Document:

CHASE CREDIT CARD OWNER TRUST 2001-1

                  Class A Floating Rate Asset Backed Notes

                   Class B Floating Rate Asset Backed Notes

                   Class C Floating Rate Asset Backed Notes

                                   INDENTURE

                          Dated as of March 15, 2001

                             THE BANK OF NEW YORK

       as Indenture Trustee, Securities Intermediary and Transfer Agent

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                               TABLE OF CONTENTS
                                                                          Page

                                  ARTICLE I
                  DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1.   Definitions..............................................     2
SECTION 1.2.   Incorporation by Reference of Trust Indenture Act........    14
SECTION 1.3.   Usage of Terms...........................................    15
SECTION 1.4.   Calculations of Interest.................................    15

                                  ARTICLE II
                                   THE NOTES
SECTION 2.1.    Form....................................................    15
SECTION 2.2.    Execution, Authentication and Delivery..................    16
SECTION 2.3.    Temporary Notes.........................................    16
SECTION 2.4.    Registration of Transfer and Exchange...................    16
SECTION 2.5.    Mutilated, Destroyed, Lost or Stolen Notes..............    18
SECTION 2.6.    Persons Deemed Owner....................................    19
SECTION 2.7.    Payment of Principal and Interest.......................    19
SECTION 2.8.    Cancellation............................................    21
SECTION 2.9.    Release of Collateral...................................    22
SECTION 2.10.   Book-Entry Notes........................................    22
SECTION 2.11.   Notices to Clearing Agency..............................    23
SECTION 2.12.   Definitive Notes........................................    23
SECTION 2.13.   Authenticating Agent....................................    23
SECTION 2.14.   Appointment of Paying Agent.............................    24
SECTION 2.15.   CUSIP Numbers...........................................    25
SECTION 2.16.   Determination of LIBOR..................................    26

                                 ARTICLE III
                                   COVENANTS

SECTION 3.1.   Payment of Principal and Interest.......................     26
SECTION 3.2.   Maintenance of Office or Agency.........................     26
SECTION 3.3.   Money for Payments To Be Held in Trust..................     27
SECTION 3.4.   Existence...............................................     28
SECTION 3.5.   Protection of Owner Trust Estate........................     28
SECTION 3.6.   Opinions as to Owner Trust Estate.......................     28
SECTION 3.7.   Performance of Obligations; Servicing of Series
                 Certificate..........................................     29
SECTION 3.8.   Negative Covenants......................................     30
SECTION 3.9.   Annual Statement as to Compliance.......................     30
SECTION 3.10.   The Issuer May Consolidate, Etc. Only on Certain
               Terms...................................................     30
SECTION 3.11.  Successor or Transferee................................     32
SECTION 3.12.  No Other Business......................................     32

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SECTION 3.13.   No Borrowing...............................................  32
SECTION 3.14.   Administrator's Obligations................................  32
SECTION 3.15.   Guarantees, Loans, Advances and Other Liabilities..........  32
SECTION 3.16.   Capital Expenditures.......................................  32
SECTION 3.17.   Restricted Payments........................................  33
SECTION 3.18.   Notice of Events of Default................................  33
SECTION 3.19.   Further Instruments and Acts...............................  33
SECTION 3.20.   Removal of Administrator...................................  33

                                  ARTICLE IV
                          SATISFACTION AND DISCHARGE

SECTION 4.1.   Satisfaction and Discharge of Indenture.....................  33
SECTION 4.2.   Application of Trust Money..................................  34
SECTION 4.3.   Repayment of Moneys Held by Paying Agent....................  34

                                  ARTICLE V
                                   REMEDIES

SECTION 5.1.   Events of Default........................................... 34
SECTION 5.2.   Acceleration of Maturity; Rescission and Annulment.......... 35
SECTION 5.3.   Collection of Indebtedness and Suits for Enforcement by the
               Indenture Trustee........................................... 35
SECTION 5.4.   Remedies; Priorities........................................ 37
SECTION 5.5.   Optional Preservation of the Owner Trust Estate............. 38
SECTION 5.6.   Limitation of Suits......................................... 39
SECTION 5.7.   Unconditional Rights of Noteholders To Receive Principal
               and Interest................................................ 39
SECTION 5.8.   Restoration of Rights and Remedies.......................... 39
SECTION 5.9.   Rights and Remedies Cumulative.............................. 40
SECTION 5.10.  Delay or Omission Not a Waiver.............................. 40
SECTION 5.11.  Control by Noteholders...................................... 40
SECTION 5.12.  Waiver of Past Defaults..................................... 40
SECTION 5.13.  Undertaking for Costs....................................... 41
SECTION 5.14.  Waiver of Stay or Extension Laws............................ 41
SECTION 5.15.  Action on Notes............................................. 41
SECTION 5.16.  Performance and Enforcement of Certain Obligations.......... 41

                                  ARTICLE VI
                             THE INDENTURE TRUSTEE

SECTION 6.1.   Duties of the Indenture Trustee............................  42
SECTION 6.2.   Rights of the Indenture Trustee............................  44
SECTION 6.3.   Individual Rights of the Indenture Trustee.................  45
SECTION 6.4.   The Indenture Trustee's Disclaimer.........................  45
SECTION 6.5.   Notice of Defaults.........................................  45
SECTION 6.6.   Reports by the Indenture Trustee to Holders................  45

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SECTION 6.7.    Compensation and Indemnity................................. 45
SECTION 6.8.    Replacement of the Indenture Trustee....................... 46
SECTION 6.9.    Successor Indenture Trustee by Merger...................... 47
SECTION 6.10.   Appointment of Co-Indenture Trustee or Separate Indenture
                     Trustee............................................... 47
SECTION 6.11.   Eligibility; Disqualification.............................. 48
SECTION 6.12.   Preferential Collection of Claims Against the Issuer....... 49

                                 ARTICLE VII
                        NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1.   The Issuer To Furnish the Indenture Trustee Names and
               Addresses of the Noteholders................................ 49
SECTION 7.2.   Preservation of Information; Communications to the
               Noteholders................................................. 49
SECTION 7.3.   Reports by the Administrator................................ 49
SECTION 7.4.   Reports by the Issuer....................................... 50
SECTION 7.5.   Reports by the Indenture Trustee............................ 50

                                 ARTICLE VIII
                     ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1.   Collection of Money......................................... 51
SECTION 8.2.   Owner Trust Accounts........................................ 51
SECTION 8.3.   Owner Trust Spread Account Amount Increase.................. 52
SECTION 8.4.   General Provisions Regarding Owner Trust Spread
               Account..................................................... 52
SECTION 8.5.   Release of Owner Trust Estate............................... 53
SECTION 8.6.   Opinion of Counsel.......................................... 54
SECTION 8.7.   Treatment as Financial Assets............................... 54
SECTION 8.8.   Powers Coupled With an Interest............................. 54

                                  ARTICLE IX
                            SUPPLEMENTAL INDENTURES

SECTION 9.1.   Supplemental Indentures Without Consent of Noteholders..... 54
SECTION 9.2.   Supplemental Indentures with Consent of the
               Noteholders................................................ 55
SECTION 9.3.   Effect of Supplemental Indenture........................... 57
SECTION 9.4.   Conformity with Trust Indenture Act........................ 57
SECTION 9.5.   Reference in Notes to Supplemental Indentures.............. 57
SECTION 9.6.   Execution of Supplemental Indentures....................... 57

                                  ARTICLE X
                              REDEMPTION OF NOTES

SECTION 10.1.   Redemption................................................ 57

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SECTION 10.2.   Form of Redemption Notice.................................. 57
SECTION 10.3.   Notes Payable on Redemption Date........................... 58

                                  ARTICLE XI
                                 MISCELLANEOUS

SECTION 11.1.    Compliance Certificates and Opinions, etc................. 58
SECTION 11.2.    Form of Documents Delivered to the Indenture Trustee...... 60
SECTION 11.3.    Actions of Noteholders.................................... 60
SECTION 11.4.    Notices, etc., to the Indenture Trustee, the Issuer, and Note
                 Rating Agencies........................................... 61
SECTION 11.5.    Notices to Noteholders; Waiver............................ 62
SECTION 11.6.    Alternate Payment and Notice Provisions................... 62
SECTION 11.7.    Conflict with Trust Indenture Act......................... 62
SECTION 11.8.    Effect of Headings and Table of Contents.................. 62
SECTION 11.9.    Successors and Assigns.................................... 63
SECTION 11.10.   Separability.............................................. 63
SECTION 11.11.   Benefits of Indenture..................................... 63
SECTION 11.12.   Legal Holidays............................................ 63
SECTION 11.13.   GOVERNING LAW............................................. 63
SECTION 11.14.   Counterparts.............................................. 63
SECTION 11.15.   Recording of Indenture.................................... 63
SECTION 11.16.   Trust Obligation.......................................... 63
SECTION 11.17.   No Petition............................................... 64
SECTION 11.18.   Inspection................................................ 64
SECTION 11.19.   Tax Treatment............................................. 64

Exhibit A -    Form of Class A Note
Exhibit B -    Form of Class B Note
Exhibit C -    Form of Class C Note
Exhibit D -    Form of Note Depository Agreement

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                          CROSS REFERENCE TABLE<F1>

TIA Section                         Indenture Section
310       (a)(1)                         6.11
          (a)(2)                         6.11
          (a)(3)                         6.10
          (a)(4)                         N.A.<F2>
          (a)(5)                         6.11
          (b)                            6.8; 6.11
          (c)                            N.A.
          311(a)                         6.12
          (b)                            6.12
          (c)                            N.A.
312       (a)                            7.1; 7.2
          (b)                            7.2
          (c)                            7.2
          313(a)                         7.4
          (b)(1)                         7.4
          (b)(2)                         7.4
          (c)                            7.4
          (d)                            7.3
314       (a)                            7.3
          (b)                            3.6
          (c)(1)                         11.1
          (c)(2)                         11.1
                                         11.1
                                         11.1
          (f)                            N.A.
315       (a)                            6.1
          (b)                            6.5; 11.5
          (c)                            6.1
          (d)                            6.1
          (e)                            5.13
316       (a) (last sentence)            1.1
          (a)(1)(A)                      5.11
          (a)(1)(B)                      5.12
          (a)(2)                         N.A.
          (b)                            5.7
          (c)                            N.A.
317       (a)(1)                         5.3
          (a)(2)                         5.3
          (b)                            3.3
318       (a)                            11.7

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          INDENTURE dated as of March 15, 2001, between WILMINGTON TRUST
COMPANY, not in its individual capacity but solely as Owner Trustee for the
Chase Credit Card Owner Trust 2001-1, a Delaware common law trust (the
"Issuer"), and THE BANK OF NEW YORK, a New York banking corporation, as
indenture trustee (the "Indenture Trustee"), securities intermediary and
transfer agent and not in its individual capacity.

          Each party agrees as follows for the benefit of the other party and
for the benefit of the Holders of the Issuer's Class A Floating Rate Asset
Backed  Notes (the "Class A Notes"), Class B Floating Rate Asset Backed Notes
(the "Class B Notes") and Class C Floating Rate Asset Backed Notes (the "Class
C Notes", together with the Class A Notes and the Class B Notes, the "Notes"):

                                GRANTING CLAUSE

          The Issuer hereby Grants to the Indenture Trustee at the Closing
Date, as Indenture Trustee for the benefit of the Holders of the Notes, all
right, title and interest of the Issuer in, to and under the following
property whether now owned or hereafter acquired, now existing or hereafter
created and wherever located: all accounts, money, chattel paper, investment
property, instruments, documents, deposit accounts, certificates of deposit,
letters of credit, advices of credit, general intangibles and goods
consisting of, arising from or relating to (a) the Series Certificate, (b)
all money, instruments, investment property and other property (together with
all earnings, dividends, distributions, income, issues, and profits relating
to), distributed or distributable in respect of the Series Certificate
pursuant to the terms of the Series Supplement, the Pooling and Servicing
Agreement or the Deposit and Administration Agreement; (c) all money,
investment property, instruments and other property on deposit from time to
time in, credited to or related to the Note Distribution Account and the
Owner Trust Spread Account, and in all interest, dividends, earnings, income
and other distributions from time to time received, receivable or otherwise
distributed to or in respect thereto (including any accrued discount realized
on liquidation of any investment purchased at a discount); provided that the
Grant in respect of the Owner Trust Spread Account is for the exclusive
benefit of the Class C Noteholders; (d) all rights, remedies, powers,
privileges and claims of the Issuer under or with respect to the Series
Certificate and the Deposit and Administration Agreement (whether arising
pursuant to the terms of the Deposit and Administration Agreement or
otherwise available to the Issuer at law or in equity), including, without
limitation, the rights of the Issuer to enforce the Pooling and Servicing
Agreement, the Series Supplement and the Deposit and Administration
Agreement, and to give or withhold any and all consents, requests, notices,
directions, approvals, extensions or waivers under or with respect to the
Pooling and Servicing Agreement, the Series Supplement or the Deposit and
Administration Agreement to the same extent as the Issuer could but for the
assignment and security interest granted to the Indenture Trustee for the
benefit of the Noteholders; (e) all other property of the Issuer; and (f) all

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present and future claims, demands, causes and choses in action in respect of
any or all of the foregoing and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all of the foregoing,
including all proceeds, products, rents, receipts or profits of the
conversion, voluntary or involuntary, into cash or other property, all cash
and non-cash proceeds, and other property consisting of, arising from or
relating to all or any part of any of the foregoing or any proceeds thereof
(collectively, the "Collateral").

          The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction except
as set forth herein, and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture.

          The Indenture Trustee, as trustee on behalf of the Holders of the
Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the end that the interests of the
Holders of the Notes and (only to the extent expressly provided herein) the
Certificateholder may be adequately and effectively protected.

          On the date of issuance of the Series Certificate, the Issuer shall
cause the Series Certificate with an undated bond power covering such Series
Certificate, duly executed by the Issuer, and endorsed in blank, to be
delivered to the Indenture Trustee, and the Indenture Trustee shall maintain
possession of the Series Certificate for the benefit of the Holders of the
Notes, subject to the terms of this Indenture.

                                  ARTICLE I

                  DEFINITIONS AND INCORPORATION BY REFERENCE

          SECTION 1.1.   Definitions.  The following terms which are defined
in the Uniform Commercial Code in the State of New York shall have the
meanings set forth therein:  "certificated security," "control," "financial
asset," entitlement order," "investment property," "securities account,"
"securities intermediary," and "security entitlement."  Whenever used in this
Indenture, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:"Act" has the meaning specified
in Section 11.3(a).

          "Administrator" means Chase Manhattan Bank USA, National
Association, as administrator pursuant to the Deposit and Administration
Agreement, and its successors and assigns.

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          "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such
specified Person.  For purposes of this definition, "control" when used with
respect to any specified Person means the power to direct the management and
policies of such 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.  A
Person shall not be deemed to be an Affiliate of any specified Person solely
because such other Person has the contractual right or obligation to manage
such specified Person unless such other Person controls such specified Person
through equity ownership or otherwise.

          "Authenticating Agent" has the meaning specified in Section 2.13
and shall initially be the corporate trust office of Chase, and its
successors and assigns in such capacity.
"Authorized Officer" means any officer of the Owner Trustee, the
Administrator or the Servicer, who is authorized to act on behalf of the
Owner Trustee, the Administrator or Issuer, or the Servicer, respectively,
and who is identified as such on the list of authorized officers delivered by
each such party on the Closing Date as such list may be modified by notice to
the other parties.

         "Available Amount" means, with respect to each Transfer Date, an amount
equal to the amount to be paid in respect of the Series Certificate pursuant to
Section 4.9 of the Pooling and Servicing Agreement on such date.

          "Basic Documents" means this Indenture, the Deposit and
Administration Agreement, the Trust Agreement, the Pooling and Servicing
Agreement and the Series Supplement and other documents and certificates
delivered in connection therewith.

          "Book-Entry Notes" means beneficial interests in the Notes, the
ownership and transfers of which shall be made through book entries by a
Clearing Agency or Foreign Clearing Agency as described in Section 2.10.

          "Business Day" means a day, other than a Saturday or a Sunday, on
which the Indenture Trustee and banks located in New York, New York, and
Wilmington, Delaware are open for the purpose of conducting a commercial
banking business.

          "Certificate" means the certificate evidencing the beneficial
interest in Chase Credit Card Owner Trust 2001-1, substantially in the form
attached to the Trust Agreement as Exhibit A.

          "Certificateholder" means Chase USA.

          "Certificate Reassignment Date" has the meaning specified in the
Series Supplement.

                                      -9-

<PAGE>

          "Chase" means The Chase Manhattan Bank, a New York banking
corporation.

          "Chase USA" means Chase Manhattan Bank USA, National Association.
Class A Monthly Note Interest" means, with respect to any Payment Date, an
amount equal to the product of (a) the Class A Note Interest Rate for the
related Note Interest Period, (b) a fraction, the numerator of which is the
actual number of days in such Note Interest Period and the denominator of
which is 360 and (c) the Class A Note Principal Balance on the related Record
Date; provided, however, that with respect to the April 2001 Payment Date,
Class A Monthly Note Interest will be an amount equal to the product of (a)
the Class A Note Interest Rate determined on March 13, 2001, (b) a fraction
the numerator of which is 31 and the denominator of which is 360 and (c) the
Class A Note Initial Principal Balance.

          "Class A Noteholder" means a Holder of a Class A Note.

          "Class A Noteholders' Principal Distributable Amount" means, with
respect to any Payment Date on and after the earlier to occur of (a) the
Class A Scheduled Payment Date and (b) any Note Principal Due Date, the Class
A Note Principal Balance on such Payment Date.

          "Class A Note Initial Principal Balance" means $714,000,000.

          "Class A Note Interest Rate" means, from the Closing Date through
April 15, 2001 and, with respect to each Note Interest Period, a per annum
rate equal to 0.14% per annum in excess of LIBOR, as determined on the
related LIBOR Determination Date.

          "Class A Note Interest Requirement" means, with respect to any
Payment Date, the sum of (a) the Class A Monthly Note Interest for such
Payment Date and (b) the amount of any unpaid Class A Note Interest
Shortfall.

          "Class A Note Interest Shortfall" means, with respect to any
Payment Date, the sum of (a) the excess, if any, of (i) the Class A Note
Interest Requirement for the preceding Payment Date, over (ii) the amount in
respect of interest that was actually paid pursuant to subsection 2.4(d) with
respect to interest on the Class A Notes for such preceding Payment Date,
plus (b) interest on the amount of interest due but not paid to the Class A
Noteholders on the preceding Payment Date, to the extent permitted by law, at
the Class A Note Interest Rate from and including such preceding Payment Date
to but excluding the current Payment Date.

          "Class A Note Principal Balance" means, with respect to any date,
an amount equal to the excess of (a) the Class A Note Initial Principal

                                     -10-

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Balance over (b) the aggregate amount of any principal payments made to the
Class A Noteholders pursuant to subsection 2.7(d) prior to such date.

          "Class A Notes" means each of the $714,000,000 Class A Floating
Rate Asset Backed Notes, Series 2001-1.

          "Class A Scheduled Payment Date" means the February 2006 Payment
Date.

          "Class B Monthly Note Interest" means, with respect to any Payment
Date, an amount equal to the product of (a) the Class B Note Interest Rate
for the related Note Interest Period, (b) a fraction, the numerator of which
is the actual number of days in such Note Interest Period and the denominator
of which is 360 and (c) the Class B Note Principal Balance on the related
Record Date; provided, however, that with respect to the April 2001 Payment
Date, Class B Monthly Note Interest will be an amount equal to the product of
(a) the Class B Note Interest Rate determined on March 13, 2001, (b) a
fraction the numerator of which is 31 and the denominator of which is 360 and
(c) the Class B Note Initial Principal Balance.

          "Class B Noteholder" means a Holder of a Class B Note.

          "Class B Noteholders' Principal Distributable Amount" means, with
respect to any Payment Date on and after the earlier to occur of (a) the
Class B Scheduled Payment Date and (b) any Note Principal Due Date, the Class
B Note Principal Balance on such Payment Date.

          "Class B Note Initial Principal Balance" means $59,500,000.

          "Class B Note Interest Rate" means, from the Closing Date through
April 15, 2001, and, with respect to each Note Interest Period, a per annum
rate equal to 0.40% per annum in excess of LIBOR, as determined on the
related LIBOR Determination Date.

          "Class B Note Interest Requirement" means, with respect to any
Payment Date, the sum of (a) the Class B  Monthly Note Interest for such
Payment Date and (b) the amount of any unpaid Class B Note Interest
Shortfall.

          "Class B Note Interest Shortfall" means, with respect to any
Payment Date, the sum of (a) the excess, if any, of (i) the Class B Note
Interest Requirement for the preceding Payment Date, over (ii) the amount in
respect of interest that was actually paid pursuant to subsection 2.7(e) with
respect to interest on the Class B Notes for such preceding Payment Date,
plus (b) interest on the amount of interest due but not paid to the Class B
Noteholders on the preceding Payment Date, to the extent permitted by law, at

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<PAGE>

the Class B Note Interest Rate from and including such preceding Payment Date
to but excluding the current Payment Date.

          "Class B Note Principal Balance" means, with respect to any date,
an amount equal to the excess of (a) the Class B Note Initial Principal
Balance over (b) the aggregate amount of any principal payments made to the
Class B Noteholders pursuant to subsection 2.7(e) prior to such date.

          "Class B Notes" means each of the $59,500,000 Class B Floating Rate
Asset Backed Notes, Series 2001-1.

          "Class B Scheduled Payment Date" means the March 2006 Payment Date.

          "Class C Monthly Note Interest" means, with respect to any Payment
Date, an amount equal to the product of (a) the Class C Note Interest Rate
for the related Note Interest Period, (b) a fraction, the numerator of which
is the actual number of days in such Note Interest Period and the denominator
of which is 360 and (c) the Class C Note Principal Balance on the related
Record Date; provided, however, that with respect to the April 2001 Payment
Date, Class C Monthly Note Interest will be an amount equal to the product of
(a) the Class C Note Interest Rate determined on March 13, 2001, (b) a
fraction the numerator of which is 31 and the denominator of which is 360 and
(c) the Class C Note Initial Principal Balance.

          "Class C Noteholder" means a Holder of a Class C Note.

          "Class C Noteholders'  Principal Distributable Amount" means, with
respect to any Payment Date on and after the earlier to occur of (a) the
Class C Scheduled Payment Date and (b) any Note Principal Due Date, the Class
C Note Principal Balance on such Payment Date.

          "Class C Note Initial Principal Balance" means $76,500,000.

          "Class C Note Interest Rate" means, from the Closing Date through
April 15, 2001, and, with respect to each Note Interest Period, a per annum
rate equal to 0.85% per annum in excess of LIBOR, as determined on the
related LIBOR Determination Date.

          "Class C Note Interest Requirement" means, with respect to any
Payment Date, the sum of (a) the Class C Monthly Note Interest for such
Payment Date and (b) the amount of any unpaid Class C Note Interest
Shortfall.

          "Class C Note Interest Shortfall" means, with respect to any
Payment Date, the sum of (a) the excess, if any, of (i) the Class C Note
Interest Requirement for the preceding Payment Date, over (ii) the amount in
respect of interest that was actually paid pursuant to subsection 2.7(f) with

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<PAGE>

respect to interest on the Class C Notes for such preceding Payment Date,
plus (b) interest on the amount of interest due but not paid to the Class C
Noteholders on the preceding Payment Date, to the extent permitted by law, at
the Class C Note Interest Rate from and including such preceding Payment Date
to but excluding the current Payment Date.

          "Class C Note Principal Balance" means, with respect to any date,
an amount equal to the excess of (a) the Class C Note Initial Principal
Balance over (b) the aggregate amount of any principal payments made to the
Class C Noteholders pursuant to subsection 2.7(f) prior to such date.

          "Class C Notes" means each of the $76,500,000 Class C Floating Rate
Asset Backed Notes, Series 2001-1.

          "Class C Scheduled Payment Date" means the March 2006 Payment Date.

          "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act; the initial Clearing
Agency shall be The Depository Trust Company.

          "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other person for whom from time to time a Clearing
Agency effects book-entry transfers of securities deposited with the Clearing
Agency (including a Foreign Clearing Agency).

          "Clearstream" means Clearstream Banking, societe anonyme, and its
successors.

          "Closing Date" means March 15, 2001.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Collateral" has the meaning assigned to such term in the Granting
Clause hereof.

          "Commission" means the Securities and Exchange Commission.

          "Corporate Trust Office" means the principal corporate trust office
of the Indenture Trustee, which as of the date hereof, is located at 101
Barclay Street, Fl. 12 East, New York, New York 10286, Attn: Corporate Trust
Administration or the corporate trust office of the Owner Trustee, as
applicable.

          "Default" means any occurrence that is, or with notice or the lapse
of time or both would become, an Event of Default.

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<PAGE>

          "Definitive Notes" means Notes issued in certificated, fully
registered form as provided in Section 2.12.

          "Deposit and Administration Agreement" means the deposit and
administration agreement dated as of March 15, 2001 between the Depositor and
Administrator and Wilmington Trust Company, not in its individual capacity
but solely as Owner Trustee for the Chase Credit Card Owner Trust 2001-1.

          "Depositor" means Chase USA in its capacity as Depositor under the
Trust Agreement.

          "Distribution Date" has the meaning specified in the Series
Supplement.

          "DTC" means The Depository Trust Company.

          "Eligible Deposit Account" means either (a) a segregated account
with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the
laws of the United States or any one of the states thereof, including the
District of Columbia (or any domestic branch of a foreign bank), and acting
as a trustee for funds deposited in such accounts, so long as any of the
Securities of such depository institution shall have a credit rating from
each Note Rating Agency in one of its generic credit rating categories which
signifies investment grade.

          "Eligible Institution" means (a) the Administrator, (b) a
depository institution (which may be the Owner Trust Trustee, the Indenture
Trustee or the Master Trust Trustee or an Affiliate) organized under the laws
of the United States or any one of the states thereof which at all times (i)
has a certificate of deposit rating of "P-1" by Moody's, (ii) has either (x)
a long-term unsecured debt rating of "AAA" by Standard & Poor's or (y) a
certificate of deposit rating of "A-1+" by Standard & Poor's and (iii) is a
member of the FDIC or (c) any other institution that is acceptable to the
Note Rating Agencies.

          "Euroclear Operator" means Morgan Guaranty Trust Company of New
York, Brussels office, as operator of the Euroclear System.

          "Event of Default" means an event specified in Section 5.1.

          "Excess Spread Percentage" shall mean, with respect to any Monthly
Period, the amount, if any, by which (i) the Portfolio Yield exceeds (ii) the
Base Rate.

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

                                     -14-

<PAGE>

          "Executive Officer" means, with respect to any corporation or bank,
the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, Executive Vice President, any Vice President, the
Secretary or the Treasurer of such corporation or bank, and with respect to
any partnership, any general partner thereof.

          "FDIC" means the Federal Deposit Insurance Corporation or any
successor thereto.

          "Fitch" means Fitch, Inc. and its successors and assigns.

          "Foreign Clearing Agency" means, collectively, Clearstream and the
Euroclear Operator.

          "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, and grant a lien upon and
a security interest in and right of set-off against, deposit, set over and
confirm pursuant to this Indenture.  A Grant of the Trust Estate or of any
other agreement or instrument shall include all rights, powers and options
(but none of the obligations) of the Granting party thereunder, including the
immediate and continuing right to claim for, collect, receive and give
receipt for principal and interest payments and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the Granting party or otherwise and generally to
do and receive anything that the Granting party is or may be entitled to do
or receive thereunder or with respect thereto.

          "Holder" or "Holders" means, unless the context otherwise requires,
both the Certificateholder and Noteholders.

          "Indenture Trustee" means The Bank of New York, in its capacity as
indenture trustee pursuant to this Indenture.

