Document:

CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                     Transferor on and after June 1, 1996,

                          THE CHASE MANHATTAN BANK,

                Transferor prior to June 1, 1996 and Servicer

                                      and

                            THE BANK OF NEW YORK,

                                    Trustee

              on behalf of the Series 2001-2 Certificateholders

                           SERIES 2001-2 SUPPLEMENT

                           Dated as of June 14, 2001

                                      to

          THIRD AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT

                  Dated as of November 15, 1999, as amended

                        CHASE CREDIT CARD MASTER TRUST

                                 Series 2001-2

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                               TABLE OF CONTENTS
                                                                          Page
                                                                          ----

SECTION 1.    Designation....................................................1
SECTION 2.    Definitions....................................................1
SECTION 3.    Servicing Compensation and Assignment of Interchange..........11
SECTION 4.    Reassignment and Transfer Terms...............................12
SECTION 5.    Delivery and Payment for the Investor Certificates............12
SECTION 6.    Form of Delivery of Investor Certificates.....................12
SECTION 7.    Article IV of Agreement.......................................12
SECTION 4.4   Rights of the Certificateholders..............................12
SECTION 4.5   Allocations...................................................13
SECTION 4.6   Determination of Required Monthly Interest Payment............15
SECTION 4.7   Determination of Monthly Principal Payments...................15
SECTION 4.8   Coverage of Required Amount...................................16
SECTION 4.9   Monthly Payments..............................................16
SECTION 4.10  Investor Charge-Offs..........................................19
SECTION 4.11  Reallocated Principal Collections.............................20
SECTION 4.12  Shared Principal Collections..................................20
SECTION 4.13  Principal Funding Account.....................................20
SECTION 4.14  Accumulation Period Reserve Account...........................21
SECTION 4.15  Transferor's or Servicer's Failure to Make a Deposit or
                  Payment...................................................23
SECTION 8.    Article V of the Agreement....................................23
SECTION 5.1   Distributions.................................................24
SECTION 5.2   Monthly Certificateholders' Statement.........................24
SECTION 9.    Series 2001-2 Pay Out Events..................................26
SECTION 10.   Series 2001-2 Termination.....................................27
SECTION 11.   Counterparts..................................................27
SECTION 12.   Governing Law.................................................27
SECTION 13.   No Petition...................................................27
SECTION 14.   Amendment to Agreement........................................27
SECTION 15.   Tax Representation and Covenant...............................28
SECTION 16.   Transfers of the Certificates.................................28
SECTION 17.   Compliance with Withholding Requirements......................30
SECTION 18.   Tax Characterization of the Certificates......................30
SECTION 19.   ERISA Legend..................................................30

EXHIBITS

EXHIBIT A   Form of Certificate
EXHIBIT B   Form of Monthly Payment Instructions
            and Notification to the Trustee
EXHIBIT C   Form of Monthly Series 2001-2 Certificateholder's Statement
EXHIBIT D   Form of Transferee Representation Letter

SCHEDULE I  Schedule to Exhibit C of the Pooling and Servicing Agreement
            with respect to the Investor Certificate

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            SERIES 2001-2 SUPPLEMENT, dated as of June 14, 2001 (this "Series
Supplement"), by and among CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
("Chase USA"), as Transferor on and after June 1, 1996, THE CHASE MANHATTAN
BANK, as Transferor prior to June 1, 1996 and as Servicer, and THE BANK OF NEW
YORK, as Trustee under the Third Amended and Restated Pooling and Servicing
Agreement dated as of November 15, 1999, as amended by the First Amendment
thereto dated as of March 31, 2001, between Chase USA, the Servicer and the
Trustee (as may be amended, modified or supplemented from time to time, the
"Agreement").

            Section 6.9 of the Agreement provides, among other things, that
the Transferor and the Trustee may at any time and from time to time enter
into a supplement to the Agreement for the purpose of authorizing the delivery
by the Trustee to the Transferor for the execution and redelivery to the
Trustee for authentication of one or more Series of Certificates;

            Pursuant to this Series Supplement, the Transferor and the Trust
shall create a new Series of Investor Certificates and shall specify the
Principal Terms thereof;

            On the Closing Date, the Certificates will be deposited by the
Transferor in the Chase Credit Card Owner Trust 2001-2 (the "Owner Trust") and
pledged by the Owner Trustee to an indenture trustee to secure certain notes
to be issued by the Owner Trust.

            SECTION 1. Designation. (a) There is hereby created a Series of
Investor Certificates to be issued in a single class pursuant to the Agreement
and this Series Supplement and to be known as the "Series 2001-2 Certificates."
The Series 2001-2 Certificates shall be substantially in the form of Exhibit A
hereto.

(b) Series 2001-2 shall be included in Group One (as defined below). Series
2001-2 shall not be subordinated to any other Series.

SECTION 2. Definitions. In the event that any term or provision contained
herein shall conflict with or be inconsistent with any provision contained in
the Agreement, the terms and provisions of this Series Supplement shall
govern. All Article, Section or subsection references herein shall mean
Articles, Sections or subsections of the Agreement, except as otherwise
provided herein. All capitalized terms not otherwise defined herein are
defined in the Agreement. Each capitalized term defined herein shall relate
only to the Investor Certificates and no other Series of Certificates issued
by the Trust.

            "Accumulation Period" shall mean, solely for the purposes of the
definition of Monthly Principal Payment as such term is defined in each
Supplement, the Controlled Accumulation Period.

            "Accumulation Period Factor" shall mean, for each Monthly Period,
a fraction, the numerator of which is equal to the sum of the initial investor
interests (or other amounts specified in the applicable Supplement) of all
outstanding Series, and the denominator of which is equal to the sum of (a)
the Initial Investor Interest, (b) the initial investor interests (or other
amounts specified in the applicable Supplement) of all outstanding Series
(other than Series 2001-2) which are not expected to be in their revolving
periods, and (c) the initial investor interests (or other amounts specified in
the applicable Supplement) of all other outstanding

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Series which are not allocating Shared Principal Collections to other Series
and are in their revolving periods.

            "Accumulation Period Length" shall have the meaning assigned such
term in subsection 4.9(e).

            "Accumulation Period Reserve Account" shall have the meaning
specified in subsection 4.14(a).

            "Accumulation Period Reserve Account Funding Date" shall mean the
Transfer Date which occurs not later than the earliest of (a) the Transfer
Date with respect to the Monthly Period which commences three months prior to
the commencement of the Controlled Accumulation Period; (b) the first Transfer
Date for which the Portfolio Adjusted Yield is less than 2%, but in such event
the Accumulation Period Reserve Account Funding Date shall not be required to
occur earlier than the Transfer Date with respect to the Monthly Period which
commences 12 months prior to the commencement of the Controlled Accumulation
Period; (c) the first Transfer Date for which the Portfolio Adjusted Yield is
less than 3%, but in such event the Accumulation Period Reserve Account
Funding Date shall not be required to occur earlier than the Transfer Date
with respect to the Monthly Period which commences six months prior to the
commencement of the Controlled Accumulation Period; and (d) the first Transfer
Date for which the Portfolio Adjusted Yield is less than 4%, but in such event
the Reserve Account Funding Date shall not be required to occur earlier than
the Transfer Date with respect to the Monthly Period which commences four
months prior to the commencement of the Controlled Accumulation Period.

            "Accumulation Period Reserve Account Surplus" shall mean, with
respect to any date of determination, the amount by which the amount on
deposit in the Accumulation Period Reserve Account exceeds the Required
Accumulation Period Reserve Account Amount.

            "Accumulation Period Reserve Draw Amount" shall have the meaning
specified in subsection 4.14(c).

            "Accumulation Shortfall" shall initially mean zero and shall
thereafter mean, with respect to any Monthly Period during the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount for
the previous Monthly Period over the amount deposited into the Principal
Funding Account pursuant to subsection 4.9(c)(i) with respect to the
Certificates for the previous Monthly Period.

            "Adjusted Investor Interest" shall mean, with respect to any date
of determination, an amount equal to the Investor Interest as of such date
minus the Principal Funding Account Balance as of such date.

            "Aggregate Investor Default Amount" shall mean, with respect to
any Monthly Period, the sum of the Investor Default Amounts in respect of such
Monthly Period.

            "Assignee" shall have the meaning specified in subsection 16(a).

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            "Available Accumulation Period Reserve Account Amount" shall mean,
with respect to any Transfer Date, the lesser of (a) the amount on deposit in
the Accumulation Period Reserve Account on such date (after taking into
account any interest and earnings retained in the Accumulation Period Reserve
Account pursuant to subsection 4.14(b) on such date, but before giving effect
to any deposit made or to be made in the Accumulation Period Reserve Account
on such date) and (b) the Required Accumulation Period Reserve Account Amount.

            "Available Investor Finance Charge Collections" shall mean, with
respect to any Monthly Period, an amount equal to the sum of (a) the Floating
Allocation of the Collections of Finance Charge Receivables allocated to the
Investor Certificates and deposited in the Finance Charge Account for such
Monthly Period (or to be deposited in the Finance Charge Account on the
related Transfer Date with respect to the preceding Monthly Period pursuant to
the third paragraph of subsection 4.3(a) and Section 2.8 of the Agreement and
subsection 3(b) of this Series Supplement), excluding the portion of
Collections of Finance Charge Receivables attributable to Servicer
Interchange, (b) with respect to any Monthly Period during the Controlled
Accumulation Period prior to the payment in full of the Investor Interest, the
Principal Funding Investment Proceeds arising pursuant to subsection 4.13(b),
if any, with respect to the related Transfer Date and (c) the Accumulation
Period Reserve Draw Amount (up to the Available Accumulation Period Reserve
Account Amount) plus any amounts of interest and earnings described in
subsections 4.14(b), 4.14 (c) and 4.14(d) which will be deposited into the
Finance Charge Account on the related Transfer Date.

            "Available Investor Principal Collections" shall mean with respect
to any Monthly Period, an amount equal to (a) the Investor Principal
Collections for such Monthly Period, minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to
Section 4.11 are required to fund the Class A Note Interest Requirement, the
Class B Note Interest Requirement and the Net Investor Servicing Fee, plus (c)
the amount of Shared Principal Collections with respect to other Series that
are allocated to Series 2001-2 in accordance with subsection 4.12(b).

            "Base Rate" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is
equal to the sum of the Class A Note Interest Requirement, the Class B Note
Interest Requirement and the Net Class C Note Interest Requirement, each for
the related Note Interest Period, and the Investor Servicing Fee with respect
to such Monthly Period and the denominator of which is the Investor Interest
as of the close of business on the last day of such Monthly Period; provided,
however, that with respect to the April 2001, May 2001 and June 2001 Monthly
Periods, Base Rate shall mean the sum of (i) the weighted average of the Class
A Note Interest Rate, the Class B Note Interest Rate and the Class C Note
Interest Rate and (ii) 2%; provided that the Class A Note Interest Rate, the
Class B Note Interest Rate and the Class C Note Interest Rate shall be
determined based on LIBOR as calculated for the related Interest Periods
pursuant to the Series 2001-1 Supplement to the Agreement plus (x) with
respect to the Class A Note Interest Rate, 0.12% per annum, (y) in the case of
the Class B Note Interest Rate, 0.36% per annum and (z) in the case of the
Class C Note Interest Rate 0.90% per annum.

            "Certificateholders" shall mean the Persons in whose names the
Series 2001-2 Certificates are registered in the Certificate Register.

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            "Certificate Reassignment Date" shall mean the date on which the
Investor Certificates are retransferred to the Transferor in accordance with
the terms specified in Section 4 of this Series Supplement and subsection
12.2(a) of the Agreement.

            "Certificates" shall mean the certificates executed by the
Transferor and authenticated by or on behalf of the Trustee, substantially in
the form of Exhibit A hereto.

            "Class A Note Interest Requirement" shall have the meaning set
forth in the Indenture.

            "Class B Note Interest Requirement" shall have the meaning set
forth in the Indenture.

            "Closing Date" shall mean June 14, 2001.

            "Controlled Accumulation Amount" shall mean (a) for any Transfer
Date with respect to the Controlled Accumulation Period prior to the Scheduled
Principal Allocation Commencement Date, $41,666,667; provided, however, that
if the commencement of the Controlled Accumulation Period is determined to be
less than 12 months pursuant to subsection 4.9(e), the Controlled Accumulation
Amount for each Transfer Date with respect to the Controlled Accumulation
Period prior to the Scheduled Principal Allocation Commencement Date, will be
equal to (x) 84% of the Initial Investor Interest divided by (y) the number of
Monthly Periods in the Controlled Accumulation Period as determined pursuant
to subsection 4.9(e) and (b) for any Transfer Date with respect to the
Controlled Accumulation Period after the Scheduled Principal Allocation
Commencement Date, zero.

            "Controlled Accumulation Period" shall mean, unless a Pay Out
Event shall have occurred prior thereto, the period commencing at the close of
business on April 30, 2005 or such later date as is determined in accordance
with subsection 4.9(e) and ending on the first to occur of (a) the
commencement of the Rapid Amortization Period and (b) the Series 2001-2
Termination Date.

            "Controlled Deposit Amount" shall mean, with respect to any
Transfer Date, the sum of (a) the Controlled Accumulation Amount for such
Transfer Date and (b) any existing Accumulation Shortfall.

            "Covered Amount" shall mean, as of the Transfer Date with respect
to any Interest Period, an amount equal to the product of (a) the actual
number of days in the Interest Period beginning on the Distribution Date
preceding such Transfer Date divided by 360, (b) the Class A Note Interest
Rate and (c) the Principal Funding Account Balance as of the close of business
on the Distribution Date preceding such Transfer Date (after giving effect to
all of the transactions occurring on such date).

            "Cumulative Series Principal Shortfall" shall mean the sum of the
Series Principal Shortfalls (as such term is defined in each of the related
Series Supplements) for each Series.

            "Daily Principal Shortfall" shall mean, on any date of
determination, the excess of the Monthly Principal Payment for the Monthly
Period relating to such date over the month to

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date amount of Collections processed in respect of Principal Receivables for
such Monthly Period allocable to investor certificates of all outstanding
Series, not subject to reallocation, which are on deposit or to be deposited
in the Principal Account on such date.

            "Distribution Date" shall mean July 16, 2001 and the fifteenth day
of each calendar month thereafter, or if such fifteenth day is not a Business
Day, the next succeeding Business Day.

            "Excess Principal Funding Investment Proceeds" shall mean, with
respect to each Transfer Date relating to the Controlled Accumulation Period,
the amount, if any, by which the Principal Funding Investment Proceeds for
such Transfer Date exceed the Covered Amount determined on such Transfer Date.

            "Finance Charge Shortfall" shall mean, with respect to any
Transfer Date, the excess, if any, of the amount distributable pursuant to
subsections 4.9(a)(i) through (viii) over Available Investor Finance Charge
Collections.

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

            "Fixed Investor Percentage" shall mean, with respect to any
Monthly Period, the percentage equivalent of a fraction, the numerator of
which is the Investor Interest as of the close of business on the last day of
the Revolving Period and the denominator of which is the greater of (a) the
sum of (i) the aggregate amount of Principal Receivables in the Trust
determined as of the close of business on the last day of the prior Monthly
Period and (ii) the Excess Funding Amount as of the close of business on such
last day of the prior Monthly Period and (b) the sum of the numerators used to
calculate the Investor Percentages (as such term is defined in the Agreement)
for allocations with respect to Principal Receivables for all outstanding
Series on such date of determination; provided, however, that with respect to
any Monthly Period in which an Addition Date occurs or in which a Removal Date
occurs, the amount determined pursuant to clause (a)(i) hereof shall be the
quotient of (A) the sum of (I) the aggregate amount of Principal Receivables
in the Trust as of the close of business on the last day of the prior Monthly
Period multiplied by the actual number of days in the period from and
including the first day of such Monthly Period to but excluding the related
Addition Date or Removal Date and (II) the aggregate amount of Principal
Receivables in the Trust as of the beginning of the day on the related
Addition Date or Removal Date after adjusting for the aggregate amount of
Principal Receivables added to or removed from the Trust on the related
Addition Date or Removal Date, multiplied by the actual number of days in the
period from and including the related Addition Date or Removal Date to and
including the last day of such Monthly Period divided by (B) the actual number
of days in such Monthly Period.

            "Floating Investor Percentage" shall mean, with respect to any
Monthly Period, the percentage equivalent of a fraction, the numerator of which
is the Adjusted Investor Interest as of the close of business on the last day
of the prior Monthly Period (or with respect to the first Monthly Period, the
Initial Investor Interest) and the denominator of which is the greater of (a)
the sum of (i) the aggregate amount of Principal Receivables as of the close of
business on the last day of the prior Monthly Period (or with respect to the
first calendar month in the first Monthly Period, the aggregate amount of
Principal Receivables in the Trust as of the close of

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business on the day immediately preceding the Closing Date, and with respect
to the second calendar month in the first Monthly Period, the aggregate amount
of Principal Receivables as of the close of business on the last day of the
first calendar month in the first Monthly Period) and (ii) the Excess Funding
Amount as of the close of business on such last day of the prior Monthly
Period and (b) the sum of the numerators used to calculate the Investor
Percentages (as such term is defined in the Agreement) for allocations with
respect to Finance Charge Receivables, Default Amounts or Principal
Receivables, as applicable, for all outstanding Series on such date of
determination; provided, however, that with respect to any Monthly Period in
which an Addition Date occurs or in which a Removal Date occurs, the amount
determined pursuant to clause (a)(i) hereof shall be the quotient of (A) the
sum of (I) the aggregate amount of Principal Receivables in the Trust as of
the close of business on the last day of the prior Monthly Period multiplied
by the actual number of days in the period from and including the first day of
such Monthly Period to but excluding the related Addition Date or Removal Date
and (II) the aggregate amount of Principal Receivables in the Trust as of the
beginning of the day on the related Addition Date or Removal Date after
adjusting for the aggregate amount of Principal Receivables added to or
removed from the Trust on the related Addition Date or Removal Date,
multiplied by the actual number of days in the period from and including the
related Addition Date or Removal Date to and including the last day of such
Monthly Period divided by (B) the actual number of days in such Monthly
Period.

            "Group One" shall mean Series 2001-2 and each other Series
specified in the related Supplement to be included in Group One.

            "Indenture" shall mean that certain agreement, dated as of June
14, 2001 between the Chase Credit Card Owner Trust 2001-2 and The Bank of New
York, as indenture trustee.

