Document:

12450092.9 60200 1925C 99544439

                              J-1
                                                     Exhibit 4.13

               SRI RECEIVABLES PURCHASE CO., INC.
                           Transferor

                    SPECIALTY RETAILERS, INC.
                            Servicer

                               and

                    BANKERS TRUST (DELAWARE)
                             Trustee

                 on behalf of Certificateholders

               of the SRI Receivables Master Trust

   SECOND AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT

                  Dated as of November 1, 1999

                       TABLE OF CONTENTS

                                                             Page

ARTICLE I  DEFINITIONS                                             1
     Section 1.1    Definitions                                    1
     Section 1.2    Other Definitional Provisions                 23

ARTICLE II CONVEYANCE OF RECEIVABLES;ISSUANCE OF CERTIFICATES     25
     Section 2.1    Conveyance of Receivables                     25
     Section 2.2    Acceptance by Trustee                         28
     Section 2.3    Representations and Warranties of the
                    Transferor                                    28
     Section 2.4    Representations and Warranties of the
                    Transferor Relating to this Agreement and the
                    Receivables                                   30
     Section 2.5    Covenants of the Transferor                   36
     Section 2.6    Addition of Accounts                          38
     Section 2.7    Removal of Accounts                           42
     Section 2.8    Discount Option                               44

ARTICLE III    ADMINISTRATION AND SERVICING OF RECEIVABLES        45
     Section 3.1    Acceptance of Appointment and Other
                    Matters Relating to the Servicer              45
     Section 3.2    Servicing Compensation                        46
     Section 3.3    Representations and Warranties of the
                    Servicer                                      47
     Section 3.4    Reports and Records for the Trustee           49
     Section 3.5    Annual Servicer's Certificate                 50
     Section 3.6    Annual Independent Accountants' Servicing
                    Report                                        51
     Section 3.7    Tax Treatment                                 51
     Section 3.8    Adjustments                                   52
     Section 3.9    Notices to SRI                                52

ARTICLE IV     RIGHTS OF CERTIFICATEHOLDERS ANDALLOCATION AND
               APPLICATION OF COLLECTIONS                         53
     Section 4.1    Rights of Certificateholders                  53
     Section 4.2    Establishment of Accounts                     53
     Section 4.3    Collections and Allocations                   55

ARTICLE V [ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH
          RESPECT TO ANY SERIES]                                  59

ARTICLE VI     THE CERTIFICATES                                   60
     Section 6.1    The Certificates                              60
     Section 6.2    Authentication of Certificates                60
     Section 6.3    Registration of Transfer and Exchange of
                    Certificates                                  61
     Section 6.4    Mutilated, Destroyed, Lost or Stolen
                    Certificates                                  63
     Section 6.5    Persons Deemed Owners                         63
     Section 6.6    Appointment of Paying Agent                   64
     Section 6.7    Access to List of Certificateholders' Names
                    and Addresses                                 65
     Section 6.8    Authenticating Agent                          65
     Section 6.9    Tender of Exchangeable Transferor Certificate
                                                                  66
     Section 6.10   Book-Entry Certificates                       68
     Section 6.11   Notices to Clearing Agency                    69
     Section 6.12   Definitive Certificates                       69
     Section 6.13   Global Certificate; Euro-Certificate Exchange
                    Date                                          70

ARTICLE VII    OTHER MATTERS RELATING TO THE TRANSFEROR           71
     Section 7.1    Liability of the Transferor                   71
     Section 7.2    Merger or Consolidation of, or Assumption of
                    the Obligations of, the Transferor            71
     Section 7.3    Limitation on Liability                       72
     Section 7.4    Liabilities                                   72
     Section 7.5    Transferor's Records                          73

ARTICLE VIII   OTHER MATTERS RELATING TO THE SERVICER             74
     Section 8.1    Liability of the Servicer                     74
     Section 8.2    Merger or Consolidation of, or Assumption of
                    the Obligations of, the Servicer              74
     Section 8.3    Limitation on Liability of the Servicer and
                    Others                                        74
     Section 8.4    Servicer Indemnification of the Transferor,
                    the Trust and the Trustee                     75
     Section 8.5    The Servicer Not to Resign                    76
     Section 8.6    Access to Certain Documentation and
                    Information Regarding the Receivables         76
     Section 8.7    Delegation of Duties                          76
     Section 8.8    Maintenance of Property; Insurance            77

ARTICLE IX     PAY OUT EVENTS                                     78
     Section 9.1    Pay Out Events                                78

ARTICLE X      SERVICER DEFAULTS                                  79
     Section 10.1   Servicer Defaults                             79
     Section 10.2   Trustee to Act; Appointment of Successor      81
     Section 10.3   Notification to Certificateholders            82
     Section 10.4   Waiver of Past Defaults                       83

ARTICLE XI     THE TRUSTEE                                        84
     Section 11.1   Duties of Trustee                             84
     Section 11.2   Certain Matters Affecting the Trustee         85
     Section 11.3   Trustee Not Liable for Recitals in
                    Certificates                                  87
     Section 11.4   Trustee May Own Certificates                  87
     Section 11.5   The Servicer to Pay Trustee's Fees and
                    Expenses                                      87
     Section 11.6   Eligibility Requirements for Trustee          88
     Section 11.7   Resignation or Removal of Trustee             88
     Section 11.8   Successor Trustee                             89
     Section 11.9   Merger or Consolidation of Trustee            89
     Section 11.10  Appointment of Co-Trustee or Separate Trustee 89
     Section 11.11  Tax Returns                                   90
     Section 11.12  Trustee May Enforce Claims Without Possession
                    of Certificates                               91
     Section 11.13  Suits for Enforcement                         91
     Section 11.14  Rights of Certificateholders to Direct
                    Trustee                                       91
     Section 11.15  Representations and Warranties of Trustee     92
     Section 11.16  Maintenance of Office or Agency               92

ARTICLE XII    TERMINATION                                        93
     Section 12.1   Termination of Trust                          93
     Section 12.2   Optional Termination                          94
     Section 12.3   Final Payment with Respect to any Series      94
     Section 12.4   Termination Rights of Holder of Exchangeable
                    Transferor Certificate                        96

ARTICLE XIII   MISCELLANEOUS PROVISIONS                           97
     Section 13.1   Amendment                                     97
     Section 13.2   Protection of Right, Title and Interest to
                    Trust                                         98
     Section 13.3   Limitation on Rights of Certificateholders    99
     Section 13.4   Governing Law                                100
     Section 13.5   Notices                                      100
     Section 13.6   Severability of Provisions                   101
     Section 13.7   Assignment                                   101
     Section 13.8   Certificates Non-Assessable and Fully Paid   101
     Section 13.9   Further Assurances                           101
     Section 13.10  No Waiver; Cumulative Remedies               101
     Section 13.11  Counterparts                                 101
     Section 13.12  Third-Party Beneficiaries                    101
     Section 13.13  Actions by Certificateholders                102
     Section 13.14  Rule 144A Information                        102
     Section 13.15  Merger and Integration; Existing Agreement   102
     Section 13.16  Headings                                     103
     Section 13.17  No Bankruptcy Petition Against the Transferor
                    or the Trust                                 103

EXHIBIT A Form of Exchangeable Transferor Certificate
EXHIBIT B Form of Assignment of Receivables in Supplemental
          Accounts
EXHIBIT C Form of Daily Report
EXHIBIT D Form of Settlement Statement
EXHIBIT E Form of Quarterly Servicer's Certificate
EXHIBIT F Form of Opinion of Counsel Regarding Supplemental
          Accounts
EXHIBIT G Form of Annual Opinion of Counsel
EXHIBIT H Form of Reassignment of Receivables
EXHIBIT I Form of Reconveyance of Receivables
EXHIBIT J Form of Agreed-Upon Procedures

     This  SECOND  AMENDED  AND RESTATED  POOLING  AND  SERVICING
AGREEMENT, dated as of November 1, 1999 (this "Agreement"), is by
and  among  SRI  RECEIVABLES PURCHASE CO.,  INC.,  a  corporation
organized  and existing under the laws of the State of  Delaware,
as  Transferor (the "Transferor"), SPECIALTY RETAILERS,  INC.,  a
corporation organized and existing under the laws of the State of
Texas,   as   Servicer  (the  "Servicer"),  and   BANKERS   TRUST
(DELAWARE),  a  banking corporation organized and existing  under
the laws of the State of Delaware, as Trustee (the "Trustee").

     WHEREAS,   this  Agreement  was  originally   executed   and
delivered as of July 30, 1993; and

     WHEREAS,  this Agreement was amended by the First  Amendment
to Pooling and Servicing Agreement dated October 7, 1994, and the
Second Amendment to Pooling and Servicing Agreement dated January
31,  1995,  amended and restated as of August 11,  1995,  further
amended by a First Amendment to Amended and Restated Pooling  and
Servicing  Agreement dated May 30, 1996, and the Second Amendment
to  Amended  and  Restated Pooling and Servicing Agreement  dated
August  1,  1998, and is being amended and restated  pursuant  to
Section 13.1(a) hereof on the date hereof (this Agreement  as  in
effect prior to such amendment and restatement is referred to  as
the "Existing Agreement").

     In  consideration of the mutual agreements herein contained,
each party agrees as follows for the benefit of the other parties
and the Certificateholders:

                           ARTICLE I

                          DEFINITIONS

     Section  I.1  Definitions.  Whenever used in this Agreement,
the   following  words  and  phrases  shall  have  the  following
meanings:

          "Account"  shall  mean  (a) each  credit  card  account
established  pursuant  to a Charge Account Agreement  between  an
Originator  and  any  Person,  the  Receivables  from  which  are
designated for sale by an Originator to the Transferor, which  is
identified  by  (i)  an  account  number,  (ii)  the  amount   of
Receivables  outstanding in such Account as of its  Cut-Off  Date
and (iii) the amount of Principal Receivables in such Account  as
of  its  Cut-Off  Date,  in each case in  the  computer  file  or
microfiche  list delivered to the Trustee or the  bailee  of  the
Trustee  by the Transferor pursuant to this Agreement,  (b)  each
Granite  Original Account, (c) each Automatic Additional Account,
and (d) each Supplemental Account identified in each file or list
delivered  to  the Trustee or the bailee of the  Trustee  by  the
Transferor pursuant to subsection 2.6(e) of this Agreement.   The
Definition of Account shall include each Transferred Account  but
shall  not include any Purged Accounts.  The term "Account" shall
be  deemed to refer to a Supplemental Account only from and after
the  Addition  Date with respect thereto, and the term  "Account"
shall be deemed to refer to any Removed Account only prior to the
Removal Date with respect thereto.

          "Account Owner" shall mean the Bank or any Originator.

          "Account Property" shall have the meaning specified  in
subsection 2.1(iv).

          "Accumulation Account" shall have the meaning for  each
Series specified in the related Supplement.

          "Active  Accounts" shall mean, as of any Business  Day,
any   Account  in  which  there  has  been  either  purchase   or
merchandise  return  activity within  the  preceding  12  Monthly
Periods.

          "Addition  Cut-off Date" shall mean  each  date  as  of
which Supplemental Accounts shall be selected and specified to be
included as Accounts pursuant to subsection 2.6(c) or (d).

          "Addition  Date"  shall  mean each  date  as  of  which
Receivables under Supplemental Accounts are included in the Trust
as Accounts pursuant to subsection 2.6(c) or (d).

          "Additional Originator" has the meaning it is given  in
the Receivables Purchase Agreement.

          "Additional Originator Agreement" has the meaning it is
given in the Receivables Purchase Agreement.

          "Adjusted Invested Amount" shall mean, with respect  to
any  Series or any Class, when used with respect to any  Business
Day,  the Invested Amount of such Series or Class, as applicable,
minus any amounts then on deposit in any Accumulation Account for
such Series or Class, as applicable.

          "Adjustment  Payment" shall have the meaning  specified
in subsection 3.8(a).

          "Affiliate"   means,  with  respect  to  a   particular
Person,(a) any Person that, directly or indirectly, is in control
of,  is  controlled  by, or is under common  control  with,  such
Person, or (b) any Person who is a director or officer or general
partner  (i)  of  such  Person, (ii) of any  subsidiary  of  such
Person,  or  (iii) of any Person described in clause  (a)  above.
For  purposes of this definition, control of a Person shall  mean
the  power,  direct or indirect, (i) to vote 5% or  more  of  the
securities having ordinary voting power to elect the directors of
such  Person,  or  (ii) to direct or cause the direction  of  the
management  and  policies of such Person whether by  contract  or
otherwise.

          "Aggregate Invested Amount" shall mean, as of any  date
of  determination, the sum of the Invested Amounts of all  Series
of   Certificates  issued  and  outstanding  on  such   date   of
determination.

          "Aggregate   Investor  Percentage"  with   respect   to
Principal Collections, Finance Charge Collections and Receivables
in  Defaulted Accounts, as the case may be, shall mean, as of any
date  of  determination, the sum of such Investor Percentages  of
all Series of Certificates issued and outstanding on such date of
determination;  provided, however, that  the  Aggregate  Investor
Percentage shall not exceed 100%.

          "Aggregate Principal Receivables" shall mean,  for  any
day, the aggregate amount of Principal Receivables at the end  of
such day.

          "Agreement"  shall  mean  this  Pooling  and  Servicing
Agreement  and  all  amendments hereof  and  supplements  hereto,
including any Supplement.

          "Amortization Period" shall mean, with respect  to  any
Series,  the  period following the related Revolving  Period  for
such  Series, which shall be the Amortization Period,  the  Early
Amortization   Period,  or  other  amortization  or  accumulation
period,  in each case as defined with respect to such  Series  in
the related Supplement.

          "Amortization Period Commencement Date" shall mean with
respect to any Series, the date on which the Amortization  Period
with respect thereto commences.

          "Applicants"  shall  have  the  meaning  specified   in
Section 6.7.

          "Assigned Property" shall have the meaning specified in
subsection 2.1(iii).

          "Assignment"  shall  have  the  meaning  specified   in
subsection 2.6(e)(ii).

          "Authorized  Newspaper"  shall  mean  a  newspaper   of
general circulation in the Borough of Manhattan, The City of  New
York printed in the English language and customarily published on
each Business Day, whether or not published on Saturdays, Sundays
and holidays.

          "Automatic Additional Account" shall mean:

          (a)   a consumer revolving credit card account (or  any
successor credit card account designation used by the Transferor)
coming into existence after the applicable Cut-Off Date:

               (i)   which  is originated by the Bank during  the
     normal  operation of the Bank's credit card business and  is
     not  acquired  by  the Transferor or the Bank  from  another
     credit card issuer;

               (ii)  which was in existence and owned by the Bank
     and  the  Receivables of which had been transferred  to  SRI
     pursuant  to  the  Receivables Transfer Agreement  and  then
     further  transferred  to  the  Transferor  pursuant  to  the
     Receivables  Purchase  Agreement  on  the  date   on   which
     Receivables generated in such account are to be added to the
     Trust  and is in existence at the close of business  on  the
     date of its designation for inclusion in the Trust;

               (iii)  which is payable in Dollars; and

               (iv)   the  Receivables in  which  have  not  been
     charged  off  prior  to  the date of their  designation  for
     inclusion in the Trust;

          (b)   a consumer revolving credit card account (or  any
successor credit card account designation used by the Transferor)
coming into existence after the applicable Cut-Off Date:

               (i)   which is originated by an Originator  during
     the  normal  operation  of  such  Originator's  credit  card
     business  and  is  not acquired by the  Transferor  or  such
     Originator from another credit card issuer;

               (ii)   which  was in existence and owned  by  such
     Originator and the Receivables of which had been transferred
     to  the  Transferor  pursuant to  the  Receivables  Purchase
     Agreement on the date on which Receivables generated in such
     account are to be added to the Trust and is in existence  at
     the  close  of  business on the date of its designation  for
     inclusion in the Trust;

               (iii)  which is payable in Dollars;

               (iv)   the  Receivables in  which  have  not  been
     charged  off  prior  to  the date of their  designation  for
     inclusion in the Trust; and

               (v)   the Originator of which is an Originator  on
     the date hereof or has been designated as an "Originator" by
     the  Transferor  after compliance with the  requirements  of
     paragraph (c);

          (c)   any other consumer revolving credit card account,
Receivables  from which each Rating Agency permits  to  be  added
automatically   to  the  Trust;  provided  that  the   Transferor
(x)  shall  have received written confirmation from  each  Rating
Agency   that  the  inclusion  of  such  accounts  as   Automatic
Additional  Accounts  pursuant to this  paragraph  (c)  will  not
result in the reduction or withdrawal of its then existing rating
of any Class of Investor Certificates then issued and outstanding
and (y) shall have delivered such notice to the Trustee.

          "Bank"  means Granite National Bank, N.A.,  a  national
banking association.

          "Bearer  Certificates" shall have the meaning specified
in Section 6.1.

          "Bearer  Rules"  shall  mean  the  provisions  of   the
Internal Revenue Code, in effect from time to time, governing the
treatment of bearer obligations, including sections 163(f),  871,
881,   1441,  1442  and  4701,  and  any  regulations  thereunder
including,  to the extent applicable to any Series,  proposed  or
temporary regulations of the Internal Revenue Service.

          "Book-Entry   Certificates"  shall  mean   certificates
evidencing  a  beneficial interest in the Investor  Certificates,
ownership  and  transfers of which shall  be  made  through  book
entries  by  a  Clearing  Agency as described  in  Section  6.10;
provided,  that  after  the occurrence of a  condition  whereupon
book-entry registration and transfer are no longer authorized and
Definitive  Certificates  are to be  issued  to  the  Certificate
Owners,   such  certificates  shall  no  longer  be   "Book-Entry
Certificates."

          "Business  Day"  shall  mean  any  day  other  than   a
Saturday, a Sunday, or a day on which banking institutions in New
York,  New  York (or, with respect to any Series, any  additional
city  specified  in  the related Supplement)  are  authorized  or
obligated by law or executive order to be closed, and such  other
days  in each year designated by the Servicer in writing  to  the
Trustee  by  the  first day of December in  the  preceding  year;
provided,  however,  that the Servicer shall not  designate  more
than eight days in each year (excluding Saturdays and Sundays) as
non-Business  Days  of  which no more  than  four  (inclusive  of
Saturdays and Sundays) shall be consecutive.

          "Cash   Equivalents"  shall  mean,   unless   otherwise
provided  in  the  Supplement with respect  to  any  Series,  (a)
negotiable  instruments or securities represented by  instruments
in bearer or registered form which evidence (i) obligations of or
fully  guaranteed  by the United States of  America;  (ii)   time
deposits,  promissory notes, or certificates of  deposit  of  any
depositary institution or trust company; provided, however,  that
at  the  time of the Trust's investment or contractual commitment
to  invest  therein,  the certificates of deposit  or  short-term
deposits  of  such depositary institution or trust company  shall
have  a  Satisfactory Short-Term Credit Rating; (iii)  commercial
paper   having,  at  the  time  of  the  Trust's  investment   or
contractual   commitment  to  invest  therein,   a   Satisfactory
Short-Term Credit Rating; (iv) bankers acceptances issued by  any
depositary   institution   or   trust   company   described    in
clause  (a)(ii) above; and (v) investments in money market  funds
having  the Highest Long-Term Credit Rating or otherwise approved
in  writing  by the Rating Agency; (b) time deposits  and  demand
deposits  in  the  name  of  the Trust  or  the  Trustee  in  any
depositary   institution  or  trust  company   referred   to   in
clause(a)(ii)  above;  (c)  securities  not  represented  by   an
instrument that are registered in the name of the Trustee or  its
nominee  (which  may  not  be SRI or  an  Affiliate)  upon  books
maintained for that purpose by or on behalf of the issuer thereof
and  identified  on  books maintained for  that  purpose  by  the
Trustee   as   held  for  the  benefit  of  the  Trust   or   the
Certificateholders, and consisting of (x) shares of an  open  end
diversified  investment  company which is  registered  under  the
Investment  Company Act which (i) invests its assets  exclusively
in  obligations of or guaranteed by the United States of  America
or  any instrumentality or agency thereof having in each instance
a  final  maturity date of less than one year from their date  of
purchase or other Permitted Investments, (ii) seeks to maintain a
constant  net  asset  value per share, (iii)  has  aggregate  net
assets  of not less than $100,000,000 on the date of purchase  of
such  shares,  and  (iv) which the Rating  Agency  designates  in
writing  will  not result in a withdrawal or downgrading  of  its
then  current rating of any Series rated by it or (y)  Eurodollar
time  deposits of a depository institution or trust company  that
has  a  Satisfactory Short-Term Credit Rating; and (d) any  other
investment  if  the Rating Agency confirms in writing  that  such
investment will not adversely affect its then current  rating  of
the Investor Certificates.

          "Cedelbank" shall mean Cedelbank Societe Anonyme.

          "Certificate"  shall  mean  any  one  of  the  Investor
Certificates  of  any  Series  or  the  Exchangeable   Transferor
Certificate.
          "Certificateholder" or "Holder" shall mean  the  Person
in  whose  name  a  Certificate is registered in the  Certificate
Register and, if applicable, the holder of any Bearer Certificate
or Coupon, as the case may be.

          "Certificate Interest" shall mean interest  payable  in
respect of the Investor
Certificates  of  any  Series  pursuant  to  Article  IV  of  the
Supplement for such Series.

          "Certificate  Owner"  shall mean,  with  respect  to  a
Book-Entry Certificate, the Person who is the beneficial owner of
such Book-Entry Certificate, as may be reflected on the books  of
the  Clearing Agency, or on the books of a Person maintaining  an
account  with  such Clearing Agency (directly or as  an  indirect
participant,  in  accordance  with the  rules  of  such  Clearing
Agency).

          "Certificate Principal" shall mean principal payable in
respect  of  the Investor Certificates of any Series pursuant  to
Article IV of this Agreement.

          "Certificate  Rate"  shall mean, with  respect  to  any
Series  of  Certificates (or, for any Series with more  than  one
Class, for each Class of such Series), the percentage (or formula
on  the  basis of which such rate shall be determined) stated  in
the  related Supplement; provided, that unless otherwise provided
in a Supplement, such rate shall be calculated on the basis of  a
360-day year consisting of twelve 30-day months.

          "Certificate   Register"  shall   mean   the   register
maintained   pursuant   to  Section  6.3,   providing   for   the
registration  of  the  Certificates and transfers  and  exchanges
thereof.

          "Charge Account Agreement" means the agreement pursuant
to  which  a Person is obligated to pay for purchased merchandise
or  services  under  a credit plan that permits  such  Person  to
purchase  merchandise and services on credit, together  with  any
finance  charges  and  other charges  related  thereto,  as  such
agreement may be amended, modified or supplemented from  time  to
time;  provided  that  only agreements between  such  Person  and
(i)  an Account Owner or (ii) the creditor of an account approved
by  each  Rating  Agency  as an Automatic Additional  Account  or
Supplemental  Account  shall  be  considered  a  Charge   Account
Agreement hereunder.

          "Class" shall mean, with respect to any Series, any one
of the classes of Certificates of that Series as specified in the
related Supplement.

          "Clearing Agency" shall mean an organization registered
as  a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended.

          "Clearing  Agency  Participant" shall  mean  a  broker,
dealer,  bank,  other financial institution or other  Person  for
whom  from  time  to time a Clearing Agency or  Foreign  Clearing
Agency  effects  book-entry transfers and pledges  of  securities
deposited with the Clearing Agency or Foreign Clearing Agency.

          "Closing Date" shall mean, with respect to any  Series,
the date of issuance of such Series of Certificates, as specified
in the related Supplement.

          "Collection  Account" shall have the meaning  specified
in subsection 4.2(a).

          "Collections" shall mean all payments received  by  the
Servicer  in  respect of the Receivables, in the  form  of  cash,
checks or any other form of payment in accordance with the Charge
Account Agreement in effect from time to time on any Receivables.

          "Collections  in  Process"  shall  have   the   meaning
specified in subsection 4.3(c)(iii).

          "Corporate  Trust  Office"  shall  mean  the  principal
office  of  the  Trustee  at which at  any  particular  time  its
corporate  trust business shall be administered, which office  at
the  date of the execution of this Agreement is located  at  1011
Centre Road, suite 200, Wilmington, Delaware 19805.

          "Coupon"   shall   have   the  meaning   specified   in
Section 6.1.

          "Credit   and  Collection  Policy"  means  the  credit,
collection, customer relations and service policies that apply to
an Eligible Account, as such policies currently exist and as such
policies  may be amended, modified or supplemented from  time  to
time  subject  to  Section  5.01(c) of the  Receivables  Purchase
Agreement.

          "Cut-Off  Date" shall mean, for Receivables in Accounts
owned  by  each  Initial  Originator,  July  30,  1993,  and  for
Receivables in Accounts owned by each Additional Originator,  the
date specified as such in the Additional Originator Agreement.

          "Daily  Report"  shall  mean  a  report  in  the   form
specified in subsection 1.2(e) as may be supplemented pursuant to
any Supplement.

          "Date  of Processing" shall mean, with respect  to  any
transaction, the date on which such transaction is first recorded
on  the  Servicer's  computer master file of  consumer  revolving
credit  card  accounts (without regard to the effective  date  of
such recordation).

          "Default  Amount" shall mean, on any Business Day,  the
aggregate  amount  of  Principal Receivables  in  Accounts  which
became  Defaulted  Accounts  on  such  Business  Day;  it   being
understood  that  such  amount shall not  exclude  any  Defaulted
Receivables   by   reason   of  their  repurchase   pursuant   to
Section 2.4(f).

          "Defaulted  Account"  shall  mean  each  Account   with
respect  to  which, in accordance with the Credit and  Collection
Policy   or   the   Servicer's  customary  and  usual   servicing
procedures, the Servicer has charged off the Receivables in  such
Account  as  uncollectible; an Account shall become  a  Defaulted
Account  on  the  day on which such Receivables are  recorded  as
charged  off  as uncollectible on the Servicer's computer  master
file of consumer credit card revolving accounts.  Notwithstanding
any  other  provision  hereof, any  Receivables  in  a  Defaulted
Account  that  are  Ineligible Receivables shall  be  treated  as
Ineligible  Receivables  rather  than  Receivables  in  Defaulted
Accounts.

          "Defaulted  Receivable"  means  any  Receivable  in   a
Defaulted Account.

          "Defaulted Receivable Receipts" shall have the  meaning
specified in the definition for "Recoveries."

          "Defaulted Receivable Repurchase Amount" shall have the
meaning specified in subsection 2.4(f)(ii).

          "Defeasance Account" shall, if relevant to any  Series,
have the meaning specified in the applicable Supplement.

          "Definitive   Certificate"  shall  have   the   meaning
specified in Section 6.10.

          "Depositary"  shall  have  the  meaning  specified   in
Section 6.10.

          "Depositary Agreement" shall mean, with respect to each
Series,  the agreement among the Transferor, the Trustee and  the
Clearing  Agency,  or  as  otherwise  provided  in  the   related
Supplement.

          "Determination Date" shall mean the second Business Day
prior to each Distribution Date.

          "Discount Option Receivables" shall mean, on and  after
the  date  on  which the Transferor's exercise  of  its  discount
option  pursuant  to  Section 2.8 takes  effect,  the  result  of
(a)  the aggregate Discount Option Receivables at the end of  the
prior  day  (which  amount,  prior  to  the  date  on  which  the
Transferor's  exercise of its discount option  takes  effect  and
with  respect to Receivables generated prior to such date,  shall
be zero), plus (b) any New Discount Option Receivables created on
such  day,  minus (c) any Discount Option Receivables Collections
received on such Date of Processing.

          "Discount Option Receivables Collections" shall mean on
any  Date  of  Processing, on and after the  date  on  which  the
Transferor's  exercise  of  its  discount  option   pursuant   to
Section  2.8  takes  effect, the product of (a)  a  fraction  the
numerator  of which is the amount of Discount Option  Receivables
and  the  denominator  of  which is  the  sum  of  the  Principal
Receivables and the Discount Option Receivables in each case (for
both  numerator and denominator) at the end of the prior  Monthly
Period  and  (b)  Collections of Principal  Receivables  (without
giving  effect  to  the  proviso in the definition  of  Principal
Receivables)  created on each Date of Processing  falling  on  or
after  the  date on which the Transferor exercises  its  discount
option, received on such Date of Processing.

          "Discount  Percentage" shall mean the fixed percentage,
if any, designated by the Transferor pursuant to Section 2.8.

          "Distribution Account" shall have the meaning specified
in subsection 4.2(c).

          "Distribution   Date"  shall  mean,  unless   otherwise
specified in any Supplement for the related Series, the fifteenth
day  of  each month or, if such fifteenth day is not  a  Business
Day, the next succeeding Business Day.

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

          "Eligible  Account"  shall  mean,  as  of  the  Initial
Closing  Date  (or, with respect to Supplemental Accounts  as  of
each  Addition  Date  and  with respect to  Automatic  Additional
Accounts, as of the date the Receivables arising in such Accounts
are designated for inclusion in the Trust), each Account owned by
an Account Owner:

          (a)  which is payable in Dollars;

          (b)   which  has  not been identified by  such  Account
Owner  in  its  computer files as an account  as  to  which  such
Account  Owner  or the Servicer has any confirmed record  of  any
fraud-related activity by the Obligor;

          (c)   which  has not been sold or pledged to any  other
party and which does not have Receivables which have been sold or
pledged to any other party;

          (d)   which  was created in accordance with the  Credit
and  Collection  Policy of such Account  Owner  at  the  time  of
creation of such account or the Receivables of which each  Rating
Agency permits to be added automatically to the Trust;

          (e)   the  Receivables in which such Account Owner  has
not  charged  off in its customary and usual manner for  charging
off  Receivables in such Accounts as of the Initial Closing  Date
(or,  with  respect to Supplemental Accounts as of  the  Addition
Date and with respect to Automatic Additional Accounts, as of the
date  the  Receivables of such Accounts are first designated  for
inclusion  in  the  Trust)  unless such Account  is  subsequently
reinstated; and

          (f)   which  is  not  an Automatic  Additional  Account
which,  during  the period specified in subsection  2.6(b)(i)  or
(ii),   is  in  excess  of  the  percentage  test  specified   in
subsection 2.6(b)(i) or (ii), respectively.

          "Eligible  Receivable" shall mean each Receivable  that
satisfies each of the following criteria:

          (a)  it arises under an Eligible Account;

          (b)    it   constitutes   an  "account,"   a   "general
intangible" or "chattel paper" as defined in Article 9 of the UCC
as then in effect in each Relevant UCC State;

          (c)  it is at the time of its transfer to the Trust the
legal,  valid  and  binding obligation of a  Person  who  (i)  is
living,  (ii) is not a minor under the laws of his/her  state  of
residence  and  (iii) is competent to enter into a  contract  and
incur  debt (or, with respect to obligations from Persons who  do
not  qualify under clauses (ii) or (iii), is so guaranteed  by  a
Person   who  qualifies  under  clauses  (i),  (ii)  and  (iii));
provided,  however  that  no  more than  6.00%  of  all  Eligible
Receivables  shall  be from Obligors which are non-U.S.  Persons,
unless  the  Rating  Agency provides its written  consent  to  an
increase in such percentage;

          (d)  it and the underlying Charge Account Agreement  do
not  contravene  in  any  material respect  any  laws,  rules  or
regulations  applicable thereto (including,  without  limitation,
rules  and regulations relating to truth in lending, fair  credit
billing,  fair  credit reporting, equal credit opportunity,  fair
debt  collection practices and privacy) that could reasonably  be
expected  to  have an adverse impact on the amount of Collections
thereunder,  and  the Account Owner under the  underlying  Charge
Account Agreement is not in violation of any such laws, rules  or
regulations  in  any  respect material  to  such  Charge  Account
Agreement;

          (e)  all material consents, licenses, or authorizations
of, or registrations with, any governmental authority required to
be  obtained  or  given in connection with the creation  of  such
Receivable  or the execution, delivery, creation and  performance
of  the  underlying  Charge  Account  Agreement  have  been  duly
obtained or given and are in full force and effect as of the date
of the creation of such Receivables;

          (f)   at  the  time of its transfer to the  Trust,  the
Transferor or the Trust will have good and marketable title  free
and  clear of all Liens and security interests arising  under  or
through the Transferor (other than Permitted Liens);

          (g)   it  is  not, at the time of its transfer  to  the
Trust, a Receivable in a Defaulted Account or a Receivable  owing
from a bankrupt Obligor; and

          (h)   it  arises under a Charge Account Agreement  that
has  been duly authorized by (i) the applicable Account Owner  or
(ii) the creditor of an account approved by each Rating Agency as
an  Automatic  Additional  Account or Supplemental  Account,  and
which, together with such Receivable, is in full force and effect
and  constitutes the legal, valid and binding obligation  of  the
Obligor  of  such Receivable enforceable against such Obligor  in
accordance  with  its terms and is not subject  at  the  time  of
transfer  to  the  Trust to any dispute, offset, counterclaim  or
defense whatsoever.

          "Enhancement" shall mean, with respect to  any  Series,
the  cash collateral account, letter of credit, insurance policy,
guaranteed  rate  agreement,  maturity  guaranty  facility,   tax
protection  agreement, interest rate caps,  interest  rate  swap,
subordination of the rights of one class to another or any  other
contract,  agreement  or  arrangement  for  the  benefit  of  the
Certificateholders  of  such Series (or Certificateholders  of  a
Class  within  such  Series)  as  designated  in  the  applicable
Supplement.

          "Enhancement Provider" shall mean, with respect to  any
Series,  the  Person, if any, designated as such in  the  related
Supplement.

          "Equalization Account" shall have the meaning specified
in subsection 4.2(d).

          "ERISA"  shall  mean  the  Employee  Retirement  Income
Security Act of 1974, as amended from time to time.

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

          "Exchange"   shall  mean  either  of   the   procedures
described in Section 6.9(b).

          "Exchangeable  Transferor Certificate" shall  mean  the
certificate executed by the Transferor and authenticated  by  the
Trustee,  substantially in the form of Exhibit A and exchangeable
as  provided  in  Section 6.9; provided, that at any  time  there
shall be only one Exchangeable Transferor Certificate.

          "Exchange Date" shall have the meaning, with respect to
any   Series  issued  pursuant  to  an  Exchange,  specified   in
subsection 6.9(b).

          "Exchange Notice" shall have the meaning, with  respect
to  any  Series  issued  pursuant to an  Exchange,  specified  in
subsection 6.9(b).

          "Existing  Agreement" shall have the meaning  specified
in the recitals to this Agreement.

          "Extended  Trust  Termination  Date"  shall  have   the
meaning specified in subsection 12.1(a).

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

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

          "Finance  Charge Collections" shall mean, with  respect
to  any  Business Day, Collections received by the Servicer  with
respect to Finance Charge Receivables on such Business Day.

          "Finance  Charge  Receivables" shall mean  all  amounts
billed  from  time  to time to the Obligors  on  any  Account  in
respect  of  (i) Periodic Finance Charges, (ii) over limit  fees,
(iii)   late  charges,  (iv)  returned  check  fees,  (v)  annual
membership   fees   and   annual   service   charges,   if   any,
(vi)  transaction charges and (vii) all other fees  and  charges,
plus (x) Recoveries, (y) Discount Option Receivables, if any, and
(z) investment earnings on amounts on deposit in the Equalization
Account, if any.

          "Fixed  Allocation Percentage" shall have  the  meaning
for each Series specified in the related Supplement.

          "Floating Allocation Percentage" shall have the meaning
for each Series specified in the related Supplement.

          "Foreign Clearing Agency" shall mean Cedelbank and  the
Euroclear Operator.

          "Global  Certificate" shall have the meaning  specified
in Section 6.13.

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

          "Granite  Original Accounts" means Accounts  which  the
Bank  establishes with Obligors who had Charge Account Agreements
with SRI on August 1, 1998.

          "Highest  Long-Term  Credit Rating"  shall  mean,  with
respect to any investment or institution:

               (a)  if a rating of such investment or institution
          is required pursuant to the terms of this Agreement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  a  Rating  Agency with respect to  any  outstanding
          Series  (or  any  successor rating  designated  by  the
          applicable Rating Agency); and

               (b)  if a rating of such investment or institution
          is  required  pursuant to the terms of a Supplement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  a  Rating Agency with respect to the Series  issued
          pursuant  to  such Supplement (or any successor  rating
          designated by the applicable Rating Agency):

                      Rating Agency       Credit
                                          Rating

                    DCR                    AAA
                    Fitch                  AAA
                    Moody's                Aaa
                    Standard & Poor's      AAA

Notwithstanding  the foregoing, if either  DCR  or  Fitch  is  an
applicable Rating Agency but does not maintain a credit rating on
the  investment or institution with respect to which such  rating
is  required, then such investment or institution shall be deemed
to  have  the  Highest  Long-Term Credit Rating  if  it  has  the
applicable  credit  rating from the remaining  applicable  Rating
Agencies.

          "Holder"  or "Certificateholder" shall mean the  Person
in  whose  name  a  Certificate is registered in the  Certificate
Register, and if applicable, the holder of any Bearer Certificate
or Coupon, as the case may be.

          "Ineligible   Receivable"  shall   have   the   meaning
specified in subsection 2.4(d).

          "Initial Closing Date" shall mean July 30, 1993.

          "Initial  Invested Amount" shall mean, with respect  to
any  Series  of  Certificates, the amount stated in  the  related
Supplement.

          "Initial Originator" has the meaning it is given in the
Receivables Purchase Agreement.

          "In-Store Payments" shall mean any payment made  by  an
Obligor with respect to a Receivable by delivery of cash,  check,
money  order or any other form of payment to a cashier  or  other
employee of any SRI Store.

          "Interest  Funding  Account"  shall  have  the  meaning
specified in subsection 4.2(b).

          "Internal Revenue Code" shall mean the Internal Revenue
Code of 1986, as amended from time to time.

          "Invested  Amount"  shall have,  with  respect  to  any
Series  of  Certificates,  the  meaning  stated  in  the  related
Supplement.

          "Investment  Company  Act" shall  mean  the  Investment
Company Act of 1940, as amended from time to time.

          "Investor  Account"  shall mean each  of  the  Interest
Funding Account, any Principal Account, the Equalization Account,
any Distribution Account and any Series Account.

          "Investor  Certificate"  shall  mean  any  one  of  the
certificates   (including,   without   limitation,   the   Bearer
Certificates   or   the   Registered   Certificates    and    any
uncertificated certificates) issued pursuant to any Supplement.

          "Investor  Certificateholder" shall mean the Holder  of
an Investor Certificate.

          "Investor Charge Off" shall have, with respect to  each
Series, the meaning specified in the applicable Supplement.

          "Investor  Default Amount" shall have, with respect  to
any   Series  of  Certificates,  the  meaning  specified  in  the
applicable Supplement.

          "Investor Exchange" shall have the meaning specified in
subsection 6.9(b).

          "Investor  Percentage"  shall  mean,  with  respect  to
Principal Collections, Finance Charge Collections and Receivables
in  Defaulted  Accounts,  and  any Series  of  Certificates,  the
Floating   Allocation   Percentage  or   the   Fixed   Allocation
Percentage, as applicable, pursuant to the applicable Supplement.

          "Late  Fees"  shall have, with respect to any  Account,
the  meaning specified in the Charge Account Agreement applicable
to such Account for late fees or similar charges.

          "Latest  Rating  Agency Approval Date" shall  mean  the
most  recent date of written confirmation from the Rating  Agency
that the addition of accounts to such date would not result in  a
downgrading of the Investor Certificates of such Series.

          "Licensed  Names" shall have the meaning  specified  in
Section 2.1.

          "Lien"  shall mean any mortgage, deed of trust, pledge,
hypothecation,  assignment,  participation  or  equity  interest,
deposit  arrangement,  encumbrance, lien  (statutory  or  other),
preference,  priority or other security agreement or preferential
arrangement of any kind or nature whatsoever, including,  without
limitation,  any  conditional  sale  or  other  title   retention
agreement,  any  financing lease having  substantially  the  same
economic  effect as any of the foregoing and the  filing  of  any
financing  statement under the UCC (other than any such financing
statement  filed for informational purposes only)  or  comparable
law  of  any  jurisdiction  to evidence  any  of  the  foregoing;
provided,  however, that any assignment pursuant to  Section  7.2
shall not be deemed to constitute a Lien.

          "Merchant  Agreement"  means an agreement  between  the
Bank  and  a  merchant pursuant to which the merchant  agrees  to
honor  credit cards issued by the Bank to Obligors and  the  Bank
agrees  to  make loans to Obligors for the purpose of  purchasing
goods  and services at stores operated by the merchant.   Without
limiting  the  foregoing,  the Retail Credit  Services  Agreement
dated as of August 1, 1998 between the Transferor and the Bank is
a Merchant Agreement.

          "Minimum  Aggregate Principal Receivables" shall  mean,
as  of  any date of determination, an amount equal to the sum  of
(a)  the  Initial Invested Amounts for all outstanding Series  on
such  date except a Series created pursuant to a Variable Funding
Supplement at any time or a Paired Series during its Amortization
Period,  (b)  with  respect to a Series  created  pursuant  to  a
Variable Funding Supplement, during the Revolving Period for such
Series,  the  Invested  Amount of such Series  on  such  date  of
determination or, during the Amortization Period for such Series,
the  Invested  Amount  of such Series on  the  last  day  of  the
Revolving  Period  for such Series and (c) with  respect  to  any
Paired Series during its Amortization Period, the Invested Amount
of  such  Series  as  of the preceding Distribution  Date  (after
taking  into  account any payments or adjustments  made  on  such
Distribution Date).

          "Minimum  Long-Term  Credit Rating"  shall  mean,  with
respect to any investment or institution:

               (a)  if a rating of such investment or institution
          is required pursuant to the terms of this Agreement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  a  Rating  Agency with respect to  any  outstanding
          Series  (or  any  successor rating  designated  by  the
          applicable Rating Agency); and

               (b)  if a rating of such investment or institution
          is  required  pursuant to the terms of a Supplement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  Rating  Agency  with respect to the  Series  issued
          pursuant  to  such Supplement (or any successor  rating
          designated by the applicable Rating Agency):

                      Rating Agency       Credit
                                          Rating

                    DCR                    BBB
                    Fitch                  BBB
                    Moody's                Baa2
                    Standard & Poor's      BBB

Notwithstanding  the foregoing, if either  DCR  or  Fitch  is  an
applicable Rating Agency but does not maintain a credit rating on
the  investment or institution with respect to which such  rating
is  required, then such investment or institution shall be deemed
to  have  a  Minimum  Long-Term  Credit  Rating  if  it  has  the
applicable  credit  rating from the remaining  applicable  Rating
Agencies.

          "Minimum  Retained Interest" shall mean the product  of
(i)  the  sum of (a) the Aggregate Principal Receivables and  (b)
the  amounts on deposit in the Equalization Account and (ii)  the
Minimum Retained Percentage.

          "Minimum  Retained Percentage" shall mean  the  highest
Minimum Retained Percentage specified in any Supplement.

          "Minimum  Transferor Interest" shall mean,  as  of  any
date  of  determination, the product of (i) the sum  of  (a)  the
Aggregate Principal Receivables and (b) the amounts on deposit in
the   Equalization  Account  and  (ii)  the  Minimum   Transferor
Percentage on such date of determination.

          "Minimum Transferor Percentage" shall mean the  highest
Minimum Transferor Percentage specified in any Supplement.

          "Monthly   Investor  Servicing  Fee"  shall  mean   the
Servicing  Fee payable to the Servicer with respect to a  Monthly
Period.

          "Monthly  Period" shall mean, unless otherwise  defined
with  respect to a Series in the related Supplement,  the  period
from  and  including the first day of each fiscal  month  of  the
Transferor to and including the last day of such fiscal month.

          "Moody's" shall mean Moody's Investors Service, Inc. or
its successors.

          "New  Discount Option Receivables" shall mean,  on  any
Date   of  Processing  on  and  after  the  date  on  which   the
Transferor's  exercise  of  its  discount  option   pursuant   to
Section  2.8  takes  effect, the product of  the  amount  of  any
Principal Receivables created on such Date of Processing (without
giving  effect  to  the  proviso in the definition  of  Principal
Receivables) and the Discount Percentage.

          "Notice  Date"  shall  have the  meaning  specified  in
subsection 2.6 (e)(i).

          "Obligor"  shall  mean  a  Person  obligated  to   make
payments  with respect to a Receivable arising under  an  Account
pursuant to a Charge Account Agreement.

          "Officer's Certificate" shall mean a certificate signed
by any Vice President or more senior officer of the Transferor or
Servicer and delivered to the Trustee.

          "Opinion  of Counsel" shall mean a written  opinion  of
counsel,  who  may be counsel for or an employee  of  the  Person
providing the opinion, and who shall be reasonably acceptable  to
the Trustee.

          "Originators"  shall mean SRI and any  subsidiaries  of
SRI which are party from time to time to the Receivables Purchase
Agreement in the capacity of an "Originator."

          "Outstanding  Balance" shall mean, with  respect  to  a
Receivable  on any day, the aggregate amount owed by the  Obligor
thereunder as of the close of business on the prior Business  Day
(net of returns and adjustments).

          "Paired  Series" shall mean each Series which has  been
paired with a prefunded Series, and such prefunded Series.