          "Independent" means, when used with respect to any specified
Person, that the person (a) is in fact independent of the Issuer, any other
obligor upon the Notes, the Depositor and any Affiliate of any of the
foregoing persons, (b) does not have any direct financial interest or any
material indirect financial interest in the Issuer, any such other obligor,
the Depositor or any Affiliate of any of the foregoing Persons and (c) is not
connected with the Issuer, any such other obligor, the Depositor or any
Affiliate of any of the foregoing Persons as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar
functions.

          "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and

                                     -15-

<PAGE>

otherwise complying with, the applicable requirements of Section 11.1, made
by an Independent engineer, appraiser or other expert appointed by the Issuer
and approved by the Indenture Trustee in the exercise of reasonable care, and
such opinion or certificate shall state that the signer has read the
definition of  "Independent" in this Indenture and that the signer is
Independent within the meaning thereof.

          "Insolvency Event" means, for a specified Person, (a) the filing of a
decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an
involuntary case under any applicable Federal or state bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver
(including any receiver appointed under the Financial Institutions Reform,
Recovery and Enforcement Act of 1989, as amended), liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation
of such Person's affairs, and such decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable Federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the
appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or the making of such Person of any
general assignment for the benefit of creditors, or the failure by such
Person generally to pay its debts as such debts become due, or the taking of
action by such Person in furtherance of any of the foregoing.

          "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses) on amounts on
deposit in the Owner Trust Spread Account.

          "Issuer" means Chase Credit Card Owner Trust 2001-1, a Delaware
common law trust created under the Trust Agreement acting by and through
Wilmington Trust Company, not in its individual capacity but solely as Owner
Trustee.

          "Issuer Order" and "Issuer Request" means a written order or
request signed in the name of the Issuer by any of its Authorized Officers
and delivered to the Indenture Trustee and the Paying Agent.

          "LIBOR" means, for any Note Interest Period, the London interbank
offered rate for United States dollar deposits determined by the Indenture
Trustee for each Note Interest Period in accordance with the provisions of
Section 2.16.

          "LIBOR Determination Date" shall mean March 13, 2001 for the period
from the Closing Date through April 15, 2001 and (b) the second London

                                     -16-

<PAGE>

Business Day prior to the commencement of the second and each subsequent Note
Interest Period.

          "Lien" means a security interest, lien, charge, pledge or
encumbrance of any kind other than tax liens, mechanics' liens or any other
liens that attach by operation of law.

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

          "Master Trust" means the Chase Credit Card Master Trust created
pursuant to the Pooling and Servicing Agreement.

          "Master Trust Servicer Default" means a Servicer Default as defined
in the Pooling and Servicing Agreement.

          "Master Trust Termination Date" means the Series 2001-1 Termination
Date, as defined in the Series Supplement.

          "Master Trust Trustee" means The Bank of New York, as trustee under
the Pooling and Servicing Agreement and each successor to The Bank of New
York in the same capacity.

          "Monthly Period" has the meaning specified in the Series
Supplement.

          "Moody's" means Moody's Investors Service, Inc., and its successors
and assigns.

          "Net Class C Note Interest Requirement" means, with respect to any
Payment Date, an amount equal to the Class C Note Interest Requirement minus
the amount of investment earnings on amounts on deposit in the Owner Trust
Spread Account pursuant to Section 8.2 which are available on such Transfer
Date to be applied pursuant to subsection 2.7(b).

          "Note" means a Class A Note, a Class B Note, or a Class C Note.

          "Note Depository Agreement" means the Note Depository Agreement
substantially in the form of Exhibit D attached hereto.

          "Note Distribution Account" means the account designated as such,
established and maintained pursuant to Section 8.2.

          "Noteholder" means the Person in whose name a Note is registered on
the Note Register.

                                     -17-

<PAGE>

          "Note Initial Principal Balance" means $850,000,000.

          "Note Interest Period" means, with respect to any Payment Date, the
period from the previous Payment Date through the day preceding such Payment
Date, except that the initial Note Interest Period will be the period from
the Closing Date through the day preceding the initial Payment Date.

          "Note Interest Rate" means each of the Class A Note Interest Rate,
Class B Note Interest Rate and Class C Note Interest Rate.

          "Note Interest Shortfall" means, with respect to any Payment Date,
the amount of any of the Class A Note Interest Shortfall, the Class B Note
Interest Shortfall or the Class C Note Interest Shortfall.

          "Note Maturity Date" means the June 2008 Payment Date.

          "Note Owner" means, with respect to a Book-Entry Note, the person
who is the owner of such Book-Entry Note, as reflected on the books of the
Clearing Agency or Foreign Clearing Agency, or on the books of a direct or
indirect Clearing Agency Participant.

          "Note Principal Due Date" means any of (a) the Master Trust
Termination Date, (b) the date on which the Investor Interest is paid in full,
(c) the Note Maturity Date, (d) the Certificate Reassignment Date and (e) the
Payment Date in the month following the Monthly Period in which a Pay Out Event
(including an Event of Default) occurs.

          "Note Rate" means any of the Class A Note Interest Rate, Class B
Note Interest Rate and Class C Note Interest Rate.

          "Note Rating Agency" means any nationally recognized rating
organization selected by Chase USA to rate the Notes.

          "Note Register" and "Note Registrar" means the register maintained
and the registrar appointed pursuant to Section 2.4.

          "Note Registrar" shall have the meaning specified in the definition
of "Note Register".

          "Officer's Certificate" means a certificate signed by the chairman
of the board, the president, the treasurer, the controller, any executive or
senior vice president or any vice president of the Depositor, the
Administrator (on behalf of itself or the Issuer), or the Servicer, as
appropriate, meeting the requirements of Section 11.1.

          "Opinion of Counsel" means a written opinion of counsel (who may be
counsel to the Depositor, the Administrator or the Servicer) reasonably
acceptable in form and substance to the Indenture Trustee, meeting the

                                     -18-

<PAGE>

requirements of Section 11.1  (or in the case of an Opinion of Counsel
delivered to the Owner Trustee, reasonably acceptable in form and substance
to the Owner Trustee).

          "Outstanding" means, when used with respect to Notes, as of any
date of determination, all Notes theretofore authenticated and delivered
under this Indenture except:

          (a)  Notes theretofore canceled by the Note Registrar or delivered
to the Note Registrar for cancellation;

          (b)  Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the Holders of such Notes (provided that if
such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor, satisfactory to the
Indenture Trustee, has been made); and

          (c)  Notes in exchange for or in lieu of other Notes which have
been authenticated and delivered pursuant to this Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser;

provided that in determining whether the Holders of the requisite Outstanding
Amount of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned
by the Issuer, any other obligor upon the Notes, the Depositor or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not
to be Outstanding, except that, in determining whether the Indenture Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes that a Responsible Officer
of the Indenture Trustee either actually knows to be so owned or has received
written notice that such Note is so owned shall be so disregarded.  Notes so
owned that have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgee's right so to act with respect to such Notes and that the pledgee is
not the Issuer, any other obligor upon the Notes, the Depositor or any
Affiliate of any of the foregoing Persons.

          "Outstanding Amount" means, when used with respect to Notes, as of
any date of determination, the aggregate principal amount of all Notes, or a
class of Notes, as applicable, Outstanding as of such date of determination.

          "Owner Trust Accounts" has the meaning specified in Section 8.2.

          "Owner Trust Estate" means all right, title and interest of the
Issuer in and to the property and rights assigned to the Issuer pursuant to

                                     -19-

<PAGE>

the Deposit and Administration Agreement or the Trust Agreement, all funds on
deposit from time to time in the Owner Trust Accounts and all other property
of the Issuer from time to time, including any rights of the Owner Trustee
and the Issuer granted to the Indenture Trustee pursuant to Granting Clause
of this Indenture.

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

          "Owner Trust Spread Account" has the meaning specified in Section
8.2.

          "Pay Out Event" has the meaning specified in the Series Supplement.

          "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards for the Indenture Trustee specified in
Section 6.11 and is authorized by the Indenture Trustee to make the payments
to and distributions from the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

          "Payment Date" means April 16, 2001 and the 15th day of each
calendar month thereafter, or if such fifteenth day is not a Business Day,
the next succeeding Business Day.

          "Permitted Investments" means instruments, investment property or
other property consisting of:
          (a)  obligations fully guaranteed by the United States of America;

          (b)  demand deposits, time deposits or certificates of deposit of
depository institutions or trust companies, the certificates of deposit of
which have a rating in the highest rating category from Moody's and Standard
& Poor's;

          (c)  commercial paper having, at the time of the investment, a
rating in the highest rating category from Moody's and Standard & Poor's;

          (d)  bankers' acceptances issued by any depository institution or
trust company described in clause (b) above;

          (e)  certain repurchase agreements transacted with either (i) an
entity subject to the United States federal bankruptcy code or (ii) a
financial institution insured by the FDIC or any broker-dealer with "retail
customers" that is under the jurisdiction of the Securities Investors
Protection Corp.; and

                                     -20-

<PAGE>

          (f)  any other investment that by its terms converts to cash within
a finite time period if the Note Rating Agency confirms in writing that such
investment will not adversely affect its then current rating or ratings of
the Notes.

          "Person" means a legal person, including any individual,
corporation, limited liability company, estate, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, or
government or any agency or political subdivision thereof, or any other
entity of whatever nature.

          "Pooling and Servicing Agreement" means the Third Amended and
Restated Pooling and Servicing Agreement dated as of November 15, 1999 among
the Transferor, the Servicer and the Master Trust Trustee, as it may have
been, or may from time to time be, amended, modified or supplemented.

          "Predecessor Note" means, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition,
any Note authenticated and delivered under Section 2.5 in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note.

          "Proceeding" means any suit in equity, action or law or other
judicial or administrative proceeding.

          "Quarterly Excess Spread Percentage" means, with respect to any
Monthly Period, the average of the current Excess Spread Percentage and the
Excess Spread Percentages associated with the two immediately preceding
Monthly Periods.

          "Rating Agency Condition" means, with respect to any action or
event, that each Note Rating Agency shall have notified the Depositor, the
Administrator, the Indenture Trustee and the Owner Trustee, in writing, that
such action or event will not result in reduction or withdrawal of any then
outstanding rating of any outstanding Note with respect to which it is the
Note Rating Agency.

          "Record Date" means, with respect to any Payment Date, the last
Business Day of the immediately preceding calendar month.

          "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1, the Distribution Date specified by the
Administrator pursuant to such Section 10.1.

          "Redemption Price" means, with respect to the Notes of each Class,
the Note Principal Balance of the Notes of such Class then outstanding plus
accrued and unpaid interest thereon at the applicable Note Interest Rate for

                                     -21-

<PAGE>

such Class on the Payment Date on which the Transferor exercises its option to
repurchase the Series Certificate.

          "Reference Banks" means four major banks in the London interbank
market selected by the Issuer.

          "Required Owner Trust Spread Account Amount" means an amount
determined on the Closing Date and on or prior to each Transfer Date and,
except as described below, will be equal to $8,500,000 unless the Quarterly
Excess Spread Percentage (i) is less than or equal to 4.50% per annum but
greater than 4.25% per annum, in which case the Required Owner Trust Spread
Account Amount will be equal to an amount equal to 1.50% of the Note Initial
Principal Balance; (ii) is less than or equal to 4.25% but greater than or
equal to 4.00% per annum, in which case the Required Owner Trust Spread
Account Amount will be equal to an amount equal to 2.00% of the Note Initial
Principal Balance; (iii) is less than or equal to 4.00% per annum but greater
than 3.50% per annum, in which case the Required Owner Trust Spread Account
Amount will be increased to an amount equal to 2.50% of the Note Initial
Principal Balance; (iii) is less than or equal to 3.50% per annum but greater
than 3.00% per annum, in which case the Required Owner Trust Spread Account
Amount will be equal to an amount equal to 3.00% of the Note Initial
Principal Balance; (iv) is less than or equal to 3.00% per annum but greater
than 2.50% per annum, in which case the Required Owner Trust Spread Account
Amount will be equal to 3.50% of the Note Initial Principal Balance; (v) is
less than or equal to 2.50% per annum but greater than or equal to 0% per
annum, in which case the Required Owner Trust Spread Account Amount will be
equal to an amount equal to 4.00% of the Note Initial Principal Balance and
(vi) is less than 0% per annum, in which case the Required Owner Trust Spread
Account Amount will be increased to an amount equal to 9.00% of the Note
Initial Principal Balance.

          Notwithstanding the foregoing, in no event shall the Required Owner
Trust Spread Account Amount exceed the Class C Note Principal Balance.

          "Responsible Officer" means, with respect to the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the
above designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

          "Securities Intermediary" has the meaning specified in Section 8.2.

          "Scheduled Payment Date" means each of the Class A Scheduled
Payment Date, the Class B Scheduled Payment Date and the Class C Scheduled
Payment Date.

                                     -22-

<PAGE>

          "Series Certificate" means the Series 2001-1 Certificate issued by the
Master Trust on the Closing Date.

          "Series Certificateholder" means Chase Credit Card Owner Trust
2001-1 as the holder of the Series Certificate.

          "Series Supplement" means the Series 2001-1 Supplement to the
Pooling and Servicing Agreement.

          "Servicer" means Chase, in its capacity as the servicer of the
Receivables under the Pooling and Servicing Agreement, and each successor to
Chase (in the same capacity) pursuant to the Pooling and Servicing Agreement.

          "Standard & Poor's" means Standard & Poor's Ratings Services and
its successors and assigns.

          "Transfer Agent" means The Bank of New York, in its capacity as the
transfer agent for the purpose of the original issuance through DTC.

          "Transfer Date" means the Business Day immediately proceeding each
Distribution Date.

          "Transferor" means (a) with respect to the period prior to June 1,
1996, CMB (formerly known as Chemical Bank) and (b) with respect to the
period beginning on June 1, 1996, Chase USA.

          "Trust Agreement" means the Trust Agreement dated as of March 15,
2001, between the Depositor and the Owner Trustee, as the same may be amended
and supplemented from time to time.

          "Trust Indenture Act" or "TIA" means the Trust Indenture Act of
1939 as in force on the date hereof, unless otherwise specifically provided.

          SECTION 1.2.   Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture.  The
following TIA terms used in this Indenture have the following
meanings:"indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

                                     -23-

<PAGE>

          "obligor" on the indenture securities means the Issuer and any
other obligor on the indenture securities.

          All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions.

          SECTION 1.3.   Usage of Terms.  With respect to all terms in this
Indenture, the singular includes the plural and the plural the singular;
words importing any gender include the other gender; references to "writing"
include printing, typing, lithography, and other means of reproducing words
in a visible form; references to agreements and other contractual instruments
include all subsequent amendments thereto or changes therein entered into in
accordance with their respective terms and not prohibited by this Indenture;
references to Persons include their permitted successors and assigns; and the
term "including" means "including without limitation."  All references herein
to Articles, Sections, Subsections and Exhibits are references to Articles,
Sections, Subsections and Exhibits contained in or attached to this Indenture
unless otherwise specified, and each such Exhibit is part of the terms of
this Indenture.Calculations of Interest.  All calculations of interest made
hereunder with respect to the Notes shall be made on the basis of a 360-day
year based upon the actual number of days elapsed.

                                   THE NOTES

          SECTION 2.1.   Form.  The Notes will be issued in registered form.
The Class A Notes, the Class B Notes and the Class C Notes, in each case
together with the Indenture Trustee's or Authenticating Agent's certificate
of authentication, shall be in substantially the forms set forth in Exhibits
A, B and C, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently
herewith, be determined to be appropriate by the officers executing such
Notes, as evidenced by their execution of the Notes.  Any portion of the text
of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note. Each Note shall be dated the date
of its authentication.  The Notes shall be issuable as registered Notes in
the minimum denomination of $1,000 and in integral multiples thereof (except,
if applicable, for one Note representing a residual portion of each class
which may be issued in a denomination other than an integral multiple of
$1,000).Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the date of authentication and delivery of such Notes or did
not hold such offices at such date.  No Note shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there

                                     -24-

<PAGE>

appears on such Note a certificate of authentication substantially in the
form provided for herein executed by the Indenture Trustee or an
Authenticating Agent by the manual or facsimile signature of one of its
authorized signatories, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.  The terms of the Notes set forth in
Exhibits A, B and C are part of the terms of this Indenture.

               The Definitive Notes shall be typewritten, printed,
lithographed or engraved or produced by any combination of these methods
(with or without steel engraved borders), all as determined by the officers
executing such Notes, as evidenced by their execution of such Notes.

          SECTION 2.2.   Execution, Authentication and Delivery.  The Notes
shall be executed on behalf of the Issuer by any of its Authorized Officers
or by any other authorized signatory of the Issuer.  The signature of any
such Authorized Officer on the Notes may be manual or facsimile.The Indenture
Trustee shall, upon written order of the Depositor, authenticate and deliver
Class A Notes for original issue in an aggregate principal amount of
$714,000,000, Class B Notes for original issue in an aggregate principal
amount of $59,500,000, and Class C Notes for original issue in the aggregate
principal amount of $76,500,000.  The respective aggregate principal amount
of Class A Notes, Class B Notes and Class C Notes outstanding at any time may
not exceed such amounts, except as provided in Section 2.5.
SECTION 2.3.   Temporary Notes.  Pending the preparation of Definitive Notes,
the Issuer may execute, and at the direction of the Issuer, the Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor
of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.If temporary Notes are issued, the Issuer will cause Definitive Notes
to be prepared without unreasonable delay.  After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive
Notes upon surrender of the temporary Notes at the office or agency of the
Issuer to be maintained as provided in Section 3.2, without charge to the
Holder.  Upon surrender for cancellation of any one or more temporary Notes,
the Issuer shall execute and the Indenture Trustee shall upon receipt of a
written order from the Issuer authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations.  Until
so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Definitive Notes.

          SECTION 2.4.   Registration of Transfer and Exchange.  The Issuer
shall cause to be kept a register (the "Note Register") in which, subject to
such reasonable regulations as it may prescribe, the Note Registrar shall
provide for the registration of the Notes and the registration of transfers

                                     -25-

<PAGE>

of the Notes.  Chase shall initially be "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided.  In the event
that, subsequent to the date of issuance of the Notes, Chase notifies the
Indenture Trustee that it is unable to act as Note Registrar, the Indenture
Trustee shall act, or the Indenture Trustee shall, with the consent of the
Issuer, appoint another bank or trust company, having an office or agency
located in the City of New York and which agrees to act in accordance with
the provisions of this Indenture applicable to it, to act, as successor Note
Registrar under this Indenture.  For so long as any Note is issued as a
global Note, the Issuer may, or if and so long as any of the Notes are listed
on the Luxembourg Stock Exchange and such exchange shall so require, the
Issuer shall appoint a co-registrar in Luxembourg or another European
city.The Indenture Trustee may revoke such appointment and remove Chase as
Note Registrar if the Indenture Trustee determines that Chase failed to
perform its obligations under this Indenture in any material respect.  Chase
shall be permitted to resign as Note Registrar upon 30 days' written notice
to the Indenture Trustee, the Depositor and the Administrator; provided,
however, that such resignation shall not be effective and Chase shall
continue to perform its duties as Note Registrar until the Indenture Trustee
has appointed a successor Note Registrar with the consent of the Issuer.

          If a Person other than the Indenture Trustee is appointed by the
Issuer as the Note Registrar, the Issuer will give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee
shall have the right to conclusively rely upon a certificate executed on
behalf of the Note Registrar by an Executive Officer thereof as to the names
and addresses of the Holders of the Notes and the principal amounts and
number of such Notes.

          An institution succeeding to the corporate agency business of the
Note Registrar shall continue to be the Note Registrar without the execution
or filing of any paper or any further act on the part of the Indenture
Trustee or such Note Registrar.

          The Note Registrar shall maintain in the City of New York an office
or offices or agency or agencies where Notes may be surrendered for
registration of transfer or exchange.  The Note Registrar initially
designates its corporate trust office located at 450 West 33rd Street, New
York, New York 10001-2697 as its office for such purposes.  The Note
Registrar shall give prompt written notice to the Indenture Trustee, the
Depositor, the Administrator and to the Noteholders of any change in the
location of such office or agency.

                                     -26-

<PAGE>

          Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.2,
if the requirements of Section 8-401(a) of the Relevant UCC are met, the
Issuer shall execute, the Indenture Trustee shall upon receipt of a written
order from the Issuer authenticate and (if the Note Registrar is different
than the Indenture Trustee, then the Note Registrar shall) deliver to the
Noteholder, in the name of the designated transferee or transferees, one or
more new Notes, in any authorized denominations, of the same class and a like
aggregate principal amount.

          At the option of the Holder, the Notes may be exchanged for other
Notes in any authorized denominations, of the same class and a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office
or agency.  Whenever any Notes are so surrendered for exchange, if the
requirements of Section 8-401(a) of the Relevant UCC are met, the Issuer
shall execute and the Indenture Trustee shall authenticate and (if the Note
Registrar is different than the Indenture Trustee, then the Note Registrar
shall) deliver to the Noteholder, the Notes which the Noteholder making the
exchange is entitled to receive.

          All Notes issued upon any registration of transfer or exchange of
the Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes
surrendered upon such registration of transfer or exchange.
Every Note presented or surrendered for registration of transfer or exchange
shall be (i) duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with
such signature guaranteed by a commercial bank or trust company located, or
having a correspondent located, in the City of New York or the city in which
the Corporate Trust Office is located, or by a member firm of a national
securities exchange, and (ii) accompanied by such other documents as the
Indenture Trustee may require.  Each Note surrendered for registration of
transfer or exchange shall be cancelled by the Note Registrar and disposed of
by the Indenture Trustee or Note Registrar in accordance with its customary
practice. The Note Registrar shall notify promptly the Transfer Agent of any
transfer or exchange of the Notes pursuant to this Section 2.4.

          No service charge shall be made to a Holder for any registration of
transfer or exchange of the Notes, but the Issuer may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.3 or 9.5 not involving any
transfer.

          The preceding provisions of this section notwithstanding, the
Issuer shall not be required to make, and the Note Registrar need not

                                     -27-

<PAGE>

register, transfers or exchanges of the Notes selected for redemption or of
any Note for a period of 15 days preceding the due date for any payment in
full with respect to such Note.

          The Issuer hereby appoints the Indenture Trustee as the Transfer
Agent.

          SECTION 2.5.   Mutilated, Destroyed, Lost or Stolen Notes.  If (i)
any mutilated Note is surrendered to the Note Registrar, or the Note Registrar
receives evidence to its satisfaction of the destruction, loss or theft of
any Note, and (ii) there is delivered to the Note Registrar and the Indenture
Trustee such security or indemnity as may be required by them to hold the
Issuer, the Note Registrar and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a bona fide purchaser, and provided that
the requirements of Section 8-405 of the Relevant UCC are met, the Issuer
shall execute and the Indenture Trustee or an Authenticating Agent shall
authenticate and (if the Note Registrar is different from the Indenture
Trustee, the Note Registrar shall) deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note of like
class, tenor and denomination; provided that if any such destroyed, lost or
stolen Note, but not a mutilated Note, shall have become or within seven days
shall be due and payable, or shall have been called for redemption, instead
of issuing a replacement Note, the Issuer may pay such destroyed, lost or
stolen Note when so due or payable or upon the Redemption Date without
surrender thereof.  If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the
preceding sentence, a bona fide purchaser of the original Note in lieu of
which such replacement Note was issued presents for payment such original
Note, the Issuer, the Note Registrar and the Indenture Trustee shall be
entitled to recover such replacement Note (or such payment) from the Person
to whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a bona fide purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuer, the Note Registrar or the
Indenture Trustee in connection therewith.Upon the issuance of any
replacement Note under this Section, the Issuer may require the payment by
the Holder of such Note of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Indenture
Trustee, its agents and counsel) connected therewith.

          Every replacement Note issued pursuant to this Section 2.5 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Issuer, whether or not
the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this

                                     -28-

<PAGE>

Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

          SECTION 2.6.   Persons Deemed Owner.  Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the
Note Registrar and any agent of the Issuer, the Indenture Trustee or the Note
Registrar may treat the Person in whose name any Note is registered (as of
the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest, if any, on such Note and for
all other purposes whatsoever, whether or not such Note shall be overdue, and
neither the Issuer, the Indenture Trustee or the Note Registrar nor any agent
of the Issuer, the Indenture Trustee or the Note Registrar shall be bound by
notice to the contrary.Payment of Principal and Interest.  (a)  On each
Transfer Date, the Paying Agent, acting in accordance with written
instructions from the Administrator, shall make, or shall direct the Master
Trust Trustee to make, the following deposits and distributions to the extent
of the Available Amount for such Transfer Date, in the following order of
priority:

          (i)  to the Note Distribution Account for distribution to the Class
A Noteholders on the related Payment Date, the Class A Note Interest
Requirement for such Transfer Date;

          (ii) to the Note Distribution Account for distribution to the Class
B Noteholders on the related Payment Date, the Class B Note Interest
Requirement for such Transfer Date;

         (iii) to the Note Distribution Account for distribution to the
Class C Noteholders on the related Payment Date, the Class C Note Interest
Requirement for such Transfer Date;

          (iv) to the Note Distribution Account for distribution to the Class
A Noteholders on the related Payment Date, the Class A Noteholders' Principal
Distributable Amount for such Transfer Date;

          (v)  to the Note Distribution Account for distribution to the Class
B Noteholders on the related Payment Date, the Class B Noteholders' Principal
Distributable Amount for such Transfer Date;

          (vi) to the Note Distribution Account for distribution to the Class
C Noteholders on the related Payment Date, the Class C Noteholders' Principal
Distributable Amount for such Transfer Date;

                                     -29-

<PAGE>

         (vii) to the Owner Trust Spread Account, the excess, if any, of
(a) the Required Owner Trust Spread Account Amount for such Transfer Date
over (b) the amount on deposit in the Owner Trust Spread Account on such
Transfer Date (not taking into account the amount deposited into the Owner
Trust Spread Account on such Transfer Date described by this clause (vii));
and

        (viii) to the Certificateholder, on behalf of the Issuer, the
remaining Available Amount for such Transfer Date, if any.

          (b)  To the extent that on any Transfer Date the Class C Note
Interest Requirement exceeds the Available Amount available to be deposited
into the Note Distribution Account pursuant to subsection 2.7(a)(iii), funds,
to the extent of the lesser of the Required Owner Trust Spread Account Amount
for such Transfer Date and the amount on deposit in the Owner Trust Spread
Account on such Transfer Date, shall be withdrawn from the Owner Trust Spread
Account and deposited in the Note Distribution Account to be applied to pay
the Class C Note Interest Requirement on the related Payment Date pursuant to
subsection 2.7(f).

          (c)  To the extent that, on the Transfer Date related to the Class
C Scheduled Payment Date if the Class B Note Principal Balance shall be paid
in full on or prior to such Payment Date and on each Transfer Date following
the Class C Scheduled Payment Date and the payment in full of the Class B
Note Principal Balance and, with respect to any Note Principal Due Date, the
Transfer Date on which an amount equal to the Class B Note Principal Balance
has been deposited in the Note Distribution Account pursuant to subsection
2.7(a)(v),  funds, to the extent of the least of (i) the Required Owner Trust
Spread Account Amount for such Transfer Date, (ii) the excess of the Class C
Note Principal Balance over the Investor Interest and (iii) the amount on
deposit in the Owner Trust Spread Account (in each case after giving effect
to any withdrawals pursuant to subsection 2.7(b) on such Transfer Date) shall
be withdrawn from the Owner Trust Spread Account (after giving effect to any
withdrawals pursuant to subsection 2.7(b) on such Transfer Date) and
deposited in the Note Distribution Account to be applied to pay the Class C
Noteholders' Principal Distributable Amount on the related Payment Date
pursuant to this subsection 2.7(c).  On the Note Maturity Date, to the extent
of the lesser of the Required Owner Trust Spread Account Amount for such
Transfer Date and the amount on deposit in the Owner Trust Spread Account (in
each case after giving effect to any withdrawals pursuant to subsection
2.7(b) and the preceding sentence of this subsection 2.7(c) on such Transfer
Date) shall be withdrawn from the Owner Trust Spread Account (after giving
effect to any withdrawals pursuant to subsection 2.7(b) and the preceding
sentence of this subsection 2.7(c) on such Transfer Date) and deposited in
the Note Distribution Account to be applied to pay the Class C Noteholders'
Principal Distributable Amount on the Note Maturity Date.