            "Initial Investor Interest" shall mean the initial aggregate
principal amount of the Certificates, which is $595,238,000.

            "Initial Purchaser" shall have the meaning set forth in subsection
16(c).

            "Interest Period" shall mean, with respect to any Distribution
Date, the period from and including the previous Distribution Date through the
day preceding such Distribution Date, except that the initial Interest Period
shall be the period from and including the Closing Date through the day
preceding the initial Distribution Date.

            "Investor Certificates" shall mean the Series 2001-2 Certificates.

            "Investor Charge-Offs" shall have the meaning specified in Section
4.10.

            "Investor Default Amount" shall mean, with respect to any
Receivable in a Defaulted Account, an amount equal to the product of (a) the
Default Amount and (b) the Floating Investor Percentage on the day such
Account became a Defaulted Account.

            "Investor Interest" shall mean, on any date of determination, an
amount equal to (a) the Initial Investor Interest, minus (b) the aggregate
amount of principal payments made to the Certificates prior to such date and
minus (c) the aggregate amount of Investor Charge-Offs pursuant to Section
4.10 and Reallocated Principal Collections pursuant to Section 4.11 plus (d)

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the aggregate amount of Available Investor Finance Charge Collections
allocated and available on all prior Transfer Dates pursuant to subsection
4.9(a)(vi) for the purpose of reimbursing the amount of any reduction pursuant
to clause (c); provided, however, that the Investor Interest may not be
reduced below zero.

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

            "Investor Principal Collections" shall mean, with respect to any
Monthly Period, the sum of (a) the aggregate amount deposited into the
Principal Account for such Monthly Period pursuant to subsections 4.5(a)(ii),
4.5(b)(ii), or 4.5(c)(ii), in each case, as applicable to such Monthly Period
and (b) the aggregate amount to be treated as Investor Principal Collections
pursuant to subsections 4.9(a)(v) and (vi) for such Monthly Period (other than
such amount paid from Reallocated Principal Collections).

            "Investor Servicing Fee shall have the meaning specified in
subsection 3(a) hereof.

            "Minimum Transferor Interest Percentage" shall mean 7%.

            "Monthly Period" shall have the meaning specified in the
Agreement, except that the first Monthly Period with respect to the Investor
Certificates shall begin on and include the Closing Date and shall end on and
include June 30, 2001.

            "Monthly Principal Payment" shall mean with respect to any Monthly
Period, for all Series (including Series 2001-2) which are in an Amortization
Period or Accumulation Period (as such terms are defined in the related
Supplements for all Series), the sum of (a) the Controlled Distribution Amount
for the related Transfer Date for any Series in its Controlled Amortization
Period (as such terms are defined in the related Supplements for all Series),
(b) the Controlled Deposit Amount for the related Transfer Date for any Series
in its Accumulation Period, other than its Rapid Accumulation Period, if
applicable (as such terms are defined in the related Supplements for all
Series), (c) the Investor Interest as of the end of the prior Monthly Period
taking into effect any payments to be made on the following Distribution Date
for any Series in its Principal Amortization Period or Rapid Amortization
Period (as such terms are defined in the related Supplements for all Series),
(d) the Adjusted Investor Interest as of the end of the prior Monthly Period
taking into effect any payments or deposits to be made on the following
Transfer Date and Distribution Date for any Series in its Rapid Accumulation
Period (as such terms are defined in the related Supplements for all Series),
and (e) such other amounts as may be specified in the related Supplements for
all Series.

            "Monthly Principal Reallocation Amount" shall mean with respect to
any Monthly Period an amount equal to the sum of (A) the lower of (i) the
excess of the Class A Note Interest Requirement over the Available Investor
Finance Charge Collections allocated with respect thereto pursuant to
subsection 4.9(a)(i) and (ii) the greater of (a) (x) the product of

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(I) 16.0% and (II) the Initial Investor Interest minus (y) the amount of
unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs
for the related Monthly Period) and unreimbursed Reallocated Principal
Collections (as of the previous Distribution Date) and (b) zero; and (B) the
lower of (i) the excess of the Class B Note Interest Requirement and the Net
Investor Servicing Fee over the Available Investor Finance Charge Collections
allocated with respect thereto pursuant to subsections 4.9(a)(i)and
4.9(a)(ii)and (ii) the greater of (a) the product of (I) 9.0% and (II) the
Initial Investor Interest minus the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related
Monthly Period) and unreimbursed Reallocated Principal Collections as of the
previous Distribution Date) and (b) zero.

            "Net Class C Note Interest Requirement" shall have the meaning set
forth in the Indenture.

            "Net Investor Servicing Fee" shall mean that portion of the
Investor Servicing Fee allocable to the Series 2001-2 Certificates with
respect to any Transfer Date.

            "Net Servicing Fee Rate" shall mean 1.0% per annum.

            "Note Interest Period" shall have the meaning set forth in the
Indenture.

            "Note Interest Requirement" shall have the meaning set forth in
subsection 4.6(a).

            "Owner Trust Spread Account" shall have the meaning set forth in
the Indenture.

            "Pay Out Commencement Date" shall mean the date on which a Trust
Pay Out Event is deemed to occur pursuant to Section 9.1 or a Series 2001-2
Pay Out Event is deemed to occur pursuant to Section 9 hereof.

            "Portfolio Adjusted Yield" shall mean, with respect to any
Transfer Date, the average of the percentages obtained for each of the three
preceding Monthly Periods by subtracting the Base Rate from the Portfolio
Yield for such Monthly Period and deducting 0.5% from the result for each
Monthly Period.

            "Portfolio Yield" shall mean, with respect to any Monthly Period,
the annualized percentage equivalent of a fraction, the numerator of which is
an amount equal to the sum of (a) the amount of Collections of Finance Charge
Receivables deposited into the Finance Charge Account and allocable to the
Investor Certificates for such Monthly Period, (b) the Principal Funding
Investment Proceeds deposited into the Finance Charge Account on the Transfer
Date related to such Monthly Period and (c) the amount of the Accumulation
Period Reserve Draw Amount (up to the Available Accumulation Period Reserve
Account Amount) plus any amounts of interest and earnings described in
subsections 4.14(b), 4.14(c) and 4.14(d), each deposited into the Finance
Charge Account on the Transfer Date relating to such Monthly Period, such sum
to be calculated on a cash basis after subtracting the Investor Default Amount
for such Monthly Period, and the denominator of which is the Investor Interest
as of the close of business on the last day of such Monthly Period; provided,
however, that with respect to the April 2001, May 2001 and June 2001 Monthly
Periods, Portfolio Yield shall mean "Portfolio Yield" as calculated in
accordance with the definition thereof in the Series 2001-1 Supplement to the
Agreement.

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            "Principal Funding Account" shall have the meaning set forth in
subsection 4.13(a).

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

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

            "Principal Funding Investment Shortfall" shall mean, with respect
to each Transfer Date relating to the Controlled Accumulation Period, the
amount, if any, by which the Principal Funding Investment Proceeds for such
Transfer Date are less than the Covered Amount determined as of such Transfer
Date.

            "Rapid Amortization Period" shall mean the Amortization Period
commencing on the Pay Out Commencement Date and ending on the earlier to occur
of (a) the Series 2001-2 Termination Date and (b) the termination of the Trust
pursuant to Section 12.1.

            "Rating Agency" shall mean Moody's, Standard & Poor's and Fitch.

            "Rating Agency Condition" shall mean, with respect to Series
2001-2, the written confirmation of the Rating Agency that a specified event
or modification of the terms of Series 2001-2 will not result in the
withdrawal or downgrade of the rating of any class of the Asset Backed Notes
of Chase Credit Card Owner Trust 2001-2 then in effect.

            "Reallocated Principal Collections" shall mean with respect to any
Transfer Date, Investor Principal Collections applied in accordance with
Section 4.11 in an amount not to exceed the lesser of the Monthly Principal
Reallocation Amount for the related Monthly Period and the Investor Interest
after giving effect to any Investor Charge-Offs for such Transfer Date.

            "Required Accumulation Factor Number" shall be equal to a
fraction, rounded upwards to the nearest whole number, the numerator of which
is one and the denominator of which is equal to the lowest monthly principal
payment rate on the Accounts, expressed as a decimal, for the 12 months
preceding the date of such calculation.

            "Required Accumulation Period Reserve Account Amount" shall mean,
with respect to any Transfer Date on or after the Accumulation Period Reserve
Account Funding Date, an amount equal to the product of (i) 84.0%, (ii) the
Initial Investor Interest and (iii) 0.5%; provided, however, that (i) if the
Accumulation Period Length is one month and the Transferor has provided the
Servicer and the Trustee with evidence that the Rating Agency Condition has
been satisfied, the Required Accumulation Period Reserve Account Amount shall
be zero (0), (ii) if the Accumulation Period Length is two months and the
Transferor has provided the Servicer and the Trustee with evidence that the
Rating Agency Condition has been satisfied, the Required Accumulation Period
Reserve Account Amount shall be equal to the product of (I) 84.0%, (II) the
Initial Investor Interest and (III) 0.25%, (iii) if the Accumulation Period
Length is four or five

                                      9
<PAGE>

months, the Required Accumulation Period Reserve
Account Amount shall be equal to the product of (I) 84.0%, (II) the Initial
Investor Interest and (III) 0.75%, and (iv) if the Accumulation Period Length
is six or more months, the Required Accumulation Period Reserve Account Amount
shall be equal to the product of (I) 84.0%, (II) the Initial Investor Interest
and (III) 1.00%.

            "Required Amount" shall have the meaning set forth in Section 4.8.

            "Required Owner Trust Spread Account Amount" shall have the
meaning set forth in the Indenture.

            "Revolving Period" shall mean the period from and including the
Closing Date to, but not including, the earlier of (a) the day the Controlled
Accumulation Period commences and (b) the Pay Out Commencement Date.

            "Scheduled Principal Allocation Commencement Date" shall mean the
May 2006 Distribution Date.

            "Series 2001-2" shall mean the Series of the Chase Credit Card
Master Trust represented by the Investor Certificates.

            "Series 2001-2 Pay Out Event" shall have the meaning specified in
Section 9 hereof.

            "Series 2001-2 Termination Date" shall mean the earliest to occur
of (a) the Distribution Date on which the Investor Interest is paid in full,
(b) the September 2008 Distribution Date and (c) the Trust Termination Date.

            "Series Principal Shortfall" shall mean with respect to any
Transfer Date, the excess, if any, of (a) (i) with respect to any Transfer
Date relating to the Controlled Accumulation Period, the Controlled Deposit
Amount for such Transfer Date, and (ii) with respect to any Transfer Date
during the Rapid Amortization Period, the Adjusted Investor Interest over (b)
the Investor Principal Collections minus the Reallocated Principal Collections
for such Transfer Date.

            "Series Servicing Fee Percentage" shall mean 2.0%.

            "Servicer Interchange" shall mean, for any Monthly Period, the
portion of Collections of Finance Charge Receivables allocated to the Investor
Certificates and deposited in the Finance Charge Account with respect to such
Monthly Period that is attributable to Interchange; provided, however, that
Servicer Interchange for a Monthly Period shall not exceed one-twelfth of the
product of (i) the Adjusted Investor Interest as of the last day of such
Monthly Period and (ii) 1.00%.

            "Shared Excess Finance Charge Collections" shall mean, with
respect to any Distribution Date, as the context requires, either (x) the
amount described in subsection 4.9(a)(ix) allocated to the Series 2001-2
Certificates but available to cover shortfalls in amounts paid from
Collections of Finance Charge Receivables for other Series, if any or (y) the
aggregate amount of

                                      10
<PAGE>

Collections of Finance Charge Receivables allocable to
other Series in excess of the amounts necessary to make required payments with
respect to such Series, if any, and available to cover shortfalls with respect
to the Investor Certificates.

            "Shared Principal Collections" shall mean either (a) the amount
allocated to the Investor Certificates which may be applied to the Series
Principal Shortfall with respect to other outstanding Series or (b) the
amounts allocated to the investor certificates of other Series which the
applicable Supplements for such Series specify are to be treated as "Shared
Principal Collections" and which may be applied to cover the Series Principal
Shortfall with respect to the Investor Certificates.

            "Targeted Holder" shall mean each holder of a right to receive
interest or principal with respect to the Investor Certificates (or other
interests in the Trust), other than certificates (or other such interests)
with respect to which an opinion is rendered that such certificates (or other
such interests) will be treated as debt for federal income tax purposes, and
any holder of a right to receive any amount in respect of the Transferor
Interest; provided, that any Person holding more than one interest each of
which would cause such Person to be a Targeted Holder shall be treated as a
single Targeted Holder.

            "Transfer" shall have the meaning specified in subsection 16(a).

            SECTION 3. Servicing Compensation and Assignment of Interchange.
                ----------------------------------------------------
(a) The share of the Servicing Fee allocable to Series 2001-2 with respect to
any Transfer Date (the "Investor Servicing Fee") shall be equal to one-twelfth
of the product of (i) the Series Servicing Fee Percentage and (ii) the Adjusted
Investor Interest as of the last day of the Monthly Period preceding such
Transfer Date; provided, however, that with respect to the first Transfer
Date, the Investor Servicing Fee shall be equal to the product of (i) a
fraction, the numerator of which is the number of days from and including the
Closing Date to and including the last day of the March 2001 Monthly Period
and the denominator of which is 360, (ii) 2.0% and (iii) the Initial Investor
Interest on the Closing Date. On each Transfer Date a portion of Interchange
with respect to the related Monthly Period that is on deposit in the Finance
Charge Account shall be withdrawn from the Finance Charge Account and paid to
the Servicer in payment of a portion of the Investor Servicing Fee with
respect to such Monthly Period ("Servicer Interchange"). Should the Servicer
Interchange on deposit in the Finance Charge Account on any Transfer Date with
respect to the related Monthly Period be less than one-twelfth of 1.00% of the
Adjusted Investor Interest as of the last day of such Monthly Period, the
Investor Servicing Fee with respect to such Monthly Period will not be paid to
the extent of such insufficiency of Servicer Interchange on deposit in the
Finance Charge Account. The share of the Investor Servicing Fee allocable to
the Certificateholders with respect to any Transfer Date (the "Net Investor
Servicing Fee") shall be equal to one-twelfth of the product of (i) the Net
Servicing Fee Rate and (ii) the Adjusted Investor Interest as of the last day
of the Monthly Period preceding such Transfer Date; provided, however, that
with respect to the first Transfer Date, the Net Investor Servicing Fee shall
be equal to the product of (i) a fraction, the numerator of which is the
number of days from and including the Closing Date to and including the last
day of the March 2001 Monthly Period and the denominator of which is 360, (ii)
the Net Servicing Fee Rate and (iii) the Investor Interest on the Closing
Date. Except as specifically provided above, the Servicing Fee shall be paid
by the cash flows from the Trust allocated to the Transferor or the
certificateholders of other Series (as

                                      11
<PAGE>

provided in the related Supplements) and in no event shall the Trust, the
Trustee or the Certificateholders be liable therefor. The Net Investor
Servicing Fee shall be payable to the Servicer solely to the extent amounts
are available for distribution in respect thereof pursuant to subsection
4.9(a)(iii).

            (b) On or before each Transfer Date, the Transferor shall notify
the Servicer of the amount of Interchange to be included as Collections of
Finance Charge Receivables and allocable to the Certificateholders with respect
to the preceding Monthly Period as determined pursuant to this subsection 3(b).
Such amount of Interchange shall be equal to the product of (i) the aggregate
amount of Interchange with respect to such Monthly Period and (ii) the
Investor Percentage with respect to Finance Charge Receivables for such
Monthly Period. On each Transfer Date, the Transferor shall pay to the
Servicer, and the Servicer shall deposit into the Finance Charge Account, in
immediately available funds, the amount of Interchange to be so included as
Collections of Finance Charge Receivables allocable to the Investor
Certificates with respect to the preceding Monthly Period.

            SECTION 4. Reassignment and Transfer Terms. The Investor
Certificates shall be subject to retransfer to the Transferor at its option,
in accordance with the terms specified in subsection 12.2(a), on any
Distribution Date on or after the Distribution Date on which the Investor
Interest is reduced to an amount less than or equal to 5% of the Initial
Investor Interest. The deposit required in connection with any such repurchase
shall include the amount, if any, on deposit in the Principal Funding Account
and will be equal to the sum of (a) the Investor Interest and (b) accrued and
unpaid interest on the Investor Certificates through the day preceding the
Distribution Date on which the repurchase occurs.

            SECTION 5. Delivery and Payment for the Investor Certificates.
The Transferor shall execute and deliver the Series 2001-2 Certificates to the
Trustee for authentication in accordance with Section 6.1. The Trustee shall
deliver such Certificates when authenticated in accordance with Section 6.2.

            SECTION 6.  Form of Delivery of Investor Certificates.  The
Certificates shall be delivered as Registered Certificates as provided in
Section 6.1.

            SECTION 7. Article IV of Agreement. Sections 4.1, 4.2 and 4.3 shall
be read in their entirety as provided in the Agreement. Article IV (except for
Sections 4.1, 4.2 and 4.3 thereof) shall be read in its entirety as follows
and shall be applicable only to the Investor Certificates:

                                  ARTICLE IV

                     RIGHTS OF THE CERTIFICATEHOLDERS AND
                  ALLOCATION AND APPLICATION OF COLLECTIONS

          SECTION 4.4 Rights of the Certificateholders. The Investor
     Certificates shall represent undivided interests in the Trust, consisting
     of the right to receive, to the extent necessary to make the required
     payments with respect to such Investor Certificates at the times and in
     the amounts specified in this Agreement, (a) the Floating Investor
     Percentage and Fixed Investor Percentage (as applicable from time to
     time) of Collections received with respect to the Receivables and (b)
     funds on deposit in the

                                      12
<PAGE>

     Collection Account, the Finance Charge Account, the Excess Funding
     Account, the Principal Account, the Principal Funding Account, the
     Accumulation Period Reserve Account and the Distribution Account. The
     Transferor Certificate shall not represent any interest in the Collection
     Account, the Finance Charge Account, the Principal Account, the Excess
     Funding Account, the Principal Funding Account, the Accumulation Period
     Reserve Account or the Distribution Account, except as specifically
     provided in this Article IV.

