Document:

<PAGE>
                                                                    EXHIBIT 10.4

                          SALE AND SERVICING AGREEMENT

                                     between

                       ONYX ACCEPTANCE OWNER TRUST 2002-D
                                   as Issuer,

                      ONYX ACCEPTANCE FINANCIAL CORPORATION
                                   as Seller,

                           ONYX ACCEPTANCE CORPORATION
                                   as Servicer

                                 CITIBANK, N.A.
                     as Indenture Trustee and as Trust Agent

                           Dated as of October 1, 2002

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                         <C>
ARTICLE I DEFINITIONS........................................................................1
   SECTION 1.01     Definitions..............................................................1
   SECTION 1.02     Usage of Terms..........................................................20
   SECTION 1.03     Section References......................................................20
   SECTION 1.04     Calculations............................................................20
   SECTION 1.05     Accounting Terms........................................................20
ARTICLE II CONVEYANCE OF CONTRACTS; REPRESENTATIONS AND WARRANTIES OF THE SELLER............21
   SECTION 2.01     Conveyance of Contracts.................................................21
   SECTION 2.02     Representations and Warranties of the Seller............................26
   SECTION 2.03     Repurchase of Certain Contracts.........................................37
   SECTION 2.04     Custody of Contract Files...............................................38
   SECTION 2.05     Duties of Servicer Relating to the Contracts............................39
   SECTION 2.06     Instructions; Authority to Act..........................................41
   SECTION 2.07     Indemnification.........................................................41
   SECTION 2.08     Effective Period and Termination........................................42
   SECTION 2.09     Nonpetition Covenant....................................................42
   SECTION 2.10     Collecting Title Documents Not Delivered at the Closing Date............43
ARTICLE III ADMINISTRATION AND SERVICING OF CONTRACTS.......................................43
   SECTION 3.01     Duties of Servicer......................................................43
   SECTION 3.02     Collection of Contract Payments.........................................45
   SECTION 3.03     Realization Upon Contracts..............................................46
   SECTION 3.04     Insurance...............................................................46
   SECTION 3.05     Maintenance of Security Interests in Financed Vehicles..................47
   SECTION 3.06     Covenants, Representations and Warranties of Servicer...................47
   SECTION 3.07     Purchase of Contracts Upon Breach By Servicer...........................49
   SECTION 3.08     Servicing Compensation..................................................50
   SECTION 3.09     Reporting by the Servicer...............................................50
   SECTION 3.10     Annual Statement as to Compliance.......................................53
   SECTION 3.11     Annual Independent Certified Public Accountant's Report.................54
   SECTION 3.12     Access to Certain Documentation and Information Regarding Contracts.....54
   SECTION 3.13     Fidelity Bond...........................................................54
   SECTION 3.14     Indemnification; Third Party Claims.....................................54
   SECTION 3.15     Reports to Noteholders and the Rating Agencies..........................55
   SECTION 3.16     Access to List of Noteholders' Names and Addresses......................55
ARTICLE IV DISTRIBUTIONS; SPREAD ACCOUNT; STATEMENTS TO
NOTEHOLDERS.................................................................................56
   SECTION 4.01     Establishment of Trust Accounts.........................................56
   SECTION 4.02     Collections; Transfers to Payahead Account; Realization Upon Policy; Net
   Deposits; Transfers to Payment Account...................................................58
   SECTION 4.03     Distributions...........................................................59
   SECTION 4.04     Spread Account..........................................................61
   SECTION 4.05     Statements to Noteholders...............................................63
</TABLE>