          "Paying  Agent"  shall mean any paying agent  appointed
pursuant  to  Section 6.6 and shall initially  be  Bankers  Trust
(Delaware).

          "Pay Out Commencement Date" shall mean, with respect to
each  Series,  the  date on which (a) a Trust Pay  Out  Event  is
deemed  to occur pursuant to Section 9.1 or (b) a Series Pay  Out
Event  is  deemed  to occur pursuant to the Supplement  for  such
Series.

          "Pay  Out  Event"  shall mean,  with  respect  to  each
Series, a Trust Pay Out Event or a Series Pay Out Event.

          "Periodic Finance Charges" shall have, with respect  to
any   Account,  the  meaning  specified  in  the  Charge  Account
Agreement applicable to such Account for finance charges (due  to
periodic rate) or any similar term.

          "Permitted  Lien"  shall  mean  with  respect  to   the
Receivables: (i) Liens in favor of the Bank created  pursuant  to
the  Receivables Transfer Agreement; (ii) Liens in favor  of  the
Transferor created pursuant to the Receivables Purchase Agreement
assigned  to the Trustee pursuant to this Agreement; (iii)  Liens
in  favor  of  the Trustee pursuant to this Agreement;  (iv)  the
rights  to  repurchase  Defaulted  Receivables  granted  to   the
Transferor   in   Section  2.4(f)  and  to  each  Originator   in
Section  2.04(c)  of  the  Receivables  Purchase  Agreement;  and
(v)  Liens  which  secure the payment of taxes,  assessments  and
governmental charges or levies, if such taxes are either (a)  not
delinquent  or  (b) being contested in good faith by  appropriate
legal  or  administrative proceedings and as  to  which  adequate
reserves   in  accordance  with  generally  accepted   accounting
principles shall have been established, but only so long as  such
proceedings  could not subject the Originators,  the  Transferor,
the  Servicer or the Certificateholders to any civil or  criminal
penalty  or  liability  or involve any  risk  of  loss,  sale  or
forfeiture of any property, rights or interests covered  by  this
Agreement.

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

          "Portfolio  Correction Distribution Amount"  means  the
aggregate  Series Portfolio Distribution Amounts for each  Series
then in its Revolving Period.

          "Portfolio Imbalance Event" will occur if, on the  last
day  of  any Monthly Period occurring during the Revolving Period
(the  "measuring day"), (a) on each of such day and the last  day
of  each of the preceding eleven consecutive Monthly Periods, (i)
the  amount of all Cash Equivalents and other amounts on  deposit
in  the Equalization Account exceeded 25% of (ii) the sum of  all
Principal  Receivables and Cash Equivalents and other amounts  on
deposit in the Equalization Account on each such day, or  (b)  on
each  of  the  measurement day and the last day of the  preceding
Monthly Period, (i) the amount of all Cash Equivalents and  other
amounts  on deposit in the Equalization Account exceeded  45%  of
(ii)  the  sum of Principal Receivables and Cash Equivalents  and
other amounts on deposit in the Equalization Account on each such
day, with all such amounts calculated after giving effect to  all
amounts to be distributed on the Distribution Date following  the
last  day  of  the applicable Monthly Period; provided,  however,
that  no  such event shall be deemed to be a Portfolio  Imbalance
Event  if (A) the Trustee is not a Related Person at the time  of
such  event or (B) the Transferor shall have delivered an Opinion
of  Counsel to the Trustee to the effect that such event will not
cause  the  Transferor  or  the Trust to  become  an  "investment
company"  or "controlled" by an "investment company"  within  the
meaning of the Investment Company Act.

          "Principal Account" shall have the meaning specified in
subsection 4.2(b).

          "Principal Collections" shall mean with respect to  any
Business  Day  the  Collections received  with  respect  to  each
Principal Receivable on such Business Day.

          "Principal Receivables" shall mean amounts shown on the
Servicer's records as amounts payable by Obligors with respect to
Eligible Receivables on any Account other than such amounts  that
are  Finance  Charge  Receivables  or  Receivables  in  Defaulted
Accounts  and shall include, without limitation, amounts  payable
for purchases of goods or services; provided, however that if the
Transferor   shall   have  exercised  its  option   pursuant   to
Section  2.8,  Principal Receivables on any date of determination
thereafter   shall  mean  Principal  Receivables   as   otherwise
determined  pursuant to this definition minus the amount  of  any
Discount  Option Receivables.  A Receivable shall  be  deemed  to
have been created at the end of the day on the Date of Processing
of  such  Receivable.   In calculating the  aggregate  amount  of
Principal  Receivables  on  any  day,  the  amount  of  Principal
Receivables  shall be reduced by the aggregate amount  of  credit
balances in the Accounts on such day.

          "Principal Shortfalls" shall mean, with respect to  any
Business  Day,  the  aggregate amount for all outstanding  Series
which  the  related Supplements specify as "Principal Shortfalls"
for such Business Day.

          "Principal Terms" shall have the meaning, with  respect
to  any  Series  issued  pursuant to an  Exchange,  specified  in
subsection 6.9(c).

          "Prior  Year's  Default Ratio" shall have  the  meaning
specified in subsection 2.4(f)(i).

          "Pro  Forma Condition" shall mean the determination  by
the  Servicer  that, as of any Distribution Date,  the  principal
amount  of  Defaulted Receivables to be repurchased  pursuant  to
Section 2.4(f) on the applicable Distribution Date is not greater
than  the  amount  by  which  (i) the  aggregate  amount  of  all
Collections  that  would  be allocated  and  distributed  to  the
Transferor  hereunder on such Distribution Date after giving  pro
forma  effect  to  the  repurchase of such Defaulted  Receivables
exceeds  (ii) the aggregate amount of all Collections that  would
be  allocated and distributed to the Transferor hereunder on such
Distribution  Date  without giving effect to such  repurchase  of
Defaulted Receivables.

          "Prospective  Pay  Out Event" shall  have  the  meaning
specified in subsection 2.3(l).

          "Purged  Account"  shall mean an Account  that  has  an
Outstanding  Balance of zero and has been terminated pursuant  to
the  applicable Credit and Collection Policy due to  an  extended
period of inactivity.

          "Qualified   Institution"  shall   have   the   meaning
specified in subsection 4.2(a)(ii).

          "Rating  Agency"  shall  mean,  with  respect  to  each
Series, the rating agency or agencies, if any, specified  in  the
related Supplement.

          "Reassignment"  shall  have the  meaning  specified  in
subsection 2.7(b)(i).

          "Reassignment Date" shall have the meaning specified in
subsection 2.4(e).

          "Receivable"  shall mean, with respect to any  Obligor,
any account, chattel paper or general intangible representing the
indebtedness  of  such Obligor under a Charge  Account  Agreement
arising  in  an Account from a sale of merchandise, insurance  or
services  or  from  a  cash advance, and includes  the  right  to
payment  of any interest or finance charges and other obligations
of  such Obligor with respect thereto.  Each Receivable includes,
without   limitation,  all  rights  of  the  Account  Owner   and
obligations  of  the Obligor under the applicable Charge  Account
Agreement.   Each  increase  in the Outstanding  Balance  of  any
Receivable  (other  than  any such increase  resulting  from  the
accrual of interest or finance charges or other fees with respect
to such Receivable) shall, for purposes of Article II, constitute
a separate Receivable.

          "Receivables Purchase Agreement" shall mean the Amended
and  Restated Receivables Purchase Agreement dated as of May  30,
1996,  between  Palais Royal, Inc., the other  Originators  named
therein  and  each Additional Originator which may from  time  to
time  become a party thereto, as sellers, and the Transferor,  as
purchaser, as amended or otherwise modified from time to time.

          "Receivables Software" shall have the meaning specified
in Section 8.8.

          "Record   Date"  shall  mean,  with  respect   to   any
Distribution Date, the last Business Day of the preceding Monthly
Period.

          "Recoveries," shall mean, with respect to  any  period,
an  amount  (which  shall not be less than  zero)  equal  to  the
product  of  (i)  any amounts received during  such  period  with
respect  to  Receivables  in  Accounts  which  previously  became
Defaulted Accounts ("Defaulted Receivable Receipts") and (ii) the
fraction  resulting  from  (A) one  minus  (B)  a  fraction,  the
numerator   of  which  is  the  aggregate  Defaulted   Receivable
Repurchase  Amount paid by the Originators during  the  preceding
six  full  Monthly Periods pursuant to Section  2.4(f),  and  the
denominator of which is the total principal amount of Receivables
which  became  Defaulted  Receivables  during  such  six  Monthly
Periods.

          "Registered   Certificates"  shall  have  the   meaning
specified in Section 6.1.

          "Related Person" shall mean a Person who is, or  is  an
Affiliate  of,  SRI,  Bankers Trust  Company  (or  any  successor
thereof),   any   Investor  Certificateholder,  any   Enhancement
Provider   or  any  other  Person  whose  affiliation  with   the
Transferor or the Trust would violate the condition contained  in
Section (4)(i) of Rule 3-a7 under the Investment Company Act.

          "Related Contracts" shall have the meaning specified in
Section 2.1.

          "Relevant  UCC  State" shall mean each jurisdiction  in
which  the  filing of a UCC financing statement is  necessary  to
perfect the ownership interest of the Transferor pursuant to  the
Receivables  Purchase  Agreement  or  the  Receivables   Transfer
Agreement  or the ownership or security interest of  the  Trustee
established under this Agreement.

          "Removal  Date"  shall  have the meaning  specified  in
subsection 2.7(b).

          "Removal Notice Date" shall mean the day, no later than
the  fifth  Business Day prior to a Removal Date,  on  which  the
Transferor gives notice to the Trustee pursuant to Section 2.7(a)
of its intention to remove Accounts from the Trust.

          "Removed Accounts" shall have the meaning specified  in
subsection 2.7(a).

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

          "Responsible Officer" shall mean any officer within the
Corporate  Trust Office (or any successor group of the  Trustee),
including the President, any Vice President or any other  officer
of  the Trustee customarily performing functions similar to those
performed  by  any  person who at the  time  shall  be  an  above
designated  officer and who shall have direct responsibility  for
the administration of this Agreement.

          "Retained  Interest"  shall  mean,  on  any   date   of
determination,  the  sum  of  the  Transferor  Interest  and  the
Invested   Amount   represented  by   any   Transferor   Retained
Certificate.

          "Retained  Percentage"  shall  mean,  on  any  date  of
determination,  the  percentage  equivalent  of  a  fraction  the
numerator  of which is the Retained Interest and the  denominator
of  which is the aggregate amount of Principal Receivables at the
end  of  the  day immediately prior to such date of determination
plus all amounts on deposit in the Equalization Account (but  not
including investment earnings on such amounts).

          "Revolving  Period" shall have, with  respect  to  each
Series, the meaning specified in the related Supplement.

          "Satisfactory  Short-Term Credit  Rating"  means,  with
respect to any investment or institution:

               (a)  if a rating of such investment or institution
          is required pursuant to the terms of this Agreement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  a  Rating  Agency with respect to  any  outstanding
          Series  (or  any  successor rating  designated  by  the
          applicable Rating Agency); and

               (b)  if a rating of such investment or institution
          is  required  pursuant to the terms of a Supplement,  a
          credit   rating  not  lower  than  the  credit   rating
          specified  below from each Person specified below  that
          is  Rating  Agency  with respect to the  Series  issued
          pursuant  to  such Supplement (or any successor  rating
          designated by the applicable Rating Agency):

                      Rating Agency       Credit
                                          Rating

                    DCR                    D-1
                    Fitch                  F-1
                    Moody's                P-1
                    Standard & Poor's      A-1+

Notwithstanding  the foregoing, if either  DCR  or  Fitch  is  an
applicable Rating Agency but does not maintain a credit rating on
the  investment or institution with respect to which such  rating
is  required, then such investment or institution shall be deemed
to  have  a Satisfactory Short-Term Credit Rating if it  has  the
applicable  credit  rating from the remaining  applicable  Rating
Agencies.

          "Securities Act" shall mean the Securities Act of 1933,
as amended.

          "Series"    shall   mean   any   series   of   Investor
Certificates, which may include within any such Series a Class or
Classes  of  Investor Certificates subordinate  to  another  such
Class or Classes of Investor Certificates.

          "Series  Account"  shall mean any account  or  accounts
established  pursuant  to a Supplement for  the  benefit  of  the
related Series.

          "Series Pay Out Event" shall have, with respect to  any
Series, the meaning specified in the related Supplement.

          "Series  Portfolio  Distribution Amounts"  shall  have,
with  respect to any Series, the meaning specified in the related
Supplement.

          "Series  Servicing  Fee Percentage"  shall  mean,  with
respect  to  any  Series, the amount specified  as  such  in  the
related Supplement.

          "Series  Termination Date" shall mean, with respect  to
any Series of
s, the date stated as such in the related Supplement.

          "Servicer" shall mean initially SRI and thereafter  any
Person  appointed as successor as herein provided to service  the
Receivables.

          "Servicer Default" shall have the meaning specified  in
Section 10.1.

          "Servicing Fee" shall have the meaning specified in the
related Supplement.

          "Settlement Statement" shall mean a report in the  form
specified in subsection 1.2(e) as may be supplemented pursuant to
any Supplement.

          "Shared Principal Collections" shall mean, with respect
to  any  Business  Day, the aggregate amount for all  outstanding
Series  of  Principal  Collections which the related  Supplements
specify  are to be treated as "Shared Principal Collections"  for
such Business Day.

          "SRI"   shall   mean  Specialty  Retailers,   Inc.,   a
corporation organized and existing under the laws of the State of
Texas.

          "SRI  Store" means any merchant which is a party  to  a
Merchant Agreement with the Bank.

          "Standard  &  Poor's"  shall  mean  Standard  &  Poor's
Ratings Services or its successor.

          "Successor  Servicer" shall have the meaning  specified
in subsection 10.2(a).

          "Supplement" shall mean, with respect to any Series,  a
supplement  to  this  Agreement  complying  with  the  terms   of
Section  6.9 of this Agreement, executed in conjunction with  any
issuance of Certificates of such Series (or, in the case  of  the
Issuance  of  Certificates  on  the  Initial  Closing  Date,  the
supplements  executed  in connection with the  issuance  of  such
Certificates).

          "Supplemental   Accounts"  shall   have   the   meaning
specified in subsection 2.6(c).

          "Termination  Notice" shall have, with respect  to  any
Series, the meaning specified in Section 10.1.

          "Transfer" shall mean transfer, sell, exchange, pledge,
hypothecate,  participate, or otherwise assign, in  whole  or  in
part.

          "Transfer  Agent and Registrar" shall have the  meaning
specified  in  Section 6.3 and shall initially be  Bankers  Trust
Company, a New York banking corporation.

          "Transfer Date" shall mean, with respect to any Series,
the Business Day immediately prior to each Distribution Date.

          "Transferor"  shall mean SRI Receivables Purchase  Co.,
Inc., a corporation organized and existing under the laws of  the
State of Delaware, and any successor thereto.

          "Transferor Exchange" shall have the meaning  specified
in subsection 6.9(b).

          "Transferor  Fiscal Year" shall mean the  approximately
twelve  month  period ending on the Saturday nearest  to  January
31st.

          "Transferor  Interest"  shall  mean,  on  any  date  of
determination,  the aggregate amount of Principal Receivables  at
the   end   of  the  day  immediately  prior  to  such  date   of
determination  plus  all amounts on deposit in  the  Equalization
Account  (but not including investment earnings on such  amounts)
at the end of such immediately preceding day, minus the aggregate
Adjusted  Invested  Amount for all Series  at  the  end  of  such
immediately preceding day.

          "Transferor  Percentage" shall mean,  on  any  date  of
determination,  when used with respect to Principal  Collections,
Finance Charge Collections and Receivables in Defaulted Accounts,
a   percentage  equal  to  100%  minus  the  Aggregate   Investor
Percentage with respect to such categories of Receivables.

          "Transferor Retained Certificates" shall mean  Investor
Certificates  of any Series which the Transferor is  required  to
retain pursuant to the terms of any Supplement.

          "Transferred Account" shall mean an Account to which  a
new  credit  account  number has been issued under  circumstances
resulting  from  a lost or stolen credit card and  not  requiring
standard  application and credit evaluation procedures under  the
Credit  and  Collection  Policy,  and  which  can  be  traced  or
identified  by  reference  to or by  way  of  computer  files  or
microfiche  lists delivered to the Trustee or the bailee  of  the
Trustee  pursuant to Section 2.1 or 2.6 as an account into  which
an Account has been transferred.

          "Trust" shall mean the trust created by this Agreement,
the corpus of which shall consist of the Trust Property.

          "Trust  Extension" shall have the meaning specified  in
subsection 12.1(a).

          "Trust Pay Out Event" shall have, with respect to  each
Series, the meaning specified in Section 9.1.

          "Trust  Property"  shall have the meaning  assigned  in
Section 2.1.

          "Trust  Termination  Date" shall mean  the  earlier  to
occur  of  (i) unless a Trust Extension shall have occurred,  the
day  after  the  Distribution Date with  respect  to  any  Series
following  the date on which funds shall have been  deposited  in
the Distribution Account or the applicable Series Account for the
payment of Investor Certificateholders of each Series then issued
and  outstanding sufficient to pay in full the Aggregate Invested
Amount  plus interest accrued at the applicable Certificate  Rate
through  the end of the day prior to the Distribution  Date  with
respect to each such Series and certain other amounts as  may  be
specified  in  any Series Supplement, (ii) if a  Trust  Extension
shall  have  occurred, the Extended Trust Termination  Date,  and
(iii) the date specified in Section 12.1.

          "Trustee" shall mean Bankers Trust (Delaware)  and  its
successors  and  any  Person  resulting  from  or  surviving  any
consolidation or merger to which it or its successors  may  be  a
party and any successor trustee appointed as herein provided.

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

          "Undivided Interest" shall mean the undivided  interest
in the Trust evidenced by an Investor Certificate.

          "Unfunded Certificate" shall have the meaning  assigned
in Section 6.9(b).

          "Variable Funding Certificates" shall mean a series  of
Investor Certificates, in one or more Classes, issued pursuant to
Section 6.9 and a Variable Funding Supplement hereto.

          "Variable  Funding Supplement" shall mean a  supplement
executed  in  connection with the issuance  of  Variable  Funding
Certificates.

           "Year-to-Date Period" shall have the meaning specified
in subsection 2.4(f)(i).

     Section I.2  Other Definitional Provisions.

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

          (b)   As  used herein and in any certificate  or  other
document made or delivered pursuant hereto or thereto, accounting
terms  not defined in Section 1.1, and accounting terms partially
defined in Section 1.1 to the extent not defined, shall have  the
respective  meanings  given  to  them  under  generally  accepted
accounting  principles.  To the extent that  the  definitions  of
accounting  terms herein are inconsistent with  the  meanings  of
such  terms  under generally accepted accounting principles,  the
definitions contained herein shall control.

          (c)  The agreements, representations and warranties  of
SRI  in  this Agreement and in any Supplement in its capacity  as
Servicer  and  of  SRI  Receivables Purchase  Co.,  Inc.  in  its
capacity  as  Transferor shall be deemed to  be  the  agreements,
representations  and  warranties  of  SRI  and  SRI   Receivables
Purchase  Co., Inc. solely in each such capacity for so  long  as
either of them acts in each such capacity under this Agreement.

          (d)   The words "hereof," "herein" and "hereunder"  and
words  of similar import when used in this Agreement shall  refer
to  any  Supplement or this Agreement as a whole and not  to  any
particular  provision of this Agreement or  any  Supplement;  and
Section,  subsection , Schedule and Exhibit references  contained
in  this  Agreement or any Supplement are references to Sections,
subsections,  Schedules and Exhibits in or to this  Agreement  or
any Supplement unless otherwise specified.

          (e)  The Daily Report and Settlement Statement shall be
in substantially the forms of Exhibits C and D, with such changes
as  the  Servicer  may  determine to be necessary  or  desirable;
provided,  however, that no such change shall  serve  to  exclude
information  required by this Agreement or any  Supplement.   The
Servicer  shall, upon making such determination, deliver  to  the
Trustee and each Rating Agency an Officer's Certificate to  which
shall  be annexed the form of the related Exhibit, as so changed.
Upon  the  delivery of such Officer's Certificate to the Trustee,
the  related  Exhibit, as so changed, shall for all  purposes  of
this   Agreement  constitute  such  Exhibit.   The  Trustee   may
conclusively rely upon such Officer's Certificate.

                       [End of Article I]
                           ARTICLE II

                   CONVEYANCE OF RECEIVABLES;
                    ISSUANCE OF CERTIFICATES

     Section  II.1   Conveyance of Receivables.   The  Transferor
does  hereby transfer, assign, set-over, and otherwise convey  to
the  Trust  for  the  benefit of the Certificateholders  and,  if
specified  in  any Supplement, any Enhancement Provider,  without
recourse,  all of its right, title and interest in, to and  under
the following (collectively, the "Trust Property"):

          (i)  all right, title and interest of the Transferor in
     and  to  the Receivables now existing and hereafter  created
     and arising in connection with the Accounts and any accounts
     that  meet  the definition of Automatic Additional Accounts,
     including,   without  limitation,  all  accounts,   contract
     rights, chattel paper, instruments, general intangibles  and
     other  obligations of any Obligor with respect to  any  such
     Receivables,  now  or  hereafter existing,  whether  or  not
     arising  out of or in connection with the sale or  lease  of
     goods  or  the  rendering  of  services,  including  without
     limitation  the  right to payment of any  interest,  Finance
     Charge Receivables, returned check fees or late charges  and
     other  obligations of an Obligor with respect  to  any  such
     Receivables,   and  all  rights  in  and  to  all   security
     agreements,  and  other  contracts  securing  or   otherwise
     relating  to  any  such accounts, contract  rights,  chattel
     paper, instruments, general intangibles or obligations  (any
     and  all such security agreements and other contracts  being
     the "Related Contracts");

          (ii)  all guarantees, insurance and other agreements or
     arrangements  of  whatever  character  from  time  to   time
     supporting or securing payment of any Receivables;

          (iii)   the  Receivables Purchase Agreement  including,
     without  limitation,  (A) all rights of  the  Transferor  to
     receive  moneys due and to become due under or  pursuant  to
     the Receivables Purchase Agreement, whether payable as fees,
     expenses,  costs  or  otherwise,  (B)   all  rights  of  the
     Transferor  to receive proceeds of any insurance, indemnity,
     warranty   or  guaranty  with  respect  to  the  Receivables
     Purchase Agreement, (C) claims of the Transferor for damages
     arising  out  of  or  for breach of  or  default  under  the
     Receivables  Purchase  Agreement,  (D)  the  right  of   the
     Transferor  to  amend,  waive or terminate  the  Receivables
     Purchase  Agreement,  to perform thereunder  and  to  compel
     performance  and otherwise exercise all remedies  thereunder
     and  (E) all other rights, remedies, powers, privileges  and
     claims  of  the Transferor under or in connection  with  the
     Receivables Purchase Agreement (the Trust Property described
     in  this  paragraph  (iii) of Section  2.1  being  sometimes
     described herein as the "Assigned Property");

          (iv)  the following (the "Account Property"):

               (A)  any lock boxes maintained by the Servicer  or
          an  Account Owner, the Collection Account, any Interest
          Funding    Account,   any   Principal   Account,    any
          Distribution Account and the Equalization Account,  all
          funds,  and all certificates and instruments,  if  any,
          from time to time representing or evidencing or held in
          any  such  lock  boxes,  the  Collection  Account,  any
          Interest  Funding Account, any Principal  Account,  any
          Distribution Account and the Equalization Account;

               (B)   all  eligible investments from time to  time
          and all certificates and instruments, if any, from time
          to   time   representing  or  evidencing  the  eligible
          investments;

               (C)   all notes, certificates of deposit and other
          instruments from time to time hereafter delivered to or
          otherwise possessed by the Trustee for and on behalf of
          the  Transferor in substitution for or in  addition  to
          any of the then existing Account Property;

               (D)   all  interest, dividends, cash,  instruments
          and   other   property  from  time  to  time  received,
          receivable or otherwise distributed in respect of or in
          exchange  for  any  and  all of  the  existing  Account
          Property; and

               (E)  all additional property that may from time to
          time  hereafter be assigned or pledged to  the  Trustee
          for the benefit of the Certificateholders hereunder  by
          the  Transferor  or by any Person on  the  Transferor's
          behalf;

          (v)   proceeds  of  any and all of the  Trust  Property
     described   in   subparagraphs  (i)   through   (iv)   above
     (including, without limitation, Recoveries and proceeds that
     constitute  property of the types described in  clauses  (i)
     through  (iv)  above)  and,  to  the  extent  not  otherwise
     included, all payments under insurance (whether or  not  the
     Trustee  is  the  loss  payee thereof),  or  any  indemnity,
     warranty or guaranty, payable by reason of loss or damage to
     or  otherwise  with respect to any of such  foregoing  Trust
     Property.

The  foregoing transfer, assignment, set-over and conveyance does
not constitute and is not intended to result in a creation or  an
assumption   by   the  Trust,  the  Trustee   or   any   Investor
Certificateholder  of  any  obligation  of  the  Transferor,  the
Servicer  or any other Person in connection with the Accounts  or
Receivables  or  any  agreement or instrument  relating  thereto,
including, without limitation, any obligation to any Obligors  or
insurers,   or  in  connection  with  the  Receivables   Purchase
Agreement.

     In  connection with such transfer, assignment, set-over  and
conveyance, the Transferor agrees to record and file, at its  own
expense,   one  or  more  financing  statements  (including   any
continuation statements with respect to such financing statements
when applicable) with respect to the Receivables now existing and
hereafter  created  for  the  transfer  of  accounts  or  general
intangibles (as defined in Section 9-106 of the UCC as in  effect
in the Relevant UCC State) meeting the requirements of applicable
state  law  in  such  manner  and in such  jurisdictions  as  are
necessary  to  perfect the assignment of the Receivables  to  the
Trust,  and  to  deliver file stamped copies  of  such  financing
statements or continuation statements or other evidence  of  such
filing  (which may, for purposes of this Section 2.1, consist  of
telephone confirmation of such filing) to the Trustee on or prior
to  the date of issuance of the Certificates, and in the case  of
any  continuation statements filed pursuant to this Section  2.1,
as  soon  as practicable after receipt thereof by the Transferor.
The  foregoing  transfer, assignment, set-over and conveyance  to
the  Trust shall be made to the Trustee, on behalf of the  Trust,
and   each   reference  in  this  Agreement  to  such   transfer,
assignment,   set-over   and  conveyance   shall   be   construed
accordingly.

     In  connection with such transfer, the Transferor agrees, at
its  own  expense,  on  or prior to each Cut-Off  Date  on  which
Accounts of an Account Owner are designated to the Trust  (i)  to
annotate  and  indicate  in its computer files  that  Receivables
created in connection with such Accounts have been transferred to
the  Trust  pursuant  to this Agreement for the  benefit  of  the
Certificateholders  and (ii) to deliver to  the  Trustee  or  the
bailee  of  the  Trustee  a  computer  file  or  microfiche  list
containing  a  true  and  complete list  of  all  such  Accounts,
identified  by  account number and setting forth the  Outstanding
Balance  of  each Receivable as of the applicable  Cut-Off  Date.
Such file or list shall be marked as Schedule I to this Agreement
(or  as  a supplement thereto), delivered to the Trustee  or  the
bailee  of  the Trustee as confidential and proprietary,  and  is
hereby incorporated into and made a part of this Agreement.   The
Transferor  further  agrees  not to alter  the  file  designation
referenced  in clause (i) of this paragraph with respect  to  any
Account  during the term of this Agreement unless and until  such
Account becomes a Removed Account.

     The  Transferor  and  SRI  hereby grant  to  the  Trustee  a
non-exclusive   and,  except  to  the  extent   provided   below,
non-transferable license to use any tradenames that may from time
to time be used by any Account Owner (collectively, the "Licensed
Names")  and  to use the Receivables Software.  This license  and
the  rights of use hereunder are contingent on the occurrence and
continuance  of a Servicer Default.  Following such event,  these
licenses  and  the  right of use of the Licensed  Names  and  the
Receivables Software hereunder may be transferred by the  Trustee
to  the  extent  necessary  to  collect  the  Receivables  in   a
commercially reasonable manner.  The rights of use granted  under
these licenses are limited to such uses of the Licensed Names and
Receivables   Software  as  are  reasonably  necessary   to   the
collection by the Trustee in a commercially reasonable manner  of
the Receivables and are further subject to (i) in the case of the
Receivables  Software,  the  terms of  any  third-party  licenses
thereof and consents in relation thereto and (ii) in the case  of
the  Licensed  Names, maintaining standards  of  quality  of  the
business  of  the  Servicer as conducted prior  to  the  Servicer
Default.  The licenses are limited to actions taken in accordance
with  the  terms  of  this  Agreement and  shall  expire  on  the
expiration  of  a  reasonable time  for  the  collection  of  all
Receivables.   Notwithstanding  any  other  provisions   to   the
contrary in this Agreement or in any other agreement between  the
parties,  no  other  uses or display of  the  Licensed  Names  or
Receivables Software shall be made by Trustee except  as  granted
in this paragraph.

     The Transferor hereby grants and transfers to the Trustee on
behalf  of the Trust a first priority perfected security interest
in  all of the Transferor's right, title and interest in, to  and
under  the Trust Property to secure a loan in an amount equal  to
the  unpaid principal amount of the Investor Certificates  issued
hereunder  or  to  be issued pursuant to this Agreement  and  the
interest accrued thereon at the related Certificate Rate  and  to
secure   all  of  the  Transferor's  and  Servicer's  obligations
hereunder,   including,  without  limitation,  the   Transferor's
obligation to transfer Receivables hereafter created to the Trust
(the "Secured Obligations"), and agrees that this Agreement shall
constitute a security agreement under applicable law.

     Section II.2  Acceptance by Trustee.

          (a   The Trustee hereby acknowledges its acceptance, on
behalf  of the Trust, of all right, title and interest previously
held  by  the Transferor in, to and under the Trust Property  and
declares  that it shall maintain such right, title and  interest,
upon  the  Trust  herein  set  forth,  for  the  benefit  of  all
Certificateholders.  The Trustee further acknowledges that, prior
to  or simultaneously with the initial execution and delivery  of
this  Agreement, the Transferor delivered to the Trustee  or  the
bailee  of the Trustee the computer file or microfiche list  that
was  represented  as being the computer file or  microfiche  list
described in the third paragraph of Section 2.1.

          (b    The Trustee shall have no power to create, assume
or  incur  indebtedness or other liabilities in the name  of  the
Trust other than as contemplated in this Agreement.

     Section   II.3   Representations  and  Warranties   of   the
Transferor.  The Transferor hereby represents and warrants to the
Trustee,  on behalf of the Trust, as of the Initial Closing  Date
and,  with respect to any Series of Certificates, as of the  date
of  the related Supplement and the related Closing Date for  such
Series:

          (a   Organization and Good Standing.  The Transferor is
a  corporation  duly  organized  and  validly  existing  in  good
standing  under the laws of the State of Delaware  and  has  full
corporate  power, authority and legal right to own its properties
and  conduct its business as such properties are presently  owned
and such business is presently conducted, and to execute, deliver
and  perform its obligations under this Agreement, any Supplement
and the Receivables Purchase Agreement and to execute and deliver
to the Trustee the Certificates pursuant hereto.

          (b     Due  Qualification.   The  Transferor  is   duly
qualified  to do business and is in good standing (or  is  exempt
from  such requirement) in any state required in order to conduct
business,  and has obtained all necessary licenses and  approvals
with  respect  to  the  Transferor  required  under  federal  and
Delaware  law;  provided,  however,  that  no  representation  or
warranty is made with respect to any qualifications, licenses  or
approvals  which the Trustee would have to obtain to do  business
in   any  state  in  which  the  Trustee  seeks  to  enforce  any
Receivable.

          (c    Due Authorization.  The execution and delivery of
this  Agreement,  any  Supplement and  the  Receivables  Purchase
Agreement  and the execution and delivery to the Trustee  of  the
Certificates  by  the  Transferor and  the  consummation  of  the
transactions  provided for in this Agreement, any Supplement  and
the  Receivables Purchase Agreement have been duly authorized  by
the  Transferor by all necessary corporate action on its part and
this  Agreement will remain, from the time of its  execution,  an
official record of the Transferor.

          (d     No  Conflicts.   The  execution,  delivery   and
performance   of   this   Agreement,  the  Receivables   Purchase
Agreement,   and   any  Supplement  and  the  Certificates,   the
performance  of the transactions contemplated by this  Agreement,
the  Receivables Purchase Agreement, and any Supplement  and  the
fulfillment  of  the  terms  hereof by  the  Transferor,  do  not
(i) contravene its charter or By-Laws, (ii) violate any provision
of,  or require any filing (except for the filings under the  UCC
required by this Agreement, each of which has been duly made  and
is  in  full force and effect), registration, consent or approval
under,   any  law,  rule,  regulation,  order,  writ,   judgment,
injunction,  decree, determination or award presently  in  effect
having  applicability to the Transferor, except for such filings,
registrations,  consents  or  approvals  as  have  already   been
obtained  and  are in full force and effect, (iii)  result  in  a
breach  of  or constitute a default or require any consent  under
any indenture or loan or credit agreement or any other agreement,
lease  or  instrument to which the Transferor is a  party  or  by
which  it or its properties may be bound or affected except those
as  to which a consent or waiver has been obtained and is in full
force and effect and an executed copy of which has been delivered
to  the  Trustee, or (iv) result in, or require, the creation  or
imposition  of  any  Lien upon or with  respect  to  any  of  the
properties  now  owned or hereafter acquired  by  the  Transferor
other than as specifically contemplated by this Agreement.

          (e   Taxes.  The Transferor has filed on a timely basis
all  tax returns (federal, state and local) required to be  filed
and  has paid or made adequate provision for the payment  of  all
taxes,  assessments and other governmental charges due  from  the
Transferor  or  is contesting any such tax, assessment  or  other
governmental   charge   in   good   faith   through   appropriate
proceedings.   The Transferor knows of no basis for any  material
additional tax assessment for any fiscal year for which  adequate
reserves have not been established.

          (f    No Violation.  The execution and delivery of this
Agreement, any Supplement and the Receivables Purchase  Agreement
and   the   execution  and  delivery  to  the  Trustee   of   the
Certificates, the performance of the transactions contemplated by
this  Agreement and the fulfillment of the terms hereof will  not
conflict  with  or violate any Requirements of Law applicable  to
the Transferor.

          (g     No   Proceedings.   There  are  no   outstanding
injunctions,  writs or restraining orders, and no proceedings  or
investigations  pending or, to the knowledge of  the  Transferor,
threatened  against the Transferor before any  court,  regulatory
body,  administrative agency, or other tribunal  or  governmental
instrumentality  (i) asserting the invalidity of this  Agreement,
any   Supplement,  the  Receivables  Purchase  Agreement  or  the
Certificates,  (ii)  seeking  to  prevent  the  issuance  of  the
Certificates  or  the  consummation of any  of  the  transactions
contemplated  by this Agreement, any Supplement, the  Receivables
Purchase  Agreement  or  the  Certificates,  (iii)  seeking   any
determination or ruling that, in the reasonable judgment  of  the
Transferor, would materially and adversely affect the performance
by  the  Transferor of its obligations under this Agreement,  any
Supplement  or the Receivables Purchase Agreement,  (iv)  seeking
any  determination or ruling that would materially and  adversely
affect  the  validity  or enforceability of this  Agreement,  any
Supplement,   the   Receivables   Purchase   Agreement   or   the
Certificates  or (v) seeking to affect adversely the  income  tax
attributes of the Trust.

          (h      All    Consents   Obtained.    All   approvals,
authorizations, consents, orders or other actions of  any  Person
or  of  any  governmental body or official required in connection
with   the   execution  and  delivery  of  this  Agreement,   any
Supplement,   the   Receivables  Purchase   Agreement   and   the
Certificates, the performance of the transactions contemplated by
this  Agreement,  any  Supplement and  the  Receivables  Purchase
Agreement  and  the  fulfillment of the terms hereof,  have  been
obtained.

          (i   Bona Fide Receivables.  Each Receivable is or will
be  an  account  receivable arising out  of  an  Account  Owner's
performance  (or, in the case of an Account that is an  Automatic
Additional  Account pursuant to clause (b) of the  definition  of
Automatic  Additional Account, the performance of the  originator
of  such  Account at the time such Receivable was originated)  in
accordance with the terms of the Charge Account Agreement  giving
rise to such Receivable.  The Transferor has no knowledge at  the
time  of the initial creation of an interest of the Trust in  any
Eligible  Receivable hereunder of any fact which should have  led
it   to  expect  that  such  Eligible  Receivable  would  not  be
enforceable against the Obligor when due.

          (j     Place  of  Business.   The  principal  place  of
business  and  chief  executive office of the  Transferor  is  in
Houston,  Texas.  Such location has not changed within  the  last
four months.

          (k    Use of Proceeds.  No proceeds of the issuance  of
any  Certificate will be used by the Transferor  to  purchase  or
carry any margin security.

          (l   Pay Out Event.  As of the Initial Closing Date, no
Pay  Out  Event and no condition that with the giving  of  notice
and/or  the passage of time would constitute a Pay Out  Event  (a
"Prospective Pay Out Event"), has occurred and is continuing.

          (m    Not an Investment Company.  The Transferor is not
an   "investment  company"  or  "controlled"  by  an  "investment
company" within the meaning of the Investment Company Act, or  is
exempt from all provisions of the Investment Company Act.

     For  the  purposes  of  the representations  and  warranties
contained in this Section 2.3 and made by the Transferor  on  the
Initial  Closing Date, "Certificates" shall mean the Certificates
issued  on  the  Initial Closing Date.  The  representations  and
warranties  set  forth  in this Section  2.3  shall  survive  the
transfer  and  assignment of the respective  Receivables  to  the
Trust,  and  termination  of the rights and  obligations  of  the
Servicer  pursuant  to  Section  10.1.   The  Transferor   hereby
represents and warrants to the Trust, with respect to any  Series
of  Certificates, as of its Closing Date, unless otherwise stated
in   the   related  Supplement,  that  the  representations   and
warranties of the Transferor set forth in Section 2.3,  are  true
and   correct  as  of  such  date  (for  the  purposes  of   such
representations  and warranties, "Certificates"  shall  mean  the
Certificates issued on the related Closing Date).  Upon discovery
by  the Transferor, the Servicer or a Responsible Officer of  the
Trustee  of a breach of any of the foregoing representations  and
warranties,  the party discovering such breach shall give  prompt
written notice to the others.

     Section   II.4   Representations  and  Warranties   of   the
Transferor  Relating to this Agreement and the  Receivables.  (a)
Binding   Obligation;   Valid  Transfer  and   Assignment.    The
Transferor  hereby  represents and warrants to  the  Trustee,  on
behalf  of  the Trust, that, as of the Initial Closing  Date  and
with respect to any Series of Certificates, as of the date of its
related  Supplement and Closing Date, and, with  respect  to  any
Series and matters involving (X) Supplemental Accounts, as of the
applicable  Addition Date and (Y) Automatic Additional  Accounts,
as  of  the  date  the  Receivables of such  Accounts  are  first
designated for inclusion in the Trust:

          (i   The Receivables Purchase Agreement, this Agreement
     and  any  Supplement each constitutes the legal,  valid  and
     binding  obligation  of the Transferor, enforceable  against
     the  Transferor in accordance with its terms, except (A)  as
     such enforceability may be limited by applicable bankruptcy,
     insolvency, reorganization, moratorium or other similar laws
     now  or  hereafter  in effect affecting the  enforcement  of
     creditors' rights in general, and (B) as such enforceability
     may  be  limited  by general principles of  equity  (whether
     considered in a suit at law or in equity).

          (ii    This  Agreement constitutes either (A)  a  valid
     transfer,  assignment, set-over and conveyance to the  Trust
     of all right, title and interest of the Transferor in and to
     the Trust Property, and such Trust Property will be held  by
     the  Trust free and clear of any Lien of any Person claiming
     through  or  under the Transferor or any of  its  Affiliates
     except  for  (x)  Permitted Liens, (y) the interest  of  the
     Transferor   as   Holder  of  the  Exchangeable   Transferor
     Certificate and any other Class of Certificates held by  the
     Transferor from time to time and (z) the Transferor's right,
     if any, to interest accruing on, and investment earnings, if
     any,  in  respect  of  any  Interest  Funding  Account,  any
     Principal  Account, the Equalization Account, or any  Series
     Account,  as  provided  in  this Agreement  or  the  related
     Supplement,  or  (B)  a  grant of a  security  interest  (as
     defined  in the UCC as in effect in the Relevant UCC  State)
     in,  to  and  under  the  Trust  Property,  which  grant  is
     enforceable with respect to the existing Receivables and any
     Receivables in Automatic Additional Accounts designated  for
     inclusion   in   the  Trust  (other  than   Receivables   in
     Supplemental   Accounts)  and  the  proceeds  thereof   upon
     execution and delivery of this Agreement, and which will  be
     enforceable  with  respect  to  such  Receivables  hereafter
     created  and  the proceeds thereof, upon such creation.   If
     this  Agreement constitutes the grant of a security interest
     to  the  Trust  in  such property, upon the  filing  of  the
     financing statement described in Section 2.1 and in the case
     of  the  Receivables hereafter created and proceeds thereof,
     upon  such  creation, the Trust shall have a first  priority
     perfected  security  interest in such property,  except  for
     Permitted  Liens.  Except as contemplated in this  Agreement
     or  any  Supplement, neither the Transferor nor  any  Person
     claiming  through  or under the Transferor  shall  have  any
     claim  to  or  interest  in  the  Collection  Account,   any
     Principal   Account,  any  Interest  Funding  Account,   the
     Distribution   Account,   the  Equalization   Account,   any
     principal funding account for any Series or any other Series
     Account,  except  for  the Transferor's  rights  to  receive
     interest accruing on, and investment earnings in respect of,
     any  such  account  as provided in this  Agreement  (or,  if
     applicable,   any   Series  Account  as  provided   in   any
     Supplement) and, if this Agreement constitutes the grant  of
     a  security  interest  in  such  property,  except  for  the
     interest of the Transferor in such property as a debtor  for
     purposes of the UCC as in effect in the Relevant UCC  State.
     The  Receivables  Purchase  Agreement  constitutes  a  valid
     transfer,  assignment,  set-over  and  conveyance   to   the
     Transferor  of  all  right,  title  and  interest   of   the
     Originators in and to the Receivables purported to  be  sold
     thereunder, whether then existing or thereafter  created  in
     the applicable Accounts and the proceeds thereof.

          (iii   The Transferor is not insolvent and has adequate
     capital  to  conduct its business as it is  presently  being
     conducted.

          (iv     The   Transferor  is  (or,  with   respect   to
     Receivables  arising  after the date hereof,  will  be)  the
     legal  and beneficial owner of all right, title and interest
     in  and  to each Receivable and each Receivable has been  or
     will  be transferred to the Trust free and clear of any Lien
     other than Permitted Liens.

          (v      All    consents,   licenses,    approvals    or
     authorizations of or registrations or declarations with  any
     Governmental Authority required to be obtained, effected  or
     given  by the Transferor in connection with the transfer  of
     Trust  Property  to  the  Trust  have  been  duly  obtained,
     effected or given and are in full force and effect.

          (vi    The  Transferor  has clearly  and  unambiguously
     marked  all  its  computer records and  all  its  microfiche
     storage  files regarding the Receivables as the property  of
     the  Trust and shall maintain such records in a manner  such
     that  the  Trust  shall have a perfected  interest  in  such
     Receivables.

          (vii    As of the Initial Closing Date, Schedule  I  to
     this  Agreement  is  and  will be an accurate  and  complete
     listing of all Accounts in all material respects as of  such
     day  and  the information contained therein with respect  to
     the  identity  of  each  Account and  the  aggregate  unpaid
     balance  of the Receivables existing thereunder is and  will
     be true and correct in all material respects as of such day;
     as  of  the  close of business on the Business Day preceding
     the  Initial Closing Date the aggregate Outstanding  Balance
     for  all  Eligible  Receivables  was  $159,131,000  and  the
     initial deposit to the Equalization Account was $11,000,000.

          (viii     Each  Account  classified  as  an   "Eligible
     Account"  by  the  Transferor  in  any  document  or  report
     delivered  hereunder will satisfy the requirements contained
     in the definition of Eligible Account as of the time of such
     document  or  report and each Receivable  classified  as  an
     "Eligible  Receivable" by the Transferor in any document  or
     report  delivered  hereunder will satisfy  the  requirements
     contained in the definition of Eligible Receivable as of the
     time of such document or report.

          (ix    All information with respect to the Accounts and
     the  Receivables provided to the Trustee by  the  Transferor
     was  true  and correct in all material respects  as  of  the
     Closing Date, or with respect to Supplemental Accounts as of
     each  Addition Date and with respect to Automatic Additional
     Accounts, as of the day Receivables arising under each  such
     Account are first designated for inclusion in the Trust,  as
     the case may be.

          (x   Each Receivable then existing has been conveyed to
     the  Trust free and clear of any Lien of any Person claiming
     through  or  under the Transferor or any of  its  Affiliates
     (other  than  Permitted  Liens) and in  compliance,  in  all
     material  respects, with all Requirements of Law  applicable
     to the Transferor.