          SECTION 4.5 Allocations. (a) Allocations During the Revolving
     Period. During the Revolving Period, the Servicer shall, prior to the
     close of business on the day any Collections are deposited in the
     Collection Account, allocate to the Certificateholders or the Holder of
     the Transferor Certificate and pay or deposit from the Collection Account
     the following amounts as set forth below:

               (i) Deposit into the Finance Charge Account an amount equal to
          the product of (A) the Investor Percentage on the Date of Processing
          of such Collections and (B) the aggregate amount of Collections
          processed in respect of Finance Charge Receivables on such Date of
          Processing to be applied in accordance with Section 4.9.

               (ii) (A) Deposit into the Principal Account an amount equal to
          the product of (1) the Investor Percentage on the Date of Processing
          of such Collections and (2) the aggregate amount of Collections
          processed in respect of Principal Receivables on such Date of
          Processing; provided, however, that the amount deposited into the
          Principal Account pursuant to this subsection 4.5(a)(ii)(A) shall
          not exceed the Daily Principal Shortfall, and (B) pay to the Holder
          of the Transferor Certificate an amount equal to the excess, if any,
          identified in the proviso to clause (A) above; provided, however,
          that the amount to be paid to the Holder of the Transferor
          Certificate pursuant to this subsection 4.5(a)(ii)(B) with respect
          to any Date of Processing shall be paid to the Holder of the
          Transferor Certificate only if the Transferor Interest on such Date
          of Processing is greater than the Minimum Transferor Interest (after
          giving effect to the inclusion in the Trust of all Receivables
          created on or prior to such Date of Processing and the application
          of payments referred to in subsection 4.3(b)) and otherwise shall be
          deposited into the Excess Funding Account.

          (b) Allocations During the Controlled Accumulation Period. During
     the Controlled Accumulation Period, the Servicer shall, prior to the
     close of business on the day any Collections are deposited in the
     Collection Account, allocate to the Certificateholders or the Holder of
     the Transferor Certificate and pay or deposit from the Collection Account
     the following amounts as set forth below:

               (i) Deposit into the Finance Charge Account an amount equal to
          the product of (A) the Investor Percentage on the Date of Processing
          of such Collections and (B) the aggregate amount of Collections
          processed in respect of Finance Charge Receivables on such Date of
          Processing to be applied in accordance with Section 4.9.

                                      13
<PAGE>

               (ii) (A) Deposit into the Principal Account an amount equal to
          the product of (1) the Investor Percentage on the Date of Processing
          of such Collections and (2) the aggregate amount of Collections
          processed in respect of Principal Receivables on such Date of
          Processing; provided, however, that the amount deposited into the
          Principal Account pursuant to this subsection 4.5(b)(ii)(A) shall
          not exceed the Daily Principal Shortfall, and (B) pay to the Holder
          of the Transferor Certificate an amount equal to the excess, if any,
          identified in the proviso to clause (A) above; provided, however,
          that the amount to be paid to the Holder of the Transferor
          Certificate pursuant to this subsection 4.5(b)(ii)(B) with respect
          to any Date of Processing shall be paid to the Holder of the
          Transferor Certificate only if the Transferor Interest on such Date
          of Processing is greater than the Minimum Transferor Interest (after
          giving effect to the inclusion in the Trust of all Receivables
          created on or prior to such Date of Processing and the application
          of payments referred to in subsection 4.3(b)) and otherwise shall be
          deposited into the Excess Funding Account.

          (c) Allocations During the Rapid Amortization Period. During the
     Rapid Amortization Period, the Servicer shall, prior to the close of
     business on the day any Collections are deposited in the Collection
     Account, allocate to the Certificateholders and pay or deposit from the
     Collection Account the following amounts as set forth below:

               (i) Deposit into the Finance Charge Account an amount equal to
          the product of (A) the Investor Percentage on the Date of Processing
          of such Collections and (B) the aggregate amount of Collections
          processed in respect of Finance Charge Receivables on such Date of
          Processing to be applied in accordance with Section 4.9.

               (ii) (A) Deposit into the Principal Account an amount equal to
          the product of (1) the Investor Percentage on the Date of Processing
          of such Collections and (2) the aggregate amount of Collections
          processed in respect of Principal Receivables on such Date of
          Processing; provided, however, that the amount deposited into the
          Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall
          not exceed the sum of the Investor Interest as of the close of
          business on the last day of the prior Monthly Period (after taking
          into account any payments to be made on the Distribution Date
          relating to such prior Monthly Period and deposits and any
          adjustments to be made to the Investor Interest to be made on the
          Transfer Date relating to such Monthly Period) and any Reallocated
          Principal Collections relating to the Monthly Period in which such
          deposit is made and (B) pay to the Holder of the Transferor
          Certificate an amount equal to the excess, if any, identified in the
          proviso to clause (A) above; provided, however, that the amount to
          be paid to the Holder of the Transferor Certificate pursuant to this
          subsection 4.5(c)(ii)(B) with respect to any Date of Processing
          shall be paid to the Holder of the Transferor Certificate only if
          the Transferor Interest on such Date of Processing is greater than
          the Minimum Transferor Interest (after giving effect to the
          inclusion in the Trust of all Receivables created on or prior to
          such Date of Processing and the application of payments referred to

                                      14
<PAGE>

          in subsection 4.3(b)) and otherwise shall be deposited into the
          Excess Funding Account.

               (d) Limitation on Required Deposits. With respect to the
          Investor Certificates, and notwithstanding anything in the Agreement
          or this Series Supplement to the contrary, whether or not the
          Servicer is required to make monthly or daily deposits from the
          Collection Account into the Finance Charge Account or the Principal
          Account pursuant to subsections 4.5(a), 4.5(b) and 4.5(c), with
          respect to any Monthly Period (i) the Servicer will only be required
          to deposit Collections from the Collection Account into the Finance
          Charge Account or the Principal Account in an amount equal to the
          lesser of (x) the amount required to be deposited into any such
          deposit account pursuant to subsection 4.5(a), 4.5(b) or 4.5(c) and
          (y) the amount required to be distributed on or prior to the related
          Distribution Date to the Certificateholders and (ii) if at any time
          prior to such Distribution Date the amount of Collections deposited
          in the Collection Account exceeds the amount required to be
          deposited pursuant to clause (i) above, the Servicer shall withdraw
          the excess from the Collection Account. To the extent that, in
          accordance with this subsection 4.5(d), the Servicer has retained
          amounts which would otherwise be required to be deposited in the
          Finance Charge Account or the Principal Account with respect to any
          Monthly Period, the Servicer shall be required to deposit such
          amounts in the Finance Charge Account or the Principal Account on
          the related Transfer Date to the extent necessary to make required
          distributions to the Certificateholders on the related Distribution
          Date, including any amounts which are required to be applied as
          Reallocated Principal Collections.

          For so long as the Servicer shall (i) satisfy the conditions
     specified in the third paragraph of subsection 4.3(a) of the Agreement
     and (ii) be making deposits to the Principal Account and Finance Charge
     Account on a monthly basis, all requirements herein to deposit amounts on
     a daily basis shall be deemed to be satisfied to the extent that the
     required monthly deposit is made and all references to amounts on deposit
     in such accounts shall be deemed to include amounts which would otherwise
     have been deposited therein on a daily basis.

          SECTION 4.6 Determination of Required Monthly Interest Payment.
     The amount of monthly interest distributable to the Series Certificates
     shall be an amount equal to the sum of the Class A Note Interest
     Requirement, the Class B Note Interest Requirement and the Net Class C
     Note Interest Requirement (collectively, the "Note Interest
     Requirement"); provided, however, that with respect to the first
     Distribution Date, each of the Class A Note Interest Requirement, the
     Class B Note Interest Requirement and the Net Class C Note Interest
     Requirement will include accrued interest at the applicable Note Interest
     Rate from the Closing Date through July 15, 2001.

          SECTION 4.7 Determination of Monthly Principal Payments. The
     of monthly principal distributable from the Principal Account with
     respect to the Investor Certificates on each Transfer Date, beginning
     with the Transfer Date in the month following the month in which the
     Controlled Accumulation Period or, if earlier, the Rapid Amortization
     Period, begins, shall be equal to the least of (i) the Available Investor

                                      15
<PAGE>

     Principal Collections on deposit in the Principal Account with respect to
     such Transfer Date, (ii) for each Transfer Date with respect to the
     Controlled Accumulation Period, the Controlled Deposit Amount for such
     Transfer Date and (iii) the Adjusted Investor Interest on such Transfer
     Date prior to any deposit into the Principal Funding Account to be made
     on such day.

          SECTION 4.8 Coverage of Required Amount. On or before each Transfer
     Date, the Servicer will determine the amount (the "Required Amount") by
     which (A) the sum of (i) the Class A Note Interest Requirement, (ii) the
     Class B Note Interest Requirement and (iii) the Net Class C Note Interest
     Requirement plus (B) the Net Investor Servicing Fee for the prior Monthly
     Period plus (C) the Net Investor Servicing Fee, if any, due but not paid
     on any prior Transfer Date plus, (D) the Investor Default Amount for the
     prior Monthly Period, if any, exceeds the amount of Available Investor
     Finance Charge Collections for such Monthly Period. In the event the
     Required Amount is greater than zero, the Servicer shall give written
     notice to the Trustee of such positive Required Amount for such Transfer
     Date and all or a portion of the Shared Excess Finance Charge Collections
     allocable to Series 2001-2 with respect to such Transfer Date in an
     amount equal to the Required Amount, to the extent available, for such
     Transfer Date shall be distributed from the Finance Charge Account on
     such Transfer Date in accordance with the priority of payments set forth
     in subsection 4.9(a).

          SECTION 4.9 Monthly Payments. On or before each Transfer Date, the
     Servicer shall instruct the Trustee and the Paying Agent in writing
     (which writing shall be substantially in the form of Exhibit B hereto) to
     withdraw and the Trustee or the Paying Agent, as applicable, acting in
     accordance with such instructions, shall withdraw on such Transfer Date
     or the related Distribution Date, as applicable, to the extent of
     available funds, the amounts required to be withdrawn from the Finance
     Charge Account, the Principal Account, the Principal Funding Account and
     the Distribution Account as follows:

               (a) An amount equal to the Available Investor Finance Charge
          Collections for the related Monthly Period shall be distributed on
          each Transfer Date in the following priority:

                    (i) an amount equal to Class A Note Interest Requirement
               for the related Transfer Date, shall be distributed by the
               Servicer or the Trustee to the Certificateholders;

                    (ii) an amount equal the Class B Note Interest Requirement
               for the related Transfer Date shall be distributed by the
               Servicer or the Trustee to the Certificateholders;

                    (iii) an amount equal to the Net Investor Servicing Fee
               for such Transfer Date plus the amount of any Net Investor
               Servicing Fee due but not paid to the Servicer on any prior
               Transfer Date shall be distributed to the Servicer;

                                      16
<PAGE>

                    (iv) an amount equal to the Net Class C Note Interest
               Requirement for the related Transfer Date, shall be distributed
               by the Servicer or the Trustee to the Certificateholders;

                    (v) an amount equal to the Investor Default Amount, if
               any, for the preceding Monthly Period shall be treated as a
               portion of Available Investor Principal Collections and
               deposited into the Principal Account on such Transfer Date;

                    (vi) an amount equal to the aggregate amount by which the
               Investor Interest has been reduced below the Initial Investor
               Interest for reasons other than the payment of principal to the
               Certificateholders (but not in excess of the aggregate amount
               of such reductions which have not been previously reimbursed)
               shall be deposited in the Principal Account on such Transfer
               Date and treated as a portion of Available Investor Principal
               Collections;

                    (vii) on and after the Accumulation Period Reserve Account
               Funding Date, but prior to the date on which the Accumulation
               Period Reserve Account terminates, the Trustee will deposit an
               amount up to the excess, if any, of the Required Accumulation
               Period Reserve Account Amount over the Available Accumulation
               Period Reserve Account Amount into the Accumulation Period
               Reserve Account;

                    (viii) an amount equal to the excess, if any, of the
               Required Owner Trust Spread Account Amount over the amount then
               on deposit in the Owner Trust Spread Account will be paid to
               the Certificateholders; and

                    (ix) the balance, after payments made pursuant to clauses
               (i) through (viii) above, first will be treated as Excess
               Finance Charge Collections which will be available to cover
               shortfalls, if any, in amounts payable from collections of
               Finance Charge Receivables with respect to other Series in
               accordance with the Agreement, and then the balance, if any,
               remaining after any such sharing will be paid to the
               Certificateholders.

                    To the extent of the Finance Charge Shortfall, if any,
          following the application on each Transfer Date of Available
          Investor Finance Charge Collections as described above, the Servicer
          shall instruct the Trustee and any Paying Agent in writing (which
          writing shall be substantially in the form of Exhibit B hereto) to
          apply Shared Excess Finance Charge Collections with respect to Group
          One allocable to Series 2001-2 in the priority set forth above.

               (b) During the Revolving Period, an amount equal to the
          Available Investor Principal Collections deposited into the
          Principal Account for the related Monthly Period shall be
          distributed on each Transfer Date in the following priority:

                    (i) an amount equal to the lesser of (A) the product of
               (1) a fraction, the numerator of which is equal to the
               Available Investor

                                      17
<PAGE>

               Principal Collections and the denominator of which is equal to
               the sum of the Available Investor Principal Collections
               available for sharing as specified in the related Supplement
               for each Series and (2) the Cumulative Series Principal
               Shortfall and (B) Available Investor Principal Collections,
               shall remain in the Principal Account to be treated as Shared
               Principal Collections and applied to Series other than this
               Series 2001-2; and

                    (ii) an amount equal to the excess, if any, of (A) the
               Available Investor Principal Collections for such Transfer Date
               over (B) the applications specified in subsection 4.9(b)(i)
               above shall be paid to the Holder of the Transferor
               Certificate; provided, however, that the amount to be paid to
               the Holder of the Transferor Certificate pursuant to this
               subsection 4.9(b)(ii) with respect to such Transfer Date shall
               be paid to the Holder of the Transferor Certificate only if the
               Transferor Interest on such Date of Processing is greater than
               the Minimum Transferor Interest (after giving effect to the
               inclusion in the Trust of all Receivables created on or prior
               to such Transfer Date and the application of payments referred
               to in subsection 4.3(b)) and otherwise deposited into the
               Excess Funding Account.

               (c) During the Controlled Accumulation Period or the Rapid
          Amortization Period, an amount equal to the Available Investor
          Principal Collections deposited into the Principal Account for the
          related Monthly Period shall be distributed on each Transfer Date in
          the following priority:

                    (i) an amount equal to the least of (i) the Available
               Investor Principal Collections on deposit in the Principal
               Account with respect to such Transfer Date, (ii) for each
               Transfer Date with respect to the Controlled Accumulation
               Period, the applicable Controlled Deposit Amount for such
               Transfer Date and (iii) the Adjusted Investor Interest prior to
               any deposits on such Transfer Date, shall be (A) during the
               Controlled Accumulation Period, deposited into the Principal
               Funding Account, and (B) during the Rapid Amortization Period
               paid to the Certificateholders; and

                    (ii) an amount equal to the lesser of (A) the product of
               (1) a fraction, the numerator of which is equal to the
               Available Investor Principal Collections remaining after the
               application specified in subsection 4.9(c)(i) above and the
               denominator of which is equal to the sum of the Available
               Investor Principal Collections available for sharing as
               specified in the related Supplement for each Series and (2) the
               Cumulative Series Principal Shortfall and (B) Available
               Investor Principal Collections, shall remain in the Principal
               Account to be treated as Shared Principal Collections and
               applied to Series other than this Series 2001-2; and

                    (iii) an amount equal to the excess, if any, of (A) the
               Available Investor Principal Collections for such Transfer Date
               over (B) the applications specified in subsection 4.9(c)(i) and
               (ii) above shall be paid to the Holder of the Transferor
               Certificate; provided, however, that the amount to be paid to
               the Holder of the Transferor Certificate pursuant to this
               subsection 4.9(c)(iii) with respect to such

                                      18
<PAGE>

               Transfer Date shall be paid to the Holder of the Transferor
               Certificate only if the Transferor Interest on such Date of
               Processing is greater than the Minimum Transferor Interest
               (after giving effect to the inclusion in the Trust of all
               Receivables created on or prior to such Transfer Date and the
               application of payments referred to in subsection 4.3(b)) and
               otherwise shall be deposited into the Excess Funding Account.

               (d) On the Transfer Date immediately preceding the Scheduled
          Principal Allocation Commencement Date (and on each Distribution
          Date thereafter during the Controlled Accumulation Period), the
          Trustee or the Paying Agent, acting in accordance with instructions
          from the Servicer, shall pay to the Certificateholders an amount
          equal to the amount on deposit in the Principal Funding Account on
          the related Transfer Date.

               (e) The Controlled Accumulation Period is scheduled to commence
          at the close of business on the last day of the April 2005 Monthly
          Period; provided, however, that, if the Accumulation Period Length
          (determined as described below) is less than 12 months, the date on
          which the Controlled Accumulation Period actually commences will be
          delayed to the first Business Day of the month that is the number of
          whole months prior to the Scheduled Principal Allocation
          Commencement Date at least equal to the Accumulation Period Length
          and, as a result, the number of Monthly Periods in the Controlled
          Accumulation Period will at least equal the Accumulation Period
          Length. On the February 2005 Determination Date, and each
          Determination Date thereafter until the Controlled Accumulation
          Period begins, the Servicer will determine the "Accumulation Period
          Length" which will equal the number of whole months such that the
          sum of the Accumulation Period Factors for each month during such
          period will be equal to or greater than the Required Accumulation
          Factor Number; provided, however, that the Accumulation Period
          Length will not be determined to be less than one month.

          SECTION 4.10 Investor Charge-Offs. On or before each Transfer Date,
     the Servicer shall calculate the Investor Default Amount. If on any
     Transfer Date, the Investor Default Amount for the prior Monthly Period
     exceeds the sum of the amount allocated with respect thereto pursuant to
     subsection 4.9(a)(v), with respect to such Monthly Period, the Investor
     Interest (after giving effect to reductions for any Reallocated Principal
     Collections on such Transfer Date) will be reduced by the amount of such
     excess (such amount, an "Investor Charge-Off"), but not by more than the
     lesser of the Investor Default Amount and the Investor Interest (after
     giving effect to reductions for any Reallocated Principal Collections on
     such Transfer Date) for such Transfer Date. In the event that such
     reduction would cause the Investor Interest to be a negative number, the
     Investor Interest will be reduced to zero, and no further amounts shall
     be allocated to the Investor Certificate. If the Investor Interest has
     been reduced by the amount of any Investor Charge-Offs or Reallocated
     Principal Collections, such reductions will be reimbursed on any Transfer
     Date (but not by an amount in excess of the aggregate unreimbursed
     Investor Charge-Offs and unreimbursed Reallocated Principal Collections)
     by the amount of Available Investor Finance Charge Collections

                                      19
<PAGE>

     allocable to Series 2001-2 allocated and available for such purpose
     pursuant to subsection 4.9(a)(vi).

