indenture Trustee by any Holder of the Series
200_-___ Notes, and as a result of which the interests of the Series 200_-___
Noteholders are materially and adversely affected for such period; PROVIDED,
HOWEVER, that an Early Redemption 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)    any Servicer Default shall occur as a result of which the
interests of the Series 200_-___ Noteholders are materially and adversely
affected (provided that a Servicer Default under subsection 8.01(d) of the
Transfer and Servicing Agreement is hereby deemed to materially and adversely
affect the Series 200_-___ Noteholders, and, notwithstanding subsection 8.01(d)
of the Transfer and Servicing Agreement, shall not be subject to any grace
period);

       (d)    on any date of determination, (i) the Class B Note Principal
Balance MINUS the excess, if any, of the total amount of Reduction Amounts for
all prior Distribution Dates and Reallocated Principal Collections that under
Section 4.07 were used to fund the Class A Required Amount on all prior
Distribution Dates OVER such Reduction Amounts and Reallocated Principal
Collections reimbursed pursuant to Section 4.05(a)(vi) prior to such date is
less than (ii) the Required Subordinate Amount and such deficiency continues for
a period of two Business Days after such date of determination;

       (e)    on any date of determination, the Transferor Amount is less than
the Required Transferor Amount (after giving effect to all Principal Receivables
transferred to the Issuer on such date of determination) and which shortfall
continues unremedied for a period of five days after the date of such
determination;

       (f)    the average Net Yield for any two consecutive Monthly Periods is
reduced to a rate which is less than ___%;

       (g)    the average Delinquency Ratio for any two consecutive Monthly
Periods exceeds ___%;

       (h)    the date on which a Program Support Provider (as defined in the
Note Purchase Agreement) shall have given notice that an event of default has
occurred and is continuing under their respective agreements with the Purchaser
(as defined in the Note Purchase Agreement);

       (i)    for so long as the Affinity Card Agreement is in effect, the
Letter of Credit (as such term is defined in the Affinity Card Agreement)
maintained by CompuCredit in favor of Columbus Bank pursuant to Section 3.3 of
the Affinity Card Agreement shall be terminated, revoked, reduced or drawn on
(unless such termination, revocation, reduction or drawing is with

                                       29
<PAGE>

the consent of Columbus Bank) and such termination, revocation or reduction has
not been remedied within five days and, in the case of a drawing, such drawing
is not reimbursed within five days;

       (j)    default in the payment at stated maturity of any indebtedness of
CompuCredit or any direct affiliate thereof having an outstanding principal
amount greater than $_____________ and such default remains unremedied for a
period of 30 days beyond any applicable grace period;

       (k)    the change in control of CompuCredit or the Transferor subject to
Sections 5.02 and 6.02 of the Transfer and Servicing Agreement;

       (l)    the Indenture Trustee shall, for any reason, fail to have a valid
and perfected first priority security interest in such of the Receivables as
shall constitute part of the Trust Estate;

       (m)    any material adverse change in the operations of the Issuer, the
Transferor, the Servicer or Columbus Bank, or any other event, which materially
affects the Issuer's, the Transferor's, the Servicer's, Columbus Bank's ability
to either collect upon the Receivables or the Issuer's, the Transferor's, the
Servicer's or Columbus Bank's ability to perform thereunder, which has a
material adverse effect on the Class A Noteholders;

       (n)    if, on any date, the product of (i) the Floating Allocation
Percentage (determined, for this purpose only, by using a numerator equal to the
Class A Note Principal Balance, or Class A Initial Note Principal Balance, as
applicable, in lieu of the Allocation Amount or Initial Note Principal Balance,
as applicable), (ii) the Series 200_-___ Allocation Percentage and (iii) the sum
of the Special Funding Amount, the amount on deposit in the Collection Account
in respect of Collections of Principal Receivables and the total amount of
Principal Receivables on such date, is less than the Class A Note Principal
Balance on such date; and

       (o)    without limiting any of the foregoing, the occurrence of an Event
of Default with respect to Series 200_-___ and acceleration of the maturity of
the Series 200_-___ Notes in accordance with Section 5.03 of the Indenture;

then, in the case of any event described in subparagraph (b) or (c), after the
applicable grace period, if any, set forth in such subparagraphs, either the
Indenture Trustee or the Holders of Class A Notes evidencing more than 50% of
the Class A Note Principal Balance, by notice then given in writing to the
Issuer, the Servicer and the Indenture Trustee may declare that an Early
Redemption Event has occurred with respect to Series 200_-___ as of the date of
such notice, and, in the case of any event described in subparagraph (a), (d),
(e), (f), (g), (h), (i), (j), (k), (l), (m), (n) or (o), an Early Redemption
Event shall occur with respect to Series 200_-___ without any notice or other
action on the part of the Indenture Trustee or the Series 200_-___ Noteholders
immediately upon the occurrence of such event, unless such Early Redemption
Event is waived by the Holders of Class A Notes evidencing more than 50% of the
Class A Note Principal Balance, by notice given in writing to the Indenture
Trustee, the Issuer and the Servicer.

                                       30
<PAGE>

                                   ARTICLE VII

                     OPTIONAL REDEMPTION; SERIES TERMINATION

       Section 7.01. OPTIONAL REDEMPTION.

       (a)    On any day occurring on or after the date on which the Note
Principal Balance is reduced to 10% or less of the highest Note Principal
Balance at any time on or after the Closing Date, the Issuer shall have the
option to redeem the Series 200_-___ Notes, at a redemption price equal to (i)
if such day is a Distribution Date, the Redemption Amount for such Distribution
Date or (ii) if such day is not a Distribution Date, the Redemption Amount for
the Distribution Date first following such day.

       (b)    The Issuer shall give the Servicer and the Indenture Trustee at
least 30 days prior written notice of the date on which the Issuer intends to
exercise such redemption option. The Issuer shall deposit the Redemption Amount
into the Collection Account in same day funds and the Issuer shall initiate such
deposit prior to 10:00 a.m. New York City time on such day. Such redemption
option is subject to payment in full of the Redemption Amount. Following the
deposit of the Redemption Amount into the Collection Amount in accordance with
the foregoing, the Allocation Amount for Series 200_-___ shall be reduced to
zero and the Series 200_-___ Noteholders shall have no further interest in the
Trust Estate. The Redemption Amount shall be distributed as set forth in
subsection 8.01(b).

       Section 7.02. STATED MATURITY DATE.

       On the Stated Maturity Date, the right of the Series 200_-___ 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 and Section 8.01 of
this Supplement.

                                  ARTICLE VIII

            REDEMPTION OF SERIES 200_-___ NOTES; FINAL DISTRIBUTIONS

       Section 8.01. SALE OF RECEIVABLES OR REDEMPTION OF THE NOTES PURSUANT TO
SECTION 2.06 OR 8.01 OF THE TRANSFER AND SERVICING AGREEMENT AND SECTIONS 5.05
AND 5.17 OF THE INDENTURE AND SECTION 7.01 OF THIS SUPPLEMENT.

       (a)    (1)    The amount to be paid by the Transferor with respect to
Series 200_-___ in connection with a reassignment of Receivables to the
Transferor pursuant to Section 2.06 of the Transfer and Servicing Agreement
shall equal the Redemption Amount for the first Distribution Date following the
Monthly Period in which the reassignment obligation arises under the Transfer
and Servicing Agreement.

       (i)    The amount to be paid by the Transferor with respect to Series
200_-___ in connection with any purchase of Notes, pursuant to the exercise of a
right of first refusal contained in Section 8.01(d) of the Transfer and
Servicing Agreement shall be an amount equal to the Redemption Amount for the
Distribution Date of any such purchase.

                                       31
<PAGE>

       (b)    With respect to the Redemption Amount deposited into the
Collection Account pursuant to Section 7.01 or any amounts allocable to the
Series 200_-___ Notes deposited into the Collection Account pursuant to Sections
5.05 and 5.17 of the Indenture, the Indenture Trustee shall, in accordance with
the written direction of the Servicer, not later than 2:30 p.m., New York City
time, on the related Distribution 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 same day funds: (i) (x) the Class A Note Principal Balance on such
Distribution 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 Distribution Date and (B) any Class A Monthly Interest
previously due but not distributed to the Class A Noteholders on a prior
Distribution Date will be distributed to the Paying Agent for payment to the
Class A Noteholders and (ii) (x) the Class B Note Principal Balance on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class B Noteholders and (y) an amount equal to the sum of (A) Class B Monthly
Interest for such Distribution Date and (B) any Class B Monthly Interest
previously due but not distributed to the Class B Noteholders on a prior
Distribution Date will be distributed to the Paying Agent for payment to the
Class B Noteholders.

       (c)    Notwithstanding anything to the contrary in this Supplement or the
Indenture, all amounts distributed to the Paying Agent pursuant to subsection
8.01(b) for payment to the Series 200_-___ Noteholders shall be deemed
distributed in full to the Series 200_-___ Noteholders on the date on which such
funds are distributed to the Paying Agent pursuant to this Section and the
Series 200_-___ Notes shall be deemed to be no longer Outstanding as such term
is defined in Section 1.01 of the Indenture.

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

       Section 9.01. RATIFICATION OF AGREEMENT. As supplemented by this
Supplement, the Indenture is in all respects ratified and confirmed and the
Indenture as so supplemented by this Supplement shall be read, taken and
construed as one and the same instrument.

       Section 9.02. COUNTERPARTS. This 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 9.03. GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED THEREIN.

       Section 9.04. TAX MATTERS.

       (a)    Notwithstanding anything to the contrary herein, each of the
Paying Agent, Servicer or Indenture Trustee shall be entitled to withhold any
amount that it determines in its

                                       32
<PAGE>

sole discretion is required to be withheld pursuant to Section 1446 of the Code
and such amount shall be deemed to have been paid for all purposes of the
Indenture.

       (b)    Each of the Series 200_-___ Noteholders agrees that prior to the
date on which the first interest payment hereunder is due thereto, it will
provide to the Servicer and the Indenture Trustee (i) if such Series 200_-___
Noteholder is incorporated or organized under the laws of a jurisdiction outside
the United States, two duly completed copies of the United States Internal
Revenue Service Form W-8ECI or, if the Transferor in its sole discretion
consents, Form W-8BEN claiming treaty benefits, or in either case successor
applicable or required forms, (ii) if required by the Transferor, a duly
completed copy of United States Internal Revenue Service Form W-9 or successor
applicable or required forms, and (iii) such other forms and information as may
be required to confirm the availability of any applicable exemption from United
States federal, state or local withholding taxes. Each Series 200_-___
Noteholder agrees to provide to the Servicer and Indenture Trustee, like
additional subsequent duly completed forms (subject to like consent)
satisfactory to the Servicer and Indenture Trustee on or before the date that
any such form expires or becomes obsolete, or upon the occurrence of any event
requiring an amendment, resubmission or change in the most recent form
previously delivered by it, and to provide such extensions or renewals as may be
reasonably requested by the Servicer or Indenture Trustee. Each Series 200_-___
Noteholder certifies, represents and warrants that as of the date of this
Agreement, or in the case of a Series 200_-___ Noteholder which is an assignee
as of the date of such Note Assignment, that it is entitled (x) to receive
payments under this Supplement without deduction or withholding (other than
pursuant to Section 1446 of the Code, if applicable) of any United States
federal income taxes and (y) to an exemption from United States backup
withholding tax. Each Series 200_-___ Noteholder represents and warrants that it
shall pay any taxes imposed on such Series 200_-___ Noteholder attributable to
its interest in the Series 200_-___ Notes.

       (c)    Each Series 200_-___ Noteholder agrees with the Transferor that:
(a) such Series 200_-___ Noteholder will deliver to the Transferor on or before
the Closing Date or the effective date of any participation or Note Assignment a
letter in the form annexed hereto as Exhibit E (an "INVESTMENT LETTER"),
executed by such assignee Series 200_-___ Noteholder, in the case of a Note
Assignment, or by the Participant, in the case of a participation, with respect
to the purchase by such Series 200_-___ Noteholder or Participant of a portion
of an interest relating to the Series 200_-___ Note and (b) all of the
statements made by such Series 200_-___ Noteholder in its Investment Letter
shall be true and correct as of the date made.

       (d)    Each Series 200_-___ Noteholder, by its holding of an interest in
the Series 200_-___ Notes, hereby severally represents, warrants and covenants,
and each Series 200_-___ Noteholder that acquires an interest in the Series
200_-___ Notes by Note Assignment shall be deemed to have severally represented,
warranted and covenanted upon such Note Assignment that: (i) such Series
200_-___ Noteholder has not acquired and shall not sell, trade or transfer any
interest in the Series 200_-___ Notes, nor cause any interest in the Series
200_-___ Notes to be marketed, on or through either (A) an "established
securities market (or the substantial equivalent thereof)" 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 (B) a "secondary market (or the

                                       33
<PAGE>

substantial equivalent thereof)" within the meaning of Section 7704(b)(2) of the
Code (including a market wherein interests in the Series 200_-___ 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 Series 200_-___ Notes and stands ready to effect buy or sell
transactions at the quoted prices for itself or on behalf of others), and (ii)
unless the Transferor consents otherwise, such Series 200_-___ Noteholder (A) is
properly classified as, and shall remain classified as, a "corporation" as
described in Section 7701(a)(3) of the Code and (B) is not, and shall not
become, an "S corporation" as described in Section 1361 of the Code. Each Series
200_-___ Noteholder represents, warrants and covenants that it shall (A) cause
each of its Participants otherwise permitted hereunder to make representations,
warranties and covenants similar to the foregoing for the benefit of the
Transferor and the Issuer at the time such Participant becomes a Participant and
(B) forward a copy of such representations, warranties and covenants to the
Indenture Trustee. In the event of any breach of the representation, warranty
and covenant of a Series 200_-___ Noteholder or its Participant that such Series
200_-___ Noteholder or participant shall remain classified as a corporation
other than an S corporation, such Series 200_-___ Noteholder shall notify the
Transferor promptly upon such Series 200_-___ Noteholder's becoming aware of
such breach, and thereupon the Series 200_-___ Noteholder hereby agrees to use
reasonable efforts to procure a replacement investor which is acceptable to the
Transferor not so affected to replace such affected Series 200_-___ Noteholder.
In any such event, the Transferor shall also have the right to procure a
replacement investor. Each affected Series 200_-___ Noteholder hereby agrees to
take all actions necessary to permit a replacement investor to succeed to its
rights and obligations hereunder. Each Series 200_-___ Noteholder which has a
Participant which has breached its representation, warranty and covenant that it
shall remain classified as a corporation other than an S corporation hereby
agrees (without limiting the right of the Transferor to procure a replacement
investor for such Series 200_-___ Noteholder as provided above in this
paragraph) to notify the Transferor of such breach promptly upon such Series
200_-___ Noteholder's becoming aware thereof and to use reasonable efforts to
procure a replacement Participant, as applicable, not so affected which is
acceptable to the Transferor to replace any such Participant.

       (e)    Subject to the provisions of subsection (g), each Series 200_-___
Noteholder may at any time sell, assign or otherwise transfer, to the extent of
such Series 200_-___ Noteholder's interest in the Series 200_-___ Notes (each, a
"NOTE ASSIGNMENT"), to any Person to which the Transferor may consent, which
consent shall not be unreasonably withheld (it being understood that such
consent shall be considered to be withheld reasonably on the basis that
following such proposed Note Assignment the number of Private Holders would
exceed 80 or the Issuer would otherwise be in jeopardy of being treated as
taxable as a publicly traded partnership pursuant to Section 7704 of the Code),
all or part of its interest in the Series 200_-___ Notes; PROVIDED, HOWEVER,
that any Note Assignment shall be void unless (i) the minimum amount of such
Note Assignment shall be $5,000,000, (ii) such assignee Series 200_-___
Noteholder shall comply with this Section 9.04 and shall have delivered to the
Indenture Trustee, prior to the effectiveness of such Note Assignment, a copy of
an agreement under which such assignee Series 200_-___ Noteholder has made the
representations, warranties and covenants required to be made pursuant to this
Section 9.04, (iii) following the Note Assignment there would be no more than
four Series 200_-___ Noteholders and Participants, and (iv) such

                                       34
<PAGE>

proposed assignee shall provide the forms described in clauses (i), (ii) and
(iii) of subsection 9.04(b) (subject to the Transferor's consent, as applicable
and as set forth therein) in the manner described therein. In connection with
any Note Assignment, the assignor Series 200_-___ Noteholder shall request in
writing to the Indenture Trustee (who shall promptly deliver it to the
Transferor) for the consent of the Transferor (the Transferor shall respond to
any such request within ten Business Days after its receipt and the Transferor
will not unreasonably withhold such consent) it being understood that the
obtaining of such consent is a condition to the effectiveness of the Note
Assignment. Each assignee Series 200_-___ Noteholder is subject to the terms and
conditions of subsection 9.04(b) on an ongoing basis and hereby makes the
certifications, representations and warranties contained therein.

       (f)    Subject to the provisions of subsection (g), any Series 200_-___
Noteholder may at any time grant a participation in all or part (but not less
than $5,000,000) of its interest in Series 200_-___ Notes to any Person to which
the Transferor may consent, which consent shall not be unreasonably withheld (it
being understood that such consent shall be considered to be withheld reasonably
on the basis that following such proposed participation the number of Private
Holders would exceed 80 or the Issuer would otherwise be in jeopardy of being
treated as taxable as a publicly traded partnership pursuant to Section 7704 of
the Code) (each such Person, a "PARTICIPANT"); PROVIDED, HOWEVER, that such
participation shall be void, unless (i) such Participant complies with the
applicable provisions of this Section 9.04, (ii) following the participation
there would be no more than four Series 200_-___ Noteholders and Participants
and (iii) such Series 200_-___ Noteholder delivers to the Indenture Trustee,
prior to the effectiveness of its participation, a copy of an agreement under
which such Participant has made the representations, warranties and covenants
required to be made pursuant to this Section. In connection with the granting of
any such participation to any Person, the granting Series 200_-___ Noteholder
shall provide a written request to the Indenture Trustee (who shall promptly
deliver it to the Transferor) for the consent of the Transferor to the granting
of the specified interest to any identified prospective Participant. 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 a participation. Each Series 200_-___ Noteholder hereby
acknowledges and agrees that any such participation will not alter or affect in
any way whatsoever such Series 200_-___ Noteholder's direct obligations
hereunder and that the Transferor shall have no obligation to have any
communication or relationship whatsoever with any Participant of such Series
200_-___ Noteholder in order to enforce the obligations of such Series 200_-___
Noteholder hereunder. Each Series 200_-___ Noteholder shall promptly notify the
Indenture Trustee (which shall promptly notify the Transferor) in writing of the
identity and interest of each Participant upon any such disposition. As a
condition of granting any participation, the Series 200_-___ Noteholder hereby
agrees to deliver to the Transferor a certification of the proposed Participant
pursuant to which the Participant certifies, represents and warrants that (i)
such Participant is entitled to (x) receive payments with respect to its
participation without deduction or withholding of any United States federal
income taxes and (y) an exemption from United States backup withholding tax,
(ii) prior to the date on which the first interest payment is due to the
Participant, such Series 200_-___ Noteholder will provide to the Servicer and
Indenture Trustee, the forms described in clauses (i), (ii) and (iii) of
subsection 9.04(b) (subject to the Transferor's consent, as applicable and as
set forth therein) as though the

                                       35
<PAGE>

Participant were a Series 200_-___ Noteholder, (iii) such Series 200_-___
Noteholder similarly will provide subsequent forms as described in subsection
9.04(b) with respect to such Participant as though it were a Series 200_-___
Noteholder, and (iv) such Participant will pay any taxes imposed on its
participation interest in the Series 200_-___ Notes.

       (g)    Except (i) as provided in subsections (e) and (f) above and (ii)
in connection with any pledge to any Federal Reserve Bank to secure any
obligation of a Series 200_-___ Noteholder, no Series 200_-___ Noteholder may
transfer, assign, exchange or otherwise convey or pledge, hypothecate, or
otherwise grant a security interest in a Series 200_-___ Note and any such
attempted transfer, assignment, exchange, conveyance, pledge, hypothecation or
grant shall be void.

       Section 9.05. ADDITIONAL PROVISIONS REGARDING AGREEMENT. Promptly after
the execution of any supplemental indenture or consent pursuant to Section 9.01
of the Indenture (other than an amendment pursuant to subsection 9.01(a)), the
Indenture Trustee shall furnish notification of the form of such amendment to
the Administrative Agent and the consent of the Administrative Agent shall be
necessary to approve the particular form of any proposed amendment.

       Section 9.06. ADDITIONAL PROVISIONS REGARDING THE SERVICER.

       (a)    NO EXTENSION OR AMENDMENT OF RECEIVABLES. Except as otherwise
expressly permitted by the Transfer and Servicing Agreement, the Indenture and
the Credit Card Guidelines, the Servicer will not extend, amend or otherwise
modify the terms of any Receivable, or amend, modify or waive any term or
condition of any Account related thereto. The Servicer further covenants that,
except as otherwise required by any Requirement of Law, it shall not reduce the
periodic finance charges assessed on any Receivable or other fees on any Account
if, as a result of such reduction, the reasonable expectation of the Net Yield
as of such date would be less than 2.00% or has a material adverse effect on the
Series 200_-___ Noteholders and unless (a) such reduction is made applicable to
the comparable segment of the consumer revolving credit accounts owned or
serviced by the Servicer that have characteristics the same as, or substantially
similar to, the Accounts that are the subject of such change or (b) if it does
not own such a comparable segment, it will not make any such change with the
intent to materially benefit the Transferor or itself over the Series 200_-___
Noteholders.

       (b)    Furnishing of Information and Inspection of Records. (2) The
Servicer will furnish to the Transferor and the Issuer from time to time such
information with respect to the Receivables as the Transferor and the Issuer may
reasonably request, including, without limitation, listings identifying the
Obligor and the outstanding Principal Balance for each Receivable.

       (i)    The Servicer will at any time and from time to time during regular
business hours permit the Transferor, the Issuer or either of their agents,
designees, or representatives, (a) to examine and make copies of and take
abstracts from all Records and (b) to visit the offices and properties of the
Servicer for the purpose of examining such Records, and to discuss matters
relating to Receivables or the Servicer's performance under the Indenture with

                                       36
<PAGE>

any of the officers, directors, employees or independent public accountants of
the Servicer having knowledge of such matters.

       (c)    Keeping of Records and Books of Account. The Servicer will
maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate records evidencing Receivables in the
event of the destruction of the originals thereof, and keep and maintain, all
documents, books, records and other information reasonably necessary or
advisable for the collection of all Receivables (including, without limitation,
records adequate to permit the daily identification of each new Receivable and
all Collections of and adjustments to each existing Receivable). The Servicer
will give the Transferor and the Issuer notice of any material change in the
administrative and operating procedures of the Servicer referred to in the
previous sentence.

       Section 9.07. NOTICES. The Indenture Trustee shall give notice to the
Administrative Agent of any proposed change or amendment to either the Affinity
Card Agreement or the Facilities Management Services Agreement with respect to
which the Indenture Trustee's consent is sought pursuant to the Indenture.

       Section 9.08. TRANSFER OF CLASS B NOTES. Any transfer of the Class B
Notes shall be subject to delivery to the Indenture Trustee of a Tax Opinion
with respect to such transfer.

       Section 9.09. LIMITATION OF LIABILITY. It is expressly understood and
agreed by the parties hereto that (a) this Supplement is executed and delivered
by Wilmington Trust, FSB, not individually or personally but solely as trustee
of the Issuer, in the exercise of the powers and authority conferred and vested
in it under the Trust Agreement, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuer is made and intended not as
personal representations, undertakings and agreements by Wilmington Trust, FSB
but is made and intended for the purpose of binding only the Issuer and (c)
under no circumstances shall Wilmington Trust, FSB be personally liable for the
payment of any indebtedness or expenses of the Issuer or be liable for the
breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Issuer under this Supplement or the other Transaction
Documents (as defined in the Note Purchase Agreement) to which the Issuer is a
party.

                                       37
<PAGE>

       IN WITNESS WHEREOF, the Issuer, the Servicer and the Indenture Trustee
have caused this Indenture Supplement to be duly executed by their respective
officers thereunto duly authorized, all as of the day and year first above
written.