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<TABLE>
<S>                                                                                         <C>
   SECTION 4.06     Capitalized Interest Account............................................65
   SECTION 4.07     Prefunding Account......................................................66
   SECTION 4.08     Requirements Relating to Prefunding Account.............................66
ARTICLE V THE SELLER........................................................................67
   SECTION 5.01     Liability of Seller.....................................................67
   SECTION 5.02     Merger or Consolidation of, or Assumption of the Obligations of, Seller;
   Certain Limitations......................................................................67
   SECTION 5.03     Limitation on Liability of Seller and Others............................67
   SECTION 5.04     Seller Not to Resign....................................................67
   SECTION 5.05     Seller May Own Notes and Residual Interest Instruments..................68
ARTICLE VI THE SERVICER.....................................................................68
   SECTION 6.01     Liability of Servicer; Indemnities......................................68
   SECTION 6.02     Corporate Existence; Status as Servicer; Merger.........................69
   SECTION 6.03     Performance of Obligations..............................................70
   SECTION 6.04     Servicer Not to Resign; Assignment......................................70
   SECTION 6.05     Limitation on Liability of Servicer and Others..........................71
ARTICLE VII DEFAULT.........................................................................71
   SECTION 7.01     Events of Default.......................................................71
   SECTION 7.02     Trustee to Act; Appointment of Successor................................73
   SECTION 7.03     Notification to Noteholders and Residual Interestholders................74
   SECTION 7.04     Waiver of Past Defaults.................................................74
   SECTION 7.05     Insurer Direction of Insolvency Proceedings.............................75
ARTICLE VIII TERMINATION....................................................................75
   SECTION 8.01     Optional Purchase of All Trust Property; Satisfaction and Discharge of
                    the Indenture...........................................................75
   SECTION 8.02     Transfer to the Insurer.................................................76
ARTICLE IX MISCELLANEOUS....................................................................76
   SECTION 9.01     Amendment...............................................................76
   SECTION 9.02     Protection of Title to Trust Property...................................77
   SECTION 9.03      Governing Law..........................................................79
   SECTION 9.04     Notices.................................................................79
   SECTION 9.05     Severability of Provisions..............................................80
   SECTION 9.06     Assignment..............................................................80
   SECTION 9.07     Third Party Beneficiaries...............................................81
   SECTION 9.08     Certain Matters Relating to the Insurer.................................81
   SECTION 9.09     Headings................................................................81
   SECTION 9.10     Assignment by Issuer....................................................81
   SECTION 9.11     Limitation of Liability of Owner Trustee and Indenture  Trustee.........82
   SECTION 9.12     Acknowledgment of Parties; Insurer Defense Costs........................82
</TABLE>

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                                    EXHIBITS

Schedule I-A   -    Schedule of Initial Contracts
Schedule I-B   -    Schedule of Subsequent Contracts
Schedule II    -    Location and Account Numbers of Trust Accounts
Exhibit A      -    Form of Appointment of Custodian
Exhibit B      -    Form of Policy
Exhibit C-1    -    Form of Transfer Certificate
Exhibit C-2    -    Form of Prefunding Closing Date Certificate

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<PAGE>

        This SALE AND SERVICING AGREEMENT, dated as of October 1, 2002 (this
"AGREEMENT"), is between Onyx Acceptance Owner Trust 2002-D (the "ISSUER" or the
"TRUST"), Onyx Acceptance Financial Corporation (the "SELLER"), Onyx Acceptance
Corporation ("ONYX" or, in its capacity as servicer, the "SERVICER" or, in its
capacity as custodian, the "CUSTODIAN") and Citibank, N.A., as the Indenture
Trustee on behalf of the Noteholders (in such capacity, the "INDENTURE
TRUSTEE"), and as the Trust Agent on behalf of the Owner Trustee (in such
capacity, the "TRUST AGENT") .

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

                                    ARTICLE I
                                   DEFINITIONS

        SECTION 1.01         DEFINITIONS.

        Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

        "ACCELERATED PRINCIPAL COMMENCEMENT DATE" means the first Distribution
Date on which (i) the Pool Balance as of such Distribution Date is equal to or
less than 15% of the Original Pool Balance and (ii) the amount of cash on
deposit in the Spread Account together with the other components of the Spread
Account is equal to or greater than the Spread Account Maximum (after giving
effect to the distribution pursuant to Section 4.03(viii) of this Agreement on
such Distribution Date).