          SECTION 4.11 Reallocated Principal Collections. On or before each
     Transfer Date, the Servicer shall instruct the Trustee and the Paying
     Agent in writing (which writing shall be substantially in the form of
     Exhibit B hereto) to withdraw from the Principal Account and apply
     Reallocated Principal Collections with respect to such Transfer Date in
     an amount equal to the lesser of the Available Principal Collections and
     the Monthly Principal Reallocation Amount for the preceding Monthly
     Period, and apply such amounts on such Transfer Date in accordance with
     the priority set forth in Section 4.9(a) hereof. On each Transfer Date
     the Investor Interest shall be reduced by the amount of Reallocated
     Principal Collections for such Transfer Date.

          SECTION 4.12 Shared Principal Collections. (a) The portion of Shared
     Principal Collections on deposit in the Principal Account equal to the
     amount of Shared Principal Collections allocable to Series 2001-2 on any
     Transfer Date shall be applied as Available Investor Principal
     Collections pursuant to Section 4.9 and shall be deposited in the
     Distribution Account.

               (b) Shared Principal Collections allocable to Series 2001-2
          with respect to any Transfer Date shall mean an amount equal to the
          Series Principal Shortfall, if any, with respect to Series 2001-2
          for such Transfer Date; provided, however, that if the aggregate
          amount of Shared Principal Collections for all Series for such
          Transfer Date is less than the Cumulative Series Principal Shortfall
          for such Transfer Date, then Shared Principal Collections allocable
          to Series 2001-2 on such Transfer Date shall equal the product of
          (i) Shared Principal Collections for all Series for such Transfer
          Date and (ii) a fraction, the numerator of which is the Series
          Principal Shortfall with respect to Series 2001-2 for such Transfer
          Date and the denominator of which is the aggregate amount of the
          Cumulative Series Principal Shortfall for all Series for such
          Transfer Date.

          SECTION 4.13 Principal Funding Account. (a) The Trustee, or the
     Servicer, on its behalf, shall establish and maintain, in the name of the
     Trust, on behalf of the Trust, for the benefit of the Certificateholders,
     an Eligible Deposit Account (the "Principal Funding Account"), bearing a
     designation clearly indicating that the funds deposited therein are held
     for the benefit of the Certificateholders. The Trustee shall possess all
     right, title and interest in all funds on deposit from time to time in
     the Principal Funding Account and in all proceeds thereof. The Principal
     Funding Account shall be under the sole dominion and control of the
     Trustee for the benefit of the Certificateholders. If at any time the
     Principal Funding Account ceases to be an Eligible Deposit Account, the
     Transferor shall notify the Trustee, and the Trustee upon being notified
     (or the Servicer on its behalf) shall, within 10 Business Days, establish
     a new Principal Funding Account which meets the conditions specified in
     the definition of Eligible Deposit Account, and shall transfer any cash
     or any investments to such new Principal Funding Account. The Trustee or
     the Paying Agent, at the direction of the Servicer, shall (i) make
     withdrawals from the Principal Funding Account from time to time, in the
     amounts and for the purposes set forth in this Series Supplement, and
     (ii) on each Transfer Date (from and

                                      20
<PAGE>

     after the commencement of the Controlled Accumulation Period) prior to
     termination of the Principal Funding Account make a deposit into the
     Principal Funding Account in the amount specified in, and otherwise in
     accordance with, subsection 4.9(c).

               (b) Funds on deposit in the Principal Funding Account shall be
          invested at the direction of the Servicer by the Trustee or the
          Paying Agent in Permitted Investments. Funds on deposit in the
          Principal Funding Account on any Transfer Date, after giving effect
          to any withdrawals from the Principal Funding Account on such
          Transfer Date, shall be invested in such investments that will
          mature so that such funds will be available for withdrawal on or
          prior to the next succeeding Transfer Date. The Trustee or the
          Paying Agent shall maintain for the benefit of the
          Certificateholders possession of the negotiable instruments or
          securities, if any, evidencing such Permitted Investments. No
          Permitted Investment shall be disposed of prior to its maturity.

          On the Transfer Date occurring in the month following the
     commencement of the Controlled Accumulation Period, and on each Transfer
     Date thereafter with respect to the Controlled Accumulation Period, the
     Trustee or the Paying Agent, acting at the Servicer's direction given
     before each Transfer Date, shall transfer from the Principal Funding
     Account to the Finance Charge Account the Principal Funding Investment
     Proceeds, but not in excess of the Covered Amount, for application as
     Available Investor Finance Charge Collections applied pursuant to
     subsection 4.9(a).

          Any Excess Principal Funding Investment Proceeds shall be included
     as Available Investor Finance Charge Collections for such Transfer Date.
     An amount equal to any Principal Funding Investment Shortfall shall be
     deposited in the Finance Charge Account on each Transfer Date from the
     Accumulation Period Reserve Account to the extent funds are available
     pursuant to subsection 4.14(d) and included as Available Investor Finance
     Charge Collections for such Transfer Date. Principal Funding Investment
     Proceeds (including reinvested interest) shall not be considered part of
     the amounts on deposit in the Principal Funding Account for purposes of
     this Series Supplement.

          SECTION 4.14 Accumulation Period Reserve Account. (a) The Trustee or
     Servicer on its behalf shall establish and maintain, on behalf of the
     Trust, for the benefit of the Certificateholders, an Eligible Deposit
     Account (the "Accumulation Period Reserve Account"), bearing a
     designation clearly indicating that the funds deposited therein are held
     for the benefit of the Certificateholders. The Trustee shall possess all
     right, title and interest in all funds on deposit from time to time in
     the Accumulation Period Reserve Account and in all proceeds thereof. The
     Accumulation Period Reserve Account shall be under the sole dominion and
     control of the Trustee for the benefit of the Certificateholders. If at
     any time the institution holding the Accumulation Period Reserve Account
     ceases to be an Eligible Deposit Account, the Transferor shall notify the
     Trustee, and the Trustee upon being notified (or the Servicer on its
     behalf) shall, within 10 Business Days, establish a new Accumulation
     Period Reserve Account meeting the conditions specified in the definition
     of Eligible Deposit Account, and shall transfer any cash or any
     investments to such new Accumulation Period Reserve Account. The

                                      21
<PAGE>

     Trustee or the Paying Agent, at the direction of the Servicer, shall (i)
     make withdrawals from the Accumulation Period Reserve Account from time
     to time in an amount up to the Available Accumulation Period Reserve
     Account Amount at such time, for the purposes set forth in this Series
     Supplement, and (ii) on each Transfer Date (from and after the
     Accumulation Period Reserve Account Funding Date) prior to termination of
     the Accumulation Period Reserve Account make a deposit into the
     Accumulation Period Reserve Account in the amount specified in, and
     otherwise in accordance with, subsection 4.9(a)(vii).

               (b) Funds on deposit in the Accumulation Period Reserve Account
          shall be invested at the direction of the Servicer by the Trustee or
          the Paying Agent in Permitted Investments. Funds on deposit in the
          Accumulation Period Reserve Account on any Transfer Date, after
          giving effect to any withdrawals from the Accumulation Period
          Reserve Account on such Transfer Date, shall be invested in such
          investments that will mature so that such funds will be available
          for withdrawal on or prior to the next succeeding Transfer Date. The
          Trustee shall maintain for the benefit of the Certificateholders
          possession of the negotiable instruments or securities, if any,
          evidencing such Permitted Investments. No Permitted Investment shall
          be disposed of prior to its maturity. On each Transfer Date, all
          interest and earnings (net of losses and investment expenses)
          accrued since the preceding Transfer Date on funds on deposit in the
          Accumulation Period Reserve Account shall be retained in the
          Accumulation Period Reserve Account (to the extent that the
          Available Accumulation Period Reserve Account Amount is less than
          the Required Accumulation Period Reserve Account Amount) and the
          balance, if any, shall be deposited into the Finance Charge Account
          and included in Available Investor Finance Charge Collections for
          such Transfer Date. For purposes of determining the availability of
          funds or the balance in the Accumulation Period Reserve Account for
          any reason under this Series Supplement, except as otherwise
          provided in the preceding sentence, investment earnings on such
          funds shall be deemed not to be available or on deposit.

               (c) On or before each Transfer Date with respect to the
          Controlled Accumulation Period prior to the payment in full of the
          Investor Interest and on or before the first Transfer Date with
          respect to the Rapid Amortization Period, the Servicer shall
          calculate the "Accumulation Period Reserve Draw Amount" which shall
          be equal to the Principal Funding Investment Shortfall with respect
          to each Transfer Date with respect to the Controlled Accumulation
          Period or the first Transfer Date with respect to the Rapid
          Amortization Period; provided, however, that such amount will be
          reduced to the extent that funds otherwise would be
          available for deposit in the Accumulation Period Reserve Account
          under Section 4.9(vii) with respect to such Transfer Date.

               (d) In the event that for any Transfer Date the Accumulation
          Period Reserve Draw Amount is greater than zero, the Accumulation
          Period Reserve Draw Amount, up to the Available Accumulation Period
          Reserve Account Amount, shall be withdrawn from the Accumulation
          Period Reserve Account on such Transfer Date by the Trustee or the
          Paying Agent (acting in accordance with the instructions of the

                                      22
<PAGE>

          Servicer), deposited into the Finance Charge Account and included in
          Available Investor Finance Charge Collections for such Transfer
          Date.

               (e) In the event that the Accumulation Period Reserve Account
          balance on any Transfer Date, after giving effect to all deposits to
          and withdrawals from the Accumulation Period Reserve Account with
          respect to such Transfer Date, is greater than zero, the Trustee or
          the Paying Agent, acting in accordance with the instructions of the
          Servicer, shall withdraw from the Accumulation Period Reserve
          Account, and include as Available Investor Finance Charge
          Collections for such Transfer Date, an amount equal to such
          Accumulation Period Reserve Account Surplus.

               (f) Upon the earliest to occur of (i) the termination of the
          Trust pursuant to Article XII of the Agreement, (ii) if the
          Controlled Accumulation Period has not commenced, the first Transfer
          Date relating to the Rapid Amortization Period and (iii) if the
          Controlled Accumulation Period has commenced, the earlier of the
          first Transfer Date with respect to the Rapid Amortization Period
          and the Transfer Date immediately preceding the Scheduled Principal
          Allocation Commencement Date, the Trustee, acting in accordance with
          the instructions of the Servicer, shall withdraw from the
          Accumulation Period Reserve Account and deposit all such amounts, if
          any, into the Finance Charge Account to be treated as Available
          Investor Finance Charge Collections and the Accumulation Period
          Reserve Account shall be deemed to have terminated for purposes of
          this Series Supplement.

               SECTION 4.15 Transferor's or Servicer's Failure to Make a
          Deposit or Payment. If the Servicer or the Transferor fails to make,
          or give instructions to make, any payment or deposit (other than as
          required by subsections 2.4(d) and (e) and 12.2(a) or Sections 10.2
          and 12.1) required to be made or given by the Servicer or
          Transferor, respectively, at the time specified in the Agreement
          (including applicable grace periods), the Trustee or the Paying
          Agent shall make such payment or deposit from the applicable
          Investor Account without instruction from the Servicer or
          Transferor. The Trustee or the Paying Agent shall be required to
          make any such payment, deposit or withdrawal hereunder only to the
          extent that the Trustee or the Paying Agent has sufficient
          information to allow it to determine the amount thereof; provided,
          however, that the Trustee or the Paying Agent shall in all cases be
          deemed to have sufficient information to determine the Class A Note
          Interest Requirement, the Class B Note Interest Requirement, the
          Class C Interest Requirement, the Net Class C Interest Requirement
          and the amount of the Principal Payment on each Distribution Date.
          The Servicer shall, upon request of the Trustee or the Paying Agent,
          promptly provide the Trustee or the Paying Agent, as applicable,
          with all information necessary to allow the Trustee or the Paying
          Agent to make such payment, deposit or withdrawal. Such funds or the
          proceeds of such withdrawal shall be applied by the Trustee or the
          Paying Agent in the manner in which such payment or deposit should
          have been made by the Transferor or the Servicer, as the case may
          be.

            SECTION 8. Article V of the Agreement. Article V of the Agreement
shall read in its entirety as follows and shall be applicable only to the
Certificateholders:

                                      23
<PAGE>

                                   ARTICLE V

                  DISTRIBUTIONS AND REPORTS TO THE INVESTOR
                              CERTIFICATEHOLDERS

          SECTION 5.1 Distributions. On each Transfer Date, the Trustee or the
     Paying Agent shall distribute (in accordance with the certificates
     delivered on or before the related Transfer Date by the Servicer to the
     Trustee and the Paying Agent pursuant to subsection 3.4(b)) to the
     Certificateholders of record on the immediately preceding Record Date
     (other than as provided in subsection 2.4(e) or Section 12.3 respecting a
     final distribution)the amounts on deposit in the Distribution Account
     which are payable to the Certificateholders pursuant to Section 4.9 by
     check mailed to the Certificateholders (at the Certificateholders'
     addresses as they appear in the Certificate Register), except that in the
     event the Investor Certificates are registered in the name of the nominee
     of a Clearing Agency or the Owner Trust, such distribution shall be made
     in immediately available funds.

          SECTION 5.2 Monthly Certificateholders' Statement. (a) On or before
     each Distribution Date, the Trustee or the Paying Agent shall forward to
     the Certificateholders, each Rating Agency and the Owner Trustee a
     statement substantially in the form of Exhibit C to this Series
     Supplement prepared by the Servicer, delivered to the Trustee and the
     Paying Agent and setting forth, among other things, the following
     information (which, in the case of subclauses (i) and (ii) below, shall
     be stated on the basis of an original principal amount of $1,000 per
     Certificate and, in the case of subclauses (viii) and (ix) shall be
     stated on an aggregate basis and on the basis of an original principal
     amount of $1,000 per Certificate, as applicable):

                    (i) the amount of the current distribution allocable to
               the payment of principal with respect to the Certificates;

                    (ii) the amount of the current distribution allocable to
               the Class A Note Interest Requirement, Class B Note Interest
               Requirement, and the Net Class C Note Interest Requirement,
               respectively;

                    (iii) the amount of Collections of Principal Receivables
               processed during the related Monthly Period and allocated in
               respect of the Certificates;

                    (iv) the amount of Collections of Finance Charge
               Receivables processed during the related Monthly Period and
               allocated in respect of the Certificates;

                    (v) the aggregate amount of Principal Receivables, the
               Investor Interest, the Adjusted Investor Interest, the Floating
               Investor Percentage and the Fixed Investor Percentage as of the
               close of business on the Distribution Date preceding such
               Transfer Date (after giving effect to all of the transactions
               occurring on such date);

                                      24
<PAGE>

                    (vi) the aggregate outstanding balance of Accounts which
               were 30 to 59, 60 to 89, and 90 or more days delinquent as of
               the end of the day on the Record Date;

                    (vii) the Aggregate Investor Default Amount for the
               related Monthly Period;

                    (viii) the aggregate amount of Investor Charge-Offs, for
               the related Monthly Period;

                    (ix) the aggregate amount of Investor Charge-Offs,
               reimbursed on the Transfer Date immediately preceding such
               Distribution Date;

                    (x) the amount of the Investor Servicing Fee for the
               related Monthly Period;

                    (xi) the Portfolio Yield for the preceding Monthly Period;

                    (xii) the amount of Reallocated Principal Collections with
               respect to such Distribution Date;

                    (xiii) the Accumulation Shortfall;

                    (xiv) the Principal Funding Investment Proceeds
               transferred to the Finance Charge Account on the related
               Transfer Date;

                    (xv) the Principal Funding Investment Shortfall on the
               related Transfer Date;

                    (xvi) the amount of Available Investor Finance Charge
               Collections on deposit in the Finance Charge Account on the
               related Transfer Date; and

                    (xvii) such other items as are set forth in Exhibit C to
               this Series Supplement.

               (b) Annual Certificateholders' Tax Statement. On or before
          January 31 of each calendar year, beginning with calendar year 2002,
          the Trustee and the Paying Agent shall distribute to each Person who
          at any time during the preceding calendar year was a Series 2001-2
          Certificateholder, a statement prepared by the Servicer containing
          the information required to be contained in the regular monthly
          report to the Certificateholders, as set forth in subclauses (i) and
          (ii) above, aggregated for such calendar year or the applicable
          portion thereof during which such Person was a Series 2001-2
          Certificateholder, together with such other customary information
          (consistent with the treatment of the Certificates as debt) as the
          Servicer deems necessary or desirable to enable the
          Certificateholders to prepare its tax returns. Such obligations of
          the Trustee and the Paying Agent shall be deemed to have been
          satisfied to the extent that substantially comparable information
          shall be

                                      25
<PAGE>

          provided by the Trustee and the Paying Agent pursuant to any
          requirements of the Internal Revenue Code as from time to time in
          effect.