                                     COMPUCREDIT CREDIT CARD MASTER NOTE
                                      BUSINESS TRUST,
                                     Issuer

                                     By:  ______________________________
                                            not in its individual capacity, but
                                            solely as Owner Trustee

                                     By:    ______________________________
                                            Name:
                                            Title:

                                     THE BANK OF NEW YORK
                                     Indenture Trustee

                                     By:    _____________________________
                                            Name:
                                            Title:

                                     COMPUCREDIT CORPORATION,
                                     Servicer

                                     By:    _____________________________
                                            Name:     Ashley L. Johnson
                                            Title:       Treasurer

s<PAGE>

                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

                        TRANSFER AND SERVICING AGREEMENT

                            Dated as of July 14, 2000

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

                                   COMPUCREDIT
                     CREDIT CARD MASTER NOTE BUSINESS TRUST

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

                                      among

                           COMPUCREDIT FUNDING CORP.,
                                   Transferor,

                            COMPUCREDIT CORPORATION,
                                    Servicer,

               COMPUCREDIT CREDIT CARD MASTER NOTE BUSINESS TRUST,
                                     Issuer

                                       and

                              THE BANK OF NEW YORK,
                                Indenture Trustee

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

<PAGE>

                                                 TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                           PAGE
<S>               <C>                                                                                      <C>
                                ARTICLE I

                               DEFINITIONS

Section 1.01.     Definitions.................................................................................1

Section 1.02.     Other Definitional Provisions..............................................................15

                               ARTICLE II

                        CONVEYANCE OF RECEIVABLES

Section 2.01.     Conveyance of Receivables..................................................................17

Section 2.02.     Acceptance by Issuer.......................................................................19

Section 2.03.     Representations and Warranties of Each Transferor Relating to Such Transferor..............19

Section 2.04.     Representations and Warranties of each Transferor Relating to this Agreement and
                  any Participation Interest Supplement and the Receivables..................................21

Section 2.05.     Treatment of Ineligible Receivables........................................................23

Section 2.06.     Reassignment of Trust Portfolio............................................................24

Section 2.07.     Covenants of each Transferor...............................................................25

Section 2.08.     Covenants of each Transferor with Respect to the Applicable Receivables
                  Purchase Agreements........................................................................28

Section 2.09.     Addition of Accounts.......................................................................29

Section 2.10.     Defaulted Receivables......................................................................32

Section 2.11.     Account Allocations........................................................................32

Section 2.12.     Discount Option............................................................................33

                                   ARTICLE III
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.     Acceptance of Appointment and Other Matters Relating to the Servicer.......................34

Section 3.02.     Servicing Compensation.....................................................................35

Section 3.03.     Representations, Warranties and Covenants of the Servicer..................................35

Section 3.04.     Reports and Records for the Owner Trustee and the Indenture Trustee........................38

Section 3.05.     Annual Certificate of Servicer.............................................................38

Section 3.06.     Annual Servicing Report of Independent Public Accountants; Copies of Reports Available.....38

Section 3.07.     Notices to CompuCredit.....................................................................39

Section 3.08.     Adjustments................................................................................39
</TABLE>

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                                            TABLE OF CONTENTS
                                               (CONTINUED)
<TABLE>
<S>               <C>                                                                                       <C>
Section 3.09.     Reports to the Commission..................................................................40

                               ARTICLE IV

                       COLLECTIONS AND ALLOCATIONS

Section 4.01.     Collections and Allocations................................................................41

Section 4.02.     Shared Principal Collections...............................................................42

Section 4.03.     Additional Withdrawals from the Collection Account.........................................42

Section 4.04.     Allocation of Transferred Assets to Series or Groups.......................................42

Section 4.05.     Excess Finance Charge Collections..........................................................43

                                  ARTICLE V

                    OTHER MATTERS RELATING TO EACH TRANSFEROR

Section 5.01.      Liability of each Transferor...............................................................44

Section 5.02.      Merger or Consolidation of, or Assumption of the Obligations of, a Transferor..............44

Section 5.03.      Limitations on Liability of Each Transferor................................................45

                                ARTICLE VI

                  OTHER MATTERS RELATING TO THE SERVICER

Section 6.01.      Liability of the Servicer..................................................................46

Section 6.02.      Merger or Consolidation of, or Assumption of the Obligations of, the Servicer..............46

Section 6.03.      Limitation on Liability of the Servicer and Others.........................................46

Section 6.04.      Servicer Indemnification of the Issuer, the Owner Trustee and the Indenture Trustee........47

Section 6.05.      Resignation of the Servicer................................................................47

Section 6.06.      Access to Certain Documentation and Information Regarding the Receivables..................48

Section 6.07.      Delegation of Duties.......................................................................48

Section 6.08.      Examination of Records.....................................................................48

                                ARTICLE VII

                             INSOLVENCY EVENTS

Section 7.01.      Rights upon the Occurrence of an Insolvency Event..........................................49

                               ARTICLE VIII

                             SERVICER DEFAULTS

Section 8.01.      Servicer Defaults..........................................................................50
</TABLE>
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                                            TABLE OF CONTENTS
                                               (CONTINUED)

<TABLE>
<S>                <C>                                                                                        <C>
Section 8.02.      Indenture Trustee To Act; Appointment of Successor.........................................52

Section 8.03.      Notification to Noteholders................................................................53

                                   ARTICLE IX

                                   TERMINATION

Section 9.01.      Termination of Agreement...................................................................54

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

Section 10.01.     Amendment; Waiver of Past Defaults.........................................................55

Section 10.02.     Protection of Right, Title and Interest of Issuer..........................................57

Section 10.03.     GOVERNING LAW..............................................................................58

Section 10.04.     Notices; Payments..........................................................................58

Section 10.05.     Severability of Provisions.................................................................59

Section 10.06.     Further Assurances.........................................................................59

Section 10.07.     Nonpetition Covenant.......................................................................59

Section 10.08.     No Waiver; Cumulative Remedies.............................................................60

Section 10.09.     Counterparts...............................................................................60

Section 10.10.     Third-Party Beneficiaries..................................................................60

Section 10.11.     Merger and Integration.....................................................................60

Section 10.12.     Headings...................................................................................60

Section 10.13.     Limitation of Liability of Owner Trustee...................................................60

                                 EXHIBITS

EXHIBIT A          Form of Annual Servicer's Certificate.....................................................A-1

EXHIBIT B-1        Form of Opinion of Counsel with Respect to Amendments...................................B-1-1

EXHIBIT B-2        Form of Opinion of Counsel with Respect to Accounts.....................................B-2-1

EXHIBIT B-3        Provisions to be Included in Annual Opinion of Counsel..................................B-3-1

EXHIBIT C          Form of Assignment of Receivables in Additional Accounts..................................C-1
</TABLE>

                                                   -iii-

<PAGE>

                                            TABLE OF CONTENTS
                                               (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                            PAGE
<S>                   <C>                                                                                   <C>

                                    SCHEDULES

SCHEDULE I            List of Accounts.......................................................................I-1

SCHEDULE II           Bank Identification Numbers and Bank Numbers..........................................II-1

                                    APPENDIX

APPENDIX I            Index of Certain Defined Terms.........................................................1-1

</TABLE>

                                                    -iv-
<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                      APPENDIX 1

                         INDEX OF CERTAIN DEFINED TERMS

<TABLE>
<S>                                                 <C>
Bearer Notes                                        Master Indenture
Class                                               Master Indenture
Closing Date                                        Master Indenture
Collection Account                                  Master Indenture
Default                                             Master Indenture
Early Redemption Event                              Master Indenture
Event of Default                                    Master Indenture
Excess Allocation Series                            Master Indenture
Exchange Act                                        Master Indenture
Group                                               Master Indenture
Indenture Supplement                                Master Indenture
Noteholders or Holders                              Master Indenture
Notes                                               Master Indenture
Outstanding                                         Master Indenture
Proceeding                                          Master Indenture
Rating Agency                                       Master Indenture
Rating Agency Condition                             Master Indenture
Reinvestment Event                                  Master Indenture
Required Transferor Amount                          Master Indenture
Seller                                              Master Indenture
Series                                              Master Indenture
Series Enhancer                                     Master Indenture
Special Funding Account                             Master Indenture
Tax Opinion                                         Master Indenture
Transaction Documents                               Trust Agreement
Transferor Amount                                   Master Indenture
Transferor Certificate                              Trust Agreement
Trust Estate                                        Master Indenture
</TABLE>

                                       -i-

<PAGE>

                  TRANSFER AND SERVICING AGREEMENT, dated as of July 14, 2000,
among COMPUCREDIT FUNDING CORP., a Nevada corporation, as Transferor,
COMPUCREDIT CORPORATION, a Georgia corporation, as Servicer, COMPUCREDIT CREDIT
CARD MASTER NOTE BUSINESS TRUST, a Nevada business trust, as Issuer, and THE
BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee.

                  In consideration of the mutual agreements herein contained,
each party agrees as follows for the benefit of the other parties, the
Noteholders and any Series Enhancer (as defined below) to the extent provided
herein, in the Indenture and in any Indenture Supplement:

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01. DEFINITIONS. Whenever used in this Agreement, the following words
and phrases shall have the following meanings, and the definitions of such terms
are applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

                  "ACCOUNT" shall mean (a) each Initial Account and each Prior
Additional Account, (b) each Additional Account (but only from and after the
Addition Date with respect thereto), (c) each Related Account, (d) each
Transferred Account, but shall exclude, after the applicable removal date and
(e) any Account all the Receivables in which are either: (i) Defaulted
Receivables and assigned by the Issuer to the Transferor pursuant to SECTION
2.10, (ii) assigned by the Issuer to the Transferor pursuant to SECTION 2.05(c)
or 2.06 or (iii) assigned by the Issuer to the Servicer pursuant to SECTION
3.03.

                  "ACCOUNT OWNER" shall mean Columbus Bank or any other entity
which is the issuer of the credit card relating to an Account pursuant to a
Credit Card Agreement.

                  "ACCOUNT SCHEDULE" shall mean a computer file or microfiche
list containing a true and complete list of Accounts, identified by bank
identification number and by bank numbers and by account number and setting
forth the aggregate amount of Principal Receivables outstanding in such Accounts
as of (a) the Initial Cut-Off Date (for the Account Schedule delivered on the
Initial Issuance Date), (b) no later than twelve (12) months after the
Determination Date immediately succeeding the related Monthly Period (for any
Account Schedule relating to Automatic Additional Accounts) and (c) the Addition
Cut-Off Date (for any Account Schedule relating to Supplemental Accounts).

                  "ADDITION CUT-OFF DATE" shall mean (a) for Supplemental
Accounts, the date specified as such in the notice for the Supplemental Accounts
under SECTION 2.09(g) and (b) for Automatic Additional Accounts, the later of
the dates on which such Automatic Additional Accounts are originated or
designated pursuant to SECTION 2.09(a).

                  "ADDITION DATE" shall mean (a) with respect to Automatic
Additional Accounts, the later of the date on which such accounts are created
and the date on which such accounts are otherwise designated as Automatic
Additional Accounts pursuant to SECTION 2.09(a), (b) with respect to
Supplemental Accounts, the date from and after which such Supplemental Accounts

                                       1
<PAGE>

are to be included as Accounts pursuant to SECTION 2.09(e) or (f), and (c) with
respect to Participation Interests, the date from and after which such
Participation Interests are to be included as part of the Transferred Assets
pursuant to SECTION 2.09(b).

                  "ADDITIONAL ACCOUNT" shall mean each Automatic Additional
Account and each Supplemental Account.

                  "ADDITIONAL TRANSFEROR" shall have the meaning specified in
SECTION 2.09(d).

                  "ADVERSE EFFECT" shall mean, with respect to any action, that
such action will (a) result in the occurrence of an Early Redemption Event, a
Reinvestment Event, a Default or an Event of Default or (b) materially and
adversely affect the amount or timing of distributions to be made to the
Noteholders or any Series Enhancer of any Series or Class pursuant to this
Agreement, the Indenture or the related Indenture Supplement.

                  "AFFILIATE" shall mean, with respect to any specified Person,
any other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "CONTROL" shall mean the
power to direct the management and policies of a Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "CONTROLLING" and "CONTROLLED" have meanings correlative to the
foregoing.

                  "AFFINITY CARD AGREEMENT" shall mean the Affinity Card
Agreement dated as of January 6, 1997, among Columbus Bank, CompuCredit and
CompuCredit Acquisition Corporation, as amended to the date hereof and as such
agreement may be amended, modified or supplemented from time to time hereafter.

                  "AGGREGATE ALLOCATION AMOUNT" shall mean, as of any date of
determination, the aggregate sum of the Allocation Amounts of all Series of
Notes issued and outstanding on such date of determination.

                  "AGREEMENT" shall mean this Transfer and Servicing Agreement,
as the same may be amended, supplemented or otherwise modified from time to
time.

                  "ALLOCATION AMOUNT" shall mean, with respect to any Series and
for any date, an amount equal to the allocation amount or adjusted allocation
amount, as applicable, specified in the related Indenture Supplement.

                  "APPOINTMENT DATE" shall have the meaning specified in
SECTION 7.01.

                  "ASSIGNMENT" shall have the meaning specified in SECTION
2.09(h).

                  "AUTHORIZED NEWSPAPER" shall mean any newspaper or newspapers
of general circulation in the Borough of Manhattan, the City of New York,
printed in the English language (and, with respect to any Series or Class, if
and so long as the Notes of such Series are Bearer Notes, in such place as may
be specified in the applicable Indenture Supplement) and customarily published
on each business day at such place, whether or not published on Saturdays,
Sundays or holidays.

                                       2
<PAGE>

                  "AUTOMATIC ADDITIONAL ACCOUNT" shall mean each VISA-Registered
Trademark- and MasterCard-Registered Trademark-(1) consumer revolving credit
card account established pursuant to a Credit Card Agreement between an Account
Owner and any Person with respect to which one or more credit cards are issued
to a cardholder, which credit card account is identified by the bank
identification numbers and the bank numbers specified on SCHEDULE II as SCHEDULE
II may be amended from time to time, which account comes into existence after
the Initial Cut-Off Date.

                  "AUTOMATIC ADDITION SUSPENSION DATE" shall have the meaning
set forth in SECTION 2.09(a).

                  "AUTOMATIC ADDITION TERMINATION DATE" shall have the meaning
set forth in SECTION 2.09(a).

                  "AVERAGE PRINCIPAL RECEIVABLES" shall mean, for any period, an
amount equal to (a) the sum of the aggregate amount of Principal Receivables at
the end of each day during such period divided by (b) the number of days in such
period.

                  "BUSINESS DAY" shall mean any day other than (a) a Saturday or
Sunday or (b) any other day on which national banking associations or state
banking institutions in New York, New York, Atlanta, Georgia, Columbus, Georgia,
Las Vegas, Nevada or any other city in which the principal executive offices of
CompuCredit, the Transferor, the Owner Trustee, the Indenture Trustee, Columbus
Bank or other Account Owner, as the case may be, are located, are authorized or
obligated by law, executive order or governmental decree to be closed or (c) for
purposes of any particular Series, any other day specified in the applicable
Indenture Supplement.

                  "CASH ADVANCE FEES" shall mean cash advance transaction fees,
if any, as specified in the Credit Card Agreement applicable to each Account.

                  "CB&T RECEIVABLES PURCHASE AGREEMENT" shall mean the
Receivables Purchase Agreement, dated as of August 29, 1997 and amended and
restated as of July 14, 2000, between Columbus Bank and CompuCredit, as amended
from time to time in accordance with the terms thereof.

                  "CFC" shall mean CompuCredit Funding Corp., a Nevada
corporation, and its successors and permitted assigns.

                  "CFC RECEIVABLES PURCHASE AGREEMENT" shall mean the
Receivables Purchase Agreement, dated as of August 29, 1997 and amended and
restated as of July 14, 2000, between CompuCredit and CFC, as amended from time
to time in accordance with the terms thereof.

                  "COLLECTIONS" shall mean all payments by or on behalf of
Obligors (including Insurance Proceeds) received in respect of the Receivables,
in the form of cash, checks, wire transfers, electronic transfers, ATM transfers
or any other form of payment in accordance with a Credit Card Agreement in
effect from time to time and all other amounts specified by this Agreement, the
Indenture or any Indenture Supplement as constituting Collections; PROVIDED

--------
(1) VISA-Registered Trademark- and MasterCard-Registered Trademark-
registered trademarks of VISA USA, Inc. and MasterCard International
Incorporated, respectively.

                                       3
<PAGE>

HOWEVER, that during the period Columbus Bank owns the Accounts pursuant to the
Affinity Card Agreement, Collections shall mean the sum of (i) the "Net Excess
Amount" payable by Columbus Bank to CompuCredit, as defined in the Affinity Card
Agreement, and (ii) all amounts paid by Columbus Bank to CompuCredit pursuant to
Section 8.1(e)(iii) of the Affinity Card Agreement. As specified in any
Participation Interest Supplement or Indenture Supplement, Collections shall
include amounts received with respect to Participation Interests. All Recoveries
will be treated as Collections of Finance Charge Receivables. Collections with
respect to any Monthly Period shall include a portion, calculated pursuant to
SECTION 2.07(h), of Interchange paid to the Issuer with respect to such Monthly
Period, to be applied as if such amount were Collections of Finance Charge
Receivables for all purposes.

                  "COLUMBUS BANK" shall mean Columbus Bank and Trust Company, a
state bank chartered under the laws of the State of Georgia, and its successors
and permitted assigns under the Affinity Card Agreement.

                  "COMMISSION" shall mean the Securities and Exchange Commission
and its successors in interest.

                  "COMPUCREDIT" shall mean CompuCredit Corporation, a Georgia
corporation, and its successors and permitted assigns.

                  "CORPORATE TRUST OFFICE" shall have the meaning (a) when used
in respect of the Owner Trustee, specified in the Trust Agreement and (b) when
used in respect of the Indenture Trustee, specified in the Indenture.

                  "CREDIT CARD AGREEMENT" shall mean, with respect to a
revolving credit card account, the agreements (including any applicable
truth-in-lending disclosure statements) between an Account Owner and the Obligor
governing the terms and conditions of such account, as such agreements or
statements may be amended, modified or otherwise changed from time to time and
as distributed (including any amendments and revisions thereto) to holders of
such account.

                  "CREDIT CARD GUIDELINES" shall mean the respective policies
and procedures of the Servicer or the applicable Account Owner, as such policies
and procedures relate to the Accounts and as such may be amended from time to
time, (a) relating to the operation of its credit card business, which generally
are applicable to its portfolio of revolving credit card accounts or, in the
case of an Account Owner that has only a portion of its portfolio subject to a
Receivables Purchase Agreement, applicable to such portion of its portfolio, and
in each case which are consistent with prudent practice, including the policies
and procedures for determining the creditworthiness of credit card customers and
the extension of credit to credit card customers, and (b) relating to the
maintenance of credit card accounts and collection of credit card receivables.

                  "DATE OF PROCESSING" shall mean, with respect to any
transaction or receipt of Collections, the date on which such transaction is
first recorded on the Servicer's computer file of revolving credit card accounts
(without regard to the effective date of such recordation).

                                       4
<PAGE>

                  "DEFAULTED AMOUNT" shall mean, with respect to any Monthly
Period, an amount (which shall not be less than zero) equal to (a) the amount of
Principal Receivables which became Defaulted Receivables in such Monthly Period,
MINUS (b) the amount of any Defaulted Receivables of which either the Transferor
has the option or became obligated to, or the Servicer became obligated to,
accept reassignment or assignment in accordance with the terms of this Agreement
during such Monthly Period (including, without duplication, Ineligible
Receivables pursuant to SECTION 2.05); PROVIDED, HOWEVER, that if an Insolvency
Event occurs with respect to the Transferor, the amount of such Defaulted
Receivables which are subject to reassignment to the Transferor in accordance
with the terms of this Agreement shall not be added to the sum so subtracted
and, if any of the events described in SECTION 8.01(d) occur with respect to the
Servicer, the amount of such Defaulted Receivables which are subject to
reassignment or assignment to the Servicer in accordance with the terms of this
Agreement shall not be added to the sum so subtracted.

                  "DEFAULTED RECEIVABLES" shall mean, with respect to any
Monthly Period, all Principal Receivables (i) which are charged off as
uncollectible in such Monthly Period in accordance with the Credit Card
Guidelines or the Servicer's customary and usual servicing procedures for
servicing revolving credit card accounts; (ii) as to which any payment or part
thereof remains unpaid for 180 days or more from the original due date for such
Receivables; (iii) as to which the Obligor thereof is currently the debtor in a
case under the United States Bankruptcy Code; or (iv) as to which the Obligor is
deceased. A Principal Receivable shall become a Defaulted Receivable no later
than on the day on which such Principal Receivable is recorded as charged-off on
the Servicer's computer file of revolving credit card accounts.

                  "DEPOSIT DATE" shall mean each day on which the Servicer
deposits Collections in the Collection Account.

                  "DETERMINATION DATE" shall mean, unless otherwise specified in
the Indenture Supplement for a particular Series, either (i) the twelfth (12th)
calendar day of each month (or, if the twelfth calendar day is not a Business
Day, then the next Business Day) or (ii) such earlier date chosen by the
Servicer.

                  "DISCOUNT OPTION DATE" shall mean each date on which a
Discount Percentage designated by the Transferor pursuant to SECTION 2.12 takes
effect.

                  "DISCOUNT OPTION RECEIVABLES" shall have the meaning specified
in SECTION 2.12. The aggregate amount of Discount Option Receivables outstanding
on any Date of Processing occurring on or after the Discount Option Date shall
equal the sum of (a) the aggregate Discount Option Receivables at the end of the
prior Date of Processing (which amount, prior to the Discount Option Date, shall
be zero) PLUS (b) any new Discount Option Receivables created on such Date of
Processing MINUS (c) any Discount Option Receivables Collections received on
such Date of Processing. Discount Option Receivables created on any Date of
Processing shall mean the product of the amount of any Principal Receivables
created on such Date of Processing (without giving effect to the proviso in the
definition of Principal Receivables) and the Discount Percentage.

                                       5
<PAGE>

                  "DISCOUNT OPTION RECEIVABLE COLLECTIONS" shall mean on any
Date of Processing occurring in any Monthly Period succeeding the Monthly Period
in which the Discount Option Date occurs, the product of (a) a fraction, the
numerator of which is the Discount Option Receivables and the denominator of
which is the sum of the Principal Receivables and the Discount Option
Receivables, in each case (for both the numerator and the denominator) at the
end of the preceding Monthly Period and (b) Collections of Principal Receivables
on such Date of Processing (without giving effect to the proviso in the
definition of Principal Receivables).

                  "DISCOUNT PERCENTAGE" shall have the meaning specified in
SECTION 2.12.

                  "DISTRIBUTION DATE" shall mean, with respect to any Series,
the date specified in the applicable Indenture Supplement.

                  "DOCUMENT DELIVERY DATE" shall have the meaning specified in
SECTION 2.09(h).

                  "DOLLARS," "$" or "U.S. $" shall mean United States dollars.

                  "ELIGIBLE ACCOUNT" shall mean a consumer revolving credit card
account owned by (i) Columbus Bank, in the case of the Initial Accounts, which
as of the Prior Trust Cut-Off Date, and, in the case of the Prior Additional
Accounts, which as of the Prior Trust Addition Date, or (ii) by Columbus Bank or
other Account Owner, in the case of Additional Accounts which, as of the
applicable Addition Cut-Off Date, in each case meets the following requirements:

                  (a) is a VISA or MasterCard revolving credit card account in
existence and maintained by an Account Owner;

                  (b) is payable in Dollars;

                  (c) has an Obligor who has provided, as his or her most recent
billing address, an address located in the United States or its territories or
possessions or a military address;

                  (d) does not have any Receivables that are Defaulted
Receivables;

                  (e) does not have any Receivables that have been identified by
the Account Owner, the Servicer or the relevant Obligor as having been incurred
as a result of fraudulent use of any related credit card; and

                  (f) has not been identified as an Account with respect to
which the related card has been lost or stolen.

                  "ELIGIBLE RECEIVABLE" shall mean each Receivable:

                  (a) which has arisen in an Eligible Account;

                  (b) which was created in compliance in all material respects
with all Requirements of Law applicable to the institution which owned such
Receivable at the time of its

                                       6
<PAGE>

creation and pursuant to a Credit Card Agreement which complies in all material
respects with all Requirements of Law applicable to the Account Owner;

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

                  (d) as to which at the time of the transfer of such Receivable
to the Issuer, the Transferor or the Issuer will have good and marketable title
thereto and which itself is free and clear of all Liens (other than any Lien for
municipal or other local taxes if such taxes are not then due and payable or if
the Transferor is then contesting the validity thereof in good faith by
appropriate proceedings and has set aside on its books adequate reserves with
respect thereto);

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

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

                  (g) which constitutes either an "account" or a "general
intangible" under and as defined in Article 9 of the UCC as then in effect in
the State of Nevada and any other state where the filing of a financing
statement is required to perfect the Issuer's interest in the Receivables and
the proceeds thereof.