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<PAGE>

          (d)  On each Payment Date, the amount deposited in the Note
Distribution Account pursuant to subsection 2.7(a)(i) on the related Transfer
Date shall be paid by the Paying Agent to the Class A Noteholders in respect
of interest on the Class A Notes.  On each Payment Date, beginning with the
earlier of the Class A Scheduled Payment Date and the Note Principal Due
Date, the amount deposited in the Note Distribution Account pursuant to
subsection 2.7(a)(iv) on the related Transfer Date shall be paid by the
Paying Agent to the Class A Noteholders in respect of principal of the Class
A Notes.  All principal and interest in respect of the Class A Notes shall be
due and payable to the extent not previously paid on the Note Maturity Date.

          (e)  On each Payment Date, the amount deposited in the Note
Distribution Account pursuant to subsection 2.7(a)(ii) on the related
Transfer Date shall be paid by the Paying Agent to the Class B Noteholders in
respect of interest on the Class B Notes.  On each Payment Date, beginning
with the earlier of the Class B Scheduled Payment Date and the Note Principal
Due Date, the amount deposited in the Note Distribution Account pursuant to
subsection 2.7(a)(v) on the related Transfer Date shall be paid by the Paying
Agent to the Class B Noteholders in respect of principal of the Class B
Notes.  All principal and interest in respect of the Class B Notes shall be
due and payable to the extent not previously paid on the Note Maturity Date.

          (f)  On each Payment Date, the amount deposited in the Note
Distribution Account pursuant to subsections 2.7(a)(iii) and 2.7(b) on the
related Transfer Date shall be paid by the Paying Agent to the Class C
Noteholders in respect of interest on the Class C Notes.  On each Payment
Date, beginning with the earlier Class C Scheduled Payment Date and the Note
Principal Due Date, the amount deposited in the Note Distribution Account
pursuant to subsections 2.7(a)(vi) and 2.7(c) on the related Transfer Date
shall be paid by the Paying Agent to the Class C Noteholders in respect of
principal of the Class C Notes.  All principal and interest in respect of the
Class C Notes shall be due and payable to the extent not previously paid on
the note Maturity Date.

          (g)  Any installment of interest or principal, if any, payable on
any Note which is punctually paid or duly provided for by the Issuer on the
applicable Payment Date shall be paid to the Person in whose name such Note
(or one or more Predecessor Notes) is registered on the preceding Record
Date, by check mailed first-class, postage prepaid, to such Person's address
as it appears on the Note Register on such Record Date, except that, unless
Definitive Notes have been issued pursuant to Section 2.12, with respect to
the Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payment will be
made by wire transfer in immediately available funds to the account
designated by such nominee, except for the final installment of principal
payable with respect to such Note on a Payment Date or on a Note Principal
Due Date and except for the Redemption Price for any Note called for

                                     -31-

<PAGE>

redemption pursuant to Section 10.1 which shall be payable as provided below.
The funds represented by any such checks returned undelivered shall be held
in accordance with Section 3.3.

          (h)  All principal and interest payments on each class of Notes
shall be made pro rata to the Noteholders of such class entitled thereto.
The Paying Agent shall notify the Person in whose name a Note is registered
at the close of business on the Record Date preceding the Payment Date on
which the Issuer expects that the final installment of principal of and
interest on such Note will be paid.  Such notice shall be (i) transmitted by
facsimile on such Record Date if Book-Entry Notes are outstanding or (ii)
mailed as provided in Section 10.2 not later than three Business Days after
such Record Date if Definitive Notes are outstanding and shall specify that
such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

          SECTION 2.8.   Cancellation.  All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Note Registrar, be delivered to the Note Registrar and
shall be promptly cancelled by the Note Registrar.  The Issuer may at any
time deliver to the Note Registrar for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in
any manner whatsoever, and all Notes so delivered shall be promptly cancelled
by the Note Registrar.  No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture.  All cancelled Notes may be held or
disposed of by the Note Registrar in accordance with its standard retention
or disposal policy as in effect at the time unless the Issuer shall direct
that they be destroyed or returned to it; provided that such direction is
timely and the Notes have not been previously disposed of by the Note
Registrar.Release of Collateral.  Subject to Section 11.1, the Indenture
Trustee shall release property from the lien of this Indenture only upon
request of the Issuer accompanied by an Officer's Certificate, an Opinion of
Counsel and Independent Certificates in accordance with the TIA
Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.Book-Entry Notes.  The Notes, upon original
issuance, will be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to The Depository Trust Company (the
initial Clearing Agency) by, or on behalf of, the Issuer.  Such Notes shall
initially be registered on the Note Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Note Owner will receive a
Definitive Note representing such Note Owner's interest in such Note, except
as provided in Section 2.12.  Unless and until Definitive Notes have been
issued to Note Owners pursuant to Section 2.12:

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<PAGE>

          (a)  the provisions of this Section shall be in full force and
effect;

          (b)  the Note Registrar, the Paying Agent and the Indenture Trustee
shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes
and the giving of instructions or directions hereunder) as the sole Holder of
the Notes, and shall have no obligation to the Note Owners;

          (c)  to the extent that the provisions of this Section conflict
with any other provisions of this Indenture, the provisions of this Section
shall control;

          (d)  the rights of the Note Owners shall be exercised only through
the Clearing Agency (or to the extent the Note Owners are not Clearing Agency
Participants, through the Clearing Agency Participants through which such
Note Owners own Book-Entry Notes) and shall be limited to those established
by law and agreements between such Note Owners and the Clearing Agency and/or
the Clearing Agency Participants, and all references in this Indenture to
actions by the Noteholders shall refer to actions taken by the Clearing
Agency upon instructions from the Clearing Agency Participants, and all
references in this Indenture to distributions, notices, reports and
statements to the Noteholders shall refer to distributions, notices, reports
and statements to the Clearing Agency, as registered holder of the Notes, as
the case may be, for distribution to the Note Owners in accordance with the
procedures of the Clearing Agency.  Pursuant to the Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section
2.12, the initial Clearing Agency will make book-entry transfers among the
Clearing Agency Participants and receive and transmit payments of principal
of and interest on the Notes to such Clearing Agency Participants; and

          (e)  whenever this Indenture requires or permits actions to be
taken based upon instructions or directions of the Holders of the Notes
evidencing a specified percentage of the Outstanding Amount of the Notes, the
Clearing Agency shall be deemed to represent such percentage only to the
extent that it has received instructions to such effect from the Note Owners
and/or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in the Notes and has
delivered such instructions to the Indenture Trustee.

          SECTION 2.11.   Notices to Clearing Agency.  Whenever a notice or
other communication to the Noteholders is required under this Indenture,
unless and until Definitive Notes shall have been issued to the Note Owners
pursuant to Section 2.12, the Indenture Trustee shall give all such notices
and communications specified herein to be given to the Holders of the Notes
to the Clearing Agency, and shall have no obligation to the Note
Owners.Definitive Notes.  If (a) the Administrator advises the Indenture

                                     -33-

<PAGE>

Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to the Notes, and the
Administrator is unable to locate a qualified successor, (b) the
Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency, or (c)
after the occurrence of an Event of Default or a Master Trust Servicer
Default, the Note Owners representing  beneficial interests aggregating not
less than a majority of the Outstanding Amount of the Notes advise the
Indenture Trustee and the Clearing Agency through the Clearing Agency
Participants in writing, and if the Clearing Agency shall so notify the
Indenture Trustee that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of the Note Owners, then
the Clearing Agency shall notify all the Note Owners of the occurrence of any
such event and of the availability of Definitive Notes to the Note Owners
requesting the same.  Upon surrender to the Note Registrar of the typewritten
Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by re-registration instructions, the Issuer shall execute and the
Indenture Trustee shall authenticate and (if the Note Registrar is different
than the Indenture Trustee, then the Note Registrar shall) deliver the
Definitive Notes in accordance with the instructions of the Clearing Agency.
None of the Issuer, the Note Registrar or the Indenture Trustee shall be
liable for any delay in delivery of such instructions and may conclusively
rely on, and shall be protected in relying on, such instructions.  Upon the
issuance of the Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as the Noteholders.Authenticating Agent.  (a)
The Indenture Trustee may appoint one or more authenticating agents (each, an
"Authenticating Agent") with respect to the Notes which shall be authorized
to act on behalf of the Indenture Trustee in authenticating the Notes in
connection with the issuance, delivery, registration of transfer, exchange or
repayment of the Notes.  The Indenture Trustee hereby appoints Chase as
Authenticating Agent for the authentication of the Notes upon any
registration of transfer or exchange of such Notes.  Whenever reference is
made in this Indenture to the authentication of the Notes by the Indenture
Trustee or the Indenture Trustee's certificate of authentication, such
reference shall be deemed to include authentication on behalf of the
Indenture Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Indenture Trustee by an
Authenticating Agent.  Each Authenticating Agent, other than Chase, shall be
acceptable to the Issuer.

          (b)  Any institution succeeding to the corporate agency business of
an Authenticating Agent shall continue to be an Authenticating Agent without
the execution or filing of any paper or any further act on the part of the
Indenture Trustee or such Authenticating Agent.

          (c)  An Authenticating Agent may at any time resign by giving
written notice of resignation to the Indenture Trustee and the Issuer.  The

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<PAGE>

Indenture Trustee may at any time terminate the agency of an Authenticating
Agent by giving notice of termination to such Authenticating Agent and to the
Issuer.  Upon receiving such a notice of resignation or upon such a
termination, or in case at any time an Authenticating Agent shall cease to be
acceptable to the Indenture Trustee or the Issuer, the Indenture Trustee
promptly may appoint a successor Authenticating Agent with the consent of the
Issuer.  Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent.  No successor Authenticating Agent shall be
appointed unless acceptable to the Issuer.

          (d)  The Administrator shall pay the Authenticating Agent from time
to time reasonable compensation for its services under this Section 2.13.

          (e)  The provisions of Sections 6.1, 6.2, 6.3, 6.4, 6.7 and 6.9
shall be applicable, mutatis mutandis, to any Authenticating Agent.

          (f)  Pursuant to an appointment made under this Section 2.13, the
Notes may have endorsed thereon, in lieu of the Indenture Trustee's
certificate of authentication, an alternate certificate of authentication in
substantially the following form:

          This is one of the Notes referred to in the within mentioned
Indenture.

                          THE BANK OF NEW YORK
                               as Indenture Trustee

                          By:_________________________________
                               Authorized Signatory

                                    or

                          as Authenticating Agent
                            for the Indenture Trustee,

                          ____________________________________
                          Authorized Officer

          SECTION 2.14.   Appointment of Paying Agent.  (a)  The Indenture
Trustee may appoint a Paying Agent with respect to the Notes.  The Indenture
Trustee hereby appoints Chase as the initial Paying Agent.  The Paying Agent
shall have the revocable power to withdraw funds from the Owner Trust
Accounts and make distributions to the Noteholders and the

                                     -35-

<PAGE>

Certificateholders, pursuant to Section 2.7.   For so long as any of the
Notes are listed on the Luxembourg Stock Exchange or other stock exchange and
such exchange so requires, the Indenture Trustee shall maintain a co-paying
agent in Luxembourg or the location required by such other stock exchange.
The Indenture Trustee may revoke such power and remove the Paying Agent if
the Indenture Trustee determines in its sole discretion that the Paying Agent
shall have failed to perform its obligations under this Indenture in any
material respect or for other good cause. Chase shall be permitted to resign
as Paying Agent upon 30 days' written notice to the Depositor and the
Indenture Trustee.  In the event that Chase shall no longer be the Paying
Agent, the Indenture Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company and may be the Indenture Trustee)
with the consent of the Depositor, which consent shall not be unreasonably
withheld.  If at any time the Indenture Trustee shall be acting as the Paying
Agent, the provisions of Sections 6.1, 6.3 and 6.4 shall apply, mutatis
mutandis, to the Indenture Trustee in its role as Paying Agent.

          The Indenture Trustee will cause each Paying Agent, other than
itself and Chase, to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee
(and if the Indenture Trustee acts as Paying Agent, it hereby so agrees),
subject to the provisions of this Section, that such Paying Agent will:

          (i)  hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and pay such sums to such Persons as herein provided;

          (ii) give the Indenture Trustee notice of any default by the Issuer
(or any other obligor upon the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes;

          (iii) at any time during the continuance of any such default,
upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent;

          (iv)  immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of the Notes
if at any time it ceases to meet the standards required to be met by the
Paying Agent at the time of its appointment; and

          (v)   comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable
reporting requirements in connection therewith.

                                     -36-

<PAGE>

          (b)  Chase in its capacity as initial Paying Agent hereunder agrees
that it (i) will hold all sums held by it hereunder for payment to the
Noteholders in trust for the benefit of the Noteholders entitled thereto (and
with respect to the Owner Trust Spread Account, to the extent specified
herein, the benefit of the Certificateholder) until such sums shall be paid
to such Noteholders and (ii) shall comply with all requirements of the Code
regarding the withholding by the Indenture Trustee of payments in respect of
United States federal income taxes due from Note Owners.

          (c)  An institution succeeding to the corporate agency business of
the Paying Agent shall continue to be the Paying Agent without the execution
or filing of any paper or any further act on the part of the Indenture
Trustee or such Paying Agent.

          SECTION 2.15.   CUSIP Numbers.  The Issuer in issuing the Notes may
use "CUSIP" numbers (if then generally in use), and, if so, the Indenture
Trustee shall use "CUSIP" numbers in notices of redemption as a convenience
to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Notes or
as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such
numbers.  The Issuer will promptly notify the Indenture Trustee of any change
in the "CUSIP" numbers.

          SECTION 2.16.   Determination of LIBOR.  (a)  On each LIBOR
Determination Date, the Indenture Trustee shall determine LIBOR on the basis
of the rate for deposits in United States dollars for a one-month period
which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such
date.  If such rate does not appear on Telerate Page 3750, the rate for that
LIBOR Determination Date shall be determined on the basis of the rates at
which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the
London interbank market for a one-month period.  The Indenture Trustee shall
request the principal London office of each of the Reference Banks to provide
a quotation of its rate.  If at least two such quotations are provided, the
rate for that LIBOR Determination Date shall be the arithmetic mean of the
quotations.  If fewer than two quotations are provided as requested, the rate
for that LIBOR Determination Date will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the Issuer, at
approximately 11:00 a.m., New York City time, on that day or loans in United
States dollars to leading European banks for a period equal to the relevant
Note Interest Period.

          (b)  The Indenture Trustee shall provide the Note Interest Rate
applicable to the then current and immediately preceding Note Interest

                                     -37-

<PAGE>

Periods to any Noteholder requesting such information by telephoning the
Indenture Trustee at the telephone number which is currently (212) 815-5286.

          (c)  On each LIBOR Determination Date prior to 12:00 noon New York
City time, the Indenture Trustee shall send to the Issuer by facsimile
notification of LIBOR for the following Note Interest Period.

                                  ARTICLE III

                                   COVENANTS

          SECTION 3.1.   Payment of Principal and Interest.  The Issuer will
duly and punctually pay the principal of and interest on the Notes in
accordance with the terms of the Notes and this Indenture.  Without limiting
the foregoing, the Issuer will cause to be distributed all amounts on deposit
in the Note Distribution Account on a Payment Date deposited therein pursuant
to Section 2.7 hereof and the Series Supplement (i) for the benefit of the
Class A Notes, to the holders of the Class A Notes, (ii) for the benefit of
the Class B Notes, to the holders of the Class B Notes, (iii) for the benefit
of the Class C Notes, to the holders of the Class C Notes, and (iv) to the
extent so specified, to the Certificateholder.  Amounts properly withheld
under the Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered as having been paid by the Issuer to
such Noteholder for all purposes of this Indenture.Maintenance of Office or
Agency.  The Issuer will maintain in the City of New York an office or agency
where Notes may be surrendered for registration of transfer or exchange.  The
Issuer hereby initially appoints the Note Registrar to serve as its agent for
the foregoing purposes.   For so long as any of the Notes are listed on the
Luxembourg Stock Exchange or other stock exchange and such exchange so
requires, the Indenture Trustee shall maintain an office or agency in
Luxembourg or in the location required by such other stock exchange.  The
Issuer will give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency.
If at any time the Issuer shall fail to maintain any such office or agency or
shall fail to furnish the Indenture Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.Money for Payments To Be
Held in Trust.  As provided in Section 8.2, all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn
from the Note Distribution Account or the Owner Trust Spread Account pursuant
to Section 8.2 shall be made on behalf of the Issuer by the Indenture Trustee
or by a Paying Agent, and no amounts so withdrawn from the Note Distribution
Account or the Owner Trust Spread Account for payments on the Notes shall be
paid over to the Issuer except as provided in this Section 3.3.On or before
each Payment Date and Redemption Date, the Master Trust Trustee shall deposit
or cause to be deposited in the Note Distribution Account an aggregate sum

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<PAGE>

sufficient to pay the amounts then becoming due under the Notes, such sum to
be held in trust for the benefit of the Persons entitled thereto and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the
Indenture Trustee of its action or failure so to act.

          The Issuer may, at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Paying Agent; and
upon such a payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such
money.

          Subject to applicable laws with respect to the escheat of funds,
any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed
for two years after such amount has become due and payable shall be
discharged from such trust and be paid to the Issuer on its request; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Issuer for payment thereof (but only to the extent of the amounts
so paid to the Issuer), and all liability of the Indenture Trustee or such
Paying Agent with respect to such trust money shall thereupon cease; provided
that the Indenture Trustee or such Paying Agent, before being required to
make any such repayment, shall at the expense of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in the City of New
York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer.  The Indenture Trustee shall also adopt and employ, at
the expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
the Holders whose notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

          SECTION 3.4.   Existence.  Except as otherwise permitted by the
provisions of Section 3.10, the Issuer will keep in full effect its
existence, rights and franchises as a common law trust under the laws of the
State of Delaware (unless it becomes, or any successor to the Issuer
hereunder is or becomes, organized under the laws of any other state or of
the United States of America, in which case the Issuer will keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to

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<PAGE>

protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Owner Trust
Estate.Protection of Owner Trust Estate.  The Issuer will from time to time
prepare (or shall cause to be prepared), execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other
instruments, and will take such other action necessary or advisable
to:maintain or preserve the lien and security interest (and the priority
thereof) of this Indenture or carry out more effectively the purposes hereof;

          (b)  perfect, publish notice of or protect the validity of any
Grant made or to be made by this Indenture;

          (c)  enforce the rights of the Indenture Trustee and the
Noteholders in any of the Collateral; or

          (d)  preserve and defend title to the Owner Trust Estate and the
rights of the Indenture Trustee and the Noteholders in such Owner Trust
Estate against the claims of all persons and parties.

          The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement
or other instrument required to be filed by the Indenture Trustee pursuant to
this Section.

          SECTION 3.6.   Opinions as to Owner Trust Estate.  (a)  On the
Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this Indenture, any
indentures supplemental hereto, and any other requisite documents, and with
respect to the execution and filing of any financing statements and
continuation statements, as are necessary to perfect and make effective the
lien and security interest of this Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is
necessary to make such lien and security interest effective.

          (b)  On or before March 31 of each calendar year, commencing with
March 31, 2002, the Issuer shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action
has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the perfection of the lien and security interest created by this Indenture
and reciting the details of such action or stating that in the opinion of
such counsel no such action is necessary to maintain the perfection of such
lien and security interest.  Such Opinion of Counsel shall also describe the

                                     -40-

<PAGE>

recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the
execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the
perfection of the lien and security interest of this Indenture until March 31
in the following calendar year.

          SECTION 3.7.   Performance of Obligations; Servicing of Series
Certificate.  (a)  The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Owner Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or
discharge of, or impair the validity or effectiveness of, any such instrument
or agreement, except as ordered by any bankruptcy or other court or as
expressly provided in this Indenture, any other Basic Documents or such other
instrument or agreement.

          (b)  The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Indenture Trustee in an Officer's
Certificate of the Issuer shall be deemed to be action taken by the Issuer.
Initially, the Issuer has contracted with the Administrator to assist the
Issuer in performing its duties under this Indenture.

          (c)  The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic
Documents and in the instruments and agreements included in the Owner Trust
Estate, including but not limited to preparing (or causing to be prepared)
and filing (or causing to be filed) all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture
and the Deposit and Administration Agreement in accordance with and within
the time periods provided for herein and therein.

          (d)  If the Issuer shall have knowledge of the occurrence of a
Master Trust Servicer Default under the Pooling and Servicing Agreement, the
Issuer shall promptly notify the Indenture Trustee and the Note Rating
Agencies thereof in accordance with Section 11.4, and shall specify in such
notice the action, if any, the Issuer is taking in respect of such default.
If a Master Trust Servicer Default shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Pooling and
Servicing Agreement with respect to the Series Certificate, the Issuer shall
take all reasonable steps available to it to remedy such failure.

          (e)  Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees that, unless such action is

                                     -41-

<PAGE>

specifically permitted hereunder or under the other Basic Documents, it will
not, without the prior written consent of the Indenture Trustee or the
Holders of at least a majority of Outstanding Amount of the Notes, amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of
any Collateral or the Basic Documents, or waive timely performance or
observance by the Administrator or the Transferor under the Deposit and
Administration Agreement; provided that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
distributions that are required to be made for the benefit of the
Noteholders, or (ii) reduce the aforesaid percentage of the Notes which are
required to consent to any such amendment, without the consent of the Holders
of all the Outstanding Notes.  If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or
such Holders, the Issuer agrees, promptly following a request by the
Indenture Trustee to do so, to execute and deliver, in its own name and at
its own expense, such agreements, instruments, consents and other documents
as are necessary or appropriate or as the Indenture Trustee may deem
necessary or appropriate under the circumstances.

          SECTION 3.8.   Negative Covenants.  So long as any Notes are
Outstanding, the Issuer shall not:

          (a)   except as expressly permitted by this Indenture or the other
Basic Documents, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Owner
Trust Estate, unless directed to do so by the Indenture Trustee;

          (b)  claim any credit on, or make any deduction from the principal
or interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code) or assert any claim against any
present or former Noteholder by reason of the payment of the taxes levied or
assessed upon any part of the Owner Trust Estate; or

          (c)  (i)  permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to
be released from any covenants or obligations with respect to the Notes under
this Indenture except as may be expressly permitted hereby, (ii) permit any
lien, charge, excise, claim, security interest, mortgage or other encumbrance
(other than the lien of this Indenture) to be created on or extend to or
otherwise arise upon or burden the Owner Trust Estate or any part thereof or
any interest therein or the proceeds thereof (other than tax liens,
mechanics' liens and other liens that arise by operation of law) or (iii)
permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any such tax, mechanics' or other lien) security
interest in the Owner Trust Estate.

                                     -42-

<PAGE>

          SECTION 3.9.   Annual Statement as to Compliance.  The Issuer will
deliver to the Indenture Trustee on or before March 31 of each year,
commencing March 31, 2002 and otherwise in compliance with the requirements
of TIA Section 314(a)(4), an Officer's Certificate stating, as to the
Authorized Officer signing such Officer's Certificate, that:a review of the
activities of the Issuer during such year and of performance under this
Indenture has been made under such Authorized Officer's supervision; and

          (b)  to the best of such Authorized Officer's knowledge, based on
such review, the Issuer has complied with all conditions and covenants in all
material respects under this Indenture throughout such year, or, if there has
been a default in the compliance of any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature
and status thereof.

          SECTION 3.10.   The Issuer May Consolidate, Etc. Only on Certain
Terms.  (a)  The Issuer shall not consolidate or merge with or into any other
Person, unless

          (i)  the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing under
the laws of the United States of America or any State thereof and shall
expressly assume, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the
due and punctual payment of the principal of and interest on all the Notes
and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuer to be performed or observed, all as
provided herein;

          (ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing;

          (iii)   the Rating Agency Condition shall have been satisfied
with respect to such transaction;

          (iv)  the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to
the Issuer or any Noteholder;

          (v)  such entity is not subject to regulation as an "investment
company" within the meaning of the Investment Company Act of 1940, as
amended;

          (vi) any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

                                     -43-

<PAGE>

          (vii)  the Issuer shall have delivered to the Indenture Trustee
an Officer's Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this
Section 3.10 and that all conditions precedent herein provided for relating
to such transaction have been complied with (including any filing required by
the Exchange Act).

          (b)  Except as otherwise expressly permitted by this Indenture or
the other Basic Documents, the Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in
the Owner Trust Estate, to any Person, unless:

          (i)  the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized
and existing under the laws of the United States of America or any State
thereof, (B) expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture
Trustee, the due and punctual payment of the principal of and interest on all
the Notes and the performance or observance of every agreement and covenant
of this Indenture on the part of the Issuer to be performed or observed, all
as provided herein, (C) expressly agree by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall
be subject and subordinate to the rights of the Holders of the Notes, (D)
unless otherwise provided in such supplemental indenture, expressly agree to
indemnify, defend and hold harmless the Issuer against and from any loss,
liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agree by means of such supplemental indenture that such
Person (or if a group of persons, then one specified Person) shall prepare
(or cause to be prepared) and make all filings with the Commission (and any
other appropriate Person) required by the Exchange Act in connection with the
Notes;

          (ii)  immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing;

          (iii)  the Rating Agency Condition shall have been satisfied
with respect to such transaction;

          (iv)  the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse tax consequence to
the Issuer or any Noteholder;

          (v)  any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

                                     -44-

<PAGE>

          (vi) the Issuer shall have delivered to the Indenture Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this
Section 3.10 and that all conditions precedent herein provided for relating
to such transaction have been complied with (including any filing required by
the Exchange Act).

          SECTION 3.11.   Successor or Transferee.  (a)  Upon any
consolidation or merger of the Issuer in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the
Issuer) shall succeed to, and be substituted for, and may exercise every
right and power of, the Issuer under this Indenture with the same effect as
if such Person had been named as the Issuer herein.

          (b)  Upon a conveyance or transfer of all the assets and properties
of the Issuer in accordance with Section 3.10(b), Chase Credit Card Owner
Trust 2001-1 and the Owner Trustee will be released from every covenant and
agreement of this Indenture to be observed or performed on the part of the
Issuer with respect to the Notes immediately upon the delivery of written
notice to the Indenture Trustee from the Person acquiring such assets and
properties stating that Chase Credit Card Owner Trust 2001-1 and the Owner
Trustee are to be so released.