          (xi    With  respect to each Receivable then  existing,
     all  consents, licenses, approvals or authorizations  of  or
     registrations   or   declarations  with   any   Governmental
     Authority required to be obtained, effected or given by  the
     Transferor  in  connection  with  the  conveyance  of   such
     Receivable to the Trust have been duly obtained, effected or
     given and are in full force and effect.

     (b)   Daily Representations and Warranties.  On each day  on
which  any  new  Receivable is purchased by the  Transferor,  the
Transferor shall be deemed to represent and warrant to the  Trust
that (A) each Receivable purchased by the Transferor on such  day
has  been  conveyed to the Trust in compliance, in  all  material
respects,  with  all  Requirements  of  Law  applicable  to   the
Transferor and free and clear of any Lien of any Person  claiming
through  or under the Transferor or any of its Affiliates  (other
than   Permitted  Liens)  and  (B)  with  respect  to  each  such
Receivable,  all consents, licenses, approvals or  authorizations
of  or  registrations  or  declarations  with,  any  Governmental
Authority  required  to be obtained, effected  or  given  by  the
Transferor  in connection with the conveyance of such  Receivable
to  the Trust have been duly obtained, effected or given and  are
in full force and effect.

          (c)    Notice  of  Breach.   The  representations   and
warranties  set  forth  in this Section  2.4  shall  survive  the
transfer  and  assignment of the respective  Receivables  to  the
Trust.   Upon  discovery by the Transferor,  the  Servicer  or  a
Responsible  Officer of the Trustee of a breach  of  any  of  the
representations and warranties set forth in this Section 2.4, the
party discovering such breach shall give prompt written notice to
the  other  parties  mentioned above.  The Transferor  agrees  to
cooperate with the Servicer and the Trustee in attempting to cure
any such breach.

          (d)   Designation  of Ineligible Receivables.   In  the
event   of  a  breach  with  respect  to  a  Receivable  of   any
representations and warranties set forth in subsection 2.3(i)  or
subsections 2.4(a)(iii) through (xi) or subsection 2.4(b), or  in
the  event that a Receivable is not an Eligible Receivable  as  a
result of the failure to satisfy the conditions set forth in  the
definition  of  Eligible  Receivable, such  Receivable  shall  be
designated  an "Ineligible Receivable" and shall be  assigned  an
Outstanding  Balance of zero for the purpose of  determining  the
aggregate  amount of Principal Receivables on any  day;  provided
however, that if such representations and warranties with respect
to  such Receivable shall subsequently be true and correct in all
material respects as if such Receivable had been created on  such
day  or such Receivable shall subsequently satisfy the conditions
set   forth  in  the  definition  of  Eligible  Receivable,  such
Receivable  shall be designated an Eligible Receivable,  and  the
principal  amount  of  such  Receivable  shall  be  included   in
determining the aggregate amount of Principal Receivables on such
day.   On  and after the date of its designation as an Ineligible
Receivable, each Ineligible Receivable shall not be given  credit
in determining the aggregate amount of Principal Receivables used
in  the  calculation of any Investor Percentage,  the  Transferor
Percentage or the Transferor Interest.  In the event that on  any
Business  Day the exclusion of an Ineligible Receivable from  the
calculation of the Transferor Interest would cause the Transferor
Interest to be reduced below the Minimum Transferor Interest, the
Transferor  shall immediately make a deposit in the  Equalization
Account (for allocation as a Principal Receivable) in immediately
available funds prior to the next succeeding Business Day  in  an
amount equal to the amount by which the Transferor Interest would
be  reduced below the Minimum Transferor Interest as a result  of
the exclusion of such Ineligible Receivable.  The portion of such
deposit  allocated to the Investor Certificates  of  each  Series
shall  be distributed to the Investor Certificateholders of  each
Series  in  the manner specified in Article IV.  Such designation
and  reduction of the Outstanding Balance provided for above (and
any  Pay  Out Event that occurs upon failure to make  a  required
deposit) shall constitute the sole remedy respecting a breach  of
any representations and warranties set forth in subsection 2.3(i)
or  subsections  2.4(a)(iii) through (xi)  or  subsection  2.4(b)
available  to the Investor Certificateholders of such  Series  or
the  Trustee on behalf of the Investor Certificateholders of such
Series.

          (e)  Reassignment of Trust Portfolio.  In the event  of
a  breach of any of the representations and warranties set  forth
in  subsections 2.3(a), (b) and (c) and 2.4(a)(i) and  (ii)  with
respect  to any Series, any of (i) the Trustee, (ii) the  Holders
of   Investor   Certificates   evidencing   Undivided   Interests
aggregating  more  than  50%  of the Aggregate  Invested  Amount,
(iii)  if  specified in any Supplement, the Holders  of  Investor
Certificates evidencing Undivided Interests aggregating more than
a  specified percentage of the Invested Amount of any  Series  or
Class,  or  (iv)  if specified in any Supplement, an  Enhancement
Provider,  in  each case by notice then given in writing  to  the
Transferor (and to the Trustee and the Servicer, if given by  any
Investor Certificateholders), may direct the Transferor to accept
reassignment of an amount of Principal Receivables equal  to  the
face  amount  of  the  Invested  Amount  to  be  repurchased  (as
specified  below) within 60 days of such notice (or  within  such
longer  period  as  may  be specified in such  notice),  and  the
Transferor  shall  be  obligated to accept reassignment  of  such
Principal  Receivables on a Distribution Date  specified  by  the
Transferor  (such  Distribution Date,  the  "Reassignment  Date")
occurring  within  such  applicable  period  on  the  terms   and
conditions  set  forth  below; provided, however,  that  no  such
reassignment shall be required to be made, and no notice of  such
reassignment may be given, if, at any time during such applicable
period,   the   representations  and  warranties   contained   in
subsections  2.3(a),  (b) and (c) and subsections  2.4(a)(i)  and
(ii)  shall  then  be true and correct in all material  respects.
The  Transferor shall, on the Transfer Date (in next  day  funds)
preceding the Reassignment Date, deposit an amount equal  to  the
reassignment  deposit  amount for  such  Series  in  the  related
Distribution  Account  or  Series Account,  as  provided  in  the
related    Supplement,   for   distribution   to   the   Investor
Certificateholders  pursuant to Article  XII.   The  reassignment
deposit  amount  with  respect to any  Series,  unless  otherwise
stated  in  the  related Supplement, shall be equal  to  (i)  the
Invested Amount of such Series at the end of the day on the  last
day  of the Monthly Period preceding the Reassignment Date  (less
the amount, if any, previously allocated for payment of principal
to  such Certificateholders on the related Reassignment Date,  in
the  Monthly  Period  in  which the  Reassignment  Date  occurs),
provided,  however,  that  with  respect  to  any  Series  issued
pursuant  to a Variable Funding Supplement such amount  shall  be
the  Invested Amount of such Series as of the Reassignment  Date,
plus  (ii) an amount equal to all interest accrued but unpaid  on
the  Investor  Certificates  of such  Series  at  the  applicable
Certificate Rate through the Reassignment Date, less the  amount,
if  any,  previously  allocated for payment of  interest  to  the
Certificateholders of such Series on the Reassignment Date,  plus
any   other  amounts  accrued  and  owing  as  specified  in  the
applicable  Supplement.   Payment  of  the  reassignment  deposit
amount  with respect to any Series, and all other amounts in  the
Distribution Account or the applicable Series Account in  respect
of the preceding Monthly Period, shall be considered a prepayment
in   full   of  the  Receivables  represented  by  the   Investor
Certificates of such Series.  On the Distribution Date  following
the Transfer Date on which such amount has been deposited in full
into  the  Distribution Account or the applicable Series Account,
the  Receivables and all monies due or to become due with respect
thereto  and  all  proceeds of the Receivables allocated  to  the
Receivables pursuant to the related Supplement shall be  released
to  the  Transferor  after payment of all amounts  otherwise  due
hereunder on or prior to such dates and the Trustee shall execute
and  deliver such instruments of transfer or assignment, in  each
case  without recourse, representation or warranty, as  shall  be
prepared by and as are reasonably requested by the Transferor  to
vest  in the Transferor, or its designee or assignee, all  right,
title  and interest of the Trust in and to such Receivables,  all
monies due or to become due with respect thereto and all proceeds
of  such  Receivables allocated to such Series  pursuant  to  the
related   Supplement.    If   the   Trustee   or   the   Investor
Certificateholders  of  any  Series  give  notice  directing  the
Transferor   to  accept  reassignment  as  provided  above,   the
obligation  of  the  Transferor to  accept  reassignment  of  the
applicable  Receivables and pay the reassignment  deposit  amount
pursuant  to  this  subsection 2.4(e) shall constitute  the  sole
remedy  respecting a breach of the representations and warranties
contained  in  subsections 2.3(a), (b) and (c) and 2.4(a)(i)  and
(ii)  available to the Investor Certificateholders of such Series
or  the  Trustee on behalf of the Investor Certificateholders  of
such  Series.   The  Trustee shall have no duty  to  conduct  any
affirmative  investigation as to the occurrence of any  condition
requiring  the  repurchase of any Receivable  by  the  Transferor
pursuant  to  this Agreement or any Supplement or the eligibility
of   any  Receivable  for  purposes  of  this  Agreement  or  any
Supplement.

          (f)    Limited  Repurchase  of  Defaulted  Receivables.
(i)  On  each Distribution Date with respect to a Monthly  Period
during  each fiscal year of the Transferor, the Transferor  shall
repurchase  from  the Trust all Receivables  transferred  to  the
Trust  by  the Transferor which have theretofore become Defaulted
Receivables during the period commencing on the first day of such
fiscal  year  and ending on the last day of such  Monthly  Period
(the  "Year-to-Date Period"); provided, that (A)  the  Pro  Forma
Condition  has been satisfied as of such date, (B) the Originator
has  elected to repurchase Defaulted Receivables pursuant to  the
Receivables  Purchase  Agreement, (C) no Amortization  Period  is
then  in effect for any Series, and (D) the Transferor shall  not
repurchase,  with  respect to any Monthly Period,  an  amount  of
Defaulted  Receivables which will cause the aggregate  cumulative
principal  amount  of Defaulted Receivables  repurchased  by  the
Transferor  for  the Year-to-Date Period to  exceed  95%  of  the
product  of  (1)  the cumulative principal amount of  Receivables
transferred  pursuant to this Agreement by the Transferor  during
such   Year-to-Date  Period  multiplied  by  (2)  the  percentage
equivalent of a fraction, the numerator of which is the aggregate
principal  amount  of  Defaulted  Receivables  recorded  by   the
Transferor during the immediately preceding fiscal year, and  the
denominator  of  which  is  the cumulative  principal  amount  of
Receivables  transferred  pursuant  to  this  Agreement  by   the
Transferor  during  the immediately preceding fiscal  year  (such
percentage equivalent, the "Prior Year's Default Ratio").

          (ii) The Transferor shall deposit, on the Transfer Date
     (in  next  day  funds) preceding each Distribution  Date  on
     which Defaulted Receivables are repurchased, an amount equal
     to  the  principal  amount  of Defaulted  Receivables  being
     repurchased  (the "Defaulted Receivable Repurchase  Amount")
     into  the  Collection Account.  On such  Distribution  Date,
     such repurchased Defaulted Receivables and all monies due or
     to  become due with respect thereto and all proceeds of such
     repurchased   Defaulted  Receivables   allocated   to   such
     repurchased  Defaulted Receivables for which  the  Defaulted
     Receivable Repurchase Amount has been paid shall be released
     to the Transferor after payment of all amounts otherwise due
     hereunder  on  or prior to such dates and the Trustee  shall
     execute   and  deliver  such  instruments  of  transfer   or
     assignment, in each case without recourse, representation or
     warranty,  as  shall be prepared by and  as  are  reasonably
     requested by the Transferor to vest in the Transferor or its
     designee  or  assign, all right, title and interest  of  the
     Trust in and to such repurchased Defaulted Receivables,  all
     monies  due  or to become due with respect thereto  and  all
     proceeds   of   such   repurchased  Defaulted   Receivables.
     Thereafter, such repurchased Defaulted Receivables shall not
     be  considered  Receivables for any purpose hereunder  other
     than  (x) for purposes of calculating a Prior Year's Default
     Ratio  and  (y) to the extent provided in the definition  of
     "Default Amount."

              (iii)     In  consideration  for  the  Transferor's
     repurchase  of  Defaulted Receivables as set forth  in  this
     subsection  2.4(f), so long as the Transferor complies  with
     such  obligation,  the Transferor shall retain  any  amounts
     other  than  Recoveries  received  by  the  Transferor  with
     respect to Defaulted Receivables.

     Section  2.5  Covenants of the Transferor.   The  Transferor
hereby covenants that:

          (a      Receivables   to   be   Accounts   or   General
Intangibles.   Transferor  will  take  no  action  to  cause  any
Receivable to be evidenced by any instrument (as defined  in  the
UCC as in effect in the Relevant UCC State).  The Transferor will
take  no action to cause any Receivable to be anything other than
an  "account," "general intangible" or "chattel paper"  (each  as
defined in the UCC as in effect in the Relevant UCC State).

          (b    Security  Interests.  Except for the  conveyances
hereunder,  the  Transferor  will not  sell,  pledge,  assign  or
transfer to any other Person, or grant, create, incur, assume  or
suffer to exist any Lien, on any Receivable, whether now existing
or  hereafter  created, or any interest therein;  the  Transferor
will  immediately notify the Trustee of the existence of any Lien
on  any  Receivable; and the Transferor shall defend  the  right,
title and interest of the Trust in, to and under the Receivables,
whether now existing or hereafter created, against all claims  of
third parties claiming through or under the Transferor; provided,
however, that nothing in this subsection 2.5(b) shall prevent  or
be deemed to prohibit the Transferor from suffering to exist upon
any of the Receivables any Permitted Lien.

          (c     Charge   Account  Agreements  and   Credit   and
Collection  Policies.   The  Transferor  shall  comply  with  and
perform  its  obligations and shall take all  actions  reasonably
within its control to cause the Account Owners to comply with and
perform  their  obligations under the Charge  Account  Agreements
relating  to  the  Accounts and the Credit and Collection  Policy
except  insofar  as  any failure to comply or perform  would  not
materially  and adversely affect the rights of the Trust  or  the
Certificateholders  hereunder or  under  the  Certificates.   The
Transferor  may change, and permit the Account Owners to  change,
the  terms and provisions of the Charge Account Agreements or the
Credit  and Collection Policy in any respect (including,  without
limitation,  the  reduction  of  the  required  minimum   monthly
payment, the calculation of the amount, or the timing, of  charge
offs  and  the  periodic finance charges and  other  fees  to  be
assessed  thereon)  only  if such change (individually  or  taken
together  with  all prior changes to the terms and provisions  of
the  Charge  Account  Agreements or  the  Credit  and  Collection
Policy)  (i)  would  not,  in  the  reasonable  belief   of   the
Transferor, cause, immediately or with the passage of time, a Pay
Out  Event to occur and (ii) (A) (if it owns a comparable segment
of  charge  card  accounts) is made applicable to the  comparable
segment  of  the  revolving credit card  accounts  owned  by  the
Transferor,  if any, which have characteristics the same  as,  or
substantially  similar to, the Accounts that are the  subject  of
such  change  and  (B)  (if it does not  own  such  a  comparable
segment)  will not be made with the intent to materially  benefit
the  Transferor  over  the  Investor  Certificateholders  or   to
materially  adversely  affect  the  Investor  Certificateholders,
except as otherwise restricted by an endorsement, sponsorship, or
other  agreement  between the Transferor and an  unrelated  third
party or by the terms of the Charge Account Agreements.

          (d    Account  Allocations.   In  the  event  that  the
Transferor  is  unable for any reason to transfer Receivables  to
the  Trust  in  accordance with the provisions of this  Agreement
(including,  without limitation, by reason of the application  of
an  order by any Governmental Authority or any court of competent
jurisdiction  that  the  Transferor not transfer  any  additional
Receivables  to  the  Trust) then, in any  such  event,  (A)  the
Transferor  agrees to allocate and pay to the  Trust,  after  the
date of such inability, all Collections with respect to Principal
Receivables,  and  all  amounts  which  would  have   constituted
Collections  with respect to Principal Receivables  but  for  the
Transferor's  inability  to transfer such  Receivables;  (B)  the
Transferor agrees to have such amounts applied as Collections  in
accordance  with  Article IV; and (C) for only  so  long  as  all
Collections   and  all  amounts  which  would  have   constituted
Collections   are  allocated  and  applied  in  accordance   with
clauses (A) and (B) above, Principal Receivables (and all amounts
which  would have constituted Principal Receivables but  for  the
Transferor's inability to transfer Receivables to the Trust) that
are   written  off  as  uncollectible  in  accordance  with   the
applicable  Credit  and Collection Policy shall  continue  to  be
allocated  in  accordance with Article IV, and all  amounts  that
would   have  constituted  Principal  Receivables  but  for   the
Transferor's inability to transfer Receivables to the Trust shall
be  deemed  to  be  Principal  Receivables  for  the  purpose  of
calculating  (i) the applicable Investor Percentage with  respect
to   any  Series  and  (ii)  the  Aggregate  Investor  Percentage
thereunder.   If  the  Transferor  is  unable  pursuant  to   any
Requirement  of  Law to allocate Collections as described  above,
the  Transferor agrees that it shall in any such event  allocate,
after the occurrence of such event, payments on each Account with
respect  to  the principal balance of such Account first  to  the
oldest  principal  balance  of such  Account  and  to  have  such
payments  applied as Collections in accordance with  Article  IV.
The   parties  hereto  agree  that  Finance  Charge  Receivables,
whenever  created,  accrued in respect of  Principal  Receivables
that  have  been conveyed to the Trust, or that would  have  been
conveyed  to  the Trust but for the above described inability  to
transfer  such Receivables, shall continue to be a  part  of  the
Trust notwithstanding any cessation of the transfer of additional
Principal  Receivables to the Trust and Collections with  respect
thereto  shall  continue to be allocated and paid  in  accordance
with Article IV.

          (e    Delivery of Collections.  In the event  that  the
Transferor receives Collections, the Transferor agrees to deposit
such   Collections  into  the  Collection  Account  as  soon   as
practicable after the receipt thereof, but in no event later than
two Business Days after receipt thereof.

          (f    Conveyance of Accounts.  The Transferor covenants
and  agrees that it will not permit the Account Owners to convey,
assign, exchange or otherwise transfer any Account, unless it  is
a  Removed Account, to any Person other than the Transferor prior
to  the  termination of this Agreement pursuant to  Article  XII;
provided,  however, that the Transferor shall not  be  prohibited
hereby  from  permitting  an Account  Owner  to  convey,  assign,
exchange  or otherwise transfer an Account of such Account  Owner
(the  removal of which is permitted by Section 2.7) in connection
with  a transaction in which such Account Owner and its successor
agree to comply with provisions substantially similar to those of
either  Section  2.7  or  Section 7.2;  provided,  further,  that
nothing  set  forth in this Agreement shall prevent  one  Account
Owner from merging with another Account Owner.

          (g    Notice of Liens.  The Transferor shall notify the
Trustee  promptly  after  becoming  aware  of  any  Lien  on  any
Receivable other than Permitted Liens.

          (h    No  Other  Business.  The  Transferor  agrees  to
engage  in  no  business  other than  the  business  contemplated
hereunder and under the Receivables Purchase Agreement.

          (i    Enforcement  of  Receivables Purchase  Agreement.
The   Transferor  agrees  to  take  all  action   necessary   and
appropriate   to  enforce  its  rights  and  claims   under   the
Receivables Purchase Agreement.

          (j    Separate  Business. Other than  with  respect  to
In-Store  Payments, the Transferor will not permit its assets  to
be  commingled  with those of SRI or any Affiliate  of  SRI,  the
Transferor shall maintain separate corporate records and books of
account  from those of SRI and its Affiliates, and the Transferor
shall  conduct  its  business from an  independent  office.   The
Transferor will conduct its business solely in its own  name  and
will  cause  SRI  and  its Affiliates to conduct  their  business
solely  in their own names so as not to mislead others as to  the
identity  of  the entity with which those others  are  concerned.
The  Transferor will provide for its own operating  expenses  and
liabilities  from  its own funds, except that the  organizational
expenses  of  the Transferor may be paid by SRI.  The  Transferor
will  not  hold itself out, or permit itself to be held  out,  as
having agreed to pay, or as being liable for, the debts of SRI or
any  of  its Affiliates.  The Transferor shall cause SRI and  its
Affiliates not to hold themselves out, or permit themselves to be
held  out, as having agreed to pay, or as being liable  for,  the
debts  of the Transferor.  The Transferor will maintain an  arm's
length  relationship with SRI and its Affiliates with respect  to
any transactions between the Transferor, on the one hand, and SRI
or its Affiliates, on the other.

          (k    Originators.   The Transferor shall  not  acquire
Receivables  from any Person other than an Originator  which  has
become  a  party  to  the  Receivables  Purchase  Agreement.  The
Transferor will not permit any additional originator to become  a
party  to  the  Receivables Purchase Agreement as an "Originator"
except  following an acquisition of Accounts or other transaction
which  has  satisfied  the requirements  of  clause  (b)  of  the
definition of Automatic Additional Accounts.

          (l     Receivables  Purchase  Agreement  Notices.   The
Transferor  (i)  shall promptly give the Trustee  copies  of  any
notices,  reports  or  certificates given  or  delivered  to  the
Transferor  under the Receivables Purchase Agreement, (ii)  shall
not,  without  the  consents, approvals  and  opinions,  if  any,
required  by  Section  13.1, as if Section 13.1  related  to  the
Receivables Purchase Agreement rather than this Agreement,  enter
into  any  amendment,  supplement or other  modification  to,  or
waiver  of  any provision of, the Receivables Purchase  Agreement
and  (iii) shall not permit the addition or removal of an Account
or  Receivable  to  or  from  the operation  of  the  Receivables
Purchase  Agreement  unless there is  a  corresponding  right  or
obligation  of  the Transferor to add or remove such  Account  or
Receivable to or from the Trust.

          (m    Notwithstanding  any  other  provisions  of  this
Agreement  and  only at such time as a Related  Person  shall  be
Trustee hereunder, in the event that (i) the sum of cash and Cash
Equivalents in the Equalization Account divided by (ii)  the  sum
of  the  Aggregate Principal Receivables and the amount described
in  clause  (i) above is greater than (A) 15% on six  consecutive
Determination Dates or (B) 30% on any monthly Determination Date,
each  after giving effect to all payments made or to be  made  on
the  monthly  Distribution  Date next succeeding  the  applicable
monthly  Determination Date, then such Related  Person  shall  be
replaced as Trustee, pursuant to Sections 11.7(c) and 11.8,  with
a successor Trustee who is not a Related Person.

     Section  2.6  Addition of Accounts.  (a0 All Accounts  which
meet  the  definition of Automatic Additional Accounts  shall  be
included  as  Accounts from and after the date  upon  which  such
Automatic Additional Accounts are created and all Receivables  in
such Automatic Additional Accounts, whether such Receivables  are
then   existing  or  thereafter  created,  shall  be  transferred
automatically to the Trust upon purchase by the Transferor.   For
all purposes of this Agreement, all receivables of such Automatic
Additional  Accounts shall be treated as Receivables  upon  their
creation  and  shall  be  subject  to  the  eligibility  criteria
specified  in  the  definitions  of  "Eligible  Receivable"   and
"Eligible Account."

          (b)   On  any day on which the Receivables in Automatic
Additional  Accounts are to be transferred  to  the  Trust,  such
Accounts  shall be included as Eligible Accounts if, in  addition
to  satisfying the requirements of clauses (a) through (e) of the
definition thereof, the following conditions are met:

          (i   the  cumulative number of Accounts the Receivables
     of  which  have been added or are designated to be added  to
     the  Trust pursuant to subsection 2.6(a) since the later  of
     the  Initial  Closing Date and the first day of the  twelfth
     preceding  Monthly  Period which satisfy the  conditions  of
     clause  (a)  of  the  definition  of  "Automatic  Additional
     Accounts" on such date shall not be in excess of 20% of  the
     amount equal to (w) the number of the Active Accounts as  of
     the  later  of  the Initial Closing Date, the Latest  Rating
     Agency  Approval  Date  and the  last  day  of  the  twelfth
     preceding  Monthly Period, plus (x) the number  of  Accounts
     the  Receivables of which were designated to be added to the
     Trust pursuant to clause (c) of the definition of "Automatic
     Additional Accounts" on the first day of such addition after
     the  later  of  the Initial Closing Date, the Latest  Rating
     Agency  Approval  Date  and the  last  day  of  the  twelfth
     preceding   Monthly   Period,  plus  (y)   the   number   of
     Supplemental Accounts, if any, the Receivables of which were
     designated to be added to the Trust after the later  of  the
     Initial Closing Date, the Latest Rating Agency Approval Date
     and  the  last day of the twelfth preceding Monthly  Period,
     minus  (z) any Removed Accounts removed after the  later  of
     the  Initial Closing Date, the Latest Rating Agency Approval
     Date  and  the  last  day of the twelfth  preceding  Monthly
     Period; and

          (ii   the cumulative number of Accounts the Receivables
     of  which  have been added or are designated to be added  to
     the  Trust pursuant to subsections 2.6(a) and (b) since  the
     later  of the Initial Closing Date and the first day of  the
     second preceding Monthly Period which satisfy the conditions
     of  clause  (a)  or  (b)  of  the  definition  of  Automatic
     Additional Accounts on such date shall not be in  excess  of
     15%  of  the  amount equal to (w) the number of  the  Active
     Accounts  as of the latest of the Initial Closing Date,  the
     Latest Rating Agency Approval Date and the first day of  the
     second  preceding  Monthly Period, plus (x)  the  number  of
     Accounts  the  Receivables of which were  designated  to  be
     added  to the Trust pursuant to clause (c) of the definition
     of  "Automatic Additional Accounts" on the first day of  any
     such addition and were added after the latest of the Initial
     Closing Date, the Latest Rating Agency Approval Date and the
     first  day  of  the  second preceding Monthly  Period,  plus
     (y)  the number of Supplemental Accounts, if any, designated
     during  the  preceding three Monthly Periods and  thereafter
     added  after the later of the Initial Closing Date  and  the
     first  day  of  the second preceding Monthly  Period,  minus
     (z)  any  Removed  Account removed after the  later  of  the
     Initial  Closing  Date  and the  first  day  of  the  second
     preceding Monthly Period.

If  any Automatic Additional Accounts would have been included as
an  Account but for the provisions of Section 2.6(b)(i) or  (ii),
they  shall  be included as Accounts on the first date thereafter
permitted by Section 2.6(b)(i) and (ii).

          (c)   The Transferor may elect at any time to terminate
or  suspend  the  inclusion in Accounts of  Automatic  Additional
Accounts  by  delivering to the Trustee,  the  Servicer  and  the
Rating Agency 15 days prior written notice of such election.   If
the  Transferor has elected to terminate or suspend the inclusion
of  Automatic Additional Accounts and (i) on any Record Date, the
Transferor Interest for the related Monthly Period is  less  than
the  Minimum Transferor Interest, the Transferor shall  designate
additional  credit  card accounts or any  successor  credit  card
accounts ("Supplemental Accounts") to be included as Accounts  in
a  sufficient  amount  such  that the Transferor  Interest  as  a
percentage  of  the  Aggregate  Principal  Receivables  for  such
Monthly  Period after giving effect to such addition is at  least
equal  to  the  Minimum Transferor Interest, (ii) on  any  Record
Date,  the  Retained Interest for the related Monthly  Period  is
less  than  the  Minimum Retained Interest, the Transferor  shall
designate Supplemental Accounts to be included as Accounts  in  a
sufficient amount such that the Retained Interest as a percentage
of  the  Aggregate Principal Receivables for such Monthly  Period
after  giving  effect to such addition is at least equal  to  the
Minimum  Retained  Interest, or (iii) on  any  Record  Date,  the
aggregate  amount  of  Principal Receivables  is  less  than  the
Minimum  Aggregate  Principal Receivables, the  Transferor  shall
designate Supplemental Accounts to be included as Accounts  in  a
sufficient  amount such that the Aggregate Principal  Receivables
will  be equal to or greater than the Minimum Aggregate Principal
Receivables.   Receivables from such Supplemental Accounts  shall
be  transferred to the Trust on or before the tenth Business  Day
following  such Record Date.  On any day on which the Receivables
in  Supplemental Accounts are to be transferred to the Trust, the
Receivables  in  such  Accounts shall  be  included  as  Eligible
Receivables if they satisfy the requirements of the definition of
"Eligible Receivables."

          (d)     In    addition   to   its   obligation    under
subsection  2.6(c),  if  and for so long as  the  Transferor  has
elected  to  terminate  or  suspend the  inclusion  of  Automatic
Additional  Accounts,  the  Transferor  may,  by  giving   twenty
Business Days' notice to the Trustee and each Rating Agency,  but
shall   not  be  obligated  to,  designate  from  time  to   time
Supplemental  Accounts  of  the  Transferor  to  be  included  as
Accounts.

          (e)   The  Transferor agrees that any such transfer  of
Receivables  from Supplemental Accounts, under subsection  2.6(c)
or  (d),  shall satisfy the following conditions (to  the  extent
provided below):

          (i)   on or before the fifth Business Day prior to  the
     Addition   Date  with  respect  to  additions  pursuant   to
     subsection  2.6(c)  and on or before the twentieth  Business
     Day  prior  to  the Addition Date with respect to  additions
     pursuant  to  subsection 2.6(d) (as applicable, the  "Notice
     Date"),  the Transferor shall give the Trustee, each  Rating
     Agency   and   the   Servicer  written  notice   that   such
     Supplemental  Accounts will be included, which notice  shall
     specify  the approximate aggregate amount of the Receivables
     to be transferred;

          (ii)  on  or before the applicable Addition  Date,  the
     Transferor  shall  have delivered to the Trustee  a  written
     assignment (including an acceptance by the Trustee on behalf
     of   the   Trust   for   the   benefit   of   the   Investor
     Certificateholders) in substantially the form of  Exhibit  B
     (the  "Assignment") and the Transferor shall have  indicated
     in  its  computer  files  that the  Receivables  created  in
     connection   with  the  Supplemental  Accounts   have   been
     transferred  to  the  Trust and, within five  Business  Days
     thereafter,  the  Transferor shall  have  delivered  to  the
     Trustee  or  the  bailee of the Trustee a computer  file  or
     microfiche list containing a true and complete list  of  all
     Supplemental Accounts, identified by account number and  the
     Outstanding  Balance of the Receivables in such Supplemental
     Accounts,  as  of the Addition Cut Off Date, which  computer
     file  or  microfiche list shall be as of the  date  of  such
     Assignment  incorporated  into  and  made  a  part  of  such
     Assignment and Schedule I to this Agreement;

          (iii       the  Transferor shall represent and  warrant
     that  (x) no selection procedure which is materially adverse
     to  the interests of the Investor Certificateholders or  any
     Enhancement   Provider  was  utilized   in   selecting   the
     Supplemental Accounts and (y) as of the applicable  Addition
     Date, the Transferor is not insolvent;

          (iv   the Transferor shall represent and warrant  that,
     as  of  the Addition Date, the Assignment constitutes either
     (x)  a  valid  transfer and assignment to the Trust  of  all
     right,  title  and  interest of the  Transferor  in  and  to
     (A) the Receivables then existing and thereafter created  in
     the  Supplemental  Accounts, the Related Contracts  and  all
     proceeds (as defined in the UCC as in effect in the Relevant
     UCC  State) of such Receivables and (B) Recoveries, and such
     Receivables  and all proceeds thereof will be  held  by  the
     Trust  free  and  clear of any Lien of any  Person  claiming
     through  or  under the Transferor or any of its  Affiliates,
     except  for  (i) Permitted Liens, (ii) the interest  of  the
     Transferor   as   Holder  of  the  Exchangeable   Transferor
     Certificate  and  any other Class or Series of  Certificates
     and   (iii)  the  Transferor's  right  to  receive  interest
     accruing  on,  and investment earnings in  respect  of,  the
     Collection Account and any Interest Funding Account and  any
     Principal Account, or any Series Account as provided in this
     Agreement  and any related Supplement or (y) a  grant  of  a
     security interest (as defined in the UCC as in effect in the
     Relevant UCC State) in such property to the Trust, which  is
     enforceable with respect to then existing Receivables of the
     Supplemental Accounts, the proceeds (as defined in  the  UCC
     as  in  effect in the Relevant UCC State) thereof  upon  the
     conveyance of such Receivables to the Trust, and which  will
     be  enforceable  with respect to the Receivables  thereafter
     created in respect of Supplemental Accounts conveyed on such
     Addition Date and the proceeds (as defined in the UCC as  in
     effect  in  the  Relevant  UCC  State)  thereof  upon   such
     creation; and (z) if the Assignment constitutes the grant of
     a  security interest to the Trust in such property, upon the
     filing of a financing statement as described in Section  2.1
     with  respect to such Supplemental Accounts and in the  case
     of  the  Receivables thereafter created in such Supplemental
     Accounts  and  the proceeds (as defined in  the  UCC  as  in
     effect  in  the  Relevant  UCC  State)  thereof,  upon  such
     creation,  the  Trust shall have a first priority  perfected
     security  interest  in such property, except  for  Permitted
     Liens;

          (v    the  Transferor shall deliver to the  Trustee  an
     Officer's   Certificate  substantially  in   the   form   of
     Schedule  II to Exhibit B confirming the items set forth  in
     paragraph (ii) above;

          (vi   the  Transferor shall deliver to the  Trustee  an
     Opinion  of Counsel with respect to the Receivables  in  the
     Supplemental  Accounts (with a copy to the Rating  Agencies)
     substantially in the form of Exhibit F; and

          (vii       the  Transferor shall have received  written
     notice  from the Rating Agencies that the inclusion of  such
     accounts    as    Supplemental    Accounts    pursuant    to
     subsection  2.6(c)  or (d), as the case  may  be,  will  not
     result  in the reduction or withdrawal of its then  existing
     rating  of  any Series of Investor Certificates then  issued
     and  outstanding and shall have delivered such notice to the
     Trustee.

          (f)    The  Transferor  shall  also  comply  with   the
requirements  of  clauses (v) and (vi) of  subsection  2.6(e)  in
connection  with  each addition of Automatic Additional  Accounts
pursuant to clause (b) of the definition thereof.

     Section 2.7  Removal of Accounts.

          (a)   On  each  Determination Date that the  Transferor
Interest  for  the  related  Monthly Period  exceeds  5%  of  the
Aggregate Principal Receivables in the Trust with respect to such
Determination Date, the Trustee shall be deemed to  have  offered
to  the  Transferor automatically and without any  notice  to  or
action  by  or on behalf of the Trustee, as of such Determination
Date,  the  right  to remove from the Trust all  of  the  Trust's
right,  title and interest in, to and under the Receivables  then
existing and thereafter created, all monies then due or to become
due  and all amounts thereafter received with respect thereto and
all  proceeds  thereof  in  or with  respect  to  those  Accounts
designated  by  the  Transferor (the "Removed  Accounts")  in  an
aggregate  amount not greater than (i) at any time the excess  of
the  Transferor  Interest over the Minimum  Transferor  Interest,
(ii)  at  any time the excess of the Retained Interest  over  the
Minimum  Retained  Interest and (iii) if any Amortization  Period
has  commenced and is continuing with respect to any Series,  the
lesser  of  (x)  the excess of the Transferor Interest  over  the
Minimum  Transferor  Interest and (y)  the  excess  of  Aggregate
Principal   Receivables  over  the  Minimum  Aggregate  Principal
Receivables.  To accept such offer, the Transferor is required to
furnish  to the Trustee and each Rating Agency written notice  by
the  fifth  Business Day after the Determination Date  specifying
the approximate aggregate amount of Principal Receivables covered
by  the offer that the Transferor intends to accept.  There shall
be  no  more  than one such removal with respect to  any  Monthly
Period.

          (b)   In addition to the satisfaction of the conditions
set forth in subsection 2.7(a), the Transferor shall be permitted
to  accept  reassignment  to it of the Receivables  from  Removed
Accounts only upon satisfaction of the following conditions:

          (i)   On  each  date  specified by the  Transferor  for
     removal  of  the  Removed Accounts (a "Removal  Date"),  the
     Transferor  shall prepare and the Trustee shall execute  and
     deliver   to  the  Transferor  a  written  reassignment   in
     substantially  the  form of Exhibit H  (the  "Reassignment")
     provided  to  the Trustee in final execution  form  and  the
     Transferor shall deliver to the Trustee or the bailee of the
     Trustee a computer file or microfiche list containing a true
     and   complete   schedule  identifying  all   Accounts   the
     Receivables of which remain in the Trust specifying for each
     such  Account,  as of the Removal Notice Date,  its  account
     number  and  the Outstanding Balance of such Account.   Such
     computer file or microfiche list shall be incorporated  into
     and  made  part  of this Agreement as of the  date  of  such
     Reassignment.

          (ii)  The Transferor shall represent and warrant as  of
     each  Removal Notice Date that (a) the list of the  Accounts
     not  removed from the Trust, as of the Removal Notice  Date,
     complies  in all material respects with the requirements  of
     paragraph (i) above and (b) no selection procedure  used  by
     the  Transferor which is materially adverse to the interests
     of   the  Investor  Certificateholders  or  any  Enhancement
     Provider was utilized in selecting the Removed Accounts.

          (iii)  The Transferor shall represent and warrant  that
     the  removal  of any Receivables in any Removed Accounts  on
     any  Removal Date shall not, in the reasonable belief of the
     Transferor, cause, immediately or with the passage of  time,
     a Pay Out Event to occur.

          (iv)   The Transferor shall have delivered at least  20
     days' (or such lesser number as any Rating Agency may agree)
     prior  written  notice  (which may be  given  prior  to  the
     Removal Date in expectation that the Trustee will be  deemed
     to  have  made the offer described in subsection 2.7(a))  of
     such  removal  to  each Rating Agency which  has  rated  any
     outstanding  Series  and  the Trustee  shall  have  received
     written confirmation from each such Rating Agency that  such
     Rating Agency will not reduce or withdraw its rating on  any
     outstanding Series as a result of such removal.

          (v)  The Transferor shall have delivered to the Trustee
     an   Officer's   Certificate  confirming  the   Transferor's
     compliance  with  the  items set  forth  in  paragraphs  (i)
     through  (iv) above.  The Trustee may conclusively  rely  on
     such  certificate, shall have no duty to make inquiries with
     regard  to the matters set forth therein and shall incur  no
     liability in so relying.

          (c)   Upon satisfaction of the conditions set forth  in
subsections   2.7(a)  and  (b), the  Trustee  shall  execute  and
deliver  the  Reassignment  to the  Transferor  provided  to  the
Trustee  in  final execution form, and the Receivables  from  the
Removed Accounts shall no longer constitute a part of the Trust.

          (d)   Notwithstanding  any  other  provisions  of  this
Section  2.7 (but subject to having no more than one  removal  in
any   Monthly  Period  and  maintaining  the  Minimum  Transferor
Interest), the Transferor will be permitted to designate  Removed
Accounts  and to remove from the Trust all of the Trust's  right,
title and interest in, to and under the Receivables then existing
in  such Removed Accounts together with all monies then due or to
become due and all amounts then received with respect thereto and
all proceeds thereof or with respect to such Removed Accounts  in
connection with the sale by SRI or any Affiliate of SRI of all or
substantially all of the capital stock or assets of  any  Account
Owner  or  any former Account Owner if the conditions in  clauses
(i), (iii) and (iv) of subsection 2.7(b) have been satisfied  and
the  Transferor shall have delivered to the Trustee an  Officer's
Certificate confirming compliance with such conditions; provided,
however,  that  the  Transferor will have the option  under  such
circumstances,  if  it provides the Trustee with  an  Opinion  of
Counsel  to  the effect that the Trust will continue  to  have  a
first  priority  perfected security interest in  all  Receivables
remaining in the Trust subsequent to such Reassignment, to  leave
in  the Trust all of the Trust's right, title and interest in, to
and under the Receivables then existing, together with all monies
due  or  to  become  due  and all amounts received  with  respect
thereto  and  all  proceeds thereof in or  with  respect  to  the
Removed Accounts and cease, from and after the applicable Removal
Date,  to transfer, assign, set over or otherwise convey  to  the
Trust   the   Receivables  thereafter  created  and  arising   in
connection with the Removed Accounts, all monies due or to become
due  and  all  amounts  received with  respect  thereto  and  all
proceeds  thereof in or with respect to the Removed Accounts,  in
which case the Reassignment shall be modified accordingly.

     Section 2.8  Discount Option. (a) The Transferor shall  have
the  option  to  designate  a  fixed  percentage  (the  "Discount
Percentage"), not less than 2% and not greater than  4%,  of  the
principal  balance  of all Receivables, other than  such  amounts
that  are included in clauses (i) through (vii) of the definition
of  Finance Charge Receivables, investment earnings on amounts on
deposit  in the Equalization Account and Receivables in Defaulted
Accounts,  arising  on  or  after the date  of  such  designation
determination  to be treated as Finance Charge Receivables.   The
election  to  exercise  this option shall  be  irrevocable.   The
Transferor  shall  provide  to the  Servicer,  the  Trustee,  any
Enhancement Provider and the Rating Agency 30 days' prior written
notice  of  such designation, and such designation  shall  become
effective  on  the  date  designated  therein  (i)  unless   such
designation  in  the  reasonable belief of the  Transferor  would
cause a Pay Out Event to occur, or an event which, with notice or
the  lapse of time or both, would constitute a Pay Out Event  and
(ii)  only if the Rating Agency shall have delivered a letter  to
the  Transferor and the Trustee confirming that its then  current
rating   of   the  Investor  Certificates  of  any  Series   then
outstanding will not be reduced or withdrawn as a result of  such
designation.

          (b)   After the date on which the Transferor's exercise
of  its  discount  option  takes  effect,  and  with  respect  to
Receivables generated on and after such date, the Transferor,  in
accordance  with Section 4.3, shall deposit into  the  Collection
Account  in  immediately available funds an amount equal  to  the
amount  of  the Discount Option Receivables Collections processed
on  such  day.   The  deposit made by  the  Transferor  into  the
Collection  Account  under  the  preceding  sentence   shall   be
considered  a  payment  of such Discount Option  Receivables  and
shall be applied as Finance Charge Receivables in accordance with
Article IV.

                      [End of Article II]
                          ARTICLE III

          ADMINISTRATION AND SERVICING OF RECEIVABLES

     Section  III.1  Acceptance of Appointment and Other  Matters
Relating to the Servicer.

          (a)   SRI  agrees  to  act as the Servicer  under  this
Agreement.   The  Investor Certificateholders of each  Series  by
their  acceptance  of  the related Certificates  consent  to  SRI
acting  as Servicer.  Notwithstanding the foregoing or any  other
provisions  of  this  Agreement or any Supplement,  the  Investor
Certificateholders  consent  to an Affiliate  of  SRI  acting  as
Servicer  hereunder, in full substitution thereof; provided  that
such  Affiliate  shall expressly assume in writing  (unless  such
assumption   occurs  by  operation  of  law),  by  an   agreement
supplemental  hereto, executed and delivered to the Trustee,  the
performance of every covenant and obligation of the Servicer,  as
applicable hereunder, and shall in all respects be designated the
Servicer  under this Agreement; provided, further, that SRI  will
remain jointly and severally liable with such Affiliate.

          (b)   The  Servicer  shall service and  administer  the
Receivables  and shall collect payments due under the Receivables
in  accordance with its customary and usual servicing  procedures
and  the Credit and Collection Policies and shall have full power
and  authority,  acting  alone  or  through  any  party  properly
designated  by  it  hereunder,  to  do  any  and  all  things  in
connection  with such servicing and administration which  it  may
deem necessary or desirable.  Without limiting the generality  of
the foregoing and subject to Section 10.1, the Servicer is hereby
authorized  and  empowered  (i)  to  make  withdrawals  from  the
Collection  Account as set forth in this Agreement,  (ii)  unless
such power and authority is revoked by the Trustee on account  of
the occurrence of a Servicer Default pursuant to Section 10.1, to
instruct the Trustee in writing to make withdrawals and payments,
from any Interest Funding Account, the Equalization Account,  any
Principal Account and any Series Account, in accordance with such
instructions  as set forth in this Agreement, (iii)  unless  such
power  and authority is revoked by the Trustee on account of  the
occurrence  of  a Servicer Default pursuant to Section  10.1,  to
instruct  the Trustee in writing to take any action permitted  or
required under any Enhancement at such time as set forth in  this
Agreement  and  any Supplement, (iv) to execute and  deliver,  on
behalf  of  the  Trust for the benefit of the Certificateholders,
any  and all instruments of satisfaction or cancellation,  or  of
partial  or  full release or discharge, and all other  comparable
instruments,  with  respect  to the Receivables  and,  after  the
delinquency  of any Receivable and to the extent permitted  under
and  in  compliance  with  applicable  law  and  regulations,  to
commence   enforcement   proceedings   with   respect   to   such
Receivables,   (v)   to  make  any  filings,  reports,   notices,
applications,  registrations with, and to seek  any  consents  or
authorizations  from, the Securities and Exchange Commission  and
any  state securities authority on behalf of the Trust as may  be
necessary  or  advisable  to comply with  any  federal  or  state
securities or reporting requirements and (vi) to delegate certain
of its service, collection, enforcement and administrative duties
hereunder with respect to the Accounts and the Receivables to any
Person  who agrees to conduct such duties in accordance with  the
Credit and Collection Policies.  The Trustee agrees that it shall
promptly  follow  the  instructions of the Servicer  to  withdraw
funds  from any Principal Account, any Interest Funding  Account,
the  Equalization Account, or any Series Account and to take  any
action  required under any Enhancement at such time  as  required
under   this  Agreement.   The  Trustee  shall  execute  at   the
Servicer's  written  request  such  documents  prepared  by   the
Transferor  and  acceptable  to  the  Trustee  as  the   Servicer
certifies are necessary or appropriate to enable the Servicer  to
carry out its servicing and administrative duties hereunder.