                  "ELIGIBLE SERVICER" shall mean CompuCredit, the Indenture
Trustee or, if neither CompuCredit nor the Indenture Trustee is acting as
Servicer, an entity which, at the time of its appointment as Servicer, (a) is
servicing a portfolio of revolving credit card accounts, (b) is legally
qualified and has the capacity to service the Accounts, (c) has demonstrated the
ability to service professionally and competently a portfolio of similar
accounts in accordance with high standards of skill and care, (d) is qualified
to use the software that is then being used to service the Accounts or obtains
the right to use or has its own software which is adequate to perform its duties
under this Agreement and (e) has a net worth of at least $50,000,000 as of the
end of its most recent fiscal quarter.

                  "EXCESS FINANCE CHARGE COLLECTIONS" shall have the meaning
specified in SECTION 4.05.

                                       7
<PAGE>

                  "FACILITIES MANAGEMENT AGREEMENT" shall mean the agreement
dated August 1, 1998 between Columbus Bank and CompuCredit, and all amendments,
modifications and supplements thereto and restatements thereof.

                  "FDIC" shall mean the Federal Deposit Insurance Corporation or
any successor.

                  "FINANCE CHARGE RECEIVABLES" shall mean the sum of (A) all
amounts billed to the Obligors on any Account as determined based on either (a)
the actual amounts posted on the system servicing reports provided to the
Servicer by Total Systems Services, Inc. or another provider of such reports, if
available to the Servicer, or (b) if such actual amounts are not available to
the Servicer, the amount of Finance Charge Receivables for the prior Monthly
Period or other reasonable estimation method, in respect of (i) all Periodic
Rate Finance Charges, (ii) Cash Advance Fees, (iii) annual membership fees and
annual service charges, (iv) Late Fees, (v) Overlimit Fees, and (vi) any other
fees with respect to the Accounts designated by the Transferor at any time and
from time to time to be included as Finance Charge Receivables (but any such
amount estimated pursuant to this clause (b) shall be reduced by the amount of
all accrued Finance Charge Receivables on Defaulted Receivables for such Monthly
Period) and (B) Discount Option Receivables, if any, after the Discount Option
Date. Finance Charge Receivables shall also include (a) the interest portion of
Participation Interests as shall be determined pursuant to, and only if so
provided in, the applicable Participation Interest Supplement or Indenture
Supplement for any Series, (b) Interchange as calculated pursuant to the
Indenture Supplement for any Series, (c) all Recoveries with respect to
Receivables previously charged off as uncollectible, (d) all Collections in
respect of Ineligible Receivables, and (e) all amounts paid by Columbus Bank to
CompuCredit pursuant to Section 8.1(e)(iii) of the Affinity Card Agreement. For
the avoidance of doubt, for so long as Columbus Bank owns all or any portion of
the Accounts pursuant to the Affinity Card Agreement, Finance Charge Receivables
and Collections on all or such portion of the Accounts shall not include amounts
accrued and due to Columbus Bank in accordance with Exhibit C of the Affinity
Card Agreement or Exhibit A of the Facilities Management Agreement.

                  "FINANCE CHARGE SHORTFALLS" shall have the meaning specified
in SECTION 4.05.

                  "FITCH" shall mean Fitch, Inc. or its successors.

                  "GOVERNMENTAL AUTHORITY" shall mean the United States of
America, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

                  "INDENTURE" shall mean the Master Indenture, dated as of July
14, 2000, among the Issuer, the Indenture Trustee and the Servicer, as the same
may be amended, supplemented or otherwise modified from time to time.

                  "INDENTURE TRUSTEE" shall mean The Bank of New York in its
capacity as indenture trustee under the Indenture, its successors in interest
and any successor indenture trustee under the Indenture.

                  "INDEPENDENT DIRECTOR" shall have the meaning specified in
SECTION 2.07(g)(vii).

                                       8
<PAGE>

                  "INELIGIBLE RECEIVABLE" shall have the meaning specified in
SECTION 2.05(a).

                  "INITIAL ACCOUNT" shall mean each VISA consumer revolving
credit card account existing on the Prior Trust Cut-Off Date and established
pursuant to a Credit Card Agreement between an Account Owner and any Person with
respect to which one or more credit cards were issued to a cardholder, which
credit cards bear the name or logo "Aspire", which account was an Initial
Account (as such term was defined in the Prior Pooling and Servicing Agreement)
and which was identified in the computer file or microfiche list delivered to
Bankers Trust Company, as trustee under the Prior Pooling and Servicing
Agreement, which account is in existence on the Initial Cut-Off Date and is
identified by the bank identification numbers and the bank numbers specified on
SCHEDULE II and in the computer file or microfiche list delivered to the Owner
Trustee by the Transferor pursuant to SECTION 2.01 on the Initial Issuance Date.

                  "INITIAL CUT-OFF DATE" shall mean the close of business on
June 30, 2000.

                  "INITIAL ISSUANCE DATE" shall mean the Closing Date of the
first Series of Notes issued to the Holders.

                  "INSOLVENCY EVENT" shall have the meaning specified in
SECTION 7.01.

                  "INSURANCE PROCEEDS" shall mean any amounts received by the
Servicer pursuant to any credit insurance policies covering any Obligor with
respect to Receivables under such Obligor's Account.

                  "INTERCHANGE" shall mean interchange fees payable to an
Account Owner (net of any interchange fees paid by such Account Owner), in its
capacity as credit card issuer, through VISA or MasterCard in connection with
cardholder charges for goods or services with respect to the Accounts, as
calculated pursuant to the related Indenture Supplement for any Series. Any
reference in this Agreement, the Indenture or any Indenture Supplement to
Interchange shall refer to only the interchange fees that are transferred by
CompuCredit or an Account Owner to a Transferor pursuant to a Receivables
Purchase Agreement.

                  "ISSUER" shall mean CompuCredit Credit Card Master Note
Business Trust, a Nevada business trust.

                  "LATE FEES" shall have the meaning specified in the Credit
Card Agreement applicable to each Account for late fees or similar terms.

                  "LIEN" shall mean any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, equity interest, encumbrance,
lien (statutory or other), preference, participation interest, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever,
including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and
the filing of any financing statement under the UCC or comparable law of any
jurisdiction to evidence any of the foregoing; PROVIDED, HOWEVER, that any
assignment permitted by Section 3.04(b) of the Trust Agreement or SECTION 5.02
of, and the lien created by, this Agreement and any undivided interest in the
Receivables retained by an Account Owner shall not be deemed to constitute a
Lien; PROVIDED FURTHER, HOWEVER, that each of (i) the lien created in

                                       9
<PAGE>

favor of CompuCredit under the CB&T Receivables Purchase Agreement, (ii) the
lien created in favor of CFC under the CFC Receivables Purchase Agreement and
(iii) the lien created in favor of the Indenture Trustee under the Indenture
shall not be deemed to constitute a Lien.

                  "MASTERCARD" shall mean MasterCard International Incorporated,
and its successors in interest.

                  "MONTHLY PERIOD" shall mean, with respect to each Distribution
Date, unless otherwise provided in an Indenture Supplement, the period from and
including the first day of the preceding calendar month to and including the
last day of such calendar month; PROVIDED, HOWEVER, that the initial Monthly
Period with respect to any Series will commence on the Closing Date with respect
to such Series.

                  "MONTHLY SERVICING FEE" shall have the meaning specified in
SECTION 3.02.

                  "MOODY'S" shall mean Moody's Investors Service, Inc., or its
successor.

                  "NOTICES" shall have the meaning specified in SECTION 10.04.

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

                  "OFFICER'S CERTIFICATE" shall mean, unless otherwise specified
in this Agreement, a certificate signed by the President, any Vice President,
the Treasurer, Chief Financial Officer, Controller or Member of a Transferor or
the Servicer, as the case may be (or an officer holding an office with
equivalent or more senior responsibilities or, in the case of the Servicer, a
Servicing Officer, and, in the case of the Transferor, any executive of the
Transferor designated in writing by a Vice President or more senior officer of
the Transferor for this purpose), or by the President, any Vice President, the
Chief Financial Officer, Controller or Member of a Successor Servicer.

                  "OPINION OF COUNSEL" shall mean a written opinion of counsel,
who may be counsel for, or an employee of, the Person providing the opinion and
who shall be reasonably acceptable to the Person to whom the opinion is to be
provided; PROVIDED, HOWEVER, that any Tax Opinion or other opinion relating to
federal income tax matters shall be an opinion of nationally recognized tax
counsel.

                  "OVERLIMIT FEES" shall have the meaning specified in the
Credit Card Agreement applicable to each Account for overlimit fees or similar
terms if such fees are provided for with respect to such Account.

                  "OWNER TRUSTEE" shall mean Wilmington Trust FSB, a federal
savings bank, not in its individual capacity but solely as owner trustee under
the Trust Agreement (unless therein specified), and any successor Owner Trustee
thereunder.

                                       10
<PAGE>

                  "PARTICIPATION INTEREST SUPPLEMENT" shall mean a supplement to
this Agreement entered into pursuant to SECTIONS 2.09(b) and 10.01(a) in
connection with the conveyance of Participation Interests to the Issuer.

                  "PARTICIPATION INTERESTS" shall have the meaning specified in
SECTION 2.09(b).

                  "PERIODIC RATE FINANCE CHARGES" shall have the meaning
specified in the Credit Card Agreement applicable to each Account for finance
charges (due to periodic rate) or any similar term.

                  "PERSON" shall mean any person or entity, including any
individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization,
governmental entity or other entity of any nature.

                  "PORTFOLIO YIELD" shall have the meaning specified in the
Indenture Supplement.

                  "PRINCIPAL SHARING SERIES" shall mean a Series that, pursuant
to the Indenture Supplement therefor, is entitled to receive Shared Principal
Collections.

                  "PRINCIPAL RECEIVABLES" shall mean all Receivables other than
Finance Charge Receivables or Defaulted Receivables; PROVIDED, HOWEVER, that
after a Discount Option Date, Principal Receivables at any time thereafter shall
not include the amount of any Discount Option Receivables. Principal Receivables
shall also include the principal portion of Participation Interests as shall be
determined pursuant to, and only if so provided in, the applicable Participation
Interest Supplement or Indenture Supplement for any Series. In calculating the
aggregate amount of Principal Receivables on any day, the amount of Principal
Receivables shall be reduced by the aggregate amount of credit balances in the
Accounts on such day. Any Principal Receivables which the Transferor is unable
to transfer as provided in SECTION 2.11 shall not be included in calculating the
amount of Principal Receivables.

                  "PRINCIPAL SHORTFALLS" shall have the meaning specified in
SECTION 4.02.

                  "PRIOR ADDITIONAL ACCOUNT" shall mean each VISA consumer
revolving credit card account established pursuant to a credit card agreement
between Columbus Bank, as account owner under the Prior Pooling and Servicing
Agreement, and any Person with respect to which one or more credit cards bearing
the name or logo "Aspire" were issued to a cardholder, which account was an
Automatic Additional Account (as such term was defined in the Prior Pooling and
Servicing Agreement), which account came into existence after the Prior Trust
Cut-Off Date and before the Initial Cut-Off Date, which account is in existence
on the Initial Cut-Off Date and is identified by the bank identification numbers
and the bank numbers specified on SCHEDULE II and in the computer file or
microfiche list delivered to the Owner Trustee by the Transferor pursuant to
SECTION 2.01 on the Initial Issuance Date.

                  "PRIOR POOLING AND SERVICING AGREEMENT" shall mean that
certain Pooling and Servicing Agreement dated as of August 29, 1997 among
CompuCredit Funding Corp., as transferor, CompuCredit Corporation, as servicer,
and Bankers Trust Company, as trustee, which Pooling and Servicing Agreement
established the Prior Trust and pursuant to which certificates were issued
evidencing interests in the Prior Trust.

                                       11
<PAGE>

                  "PRIOR TRUST" shall mean the CompuCredit Credit Card Master
Trust, established pursuant to the Prior Pooling and Servicing Agreement and
into which the interests in the Receivables in the Initial Accounts and the
Prior Additional Accounts were previously transferred to the Prior Trust
pursuant to the Prior Pooling and Servicing Agreement. The Prior Trust was
terminated on the Initial Issuance Date, and the Initial Accounts and the Prior
Additional Accounts are included in the Accounts which are the subject of this
Agreement.

                  "PRIOR TRUST ADDITION DATE" shall mean, for the Prior
Additional Accounts, the date on which such accounts were created or otherwise
became "Automatic Additional Accounts" pursuant to the Prior Pooling and
Servicing Agreement.

                  "PRIOR TRUST CUT-OFF DATE" shall mean August 27, 1997.

                  "RECEIVABLES" shall mean all amounts payable by Obligors on
any Account from time to time to the extent such amounts have been transferred
from Columbus Bank to CompuCredit pursuant to the CB&T Receivables Purchase
Agreement, including amounts payable for Principal Receivables and Finance
Charge Receivables. Receivables which become Defaulted Receivables will cease to
be included as Receivables as of the day on which they become Defaulted
Receivables.

                  "RECEIVABLES PURCHASE AGREEMENT" shall mean, as applicable,
(i) the CB&T Receivables Purchase Agreement, (ii) any future receivables
purchase agreement substantially in the form of the agreement specified in (i)
above, entered into between CompuCredit, CFC or any Transferor and an Account
Owner; PROVIDED, that (A) the Rating Agency Condition is satisfied with respect
to such future receivables purchase agreement and (B) CompuCredit or such
Transferor, as applicable, shall have delivered to the Indenture Trustee an
Officer's Certificate to the effect that such officer reasonably believes that
the execution and delivery of such future receivables purchase agreement will
not have an Adverse Effect, (iii) the CFC Receivables Purchase Agreement and
(iv) any future receivables purchase agreement substantially in the form of the
agreement specified in (iii) above, entered into between CompuCredit and any
Transferor; PROVIDED, that (A) the Rating Agency Condition is satisfied with
respect to such future receivables purchase agreement and (B) CompuCredit or
such Transferor shall have delivered to the Indenture Trustee an Officer's
Certificate to the effect that such officer reasonably believes that the
execution and delivery of such future receivables purchase agreement will not
have an Adverse Effect.

                  "RECOVERIES" shall mean all amounts received by the Servicer
(net of out-of-pocket costs of collection) including Insurance Proceeds, with
respect to Defaulted Receivables (including any related Finance Charge
Receivables), including the net proceeds of any sale of such Defaulted
Receivables by the Transferor or Servicer.

                  "RELATED ACCOUNT" shall mean an Account with respect to which
a new credit account number has been issued by the applicable Account Owner or
Servicer or the applicable Transferor under circumstances resulting from an
error or a lost or stolen credit card and not requiring standard application and
credit evaluation procedures under the Credit Card Guidelines.

                                       12
<PAGE>

                  "REQUIRED DESIGNATION DATE" shall have the meaning specified
in SECTION 2.09(e).

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

                  "RESET DATE" for any Series, shall have the meaning specified
in the applicable Supplement.

                  "RESTART DATE" shall have the meaning specified in SECTION
2.09(a).

                  "SERIES ADJUSTED ALLOCATION AMOUNT" shall mean, with respect
to any Series and for any Monthly Period, the Series Allocation Amount for such
Series, after subtracting therefrom the excess, if any, of (a) the cumulative
amount (calculated in accordance with the terms of the related Indenture
Supplement) of reduction amounts, subordination of principal collections and, if
applicable, covering the series default amount for any other Class of Notes of
such Series or another Series allocable to the Allocation Amount for such Series
as of the last day of the immediately preceding Monthly Period over (b) the
aggregate reimbursement of such reduction amounts, subordination of principal
collections and, if applicable, covering the series default amount for any other
Class of Notes of such Series or another Series as of such day, or such other
amount as may be provided in the Indenture Supplement for such Series.

                  "SERIES ALLOCABLE DEFAULTED AMOUNT" shall mean, with respect
to any Series and for any Monthly Period, the product of the Series Allocation
Percentage and the Defaulted Amount with respect to such Monthly Period.

                  "SERIES ALLOCABLE FINANCE CHARGE COLLECTIONS" shall mean, with
respect to any Series and for any Monthly Period, the product of the Series
Allocation Percentage and the amount of Collections of Finance Charge
Receivables with respect to such Monthly Period.

                  "SERIES ALLOCABLE PRINCIPAL COLLECTIONS" shall mean, with
respect to any Series and for any Monthly Period, the product of the Series
Allocation Percentage and the amount of Collections of Principal Receivables
with respect to such Monthly Period.

                  "SERIES ALLOCATION AMOUNT" shall have, for any Series, the
meaning specified in the related Indenture Supplement.

                  "SERIES ALLOCATION PERCENTAGE" shall mean, with respect to any
Series and for any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the Series Adjusted Allocation Amount plus the Series
Required Transferor Amount as of the last day of the immediately preceding
Monthly Period or, if later, the immediately preceding Reset Date, and the
denominator of which is the sum of all Series Adjusted Allocation Amounts plus
the sum of all Series Required Transferor Amounts as of such day.

                  "SERIES REQUIRED TRANSFEROR AMOUNT" shall have the meaning,
with respect to any

                                       13
<PAGE>

Series, specified in the related Indenture Supplement.

                  "SERVICE TRANSFER" shall have the meaning specified in
SECTION 8.01.

                  "SERVICER" shall mean CompuCredit, in its capacity as Servicer
pursuant to this Agreement, and, after any Service Transfer or resignation of
the Servicer pursuant to SECTION 6.05, the Successor Servicer.

                  "SERVICER DEFAULT" shall have the meaning specified in
SECTION 8.01.

                  "SERVICING FEE" shall have the meaning specified in
SECTION 3.02.

                  "SERVICING FEE RATE" shall mean, with respect to any Series,
the servicing fee rate specified in the related Indenture Supplement.

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

                  "SHARED PRINCIPAL COLLECTIONS" shall have the meaning
specified in SECTION 4.02.

                  "STANDARD & POOR'S" shall mean Standard & Poor's Ratings
Services, or its successor.

                  "SUCCESSOR SERVICER" shall have the meaning specified in
SECTION 8.02(a).

                  "SUPPLEMENT" shall mean, with respect to any Series, the
related Indenture Supplement, and, with respect to any Participation Interest,
the related Participation Interest Supplement.

                  "SUPPLEMENTAL ACCOUNT" shall mean an Account designated
pursuant to SECTION 2.09(e) or (f).

                  "TERMINATION NOTICE" shall have the meaning specified in
SECTION 8.01.

                  "TRANSFER DATE" shall mean the Business Day immediately
preceding each Distribution Date.

                  "TRANSFER RESTRICTION EVENT" shall have the meaning specified
in SECTION 2.11.

                  "TRANSFEROR" shall mean (a) CFC, a wholly owned special
purpose subsidiary of CompuCredit organized in the state of Nevada, or its
successor under this Agreement and (b) any Additional Transferors. References to
"EACH TRANSFEROR" shall refer to each entity mentioned in the preceding sentence
and references to "THE TRANSFEROR" shall refer to either CFC, any Additional
Transferor or all of such entities, as the case may be.

                                       14
<PAGE>

                  "TRANSFERRED ACCOUNT" shall mean each account (other than a
Related Account) into which an Account shall be transferred; PROVIDED that such
transfer was made in accordance with the Credit Card Guidelines.

                  "TRANSFERRED ASSETS" shall have the meaning specified in
SECTION 2.01(a).

                  "TRUST ADJUSTED ALLOCATION AMOUNT" shall mean, with respect to
any Monthly Period, the aggregate Series Adjusted Allocation Amounts for all
outstanding Series for such Monthly Period.

                   "TRUST AGREEMENT" shall mean the Trust Agreement relating to
the Issuer, dated as of July 14, 2000, between CFC and the Owner Trustee, as the
same may be amended, supplemented or otherwise modified from time to time.

                  "UCC" shall mean the Uniform Commercial Code, as amended from
time to time, as in effect in any specified jurisdiction.

                  "VISA" shall mean VISA USA, Inc., and its successors in
interest.

                  Section 1.02. OTHER DEFINITIONAL PROVISIONS.

                  (a) All terms used herein and not otherwise defined herein
shall have meanings ascribed to them in the Trust Agreement, the Indenture and,
for any Series, the related Indenture Supplement, as applicable. For purposes of
convenience only, APPENDIX 1 attached hereto contains a list of certain
definitions used and not otherwise defined herein and, in each case, references
the document in which such term is defined.

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

                  (c) As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or
other document to the extent not defined, shall have the respective meanings
given to them under generally accepted accounting principles or regulatory
accounting principles, as applicable and as in effect on the date of this
Agreement. To the extent that the definitions of accounting terms in this
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles or
regulatory accounting principles in the United States, the definitions contained
in this Agreement or in any such certificate or other document shall control.

                  (d) The agreements, representations and warranties of CFC and
CompuCredit in this Agreement in each of their respective capacities as
Transferor and Servicer shall be deemed to be the agreements, representations
and warranties of CFC and CompuCredit solely in each such capacity for so long
as CFC and CompuCredit act in each such capacity under this Agreement.

                                       15
<PAGE>

                  (e) Any reference to each Rating Agency shall only apply to
any specific rating agency if such rating agency is then rating any outstanding
Series.

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

                  (g) The words "HEREOF," "HEREIN" and "HEREUNDER" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision or subdivision of this Agreement;
references to any subsection, Section, Schedule or Exhibit are references to
subsections, Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term "INCLUDING" means "INCLUDING WITHOUT
LIMITATION."

                               [END OF ARTICLE I]

                                       16
<PAGE>

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

                  Section 2.01. CONVEYANCE OF RECEIVABLES. (a) By execution of
this Agreement, for good and valuable consideration the receipt and sufficiency
of which is hereby acknowledged, the Transferor does hereby transfer, assign,
set-over and otherwise convey to the Issuer, without recourse except as provided
herein, all its right, title and interest in, to and under (i) in the case of
Receivables arising in the Initial Accounts and the Prior Additional Accounts
(including Transferred Accounts and Related Accounts related to such Initial
Accounts and Prior Additional Accounts), the Receivables existing at the close
of business on the Initial Cut-Off Date, and thereafter created from time to
time in the Initial Accounts and the Prior Additional Accounts until the
termination of the Issuer, (ii) in the case of Receivables arising in the
Additional Accounts (including Transferred Accounts and Related Accounts related
to such Additional Accounts), the Receivables existing at the close of business
on the applicable Addition Cut-Off Date, and thereafter created from time to
time until the termination of the Issuer, (iii) all Interchange allocable to the
Issuer as provided herein and Recoveries, (iv) all rights to payment and amounts
due or to become due with respect to all of the foregoing, (v) all rights,
remedies, powers, privileges and claims of the Transferor under or with respect
to the Receivables Purchase Agreements (whether arising pursuant to the terms of
the Receivables Purchase Agreements or otherwise available to the Transferor at
law or in equity), including, without limitation, the rights of the Transferor
to enforce the Receivables Purchase Agreements and to give or withhold any and
all consents, requests notices, directions, approvals, extensions or waivers
under or with respect to the Receivables Purchase Agreements to the same extent
as the Transferor could but for the assignment and security interest granted to
the Issuer, (vi) all amounts received or receivable with respect to any of the
foregoing and (vii) all proceeds (including "proceeds" as defined in the UCC)
thereof (such property, collectively, the "TRANSFERRED ASSETS"). The Transferred
Assets shall include, as applicable, the Participation Interests and any
property conveyed to the Issuer pursuant to any Participation Interest
Supplement. The foregoing does not constitute and is not intended to result in
the creation or assumption by the Issuer, the Owner Trustee (as such or in its
individual capacity), the Indenture Trustee, any Noteholder or any Series
Enhancer of any obligation of Columbus Bank or other Account Owner or the
Transferor, any Additional Transferor, the Servicer or any other Person in
connection with the Accounts, the Receivables or the Participation Interests or
under any agreement or instrument relating thereto, including any obligations to
Obligors, merchant banks, merchants' clearance systems, VISA, MasterCard or
insurers. The Obligors shall not be notified of the transfer, assignment,
set-over and conveyance of the Receivables to the Issuer.

                  (b) In consideration for the conveyance and transfer of the
Transferred Assets hereunder, the Issuer hereby agrees to pay to the Transferor
the net proceeds received from the issuance of each Series of Notes.