        "ACCELERATED PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date occurring on or after the Accelerated Principal Commencement
Date, the amount which would remain on deposit in the Payment Account for such
Distribution Date after giving effect to distributions pursuant to Section
4.03(i) through (viii) of this Agreement without regard to the inclusion of such
amount as part of the Note Principal Distributable Amount. The Accelerated
Principal Distributable Amount shall be included in the Note Principal
Distributable Amount until all of the Notes have been paid in full.

        "ACTUARIAL CONTRACT" means a Contract pursuant to which the allocation
of each payment between interest and principal is calculated using the Actuarial
Method.

        "ACTUARIAL METHOD" means the method of allocating principal and interest
payments on a Contract whereby amortization of the Contract is determined over a
series of fixed level payment monthly installments, and each monthly
installment, including the monthly installment representing the final payment on
the Contract, consists of an amount of interest equal to 1/12 of the APR of the
Contract multiplied by the unpaid principal balance of the Contract, and an
amount of principal equal to the remainder of the monthly payment.

        "AFFILIATE" of any specified Person means any other Person controlling
or controlled by or under common control with such specified Person. For the
purposes of this definition, "control" when used with respect to any specified
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership

<PAGE>

of voting securities, by contract or otherwise; and the terms "controlling" or
"controlled" have meanings correlative to the foregoing.

        "AMOUNT FINANCED" means, with respect to a Contract, the aggregate
amount advanced under such Contract toward the purchase price of the related
Financed Vehicle and related costs, including amounts advanced in respect of
accessories, insurance premiums, extended service or warranty contracts and
other items customarily financed as part of retail automobile installment sales
contracts.

        "APPOINTMENT OF CUSTODIAN" means the letter agreement between the
Indenture Trustee, the Insurer and the Servicer substantially in the form
attached hereto as Exhibit A.

        "APR" of a Contract means the annual percentage rate used to determine
the total interest expected to be charged over the term of a Contract as of its
inception, as shown on such Contract.

        "BASIC DOCUMENTS" shall have the meaning specified in the Indenture.

        "BLANKET INSURANCE POLICY" means the Creditors Comprehensive Single
Interest Insurance Policy covering losses with respect to the Contracts, which
policy has been issued by Great American Insurance Company and the Seller's
rights in which, with respect to the Contracts, have been validly assigned to
the Indenture Trustee acting on behalf of the Trust.

        "BUSINESS DAY" means any day other than a Saturday, a Sunday or other
day on which commercial banking institutions or savings associations located in
Los Angeles, California; Wilmington, Delaware; or New York, New York are
authorized or obligated by law, regulation, executive order or governmental
decree to be closed.

        "CALCULATION DAY" means the last day of each calendar month.

        "CAPITALIZED INTEREST ACCOUNT" means the account designated as such and
established pursuant to Section 4.01 and maintained pursuant to Section 4.06.

        "CAPITALIZED INTEREST AMOUNT" means, with respect to each Distribution
Date following a Collection Period during which amounts are on deposit in the
Prefunding Account, an amount equal to the greater of:

               (a) the sum of the Note Interest Distributable Amount for such
        Distribution Date, plus the sum of the fees payable to the Owner
        Trustee, the Indenture Trustee and the Trust Agent and the premium
        payable to the Insurer for such Distribution Date, in each case,
        allocable to the balance in the Prefunding Account at the beginning of
        the related Collection Period, on a pro rata basis, minus the earnings
        received by the Indenture Trustee on behalf of the Trust during the
        related Collection Period from investment of the funds on deposit in the
        Prefunding Account; and

               (b) the amount, if any, by which (i) the sum of the Servicing
        Fees, the Note Interest Distributable Amount, the fees payable to the
        Owner Trustee, the Indenture Trustee and the Trust Agent and the premium
        payable to the Insurer for such Distribution

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        Date exceeds (ii) Net Collections plus the earnings received by the
        Indenture Trustee on behalf of the Trust during the related Collection
        Period from investment of the funds on deposit in the Prefunding
        Account.

        "CERTIFICATE REGISTER" shall have the meaning specified in the Trust
Agreement.