            SECTION 9. Series 2001-2 Pay Out Events. If any one of the
following events shall occur with respect to the Investor Certificates:

                (a) failure on the part of the Transferor (i) to make any
payment or deposit required by the terms of (A) the Agreement or (B) this
Series Supplement, on or before the date occurring five days after the date
such payment or deposit is required to be made herein or (ii) duly to observe
or perform in any material respect any covenants or agreements of the
Transferor set forth in the Agreement or this Series Supplement, which failure
has a material adverse effect on the Certificateholders 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
Transferor by the Trustee, or to the Transferor and the Trustee by the Holder
of the Investor Certificates and continues to affect materially and adversely
the interests of the Certificateholders;

                (b) any representation or warranty made by the Transferor in
the Agreement or this Series Supplement, or any information contained in a
computer file or microfiche list required to be delivered by the Transferor
pursuant to Section 2.1 or 2.6, (i) shall prove to have been incorrect in any
material respect when made or when delivered, which continues to be incorrect
in any material respect for a period of 60 days after the date on which
written notice of such failure, requiring the same to be remedied, shall have
been given to the Transferor by the Trustee, or to the Transferor and the
Trustee by the Holders of the Investor Certificates, and (ii) as a result of
which the interests of the Certificateholders are materially and adversely
affected and continue to be materially and adversely affected for such period;
provided, however, that a Series 2001-2 Pay Out Event pursuant to this
subsection 9(b) shall not be deemed to have occurred hereunder if the
Transferor has accepted reassignment of the related Receivable, or all of such
Receivables, if applicable, during such period in accordance with the
provisions of the Agreement;

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

                (d) the Transferor shall fail to convey Receivables arising
under Additional Accounts, or Participations, to the Trust, as required by
subsection 2.6(a);

                (e) any Servicer Default shall occur which would have a
material adverse effect on the Certificateholders;

                (f) the Investor Interest shall not be paid in full on the
second Distribution Date following the Scheduled Principal Allocation
Commencement Date; or

                (g) the occurrence of an Event of Default under the Indenture;

                (h) then, in the case of any event described in subsection
9(a), (b) or (e) hereof, after the applicable grace period set forth in such
subsections, either the Trustee or the Noteholders representing not less than
50% of the outstanding principal amount of the Notes by

                                      26
<PAGE>

notice then given in writing to the Transferor and the Servicer (and to the
Trustee if given by the Noteholders) may declare that a pay out event (a
"Series 2001-2 Pay Out Event") has occurred with respect to the Series
Certificates as of the date of such notice, and in the case of any event
described in subsection 9(c), (d), (f) or (g) hereof, a Series 2001-2 Pay Out
Event shall occur without any notice or other action on the part of the
Trustee or the Noteholders immediately upon the occurrence of such event.

            SECTION 10. Series 2001-2 Termination. The right of the
Certificateholders to receive payments from the Trust will terminate on the
first Business Day following the Series 2001-2 Termination Date.

            SECTION 11. Counterparts. This Series Supplement may be executed
in any number of counterparts, each of which so executed shall be deemed to be
an original, but all of such counterparts shall together constitute but one
and the same instrument.

            SECTION 12. Governing Law. (a) THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS, AND WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, THE IMMUNITY AND STANDARD OF CARE OF THE TRUSTEE IN THE
ADMINISTRATION OF THE TRUST HEREUNDER SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

            (b) Article 8. The Series Certificates shall be securities
governed by Article 8 of the New York Uniform Commercial Code, as amended from
time to time. The foregoing declaration shall not be amended, modified,
revoked or otherwise changed during the effectiveness of this Agreement
without the prior written consent of the Indenture Trustee.

            SECTION 13. No Petition. The Transferor, the Servicer and the
                        -----------
Trustee, by entering into this Series Supplement and the Certificateholders,
by accepting Series 2001-2 Certificates hereby covenant and agree that they
will not at any time institute against the Trust, or join in any institution
against the Trust of, any bankruptcy proceedings under any United States
Federal or state bankruptcy or similar law in connection with any obligations
relating to the Certificateholders, the Agreement or this Series Supplement.

            SECTION 14. Amendment to Agreement. By purchasing its Series
2001-2 Certificates the Certificateholders shall be deemed to have consented
(i) that The Chase Manhattan Bank shall be replaced as Servicer with Chase
Manhattan Bank USA, National Association, as a successor servicer pursuant to
an amendment of the Agreement to be executed at such time as shall be agreed
to by the parties thereto and (ii) that the Agreement may be amended in such
manner as may be specified by Chase USA so that one or more special purpose
entities may be interposed between Chase USA and the Chase Credit Card Master
Trust so that the Transferor is one or more of such special purpose entities;
provided, that, any such amendment pursuant to this clause (ii) shall be made
only if (a) the Rating Agency Condition is satisfied and (b) such amendment
would not, but for this clause (ii), require the consent of all of the holders
of the Certificates of all Series affected by such amendment pursuant to
Section 13.1(c) of the Agreement. Nothing in clause (ii) of this Section 14
shall be construed to mean that any such

                                      27
<PAGE>

amendment would have required, but for such clause, the consent of
Certificateholders of this or any other outstanding Series.

            SECTION 15. Tax Representation and Covenant. Any Certificateholder
shall be required to represent and covenant in connection with such
acquisition that (x) it has neither acquired, nor will it sell, trade or
transfer any interest in the Trust or cause any interest in the Trust to be
marketed on or through an "established securities market" within the meaning
of Code section 7704(b)(1), including without limitation an interdealer
quotation system that regularly disseminates firm buy or sell quotations by
identified brokers or dealers by electronic means or otherwise, (y) unless the
Transferor consents otherwise, such holder (i) is properly classified as, and
will remain classified as, a "corporation" as described in Code section
7701(a)(3) and (ii) is not, and will not become, an S corporation as described
in Code section 1361, and (z) it will (i) cause any participant with respect
to such interest otherwise permitted hereunder to make similar representations
and covenants for the benefit of the Transferor and the Trust and (ii) forward
a copy of such representations and covenants to the Trustee. Each such Holder
shall further agree in connection with its acquisition of such interest that,
in the event of any breach of its (or its participant's) representation and
covenant that it (or its participant) is and shall remain classified as a
corporation other than an S corporation, the Transferor shall have the right
to procure a replacement investor to replace such holder (or its participant),
and further that such holder shall take all actions necessary to permit such
replacement investor to succeed to its rights and obligations as a holder (or
to the rights of its participant).

            SECTION 16. Transfers of the Certificates. (a) No portion of the
Certificate or any interest therein may be sold (including in the initial
offering), conveyed, assigned, hypothecated, pledged, participated, or
otherwise transferred (each, a "Transfer") except in accordance with this
Section 16. No portions of the Certificates or any interest therein may be
Transferred to any Person (other than Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee for the Chase Credit Card
Owner Trust 2001-2 and The Bank of New York, not in its individual capacity
but solely in its capacity as indenture trustee for the Chase Credit Card
Owner Trust 2001-2) (each, an "Assignee"), unless the Assignee shall have
executed and delivered the certification referred to in subsection 16(e)
below. Any attempted Transfer that would cause the number of Targeted Holders
to exceed ninety-nine shall be void.

            (b) Each Assignee shall certify to the Transferor, the Servicer,
and the Trustee that it is either (A)(i) a citizen or resident of the U.S.,
(ii) a corporation, partnership or other entity organized in or under the laws
of the U.S. or any political subdivision thereof which, if such entity is a
tax-exempt entity, recognizes that payments with respect to the Certificate
may constitute unrelated business taxable income or (iii) a Person not
described in (i) or (ii) whose ownership of any interest in the Certificates
is effectively connected with the conduct of a trade or business within the
United States (within the meaning of the Code) or (B) an estate or trust the
income of which is includible in gross income for U.S. federal income tax
purposes. Each Assignee also shall agree that (a) if it is a person described
in clause (A)(i) or (A)(ii) above, it will furnish to the Person from whom it
is acquiring any interest in the Certificate, the Servicer and the Trustee, a
properly executed U.S. Internal Revenue Service Form W-9 (and will agree to
furnish a new Form W-9, or any successor applicable form, upon the expiration
or obsolescence of any previously delivered form) or (b) if it is a person
described in clause (A)(iii) above, it will furnish to the person from whom it
is acquiring any interest in the Certificates, the Servicer and

                                      28
<PAGE>

the Trustee, a properly executed U.S. Internal Revenue Service Form 4224 (and
will agree to furnish a new Form 4224, or any successor applicable form, upon
the expiration or obsolescence of any previously delivered form and comparable
statements in accordance with applicable U.S. laws), and, in each case, such
other certifications, representations or opinions of counsel as may be
requested by the Trustee.

            (c) Each Initial Purchaser of any interest in the Certificates
and any Assignee thereof shall certify to the Transferor, the Servicer and the
Trustee that, in the case of any Assignee, it has not acquired and, in the
case of each Initial Purchaser and any Assignee, it will not sell, trade or
transfer any interest in the Certificates or cause an interest in the
Certificates to be marketed on or through an "established securities market"
within the meaning of Section 7704(b)(1) of the Code and any treasury
regulation thereunder, including, without limitation, an
over-the-counter-market or an interdealer quotation system that regularly
disseminates firm buy or sell quotations. In addition, any Assignee shall
certify, prior to any delivery or Transfer to it of any Certificates that it
is not and will not become, for so long as it holds an interest in the
Certificates, a partnership, Subchapter S corporation or grantor trust for
U.S. federal income tax purposes or, if it is such a Person, the Certificates
will represent not more than 50% of the value of all of its assets. Each
Initial Purchaser of an interest in the Certificates acknowledges that the
Opinion of Counsel to the effect that the Trust will not be treated as a
publicly traded partnership taxable as a corporation is dependent in part on
the accuracy of its certifications described in this subsection 16(c). For
purposes of this Section 16, "Initial Purchaser" shall mean the Transferor,
Wilmington Trust Company, not in its individual capacity but solely as Owner
Trustee for the Chase Credit Card Owner Trust 2001-2 and The Bank of New York
not in its individual capacity but solely in its capacity as indenture trustee
for the Chase Credit Card Owner Trust 2001-2.

            (d) Each Initial Purchaser of any interest in the Certificates
shall, by its acceptance of the Certificates, be deemed to have certified and
each Assignee shall certify to the Transferor, the Servicer and the Trustee
(i) that it has purchased its interest in the Certificates for investment only
and not with a view to any public distribution thereof, (ii) that it will not
offer, sell, pledge or otherwise transfer its interest in all or any portion
of the Certificates, except in compliance with the Securities Act and other
applicable laws and only (1) to the Transferor or (2) to a limited number of
institutional "accredited investors" (as defined in Rule 501(a)(1), (2), (3)
or (7) under the Securities Act) and in a transaction exempt from the
registration requirements of the Securities Act (upon delivery of the
documentation required by the Pooling and Servicing Agreement and, if the
Trustee so requires, an opinion of counsel satisfactory to the Trustee) and
(iii) its purchase of its interest in the Certificates is not being made in
reliance on the Prospectus. Each holder by acquiring the Certificates must
represent that it is an institutional "accredited investor" (as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act).

            (e) Any request for registration of transfer of all or any
portion of the Certificates shall be made at the office of the Transfer Agent
and Registrar and shall be accompanied by letters of representations from the
prospective Certificateholders substantially in the form attached as Exhibit
D, executed by the ultimate beneficial purchaser of the Investor Interest (or
any portion thereof) in person or by such prospective Certificateholders'
attorney thereunto duly authorized in writing, and receipt by the Trustee of
the written consent of each of the Transferor and the Servicer to such
transfer, the Certificates (or such portion thereof) shall be transferred upon
the Certificate Register. Such transfers of all or any portion of the
Certificates

                                      29
<PAGE>

shall be subject to the restrictions set forth in this Section 16
and to such other restrictions as shall be set forth in the letter of
representations, substantially in the form attached as Exhibit D, executed by
the purchasing Certificateholders. Successive registrations and registrations
of transfers as aforesaid may be made from time to time as desired, and each
such registration shall be noted on the Certificate Register.

            (f) The Transferor and the Servicer will facilitate any transfer
of the Certificates consistent with the requirements of this Section 16,
including assisting in the determination as to whether the number of Targeted
Holders would exceed ninety-nine.

            SECTION 17. Compliance with Withholding Requirements.
Notwithstanding any other provision of the Agreement, the Trustee and any
Paying Agent shall comply with all Federal withholding requirements with
respect to payments to the Certificateholders of interest, original issue
discount, or other amounts that the Trustee, any Paying Agent, the Servicer or
the Transferor reasonably believes are applicable under the Code. The consent
of the Certificateholders shall not be required for any such withholding. In
the event the Trustee or the Paying Agent withholds any amount from payments
made to any Certificateholders pursuant to federal withholding requirements,
the Trustee or the Paying Agent shall indicate to such Certificateholders the
amount withheld and all such amounts shall be deemed to have been paid to such
Certificateholders and such Certificateholders shall have no claim therefor.

            SECTION 18. Tax Characterization of the Certificates. It is the
intention of the parties hereto that the provisions of Section 3.7 of the
Agreement shall not apply to cause the Certificates to be treated as debt for
Federal, state and local income and franchise tax purposes, but rather it is
the intention of the parties hereto that the Certificates be treated for
Federal, state and local income and franchise tax purposes as representing an
undivided beneficial interest in the assets of the Trust.

            SECTION 19. ERISA Legend. Each Certificate will bear a legend
or legends substantially in the following form:

            EACH PURCHASER REPRESENTS AND WARRANTS FOR THE BENEFIT OF CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION, THAT UNLESS SUCH PURCHASER, AT ITS
EXPENSE, DELIVERS TO THE TRUSTEE, THE SERVICER AND THE TRANSFEROR AN OPINION
OF COUNSEL SATISFACTORY TO THEM TO THE EFFECT THAT THE PURCHASE OR HOLDING OF
THIS CERTIFICATE BY SUCH PURCHASER WILL NOT RESULT IN THE ASSETS OF THE TRUST
BEING DEEMED TO BE "ASSETS OF A BENEFIT PLAN" OR SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA") AND THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE") AND WILL NOT SUBJECT THE TRUSTEE, THE TRANSFEROR OR THE SERVICER TO
ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING
AGREEMENT, SUCH PURCHASER IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) ERISA) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(II) A PLAN DESCRIBED IN SECTION 4975 (E)(1) OF THE CODE, OR (III) AN ENTITY
WHOSE UNDERLYING

                                      30
<PAGE>

ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT
IN THE ENTITY.

<PAGE>

            IN WITNESS WHEREOF, the Transferor, the Servicer and the Trustee
have caused this Series 2001-2 Supplement to be duly executed by their
respective officers as of the day and year first above written.

                                    CHASE MANHATTAN BANK USA,
                                    NATIONAL ASSOCIATION
                                      Transferor on and after June 1, 1996

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

                                    THE CHASE MANHATTAN BANK,
                                      Transferor prior to June 1, 1996 and
                                        Servicer

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

                                    THE BANK OF NEW YORK,
                                      Trustee

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

<PAGE>

                                                                     EXHIBIT A

                              FORM OF CERTIFICATE
                              -------------------

            EACH PURCHASER REPRESENTS AND WARRANTS FOR THE BENEFIT OF CHASE
MANHATTAN BANK USA, NATIONAL ASSOCIATION, THAT UNLESS SUCH PURCHASER, AT ITS
EXPENSE, DELIVERS TO THE TRUSTEE, THE SERVICER AND THE TRANSFEROR AN OPINION
OF COUNSEL SATISFACTORY TO THEM TO THE EFFECT THAT THE PURCHASE OR HOLDING OF
THIS CERTIFICATE BY SUCH PURCHASER WILL NOT RESULT IN THE ASSETS OF THE TRUST
BEING DEEMED TO BE "ASSETS OF A BENEFIT PLAN" OR SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA") AND THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE") AND WILL NOT SUBJECT THE TRUSTEE, THE TRANSFEROR OR THE SERVICER TO
ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AND SERVICING
AGREEMENT, SUCH PURCHASER IS NOT (I) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN
SECTION 3(3) ERISA) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(II) A PLAN DESCRIBED IN SECTION 4975 (E)(1) OF THE CODE, OR (III) AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT
IN THE ENTITY.

<PAGE>

No. 1                                                             $595,238,000

                        CHASE CREDIT CARD MASTER TRUST
                           SERIES 2001-2 CERTIFICATE

            Evidencing an Undivided Interest in a trust, the corpus of which
consists of a portfolio of MasterCard(R) and VISA(R)1 credit card receivables
generated or acquired by Chase Manhattan Bank USA, National Association
("Chase USA") and other assets and interests constituting the Trust under the
Pooling and Servicing Agreement described below.

                     (Not an interest in or obligation of
                                   Chase USA
                          or any Affiliate thereof.)

            This certifies that CHASE CREDIT CARD OWNER TRUST 2001-2 (the
"Certificateholder") is the registered owner of an Undivided Interest in a
trust (the "Trust"), the corpus of which consists of a portfolio of
receivables (the "Receivables") now existing or hereafter created and arising
in connection with selected MasterCard and VISA credit card accounts (the
"Accounts") of Chase USA, all monies due or to become due in payment of the
Receivables (including all Finance Charge Receivables), the right to certain
amounts received as Interchange and Recoveries (if any), all proceeds of the
foregoing and the other assets and interests constituting the Trust pursuant
to the Third Amended and Restated Pooling and Servicing Agreement dated as of
November 15, 1999 as amended by the First Amendment thereto dated as of March
31, 2001, as supplemented by the Series 2001-2 Supplement dated as of June 14,
2001 (collectively, the "Pooling and Servicing Agreement"), by and among Chase
USA, as Transferor on and after June 1, 1996, The Chase Manhattan Bank, as
Transferor prior to June 1, 1996 and as Servicer, and The Bank of New York, as
Trustee (the "Trustee"). To the extent not defined herein, capitalized terms
used herein have the respective meanings assigned to them in the Pooling and
Servicing Agreement.

            This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling and Servicing Agreement, to which
Pooling and Servicing Agreement, as amended from time to time, the
Certificateholder by virtue of the acceptance hereof assents and by which the
Certificateholder is bound. This Certificate is a duly authorized Investor
Certificate entitled "Series 2001-2 Certificate" (the "Certificate"), which
represents an Undivided Interest in the Trust, including the right to receive
the Collections and other amounts allocated to the Certificates at the times
and in the amounts specified in the Pooling and Servicing Agreement and to be
deposited in the Investor Accounts, the Principal Funding Account and the
Accumulation Period Reserve Account or paid to the Certificateholder.

            The aggregate interest represented by the Certificate at any time
in the Principal Receivables in the Trust shall not exceed an amount equal to
the Investor Interest at such time. As of the Closing Date, the Initial
Investor Interest is $595,238,000.

<PAGE>
                                      2

            The Investor Interest on any date of determination will be an
amount equal to (a) the Initial Investor Interest minus (b) the aggregate
amount of principal payments made to the Certificateholder prior to such date,
and minus (c) the excess, if any, of the aggregate amount of Investor
Charge-Offs and Reallocated Principal Collections over Investor Charge-Offs
and Reallocated Principal Collections reimbursed prior to such date of
determination; provided, however, that the Investor Interest may not be
reduced below zero.

            For the purpose of allocating Collections of Finance Charge
Receivables and Receivables in Defaulted Accounts for each Monthly Period
during the Controlled Accumulation Period, the Investor Interest will be
further reduced (such reduced amount, the "Adjusted Investor Interest") by the
aggregate principal amount of funds on deposit in the Principal Funding
Account.