                  (c) Each Transferor agrees to record and file, at its own
expense, financing statements (and continuation statements when applicable) with
respect to the Receivables and other Transferred Assets conveyed by such
Transferor meeting the requirements of applicable

                                       17
<PAGE>

state law in such manner and in such jurisdictions as are necessary to perfect,
and maintain the perfection of, the transfer and assignment of its interest in
such Receivables and the other Transferred Assets to the Issuer, and to deliver
a file stamped copy of each such financing statement or other evidence of such
filing (which can include telephonic confirmation) to the Owner Trustee on or
prior to (A) the Initial Issuance Date, in the case of the Initial Accounts and
Prior Additional Accounts, (B) the Automatic Addition Termination Date, any
Automatic Addition Suspension Date and any Restart Date, in the case of
Automatic Additional Accounts and (C) the applicable Addition Date, in the case
of Supplemental Accounts and, in the case of continuation statements, as soon as
practicable after receipt thereof by the Transferor. The Owner Trustee shall be
under no obligation whatsoever to file such financing or continuation statements
or to make any other filing under the UCC in connection with such transfer and
assignment.

                  (d) Each Transferor further agrees, at its own expense, (i)
on or prior to (A) the Initial Issuance Date, in the case of the Initial
Accounts and the Prior Additional Accounts, (B) (x) the later of the date of
creation of accounts and designation of accounts as an Automatic Additional
Account and (y) the Automatic Addition Termination Date or any Automatic
Addition Suspension Date, or subsequent to a Restart Date, in the case of the
Automatic Additional Accounts, and (C) the applicable Addition Date, in the case
of Supplemental Accounts, to indicate in its books and records (including the
appropriate computer files) that Receivables created in connection with the
Accounts have been conveyed to the Issuer pursuant to this Agreement and (ii) on
or prior to each such date referred to in clause (i), to deliver to the Owner
Trustee an Account Schedule (PROVIDED that such Account Schedule shall be
provided in respect of Automatic Additional Accounts no later than twelve (12)
months after the Determination Date immediately succeeding the related Monthly
Period during which their respective Addition Dates occur), specifying for each
such Account as of the Initial Cut-Off Date, Addition Cut-Off Date, Automatic
Addition Termination Date or Automatic Addition Suspension Date, as applicable,
its account number, bank identification number, bank number, the aggregate
amount outstanding in such Account and the aggregate amount of Principal
Receivables outstanding in such Account. Each Account Schedule, as supplemented,
from time to time shall be marked as SCHEDULE I to this Agreement and is hereby
incorporated into and made a part of this Agreement. Once the books and records
(including the appropriate computer files) referenced in clause (i) of this
paragraph have been indicated with respect to any Account, each Transferor
further agrees not to alter such indication during the remaining term of this
Agreement, other than pursuant to SECTION 2.10 with respect to Defaulted
Receivables, unless and until (x) a Restart Date has occurred on which the
Transferor resumes the inclusion of Automatic Additional Accounts as Accounts or
(y) the Transferor shall have delivered to the Issuer and the Indenture Trustee
at least thirty (30) days' prior written notice of its intention to do so and
has taken such action as is necessary or advisable to cause the interest of the
Issuer in the Receivables to continue to be perfected with the priority required
by this Agreement, and has delivered to the Owner Trustee and the Indenture
Trustee an Opinion of Counsel to such effect.

                  (e) The balance of all Receivables included in any Account
which has a bank number other than those bank numbers identified on SCHEDULE II
will be treated for purposes of this Agreement, the Indenture and each Indenture
Supplement as "zero."

                                       18
<PAGE>

                  (f) In the event that it is determined that the transactions
evidenced hereby constitute a loan and not a purchase and sale, this Agreement
shall constitute a security agreement under applicable law, and each Transferor
hereby grants to the Issuer a first priority perfected security interest in all
of such Transferor's right, title and interest, whether owned on the Initial
Issuance Date or thereafter acquired, in, to and under the Receivables and the
other Transferred Assets conveyed by such Transferor, and all money, accounts,
general intangibles, chattel paper, instruments, documents, goods, investment
property, deposit accounts, certificates of deposit, letters of credit and
advices of credit consisting of, arising from or related to the Transferred
Assets, and all proceeds thereof, to secure its obligations hereunder.

                  Section 2.02. ACCEPTANCE BY ISSUER.

                  (a) The Issuer acknowledges that, prior to or simultaneously
with the execution and delivery of this Agreement, the Transferor delivered to
the Owner Trustee the computer file or microfiche list relating to the Initial
Accounts and the Prior Additional Accounts described in the penultimate
paragraph of SECTION 2.01. The Owner Trustee shall maintain a copy of SCHEDULE
I, as delivered from time to time, at the Corporate Trust Office.

                  (b) The Owner Trustee and the Issuer each hereby agrees not to
disclose to any Person any of the account numbers or other information contained
in the computer files or microfiche lists marked as SCHEDULE I and any other
Account Schedule delivered to the Owner Trustee or the Issuer, from time to
time, except (i) to a Successor Servicer or as required by a Requirement of Law
applicable to the Owner Trustee, (ii) in connection with the performance of the
Owner Trustee's or the Issuer's duties hereunder, (iii) to the Indenture Trustee
in connection with its duties in enforcing the rights of Noteholders and Series
Enhancers or (iv) to bona fide creditors or potential creditors of any Account
Owner, CompuCredit or any Transferor or the Issuer for the limited purpose of
enabling any such creditor to identify applicable Receivables or Accounts
subject to this Agreement, the Receivables Purchase Agreements or the Indenture.
The Owner Trustee and the Issuer each agrees to take such measures as shall be
reasonably requested by any Transferor to protect and maintain the security and
confidentiality of such information and, in connection therewith, shall allow
each Transferor or its duly authorized representatives to inspect the Owner
Trustee's security and confidentiality arrangements as they specifically relate
to the administration of the Issuer from time to time during normal business
hours upon prior written notice. The Owner Trustee and the Issuer shall provide
the applicable Transferor with notice five (5) Business Days prior to disclosure
of any information of the type described in this SECTION 2.02(B).

                  (c) The Owner Trustee shall have no power to create, assume or
incur indebtedness or other liabilities in the name of the Issuer other than as
contemplated in the Trust Agreement, the Administration Agreement, this
Agreement and the Indenture and the Indenture Supplements.

                  Section 2.03. REPRESENTATIONS AND WARRANTIES OF EACH
TRANSFEROR RELATING TO SUCH TRANSFEROR. Each Transferor hereby severally
represents and warrants to the Issuer (and agrees that the Owner Trustee and the
Indenture Trustee may conclusively rely on each such representation and warranty
in accepting the Receivables and the other Transferred Assets and in accepting
the Trust Estate and authenticating the Notes, as the case may be), as of the
Initial

                                       19
<PAGE>

Issuance Date and each subsequent Closing Date (but only if, in either case, it
was a Transferor on such date) that:

                  (a) ORGANIZATION AND GOOD STANDING. Such Transferor is a
corporation or limited liability company validly existing under the laws of the
jurisdiction of its organization or incorporation and has, in all material
respects, full power and authority to own its properties and conduct its
business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Agreement, the Trust Agreement, any Receivables
Purchase Agreement to which it is a party and each applicable Participation
Interest Supplement.

                  (b) DUE QUALIFICATION. Such Transferor is duly qualified to do
business and is in good standing as a foreign corporation or limited liability
company and has obtained all necessary licenses and approvals, in each
jurisdiction in which failure to so qualify or to obtain such licenses and
approvals would have an Adverse Effect.

                  (c) DUE AUTHORIZATION. The execution and delivery of this
Agreement, any Receivables Purchase Agreement to which it is a party and each
applicable Participation Interest Supplement by such Transferor and the
consummation by such Transferor of the transactions provided for in this
Agreement, the Trust Agreement, each Receivables Purchase Agreement to which it
is a party and each applicable Participation Interest Supplement have been duly
authorized by such Transferor by all necessary action on the part of such
Transferor.

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

                  (e) NO PROCEEDINGS. There are no Proceedings or investigations
pending or, to the best knowledge of such Transferor, threatened, against such
Transferor before any Governmental Authority (i) asserting the invalidity of
this Agreement, the Trust Agreement, any Receivables Purchase Agreement to which
it is a party, or any applicable Participation Interest Supplement, (ii) seeking
to prevent the consummation of any of the transactions contemplated by this
Agreement, the Trust Agreement, any Receivables Purchase Agreement to which it
is a party, or any applicable Participation Interest Supplement, (iii) seeking
any determination or ruling that, in the reasonable judgment of such Transferor,
would materially and adversely affect the performance by such Transferor of its
obligations under this Agreement, the Trust Agreement, any Receivables Purchase
Agreement to which it is a party, or any applicable Participation Interest
Supplement, (iv) seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Agreement, the Trust
Agreement, any Receivables Purchase Agreement to which it is a party, or any
applicable Participation Interest

                                       20
<PAGE>

Supplement or (v) seeking to affect adversely the income or franchise tax
attributes of the Issuer under the United States Federal or any state income or
franchise tax systems.

                  (f) ALL CONSENTS. All authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority
required to be obtained, effected or given by such Transferor in connection with
the execution and delivery by such Transferor of this Agreement, the Trust
Agreement, any Receivables Purchase Agreement to which it is a party, and each
applicable Participation Interest Supplement and the performance of the
transactions contemplated by this Agreement, the Trust Agreement, any
Receivables Purchase Agreement to which it is a party, and each applicable
Participation Interest Supplement by such Transferor have been duly obtained,
effected or given and are in full force and effect.

                  Section 2.04. REPRESENTATIONS AND WARRANTIES OF EACH
TRANSFEROR RELATING TO THIS AGREEMENT AND ANY PARTICIPATION INTEREST SUPPLEMENT
AND THE RECEIVABLES.

                  (a) REPRESENTATIONS AND WARRANTIES. Each Transferor hereby
severally represents and warrants to the Issuer as of the Initial Issuance Date
and each subsequent Closing Date (but only if, in either case, it was a
Transferor on such date) and with respect to clauses (vi) and (vii) below, on
each Addition Date that:

                           (i) this Agreement, the Trust Agreement, any
         Receivables Purchase Agreement to which it is a party, each applicable
         Participation Interest Supplement to which it is a party and, in the
         case of Supplemental Accounts, the related Assignment, each constitutes
         a legal, valid and binding obligation of such Transferor enforceable
         against such Transferor in accordance with its terms, except as such
         enforceability may be limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting creditors'
         rights generally from time to time in effect or general principles of
         equity;

                           (ii) if such Transferor were a Transferor on the
         Initial Issuance Date, as of the Initial Issuance Date with respect to
         the Initial Accounts and the Prior Additional Accounts (and the
         Receivables arising thereunder), the portion of SCHEDULE I to this
         Agreement under such Transferor's name, as supplemented to such date,
         is an accurate and complete listing in all material respects of all the
         Accounts the Receivables in which were transferred by such Transferor
         as of the Initial Issuance Date, and the information contained therein
         with respect to the identity of such Accounts and the Receivables
         existing thereunder is true and correct in all material respects as of
         the Initial Cut-Off Date;

                           (iii) on the date each Receivable is conveyed to the
         Issuer by such Transferor, such Receivable has been conveyed to the
         Issuer free and clear of any Lien (other than any Lien for municipal or
         other local taxes if such taxes are not then due and payable or if the
         Transferor is then contesting the validity thereof in good faith by
         appropriate proceedings and has set aside on its books adequate
         reserves with respect thereto);

                                       21
<PAGE>

                           (iv) all authorizations, consents, orders or
         approvals of or registrations or declarations with any Governmental
         Authority required to be obtained, effected or given by the Transferor
         in connection with the conveyance of Receivables to the Issuer have
         been duly obtained, effected or given and are in full force and effect;

                           (v) either this Agreement or, in the case of
         Supplemental Accounts, the related Assignment constitutes a valid sale,
         transfer and assignment to the Issuer of all right, title and interest
         of such Transferor in the Receivables and Participation Interests
         conveyed to the Issuer by such Transferor and the proceeds thereof and
         Recoveries and Interchange identified as relating to the Receivables
         conveyed to the Issuer by such Transferor or, if this Agreement or, in
         the case of Supplemental Accounts, the related Assignment does not
         constitute a sale of such property, it constitutes a grant of a first
         priority perfected security interest in such property to the Issuer,
         which, in the case of existing Receivables and Participation Interests
         and the proceeds thereof and Recoveries and Interchange, is enforceable
         upon execution and delivery of this Agreement, and which will be
         enforceable with respect to such Receivables hereafter created and the
         proceeds thereof upon such creation. Upon the filing of the financing
         statements and, in the case of Receivables hereafter created and the
         proceeds thereof, upon the creation thereof, the Issuer shall have a
         first priority perfected security or ownership interest in such
         property and proceeds;

                           (vi) on the Prior Trust Cut-Off Date, with respect to
         each Initial Account, on each Prior Trust Addition Date, with respect
         to each Prior Additional Account, on each Addition Cut-Off Date, with
         respect to each Additional Account, each such Account is or was an
         Eligible Account and, in the case of each Automatic Additional Account,
         satisfies the conditions set forth in SECTION 2.09, as applicable;

                           (vii) on the Prior Trust Cut-Off Date, with respect
         to each Initial Account, on each Prior Trust Addition Date, with
         respect to the Prior Additional Accounts, and on the applicable
         Addition Date with respect to the Additional Accounts, each Receivable
         contained in such Account on such applicable date and conveyed to the
         Issuer by such Transferor is an Eligible Receivable;

                           (viii) as of the date of the creation of any new
         Receivable transferred to the Issuer by such Transferor, such
         Receivable is an Eligible Receivable; and

                           (ix) no selection procedures believed by such
         Transferor to be materially adverse to the interests of the Issuer or
         the Noteholders have been used in selecting such Accounts specified in
         a Receivables Purchase Agreement with such Transferor.

                  (b) NOTICE OF BREACH. The representations and warranties set
forth in SECTION 2.03, this SECTION 2.04 and SECTION 2.09(c) shall survive the
transfers and assignments of the Receivables to the Issuer, the pledge of the
Receivables to the Indenture Trustee pursuant to the Indenture, and the issuance
of the Notes. Upon discovery by any Transferor, the Servicer or the Owner
Trustee of a breach of any of the representations and warranties set forth in
SECTION 2.03, this SECTION 2.04 or SECTION 2.09(c); the party discovering such
breach shall give notice to the

                                       22
<PAGE>

other parties and to the Indenture Trustee within three (3) Business Days
following such discovery; PROVIDED that the failure to give notice within three
(3) Business Days does not preclude subsequent notice.

                  Section 2.05. TREATMENT OF INELIGIBLE RECEIVABLES.

                  (a) REASSIGNMENT OF RECEIVABLES. In the event that (i) any
representation or warranty contained in SECTIONS 2.04(a)(ii), (iv), (vi), (vii),
(viii) or (ix) is not true and correct in any material respect as of the date
specified therein with respect to any Receivable or the related Account and such
breach results in such Receivable in the related Account becoming a Defaulted
Receivable or the Issuer's rights in, to or under the Receivable or its proceeds
becoming impaired or the proceeds of such Receivable not being available for any
other reason to the Issuer free and clear of any Lien, unless cured within sixty
(60) days (or such longer period, not in excess of one hundred twenty (120)
days, as may be agreed in writing to by the Indenture Trustee and the Servicer)
after the earlier to occur of the discovery thereof by the Transferor which
conveyed such Receivables to the Issuer or receipt by such Transferor of written
notice thereof given by the Owner Trustee, Indenture Trustee or the Servicer,
(ii) a Receivable is not an Eligible Receivable because of the failure to
satisfy the conditions set forth in clause (d) or (e) of the definition of
"Eligible Receivable" or (iii) it is so provided in SECTION 2.07(a) with respect
to any Receivables conveyed to the Issuer by such Transferor, then in each such
case such Receivable shall be designated ineligible (as such, an "INELIGIBLE
RECEIVABLE") and (A) shall be assigned a principal balance of zero for the
purpose of determining the aggregate amount of Principal Receivables on any day
and (B) at the option of such Transferor the Issuer's interest in such
Ineligible Receivables shall be reassigned to such Transferor on the terms and
conditions set forth in paragraph (c) below; PROVIDED that such Receivables
pursuant to clause (i) will not be deemed to be Ineligible Receivables but will
be deemed Eligible Receivables and such Principal Receivables shall be included
in determining the aggregate Principal Receivables in the Issuer if, on any day
prior to the end of such sixty-day or longer period, (x) either (1) in the case
of an event described in clause (i), the relevant representation and warranty
shall be true and correct in all material respects as if made on such day or (2)
in the case of an event described in clauses (ii) and (iii), the circumstances
causing such Receivable to become an Ineligible Receivable shall no longer exist
and (y) such Transferor shall have delivered an Officer's Certificate to the
Issuer and the Indenture Trustee describing the nature of such breach and the
manner in which the relevant representation and warranty became true and
correct.

                  (b) MAINTAINING REQUIRED TRANSFEROR AMOUNT. On and after the
date of its designation as an Ineligible Receivable, each Ineligible Receivable
shall not be included in determining the aggregate amount of Principal
Receivables used to calculate the Transferor Amount or the allocation
percentages applicable to any Series. If, immediately following the exclusion of
such Principal Receivables from the calculation of the Transferor Amount, the
Transferor Amount would be less than the Required Transferor Amount, the
applicable Transferor shall pay to the Indenture Trustee for deposit into the
Special Funding Account in immediately available funds prior to the fifth (5th)
succeeding Business Day an amount equal to the amount by which the Transferor
Amount would be less than the Required Transferor Amount (up to the amount of
such excluded Principal Receivables). The payment of such amount in immediately
available funds shall otherwise be considered payment in full of all of the
Ineligible Receivables.

                                       23
<PAGE>

                  The obligation of a Transferor to make the payments, if any,
required to be made to the Issuer for deposit in the Special Funding Account as
provided in this Section, shall constitute the sole remedy respecting the event
giving rise to such obligation available to the Issuer, the Indenture Trustee on
behalf of the Noteholders or any Series Enhancer.

                  (c) PRICE OF REASSIGNMENT. Upon a Transferor's written notice
to the Owner Trustee that such Transferor has exercised its option to cause
reassignment of any Ineligible Receivable, the Issuer shall automatically at the
time of receipt of such notice and without further action on the part of the
Issuer or the Owner Trustee be deemed to transfer, assign, set over and
otherwise convey to such Transferor or its designee, without recourse,
representation or warranty, all the right, title and interest of the Issuer in
and to such Ineligible Receivable, all Interchange and Recoveries related
thereto, all monies and amounts due or to become due and all proceeds thereof
and such reassigned Ineligible Receivable shall be treated by the Issuer as
collected in full as of the date on which it was transferred. Notwithstanding
any other provision of this SECTION 2.05(c), a reassignment of an Ineligible
Receivable in excess of the amount that would cause the Transferor Amount to be
less than the Required Transferor Amount shall not occur if the applicable
Transferor fails to make any payment required by SECTION 2.05(b) with respect to
such Ineligible Receivable. The Issuer shall execute such documents and
instruments of transfer or assignment and take such other actions as shall
reasonably be requested and provided by the applicable Transferor to effect the
conveyance of such Ineligible Receivables pursuant to this SECTION 2.05(c), but
only upon receipt of an Officer's Certificate from such Transferor that states
that all conditions set forth in this SECTION 2.05 have been satisfied.

                  Section 2.06. REASSIGNMENT OF TRUST PORTFOLIO. In the event
any representation or warranty of a Transferor set forth in SECTION 2.03(a) or
(c) or SECTION 2.04(a)(i) or (iv) is not true and correct in any material
respect and such breach has a material adverse effect on the Receivables or
Participation Interests conveyed to the Issuer by such Transferor or the
availability of the proceeds thereof to the Issuer, then either the Owner
Trustee or the Indenture Trustee, by notice then given to such Transferor and
the Servicer (and to the Owner Trustee or the Indenture Trustee if given by the
other), may direct such Transferor to accept a reassignment of the Receivables
and any Participation Interests conveyed to the Issuer by such Transferor if
such breach and any material adverse effect caused by such breach are not cured
within sixty (60) days of such notice (or within such longer period, not in
excess of one hundred twenty (120) days, as may be specified in such notice),
and upon those conditions such Transferor shall be obligated to accept such
reassignment on the terms set forth below; PROVIDED, HOWEVER, that such
Receivables and Participation Interests will not be reassigned to such
Transferor if, on any day prior to the end of such sixty-day or longer period
(i) the relevant representation and warranty shall be true and correct in all
material respects as if made on such day and (ii) such Transferor shall have
delivered to the Owner Trustee and the Indenture Trustee an Officer's
Certificate describing the nature of such breach and the manner in which the
relevant representation and warranty has become true and correct.

                  The applicable Transferor shall pay to the Issuer for deposit
in the Collection Account in immediately available funds not later than 11:00
a.m., New York City time, on the fifth (5th ) Business Day after the day on
which such reassignment obligation arises, in payment for such reassignment, an
amount equal to the sum of the amounts specified therefor with respect to each
outstanding Series in the related Indenture Supplement. If the Owner Trustee or
the

                                       24
<PAGE>

Indenture Trustee give notice directing the applicable Transferor to accept a
reassignment of the Receivables and Participation Interests as provided above,
the obligation of such Transferor to accept such reassignment pursuant to this
SECTION 2.06 and to make the payment required to be made to the Issuer for
deposit in the Collection Account as provided in this paragraph shall constitute
the sole remedy respecting an event of the type specified in the first sentence
of this SECTION 2.06 available to the Issuer, the Noteholders (or the Owner
Trustee or Indenture Trustee on behalf of the Noteholders) or any Series
Enhancer. Upon reassignment of the Receivables and the Participation Interests
on such date, the Issuer shall automatically and without further action be
deemed to transfer, assign, set-over and otherwise convey to the applicable
Transferor, without recourse, representation or warranty, all the right, title
and interest of the Issuer in and to the applicable Receivables and the
applicable Participation Interests, all related Interchange and Recoveries
allocable to the Issuer, and all monies and amounts due or to become due with
respect thereto and all proceeds thereof. The Issuer shall execute such
documents and instruments of transfer or assignment and take such other actions
as shall reasonably be requested by the applicable Transferor to effect the
conveyance of such property pursuant to this Section, but only upon receipt of
an Officer's Certificate from such Transferor that states that all conditions
set forth in this Section have been satisfied.

                  Section 2.07. COVENANTS OF EACH TRANSFEROR. Each Transferor
hereby severally covenants to the Issuer, that:

                  (a) RECEIVABLES NOT TO BE EVIDENCED BY PROMISSORY NOTES.
Except in connection with its enforcement or collection of an Account, such
Transferor will take no action to cause any Receivable conveyed by it to the
Issuer to be evidenced by any instrument (as defined in the UCC) and if any such
Receivable is so evidenced as a result of any action of the Transferor it shall
be deemed to be an Ineligible Receivable in accordance with SECTION 2.05(a) and
shall be treated in accordance with SECTION 2.05(b).

                  (b) SECURITY INTERESTS. Except for the conveyances hereunder,
such Transferor will not sell, pledge, assign or transfer to any other Person,
or grant, create, incur, assume or suffer to exist any Lien (arising through or
under such Transferor) on, any Receivable or Participation Interest conveyed by
it to the Issuer, whether now existing or hereafter created, or any interest
therein, and such Transferor shall defend the right, title and interest of the
Issuer and the Indenture Trustee in, to and under the Receivables and any
Participation Interest, whether now existing or hereafter created, against all
claims of third parties claiming through or under such Transferor.

                  (c) TRANSFEROR CERTIFICATES. Except for the conveyances
hereunder, and except in connection with any transaction permitted by SECTION
5.02 and as provided in SECTION 2.09(d) of this Agreement or Section 2.10 of the
Indenture or conveyances with respect to which the Rating Agency Condition shall
have been satisfied and a Tax Opinion shall have been delivered, each Transferor
agrees not to transfer, sell, assign, exchange or otherwise convey or pledge,
hypothecate or otherwise grant a security interest in the Transferor's interest
represented by the Transferor Certificates and any such attempted transfer,
assignment, exchange, conveyance, pledge, hypothecation, grant or sale shall be
void.

                                       25
<PAGE>

                  (d) DELIVERY OF COLLECTIONS OR RECOVERIES. In the event that
such Transferor receives Collections or Recoveries, such Transferor agrees to
pay the Servicer all such Collections and Recoveries as soon as practicable
after receipt thereof, but in no event later than two (2) Business Days after
receipt.

                  (e) NOTICE OF LIENS. Such Transferor shall notify the Owner
Trustee, the Indenture Trustee and each Series Enhancer promptly after becoming
aware of any Lien on any Receivable or Participation Interest conveyed by it to
the Issuer other than the conveyances hereunder and under the applicable
Receivables Purchase Agreements and the Indenture.