          SECTION 3.12.   No Other Business.  The Issuer shall not engage in
any business other than financing, purchasing, owning, selling and managing
the Series Certificate in the manner contemplated by this Indenture and the
other Basic Documents, issuing the Notes, making payments thereon, and such
other activities that are necessary, suitable or desirable to accomplish the
foregoing or are incidental to the purposes as set forth in Section 2.3 of
the Trust Agreement.No Borrowing.  The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for money borrowed in respect of the Notes or in
accordance with the Basic Documents.Administrator's Obligations.  The Issuer
shall use its best efforts to cause the Administrator to comply with the
Deposit and Administration Agreement.Guarantees, Loans, Advances and Other
Liabilities.  Except as contemplated by the Deposit and Administration
Agreement or this Indenture, the Issuer shall not make any loan or advance or
credit to, or guarantee (directly or indirectly or by an instrument having
the effect of assuming another's payment or performance on any obligation or
capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire
(or agree contingently to do so) any stock, obligations, assets or securities
of, or any other interest in, or make any capital contribution to, any other
Person.Capital Expenditures.  The Issuer shall not make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty
or personalty) other than the purchase of the Series Certificate and related

                                     -45-

<PAGE>

property pursuant to the Deposit and Administration Agreement.Restricted
Payments.  The Issuer shall not, directly or indirectly, (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in
cash, property, securities or a combination thereof, to the Owner Trustee or
any owner of a beneficial interest in the Issuer or otherwise with respect to
any ownership or equity interest or security in or of the Issuer, (b) redeem,
purchase, retire, or otherwise acquire for value any such ownership or equity
interest or security or (c) set aside or otherwise segregate any amounts for
any such purpose; provided that the Issuer may make, or cause to be made,
distributions to the Depositor, the Owner Trustee, the Administrator, the
Indenture Trustee, Chase USA and the Noteholders as permitted by, and to the
extent funds are available for such purpose under, the Basic Documents.  The
Issuer will not, directly or indirectly, make payments to or distributions
from the Note Distribution Account except in accordance with this Indenture
and the other Basic Documents.Notice of Events of Default.  The Issuer agrees
to give the Indenture Trustee and the Note Rating Agencies prompt (and in any
event within five Business Days) written notice of each Event of Default,
Master Trust Servicer Default and each default on the part of the Depositor
of its obligations under the Deposit and Administration Agreement.Further
Instruments and Acts.  The Issuer will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.Removal of
Administrator.  So long as any Notes are Outstanding, the Issuer shall not
remove the Administrator without cause unless the Rating Agency Condition
shall have been satisfied in connection with such removal.

                          SATISFACTION AND DISCHARGE

          SECTION 4.1.   Satisfaction and Discharge of Indenture.  This
Indenture shall cease to be of further effect with respect to the Notes
except as to (a) rights of registration of transfer and exchange, (b)
substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of
Noteholders to receive payments of principal thereof and interest thereon,
(d) Sections 3.2, 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.15, 3.16 and 3.18,
(e) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7 and the
obligations of the Indenture Trustee under Section 4.2 and (f) the rights of
Noteholders as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when, either:

          (A)  all Notes theretofore authenticated and delivered (other than
(1) the Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.5 and (2) the Notes for which
payment money has theretofore been deposited in trust or segregated and held

                                     -46-

<PAGE>

in trust by the Issuer and thereafter repaid to the Issuer or discharged from
such trust, as provided in Section 3.3) have been delivered to the Indenture
Trustee for cancellation;

          (B)  all Notes not theretofore delivered to the Indenture Trustee
for cancellation have become due and payable and the Issuer has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee
cash or direct obligations of or obligations guaranteed by the United States
of America (which will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the
entire unpaid principal and accrued interest on such Notes not theretofore
delivered to the Indenture Trustee for cancellation when due on their
respective Scheduled Payment Dates, Note Maturity Date or Redemption Date (if
the Notes shall have been called for redemption pursuant to Section 10.1);

          (ii)    the Issuer has paid or caused to be paid all other sums
payable hereunder by the Issuer; and

          (iii)   the Issuer has delivered to the Indenture Trustee an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA or
the Indenture Trustee) an Independent Certificate from a firm of certified
public accountants, each meeting the applicable requirements of Section 11.1
and each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with.

          Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of Issuer to the Indenture Trustee under Section 6.7 and, if
money shall have been deposited with the Indenture Trustee pursuant to
subclause (B) of clause (i) of this Section, the obligations of Indenture
Trustee under Section 4.2 and the last paragraph of Section 3.3 shall survive
such satisfaction and discharge.

          SECTION 4.2.   Application of Trust Money.  All moneys deposited
with the Indenture Trustee pursuant to Section 4.1(i)(B) shall be held in
trust and applied by it, in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent,
as the Indenture Trustee may determine, to the Holders of the particular
Notes for the payment or redemption of which such moneys have been deposited
with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest; but such moneys need not be segregated from other
funds except to the extent required herein or in the Deposit and
Administration Agreement or required by law.Repayment of Moneys Held by
Paying Agent.  In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all moneys then held by any Paying Agent
other than the Indenture Trustee under the provisions of this Indenture with
respect to such Notes shall, upon demand of the Issuer, be paid to the
Indenture Trustee to be held and applied according to Section 3.3 and

                                     -47-

<PAGE>

thereupon such Paying Agent shall be released from all further liability with
respect to such moneys.

                                   REMEDIES

          SECTION 5.1.   Events of Default.  "Event of Default", wherever
used herein, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or
governmental body):

          (a)  the failure by the Issuer to pay the outstanding principal
amount of any Class of Notes in full on the Note Maturity Date;

          (b)  a failure by the Issuer to pay any interest on any of the
Notes on any Payment Date, and such failure shall continue for 35 days;

          (c)  an Insolvency Event occurs related to the Issuer;

          (d)  failure on the part of the Issuer duly to observe or perform
in any material respect any covenants or agreements of the Issuer set forth
herein, which failure has a material adverse effect on the Noteholders and
which continues unremedied for a period of 60 days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Issuer by the Administrator or the Indenture Trustee, or to
the Issuer and the Indenture Trustee by the Holders of Notes representing an
Outstanding Amount aggregating more than 50 % of the Outstanding Amount of
the Notes and continues to affect materially and adversely the interests of
the Noteholders for such period; and

          (e)  the Issuer is subject to regulation as an "investment company"
within the meaning of the Investment Company Act of 1940, as amended.

          SECTION 5.2.   Acceleration of Maturity; Rescission and Annulment.
If an Event of Default shall occur and be continuing, then and in every such
case the Indenture Trustee or the Holders of the Notes representing not less
than a majority of the Outstanding Amount of the Notes may declare all the
Notes to be immediately due and payable, by a notice in writing to the Issuer
(and to the Indenture Trustee if given by the Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued
and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.At any time after such declaration of
acceleration of maturity has been made and before a judgment or decree for
payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V; provided, the Holders of the Notes
representing a majority of the Outstanding Amount of the Notes, by written

                                     -48-

<PAGE>

notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences; provided, that, no such rescission shall
affect any subsequent default or impair any right consequent thereto.

          SECTION 5.3.   Collection of Indebtedness and Suits for Enforcement
by the Indenture Trustee.  (a)  The Issuer covenants that if (i) default is
made in the payment of any interest on any Note when the same becomes due and
payable, and such default continues beyond the grace period specified herein
for such payment, or (ii) default is made in the payment of the principal of
any Note when the same becomes due and payable, the Issuer will, upon demand
of the Indenture Trustee, pay to it, for the benefit of the Holders of the
Notes, the whole amount then due and payable on such Notes for principal and
interest, with interest upon the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest, at the rate borne by the Notes.

          (b)  In case the Issuer shall fail forthwith to pay such amounts
upon such demand, the Indenture Trustee, in its own name and as trustee of an
express trust, may institute a proceeding for the collection of the sums so
due and unpaid, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Issuer or other obligor upon
such Notes and collect in the manner provided by law out of the property of
the Issuer or other obligor upon such Notes, wherever situated, the moneys
adjudged or decreed to be payable.

          (c)  If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.4, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders,
by such appropriate proceedings as the Indenture Trustee shall deem most
effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy
or legal or equitable right vested in the Indenture Trustee by this Indenture
or by law.

          (d)  In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Owner Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable Federal or state bankruptcy, insolvency
or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official
shall have been appointed for or taken possession of the Issuer or its
property or such other obligor or Person, or in the case of any other
comparable judicial proceedings relative to the Issuer or other obligor upon
the Notes, or to the creditors or property of the Issuer or such other
obligor, the Indenture Trustee, irrespective of whether the principal of any
Notes shall then be due and payable as therein expressed or by declaration or

                                     -49-

<PAGE>

otherwise and irrespective of whether the Indenture Trustee shall have made
any demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise:

          (i)  to file and prove a claim or claims for the whole amount of
principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to
have the claims of the Indenture Trustee (including any claim for reasonable
compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of
all expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee, except as a result
of negligence, bad faith or willful misconduct) and of the Noteholders
allowed in such proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote
on behalf of the Holders of the Notes in any election of a trustee, a standby
trustee or person performing similar functions in any such proceedings;

          (iii)     to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute all amounts
received with respect to the claims of the Noteholders and of the Indenture
Trustee on their behalf; and

          (iv) to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of the Notes allowed in any judicial proceedings
relative to the Issuer, its creditors and its property;
and any trustee, receiver, liquidator, custodian or other similar official in
any such proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee, and, in the event that the Indenture
Trustee shall consent to the making of payments directly to such Noteholders,
to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of
negligence or willful misconduct.

          (e)  Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt
on behalf of any Noteholder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Indenture Trustee to vote in respect of the claim
of any Noteholder in any such proceeding except, as aforesaid, to vote for
the election of a trustee in bankruptcy or similar person.

                                     -50-

<PAGE>

          (f)  All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture
Trustee without the possession of any of the Notes or the production thereof
in any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Indenture Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment, subject to
the payment of the expenses, disbursements and compensation of the Indenture
Trustee, each predecessor Indenture Trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Holders of the Notes.

          (g)  In any proceedings brought by the Indenture Trustee (and also
any proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture
Trustee shall be held to represent all the Holders of the Notes, and it shall
not be necessary to make any Noteholder a party to any such proceedings.

          SECTION 5.4.   Remedies; Priorities.  (a)  If an Event of Default
shall have occurred and be continuing and the Notes have been accelerated
under Section 5.2, the Indenture Trustee may do one or more of the following
(subject to Section 5.5):

          (i)  institute proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or
under this Indenture with respect thereto, whether by declaration or
otherwise, enforce any judgment obtained, and collect from the Issuer and any
other obligor upon such Notes moneys adjudged due;

          (ii) institute proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Owner Trust Estate;

          (iii)     exercise any remedies of a secured party under the
Relevant UCC and take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee and the Holders of the Notes;
and

          (iv) sell the Owner Trust Estate or any portion thereof or rights
or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law;

provided that the Indenture Trustee may not sell or otherwise liquidate the
Owner Trust Estate following an Event of Default, unless (A) the Holders of
100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds
of such sale or liquidation distributable to the Noteholders are sufficient
to discharge in full all amounts then due and unpaid upon such Notes for
principal and interest and the sum of the Class A Note Principal Balance,
Class B Note Principal Balance and Class C Note Principal Balance plus
accrued interest thereon, or (C)(1) there has been an Event of Default

                                     -51-

<PAGE>

described in Section 5.1(a) or (b), (2) the Indenture Trustee determines that
the Owner Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as they would have become
due if the Notes had not been declared due and payable, and (3) the Indenture
Trustee obtains the consent of Holders of 66-2/3% of the Outstanding Amount
of the Notes.  In determining such sufficiency or insufficiency with respect
to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as
to the sufficiency of the Owner Trust Estate for such purpose.  In addition,
the Indenture Trustee may sell or otherwise liquidate the portion of the
Owner Trust Estate consisting of the Series Certificate only in accordance
with and upon satisfaction of the requirements of Section 16 of the Series
Supplement.

          (b)  If the Indenture Trustee collects any money or property
pursuant to this Article V, it shall pay out such money or property held as
Collateral for the benefit of the Noteholders in the following order:

          FIRST:  to Holders of the Class A Notes for amounts due and unpaid
on the Class A Notes for interest and principal, ratably, without preference
or priority of any kind, according to the amounts due and payable on the
Class A Notes for interest and principal;

          SECOND:  to Holders of the Class B Notes for amounts due and unpaid
on the Class B Notes for interest and principal, ratably, without preference
or priority of any kind, according to the amounts due and payable on the
Class B Notes for interest and principal;

          THIRD:  to Holders of the Class C Notes for amounts due and unpaid
on the Class C Notes for interest and principal, ratably, without preference
or priority of any kind, according to the amounts due and payable on the
Class C Notes for interest and principal;

          FOURTH:  to the Issuer for payment of all liabilities of the Issuer
in accordance with the Basic Documents and applicable law; and

          FIFTH:  to the Certificateholders.

          The Indenture Trustee may, upon notification to the Issuer, fix a
record date and payment date for any payment to Noteholders pursuant to this
Section.  At least fifteen (15) days before such record date, the Indenture
Trustee shall mail or send by facsimile to each Noteholder a notice that
states the record date, the payment date and the amount to be paid.

          SECTION 5.5.   Optional Preservation of the Owner Trust Estate.  If
the Notes have been declared to be due and payable under Section 5.2

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<PAGE>

following an Event of Default and such declaration and its consequences have
not been rescinded and annulled, the Indenture Trustee may, but need not,
elect to maintain possession of the Owner Trust Estate.  It is the desire of
the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, and the
Indenture Trustee shall take such desire into account when determining
whether to maintain possession of the Owner Trust Estate.  In determining
whether to maintain possession of the Owner Trust Estate, the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Owner
Trust Estate for such purpose.Limitation of Suits.  No Holder of any Note
shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:such Holder has previously given
written notice to the Indenture Trustee of a continuing Event of Default;

          (b)  the Holders of not less than 25% of the Outstanding Amount of
the Notes have made written request to the Indenture Trustee to institute
such proceeding in respect of such Event of Default in its own name as the
Indenture Trustee hereunder;

          (c)  such Holder or Holders have offered to the Indenture Trustee
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request;

          (d)  the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such
proceedings; and

          (e)  no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes; it being understood and
intended that no one or more Holders of the Notes shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holders of
the Notes or to obtain or to seek to obtain priority or preference over any
other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

          In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of the
Notes, each representing less than a majority of the Outstanding Amount of
the Notes, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this
Indenture.

                                     -53-

<PAGE>

          SECTION 5.7.   Unconditional Rights of Noteholders To Receive
Principal and Interest.  Notwithstanding any other provisions in this
Indenture, the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any,
on such Note on or after the respective due dates thereof expressed in such
Note or in this Indenture (or, in the case of redemption, on or after the
Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder.Restoration of Rights and Remedies.  If the Indenture Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the
Noteholders shall continue as through no such proceeding had been
instituted.Rights and Remedies Cumulative.  No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise.  The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.Delay or Omission Not
a Waiver.  No delay or omission of the Indenture Trustee or any Holder of any
Note to exercise any right or remedy accruing upon any Default or Event of
Default shall impair any such right or remedy or constitute a waiver of any
such Default or Event of Default or an acquiescence therein.  Every right and
remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may
be.Control by Noteholders.  The Holders of a majority of the Outstanding
Amount of the Notes shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred
on the Indenture Trustee; provided thatsuch direction shall not be in
conflict with any rule of law or with this Indenture;

          (b)  subject to the express terms of Section 5.4, any direction to
the Indenture Trustee to sell or liquidate the Owner Trust Estate shall be by
the Holders of the Notes representing not less than 100% of the Outstanding
Amount of the Notes;

          (c)  if the conditions set forth in Section 5.5 have been satisfied
and the Indenture Trustee elects to retain the Owner Trust Estate pursuant to
such Section, then any direction to the Indenture Trustee by Holders of the

                                     -54-

<PAGE>

Notes representing less than 100% of the Outstanding Amount of the Notes to
sell or liquidate the Owner Trust Estate shall be of no force and effect;

          (d)  the Indenture Trustee may take any other action deemed
necessary by the Indenture Trustee that is not inconsistent with such
direction; and

          (e)  such direction shall be in writing;

provided, further, that, subject to Section 6.1, the Indenture Trustee need
not take any action that it determines might involve it in liability or might
materially adversely affect the rights of any Noteholders not consenting to
such action.

          SECTION 5.12.   Waiver of Past Defaults.  Prior to the declaration
of the acceleration of the maturity of the Notes as provided in Section 5.2,
the Holders of the Notes of not less than a majority of the Outstanding
Amount of the Notes may, on behalf of all such Holders, waive any past
Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes or (b) in respect of
a covenant or provision hereof which cannot be modified or amended without
the consent of the Holder of each Note.  In the case of any such waiver, the
Issuer, the Indenture Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other Default or impair any right
consequent thereto.Upon any such waiver, such Default shall cease to exist
and be deemed to have been cured and not to have occurred, and any Event of
Default arising therefrom shall be deemed to have been cured and not to have
occurred, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any
right consequent thereto.  The Issuer shall give prompt written notice of any
waiver to the Note Rating Agencies.

          SECTION 5.13.   Undertaking for Costs.  All parties to this
Indenture agree, and each Holder of any Note by such Holder's acceptance
thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken,
suffered or omitted by it as the Indenture Trustee, the filing by any party
litigant in such Proceeding of an undertaking to pay the costs of such
Proceeding, and that such court may in its discretion assess reasonable
costs, including reasonable attorneys' fees and expenses, against any party
litigant in such Proceeding, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to (a) any suit instituted by the Indenture
Trustee, (b) any suit instituted by any Noteholder or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount

                                     -55-

<PAGE>

of the Notes, or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date).Waiver of
Stay or Extension Laws.  The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any
manner whatsoever, claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of this Indenture; and the Issuer
(to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

          Action on Notes.  The Indenture Trustee's right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect
to this Indenture.  Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by
the levy of any execution under such judgment upon any portion of the Owner
Trust Estate or upon any of the assets of the Issuer.  Any money or property
collected by the Indenture Trustee shall be applied in accordance with
Section 5.04(b).Performance and Enforcement of Certain Obligations.  (a)  The
Issuer agrees to take all such lawful action as is necessary to compel or
secure the performance and observance by the Depositor and the Administrator,
as applicable, of each of their respective obligations to the Issuer under or
in connection with the Deposit and Administration Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers
and privileges lawfully available to the Issuer under or in connection with
the Deposit and Administration Agreement, including the transmission of
notices of default on the part of the Depositor or the Administrator
thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Depositor or the
Administrator of each of their respective obligations under the Deposit and
Administration Agreement.

          (b)  If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and, at the direction (which direction shall be in
writing and which may be via facsimile) of the Holders of 66-2/3% of the
Outstanding Amount of the Notes shall, foreclose upon its security interest
in the Issuer's rights under the Deposit and Administration Agreement and
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Depositor or the Administrator under or in connection with the
Deposit and Administration Agreement, including the right or power to take
any action to compel or secure performance or observance by the Depositor or

                                     -56-

<PAGE>

the Administrator of each of their respective obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Deposit and Administration Agreement, and any
right of the Issuer to take such action shall be suspended.

                                  ARTICLE VI

                             THE INDENTURE TRUSTEE
          SECTION 6.1.   Duties of the Indenture Trustee.  (a)  The Indenture
Trustee, both prior to and after the occurrence of an Event of Default, shall
undertake to perform such duties and only such duties as are specifically set
forth in this Indenture and the Deposit and Administration Agreement.  If an
Event of Default actually known to the Indenture Trustee has occurred and is
continuing, the Indenture Trustee shall exercise the rights and powers vested
in it by this Indenture and the Deposit and Administration Agreement and use
the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs; provided, however, that if the Indenture Trustee shall assume the
duties of the Administrator pursuant to Section 5.2 of the Deposit and
Administration Agreement, the Indenture Trustee in performing such duties
shall use the degree of skill and attention customarily exercised by an
administrator with respect to a similar trust estate that it administers for
itself.

          The Indenture Trustee, upon receipt of any resolutions,
certificates, statements, opinions, reports, documents, orders, or other
instruments furnished to the Indenture Trustee that shall be specifically
required to be furnished pursuant to any provision of this Indenture or the
Deposit and Administration Agreement, shall examine them to determine whether
they substantially conform to the requirements of this Indenture or the
Deposit and Administration Agreement; provided, however, that the Indenture
Trustee shall not be responsible for the accuracy or content of any such
resolution, certificate, statement, opinion, report, document, order or other
instrument furnished by the Administrator to the Indenture Trustee pursuant
to this Indenture or the Deposit and Administration Agreement and the
Indenture Trustee need not confirm or investigate the accuracy of any
mathematical calculations or other facts stated therein.

          (b)  No provision of this Indenture shall be construed to relieve
the Indenture Trustee from liability for its own negligent action, its own
negligent failure to act or its own bad faith or wilful misconduct; provided,
however, that:

          (i)  prior to the occurrence of an Event of Default, and after the
curing of all such Events of Default, the Indenture Trustee undertakes to
perform such duties and only such duties as are specifically set forth in
this Indenture and the Deposit and Administration Agreement, and no implied

                                     -57-

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covenants or obligations shall be read into this Indenture or the Deposit and
Administration Agreement against the Indenture Trustee, and in the absence of
bad faith on its part or manifest error, the Indenture Trustee may
conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to
the Indenture Trustee and conforming to the requirements of this Indenture or
the Deposit and Administration Agreement;

          (ii)   The Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts nor
shall the Indenture Trustee be liable with respect to any action it takes or
omits to take in good faith in accordance with this Indenture or in
accordance with a direction received by it pursuant to Section 5.11; and

          (iii)  the Indenture Trustee shall  not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the
Notes or Certificates, determined as provided in Sections 2.1, 2.4 and 5.12,
relating to the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee, or exercising any trust or power
conferred upon the Indenture Trustee, under this Indenture with respect to
the Notes or Certificates.

          (c)  The Indenture Trustee shall not be liable for interest on any
money received by it except as the Indenture Trustee may agree in writing
with the Issuer.

          (d)  Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms
of this Indenture or the Deposit and Administration Agreement.

          (e)  No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers, if it shall have reasonable grounds
to believe that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it, and none of the
provisions contained in this Indenture shall in any event require the
Indenture Trustee to perform, or be responsible for the manner of performance
of, any of the obligations of the Administrator (including its obligations as
custodian) under this Indenture except during such time, if any, as the
Indenture Trustee shall be the successor to, and be vested with the rights,
duties, powers and privileges of, the Administrator in accordance with the
terms of the Deposit and Administration Agreement.

                                     -58-

<PAGE>

          (f)  The Indenture Trustee shall not be charged with knowledge of
an Event of Default until such time as a Responsible Officer shall have
actual knowledge or have received written notice thereof.

          (g)  Except for actions expressly authorized by this Indenture or,
based upon an Opinion of Counsel, in the best interests of the Noteholders,
the Indenture Trustee shall take no action reasonably likely to impair the
security interests created or existing under any asset which is part of the
Collateral or to impair the value of any asset which is part of the
Collateral.

          (h)  Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of
the TIA.

          SECTION 6.2.   Rights of the Indenture Trustee.  (a)  The Indenture
Trustee may conclusively rely on any document (whether in its original or
facsimile form) believed by it to be genuine and to have been signed or
presented by the proper person.  The Indenture Trustee need not investigate
any fact or matter stated in the document.

          (b)  Before the Indenture Trustee acts or refrains from acting, it
may require an Opinion of Counsel.  The Indenture Trustee shall not be liable
for any action it takes, suffers or omits to take in good faith in reliance
on the Opinion of Counsel.

          (c)  The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee
shall not be responsible for any misconduct or negligence on the part of, or
for the supervision of, any such agent, attorney, custodian or nominee
appointed with due care by it hereunder.  The Indenture Trustee shall have no
duty to monitor the performance of the Issuer.

          (d)  The Indenture Trustee shall not be personally liable for any
action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, that the Indenture
Trustee's conduct does not constitute willful misconduct, negligence or bad
faith.

          (e)  The Indenture Trustee may consult with counsel of its own
selection, and the written advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the
written advice or opinion of such counsel.  A copy of such written advice or

                                     -59-

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Opinion of Counsel shall be provided to the Depositor, the Administrator and
the Note Rating Agencies.

          (f)  Prior to the occurrence of an Event of Default and after the
curing of all Events of Default that may have occurred, the Indenture Trustee
shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, or other paper or document,
unless requested in writing to do so by Holders of the Notes evidencing not
less than 25% of the Outstanding Amount of the Notes; provided, however, that
if the payment within a reasonable time to the Indenture Trustee of the
costs, expenses, or liabilities likely to be incurred by it in the making of
such investigation shall be, in the opinion of the Indenture Trustee, not
reasonably assured to the Indenture Trustee by the security afforded to it by
the terms of this Indenture, the Indenture Trustee may require reasonable
indemnity satisfactory to it against such cost, expense, or liability or
payment of such expenses as a condition precedent to so proceeding.  If the
Indenture Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and
premises of the Issuer, personally or by agent or attorney at the sole cost
of the Issuer and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation.  Nothing in this clause (f)
shall affect the obligation of the Issuer or the Administrator to observe any
applicable law prohibiting disclosure of information regarding the obligors.

          (g)  The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such
Holders shall have offered to the Indenture Trustee security or indemnity
satisfactory to the Indenture Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or
direction.

          (h)  The Indenture Trustee shall not be deemed to have notice of
any Default or Event of Default unless a Responsible Officer of the Indenture
Trustee has actual knowledge thereof or unless written notice of any event
which is in fact such a default is received by the Indenture Trustee at the
Corporate Trust Office of the Indenture Trustee, and such notice references
the Notes and Certificate and this Indenture.

          (i)  The rights, privileges, protections, immunities and benefits
given the Indenture Trustee, including, without limitation, its right to be
indemnified are extended to, and shall be enforceable by, the Indenture
Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder.

                                     -60-

<PAGE>

          SECTION 6.3.   Individual Rights of the Indenture Trustee.  The
Indenture Trustee in its individual or any other capacity may become the
owner or pledgee of the Notes and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not the Indenture
Trustee; provided, however, that the Indenture Trustee shall take no such
action that shall cause it to no longer meet the requirements of Rule
3(a)-7(a)(4)(i) under the Investment Company Act of 1940, as amended (the
"Investment Company Act").  Any Paying Agent, the Note Registrar,
co-registrar or co-paying agent may do the same with like rights.  However,
the Indenture Trustee must comply with Sections 6.11 and 6.12.The Indenture
Trustee's Disclaimer.  The Indenture Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or
the Notes, shall not be accountable for the Issuer's use of the proceeds from
the Notes, and shall not be responsible for any statement of the Issuer in
the Indenture or in any document issued in connection with the sale of the
Notes or in the Notes other than the Indenture Trustee's certificate of
authentication.Notice of Defaults.  If a Default occurs and is continuing and
if it is either actually known or written notice of the existence thereof has
been delivered to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of the Default within
90 days after such knowledge or notice occurs.  Except in the case of a
Default in accordance with the provisions of Section 313(c) of the TIA in
payment of principal of or interest on any Note (including payments pursuant
to the mandatory redemption provisions of such Note), the Indenture Trustee
may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the
interest of the Noteholders.Reports by the Indenture Trustee to Holders.
Within the prescribed period of time for tax reporting purposes after the end
of each calendar year during the term of this Indenture, the Indenture
Trustee shall deliver to each Noteholder such information as may be
reasonably required to enable such Holder to prepare its United States
federal, state and local income or franchise tax returns for such calendar
year.Compensation and Indemnity.  The Issuer shall cause the Administrator
pursuant to the Deposit and Administration Agreement to pay to the Indenture
Trustee from time to time such compensation as agreed upon from time to time
for its services.  The Indenture Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust.  The Issuer
shall cause the Administrator pursuant to the Deposit and Administration
Agreement to reimburse the Indenture Trustee for all out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the
compensation for its services.  Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Indenture
Trustee's agents, counsel, accountants and experts.  The Issuer shall cause
the Administrator pursuant to the Deposit and Administration Agreement to
fully indemnify the Indenture Trustee and any predecessor Indenture Trustee
against any and all loss, liability, claim, damage or expense (including the
fees and expenses of either in-house counsel or outside counsel, but not

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both) incurred by it in connection with the acceptance and administration of
this trust including costs and expenses of defending itself against any claim
(whether asserted by the Issuer or any Holder or any other Person) or
liability in connection with the performance of its duties hereunder.  The
Indenture Trustee shall, upon a Responsible Officer obtaining actual
knowledge thereof, notify the Issuer and the Administrator promptly of any
claim for which it may seek indemnity.The Administrator's payment obligations
to the Indenture Trustee pursuant to this Section shall survive the discharge
of this Indenture.  When the Indenture Trustee incurs expenses after the
occurrence of a Default specified in Section 5.1(d) with respect to the
Issuer, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or
state bankruptcy, insolvency or similar law.
Notwithstanding anything herein to the contrary, the Indenture Trustee's
right to enforce any of the Administrator's payment obligations pursuant to
this Section 6.7 shall be subject to the provisions of Section 11.16 and
Section 11.17.