          (c)  In the event that the Transferor is unable for any
reason  to  transfer Receivables to the Trust in accordance  with
the  provisions of this Agreement (including, without limitation,
by  reason  of order of any court of competent jurisdiction  that
the  Transferor not transfer any additional Principal Receivables
to the Trust) then, in any such event, (A) the Servicer agrees to
allocate,  after  such  date,  all Collections  with  respect  to
Principal   Receivables,  and  all  amounts  which   would   have
constituted Collections with respect to Principal Receivables but
for  the  Transferor's inability to transfer such Receivables  in
accordance  with  subsection 2.5(d); (B) the Servicer  agrees  to
apply such amounts as Collections in accordance with Article  IV,
and (C) for only so long as all Collections and all amounts which
would  have constituted Collections are allocated and applied  in
accordance  with clauses (A) and (B) above, Principal Receivables
and   all   amounts   which  would  have  constituted   Principal
Receivables  but  for  the  Transferor's  inability  to  transfer
Receivables to the Trust that are written off as uncollectible in
accordance with this Agreement shall continue to be allocated  in
accordance  with  Article  IV and all amounts  which  would  have
constituted   Principal  Receivables  but  for  the  Transferor's
inability to transfer Receivables to the Trust shall be deemed to
be  Principal  Receivables  for the purpose  of  calculating  the
applicable  Investor Percentage thereunder.  If the  Servicer  is
unable pursuant to any Requirement of Law to allocate payments on
the  Accounts  as described above, the Servicer  agrees  that  it
shall  in any such event allocate, after the occurrence  of  such
event,  payments  on each Account with respect to  the  principal
balance of such Account first to the oldest principal balance  of
such Account and to have such payments applied as Collections  in
accordance with Article IV.

          (d)   The  Servicer  shall  not  be  obligated  to  use
separate servicing procedures, offices or employees for servicing
the  Receivables from the procedures, offices and employees  used
by  the  Servicer in connection with servicing other credit  card
receivables.

     Section  III.2 Servicing Compensation.  As compensation  for
its  servicing  activities hereunder and  reimbursement  for  its
expenses as set forth in the immediately following paragraph, the
Servicer shall be entitled to receive a servicing fee in  respect
of  each  day  prior to the termination of the Trust pursuant  to
Section  12.1 (the "Servicing Fee"), payable in arrears  on  each
date  and  in  the manner specified in the applicable Supplement,
equal to the product of (i) a fraction, the numerator of which is
the  actual  number of days in the measuring period specified  in
the  applicable Supplement and the denominator of  which  is  the
actual  number  of  days in the year, (ii) the  weighted  average
Series  Servicing Fee Percentage (based upon the Series Servicing
Fee  Percentage for each Series and the Invested Amount  of  such
Series) and (iii) the daily average aggregate Outstanding Balance
of  all  Principal  Receivables over the term of  such  measuring
period.  The share of the Servicing Fee allocable to each  Series
with respect to any date of payment shall be equal to the product
of (i) a fraction, the numerator of which is the actual number of
days   in  the  measuring  period  specified  in  the  applicable
Supplement and the denominator of which is the actual  number  of
days  in  the  year,  (ii) the applicable  Series  Servicing  Fee
Percentage for such Series and (iii) the Invested Amount of  such
Series, as appropriate, as of the date of determination for  such
payment as specified in the applicable Supplement.  The remainder
of the Servicing Fee shall be paid by the Transferor, or retained
by  the Servicer as provided in Article IV, and in no event shall
the Trust, the Trustee, any Enhancement Provider, or the Investor
Certificateholders be liable for the share of the  Servicing  Fee
to be paid by the Transferor.

     The  Servicer  shall be responsible for  its  own  expenses,
which  shall  include the amounts due to the Trustee pursuant  to
Section  11.5  and  the  reasonable  fees  and  disbursements  of
independent public accountants and all other expenses incurred by
the   Servicer  in  connection  with  its  activities  hereunder;
provided,  that  the  Servicer  shall  not  be  liable  for   any
liabilities,  costs  or  expenses  of  the  Trust,  the  Investor
Certificateholders or the Certificate Owners  arising  under  any
tax law, including without limitation any federal, state or local
income or franchise taxes or any other tax imposed on or measured
by  income (or any interest, penalties or additions with  respect
thereto or arising from a failure to comply therewith).   In  the
event  that  the  Servicer fails to pay any amounts  due  to  the
Trustee  pursuant to Section 11.5, the Trustee shall be  entitled
to  deduct and receive such amounts from the Servicing Fee  prior
to  the  payment thereof to the Servicer.  The Servicer shall  be
required  to pay such expenses for its own account and shall  not
be entitled to any payment therefor other than the Servicing Fee.

     Section   III.3  Representations  and  Warranties   of   the
Servicer.   SRI,  as  initial Servicer,  hereby  makes,  and  any
Successor  Servicer by its appointment hereunder shall make,  the
following representations and warranties on which the Trustee has
relied   in   accepting  the  Receivables   in   trust   and   in
authenticating  the  Certificates issued on the  Initial  Closing
Date:

          (a)  Organization and Good Standing.  The Servicer is a
corporation duly organized, validly existing and in good standing
under  the  laws  of  its  state of incorporation  and  has  full
corporate  power, authority and legal right to own its properties
and  conduct its business as such properties are presently  owned
and such business is presently conducted, and to execute, deliver
and   perform  its  obligations  under  this  Agreement  and  any
Supplement.

          (b)  Due Qualification.  The Servicer is duly qualified
to  do  business and is in good standing (or is exempt from  such
requirements)  as a foreign corporation in any state  where  such
qualification is necessary in order to service the Receivables as
required  by  this Agreement and any Supplement and has  obtained
all  necessary  licenses and approvals as required under  Federal
and state law in order to service the Receivables as required  by
this  Agreement,  and if the Servicer shall be  required  by  any
Requirement  of  Law  to so qualify or register  or  obtain  such
license or approval, then it shall do so except where the failure
to obtain such license or approval does not materially affect the
Servicer's  ability to perform its obligations hereunder  or  the
enforceability of any Receivable.

          (c)   Due Authorization.  The execution, delivery,  and
performance of this Agreement and any Supplement have  been  duly
authorized by the Servicer by all necessary corporate  action  on
the  part  of the Servicer and this Agreement and any  Supplement
will  remain, from the time of its execution, an official  record
of the Servicer.

          (d)    Binding  Obligation.   This  Agreement  and  any
Supplement  constitutes a legal, valid and binding obligation  of
the Servicer, enforceable in accordance with its terms, except as
enforceability  be limited by applicable bankruptcy,  insolvency,
reorganization,  moratorium  or  other  similar   laws   now   or
hereinafter  in effect, affecting the enforcement  of  creditors'
rights  in  general and as such enforceability may be limited  by
general  principles of equity (whether considered in a proceeding
at law or in equity).

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

          (f)   No  Proceedings.   There are  no  proceedings  or
investigations  pending  or, to the knowledge  of  the  Servicer,
threatened  against  the Servicer before  any  court,  regulatory
body,  administrative  agency or other tribunal  or  governmental
instrumentality   seeking  to  prevent  the   issuance   of   the
Certificates  or  the  consummation of any  of  the  transactions
contemplated  by  this  Agreement, seeking any  determination  or
ruling  that,  in the reasonable judgment of the Servicer,  would
materially  and adversely affect the performance by the  Servicer
of  its  obligations under this Agreement or any  Supplement,  or
seeking  any  determination or ruling that would  materially  and
adversely affect the validity or enforceability of this Agreement
or any Supplement.

          (g)  Compliance with Requirements of Law.  The Servicer
shall  duly  satisfy all obligations on its part to be  fulfilled
under  or  in  connection with each Receivable  and  the  related
Account,  will  maintain  in effect all  qualifications  required
under  Requirements  of  Law in order to  service  properly  each
Receivable  and  the  related Account  and  will  comply  in  all
material  respects  with  all  other  Requirements  of   Law   in
connection with servicing each Receivable and the related Account
the  failure  to comply with which would have a material  adverse
effect on the Certificateholders or any Enhancement Provider.

          (h)   Protection  of Certificateholders'  Rights.   The
Servicer shall take no action which, nor omit to take any  action
the   omission   of   which,   would   impair   the   rights   of
Certificateholders  in any Receivable or the related  Account  or
the  rights of any Enhancement Provider, nor shall it reschedule,
revise  or  defer  payments  due  on  any  Receivable  except  in
accordance with the Credit and Collection Policies.

          (i)    All  Consents.   All  authorizations,  consents,
orders or approvals of or registrations or declarations with  any
Governmental Authority required to be obtained, effected or given
by  the Servicer in connection with the execution and delivery of
this  Agreement  by  the  Servicer and  the  performance  of  the
transactions contemplated by this Agreement by the Servicer, have
been  duly obtained, effected or given and are in full force  and
effect;   provided,   however,  that  the   Servicer   makes   no
representation  or warranty regarding State securities  or  "Blue
Sky"   laws   in   connection  with  the  distribution   of   the
Certificates.

          (j)   Rescission  or Cancellation.  The Servicer  shall
not  permit  any  rescission or cancellation  of  any  Receivable
except  as ordered by a court of competent jurisdiction or  other
Governmental  Authority  or in accordance  with  the  Credit  and
Collection  Policy  or  the normal operating  procedures  of  the
Servicer.

          (k)   Receivables  Not  To Be Evidenced  by  Promissory
Notes.   Except in connection with its enforcement or  collection
of  an  Account (in which case any such promissory note would  be
made   in   the   name   of   the  Trust   on   behalf   of   the
Certificateholders), the Servicer will take no  action  to  cause
any  Receivable to be evidenced by an instrument (as  defined  in
the UCC as in effect in the Relevant UCC State).

          (l)   Principal Place of Business.  The Servicer  shall
at  all times maintain its principal place of business within the
United States.

     Section III.4 Reports and Records for the Trustee.

          (a)   Daily  Records.  Upon reasonable prior notice  by
the  Trustee, the Servicer shall make available at an  office  of
the  Servicer  (or other location designated by the  Servicer  if
such  records are not accessible by the Servicer at an office  of
the  Servicer)  selected by the Servicer for  inspection  by  the
Trustee or its agent (reasonably acceptable to the Servicer) on a
Business Day during the Servicer's normal business hours a record
setting forth (i) the Collections on each Receivable and (ii) the
amount of Receivables for the Business Day preceding the date  of
the  inspection.  The Servicer shall, at all times, maintain  its
computer  files with respect to the Receivables in such a  manner
so  that the Receivables may be specifically identified and, upon
reasonable prior request of the Trustee, shall make available  to
the  Trustee,  at  an office of the Servicer (or  other  location
designated by the Servicer if such computer files are not located
at  an  office of the Servicer) selected by the Servicer, on  any
Business  Day  of  the  Servicer  during  the  Servicer's  normal
business  hours  any  computer programs necessary  to  make  such
identification.

          (b)  Daily Report.

               (i)   On  each  Business Day  the  Servicer  shall
     prepare a completed Daily Report.

               (ii)   The  Servicer shall deliver to the  Trustee
     and the Paying Agent the Daily Report by 2:30 p.m. (New York
     City time) on each Business Day with respect to activity  in
     the  Receivables for the prior Business Day (or, in the case
     of  a  Daily  Report  delivered on the second  Business  Day
     following a Saturday, Sunday or other non-Business Day,  the
     aggregate activity for the preceding Business Day  and  such
     preceding non-Business Days).

               (iii)   Upon discovery of any error or receipt  of
     notice  of any error in any Daily Report, the Servicer,  the
     Transferor and the Trustee shall arrange to confer and shall
     agree  upon  any adjustments necessary to correct  any  such
     errors.  If any such error is material, the Servicer or  the
     Trustee,  as  the case may be, shall retain all  Collections
     (or such lesser amount as the Trustee and the Servicer shall
     agree  to  be  necessary to cover any  such  error)  in  the
     Collection  Account until such material error is  corrected.
     Unless the Trustee has received written notice of any  error
     or  discrepancy, the Trustee may rely on each  Daily  Report
     delivered to it for all purposes hereunder.

          (c)   Settlement Statement.  On the second Business Day
prior  to  the fifteenth calendar day of each month, the Servicer
shall,  prior  to  3:00 p.m. (New York City time)  on  such  day,
deliver  to  the  Trustee  and the Paying  Agent  the  Settlement
Statement  for  the related Monthly Period substantially  in  the
form  of  Exhibit  D hereto, including the following  information
(which, in the case of clauses (iii), (iv) and (v) below, will be
stated on the basis of an original principal amount of $1,000 per
Certificate):   (i) the aggregate amount of Collections  received
in  the Collection Account for the Monthly Period preceding  such
Determination  Date and the aggregate amount  of  Finance  Charge
Collections  and  the  aggregate amount of Principal  Collections
processed  during such Monthly Period; (ii) the aggregate  amount
of the applicable Investor Percentage of Collections of Principal
Receivables  on the last day of the preceding Monthly  Period  of
each  Series  of  Certificates and the aggregate  amount  of  the
applicable Investor Percentage of Collections on the last day  of
the  preceding Monthly Period of each Series of Certificates with
respect   to  Finance  Charge  Collections  and  Receivables   in
Defaulted  Accounts; (iii) for each Series  and  for  each  Class
within  any  such Series, the total amount to be  distributed  to
Investor  Certificateholders on the next succeeding  Distribution
Date;  (iv)  for each Series and for each Class within  any  such
Series,  the amount of such distribution allocable to  principal;
(v)  for  each Series and for each Class within any such  Series,
the  amount of such distribution allocable to interest; (vi)  for
each  Series and each Class within a Series, the Investor Default
Amount  for the immediately preceding Monthly Period;  (vii)  for
each  Series  and each Class within a Series, the amount  of  the
Investor  Charge-Offs  and the amount of  the  reimbursements  of
Investor Charge-Offs for such Distribution Date; (viii) for  each
Series,  the Monthly Investor Servicing Fee for such Distribution
Date;  (ix)  for  each  Series, the existing  deficit  controlled
amortization amount, if applicable; (x) the aggregate  amount  of
Receivables in the Trust at the close of business on the last day
of  the Monthly Period preceding such Distribution Date; (xi) for
each Series, the Invested Amount at the close of business on  the
last  day  of  the  Monthly  Period  immediately  preceding  such
Distribution Date; (xii) the available amount of any  Enhancement
for  each Class of each Series, if any; (xiii)  whether a Pay Out
Event  or a Prospective Pay Out Event with respect to any  Series
shall have occurred during or with respect to the related Monthly
Period; (xiv) the aggregate amount of Discount Option Receivables
in  the  Trust at the close of business on the last  day  of  the
Monthly  Period  preceding  such  Distribution  Date;  (xv)   the
aggregate  amount  of  Discount  Option  Receivables  Collections
processed  during  such  Monthly Period;  and  (xvi)  such  other
calculations as may be required by any Supplement.   The  Trustee
shall  be  under no duty to recalculate, verify or recompute  the
information supplied to it under this Section 3.4 or  such  other
matters as are set forth in any Settlement Statement.

     Section  III.5 Annual Servicer's Certificate.  The  Servicer
will  deliver, as provided in Section 13.5, to the  Trustee,  any
Enhancement Provider and the Rating Agencies on or before  ninety
days  following  the  end of each year, an Officer's  Certificate
substantially in the form of Exhibit E stating that (a) a  review
of  the  activities of the Servicer during such year and  of  its
performance  under this Agreement was made under the  supervision
of the officer signing such certificate and (b) to such officer's
knowledge, based on such review, the Servicer has fully performed
all  its  obligations under this Agreement throughout such  year,
or,  if  there has been a default in the performance of any  such
obligation,  specifying each such default known to  such  officer
and  the  nature and status thereof.  A copy of such  certificate
may be obtained by any Investor Certificateholder by a request in
writing to the Trustee addressed to the Corporate Trust Office.

     Section  III.6  Annual  Independent  Accountants'  Servicing
Report.

          (a)   On  or  before the 15th day of December  of  each
year,  beginning with December 15, 1993, the Servicer shall cause
a  firm  of  nationally recognized independent public accountants
(who  may  also  render other services to  the  Servicer  or  the
Transferor)  to furnish a report with respect to the twelve-month
period  ending on last day of the August Monthly Period for  such
year (or, in the case of the initial such period, the August 1993
Monthly Period) to the Trustee, any Enhancement Provider and each
Rating  Agency, to the effect that such firm has applied  certain
procedures,  agreed upon with the Servicer and  the  Trustee  and
substantially  as  set  forth in Exhibit J  hereto,  which  would
re-perform  certain  accounting  performed  by  the  Servicer  to
certain  documents  and  records relating  to  the  servicing  of
Accounts  under this Agreement.  In addition, each  report  shall
set forth the agreed upon procedures performed and the results of
such procedures.  On or before the 150th day following the end of
each Transferor Fiscal Year, beginning with the Transferor Fiscal
Year  ending  February 5, 1993, the Servicer shall also  cause  a
firm of nationally recognized independent public accountants (who
may also render other services to the Servicer or the Transferor)
to  furnish  to  the Trustee, any Enhancement Provider  and  each
Rating  Agency audited financial statements with respect to  SRI,
the  Transferor  and the Trust along with a copy  of  the  annual
management letter prepared by such auditors pertaining to SRI and
its  subsidiaries.   A  copy  of each  such  report  and  set  of
financial   statements   will   be   sent   to   each    Investor
Certificateholder by the Trustee.

          (b)   On  or  before the 15th day of December  of  each
year,  beginning with December 15, 1993, the Servicer shall cause
a  firm  of  nationally recognized independent  certified  public
accountants  (who may also render other services to the  Servicer
or  the  Transferor)  to furnish a report  to  the  Trustee,  any
Enhancement  Provider and the Rating Agency to  the  effect  that
they  have  compared the mathematical calculations set  forth  in
each  of  the  monthly  certificates forwarded  by  the  Servicer
pursuant to subsection 3.4(c) during the period covered  by  such
report  (which shall be the twelve fiscal months ending with  the
August  Monthly  Period of such year, or for the initial  period,
the  August 1993 Monthly Period) with the computer reports  which
were  the  source of such amounts and that on the basis  of  such
comparison,  such  amounts  are in  agreement,  except  for  such
exceptions  as  they  believe to be  immaterial  and  such  other
exceptions as shall be set forth in such report.  A copy of  such
report  may  be obtained by any Investor Certificateholder  by  a
request in writing to the Trustee.

     Section  III.7 Tax Treatment.  The Transferor has structured
this  Agreement and the Investor Certificates with the  intention
that  the  Investor  Certificates will qualify  under  applicable
federal,  state,  local  and foreign  tax  law  as  indebtedness.
Except  to the extent expressly specified to the contrary in  any
Supplement,  the  Transferor, the Servicer,  the  Holder  of  the
Exchangeable     Transferor    Certificate,     each     Investor
Certificateholder, and each Certificate Owner agree to treat  and
to take no action inconsistent with the treatment of the Investor
Certificates  (or beneficial interests therein)  as  indebtedness
for  purposes  of  federal, state, local and  foreign  income  or
franchise  taxes  and any other tax imposed  on  or  measured  by
income.   Each Investor Certificateholder, Holder of  a  Variable
Funding Certificate and the Holder of the Exchangeable Transferor
Certificate,   by   acceptance  of  its  Certificate   and   each
Certificate Owner, by acquisition of a beneficial interest  in  a
Certificate,  agrees  to  be  bound by  the  provisions  of  this
Section 3.7. Each Certificateholder agrees that it will cause any
Certificate Owner acquiring an interest in a Certificate  through
it  to comply with this Agreement as to treatment as indebtedness
under applicable tax law, as described in this Section 3.7.

     Section  III.8  Adjustments.  (a) If  the  Servicer  adjusts
downward  the  amount  of any Receivable  because  of  a  rebate,
refund,  unauthorized  charge or billing  error  to  an  Obligor,
because  such  Receivable was created in respect  of  merchandise
which  was refused or returned by an Obligor, or if the  Servicer
otherwise  adjusts downward the amount of any Receivable  without
receiving  Collections  therefor or  without  charging  off  such
amount  as  uncollectible, then, in any such case, the Transferor
Interest  will  be  reduced  and  the  aggregate  amount  of  the
Principal  Receivables used to calculate the Floating  Allocation
Percentages  applicable  to any Series will  be  reduced  by  the
principal   amount  of  any  such  Receivable.   Similarly,   the
aggregate  amount of the Principal Receivables used to  calculate
the Floating Allocation Percentages applicable to any Series will
be  reduced by the amount of any Principal Receivable  which  was
discovered  as  having  been  created  through  a  fraudulent  or
counterfeit  charge  or  with  respect  to  which  the   covenant
contained  in  subsection  2.5(b) was breached.   Any  adjustment
required pursuant to either of the two preceding sentences  shall
be  made  on or prior to the end of the Monthly Period  in  which
such  adjustment obligation arises.  In the event that, following
any  such  reduction, the Transferor Interest would be less  than
the  Minimum Transferor Interest, within two Business Days of the
date  on  which such adjustment obligation arises, the Transferor
shall  pay  to  the  Servicer, for deposit  into  the  Collection
Account,  in immediately available funds an amount equal  to  the
amount  by  which the Transferor Interest would be reduced  below
the  Minimum Transferor Interest.  Any amount deposited into  the
Collection  Account  in  connection  with  the  adjustment  of  a
Receivable   (an  "Adjustment  Payment")  shall  be  applied   in
accordance with Article IV and the terms of each Supplement.

          (b)   If  (i)  the  Servicer makes a deposit  into  the
Collection Account in respect of a Collection of a Receivable and
such Collection was received in the form of a check which is  not
honored for any reason or (ii) the Servicer makes a mistake  with
respect  to the amount of any Collection and deposits  an  amount
that  is  less  than  or  more than the  actual  amount  of  such
Collection,  the Servicer shall appropriately adjust  the  amount
subsequently  deposited into the Collection  Account  to  reflect
such  dishonored check or mistake.  Any Receivable in respect  of
which a dishonored check is received shall be deemed not to  have
been  paid.  Notwithstanding  the first  two  sentences  of  this
paragraph,  no  adjustments  shall  be  made  pursuant  to   this
paragraph  that will change any amount of Collections  previously
reported pursuant to subsection 3.4 (b).

     Section III.9 Notices to SRI.  In the event that SRI or  any
Affiliate  thereof is no longer acting as Servicer, any Successor
Servicer appointed pursuant to Section 10.2 shall deliver or make
available  to  SRI  each certificate and report  required  to  be
prepared, forwarded or delivered thereafter pursuant to  Sections
3.4, 3.5 and 3.6.

                      [End of Article III]
                           ARTICLE IV

                RIGHTS OF CERTIFICATEHOLDERS AND
           ALLOCATION AND APPLICATION OF COLLECTIONS

     Section IV.1 Rights of Certificateholders.  (a) Each  Series
of  Investor Certificates shall represent Undivided Interests  in
the  Trust, including the benefits of any Enhancement issued with
respect  to  such Series and the right to receive the Collections
and  other  amounts at the times and in the amounts specified  in
this Article IV to be deposited in the Investor Accounts or to be
paid to the Investor Certificateholders of such Series; provided,
however,  that  the  aggregate  interest  represented   by   such
Certificates at any time in the Principal Receivables  shall  not
exceed   an  amount  equal  to  the  Invested  Amount   of   such
Certificates.   The  Exchangeable  Transferor  Certificate  shall
represent   the  remaining  undivided  interest  in  the   Trust,
including the right to receive the Collections and other  amounts
at  the times and in the amounts specified in this Article IV  to
be paid to the Holder of the Exchangeable Transferor Certificate;
provided,  however,  that the aggregate interest  represented  by
such  Certificate at any time in the Principal Receivables  shall
not  exceed  the  Transferor  Interest  at  such  time  and  such
Certificate  shall  not represent any interest  in  the  Investor
Accounts,  except as provided in this Agreement, or the  benefits
of any Enhancement issued with respect to any Series.

     (b)   If  any  Series  of  Investor  Certificates  shall  be
defeased  in  full  by  any  means  permitted  pursuant  to   the
applicable Supplement, such Series shall have no right  to  share
in  or  otherwise  receive,  any allocations  of  Collections  of
Finance  Charge  Receivables or Principal  Receivables,  and  the
Fixed Allocation Percentage and Floating Allocation Percentage of
such Series shall equal zero.

     Section IV.2 Establishment of Accounts.  (a)  The Collection
Account.  The Servicer, for the benefit of the Certificateholders
and,  to the extent specified in any Supplement, each Enhancement
Provider,  shall establish in the name of the Trustee, on  behalf
of  the  Trust,  a non-interest bearing segregated  account  (the
"Collection  Account") bearing a designation  clearly  indicating
that  the  funds  deposited therein are held  in  trust  for  the
benefit   of   the  Certificateholders,  and  shall  cause   such
Collection  Account to be established and maintained,  (i)  in  a
segregated trust account with the corporate trust department of a
depositary  institution or trust company (which may  include  the
Trustee) organized under the laws of the United States of America
or  any one of the states thereof or the District of Columbia and
whose  deposits are insured to the limits provided by law by  the
FDIC  having  corporate trust powers and acting  as  trustee  for
funds  deposited  therein (provided, however, that  such  account
need  not  be maintained as a segregated trust account  with  the
corporate  trust department of such institution if at  all  times
the  certificates of deposit, short-term deposits  or  commercial
paper  or  the long-term unsecured debt obligations  (other  than
such  obligation whose rating is based on collateral  or  on  the
credit  of a Person other than such institution or trust company)
of  such  depositary institution or trust company  shall  have  a
Satisfactory  Short-Term  Credit  Rating  in  the  case  of   the
certificates of deposit, short-term deposits or commercial paper,
or  the  Highest  Long-Term Credit Rating  in  the  case  of  the
long-term  unsecured debt obligations) or (ii) with a  depositary
institution,  which may include the Trustee, which is  acceptable
to  the  Rating Agency (in the case of (i) and (ii), a "Qualified
Institution").   The Servicer shall give written  notice  to  the
Trustee  of  the  location and account number of  the  Collection
Account  and  shall notify the Trustee in writing  prior  to  any
subsequent change thereof.  Pursuant to authority granted  to  it
pursuant  to  subsection  3.1(b), the  Servicer  shall  have  the
revocable power to withdraw funds from the Collection Account for
the purposes of carrying out its duties hereunder.

          (b)   The Interest Funding and Principal Accounts.  The
Servicer, for the benefit of the Investor Certificateholders and,
to  the  extent  specified  in any Supplement,  each  Enhancement
Provider,   shall  establish  and  maintain  with   a   Qualified
Institution  in  the  name  of  the Trust  two  segregated  trust
accounts  for  each Series (an "Interest Funding Account"  and  a
"Principal  Account," respectively), each bearing  a  designation
clearly  indicating  that  the funds therein  are  held  for  the
benefit of the Investor Certificateholders of such Series and, to
the  extent  specified in the applicable Supplement, any  related
Enhancement Provider.  The Trustee shall possess all right, title
and  interest in all funds on deposit from time to  time  in  any
Interest  Funding Account and any Principal Account  and  in  all
proceeds thereof.  Except as provided in subsection 4.2(e),  each
Interest  Funding  Account and each Principal  Account  shall  be
under  the  sole  dominion and control of  the  Trustee  for  the
benefit  of  the Investor Certificateholders and, to  the  extent
specified  in the applicable Supplement, any related  Enhancement
Provider.   Pursuant to authority granted to  it  hereunder,  the
Servicer  shall have the revocable power to instruct the  Trustee
in  writing  to withdraw funds from the Interest Funding  Account
and  any  Principal Account for any purpose of carrying  out  the
Servicer's or the Trustee's duties hereunder.  The Trustee at all
times shall maintain accurate records reflecting each transaction
in  each Principal Account and each Interest Funding Account  and
that  funds held therein shall at all times be held in trust  for
the  benefit  of the Investor Certificateholders of  such  Series
and,  to  the extent specified in the applicable Supplement,  any
related Enhancement Provider.

          (c)   Distribution  Accounts.  The  Servicer,  for  the
benefit of the Investor Certificateholders of each Series and, to
the   extent   specified  in  any  Supplement,  each  Enhancement
Provider,  shall  cause to be established and maintained  in  the
name  of  the  Trust,  with an office or branch  of  a  Qualified
Institution  a  non-interest-bearing  segregated  demand  deposit
account  for  each  Series (a "Distribution Account")  bearing  a
designation  clearly indicating that the funds deposited  therein
are   held   in   trust   for  the  benefit   of   the   Investor
Certificateholders of such Series and, to the extent specified in
the applicable Supplement, any related Enhancement Provider.  The
Trustee shall possess all right, title and interest in all  funds
on  deposit from time to time in each Distribution Account and in
all  proceeds thereof.  Each Distribution Account shall be  under
the  sole dominion and control of the Trustee for the benefit  of
the Investor Certificateholders of the related Series and, to the
extent  specified  in  the  applicable  Supplement,  any  related
Enhancement Provider.

          (d)   The Equalization Account.  The Servicer, for  the
benefit of the Certificateholders and, to the extent specified in
any  Supplement,  each Enhancement Provider, shall  cause  to  be
established  in  the  name  of the  Trustee,  on  behalf  of  the
Certificateholders   and,  to  the  extent   specified   in   any
Supplement,   each   Enhancement  Provider,  with   a   Qualified
Institution,   a  segregated  trust  account  (the  "Equalization
Account") bearing a designation clearly indicating that the funds
deposited   therein   are   held   for   the   benefit   of   the
Certificateholders and, to the extent specified in the applicable
Supplement, any related Enhancement Provider.  The Servicer shall
give  written notice to the Trustee of the location  and  account
number  of the Equalization Account and shall notify the  Trustee
in  writing  prior to any subsequent change thereof.   Except  as
provided  in  subsection 4.3(f), the Equalization Account  shall,
except  as otherwise provided herein, be under the sole  dominion
and   control   of   the   Trustee  for  the   benefit   of   the
Certificateholders and, to the extent specified in the applicable
Supplement,  any related Enhancement Provider.  Pursuant  to  the
authority granted to the Servicer herein, the Servicer shall have
the  power,  revocable  by the Trustee, to make  withdrawals  and
payments  from  the  Equalization  Account  for  the  purpose  of
carrying out the Servicer's or Trustee's duties hereunder.

          (e)   Administration of the Principal Accounts and  the
Interest  Funding Accounts.  Funds on deposit in  each  Principal
Account  and each Interest Funding Account shall at all times  be
invested by the Servicer (or, at the direction of the Transferor,
by  the Trustee) on behalf of the Transferor in Cash Equivalents.
Any  such  investment  shall  mature  and  such  funds  shall  be
available  for  withdrawal  on or  prior  to  the  Transfer  Date
following  the Monthly Period in which such funds were  processed
for  collection.  The Trustee shall maintain for the  benefit  of
the  Investor Certificateholders and, to the extent specified  in
any  Supplement,  each Enhancement Provider,  possession  of  the
negotiable   instruments  or  securities  evidencing   the   Cash
Equivalents  described  in clause (a) of the  definition  thereof
from  the  time  of purchase thereof until the time  of  sale  or
maturity.   At  the end of each month, all interest and  earnings
(net  of  losses and investment expenses) on funds on deposit  in
each  Principal Account and each Interest Funding Account (unless
otherwise  specified  in  the  applicable  Supplement)  shall  be
deposited  by  the Trustee in a separate deposit account  with  a
Qualified  Institution in the name of the Servicer, or  a  Person
designated in writing by the Servicer, which shall not constitute
a  part  of the Trust, or shall otherwise be turned over  by  the
Trustee  to  the  Servicer  not  less  frequently  than  monthly.
Subject to the restrictions set forth above, the Servicer,  or  a
Person  designated  in  writing by the  Servicer,  of  which  the
Trustee shall have received written notification, shall have  the
authority  to instruct the Trustee with respect to the investment
of  funds  on  deposit in any Principal Account and any  Interest
Funding  Account.   Any investment instructions  to  the  Trustee
shall  be  in writing and shall include a certification that  the
proposed investment is a Cash Equivalent that matures at or prior
to  the  time  required  by  this  Agreement.   For  purposes  of
determining  the  availability of funds or the  balances  in  any
Interest Funding Account and any Principal Account for any reason
under this Agreement, all investment earnings on such funds shall
be deemed not to be available or on deposit.

     Section IV.3 Collections and Allocations.

          (a)   Collections.  Obligors shall make payments on the
Receivables  (i)  to  the  Servicer who shall  deposit  all  such
payments  in  the  Collection Account no  later  than  the  first
Business  Day following the date of receipt or (ii)  as  In-Store
Payments,  which shall be deposited in the Collection Account  no
later than the second Business Day following the date of receipt.

          The Servicer shall allocate such amounts to each Series
of  Investor  Certificates and to the Holder of the  Exchangeable
Transferor  Certificate in accordance with this  Article  IV  and
shall  withdraw the required amounts from the Collection  Account
or  pay such amounts to the Holder of the Exchangeable Transferor
Certificate  in  accordance with this Article IV.   The  Servicer
shall  make  such  deposits or payments  on  the  date  indicated
therein  by  wire  transfer  or  as  otherwise  provided  in  the
Supplement  for any Series of Certificates with respect  to  such
Series.

     Notwithstanding anything in this Agreement to the  contrary,
but subject the terms of any Supplement, for so long as, and only
so  long as, SRI or an Affiliate of SRI shall remain the Servicer
hereunder, and (a) (i) SRI or an Affiliate of SRI provides to the
Trustee a letter of credit or other form of Enhancement rated  in
the  highest  rating category by the Rating Agency  covering  the
risk of collection of the Servicer, and (ii) the Transferor shall
not  have  received a notice from any Rating Agency that  such  a
letter of credit or other form of Enhancement would result in the
lowering  of  such Rating Agency's then existing  rating  of  the
Investor  Certificates,  or (b) SRI shall  have  and  maintain  a
Satisfactory  Short-Term Credit Rating,  the  Servicer  need  not
deposit   Collections  from  the  Collection  Account  into   the
Principal  Account or the Interest Funding Account or any  Series
Account,  or  make  payments to the Holder  of  the  Exchangeable
Transferor Certificate, prior to the close of business on the day
any  Collections  are  deposited in  the  Collection  Account  as
otherwise provided in this Article IV, but may instead make  such
deposits,  payments and withdrawals on each Transfer Date  in  an
amount  equal  to the net amount of such deposits,  payments  and
withdrawals which would have been made but for the provisions  of
this   paragraph.   The  Servicer  shall  deposit  all  Defaulted
Receivable Receipts into the Collection Account no later than the
first  Business  Day following the date of receipt  (unless  such
Defaulted Receivable Receipts are In-Store Payments, which  shall
be  deposited no later than the second Business Day following the
date  of  receipt).   Upon its determination that  any  Defaulted
Receivable  Receipts are in the Collection Account, the  Servicer
shall  be  entitled  to withdraw the portion  of  such  Defaulted
Receivable   Receipts  not  constituting  Recoveries   from   the
Collection  Account and to transfer such funds to the  Transferor
(or to any Person who acquired the Defaulted Receivables from the
Transferor).

          (b)    Allocations  for  the  Exchangeable   Transferor
Certificate.   Throughout  the existence  of  the  Trust,  unless
otherwise  stated  in any Supplement, on each  Business  Day  the
Servicer  shall  allocate  to  the  Holder  of  the  Exchangeable
Transferor Certificate an amount equal to the product of (i)  the
Transferor Percentage as of the end of the preceding Business Day
and  (ii)  the  aggregate  amount of  Principal  Collections  and
Finance  Charge Collections available in the Collection  Account.
The  Servicer  shall  pay  such  amount  to  the  Holder  of  the
Exchangeable   Transferor  Certificate  on  each  Business   Day;
provided,  however, that amounts payable to  the  Holder  of  the
Exchangeable Transferor Certificate pursuant to this  clause  (b)
shall  instead  be deposited in the Equalization Account  to  the
extent  necessary to prevent the Transferor Interest  from  being
less than the Minimum Transferor Interest.

     (c)   Allocation of Finance Charge Collections;  Allocations
to Equalization Account.

               (i)   Any amounts received as Defaulted Receivable
     Repurchase  Amounts  shall be deemed  Principal  Collections
     which  are  available  in  the  Collection  Account  on  the
     applicable Distribution Date.

               (ii) For purposes of Section 4.3(d), the amount of
     Finance  Charge  Collections  that  are  available  in   the
     Collection Account on any Business Day shall equal the total
     Collections which are available in the Collection Account on
     such  Business  Day  (other  than  Collections  representing
     Defaulted  Receivable Repurchase Amounts)  multiplied  by  a
     fraction, the numerator of which is equal to the Collections
     received  by  the  Servicer with respect to  Finance  Charge
     Receivables on the immediately preceding Business Day (other
     than    Collections   representing   Defaulted    Receivable
     Repurchase  Amounts), and the denominator of  which  is  all
     Collections  received  by the Servicer  on  the  immediately
     preceding  Business  Day.  All other Collections  which  are
     available  in  the Collection Account on such  Business  Day
     shall be deemed Principal Collections.

               (iii) For the purpose of this Section 4.3, on  any
     day  which  is  not  a Business Day, the Servicer  shall  be
     permitted to allocate to the Equalization Account  a  senior
     undivided interest in Collections previously received by the
     Servicer  which  have not yet become available  funds  (such
     Collections  being "Collections in Process").  The  Servicer
     shall be permitted to allocate Collections in Process to the
     Equalization Account in an amount (which may be  a  variable
     amount)  sufficient  to  ensure that  (x)  the  sum  of  the
     Principal  Receivables  held by the  Trust  and  the  amount
     (including  any interest in Collections in Process)  in  the
     Equalization Account is equal to or greater than (y) the sum
     of  the Aggregate Invested Amount and the Minimum Transferor
     Interest.   As soon as Collections become available  in  the
     Collection Account thereafter, they shall be deposited  into
     the  Equalization Account in an amount sufficient to  reduce
     the  undivided  interest  of  the  Equalization  Account  in
     Collections in Process to zero.

     (d)   Allocation for Series.  On each Business Day, (i)  the
amount  of Finance Charge Collections available in the Collection
Account   allocable  to  each  Series  shall  be  determined   by
multiplying   the  aggregate  amount  of  such   Finance   Charge
Collections  by  the  Floating  Allocation  Percentage  for  such
Series, (ii) the amount of Principal Collections available in the
Collection  Account allocable to each Series shall be  determined
by multiplying the aggregate amount of such Principal Collections
by  (x)  during the Revolving Period for a Series,  the  Floating
Allocation  Percentage  for  such  Series  and  (y)  during   any
Amortization Period for a Series, the Fixed Allocation Percentage
for  such Series, and (iii) the Receivables in Defaulted Accounts
allocable  to each Series shall be determined by multiplying  the
aggregate amount of such Receivables in Defaulted Accounts by the
Floating  Allocation  Percentage for such Series.   The  Servicer
shall,  prior to the close of business on the day any Collections
are  deposited in the Collection Account, withdraw  the  required
amounts from the Collection Account and deposit such amounts into
the applicable Principal Account, the applicable Interest Funding
Account, the Equalization Account, or any Series Account  or  pay
such  amounts  to  the  Holder  of  the  Exchangeable  Transferor
Certificate in accordance with the provisions of this Article IV.

     (e)  Shared Principal Collections: Equalization Account.  On
each   Business  Day,  Shared  Principal  Collections  shall   be
allocated  to  each  outstanding Series pro  rata  based  on  the
Principal Shortfall, if any, for each such Series, and  then,  at
the  option  of the Transferor, any remainder may be  applied  as
principal with respect to the Variable Funding Certificates.  The
Servicer shall pay any remaining Shared Principal Collections  on
such  Business  Day  to  the Transferor; provided,  that  if  the
Transferor Interest as determined on such Business Day  does  not
exceed  the  Minimum  Transferor Interest,  then  such  remaining
Shared   Principal   Collections  shall  be  deposited   in   the
Equalization  Account  to the extent necessary  to  increase  the
Transferor Interest above the Minimum Transferor Interest.

     (f)  Amounts in Equalization Account.  Amounts on deposit in
the Equalization Account on any Business Day will be invested  by
the  Servicer  (or,  at the direction of the Transferor,  by  the
Trustee)  on  behalf of the Transferor in Cash Equivalents  which
shall mature and be available on or before the next Business  Day
on  which  amounts may be released from the Equalization Account.
Earnings from such investments received shall be deposited in the
Collection  Account  and treated as Finance  Charge  Collections.
Any  investment instructions to the Trustee shall be  in  writing
and shall include a certification that the proposed investment is
a  Cash  Equivalent that matures at or prior to the date required
by  this Agreement.  If on any Business Day other than a Business
Day  on  which  a Prospective Pay Out Event has occurred  and  is
continuing,  the Transferor Interest is greater than the  Minimum
Transferor  Interest,  amounts on  deposit  in  the  Equalization
Account may, at the option of the Transferor, be released to  the
Holder  of  the  Exchangeable  Transferor  Certificate.   On  any
Business  Day falling in the Amortization Period for any  Series,
funds  on deposit in the Equalization Account will be treated  as
Shared  Principal  Collections and  applied  in  accordance  with
Section 4.3(e).

     (g)   Portfolio Imbalance Event.  On the first Business  Day
following  a Portfolio Imbalance Event, funds on deposit  in  the
Equalization  Account  will  be  deposited,  in  accordance  with
written  instructions from the Servicer, in the Principal Account
to  the  extent of the Portfolio Correction Distribution  Amount;
provided,  however,  that no such deposit need  be  made  if  the
Transferor  has furnished the Trustee with an Opinion of  Counsel
to  the  effect that failure to make such deposit and  distribute
the  amount  required  to  be deposited in  accordance  with  the
Supplements for any outstanding Series will not cause  the  Trust
or  the  Transferor to be required to register as  an  investment
company pursuant to the Investment Company Act.

          [THE REMAINDER OF ARTICLE IV IS RESERVED  AND
          SHALL  BE  SPECIFIED IN ANY  SUPPLEMENT  WITH
          RESPECT TO ANY SERIES]

                       [End of Article IV]
                           ARTICLE V

          [ARTICLE V IS RESERVED AND SHALL BE SPECIFIED
          IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]

                       [End of Article V]
                           ARTICLE VI

                        THE CERTIFICATES

     Section VI.1 The Certificates.  Subject to Sections 6.10 and
6.13,  the  Investor Certificates of each Series  and  any  Class
thereof  may be issued in bearer form (the "Bearer Certificates")
with   attached   interest   coupons   and   a   special   coupon
(collectively,  the "Coupons") or in fully registered  form  (the
"Registered  Certificates"), and shall be  substantially  in  the
form of the exhibits with respect thereto attached to the related
Supplement.   The  Exchangeable Transferor Certificate  shall  be
substantially   in  the  form  of  Exhibit   A.    The   Investor
Certificates  and the Exchangeable Transferor Certificate  shall,
upon issue pursuant hereto or to Section 6.9 or Section 6.10,  be
executed  and  delivered by the Transferor  to  the  Trustee  for
authentication  and redelivery as provided in  Sections  2.1  and
6.2.  Any  Investor Certificate shall be issuable  in  a  minimum
denomination of $1,000 Undivided Interest and integral  multiples
thereof, unless otherwise specified in any Supplement, and  shall
be  issued  upon  original  issuance  in  an  original  aggregate
principal  amount  equal  to the Initial  Invested  Amount.   The
Exchangeable Transferor Certificate shall be issued as  a  single
certificate.   Each Certificate shall be executed  by  manual  or
facsimile  signature on behalf of the Transferor by its President
or  any  Vice  President.  Certificates  bearing  the  manual  or
facsimile  signature of the individual who was, at the time  when
such  signature was affixed, authorized to sign on behalf of  the
Transferor  or  the  Trustee  shall  not  be  rendered   invalid,
notwithstanding  that  such  individual  has  ceased  to  be   so
authorized  prior  to  the authentication and  delivery  of  such
Certificates  or does not hold such office at the  date  of  such
Certificates.   No Certificate shall be entitled to  any  benefit
under  this Agreement, or be valid for any purpose, unless  there
appears  on  such  Certificate  a certificate  of  authentication
substantially in the form provided for herein, executed by or  on
behalf  of  the  Trustee  by  the  manual  signature  of  a  duly
authorized  signatory, and such certificate upon any  Certificate
shall  be  conclusive evidence, and the only evidence, that  such
Certificate  has  been validly issued and duly authenticated  and
delivered hereunder.  All Certificates shall be dated the date of
their  authentication except Bearer Certificates which  shall  be
dated  the  applicable issuance date as provided in  the  related
Supplement.