                  (f) AMENDMENT OF THE CERTIFICATE OF INCORPORATION. Such
Transferor will not amend in any material respect its certificate of
incorporation, certificate of formation or other organizational documents
without providing the Rating Agency with notice no later than the fifth (5th)
Business Day prior to such amendment (unless the right to such notice is waived
by the Rating Agency) and satisfying the Rating Agency Condition; PROVIDED,
HOWEVER, that the Rating Agency Condition need not be satisfied if such
Transferor ceases to be a Transferor on or before the date that such amendment
becomes effective.

                  (g) SEPARATE CORPORATE EXISTENCE.  Such Transferor shall:

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

                           (ii) Except as provided herein, maintain its own
         deposit account or accounts, separate from those of any Affiliate of
         such Transferor, with commercial banking institutions. The funds of
         such Transferor will not be diverted to any other Person or for other
         than the corporate use of such Transferor, and, except as may be
         expressly permitted by this Agreement or any Receivables Purchase
         Agreement to which it is a party, the funds of such Transferor shall
         not be commingled with those of any Affiliate of such Transferor or any
         other Person.

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

                           (iv) Ensure that, to the extent that it jointly
         contracts with any of its partners, members, managers, stockholders or
         Affiliates to do business with vendors or service providers or to share
         overhead expenses, the costs incurred in so doing shall be

                                       26
<PAGE>

         allocated fairly among such entities, and each such entity shall bear
         its fair share of such costs. To the extent that such Transferor
         contracts or does business with vendors or service providers where the
         goods and services provided are partially for the benefit of any other
         Person, the costs incurred in so doing shall be fairly allocated to or
         among such entities for whose benefit the goods and services are
         provided, and each such entity shall bear its fair share of such
         costs. All material transactions between such Transferor and any of
         its partners, members, managers, stockholders or Affiliates shall be
         only on an arm's-length basis and shall receive the approval of such
         Transferor's Board of Directors, partners, members, managers or other
         governing body including at least one Independent Director (defined
         below).

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

                           (vi) Conduct its affairs strictly in accordance with
         its certificate of incorporation or other certificate of formation, as
         the case may be, and observe all necessary, appropriate and customary
         corporate formalities (or such formalities appropriate to the entity),
         including, but not limited to, holding all regular and special
         stockholders' and directors' or partners', members' or managers', as
         the case may be, meetings appropriate to authorize all corporate or
         entity action, keeping separate and accurate minutes of such meetings,
         passing all resolutions or consents necessary to authorize actions
         taken or to be taken, and maintaining accurate and separate books,
         records and accounts, including, but not limited to, payroll and
         intercompany transaction accounts. Regular stockholders' or other
         owners' and directors', partners', members' or managers', as the case
         may be, meetings shall be held at least annually.

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

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

                                       27
<PAGE>

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

                           (x) Ensure that no Affiliate of such Transferor shall
         advance funds to such Transferor, and no Affiliate of such Transferor
         will otherwise guaranty debts of such Transferor.
                           (xi) Other than organizational expenses and as
         expressly provided herein, pay all expenses, indebtedness and other
         obligations incurred by it with its own funds.

                           (xii) Except as contemplated by the Transaction
         Documents, not enter into any guaranty, or otherwise become liable,
         with respect to or hold its assets or creditworthiness out as being
         available for the payment of any obligation of any Affiliate of such
         Transferor or of any other Person nor shall such Transferor make any
         loans to, or incur any indebtedness in respect of, any Person.

                           (xiii) Ensure that any financial reports required of
         such Transferor shall comply with generally accepted accounting
         principles and shall be issued separately from, but may be consolidated
         with, any reports prepared for any of its Affiliates; PROVIDED, that
         any such consolidated reports shall indicate that the assets of the
         Transferor are not available to the creditors of any Affiliate of the
         Transferor.

                           (xiv) Ensure that at all times it is adequately
         capitalized to engage in the transactions contemplated in its
         Certificate of Incorporation or other organizational documents.

                  (h) INTERCHANGE. With respect to any Distribution Date, on or
prior to the immediately preceding Determination Date, the Servicer shall notify
the Transferor of the amount of Interchange (if any) required to be included as
Collections of Finance Charge Receivables with respect to such Monthly Period,
which amount for any Series shall be specified in the related Indenture
Supplement. Not later than 11:00 a.m., New York City time, on the related
Transfer Date, the Servicer shall deposit, or cause to be deposited into the
Collection Account, in immediately available funds, the amount of Interchange to
be so included as Collections of Finance Charge Receivables with respect to such
Monthly Period.

                  (i) AMENDMENTS TO RECEIVABLES PURCHASE AGREEMENTS. Each
Transferor further covenants that it will not enter into any amendments to a
Receivables Purchase Agreement or enter into a new Receivables Purchase
Agreement, in each case, that would have an Adverse Effect unless the Rating
Agency Condition has been satisfied.

                  Section 2.08. COVENANTS OF EACH TRANSFEROR WITH RESPECT TO THE
APPLICABLE RECEIVABLES PURCHASE AGREEMENTS. Each Transferor, in its capacity as
purchaser of Receivables pursuant to a Receivables Purchase Agreement, hereby
covenants that such Transferor will at all times enforce the covenants and
agreements of the Seller in such Receivables Purchase Agreement, including
covenants to the effect that covenants will be enforced by the Seller against an
Account Owner under the Receivables Purchase

                                       28
<PAGE>

Agreement that the Seller has with such Account Owner including the covenant
that all aspects of such Account Owner's credit card program, all terms of the
relevant Accounts and the applicable Credit Card Agreements, and all
solicitation materials and other related documents, materials and agreements
supplied or communicated in any form to the cardholders, prospective cardholders
or others in connection with such credit card program comply in all material
respects with applicable law and regulations.

                  Section 2.09. ADDITION OF ACCOUNTS.

                  (a) AUTOMATIC ADDITIONAL ACCOUNTS. Automatic Additional
Accounts shall be included as Accounts from and after the later of the date upon
which they are created or otherwise designated as Automatic Additional Accounts,
and all Receivables in Automatic Additional Accounts, whether such Receivables
are then existing or thereafter created, shall be transferred automatically to
the Issuer upon their creation. For all purposes of this Agreement, all
receivables relating to Automatic Additional Accounts shall be treated as
Receivables upon their creation and shall be subject to the eligibility criteria
specified in the definitions of "Eligible Receivable" and "Eligible Account."
The Transferor may elect at any time to terminate the inclusion in Accounts of
new accounts which would otherwise be Automatic Additional Accounts as of any
Business Day (the "AUTOMATIC ADDITION TERMINATION DATE"), or suspend any such
inclusion as of any Business Day (an "AUTOMATIC ADDITION SUSPENSION DATE") until
a date to be notified in writing by the Transferor to the Owner Trustee and
Indenture Trustee (the "RESTART DATE") by delivering to the Owner Trustee, the
Indenture Trustee, the Servicer and each Rating Agency written notice of such
election at least ten (10) days prior to such Automatic Addition Termination
Date, Automatic Addition Suspension Date or Restart Date, as the case may be.
Promptly after any Automatic Addition Termination Date, Automatic Addition
Suspension Date or Restart Date, the Transferor and the Owner Trustee agree to
execute, and the Transferor agrees to record and file at its own expense, an
amendment to the financing statements referred to in SECTION 2.01 to specify the
accounts then subject to this Agreement (which specification may incorporate an
Account Schedule by reference) and, except in connection with any such filing
made after a Restart Date, to release any security interest in any Receivables
or related Transferred Assets in credit card accounts that would otherwise have
been Automatic Additional Accounts created after the Automatic Addition
Termination Date or Automatic Addition Suspension Date.

                  (b) PARTICIPATION INTERESTS. In lieu of, or in addition to,
causing the designation of the Supplemental Accounts referred to in clauses (e)
and (f) below, the Transferor may (but shall not be required), subject to
paragraph (c) below, convey to the Issuer participations (including 100%
participations) representing undivided interests in a pool of assets primarily
consisting of revolving credit card receivables and any interests in any of the
foregoing, including securities representing or backed by such receivables and
collections, together with all earnings, revenue, dividends, distributions,
income, issues and profits thereon ("PARTICIPATION INTERESTS"). Receivables
shall not be treated as a Participation Interest for purposes of this Agreement.
The conveyance of Participation Interests to the Issuer pursuant to this
paragraph (b) shall be effected by a Participation Interest Supplement, dated
the applicable Addition Date and entered into pursuant to SECTION 10.01(a).

                                       29
<PAGE>

                  (c) REPRESENTATIONS AND WARRANTIES. Each Transferor conveying
Automatic Additional Accounts or Participation Interests hereby represents and
warrants to the Issuer, the Owner Trustee and the Indenture Trustee as of the
related Addition Date that:

                           (i) no Insolvency Event with respect to Columbus Bank
                  or other Account Owner, as applicable, CompuCredit or the
                  Transferor has occurred nor has the transfer to the Issuer of
                  the Receivables arising in the Automatic Additional Accounts
                  or of the Participation Interests been made in contemplation
                  of the occurrence thereof;

                           (ii) the transfer to the Issuer of the Receivables
                  arising in the Automatic Additional Accounts or of the
                  Participation Interests will not result in an Adverse Effect;

                           (iii)    each Automatic  Additional  Account has a
                  required  monthly  minimum  payment of at least 3% of the
                  account balance;

                           (iv) each Automatic Additional Account has an annual
                  percentage rate of interest of not less than 15%;

                           (v) each Automatic Additional Account had an original
                  Fair, Isaacs & Co. credit risk score, at the time such account
                  was established, of no less than 580; and

                           (vi) each Automatic Additional Account is an Eligible
                  Account.

                  The inclusion of any Account identified by the agent numbers
4001-4999, notwithstanding that such Account may or may not meet the criteria in
clauses (iii), (iv) and (v) above, shall not be deemed a breach of the foregoing
representations and warranties or a breach of the representations and warranties
in SECTION 2.04 provided that with respect to such Accounts, the balance of all
Receivables included in such Accounts is treated for purposes of this Agreement,
the Indenture and the Indenture Supplements as "zero," and such Receivables
shall be treated as Ineligible Receivables for purposes of this Agreement, the
Indenture and the Indenture Supplements; PROVIDED that, notwithstanding any
provision in any document to the contrary, CompuCredit shall have no obligation
to repurchase such Receivables.

                  (d) ADDITIONAL TRANSFERORS. The Transferor may designate
Affiliates of the Transferor to be included as Transferors (each, an "ADDITIONAL
TRANSFEROR") under this Agreement in an amendment hereto pursuant to SECTION
10.01(A) and, in connection with such designation, the Transferor shall
surrender the Transferor Certificate to the Owner Trustee in exchange for a
newly issued Transferor Certificate modified to reflect such Additional
Transferor's interest in the Transferred Assets of the Issuer represented by the
Transferor Certificate as provided in the Trust Agreement; PROVIDED, HOWEVER,
that, if the provisions of Section 3.04 of the Trust Agreement are not otherwise
applicable, prior to any such designation and exchange the conditions set forth
in clauses (iii) and (v) of Section 3.04(b) of the Trust Agreement shall have
been satisfied with respect thereto (as applied with respect to an issuance of a
Supplemental Certificate).

                                       30
<PAGE>

                  (e) REQUIRED SUPPLEMENTAL ADDITIONS. Except as otherwise
provided in SECTION 2.05(b) and SECTION 3.08(a), if, on any Determination Date,
the Transferor Amount is less than the Required Transferor Amount on such date,
the Transferor shall, on or prior to the close of business on the tenth Business
Day of the next succeeding calendar month (the "REQUIRED DESIGNATION DATE"),
unless the Transferor Amount exceeds the Required Transferor Amount as of the
close of business on any day after such Determination Date and prior to the
Required Designation Date, cause to be designated additional Eligible Accounts
to be included as Accounts as of the Required Designation Date or any earlier
date in a sufficient amount (or such lesser amount as shall represent all
Eligible Accounts constituting open end credit card accounts then available to
the Transferor under the Receivables Purchase Agreements) such that, after
giving effect to such addition and the addition, if any, made by each other
Transferor, the Transferor Amount as of the close of business on the applicable
Addition Date is at least equal to the Required Transferor Amount on such date.

                  (f) PERMITTED SUPPLEMENTAL ADDITIONS. Each Transferor may from
time to time, in its sole discretion, subject to the conditions specified in
paragraph (g) below, voluntarily cause the designation of additional Eligible
Accounts to be included as Accounts as of the applicable Addition Date.

                  (g) CONDITIONS TO ADDITION OF SUPPLEMENTAL ACCOUNTS. On the
Addition Date with respect to any Supplemental Accounts, the Issuer shall
purchase the Receivables in the designated Supplemental Accounts (and such
Supplemental Accounts shall be deemed to be Accounts for purposes of this
Agreement) as of the close of business on the applicable Addition Cut-Off Date,
subject to any prohibitions or limitations specified in any Indenture Supplement
and subject to the satisfaction of the following conditions:

                    (i) on or before the eighth Business Day immediately
               preceding the Addition Date, the applicable Transferor shall have
               given the Owner Trustee, the Indenture Trustee, the Servicer and
               each Rating Agency notice (unless such notice requirement is
               otherwise waived) that the Supplemental Accounts will be included
               and specifying the applicable Addition Date and Addition Cut-Off
               Date;

                    (ii) all Supplemental Accounts shall be Eligible Accounts;

                    (iii) such Transferor shall have delivered to the Indenture
               Trustee copies of UCC-1 financing statements covering such
               Supplemental Accounts, if necessary to perfect the Issuer's
               interest in the Receivables arising therein;

                    (iv) to the extent required by SECTION 4.01, such Transferor
               shall have deposited in the Collection Account all Collections
               with respect to such Supplemental Accounts since the Addition
               Cut-Off Date;

                    (v) as of each of the Addition Cut-Off Date and the Addition
               Date, no Insolvency Event with respect to an Account Owner, a
               Seller or such Transferor shall have occurred nor shall the
               transfer to the Issuer of the Receivables arising in the
               Supplemental Accounts have been made in contemplation of the
               occurrence thereof;

                    (vi) the Rating Agency Condition shall have been satisfied;

                                       31
<PAGE>

                    (vii) such Transferor shall have delivered to the Issuer an
               Officer's Certificate, dated the Addition Date, confirming, to
               the extent applicable, the items set forth in clauses (ii)
               through (vi) above;

                    (viii) the transfer to the Issuer of the Receivables arising
               in the Supplemental Accounts will not result in an Adverse Effect
               and such Transferor shall have delivered to the Indenture Trustee
               an Officer's Certificate, dated the Addition Date, stating that
               such Transferor reasonably believes that the transfer to the
               Issuer of the Receivables arising in the Supplemental Accounts
               will not have an Adverse Effect; and

                    (ix) such Transferor shall have delivered to the Issuer, the
               Indenture Trustee and such Rating Agency an Opinion of Counsel,
               dated the Addition Date, in accordance with SECTION
               10.02(d)(iii).

                  (h) DELIVERY OF DOCUMENTS. In the case of the designation of
Additional Accounts, the Transferor designating such Accounts shall deliver to
the Owner Trustee (i) the computer file or microfiche list required to be
delivered pursuant to subsection 2.01(d) with respect to such Additional
Accounts on the date such file or list is required to be delivered pursuant to
Section 2.01 (the "DOCUMENT DELIVERY DATE") and (ii) in the case of the
designation of Supplemental Accounts, a duly executed, written Assignment,
substantially in the form of EXHIBIT C (the "ASSIGNMENT"), on the Document
Delivery Date.

                  Section 2.10. DEFAULTED RECEIVABLES. On the date when any
Receivable in an Account becomes a Defaulted Receivable, the Issuer shall
automatically and without further action or consideration be deemed to transfer,
set over and otherwise convey to the Transferor with respect to such Account,
without recourse, representation or warranty, all right, title and interest of
the Issuer in and to the Defaulted Receivables (including any related Finance
Charge Receivables) in such Account, all monies due or to become due with
respect thereto, all proceeds thereof and any Insurance Proceeds relating
thereto provided that Recoveries of such Account shall remain property of the
Issuer and be applied as provided herein.

                  Section 2.11. ACCOUNT ALLOCATIONS. In the event that any
Transferor is unable for any reason to transfer Receivables to the Issuer in
accordance with the provisions of this Agreement, including by reason of the
application of the provisions of SECTION 7.01 or any order of any Governmental
Authority (a "TRANSFER RESTRICTION EVENT"), then, in any such event, (a) such
Transferor and the Servicer agree (except as prohibited by any such order) to
allocate and pay to the Issuer, after the date of such inability, all
Collections, including Collections of Receivables transferred to the Issuer
prior to the occurrence of such event, and all amounts which would have
constituted Collections but for such Transferor's inability to transfer
Receivables (up to an aggregate amount equal to the amount of Receivables
transferred to the Issuer by such Transferor on such date), (b) such Transferor
and the Servicer agree that such amounts will be applied as Collections in
accordance with ARTICLE IV of this Agreement and the terms of each Indenture
Supplement and (c) for so long as the allocation and application of all
Collections and all amounts that would have constituted Collections are made in
accordance with clauses (a) and (b) above, Principal Receivables and all amounts
which would have constituted Principal Receivables but for such Transferor's
inability to transfer Receivables to the Issuer which are written off as
uncollectible in accordance with this Agreement shall continue to be allocated
in

                                       32
<PAGE>

accordance with ARTICLE IV of this Agreement and the terms of each Indenture
Supplement. For the purpose of the immediately preceding sentence, such
Transferor and the Servicer shall treat the first received Collections with
respect to the Accounts as allocable to the Issuer until the Issuer shall have
been allocated and paid Collections in an amount equal to the aggregate amount
of Principal Receivables held by the Issuer as of the date of the occurrence of
such event. If such Transferor and the Servicer are unable pursuant to any
Requirements of Law to allocate Collections as described above, such Transferor
and the Servicer agree that, after the occurrence of such event, payments on
each Account with respect to the principal balance of such Account shall be
allocated first to the oldest principal balance of such Account and shall have
such payments applied as Collections in accordance with ARTICLE IV of this
Agreement and the terms of each Indenture Supplement. The parties hereto agree
that Finance Charge Receivables, whenever created, accrued in respect of
Principal Receivables which have been conveyed to the Issuer shall continue to
belong to the Issuer notwithstanding any cessation of the transfer of additional
Principal Receivables to the Issuer and Collections with respect thereto shall
continue to be allocated and paid in accordance with ARTICLE IV of this
Agreement and the terms of each Indenture Supplement.

                  Section 2.12. DISCOUNT OPTION.

                  (a) The Transferor shall have the option to designate at any
time and from time to time a percentage or percentages, which may be a fixed
percentage or a variable percentage based on a formula (the "DISCOUNT
PERCENTAGE"), of all or any specified portion of Principal Receivables created
after the Discount Option Date to be treated as Finance Charge Receivables
("DISCOUNT OPTION RECEIVABLES"). The Transferor shall also have the option of
reducing or withdrawing the Discount Percentage, at any time and from time to
time, on and after such Discount Option Date. The Transferor shall provide
thirty (30) days prior written notice of any such change in the Discount
Percentage and the related Discount Option Date to the Servicer, the Owner
Trustee, the Indenture Trustee and any Rating Agency and such change in the
Discount Percentage shall become effective on such Discount Option Date (i)
unless such designation in the reasonable belief of the Transferor would cause
an Early Redemption Event or Reinvestment Event or Event of Default with respect
to any Series to occur, or an event which, with notice or lapse of time or both,
would constitute an Early Redemption Event or Reinvestment Event or Event of
Default with respect to any Series and (ii) only if the Rating Agency Condition
shall have been satisfied with respect to such designation.

                  (b) After the Discount Option Date, Discount Option Receivable
Collections, if any, shall be treated as Collections of Finance Charge
Receivables.

                               [END OF ARTICLE II]

                                       33
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING
                                 OF RECEIVABLES

                  Section 3.01. ACCEPTANCE OF APPOINTMENT AND OTHER MATTERS
RELATING TO THE SERVICER.

                  (a) CompuCredit agrees to act as the Servicer under this
Agreement and the Noteholders by their acceptance of Notes consent to
CompuCredit acting as Servicer.

                  (b) As Servicer, the Servicer shall service and administer the
Receivables and any Participation Interests, shall collect and deposit into the
Collection Account amounts received under the Receivables and any Participation
Interests and shall charge-off as uncollectible Receivables, all in accordance
with its customary and usual servicing procedures for servicing credit card
receivables comparable to the Receivables and in accordance with the Credit Card
Guidelines. As Servicer, the Servicer shall have full power and authority,
acting alone or through any party properly designated by it hereunder, to do any
and all things in connection with such servicing and administration which it may
deem necessary or desirable; PROVIDED, HOWEVER, that subject to the rights of
the Owner Trustee, the Issuer and the Indenture Trustee hereunder, CFC shall
have the absolute right to direct the Servicer with respect to any power
conferred on the Servicer hereunder. Without limiting the generality of the
foregoing and subject to SECTION 8.01, the Servicer or its designee is hereby
authorized and empowered, unless such power is revoked by the Indenture Trustee
on account of the occurrence of a Servicer Default pursuant to SECTION 8.01, (i)
to instruct the Owner Trustee or the Indenture Trustee to make withdrawals and
payments from the Collection Account, the Special Funding Account and any Series
Account, as set forth in this Agreement, the Indenture or any Indenture
Supplement, (ii) to take any action required or permitted under any Series
Enhancement, as set forth in this Agreement, the Indenture or any Indenture
Supplement, (iii) to execute and deliver, on behalf of the Issuer, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the Receivables
and, after the delinquency of any Receivable and to the extent permitted under
and in compliance with applicable Requirements of Law, to commence collection
proceedings with respect to such Receivable and (iv) to make any filings,
reports, notices, applications and registrations with, and to seek any consents
or authorizations from, the Commission and any state securities authority on
behalf of the Issuer as may be necessary or advisable to comply with any federal
or state securities or reporting requirements or other laws or regulations. The
Owner Trustee and the Indenture Trustee upon reasonable request therefor shall
furnish the Servicer with any documents in their possession necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties hereunder.

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

                                       34
<PAGE>

                  (d) The Servicer shall comply with and perform its servicing
obligations with respect to the Accounts and Receivables in accordance with the
Credit Card Agreements relating to the Accounts and the Credit Card Guidelines
and all applicable rules and regulations of VISA and MasterCard, except insofar
as any failure to so comply or perform would not have an Adverse Effect.

                  (e) The Servicer shall pay out of its own funds, without
reimbursement (except as provided in SECTION 3.02), all expenses incurred in
connection with the servicing activities hereunder including expenses related to
enforcement of the Receivables, fees and disbursements of the Owner Trustee (as
such and in its individual capacity), the Administrator and the Indenture
Trustee (including the reasonable fees and expenses of its outside counsel) and
independent accountants and all other fees and expenses, including the costs of
filing UCC continuation statements and the costs and expenses relating to
obtaining and maintaining the listing of any Notes on any stock exchange.

                  (f) The Transferor shall pay out of its own funds, without
reimbursement, the costs and expenses relating to any stamp, documentary,
excise, property (whether on real, personal or intangible property) or any
similar tax levied on the Issuer or the Issuer's assets that are not expressly
stated in this Agreement to be payable by the Issuer or the Transferor (other
than federal, state, local and foreign income and franchise taxes, if any, or
any interest or penalties with respect thereto, assessed on the Issuer).

Section 3.02. SERVICING COMPENSATION. As full compensation for its servicing
activities hereunder and as reimbursement for any expense incurred by it in
connection therewith, prior to the termination of the Issuer pursuant to Section
8.01 of the Trust Agreement, the Servicer shall be entitled to receive a
servicing fee (the "SERVICING FEE") with respect to each Monthly Period, payable
monthly on the related Distribution Date, in an amount equal to one-twelfth of
the product of (a) the weighted average of the Servicing Fee Rates with respect
to each outstanding Series (based upon the Servicing Fee Rate for each Series
and the Allocation Amount (or such other amount as specified in the related
Indenture Supplement) of such Series, in each case as of the last day of the
prior Monthly Period) and (b) the amount of Principal Receivables on the last
day of the prior Monthly Period. The share of the Servicing Fee allocable to the
Noteholders of a particular Series with respect to any Monthly Period (the
"MONTHLY SERVICING FEE") will be determined in accordance with the relevant
Indenture Supplement. The portion of the Servicing Fee with respect to any
Monthly Period not so allocated to the Noteholders of any particular Series
shall be paid by the holders of the Transferor Certificates on the related
Distribution Date and in no event shall the Issuer, the Owner Trustee (as such
or in its individual capacity), the Indenture Trustee, the Noteholders of any
Series or any Series Enhancer be liable for the share of the Servicing Fee with
respect to any Monthly Period to be paid by the holders of the Transferor
Certificates.