          SECTION 6.8.   Replacement of the Indenture Trustee.  (a)  The
Indenture Trustee may give notice of its intent to resign at any time by so
notifying the Issuer.  The Holders of a majority in Outstanding Amount of the
Notes may remove the Indenture Trustee by so notifying the Indenture Trustee
and may appoint a successor Indenture Trustee.  The Issuer shall remove the
Indenture Trustee if:

          (i)  the Indenture Trustee fails to comply with Section 6.11;

          (ii) the Indenture Trustee is adjudged bankrupt or insolvent;

          (iii)     a receiver or other public officer takes charge of the
Indenture Trustee or its property; or

          (iv) the Indenture Trustee otherwise becomes incapable of acting.

          (b)  If the Indenture Trustee gives notice of its intent to resign
or is removed or if a vacancy exists in the office of the Indenture Trustee
for any reason (the Indenture Trustee in such event being referred to herein
as the retiring Indenture Trustee), the Issuer shall promptly appoint a
successor Indenture Trustee.

          (c)  A successor Indenture Trustee shall deliver a written
acceptance of its appointment to the retiring Indenture Trustee and to the
Issuer and thereupon the resignation or removal of the Indenture Trustee
shall become effective, and the successor Indenture Trustee, without any
further act, deed or conveyance shall have all the rights, powers and duties
of the Indenture Trustee under this Indenture.  The successor Indenture
Trustee shall mail a notice of its succession to Noteholders.  The retiring

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Indenture Trustee shall promptly transfer all property held by it as the
Indenture Trustee to the successor Indenture Trustee.

          (d)  If a successor Indenture Trustee does not take office within
60 days after the retiring Indenture Trustee gives notice of its intent to
resign or is removed, the retiring Indenture Trustee, the Issuer or the
Holders of a majority in Outstanding Amount of the Notes may petition at the
expense of the Issuer any court of competent jurisdiction for the appointment
of a successor Indenture Trustee.

          (e)  If the Indenture Trustee fails to comply with Section 6.11,
any Noteholder may petition any court of competent jurisdiction for the
removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee.

          (f)  Any resignation or removal of the Indenture Trustee and
appointment of a successor Indenture Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of
appointment by the successor Indenture Trustee pursuant to Section 6.8(c) and
payment of all fees and expenses owed to the outgoing Indenture Trustee.

          (g)  Notwithstanding the resignation or removal of the Indenture
Trustee pursuant to this Section, the Issuer's and the Administrator's
obligations under Section 6.7 shall continue for the benefit of the retiring
Indenture Trustee.  The Indenture Trustee shall not be liable for the acts or
omissions of any successor Indenture Trustee.

          SECTION 6.9.   Successor Indenture Trustee by Merger.  If the
Indenture Trustee consolidates with, merges or converts into, or transfers
all or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee.
The Indenture Trustee shall provide the Issuer and the Note Rating Agencies
prior written notice of any such transaction.In case at the time such
successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any
of the Notes shall have been authenticated but not delivered, any such
successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor Indenture Trustee, and deliver such Notes
so authenticated; and in case at that time any of the Notes shall not have
been authenticated, any successor Indenture Trustee may authenticate such
Notes either in the name of any predecessor Indenture Trustee hereunder or in
the name of the successor Indenture Trustee; and in all such cases such
certificate of authentication shall have the same full force as is provided
anywhere in the Notes or in this Indenture with respect to the certificate of
authentication of the Indenture Trustee.

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          SECTION 6.10.   Appointment of Co-Indenture Trustee or Separate
Indenture Trustee.  (a)  Notwithstanding any other provisions of this
Indenture, at any time, for the purpose of meeting any legal requirement of
any jurisdiction in which any part of the Issuer may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Issuer, and to vest in such Person or Persons, in such capacity and for
the benefit of the Noteholders, such title to the Issuer, or any part hereof,
and, subject to the other provisions of this Section, such power, duties,
obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable.  The Administrator will pay all reasonable fees and
expenses of any co-trustee or co-trustees or separate trustee or separate
trustees.  The appointment of any separate trustee or co-trustee shall not
absolve the Indenture Trustee of its obligations under this Indenture.  No
co-trustee or separate trustee hereunder shall be required to meet the terms
of eligibility as an Indenture Trustee under Section 6.11, and no notice to
the Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.8.

          (b)  Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions
and conditions:

          (i)  all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee
joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed the
Indenture Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Issuer or the Owner Trust Estate or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by
such separate trustee or co-trustee, but solely at the direction of the
Indenture Trustee;

          (ii)  no trustee hereunder shall be personally liable by reason of
any act or omission of any other trustee hereunder, including acts or
omissions of predecessor or successor trustees; and

          (iii)  the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee.

          (c)  Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then separate

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trustees and co-trustees, as effectively as if given to each of them.  Every
instrument appointing any separate trustee or co-trustee shall refer to this
Indenture and the conditions of this Article VI.  Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee.  Every such
instrument shall be filed with the Indenture Trustee (with a copy given to
the Issuer).

          (d)  Any separate trustee or co-trustee may at any time constitute
the Indenture Trustee its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or
in respect of this Indenture on its behalf and in its name.  If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Indenture Trustee, to the extent permitted by
law, without the appointment of a new or successor trustee.

          SECTION 6.11.   Eligibility; Disqualification.  The Indenture
Trustee shall at all times satisfy the requirements of TIA Section 310(a).
The Indenture Trustee shall at all times meet the requirements of Rule
3(a)-7(a)(4)(i) under the Investment Company Act and shall not provide credit
or credit enhancement to the Issuer. The Indenture Trustee shall have a
combined capital and surplus of at least $150,000,000 as of the last day of
the most recent fiscal quarter for such institution and shall be subject to
examination or supervision by federal or state authorities.  The Indenture
Trustee shall not be an Affiliate of the Issuer, the Transferor, the
Administrator or the Servicer.  The long-term unsecured debt of the Indenture
Trustee shall at all times be rated not lower than "BBB-" by Standard &
Poor's and Fitch (if rated by Fitch) and "Baa3" by Moody's or such other
ratings as are acceptable to the Note Rating Agencies.  The Indenture Trustee
shall comply with TIA Section 310(b), including the optional provision
permitted by the second sentence of TIA Section 310(b)(9); provided that
there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in the TIA
Section 310(b)(1) are met.Preferential Collection of Claims Against the
Issuer.  The Indenture Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b).  An
Indenture Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein.

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                        NOTEHOLDERS' LISTS AND REPORTS

          SECTION 7.1.   The Issuer To Furnish the Indenture Trustee Names
and Addresses of the Noteholders.  The Issuer will furnish or cause to be
furnished to the Indenture Trustee (a) not more than five days after each
Record Date, a list, in such form as the Indenture Trustee may reasonably
require, of the names and addresses of the Holders as of such Record Date and
(b) at such other times as the Indenture Trustee may request in writing,
within 14 days after receipt by the Issuer of any such request, a list of
similar form and content as of a date not more than 10 days prior to the time
such list is furnished, provided that so long as the Indenture Trustee is the
Note Registrar, no such list shall be required to be furnished.

          SECTION 7.2.   Preservation of Information; Communications to the
Noteholders.  (a)  The Indenture Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as
provided in Section 7.1 or, if the Indenture Trustee is acting as Note
Registrar, the names and addresses of the Holders of Notes received by the
Indenture Trustee in its capacity as the Note Registrar.  The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.1
upon receipt of a new list so furnished.

          (b)  The Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or
under the Notes.  Upon the issuance of Definitive Notes, three or more
holders of the Notes (each of whom has owned a Note for at least six months)
may, by written request to the Indenture Trustee pursuant to the terms of the
Indenture, obtain access to the list of all Noteholders maintained by the
Indenture Trustee for the purpose of communicating with other Noteholders
with respect to their rights under the Indenture or the Notes.  The Indenture
Trustee may elect not to afford the requesting Noteholders access to the list
of such Noteholders if it agrees to mail the desired communication or proxy,
on behalf and at the expense of the requesting Noteholders, to all
Noteholders of record.

          (c)  The Issuer, the Indenture Trustee and the Note Registrar shall
have the protection of TIA Section 312(c).

          SECTION 7.3.   Reports by the Administrator.  On or prior to each
Transfer Date, the Administrator will provide to the Indenture Trustee for
the Indenture Trustee to forward to each Noteholder of record, and to the
Owner Trustee, a statement setting forth (to the extent applicable) the
following information as to the Notes with respect to the related Payment
Date or the period since the previous Payment Date, as applicable:the amount
of the distribution allocable to principal of the Notes;

          (ii) the amount of the distribution allocable to interest on or
with respect to the Notes;

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          (iii)  the aggregate outstanding principal balance of the Notes
after giving effect to all payments reported under clause (i) above on such
date; and

          (iv)  the amount on deposit in a Owner Trust Spread Account, if any,
on such Payment Date, after giving effect to all transfers and withdrawals
therefrom and all transfers and deposits thereto on such Payment Date, and
the amount required to be on deposit in the Owner Trust Spread Account on
such date.

          Each amount set forth pursuant to clauses (i) and (ii) above will
be expressed as a dollar amount per $1,000 of the initial principal balance
of the Notes.

          SECTION 7.4.   Reports by the Issuer.  (a)  The Issuer shall:

          (i)  file with the Indenture Trustee within 15 days after the
Issuer is required to file the same with the Commission, copies of any annual
reports and of any information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

          (ii)  file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture
as may be required from time to time by such rules and regulations; and

          (iii)  supply to the Indenture Trustee (and the Indenture
Trustee shall transmit by mail to all Noteholders described in TIA
Section 313(c)) such summaries of any information, documents and reports
required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 7.4(a) as may be required by rules and regulations prescribed from
time to time by the Commission.

          (b)  Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

          SECTION 7.5.   Reports by the Indenture Trustee.  Within 60 days
after each July 15, beginning with July 15, 2001 the Indenture Trustee shall
mail to each Noteholder as required by TIA Section 313(c) a brief report
dated as of such date that complies with TIA Section 313(a).  The Indenture
Trustee also shall comply with TIA Section 313(b).  A copy of each report at
the time of its mailing to Noteholders shall be filed by the Indenture
Trustee with the Commission and each stock exchange, if any, on which the
Notes are listed.  The Issuer shall notify the Indenture Trustee if and when
the Notes are listed on any stock exchange or delisted therefrom.  On each

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Payment Date, the Indenture Trustee shall include with each payment to each
Noteholder a copy of the statement for the related Monthly Period provided to
the Indenture Trustee pursuant to subsection 4.1(d) of the Deposit and
Administration Agreement.

                                 ARTICLE VIII

                     ACCOUNTS, DISBURSEMENTS AND RELEASES

          SECTION 8.1.   Collection of Money.  Except as otherwise provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture.  The
Indenture Trustee shall apply all such money received by it as provided in
this Indenture and the Deposit and Administration Agreement.  Except as
otherwise provided in this Indenture, if any default occurs in the making of
any payment or performance under any agreement or instrument that is part of
the Owner Trust Estate, the Indenture Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate proceedings.  Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.Owner
Trust Accounts.  On or prior to the Closing Date, the Issuer shall cause the
Administrator to establish and maintain, an Eligible Deposit Account, in the
name of the Indenture Trustee, for the benefit of the Noteholders, the "Note
Distribution Account" and another Eligible Deposit Account in the name of the
Indenture Trustee for the benefit of the Class C Noteholders and, to the
extent expressly provided herein, the Certificateholder, the "Owner Trust
Spread Account".The "Note Distribution Account" shall bear a designation
clearly indicating that the funds deposited therein are held for the benefit
of the Noteholders.  The "Owner Trust Spread Account" shall bear a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Class C Noteholders and the Certificateholder.  The
Indenture Trustee shall possess all right, title and interest in all funds on
deposit from time to time in the Note Distribution Account and the Owner
Trust Spread Account (collectively, the "Owner Trust Accounts") and in all
proceeds thereof.  The Note Distribution Account shall be under the sole
dominion and control of the Indenture Trustee for the benefit of the
Noteholders.  The Owner Trust Spread Account shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Class C
Noteholders (and, to the extent expressly provided herein, the
Certificateholder).  Each Owner Trust Account shall be a securities account.
The Bank of New York agrees that it is the securities intermediary (the
"Securities Intermediary") with respect thereto, and as such agrees that the
account is maintained for the Issuer and, subject to the terms of this
agreement, that the Issuer is entitled to exercise the rights that comprise

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any financial asset credited to the related Owner Trust Account.  All
securities or other property underlying any financial assets credited to the
Owner Trust Accounts shall be registered in the name of The Bank of New York,
indorsed to The Bank of New York in blank or credited to another securities
account maintained in the name of The Bank of New York and in no case will
any financial asset credited to the Owner Trust Accounts be registered in the
name of the Issuer, payable to the order of the Issuer or specially indorsed
to the Issuer.  Until termination of this Indenture, the Issuer shall not be
entitled to give the Indenture Trustee any entitlement orders with respect to
the Owner Trust Accounts.  If, at any time, any Owner Trust Account ceases to
be an Eligible Deposit Account, the Administrator shall notify the Indenture
Trustee, and the Indenture Trustee upon being notified (or the Administrator
on its behalf) shall, within 10 Business Days, establish a new Owner Trust
Account which meets the conditions specified in the definition of Eligible
Deposit Account, and shall transfer any cash or any investments to such new
Owner Trust Account.  The Indenture Trustee, at the direction of the
Administrator, shall make withdrawals from the Owner Trust Accounts from time
to time, in the amounts and for the purposes set forth in this Indenture.

          On the Closing Date, the Issuer shall deposit in the Owner Trust
Spread Account the amount received from the Depositor pursuant to subsection
2.1(a) of the Deposit and Administration Agreement.  Funds on deposit in the
Owner Trust Spread Account shall be invested at the direction of the
Administrator by the Indenture Trustee in Permitted Investments.  On each
Transfer Date, after all deposits to and withdrawals from the Owner Trust
Spread Account, such amounts shall be invested in Permitted Investments
maturing on the next succeeding Transfer Date, or on the Closing Date in
Permitted Investments maturing on the first Transfer Date.  On each Transfer
Date, the Indenture Trustee, acting at the Administrator's request, shall
transfer Investment Earnings from the Owner Trust Spread Account to the Note
Distribution Account to the extent required to pay the Class C Note Interest
Requirement on the related Payment Date pursuant to subsection 2.7(a)(iii).
The Indenture Trustee shall cause such Permitted Investments to be held in
such manner as to give the Indenture Trustee "control" (as such term is
defined in the Section 8-106 of the New York UCC) over such Permitted
Investments.  No Permitted Investment shall be disposed of prior to its
maturity.  The Securities Intermediary shall comply with entitlement orders
issued by the Indenture Trustee without further consent by the Issuer.

          The Required Owner Trust Account Amount shall be adjusted on each
Transfer Date until the amount required is on deposit in the Owner Trust
Spread Account; provided, however, that the Required Owner Trust Spread
Account Amount shall not be adjusted downward until at least three months
have elapsed since the first month for which an increase was required.  To
the extent so instructed by the Administrator on any Transfer Date, the
Indenture Trustee shall, if the amount on deposit in the Owner Trust Spread

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Account is greater than the Required Owner Trust Spread Account Amount for
such Transfer Date, pay the amount of such excess to the Certificateholder.

          SECTION 8.3.   Owner Trust Spread Account Amount Increase.  Upon
the occurrence of the Pay Out Event (other than as a result of an Event of
Default), the Required Owner Trust Spread Account Amount shall automatically
be increased to 4.0% of the initial Note Initial Principal Balance.  If an
Event of Default pursuant to subsection 5.01(c), (d) or (e) has occurred and
is continuing, the Indenture Trustee may by written notice, or shall upon
written notice from Holders of at least 66 2/3% of the Outstanding Amount of
the Notes to the Administrator, increase the Required Owner Trust Spread
Account Amount to 4.0% of the Initial Invested Amount.  If an Event of
Default described in subsection 5.01(a) or (b) has occurred and is
continuing, the Required Owner Trust Spread Account Amount, with respect to
any Transfer Date, shall automatically be increased to an amount equal to the
sum of (a) the amount on deposit in the Owner Trust Spread Account on such
Transfer Date plus (b) the Available Amount of such Transfer Date after
giving effect to the applications described in subsections 2.7(a)(i) through
(vi); provided, however, that, if upon the occurrence of an Event of Default
described in Section 5.1(a) of this Indenture the maturity of the Notes is
not accelerated pursuant to Section 5.2 of this Indenture, the increase in
the Required Owner Trust Spread Account Amount, for any Transfer Date, shall
be limited to an amount equal to the Class C Note Principal Balance.General
Provisions Regarding Owner Trust Spread Account.  (a)  So long as the Notes
have not been accelerated pursuant to Section 5.2, all or a portion of the
funds in the Owner Trust Spread Account shall be invested in Permitted
Investments and reinvested by the Indenture Trustee upon Issuer Order (which
Issuer Order may be upon direction of the Administrator).  All income or
other gain (net of losses and investment expenses) from investments of moneys
deposited in the Owner Trust Spread Account shall be applied, as directed by
the Administrator by an Issuer Order,  (a) to the extent available, to pay
the Class C Note Interest Requirement and (b) to the extent of any remaining
investment proceeds, to increase the amount on deposit on the Owner Trust
Spread Account.  Such Issuer Order shall not direct the Indenture Trustee to
make any investment of any funds or to sell any investment held in the Owner
Trust Spread Account unless the security interest granted and perfected in
such account will continue to be perfected in such investment or the proceeds
of such sale, and, in connection with any direction to the Indenture Trustee
to make any such investment or sale, if requested by the Indenture Trustee,
the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel,
acceptable to the Indenture Trustee, to such effect.

          (b)  Subject to Section 6.1(c), the Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in the Owner Trust
Spread Account resulting from any loss on any Permitted Investment included
therein except for losses attributable to the Indenture Trustee's failure to
make payments on such Permitted Investments issued by the Indenture Trustee,

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<PAGE>

in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms.

          (c)  If (i) the Administrator shall have failed to give investment
directions for any funds on deposit in the Owner Trust Spread Account to the
Indenture Trustee by 11:00 a.m. New York City time (or such other time as may
be agreed by the Administrator and the Indenture Trustee) on any Business
Day, or (ii) a Default or Event of Default shall have occurred and be
continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.2, or, if such Notes shall
have been declared due and payable following an Event of Default, amounts
collected or receivable from the Owner Trust Estate are being applied in
accordance with Section 5.5 as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Owner Trust Spread Account in one or more Permitted
Investments.  The Indenture Trustee shall not be liable for losses in respect
of such investments in Permitted Investments that comply with the
requirements of the Basic Documents except for losses attributable to the
Indenture Trustee's failure to make payments on such Permitted Investments
issued by the Indenture Trustee, in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms.

          SECTION 8.5.   Release of Owner Trust Estate.  (a)  The Indenture
Trustee shall, when required by the provisions of this Indenture shall,
execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this
Indenture.  No party relying upon an instrument executed by the Indenture
Trustee as provided in this Article VIII shall be bound to ascertain the
Indenture Trustee's authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys.

          (b)  The Indenture Trustee shall, at such time as there are no
Notes Outstanding, release any remaining portion of the Owner Trust Estate
that secured the Notes from the lien of this Indenture and release to the
Issuer or any other Person entitled thereto any funds then on deposit in the
Note Distribution Account.  The Indenture Trustee shall release property from
the lien of this Indenture pursuant to this Section 8.5(b) only upon receipt
of an Issuer Request accompanied by an Officer's Certificate, an Opinion of
Counsel and (if required by the TIA) Independent Certificates in accordance
with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1.

          SECTION 8.6.   Opinion of Counsel.  The Indenture Trustee shall
receive at least seven days' notice when requested by the Issuer to take any
action pursuant to Section 8.5(a), accompanied by copies of any instruments
involved, and the Indenture Trustee may also require as a condition of such

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action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all such action will
not materially and adversely impair the security for the Notes or the rights
of the Noteholders; provided, however that such Opinion of Counsel shall not
be required to express an opinion as to the fair value of the Owner Trust
Estate.  Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such
action.Treatment as Financial Assets.  Each item of property (whether
investment property, financial asset, security, instrument or cash) credited
to the Owner Trust Accounts shall be treated as a financial asset.  The Owner
Trust Accounts shall be governed by the law of the State of New York and New
York shall be the Securities Intermediary jurisdiction.

           SECTION 8.8.   Powers Coupled With an Interest.  The rights and
power granted in the Article 8 to the Indenture Trustee have been granted in
order to perfect its security interest in the Owner Trust Account, are powers
coupled with an interest and will be affected neither by the bankruptcy or
insolvency of the Issuer nor by the lapse of time.

                                  ARTICLE IX

                            SUPPLEMENTAL INDENTURES

          SECTION 9.1.   Supplemental Indentures Without Consent of
Noteholders.  Without the consent of the Holders of any Notes but with prior
notice to the Note Rating Agencies by the Issuer, when authorized by an
Issuer Request, the Issuer and the Indenture Trustee at any time and from
time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as in force
at the date of the execution thereof), in form satisfactory to the Indenture
Trustee, for any of the following purposes:to correct or amplify the
description of any property at any time subject to the lien of this
Indenture, or better to assure, convey and confirm unto the Indenture Trustee
any property subject or required to be subjected to the lien of this
Indenture, or to subject to the lien of this Indenture additional property;

          (ii) to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes
contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the
Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;

          (iv) to convey, transfer, assign, mortgage or pledge any property
to or with the Indenture Trustee;

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          (v)  to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture which may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other
provisions with respect to matters or questions arising under this Indenture
or in any supplemental indenture; provided that such action shall not
materially and adversely affect the interests of the Holders of the Notes;

          (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to
facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or

          (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter
enacted and to add to this Indenture such other provisions as may be
expressly required by the TIA.

          The Issuer and the Indenture Trustee shall not enter into any
indenture supplemental hereto if such indenture would cause either (x) the
Issuer or the Master Trust to be classified as an association or a publicly
traded partnership taxable as a corporation for United States federal income
tax purposes or (y) a taxable event that could cause the beneficial owner of
any Outstanding Amount of Notes to recognize gain or loss for such purposes.

          The Indenture Trustee is hereby authorized to join in the execution
of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

          SECTION 9.2.   Supplemental Indentures with Consent of the
Noteholders.  The Issuer and the Indenture Trustee, when authorized by the
Issuer, also may, with prior notice to the Note Rating Agencies and with the
consent of the Holders of a majority of the Outstanding Amount of the Notes,
by Act of such Holders delivered to the Issuer and the Indenture Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby: change the date of payment of any installment of principal
of or interest on any Note, or reduce the principal amount thereof, the Note
Rate thereon or the Redemption Price with respect thereto, change the
provision of this Indenture relating to the application of collections on, or
the proceeds of the sale of, the Owner Trust Estate to payment of principal
of or interest on the Notes, or change any place of payment where, or the
coin or currency in which, any Note or the interest thereon is payable, or

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impair the right to institute suit for the enforcement of the provisions of
this Indenture requiring the application of funds available therefor, as
provided in Article V, to the payment of any such amount due on the Notes on
or after the respective due dates thereof (or, in the case of redemption, on
or after the Redemption Date);

          (ii) reduce the percentage of the Outstanding Amount of the Notes,
the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver
of compliance with provisions of this Indenture or defaults hereunder and
their consequences provided for in this Indenture;

          (iii)  modify or alter the provisions of the proviso to the
definition of the term "Outstanding";

          (iv)  reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to sell or liquidate the Owner Trust
Estate pursuant to Section 5.4;

          (v)  modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions
of this Indenture or any of the other Basic Documents cannot be modified or
waived without the consent of the Holder of each Outstanding Note affected
thereby;

          (vi)  modify any of the provisions of this Indenture in such manner
as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of
any of the individual components of such calculation) or to affect the rights
of the Holders of the Notes to the benefit of any provisions for the
mandatory redemption of the Notes contained herein; or

          (vii)  permit the creation of any Lien ranking prior to or on a
parity with the lien of this Indenture with respect to any part of the Owner
Trust Estate or, except as otherwise permitted or contemplated herein,
terminate the lien of this Indenture on any property at any time subject
hereto or deprive the Holder of any Note of the security provided by the lien
of this Indenture.

          The Indenture Trustee may determine whether any Notes would be
affected by any supplemental indenture and any such determination shall be
conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder.  The Indenture Trustee shall not be
liable for any such determination made in good faith.  Any amendment, waiver
or modification consented to by the Noteholders shall not be effective unless
each of the Note Rating Agencies has provided confirmation to the Issuer and
the Indenture Trustee that such amendment, waiver or modification shall not

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<PAGE>

result in the reduction or removal of the rating of any Class of the Notes
affected by such amendment, waiver or modification.
It shall not be necessary for any Noteholders under this Section to approve
the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Noteholders shall approve the substance thereof.

          Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section, the Indenture
Trustee shall mail to the Holders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture.  Any failure of the Indenture
Trustee to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture.

          SECTION 9.3.   Effect of Supplemental Indenture.  Upon the
execution of any supplemental indenture pursuant to the provisions hereof,
this Indenture shall be and be deemed to be modified and amended in
accordance therewith with respect to the Notes affected thereby, and the
respective rights, limitations of rights, obligations, duties, liabilities
and immunities under this Indenture of the Indenture Trustee, the Issuer and
the Holders of the Notes shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of
this Indenture and the Notes affected thereby for any and all
purposes.Conformity with Trust Indenture Act.  Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article
IX shall comply in all respects with the TIA.Reference in Notes to
Supplemental Indentures.  Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article IX may, and
if required by the Indenture Trustee shall, bear a notation in form approved
by the Indenture Trustee as to any matter provided for in such supplemental
indenture.  If the Issuer or the Indenture Trustee shall so require, new
Notes so modified as to conform, in the opinion of the Indenture Trustee and
the Issuer, to any such supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Indenture Trustee in
exchange for Outstanding Notes.Execution of Supplemental Indentures.  In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of the
trusts created by this Indenture, the Indenture Trustee shall be entitled to
receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture.  The Indenture
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Indenture Trustee's own rights, duties or
immunities under this Indenture or otherwise.

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                                   ARTICLE X

                              REDEMPTION OF NOTES

          SECTION 10.1.   Redemption.  The Notes are subject to redemption in
whole, but not in part, at the direction of the Depositor, on any date on
which the Series Certificate is retransferred to the Transferor pursuant to
Section 4 of the Series Supplement.  The Issuer shall furnish each Note
Rating Agency notice of such redemption.  If the Notes are to be redeemed
pursuant to this Section 10.1, the Issuer shall furnish notice of such
redemption to the Indenture Trustee no later than fifteen (15) Business Days
prior to the Redemption Date, and the Issuer shall, on the related Transfer
Date, deposit with the Indenture Trustee in the Note Distribution Account the
Redemption Price of the Notes to be redeemed whereupon all such Notes shall
be due and payable on the Redemption Date upon the furnishing of a notice
complying with Section 10.2 to each Holder of the Notes.

          SECTION 10.2.   Form of Redemption Notice.  Notice of redemption
under Section 10.1 shall be given by the Indenture Trustee by facsimile or by
first-class mail, postage prepaid, transmitted or mailed prior to the
applicable Redemption Date to each Holder of the Notes, as of the close of
business on the Record Date preceding the applicable Redemption Date, at such
Holder's address appearing in the Note Register.