        "CLASS" means all Notes whose form is identical except for variation in
denomination, principal amount or owner.

        "CLASS A-1 FINAL SCHEDULED DISTRIBUTION DATE" means the Distribution
Date occurring in October 2003.

        "CLASS A-1 NOTE" means any Class A-1 Note in the form attached to the
Indenture as Exhibit B.

        "CLASS A-1 RATE" means 1.74% per annum.

        "CLASS A-2 FINAL SCHEDULED DISTRIBUTION DATE" means the Distribution
Date occurring in July 2005.

        "CLASS A-2 NOTE" means any Class A-2 Note in the form attached to the
Indenture as Exhibit C.

        "CLASS A-2 RATE" means 1.95% per annum.

        "CLASS A-3 FINAL SCHEDULED DISTRIBUTION DATE" means the Distribution
Date occurring in December 2006.

        "CLASS A-3 NOTE" means any Class A-3 Note in the form attached to the
Indenture as Exhibit D.

        "CLASS A-3 RATE" means 2.47% per annum.

        "CLASS A-4 FINAL SCHEDULED DISTRIBUTION DATE" means the Distribution
Date occurring in July 2009.

        "CLASS A-4 NOTE" means any Class A-4 Note in the form attached to the
Indenture as Exhibit E.

        "CLASS A-4 RATE" means 3.10% per annum.

        "CLASS A NOTES" means the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes.

        "CLEARING ACCOUNT" means Account No. 4159359173 in the name of the
Seller maintained at Wells Fargo Bank, N.A.

        "CLOSING DATE" means October 22, 2002.

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        "COLLECTION ACCOUNT" means the account established and maintained as
such pursuant to Section 4.01.

        "COLLECTION PERIOD" means, with respect to any Distribution Date, the
calendar month preceding the month in which such Distribution Date occurs;
provided that with respect to Liquidated Contracts, the Collection Period will
be the period from but excluding the sixth Business Day preceding the
immediately preceding Distribution Date to and including the sixth Business Day
preceding such Distribution Date. With respect to the first Distribution Date
the "Collection Period" for Liquidated Contracts shall be the period from and
including the related Cut-Off Date to and including the sixth Business Day
preceding such first Distribution Date.

        "CONTRACT" means each retail installment sales contract and security
agreement or installment loan agreement and security agreement and all proceeds
thereof and payments thereunder, which contract or agreement has been executed
by an Obligor and pursuant to which such Obligor purchased or financed the
Financed Vehicle described therein, agreed to pay the deferred purchase price
(i.e., the purchase price net of any down payment) or amount borrowed, together
with interest, as therein provided in connection with such purchase or loan,
granted a security interest in such Financed Vehicle, and undertook to perform
certain other obligations as specified in such contract or agreement. Each
Contract shall have been (i) originated by a Dealer and assigned to Onyx in
accordance with the assignment provisions set forth therein, (ii) subsequently
conveyed by Onyx to the Seller pursuant to the Purchase Agreement and (iii)
subsequently conveyed by the Seller to the Issuer pursuant to this Agreement. As
used herein, "Contracts" means the Initial Contracts, the Subsequent Contracts
and the Prefunded Contracts.

        "CONTRACT DOCUMENTS" means, with respect to each Contract, (a) the
Contract and the original credit application fully executed by the Obligor
thereunder; (b) either (i) the original Title Document for the related Financed
Vehicle or a duplicate copy thereof issued or certified by the Registrar of
Titles which issued the original thereof (or, with respect to certain of the
Financed Vehicles, evidence of the electronic Title Document), together with
evidence of perfection of the security interest in the related Financed Vehicle
granted by such Contract, as determined by the Servicer to be permitted or
required to perfect such security interest under the laws of the applicable
jurisdiction, or (ii) written evidence that the Title Document for such Financed
Vehicle showing Onyx as first lienholder has been applied for; (c) any
agreement(s) modifying the Contract (including, without limitation, any
extension agreement(s)); (d) any documents evidencing or related to any
insurance policy with respect to a Financed Vehicle and (e) any documents
specifically relating to the Obligor or the Financed Vehicle. The documents
referred to above, other than the Contracts, to the extent expressly permitted
by the Insurer in writing, may be maintained in microfiche or electronic form.