     Section     VI.2     Authentication     of     Certificates.
Contemporaneously with the initial assignment and transfer of the
Receivables,  whether  now existing or hereafter  created  (other
than Receivables in Additional Accounts) and the other components
to  the  Trust,  the Trustee shall authenticate and  deliver  the
initial  Series of Investor Certificates, upon the written  order
of   the   Transferor.   Upon  the  issuance  of  such   Investor
Certificates, such Investor Certificates shall be validly issued,
fully  paid  and non-assessable.  The Trustee shall  authenticate
and  deliver  the  Exchangeable  Transferor  Certificate  to  the
Transferor simultaneously with its delivery of the initial Series
of  Investor  Certificates.   Upon an  Exchange  as  provided  in
Section  6.9  and  the satisfaction of certain  other  conditions
specified therein, the Trustee shall authenticate and deliver the
Investor  Certificates of additional Series (with the designation
provided  in the related Supplement), upon the written  order  of
the  Transferor,  to the persons designated in  such  Supplement.
Upon the written order of the Transferor, the Certificates of any
Series  shall  be  duly authenticated by  or  on  behalf  of  the
Trustee,  in authorized denominations equal to (in the aggregate)
the   Initial   Invested  Amount  of  such  Series  of   Investor
Certificates.   If  specified in the related Supplement  for  any
Series,  the  Trustee shall authenticate and deliver outside  the
United States the Global Certificate that is issued upon original
issuance  thereof, upon the written order of the  Transferor,  to
the  Depositary.  If specified in the related Supplement for  any
Series,  the  Trustee shall authenticate Book-Entry  Certificates
that  are issued upon original issuance thereof, upon the written
order  of the Transferor, to a Clearing Agency or its nominee  as
provided in Section 6.10.

     Section  VI.3  Registration  of  Transfer  and  Exchange  of
Certificates.

          (a)   The Trustee shall cause to be kept at the  office
or agency to be maintained by a transfer agent and registrar (the
"Transfer Agent and Registrar") in accordance with the provisions
of  Section  11.16,  a register (the "Certificate  Register")  in
which,   subject  to  such  reasonable  regulations  as  it   may
prescribe, the Transfer Agent and Registrar shall provide for the
registration of the Investor Certificates of each Series  (unless
otherwise  provided in the related Supplement) and  of  transfers
and  exchanges  of the Investor Certificates as herein  provided.
Bankers  Trust  Company  is hereby initially  appointed  Transfer
Agent  and Registrar for the purposes of registering the Investor
Certificates   and  transfers  and  exchanges  of  the   Investor
Certificates  as  herein  provided.   If  any  form  of  Investor
Certificate  is  issued  as a Global Certificate,  Bankers  Trust
Company  may,  or  if  and  so long as  any  Series  of  Investor
Certificates  are  listed on a stock exchange and  such  exchange
shall   so  require,  Bankers  Trust  Company  shall  appoint   a
co-transfer  agent  and  co-registrar,  which  will  also  be   a
co-paying agent, in such city as the Transferor may specify.  Any
reference  in this Agreement to the Transfer Agent and  Registrar
shall  include any co-transfer agent and co-registrar unless  the
context  otherwise  requires.  Bankers  Trust  Company  shall  be
permitted to resign as Transfer Agent and Registrar upon 30 days'
written notice to the Servicer.  In the event that Bankers  Trust
Company shall no longer be the Transfer Agent and Registrar,  the
Transferor   shall  appoint  a  successor  Transfer   Agent   and
Registrar.

     Upon   surrender  for  registration  of  transfer   of   any
Certificate  at  any office or agency of the Transfer  Agent  and
Registrar,   the  Transferor  shall  execute,  subject   to   the
provisions   of   subsection  6.3(c),  and  the   Trustee   shall
authenticate   and  deliver,  in  the  name  of  the   designated
transferee  or  transferees,  one or  more  new  Certificates  in
authorized  denominations of like aggregate Undivided  Interests;
provided,  that the provisions of this paragraph shall not  apply
to Bearer Certificates.

     At  the  option  of an Investor Certificateholder,  Investor
Certificates may be exchanged for other Investor Certificates  of
the  same  Series in authorized denominations of  like  aggregate
Undivided  Interests, upon surrender of the Investor Certificates
to  be exchanged at any such office or agency.  At the option  of
any  Holder  of Registered Certificates, Registered  Certificates
may  be  exchanged for other Registered Certificates of the  same
Series  in  authorized denominations of like aggregate  Undivided
Interests   in  the  Trust,  upon  surrender  of  the  Registered
Certificates  to  be exchanged at any office  or  agency  of  the
Transfer Agent and Registrar maintained for such purpose.  At the
option of a Bearer Certificateholder, subject to applicable  laws
and regulations (including without limitation, the Bearer Rules),
Bearer   Certificates   may  be  exchanged   for   other   Bearer
Certificates  or Registered Certificates of the  same  Series  in
authorized denominations of like aggregate Undivided Interests in
the  Trust,  in the manner specified in the Supplement  for  such
Series, upon surrender of the Bearer Certificates to be exchanged
at  an  office  or  agency of the Transfer  Agent  and  Registrar
located  outside  the  United States.   Each  Bearer  Certificate
surrendered  pursuant  to this Section 6.3  shall  have  attached
thereto  (or  be accompanied by) all unmatured Coupons,  provided
that  any  Bearer Certificate so surrendered after the  close  of
business  on  the Record Date preceding the relevant Distribution
Date  after  the related Series Termination Date  need  not  have
attached the Coupons relating to such Distribution Date.

     Whenever  any  Investor Certificates of any  Series  are  so
surrendered for exchange, the Transferor shall execute,  and  the
Trustee  shall  authenticate and (unless the Transfer  Agent  and
Registrar  is  different  than the Trustee,  in  which  case  the
Transfer   Agent  and  Registrar  shall)  deliver,  the  Investor
Certificates  of  such Series which the Certificateholder  making
the  exchange is entitled to receive.  Every Investor Certificate
presented or surrendered for registration of transfer or exchange
shall  be  accompanied by a written instrument of transfer  in  a
form  satisfactory to the Transferor and the Transfer  Agent  and
Registrar duly executed by the Certificateholder thereof  or  his
attorney-in-fact duly authorized in writing.

     The    preceding    provisions   of   this    Section    6.3
notwithstanding, the Trustee or the Transfer Agent and Registrar,
as  the  case  may  be,  shall not be required  to  register  the
transfer  or exchange of any Investor Certificate of  any  Series
for  a  period of 15 days preceding the due date for any  payment
with respect to the Investor Certificates of such Series.

     Unless  otherwise  provided in the  related  Supplement,  no
service charge shall be made for any registration of transfer  or
exchange  of  Certificates, but the Transfer Agent and  Registrar
may  require  payment of a sum sufficient to  cover  any  tax  or
governmental  charge that may be imposed in connection  with  any
transfer or exchange of Certificates.

     All   Investor  Certificates  (together  with  any   Coupons
attached to Bearer Certificates) surrendered for registration  of
transfer or exchange shall be canceled by the Transfer Agent  and
Registrar  and  disposed  of  in a  manner  satisfactory  to  the
Transferor.   The  Trustee shall cancel and  destroy  the  Global
Certificates   upon   its  exchange  in   full   for   Definitive
Certificates  and shall deliver a certificate of  destruction  to
the  Transferor.   Such  certificate  shall  also  state  that  a
certificate  or certificates of each Foreign Clearing  Agency  to
the  effect referred to in Section 6.13 was received with respect
to   each  portion  of  the  Global  Certificate  exchanged   for
Definitive Certificates.

     The  Transferor shall execute and deliver to the Trustee  or
the   Transfer   Agent  and  Registrar,  as  applicable,   Bearer
Certificates and Registered Certificates in such amounts  and  at
such times as are necessary to enable the Trustee to fulfill  its
responsibilities under this Agreement and the Certificates.

          (b)  Except as provided in Section 6.9 or 7.2 or in any
Supplement,  in  no  event  shall  the  Exchangeable   Transferor
Certificate  or  any  interest  therein  be  transferred,   sold,
exchanged,   pledged,   participated  or   otherwise   assignment
hereunder (each of the above, a "Transfer"), in whole or in part,
unless   (i)  the  Servicer  shall  have  provided  an  Officer's
Certificate  to  the  Trustee  to  the  effect  that  such  sale,
exchange, pledge, participation or assignment will not materially
adversely  affect  the interests of the Certificateholders,  (ii)
such  sale,  exchange, pledge, participation or assignment  shall
not, as evidenced by an Opinion of Counsel, cause the Trust to be
characterized  for Federal income tax purposes as an  association
taxable  as  a  corporation or otherwise have a material  adverse
impact  on the Federal income taxation of any outstanding  Series
of  Investor  Certificates  and (iii)  the  Servicer  shall  have
provided at least ten Business Days prior written notice to  each
Rating  Agency  of such sale, exchange, pledge, participation  or
assignment and shall have received written confirmation from each
Rating  Agency to the effect of the original rating of any Series
or any class of any Series will not be reduced or withdrawn as  a
result   of   such  sale,  exchange,  pledge,  participation   or
assignment, a copy of which confirmation will be provided to  the
Trustee.

          (c)    Unless   otherwise  provided  in   the   related
Supplement,  registration of transfer of Registered  Certificates
containing  a legend relating to the restrictions on transfer  of
such Registered Certificates (which legend shall be set forth  in
the  Supplement relating to such Investor Certificates) shall  be
effected  only  if  the  conditions set  forth  in  such  related
Supplement are satisfied.

     Whenever a Registered Certificate containing the legend  set
forth  in  the  related Supplement is presented to  the  Transfer
Agent  and  Registrar for registration of transfer, the  Transfer
Agent  and  Registrar shall promptly seek instructions  from  the
Servicer  regarding  such  transfer.   The  Transfer  Agent   and
Registrar  and  the Trustee shall be entitled to receive  written
instructions  signed by a Servicing Officer prior to  registering
any  such transfer or authenticating new Registered Certificates,
as  the case may be.  The Servicer hereby agrees to indemnify the
Transfer Agent and Registrar and the Trustee and to hold each  of
them  harmless  against any loss, liability or  expense  incurred
without negligence or bad faith on their part arising out  of  or
in  connection with actions taken or omitted by them in  reliance
on  any  such  written instructions furnished  pursuant  to  this
subsection 6.3(c).

          (d)  The Transfer Agent and Registrar will maintain  at
its expense in the Borough of Manhattan, The City of New York, an
office  or  offices  or  an  agency or  agencies  where  Investor
Certificates  of such Series may be surrendered for  registration
of transfer or exchange.

     Section   VI.4   Mutilated,  Destroyed,   Lost   or   Stolen
Certificates.   If (a)  any mutilated Certificate  (together,  in
the  case of Bearer Certificates, with all unmatured Coupons,  if
any,  appertaining thereto) is surrendered to the Transfer  Agent
and  Registrar,  or  the  Transfer Agent and  Registrar  receives
evidence to its satisfaction of the destruction, loss or theft of
any  Certificate and (b) there is delivered to the Transfer Agent
and  Registrar and the Trustee such security or indemnity as  may
be  required by them to hold each of them and the Trust harmless,
then,  in  the  absence  of  notice  to  the  Trustee  that  such
Certificate  has  been  acquired by a bona  fide  purchaser,  the
Transferor  shall execute and the Trustee shall authenticate  and
(unless  the Transfer Agent and Registrar is different  from  the
Trustee,  in  which case the Transfer Agent and Registrar  shall)
deliver (in compliance with applicable law), in exchange  for  or
in  lieu  of  any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a  new  Certificate of  like  tenor  and  aggregate
Undivided Interest.  In connection with the issuance of  any  new
Certificate  under this Section 6.4, the Trustee or the  Transfer
Agent  and  Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed
in  relation thereto and any other expenses (including  the  fees
and expenses of the Trustee and the Transfer Agent and Registrar)
connected  therewith.  Any duplicate Certificate issued  pursuant
to  this  Section 6.4 shall constitute complete and  indefeasible
evidence  of  ownership  in the Trust, as if  originally  issued,
whether or not the lost, stolen or destroyed Certificate shall be
found at any time.

     Section   VI.5   Persons  Deemed  Owners.   Prior   to   due
presentation  of a Certificate for registration of transfer,  the
Trustee,  the Paying Agent, the Transfer Agent and Registrar  and
any  agent of any of them may treat the Person in whose name  any
Certificate  is  registered as the owner of such Certificate  for
the  purpose of receiving distributions pursuant to Article V (as
described  in any Supplement) and Article XII and for  all  other
purposes  whatsoever, and neither the Trustee, the Paying  Agent,
the  Transfer Agent and Registrar nor any agent of  any  of  them
shall  be  affected  by  any notice to  the  contrary;  provided,
however,  that  in  determining whether the holders  of  Investor
Certificates  evidencing the requisite Undivided  Interests  have
given  any  request,  demand, authorization,  direction,  notice,
consent or waiver hereunder, Investor Certificates owned  by  the
Transferor,  the  Servicer  or any  Affiliate  thereof  shall  be
disregarded  and  deemed not to be outstanding, except  that,  in
determining  whether  the Trustee shall be protected  in  relying
upon  any such request, demand, authorization, direction, notice,
consent or waiver, only Investor Certificates which a Responsible
Officer in the Corporate Trust Office of the Trustee knows to  be
so owned shall be so disregarded.  Investor Certificates so owned
that have been pledged in good faith shall not be disregarded  as
outstanding if the pledgee establishes to the satisfaction of the
Trustee  the  pledgee's  right so to act  with  respect  to  such
Investor Certificates and that the pledgee is not the Transferor,
the Servicer or an Affiliate thereof.

     In the case of a Bearer Certificate, the Trustee, the Paying
Agent,  the Transfer Agent and Registrar and any agent of any  of
them  may  treat the holder of a Bearer Certificate or Coupon  as
the owner of such Bearer Certificate or Coupon for the purpose of
receiving  distributions pursuant to Article V (as  described  in
any  Supplement)  and  Article XII and  for  all  other  purposes
whatsoever,  and  neither  the Trustee,  the  Paying  Agent,  the
Transfer  Agent and Registrar nor any agent of any of them  shall
be affected by any notice to the contrary.  Certificates so owned
which  have  been pledged in good faith shall not be  disregarded
and may be regarded as outstanding, if the pledgee establishes to
the  satisfaction of the Trustee the pledgee's right  so  to  act
with  respect to such Investor Certificates and that the  pledgee
is not the Transferor, the Servicer or an Affiliate thereof.

     Section  VI.6 Appointment of Paying Agent.  (a)  The  Paying
Agent  shall  make  distributions to Investor  Certificateholders
from  the  appropriate  account or accounts  maintained  for  the
benefit  of Certificateholders as specified in this Agreement  or
the related Supplement for any Series pursuant to Articles IV and
V  hereof.   Any Paying Agent shall have the revocable  power  to
withdraw funds from such appropriate account or accounts for  the
purpose  of making distributions referred to above.  The  Trustee
and  the Transferor (or the Servicer if the Trustee is the Paying
Agent) may revoke such power and remove the Paying Agent, if  the
Trustee  and the Transferor  (or the Servicer if the  Trustee  is
the Paying Agent) determine (or determines) that the Paying Agent
shall have failed to perform its obligations under this Agreement
in  any  material  respect or for other good cause.   The  Paying
Agent,  unless  the Supplement with respect to any Series  states
otherwise, shall initially be the Trustee.  The Trustee shall  be
permitted to resign as Paying Agent upon 30 days' written  notice
to  the Servicer.  In the event that the Trustee, shall no longer
be  the Paying Agent, the Transferor shall appoint a successor to
act  as  Paying  Agent (which shall be a bank or trust  company).
Any reference in this Agreement to the Paying Agent shall include
any co-paying agent unless the context requires otherwise.

     If  specified in the related Supplement for any  Series,  so
long  as the Investor Certificates of such Series are outstanding
and  the  Paying  Agent  is not located in  New  York  City,  the
Transferor shall maintain a co-paying agent in New York City (for
Registered  Certificates only) or any other  city  designated  in
such Supplement.

          (b)   The Trustee shall cause each Paying Agent  (other
than  itself) to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee that such
Paying  Agent will hold all sums, if any, held by it for  payment
to  the  Certificateholders  in trust  for  the  benefit  of  the
Certificateholders entitled thereto and waive all rights  of  set
off  the Paying Agent may have against any sums held by it  until
such  sums  shall  be paid to such Certificateholders  and  shall
agree,  and if the Trustee is the Paying Agent it hereby  agrees,
that  it  shall  comply  with all requirements  of  the  Internal
Revenue Code regarding the withholding by the Trustee of payments
in respect of federal income taxes due from Certificate owners.

     Section VI.7 Access to List of Certificateholders' Names and
Addresses.  The Trustee will furnish or cause to be furnished  by
the  Transfer Agent and Registrar to the Servicer or  the  Paying
Agent, within five Business Days after receipt by the Trustee  of
a  request  therefor  from  the Servicer  or  the  Paying  Agent,
respectively, in writing, a list in such form as the Servicer  or
the  Paying  Agent  may  reasonably require,  of  the  names  and
addresses  of  the Investor Certificateholders  as  of  the  most
recent  Record  Date  for  payment of distributions  to  Investor
Certificateholders.   Unless otherwise provided  in  the  related
Supplement, holders of Investor Certificates evidencing Undivided
Interests aggregating not less than lot of the Invested Amount of
the  Investor  Certificates of any Series (the "Applicants")  may
apply  in writing to the Trustee, and if such application  states
that  the  Applicants desire to communicate with  other  Investor
Certificateholders  of any Series with respect  to  their  rights
under  this Agreement or under the Investor Certificates  and  is
accompanied by a copy of the communication which such  Applicants
propose  to  transmit,  then  the  Trustee,  after  having   been
adequately  indemnified  by such Applicants  for  its  costs  and
expenses,  shall  afford or shall cause the  Transfer  Agent  and
Registrar to afford such Applicants access during normal business
hours  to the most recent list of Certificateholders held by  the
Trustee and shall give the Servicer notice that such request  has
been  made, within five Business Days after the receipt  of  such
application.   Such list shall be as of a date no  more  than  45
days  prior  to the date of receipt of such Applicants'  request.
Every  Certificateholder, by receiving and holding a Certificate,
agrees  with  the Trustee that neither the Trustee, the  Transfer
Agent and Registrar, nor any of their respective agents shall  be
held  accountable  by  reason  of  the  disclosure  of  any  such
information   as   to   the   names   and   addresses   of    the
Certificateholders hereunder, regardless of the source from which
such information was obtained.

     Section  VI.8  Authenticating Agent.  (a)  The  Trustee  may
appoint  one  or more authenticating agents with respect  to  the
Certificates  which shall be authorized to act on behalf  of  the
Trustee in authenticating the Certificates in connection with the
issuance,   delivery,  registration  of  transfer,  exchange   or
repayment  of the Certificates.  Whenever reference  is  made  in
this  Agreement  to  the authentication of  Certificates  by  the
Trustee  or  the  Trustee's certificate of  authentication,  such
reference shall be deemed to include authentication on behalf  of
the  Trustee  by  an authenticating agent and  a  certificate  of
authentication  executed  on  behalf  of  the   Trustee   by   an
authenticating  agent.   Each  authenticating   agent   must   be
acceptable  to  the  Transferor.  The  Trustee  hereby  initially
appoints Bankers Trust (Delaware) as its Authenticating Agent.

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

          (c)  An authenticating agent may at any time resign  by
giving  written notice of resignation to the Trustee and  to  the
Transferor.  The Trustee may at any time terminate the agency  of
an  authenticating agent by giving notice of termination to  such
authenticating agent and to the Transferor.  Upon receiving  such
a notice of resignation or upon such a termination, or in case at
any time an authenticating agent shall cease to be acceptable  to
the Trustee or the Transferor, the Trustee promptly may appoint a
successor  authenticating  agent.  Any  successor  authenticating
agent  upon acceptance of its appointment hereunder shall  become
vested  with all the rights, powers and duties of its predecessor
hereunder,  with  like  effect  as  if  originally  named  as  an
authenticating agent.  No successor authenticating agent shall be
appointed unless acceptable to the Trustee and the Transferor.

          (d)   The  Servicer  agrees to pay each  authenticating
agent  from time to time reasonable compensation for its services
under this Section 6.8.

          (e)   The  provisions of Sections 11.1, 11.2  and  11.3
shall be applicable to any authenticating agent.

          (f)    Pursuant  to  an  appointment  made  under  this
Section 6.8, the Certificates may have endorsed thereon, in  lieu
of  the  Trustee's  certificate of authentication,  an  alternate
certificate  of  authentication in  substantially  the  following
form:

     This is one of the certificates described in the Pooling and
Servicing Agreement.

                              as   Authenticating  Agent  or  the
                              Trustee,

                         By:
                                   Authorized Signatory

     Section  VI.9 Tender of Exchangeable Transferor Certificate.
(a)   Upon  any  Exchange, the Transferor shall  deliver  to  the
Trustee  for  authentication under Section 6.2, one or  more  new
Series  of  Investor Certificates.  Any such Series  of  Investor
Certificates shall be substantially in the form specified in  the
related Supplement and shall bear, upon its face, the designation
for  such  Series  to  which  it  belongs,  as  selected  by  the
Transferor.  Except as specified in any Supplement for a  related
Series,  all Investor Certificates of any Series shall rank  pari
passu  and be equally and ratably entitled as provided herein  to
the benefits hereof (except that the Enhancement provided for any
Series  shall  not  be  available for any other  Series)  without
preference, priority or distinction on account of the actual time
or  times of authentication and delivery, all in accordance  with
the  terms  and  provisions  of this Agreement  and  the  related
Supplement.

          (b)    The   Holder  of  the  Exchangeable   Transferor
Certificate   may   (i)   tender  the   Exchangeable   Transferor
Certificate to the Trustee in exchange for (A) one or more  newly
issued  Series of Investor Certificates or, with respect  to  any
prefunded   Series,  interests  therein  and   (B)   a   reissued
Exchangeable Transferor Certificate, (ii) request the Trustee  to
issue  to  it one or more Classes of any newly issued  Series  of
Investor Certificates which upon payment by the purchaser thereof
of  the  initial  Invested  Amount  of  such  Certificates  to  a
Defeasance Account, will represent an interest in the Trust equal
to  such  Initial Invested Amount (an "Unfunded Certificate")  or
(iii) take a combination of the actions specified in clauses  (i)
and  (ii)  provided  that  the sum of the  amount  of  Transferor
Interest which is tendered under clause (i) and the amount to  be
paid  to  the  Defeasance Account under clause  (ii)  equals  the
Initial Invested Amount of the Investor Certificates delivered to
the  Holder of the Exchangeable Transferor Certificate (any  such
event under clauses (i), (ii) or (iii), a "Transferor Exchange").
In  addition, to the extent permitted for any Series of  Investor
Certificates as specified in the related Supplement, the Investor
Certificateholders  of  such Series  may  tender  their  Investor
Certificates  and  the  Holder  of  the  Exchangeable  Transferor
Certificate may tender the Exchangeable Transferor Certificate to
the  Trustee  pursuant to the terms and conditions set  forth  in
such  Supplement  in exchange for (i) one or  more  newly  issued
Series  of Investor Certificates and (ii) a reissued Exchangeable
Transferor  Certificate (an "Investor Exchange").  The Transferor
Exchange  and  Investor  Exchange are  referred  to  collectively
herein   as  an  "Exchange."   The  Holder  of  the  Exchangeable
Transferor  Certificate may perform an Exchange by notifying  the
Trustee,  in writing, at least five Business Days in advance  (an
"Exchange  Notice")  of the date upon which the  Exchange  is  to
occur (an "Exchange Date").  Any Exchange Notice shall state  the
designation of any Series to be issued on the Exchange Date  and,
with  respect  to  each  such Class or Series:  (a)  its  Initial
Invested  Amount  (or  the  method for calculating  such  Initial
Invested  Amount), which at any time may not be greater than  the
current   principal   amount  of  the   Exchangeable   Transferor
Certificate at such time (or in the case of an Investor Exchange,
the sum of the Invested Amount of any Class or Series of Investor
Certificates to be exchanged plus the current principal amount of
the  Exchangeable Transferor Certificate) taking into account any
Receivables  transferred  to  the Trust  simultaneous  with  such
Exchange,  (b) its Certificate Rate (or the method for allocating
interest  payments or other cash flows to such Series),  if  any,
and  (c)  the Enhancement Provider, if any, with respect to  such
Series.  On the Exchange Date, the Trustee shall authenticate and
deliver   any  such  Class  or  Classes  of  Series  of  Investor
Certificates  only upon delivery to it of the  following:  (a)  a
Supplement satisfying the criteria set forth in subsection 6.9(c)
and  in  form reasonably satisfactory to the Trustee executed  by
the  Transferor  and  the Servicer and specifying  the  Principal
Terms  of  such Series, (b) the applicable Enhancement,  if  any,
(c)  the  agreement,  if any, pursuant to which  the  Enhancement
Provider  agrees  to  provide the Enhancement,  if  any,  (d)  an
Opinion of Counsel to the effect that (i) any Class of the  newly
issued Series of Investor Certificates sold to third parties will
be  characterized as either indebtedness or partnership interests
for  Federal and applicable state income tax purposes, (ii)  that
the  issuance of the newly issued Series of Investor Certificates
will not adversely affect the Federal and applicable state income
tax  characterization  of  any  outstanding  Series  of  Investor
Certificates  and (iii) the issuance of the newly  issued  Series
will  not result in the Trust being subject to tax at the  entity
level  for federal or applicable state tax purposes, (e)  written
confirmation from each Rating Agency that the Exchange  will  not
result in such Rating Agency's reducing or withdrawing its rating
on any then outstanding Series as to which it is a Rating Agency,
(f)  an  Officer's  Certificate of the Transferor,  that  on  the
Exchange  Date  (i) the Transferor, after giving  effect  to  the
Exchange,  would  not  be required to add  Supplemental  Accounts
pursuant to subsection 2.6(c), (ii) after giving effect  to  such
Exchange, the Transferor Interest would be at least equal to  the
Minimum  Transferor  Interest, and (iii)  the  Retained  Interest
would be at least equal to the Minimum Retained Interest, (g) the
existing   Exchangeable  Transferor  Certificate  or   applicable
Investor  Certificates, as the case may be  and  (h)  such  other
documents,  certificates  and  Opinions  of  Counsel  as  may  be
required by the applicable Supplement. Upon satisfaction of  such
conditions  and upon the receipt of written instructions  by  the
Transferor,  the  Trustee shall cancel the existing  Exchangeable
Transferor  Certificate or applicable Investor  Certificates,  as
the  case  may be, and issue, as provided above, such  Series  of
Investor   Certificates   and  a  new   Exchangeable   Transferor
Certificate, dated the Exchange Date.  There is no limit  to  the
number of Exchanges that may be performed under this Agreement.

          (c)   In  conjunction  with an  Exchange,  the  parties
hereto  shall  execute  a  Supplement, which  shall  specify  the
relevant  terms  with  respect to  any  newly  issued  Series  of
Investor  Certificates,  which may  include  without  limitation:
(i) its name or designation, (ii) the Initial Invested Amount  or
the  method of calculating the Initial Invested Amount, (iii) the
Certificate  Rate  (or  formula for the  determination  thereof),
(iv)  the Closing Date, (v) the rating agency or agencies  rating
such  Series,  (vi)  the  name of the Clearing  Agency,  if  any,
(vii)  the  rights  of the Holder of the Exchangeable  Transferor
Certificate  that have been transferred to the  Holders  of  such
Series  pursuant  to  such  Exchange  (including  any  rights  to
allocations  of  Collections of Finance  Charge  Receivables  and
Principal Receivables), (viii) the interest payment date or dates
and  the date or dates from which interest shall accrue, (ix) the
method  of  allocating  Collections  with  respect  to  Principal
Receivables for such Series and, if applicable, with  respect  to
any Paired Series and the method by which the principal amount of
Investor  Certificates of such Series shall amortize  or  accrete
and the method for allocating Collections with respect to Finance
Charge Receivables and Receivables in Defaulted Accounts, (x) the
names  of  any accounts to be used by such Series and  the  terms
governing  the  operation of any such account,  (xi)  the  Series
Servicing  Fee Percentage, (xii) the Minimum Transferor Interest,
(xiii)  the  Series  Termination Date, (xiv)  the  terms  of  any
Enhancement  with  respect to such Series, (xv)  the  Enhancement
Provider, if applicable, (xvi) the base rate applicable  to  such
Series, (xvii) the terms on which the Certificates of such Series
may  be repurchased or remarketed to other investors, (xviii) any
deposit  into  any  account provided for such Series,  (xix)  the
number of Classes of such Series, and if more than one Class, the
rights  and priorities of each such Class, (xx) whether any  fees
will  be  included  in the funds available to be  paid  for  such
Series,  (xxi)  the  subordination of such Series  to  any  other
Series,  (xxii)  the  Minimum  Aggregate  Principal  Receivables,
(xxiii)  whether such Series will be a part of a group or subject
to being paired with any other Series, (xxiv) whether such Series
will  be  prefunded, and (xxv) any other relevant terms  of  such
Series  (including whether or not such Series will be pledged  as
collateral  for  an  issuance of any other securities,  including
commercial paper) (all such terms, the "Principal Terms" of  such
Series).   The terms of such Supplement may modify or  amend  the
terms of this Agreement solely as applied to such new Series.  If
on  the  date of the issuance of such Series there is issued  and
outstanding  one or more Series of Investor Certificates  and  no
Series  of Investor Certificates is currently rated by  a  Rating
Agency,  then  as  a  condition to  such  Exchange  a  nationally
recognized investment banking firm or commercial bank shall  also
deliver  to  the  Trustee  an officer's certificate  stating,  in
substance, that the Exchange will not have an adverse  effect  on
the  timing or distribution of payments to such other  Series  of
Investor Certificates then issued and outstanding.

     Section  VI.10   Book-Entry Certificates.  Unless  otherwise
provided  in  any related Supplement, the Investor  Certificates,
upon   original  issuance,  shall  be  issued  in  the  form   of
typewritten    Certificates    representing    the     Book-Entry
Certificates, to be delivered to the depositary specified in such
Supplement (the "Depositary") which shall be the Clearing  Agency
or  Foreign Clearing Agency, by or on behalf of such Series.  The
Investor  Certificates  of each Series  shall,  unless  otherwise
provided  in  the related Supplement, initially be registered  on
the  Certificate  Register in the name  of  the  nominee  of  the
Clearing Agency or Foreign Clearing Agency.  No Certificate Owner
will   receive   a   Definitive  Certificate  representing   such
Certificate  Owner's interest in the related Series  of  Investor
Certificates,  except as provided in Section  6.12.   Unless  and
until  definitive, fully registered Investor Certificates of  any
Series   ("Definitive   Certificates")  have   been   issued   to
Certificate Owners pursuant to Section 6.12:

               (i)  the provisions of this Section 6.10 shall  be
     in full force and effect with respect to each such Series;

               (ii)   the  Transferor, the Servicer,  the  Paying
     Agent, the Transfer Agent and Registrar and the Trustee  may
     deal  with  the  Clearing  Agency and  the  Clearing  Agency
     Participants  for  all  purposes (including  the  making  of
     distributions on the Investor
s of each such Series) as the authorized representatives of the
 Owners;

               (iii)   to the extent that the provisions of  this
     Section  6.10  conflict with any other  provisions  of  this
     Agreement, the provisions of this Section 6.10 shall control
     with respect to each such Series; and

               (iv)  the rights of Certificate Owners of Investor
     Certificates  of  each such Series shall be  exercised  only
     through  the Clearing Agency or Foreign Clearing Agency  and
     the  applicable Clearing Agency Participants  and  shall  be
     limited  to those established by law and agreements  between
     such  Certificate Owners and the Clearing Agency or  Foreign
     Clearing  Agency  and/or the Clearing  Agency  Participants.
     Pursuant to the Depositary Agreement applicable to a Series,
     unless and until Definitive Certificates of such Series  are
     issued pursuant to Section 6.12, the initial Clearing Agency
     will  make  book-entry transfers among the  Clearing  Agency
     Participants  and  receive  and  transmit  distributions  of
     principal and interest on the Investor Certificates to  such
     Clearing Agency Participants.

     Section  VI.11 Notices to Clearing Agency.  Whenever  notice
or  other  communication  to the Certificateholders  is  required
under  this  Agreement, unless and until Definitive  Certificates
shall  have  been  issued  to  Certificate  Owners  pursuant   to
Section  6.12,  the  Trustee,  upon  written  direction  by   the
Transferor,  shall  give  all  such  notices  and  communications
specified  herein  to  be  given  to  Holders  of  the   Investor
Certificates to the Clearing Agency or Foreign Clearing Agency.

     Section  VI.12   Definitive Certificates.  If  (i)  (A)  the
Transferor  advises  the  Trustee in writing  that  the  Clearing
Agency or Foreign Clearing Agency is no longer willing or able to
discharge  properly  its responsibilities  under  the  applicable
Depositary Agreement, and (B) the Transferor is unable to  locate
a  qualified  successor,  (ii) the  Transferor,  at  its  option,
advises  the  Trustee in writing that it elects to terminate  the
book-entry system through the Clearing Agency or Foreign Clearing
Agency with respect to any Series of Certificates or (iii)  after
the  occurrence of a Servicer Default, Certificate  Owners  of  a
Series  representing  beneficial interests aggregating  not  less
than 50% of the Invested Amount of such Series advise the Trustee
and  the  applicable Clearing Agency or Foreign  Clearing  Agency
through  the applicable Clearing Agency Participants  in  writing
that  the  continuation  of  a  book-entry  system  through   the
applicable  Clearing  Agency or Foreign  Clearing  Agency  is  no
longer  in  the  best  interests of the Certificate  Owners,  the
Trustee  shall  notify  all Certificate Owners  of  such  Series,
through  the  applicable  Clearing Agency  Participants,  of  the
occurrence  of  any  such  event  and  of  the  availability   of
Definitive  Certificates to Certificate  Owners  of  such  Series
requesting  the  same.   Upon surrender to  the  Trustee  of  the
Investor  Certificates of such Series by the applicable  Clearing
Agency  or  Foreign Clearing Agency, accompanied by  registration
instructions  from  the  applicable Clearing  Agency  or  Foreign
Clearing  Agency  for registration, the Trustee shall  issue  the
Definitive  Certificates of such Series.  Neither the  Transferor
nor the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected
in   relying  on,  such  instructions.   Upon  the  issuance   of
Definitive Certificates of such Series, all references herein  to
obligations  imposed upon or to be performed  by  the  applicable
Clearing Agency or Foreign Clearing Agency shall be deemed to  be
imposed  upon  and  performed  by  the  Trustee,  to  the  extent
applicable with respect to such Definitive Certificates, and  the
Trustee   shall   recognize  the  Holders   of   the   Definitive
Certificates of such Series as Certificateholders of such  Series
hereunder.

     Section VI.13  Global Certificate; Euro-Certificate Exchange
Date.  If specified in the related Supplement for any Series, the
Investor  Certificates may be initially issued in the form  of  a
single temporary Global Certificate (the "Global Certificate") in
bearer form, without interest coupons, in the denomination of the
Initial Invested Amount of such Series and substantially  in  the
form  attached  to  the  related  Supplement.   Unless  otherwise
specified  in  the  related Supplement, the  provisions  of  this
Section 6.13 shall apply to such Global Certificate.  The  Global
Certificate  will be authenticated by the Trustee upon  the  same
conditions,  in substantially the same manner and with  the  same
effect  as  the Definitive Certificates.  The Global  Certificate
may   be  exchanged  in  the  manner  described  in  the  related
Supplement  for Registered or Bearer Certificates  in  definitive
form.

     Section VI.14  Meetings of Certificateholders. To the extent
provided by the Supplement for any Series issued in whole  or  in
part in Bearer Certificates, the Servicer may at any time call  a
meeting  of the Certificateholders of such Series, to be held  at
such time and at such place as the Servicer shall determine,  for
the  purpose of approving a modification of or amendment  to,  or
obtaining  a  waiver of, any covenant or condition set  forth  in
this Agreement with respect to such Series or in the Certificates
of such Series, subject to Section 13.1 of this Agreement.

                      [End of Article VI]
                          ARTICLE VII

            OTHER MATTERS RELATING TO THE TRANSFEROR

     Section  VII.1 Liability of the Transferor.  The  Transferor
shall  be  liable in accordance herewith solely to the extent  of
the obligations specifically undertaken by the Transferor.

     Section  VII.2 Merger or Consolidation of, or Assumption  of
the Obligations of, the Transferor.

          (a)  The Transferor shall not consolidate with or merge
into  any  other corporation or convey or transfer its properties
and assets substantially as an entirety to any Person, unless:

          (i)   the  corporation formed by such consolidation  or
     into  which  the  Transferor is merged or the  Person  which
     acquires by conveyance or transfer the properties and assets
     of  the Transferor substantially as an entirety shall be, if
     the  Transferor is not the surviving entity,  organized  and
     existing  under the laws of the United States of America  or
     any  State  or the District of Columbia and shall  expressly
     assume,  by  an agreement supplemental hereto, executed  and
     delivered  to  the  Trustee, in  form  satisfactory  to  the
     Trustee, the performance of every covenant and obligation of
     the  Transferor, as applicable hereunder and  shall  benefit
     from all the rights granted to the Transferor, as applicable
     hereunder.   To  the  extent that  any  right,  covenant  or
     obligation  of  the Transferor, as applicable hereunder,  is
     inapplicable to the successor entity, such successor  entity
     shall  be subject to such covenant or obligation, or benefit
     from  such right, as would apply, to the extent practicable,
     to such successor entity;

          (ii)   the  Transferor  shall  have  delivered  to  the
     Trustee  an Officer's Certificate signed by a Vice President
     (or  any more senior officer) of the Transferor stating that
     such  consolidation, merger, conveyance or transfer and such
     supplemental agreement comply with this Section 7.2 and that
     all  conditions  precedent herein provided for  relating  to
     such  transaction have been complied with and an Opinion  of
     Counsel that such supplemental agreement is legal, valid and
     binding  and  that the entity surviving such  consolidation,
     conveyance or transfer is organized and existing  under  the
     laws  of  the United States of America or any State  or  the
     District  of  Columbia and, subject to customary limitations
     and  qualifications, such entity will not  be  substantively
     consolidated with any Originator or the Servicer;

          (iii)   the  Transferor shall have delivered notice  to
     the   Rating   Agencies   of  such  consolidation,   merger,
     conveyance  or  transfer and the Rating  Agency  shall  have
     provided   written  confirmation  that  such  consolidation,
     merger, conveyance or transfer will not result in the Rating
     Agency  reducing  or  withdrawing its  rating  on  any  then
     outstanding Series as to which it is a Rating Agency;

          (iv)   the successor entity shall be a special  purpose
     bankruptcy remote entity; and

          (v)  if the Transferor is not the surviving entity, the
     Transferor  shall file new UCC-1 financing  statements  with
     respect to the interest of the Trust in the Receivables.

          (b)   The obligations of the Transferor hereunder shall
not be assignable nor shall any Person succeed to the obligations
of  the  Transferor hereunder except for mergers, consolidations,
assumptions or transfers in accordance with the provisions of the
foregoing paragraph.

     Section  VII.3  Limitation  on  Liability.   The  directors,
officers,  employees  or agents of the Transferor  shall  not  be
under   any   liability   to   the  Trust,   the   Trustee,   the
Certificateholders, any Enhancement Provider or any other  Person
hereunder  or  pursuant to any document delivered  hereunder,  it
being  expressly understood that all such liability is  expressly
waived and released as a condition of, and as consideration  for,
the  execution  of  this  Agreement and any  Supplement  and  the
issuance  of  the  Certificates;  provided,  however,  that  this
provision  shall not protect the officers, directors,  employees,
or  agents  of the Transferor against any liability  which  would
otherwise  be imposed upon them by reason of willful misfeasance,
bad faith or negligence in the performance of duties or by reason
of  reckless  disregard  of  obligations  and  duties  hereunder.
Except  as provided in Sections 7.1 and 7.4 with respect  to  the
Trust and the Trustee and its officers, directors, employees  and
agents,  the Transferor shall not be under any liability  to  the
Trust,  the  Trustee,  its  officers,  directors,  employees  and
agents, the Certificateholders, any Enhancement Provider  or  any
other  Person  for  any action taken or for refraining  from  the
taking  of  any action in its capacity as Transferor pursuant  to
this Agreement or any Supplement whether arising from express  or
implied  duties  under  this  Agreement  or  any  Supplement   or
otherwise;  provided,  however, that  this  provision  shall  not
protect   the  Transferor  against  any  liability  which   would
otherwise  be  imposed upon it by reason of willful  misfeasance,
bad faith or negligence in the performance of duties or by reason
of  reckless disregard of obligations and duties hereunder.   The
Transferor and any director, officer, employee or agent may  rely
in  good  faith on any document of any kind prima facie  properly
executed  and  submitted  by any Person  respecting  any  matters
arising hereunder.

     Section  VII.4 Liabilities.  (a) Subject to the  limitations
on  liability  set  forth in Sections 2.4(d), (e)  and  7.3,  the
Transferor  shall indemnify and hold harmless the Trust  and  the
Trustee from and against any loss, liability, reasonable expense,
damage  or  injury, including, but not limited to, any  judgment,
award, settlement, reasonable attorneys' fees and other costs  or
expenses incurred in connection with the defense of any actual or
threatened action, proceeding or claim, suffered or sustained  by
reason  of any acts or omissions or alleged acts or omissions  of
the  Transferor with respect to activities of the  Trust  or  the
Trustee for which the Transferor is responsible pursuant to  this
Agreement;  provided,  however, that  the  Transferor  shall  not
indemnify  or  hold harmless the Trust and the  Trustee  if  such
acts,  omissions or alleged acts or omissions constitute  or  are
caused by fraud, negligence, or willful misconduct by the Trustee
(or  any  of  such  Trustee's officers, directors,  employees  or
agents)  or  the Investor Certificateholders; provided,  further,
that  the  Transferor shall not indemnify or  hold  harmless  the
Trust,  the Investor Certificateholders or the Certificate Owners
for  any  losses,  liabilities,  expenses,  damages  or  injuries
suffered  or sustained by any of them with respect to any  action
taken   by   the   Trustee  at  the  request  of   the   Investor
Certificateholders; provided further, that the  Transferor  shall
not   indemnify  or  hold  harmless  the  Trust,   the   Investor
Certificateholders or the Certificate Owners as  to  any  losses,
liabilities, expenses, damages or injuries suffered or  sustained
by  any  of  them  in  their capacities as  investors,  including
without  limitation  losses incurred as  a  result  of  Defaulted
Accounts  or  Receivables which are written off as uncollectible;
provided further, that the Transferor shall not indemnify or hold
harmless  the  Trust,  the  Investor  Certificateholders  or  the
Certificate Owners for any losses, liabilities, expenses, damages
or  injuries  suffered or sustained by the  Trust,  the  Investor
Certificateholders or the Certificate Owners  arising  under  any
tax  law, including without limitation, any federal, state, local
or  foreign income or franchise taxes or any other tax imposed on
or  measured  by income (or any interest, penalties or  additions
with  respect  thereto  or  arising  from  a  failure  to  comply
therewith)  required  to  be  paid by  the  Trust,  the  Investor
Certificateholders  or  the  Certificate  Owners  in   connection
herewith to any taxing authority; and, provided, further, that in
no  event  will the Transferor be liable, directly or indirectly,
for or in respect of any indebtedness or obligation evidenced  or
created by any Certificate, recourse as to which shall be limited
solely  to  the  assets of the Trust allocated  for  the  payment
thereof   as  provided  in  this  Agreement  and  any  applicable
Supplement.

     Section  VII.5  Transferor's Records.  The Transferor  shall
clearly  and unambiguously mark its accounting records evidencing
the  Receivables  being  purchased pursuant  to  the  Receivables
Purchase  Agreement with a legend stating that  such  Receivables
have been conveyed to the Trust pursuant to this Agreement.

                      [End of Article VII]
                          ARTICLE VIII

             OTHER MATTERS RELATING TO THE SERVICER

     Section  VIII.1  Liability of the  Servicer.   The  Servicer
shall be liable in accordance herewith only to the extent of  the
obligations  specifically undertaken  by  the  Servicer  in  such
capacity herein.