                  Section 3.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
SERVICER. CompuCredit, as initial Servicer, hereby makes, and any Successor
Servicer by its appointment hereunder shall make, with respect to itself, on
each Closing Date (and on the date of any such appointment), the following
representations, warranties and covenants on which the Issuer shall be deemed to
rely in accepting its interest in the Receivables and the Indenture Trustee
shall be

                                       35
<PAGE>

deemed to have relied in accepting the pledge of the Receivables and in entering
into the Indenture:

                  (a) ORGANIZATION AND GOOD STANDING. The Servicer is a
corporation validly existing and in good standing under the applicable law of
the jurisdiction of its incorporation and has, in all material respects, full
power and authority to own its properties and conduct its credit card servicing
business as presently owned or conducted, and to execute, deliver and perform
its obligations under this Agreement, the Indenture and each Indenture
Supplement.

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

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

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

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

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

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

                                       36
<PAGE>

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

                  (i) NO RESCISSION OR CANCELLATION. The Servicer shall not
permit any rescission or cancellation of any Receivable except in accordance
with the Credit Card Guidelines or as ordered by a court of competent
jurisdiction or other Governmental Authority.

                  (j) PROTECTION OF RIGHTS. The Servicer shall take no action in
violation of this Agreement which, nor omit to take in violation of this
Agreement any action the omission of which, would impair the rights of the
Issuer or the Indenture Trustee in any Receivable or the related Account, if
any, nor shall it reschedule, revise or defer payments due on any Receivable
except in accordance with the Credit Card Guidelines.

                  (k) RECEIVABLES NOT TO BE EVIDENCED BY PROMISSORY NOTES.
Except in connection with its enforcement or collection of an Account, the
Servicer will take no action to cause any Receivable to be evidenced by any
instrument (as defined in the UCC) and if any Receivable is so evidenced as a
result of the Servicer's action it shall be reassigned or assigned to the
Servicer as provided in this Section.

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

                  In the event (x) any of the representations, warranties or
covenants of the Servicer contained in paragraphs (h), (i) or (j) of this
SECTION 3.03 with respect to any Receivable or the related Account is breached,
and such breach has a material adverse effect on the Issuer's interest in or the
collectibility of such Receivable and is not cured within sixty (60) days (or
such longer period, not in excess of one hundred twenty (120) days, as may be
agreed to by the Indenture Trustee and the Transferor) of the earlier to occur
of the discovery of such event by the Servicer, or receipt by the Servicer of
notice of such event given by the Owner Trustee, the Indenture Trustee or the
Transferor, or (y) as provided in SECTION 3.03(k) with respect to any
Receivable, all Receivables in the Account or Accounts to which such event
relates shall be assigned and transferred to the Servicer on the terms and
conditions set forth below.

                  The Servicer shall effect such assignment by making a deposit
into the Collection Account in immediately available funds not later than seven
days after such assignment obligation arises in an amount equal to the amount of
such Receivables.

                  Upon each such reassignment or assignment to the Servicer, the
Issuer shall automatically and without further action be deemed to sell,
transfer, assign, set over and

                                       37
<PAGE>

otherwise convey to the Servicer, without recourse, representation or warranty,
all right, title and interest of the Issuer in and to such Receivables, all
Interchange and Recoveries related thereto, all monies due or to become due and
all amounts received or receivable with respect thereto and all proceeds
thereof. The Issuer shall execute such documents and instruments of transfer or
assignment and take such other actions as shall be reasonably requested by the
Servicer to effect the conveyance of any such Receivables pursuant to this
SECTION 3.03 but only upon receipt of an Officer's Certificate of the Servicer
that states that all conditions set forth in this Section have been satisfied.
The obligation of the Servicer to accept reassignment or assignment of such
Receivables, and to make the deposits, if any, required to be made to the
Collection Account as provided in the preceding paragraph, shall constitute the
sole remedy respecting the event giving rise to such obligation available to the
Issuer, the Indenture Trustee or any Series Enhancer, except as provided in
SECTION 6.04.

                  Section 3.04. REPORTS AND RECORDS FOR THE OWNER TRUSTEE AND
THE INDENTURE TRUSTEE.

                  (a) DAILY RECORDS. On each Business Day, the Servicer shall
make or cause to be made available at the office of the Servicer for inspection
by the Transferor, the Issuer, the Owner Trustee and the Indenture Trustee upon
request a record setting forth (i) the Collections in respect of Principal
Receivables and in respect of Finance Charge Receivables processed by the
Servicer on the second (2nd) preceding Business Day in respect of each Account
and (ii) the amount of Receivables as of the close of business on the second
(2nd) preceding Business Day in each Account. The Servicer shall, at all times,
maintain its computer files with respect to the Accounts in such a manner so
that the Accounts may be specifically identified and shall make available to the
Transferor, the Issuer, the Owner Trustee and the Indenture Trustee at the
office of the Servicer on any Business Day any computer programs necessary to
make such identification. The Owner Trustee and the Indenture Trustee shall
enter into such reasonable confidentiality agreements as the Servicer shall deem
necessary to protect its interests and as are reasonably acceptable in form and
substance to the Owner Trustee and the Indenture Trustee.

                  (b) MONTHLY SERVICER'S CERTIFICATE. Not later than the second
(2nd) Business Day preceding each Distribution Date, the Servicer shall, with
respect to each outstanding Series, deliver to the Transferor, the Issuer, the
Owner Trustee, the Indenture Trustee and each Rating Agency a certificate of a
Servicing Officer in substantially the form set forth in the related Indenture
Supplement.

                  Section 3.05. ANNUAL CERTIFICATE OF SERVICER. The Servicer
shall deliver to the Transferor, the Issuer, the Owner Trustee, the Indenture
Trustee and each Rating Agency on or before June 30th of each calendar year,
beginning with June 30, 2001, an Officer's Certificate substantially in the form
of EXHIBIT A.

                  Section 3.06. ANNUAL SERVICING REPORT OF INDEPENDENT PUBLIC
ACCOUNTANTS; COPIES OF REPORTS AVAILABLE.

                  (a) On or before June 30th of each calendar year, beginning
with June 30, 2001, the Servicer shall cause a firm of nationally recognized
independent public accountants (who may also render other services to the
Servicer or the Transferor) to furnish a report

                                       38
<PAGE>

(addressed to the Indenture Trustee) to the Issuer, the Transferor, the
Indenture Trustee, the Owner Trustee, the Servicer and each Rating Agency to the
effect that they have applied certain procedures that the accountants are
reasonably able to review and perform under such accounting firm's policies and
are agreed upon with the Servicer and examined certain documents and records
relating to the servicing of Accounts under this Agreement, the Indenture and
each Indenture Supplement and that, on the basis of such agreed-upon procedures,
nothing has come to the attention of such accountants that caused them to
believe that the servicing (including the allocation of Collections) has not
been conducted in compliance with the terms and conditions as set forth in this
ARTICLE III and SECTION 6.08 and the applicable provisions of the Indenture and
each Indenture Supplement, except for such exceptions as they believe to be
immaterial and such other exceptions as shall be set forth in such statement.
Such report shall set forth the agreed-upon procedures performed. In the event
such firm requires the Indenture Trustee to agree to the procedures performed by
such firm, the Servicer shall direct the Indenture Trustee in writing to so
agree; it being understood and agreed that the Indenture Trustee will deliver
such letter of agreement in conclusive reliance upon the direction of the
Servicer, and the Indenture Trustee makes no independent inquiry or
investigation as to, and shall have no obligation or liability in respect of,
the sufficiency, validity or correctness of such procedures.

                  (b) On or before June 30th of each calendar year, beginning
with June 30, 2001, the Servicer shall cause a firm of nationally recognized
independent public accountants (who may also render other services to the
Servicer or Transferor) to furnish a report to the Issuer, the Transferor, the
Owner Trustee, the Indenture Trustee, the Servicer and each Rating Agency to the
effect that they have applied certain procedures that the accountants are
reasonably able to review and perform under such accounting firm's policies and
are agreed upon with the Servicer to compare the mathematical calculations of
certain amounts set forth in the Servicer's certificates delivered pursuant to
SECTION 3.04(B) during the period covered by such report with the Servicer's and
Columbus Bank's computer reports that were the source of such amounts and that
on the basis of such agreed-upon procedures and comparison, such accountants are
of the opinion that such amounts are in agreement, except for such exceptions as
they believe to be immaterial and such other exceptions as shall be set forth in
such statement. Such report shall set forth the agreed-upon procedures
performed.

                  (c) A copy of each certificate and report provided pursuant to
SECTIONS 3.04(b), 3.05 or 3.06 may be obtained by any Noteholder or beneficial
owner of a Note by a request in writing to the Owner Trustee addressed to the
Corporate Trust Office.

                  Section 3.07. NOTICES TO COMPUCREDIT. In the event that
CompuCredit is no longer acting as Servicer, any Successor Servicer shall
deliver or make available to CompuCredit each certificate and report required to
be provided thereafter pursuant to SECTIONS 3.04(b), 3.05 and 3.06.

                  Section 3.08. ADJUSTMENTS.

                  (a) If the Servicer adjusts downward the amount of any
Receivable because of a rebate, refund, unauthorized charge or billing error to
a cardholder, or because such Receivable was created in respect of merchandise
which was refused or returned by a cardholder, or if the Servicer otherwise
adjusts downward the amount of any Receivable without receiving

                                       39
<PAGE>

Collections therefor or charging off such amount as uncollectible, then, in any
such case, the amount of Principal Receivables used to calculate the Transferor
Amount, and (unless otherwise specified) any other amount required herein or in
the Indenture or any Indenture Supplement to be calculated by reference to the
amount of Principal Receivables, will be reduced by the amount of the
adjustment. Similarly, the amount of Principal Receivables used to calculate the
Transferor Amount and (unless otherwise specified) any other amount required
herein or in the Indenture or any Indenture Supplement to be calculated by
reference to the amount of Principal Receivables will be reduced by the
principal amount of any Receivable which was discovered as having been created
through a fraudulent or counterfeit charge or with respect to which the covenant
contained in SECTION 2.07(b) was breached. Any adjustment required pursuant to
either of the two preceding sentences shall be made on or prior to the end of
the Monthly Period in which such adjustment obligation arises. In the event
that, following the exclusion of such Principal Receivables from the calculation
of the Transferor Amount, the Transferor Amount would be less than the Required
Transferor Amount, not later than seven (7) days after such adjustment, the
Transferor shall make a payment to the Issuer for deposit into the Special
Funding Account in immediately available funds in an amount equal to the amount
by which the Transferor Amount would be less than the Required Transferor
Amount, due to adjustments with respect to Receivables conveyed by such
Transferor (up to the amount of such Principal Receivables); PROVIDED, HOWEVER,
that if the Transferor Amount equals or exceeds the Required Transferor Amount
before such payment is made, the Transferor will not be required to make such
payment.

                  (b) If (i) the Servicer makes a deposit into the Collection
Account in respect of a Collection of a Receivable and such Collection was
received by the Servicer in the form of a check which is not honored for any
reason or (ii) the Servicer makes a mistake with respect to the amount of any
Collection and deposits an amount that is less than or more than the actual
amount of such Collection, the Servicer shall appropriately adjust the amount
subsequently deposited into the Collection Account to reflect such dishonored
check or mistake. Any Receivable in respect of which a dishonored check is
received shall be deemed not to have been paid. Notwithstanding the first two
sentences of this paragraph, adjustments made pursuant to this SECTION 3.08
shall not require any change in any report previously delivered pursuant to
SECTION 3.04(a).

                  Section 3.09. REPORTS TO THE COMMISSION. The Servicer shall,
on behalf of the Issuer cause to be filed with the Commission any periodic
reports required to be filed under the provisions of the Exchange Act and the
rules and regulations of the Commission thereunder. The Issuer and the
Transferor shall, at the expense of the Transferor, cooperate in any reasonable
request of the Servicer in connection with such filings.

                              [END OF ARTICLE III]

                                       40
<PAGE>

                                   ARTICLE IV

                           COLLECTIONS AND ALLOCATIONS

                  Section 4.01. COLLECTIONS AND ALLOCATIONS.

                  (a) The Servicer will apply or will instruct the Indenture
Trustee in writing to apply all funds on deposit in the Collection Account as
described in this ARTICLE IV and in each Indenture Supplement. Except as
otherwise provided below, the Servicer shall deposit Collections into the
Collection Account as promptly as possible after the Date of Processing of such
Collections, but in no event later than the second (2nd) Business Day following
the Date of Processing. Subject to the express terms of any Indenture
Supplement, but notwithstanding anything else in this Agreement to the contrary,
for so long as the following conditions are satisfied: (A) (i) CompuCredit
remains the Servicer and maintains a short-term debt rating of not less than A-1
by Standard & Poor's, P-1 by Moody's and F1+ by Fitch (if rated by Fitch), and
(ii) no Early Redemption Event, Reinvestment Event or Event of Default shall
have occurred or (B) other arrangements are made such that the Rating Agency
Condition is satisfied with respect thereto, the Servicer need not make the
daily deposits of Collections into the Collection Account as provided in the
preceding sentence, but may make a single deposit in the Collection Account in
immediately available funds not later than 4:00 p.m., New York City time, on the
Transfer Date following the Monthly Period for which such Collections were
processed. Subject to the proviso in SECTION 4.02 and the express terms of any
Indenture Supplement, but notwithstanding anything else in this Agreement to the
contrary, with respect to any Monthly Period, whether the Servicer is required
to make deposits of Collections pursuant to the first or the second preceding
sentence, (i) the Servicer will only be required to deposit Collections into the
Collection Account up to the aggregate amount of Collections required to be
deposited into any Series Account or, without duplication, distributed on or
prior to the related Distribution Date to or for the benefit of Noteholders or
to any Series Enhancer pursuant to the terms of any Indenture Supplement or
Series Enhancement and any excess shall be paid to the Issuer for application in
accordance with the Trust Agreement, and (ii) if at any time prior to such
Distribution Date the amount of Collections deposited in the Collection Account
exceeds the amount required to be deposited pursuant to clause (i) above, the
Servicer will be permitted to withdraw the excess from the Collection Account
and pay it to the Issuer for application in accordance with the Trust Agreement.
The Servicer hereby acknowledges that any payments referenced in the immediately
preceding sentence shall be paid directly to the Transferor pursuant to
subsection 3.04(a) of the Trust Agreement. Subject to the second preceding
sentence, the Servicer may retain its Servicing Fee with respect to a Series and
shall not be required to deposit it in the Collection Account.

                  (b) Collections of Finance Charge Receivables and Principal
Receivables and Defaulted Receivables will be allocated to each Series on the
basis of the Series Allocable Finance Charge Collections of such Series, Series
Allocable Principal Collections of such Series and Series Allocable Defaulted
Amount of such Series and amounts so allocated to any Series will not, except as
specified in the related Indenture Supplement, be available to the Noteholders
of any other Series. Allocations of the foregoing amounts between the
Noteholders and the Series Enhancers and the Transferor Amount, among the Series
and among the Classes in any Series, shall be set forth in the related Indenture
Supplement or Indenture Supplements.

                                       41
<PAGE>

                  Section 4.02. SHARED PRINCIPAL COLLECTIONS.

                  On each Distribution Date, (a) the Servicer shall allocate
Shared Principal Collections (as defined below) to each Principal Sharing
Series, pro rata, in proportion to the Principal Shortfalls (as defined below),
if any, with respect to each such Series and (b) the Servicer shall withdraw
from the Collection Account and pay to the Issuer for application in accordance
with the Trust Agreement an amount equal to the excess, if any, of (x) the
aggregate amount for all outstanding Series of Collections of Principal
Receivables which the related Indenture Supplements specify are to be treated as
"SHARED PRINCIPAL COLLECTIONS" for such Distribution Date over (y) the aggregate
amount for all outstanding Series which the related Indenture Supplements
specify are "PRINCIPAL SHORTFALLS" for such Series for such Distribution Date;
PROVIDED, HOWEVER, that if the Transferor Amount as of such Distribution Date
(determined after giving effect to the Principal Receivables or Participation
Interests transferred to the Issuer on such date) is less than the Required
Transferor Amount, the Servicer will not distribute to the Issuer any such
amounts that otherwise would be distributed to the Issuer, but shall deposit
such funds in the Special Funding Account. The Issuer may, at its option,
instruct the Indenture Trustee in writing to deposit Shared Principal
Collections which are otherwise payable to the Issuer pursuant to the provisions
set forth above into the Special Funding Account.

                  Section 4.03. ADDITIONAL WITHDRAWALS FROM THE COLLECTION
ACCOUNT.

                  On or before the Determination Date with respect to any
Monthly Period, the Servicer shall determine the amounts payable to CompuCredit,
Columbus Bank or any other Account Owner with respect to such Monthly Period
under the applicable Receivables Purchase Agreement in respect of amounts on
deposit in the Collection Account that were not transferred to the Issuer
hereunder, and the Servicer shall withdraw such amounts from the Collection
Account and pay such amount to CompuCredit for distribution to CompuCredit,
Columbus Bank or any other Account Owner, as applicable.

                  Section 4.04. ALLOCATION OF TRANSFERRED ASSETS TO SERIES OR
GROUPS.

                  To the extent so provided in the Indenture Supplement for any
Series or in an amendment to this Agreement executed pursuant to SECTION 10.01,
and, if necessary, an amendment to the Indenture, Receivables conveyed to the
Issuer pursuant to SECTION 2.01 and Receivables or Participation Interests
conveyed to the Issuer pursuant to SECTION 2.09 or any Participation Interest
Supplement, and all Collections received with respect thereto may be allocated
or applied in whole or in part to one or more Series or Groups as may be
provided in any such Indenture Supplement or amendment; PROVIDED, HOWEVER, that
any such allocation or application shall be effective only upon satisfaction of
the following conditions:

                  (a) on or before the fifth (5th) Business Day immediately
preceding such allocation, the Servicer shall have given the Indenture Trustee
and each Rating Agency that has rated any Series or Class of Notes within the
applicable Group written notice of such allocation;

                  (b) for any Series or Class of Notes within the applicable
Group, the Rating Agency Condition shall have been satisfied with respect to
such allocation; and

                                       42
<PAGE>

                  (c) the Issuer shall have delivered to the Indenture Trustee
an Officer's Certificate, dated the date of such allocation, to the effect that
the Issuer reasonably believes that such allocation will not have an Adverse
Effect.

                  Any such Indenture Supplement or amendment may provide that
(i) such allocation to one or more particular Series or Groups may terminate
upon the occurrence of certain events specified therein and (ii) that upon the
occurrence of any such event, such assets and any Collections with respect
thereto, shall be reallocated to other Series or Groups or to all Series, all as
shall be provided in such Indenture Supplement or amendment.

                  Section 4.05. EXCESS FINANCE CHARGE COLLECTIONS. On each
Distribution Date, (a) the Servicer shall allocate Excess Finance Charge
Collections (as defined below) to each Excess Allocation Series PRO RATA, in
proportion to the Finance Charge Shortfalls (as defined below), if any, with
respect to each such Series, and (b) the Servicer shall withdraw from the
Collection Account and pay to the Issuer for application in accordance with the
Trust Agreement an amount equal to the excess, if any, of (x) the aggregate
amount for all outstanding Series of Collections of Finance Charge Receivables
which the related Indenture Supplements specify are to be treated as "EXCESS
FINANCE CHARGE COLLECTIONS" for such Distribution Date over (y) the agreement
amount for all outstanding Series which the related Indenture Supplements
specify are "FINANCE CHARGE SHORTFALLS" for such Series and such Distribution
Date.

                               [END OF ARTICLE IV]

                                       43
<PAGE>

                                   ARTICLE V

                    OTHER MATTERS RELATING TO EACH TRANSFEROR

                  Section 5.01. LIABILITY OF EACH TRANSFEROR. Each Transferor
shall be severally, and not jointly, liable for all obligations, covenants,
representations and warranties of such Transferor arising under or related to
this Agreement. Except as provided in the preceding sentence, each Transferor
shall be liable only to the extent of the obligations specifically undertaken by
it in its capacity as a Transferor.

                  Section 5.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF
THE OBLIGATIONS OF, A TRANSFEROR.

                  (a) No Transferor shall dissolve, liquidate, consolidate with
or merge into any other corporation, limited liability company or other entity
or convey, transfer or sell its properties and assets substantially as an
entirety to any Person unless:

                           (i) the entity formed by such consolidation or into
         which such Transferor is merged or the Person which acquires by
         conveyance, transfer or sale the properties and assets of the
         Transferor substantially as an entirety shall be, if such Transferor is
         not the surviving entity, organized and existing under the laws of the
         United States of America or any state or the District of Columbia, and
         shall be a savings association, a national banking association, a bank
         or other entity which is not eligible to be a debtor in a case under
         Title 11 of the United States Code or is a special purpose corporation
         or other special purpose entity whose powers and activities are limited
         to substantially the same degree as provided in the certificate of
         formation or incorporation of CFC and, if such Transferor is not the
         surviving entity, shall expressly assume, by an agreement supplemental
         hereto, executed and delivered to the Owner Trustee and the Indenture
         Trustee, in form reasonably satisfactory to the Owner Trustee and the
         Indenture Trustee, the performance of every covenant and obligation of
         such Transferor hereunder; and

                           (ii) such Transferor or the surviving entity, as the
         case may be, has delivered to the Owner Trustee and the Indenture
         Trustee (with a copy to each Rating Agency) an Officer's Certificate
         and an Opinion of Counsel each stating that such consolidation, merger,
         conveyance, transfer or sale and such supplemental agreement comply
         with this Section, that such supplemental agreement is a valid and
         binding obligation of such surviving entity enforceable against such
         surviving entity in accordance with its terms, except as such
         enforceability may be limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting creditors'
         rights generally from time to time in effect or general principles of
         equity, and that all conditions precedent herein provided for relating
         to such transaction have been complied with; and

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

                                       44
<PAGE>

                  (b) Except as permitted by SECTION 2.07(c), the obligations,
rights or any part thereof of each Transferor hereunder shall not be assignable
nor shall any Person succeed to such obligations or rights of any Transferor
hereunder except (i) for conveyances, mergers, consolidations, assumptions,
sales or transfers in accordance with the provisions of the foregoing paragraph
and (ii) for conveyances, mergers, consolidations, assumptions, sales or
transfers to other entities (1) which such Transferor and the Servicer determine
will not result in an Adverse Effect, (2) which meet the requirements of clause
(iii) of the preceding paragraph and (3) for which such purchaser, transferee,
pledgee or entity shall expressly assume, in an agreement supplemental hereto,
executed and delivered to the Owner Trustee and the Indenture Trustee in writing
in form satisfactory to the Owner Trustee and the Indenture Trustee, the
performance of every covenant and obligation of such Transferor thereby
conveyed.

                  Section 5.03. LIMITATIONS ON LIABILITY OF EACH TRANSFEROR.
Subject to SECTION 5.01, no Transferor nor any of the directors, officers,
employees, incorporators, agents, partners, members or managers of any
Transferor acting in such capacities shall be under any liability to the Issuer,
the Owner Trustee, the Indenture Trustee, the Noteholders, any Series Enhancer
or any other Person for any action taken or for refraining from the taking of
any action in good faith in such capacities pursuant to this Agreement, it being
expressly understood that such liability is expressly waived and released as a
condition of, and consideration for, the execution of this Agreement; PROVIDED,
HOWEVER, that this provision shall not protect any Transferor or any such person
against any liability which would otherwise be imposed by reason of willful
misfeasance, bad faith or gross negligence in the performance of its duties or
by reason of reckless disregard of obligations and its duties hereunder. Each
Transferor and any director, officer, employee, partner, member or manager or
agent of such Transferor may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person (other than such
Transferor) respecting any matters arising hereunder.

                               [END OF ARTICLE V]

                                       45
<PAGE>

                                   ARTICLE VI

                     OTHER MATTERS RELATING TO THE SERVICER

                  Section 6.01. LIABILITY OF THE SERVICER. The Servicer shall be
liable under this ARTICLE VI only to the extent of the obligations specifically
undertaken by the Servicer in its capacity as Servicer.