        "CONTRACT FILES" means all papers and computerized records customarily
kept by the Servicer in servicing contracts and loans comparable to the
Contracts.

        "CONTRACT NUMBER" means, with respect to any Contract included in the
Trust, the number assigned to such Contract by the Servicer, which number is set
forth in the related Schedule of Contracts.

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<PAGE>

        "CORPORATE TRUST OFFICE" means the principal office of the Indenture
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 111 Wall Street, 14th Floor, Zone 3, New York, New York 10005,
Attention: Institutional Trust Services -- Onyx Acceptance Owner Trust 2002-D;
or at such other address as the Indenture Trustee may designate from time to
time by notice to the Noteholders, the Insurer, the Servicer and the Seller.

        "CRAM DOWN LOSS" means, with respect to a Contract if a court of
appropriate jurisdiction in an insolvency proceeding shall have issued an order
reducing the amount owed on such Contract or otherwise modifying or
restructuring the scheduled payments to be made on such Contract, an amount
equal to (i) the excess of the Principal Balance of such Contract immediately
prior to such order over the Principal Balance of such Contract as so reduced
and/or (ii) if such court shall have issued an order reducing the effective rate
of interest on such Contract, the excess of the Principal Balance of such
Contract immediately prior to such order over the net present value (using as
the discount rate the higher of the annual percentage rate on such Contract or
the rate of interest, if any, specified by the court in such order) of the
scheduled payments as so modified or restructured. A Cram Down Loss shall be
deemed to have occurred on the date of issuance of such order.

        "CUSTODIAN" means Onyx until such time, if any, a Successor Custodian is
appointed and thereafter means such Successor Custodian.

        "CUT-OFF DATE" means, as applicable, (i) the Initial Cut-Off Date, with
respect to the Initial Contracts, (ii) the Subsequent Cut-Off Date, with respect
to the Subsequent Contracts or (iii) the Prefunding Cut-Off Date with respect to
the Prefunded Contracts.

        "DEALER" means the seller of a Financed Vehicle, which seller originated
and assigned the related Contract.

        "DEFAULT" means any occurrence which with the giving of notice or the
lapse of time or both would become a Servicer Default.

        "DEFAULTED CONTRACT" means, with respect to any Collection Period, a
Contract (i) which is, at the end of such Collection Period, delinquent in the
amount of at least two monthly installments of Monthly P&I or (ii) with respect
to which the related Financed Vehicle has been repossessed or repossession
efforts with respect to the related Financed Vehicle have been commenced.

        "DEFICIENCY AMOUNT" means as of any Distribution Date, the amount by
which (i) the sum of the amounts set forth in Section 4.03(i) though (iv) with
respect to such Distribution Date exceeds (ii) the amount of Net Collections
(plus amounts transferred from the Prefunding Account representing earnings from
investments therein and amounts transferred from the Capitalized Interest
Account, in each case to the Payment Account) available with respect to such
Distribution Date and the amount on deposit in the Spread Account as of such
Distribution Date.

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<PAGE>

        "DEFICIENCY NOTICE" means, with respect to any Distribution Date, the
notice delivered pursuant to Section 4.02(c) by the Servicer to the Indenture
Trustee, with a copy to the Insurer and the Trust Agent.

        "DEFINITIVE NOTES" means Notes issued in fully registered, certificated
form to Noteholders.

        "DEPOSITOR" means the Seller in its capacity as Depositor under the
Trust Agreement, and its successors.

        "DISTRIBUTION DATE" means the 15th day of each month or if such date
shall not be a Business Day, the following Business Day, commencing on November
15, 2002.

        "DISTRIBUTION DATE STATEMENT" shall have the meaning specified in
Section 3.09(a).

        "DUE DATE" means, as to any Contract, the date upon which an installment
of Monthly P&I is due.