          All notices of redemption shall state:

          (i)   the Redemption Date;

          (ii)  the Redemption Price;

          (iii)  that the Record Date otherwise applicable to such Payment
Date is not applicable and that payments shall be made only upon presentation
and surrender of such Notes and the place where such Notes are to be
surrendered for payment of the Redemption Price (which shall be the office or
agency to be maintained as provided in Section 3.2);

          (iv)  that interest on the Notes shall cease to accrue on the
Redemption Date; and

          (v)   the applicable CUSIP numbers for such Notes.

          (vi)  Notice of redemption of the Notes shall be given by the
Indenture Trustee in the name and at the expense of the Issuer.  Failure to
give notice of redemption, or any defect therein, to any Holder of any Notes
shall not impair or affect the validity of the redemption of any other Note.

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<PAGE>

          SECTION 10.3.   Notes Payable on Redemption Date.  The Notes to be
redeemed shall, following notice of redemption as required by Section 10.2,
on the Redemption Date become due and payable at the Redemption Price and
(unless the Issuer shall default in the payment of the Redemption Price) no
interest shall accrue on the Redemption Price for any period after the date
to which accrued interest is calculated for purposes of calculating the
Redemption Price.

                                  ARTICLE XI

                                 MISCELLANEOUS

          SECTION 11.1.   Compliance Certificates and Opinions, etc.  Upon
any application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee:  (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in
the opinion of such counsel all such conditions precedent, if any, have been
complied with, and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants or other experts meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.
Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

          (i)  a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the
definitions herein relating thereto;

          (ii)  a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

          (iii)  a statement that, in the opinion of each such signatory,
such signatory has made such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether such
covenant or condition has been complied with; and

          (iv)  a statement as to whether, in the opinion of each such
signatory such condition or covenant has been complied with.

          (v)  Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture,

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the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each person signing such
certificate as to the fair value (within 90 days of such deposit) to the
Issuer of the Collateral or other property or securities to be so deposited.

          (vi)  Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of any
signer thereof as to the matters described in clause (i), the Issuer shall
also deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuer of the securities to be so
deposited and of all other such securities made the basis of any such
withdrawal or release since the commencement of the then-current fiscal year
of the Issuer, as set forth in the certificates delivered pursuant to clause
(i) and this clause (ii), is 10% or more of the Outstanding Amount of the
Notes, but such a certificate need not be furnished with respect to any
securities so deposited, if the fair value thereof to the Issuer as set forth
in the related Officer's Certificate is less than $25,000 or less than one
percent of the Outstanding Amount of the Notes.

          (vii)  Whenever any property or securities are to be released
from the lien of this Indenture, the Issuer shall also furnish to the
Indenture Trustee an Officer's Certificate certifying or stating the opinion
of each person signing such certificate as to the fair value (within 90 days
of such release) of the property or securities proposed to be released and
stating that in the opinion of such person the proposed release will not
impair the security under this Indenture in contravention of the provisions
hereof.

          (viii)   Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer's Certificate certifying or stating the opinion
of any signer thereof as to the matters described in clause (iii), the Issuer
shall also furnish to the Indenture Trustee an Independent Certificate as to
the same matters if the fair value of the property or securities and of all
other property, as set forth in the certificates required by clause (iii) and
this clause (iv), equals 10% or more of the Outstanding Amount of the Notes,
but such certificate need not be furnished in the case of any release of
property or securities if the fair value thereof as set forth in the related
Officer's Certificate is less than $25,000 or less than one percent of the
then Outstanding Amount of the Notes.

          (ix)  Notwithstanding Section 2.9 or any provision of this Section,
the Issuer may (A) collect, liquidate, sell or otherwise dispose of the
Series Certificate as and to the extent permitted or required by the Basic
Documents and (B) make cash payments out of the Owner Trust Accounts as and
to the extent permitted or required by the Basic Documents.

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          SECTION 11.2.   Form of Documents Delivered to the Indenture
Trustee.  In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents.Any
certificate or opinion of an Authorized Officer of the Issuer may be based,
insofar as it relates to legal matters, upon a certificate to legal matters,
upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon
which his or her certificate or opinion is based are erroneous.  Any such
certificate of an Authorized Officer or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Administrator, the
Depositor or the Issuer, stating that the information with respect to such
factual matters is in the possession of the Administrator, the Depositor or
the Issuer, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect
to such matters are erroneous.

          Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

          Whenever in this Indenture, in connection with any application,
certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document (x) as a condition of the granting of such
application, or (y) as evidence of the Issuer's compliance with any term
hereof, it is intended that the truth and accuracy, at the time of the
granting of such application or at the effective date of such certificate or
report (as the case may be), of the facts and opinions stated in such
document shall in each case be conditions precedent to the right of the
Issuer to have such application granted or to the sufficiency of such
certificate or report.  The foregoing shall not, however, be construed to
affect the Indenture Trustee's right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in
Article VI.

          SECTION 11.3.   Actions of Noteholders.  (a)  Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by the Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by an agent duly appointed in writing; and

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except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Indenture
Trustee and, when required, to the Issuer or the Administrator.   Such
instrument or instruments (and the action or actions embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Indenture
Trustee, the Issuer and the Administrator, if made in the manner provided in
this Section 11.3.

          (b)  The fact and date of the execution by any Noteholder of any
such instrument or writing may be proved in any reasonable manner which the
Indenture Trustee deems sufficient.

          (c)  Any request, demand, authorization, direction, notice,
consent, waiver or other act by a Noteholder shall bind every Holder of every
Note issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof, in respect of anything done, or omitted to be done, by
the Indenture Trustee, the Issuer or the Administrator in reliance thereon,
regardless of whether notation of such action is made upon such Note.

          (d)  The Indenture Trustee may require such additional proof of any
matter referred to in this Section 11.3 as it shall deem necessary.

          SECTION 11.4.   Notices, etc., to the Indenture Trustee, the
Issuer, and Note Rating Agencies.  Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders or other documents
provided or permitted by this Indenture to be made upon, given or furnished
to or filed with:

          (a)  The Indenture Trustee by any Noteholder or by the Issuer shall
be sufficient for every purpose hereunder if personally delivered, telefaxed
or mailed certified mail, return receipt requested and shall be deemed to
have been duly given upon receipt by a Responsible Officer of the Indenture
Trustee at its Corporate Trust Office, or

          (b)  The Issuer by the Indenture Trustee or any Noteholder shall be
sufficient for every purpose hereunder if personally delivered or mailed
certified mail, return receipt to the Issuer addressed to:  Chase Credit Card
Owner Trust 2001-1, in care of Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee for the Chase Credit Card
Owner Trust 2001-1, at Rodney Square North, 1100 North Market Street,
Wilmington, DE 19890-0001, Attention: Corporate Trust Administration or at
any other address previously furnished in writing to the Indenture Trustee by
the Issuer.  The Issuer shall promptly transmit any notice received by it
from the Noteholders to the Indenture Trustee.

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<PAGE>

          Notices required to be given to the Note Rating Agencies by the
Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered or mailed certified mail, return receipt requested to
(i) in the case of Moody's, at the following address:  Moody's Investors
Service, 99 Church Street, New York, New York 10007, Attention: ABS
Monitoring Group, (ii) in the case of Standard & Poor's, at the following
address:  Standard & Poor's Ratings Services, 55 Water Street, New York, New
York  10041, Attention: Asset Backed Surveillance Department and (iii) in the
case of Fitch, at the following address:  Fitch, Inc., One State Street
Plaza, New York, New York  10004; or as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties.

          SECTION 11.5.   Notices to Noteholders; Waiver.  Where this
Indenture provides for notice to Noteholders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at his address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice.  In any case where notice to Noteholders is given
by mail, neither the failure to mail such notice nor any defect in any notice
so mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly
given.Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

          In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event to the Noteholders when such notice
is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice.

          Where this Indenture provides for notice to the Note Rating
Agencies, failure to give such notice shall not affect any other right or
obligations created hereunder, and shall not under any circumstance
constitute a Default or Event of Default.

          SECTION 11.6.   Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note
providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder that is different from the methods provided for

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in this Indenture for such payments or notices, provided that such methods
are reasonable and consented to by the Indenture Trustee (which consent shall
not be unreasonably withheld).  The Issuer will furnish to the Indenture
Trustee a copy of each such agreement, and the Indenture Trustee will cause
payments to be made and notices to be given in accordance with such
agreements.

          SECTION 11.7.   Conflict with Trust Indenture Act.  If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of
the TIA, such required provision shall control.
The provisions of TIA Sections 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this
Indenture, whether or not physically contained herein.

          SECTION 11.8.   Effect of Headings and Table of Contents.  The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

          SECTION 11.9.   Successors and Assigns.  All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns.  All agreements of the Indenture Trustee in this
Indenture shall bind its successors.

          SECTION 11.10.   Separability.  In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not
be affected or impaired thereby.

          SECTION 11.11.   Benefits of Indenture.  Nothing in this Indenture
or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and (only to the extent
expressly provided herein) Chase, the Noteholders, any other party secured
hereunder, and any other person with an ownership interest in any part of the
Owner Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

          SECTION 11.12.   Legal Holidays.  In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding
any other provision of the Notes or this Indenture) payment need not be made
on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the date on which nominally due, and no
interest shall accrue for the period from and after any such nominal date.

          SECTION 11.13.   GOVERNING LAW.  THIS INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE

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OF NEW YORK.Counterparts.  This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

          SECTION 11.15.   Recording of Indenture.  If this Indenture is
subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuer and at its expense accompanied by
an Opinion of Counsel (which may be counsel to the Indenture Trustee or any
other counsel reasonably acceptable to the Indenture Trustee) to the effect
that such recording is necessary either for the protection of the Noteholders
or any other person secured hereunder or for the enforcement of any right or
remedy granted to the Indenture Trustee under this Indenture or to satisfy
any provision of the TIA.

          SECTION 11.16.   Trust Obligation.  No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the
Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Depositor, the Administrator, the Transferor, the
Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in its individual capacity, except as any such Person may
have expressly agreed (it being understood that the Indenture Trustee and the
Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.  For all purposes of this Indenture, in the performance
of any duties or obligations of the Issuer hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Articles IV, V, VI and VII of the Trust Agreement.

          SECTION 11.17.   No Petition.  Notwithstanding any prior
termination of this Indenture, the Indenture Trustee and each Noteholder or
Note Owner, by its acceptance of a Note or beneficial interest in a Note, as
the case may be, hereby covenants that (a) they, shall not at any time with
respect to the Issuer or the Master Trust, acquiesce, petition or otherwise
invoke or cause the Issuer or the Master Trust to invoke the process of any
court or government authority for the purpose of commencing or sustaining a
case against the Issuer or the Master Trust under any Federal or state
bankruptcy, insolvency or similar law or appointing a receiver, conservator,
liquidator, assignee, trustee, custodian, sequestrator or other similar

                                     -83-

<PAGE>

official of the Issuer or the Master Trust or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the
Issuer or the Master Trust, (b) any claim that they may have at any time
against the corpus of the Master Trust that they may seek to enforce against
the corpus of the Master Trust, shall be subordinate to the payment in full,
including post-petition interest, in the event that the Master Trust becomes
a debtor or debtor in possession in a case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect
or otherwise subject to any insolvency, reorganization, liquidation,
rehabilitation or other similar proceedings, of the claims of the holders of
any securities of the Master Trust and the holders of any other notes, bonds,
contracts or other obligations that are related to the Master Trust and (c)
they hereby irrevocably make the election afforded by Title 11 United States
Code Section 1111(b)(1)(A)(i) to secured creditors to receive the treatment
afforded by Title 11 United State Code Section 1111(b)(2) with respect to any
secured claim that they may have at any time against the Issuer or the Master
Trust.

          SECTION 11.18.   Inspection.  The Issuer agrees that, on reasonable
prior notice, it will permit any representative of the Indenture Trustee,
during the Issuer's normal business hours, to examine all the books of
account, records, reports, and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent
certified public accountants, and to discuss the Issuer's affairs, finances
and accounts with the Issuer's officers, employees and Independent certified
public accountants, all at such reasonable times and as often as may be
reasonably requested.  The Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information except to the
extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its Obligations hereunder.

          SECTION 11.19.   Tax Treatment.  The Issuer intends that the Notes
will be treated as debt of the Certificateholder for all United States tax
purposes.  Each Noteholder, by acceptance of its Note, and each holder of a
beneficial interest in a Note, by the acquisition of a beneficial interest
therein, agree to treat the Notes as indebtedness of the Certificateholder
for all United States tax purposes.

                                     -84-

<PAGE>

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

                               WILMINGTON TRUST COMPANY
                               not in its individual capacity but solely as
                               Owner Trustee for Chase Credit Card Owner
                               Trust 2001-1

                               By:___________________________________
                                    Name:
                                    Title:

                               THE BANK OF NEW YORK
                               solely in its capacities as Indenture Trustee,
                               Securities Intermediary and Transfer Agent

                               By:___________________________________
                                    Name:
                                    Title:

                                     -85-

<PAGE>

                                                                     EXHIBIT A

                             FORM OF CLASS A NOTE

REGISTERED                                              $_________ <F3>

No. A- ____    CUSIP NO. 16151RAN3

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.
CHASE CREDIT CARD OWNER TRUST 2001-1

                   CLASS A FLOATING RATE ASSET BACKED NOTES

          Chase Credit Card Owner Trust 2001-1, a common law trust organized
and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or its registered assigns, the principal sum of ______ DOLLARS
($________), partially payable on each applicable Payment Date in an amount
equal to the result obtained by multiplying   a fraction, the numerator of
which is $__________ and the denominator of which is $___________ by  the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A  Notes pursuant to Section 3.1 of the
Indenture on such Payment Date; provided that the entire unpaid principal
amount of this Note shall be due and payable on the June 2008 Payment Date
(which is June 16, 2008).  The Issuer will pay interest on this Note at the
rate per annum shown above, on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain
limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding the then
current Payment Date or, if no interest has yet been paid, from March 15,
2001.  Interest will be computed on the basis of the actual number of days
elapsed in a 360-day year (which is 32 days in the case of the Note Interest

                                     -86-

<PAGE>

Period preceding the April 16, 2001 Payment Date).  Such principal of and
interest on this Note shall be paid in the manner specified in the Indenture.

          The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.  All payments made by
the Issuer with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal
of this Note.

          Reference is made to the further provisions of this Note set forth
on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note.
Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Dated: __________, ____

                          CHASE CREDIT CARD OWNER TRUST 2001-1

                          By:  WILMINGTON TRUST COMPANY,
                               not in its individual capacity but solely
                               as Owner Trustee

                          By:__________________________________
                               Name:
                               Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within mentioned Indenture.

Dated:  ________ __, _____

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

                               By:_________________________________
                                    Authorized Signatory

                                     -87-

<PAGE>

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A Floating Rate Asset Backed Notes (herein called the
"Class A Notes" or the "Notes"), all issued under an Indenture dated as of
March 15, 2001, (such Indenture, as supplemented or amended, is herein called
the "Indenture"), between the Issuer and The Bank of New York, not in its
individual capacity but solely as indenture trustee (the "Indenture Trustee",
which term includes any successor Indenture Trustee under the Indenture) and
as securities intermediary, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes.  The Notes are subject to all terms of
the Indenture.  All terms used in this Note that are not otherwise defined
herein and that are defined in the Indenture shall have the meanings assigned
to them in or pursuant to the Indenture.

          The Class A Notes, the Class B Notes and the Class C Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

          The Issuer shall pay interest on overdue installments of interest
at the Class A Note Interest Rate to the extent lawful.

          Each Holder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director, employee or agent of the Indenture Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.
It is the intent of the Depositor, the Administrator, the Issuer, the
Noteholders, the Note Owners and Chase USA, that the Notes will be classified
as indebtedness of the Issuer for all United States tax purposes.  The
Noteholders, by acceptance of a Note, agree to treat, and to take no action

                                     -89-

<PAGE>

inconsistent with the treatment of, the Notes as indebtedness of the Issuer
for such tax purposes.

          Each Noteholder or Note Owner, by acceptance of a Note, or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or any
of the other Basic Documents.
This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

          No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency, herein
prescribed.

          Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Issuer for the sole purpose of binding
the interests of the Owner Trustee in the assets of the Issuer.  The Holder
of this Note by the acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                     -90-

<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

-----------------------------------------------------------------------------
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

-----------------------------------------------------------------------------
                            (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ___________________, attorney, to transfer said Note on the
books kept for registration thereof, with full power of substitution in the
premises.

Dated:----------------------------------------------------------------------<F4>
                             Signature Guaranteed:

                                     -91-

<PAGE>

                                                                     EXHIBIT B

                             FORM OF CLASS B NOTE

REGISTERED                                                   $___________<F5>
No. B- ____                                              CUSIP NO. 16151RAP8

          UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     CHASE CREDIT CARD OWNER TRUST 2001-1

                   CLASS B FLOATING RATE ASSET BACKED NOTES

          Chase Credit Card Owner Trust 2001-1, a common law trust organized
and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or its registered assigns, the principal sum of ___________ DOLLARS
($_________), partially payable on each applicable Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of
which is $________ and the denominator of which is $________ by the (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class B Notes pursuant to Section 3.1 of the
Indenture on such Payment Date; provided that the entire unpaid principal
amount of this Note shall be due and payable on the June 2008 Payment Date
(which is June 16, 2008).  No payments of principal of the Class B Notes will
be made until the principal of the Class A Notes has been paid in full.  The
Issuer will pay interest on this Note at the rate per annum shown above, on
each Payment Date until the principal of this Note is paid or made available
for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made
on the preceding Payment Date), subject to certain limitations contained in
Sections 2.7, 3.1 and 8.2 of the Indenture.  Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which
interest has been paid to but excluding the then current Payment Date or, if
no interest has yet been paid, from March 15, 2001.  Interest will be
computed on the basis of the actual number of days elapsed in a 360-day year

                                     -92-

<PAGE>

(which is 32 days in the case of the Note Interest Period preceding the April
16, 2001 Payment Date).  Such principal of and interest on this Note shall be
paid in the manner specified in the Indenture.

          The principal of and interest on this Note are payable in such coin
or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.  All payments made by
the Issuer with respect to this Note shall be applied first to interest due
and payable on this Note as provided above and then to the unpaid principal
of this Note.

          Reference is made to the further provisions of this Note set forth
on the reverse hereof which shall have the same effect as though fully set
forth on the face of this Note.
Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Dated:    ________ __, ____

                          CHASE CREDIT CARD OWNER TRUST 2001-1

                          By:  WILMINGTON TRUST COMPANY,
                               not in its individual capacity but solely
                               as Owner Trustee

                          By:_______________________________________
                               Name:
                               Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Dated:    ________ __, _____

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

                                    By:________________________________
                                         Authorized Signatory

                                     -93-

<PAGE>

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B Floating Rate Asset Backed Notes (herein called the
"Class B Notes" or the "Notes"), all issued under an Indenture dated as of
March 15, 2001 (such Indenture, as supplemented or amended, is herein called
the "Indenture"), between the Issuer and The Bank of New York, not in its
individual capacity but solely as trustee (the "Indenture Trustee", which
term includes any successor Indenture Trustee under the Indenture) and as
securities intermediary, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Notes.  The Notes are subject to all terms of the Indenture.  All
terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

          The Class B Notes, and the Class A Notes and Class C Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

          The Issuer shall pay interest on overdue installments of interest
at the Class B Note Interest Rate to the extent lawful.

          Each Holder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuer,
the Indenture Trustee or the Owner Trustee or of any successor or assign of
the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity.

          It is the intent of the Depositor, the Administrator, the Note
Owners, the Issuer, the Noteholders and Chase USA that the Notes will be
classified as indebtedness of the Issuer for all United States tax purposes.
The Noteholders, by acceptance of a Note, agree to treat, and to take no

                                     -95-

<PAGE>

action inconsistent with the treatment of, the Notes as indebtedness of the
Issuer for such tax purposes.

          Each Noteholder or Note Owner, by acceptance of a Note, or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or any
of the other Basic Documents.

          This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance
with such laws.

          No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency, herein
prescribed.

          Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither Wilmington Trust Company
in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Issuer for the sole purpose of binding
the interests of the Owner Trustee in the assets of the Issuer.  The Holder
of this Note by the acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                     -96-

<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

-----------------------------------------------------------------------------
          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

-----------------------------------------------------------------------------
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _______________________________, attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:                         _____________________________________<F6>

                               Signature Guaranteed:

                               _______________________________________

                                     -97-

<PAGE>

                                     -98-

<PAGE>

                                                                     EXHIBIT C

                             FORM OF CLASS C NOTE

REGISTERED                                              $________<F7>
No. C- ____                                        CUSIP NO. 16151RAQ6

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

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

                     CHASE CREDIT CARD OWNER TRUST 2001-1

                   CLASS C FLOATING RATE ASSET BACKED NOTES

          Chase Credit Card Owner Trust 2001-1, a common law trust organized
and existing under the laws of the State of Delaware (including any
successor, the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or its registered assigns, the principal sum of _____________ DOLLARS
($________), partially payable on each applicable Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction, the numerator of
which is $________ and the denominator of which is $________ by the (ii) the
aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class C Notes pursuant to Section 3.1 of the
Indenture on such Payment Date; provided that the entire unpaid principal
amount of this Note shall be due and payable on the June 2008 Payment Date
(which is June 16, 2008).  No payments of principal of the Class C Notes will
be made until the principal of the Class A Notes and the Class B Notes have
been paid in full.  The Issuer will pay interest on this Note at the rate per
annum described in the Indenture, on each Payment Date until the principal of
this Note is paid or made available for payment, on the principal amount of
this Note outstanding on the preceding Payment Date (after giving effect to
all payments of principal made on the preceding Payment Date), subject to
certain limitations contained in Sections 2.7, 3.1 and 8.2 of the Indenture.
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding the then
current Payment Date or, if no interest has yet been paid, from March 15,

                                     -99-

<PAGE>

2001.  Interest will be computed on the basis of the actual number of days
elapsed in a 360-day year (which is 32 days in the case of the Note Interest
Period preceding the April 16, 2001 Payment Date).  Such principal of and
interest on this Note shall be paid in the manner specified in the Indenture.
The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.  All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of
this Note.
Reference is made to the further provisions of this Note set forth on the
reverse hereof which shall have the same effect as though fully set forth on
the face of this Note.
Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer.

Dated:    ____________ __, ____

                          CHASE CREDIT CARD OWNER TRUST 2001-1

                          By:  WILMINGTON TRUST COMPANY,
                               not in its individual capacity but solely
                                    as Owner Trustee

                          By:______________________________________
                               Name:
                               Title:

               INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                                     -100-

<PAGE>

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Dated:    ________ __, ____

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

                                    By:________________________________
                                         Authorized Signatory

                                     -101-

<PAGE>

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class C Floating Rate Asset Backed Notes (herein called the
"Class C Notes" or the "Notes"), all issued under an Indenture dated as of
March 15, 2001 (such Indenture, as supplemented or amended, is herein called
the "Indenture"), between the Issuer and The Bank of New York, not in its
individual capacity but solely as trustee (the "Indenture Trustee", which
term includes any successor Indenture Trustee under the Indenture) and as
securities intermediary, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Holders
of the Notes.  The Notes are subject to all terms of the Indenture.  All
terms used in this Note that are not otherwise defined herein and that are
defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture.

          The Class C Notes, the Class A Notes and the Class B Notes are and
will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

          The Issuer shall pay interest on overdue installments of interest
at the Class C Note Interest Rate to the extent lawful.

          Each Holder or Note Owner, by acceptance of a Note, or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuer,
the Indenture Trustee or the Owner Trustee or of any successor or assign of
the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Owner Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any
unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity.

          It is the intent of the Depositor, the Administrator, the Note
Owners, the Issuer, the Noteholders and Chase USA that, the Notes will be
classified as indebtedness of the Issuer for all United States tax purposes.
The Noteholders, by acceptance of a Note, agree to treat, and to take no

                                     -102-

<PAGE>

action inconsistent with the treatment of, the Notes as indebtedness of the
Issuer for such tax purposes.

          Each Noteholder or Note Owner, by acceptance of a Note, or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or any
of the other Basic Documents.

          This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, and the obligations, rights and remedies
of the parties hereunder and thereunder shall be determined in accordance
with such laws.

          No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Issuer, which
is absolute and unconditional, to pay the principal of and interest on this
Note at the times, place and rate, and in the coin or currency, herein
prescribed.

          Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither Wilmington Trust Company,
in its individual capacity, any owner of a beneficial interest in the Issuer,
nor any of their respective partners, beneficiaries, agents, officers,
directors, employees, successors or assigns shall be personally liable for,
nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in this Note or the Indenture, it
being expressly understood that said covenants, obligations and
indemnifications have been made by the Issuer for the sole purpose of binding
the interests of the Owner Trustee in the assets of the Issuer.  The Holder
of this Note by the acceptance hereof agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Holder shall have no claim against any of the foregoing for
any deficiency, loss or claim therefrom; provided that nothing contained
herein shall be taken to prevent recourse to, and enforcement against, the
assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                     -103-

<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

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

          FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto

-----------------------------------------------------------------------------
                            (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _______________________________, attorney, to transfer said Note
on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:                          __________________________________<F8>
                                      Signature Guaranteed:

                               __________________________________________

                                     -104-

<PAGE>

                                                                     EXHIBIT D

                       FORM OF NOTE DEPOSITORY AGREEMENT

                                     -105-

<PAGE>

____________________
[FN]
<F1> Note: This Cross Reference Table shall not, for any purpose, be deemed
     to be part of this Indenture.

<F2> N.A. means Not Applicable

<F3> Denominations of $1,000 and integral multiples of $1,000 in excess
     thereof.

<F4> NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the fact of the within Note in
     every particular without alteration, enlargement or any change
     whatsoever.

<F5> Denominations of $1,000 and integral multiples of $1,000 in excess
     thereof.

<F6> NOTE: The signature to this signature must correspond with the name
     of the registered owner as it appears on the fact of the within
     Note in every particular without alteration, enlargement or any
     change whatever.

<F7> Denominations of $1,000 and integral multiples of $1,000 in excess
     thereof.

<F8> NOTE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the fact of the within Note in
     every particular without alteration, enlargement or any change
     whatsoever.