                  Section 6.02. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, THE SERVICER. The Servicer shall not consolidate with or merge
into any other corporation, limited partnership, limited liability company or
other entity or convey, transfer or sell its properties and assets substantially
as an entirety to any Person, unless:

                  (a) (i) the entity formed by such consolidation or into which
         the Servicer is merged or the Person which acquires by conveyance,
         transfer or sale the properties and assets of the Servicer
         substantially as an entirety shall be, if the Servicer is not the
         surviving entity, a corporation or other entity organized and existing
         under the laws of the United States of America or any state or the
         District of Columbia, and, if the Servicer is not the surviving entity,
         such corporation or other entity shall expressly assume, by an
         agreement supplemental hereto, executed and delivered to the Owner
         Trustee, the Indenture Trustee and the Transferor, in form satisfactory
         to the Owner Trustee, the Indenture Trustee and the Transferor, the
         performance of every covenant and obligation of the Servicer hereunder;

                           (ii) the Servicer or the surviving entity, as the
         case may be, has delivered to the Owner Trustee, the Indenture Trustee
         and the Transferor an Officer's Certificate and an Opinion of Counsel
         each stating that such consolidation, merger, conveyance, transfer or
         sale comply with this SECTION 6.02, that such supplemental agreement is
         a valid and binding obligation of such surviving entity enforceable
         against such surviving entity in accordance with its terms, except as
         such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other similar laws affecting
         creditors' rights generally from time to time in effect or general
         principles of equity, and that all conditions precedent herein provided
         for relating to such transaction have been complied with; and

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

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

                  Section 6.03. LIMITATION ON LIABILITY OF THE SERVICER AND
OTHERS. Except as provided in SECTION 6.04, neither the Servicer nor any of the
directors, officers, partners, members, managers, employees or agents of the
Servicer in its capacity as Servicer shall be under any liability to the Issuer,
the Owner Trustee, the Indenture Trustee, the Noteholders, any

                                       46
<PAGE>

Series Enhancer or any other Person for any action taken or for refraining from
the taking of any action in good faith in its capacity as Servicer pursuant to
this Agreement; PROVIDED, HOWEVER, that this provision shall not protect the
Servicer or any such Person against any liability which would otherwise be
imposed by reason of willful misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of reckless disregard of its obligations
and its duties hereunder. The Servicer and any director, officer, employee,
partner, member or manager or agent of the Servicer may rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person (other than the Servicer) respecting any matters arising hereunder. The
Servicer shall not be under any obligation to appear in, prosecute or defend any
legal action which is not incidental to its duties as Servicer in accordance
with this Agreement and which in its reasonable judgment may involve it in any
expense or liability. The Servicer may, in its sole discretion, undertake any
such legal action which it may deem necessary or desirable for the benefit of
the Issuer and the Noteholders with respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Issuer and the Noteholders
hereunder.

                  Section 6.04. SERVICER INDEMNIFICATION OF THE ISSUER, THE
OWNER TRUSTEE AND THE INDENTURE TRUSTEE. Subject to SECTION 6.03, the Servicer
shall indemnify and hold harmless each of the Issuer, the Owner Trustee (as such
and in its individual capacity), the Indenture Trustee and any trustees
predecessor thereto (including the Indenture Trustee in its capacity as Note
Registrar or as Paying Agent) and their respective directors, officers,
employees, partners, members or managers and agents from and against any and all
loss, liability, claim, expense, damage or injury suffered or sustained by
reason of (a) any acts or omissions of the Servicer with respect to the Issuer
in breach of this Agreement or (b) the administration by the Owner Trustee of
the Issuer (in the case of clause (a) or (b), other than such as may arise from
the negligence or willful misconduct of the Owner Trustee or the Indenture
Trustee, as applicable), including any judgment, award, settlement, reasonable
attorneys' fees and other costs or expenses incurred in connection with the
defense of any action, Proceeding or claim. Indemnification pursuant to this
SECTION 6.04 shall not be payable from the Transferred Assets. The Servicer's
obligations under this SECTION 6.04 shall survive the termination of this
Agreement or the Issuer or the earlier removal or resignation of the Owner
Trustee or the Indenture Trustee, as applicable.

                  Section 6.05. RESIGNATION OF THE SERVICER. The Servicer shall
not resign from the obligations and duties hereby imposed on it except (a) upon
a determination that (i) the performance of its duties hereunder is no longer
permissible under applicable law and (ii) there is no reasonable action which
the Servicer could take to make the performance of its duties hereunder
permissible under applicable law or (b) upon the assumption, by an agreement
supplemental hereto, executed and delivered to the Transferor, the Issuer and
the Indenture Trustee, in form satisfactory to the Transferor, the Issuer and
the Indenture Trustee, of the obligations and duties of the Servicer hereunder
by any of its Affiliates or by any other entity the appointment of which shall
have satisfied the Rating Agency Condition and, in either case, qualifies as an
Eligible Servicer. Any determination permitting the resignation of the Servicer
shall be evidenced as to clause (a)

                                       47
<PAGE>

above by an Opinion of Counsel to such effect delivered to the Owner Trustee and
the Indenture Trustee. No resignation shall become effective until the Indenture
Trustee or a Successor Servicer shall have assumed the responsibilities and
obligations of the Servicer in accordance with SECTION 8.02 hereof. If within
one hundred twenty (120) days of the date of the determination that the Servicer
may no longer act as Servicer under clause (a) above the Indenture Trustee is
unable to appoint a Successor Servicer, the Indenture Trustee shall serve as
Successor Servicer. Notwithstanding the foregoing, the Indenture Trustee shall,
if it is legally unable so to act, petition a court of competent jurisdiction to
appoint any established institution qualifying as an Eligible Servicer as the
Successor Servicer hereunder. The Issuer shall give prompt notice to each Rating
Agency and each Series Enhancer upon the appointment of a Successor Servicer.
Notwithstanding anything in this Agreement to the contrary, CompuCredit may
assign part or all of its obligations and duties as Servicer under this
Agreement to an Affiliate of CompuCredit so long as CompuCredit shall have fully
guaranteed the performance of such obligations and duties under this Agreement.

                  Section 6.06. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING THE RECEIVABLES. The Servicer shall provide to the Owner Trustee or
the Indenture Trustee, as applicable, access to the documentation regarding the
Accounts and the Receivables in such cases where the Owner Trustee or the
Indenture Trustee, as applicable, is required in connection with the enforcement
of the rights of the Issuer or the Noteholders or by applicable statutes or
regulations to review such documentation, such access being afforded without
charge but only (a) upon reasonable request, (b) during normal business hours,
(c) subject to the Servicer's normal security and confidentiality procedures and
(d) at reasonably accessible offices in the continental United States designated
by the Servicer. Nothing in this Section shall derogate from the obligation of
the Transferor, the Owner Trustee, the Issuer, the Indenture Trustee and the
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors and the failure of the Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section.

                  Section 6.07. DELEGATION OF DUTIES. In the ordinary course of
business, the Servicer may at any time delegate its duties hereunder with
respect to the Accounts and the Receivables to any Person that agrees to conduct
such duties in accordance with the Credit Card Guidelines and this Agreement.
Such delegation shall not relieve the Servicer of its liability and
responsibility with respect to such duties, and shall not constitute a
resignation within the meaning of SECTION 6.05.

Section 6.08. EXAMINATION OF RECORDS. Each Transferor and the Servicer shall
indicate generally in their computer files or other records that the Receivables
arising in the Accounts have been conveyed to the Issuer pursuant to this
Agreement. Each Transferor and the Servicer shall, prior to the sale or transfer
to a third party of any receivable held in its custody, examine its computer
records and other records to determine that such receivable is not, and does not
include, a Receivable.

                               [END OF ARTICLE VI]

                                       48
<PAGE>

                                  ARTICLE VII

                                INSOLVENCY EVENTS

                  Section 7.01. RIGHTS UPON THE OCCURRENCE OF AN INSOLVENCY
EVENT. If any Transferor shall consent or fail to object to the appointment of a
bankruptcy trustee or conservator, receiver or liquidator in any bankruptcy
proceeding or other insolvency, readjustment of debt, marshalling of assets and
liabilities or similar Proceedings of or relating to such Transferor or relating
to all or substantially all of such Transferor's property, or the commencement
of an action seeking a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
bankruptcy trustee or conservator, receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
Proceedings, or for the winding-up, insolvency, bankruptcy, reorganization,
conservatorship, receivership or liquidation of such entity's affairs, or
notwithstanding an objection by such Transferor any such action shall have
remained undischarged or unstayed for a period of sixty (60) days or upon entry
of any order or decree providing for such relief; or such Transferor shall admit
in writing its inability to pay its debts generally as they become due, file, or
consent or fail to object (or object without dismissal of any such filing within
sixty (60) days of such filing or the earlier entry of any order providing for
such relief) to the filing of, a petition to take advantage of any applicable
bankruptcy, insolvency or reorganization, receivership or conservatorship
statute, make an assignment for the benefit of its creditors or voluntarily
suspend payment of its obligations (any such act or occurrence with respect to
any Person being an "INSOLVENCY EVENT"), such Transferor shall on the day any
such Insolvency Event occurs (the "APPOINTMENT DATE"), immediately cease to
transfer Principal Receivables to the Issuer and shall promptly give notice to
the Indenture Trustee and the Issuer thereof. Notwithstanding any cessation of
the transfer to the Issuer of additional Principal Receivables, Principal
Receivables transferred to the Issuer prior to the occurrence of such Insolvency
Event, Collections in respect of such Principal Receivables and Finance Charge
Receivables (whenever created) accrued in respect of such Principal Receivables
shall continue to be a part of the Transferred Assets and shall be allocated and
distributed to Noteholders in accordance with the terms of this Agreement, the
Indenture and each Indenture Supplement.

                              [END OF ARTICLE VII]

                                       49
<PAGE>

                                  ARTICLE VIII

                                SERVICER DEFAULTS

                  Section 8.01. SERVICER DEFAULTS. If any one of the following
events (a "SERVICER DEFAULT") shall occur and be continuing:

                  (a) any failure by the Servicer to make any payment, transfer
or deposit or to give instructions or to give notice to the Indenture Trustee to
make such payment, transfer or deposit on or before the date occurring five (5)
Business Days after the date such payment, transfer or deposit or such
instruction or notice is required to be made or given, as the case may be, under
the terms of this Agreement, the Indenture or any Indenture Supplement;

                  (b) failure on the part of the Servicer duly to observe or
perform in any material respect any other covenants or agreements of the
Servicer set forth in this Agreement, the Indenture, any Indenture Supplement,
the Affinity Card Agreement or the Facilities Management Agreement and which
continues unremedied for a period of sixty (60) days after the date on which
notice of such failure, requiring the same to be remedied, shall have been given
to the Servicer by the Owner Trustee or the Indenture Trustee, or to the
Servicer, the Owner Trustee and the Indenture Trustee by Holders of Notes
evidencing not less than 10% of the aggregate unpaid principal amount of all
Notes Outstanding (or, with respect to any such failure that does not relate to
all Series, 10% of the aggregate unpaid principal amount of all Notes
Outstanding of all Series to which such failure relates); or the Servicer shall
assign or delegate its duties under this Agreement, except as permitted by
SECTIONS 6.02 and 6.07;

                  (c) any representation, warranty or certification made by the
Servicer in this Agreement or in any certificate delivered pursuant to this
Agreement shall prove to have been incorrect when made, which has an Adverse
Effect and which Adverse Effect continues for a period of sixty (60) days after
the date on which notice thereof, requiring the same to be remedied, shall have
been given to the Servicer by the Owner Trustee or the Indenture Trustee, or to
the Servicer, the Owner Trustee and the Indenture Trustee by the Holders of
Notes evidencing not less than 10% of the aggregate unpaid principal amount of
all Notes Outstanding (or, with respect to any such representation, warranty or
certification that does not relate to all Series, 10% of the aggregate unpaid
principal amount of all Notes Outstanding of all Series to which such
representation, warranty or certification relates); or

                  (d) the Servicer shall consent to the appointment of a
bankruptcy trustee or conservator or receiver or liquidator in any bankruptcy
proceeding or other insolvency, readjustment of debt, marshalling of assets and
liabilities or similar Proceedings of or relating to the Servicer or of or
relating to all or substantially all its property, or an action seeking a decree
or order of a court or agency or supervisory authority having jurisdiction in
the premises for the appointment of a bankruptcy trustee or a conservator or
receiver or liquidator in any bankruptcy, insolvency, readjustment of debt,
marshalling of assets and liabilities or similar Proceedings, or the winding-up
or liquidation of its affairs, shall have been commenced against the Servicer
and such action shall have remained undischarged or unstayed for a period of
sixty (60) days or an

                                       50
<PAGE>

order or decree providing for such relief shall have been entered; or the
Servicer shall admit in writing its inability to pay its debts generally as they
become due, file a petition to take advantage of any applicable bankruptcy,
insolvency or reorganization statute, make any assignment for the benefit of its
creditors or voluntarily suspend payment of its obligations;

then, in the event of any Servicer Default, so long as the Servicer Default
shall not have been remedied, either the Indenture Trustee or the Holders of
Notes evidencing a majority of the aggregate unpaid principal amount of all
Notes Outstanding, by notice then given to the Servicer and the Owner Trustee
(and to the Indenture Trustee if given by the Noteholders) (a "TERMINATION
NOTICE"), may terminate all but not less than all of the rights and obligations
of the Servicer as Servicer under this Agreement, the Indenture and each
Indenture Supplement; PROVIDED, HOWEVER, if within sixty (60) days of receipt of
a Termination Notice the Indenture Trustee does not receive any bids from
Eligible Servicers in accordance with SECTION 8.02(c) to act as a Successor
Servicer and receives an Officer's Certificate of the Servicer to the effect
that the Servicer cannot in good faith cure the Servicer Default which gave rise
to the Termination Notice, the Indenture Trustee shall grant a right of first
refusal to the Transferor which would permit the Transferor at its option to
purchase the Notes on the Distribution Date in the next calendar month.

                  The purchase price for the Notes purchased pursuant to the
preceding paragraph shall be equal to the sum of the amounts specified therefor
with respect to each outstanding Series in the related Indenture Supplement. The
Transferor shall notify the Indenture Trustee prior to the Record Date for the
Distribution Date of the purchase if it is exercising such right of first
refusal. If the Transferor exercises such right of first refusal, the Transferor
shall deposit the purchase price into the Collection Account not later than
11:00 a.m., New York City time, on the Transfer Date preceding such Distribution
Date in immediately available funds. The purchase price shall be allocated and
distributed to Noteholders in accordance with the terms of the Indenture and
each Indenture Supplement.

                  After receipt by the Servicer of a Termination Notice, and on
the date that a Successor Servicer is appointed by the Indenture Trustee
pursuant to SECTION 8.02, all authority and power of the Servicer under this
Agreement shall pass to and be vested in the Successor Servicer (a "SERVICE
TRANSFER"); and, without limitation, the Indenture Trustee is hereby authorized
and empowered (upon the failure of the Servicer to cooperate) to execute and
deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or
deliver such documents or instruments, and to do and accomplish all other acts
or things necessary or appropriate to effect the purposes of such Service
Transfer. The Servicer agrees to cooperate with the Indenture Trustee and such
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing hereunder, including the transfer to
such Successor Servicer of all authority of the Servicer to service the
Receivables provided for under this Agreement, including all authority over all
Collections which shall on the date of transfer be held by the Servicer for
deposit, or which have been deposited by the Servicer, in the Collection
Account, or which shall thereafter be received with respect to the Receivables,
and in assisting the Successor Servicer. The Servicer shall within twenty (20)
Business Days transfer its electronic records relating to the Receivables to the
Successor Servicer in such electronic form as the Successor Servicer may
reasonably request and shall promptly transfer to the Successor Servicer all
other records, correspondence

                                       51
<PAGE>

and documents necessary for the continued servicing of the Receivables in the
manner and at such times as the Successor Servicer shall reasonably request. The
predecessor Servicer shall be responsible for all expenses incurred in
transferring the servicing duties to the Successor Servicer. To the extent that
compliance with this Section shall require the Servicer to disclose to the
Successor Servicer information of any kind which the Servicer deems to be
confidential, the Successor Servicer shall be required to enter into such
customary licensing and confidentiality agreements as the Servicer shall deem
reasonably necessary to protect its interests.

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

                  Section 8.02. INDENTURE TRUSTEE TO ACT; APPOINTMENT OF
SUCCESSOR.

                  (a) On and after the receipt by the Servicer of a Termination
Notice pursuant to SECTION 8.01, the Servicer shall continue to perform all
servicing functions under this Agreement until the date specified in the
Termination Notice or otherwise specified by the Indenture Trustee or until a
date mutually agreed upon by the Servicer and the Indenture Trustee. The
Indenture Trustee shall as promptly as possible after the giving of a
Termination Notice appoint an Eligible Servicer as a successor servicer (the
"SUCCESSOR SERVICER"), and such Successor Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed or has not accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer. The Indenture Trustee may delegate any of its servicing
obligations to an Affiliate or agent in accordance with SECTION 3.01(b) and
SECTION 6.07. Notwithstanding the foregoing, the Indenture Trustee shall, if it
is legally unable or unwilling so to act, petition a court of competent
jurisdiction to appoint any established institution qualifying as an Eligible
Servicer as the Successor Servicer hereunder. The Indenture Trustee shall give
prompt notice to each Rating Agency and each Series Enhancer upon the
appointment of a Successor Servicer.

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

                                       52
<PAGE>

                  (c) In connection with any Termination Notice, the Indenture
Trustee will review any bids which it obtains from Eligible Servicers and shall
be permitted to appoint any Eligible Servicer submitting such a bid as a
Successor Servicer for servicing compensation not in excess of the aggregate
Servicing Fees for all Series PLUS the sum of the amounts with respect to each
Series and with respect to each Distribution Date equal to any Collections of
Finance Charge Receivables allocable to Noteholders of such Series which are
payable to the Issuer for payment to the holders of the Transferor Certificates
under the Trust Agreement after payment of all amounts owing to the Noteholders
of such Series with respect to such Distribution Date or required to be
deposited in the applicable Series Accounts with respect to such Distribution
Date and any amounts required to be paid to any Series Enhancer for such Series
with respect to such Distribution Date pursuant to the terms of any Series
Enhancement; PROVIDED, HOWEVER, that the holders of the Transferor Certificates
shall be responsible for payment of their portion of such aggregate Servicing
Fees and all other such amounts in excess of such aggregate Servicing Fees, and
the Indenture Trustee shall have no liability in the event the holders of the
Transferor Certificates fail to pay their portion of such aggregate Servicing
Fees. Each holder of any of the Transferor Certificates agrees that, if
CompuCredit (or any Successor Servicer) is terminated as Servicer hereunder, the
portion of the Collections in respect of Finance Charge Receivables that the
Issuer is entitled to receive pursuant to this Agreement, the Indenture or any
Indenture Supplement shall be reduced by an amount sufficient to pay such
holders' share of the compensation of the Successor Servicer.

                  (d) All authority and power granted to the Servicer under this
Agreement shall automatically cease and terminate upon termination of the Issuer
pursuant to Section 8.01 of the Trust Agreement, and shall pass to and be vested
in the Transferor and, without limitation, the Transferor is hereby authorized
and empowered to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, all documents and other instruments, and to do
and accomplish all other acts or things necessary or appropriate to effect the
purposes of such transfer of servicing rights. The Servicer agrees to cooperate
with the Transferor in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing of the Receivables. The Servicer
shall transfer its electronic records relating to the Receivables to the
applicable Transferor or its designee in such electronic form as it may
reasonably request and shall transfer all other records, correspondence and
documents to it in the manner and at such times as it shall reasonably request.
To the extent that compliance with this SECTION 8.02 shall require the Servicer
to disclose to the Transferor information of any kind which the Servicer deems
to be confidential, the Transferor shall be required to enter into such
customary licensing and confidentiality agreements as the Servicer shall deem
necessary to protect its interests.

                  Section 8.03. NOTIFICATION TO NOTEHOLDERS. Within five (5)
Business Days after the Servicer becomes aware of any Servicer Default, the
Servicer shall give notice thereof to the Issuer, the Indenture Trustee, each
Rating Agency and each Series Enhancer and the Indenture Trustee shall give
notice to the Noteholders. Upon any termination or appointment of a Successor
Servicer pursuant to this ARTICLE VIII, the Indenture Trustee shall give prompt
notice thereof to the Noteholders.

                              [END OF ARTICLE VIII]

                                       53
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                  Section 9.01. TERMINATION OF AGREEMENT. This Agreement and the
respective obligations and responsibilities of the Issuer, the Transferor and
the Servicer under this Agreement shall terminate, except with respect to the
obligations described in SECTION 6.04 and SECTION 10.07, on the date of the
termination of the Issuer.

                               [END OF ARTICLE IX]

                                       54
<PAGE>

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  Section 10.01. AMENDMENT; WAIVER OF PAST DEFAULTS.

                  (a) This Agreement may be amended from time to time by the
Servicer, the Transferor, the Issuer and the Indenture Trustee, by a written
instrument signed by each of them, without consent of any of the Noteholders, or
the Series Enhancers, to cure any ambiguity, to correct or supplement any
provisions herein, to add other identifying code numbers to the definition of
Account or to add any other provisions with respect to matters or questions
raised under this Agreement which shall not be inconsistent with the provisions
of this Agreement; PROVIDED, HOWEVER, that such action shall not adversely
affect in any material respect the interest of any of the Noteholders or any
Series Enhancer. Additionally, this Agreement may be amended from time to time
(including in connection with the issuance of a Supplemental Certificate, the
conveyance of a Participation Interest, the allocation of assets pursuant to
SECTION 4.04, the designation of an Additional Transferor, or to change the
definition of Monthly Period, Determination Date or Distribution Date) by the
Servicer, the Transferor, the Issuer and the Indenture Trustee, by a written
instrument signed by each of them, without the consent of any of the Series
Enhancers or any of the Noteholders, PROVIDED that (i) the Transferor shall have
delivered to the Indenture Trustee and the Owner Trustee an Officer's
Certificate, dated the date of any such amendment, stating that the Transferor
reasonably believes that such amendment will not have an Adverse Effect and (ii)
the Rating Agency Condition shall have been satisfied with respect to any such
amendment. Notwithstanding anything else to the contrary herein, this agreement
may be amended by the Servicer, the Transferor, the Issuer and the Indenture
Trustee, by a written instrument signed by each of them without the consent of
the Noteholders or the Series Enhancers, upon satisfaction of the Rating Agency
Condition with respect to such amendment (without anything further) as may be
necessary or advisable in order (a) to enable all or a portion of the Issuer to
qualify as, and to permit an election to be made to cause the Issuer to be
treated as, a "financial asset securitization investment trust" as described in
the provisions of Section 860L of the Code (and, in connection with any such
election, to modify or eliminate existing provisions relating to the intended
Federal income tax treatment of the Notes) or (b) to avoid the imposition of
state or local income or franchise taxes imposed on the Issuer's property or its
income; PROVIDED, HOWEVER, the amendments which the Transferor, the Servicer,
the Issuer and the Indenture Trustee may make without the consent of any of the
Noteholders or Series Enhancers pursuant to this sentence may include, without
limitation, the addition of provisions to permit a sale of Receivables in
connection with clauses (a) and (b) above.

                  (b) This Agreement may also be amended from time to time by
the Servicer, the Transferor, the Issuer and the Indenture Trustee, with the
consent of the Holders of Notes evidencing not less than 66 2/3% of the
aggregate unpaid principal amount of the Notes Outstanding of all affected
Series for which the Transferor has not delivered an Officer's Certificate
stating that there is no Adverse Effect, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders;
PROVIDED, HOWEVER, that no such amendment shall

                                       55
<PAGE>

(i) reduce in any manner the amount of or delay the timing of any distributions
(changes in Early Redemption Events or Reinvestment Events that decrease the
likelihood of the occurrence thereof shall not be considered delays in the
timing of distributions for purposes of this clause) to be made to Noteholders
or deposits of amounts to be so distributed or the amount available under any
Series Enhancement without the consent of each affected Noteholder, (ii) change
the definition of or the manner of calculating the interest of any Noteholder
without the consent of each affected Noteholder, (iii) reduce the aforesaid
percentage required to consent to any such amendment without the consent of each
Noteholder or (iv) adversely affect the rating of any Series or Class by each
Rating Agency without the consent of each Noteholder of such Series or Class.

                  (c) Promptly after the execution of any such amendment or
consent (other than an amendment pursuant to paragraph (a)), the Issuer shall
furnish notification of the substance of such amendment to the Indenture Trustee
and each Noteholder, and the Servicer shall furnish notification of the
substance of such amendment to each Rating Agency and each Series Enhancer.