            In addition to the Certificate, the Transferor will retain an
undivided interest in the Trust pursuant to the Pooling and Servicing
Agreement. The Transferor Interest is the interest in the Principal
Receivables not represented by all of the Investor Certificates issued by the
Trust. The Transferor Interest may be exchanged by the Transferor pursuant to
the Pooling and Servicing Agreement for a newly issued Series of Investor
Certificates and a reduced Transferor Interest upon the conditions set forth
in the Pooling and Servicing Agreement.

            The Trust shall pay to the Series 2001-2 Certificateholder an
amount equal to the sum of the Class A Note Interest Requirement, the Class B
Note Interest Requirement and the Net Class C Note Interest Requirement, with
respect to each Interest Period, as more specifically set forth in the Pooling
and Servicing Agreement (collectively, the "Note Interest Amount"), and will
be distributed on the Business Day preceding July 16, 2001 and the 15th day of
each calendar month thereafter, or if such day is not a Business Day, on the
next succeeding Business Day (a "Distribution Date"), to the Certificateholder
of record as of the last Business Day of the calendar month preceding such
Distribution Date (the "Record Date"). During the Rapid Amortization Period,
in addition to the Note Interest Amount, principal will be distributed to the
Certificateholder on each Distribution Date to the extent of Available
Investor Principal Collections until the Certificate has been paid in full.
During the Controlled Accumulated Period, in addition to monthly payments of
the Note Interest Amounts, the amount on deposit in the Principal Funding
Account will be distributed as principal to the Certificateholder on the
Business Day preceding the May 2006 Distribution Date (the "Scheduled
Principal Allocation Commencement Date"), unless distributed earlier as a
result of the occurrence of a Pay Out Event in accordance with the Pooling and
Servicing Agreement.

            On or before each Transfer Date, the Servicer shall instruct the
Trustee in writing to withdraw and the Trustee, acting in accordance with such
instructions, shall withdraw on such Transfer Date, from the Finance Charge
Account to the extent of funds on deposit therein (i) Collections of Finance
Charge Receivables processed as of the end of the preceding Monthly Period
which have been allocated to the Series 2001-2 Certificate, (ii) from other
amounts constituting Available Investor Finance Charge Collections, the sum of
(A) the Class A Note Interest Requirement, (B) the Class B Note Interest
Requirement, and (C) the Net Class C Note Interest Requirement.
<PAGE>
                                      3

            On each Transfer Date, the Trustee or the Paying Agent shall apply
the Available Investor Finance Charge Collections withdrawn from the Finance
Charge Account, as required by the Pooling and Servicing Agreement, in the
following order of priority: (i) an amount equal to the Class A Note Interest
Requirement for the related Payment Date, (ii) an amount equal to the Class B
Note Interest Requirement for the related Payment Date, (iii) the amount of
any Net Investor Servicing Fee for such Transfer Date plus the amount of any
Net Investor Servicing Fee due but not paid on any prior Transfer Date, (iv)
an amount equal to the Net Class C Note Interest Requirement for the related
Payment Date, (v) an amount equal to the Investor Default Amount, if any, for
the preceding Monthly Period, (vi) an amount equal to the sum of the Investor
Charge-Offs and the amount of Reallocated Principal Collections which have not
been previously reimbursed,(vii) in accordance with the terms of the Pooling
and Servicing Agreement, an amount equal to the excess of the Required
Accumulation Period Reserve Account Amount over the Available Accumulation
Period Reserve Account Amount and (viii) the excess, if any, of the Required
Owner Trust Spread Account Amount over the amount then on deposit in the Owner
Trust Spread Account.

            On or before the Transfer Date immediately succeeding the Monthly
Period in which the Controlled Accumulated Period or the Rapid Amortization
Period commences and on or before each Transfer Date thereafter, the Servicer
shall instruct the Trustee in writing to withdraw, and the Trustee, acting in
accordance with such instructions, shall withdraw on such Transfer Date from
the Principal Account an amount equal to the least of (a) the Available
Investor Principal Collections on deposit in the Principal Account, (b) the
applicable Controlled Deposit Amount and (c) the Adjusted Investor Interest
prior to any deposits on such date and from such amounts, and (i) during the
Controlled Accumulation Period, deposit such amount into the Principal Funding
Account, and (ii) during the Rapid Amortization Period, pay such amount to the
Certificateholder.

            Distributions with respect to this Series 2001-2 Certificate will
be made by the Trustee by, except as otherwise provided in the Pooling and
Servicing Agreement, wire transfer or check mailed to the address of the
Series 2001-2 Certificateholder of record appearing in the Certificate
Register and except for the final distribution in respect of this Series
2001-2 Certificate, without the presentation or surrender of this Series
2001-2 Certificate or the making of any notation thereon.

            This Certificate represents an interest in only the Chase Credit
Card Master Trust. This Certificate does not represent an obligation of, or an
interest in, the Transferor or the Servicer, and neither the Certificate nor
the Accounts or Receivables are insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. This Series 2001-2
Certificate is limited in right of payment to certain collections respecting
the Receivables, all as more specifically set forth hereinabove and in the
Pooling and Servicing Agreement.

            The Transfer of this Certificate shall be registered in the
Certificate Register upon surrender of this agency maintained by the Transfer
Agent and Registrar accompanied by a written instrument of transfer in a form
satisfactory to the Trustee and the Transfer Agent and Registrar duly executed
by the Certificateholder or such Certificateholder's attorney-in-fact duly
authorized in writing, and thereupon one or more new Certificates of

<PAGE>
                                      4

authorized denominations and for the same aggregate Undivided Interests will
be issued to the designated transferee or transferees.

            The Servicer, the Trustee and the Transfer Agent and Registrar,
and any agent of any of them, may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither
the Servicer, the Trustee, the Paying Agent, the Transfer Agent and Registrar,
nor any agent of any of them or of any such agent shall be affected by notice
to the contrary except in certain circumstances described in the Pooling and
Servicing Agreement.

            The Pooling and Servicing Agreement provides that the right of the
Series 2001-2 Certificateholder to receive payment from the Trust will
terminate on the first Business Day following the Series 2001-2 Termination
Date. Upon the termination of the Trust pursuant to Section 12.1 of the
Pooling and Servicing Agreement, the Trustee shall assign and convey to the
Holder of the Transferor Certificate (without recourse, representation or
warranty) all right, title and interest of the Trust in the Receivables,
whether then existing or thereafter created, and all proceeds of such
Receivables and Insurance Proceeds relating to such Receivables. The Trustee
or the Paying Agent shall execute and deliver such instruments of transfer and
assignment, in each case without recourse, as shall be prepared by the
Servicer reasonably requested by the Holder of the Transferor Certificate to
vest in such Holder all right, title and interest which the Trustee had in the
Receivables.

            This Series 2001-2 Certificate is a security governed by Article 8
of the New York Uniform Commercial Code, as amended from time to time. The
foregoing declaration shall not be amended, modified, revoked or otherwise
changed during the effectiveness of the Series Supplement without the prior
written consent of the Indenture Trustee.

            Unless the certificate of authentication hereon has been executed
by or on behalf of the Trustee, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement, or
be valid for any purpose.

<PAGE>

            IN WITNESS WHEREOF, Chase Manhattan Bank USA, National
Association, has caused this Certificate to be duly executed.

                                    By:
                                        --------------------------------
                                       Authorized Officer

Dated:

<PAGE>

               Form of Trustee's Certificate of Authentication

                         CERTIFICATE OF AUTHENTICATION

            This is the Certificate of Chase Credit Card Master Trust, Series
2001-2, referred to in the within-mentioned Pooling and Servicing Agreement.

                                    THE BANK OF NEW YORK,
                                      Trustee

                                    By:
                                        --------------------------------
                                        Authorized Signatory

Dated:

<PAGE>

                                                                     EXHIBIT B

                     FORM OF MONTHLY PAYMENT INSTRUCTIONS
                     ------------------------------------
                       AND NOTIFICATION TO THE TRUSTEE
                       -------------------------------

                                   [TO COME]

<PAGE>

                                                                     EXHIBIT C

         FORM OF MONTHLY SERIES 2001-2 CERTIFICATEHOLDER'S STATEMENT
         -----------------------------------------------------------

                                   [TO COME]

<PAGE>

                                                                     EXHIBIT D

                   FORM OF TRANSFEREE REPRESENTATION LETTER

                                    [DATE]

Chase Manhattan Bank USA, National Association
802 Delaware Avenue
Wilmington, Delaware 19801

The Bank of New York
White Clay Center
101 Barclay Street
New York, New York 10286

Re:   Chase Credit Card Master Trust, Series 2001-2

Ladies and Gentlemen:

            In connection with our proposed purchase of $[ ] in principal
amount of the Chase Credit Card Master Trust, Series 2001-2 certificates(the
"Certificates"), we confirm that:

            We have received such information and documentation as we deem
necessary in order to make our investment decision. We understand that such
information and documentation speaks only as of its date and that the
information contained therein may not be correct or complete as of any time
subsequent to such date.

            We agree to be bound by the restrictions and conditions relating
to the Certificates set forth in the Third Amended and Restated Pooling and
Servicing Agreement, dated as of November 15, 1999, as amended and as
supplemented by the Series 2001-2 Supplement dated as of June 14, 2001 (the
"Series 2001-2 Supplement" and together with the Pooling and Servicing
Agreement, the "Pooling and Servicing Agreement"), each by and among Chase
USA, as Transferor on and after June 1, 1996, The Chase Manhattan Bank, as
Transferor prior to June 1, 1996 and as Servicer, and The Bank of New York, as
Trustee ("Trustee"), and agree to be bound by, and not to reoffer, resell,
pledge or otherwise transfer (any such act, a "Transfer") the Certificates
except in compliance with such restrictions and conditions including but not
limited to those in Section 16 of the Series 2001-2 Supplement.

            We agree that the Certificates may be reoffered, resold, pledged
or otherwise transferred only in compliance with the Securities Act of 1933,
as amended (the "Securities Act") and other applicable laws and only (i) to
the Transferor or (ii) to a limited number of institutional "accredited
investors" (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) and in a transaction exempt from the registration requirements of the
Securities Act (upon delivery of the documentation required by the Pooling and
Servicing Agreement and, if the Trustee so requires, an opinion of counsel
satisfactory to the Trustee).

            We have neither acquired nor will we Transfer the Certificates we
acquire (or any interest therein) or cause any part of the certificates (or
any interest therein) to be marketed on or

<PAGE>

                                                                           D-2

through an "established securities market" within the meaning of Section
7704(b)(1) of the Internal Revenue Code of 1986, as amended (the "Code") and
any treasury regulation thereunder, including, without limitation, an
over-the-counter-market or an interdealer quotation system that regularly
disseminates firm buy or sell quotations.

            We are not and will not become, for so long as we own any interest
in the Certificates, a partnership, Subchapter S corporation or grantor trust
for United States federal income tax purposes or, if we are such a Person, the
Certificates do not represent more than 50% of the value of all of our assets.

            We are a person who is either (A)(i) a citizen or resident of the
United States, (ii) a corporation or other entity organized in or under the
laws of the United States or any political subdivision thereof or (iii) a
person not described in (i) or (ii) whose ownership of the Certificates is
effectively connected with a such person's conduct of a trade or business
within the United States (within the meaning of the Code) or (B) an estate or
trust the income of which is includible in gross income for United States
federal income tax purposes. We agree that (a) if we are a person described in
clause (A)(i) or (A)(ii) above, we will furnish to the person from whom we are
acquiring an interest in the Certificates, the Servicer and the Trustee, a
properly executed U.S. Internal Revenue Service Form W-9 and a new Form W-9,
or any successor applicable form, upon the expiration or obsolescence of any
previously delivered form or (b) if we are a person described in clause
(A)(iii) above, we will furnish to the person from whom we are acquiring an
interest in the Certificates, the Servicer and the Trustee, a properly
executed U.S. Internal Revenue Service Form 4224 or Form W-8ECI and a new Form
4224 or Form W-8ECI , or any successor applicable form, upon the expiration or
obsolescence of any previously delivered form (and, in each case, such other
certifications, representations or opinions of counsel as may be requested by
the Trustee). We recognize that if we are a tax-exempt entity, payments with
respect to the Certificates may constitute unrelated business taxable income.

            We understand that a subsequent Transfer of the Certificates will
be void if such Transfer would cause the number of Targeted Holders (as
defined in the Series 2001-2 Supplement) to exceed ninety nine.

            We understand that the opinion of tax counsel that the Trust is
not a publicly traded partnership taxable as a corporation is dependent in
part on the accuracy of the representations in paragraphs 4 and 5.

            We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3), or (7) of Regulation D under the Securities Act) and have
such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the
Certificates, and we and any account for which we are acting are each able to
bear the economic risk of our or its investment.

            We are acquiring the Certificates purchased by us for our own
account or for a single account (each of which is an institutional "accredited
investor") as to which we exercise sole investment discretion.

<PAGE>
                                                                           D-3

            We are not (a) an "employee benefit plan" (as defined in Section
3(3) of ERISA), including governmental plans and church plans, (b) a plan
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended (the "Code") including individual retirement accounts and Keogh plans,
or (c) any other entity whose underlying assets include "plan assets" (as
defined in United States Department of Labor ("DOL") Regulation Section
2510.3-101, 29 C.F.R. ss.2510.3-101 or otherwise under ERISA) by reason of a
plan's investment in the entity, including, without limitation, an insurance
company general account

            We understand that any purported Transfer of any portion of the
Certificates in contravention of the restrictions and conditions in paragraphs
1 through 11 above (including any violation of the representation in paragraph
5 by an investor who continues to hold an interest in the Certificates
occurring any time after the Transfer in which it acquired such Certificates)
shall be null and void and the purported transferee shall not be recognized by
the Trust or any other person as a Certificate Holder for any purpose.

            We further understand that, on any proposed resale, pledge or
transfer of the Certificates, we will be required to furnish to the Trustee
and the Registrar, such certifications and other information as the Trustee or
the Registrar may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions and with the restrictions and
conditions of the Certificates and the Pooling and Servicing Agreement
pursuant to which the Certificates were issued and we agree that if we
determine to Transfer the Certificates, we will cause our proposed transferee
to provide the Transferor, the Servicer and the Trustee with a letter
substantially in the form of this letter. We further understand that the
Certificates purchased by us will bear a legend to the foregoing effect.

            The person signing this letter on behalf of the ultimate
beneficial purchaser of the Certificates has been duly authorized by such
beneficial purchaser of the Certificates to do so.

            You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

                                    Very truly yours,

                                    [full legal name of purchaser]

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

--------
      MasterCard(R)and VISA(R)are federally registered servicemarks of
      MasterCard International Inc. and of Visa U.S.A., Inc., respectively.==============================================================================

               CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                        as Depositor and Administrator

                                      and

                     CHASE CREDIT CARD OWNER TRUST 2001-2

                                   as Issuer

                                    DEPOSIT

                                      AND

                           ADMINISTRATION AGREEMENT

                           Dated as of June 14, 2001

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

<PAGE>

                              TABLE OF CONTENTS

                                                                          Page

                                  ARTICLE I
                                 DEFINITIONS

SECTION 1.1.       Definitions...............................................1
SECTION 1.2.       Usage of Terms............................................1

                                  ARTICLE II
                            DEPOSIT OF CERTIFICATE

SECTION 2.1.      Deposit of Certificate and Initial Deposit.................1
SECTION 2.2.      Closing....................................................2
SECTION 2.3.      Books and Records..........................................2
SECTION 2.4.      Holder of the Series Certificate...........................3

                                  ARTICLE III
                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

SECTION 3.1.      Representations and Warranties of Depositor................3

                                  ARTICLE IV
                                ADMINISTRATION

SECTION 4.1.      Duties as Administrator....................................4
SECTION 4.2.      Records...................................................11
SECTION 4.3.      [Reserved]................................................11
SECTION 4.4.      Additional Information To Be Furnished to Issuer..........11
SECTION 4.5.      Independence of Administrator.............................11
SECTION 4.6.      No Joint Venture..........................................11
SECTION 4.7.      Other Activities of Administrator.........................11
SECTION 4.8.      Net Deposits..............................................11

                                   ARTICLE V
                                  TERMINATION

SECTION 5.1.      Term of Agreement; Resignation and Removal of
                     Administrator..........................................12
SECTION 5.2.      Action upon Termination, Resignation or Removal...........13
SECTION 5.3.      Acquisition of Owner Trust Estate.........................13

                                  ARTICLE VI
                                 MISCELLANEOUS

SECTION 6.1.      Notices...................................................14
SECTION 6.2.      Amendments................................................14
SECTION 6.3.      Protection of Title to Owner Trust........................15

                                      i
<PAGE>

SECTION 6.4.      Successors and Assigns....................................16
SECTION 6.5.      GOVERNING LAW.............................................16
SECTION 6.6.      Headings..................................................16
SECTION 6.7.      Counterparts..............................................16
SECTION 6.8.      Severability..............................................16
SECTION 6.9.      Not Applicable to Chase Manhattan Bank USA,
                     National Association in Other Capacities...............17
SECTION 6.10.     Limitation of Liability of Owner Trustee, Indenture
                     Trustee and Administrator..............................17
SECTION 6.11.     Third-Party Beneficiary...................................17
SECTION 6.12.     Nonpetition Covenants.....................................17
SECTION 6.13.     Liability of Administrator................................18

Exhibit A         Power of Attorney

                                      ii
<PAGE>

          This DEPOSIT AND ADMINISTRATION AGREEMENT, dated as of June 14, 2001
(as amended, supplemented or otherwise modified and in effect from time to
time, this "Agreement"), is made between CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association having its principal executive
offices located at 802 Delaware Avenue, Wilmington, Delaware 19801 ("Chase
USA," the "Transferor" or the "Depositor" in its respective capacities as
such), and WILMINGTON TRUST COMPANY, not in its individual capacity but solely
as Owner Trustee of Chase Credit Card Owner Trust 2001-2, a Delaware common
law trust, as issuer (the "Issuer").

                            W I T N E S S E T H :
                            - - - - - - - - - -

          In consideration of the premises and of the mutual agreements herein
contained, the parties hereto agree as follows:

                                  ARTICLE I

                                 DEFINITIONS

          SECTION 1.1. Definitions. Whenever used in this Agreement, words and
phrases, unless defined herein or the context otherwise requires, shall have
the meanings set forth in the Indenture.