                                     -106-CHASE CREDIT CARD OWNER TRUST 2001-1
                             TRUST AGREEMENT

                                 between

             CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                               as Depositor

                                   and

                         WILMINGTON TRUST COMPANY
                             as Owner Trustee

                        Dated as of March 15, 2001

<PAGE>

                            Table of Contents

                                                                     Page

                                ARTICLE I

                               DEFINITIONS

SECTION 1.1.   Capitalized Terms  . . . . . . . . . . . . . . . . . . . 1

                               ARTICLE II

                               ORGANIZATION

SECTION 2.1.   Name   . . . . . . . . . . . . . . . . . . . . . . . . . 3
SECTION 2.2.   Office   . . . . . . . . . . . . . . . . . . . . . . . . 3
SECTION 2.3.   Purposes and Powers  . . . . . . . . . . . . . . . . . . 3
SECTION 2.4.   Appointment of Owner Trustee   . . . . . . . . . . . . . 4
SECTION 2.5.   Initial Capital Contribution of Trust Estate   . . . . . 4
SECTION 2.6.   Declaration of Trust   . . . . . . . . . . . . . . . . . 4
SECTION 2.7.   Title to Owner Trust Property  . . . . . . . . . . . . . 4
SECTION 2.8.   Situs of Owner Trust   . . . . . . . . . . . . . . . . . 4
SECTION 2.9.   Representations and Warranties of the Depositor  . . . . 5
SECTION 2.10.   Liability of Certificateholder  . . . . . . . . . . . . 6

                               ARTICLE III

                  CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1.   Initial Ownership  . . . . . . . . . . . . . . . . . . . 6
SECTION 3.2.   The Certificate6
SECTION 3.3.   Execution, Authentication and Delivery of Certificates . 6
SECTION 3.4.   Restrictions on Transfer . . . . . . . . . . . . . . . . 7
SECTION 3.5.   Mutilated, Destroyed, Lost or Stolen Certificate . . . . 7
SECTION 3.6.   Authenticating Agent . . . . . . . . . . . . . . . . . . 7
SECTION 3.7.   Actions of Certificateholder . . . . . . . . . . . . . . 8

                               ARTICLE IV

                         ACTIONS BY OWNER TRUSTEE

SECTION 4.1.   Prior Notice to Certificateholder with Respect to Certain
Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

                                ARTICLE V

                  AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 5.1.   General Authority  . . . . . . . . . . . . . . . . . . . 9
SECTION 5.2.   General Duties . . . . . . . . . . . . . . . . . . . . . 9
SECTION 5.3.   Action upon Instruction  . . . . . . . . . . . . . . .  10

<PAGE>

SECTION 5.4.   No Duties Except as Specified in this Agreement or in
Instructions  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  10
SECTION 5.5.   No Action Except under Specified Documents or
                 Instructions . . . . . . . . . . . . . . . . . . . .  11
SECTION 5.6.   Restriction  . . . . . . . . . . . . . . . . . . . . .  11
SECTION 5.7.   Doing Business in Other Jurisdictions  . . . . . . . .  11

                               ARTICLE VI

                         CONCERNING OWNER TRUSTEE

SECTION 6.1.   Acceptance of Trusts and Duties  . . . . . . . . . . .  12
SECTION 6.2.   Furnishing of Documents  . . . . . . . . . . . . . . .  13
SECTION 6.3.   Representations and Warranties . . . . . . . . . . . .  13
SECTION 6.4.   Reliance; Advice of Counsel  . . . . . . . . . . . . .  14
SECTION 6.5.   Not Acting in Individual Capacity  . . . . . . . . . .  14
SECTION 6.6.   Owner Trustee May Own Notes  . . . . . . . . . . . . .  15

                               ARTICLE VII

                      COMPENSATION OF OWNER TRUSTEE

SECTION 7.1.   Owner Trustee's Fees and Expenses  . . . . . . . . . .  15
SECTION 7.2.   Indemnification  . . . . . . . . . . . . . . . . . . .  15
SECTION 7.3.   Payments to Owner Trustee  . . . . . . . . . . . . . .  16

                              ARTICLE VIII

                      TERMINATION OF TRUST AGREEMENT

SECTION 8.1.   Termination of Trust Agreement . . . . . . . . . . . .  16

                               ARTICLE IX

          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 9.1.   Eligibility Requirements for Owner Trustee . . . . . .  17
SECTION 9.2.   Resignation or Removal of Owner Trustee  . . . . . . .  17
SECTION 9.3.   Successor Owner Trustee  . . . . . . . . . . . . . . .  18
SECTION 9.4.   Merger or Consolidation of Owner Trustee . . . . . . .  18
SECTION 9.5.   Appointment of Co-Trustee or Separate Trustee  . . . .  18

                                ARTICLE X

                              MISCELLANEOUS

SECTION 10.1.   Supplements and Amendments  . . . . . . . . . . . . .  20
SECTION 10.2.   No Legal Title to Owner Trust Estate in
                  Certificateholder . . . . . . . . . . . . . . . . .  21
SECTION 10.3.   Limitations on Rights of Others . . . . . . . . . . .  21
SECTION 10.4.   Notices . . . . . . . . . . . . . . . . . . . . . . .  21
SECTION 10.5.   Severability  . . . . . . . . . . . . . . . . . . . .  21
SECTION 10.6.   Separate Counterparts . . . . . . . . . . . . . . . .  21
SECTION 10.7.   Successors and Assigns  . . . . . . . . . . . . . . .  21

<PAGE>

SECTION 10.8.   Nonpetition Covenants . . . . . . . . . . . . . . . .  21
SECTION 10.9.   No Recourse . . . . . . . . . . . . . . . . . . . . .  22
SECTION 10.10.  Headings . . . . . . . . . . . . . . . . . . . . . .  22
SECTION 10.11.  GOVERNING LAW  . . . . . . . . . . . . . . . . . . .  22
SECTION 10.12.  Depositor Payment Obligation . . . . . . . . . . . .  22
SECTION 10.13.  Acceptance of Terms of Agreement . . . . . . . . . .  22
SECTION 10.14.  Integration of Documents . . . . . . . . . . . . . .  22

EXHIBITS

Exhibit A - Form of Certificate

<PAGE>

          TRUST AGREEMENT dated as of March 15, 2001 between CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION ("Chase USA"), a national
banking association having its principal executive offices located at 802
Delaware Avenue, Wilmington, Delaware 19801, as the depositor (in its
capacity as the depositor, the "Depositor") and WILMINGTON TRUST COMPANY,
a Delaware banking corporation, as the owner trustee (the "Owner
Trustee").

                                ARTICLE I
                               DEFINITIONS

          SECTION 1.1.  Capitalized Terms.  For all purposes of this
Agreement, the following terms shall have the meanings set forth below:

          "Administrator" means Chase Manhattan Bank USA, National
Association, or any successor Administrator under the Deposit and
Administration Agreement.

          "Agreement" means this Chase Credit Card Owner Trust 2001-1
Trust Agreement, as the same may be amended, modified or otherwise
supplemented from time to time.

          "Basic Documents" means the Indenture, this Agreement, the
Deposit and Administration Agreement, the Note Underwriting Agreement and
other documents delivered in connection herewith and therewith.

          "Certificate" means the certificate evidencing the beneficial
interest of the Certificateholder in the Owner Trust, substantially in
the form attached hereto as Exhibit A.

          "Certificateholder" means Chase Manhattan Bank USA, National
Association, and its successors and permitted assigns.

          "Code" means the Internal Revenue Code of 1986, as amended.

          "Corporate Trust Office" means, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee
located at Rodney Square North, 1100 North Market Street, Wilmington, DE
19801; or such other address as the Owner Trustee may designate by notice
to the Depositor, or the principal corporate trust office of any
successor Owner Trustee (the address of which the successor Owner Trustee
will notify the Certificateholder and the Depositor).

          "Deposit and Administration Agreement" means the Deposit and
Administration Agreement, dated as of  March 15, 2001, between the Owner
Trustee, on behalf of the Owner Trust, and Chase Manhattan Bank USA,
National Association, as Depositor and as Administrator, as the same may
be amended, supplemented or otherwise modified from time to time.

          "Depositor" means Chase Manhattan Bank USA, National
Association, in its capacity as Depositor hereunder and its successors
and assigns in such capacity.

          "Expenses" has the meaning assigned to such term in Section
7.2.

          "Indemnified Parties" shall have the meaning assigned to such
term in Section 7.2.

          "Indenture Trustee" means The Bank of New York, not in its
individual capacity but solely as Indenture Trustee under the Indenture,
and any successor Indenture Trustee under the Indenture.

<PAGE>

          "Owner Trust" means the trust created by this Agreement.

          "Owner Trust Estate" means all right, title and interest of
the Owner Trustee in and to the property and rights assigned to the Owner
Trustee pursuant to Section 2.5 of this Agreement and Section 2.1 of the
Deposit and Administration Agreement, all monies, securities, instruments
and other property on deposit from time to time in the accounts
established hereunder and all other property of the Owner Trust from time
to time, including any rights of the Owner Trustee on behalf of the Owner
Trust pursuant to the Deposit and Administration Agreement.

          "Owner Trustee" means Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as owner
trustee for the Chase Credit Card Owner Trust 2001-1 under this Agreement
(unless otherwise specified herein), and any successor Owner Trustee
hereunder.

          "Requirements of Law" means, for any Person, the certificate
of incorporation or articles of association and by-laws or other
organizational or governing documents of such Person, and any law,
treaty, rule or regulations, or determination of an arbitrator or
Governmental Authority, in each case applicable to or binding upon such
Person or to which such Person is subject, whether federal, state or
local (including without limitation, usury laws, the federal Truth in
Lending Act and Regulation Z and Regulation B of the Board of Governors
of the Federal Reserve System).

          "Secretary of State" means the Secretary of State of the State
of Delaware.

          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.

          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. 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, the definitions contained in this Agreement or in
any such certificate or other document shall control.

          The words "hereof," "herein," "hereunder," and words of
similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement; Section
and Exhibit references contained in this Agreement are references to
Sections and Exhibits in or to this Agreement unless otherwise specified;
and the term "including" shall mean "including without limitation."

          The definitions contained in this Agreement 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.

<PAGE>

                              ARTICLE II

                             ORGANIZATION

          SECTION 2.1.  Name.  The trust created hereby shall be
referred to for convenience as "Chase Credit Card Owner Trust 2001-1"
(hereinafter, the "Owner Trust").  The Owner Trust shall not be a
"business trust" as defined in 12 Del.C. 3801.

          SECTION 2.2.  Office.  The office of the Owner Trust shall be
in care of the Owner Trustee at the Corporate Trust Office or at such
other address as the Owner Trustee may designate by written notice to the
Certificateholder and the Depositor.

          SECTION 2.3.  Purposes and Powers.  The purpose of the Owner
Trust is, and the Owner Trustee shall have the power and authority, on
behalf of the Owner Trust to engage in the following activities:

          (a)  to issue the Notes in the name of the Owner Trust
pursuant to the Indenture and the Certificate pursuant to this Agreement,
and to sell, transfer or exchange the Notes and the Certificate;

          (b)  to acquire the property and assets set forth in the
Deposit and Administration Agreement from the Depositor pursuant to the
terms thereof, to make payments or distributions on the Notes and the
Certificate and to make deposits to and withdrawals from the Reserve
Account and other accounts established under the Indenture;

          (c)  to assign, grant, transfer, pledge, mortgage and convey
the Owner Trust Estate to the Indenture Trustee pursuant to the Indenture
and to hold, manage and distribute to the Certificateholder pursuant to
the terms of the Deposit and Administration Agreement any portion of the
Owner Trust Estate released from the Lien of, and remitted to the Owner
Trust pursuant to, the Indenture;

          (d)  to enter into and perform its obligations under the Basic
Documents to which it is a party;

          (e)  to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith; and

          (f)  subject to compliance with the Basic Documents, to engage
in such other activities as may be required in connection with
conservation of the Owner Trust Estate and the making of distributions to
the Certificateholder and the Noteholders.

          The Owner Trustee, on behalf of the Owner Trust, is hereby
authorized to engage in the foregoing activities.  Neither the Owner
Trustee, nor the Owner Trust, shall engage in any activity other than in
connection with the foregoing or other than as required or authorized by
the terms of this Agreement or the other Basic Documents.

          SECTION 2.4.  Appointment of Owner Trustee.  The Depositor
hereby appoints the Owner Trustee as trustee of the Owner Trust effective
as of the date hereof, to have all the rights, powers and duties set
forth herein.

          SECTION 2.5.  Initial Capital Contribution of Trust Estate.
The Depositor hereby sells, assigns, transfers, conveys and sets over to
the Owner Trustee, as of the date hereof, $1.00.  The Owner Trustee
hereby acknowledges receipt in trust from the Depositor, as of the date
hereof, of the foregoing contribution, which shall constitute the initial
Owner Trust Estate.  The Depositor shall pay the organizational expenses
of the Owner Trust as they may arise or shall, upon the request of the
Owner Trustee, promptly reimburse the Owner Trustee for any such expenses
paid by the Owner Trustee.

<PAGE>

          SECTION 2.6.  Declaration of Trust.  The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the
Certificateholder, subject to the obligations of the Owner Trustee, on
behalf of the Owner Trust, under the Basic Documents.  It is the
intention of the parties hereto that the Owner Trust constitute a common
law trust duly formed in accordance with the laws of the State of
Delaware and that this Agreement constitutes the governing instrument of
such trust.  It is the intention of the parties hereto that, solely for
United States income and franchise tax purposes, the Owner Trust shall be
treated as a division or branch of the Depositor.  The parties agree
that, unless otherwise required by appropriate tax authorities, they will
take no action contrary to the foregoing intention.  Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties
set forth herein with respect to accomplishing the purposes of the Owner
Trust.

          SECTION 2.7.  Title to Owner Trust Property.  Legal title to
all the Owner Trust Estate shall be vested at all times in the Owner
Trustee, on behalf of the Owner Trust, except where applicable law in any
jurisdiction requires title to any part of the Owner Trust Estate to be
vested in a co-trustee or a separate trustee, in which case title to such
part shall be deemed to be vested in the co-trustee and/or separate
trustee, as the case may be.

          SECTION 2.8.  Situs of Owner Trust.  The Owner Trust will be
located and administered in the State of Delaware.  All bank accounts
maintained by the Owner Trustee on behalf of the Owner Trust shall be
located in the State of Delaware or the State of New York.  Payments will
be received by the Owner Trust only in Delaware or New York, and payments
and distributions will be made by the Owner Trust only from Delaware or
New York.  The only office of the Owner Trust will be at the Corporate
Trust Office of the Owner Trustee in Delaware.

          SECTION 2.9.  Representations and Warranties of the Depositor.
The Depositor hereby represents and warrants to the Owner Trustee that:

               (i)  The Depositor has been duly organized and is validly
          existing as a national banking association in good standing
          under the laws of the United States of America, with power and
          authority to own its properties and to conduct its business as
          such properties are currently owned and such business is
          presently conducted.

               (ii) The Depositor has the corporate power and authority
          to execute and deliver this Agreement and to carry out its
          terms; the Depositor has full power and authority to sell and
          assign the property to be sold and assigned to and deposited
          with the Owner Trustee pursuant to this Agreement and the
          Deposit and Administration Agreement, on behalf of the Owner
          Trust, and the Depositor has duly authorized such sale and
          assignment and deposit to the Owner Trustee, on behalf of the
          Owner Trust, by all necessary action; and the execution,
          delivery and performance of this Agreement has been duly
          authorized by the Depositor by all necessary action.

               (iii)  The consummation of the transactions contemplated
          by this Agreement and the other Basic Documents and the

<PAGE>

          fulfillment of the terms hereof, do not conflict with, result
          in any breach of any of the terms and provisions of, or
          constitute (with or without notice or lapse of time) a default
          under, the articles of association or bylaws of the Depositor,
          or conflict with or breach any of the material terms or
          provisions of or constitute (with or without notice or lapse
          of time) a default under any indenture, agreement or other
          instrument to which the Depositor is a party or by which it is
          bound; nor result in the creation or imposition of any Lien
          upon any of its properties pursuant to the terms of any such
          indenture, agreement or other instrument; nor violate any law
          or, to the best of the Depositor's knowledge, any order, rule
          or regulation applicable to the Depositor of any court or of
          any Federal or state regulatory body, administrative agency or
          other governmental instrumentality having jurisdiction over
          the Depositor or its properties.

               (iv) There are no proceedings or investigations pending
          or, to the best knowledge of the Depositor, threatened against
          the Depositor before any court, regulatory body,
          administrative agency, or other tribunal or governmental
          instrumentality having jurisdiction over the Depositor (i)
          asserting the invalidity of any of the Basic Documents to
          which the Depositor is a party, (ii) seeking to prevent the
          consummation of any of the transactions contemplated by any of
          the Basic Documents, to which the Depositor is a party, (iii)
          seeking any determination or ruling that, in the reasonable
          judgment of the Depositor, would materially and adversely
          affect the performance by the Depositor of its obligations
          under the Basic Documents to which the Depositor is a party,
          or (iv) seeking any determination or ruling that would
          materially and adversely affect the validity or enforceability
          of the Basic Documents to which the Depositor is a party.

          SECTION 2.10.  Liability of Certificateholder.  The
Certificateholder shall not have any personal liability for any liability
or obligation of the Owner Trustee or the Owner Trust.

                               ARTICLE III

                  CERTIFICATES AND TRANSFER OF INTERESTS

          SECTION 3.1.  Initial Ownership.  Upon the formation of the
Owner Trust by the contribution by the Depositor pursuant to Section 2.5,
the Depositor shall be the sole beneficiary of the Owner Trust.

          SECTION 3.2.  The Certificate.   The Certificate shall be
issued substantially in the form of Exhibit A, which is incorporated by
reference herein.  The Certificate shall be executed on behalf of the
Owner Trust by manual or facsimile signature of an Authorized Officer or
other authorized signatory of the Owner Trustee.  A Certificate bearing
the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on
behalf of the Owner Trust, shall be validly issued and entitled to the

<PAGE>

benefit of this Agreement, notwithstanding that such individuals or any
of them shall have ceased to be so authorized prior to the authentication
and delivery of such Certificate or did not hold such offices at the date
of authentication and delivery of such Certificate.  The Certificate
shall not entitle its Holder to any benefit under this Agreement, or be
valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in
Exhibit A, executed by the Owner Trustee, or the Owner Trustee's
authentication agent, by manual or facsimile signature; such
authentication shall constitute conclusive evidence that such Certificate
shall have been duly authenticated and delivered hereunder.  The
Certificate shall be dated the date of its authentication.

          (a)  The Certificateholder shall be entitled to receive
distributions from the Owner Trust Estate only in accordance with this
Agreement and the Deposit and Administration Agreement.  In no event
shall the Depositor or the Certificateholder be entitled to possession
of, or be permitted to encumber any part of, the Owner Trust Estate.

          SECTION 3.3.    Execution, Authentication and Delivery of
Certificates.  Concurrently with the initial deposit of the Series
Certificate with the Owner Trustee, on behalf of the Owner Trust,
pursuant to the Deposit and Administration Agreement, the Owner Trustee
shall cause the Certificate to be executed on behalf of the Owner Trust,
authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, without further action by the Depositor.

          SECTION 3.4.  Restrictions on Transfer.  To the fullest extent
permitted by applicable law, the Certificate (or any interest therein)
may not be sold, transferred, assigned, participated, pledged or
otherwise disposed of by the Depositor to any Person.

          SECTION 3.5.  Mutilated, Destroyed, Lost or Stolen
Certificate.  If (a) the mutilated Certificate shall be surrendered to
the Owner Trustee, or if the Owner Trustee shall receive evidence to its
satisfaction of the destruction, loss or theft of the Certificate and (b)
there shall be delivered to the Owner Trustee such security or indemnity
as may be required by it to save it harmless, then the Owner Trustee
shall execute and the Owner Trustee, or the Owner Trustee's
authenticating agent, shall authenticate and deliver, in exchange for or
in lieu of the mutilated, destroyed, lost or stolen Certificate, a new
Certificate.  In connection with the issuance of any new Certificate
under this Section 3.5, the Owner Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.  Any duplicate Certificate issued
pursuant to this Section shall constitute conclusive evidence of an
ownership interest in the Owner Trust, as if originally issued, whether
or not the lost, stolen or destroyed Certificate shall be found at any
time.  The provisions of this Section 3.5 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of the mutilated, destroyed, lost or stolen
Certificate.

          SECTION 3.6.  Authenticating Agent.  The Owner Trustee may
appoint one or more authenticating agents with respect to the Certificate
which shall be authorized to act on behalf of the Owner Trustee in

<PAGE>

authenticating the Certificate in connection with the issuance, delivery,
registration of transfer, exchange or repayment of the Certificate.
Whenever reference is made in this Agreement to the authentication of the
Certificate by the Owner Trustee or the Owner Trustee's certificate of
authentication, such reference shall be deemed to include authentication
on behalf of the Owner Trustee by an authenticating agent and a
certificate of authentication executed on behalf of the Owner Trustee by
an authenticating agent.  Each authenticating agent shall be subject to
acceptance by the Depositor.

          (a)  Any institution succeeding to the corporate agency
business of an authenticating agent shall continue to be an
authenticating agent without the execution or filing of any paper or any
further act on the part of the Owner Trustee or such authenticating
agent.

          (b)  An authenticating agent may at any time resign by giving
written notice of resignation to the Owner Trustee and the Depositor.
The Owner Trustee may at any time terminate the agency of an
authenticating agent by giving notice of termination to such
authenticating agent and to the Depositor.  Upon receiving such a notice
of resignation or upon such a termination, or in case at any time an
authenticating agent shall cease to be acceptable to the Owner Trustee or
the Depositor, the Owner Trustee promptly may appoint a successor
authenticating agent with the consent of the Depositor.  Any successor
authenticating agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an authenticating
agent.

          (c)  The Depositor shall pay the authenticating agent from
time to time reasonable compensation for its services under this Section
3.6.

          (d)  The provisions of Sections 6.1, 6.3, 6.4, 6.6, 7.1 and
7.2 shall be applicable to any authenticating agent.

          (e)  Pursuant to an appointment made under this Section 3.6,
the Certificate may have endorsed thereon, in lieu of the Owner Trustee's
certificate of authentication, an alternate certificate of authentication
in substantially the following form:

          This is the Certificate referred to in the within-mentioned
Trust Agreement.

WILMINGTON TRUST COMPANY            WILMINGTON TRUST COMPANY
not in its individual capacity      not in its individual capacity
but solely as Owner Trustee for     but solely as Owner Trustee for the
the Chase Credit Card Owner         Chase Card Owner Trust 2001-1
Trust 2001-1

                                   By: ______________________
                                       Authenticating Agent

By: ____________________________   By:_________________________
                                       Authenticating Agent

<PAGE>

                 SECTION 3.7.  Actions of Certificateholder.  Any
request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Agreement to be given or taken by the
Certificateholder may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by the
Certificateholder in person or by agent duly appointed in writing; and
except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Owner
Trustee and, when required, to the Depositor or the Servicer.  Proof of
execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Owner Trustee, the Depositor and the Servicer,
if made in the manner provided in this Section 3.7.

                 (a)  The fact and date of the execution by the
Certificateholder of any such instrument or writing may be proved in any
reasonable manner which the Owner Trustee deems sufficient.

                 (b)  The Owner Trustee may require such additional proof
of any matter referred to in this Section 3.7 as it shall deem necessary.

                                ARTICLE IV

                         ACTIONS BY OWNER TRUSTEE

                 SECTION 4.1.  Prior Notice to Certificateholder with
Respect to Certain Matters.  With respect to the following matters, the
Owner Trustee shall not take action unless at least 30 days before the
taking of such action, the Owner Trustee shall have notified the
Certificateholder in writing of the proposed action:

                 (a)  the initiation of any claim or lawsuit on behalf of
the Owner Trust (except claims or lawsuits brought to collect on the
Series Certificate) and the compromise of any material action, claim or
lawsuit brought by or against the Owner Trust or the Owner Trustee
(except with respect to the aforementioned claims or lawsuits to collect
on the Series Certificate);

                 (b)  the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is
required;

                 (c)  the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not
required and such amendment materially adversely affects the interest of
the Certificateholder;

                 (d)  the amendment, change or modification of the
Deposit and Administration Agreement, except any amendment where the
consent of the Certificateholder is not required under the terms of the
Deposit and Administration Agreement; or

                 (e)  the appointment pursuant to the Indenture of a
successor Indenture Trustee or the consent to the assignment by the Note
Registrar, the Paying Agent, the Indenture Trustee or the Certificate
Registrar of its obligations under the Indenture.

                 The Owner Trustee shall notify the Certificateholder in
writing of any appointment of a successor Paying Agent, Authenticating
Agent or Certificate Registrar within five Business Days thereof.

<PAGE>

                                ARTICLE V

                  AUTHORITY AND DUTIES OF OWNER TRUSTEE

                 SECTION 5.1.  General Authority.  The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to
which the Owner Trustee, on behalf of the Owner Trust, is to be a party
and each certificate or other document required to be executed on behalf
of the Owner Trust that is attached as an exhibit to or contemplated by
the Basic Documents or any amendment thereto or other agreement, in each
case, in such form as the Depositor shall approve as evidenced
conclusively by the Owner Trustee's execution thereof and the Depositor's
execution of the related documents.  In addition to the foregoing, the
Owner Trustee is authorized, but shall not be obligated, to take all
actions required to be taken on behalf of the Owner Trust pursuant to the
Basic Documents.  The Owner Trustee is further authorized from time to
time to take such action as the Administrator directs in writing with
respect to the Basic Documents, except to extent that the Basic Documents
expressly require the consent of the Depositor for such action.

                 SECTION 5.2.  General Duties.  It shall be the duty of
the Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the other
Basic Documents and to administer the Owner Trust in the interest of the
Certificateholder, subject to the Basic Documents and in accordance with
the provisions of this Agreement.  Notwithstanding the foregoing, the
Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent
the Administrator has agreed in the Deposit and Administration Agreement
to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any other Basic Document, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry
out its obligations under the Deposit and Administration Agreement.

                 SECTION 5.3.  Action upon Instruction.  The
Certificateholder may, by written instruction, direct the Owner Trustee
in the management of the Owner Trust.  Such direction may be exercised at
any time by written instruction of the Certificateholder.

                 (a)  Notwithstanding the foregoing, the Owner Trustee
shall not be required to take any action hereunder or under any other
Basic Document if the Owner Trustee shall reasonably determine, or shall
have been advised by counsel in writing, that such action is likely to
result in personal liability to the Owner Trustee (in such capacity or
individually), is contrary to the terms of this Agreement or any other
Basic Document or is contrary to law.

                 (b)  Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms
of this Agreement or any other Basic Document or is unsure as to the
application of any provision of this Agreement or any other Basic
Document, or if any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or
in the event that this Agreement permits any determination by the Owner
Trustee or is silent or is incomplete as to the course of action that the
Owner Trustee is required to take with respect to a particular set of
facts, the Owner Trustee may give notice (in such form as shall be
appropriate under the circumstances) to the Certificateholder requesting

<PAGE>

instruction as to the course of action to be adopted, and to the extent
the Owner Trustee acts in good faith in accordance with any written
instruction of the Certificateholder received, the Owner Trustee shall
not be liable on account of such action to any Person.  If the Owner
Trustee shall not have received appropriate instruction within ten days
of such notice (or within such shorter period of time as reasonably may
be specified in such notice or may be necessary under the circumstances)
it may, but shall be under no duty to, take or refrain from taking such
action, not inconsistent with this Agreement or the other Basic
Documents, as it shall deem to be in the best interests of the
Certificateholder, and shall have no liability to any Person for such
action or inaction.

                 SECTION 5.4.  No Duties Except as Specified in this
Agreement or in Instructions.  The Owner Trustee shall undertake to
perform such duties and only such duties as are specifically set forth in
this Agreement and the other Basic Documents, and no implied covenants or
obligations shall be read into this Agreement or the other Basic
Documents.  The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose
of, or otherwise deal with the Owner Trust Estate, or to otherwise take
or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Owner Trustee is a party,
except as expressly provided by the terms of this Agreement or in any
document or written instruction received by the Owner Trustee pursuant to
Section 5.3; and no implied duties or obligations shall be read into this
Agreement or any other Basic Document against the Owner Trustee.  The
Owner Trustee shall have no responsibility for filing any financing or
continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien
granted to it hereunder or to prepare or file any filing for the Owner
Trust with the Securities and Exchange Commission or to record this
Agreement or any other Basic Document.  The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any Liens on any part of the
Owner Trust Estate that result from actions by, or claims against, the
Owner Trustee, in its individual capacity, that are not related to the
ownership or the administration of the Owner Trust Estate.

                 SECTION 5.5.  No Action Except under Specified Documents
or Instructions.  The Owner Trustee shall not manage, control, use, sell,
dispose of or otherwise deal with any part of the Owner Trust Estate
except (i) in accordance with the powers granted to and the authority
conferred upon the Owner Trustee pursuant to this Agreement, (ii) in
accordance with the Basic Documents, and (iii) in accordance with any
document or instruction delivered to the Owner Trustee pursuant to
Section 5.3.

                 SECTION 5.6.  Restrictions.  The Owner Trustee shall not
(a) take any action that is inconsistent with the purposes of the Owner
Trust set forth in Section 2.3 or (b) take any action or amend this
Agreement in any manner that, to the actual knowledge of a Responsible
Officer of the Owner Trustee, would result in the Owner Trust becoming
taxable as a corporation for United States federal income tax purposes.

<PAGE>

The Certificateholder shall not direct the Owner Trustee to take action
that would violate the provisions of this Section.