                  (d) It shall not be necessary for the consent of Noteholders
under this SECTION 10.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Noteholders shall be subject to such
reasonable requirements as the Indenture Trustee may prescribe.

                  (e) Notwithstanding anything in this SECTION 10.01 to the
contrary, no amendment may be made to this Agreement or any Participation
Interest Supplement which would adversely affect in any material respect the
interests of any Series Enhancer without the consent of such Series Enhancer.

                  (f) The Holders of Notes evidencing more than 66 2/3% of the
aggregate unpaid principal amount of the Notes Outstanding of each Series or,
with respect to any Series with two (2) or more Classes, of each Class (or, with
respect to any default that does not relate to all Series, 66 2/3% of the
aggregate unpaid principal amount of the Notes Outstanding of each Series to
which such default relates or, with respect to any such Series with two or more
Classes, of each Class) may, on behalf of all Noteholders, waive any default by
the Transferor or the Servicer in the performance of their obligations hereunder
and its consequences, except the failure to make any distributions required to
be made to Noteholders or any Series Enhancer or to make any required deposits
of any amounts to be so distributed. Upon any such waiver of a past default,
such default shall cease to exist, and any default arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other default or impair any right consequent
thereon except to the extent expressly so waived.

                  (g) The Owner Trustee and the Indenture Trustee may, but shall
not be obligated to, enter into any such amendment which affects the Owner
Trustee's or the Indenture Trustee's rights, duties, benefits, protections,
privileges or immunities under this Agreement or otherwise. In connection with
the execution of any amendment hereunder, each of the Owner

                                       56
<PAGE>

Trustee and the Indenture Trustee shall be entitled to receive the Opinion of
Counsel described in SECTION 10.02(d)(i).

                  Section 10.02. PROTECTION OF RIGHT, TITLE AND INTEREST OF
ISSUER.

                  (a) The Transferor shall cause this Agreement, all amendments
and supplements hereto and all financing statements and continuation statements
and any other necessary documents covering the Issuer's right, title and
interest to the Transferred Assets to be promptly recorded, registered and
filed, and at all times to be kept recorded, registered and filed, all in such
manner and in such places as may be required by law fully to preserve and
protect the right, title and interest of the Issuer hereunder to all property
comprising the Transferred Assets. The Transferor shall deliver to the Issuer
and Indenture Trustee file-stamped copies of, or filing receipts for, any
document recorded, registered or filed as provided above, as soon as available
following such recording, registration or filing. The Transferor shall cooperate
fully with the Servicer in connection with the obligations set forth above and
will execute any and all documents reasonably required to fulfill the intent of
this paragraph.

                  (b) Within thirty (30) days after any Transferor makes any
change in its name, identity or corporate structure which would make any
financing statement or continuation statement filed in accordance with paragraph
(a) seriously misleading within the meaning of Section 9-402(7) (or any
comparable provision) of the UCC, such Transferor shall give the Issuer and the
Indenture Trustee notice of any such change and shall file such financing
statements or amendments as may be necessary to continue the perfection of the
Issuer's security interest or ownership interest in the Receivables and the
other Transferred Assets.

                  (c) Each Transferor shall give the Issuer and the Indenture
Trustee prompt notice of any relocation of its chief executive office or any
change in the jurisdiction under whose laws it is organized and whether, as a
result of such relocation or change, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement and shall file such
financing statements or amendments as may be necessary to perfect or to continue
the perfection of the Issuer's security interest in the Receivables and the
other Transferred Assets. Each Transferor shall at all times maintain its chief
executive office within the United States and shall at all times be organized
under the laws of a jurisdiction located within the United States.

                  (d) The Transferor shall deliver to the Issuer and the
Indenture Trustee (i) upon the execution and delivery of each amendment of this
Agreement, an Opinion of Counsel to the effect specified in EXHIBIT B-1; (ii)
semiannually, with respect to Automatic Additional Accounts included as
Accounts, an Opinion of Counsel substantially in the form of EXHIBIT B-2; (iii)
on each Addition Date on which any Supplemental Accounts or Participation
Interests are to be transferred to the Issuer pursuant to SECTION 2.09, an
Opinion of Counsel covering the same substantive legal issues addressed by
EXHIBIT B-2 but conformed to the extent appropriate to relate to Supplemental
Accounts or Participation Interests; and (iv) on or before January 31 of each
year, beginning with January 31, 2002 an Opinion of Counsel substantially in the
form of EXHIBIT B-3.

                                       57
<PAGE>

                  Section 10.03.  GOVERNING LAW. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED THEREIN.

                  Section 10.04. NOTICES; PAYMENTS.

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

                    (a) in the case of the Transferor, to:

                           CompuCredit Funding Corp.
                           101 Convention Center Drive
                           Suite 850-14A
                           Las Vegas, Nevada  89101
                           Attention:  Treasurer
                           (facsimile no. (702) 598-3651)

                    (b) in the case of the Servicer, to:

                           CompuCredit Corporation
                           One Ravinia Drive, Suite 500
                           Atlanta, Georgia  30346
                           Attention:  General Counsel
                           (facsimile no. (770) 206-6187)

                    (c) in the case of the Issuer, to:

                           CompuCredit Card Master Note Business Trust
                           c/o Wilmington Trust FSB
                           3773 Howard Hughes Parkway
                           Suite 300 North
                           Las Vegas, Nevada  89109
                           Attention:  Corporate Trust Administration
                           (facsimile no. (702) 866-2244)

                                       58
<PAGE>

                    (d) in the case of the Owner Trustee, to:

                           Wilmington Trust FSB
                           3773 Howard Hughes Parkway
                           Suite 300 North
                           Las Vegas, Nevada  89109
                           Attention:  Corporate Trust Administration
                           (facsimile no. (702) 866-2244)

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

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

                  Section 10.05. SEVERABILITY OF PROVISIONS. If any one or more
of the covenants, agreements, provisions or terms of this Agreement shall for
any reason whatsoever be held invalid, then such provisions shall be deemed
severable from the remaining provisions of this Agreement and shall in no way
affect the validity or enforceability of the remaining provisions.

                  Section 10.06. FURTHER ASSURANCES. The Transferor and the
Servicer agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the
Owner Trustee and the Indenture Trustee more fully to effect the purposes of
this Agreement, including the execution of any financing statements or
continuation statements relating to the Receivables for filing under the
provisions of the UCC of any applicable jurisdiction.

                  Section 10.07. NONPETITION COVENANT.

                  (a) Notwithstanding any prior termination of this Agreement,
the Servicer, the Indenture Trustee, the Owner Trustee and the Transferor shall
not, prior to the date which is one year and one day after the termination of
this Agreement, acquiesce, petition or otherwise invoke or cause the Issuer to
invoke the process of any Governmental Authority for the purpose of commencing
or sustaining a case against the Issuer under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuer or any
substantial part of its property or ordering the winding-up or liquidation of
the affairs of the Issuer.

                  (b) Notwithstanding any prior termination of this Agreement,
the Servicer, the Indenture Trustee, the Owner Trustee and the Issuer shall not,
prior to the date which is one year and one day after the termination of this
Agreement, acquiesce, petition or otherwise invoke or cause the Transferor to
invoke the process of any Governmental Authority for the purpose of commencing
or sustaining a case against the Transferor under any Federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Transferor or any substantial part of its property or ordering the winding-up or
liquidation of the affairs of the Transferor.

                                       59
<PAGE>

                  Section 10.08. NO WAIVER; CUMULATIVE REMEDIES. No failure to
exercise and no delay in exercising, on the part of the Issuer, the Transferor,
the Servicer, the Owner Trustee, the Noteholders or the Indenture Trustee, any
right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege under this Agreement preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges provided under this Agreement are cumulative and
not exhaustive of any rights, remedies, powers and privileges provided by law.

                  Section 10.09. COUNTERPARTS. This Agreement may be executed in
two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

                  Section 10.10. THIRD-PARTY BENEFICIARIES. This Agreement will
inure to the benefit of and be binding upon the parties hereto, the Noteholders,
any holder of a Transferor Certificate, any Series Enhancer and their respective
successors and permitted assigns. Except as otherwise expressly provided in this
Agreement, no other Person will have any right or obligation hereunder.

                  Section 10.11. MERGER AND INTEGRATION. Except as specifically
stated otherwise herein, this Agreement sets forth the entire understanding of
the parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein. Section
10.12. HEADINGS. The headings herein are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision
hereof.

                  Section 10.13. Limitation of Liability of Owner Trustee.

                  It is expressly understood and agreed by the parties hereto
that (a) this Indenture is executed and delivered by Wilmington Trust FSB, not
individually or personally but solely as owner trustee of the Issuer, in the
exercise of the powers and authority conferred and vested in it under the Trust
Agreement, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by Wilmington Trust FSB but is made
and intended for the purpose of binding only the Issuer and (c) under no
circumstances shall Wilmington Trust FSB be personally liable for the payment of
any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Indenture or the other Transaction Documents
to which the Issuer is a party.

                               [END OF ARTICLE X]

                                       60
<PAGE>

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

<TABLE>
<S>                        <C>
                           COMPUCREDIT FUNDING CORP.,
                           as Transferor,

                           By: ________________________________
                               Name:  Joshua Miller
                               Title: Assistant Secretary

                           COMPUCREDIT CORPORATION,
                           as Servicer,

                           By:  ________________________________
                                Name:  Ashley L. Johnson
                                Title: Treasurer

                           COMPUCREDIT CREDIT CARD MASTER NOTE BUSINESS TRUST,
                           as Issuer

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

                           By:  ________________________________
                                Name:
                                Title:

                           THE BANK OF NEW YORK,
                               not in its individual capacity but
                               solely as Indenture Trustee,

                           By:  ________________________________
                                Name:
                                Title:
</TABLE>

<PAGE>

                                                                      SCHEDULE I

                                List of Accounts
                                ----------------

                             [Delivered Separately]

                                       I-1

<PAGE>

                                                                     SCHEDULE II

                  BANK IDENTIFICATION NUMBERS AND BANK NUMBERS

<TABLE>
<CAPTION>
------------------------------------------ --------------------------------------------
       BANK IDENTIFICATION NUMBERS                       BANK NUMBERS
------------------------------------------ --------------------------------------------
       <S>                                               <C>
                  479106                                     2223
------------------------------------------ --------------------------------------------
                  479107                                     2224
------------------------------------------ --------------------------------------------
                  433197                                     2242
------------------------------------------ --------------------------------------------
                  522220                                     3523
------------------------------------------ --------------------------------------------
                  522219                                     3525
------------------------------------------ --------------------------------------------
                  479106                                     3526
------------------------------------------ --------------------------------------------
                  479107                                     3527
------------------------------------------ --------------------------------------------
                  433197                                     3671
------------------------------------------ --------------------------------------------
                  512070                                     3672
------------------------------------------ --------------------------------------------
                  413481                                     3673
------------------------------------------ --------------------------------------------
                  456419                                     3674
------------------------------------------ --------------------------------------------
                  456420                                     3675
------------------------------------------ --------------------------------------------
</TABLE>

                                      II-1

<PAGE>

                                    EXHIBIT A

                      FORM OF ANNUAL SERVICER'S CERTIFICATE

         The undersigned, a duly authorized representative of CompuCredit
Corporation, as Servicer ("CompuCredit"), pursuant to the Transfer and Servicing
Agreement dated as of July __, 2000 (the "Agreement"), among CompuCredit Funding
Corp., as Transferor, CompuCredit Corporation, as Servicer, CompuCredit Credit
Card Master Note Business Trust, as Issuer, and The Bank of New York, a New York
banking corporation, as Indenture Trustee, does hereby certify that:

     1.   CompuCredit is, as of the date hereof, the Servicer under the
          Agreement. Capitalized terms used in this Certificate have their
          respective meanings set forth in the Agreement.

     2.   The undersigned is a Servicing Officer who is duly authorized pursuant
          to the Agreement to execute and deliver this Certificate to the
          Transferor, the Issuer, the Owner Trustee, the Indenture Trustee and
          each Rating Agency.

     3.   A review of the activities of the Servicer during the year ended
          December 31, 20__ and of its performance under the Agreement was
          conducted under my supervision.

     4.   Based on such review, the Servicer has, to the best of my knowledge,
          performed in all material respects its obligations under the Agreement
          throughout such year and no default in the performance of such
          obligations has occurred or is continuing except as set forth in
          paragraph 5 below.

     5.   The following is a description of each Default in the performance of
          the Servicer's obligations under the provisions of the Agreement known
          to me to have been made by the Servicer during the year ended December
          31, 20__ which sets forth in detail (i) the nature of each such
          Default, (ii) the action taken by the Servicer, if any, to remedy each
          such Default and (iii) the current status of each such Default: [if
          applicable, insert "None."]

          _________________________________________________________________

          _________________________________________________________________

                                       A-1

<PAGE>

         IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
this _____ day of ________, 2000.

<TABLE>
<S>                                   <C>
                                      CompuCredit Corporation,
                                      Servicer

                                      By: __________________________
                                          Name:
                                          Title:
</TABLE>

                                      A-1

<PAGE>

                                   EXHIBIT B-1

                           FORM OF OPINION OF COUNSEL
                           WITH RESPECT TO AMENDMENTS

                          Provisions to be included in
                   Opinion of Counsel to be delivered pursuant
                            TO SUBSECTION 10.02(d)(i)

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

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

     (ii) The Amendment has been entered into in accordance with the terms and
          provisions of Section 10.01 of the Transfer and Servicing Agreement.

                                      B-1-1

<PAGE>

                                   EXHIBIT B-2

                           FORM OF OPINION OF COUNSEL
                            WITH RESPECT TO ACCOUNTS

                          Provisions to be included in
                            Opinion of Counsel to be
         DELIVERED PURSUANT TO SUBSECTION 10.02(d)(ii) or 10.02(d)(iii)

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

     1.   Except for any Receivable that is evidenced by an "instrument" or
          "chattel paper," as defined under the applicable UCC, the Receivables
          constitute either "general intangibles" or "accounts" under the
          Georgia UCC and the Nevada UCC.

     2.   To the extent that Article 9 of the New York UCC applies to the
          transfer of Receivables in certain identified Supplemental Accounts or
          Automatic Additional Accounts by CompuCredit to CFC pursuant to a
          Supplemental Conveyance or the CFC Receivables Purchase Agreement,
          respectively, such Supplemental Conveyance or the CFC Receivables
          Purchase Agreement creates in favor of CFC a security interest in the
          rights of CompuCredit in such Receivables.

     3.   To the extent that the transfer of Receivables in certain identified
          Supplemental Accounts or Automatic Additional Accounts by CFC to the
          Issuer pursuant to an Assignment or the Transfer and Servicing
          Agreement, respectively, does not constitute an absolute assignment by
          CFC to the Issuer of such Receivables, such Assignment or the Transfer
          and Servicing Agreement creates in favor of the Issuer a security
          interest in the rights of CFC in such Receivables.

     4.   The security interests described in paragraphs 1 and 2 above are
          perfected and of first priority.

                                      B-2-1

<PAGE>

                                   EXHIBIT B-3

                          PROVISIONS TO BE INCLUDED IN
                            ANNUAL OPINION OF COUNSEL

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

     1.   No filing or other action, other than such filing or other action
          described in such opinion, is necessary from the date of such opinion
          through January 31 of the following year to continue the perfected
          status of the security interest of the Issuer in the Receivables
          described in the financing statements referenced in such opinion.

     2.   No filing or other action, other than such filing or other action
          described in such opinion, is necessary from the date of such opinion
          through January 31 of the following year to continue the perfected
          status of the security interest of the relevant Transferor in the
          Receivables described in the financing statements referenced in such
          opinion.

     3.   No filing or other action, other than such filing or other action
          described in such opinion, is necessary from the date of such opinion
          through January 31 of the following year to continue the perfected
          status of the security interest of CompuCredit in the Receivables
          described in the financing statements referenced in such opinion.

                                      B-3-1
<PAGE>

                                    EXHIBIT C

           FORM OF ASSIGNMENT OF RECEIVABLES IN SUPPLEMENTAL ACCOUNTS
                         (AS REQUIRED BY SECTION 2.09 OF
                      THE TRANSFER AND SERVICING AGREEMENT)

                  ASSIGNMENT No. __ OF RECEIVABLES IN SUPPLEMENTAL ACCOUNTS,
dated as of _____________,(1) by and among COMPUCREDIT FUNDING CORP., a Nevada
corporation, as Transferor (the "TRANSFEROR"), COMPUCREDIT CORPORATION, a
Georgia corporation, as Servicer (the "SERVICER"), and COMPUCREDIT CREDIT CARD
MASTER NOTE BUSINESS TRUST (the "TRUST"), pursuant to the Transfer and Servicing
Agreement referred to below.

                                   WITNESSETH

                  WHEREAS, the Transferor, the Servicer and the Trust are
parties to the Transfer and Servicing Agreement, dated as of July __, 2000 (as
amended and supplemented, the "AGREEMENT");

                  WHEREAS, pursuant to the Agreement, the Transferor wishes to
designate Supplemental Accounts to be included as Accounts and to convey the
Receivables of such Supplemental Accounts (as each such term is defined in the
Agreement), whether now existing or hereafter created, to the Trust; and

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

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

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

                  "ADDITION DATE" shall mean, with respect to the Supplemental
Accounts designated hereby, ____________, ____.

                  "ADDITION CUT-OFF DATE" shall mean, with respect to the
Supplemental Accounts designated hereby, ____________, ____.

2.   DESIGNATION OF SUPPLEMENTAL ACCOUNTS. On or before the date hereof, the
     Transferor will deliver to the Owner Trustee a computer file or microfiche
     list containing a true and complete schedule identifying all such
     Supplemental Accounts (the "SUPPLEMENTAL ACCOUNTS") specifying for each
     such Supplemental Account, as of the Addition Cut-Off Date, its account
     number, the aggregate amount outstanding in such Account and the aggregate
     amount of Principal Receivables outstanding in such Account, which computer
     file or microfiche list shall supplement SCHEDULE 1 to the Agreement.

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

                                       61
<PAGE>

3.   CONVEYANCE OF RECEIVABLES. (a) The Transferor does hereby, transfer,
     assign, set over and otherwise convey, without recourse except as set forth
     in the Transfer and Servicing Agreement, to the Trust, all its right, title
     and interest in, to and under the Receivables of such Supplemental Accounts
     existing at the close of business on the Addition Cut-Off Date and
     thereafter created from time to time until the termination of the Trust,
     all Interchange and Recoveries related thereto, all monies due or to become
     due and all amounts received or receivable with respect thereto and all
     proceeds (including "proceeds" as defined in the UCC) thereof. The
     foregoing does not constitute and is not intended to result in the creation
     or assumption by the Trust, the Owner Trustee (as such or in its individual
     capacity), the Indenture Trustee, any Noteholders or any Series Enhancer of
     any obligation of the Servicer, the Transferor or any other Person in
     connection with the Accounts, the Receivables or under any agreement or
     instrument relating thereto, including any obligation to Obligors, merchant
     banks, merchants clearance systems, VISA, MasterCard or insurers.

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

                  (c) In connection with such sale, the Transferor further
agrees, at its own expense, on or prior to the date of this Assignment, to
indicate in the appropriate computer files that Receivables created in
connection with the Supplemental Accounts and designated hereby have been
conveyed to the Trust pursuant to the Agreement and this Assignment.

                  (d) The Transferor does hereby grant to the Trust a security
interest in all of its right, title and interest, whether now owned or hereafter
acquired, in and to the Receivables in the Supplemental Accounts existing on the
Addition Cut-Off Date and thereafter created, all Interchange and Recoveries
related thereto, all monies due or to become due and all amounts received or
receivable with respect thereto, all money, accounts, general intangibles,
chattel paper, instruments, documents, goods, investment property, deposit
accounts, certificates of deposit, letters of credit, and advices of credit
consisting of, arising from or related to the foregoing, and all "proceeds"
(including "proceeds" as defined in the UCC) thereof. This Assignment
constitutes a security agreement under the UCC.

4.   ACCEPTANCE BY TRUST. The Trust hereby acknowledges its acceptance of all
     right, title and interest to the property, existing on the Addition Cut-Off
     Date and thereafter created, conveyed to the Trust pursuant to Section 3(a)
     of this Assignment. The Trust further acknowledges that, prior to or
     simultaneously with the execution and delivery of this Assignment, the
     Transferor delivered to the Owner Trustee the computer file or microfiche
     list described in Section 2 of this Assignment.

                                      C-2

<PAGE>

5.       REPRESENTATIONS AND WARRANTIES OF THE TRANSFEROR. The Transferor hereby
         represents and warrants to the Trust, as the Addition Date that:

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

                  (b) ELIGIBILITY OF ACCOUNTS.  As of the Addition Cut-Off Date,
         each Supplemental Account designated hereby is an Eligible Account;

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

                  (d) PAY OUT EVENT; EVENT OF DEFAULT. The Transferor reasonably
         believes that (A) the transfer of the Receivables arising in the
         Supplemental Accounts will not, based on the facts known to the
         Transferor, then or thereafter cause a Pay Out Event or Event of
         Default to occur with respect to any Series and (B) no selection
         procedure was utilized by the Transferor which would result in the
         selection of Supplemental Accounts (from among the available Eligible
         Accounts available to the Transferor) that would be materially adverse
         to the interests of the Noteholders of any Series as of the Addition
         Date;

                  (e) SECURITY INTEREST. This Assignment constitutes a valid
         sale, transfer and assignment to the Trust of all right, title and
         interest, whether owned on the Addition Cut-Off Date or thereafter
         acquired, of the Transferor in the Receivables existing on the Addition
         Cut-Off Date or thereafter created in the Supplemental Accounts, all
         Interchange and Recoveries related thereto, all monies due or to become
         due and all amounts received or receivable with respect thereto and the
         "proceeds" (including "proceeds" as defined in the applicable UCC)
         thereof, or, if this Assignment does not constitute a sale of such
         property, it constitutes a grant of a "security interest" (as defined
         in the applicable UCC) in such property to the Trust, which, in the
         case of existing Receivables and the proceeds thereof, is enforceable
         upon execution and delivery of this Assignment, and which will be
         enforceable with respect to such Receivables hereafter created and the
         proceeds thereof upon such creation. Upon the filing of the financing
         statements described in Section 3 of this Assignment and, in the case
         of the Receivables hereafter created and the proceeds thereof, upon the
         creation thereof, the Trust shall have a first priority perfected
         security or ownership interest in such property;

                  (f) NO CONFLICT. The execution and delivery by the Transferor
         of this Assignment, the performance of the transactions contemplated by
         this Assignment and the fulfillment of the terms hereof applicable to
         the Transferor, will not conflict with or

                                      C-3

<PAGE>

         violate any Requirements of Law applicable to the Transferor or
         conflict with, result in any breach of any of the material terms and
         provisions of, or constitute (with or without notice or lapse of time
         or both) a material default under, any indenture, contract, agreement,
         mortgage, deed of trust or other instrument to which the Transferor is
         a party or by which it or its properties are bound;

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

                  (h) ALL CONSENTS. All authorizations, consents, orders or
         approvals of any court or other governmental authority required to be
         obtained by the Transferor in connection with the execution and
         delivery of this Assignment by the Transferor and the performance of
         the transactions contemplated by this Assignment by the Transferor,
         have been obtained.

6.       RATIFICATION OF AGREEMENT. As supplemented by this Assignment, the
         Agreement is in all respects ratified and confirmed and the Agreement
         as so supplemented by this Assignment shall be read, taken and
         construed as one and the same instrument.

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

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

9.       LIMITATION OF LIABILITY. Notwithstanding any other provision herein or
         elsewhere, this Assignment has been executed and delivered by
         Wilmington Trust FSB, not in its individual capacity, but solely in its
         capacity as Owner Trustee of the Trust, in no event shall Wilmington
         Trust FSB 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
         Assignment 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.

                                      C-4
<PAGE>

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

<TABLE>
<S>                      <C>
                         COMPUCREDIT FUNDING CORP.,
                              Transferor

                         By: __________________________
                             Name:
                             Title:

                         COMPUCREDIT CORPORATION,
                             Servicer

                         By: __________________________
                             Name:
                             Title:

                         COMPUCREDIT CREDIT CARD MASTER
                         NOTE BUSINESS TRUST

                         By:    Wilmington Trust FSB,
                                not in its individual capacity
                                but solely as Owner Trustee,
                                on behalf of the Trust

                         By: __________________________
                             Name:
                             Title:
</TABLE>

                                      C-5

<PAGE>

                                                                      SCHEDULE 1

                                List of Accounts
                                ----------------

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