          SECTION 1.2. Usage of Terms. With respect to all terms in this
Agreement, 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 Agreement;
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 Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

                                  ARTICLE II

                            DEPOSIT OF CERTIFICATE

          SECTION 2.1. Deposit of Certificate and Initial Deposit. (a) In
consideration of the Issuer's delivery of the Notes to and upon the order of
the Depositor, the Depositor does hereby transfer, assign, set-over, pledge
and otherwise convey to the Issuer, without recourse (subject to the
Depositor's obligations herein), all right, title, and interest of the
Depositor in, to and under (i) the Series Certificate, and all money,
instruments, investment property and other property (together with all
earnings, dividends, distributions, income, issues, and profits relating
thereto), distributed or distributable in respect of the Series Certificate
pursuant to the terms of the Series Supplement and the Pooling and Servicing
Agreement after the Closing Date and (ii)

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the initial deposit to the Owner Trust Spread Account in the amount of
$5,952,380 on the Closing Date.

          This Agreement also shall be deemed to be, and hereby is, a security
agreement within the meaning of the UCC, and the conveyance by the Depositor
provided for in this Agreement shall be deemed to be and hereby is a grant by
the Depositor to the Issuer of a security interest in and to all of the
Depositor's right, title and interest, whether now owned or hereafter
acquired, in, to and under all accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, arising from, or relating to
the Series Certificate and the proceeds thereof, to secure the rights of the
Issuer under this Agreement and the obligations of the Depositor hereunder.
The Depositor and the Issuer shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that the security
interest in the Series Certificate created hereunder will be a perfected
security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.

          It is the intention of the Depositor and the Issuer that (a) the
assignment and transfer herein contemplated constitute a sale of the Series
Certificate, conveying good title thereto free and clear of any liens and
encumbrances, from the Depositor to the Issuer and (b) the Series Certificate
not be part of the Depositor's estate in the event of an insolvency of the
Depositor. In the event that such conveyance is deemed to be a pledge to
secure a loan, the Depositor hereby grants to the Issuer a first priority
perfected security interest in all of the Depositor's right, title and
interest in, to and under the Series Certificate, and in all proceeds of the
foregoing, to secure the loan deemed to be made in connection with such pledge
and, in such event, this Agreement shall constitute a security agreement under
applicable law.

          (b) To the extent that the Depositor retains any interest in the
Series Certificate, the Depositor hereby grants to the Indenture Trustee for
the benefit of the Holders of the Notes a security interest in all of the
Depositor's right, title, and interest, whether now owned or hereafter
acquired, in, to, and under all accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit,
goods, letters of credit, advices of credit, and investment property
consisting of, arising from, or relating to the Series Certificate and the
proceeds thereof (collectively, the "Indenture Collateral"), to secure the
performance of all of the obligations of the Depositor under the Indenture and
the other Basic Documents. With respect to the Indenture Collateral, the
Indenture Trustee shall have all of the rights it has under the Indenture and
the other Basic Documents. The Indenture Trustee shall have all of the rights
of a secured creditor under the UCC in New York and the UCC in Delaware.

          SECTION 2.2. Closing. The sale of the Series Certificate shall take
place at the offices of Simpson Thacher & Bartlett, New York, New York on the
Closing Date, simultaneously with the closing of the other transactions
contemplated by the Basic Documents.

          SECTION 2.3. Books and Records.

          (a) In connection with the transfer, assignment, set-over, pledge
and conveyance set forth in Section 2.1, the Depositor agrees to record and
file, at its own expense, any financing statements (and continuation
statements with respect to such financing statements

                                      2
<PAGE>

when applicable) required to be filed with respect to the Series Certificate
assigned by the Depositor hereunder, meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary under
applicable law to perfect the transfer, assignment, set-over, pledge and
conveyance of the Series Certificate to the Issuer, and to deliver a
file-stamped copy of such financing statements or other evidence of such
filings to the Issuer on or prior to the Closing Date (excluding such
continuation and similar statements, which shall be delivered promptly after
filing).

          (b) In connection with the transfer, assignment, set-over, pledge
and conveyance hereunder, the Depositor further agrees, at its own expense, on
or prior to the Closing Date to cause the Master Trust Trustee to register the
Issuer as the registered owner of the Series Certificate.

          SECTION 2.4. Holder of the Series Certificate. For so long as the
Series Certificate is pledged to the Indenture Trustee under the Indenture,
the Indenture Trustee initially shall be deemed to be the holder of the Series
Certificate for all purposes under the Pooling and Servicing Agreement and the
Series Supplement. To the extent the Series Certificate is sold or otherwise
transferred, subject to the provisions of Section 5.4 of the Indenture and
Section 16 of the Series Supplement, to a third-party in connection with the
sale or liquidation of the Owner Trust Estate pursuant to the provisions of
the Indenture, such transferee shall be deemed to be the holder of the Series
Certificate for all purposes under the Pooling and Servicing Agreement and the
Series Supplement.

                                 ARTICLE III

                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

          SECTION 3.1. Representations and Warranties of Depositor. The
Depositor makes the following representations and warranties with respect to
the Series Certificate on which the Issuer is deemed to have relied in
acquiring the Series Certificate. Such representations and warranties speak as
of the execution and delivery of this Agreement, but shall survive the
transfer and assignment of the Series Certificate to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

          (a) Title. It is the intention of the Depositor (i) that the
transfer contemplated in subsection 2.1(a) herein constitute either (A) a sale
of the Series Certificate, or (B) a grant of a perfected security interest
therein from the Depositor to the Issuer and (ii) to the extent that the
Depositor retains any interest in the Series Certificate after the transfer
contemplated by subsection 2.1(a) herein, that the grant contemplated in
subsection 2.1(b) herein constitute a grant of a perfected security interest
therein from the Depositor to the Indenture Trustee for the benefit of the
Holders of the Notes and that the beneficial interest in the title to the
Series Certificate not be part of the debtor's estate in the event of the
filing of a bankruptcy petition by or against the Depositor under any
bankruptcy law. The Series Certificate has not been sold, transferred,
assigned or pledged by the Depositor to any Person other than pursuant to this
Agreement. Immediately prior to the transfer and assignment herein
contemplated, the Depositor had good and marketable title to the Series
Certificate, free and clear of all liens and rights of

                                      3
<PAGE>

others and, immediately upon the transfer thereof, the Issuer shall have good
and marketable title to the Series Certificate, free and clear of all liens of
rights of others or a first priority perfected security interest therein; and
the transfer has been perfected, by the filing of appropriate financing
statements pursuant to the UCC, under the UCC. The Depositor has no actual
knowledge of any current statutory or other non-consensual liens to which the
Series Certificate is subject.

          (b) No Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or of any Governmental Authority
required in connection with the execution and delivery by the Depositor of
this Agreement or any other Basic Document, the performance by the Depositor
of the transactions contemplated by this Agreement or any other Basic Document
and the fulfillment by the Depositor of the terms hereof and thereof have been
obtained or have been completed and are in full force and effect (other than
approvals, authorizations, consents, orders and other actions which if not
obtained or completed or in full force or effect would not have a material
adverse effect on the Depositor or the Issuer or upon the collectibility of
the proceeds from the Series Certificate or upon the ability of the Depositor
to perform its obligations under this Agreement).

          (c) Transfers Comply. Each of (i) the transfer of the Series
Certificate by the Depositor to the Issuer pursuant to the terms of this
Agreement, (ii) the pledge of the Series Certificate by the Depositor to the
Indenture Trustee for the benefit of the Holders of the Notes pursuant to the
terms of this Agreement, and (iii) the pledge of the Series Certificate by the
Issuer to the Indenture Trustee pursuant to the terms of the Indenture, comply
with the provisions of the Pooling and Servicing Agreement and the Series
Supplement relating to the transfers of the Series Certificate.

          (d) All Actions Taken. All actions necessary under the applicable
UCC in any jurisdiction to be taken (i) to give the Issuer a first priority
perfected security interest or ownership interest in the Series Certificate,
and (ii) to give the Indenture Trustee a first priority perfected security
interest therein (including, without limitation, UCC filings with the Delaware
Secretary of State), in each case subject to any statutory or other
non-consensual liens with respect to the Series Certificate, have been taken.
The Depositor has no actual knowledge of any current statutory or other
non-consensual liens to which the Series Certificate is subject.

                                  ARTICLE IV

                                ADMINISTRATION

          SECTION 4.1. Duties as Administrator.

          (a) Duties with Respect to the Basic Documents. The Administrator
agrees to perform all its duties as Administrator hereunder. The Administrator
shall monitor the performance of the Issuer and shall advise the Issuer and
the Owner Trustee when action is necessary to comply with the Issuer's duties
under the Indenture or with the Owner Trustee's duties under the Trust
Agreement. The Administrator shall prepare for execution by the Issuer or the
Owner Trustee or shall cause the preparation by other appropriate persons of
all such

                                      4
<PAGE>

documents, reports, filings, instruments, certificates and opinions as it
shall be the duty of the Issuer or the Owner Trustee to prepare, file or
deliver pursuant to the Basic Documents or under applicable law (including tax
and securities laws). In furtherance of the foregoing, the Administrator shall
take all appropriate action that it is the duty of the Issuer or the Owner
Trustee to take pursuant to this Agreement or the Indenture including, without
limitation, such of the foregoing as are required with respect to the
following matters under this Agreement and the Indenture (references are to
sections of the Indenture):

          (i)     the preparation of or obtaining of the documents and
     instruments required for authentication of the Notes, if any, and
     delivery of the same to the Indenture Trustee (Sections 2.2 and 2.3);

          (ii)    the duty to cause the Note Register to be kept and to give
     the Indenture Trustee notice of any appointment of a new Note Registrar
     and the location, or change in location, of the Note Register and the
     office or offices where Notes may be surrendered for registration of
     transfer or exchange (Section 2.4);

          (iii)   the notification of Noteholders of the final principal
     payment on their Notes (subsection 2.7(h));

          (iv)    the preparation, obtaining or filing of the instruments,
     opinions and certificates and other documents required for the release of
     collateral (Section 2.9);

          (v)     the preparation of Definitive Notes and arranging the
     delivery thereof (Section 2.12);

          (vi)    the duty to cause newly appointed Paying Agents, if any, to
     deliver to the Indenture Trustee the instrument specified in the
     Indenture regarding funds held in trust (Section 2.14);

          (vii)   to select Reference Banks, if necessary, or other banks from
     which quotes are obtained for the purpose of determining LIBOR (Section
     2.16);

          (viii)  the maintenance of an office or agency in the City of New
     York for registration of transfer or exchange of Notes (Section 3.2);

          (ix)    the direction to Paying Agents to pay to the Indenture
     Trustee all sums held in trust by such Paying Agents (Section 3.3);

          (x)     the obtaining and preservation of the Issuer's qualification
     to do business in each jurisdiction in which such qualification is or
     shall be necessary to protect the validity and enforceability of the
     Indenture, the Notes, the Collateral and each other instrument and
     agreement included in the Owner Trust Estate (Section 3.4);

          (xi)    the preparation of all supplements, amendments, financing
     statements, continuation statements, if any, instruments of further
     assurance and other instruments, in accordance with Section 3.5 of the
     Indenture, necessary to protect the Owner Trust Estate (Section 3.5);

                                      5
<PAGE>

          (xii)   the obtaining of the Opinion of Counsel on the Closing Date
     and the annual delivery of Opinions of Counsel, in accordance with
     Section 3.6 of the Indenture, as to the Owner Trust Estate, and the
     annual delivery of the Officer's Certificate and certain other
     statements, in accordance with Section 3.9 of the Indenture, as to
     compliance with the Indenture (Sections 3.6 and 3.9);

          (xiii)  the identification to the Indenture Trustee in an Officer's
     Certificate of a Person with whom the Issuer has contracted to perform
     its duties under the Indenture (subsection 3.7(b));

          (xiv)   the notification of the Indenture Trustee and the Note
     Rating Agencies of a Master Trust Servicer Default pursuant to the
     Pooling and Servicing Agreement and, if such Master Trust Servicer
     Default arises from the failure of the Servicer to perform any of its
     duties under the Pooling and Servicing Agreement, the taking of all
     reasonable steps available to remedy such failure (subsection 3.7(d));

          (xv)    the preparation and obtaining of documents and instruments
     required for the release of the Issuer from its covenants and agreements
     under the Indenture (subsection 3.11(b));

          (xvi)   the delivery of notice to the Indenture Trustee of each
     Event of Default and each default by the Depositor under this Agreement
     (Section 3.18);

          (xvii)  the taking of such further acts as may be reasonably
     necessary or proper to carry out more effectively the purpose of the
     Indenture or to compel or secure the performance and observance by the
     Depositor of its obligations under this Agreement (Sections 3.19 and
     5.16);

          (xviii)  the monitoring of the Issuer's obligations as to the
     satisfaction and discharge of the Indenture and the preparation of an
     Officer's Certificate and the obtaining of the Opinion of Counsel and the
     Independent Certificate relating thereto (Section 4.1);

          (xix)    the compliance with any written directive of the Indenture
     Trustee with respect to the sale of the Owner Trust Estate if an Event of
     Default shall have occurred and be continuing (Section 5.4);

          (xx)     providing the Indenture Trustee with the information
     necessary to deliver to each Noteholder such information as may be
     reasonably required to enable such Holder to prepare its United States
     federal and state, local income or franchise tax returns (Section 6.6);

          (xxi)    the preparation and delivery of notice to Noteholders of
     the removal of the Indenture Trustee and the appointment of a successor
     Indenture Trustee (Section 6.8);

          (xxii)   the preparation of any written instruments required to
     confirm more fully the authority of any co-trustee or separate trustee
     and any written instruments

                                      6
<PAGE>

     necessary in connection with the resignation or removal of the Indenture
     Trustee or any co-trustee or separate trustee (Sections 6.8 and 6.10);

          (xxiii)  the furnishing of the Indenture Trustee with the names and
     addresses of Noteholders during any period when the Indenture Trustee is
     not the Note Registrar (Section 7.1);

          (xxiv)   the preparation and, after execution by the Issuer, the
     filing with the Commission and any applicable state agencies and the
     Indenture Trustee of documents required to be filed on a periodic basis
     with, and summaries thereof as may be required by rules and regulations
     prescribed by, the Commission and any applicable state agencies and the
     transmission of such summaries, as necessary, to the Noteholders (Section
     7.4);

          (xxv)    the obtaining of an Officer's Certificate, Opinion of
     Counsel and Independent Certificates, if necessary, for the release of
     the Owner Trust Estate as defined in the Indenture (Sections 8.4 and
     8.5);

          (xxvi)   the preparation of Issuer Orders and Issuer Requests and
     the obtaining of Opinions of Counsel with respect to the execution of
     supplemental indentures and the mailing to the Noteholders of notices
     with respect to such supplemental indentures (Sections 9.1 and 9.2);

          (xxvii)  the execution of new Notes conforming to any supplemental
     indenture (Section 9.5);

          (xxviii) providing the Indenture Trustee with the form of notice
     necessary to deliver the notification of Noteholders of redemption of the
     Notes (Section 10.2);

          (xxix)   the preparation of all Officer's Certificates, Opinions of
     Counsel and Independent Certificates with respect to any requests by the
     Issuer to the Indenture Trustee to take any action under the Indenture
     (Section 11.1(a));

          (xxx)    the preparation and delivery of Officer's Certificates and
     the obtaining of Independent Certificates, if necessary, for the release
     of property from the lien of the Indenture (Section 11.1(b));

          (xxxi)   the preparation and delivery to the Noteholders and the
     Indenture Trustee of any agreements with respect to alternate payment and
     notice provisions (Section 11.6); and

          (xxxii)  the recording of the Indenture, if applicable (Section
     11.15).

          (b) Additional Duties.

          (i)    In addition to the duties of the Administrator set forth
     above, the Administrator shall keep all books and records, perform such
     calculations and shall

                                      7
<PAGE>

     prepare for execution by the Issuer or the Owner Trustee or shall cause
     the preparation by other appropriate persons of all such documents,
     reports, filings, instruments, certificates and opinions as it shall be
     the duty of the Issuer or the Owner Trustee to keep, perform, prepare,
     file or deliver pursuant to any of the Basic Documents and at the request
     of the Owner Trustee shall take all appropriate action that it is the
     duty of the Issuer or the Owner Trustee to take pursuant to the Basic
     Documents. Subject to Section 5 of this Agreement, and in accordance with
     the directions of the Owner Trustee, the Administrator shall
     administer, perform or supervise the performance of such other activities
     in connection with the Owner Trust Estate (including the Basic Documents)
     as are not covered by any of the foregoing provisions and as are
     expressly requested by the Owner Trustee and are reasonably within the
     capability of the Administrator.

          (ii)   Notwithstanding anything in this Agreement or the other Basic
     Documents to the contrary, the Administrator shall be responsible for
     promptly notifying the Indenture Trustee in the event that any
     withholding tax is imposed on the Issuer's payments (or allocations of
     income) to a Noteholder. Any such notice shall specify the amount of any
     withholding tax required to be withheld by the Owner Trustee pursuant to
     such provision.

          (iii)  Notwithstanding anything in this Agreement or the other Basic
     Documents to the contrary, the Administrator shall be responsible for (A)
     performance of the duties of the Owner Trustee and the Issuer set forth
     in Sections 2.7, 2.10, 2.11, 2.12, 2.13(d), 5.16, 6.7, 6.10, and 10.1 of
     the Indenture with respect to, among other things, accounting and reports
     to the Certificateholder and the maintenance of certain accounts and (B)
     the preparation, execution and filing of all documents required by tax
     and securities laws relating to the Issuer.

          (iv)   The Administrator may satisfy its obligations with respect to
     clauses (ii) and (iii) above by retaining, at the expense of the
     Administrator, a firm of independent public accountants (the
     "Accountants") acceptable to the Indenture Trustee which shall perform
     the obligations of the Administrator thereunder.

          (v)    The Administrator shall perform the duties of the
     Administrator specified in Sections 9.2 and 9.3 of the Trust Agreement
     required to be performed in connection with the resignation or removal of
     the Owner Trustee, the duties of the Administrator specified in Section
     9.5 of the Trust Agreement required to be performed in connection with
     the appointment and payment of co-Trustees, and any other duties
     expressly required to be performed by the Administrator under the Trust
     Agreement.