                 SECTION 5.7.  Doing Business in Other Jurisdictions.
(a) Notwithstanding anything contained herein to the contrary, the Owner
Trustee shall not be required to take any action in any jurisdiction
other than in the State of Delaware, other than as set forth in the last
sentence of this Section 5.7, if the taking of such action will (i)
require the consent or approval or authorization or order of or the
giving of notice to, or the registration with or the taking of any other
action in respect of, any state or other governmental authority or agency
of any jurisdiction other than the State of Delaware; (ii) result in any
fee, tax or other governmental charge under the laws of any jurisdiction
or any political subdivisions thereof in existence on the date hereof
other than the State of Delaware becoming payable by the Owner Trustee;
or (iii) subject the Owner Trustee to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action
arising from acts unrelated to the consummation of the transactions by
the Owner Trustee, as the case may be, contemplated hereby.  The Owner
Trustee shall be entitled to obtain advice of counsel (which advice shall
be an expense of the Depositor) to determine whether any action required
to be taken pursuant to this Agreement results in the consequences
described in clauses (i), (ii) and (iii) of the preceding sentence.  In
the event that said counsel advises the Owner Trustee that such action
will result in such consequences, the Owner Trustee will, at the expense
of the Depositor,  appoint an additional trustee pursuant to Section 9.5
to proceed with such action.
                                ARTICLE VI

                         CONCERNING OWNER TRUSTEE

                 SECTION 6.1.  Acceptance of Trusts and Duties.  The
Owner Trustee accepts the trusts hereby created and agrees to perform its
duties hereunder with respect to such trusts but only upon the terms of
this Agreement.  The Owner Trustee also agrees to disburse all moneys
actually received by it constituting part of the Owner Trust Estate upon
the terms of the other Basic Documents and this Agreement.  The Owner
Trustee shall not be answerable or accountable hereunder or under any
Basic Document under any circumstances, except (i) for its own willful
misconduct, bad faith or gross negligence or (ii) in the case of the
breach of any representation or warranty contained in Section 6.3
expressly made by the Owner Trustee.  In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding
sentence):

                 The Owner Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of the Owner Trustee
unless it is proved that the Owner Trustee was grossly negligent in
ascertaining the pertinent facts;

                 (a)  The Owner Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with
the instructions of the Certificateholder given pursuant to Section 5.3;

                 (b)  No provision of this Agreement or any other Basic
Document shall require the Owner Trustee to expend or risk funds or

<PAGE>

otherwise incur any financial liability in its own performance of any of
its rights or powers hereunder or under any other Basic Document if the
Owner Trustee shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not
assured or provided to it;

                 (c)  Under no circumstances shall the Owner Trustee be
liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes;

                 (d)  The Owner Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Agreement
or for the due execution hereof by the Depositor or for the form,
character, genuineness, sufficiency, value or validity of any of the
Owner Trust Estate or for or in respect of the validity or sufficiency of
the Basic Documents, other than the certificate of authentication on the
Certificate, shall not be accountable for the use or application by the
Depositor of the proceeds from the Certificate, and the Owner Trustee
shall in no event assume or incur any liability, duty or obligation to
any Noteholder or to the Certificateholder, other than as expressly
provided for herein and in the other Basic Documents;

                 (e)  The Owner Trustee shall not be liable for the
default or misconduct of the Indenture Trustee, the Administrator or the
Servicer under any of the Basic Documents or otherwise, and the Owner
Trustee shall have no obligation or liability to perform the obligations
to be performed on behalf of the Owner Trust under this Agreement or the
other Basic Documents that are required to be performed by the
Administrator under the Deposit and Administration Agreement or the
Indenture Trustee under the Indenture;

                 (f)  The Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or
to institute, conduct or defend any litigation under this Agreement or
otherwise or in relation to this Agreement or any other Basic Document,
at the request, order or direction of the Certificateholder, unless the
Certificateholder has offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may
be incurred by the Owner Trustee therein or thereby.  The right of the
Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any other Basic Document shall not be construed as a
duty, and the Owner Trustee shall not be answerable for other than its
gross negligence, bad faith or willful misconduct in the performance of
any such act; and

                 (g)  The Owner Trustee, upon receipt of any resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Owner Trustee that shall be specifically
required to be furnished pursuant to any provision of this Agreement or
the other Basic Documents, shall examine them to determine whether they
conform to the requirements of this Agreement or such other Basic
Document; provided, however, that the Owner Trustee shall not be
responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other
instrument furnished to the Owner Trustee pursuant to this Agreement or
the other Basic Documents.

<PAGE>

                 SECTION 6.2.  Furnishing of Documents.  The Owner
Trustee shall furnish to the Certificateholder promptly upon receipt of a
written request therefor, duplicates or copies of all reports, notices,
requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee under the Basic Documents.

                 SECTION 6.3.  Representations and Warranties.
Wilmington Trust Company, in its individual capacity, hereby represents
and warrants to the Depositor, for the benefit of the Certificateholder,
that:

                 (a)  It is a banking corporation duly organized and
validly existing in good standing under the laws of the State of Delaware
and having an office within the State of Delaware.  It has all requisite
corporate power, authority and legal right to execute, deliver and
perform its obligations under this Agreement.

                 (b)  It has taken all corporate action necessary to
authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is
duly authorized to execute and deliver this Agreement on its behalf.

                 (c)  Neither the execution nor the delivery by it of
this Agreement, nor the consummation by it of the transactions
contemplated hereby nor compliance by it with any of the terms or
provisions hereof will contravene any federal or Delaware law,
governmental rule or regulation governing the banking or trust powers of
the Owner Trustee or any judgment, writ, decree or order applicable to
it, or constitute any default under its charter documents or by-laws or,
with or without notice or lapse of time, any indenture, mortgage,
contract, agreement or instrument to which it is a party or by which any
of its properties may be bound.

                 (d)  The execution, delivery and performance by
Wilmington Trust Company of this Agreement does not require the
authorization, consent, or approval of, the giving of notice to, the
filing or registration with, or the taking of any other action in respect
of, any governmental authority or agency of the State of Delaware or the
United States of America regulating the corporate trust activities of
Wilmington Trust Company.

                 (e)  This Agreement has been duly authorized, executed
and delivered by Wilmington Trust Company and shall constitute the legal,
valid, and binding agreement of Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee for the Chase Credit Card
Owner Trust 2001-1, enforceable in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization
and other laws affecting the rights of creditors generally, and by
general principles of equity regardless of whether enforcement is
pursuant to a proceeding in equity or at law.

                 SECTION 6.4.  Reliance; Advice of Counsel.  The Owner
Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper believed by it to be
genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the
board of directors or other governing body of any corporate party as
conclusive evidence that such resolution has been duly adopted by such

<PAGE>

body and that the same is in full force and effect.  As to any fact or
matter the method of the determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on
a certificate, signed by the president or any vice president or by the
treasurer, secretary or other authorized officers of the relevant party,
as to such fact or matter, and such certificate shall constitute full
protection to the Owner Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon.

                 (a)  In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the other Basic Documents, the Owner Trustee (i) may act
directly or through its agents or attorneys pursuant to agreements
entered into with any of them, and the Owner Trustee shall not be liable
for the conduct or misconduct of such agents or attorneys if such agents
or attorneys shall have been selected by the Owner Trustee with due care
and (ii) may consult with counsel, accountants and other skilled persons
knowledgeable in the relevant area to be selected with reasonable care
and employed by it.  The Owner Trustee shall not be liable for anything
done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such
persons and not contrary to this Agreement or any other Basic Document.

                 SECTION 6.5.  Not Acting in Individual Capacity.  Except
as provided in this Article VI, in accepting the trusts hereby created,
Wilmington Trust Company, not in its individual capacity but solely as
Owner Trustee for the Chase Credit Card Owner Trust 2001-1, acts solely
as the Owner Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any other Basic Document
shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

                 SECTION 6.6.  Owner Trustee May Own Notes.  The Owner
Trustee in its individual or any other capacity may become the owner or
pledgee of the Notes and may deal with the Depositor, the Indenture
Trustee and the Servicer in banking transactions with the same rights as
it would have if it were not the Owner Trustee.

                               ARTICLE VII

                      COMPENSATION OF OWNER TRUSTEE

                 SECTION 7.1.  Owner Trustee's Fees and Expenses.  The
Owner Trustee shall receive as compensation for its services hereunder
such fees as have been separately agreed upon before the date hereof
between the Depositor and the Owner Trustee, and the Owner Trustee shall
be entitled to be reimbursed by the Depositor for its other reasonable
expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the
Owner Trustee may employ in connection with the exercise and performance
of its rights and its duties hereunder except any such expenses as may
arise from its gross negligence, wilful misfeasance, or bad faith or that
is the responsibility of the Certificateholder under this Agreement.

                 SECTION 7.2.  Indemnification.  The Depositor shall be
liable as primary obligor for, and shall indemnify the Owner Trustee (in

<PAGE>

such capacity or individually) and its successors, assigns, agents and
servants (collectively, the "Indemnified Parties") from and against, any
and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature
whatsoever (collectively, "Expenses") which may at any time be imposed
on, incurred by, or asserted against the Owner Trustee or any Indemnified
Party in any way relating to or arising out of this Agreement, the other
Basic Documents, the Owner Trust Estate, the administration of the Owner
Trust Estate or the action or inaction of the Owner Trustee hereunder,
except only that the Depositor shall not be liable for or required to
indemnify the Owner Trustee from and against Expenses arising or
resulting from any of the matters described in the third sentence of
Section 6.1.  The indemnities contained in this Section shall survive the
resignation or termination of the Owner Trustee or the termination of
this Agreement.  If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be
brought or asserted against any Indemnified Party in respect of which
indemnity may be sought pursuant to this Section 7.2, such Indemnified
Party shall promptly notify the Depositor in writing, and the Depositor
upon request of the Indemnified Party shall retain counsel reasonably
satisfactory to the Indemnified Party (or, with the consent of the
Depositor, counsel selected by the Indemnified Party acceptable to the
Depositor) to represent the Indemnified Party and any others the
Depositor may designate in such proceeding and shall pay the reasonable
fees and expenses of such counsel related to such proceeding.  The
Depositor shall not be liable for any settlement of any claim or
proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the Depositor
agrees to indemnify any Indemnified Party from and against any loss or
liability by reason of such settlement or judgment.  The Depositor shall
not, without the prior written consent of the Indemnified Party, effect
any settlement of any pending or threatened proceeding in respect of
which any Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such
proceeding.

                 SECTION 7.3.  Payments to Owner Trustee.  Any amounts
paid to the Owner Trustee pursuant to this Article VII shall be deemed
not to be a part of the Owner Trust Estate immediately after such
payment.

                               ARTICLE VIII

                      TERMINATION OF TRUST AGREEMENT

                 SECTION 8.1.  Termination of Trust Agreement.  The Owner
Trust shall terminate upon the final distribution by the Owner Trustee of
all moneys or other property or proceeds of the Owner Trust Estate in
accordance with the terms of the Indenture and the Deposit and
Administration Agreement; provided, that in no event will the Owner Trust
continue more than 21 years after the date hereof.  Any money or other

<PAGE>

property held as part of the Owner Trust Estate following such
distribution shall be distributed to the Certificateholder.  The
bankruptcy, death, incapacity, liquidation, dissolution or termination of
the Depositor or Certificateholder (or any other beneficiary) shall not
(x) operate to revoke or terminate this Agreement or the Owner Trust, or
(y) entitle the Certificateholder's (or any other beneficiary) legal
representatives to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part
of the Owner Trust or Owner Trustee Estate or (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

                 (a)  Except as provided in Section 8.1(a) or 8.1(c),
neither the Depositor nor the Certificateholder shall be entitled to
revoke or terminate the Owner Trust.

                 (b)  Except as provided in this Section 8.1(c), neither
the Depositor nor the Certificateholder shall be entitled to revoke or
terminate the Owner Trust or this Agreement.  The Depositor and the Owner
Trustee acknowledge that the Indenture Trustee, on behalf of the
Noteholders, is a third-party beneficiary of this Agreement and shall be
entitled to enforce the terms of this Agreement to the same extent as if
they were signitaries hereto.  For so long as the Notes are outstanding,
neither the Owner Trust nor this Agreement shall be revoked without the
prior written consent of the Indenture Trustee.  The Depositor and the
Owner Trustee acknowledge that the Indenture Trustee, as an agent of the
Noteholders, maintains a legitimate interest in ensuring that the Owner
Trust is not revoked prior to the fulfillment of the Owner Trust
objectives.  In no event may this Agreement be amended without the prior
written consent of the Indenture Trustee if the effect of such amendment
is the revocation or termination of this Owner Trust other than in
accordance with this Section 8.1.

                                ARTICLE IX

          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

                 SECTION 9.1.  Eligibility Requirements for Owner
Trustee.  The Owner Trustee shall at all times be a corporation
authorized to exercise corporate trust powers, having a combined capital
and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state authorities; and having (or having a
parent) which has a rating of at least Baa3 by Moody's, at least BBB- by
Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or if
not rated, otherwise satisfactory to each Note Rating Agency.  If such
corporation shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
condition so published.  In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the
effect specified in Section 9.2.

                 SECTION 9.2.  Resignation or Removal of Owner Trustee.
The Owner Trustee may at any time resign and be discharged from the

<PAGE>

trusts hereby created by giving written notice thereof to the
Administrator.  Upon receiving such notice of resignation, the
Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning Owner Trustee and one copy to the successor Owner
Trustee.  If no successor Owner Trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice
of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee.

                 If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 9.1 and shall fail
to resign after written request therefor by the Administrator, or if at
any time the Owner Trustee shall be legally unable to act, or shall be
adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of
its property shall be appointed, or any public officer shall take charge
or control of the Owner Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the
Administrator may remove the Owner Trustee.  If the Administrator shall
remove the Owner Trustee under the authority of the immediately preceding
sentence, the Administrator shall promptly appoint a successor Owner
Trustee by written instrument, in duplicate, one copy of which instrument
shall be delivered to the outgoing Owner Trustee so removed and one copy
of which shall be delivered to the successor Owner Trustee, and payment
of all fees owed to the outgoing Owner Trustee shall be made to the
outgoing Owner Trustee.

                 Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 9.3 and
payment of all fees and expenses owed to the outgoing Owner Trustee.  The
Administrator shall provide notice of such resignation or removal of the
Owner Trustee to each of the Note Rating Agencies.

                 SECTION 9.3.  Successor Owner Trustee.  Any successor
Owner Trustee appointed pursuant to Section 9.2 shall execute,
acknowledge and deliver to the Administrator and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement,
and thereupon the resignation or removal of the predecessor Owner Trustee
shall become effective and such successor Owner Trustee, without any
further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as the Owner Trustee.
The predecessor Owner Trustee shall upon payment of its fees and expenses
deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement; and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and
do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such
rights, powers, duties and obligations.

                 No successor Owner Trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 9.1.

<PAGE>

                 Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section, the Administrator shall mail notice of
the successor of such Owner Trustee to the Certificateholder, the
Indenture Trustee, the Noteholders and the Note Rating Agencies.  If the
Administrator shall fail to mail such notice within 10 days after
acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Administrator.

                 SECTION 9.4.  Merger or Consolidation of Owner Trustee.
Any corporation into which the Owner Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Owner Trustee shall
be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Owner Trustee, shall be the successor
of the Owner Trustee hereunder, provided such corporation shall be
eligible pursuant to Section 9.1, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided further that
the Owner Trustee shall mail notice of such merger or consolidation to
the Note Rating Agencies.

                 SECTION 9.5.  Appointment of Co-Trustee or Separate
Trustee.  Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Owner Trust Estate may at the time
be located, the Administrator and the Owner Trustee acting jointly shall
have the power and shall execute and deliver all instruments to appoint
at the expense of the Depositor one or more Persons approved by the Owner
Trustee to act as co-trustee, jointly with the Owner Trustee, or separate
trustee or separate trustees, of all or any part of the Owner Trust
Estate, and to vest in such Person, in such capacity, such title to the
Owner Trust, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable.
If the Administrator shall not have joined in such appointment within 15
days after the receipt by it of a request so to do, the Owner Trustee
alone shall have the power to make such appointment.  No co-trustee or
separate trustee under this Agreement shall be required to meet the terms
of eligibility as a successor trustee pursuant to Section 9.1 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 9.3.

                 Each separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                          (i)  all rights, powers, duties and obligations
                 conferred or imposed upon the Owner Trustee shall be
                 conferred upon and exercised or performed by the Owner
                 Trustee and such separate trustee or co-trustee jointly
                 (it being understood that such separate trustee or co-
                 trustee is not authorized to act separately without the
                 Owner Trustee joining in such act), except to the extent
                 that under any law of any jurisdiction in which any
                 particular act or acts are to be performed, the Owner

<PAGE>

                 Trustee shall be incompetent or unqualified to perform
                 such act or acts, in which event such rights, powers,
                 duties and obligations (including the holding of title
                 to the Owner Trust or any portion thereof in any such
                 jurisdiction) shall be exercised and performed singly by
                 such separate trustee or co-trustee, but solely at the
                 direction of the Owner Trustee;

                          (ii)  no trustee under this Agreement shall be
                 personally liable by reason of any act or omission of
                 any other trustee under this Agreement; and

                          (iii)   the Administrator and the Owner Trustee
                 acting jointly may at any time accept the resignation of
                 or remove any separate trustee or co-trustee.

                 Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them.
Every instrument appointing any separate trustee or co-trustee shall
refer to this Agreement and the conditions of this Article.  Each
separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of
this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument shall be filed
with the Owner Trustee and a copy thereof given to the Administrator.

                 Any separate trustee or co-trustee may at any time
appoint the Owner Trustee as its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its
name.  If any separate trustee or co-trustee shall become incapable of
acting, resign or be removed, all of its estates, properties, rights,
remedies and trusts shall vest in and be exercised by the Owner Trustee,
to the extent permitted by law, without the appointment of a new or
successor trustee.

                                ARTICLE X

                              MISCELLANEOUS

                 SECTION 10.1.  Supplements and Amendments.  This
Agreement may be amended by the Depositor and the Owner Trustee, with
prior written notice to the Note Rating Agencies, without the consent of
the Indenture Trustee, any of the Noteholders or the Certificateholder,
to cure any ambiguity or defect, to correct or supplement any provisions
in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholder; provided, however, that such amendment will not
(i) as evidenced by an Officer's Certificate of the Depositor addressed
and delivered to the Owner Trustee and the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or the Owner Trust

<PAGE>

and (ii) as evidenced by an Opinion of Counsel addressed and delivered to
the Owner Trustee and the Indenture Trustee, cause the Owner Trust to be
classified as an association (or a publicly traded partnership) taxable
as a corporation for federal income tax purposes; provided, further, that
the Depositor shall deliver written notice of such amendments to each
Note Rating Agency prior to the execution of any such amendment.

                 This Agreement may also be amended from time to time by
the Depositor and the Owner Trustee, with prior written notice to the
Note Rating Agencies, with the prior written consent of the Holders of
Notes evidencing not less than a majority of the Outstanding Amount of
the Notes for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or
modifying in any manner the rights of the Noteholders or the
Certificateholder; provided that no such amendment shall (a) increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments in respect of the Series Certificate or
distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholder, or (b) reduce the aforesaid
percentage of the Outstanding Amount of the Notes, the Holders of which
are required to consent to any such amendment.

                 Promptly after the execution of any amendment or
consent, the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to the Certificateholder, the
Indenture Trustee and each of the Note Rating Agencies.

                 It shall not be necessary for the consent of the
Noteholders pursuant to this Section to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof.

                 Prior to the execution of any amendment to this
Agreement, the Owner Trustee shall be entitled to receive and rely upon
an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement.  The Owner Trustee may, but
shall not be obligated to, enter into any such amendment which affects
the Owner Trustee's own rights, duties or immunities under this Agreement
or otherwise.

                 SECTION 10.2.  No Legal Title to Owner Trust Estate in
Certificateholder.  The Certificateholder shall not have legal title to
any specific property in the Owner Trust Estate.  No transfer, by
operation of law or otherwise, of any right, title or interest of the
Certificateholder to and in its ownership interest in the Owner Trust
Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of
legal title to any specific property in  the Owner Trust Estate.

                 SECTION 10.3.  Limitations on Rights of Others.  The
provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Certificateholder and, to the extent
expressly provided herein, the Indenture Trustee, the Administrator and
the Noteholders, and nothing in this Agreement, whether express or
implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions
contained herein.

<PAGE>

                 SECTION 10.4.  Notices.  Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in
writing and shall be deemed given upon receipt personally delivered,
delivered by overnight courier or mailed certified mail, return receipt
requested and shall be deemed to have been duly given upon receipt, if to
the Owner Trustee, addressed to    Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, DE 19890-0001, Attn:
Corporate Trust Administration, if to the Depositor, addressed to, Chase
Manhattan Bank USA, National Association, Attn: Patricia M. Garvey, or,
as to each party, at such other address as shall be designated by such
party in a written notice to each other party.

                 SECTION 10.5.  Severability.  Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.
                 SECTION 10.6.  Separate Counterparts.  This Agreement
may be executed by the parties hereto in separate counterparts, each of
which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

                 SECTION 10.7.  Successors and Assigns.  All covenants
and agreements contained herein shall be binding upon, and inure to the
benefit of, the Depositor, the Owner Trustee and its successors and the
Certificateholder and its successors and permitted assigns, all as herein
provided.  Any request, notice, direction, consent, waiver or other
instrument or action by the Certificateholder shall bind the successors
and assigns of the Certificateholder.

                 SECTION 10.8.  Nonpetition Covenants.  Notwithstanding
any prior termination of the Owner Trust or this Agreement, each of the
Owner Trustee (not in its individual capacity) and the Certificateholder,
by its acceptance of the Certificate, covenants and agrees that it shall
not at any time with respect to the Owner Trust or the Master Trust,
acquiesce, petition or otherwise invoke or cause the Owner Trust or the
Master Trust to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Owner
Trust or the Master Trust under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, conservator,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Owner Trust or the Master Trust or any substantial part
of its property, or ordering the winding up or liquidation of the affairs
of the Owner Trust or the Master Trust; provided, however, that this
Section 10.8 shall not operate to preclude any remedy described in
Article V of the Indenture.

                 SECTION 10.9.  No Recourse.  The Certificateholder by
accepting the Certificate acknowledges that the Certificate does not
represent an interest in or obligation of the Depositor, the
Administrator, the Owner Trustee (in its individual capacity), the
Indenture Trustee or any Affiliate thereof, and no recourse may be had
against such parties or their assets, or against the assets pledged under
the Indenture.

<PAGE>

                 SECTION 10.10.  Headings.  The headings of the various
Articles and Sections herein are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof.

                 SECTION 10.11.  GOVERNING LAW.  THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, 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.

                 SECTION 10.12.  Depositor Payment Obligation.  The
Depositor shall be responsible for payment of the Administrator's fees
under the Deposit and Administration Agreement and shall reimburse the
Administrator for all expenses and liabilities of the Administrator
incurred thereunder.

                 SECTION 10.13.  Acceptance of Terms of Agreement.  THE
RECEIPT AND ACCEPTANCE OF THE CERTIFICATE BY THE CERTIFICATEHOLDER,
WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE CERTIFICATEHOLDER OF ALL
THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE
AGREEMENT OF THE OWNER TRUSTEE, ON BEHALF OF THE OWNER TRUST, THAT THE
TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE AND
EFFECTIVE AS BETWEEN THE OWNER TRUSTEE AND THE CERTIFICATEHOLDER.

                 SECTION 10.14.  Integration of Documents.  This
Agreement, together with the Deposit and Administration Agreement,
constitutes the entire agreement of the parties hereto and thereto with
respect to the subject matter hereof and thereof and supercedes all prior
agreements relating to the subject matter hereof and thereof.
[Signature Page to Follow]

<PAGE>

                 IN WITNESS WHEREOF, the parties hereto have caused this
Trust Agreement to be duly executed by their respective officers hereunto
duly authorized as of the day and year first above written.

         WILMINGTON TRUST COMPANY,
           as Owner Trustee

          By: ____________________________
              Name:
              Title:

         CHASE MANHATTAN BANK USA,
            NATIONAL MANHATTAN BANK USA,
              as Depositor

         By:____________________________
            Name:  Patricia M. Garvey
            Title:  Vice President

<PAGE>

                                                                EXHIBIT A
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THIS CERTIFICATE (OR
ANY INTEREST HEREIN) MAY NOT BE TRANSFERRED BY THE OWNER TO ANY PERSON.

                   CHASE CREDIT CARD OWNER TRUST 2001-1
                            OWNER CERTIFICATE
R-1

(This Certificate does not represent an interest in or obligation of
Chase Manhattan Bank USA, National Association, or any of its affiliates,
except to the extent described below.)

                 THIS CERTIFIES THAT Chase Manhattan Bank USA, National
Association is the registered owner of one hundred percent (100%) of the
beneficial interest in the Chase Credit Card Owner Trust 2001-1 (the
"Owner Trust") created by Chase Manhattan Bank USA, National Association,
a national banking association (the "Depositor").

                 The Owner Trust was created pursuant to the Chase Credit
Card Owner Trust 2001-1 Trust Agreement dated as of March 15, 2001 (the
"Trust Agreement"), between the Depositor and Wilmington Trust Company,
as owner trustee (the "Owner Trustee").  To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement including, as specified in
Section 1.1(a).

                 This Certificate is the duly authorized Certificate
evidencing the sole beneficial interest in the Owner Trust (herein called
the "Certificate").  This Certificate is issued under and is subject to
the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder by virtue of the acceptance hereof
assents and by which the Certificateholder is bound. Three classes of
Notes designated as Class A Floating Rate Asset Backed Notes, Series
2001-1 (the "Class A Notes"), Class B Floating Rate Asset Backed Notes,
Series 2001-1 (the "Class B Notes") and Class C Floating Rate Asset
Backed Notes, Series 2001-1 (the "Class C Notes" and, together with the
Class A Notes and the Class B Notes, the "Notes") will be issued under
the Indenture dated as of March 15, 2001 between Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee for
the Owner Trust and The Bank of New York, as Indenture Trustee.

                 Notwithstanding any prior termination of the Trust
Agreement, the Certificateholder, by its acceptance of this Certificate,
covenants and agrees that it shall not at any time with respect to the
Owner Trust, the Depositor or the Master Trust, acquiesce, petition or
otherwise invoke or cause the Owner Trust, the Depositor or the Master
Trust to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against the Owner Trust, the
Depositor or the Master Trust, under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, conservator,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Owner Trust, the Depositor or the Master Trust, or any
substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Owner Trust, the Depositor or the
Master Trust.

<PAGE>

                 Unless the certificate of authentication hereon shall
have been executed by an authorized officer of the Owner Trustee, by
manual signature, this Certificate shall not entitle the Holder hereof to
any benefit under the Trust Agreement or the Deposit and Administration
Agreement or be valid for any purpose.

                 THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE OWNER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the
Owner Trust and not in its individual capacity, has caused this
Certificate to be duly executed.

         CHASE CREDIT CARD OWNER
          TRUST 2001-1

         WILMINGTON TRUST COMPANY
         Not in its individual capacity
         but solely as Owner Trustee for the Chase
         Credit Card Owner Trust 2001-1

         By:_____________________________
            Name:
            Title
         By: ____________________________

<PAGE>

                      CERTIFICATE OF AUTHENTICATION

                 This is the Certificate referred to in the within-
mentioned Trust Agreement.

WILMINGTON TRUST COMPANY
not in its individual capacity
but solely as Owner Trustee for the
Chase Credit Card Owner Trust 2001-1

By: ______________________________
      Authorized Signatory

<PAGE>

                                                ANNEX 1 TO EXHIBIT A

Registered Owner and address:

         Chase Manhattan Bank USA, National Association
         802 Delaware Avenue, 14th Floor
         Wilmington, DE 19801

Tax Identification Number:  22-2382028

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