     Section VIII.2 Merger or Consolidation of, or Assumption  of
the  Obligations of, the Servicer.  Subject to subsection 3.1(a),
the  Servicer shall not consolidate with or merge into any  other
corporation  or  convey  or transfer its  properties  and  assets
substantially as an entirety to any Person, unless:

          (i)   the  corporation formed by such consolidation  or
     into  which  the  Servicer is merged  or  the  Person  which
     acquires by conveyance or transfer the properties and assets
     of  the  Servicer substantially as an entirety  shall  be  a
     corporation  organized and existing under the  laws  of  the
     United  States  of America or any State or the  District  of
     Columbia  and, if the Servicer is not the surviving  entity,
     shall expressly assume, by an agreement supplemental hereto,
     executed  and  delivered to the Trustee in form satisfactory
     to  the  Trustee,  the  performance of  every  covenant  and
     obligation of the Servicer hereunder (to the extent that any
     right, covenant or obligation of the Servicer, as applicable
     hereunder,  is  inapplicable to the successor  entity,  such
     successor  entity  shall  be subject  to  such  covenant  or
     obligation, or benefit from such right, as would  apply,  to
     the extent practicable, to such successor entity);

          (ii)   the Servicer shall have delivered to the Trustee
     an  Officer's  Certificate that such consolidation,  merger,
     conveyance  or  transfer  and  such  supplemental  agreement
     comply  with  this  Section  8.2  and  that  all  conditions
     precedent  herein provided for relating to such  transaction
     have  been complied with and an Opinion of Counsel that such
     supplemental  agreement  is legal, valid  and  binding  with
     respect  to the Servicer and that the entity surviving  such
     consolidation,  conveyance  or  transfer  is  organized  and
     existing  under the laws of the United States of America  or
     any State or the District of Columbia; and

          (iii)  the Servicer shall have delivered notice to  the
     Rating  Agency of such consolidation, merger, conveyance  or
     transfer  and the Rating Agency shall have provided  written
     confirmation that such consolidation, merger, conveyance  or
     transfer  will not result in the Rating Agency  reducing  or
     withdrawing its rating on any then outstanding Series as  to
     which it is a Rating Agency.

     Section  VIII.3 Limitation on Liability of the Servicer  and
Others.   The  directors, officers, employees or  agents  of  the
Servicer  shall  not be under any liability  to  the  Trust,  the
Trustee, the Certificateholders, any Enhancement Provider or  any
other  Person  hereunder  or pursuant to any  document  delivered
hereunder, it being expressly understood that all such  liability
is  expressly  waived  and released as a  condition  of,  and  as
consideration  for,  the  execution of  this  Agreement  and  any
Supplement  and  the  issuance  of  the  Certificates;  provided,
however,  that  this provision shall not protect  the  directors,
officers,  employees  and  agents of  the  Servicer  against  any
liability which would otherwise be imposed upon them by reason of
willful  misfeasance, bad faith or negligence in the  performance
of  duties or by reason of reckless disregard of obligations  and
duties  hereunder.  Except as provided in Sections  8.1  and  8.4
with  respect to the Trustee, its officers, directors,  employees
and  agents, the Servicer shall not be under any liability to the
Trust,  the  Trustee,  its  officers,  directors,  employees  and
agents, the Certificateholders, any Enhancement Provider  or  any
other  Person  for  any action taken or for refraining  from  the
taking of any action in its capacity as Servicer pursuant to this
Agreement  or  any  Supplement;  provided,  however,  that   this
provision  shall not protect the Servicer against  any  liability
which  would  otherwise be imposed upon it by reason  of  willful
misfeasance, bad faith or negligence in the performance of duties
or  by  reason  of its reckless disregard of its obligations  and
duties hereunder or under any Supplement.  The Servicer may  rely
in  good  faith on any document of any kind prima facie  properly
executed  and  submitted  by any Person  respecting  any  matters
arising   hereunder.   The  Servicer  shall  not  be  under   any
obligation  to  appear in, prosecute or defend any  legal  action
which  is not incidental to its duties to service the Receivables
in accordance with this Agreement which in its reasonable opinion
may involve it in any expense or liability.

     Section  VIII.4 Servicer Indemnification of the  Transferor,
the  Trust  and  the  Trustee.  Subject  to  the  limitations  on
liability  set forth in Section 8.3, the Servicer shall indemnify
and  hold  harmless  the  Transferor  and  the  Trust  (each,  an
"Indemnified  Party")  from  and  against  any  loss,  liability,
reasonable expense, damage or injury, including, but not  limited
to,  any judgment, award, settlement, reasonable attorneys'  fees
and  other  costs  or  expenses incurred in connection  with  the
defense of any actual or threatened action, proceeding or  claim,
suffered  or  sustained by reason of any  acts  or  omissions  or
alleged  acts  or  omissions  of the  Servicer  with  respect  to
activities of the Trust or the Trustee for which the Servicer  is
responsible  pursuant to this Agreement; provided, however,  that
the  Servicer shall not indemnify or hold harmless an Indemnified
Party  if  such  acts,  omissions or alleged  acts  or  omissions
constitute  or  are  caused  by  fraud,  negligence,  or  willful
misconduct  by such Indemnified Party (or any of such Indemnified
Party's officers, directors, employees or agents) or the Investor
Certificateholders; provided, further, that  the  Servicer  shall
not   indemnify  or  hold  harmless  the  Trust,   the   Investor
Certificateholders  or  the Certificate Owners  for  any  losses,
liabilities, expenses, damages or injuries suffered or  sustained
by any of them with respect to any action taken by the Trustee at
the request of the Investor Certificateholders; provided further,
that the Servicer shall not indemnify or hold harmless the Trust,
the  Investor Certificateholders or the Certificate Owners as  to
any  losses, liabilities, expenses, damages or injuries  suffered
or  sustained  by any of them in their capacities  as  investors,
including  without  limitation losses incurred  as  a  result  of
Defaulted  Accounts  or  Receivables which  are  written  off  as
uncollectible;  provided further, that  the  Servicer  shall  not
indemnify  or  hold  harmless  the  Transferor,  the  Trust,  the
Investor  Certificateholders or the Certificate  Owners  for  any
losses,  liabilities, expenses, damages or injuries  suffered  or
sustained  by the Trust, the Investor Certificateholders  or  the
Certificate  Owners arising under any tax law, including  without
limitation,  any  federal,  state, local  or  foreign  income  or
franchise taxes or any other tax imposed on or measured by income
(or any interest, penalties or additions with respect thereto  or
arising  from a failure to comply therewith) required to be  paid
by  the Trust, the Investor Certificateholders or the Certificate
Owners  in  connection  herewith to any  taxing  authority;  and,
provided, further, that in no event will the Servicer be  liable,
directly or indirectly, for or in respect of any indebtedness  or
obligation  evidenced or created by any Certificate, recourse  as
to  which  shall  be limited solely to the assets  of  the  Trust
allocated  for the payment thereof as provided in this  Agreement
and  any  applicable Supplement.  Any such indemnification  shall
not  be  payable from the assets of the Trust, but  the  Servicer
shall  be  subrogated to the rights of the Trust with respect  to
the  foregoing  matters if and to the extent  that  the  Servicer
shall  have  indemnified  the Trust with  respect  thereto.   The
Servicer  shall indemnify and hold harmless the Trustee  and  its
officers,  directors, employees or agents from  and  against  any
loss, liability, reasonable expense, damage or injury suffered or
sustained  by  reason  of the acceptance of  this  Trust  by  the
Trustee, the issuance by the Trust of the Certificates or any  of
the  other  matters  contemplated herein or  in  any  Supplement;
provided,  however,  that the Servicer shall  not  indemnify  the
Trustee  or its officers, directors, employees or agents for  any
loss,  liability, expense, damage or injury caused by the  fraud,
negligence  or willful misconduct of any of them.  The provisions
of  this indemnity shall run directly to and be enforceable by an
injured party subject to the limitations hereof and shall survive
the  resignation or removal of the Servicer, the  resignation  or
removal  of the Trustee and/or the termination of the  Trust  and
shall survive the termination of this Agreement.

     Section  VIII.5  The  Servicer Not to  Resign.   Subject  to
subsection  3.1(a),  the  Servicer  shall  not  resign  from  the
obligations   and  duties  hereby  imposed  on  it  except   upon
determination that (i) the performance of its duties hereunder is
no  longer permissible under applicable law and (ii) there is  no
reasonable  action  which the Servicer could  take  to  make  the
performance of its duties hereunder permissible under  applicable
law.   Any such determination permitting the resignation  of  the
Servicer shall be evidenced as to clause (i) above by an  Opinion
of  Counsel  to  such effect delivered to the  Trustee.  No  such
resignation  shall  become  effective  until  the  Trustee  or  a
Successor  Servicer  shall have assumed the responsibilities  and
obligations  of  the  Servicer in accordance  with  Section  10.2
hereof.  If the Trustee is unable within 120 days of the date  of
delivery  to it of such Opinion of Counsel to appoint a Successor
Servicer, the Trustee shall serve as Successor Servicer hereunder
(but shall have continued authority to appoint another Person  as
Successor Servicer).

     Section   VIII.6   Access  to  Certain   Documentation   and
Information  Regarding  the  Receivables.   The  Servicer   shall
provide  to  the Trustee and its agents (who shall be  reasonably
acceptable to the Servicer) access to the documentation regarding
the  Accounts and the Receivables in such cases where the Trustee
is  required in connection with the enforcement of the rights  of
the  Investor  Certificateholders, or by applicable  statutes  or
regulations,  to  review such documentation,  such  access  being
afforded  without  charge but only (i) upon  reasonable  request,
(ii)   during  normal  business  hours,  (iii)  subject  to   the
Servicer's  normal  security and confidentiality  procedures  and
(iv)  at  offices  designated by the Servicer.  Nothing  in  this
Section 8.6 shall derogate from the obligation of the Transferor,
the  Trustee  or  the  Servicer to  observe  any  applicable  law
prohibiting disclosure of information regarding the Obligors  and
the failure of the Servicer to provide access as provided in this
Section  8.6 as a result of such obligations shall not constitute
a breach of this Section 8.6.

     Section VIII.7 Delegation of Duties.  In the ordinary course
of  business,  the Servicer may at any time delegate  any  duties
hereunder  to  any Person who agrees to conduct  such  duties  in
accordance  with  the Credit and Collection Policies.   Any  such
delegations  shall not relieve the Servicer of its liability  and
responsibility  with  respect  to  such  duties,  and  shall  not
constitute a resignation within the meaning of Section 8.5 hereof
and  the  Servicer will remain jointly and severally liable  with
such  Person  for  any amounts which would otherwise  be  payable
pursuant  to  this Article VIII as if the Servicer had  performed
such duty; provided, however, that in the case of any significant
delegation to a Person other than an Affiliate of SRI (i) written
notice shall be given to the Trustee and to each Rating Agency of
such  delegation  and  (ii)  neither  Rating  Agency  shall  have
notified  the  Transferor or the Trustee  in  writing  that  such
delegation will result in the lowering or withdrawal of its  then
existing rating of any Series or Class of Investor Certificates.

     Section  VIII.8  Maintenance of  Property;  Insurance.   The
Servicer  will  (i)  keep  all property  and  assets  useful  and
necessary  in its business as Servicer in good working order  and
condition  (normal wear and tear excepted), (ii)  maintain,  with
financially sound and reputable insurance companies, insurance on
all its property and assets necessary in its business as Servicer
in  at  least such amounts and against at least such  risks  (and
with  such risk retention) in the Servicer's reasonable  judgment
as  are  usually  insured against in the  same  general  area  by
companies of established repute engaged in the same or a  similar
business,  (iii)  furnish to the Trustee, upon  written  request,
full  information as to the insurance carried, (iv)  within  five
days  of  receipt of notice from any insurer, furnish the Trustee
with  a copy of any notice of cancellation or material change  in
coverage  from  that  existing  on  the  Closing  Date  and   (v)
forthwith, furnish the Trustee with notice of any cancellation or
nonrenewal  of  coverage  by  the Servicer.   The  Servicer  will
(A)  maintain  disaster  recovery systems and  other  information
management  systems that, in the Servicer's reasonable  judgment,
are  sufficient  to  enable  it to  perform  its  obligations  as
Servicer without material interruption or loss of the Receivables
or  the  collections,  in the event of  damage  to,  or  loss  or
destruction  of, its primary computer and information  management
systems and (B) furnish to the Trustee (x) full information as to
such disaster recovery systems and (y) back-up computer operating
systems  and  applications software used for  the  collection  of
Receivables  (the  "Receivables Software");  provided,  that  the
Servicer shall only be obligated to use its reasonable efforts to
obtain sublicenses or consents from third party licensors of such
Receivables Software to the license set forth in Section 2.1  and
"Receivables  Software" shall not include  operating  systems  or
software  licensed from such third parties unless and until  such
sublicense  or consent has been obtained.  During the continuance
of  a Payout Event, Prospective Payout Event, Servicer Default or
event  which, upon the giving of notice or passage of time, would
be  a  Servicer  Default the Trustee may (at the request  of  the
holders  of  a  majority of the Invested Amount, or  the  related
Commitments,  of  any  Class) request,  and  the  Servicer  shall
provide  to  the  Trustee, copies of back-up data  regarding  the
Receivables,  such  data to be provided with  such  frequency  as
designated  by  the  Trustee.  The Transferor  and  the  Servicer
hereby  represent and warrant that, upon delivery by the Servicer
of  the  Receivables Software, the Licensed Names and the back-up
data specified in the proviso to the second preceding sentence of
this  Section 8.8, and assuming that the third party  sublicenses
and consents referenced in this Section 8.8 and the amendment  or
new  software  back-up  agreement  referenced  in  the  preceding
sentence  of  this Section 8.8, the Trustee shall  have  adequate
proprietary  rights,  Receivables Software  and  backup  data  to
permit   orderly  collection  of  the  Receivables  without   the
participation of the Servicer.

                     [End of Article VIII]
                           ARTICLE IX

                         PAY OUT EVENTS

     Section  IX.1  Pay Out Events.  If any one of the  following
events (each, a "Trust Pay Out Event") shall occur:

          (a)   the Transferor, any Originator, the Bank  or  SRI
shall  consent  to  the  appointment of a bankruptcy  trustee  or
receiver or liquidator in any bankruptcy proceeding or any  other
insolvency,  readjustment  of debt,  marshalling  of  assets  and
liabilities  or  similar proceedings of or  relating  to  all  or
substantially  all of its property; or a decree  or  order  of  a
court  or agency or supervisory authority having jurisdiction  in
the  premises  for  the  appointment of a bankruptcy  trustee  or
receiver or liquidator in any bankruptcy proceeding or any  other
insolvency,  readjustment  of debt,  marshalling  of  assets  and
liabilities  or  similar proceedings, or for  the  winding-up  or
liquidation  of its affairs, shall have been entered against  the
Transferor,  any Originator, the Bank or SRI; or the  Transferor,
any  Originator,  the  Bank or SRI shall  admit  in  writing  its
inability to pay its debts generally as they become due,  file  a
petition  to  take  advantage  of any  applicable  insolvency  or
reorganization statute including the U.S. bankruptcy  code,  make
an  assignment  for the benefit of its creditors  or  voluntarily
suspend  payment  of  its obligations; or  the  Transferor  shall
become unable for any reason to transfer Receivables to the Trust
in accordance with the provisions of this Agreement; or

          (b)   the  Trust shall become subject to regulation  by
the Securities and Exchange Commission as an "investment company"
within the meaning of the Investment Company Act; or

          (c)   SRI  shall  fail to own or control,  directly  or
indirectly,  100%  of  the issued and outstanding  stock  of  the
Transferor;

then  a  Pay Out Event with respect to all Series of Certificates
shall occur without any notice or other action on the part of the
Trustee  or the Investor Certificateholders immediately upon  the
occurrence of such event.

                      [End of Article IX]
                           ARTICLE X

                       SERVICER DEFAULTS

     Section  X.1 Servicer Defaults.  If any one of the following
events (a "Servicer Default") shall occur and be continuing:

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

          (b)   failure  on  the  part of the  Servicer  duly  to
observe  or  perform  in  any  respect  any  other  covenants  or
agreements of the Servicer set forth in this Agreement, which has
a  material adverse effect on the Investor Certificateholders  of
any Series 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 Servicer by
the  Trustee,  provided that the Trustee has actual knowledge  of
such  failure, or to the Servicer and the Trustee by the  Holders
of   Investor   Certificates   evidencing   Undivided   Interests
aggregating  not  less  than 50% of the Invested  Amount  of  any
Series  materially adversely affected thereby  and  continues  to
materially adversely affect such Investor Certificateholders  for
such period; or the Servicer shall delegate its duties under this
Agreement, except as permitted by Section 8.7;

          (c)  any representation, warranty or certification made
by the Servicer in this Agreement or in any certificate delivered
pursuant  to  this Agreement shall prove to have  been  incorrect
when  made,  which has a material adverse effect on the  Investor
Certificateholders  of  any  Series and  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 Servicer by the
Trustee  provided that the Trustee has actual knowledge  of  such
failure,  or  to the Servicer and the Trustee by the  Holders  of
Investor  Certificates evidencing Undivided Interests aggregating
not less than 50% of the Invested Amount of any Series materially
adversely  affected thereby and continues to materially adversely
affect such Investor Certificateholders for such period; or

          (d)  the Servicer shall consent to the appointment of a
bankruptcy  trustee or receiver or liquidator in  any  bankruptcy
proceeding  or  any  other  insolvency,  readjustment  of   debt,
marshalling  of assets and liabilities or similar proceedings  of
or  relating  to  the  Servicer or  of  or  relating  to  all  or
substantially  all of its property; or a decree  or  order  of  a
court  or agency or supervisory authority having jurisdiction  in
the  premises  for  the  appointment of a bankruptcy  trustee  or
receiver or liquidator in any bankruptcy proceeding or any  other
insolvency,  readjustment  of debt,  marshalling  of  assets  and
liabilities  or  similar proceedings, or for  the  winding-up  or
liquidation  of its affairs, shall have been entered against  the
Servicer, and such decree or order shall have remained  in  force
undischarged or unstayed for a period of 60 days; or the Servicer
shall  admit in writing its inability to pay its debts  generally
as  they  become  due, file a petition to take advantage  of  any
applicable  insolvency  or  reorganization  statute,   make   any
assignment  for  the  benefit  of its  creditors  or  voluntarily
suspend payment of its obligations;

then,  so  long  as  such Servicer Default shall  not  have  been
remedied, any of (i) the Trustee upon written instruction by  the
Transferor, (ii) the Holders of Investor Certificates  evidencing
Undivided  Interests aggregating more than 50% of  the  Aggregate
Invested  Amount,  (iii)  if specified  in  any  Supplement,  the
Holders  of Investor Certificates evidencing Undivided  Interests
aggregating  more  than a specified percentage  of  the  Invested
Amount  of  any  Series or Class, or (iv)  if  specified  in  any
Supplement, an Enhancement Provider, in each case by notice  then
given in writing to the Servicer (and to the Trustee if given  by
any  Investor  Certificateholders) (a "Termination Notice"),  may
terminate  all of the rights and obligations of the  Servicer  as
Servicer under this Agreement.  The Servicer agrees that promptly
after  it receives such Termination Notice, the Servicer will  at
its  own expense deliver to the Trustee or to the bailee  of  the
Trustee a computer file or microfiche list containing a true  and
complete  list of all Accounts, identified by account number  and
setting  forth the Outstanding Balance of each Receivable  as  of
the date of receipt of such Termination Notice.  After receipt by
the  Servicer of such Termination Notice, and on the date that  a
Successor  Servicer  shall  have been appointed  by  the  Trustee
pursuant to Section 10.2, all authority and power of the Servicer
under  this Agreement shall pass to and be vested in a  Successor
Servicer;   and,  without  limitation,  the  Trustee  is   hereby
authorized  and  empowered (upon the failure of the  Servicer  to
cooperate) to execute and deliver, on behalf of the Servicer,  as
attorney-in-fact   or   otherwise,  all   documents   and   other
instruments  upon  the  failure of the  Servicer  to  execute  or
deliver  such documents or instruments, and to do and  accomplish
all  other acts or things necessary or appropriate to effect  the
purposes  of  such transfer of servicing rights and  obligations.
The  Servicer  agrees  to cooperate with  the  Trustee  and  such
Successor   Servicer   in  effecting  the  termination   of   the
responsibilities and rights of the Servicer to conduct  servicing
hereunder  including, without limitation, the  transfer  to  such
Successor  Servicer of all authority of the Servicer  to  service
the  Receivables  provided for under this  Agreement,  including,
without  limitation,  all authority over  all  Collections  which
shall  on  the  date  of transfer be held  by  the  Servicer  for
deposit,  or  which have been deposited by the Servicer,  in  the
Collection  Account,  the  Equalization  Account,  the   Interest
Funding Account or the Principal Account, and any Series Account,
or  which  shall  thereafter  be received  with  respect  to  the
Receivables.  The Servicer shall promptly transfer its electronic
records  or electronic copies thereof relating to the Receivables
to  the  Successor  Servicer  in  such  electronic  form  as  the
Successor  Servicer  may reasonably request  and  shall  promptly
transfer   to   the   Successor  Servicer  all   other   records,
correspondence   and  documents  necessary  for   the   continued
servicing of the Receivables in the manner and at such  times  as
the  Successor Servicer shall reasonably request.  To the  extent
that compliance with this Section 10.1 shall require the Servicer
to  disclose  to the Successor Servicer information of  any  kind
which  the  Servicer  reasonably deems to  be  confidential,  the
Successor Servicer shall be required to enter into such customary
licensing  and  confidentiality agreements as the Servicer  shall
deem necessary to protect its interests.  The Servicer shall,  on
the  date  of any servicing transfer, transfer all of its  rights
and  obligations under the Enhancement with respect to any Series
to  the  Successor  Servicer.   In connection  with  any  service
transfer, all reasonable costs and expenses (including attorneys,
fees)  incurred  in  connection with  transferring  the  records,
correspondence   and  other  documents  with   respect   to   the
Receivables  and  the  other  Trust  Property  to  the  Successor
Servicer  and amending this Agreement to reflect such  succession
as   Successor  Servicer  pursuant  to  this  Section  10.1   and
Section 10.2 shall be paid by the Servicer (unless the Trustee is
acting  as the Servicer on a temporary basis, in which  case  the
original   Servicer   shall   be   responsible   therefor)   upon
presentation  of  reasonable  documentation  of  such  costs  and
expenses.

     Notwithstanding  the foregoing, a delay  in  or  failure  of
performance referred to in subsection 10.1(a) for a period of two
Business Days or under subsection 10.1(b) or (c) for a period  of
60 days, shall not constitute a Servicer Default if such delay or
failure  could  not  be prevented by the exercise  of  reasonable
diligence by the Servicer and such delay or failure was caused by
an act of God or the public enemy, acts of declared or undeclared
war,  public  disorder, rebellion, riot or  sabotage,  epidemics,
landslides,  lightning, fire, hurricanes, tornadoes, earthquakes,
nuclear  disasters or meltdowns, floods, power outages,  computer
failure  or  similar  causes.  The preceding sentence  shall  not
relieve  the Servicer from using its best efforts to perform  its
obligations  in a timely manner in accordance with the  terms  of
this  Agreement and the Servicer shall provide the  Trustee,  any
Enhancement Provider, the Transferor and the Holders of  Investor
Certificates  with an Officer's Certificate giving prompt  notice
of  such  failure or delay by it, together with a description  of
the  cause of such failure or delay and its efforts so to perform
its obligations.

     Section X.2 Trustee to Act; Appointment of Successor.    (a)
On  and after the receipt by the Servicer of a Termination Notice
pursuant to Section 10.1, the Servicer shall continue to  perform
all  servicing  functions  under this Agreement  until  the  date
specified in the Termination Notice or as otherwise specified  by
the  Trustee in writing or, if no such date is specified in  such
Termination Notice, or otherwise specified by the Trustee,  until
a  date  mutually  agreed upon by the Servicer and  Trustee  upon
written  direction by the Transferor.  The Trustee  shall  notify
each  Rating Agency of such removal of the Servicer.  The Trustee
shall,  as promptly as possible after the giving of a Termination
Notice,  appoint a successor servicer (the "Successor Servicer"),
and  such  Successor Servicer shall accept its appointment  by  a
written assumption in a form acceptable to the Trustee.  If  such
Successor  Servicer  is  unable to accept such  appointment,  the
Trustee upon written direction by the Transferor may obtain  bids
from  any potential successor servicer.  If the Trustee is unable
to  obtain any bids from any potential successor servicer and the
Servicer delivers an Officer's Certificate to the effect that  it
cannot in good faith cure the Servicer Default which gave rise to
a  transfer of servicing, and if the Trustee is legally unable to
act  as  Successor Servicer, then the Trustee shall  notify  each
Enhancement Provider of the proposed sale of the Receivables  and
shall  provide  each such Enhancement Provider an opportunity  to
bid  on the Receivables and shall offer the Transferor the  right
of  first refusal to purchase the Receivables on terms equivalent
to  the best purchase offer as determined by the Trustee, but  in
no  event  less  than  an amount equal to the Aggregate  Invested
Amount on the date of such purchase plus all interest accrued but
unpaid  on  all of the outstanding Investor Certificates  at  the
applicable  Certificate Rate through the date  of  such  purchase
plus  all  amounts  owed to any Enhancement  Provider;  provided,
however,  that  no  such purchase by the Transferor  shall  occur
unless  the  Transferor  shall  deliver  an  opinion  of  Counsel
reasonably acceptable to the Trustee that such purchase would not
constitute  a  fraudulent  conveyance  of  the  Transferor.   The
proceeds  of  such  sale shall be deposited in  the  Distribution
Account  or  any  Series  Account, as  provided  in  the  related
Supplement,  for  distribution to the Investor Certificateholders
of  each  outstanding  Series pursuant to Section  12.3  of  this
Agreement.  In the event that a Successor Servicer has  not  been
appointed  and has not accepted its appointment at the time  when
the  Servicer  ceases  to act as Servicer,  the  Trustee  without
further  action  shall automatically be appointed  the  Successor
Servicer  (but shall have continued authority to appoint  another
Person  as Successor Servicer).  The Trustee may delegate any  of
its servicing obligations to an affiliate or agent of the Trustee
in  accordance  with  Article  III hereof.   Notwithstanding  the
above,  the  Trustee  shall,  if it is  legally  unable  to  act,
petition  a  court  of  competent  jurisdiction  to  appoint  any
established  financial institution having,  in  the  case  of  an
entity   that   is   subject  to  risk-based   capital   adequacy
requirements, risk-based capital of at least $50,000,000  or,  in
the  case of an entity that is not subject to risk-based  capital
requirements, having a net worth of not less than $50,000,000 and
whose  regular  business includes the servicing  of  credit  card
receivables as the Successor Servicer hereunder.

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

          (c)    In   connection   with  such   appointment   and
assumption,  the Trustee shall be entitled to such  compensation,
or  may  make  such  arrangements for  the  compensation  of  the
Successor  Servicer out of Collections, as it and such  Successor
Servicer   shall   agree;  provided,  however,   that   no   such
compensation shall be in excess of the Servicing Fee permitted to
the  Servicer pursuant to Section 3.2. The Transferor agrees that
if the Servicer is terminated hereunder, it will agree to deposit
a  portion  of  the  Collections in  respect  of  Finance  Charge
Receivables that it is entitled to receive pursuant to Article IV
to  pay  its  ratable share of the compensation of the  Successor
Servicer.

          (d)   All  authority and power granted to the Successor
Servicer  under  this  Agreement shall  automatically  cease  and
terminate upon termination of the Trust pursuant to Section  12.1
and  shall  pass to and be vested in the Transferor and,  without
limitation, the Transferor is hereby authorized and empowered  to
execute  and  deliver,  on behalf of the Successor  Servicer,  as
attorney-in-fact   or   otherwise,  all   documents   and   other
instruments,  and to do and accomplish all other acts  or  things
necessary or appropriate to effect the purposes of such  transfer
of  servicing rights.  The Successor Servicer agrees to cooperate
with   the  Transferor  in  effecting  the  termination  of   the
responsibilities and rights of the Successor Servicer to  conduct
servicing  on  the  Receivables.  The  Successor  Servicer  shall
transfer  its  electronic records relating to the Receivables  to
the  Transferor  in  such electronic form as the  Transferor  may
reasonably   request  and  shall  transfer  all  other   records,
correspondence and documents to the Transferor in the manner  and
at such times as the Transferor shall reasonably request.  To the
extent  that compliance with this Section 10.2 shall require  the
Successor  Servicer to disclose to the Transferor information  of
any  kind  which the Successor Servicer deems to be confidential,
the  Transferor  shall be required to enter into  such  customary
licensing   and  confidentiality  agreements  as  the   Successor
Servicer shall deem necessary to protect its interests.

     Section X.3 Notification to Certificateholders.  Within  two
Business  Days after the Servicer becomes aware of  any  Servicer
Default, the Servicer shall give prompt written notice thereof to
the  Trustee  and any Enhancement Provider and, upon  receipt  of
such  written  notice, and the Trustee shall give notice  to  the
Investor   Certificateholders  at  their   respective   addresses
appearing  in the Certificate Register.  Upon any termination  or
appointment of a Successor Servicer pursuant to this  Article  X,
the  Trustee upon written direction by the Transferor shall  give
prompt  written notice thereof to Investor Certificateholders  at
their respective addresses appearing in the Certificate Register.

     Section  X.4  Waiver  of  Past  Defaults.   The  Holders  of
Investor  Certificates evidencing Undivided Interests aggregating
not  less  than  66_%  of  the Invested  Amount  of  each  Series
materially  adversely affected by any default by the Servicer  or
Transferor  may,  on  behalf  of all Certificateholders  of  such
Series,  waive any default by the Servicer or Transferor  in  the
performance  of  its obligations hereunder and its  consequences,
except a default in the failure to make any required deposits  or
payments  of  interest  or  principal  relating  to  such  Series
pursuant  to Article IV, which default does not result  from  the
failure  of the Paying Agent to perform its obligations  to  make
any  required  deposits or payments of interest and principal  in
accordance  with  Article IV.  Upon any such  waiver  of  a  past
default,  such  default  shall cease to exist,  and  any  default
arising therefrom shall be deemed to have been remedied for every
purpose  of this Agreement.  No such waiver shall extend  to  any
subsequent  or  other  default  or impair  any  right  consequent
thereon except to the extent expressly so waived.

                       [End of Article X]
                           ARTICLE XI

                          THE TRUSTEE

     Section XI.1 Duties of Trustee.  (a)  The Trustee, prior  to
the  occurrence  of any Servicer Default of which  a  Responsible
Officer of the Trustee has actual knowledge and after the  curing
of  all Servicer Defaults which may have occurred, undertakes  to
perform such duties and only such duties as are specifically  set
forth in this Agreement, and no implied covenants or duties shall
be   read  into  this  Agreement  against  the  Trustee.   If   a
Responsible Officer has received written notice that  a  Servicer
Default  has  occurred (and such Servicer Default  has  not  been
cured  or waived), the Trustee shall exercise such of the  rights
and  powers  vested in it by this Agreement,  and  use  the  same
degree  of  care  and skill in its exercise, as a prudent  person
would  exercise or use under the circumstances in the conduct  of
such person's own affairs; provided, however, that if the Trustee
shall  assume the duties of the Servicer pursuant to Section  8.5
or  10.2,  the  Trustee in performing such duties shall  use  the
degree of skill and attention customarily exercised by a servicer
with  respect  to  comparable receivables that  it  services  for
itself or others.

          (b)    The   Trustee  shall  retain  all   resolutions,
certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Trustee which are specifically
required  to  be  furnished pursuant to  any  provision  of  this
Agreement for at least one year after receipt and shall make such
items  available for inspection by any Investor Certificateholder
at  the Corporate Trust Office, such inspection to be made during
regular  business hours and upon reasonable prior notice  to  the
Trustee.

          (c)   Subject  to subsection 11.1(a), no  provision  of
this  Agreement  shall be construed to relieve the  Trustee  from
liability for its own negligent action, its own negligent failure
to act or its own misconduct; provided, however, that:

          (i)  the Trustee shall not be personally liable for  an
     error  of  judgment  made  in good faith  by  a  Responsible
     Officer  or Responsible Officers of the Trustee,  unless  it
     shall   be   proved  that  the  Trustee  was  negligent   in
     ascertaining the pertinent facts;

          (ii)   the Trustee shall not be personally liable  with
     respect to any action taken, suffered or omitted to be taken
     by  it in good faith in accordance with the direction of the
     Holders   of  Investor  Certificates  evidencing   Undivided
     Interests  aggregating more than 50% of the Invested  Amount
     of  any  Series relating to the time, method  and  place  of
     conducting  any proceeding for any remedy available  to  the
     Trustee with respect to such Series, or exercising any trust
     or  power  conferred upon the Trustee with respect  to  such
     Series, under this Agreement; and

          (iii)   the Trustee shall not be charged with knowledge
     of  any  failure by the Servicer referred to in clauses  (a)
     and  (b)  of  Section 10.1 or of any breach by the  Servicer
     contemplated by clause (c) of Section 10.1 or  any  Pay  Out
     Event  unless  a Responsible Officer of the Trustee  obtains
     actual knowledge of such failure, breach or Pay Out Event or
     the  Trustee receives written notice of such failure, breach
     or  Pay  Out  Event  from the Servicer  or  any  Holders  of
     Investor   Certificates   evidencing   Undivided   Interests
     aggregating not less than 10% of the Invested Amount of  any
     Series adversely affected thereby.

          (d)   The  Trustee shall not be required to  expend  or
risk its own funds or otherwise incur financial liability in  the
performance of any of its duties hereunder, or in the exercise of
any  of  its rights or powers, if there is reasonable ground  for
believing  that the repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured  to  it,
and  none of the provisions contained in this Agreement shall  in
any  event require the Trustee to perform, or be responsible  for
the  manner  of  performance of, any of the  obligations  of  the
Servicer under this Agreement except during such time, if any, as
the  Trustee  shall be the successor to, and be vested  with  the
rights,  duties,  powers  and  privileges  of,  the  Servicer  in
accordance with the terms of this Agreement.

          (e)   Except for actions expressly authorized  by  this
Agreement, the Trustee shall take no action reasonably likely  to
impair  the interests of the Trust in any Receivable now existing
or hereafter created or to impair the value of any Receivable now
existing or hereafter created.

          (f)   Except as provided in this Agreement, the Trustee
shall have no power to vary the corpus of the Trust.

          (g)   If  a  Responsible Officer  of  the  Trustee  has
received  written notice that the Paying Agent  or  the  Transfer
Agent and Registrar shall fail to perform any obligation, duty or
agreement in the manner or on the day required to be performed by
the Paying Agent or the Transfer Agent and Registrar, as the case
may  be,  under  this Agreement, the Trustee shall  be  obligated
promptly  upon  its obtaining knowledge thereof by a  Responsible
Officer  of  the  Trustee  to perform such  obligation,  duty  or
agreement in the manner so required.

          (h)   If  the Transferor has agreed to transfer any  of
its  credit  card  receivables (other than  the  Receivables)  to
another  Person, upon the written request of the Transferor,  the
Trustee on behalf of the Trust will enter into such intercreditor
agreements provided to the Trustee in final execution  form  with
the transferee of such receivables as are customary and necessary
to  identify separately the rights, if any, of the Trust and such
other   Person  in  the  Transferor's  credit  card  receivables;
provided, however, that the Trust shall not be required to  enter
into any intercreditor agreement which could adversely affect the
interests of the Certificateholders or the Trustee and, upon  the
request of the Trustee, the Transferor will deliver an Opinion of
Counsel  on any matters relating to such intercreditor agreement,
reasonably requested by the Trustee.

     Section XI.2 Certain Matters Affecting the Trustee.   Except
as otherwise provided in Section 11.1:

          (a)  the Trustee may rely on and shall be protected  in
acting  on, or in refraining from acting in accordance with,  any
assignment  of Receivables in Supplemental Accounts, the  initial
report,  the Daily Report, the Settlement Statement,  the  annual
Servicer's  certificate,  the monthly  payment  instructions  and
notification  to  the  Trustee, the  monthly  Certificateholder's
statement, any resolution, Officer's Certificate, certificate  of
auditors   or   any  other  certificate,  statement,  instrument,
opinion, report, notice, request, consent, order, appraisal, bond
or  other paper or document believed by it to be genuine  and  to
have been signed or presented to it pursuant to this Agreement by
the proper party or parties;

          (b)   the  Trustee  may consult with counsel,  and  the
advice  or  any  opinion of Counsel shall be  full  and  complete
authorization  and protection in respect of any action  taken  or
suffered  or  omitted  by  it hereunder  in  good  faith  and  in
accordance with such advice or Opinion of Counsel;

          (c)   the  Trustee  shall  be under  no  obligation  to
exercise  any  of  the  rights or powers vested  in  it  by  this
Agreement or any Enhancement, or to institute, conduct or  defend
any  litigation hereunder or in relation hereto, at the  request,
order  or  direction  of  any  of the Certificateholders  or  any
Enhancement  Provider,  pursuant  to  the  provisions   of   this
Agreement, unless such Certificateholders or Enhancement Provider
shall  have  offered  to  the  Trustee  reasonable  security   or
indemnity  against the costs, expenses and liabilities which  may
be  incurred therein or thereby; nothing contained herein  shall,
however,  relieve  the  Trustee  of  the  obligations,  upon  the
occurrence of any Servicer Default (which has not been  cured  or
waived)  of  which  a  Responsible Officer  of  the  Trustee  has
knowledge, to exercise such of the rights and powers vested in it
by this Agreement and any Enhancement, and to use the same degree
of  care  and  skill  in its exercise as a prudent  person  would
exercise or use under the circumstances in the conduct of his own
affairs;

          (d)  the Trustee shall not be personally liable for any
action  taken,  suffered  or omitted by  it  in  good  faith  and
believed  by  it  to  be authorized or within the  discretion  or
rights or powers conferred upon it by this Agreement;

          (e)   the  Trustee  shall not  be  bound  to  make  any
investigation into the facts of matters stated in any  assignment
of  Receivables in Supplemental Accounts, the initial report, the
Daily  Report,  the  Settlement Statement, the annual  Servicer's
certificate, the monthly payment instructions and notification to
the   Trustee,  the  monthly  Certificateholders  statement,  any
resolution, certificate, statement, instrument, opinion,  report,
notice, request, consent, order, approval, bond or other paper or
document;

          (f)   the  Trustee  may execute any of  the  trusts  or
powers  hereunder or perform any duties hereunder either directly
or  by  or  through agents or attorneys or a custodian,  and  the
Trustee shall not be responsible for any misconduct or negligence
on  the  part of any such agent, attorney or custodian  appointed
with due care by it hereunder;

          (g)   except as may be required by subsection  11.1(a),
the Trustee shall not be required to make any initial or periodic
examination   of  any  documents  or  records  related   to   the
Receivables  or the Accounts for the purpose of establishing  the
presence  or absence of defects, the compliance by the Transferor
with its representations and warranties or for any other purpose;

          (h)   whenever in the administration of this  Agreement
the  Trustee shall deem it desirable that a matter be  proved  or
established  prior  to taking, suffering or omitting  any  action
hereunder,   the  Trustee  (unless  other  evidence   be   herein
specifically prescribed) may, in the absence of bad faith on  its
part, rely upon an Officer's Certificate; and

          (i)    the   right  of  the  Trustee  to  perform   any
discretionary act enumerated in this Agreement or any  Supplement
shall  not be construed as a duty, and the Trustee shall  not  be
answerable for performance of any such act.

     Section   XI.3   Trustee   Not  Liable   for   Recitals   in
Certificates.   The  Trustee assumes no  responsibility  for  the
correctness  of  the  recitals  contained  herein  and   in   the
Certificates (other than the certificate of authentication on the
Certificates).  Except as set forth in Section 11.15, the Trustee
makes  no  representations as to the validity or  sufficiency  of
this Agreement or of the Certificates (other than the certificate
of  authentication on the Certificates) or of any  Receivable  or
related  document.  The Trustee shall not be accountable for  the
use  or  application by the Transferor of any of the Certificates
or  of  the  proceeds of such Certificates, or  for  the  use  or
application of any funds paid to the Transferor in respect of the
Receivables  or  deposited in or withdrawn  from  the  Collection
Account, the Equalization Account, the Principal Account  or  the
Interest Funding Account, or any Series Account or other accounts
now  or  hereafter  established to  effectuate  the  transactions
contemplated herein and in accordance with the terms hereof.  The
Trustee shall have no responsibility for filing any financing  or
continuation  statement in any public office at any  time  or  to
otherwise  perfect  or maintain the perfection  of  any  security
interest  or  Lien  granted to it hereunder (unless  the  Trustee
shall  have become the Successor Servicer) or to prepare or  file
any Securities and Exchange Commission filing for the Trust or to
record this Agreement or any Supplement.

     Section  XI.4 Trustee May Own Certificates.  The Trustee  in
its  individual  or any other capacity may become  the  owner  or
pledgee   of  Investor  Certificates  and  may  deal   with   the
Transferor,  the  Servicer or any Enhancement Provider  with  the
same  rights  as it would have if it were not the  Trustee.   The
Trustee in its capacity as Trustee shall exercise its duties  and
responsibilities  hereunder independent of and without  reference
to its investment, if any, in Investor Certificates.

     Section  XI.5  The  Servicer  to  Pay  Trustee's  Fees   and
Expenses.   The  Servicer covenants and  agrees  to  pay  to  the
Trustee  from time to time, and the Trustee shall be entitled  to
receive,  reasonable compensation (which shall not be limited  by
any  provision of law in regard to the compensation of a  trustee
of  an express trust) for all services rendered by the Trustee in
the execution of the trust hereby created and in the exercise and
performance  of  any of the powers and duties  hereunder  of  the
Trustee,  and, subject to Section 8.4, the Servicer will  pay  or
reimburse  the Trustee (without reimbursement from  any  Investor
Account,  any Series Account or otherwise) upon its  request  for
all  reasonable expenses, disbursements and advances incurred  or
made  by the Trustee in accordance with any of the provisions  of
this Agreement (including the reasonable fees and expenses of its
agents  and  counsel)  except any such expense,  disbursement  or
advance  as  may arise from its own negligence or bad  faith  and
except as provided in the following sentence.  If the Trustee  is
appointed  Successor  Servicer  pursuant  to  Section  10.2,  the
provisions  of  this  Section 11.5 shall not apply  to  expenses,
disbursements and advances made or incurred by the Trustee in its
capacity as Successor Servicer (which shall be covered out of the
Servicing Fee).

     The  obligations  of the Servicer under  this  Section  11.5
shall survive the termination of the Trust and the resignation or
removal of the Trustee.

     Section  XI.6  Eligibility Requirements  for  Trustee.   The
Trustee  hereunder shall at all times be a corporation  organized
and doing business under the laws of the United States of America
or  any  state  thereof authorized under such  laws  to  exercise
corporate  trust  powers, having at least the  Minimum  Long-Term
Credit  Rating  and  having, in the case of  an  entity  that  is
subject  to  risk-based capital adequacy requirements, risk-based
capital of at least $50,000,000 or, in the case of an entity that
is  not  subject  to  risk-based capital  adequacy  requirements,
having a combined capital and surplus of at least $50,000,000 and
subject  to  supervision  or  examination  by  federal  or  state
authority.  If such corporation publishes reports of condition at
least  annually,  pursuant to law or to the requirements  of  the
aforesaid  supervising  or  examining  authority,  then  for  the
purpose of this Section 11.6, the combined capital and surplus of
such  corporation shall be deemed to be its combined capital  and
surplus  as  set forth in its most recent report of condition  so
published.   In case at any time the Trustee shall  cease  to  be
eligible in accordance with the provisions of this Section  11.6,
the  Trustee shall resign immediately in the manner and with  the
effect specified in Section 11.7.

     Section  XI.7  Resignation or Removal of Trustee.   (a)  The
Trustee  may at any time resign and be discharged from the  Trust
hereby  created by giving written notice thereof to the Servicer.
Upon  receiving  such notice of resignation, the  Servicer  shall
promptly  appoint a successor trustee by written  instrument,  in
duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee.   If  no
successor trustee shall have been so appointed and have  accepted
such  appointment within 30 days after the giving of such  notice
of  resignation, the resigning Trustee may petition any court  of
competent   jurisdiction  for  the  appointment  of  a  successor
trustee.

          (b)   If  at  any time the Trustee shall  cease  to  be
eligible in accordance with the provisions of Section 11.6 hereof
and  shall fail to resign after written request therefor  by  the
Transferor, or if at any time the Trustee shall be legally unable
to  act,  or  shall  be adjudged a bankrupt or  insolvent,  or  a
receiver of the Trustee or of its property shall be appointed, or
any public officer shall take charge or control of the Trustee or
of  its  property  or affairs for the purpose of  rehabilitation,
conservation or liquidation, then the Transferor may,  but  shall
not  be  required to, remove the Trustee and promptly  appoint  a
successor trustee by written instrument, in duplicate,  one  copy
of  which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee.

          (c)    If   at   any  time  the  Trust  shall   be   in
non-compliance with Section 2.5(m), the Trustee shall be  removed
and  the  Servicer shall promptly appoint a successor trustee  by
written  instrument, in duplicate, one copy of  which  instrument
shall be delivered to the Trustee so removed and one copy to  the
successor trustee.

          (d)   If  (i) the Trustee shall fail to perform any  of
its obligations hereunder, (ii) a Certificateholder shall deliver
written  notice  of such failure to the Trustee,  and  (iii)  the
Trustee  shall  not  have  corrected such  failure  for  60  days
thereafter,   then   the   Holders   of   Investor   Certificates
representing  more  than  50% of the Invested  Amount  (including
related  commitments of holders of Variable Funding Certificates)
shall  have the right to remove the Trustee and (with the consent
of  the  Transferor,  which shall not be  unreasonably  withheld)
promptly  appoint a successor trustee by written  instrument,  in
duplicate, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee.