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

                                      8
<PAGE>

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

          (viii) Non-Ministerial Matters. With respect to matters that in the
     reasonable judgment of the Administrator are non-ministerial, the
     Administrator shall not take any action unless within a reasonable time
     before the taking of such action, the Administrator shall have notified
     the Owner Trustee of the proposed action and the Owner Trustee shall not
     have withheld consent or provided an alternative direction. For the
     purpose of the preceding sentence, "non-ministerial matters" shall
     include, without limitation:

                 (A) the initiation of any claim or lawsuit by the Issuer and
          the compromise of any action, claim or lawsuit brought by or against
          the Issuer (other than in connection with the collection of the
          Receivables);

                 (B) the amendment, change or modification of the Basic
          Documents;

                 (C) the appointment of successor Note Registrars, successor
          Paying Agents and successor Indenture Trustees pursuant to the
          Indenture or the appointment of successor Administrators or the
          consent to the assignment by the Note Registrar, the Paying Agent or
          the Indenture Trustee of its obligations under the Indenture; and

                 (D) the removal of the Indenture Trustee.

          (ix)   Notwithstanding anything to the contrary in this Agreement,
     the Administrator shall not be obligated to, and shall not, (x) make any
     payments to the Noteholders or the Certificateholder under the Basic
     Documents, (y) sell the Owner Trust Estate pursuant to the Indenture
     other than pursuant to a written directive of the Indenture Trustee or
     (z) take any action that the Issuer directs the Administrator not to take
     on its behalf.

          (c) 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:

          (i)    the amount of the distribution allocable to principal of the
     Notes;

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<PAGE>

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

          (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, if any, on deposit in the Owner Trust Spread
     Account 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.

          (d) Owner Trust Accounts. The Administrator shall establish and
maintain, in the name of the Indenture Trustee, for the benefit of the
Noteholders, an Eligible Deposit Account (the "Note Distribution Account"),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Noteholders. The Administrator shall establish and
maintain, in the name of the Indenture Trustee, for the benefit of the Class C
Noteholders (and, to the extent expressly provided in the Indenture, the
Certificateholder), an Eligible Deposit Account (the "Owner Trust Spread
Account", and together with the Note Distribution Account, the "Owner Trust
Accounts"), bearing 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 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 in the Indenture, the
Certificateholder). 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 the Indenture.

          Funds on deposit in the Owner Trust Spread Account shall be invested
at the direction of the Administrator by the Indenture Trustee or the Paying
Agent in Permitted Investments. The Indenture Trustee shall maintain for the
benefit of the Noteholders and the Series Certificateholder possession of the
negotiable instruments or securities, if any, evidencing such Permitted
Investments. No Permitted Investment shall be disposed of prior to its
maturity.

          To the extent so instructed by the Administrator on any Transfer
Date, the Indenture Trustee or the Paying Agent shall, if the amount on
deposit in the Owner Trust Spread Account is greater than the Required Owner
Trust Spread Account Amount for such Transfer Date, pay the amount of such
excess to the Certificateholder pursuant to the Indenture.

                                      10
<PAGE>

          SECTION 4.2. Records. The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer,
the Owner Trustee, the Indenture Trustee and the Depositor at any time during
normal business hours.

          SECTION 4.3. [Reserved]

          SECTION 4.4. Additional Information To Be Furnished to Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request,
including notification of Noteholders pursuant to Section 4.1(a) hereof.

          SECTION 4.5. Independence of Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer or the Owner Trustee, as
the case may be, the Administrator shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

          SECTION 4.6. No Joint Venture. Nothing contained in this Agreement
shall (i) constitute the Administrator and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) be construed to impose
any liability as such on any of them or (iii) be deemed to confer on any of
them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

          SECTION 4.7. Other Activities of Administrator. (a) Nothing herein
shall prevent the Administrator or its affiliates from engaging in other
businesses or, in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

          (b) The Administrator and its affiliates may generally engage in any
kind of business with any person party to a Basic Document, any of its
affiliates and any person who may do business with or own securities of any
such person or any of its affiliates, without any duty to account therefor to
the Issuer, the Owner Trustee or the Indenture Trustee.

          SECTION 4.8. Net Deposits. As an administrative convenience, so long
as Chase USA is the Administrator and the Certificateholder, the Administrator
will be permitted to make the deposit of amounts with respect to the Series
Certificate for or with respect to any Monthly Period net of distributions to
be made to the Certificateholder with respect to such Monthly Period. The
Administrator, however, will account to the Owner Trustee, the Indenture
Trustee and the Noteholders as if the amounts paid to the Certificateholder
were paid pursuant to the Indenture.

                                      11
<PAGE>

                                  ARTICLE V

                                 TERMINATION

          SECTION 5.1. Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until (i) the
termination of the Issuer and (ii) the satisfaction and discharge of the
Indenture in accordance with Section 4.1 of the Indenture, upon which event
this Agreement shall automatically terminate.

          (a) Subject to subsections 5.1(d) and (e), the Administrator may
resign its duties hereunder by providing the Issuer and the Owner Trustee with
at least 60 days' prior written notice.

          (b) Subject to subsections 5.1(d) and (e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice; provided however, that if any Notes are
outstanding at the time of the removal, the Rating Agency Condition shall have
first been satisfied in connection with such removal.

          (c) Subject to subsections 5.1(d) and (e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following
events shall occur:

          (i)    the Administrator shall default in the performance of any of
     its duties under this Agreement and, after notice of such default, shall
     not cure such default within 10 days (or, if such default cannot be cured
     in such time, shall not give within ten days such assurance of cure as
     shall be reasonably satisfactory to the Issuer);

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

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

          The Administrator agrees that if any of the events specified in
clause (ii) or (iii) of this subsection 5.1(c) shall occur, it shall give
written notice thereof to the Issuer, the Owner Trustee and the Indenture
Trustee within seven days after the happening of such event.

                                      12
<PAGE>

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

          (e) The appointment of any successor Administrator shall be
effective only after the satisfaction of the Rating Agency Condition with
respect thereto.

          (f) A successor Administrator shall execute, acknowledge and deliver
a written acceptance of its appointment hereunder to the resigning
Administrator and to the Issuer. Thereupon the resignation or removal of the
resigning Administrator shall become effective, and the successor
Administrator shall have all the rights, powers and duties of the
Administrator under the Indenture. The successor Administrator shall mail a
notice of its succession to the Noteholders and the Certificateholder. The
resigning Administrator shall promptly transfer or cause to be transferred all
property and any related agreements, documents and statements held by it as
Administrator to the successor Administrator and the resigning Administrator
shall execute and deliver such instruments and do other things as may
reasonably be required for fully and certainly vesting in the successor
Administrator all rights, powers, duties and obligations hereunder.

          (g) In no event shall a resigning Administrator be liable for the
acts or omissions of any successor Administrator hereunder.

          (h) In the exercise or administration of its duties hereunder and
under the other Basic Documents, the Administrator may act directly or through
its agents or attorneys pursuant to agreements entered into with any of them,
and the Administrator 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 Administrator with due care.

          SECTION 5.2. Action upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of this Agreement pursuant to
subsection 5.1(a) or the resignation or removal of the Administrator pursuant
to subsection 5.1 (b) or (c), respectively, the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon termination pursuant to subsection 5.1(a) deliver to the Issuer
all property and documents of or relating to the Collateral then in the
custody of the Administrator. In the event of the resignation or removal of
the Administrator pursuant to subsection 5.1(b) or (c), respectively, the
Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties of
the Administrator.

          SECTION 5.3. Acquisition of Owner Trust Estate. If Chase USA
exercises its option to accept retransfer of the Series Certificate pursuant
to Section 4 of the Series Supplement, the Depositor shall (a) acquire the
Series Certificate and all rights related thereto, which acquisition shall be
effective as of the date on which such retransfer occurs, (b) deliver notice
of such acquisition to the Indenture Trustee on or prior to the related
Transfer Date, (c) deposit, on its own behalf and on behalf of the Issuer
pursuant to Section 10.1 of the Indenture,

                                      13
<PAGE>

in the Note Distribution Account on or prior to the related Transfer Date, an
amount equal to the Redemption Price and (d) succeed to all interests in and
to the Issuer.

                                  ARTICLE VI

                                 MISCELLANEOUS

          SECTION 6.1. Notices. Any notice, report or other communication
given hereunder shall be in writing and addressed as follows:

                  if to the Issuer or the Owner Trustee, to

                           Chase Credit Card Owner Trust 2001-2
                           c/o Wilmington Trust Company
                           Rodney Square North
                           1100 North Market Street
                           Wilmington, DE 19890-0001
                           Attention: Corporate Trust Administration

                  with a copy to:

                           Richards, Layton & Finger
                           One Rodney Square
                           Wilmington, DE  19899
                           Attention:  Eric Mazie

                  if to the Administrator, to

                           Chase Manhattan Bank USA, National Association
                           802 Delaware Avenue
                           Wilmington, DE  19801
                           Attention: Patricia M. Garvey

                  if to the Indenture Trustee, to

                           The Bank of New York
                           101 Barclay Street, Fl. 12 East
                           New York, New York  10286
                           Attention: Corporate Trust Administration

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above, except that
notices to the Indenture Trustee are effective only upon receipt.

          SECTION 6.2. Amendments. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Issuer, the
Administrator and

                                      14
<PAGE>

the Depositor, with the written consent of the Indenture Trustee and without
the consent of the Noteholders or the Certificateholder, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholder; provided, however, that a copy thereof
shall have been delivered to the Note Rating Agencies and 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 interests of any Noteholder or the
Certificateholder or significantly change the purposes and activities of the
Issuer and (ii) as evidenced by an Opinion of Counsel addressed to the Owner
Trustee and the Indenture Trustee, cause the Issuer to be classified as an
association (or a publicly traded partnership) taxable as a corporation for
federal income tax purposes. This Agreement may also be amended by the Issuer,
the Administrator and the Depositor with the written consent of the Indenture
Trustee and the Holders of Notes evidencing a majority in 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 of
modifying in any manner the rights of Noteholders or the Certificateholder;
provided, however, that, a copy thereof shall have been delivered to the Note
Rating Agencies and that without the consent of the holders of all of the
Notes then Outstanding, no such amendment may (i) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on the Series Certificate or distributions that are required to be
made for the benefit of the Noteholders or (ii) reduce the aforesaid
percentage of the Holders of Notes which are required to consent to any such
amendment, without the consent of the Holders of all the Outstanding Notes.

          It shall not be necessary for the consent of 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.

          SECTION 6.3. Protection of Title to Owner Trust.

          (a) The Depositor shall take all actions necessary and the Issuer
shall cooperate with the Depositor, if applicable, to perfect, and maintain
perfection of, the interests of the Issuer in the Series Certificate. The
Depositor shall execute and file and cause to be executed and filed such
financing statements and continuation statements, all in such manner and in
such places as may be required by law fully to perfect, maintain, and protect
the interest of the Issuer in the Series Certificate and in the proceeds
thereof and the interest of the Indenture Trustee in the Owner Trust Estate
and the proceeds thereof. The Depositor shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies
of, or filing receipts for, any document filed as provided above, as soon as
available following such filing.

          (b) The Depositor shall not change its name, identity or corporate
structure in any manner that would, could or might make any financing
statement or continuation statement filed in accordance with paragraph (a)
above or otherwise seriously misleading within the meaning of 9-402(7) of the
UCC (regardless of whether such a filing was ever made), unless it shall have
given the Owner Trustee and the Indenture Trustee at least five days' prior
written notice thereof and, if applicable, shall have timely filed appropriate
amendments to any and all previously filed financing statements or
continuation statements (so that the interest of the Issuer or the Indenture
Trustee is not adversely affected).

                                      15
<PAGE>

          (c) Each of the Depositor and the Administrator shall have an
obligation to give the Owner Trustee and the Indenture Trustee at least 60
days' prior written notice of any relocation of its principal executive office
if, as a result of such relocation, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement (regardless of
whether such a filing was ever made) and shall promptly, if applicable, file
any such amendment.

          (d) The Administrator shall permit the Indenture Trustee and its
agents at any time following reasonable notice and during normal business
hours to inspect, audit and make copies of and abstracts from the
Administrator's records regarding the Series Certificate.

          (e) The Administrator shall, to the extent required by applicable
law, cause the Notes to be registered with the Commission pursuant to Section
12(b) or Section 12(g) of the Exchange Act within the time periods specified
in such sections.

          SECTION 6.4. Successors and Assigns. This Agreement may not be
assigned by the Administrator unless such assignment is previously consented
to in writing by the Issuer and the Owner Trustee and subject to satisfaction
of the Rating Agency Condition with respect thereto. An assignment with such
consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator, provided that such
successor organization executes and delivers to the Issuer, the Owner Trustee
and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in
the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

          SECTION 6.5. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

          SECTION 6.6. Headings. The section headings hereof have been
inserted for convenience of reference only and shall not be construed to
affect the meaning, construction or effect of this Agreement.

          SECTION 6.7. Counterparts. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one
and the same agreement.

          SECTION 6.8. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall 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.

                                      16
<PAGE>

          SECTION 6.9. Not Applicable to Chase Manhattan Bank USA, National
Association in Other Capacities. Nothing in this Agreement shall affect any
obligation Chase Manhattan Bank USA, National Association may have in any
other capacity.

          SECTION 6.10. Limitation of Liability of Owner Trustee, Indenture
Trustee and Administrator. (a) Notwithstanding anything contained herein to
the contrary, this instrument has been signed by Wilmington Trust Company not
in its individual capacity but solely as Owner Trustee for the Chase Credit
Card Owner Trust 2001-2 and in no event shall Wilmington Trust Company in its
individual capacity or any beneficial owner of the Issuer have any liability
for the representations, warranties, covenants, agreements or other
obligations of the Issuer hereunder, as to all of which recourse shall be had
solely to the assets of the Issuer.

          (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been signed by The Bank of New York, not in its individual
capacity but solely as Indenture Trustee, and in no event shall The Bank of
New York have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

          (c) No recourse under any obligation, covenant or agreement of the
Issuer contained in this Agreement shall be had against any agent of the
Issuer (including the Administrator) as such by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute
or otherwise; it being expressly agreed and understood that this Agreement is
solely an obligation of the Issuer as a Delaware common law trust, and that no
personal liability whatever shall attach to or be incurred by any agent of the
Issuer (including the Administrator), as such, under or by reason of any of
the obligations, covenants or agreements of the Issuer contained in this
Agreement, or implied therefrom, and that any and all personal liability for
breaches by the Issuer of any such obligations, covenants or agreements,
either at common law or at equity, or by statute or constitution, of every
such agent is hereby expressly waived as a condition of and in consideration
for the execution of this Agreement.

          SECTION 6.11. Third-Party Beneficiary. Each of the Owner Trustee and
the Indenture Trustee is a third-party beneficiary to this Agreement and is
entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if it were a party hereto. The Administrator agrees to compensate
and indemnify the Indenture Trustee pursuant to Section 6.7 of the Indenture.

          SECTION 6.12. Nonpetition Covenants.

          (a) Notwithstanding any prior termination of this Agreement, the
Depositor 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 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; provided,
however, that

                                      17
<PAGE>

this subsection 6.12(a) shall not operate to preclude any remedy described in
Article V of the Indenture.

          (b) Notwithstanding any prior termination of this Agreement, the
Issuer shall not at any time with respect to the Master Trust, acquiesce,
petition or otherwise invoke or cause the Master Trust to invoke the process
of any court or government authority for the purpose of commencing or
sustaining a case against 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 Master Trust or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Master Trust;
provided, however, that this subsection 6.12(b) shall not operate to preclude
any remedy described in Article V of the Indenture.

          SECTION 6.13. Liability of Administrator. Notwithstanding any
provision of this Agreement, the Administrator shall not have any obligations
under this Agreement other than those specifically set forth herein, and no
implied obligations of the Administrator shall be read into this Agreement.
Neither the Administrator nor any of its directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken in good
faith by it or them under or in connection with this Agreement, except for its
or their own gross negligence or willful misconduct and in no event shall the
Administrator be liable under or in connection with this Agreement for
indirect, special, or consequential losses or damages of any kind, including
lost profits, even if advised of the possibility thereof and regardless of the
form of action by which such losses or damages may be claimed. Without
limiting the foregoing, the Administrator may (a) consult with legal counsel
(including counsel for the Issuer), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts and (b) shall incur no liability under or in respect of
this Agreement by acting upon any notice (including notice by telephone),
consent, certificate or other instrument or writing (which may be by
facsimile) believed by it to be genuine and signed or sent by the proper party
or parties.

                                      18
<PAGE>

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

                         CHASE CREDIT CARD OWNER TRUST
                          2001-2

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

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

                         CHASE MANHATTAN BANK USA,
                           NATIONAL ASSOCIATION
                           as Administrator

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

                         Acknowledged and Agreed:
                         THE BANK OF NEW YORK
                         not in its individual capacity but solely as
                         Indenture Trustee

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

                                      19
<PAGE>

                                                                     EXHIBIT A
                                                   [Form of Power of Attorney]

                               POWER OF ATTORNEY

STATE OF NEW YORK    )
                     )
COUNTY OF NEW YORK   )

     KNOW ALL MEN BY THESE PRESENTS, that WILMINGTON TRUST COMPANY, a Delaware
banking corporation, not in its individual capacity but solely as owner
trustee ("Owner Trustee") for the Chase Credit Card Owner Trust 2001-2
("Trust"), does hereby make, constitute and appoint CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION as Administrator under the Administration Agreement (as
defined below), and its agents and attorneys, as Attorneys-in-Fact to execute
on behalf of the Owner Trustee or the Trust all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Owner Trustee or the Trust to prepare, file or deliver pursuant to the Basic
Documents (as defined in the Indenture dated as of June 14, 2001 between the
Trust and the Bank of New York, as Indenture Trustee), including, without
limitation, to appear for and represent the Owner Trustee and the Trust in
connection with the preparation, filing and audit of federal, state and local
tax returns pertaining to the Trust, and with full power to perform any and
all acts associated with such returns and audits that the Owner Trustee could
perform, including without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restriction on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements. For the purpose of this Power of
Attorney, the term "Administration Agreement" means the Deposit and
Administration Agreement dated as of June 14, 2001 among Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee for the
Trust and Chase Manhattan Bank USA, National Association, as Administrator,
and acknowledged and agreed by The Bank of New York, as Indenture Trustee, as
such may be amended from time to time.

     All powers of attorney for this purpose heretofore filed or executed by
the Owner Trustee are hereby revoked.

     EXECUTED this day of June, 2001.

                         WILMINGTON TRUST COMPANY
                         not in its individual capacity but solely as
                         Owner Trustee for the Chase
                         Credit Card Owner Trust 2001-2

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

                                      20

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