          (e)   Any  resignation or removal of  the  Trustee  and
appointment  of  a  successor trustee  pursuant  to  any  of  the
provisions of this Section 11.7 shall not become effective  until
acceptance of appointment by the successor trustee as provided in
Section  11.8  hereof  and any liability of the  Trustee  arising
hereunder shall survive such appointment of a successor trustee.

     Section  XI.8 Successor Trustee.  (a) Any successor  trustee
appointed  as  provided  in Section 11.7  hereof  shall  execute,
acknowledge  and deliver to the Transferor and to its predecessor
Trustee  an instrument accepting such appointment hereunder,  and
thereupon  the resignation or removal of the predecessor  Trustee
shall  become effective and such successor trustee,  without  any
further  act, deed or conveyance, shall become fully vested  with
all the rights, powers, duties and obligations of its predecessor
hereunder, with the like effect as if originally named as Trustee
herein.   The predecessor Trustee shall deliver to the  successor
trustee  all  documents and statements held by it hereunder,  and
the  Transferor  and the predecessor Trustee  shall  execute  and
deliver  such  instruments  and  do  such  other  things  as  may
reasonably  be  required  for fully  and  certainly  vesting  and
confirming  in  the  successor trustee all such  rights,  powers,
duties and obligations.

          (b)   No successor trustee shall accept appointment  as
provided  in  this  Section  11.8 unless  at  the  time  of  such
acceptance  such  successor trustee shall be eligible  under  the
provisions of Section 11.6 hereof.

          (c)   Upon  acceptance of appointment  by  a  successor
trustee  as provided in this Section 11.8, such successor trustee
shall   mail   notice  of  such  succession  hereunder   to   all
Certificateholders at their addresses as shown in the Certificate
Register.

     Section XI.9 Merger or Consolidation of Trustee.  Any Person
into  which the Trustee may be merged or converted or with  which
it  may be consolidated, or any Person resulting from any merger,
conversion  or  consolidation to which the  Trustee  shall  be  a
party,  or any Person succeeding to all or substantially  all  of
the  corporate  trust  business of  the  Trustee,  shall  be  the
successor  of  the  Trustee hereunder, provided such  corporation
shall  be  eligible under the provisions of Section 11.6  hereof,
without  the execution or filing of any paper or any further  act
on  the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

     Section XI.10 Appointment of Co-Trustee or Separate Trustee.
(a)  Notwithstanding any other provisions of this  Agreement,  at
any  time,  for the purpose of meeting any legal requirements  of
any  jurisdiction in which any part of the Trust may at the  time
be  located, the Trustee shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act  as
a  co-trustee  or  co-trustees, or separate trustee  or  separate
trustees,  of all or any part of the Trust, and to vest  in  such
Person  or Persons, in such capacity and for the benefit  of  the
Certificateholders, such title to the trust, or any part thereof,
and,  subject to the other provisions of this Section 11.10, such
powers, duties, obligations, rights and trusts as the Trustee may
consider  necessary  or  desirable.  No  co-trustee  or  separate
trustee  hereunder  shall  be  required  to  meet  the  terms  of
eligibility  as  a successor trustee under Section  11.6  and  no
notice to Certificateholders of the appointment of any co-trustee
or separate trustee shall be required under Section 11.8 hereof.

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

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

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

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

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

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

     Section XI.11 Tax Returns.  Consistent with Section 3.7, the
Trustee shall not file any Federal tax returns on behalf  of  the
Trust;  provided,  however, that if a class  of  Certificates  is
issued  that  will be characterized as interests in a partnership
for  federal income tax purposes, partnership information returns
shall  be  prepared  and  signed by the  Transferor,  as  general
partner, and the Transferor shall be the "tax matter partner"  as
defined in subsection 6231(a)(7) of the Internal Revenue Code  of
1986,  as  amended, and any successor statute.  In the event  the
Trust  shall be required to file tax returns, the Servicer  shall
at  its  expense prepare or cause to be prepared any tax  returns
required  to  be filed by the Trust and, to the extent  possible,
shall  remit such returns to the Trustee for signature  at  least
five  days before such returns are due to be filed.  The  Trustee
is  hereby  authorized to sign any such return on behalf  of  the
Trust.   The Servicer shall prepare or shall cause to be prepared
all  tax  information  required  by  law  to  be  distributed  to
Certificateholders  and  shall deliver such  information  to  the
Trustee  at  least five days prior to the date it is required  by
law  to be distributed to Certificateholders.  The Trustee,  upon
request,  will  furnish the Servicer with  all  such  information
known  to the Trustee as may be reasonably required in connection
with  the preparation of all tax returns of the Trust and  shall,
upon  request,  execute  such returns.  In  no  event  shall  the
Trustee be liable for any liabilities, costs or expenses  of  the
Trust,  the Investor Certificateholders or the Certificate Owners
arising  under any tax law, including without limitation federal,
state,  local or foreign income or excise taxes or any other  tax
imposed  on or measured by income (or any interest or penalty  or
addition with respect thereto or arising from a failure to comply
therewith).

     Section  XI.12 Trustee May Enforce Claims Without Possession
of  Certificates.   All rights of action and  claims  under  this
Agreement  or  any Series of Certificates may be  prosecuted  and
enforced  by  the Trustee without the possession of  any  of  the
Certificates or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee  shall
be  brought in its own name as trustee.  Any recovery of judgment
shall,   after  provision  for  the  payment  of  the  reasonable
compensation,  expenses,  disbursements  and  advances   of   the
Trustee,  its agents and counsel, be for the ratable  benefit  of
any  Series  of  Certificateholders  in  respect  of  which  such
judgment has been obtained.

     Section  XI.13 Suits for Enforcement.  If a Servicer Default
of which a Responsible Officer of the Trustee has knowledge shall
occur  and  be  continuing, the Trustee, in its  discretion  may,
subject to the provisions of Section 10.1, proceed to protect and
enforce   its   rights  and  the  rights   of   any   Series   of
Certificateholders  under this Agreement by  a  suit,  action  or
proceeding  in  equity or at law or otherwise,  whether  for  the
specific  performance of any covenant or agreement  contained  in
this Agreement or in aid of the execution of any power granted in
this  Agreement  or  for  the enforcement  of  any  other  legal,
equitable  or  other  remedy  as the Trustee,  being  advised  by
counsel, shall deem most effectual to protect and enforce any  of
the rights of the Trustee or any Series of Certificateholders.

     Section   XI.14  Rights  of  Certificateholders  to   Direct
Trustee.   Holders of Investor Certificates evidencing  Undivided
Interests  aggregating  more than 50% of the  Aggregate  Invested
Amount (or, with respect to any remedy, trust or power that  does
not relate to all Series, 50% of the aggregate Invested Amount of
the  Investor  Certificates of all Series to which  such  remedy,
trust  or power relates) shall have the right to direct the time,
method,  and  place of conducting any proceeding for  any  remedy
available  to  the  Trustee, or exercising  any  trust  or  power
conferred  on  the Trustee; provided, however,  that  Holders  of
Investor  Certificates aggregating more than 50% of the aggregate
Invested  Amount of any Class may direct the Trustee to  exercise
its rights under Section 8.6; provided, further, that, subject to
Section  11.1,  the Trustee shall have the right  to  decline  to
follow any such direction if the Trustee being advised by counsel
determines that the action so directed may not lawfully be taken,
or  if  the Trustee in good faith shall, by a Responsible Officer
or  Responsible  Officers  of  the Trustee,  determine  that  the
proceedings  so  directed  would be  illegal  or  involve  it  in
personal  liability or be unduly prejudicial  to  the  rights  of
Certificateholders  not parties to such direction;  and  provided
further, that nothing in this Agreement shall impair the right of
the  Trustee to take any action deemed proper by the Trustee  and
which is not inconsistent with such direction of such Holders  of
Investor Certificates.

     Section  XI.15  Representations and Warranties  of  Trustee.
The Trustee represents and warrants that:

          (i)   the  Trustee is a corporation organized, existing
     and  authorized to engage in the business of  banking  under
     the laws of the State of its incorporation;

          (ii) the Trustee has full power, authority and right to
     execute,  deliver and perform this Agreement, and has  taken
     all  necessary  action to authorize the execution,  delivery
     and performance by it of this Agreement; and

          (iii)      this  Agreement has been duly  executed  and
     delivered by the Trustee.

     Section  XI.16 Maintenance of Office or Agency.  The Trustee
will  maintain at its expense an office or offices or  agency  or
agencies,  where notices and demands to or upon  the  Trustee  in
respect  of  the Certificates and this Agreement may  be  served.
The  Trustee initially appoints its Corporate Trust Office as its
office  for such purposes.  The Trustee will give prompt  written
notice to the Servicer and to Certificateholders (or in the  case
of  Holders of Bearer Certificates, in the manner provided for in
the  related  Supplement) of any change in the  location  of  the
Certificate Register or any such office or agency.

                      [End of Article XI]
                          ARTICLE XII

                          TERMINATION

     Section XII.1 Termination of Trust.

          (a)  The respective obligations and responsibilities of
the  Transferor,  the  Servicer and the  Trustee  created  hereby
(other  than  the obligation of the Trustee to make  payments  to
Certificateholders  as  hereafter  set  forth)  shall  terminate,
except  with respect to the duties described in Section  8.4  and
11.5  and  subsection  12.3(b), on the  Trust  Termination  Date;
provided, however, that the Trust shall not terminate on the date
specified  in clause (i) of the definition of "Trust  Termination
Date"  if each of the Servicer and the Holder of the Exchangeable
Transferor Certificate notify the Trustee in writing,  not  later
than  five  Business Days preceding such date, that  they  desire
that  the  Trust not terminate on such date, which  notice  (such
notice, a "Trust Extension") shall specify the date on which  the
Trust shall terminate (such date, the "Extended Trust Termination
Date");  provided,  however, that the Extended Trust  Termination
Date shall be not later than the expiration of 21 years from  the
death  of  the  last  survivor of the descendants  of  Joseph  P.
Kennedy, the late Ambassador of the United States to the Court of
St.  James,  living on the date of this Agreement.  The  Servicer
and the Holder of the Exchangeable Transferor Certificate may, on
any  date following the Trust Extension, so long as no Series  of
Certificates is outstanding, deliver a notice in writing  to  the
Trustee changing the Extended Trust Termination Date.

          (b)  In the event that (i) the Trust has not terminated
by  the Distribution Date occurring in the second month preceding
the  Trust Termination Date, and (ii) the Invested Amount of  any
Series  (after  giving  effect  to  all  transfers,  withdrawals,
deposits  and drawings to occur on such date and the  payment  of
principal on any Series of Certificates to be made on the related
Distribution Date during such month pursuant to Article IV) would
be  greater  than  zero  or  any amount  shall  be  owed  to  any
Enhancement  Provider, the Servicer shall  sell  within  30  days
after such Transfer Date all the Receivables if it can do so in a
commercially reasonable manner.  The Servicer shall  notify  each
Enhancement Provider of the proposed sale of the Receivables  and
shall provide each Enhancement Provider an opportunity to bid  on
the  Receivables.  The Transferor shall have the right  of  first
refusal  to purchase the Receivables on terms equivalent  to  the
best  purchase  offer as determined by the Trustee  in  its  sole
discretion.   The proceeds of any such sale shall be  treated  as
Collections  on  the  Receivables  and  shall  be  allocated  and
deposited in accordance with Article IV; provided, however,  that
the  Trustee shall determine conclusively in its sole  discretion
the amount of such proceeds which are allocable to Finance Charge
Collections  and the amount of such proceeds which are  allocable
to  Collections of Principal Receivables.  During such thirty-day
period,  the Servicer shall continue to collect payments  on  the
Receivables and allocate and deposit such payments in  accordance
with the provisions of Article IV.

          (c)   All  principal or interest with  respect  to  any
Series of Investor Certificates shall be due and payable no later
than  the  Series Termination Date with respect to  such  Series.
Unless otherwise provided in a Supplement, in the event that  the
Invested  Amount  of any Series of Certificates is  greater  than
zero  on  its  Series  Termination Date (the "Affected  Series"),
after  giving effect to all transfers, withdrawals, deposits  and
drawings to occur on such date and the payment of principal to be
made  on such Series on such date, and the Servicer will sell  or
cause  to be sold, and the Trustee upon written direction by  the
Servicer will pay the proceeds to all Certificateholders of  such
Series  pro rata in final payment of all principal of and accrued
interest on such Series of Certificates or, if any Class of  such
Series is subordinated, in order of their respective seniorities,
an amount of Principal Receivables and the related Finance Charge
Receivables  (or  interests therein) up to 110% of  the  Invested
Amount of such Series at the close of business on such date  (but
the  amount of such Principal Receivables not to be more than  an
amount  of  Receivables equal to the sum of (1)  the  product  of
(A)  the  Transferor  Percentage, (B) the  aggregate  outstanding
Principal Receivables and (C) a fraction the numerator  of  which
is  the  Invested  Amount of such Series on  such  date  and  the
denominator  of which is the sum of the Invested Amounts  of  all
Series  on such Date and (2) the Invested Amount of such Series).
Receivables  on which the Obligor has not made the  full  minimum
payment for the prior months shall be deemed to be in default for
purposes  of  this Section 12.1(c) to the extent  that  the  cash
allocated  to  any Class of Transferor Retained  Certificates  of
such Series pursuant to a sale under Section 12.1(c) is less than
the  amount  that  would have been allocated to the  Exchangeable
Transferor  Certificate and the Transferor Retained  Certificates
had  the  proceeds  from  such sale been  allocated  pursuant  to
Section  4.3. The Servicer shall notify each Enhancement Provider
of  the proposed sale of such Receivables and shall provide  each
Enhancement  Provider an opportunity to bid on such  Receivables.
The Transferor shall be permitted to purchase such Receivables in
such  case  and shall have a right of first refusal with  respect
thereto to the extent of a bona fide offer by an unrelated  third
party  or  to  the  extent  the Receivables  represent  Defaulted
Receivables.   Any  proceeds  of such  sale  in  excess  of  such
principal  and interest paid shall be paid to the Holder  of  the
Exchangeable   Transferor   Certificate.    Upon   such    Series
Termination  Date  with  respect  to  the  applicable  Series  of
Certificates,  final  payment of all  amounts  allocable  to  any
Investor Certificates of such Series shall be made in the  manner
provided in Section 12.3.

     Section XII.2 Optional Termination.  (a)  If so provided  in
any  Supplement, the Servicer may, but shall not be obligated to,
cause  a  final distribution to be made in respect of the related
Series  of Certificates on a Distribution Date specified in  such
Supplement  by  depositing into the Distribution Account  or  the
applicable  Series  Account, not later  than  the  Transfer  Date
preceding  such Distribution Date, for application in  accordance
with Section 12.3, the amount specified in such Supplement.

          (b)      The     amount    deposited    pursuant     to
subsection    12.2(a)   shall   be   paid   to    the    Investor
Certificateholders of the related Series pursuant to Section 12.3
on  the  related  Distribution Date following the  date  of  such
deposit.   All Certificates of a Series with respect to  which  a
final  distribution has been made pursuant to subsection  12.2(a)
shall  be  delivered by the Holder to, and be  canceled  by,  the
Transfer  Agent  and Registrar and be disposed  of  in  a  manner
satisfactory  to  the Trustee and the Transferor.   The  Invested
Amount  of each Series with respect to which a final distribution
has  been  made  pursuant to subsection 12.2(a)  shall,  for  the
purposes of the definition of "Transferor Interest," be deemed to
be equal to zero on the Distribution Date following the making of
the  deposit,  and  the Transferor Interest  shall  thereupon  be
deemed  to  have  been increased by the Invested Amount  of  such
Series.

     Section XII.3 Final Payment with Respect to any Series.  (a)
Written  notice  of any termination, specifying the  Distribution
Date upon which the Investor Certificateholders of any Series may
surrender   their   Certificates  for  payment   of   the   final
distribution with respect to such Series and cancellation,  shall
be  given  (subject to at least four Business Days, prior  notice
from  the  Servicer  to the Trustee) by the Trustee  to  Investor
Certificateholders of such Series mailed not later than the fifth
day  of  the  month of such final distribution (or in the  manner
provided  by  the Supplement relating to such Series)  specifying
(i)  the Distribution Date (which shall be the Distribution  Date
in  the  month  (x)  in  which the deposit is  made  pursuant  to
subsection 2.4(d), 10.2(a), or 12.2(a) of this Agreement or  such
other  section as may be specified in the related Supplement,  or
(y)  in  which  the related Series Termination Date occurs)  upon
which  final payment of such Investor Certificates will  be  made
upon presentation and surrender of such Investor Certificates  at
the  office or offices therein designated (which, in the case  of
Bearer   Certificates,  shall  be  outside  the  United  States),
(ii)  the  amount of any such final payment and  (iii)  that  the
Record Date otherwise applicable to such Distribution Date is not
applicable,  payments  being  made  only  upon  presentation  and
surrender  of the Investor Certificates at the office or  offices
therein  specified.   The Servicer's notice  to  the  Trustee  in
accordance with the preceding sentence shall be accompanied by an
Officer's Certificate setting forth the information specified  in
Article  V of this Agreement covering the period during the  then
current calendar year through the date of such notice and setting
forth  the  date of such final distribution.  The  Trustee  shall
give  such  notice  to the Transfer Agent and Registrar  and  the
Paying  Agent  at the time such notice is given to such  Investor
Certificateholders.

          (b)   Notwithstanding  the  termination  of  the  Trust
pursuant  to subsection 12.1(a) or the occurrence of  the  Series
Termination  Date with respect to any Series, all funds  then  on
deposit   in  the  Equalization  Account,  the  Interest  Funding
Account, the Principal Account, the Distribution Account  or  any
Series Account applicable to the related Series shall continue to
be held in trust for the benefit of the Certificateholders of the
related Series and the Paying Agent or the Trustee shall pay such
funds  to  the  Certificateholders of  the  related  Series  upon
surrender  of their Certificates (which surrenders and  payments,
in  the  case of Bearer Certificates, shall be made only  outside
the  United  States).   In the event that  all  of  the  Investor
Certificateholders  of  any  Series  shall  not  surrender  their
Certificates  for cancellation within six months after  the  date
specified  in  the  above-mentioned written notice,  the  Trustee
shall  give  a second written notice (or, in the case  of  Bearer
Certificates,  publication  notice)  to  the  remaining  Investor
Certificateholders of such Series upon receipt of the appropriate
records from the Transfer Agent and Registrar to surrender  their
Certificates  for cancellation and receive the final distribution
with respect thereto.  If within one and one half years after the
second  notice  with  respect  to  a  Series,  all  the  Investor
Certificates  of such Series shall not have been surrendered  for
cancellation,  the  Trustee may take  appropriate  steps  or  may
appoint  an  agent  to  take appropriate steps,  to  contact  the
remaining  Investor Certificateholders of such Series  concerning
surrender  of their Certificates, and the cost thereof  shall  be
paid  out of the funds in the Distribution Account or any  Series
Account held for the benefit of such Investor Certificateholders.
The Trustee and the Paying Agent shall pay to the Transferor upon
written  request  any  monies held by them  for  the  payment  of
principal  or  interest which remains unclaimed  for  two  years.
After  payment  to  the  Transferor, Investor  Certificateholders
entitled to the money must look to the Transferor for payment  as
general  creditors  unless an applicable abandoned  property  law
designates another Person.

          (c)   All Certificates surrendered for payment  of  the
final   distribution  with  respect  to  such  Certificates   and
cancellation  shall  be  canceled  by  the  Transfer  Agent   and
Registrar  and  be  disposed of in a manner satisfactory  to  the
Trustee and the Transferor.

     Section  XII.4 Termination Rights of Holder of  Exchangeable
Transferor  Certificate.   Upon  the  termination  of  the  Trust
pursuant  to  Section 12.1, and after payment of all amounts  due
hereunder  on  or prior to such termination and the surrender  of
the   Exchangeable  Transferor  Certificate,  the  Trustee  shall
execute  a  written reconveyance substantially  in  the  form  of
Exhibit  H  pursuant to which it shall reconvey to the Holder  of
the   Exchangeable  Transferor  Certificate  (without   recourse,
representation or warranty) all right, title and interest of  the
Trust  in  the  Receivables, whether then existing or  thereafter
created,  all  moneys due or to become due with  respect  thereto
(including  all  accrued interest theretofore posted  as  Finance
Charge  Receivables)  allocable to  the  Trust  pursuant  to  any
Supplement,  except for amounts held by the Trustee  pursuant  to
subsection  12.3(b). Upon written instruction, the Trustee  shall
execute  and deliver such instruments of transfer and assignment,
delivered to it in final execution form, in each case prepared by
the  Transferor and without recourse, representation or  warranty
as   shall  be  reasonably  requested  by  the  Holder   of   the
Exchangeable  Transferor Certificate to vest in such  Holder  all
right,  title and interest which the Trust had in the Receivables
and other Trust Property.

                      [End Of Article XII]
                          ARTICLE XIII

                    MISCELLANEOUS PROVISIONS

     Section  XIII.1  Amendment.  (a)  This Agreement  (including
any Supplement) may be amended from time to time by the Servicer,
the Transferor and the Trustee, without the consent of any of the
Certificateholders,  (i)  to cure any ambiguity,  to  revise  any
exhibits  or  Schedules (other than Schedule I),  to  correct  or
supplement  any  provisions  herein  or  thereon  which  may   be
inconsistent with any other provisions herein or thereon or  (ii)
to  add any other provisions with respect to matters or questions
raised under this Agreement which shall not be inconsistent  with
the  provisions of this Agreement; provided, however,  that  such
action  shall  not,  as  evidenced  by  an  Opinion  of  Counsel,
adversely affect in any material respect the interests of any  of
the  Investor  Certificateholders.  Additionally, this  Agreement
may  be amended from time to time by the Servicer, the Transferor
and   the   Trustee,  without  the  consent   of   any   of   the
Certificateholders, to add to or change any of the provisions  of
this  Agreement  to  provide  that  Bearer  Certificates  may  be
registrable   as  to  principal,  to  change  or  eliminate   any
restrictions on the payment of principal of (or premium, if  any)
or  any interest on Bearer Certificates to comply with the Bearer
Rules, to permit Bearer Certificates to be issued in exchange for
Registered Certificates (if then permitted by the Bearer  Rules),
to permit Bearer Certificates to be issued in exchange for Bearer
Certificates of other authorized denominations or to  permit  the
issuance of Certificates in uncertificated form. Section 2.7   of
this  Agreement may be amended from time to time by the Servicer,
the Transferor and the Trustee, without the consent of any of the
Certificateholders,  to  further  restrict  the  right   of   the
Transferor  to  designate  Accounts as Removed  Accounts  to  the
extent   necessary   to   enable  the   Transferor   to   achieve
derecognition   of  the  Receivables  under  generally   accepted
accounting  principles, as evidenced by an Officer's  Certificate
provided by the Transferor to the Trustee.

     This  Agreement (including any Supplement) and any  schedule
or  exhibit thereto may also be amended from time to time by  the
Servicer, the Transferor and the Trustee, without the consent  of
any  of  the  Certificateholders, 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 Holders of Certificates; provided, however,  that
(i) the Servicer shall have provided an Officer's Certificate  to
the Trustee to the effect that such amendment will not materially
and  adversely  affect  the interests of the  Certificateholders,
(ii)  such  amendment shall not, as evidenced by  an  Opinion  of
Counsel,  cause the Trust to be characterized for Federal  income
tax  purposes  as  an  association taxable as  a  corporation  or
otherwise have any material adverse impact on the Federal  income
taxation  of  any outstanding Series of Investor Certificates  or
any  Certificate Owner and (iii) the Servicer shall have provided
at  least  ten Business Days prior written notice to each  Rating
Agency   of  such  amendment  and  shall  have  received  written
confirmation  from  each Rating Agency to  the  effect  that  the
existing rating of any Series or any class of any Series will not
be  reduced or withdrawn as a result of such amendment; provided,
further,  that such amendment shall not reduce in any manner  the
amount  of,  or  delay  the  timing of, distributions  which  are
required  to  be made on any Investor Certificate of such  Series
without  the  consent of the related Investor  Certificateholder,
change  the  definition  of  or the  manner  of  calculating  the
interest of any Investor Certificateholder of such Series without
the  consent of the related Investor Certificateholder or  reduce
the  percentage pursuant to clause (b) required to consent to any
such  amendment,  in each case without the consent  of  all  such
Investor Certificateholders.

          (b)   This  Agreement and any Supplement  may  also  be
amended from time to time by the Servicer, the Transferor and the
Trustee  with the consent of the Holders of Investor Certificates
evidencing Undivided Interests aggregating not less than 66  2/3%
of  the  Invested  Amount  of  each and  every  Series  adversely
affected, 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
Investor  Certificateholders  of  any  Series  then  issued   and
outstanding; provided, however, that no such amendment under this
subsection shall (i) reduce in any manner the amount of, or delay
the timing of, distributions which are required to be made on any
Investor  Certificate of such Series without the consent  of  the
related  Investor Certificateholders; (ii) change the  definition
of  or  the  manner of calculating the interest of  any  Investor
Certificateholder  of  such Series without  the  consent  of  the
related  Investor Certificateholder or (iii) reduce the aforesaid
percentage  required to consent to any such  amendment,  in  each
case without the consent of all such Investor Certificateholders.

          (c)   Notwithstanding anything in this Section 13.1  to
the  contrary, the Supplement with respect to any Series  may  be
amended  on  the  items  and in accordance  with  the  procedures
provided in such Supplement.

          (d)  Promptly after the execution of any such amendment
(other  than an amendment pursuant to paragraph (a)), the Trustee
shall furnish notification of the substance of such amendment  to
each Investor Certificateholder of each Series adversely affected
and  ten  Business Days prior to the proposed effective date  for
such  amendment  the Servicer shall furnish notification  of  the
substance  of  such amendment to each Rating Agency  providing  a
rating for such Series.

          (e)  It shall not be necessary to obtain the consent of
Investor  Certificateholders under this Section 13.1  to  approve
the  particular form of any proposed amendment, but it  shall  be
sufficient  if such consent shall approve the substance  thereof.
The  manner  of  obtaining such consents and  of  evidencing  the
authorization    of   the   execution   thereof    by    Investor
Certificateholders   shall   be  subject   to   such   reasonable
requirements as the Trustee may prescribe.

          (f)  Any Supplement executed and delivered pursuant  to
Section  6.9  and  any amendments regarding the  addition  to  or
removal of Receivables from the Trust as provided in Sections 2.6
or  2.7, executed in accordance with the provisions hereof, shall
not be considered amendments to this Agreement for the purpose of
subsections 13.1(a) and (b).

          (g)   In connection with any amendment, the Trustee may
request an opinion of Counsel from the Transferor or Servicer  to
the  effect that the amendment complies with all requirements  of
this Agreement.  The Trustee may, but shall not be obligated  to,
enter  into  any  amendment which affects the  Trustee's  rights,
duties or immunities under this Agreement or otherwise.

     Section  XIII.2 Protection of Right, Title and  Interest  to
Trust.

     (a)  The Servicer shall cause this Agreement, all amendments
hereto   and/or   all  financing  statements   and   continuation
statements  and  any  other  necessary  documents  covering   the
Certificateholders and the Trustee's right, title and interest to
the  Trust to be promptly recorded, registered and filed, and  at
all  times to be kept recorded, registered and filed, all in such
manner  and  in such places as may be required by  law  fully  to
preserve  and  protect  the  right, title  and  interest  of  the
Certificateholders or the Trustee, as the case may be,  hereunder
to all property comprising the Trust.  The Servicer shall deliver
to  the  Trustee file-stamped copies of, or filing receipts  for,
any document recorded, registered or filed as provided above,  as
soon  as  available  following such  recording,  registration  or
filing.   The Transferor shall cooperate fully with the  Servicer
in  connection  with  the obligations set forth  above  and  will
execute any and all documents reasonably required to fulfill  the
intent of this subsection 13.2(a).

          (b)   Within  30  days after the Transferor  makes  any
change  in its name, identity or corporate structure which  would
make  any financing statement or continuation statement filed  in
accordance with paragraph (a) above materially misleading  within
the  meaning of Section 91-402(7) of the UCC as in effect in  the
Relevant UCC State, the Transferor shall give the Trustee written
notice   of  any  such  change  and  shall  file  such  financing
statements  or  amendments as may be necessary  to  continue  the
perfection  of  the Trust's security interest in the  Receivables
and the proceeds thereof.

          (c)   Each of the Transferor and the Servicer will give
the Trustee prompt written notice of any relocation of any office
from  which  it services Receivables or keeps records  concerning
the Receivables or of its principal executive office and whether,
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  and shall file such financing statements or amendments
as  may  be  necessary to continue the perfection of the  Trust's
security  interest  in the Receivables and the proceeds  thereof.
Each  of  the  Transferor  and the Servicer  will  at  all  times
maintain each office from which it services Receivables  and  its
principal executive office within the United States of America.

          (d)    The   Servicer  will  deliver  to  the  Trustee:
(i)  upon  each  date that any Supplemental Accounts  are  to  be
included  in  the  Accounts  pursuant to  subsection  2.6(c),  an
Opinion  of Counsel substantially in the form of Exhibit  F;  and
(ii) on or before March 31 of each year, beginning with March 31,
1994,  an  Opinion  of  Counsel  substantially  in  the  form  of
Exhibit G.

     Section  XIII.3  Limitation on Rights of Certificateholders.
(a)   The  death  or incapacity of any Investor Certificateholder
shall  not operate to terminate this Agreement or the Trust,  nor
shall  such  death or incapacity entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to  take
any  action  or  commence  any proceeding  in  any  court  for  a
partition  or winding up of the Trust, nor otherwise  affect  the
rights, obligations and liabilities of the parties hereto or  any
of them.

          (b)  No Investor Certificateholder shall have any right
to  vote  (except as provided in Section 13.1 hereof) or  in  any
manner  otherwise  control the operation and  management  of  the
Trust,  or  the  obligations  of the parties  hereto,  nor  shall
anything  herein  set forth, or contained in  the  terms  of  the
Certificates,   be   construed   so   as   to   constitute    the
Certificateholders  from  time  to  time   as   members   of   an
association;  nor shall any Investor Certificateholder  be  under
any  liability to any third person by reason of any action  taken
by  the  parties  to  this Agreement pursuant  to  any  provision
hereof.

          (c)   No  Certificateholder shall  have  any  right  by
virtue of any provisions of this Agreement to institute any suit,
action  or proceeding in equity or at law upon or under  or  with
respect   to   this   Agreement,  unless  such  Certificateholder
previously  shall have given written notice to the  Trustee,  and
unless the Holders of Certificates evidencing Undivided Interests
aggregating  more than 50% of the Invested Amount of  any  Series
which  may be adversely affected but for the institution of  such
suit, action or proceeding, shall have made written request  upon
the  Trustee to institute such action, suit or proceeding in  its
own  name  as  Trustee hereunder and shall have  offered  to  the
Trustee  such reasonable indemnity as it may require against  the
costs,  expenses  and  liabilities  to  be  incurred  therein  or
thereby, and the Trustee, for 60 days after its receipt  of  such
notice,  request and offer of indemnity, shall have neglected  or
refused  to  institute any such action, suit  or  proceeding;  it
being understood and intended, and being expressly covenanted  by
each Certificateholder with every other Certificateholder and the
Trustee,  that no one or more Certificateholders shall  have  the
right  in any manner whatever by virtue or by availing itself  or
themselves of any provisions of this Agreement to affect, disturb
or prejudice the rights of the Certificateholders of any other of
the Certificates, or to obtain or seek to obtain priority over or
preference to any other such Certificateholder, or to enforce any
right  under this Agreement, except in the manner herein provided
and   for   the  equal,  ratable  and  common  benefit   of   all
Certificateholders.  For the protection and  enforcement  of  the
provisions of this Section 13.3, each and every Certificateholder
and  the Trustee shall be entitled to such relief as can be given
either at law or in equity.

     Section  XIII.4  Governing Law.   THIS  AGREEMENT  SHALL  BE
CONSTRUED  IN ACCORDANCE WITH THE LAWS OF THE STATE OF  NEW  YORK
WITHOUT  REFERENCE  TO ITS CONFLICT OF LAW  PROVISIONS,  AND  THE
OBLIGATIONS,  RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER  SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section   XIII.5   Notices.   All   demands,   notices   and
communications hereunder shall be in writing and shall be  deemed
to  have  been  duly given if personally delivered  at,  sent  by
facsimile  to,  sent by courier at or mailed by registered  mail,
return receipt requested, to (a) in the case of the Transferor to
10201  Main  Street, Houston, Texas 77025, Attention:  President,
with a copy to the Servicer as provided below, (b) in the case of
the  Servicer, to 1020 Willow Creek, Jacksonville,  Texas  75766,
Attention:  Chief Financial Officer and General Counsel,  (c)  in
the  case of the Trustee, to the Corporate Trust Office,  (d)  in
the case of the Enhancement Provider for a particular Series, the
address,  if  any, specified in the Supplement relating  to  such
Series  and (e) in the case of the Rating Agency for a particular
Series, the address, if any, specified in the Supplement relating
to  such  Series; or, as to each party, at such other address  as
shall  be  designated by such party in a written notice  to  each
other  party.   Unless  otherwise provided with  respect  to  any
Series in the related Supplement any notice required or permitted
to be mailed to a Certificateholder shall be given by first class
mail,  postage  prepaid, at the address of such Certificateholder
as  shown  in  the Certificate Register, or with respect  to  any
notice  required or permitted to be made to the Holders of Bearer
Certificates,  by  publication in  the  manner  provided  in  the
related  Supplement.  If and so long as any Series  or  Class  is
listed  on the Luxembourg Stock Exchange and such Exchange  shall
so  require, any Notice to Investor Certificateholders  shall  be
published  in  an authorized newspaper of general circulation  in
Luxembourg  within the time period prescribed in this  Agreement.
Any notice so mailed within the time prescribed in this Agreement
shall  be conclusively presumed to have been duly given,  whether
or not the Certificateholder receives such notice.

     Section  XIII.6 Severability of Provisions.  If any  one  or
more  of  the covenants, agreements, provisions or terms of  this
Agreement  shall for any reason whatsoever be held invalid,  then
such  covenants, agreements, provisions or terms shall be  deemed
severable from the remaining covenants, agreements, provisions or
terms  of  this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement or of
the Certificates or rights of the Certificateholders thereof.

     Section XIII.7 Assignment.  Notwithstanding anything to  the
contrary  contained herein, except as provided  in  Section  8.2,
this  Agreement may not be assigned by the Servicer  without  the
prior  consent  of  Holders of Investor  Certificates  evidencing
Undivided  Interests  aggregating  not  less  than  66_%  of  the
Invested Amount of each Series on a Series by Series basis.

     Section  XIII.8 Certificates Non-Assessable and Fully  Paid.
Except to the extent otherwise expressly provided in Section  7.4
with  respect  to  the  Transferor, it is the  intention  of  the
parties  to  this  Agreement that the Investor Certificateholders
shall not be personally liable for obligations of the Trust, that
the Undivided Interests represented by the Certificates shall  be
non-assessable for any losses or expenses of the Trust or for any
reason  whatsoever,  and  that Certificates  upon  authentication
thereof  by the Trustee pursuant to Sections 2.1 and 6.2 are  and
shall be deemed fully paid.

     Section  XIII.9 Further Assurances.  The Transferor and  the
Servicer agree to do and perform, from time to time, any and  all
acts  and to execute any and all further instruments required  or
reasonably  requested by the Trustee more  fully  to  effect  the
purposes  of  this Agreement, including, without limitation,  the
execution  of any financing statements or continuation statements
relating  to  the  Receivables and the other Trust  Property  for
filing  under  the  provisions  of  the  UCC  of  any  applicable
jurisdiction.

     Section  XIII.10 No Waiver; Cumulative Remedies.  No failure
to  exercise  and  no delay in exercising, on  the  part  of  the
Trustee,    any    Enhancement   Provider   or    the    Investor
Certificateholders,  any  right,  remedy,  power   or   privilege
hereunder,  shall  operate as a waiver  thereof;  nor  shall  any
single  or  partial  exercise  of any  right,  remedy,  power  or
privilege  hereunder  preclude  any  other  or  further  exercise
thereof  or  the  exercise of any other right, remedy,  power  or
privilege.   The  rights, remedies, powers and privileges  herein
provided  are  cumulative  and  not  exhaustive  of  any  rights,
remedies, powers and privileges provided by law.

     Section  XIII.11  Counterparts.   This  Agreement   may   be
executed in two or more counterparts (and by different parties on
separate  counterparts), each of which shall be an original,  but
all   of  which  together  shall  constitute  one  and  the  same
instrument.

     Section  XIII.12 Third-Party Beneficiaries.  This  Agreement
will  inure  to  the benefit of and be binding upon  the  parties
hereto, the Certificateholders and, to the extent provided in the
related  Supplement, to the Enhancement Provider  named  therein,
and their respective successors and permitted assigns.  Except as
otherwise  provided in this Article XIII, no  other  Person  will
have any right or obligation hereunder.

     Section XIII.13 Actions by Certificateholders.  (a) Wherever
in this Agreement a provision is made that an action may be taken
or   a   notice,   demand  or  instruction  given   by   Investor
Certificateholders,  such action, notice or  instruction  may  be
taken  or  given by any Investor Certificateholder,  unless  such
provision   requires   a   specific   percentage   of    Investor
Certificateholders.

          (b)   Any  request,  demand, authorization,  direction,
notice, consent, waiver or other act by a Certificateholder shall
bind  such Certificateholder and every subsequent holder of  such
Certificate issued upon the registration of transfer  thereof  or
in  exchange  therefor or in lieu thereof in respect of  anything
done  or  omitted  to be done by the Trustee or the  Servicer  in
reliance thereon, whether or not notation of such action is  made
upon such Certificate.

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

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

     Section XIII.14 Rule 144A Information.  For so long  as  any
of  the  Investor  Certificates of any Series or  any  Class  are
"restricted  securities" within the meaning  of  Rule  144A(a)(3)
under  the  Securities Act, each of the Transferor, the Servicer,
the Trustee and the Enhancement Provider for such Series agree to
cooperate   with   each  other  to  provide   to   any   Investor
Certificateholders of such Series or Class and to any prospective
purchaser   of  Certificates  designated  by  such  an   Investor
Certificateholder   upon   the   request   of    such    Investor
Certificateholder  or  prospective  purchaser,  any   information
required  to be provided to such holder or prospective  purchaser
to  satisfy the condition set forth in Rule 144A(d)(4) under  the
Securities Act.

     Section  XIII.15 Merger and Integration; Existing Agreement.
(a)   Except  as  specifically  stated  otherwise  herein,   this
Agreement  sets  forth the entire understanding  of  the  parties
relating   to   the  subject  matter  hereof,   and   all   prior
understandings,  written  or  oral  (including  the  Pooling  and
Servicing  Agreement  dated  as  of  July  30,  1993,  the  First
Amendment  thereto dated as of October 7, 1994,  and  the  Second
Amendment  thereto  dated as of January  31,  1995,  amended  and
restated  as  of  August 11, 1995, further  amended  by  a  First
Amendment to Amended and Restated Pooling and Servicing Agreement
dated  May  30,  1996, and the Second Amendment  to  Amended  and
Restated  Pooling and Servicing Agreement dated August  1,  1998,
are  superseded  by this Agreement.  This Agreement  may  not  be
modified,  amended,  waived or supplemented  except  as  provided
herein.

     (b)    This  Agreement  amends  and  restates  the  Existing
Agreement effective as of the date hereof.  This Agreement  shall
not  effect a novation of the obligations of the parties  to  the
Existing  Agreement,  but instead shall be merely  a  restatement
and,  where applicable, an amendment of the terms governing  such
obligations.

     Section  XIII.16  Headings.  The  headings  herein  are  for
purposes  of  reference only and shall not otherwise  affect  the
meaning or interpretation of any provision hereof.

     Section   XIII.17   No  Bankruptcy  Petition   Against   the
Transferor   or  the  Trust.   The  Trustee  and  each   Investor
Certificateholder, by its acceptance of an Investor  Certificate,
severally and not jointly, hereby covenant and agree that,  prior
to  the  date which is one year and one day after the payment  in
full  of  all  outstanding Investor Certificates  issued  by  the
Trust,  none  of them will institute against, or join  any  other
Person  in  instituting against, the Transferor or the Trust  any
bankruptcy,    reorganization,   arrangement,    insolvency    or
liquidation  proceedings or other similar  proceeding  under  the
laws of the United States or any state of the United States.

                     [End of Article XIII]

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

                           SRI RECEIVABLES PURCHASE CO., INC.
                              Transferor

                           By: /s/ Charles M. Sledge
                              Name: Charles M. Sledge
                              Title: SVP Finance & Treasurer

                           SPECIALTY RETAILERS, INC.
                              Servicer

                           By: /s/ Charles M. Sledge
                              Name: Charles M. Sledge
                              Title: SVP Finance & Treasurer

                           BANKERS TRUST (DELAWARE)
                              Trustee

                           By: /s/ Patricia MF Russo
                              Name: Patricia MF Russo
                              Title: Attorney-in-Fact

                                                        EXHIBIT A

          FORM OF EXCHANGEABLE TRANSFEROR CERTIFICATE

No. 1                                                    One Unit

                  SRI RECEIVABLES MASTER TRUST
                    ASSET BACKED CERTIFICATE

THIS  CERTIFICATE  WAS  ISSUED  PURSUANT  TO  AN  EXEMPTION  FROM
REGISTRATION  UNDER THE SECURITIES ACT OF 1933, AS  AMENDED  (THE
"ACT"), AND MAY BE SOLD ONLY PURSUANT TO A REGISTRATION STATEMENT
EFFECTIVE  UNDER THE ACT OR AN EXEMPTION FROM THE  PROVISIONS  OF
SECTION  5  OF  THE  ACT.   IN ADDITION,  THE  TRANSFER  OF  THIS
CERTIFICATE  IS SUBJECT TO RESTRICTIONS SET FORTH IN THE  POOLING
AND  SERVICING  AGREEMENT REFERRED TO  HEREIN.   A  COPY  OF  THE
POOLING  AND SERVICING AGREEMENT WILL BE FURNISHED TO THE  HOLDER
OF THIS CERTIFICATE BY THE TRUSTEE UPON WRITTEN REQUEST.

                 This Certificate represents an
     Undivided Interest in the SRI Receivables Master Trust

Evidencing an undivided interest in a trust, the corpus of  which
consists  of  receivables generated from  time  to  time  in  the
ordinary   course  of  business  from  a  portfolio  of  consumer
revolving  credit card accounts generated or to be  generated  by
certain subsidiaries of Specialty Retailers, Inc. ("SRI"  or  the
"Servicer") and other assets and interests constituting the Trust
under the Pooling and Servicing Agreement described below.

        (Not an interest in or a recourse obligation of
 SRI Receivables Purchase Co., Inc., Specialty Retailers, Inc.
              or any Affiliate of either of them.)

     This  certifies that SRI RECEIVABLES PURCHASE CO., INC. (the
"Holder"  or  the "Transferor," as the context requires)  is  the
registered  owner of a fractional undivided interest in  the  SRI
Receivables  Master Trust (the "Trust") issued  pursuant  to  the
Second Amended and Restated Pooling and Servicing Agreement dated
as  of  November 1, 1999, among the Transferor, SRI, as Servicer,
and Bankers Trust (Delaware), a banking corporation organized and
existing under the laws of the State of Delaware as Trustee  (the
"Pooling  and  Servicing Agreement"; such  term  to  include  any
amendment  or  Supplement  thereto).  The  corpus  of  the  Trust
consists of all of the Transferor's right, title and interest in,
to  and  under (i) a portfolio of receivables (the "Receivables")
now  existing or hereafter created that are in substantially  all
of the consumer revolving credit card accounts existing from time
to  time  (the  "Accounts")  as of the  Cut-off  Date,  including
Receivables arising in connection with the accounts that meet the
definition  of  Automatic  Additional Accounts  and  Supplemental
Accounts,  all  moneys due or to become due with respect  thereto
(including all Finance Charge Receivables), all proceeds of  such
Receivables, (ii) the Receivables Purchase Agreement,  and  (iii)
Recoveries, all monies due or to become due with respect  thereto
and  all  amounts  received with respect to  the  Receivables  in
existence  in  the  Accounts  on the Cut-off  Date  or  generated
thereafter, all monies on deposit in the Collection Account,  the
Interest Funding Account, the Principal Account, the Distribution
Account,  and the Equalization Account (excluding any  investment
earnings on such deposited amounts except for such amounts as are
on deposit in the Equalization Account), and all other assets and
interests  constituting  the  Trust  and  all  proceeds  of   the
foregoing.

     To the extent not defined herein, the capitalized terms used
herein  have  the meanings assigned 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 Holder by virtue of the acceptance hereof
assents and by which the Holder is bound.

     This  Certificate has not been registered or qualified under
the  Securities Act of 1933, as amended, or any state  securities
law.   No sale, transfer or other disposition of this Certificate
shall  be  permitted other than in accordance with the provisions
of  Sections  6.3,  6.9  or  7.2 of  the  Pooling  and  Servicing
Agreement.

     The  Receivables  arise generally from  amounts  charged  by
Obligors for goods and services plus the related periodic finance
charges, and amounts charged to the Accounts in respect  of  late
fees, returned check fees and similar fees and charges.

     This  Certificate is the Exchangeable Transferor Certificate
(the  "Certificate"), which represents an undivided  interest  in
the  Trust,  including the right to receive the  Collections  and
other  amounts at the times and in the amounts specified  in  the
Pooling and Servicing Agreement to be paid to the Holder  of  the
Certificate.    The  aggregate  interest  represented   by   this
Certificate at any time in the Principal Receivables in the Trust
shall  not  exceed  the Transferor Interest  at  such  time.   In
addition  to  this  Certificate, Series of Investor  Certificates
will be issued to investors pursuant to the Pooling and Servicing
Agreement, each of which will represent an Undivided Interest  in
the Trust.  This Certificate shall not represent any interest  in
the  Investor Accounts or any Enhancement, except to  the  extent
provided  in the Pooling and Servicing Agreement.  The Transferor
Interest on any date of determination will be an amount equal  to
the  aggregate amount of Principal Receivables at the end of  the
day  immediately prior to such date of determination plus amounts
on  deposit  in  the Equalization Account (but not including  any
investment earnings thereon) minus the Aggregate Invested  Amount
at the end of such day.

     The Servicer shall deposit all Collections in the Collection
Account  as promptly as possible after the Date of Processing  of
such  Collections.   Unless otherwise stated in  any  Supplement,
throughout  the  existence  of  the  Trust,  the  Servicer  shall
allocate to the Holder of the Certificate an amount equal to  the
product  of  (A) the Transferor Percentage and (B) the  aggregate
amount of such Collections allocated to Principal Receivables and
Finance  Charge  Receivables, respectively, in  respect  of  each
Monthly  Period.   Notwithstanding the  first  sentence  of  this
paragraph, the Servicer need not deposit this amount or any other
amounts  so allocated to the Certificate pursuant to the  Pooling
and  Servicing  Agreement into the Collection Account  and  shall
pay, or be deemed to pay, such amounts as collected to the Holder
of the Certificate.

     SRI or any permitted successor or assignee, as Servicer,  is
entitled to receive as servicing compensation a monthly servicing
fee.  The portion of the servicing fee which will be allocable to
the  Holder  of  the  Certificate pursuant  to  the  Pooling  and
Servicing  Agreement  will  be  payable  by  the  Holder  of  the
Certificate and neither the Trust nor the Trustee or the Investor
Certificateholders will have any obligation to pay  such  portion
of the servicing fee.

     This  Certificate  does not represent a recourse  obligation
of,  or  any  interest in, the Transferor or the Servicer.   This
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.

     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 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 relating thereto.  The Trustee  shall
execute  and deliver such instruments of transfer and assignment,
in  each  case without recourse, as shall be reasonably requested
by  the  Holder  of the Certificate to vest in  such  Holder  all
right,   title  and  interest  which  the  Trustee  had  in   the
Receivables.

     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.

     IN   WITNESS   WHEREOF,  the  Transferor  has  caused   this
Certificate to be duly executed.

                         SRI RECEIVABLES PURCHASE CO., INC.

                         By:
                              Name:
                              Title:

Attested to:

By:

Date:

                  CERTIFICATE OF AUTHENTICATION

     This is the Exchangeable Transferor Certificate referred to
in the within-mentioned Pooling and Servicing Agreement.

                         BANKERS TRUST (DELAWARE), as
                         Authenticating Agent for the Trustee

                         By:
                                   Authorized Signatory

                                                        EXHIBIT B

   FORM OF ASSIGNMENT OF RECEIVABLES IN SUPPLEMENTAL ACCOUNTS
             (As required by subsection 2.6(e)(ii)
            of the Pooling and Servicing Agreement)

     ASSIGNMENT   No.   _____  OF  RECEIVABLES  IN   SUPPLEMENTAL
ACCOUNTS,  dated  as  of  ________ __, ___  by  and  between  SRI
RECEIVABLES PURCHASE CO. INC., a corporation organized under  the
laws  of  the  State of Delaware (the "Transferor"),  to  BANKERS
TRUST  (DELAWARE), a banking corporation organized  and  existing
under  the  laws  of the State of Delaware as  Trustee  (in  such
capacity,  the  "Trustee") pursuant to the Pooling and  Servicing
Agreement referred to below.

                     W I T N E S S E T H :

     WHEREAS, the Transferor and the Trustee are parties  to  the
Second  Amended  and  Restated Pooling and  Servicing  Agreement,
dated  as  of  ___________,  1999  (the  "Pooling  and  Servicing
Agreement";  such  term  to include any amendment  or  Supplement
thereto)  among  the  Transferor, Specialty  Retailers,  Inc.  as
Servicer and the Trustee;

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

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

     NOW,  THEREFORE, the Transferor and the Trustee hereby agree
as follows:

          1.    Defined Terms.  All terms defined in the  Pooling
and  Servicing Agreement and used herein shall have such  defined
meanings when used herein, unless otherwise defined herein.

          "Addition  Date"  shall  mean,  with  respect  to   the
     Supplemental Accounts designated hereby, __________, ______.

          "Notice   Date"  shall  mean,  with  respect   to   the
     Supplemental   Accounts   designated   hereby,    _________,
     _________  (which shall be a date on or prior to  the  fifth
     Business  Day  prior to the Addition Date  with  respect  to
     additions  pursuant to subsection 2.6(c) of the Pooling  and
     Servicing Agreement and the twentieth Business Day prior  to
     the  Addition  Date  with respect to additions  pursuant  to
     subsection 2.6(d) of the Pooling and Servicing Agreement).

          2.     Designation   of   Additional   Accounts.    The
Transferor  shall  deliver to the Trustee  not  later  than  five
Business  Days  after  the  Addition Date,  a  computer  file  or
microfiche  list  containing a true and  complete  list  of  each
consumer  revolving credit card account which as of the  Addition
Date  shall be deemed to be a Supplemental Account, such accounts
being  identified  by  account  number  and  by  the  amount   of
Receivables  in each such account as of the close of business  on
the  Addition  Date.   Such  file or  list  shall  be  marked  as
Schedule I to this Assignment and, as of the Addition Date, shall
be incorporated into and made a part of this Assignment.

          3.    Conveyance  of Receivables.  The Transferor  does
hereby  transfer, assign, set-over and otherwise  convey  to  the
Trust for the benefit of the Certificateholders, without recourse
on  and after the Addition Date, all right, title and interest of
the  Transferor  in  and  to  the Receivables  now  existing  and
hereafter created in the Supplemental Accounts designated hereby,
all  monies  due or to become due with respect thereto (including
all   Finance  Charge  Receivables)  and  all  proceeds  of  such
Receivables.

          (a)   In  connection with such transfer, the Transferor
     agrees  to  record and file, at its own expense, a financing
     statement  with respect to the Receivables now existing  and
     hereafter  created  in the Supplemental Accounts  designated
     hereby  (which  may  be  a single financing  statement  with
     respect  to  all  such  Receivables)  for  the  transfer  of
     accounts as defined in Section 9-106 of the UCC as in effect
     in  the  Relevant  UCC  State meeting  the  requirements  of
     applicable  state law in such manner and such  jurisdictions
     as   are  necessary  to  perfect  the  assignment  of   such
     Receivables to the Trust, and to deliver a file-stamped copy
     of such financing statement or other evidence of such filing
     (which  may,  for  purposes of this Section  3,  consist  of
     telephone confirmation of such filing) to the Trustee on  or
     prior to the date of this Assignment.

          (b)   In  connection with such transfer, the Transferor
     further agrees, at its own expense, on or prior to the  date
     of  this  Assignment to indicate in its computer files  that
     Receivables  created  in connection  with  the  Supplemental
     Accounts  designated  hereby have been  transferred  to  the
     Trust  pursuant  to this Assignment for the benefit  of  the
     Certificateholders.

          4.     Acceptance  by  Trustee.   The  Trustee   hereby
acknowledges  its  acceptance on behalf  of  the  Trust  for  the
benefit  of  the  Certificateholders  of  all  right,  title  and
interest  previously  held  by  the  Transferor  in  and  to  the
receivables now existing and hereafter created, and declares that
it  shall maintain such right, title and interest, upon the trust
herein set forth, for the benefit of all Certificateholders.

          5.    Representations and Warranties of the Transferor.
The  Transferor hereby represents and warrants to the just as  of
the Addition Date:

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

          (b)   Selection  Procedures.  No  selection  procedures
     believed by the Transferor to be materially adverse  to  the
     interests  of the Investor Certificateholders were  utilized
     in  selecting  the  Supplemental Accounts designated  hereby
     from  the  available Eligible Accounts  held  by  the  Trust
     Portfolio.

          (c)   Insolvency.  The Transferor is not insolvent  and
     after giving effect to the conveyance set forth in Section 3
     of this Assignment, will not be insolvent.

          (d)   Security  Interest.  This Assignment  constitutes
     either  (i) a valid transfer and assignment to the Trust  of
     all  right, title and interest of the Transferor in  and  to
     Receivables  now  existing  and  hereafter  created  in  the
     Supplemental  Accounts designated hereby, and  all  proceeds
     (as  defined  in  the UCC as in effect in the  Relevant  UCC
     State)  of  such Receivables, and such Receivables  and  any
     proceeds thereof will be held by the Trust free and clear of
     any  Lien  of  any  Person claiming  through  or  under  the
     Transferor or any of its Affiliates except for (x) Permitted
     Liens,  (y)  the interest of the Holder of the  Exchangeable
     Transferor  Certificate and (z) the  Transferor's  right  to
     receive  interest  accruing on, and investment  earnings  in
     respect  of,  the  Interest Funding Account,  the  Principal
     Account  and  any Series Account as provided in the  Pooling
     and Servicing Agreement or any Series Supplement; or (ii) it
     constitutes  a grant of a security interest (as  defined  in
     the  UCC  as  in effect in the Relevant UCC State)  in  such
     property to the Trust, which is enforceable with respect  to
     the   existing  Receivables  of  the  Supplemental  Accounts
     designated hereby, the proceeds (as defined in the UCC as in
     effect   in  the  Relevant  UCC  State)  thereof  upon   the
     conveyance of such Receivables to the Trust, and which  will
     be  enforceable  with respect to the Receivables  thereafter
     created  in  respect  of  Supplemental  Accounts  designated
     hereby, the proceeds (as defined in the UCC as in effect  in
     the  Relevant  UCC State) thereof, upon such  creation;  and
     (iii) if this Assignment constitutes the grant of a security
     interest to the Trust in such property, upon the filing of a
     financing   statement  described  in  Section  3   of   this
     Assignment   with  respect  to  the  Supplemental   Accounts
     designated hereby and in the case of the Receivables of such
     Supplemental  Accounts thereafter created and  the  proceeds
     (as  defined  in  the UCC as in effect in the  Relevant  UCC
     State)  thereof, upon such creation, the Trust shall have  a
     first priority perfected security interest in such property,
     except for Permitted Liens.

          6.    Conditions  Precedent.   The  acceptance  by  the
Trustee  set forth in Section 4 and the amendment of the  Pooling
and Servicing Agreement set forth in Section 7 are subject to the
satisfaction, on or prior to the Addition Date, of the  following
conditions precedent:

          (a)   Officer's Certificate.  The Transferor shall have
     delivered  to the Trustee a certificate of a Vice  President
     or   more  senior  officer  substantially  in  the  form  of
     Schedule II hereto, certifying that (i) all requirements set
     forth  in Section 2.6 of the Pooling and Servicing Agreement
     for  designating  Supplemental Accounts  and  conveying  the
     Receivables  of  such  Accounts,  whether  now  existing  or
     hereafter created, have been satisfied and (ii) each of  the
     representations  and warranties made by  the  Transferor  in
     Section 5 is true and correct as of the Addition Date.

          (b)   Opinion  of Counsel.  The Transferor  shall  have
     delivered to the Trustee an Opinion of Counsel with  respect
     to the Supplemental Accounts designated hereby substantially
     in  the  form  of  Exhibit F to the  Pooling  and  Servicing
     Agreement.

          (c)  Additional Information.  The Transferor shall have
     delivered  to the Trustee such information as was reasonably
     requested  by  the  Trustee  to satisfy  itself  as  to  the
     accuracy  of  the representation and warranty regarding  the
     insolvency of the Transferor set forth in subsection 5(c) to
     this Assignment.

          7.    Amendment of the Pooling and Servicing Agreement.
The  Pooling and Servicing Agreement is hereby amended to provide
that  all  references  therein  to  the  "Pooling  and  Servicing
Agreement," to "this Agreement" and "herein" shall be deemed from
and after the Addition Date to be a dual reference to the Pooling
and  Servicing  Agreement  as supplemented  by  this  Assignment.
Except  as  expressly amended hereby, all of the representations,
warranties,  terms, covenants and conditions of the  Pooling  and
Servicing Agreement shall remain unamended and shall continue  to
be, and shall remain, in full force and effect in accordance with
its  terms  and  except as expressly provided  herein  shall  not
constitute or be deemed to constitute a waiver of compliance with
or  a consent to noncompliance with any term or provision of  the
Pooling and Servicing Agreement.

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

          9.    Governing Law.  THIS ASSIGNMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO ITS CONFLICT OF LAW PROVISIONS.

     IN   WITNESS  WHEREOF,  the  undersigned  have  caused  this
Assignment  of Receivables in Supplemental Accounts  to  be  duly
executed  and  delivered  by  their  respective  duly  authorized
officers on the day and year first above written.

                         SRI RECEIVABLES PURCHASE CO., INC.

                         By:
                              Name:
                              Title

                         BANKERS TRUST (DELAWARE), Trustee

                         By:
                              Name:
                              Title:

                                                       Schedule I
                                                 to Assignment of
                                                   Receivables in
                                            Supplemental Accounts

                     SUPPLEMENTAL ACCOUNTS

                                                      Schedule II
                                                 to Assignment of
                                                   Receivables in
                                            Supplemental Accounts

               SRI Receivables Purchase Co., Inc.
                  SRI Receivables Master Trust
                     Officer's Certificate

     ___________,  a  duly authorized officer of SRI  Receivables
Purchase  Co.,  Inc., a corporation organized and existing  under
the  laws  of  the  State of Delaware (the "Transferor"),  hereby
certifies  and acknowledges on behalf of the Transferor  that  to
the  best of his knowledge the following statements are  true  on
_____, ______ (the "Addition Date"), and further acknowledges  on
behalf of the Transferor that this Officer's Certificate will  be
relied  upon  by Bankers Trust (Delaware), a banking  corporation
organized  and existing under the laws of the State of  Delaware,
as Trustee (the "Trustee") of the SRI Receivables Master Trust in
connection with the Trustee entering into Assignment No.  ___  of
Receivables  in Supplemental Accounts, dated as of  the  Addition
Date  (the "Assignment"), by and between the Transferor  and  the
Trustee,  in  connection  with the Second  Amended  and  Restated
Pooling  and  Servicing Agreement, dated as of November  1,  1999
(the "Pooling and Servicing Agreement"; such term to include  any
amendment or supplement thereto), among the Transferor, Specialty
Retailers,  Inc., as Servicer, and the Trustee.  The  undersigned
hereby  certifies  and acknowledges on behalf of  the  Transferor
that:

          (a)   Deliveries. On or prior to the Addition Date, the
Transferor has delivered to the Trustee the Assignment (including
an  acceptance  by  the Trustee on behalf of the  Trust  for  the
benefit  of  the Investor Certificateholders) and the  Transferor
has  indicated in its computer files that the Receivables created
in   connection   with  the  Supplemental  Accounts   have   been
transferred to the Trust and within five Business Days after  the
Addition Date the Transferor shall deliver to the Trustee or  the
bailee  of  the  Trustee  a  computer  file  or  microfiche  list
containing a true and complete list of all Supplemental  Accounts
identified  by  account number and the aggregate  amount  of  the
Receivables  in  such Supplemental Accounts as  of  the  Addition
Date, which computer file or microfiche list shall be, as of  the
date  of  such Assignment, incorporated into and made a  part  of
such Assignment and the Pooling and Servicing Agreement.

          (b)    Legal   Valid   and  Binding  Obligation.    The
Assignment  constitutes a legal, valid and binding obligation  of
the  Transferor, enforceable against the Transferor in accordance
with  its terms, except as such enforceability may be limited  by
applicable bankruptcy, insolvency, reorganization, moratorium  or
other  similar  laws  now or hereafter in  effect  affecting  the
enforcement  of creditors, rights in general and except  as  such
enforceability  may  be limited by general principles  of  equity
(whether considered in a suit at law or in equity).

          (c)   Selection  Procedures.  No  selection  procedures
believed  by  the  Transferor to be  materially  adverse  to  the
interests  of  the Investor Certificateholders were  utilized  in
selecting  the Supplemental Accounts designated hereby  from  the
available Eligible Accounts in the Federated Portfolio.

          (d)   Insolvency.  The Transferor is not insolvent and,
after giving effect to the conveyance set forth in Section  3  of
the Assignment, will not be insolvent.

          (e)   Security  Interest.   The Assignment  constitutes
either  (i) a valid transfer and assignment to the Trust  of  all
right, title and interest of the Transferor in and to Receivables
now  existing and hereafter created in the Supplemental  Accounts
designated  pursuant  to the Assignment,  and  all  proceeds  (as
defined  in  the UCC as in effect in the Relevant UCC  State)  of
such  Receivables, and such Receivables and any proceeds  thereof
will  be  held  by the Trust free and clear of any  Lien  of  any
Person  claiming through or under the Transferor or  any  of  its
Affiliates  except for (x) Permitted Liens, (y) the  interest  of
the   Transferor   as  holder  of  the  Exchangeable   Transferor
Certificate  and  (z) the Transferor's right to receive  interest
accruing  on, and investment earnings in respect of, the Interest
Funding  Account, the Principal Account or any Series Account  as
provided  in  the  Pooling  and  Servicing  Agreement   and   any
Supplement; or (ii) a grant of a security interest (as defined in
the  UCC as in effect in the Relevant UCC State) in such property
to  the  Trust, which is enforceable with respect to the existing
Receivables  of the Supplemental Accounts designated pursuant  to
the  Assignment, the proceeds (as defined in the UCC as in effect
in  the  State of Relevant UCC State) thereof upon the conveyance
of  such  Receivables to the Trust, and which will be enforceable
with respect to the Receivables thereafter created in respect  of
Supplemental Accounts designated pursuant to the Assignment,  and
the  proceeds (as defined in the UCC as in effect in the Relevant
UCC  State)  thereof,  upon  such  creation;  and  (iii)  if  the
Assignment  constitutes the grant of a security interest  to  the
Trust  in such property, upon the filing of a financing statement
described  in  Section 3 of the Assignment with  respect  to  the
Additional Accounts designated pursuant to the Assignment and  in
the   case   of  the  Receivables  of  such  Additional  Accounts
thereafter created and the proceeds (as defined in the UCC as  in
effect  in  the Relevant UCC State) thereof, upon such  creation,
the Trust shall have a first priority perfected security interest
in such property, except for Permitted Liens.

          (f)    Requirements  of  the  Pooling   and   Servicing
Agreement.   All  requirements set forth in Section  2.6  of  the
Pooling   and  Servicing  Agreement  for  designating  Additional
Accounts  and  conveying  the  Principal  Receivables   of   such
Accounts,  whether now existing or hereafter created,  have  been
satisfied.

     Initially  capitalized terms used herein and  not  otherwise
defined  are  used  as  defined  in  the  Pooling  and  Servicing
Agreement.

     IN  WITNESS WHEREOF, I have hereunto set my hand this day of
_________ ____.

                         SRI RECEIVABLES PURCHASE CO., INC.

                         By:
                              Name:
                              Title:

                                                        EXHIBIT C

                      FORM OF DAILY REPORT

                         [SEE ATTACHED]

                                                        EXHIBIT D

                  FORM OF SETTLEMENT STATEMENT

                         [SEE ATTACHED]

                                                        EXHIBIT E

            FORM OF QUARTERLY SERVICER'S CERTIFICATE
               SRI RECEIVABLES PURCHASE CO., INC.

                  SRI RECEIVABLES MASTER TRUST

     The   undersigned,  a  duly  authorized  representative   of
Specialty  Retailers, Inc. ("SRI"), as Servicer pursuant  to  the
Second Amended and Restated Pooling and Servicing Agreement dated
as  of  November 1, 1999 (the "Pooling and Servicing  Agreement";
such term to include any amendment or supplement thereto), by and
among SRI Receivables Purchase Co., Inc. (the "Transferor"), SRI,
as  Servicer  and  Bankers  Trust  (Delaware),  as  trustee  (the
"Trustee") does hereby certify that:

          1.    SRI  is  Servicer under the Pooling and Servicing
     Agreement.

          2.   The undersigned is duly authorized pursuant to the
     Pooling and Servicing Agreement to execute and deliver  this
     Certificate to the Trustee.

          3.     This   Certificate  is  delivered  pursuant   to
     Section 3.5 of the Pooling and Servicing Agreement.

          4.    A review of the activities of the Servicer during
     (the  period from the Closing Date until) (the approximately
     twelve month period ended), [19][20]___ was conducted  under
     our supervision.

          5.    Based  on such review, the Servicer has,  to  the
     best  of  our knowledge, fully performed all its obligations
     under  the  Pooling and Servicing Agreement throughout  such
     period and no default in the performance of such obligations
     has  occurred  or  is  continuing except  as  set  forth  in
     paragraph 6 below.

          6.    The following is a description of each default in
     the  performance  of  the Servicer's obligations  under  the
     provisions of the Pooling and Servicing Agreement, including
     any  Supplement, known to us to have been made  during  such
     period  which  sets forth in detail (i) the nature  of  each
     such default, (ii) the action taken by the Servicer, if any,
     to  remedy each such default and (iii) the current status of
     each such default:

                [If applicable, insert "None."]

     IN  WITNESS WHEREOF, the undersigned has duly executed  this
certificate this _____ day of __________, ______.

                              SPECIALTY RETAILERS, INC.,
                              as Servicer

                              Name:
                              Title:

                                                        EXHIBIT F

                   FORM OF OPINION OF COUNSEL
                REGARDING SUPPLEMENTAL ACCOUNTS

MATTERS TO BE COVERED IN OPINION OF COUNSEL TO BE DELIVERED
PURSUANT TO SECTION 2.6(e)(vi) OF THE SECOND AMENDED AND RESTATED
POOLING AND SERVICING AGREEMENT, DATED AS OF NOVEMBER 1, 1999

     The  opinions  set  forth below may be  subject  to  certain
qualifications, assumptions, limitations and exceptions taken  or
made  in the opinion of the Transferor's counsel with respect  to
similar matters delivered on the Closing Date.  Such counsel  may
rely  as  to factual matters on certificates of officers  of  the
Transferor and the Servicer.

          (i)   The Assignment has been duly authorized, executed
and  delivered  by the Transferor and constitutes the  valid  and
legally  binding agreement of the Transferor, enforceable against
the  Transferor  in  accordance with its  terms  except  as  such
enforceability   may   be   limited  by  applicable   bankruptcy,
insolvency,  fraudulent transfer, reorganization, moratorium  and
similar  laws  of general applicability relating to or  affecting
creditor's  rights  and  except as  such  enforceability  may  be
limited  by  general equity principles (whether considered  in  a
suit in law or equity).

          (ii)   The  provisions  of the  Pooling  and  Servicing
Agreement  are effective to create, in favor of the  Trustee  for
the  benefit of the Holders of the Certificates, a valid security
interest  in  the  Receivables and the  proceeds  thereof.   Such
security interest constitutes a first priority perfected security
interest  in  such Receivables and the proceeds thereof.   Except
for  Permitted Liens, no other security interest of any  creditor
of  the Transferor is equal or prior to the security interest  of
the Trustee in such Receivables.

          (iii)  No filing or other action, other than the filing
of a Uniform Commercial Code financing statement in the recording
offices  in  the Relevant UCC State is necessary  to  perfect  or
maintain  the  security  interest  in  the  Receivables  and  the
proceeds  thereof, except that (a) appropriate Uniform Commercial
Code  continuation statements must be filed within the period  of
six months prior to the expiration of five years from the date of
the  original  filing, (b) if the Transferor  changes  its  name,
identity  or corporate structure, appropriate Uniform  Commercial
Code  financing statements must be filed prior to the  expiration
of four months after the Transferor changes its name, identity or
corporate  structure and (c) if the Transferor changes its  chief
executive office or principal place of business to a jurisdiction
other than the State of Delaware, such security interest must  be
perfected in such jurisdiction within four months of the date  on
which the change occurs (or earlier, if perfection under the laws
of  such jurisdiction would have otherwise ceased as set forth in
clause (a) above).

                                                        EXHIBIT G

               FORM OF ANNUAL OPINION OF COUNSEL

     The  opinion  set  forth below, which  is  to  be  delivered
pursuant  to  subsection 13.2(d)(ii) of the  Second  Amended  and
Restated Pooling and Servicing Agreement, dated as of November 1,
1999  may  be  subject  to  certain qualifications,  assumptions,
limitations  and  exceptions taken or  made  in  the  opinion  of
counsel  delivered on the Initial Closing Date  with  respect  to
similar matters.

     No  filing or other action, other than such filing or action
described  in  such opinion, is necessary from the date  of  such
opinion  through this date of the following year to continue  the
perfected  status of the interest of the Trust in the  collateral
described  in  the  financing  statements  referred  to  in  such
opinion.

                                                        EXHIBIT H

              FORM OF REASSIGNMENT OF RECEIVABLES

     REASSIGNMENT  NO.  _____  OF  RECEIVABLES,   dated   as   of
___________, by and between SRI RECEIVABLES PURCHASE CO., INC., a
corporation organized and existing under the laws of the State of
Delaware  (the  "Transferor"), and BANKERS  TRUST  (DELAWARE),  a
banking corporation organized and existing under the laws of  the
State  of  Delaware (the "Trustee") pursuant to the  Pooling  and
Servicing Agreement referred to below.

                     W I T N E S S E T H :

     WHEREAS, the Transferor and the Trustee are parties  to  the
Second  Amended  and  Restated Pooling and  Servicing  Agreement,
dated  as of November 1, 1999 (hereinafter as such agreement  may
have been, or may from time to time be, amended, supplemented  or
otherwise modified, the "Pooling and Servicing Agreement") by and
among the Transferor, Specialty Retailers, Inc. as Servicer,  and
the Trustee;

     WHEREAS,  pursuant  to  Section  2.7  of  the  Pooling   and
Servicing   Agreement,  the  Transferor  wishes  to  remove   all
Receivables  from certain designated Accounts (collectively,  the
"Removed  Accounts")  and to cause the Trustee  to  reconvey  the
Receivables  of  such Removed Accounts, whether now  existing  or
hereafter created, from the Trust to the Transferor (as each such
term is defined in the Pooling and Servicing Agreement); and

     WHEREAS,  the Trustee is willing to accept such  designation
and  to  reconvey the Receivables in the Removed Accounts subject
to the terms and conditions hereof.

     NOW  THEREFORE, the Transferor and the Trustee hereby  agree
as follows:

          1.    Defined Terms.  All terms defined in the  Pooling
and  Servicing Agreement and used herein shall have such  defined
meanings when used herein, unless otherwise defined herein.

          "Removal Date" shall mean, with respect to the  Removed
     Accounts designated hereby, ___________, _____.

          "Removal Notice Date" shall mean, with respect  to  the
     Removed Accounts designated hereby, _________, ______ (which
     shall  be a date on or prior to the fifth Business Day prior
     to the Removal Date).

          2.    Designation of Removed Accounts.  The  Transferor
shall  deliver to the Trustee or the bailee of the  Trustee,  not
later  than five Business Days after the Removal Date, a computer
file  or  microfiche list containing a true and complete list  of
each  revolving  consumer credit card account  which  as  of  the
Removal  Date  shall  be  deemed to be a  Removed  Account,  such
accounts  being identified by account number and by the aggregate
amount  of  Receivables  in such accounts  as  of  the  close  of
business  on  the  Removal Date.  Such list shall  be  marked  as
Schedule  I  to this Reassignment and shall be incorporated  into
and made a part of this Reassignment as of the Removal Date.

          3.   Conveyance of Receivables.

               (a)   The  Trustee  does hereby  reconvey  to  the
     Transferor, without recourse, representation or warranty, on
     and after the Removal Date, all right, title and interest of
     the  Trust  in  and  to  the Receivables  now  existing  and
     hereafter created in the Removed Accounts designated hereby,
     all  monies  due  or  to  become due  with  respect  thereto
     (including all Finance Charge Receivables) and all  proceeds
     (as  defined in Section 9-306 of the UCC as in effect in the
     Relevant UCC State) of such Receivables.

               (b)  In connection with such transfer, the Trustee
     agrees to execute and deliver to the Transferor on or  prior
     to  the  date of this Reassignment, a termination  statement
     with  respect to the Receivables now existing and  hereafter
     created in the Removed Accounts designated hereby evidencing
     the  release by the Trust of its Lien on the Receivables  in
     the  Removed  Accounts,  and  meeting  the  requirements  of
     applicable  state law, in such manner and such jurisdictions
     as are necessary to remove such Lien.

          4.    Representations and Warranties of the Transferor.
The Transferor hereby represents and warrants to the Trust as  of
the Removal Date:

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

               (b)     Selection   Procedures.    No    selection
     procedures  believed  by  the Transferor  to  be  materially
     adverse  to the interests of the Investor Certificateholders
     were  utilized in selecting the Removed Accounts  designated
     hereby.

          5.     Conditions  Precedent.   The  amendment  of  the
Pooling and Servicing Agreement set forth in Section 6 hereof  is
subject to the satisfaction, on or prior to the Removal Date,  of
the following condition precedent:

          The  Transferor shall have delivered to the Trustee  an
Officer's Certificate certifying that (i) as of the Removal Date,
all  requirements  set forth in Section 2.7 of  the  Pooling  and
Servicing   Agreement  for  designating  Removed   Accounts   and
reconveying the Receivables of such Removed Accounts, whether now
existing or hereafter created, have been satisfied, and (ii) each
of  the representations and warranties made by the Transferor  in
Section 4 hereof is true and correct as of the Removal Date.  The
Trustee  may  conclusively  rely on such  Officer's  Certificate,
shall  have no duty to make inquiries with regard to the  matters
set forth therein and shall incur no liability in so relying.

          6.    Amendment of the Pooling and Servicing Agreement.
The  Pooling and Servicing Agreement is hereby amended to provide
that  all  references  therein  to  the  "Pooling  and  Servicing
Agreement", to "this Agreement" and "herein" shall be deemed from
and  after the Removal Date to be a dual reference to the Pooling
and  Servicing  Agreement as supplemented by  this  Reassignment.
Except  as  expressly amended hereby, all of the representations,
warranties,  terms, covenants and conditions of the  Pooling  and
Servicing Agreement shall remain unamended and shall continue  to
be, and shall remain, in full force and effect in accordance with
its  terms  and  except as expressly provided  herein  shall  not
constitute or be deemed to constitute a waiver of compliance with
or  a consent to noncompliance with any term or provision of  the
Pooling and Servicing Agreement.

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

          8.     Governing  Law.   THIS  REASSIGNMENT  SHALL   BE
CONSTRUED  IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW  YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS.

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

                         SRI RECEIVABLES PURCHASE CO., INC.

                         By:
                              Name:
                              Title:

                         BANKERS TRUST (DELAWARE), Trustee

                         By:
                              Name:
                              Title:

                                                       Schedule I
                                                  to Reassignment
                                                   of Receivables

                        REMOVED ACCOUNTS

                                                        EXHIBIT I

              FORM OF RECONVEYANCE OF RECEIVABLES

     RECONVEYANCE OF RECEIVABLES, dated as of __________  by  and
between   SRI  RECEIVABLES  PURCHASE  CO.,  INC.,  a  corporation
organized  and existing under the laws of the State  of  Delaware
(the  "Transferor"),  and  BANKERS TRUST  (DELAWARE),  a  banking
corporation organized and existing under the laws of the State of
Delaware  (the  "Trustee") pursuant to the Pooling and  Servicing
Agreement referred to below.

                     W I T N E S S E T H :

     WHEREAS, the Transferor and the Trustee are parties  to  the
Second Amended and Restated Pooling and Servicing Agreement dated
as  of  November 1, 1999 (hereinafter as such agreement may  have
been,  or  may  from  time to time be, amended,  supplemented  or
otherwise  modified, the "Pooling and Servicing  Agreement"),  by
and  among the Transferor, Specialty Retailers, Inc. as Servicer,
and the Trustee;

     WHEREAS,  pursuant  to the Pooling and Servicing  Agreement,
the Transferor wishes to cause the Trustee to reconvey all of the
Receivables  and  proceeds  thereof,  whether  now  existing   or
hereafter  created, from the Trust to the Transferor pursuant  to
the  terms of Section 12.4 of the Pooling and Servicing Agreement
upon  termination of the Trust pursuant to subsection 12.1(a)  of
the Pooling and Servicing Agreement (as each such term is defined
in the Pooling and Servicing Agreement);

     WHEREAS,  the Trustee is willing to reconvey the Receivables
subject to the terms and conditions hereof;

     NOW  THEREFORE, the Transferor and the Trustee hereby  agree
as follows:

          1.    Defined Terms.  All terms defined in the  Pooling
and  Servicing Agreement and used herein shall have such  defined
meanings when used herein, unless otherwise defined herein.

          "Reconveyance Date" shall mean ________ __, [19][20]__.

          2.    Return  of Lists of Accounts.  The Trustee  shall
deliver  to  the Transferor or the bailee of the Transferor,  not
later than three Business Days after the Reconveyance Date,  each
and  every computer file or microfiche list of Accounts delivered
to the Trustee pursuant to the terms of the Pooling and Servicing
Agreement.

          3.   Conveyance of Receivables.

               (a)    The  Trustee  does hereby reconvey  to  the
     Transferor, without recourse, representation or warranty, on
     and  after  the  Reconveyance Date,  all  right,  title  and
     interest  of  the Trust in and to each and every  Receivable
     now  existing  and  hereafter created in the  Accounts,  all
     monies  due or to become due with respect thereto (including
     all Finance Charge Receivables), all proceeds (as defined in
     Section  9-306 of the UCC as in effect in the  Relevant  UCC
     State) of such Receivables, except for amounts, if any, held
     by the Trustee pursuant to subsection 12.3(b) of the Pooling
     and Servicing Agreement.

               (b)  In connection with such transfer, the Trustee
     agrees to execute and deliver to the Transferor on or  prior
     to  the  date  of  this Reconveyance, such  UCC  termination
     statements   as  the  Transferor  may  reasonably   request,
     evidencing  the  release by the Trust of  its  lien  on  the
     Receivables.

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

          5.     Governing  Law.   THIS  RECONVEYANCE  SHALL   BE
CONSTRUED  IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW  YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS.

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

                         SRI RECEIVABLES PURCHASE CO., INC.

                         By:
                              Name:
                              Title:

                         BANKERS TRUST (DELAWARE), Trustee

                         By
                              Name:
                              Title:

                                                       SCHEDULE I

                        LIST OF ACCOUNTS

                     (Deemed Incorporated)

                                                        EXHIBIT J

                 FORM OF AGREED-UPON PROCEDURES

   The  Servicer  and  Trustee will engage a firm  of  nationally
recognized  independent public accountants (who may  also  render
other  services  to the Servicer or any of its  subsidiaries)  to
perform  certain agreed upon procedures substantially similar  to
the following:

   1) The  accountants  will  obtain the  schedules  showing  the
       daily   roll  forward  of  accounts  receivable   activity
       (hereinafter  referred  to  as  the  daily  roll   forward
       schedule)  for  3%  of  the days  within  the  period  and
       compare  amounts  in excess of $5,000  set  forth  on  the
       daily  roll  forward schedule representing  charge  sales,
       returns,   cash   collections,  finance  charges,   credit
       adjustments and daily ending accounts receivable  balances
       with  the  corresponding amounts set forth in the accounts
       receivable  subsidiary ledgers and verify the mathematical
       accuracy of the daily roll forward.

   2) For  the  3% of the days within the period, the accountants
       will compare the store and mail payments appearing on  the
       daily  roll  forwards to a credit entry  on  the  relevant
       bank statement.

   3) The  accountants  will  obtain a  listing  of  new  account
       applications  for  the  period  and  select  25   approved
       accounts from the listing and compare the account  scoring
       with the minimum account scoring required for approval  as
       provided by the Servicer.

   4) The  accountants  will  obtain a  listing  of  applications
       denied  for  10  days during the period  and  select  five
       accounts  from  the listing for each day and  compare  the
       account  scoring set forth on the listing to  the  minimum
       account scoring required for approval as provided  by  the
       Servicer.

   5) The   accountants  will  report  the  accounts   receivable
       agings  for  five  cycle closings during  the  period  and
       determine the aggregate customer balances in the  "greater
       than  240  days"  and "current delinquent"  categories  as
       reflected on the accounts receivable aging.

   6) The   accountants   will  select  20  individual   customer
       statements  from  the  period and (i) recalculate  finance
       charges  appearing  on the customer statement  based  upon
       the   appropriate  APR  and  (ii)  recompute  the  minimum
       payment  amount  based upon information contained  in  the
       standard account application.

   7) For  3%  of  the  days within the period,  the  accountants
       will   compare  beginning  principal  receivables,  ending
       principal   receivables,  principal   collections   credit
       adjustments  and finance charge collections, appearing  on
       the  Daily Report with the corresponding amounts appearing
       in the daily roll forward schedule.

   8) For  3%  of  the  days within the period,  the  accountants
       will  recompute  the  daily allocation  of  principal  and
       finance  charge  collections to  each  series  based  upon
       information appearing on the Daily Reports.

   9) For   3%   of  the  days  within  the  period,  the  public
       accountants  will  agree the cash transfers  indicated  on
       the   Daily  Reports  to  entries  on  the  relevant  bank
       statements.

   10)For   each  settlement  statement,  the  accountants   will
       compare   the   information  appearing  therein   to   the
       information appearing in the corresponding Daily Reports.

   11)The  public accountants will inquire as to changes  in  the
       Transferor's   finance   charge   and   minimum    payment
       requirements.S-1

                                                     Exhibit 4.14

                     AMENDMENT AND CONSENT

     This  AMENDMENT  AND CONSENT, dated as of December  9,  1999
(this "Amendment"), is made by and among SRI RECEIVABLES PURCHASE
CO., INC., a corporation organized and existing under the laws of
the   State   of  Delaware,  as  Transferor  (the  "Transferor"),
SPECIALTY  RETAILERS, INC., a corporation organized and  existing
under  the  laws  of  Texas, as Servicer  (the  "Servicer"),  and
BANKERS  TRUST  (DELAWARE), a banking corporation  organized  and
existing  under  the  laws of the State of Delaware,  as  trustee
(together with its successors in trust thereunder as provided  in
the  Agreement referred to below, the "Trustee") under the Second
Amended and Restated Pooling and Servicing Agreement dated as  of
November  1,  1999 (the "Agreement"), among the  Transferor,  the
Servicer and the Trustee.

                           Background

     A.  The parties named above are all parties to the Agreement
and  to  a Series 1999-1 Supplement (the "Series Supplement")  to
the  Agreement. Capitalized terms used and not otherwise  defined
in  this  Amendment  and  Consent are  used  as  defined  in  the
Supplement or, if not defined therein, in the Agreement.

     B.  The  Transferor  wishes to amend the Agreement  and  the
Series  Supplement in connection with the issuance of the  Policy
and  to obtain the consent of the Investor Certificateholders and
other affected parties to such amendment.

                           Amendment

     1.    Amendments to Agreement and Supplement. Upon execution
of this Amendment and Consent by the Transferor, the Servicer and
the Trustee, and acknowledgment of this Amendment and Consent  by
each party designated on the signature pages hereto:

          (a)   The  proviso  contained  in  clause  (c)  of  the
     definition  of  "Eligible  Receivable"  contained   in   the
     Agreement is restated in its entirety to read as follows:

          "provided, however that (A) no more than 6.00%  of  all
          Eligible  Receivables shall be from Obligors which  are
          non-U.S. Persons, unless the Rating Agency provides its
          written  consent to an increase in such percentage  and
          (B)  no  more  than  3.00% of all Eligible  Receivables
          shall  be  from  obligors  with  billing  addresses  in
          Mexico,  unless the Rating Agency provides its  written
          consent to an increase in such percentage";

          (b)  Section  3.6(a)  of the Agreement  is  amended  by
     amending  and  restating the penultimate  sentence  of  that
     Section to read as follows:

          "On  or before the 150th day following the end of  each
          Transferor  Fiscal Year, beginning with the  Transferor
          Fiscal Year ending February 5, 1993, the Servicer shall
          also  cause a firm of nationally recognized independent
          public  accountants (who may also render other services
          to  the  Servicer or the Transferor) to furnish to  the
          Trustee,  any  Enhancement  Provider  and  each  Rating
          Agency  audited  financial statements with  respect  to
          Stage  Stores,  Inc.  and  its  subsidiaries  and   the
          Transferor  along with a copy of the annual  management
          letter  prepared by such auditors pertaining  to  Stage
          Stores, Inc. and its subsidiaries."; and

          (c) the Supplement is amended by adding all of the text
     marked  with  double  underscore  and  deleting  all  scored
     through  text appearing in the conformed copy of the  Series
     Supplement  attached  as Exhibit A  to  this  Amendment  and
     Consent.

     2.    Instruction  and Confirmation.  The Transferor  hereby
instructs  the  Trustee  to execute the Insurance  Agreement  (as
defined in Exhibit A).  The Servicer hereby confirms that the fee
and  indemnification provisions of the Agreement shall  apply  to
the  execution by the Trustee of this Amendment and Consent,  the
Enhancement  Supplement  and  the  Insurance  Agreement  and  all
actions   taken  by  the  Trustee  in  connection  herewith   and
therewith.

     3.    Miscellaneous.  THIS AMENDMENT AND  CONSENT  SHALL  BE
GOVERNED  BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS  OF  THE
STATE  OF  NEW  YORK, WITHOUT REFERENCE TO ITS  CONFLICT  OF  LAW
PROVISIONS.  EACH  OF THE PARTIES TO THIS AMENDMENT  AND  CONSENT
HEREBY  AGREES TO THE JURISDICTION OF THE UNITED STATES  DISTRICT
COURT  FOR  THE  SOUTHERN DISTRICT OF NEW YORK AND ANY  APPELLATE
COURT  HAVING JURISDICTION TO REVIEW THE JUDGMENTS THEREOF.  EACH
OF  THE  PARTIES HEREBY WAIVES ANY OBJECTION BASED ON  FORUM  NON
CONVENIENS  AND  ANY OBJECTION TO VENUE OF ANY ACTION  INSTITUTED
HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE
GRANTING  OF  SUCH  LEGAL  OR  EQUITABLE  RELIEF  AS  IS   DEEMED
APPROPRIATE BY SUCH COURT.

     IN  WITNESS  WHEREOF, the Transferor, the Servicer  and  the
Trustee  have  caused  this Amendment  and  Consent  to  be  duly
executed  by  their respective officers as of the  day  and  year
first above written.
                     SRI Receivables Purchase Co., Inc.,
                     Transferor

                     By: /s/ Charles M. Sledge
                       Name: Charles M. Sledge
                       Title: SVP Finance & Treasurer

                     Specialty Retailers, Inc., Servicer

                     By: /s/ Charles M. Sledge
                       Name: Charles M. Sledge
                       Title: SVP Finance & Treasurer

                     Bankers Trust (Delaware), not in its
                     individual capacity but solely as Trustee

                     By: /s/ Illegible
                       Name: Illegible
                       Title: AVP

By its signature below, each party identified below consents to
the amendments to the Agreement and the Series Supplement made by
paragraph 1 above and to the terms of the Enhancement Supplement
attached as Exhibit B to this Amendment and Consent, and
instructs the Trustee to execute this Amendment and Consent and
the Enhancement Supplement.

Accepted and agreed,

Credit Suisse First Boston Corporation

By: /s/ Michael Raynes
      Name: Michael Raynes
      Title: Director

By:_______________________________________
      Name:__________________________________
      Title:___________________________________

Credit Suisse First Boston, New York Branch,
as Facility Agent

By: /s/ Alberto Zonca
      Name: Alberto Zonca
      Title: Vice President

By: /s/ Matthew J. Monaco
      Name: Matthew J. Monaco
      Title: Associate

Alpine Securitization Corp., as Class A-1 Purchaser
and Class B Purchaser

By: Credit Suisse First Boston, New York Branch,
its Attorney-in-fact

     By: /s/ Margoth Pilla
           Name: Margoth Pilla
           Title: Vice President

     By: /s/ Laura Lee
           Name: Laura Lee
           Title: Associate

CDC Financial Products, Inc., as Agent and
Class A-2 Purchaser

By: /s/ Rarnine Rouhani                      By: /s/ Louis Pinto
Name: Rarnine Rouhani                        Name:Louis Pinto
Title: Managing Director                     Title: Director

Eiffel Funding, LLC

By: Global Securitization Services, LLC, as Manager

     By:  /s/ Bernard J. Angelo
           Name: Bernard J. Angelo
           Title: Vice President

Asset Guaranty Insurance Company

By: /s/ Kim Nance-Meier
      Name: Kim Nance-Meier
      Title: Vice President

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