        "ELIGIBLE ACCOUNT" means (i) a trust account that is either (a)
maintained by the Indenture Trustee, (b) maintained with a depository
institution or trust company the commercial paper or other short-term debt
obligations of which have credit ratings from Standard & Poor's at least equal
to "A-1" and from Moody's equal to "P-1," which account is fully insured up to
applicable limits by the Federal Deposit Insurance Corporation or (c) maintained
with a depository institution acceptable to the Insurer, as evidenced by a
letter from the Insurer to that effect or (ii) a general ledger account or
deposit account at a depository institution acceptable to the Insurer, as
evidenced by a letter from the Insurer to that effect.

        "ELIGIBLE INVESTMENTS" means any one or more of the following
obligations or securities, all of which shall be denominated in United States
dollars:

               (a) direct obligations of, and obligations fully guaranteed as to
        timely payment of principal and interest by, the United States of
        America or any agency or instrumentality of the United States of America
        the obligations of which are backed by the full faith and credit of the
        United States of America and, to the extent, at the time of investment,
        acceptable to the Insurer and each Rating Agency for securities having a
        rating equivalent to the rating of the Notes at the Closing Date, the
        direct obligations of, or obligations fully guaranteed by, the Federal
        Home Loan Mortgage Corporation and the Federal National Mortgage
        Association;

               (b) demand and time deposits in, certificates of deposit of,
        banker's acceptances issued by, or federal funds sold by any depository
        institution or trust company (including the Indenture Trustee or the
        Owner Trustee) incorporated under the laws of the United States of
        America or any State and subject to supervision and examination by
        Federal and/or State banking authorities, so long as at the time of such
        investment or contractual commitment providing for such investment
        either (i) the long-term, unsecured debt obligations of such depository
        institution or trust company have credit ratings from Standard & Poor's
        at least equal to "AA-" and from Moody's at least equal to "Aa2" or

                                      -6-
<PAGE>

        (ii) such depository institution is acceptable to the Insurer as
        evidenced by a letter from the Insurer to the Indenture Trustee;

               (c) repurchase obligations with respect to (i) any security
        described in clause (a) above or (ii) any other security issued or
        guaranteed as to timely payment of principal and interest by an agency
        or instrumentality of the United States of America, in either case
        entered into with any depository institution or trust company (including
        the Indenture Trustee and the Owner Trustee), acting as principal,
        described in clause (b) above;

               (d) securities bearing interest or sold at a discount issued by
        any corporation incorporated under the laws of the United States of
        America or any state thereof which at the time of such investment or
        contractual commitment providing for such investment have long-term,
        unsecured debt obligations rated by Standard & Poor's "AA-" or better
        and by Moody's "Aa2" or better; provided, however, that securities
        issued by any corporation will not be Eligible Investments to the extent
        that investment therein will cause the then outstanding principal amount
        of securities issued by such corporation and held as part of the Trust
        to exceed 10% of the aggregate Outstanding Principal Balances of the
        Contracts and all amounts of Eligible Investments held as part of the
        Trust;

               (e) commercial paper having the highest rating by Standard &
        Poor's and Moody's at the time of such investment;

               (f) investments in money market funds or money market mutual
        funds having a rating from Standard & Poor's and Moody's in the highest
        investment category granted thereby, including funds for which the
        Indenture Trustee, the Owner Trustee or any of their respective
        Affiliates is investment manager or advisor; and

               (g) such other obligations or securities acceptable to the
        Insurer, as evidenced by a letter from the Insurer to the Indenture
        Trustee (which acceptability may be revoked at any time by the Insurer),
        a copy of which shall be provided by the Indenture Trustee to the Rating
        Agencies.

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

        "FINANCED VEHICLE" means, as to any Contract, an automobile, light-duty
truck or van, together with all accessions thereto, securing the related
Obligor's indebtedness under such Contract.

        "FISCAL AGENT" shall have the meaning set forth in the Policy.

"FULL PREPAYMENT" means any of the following: (a) with respect to any Contract
other than a Contract referred to in clause (ii), (iii) or (iv) of the
definition of the term "Liquidated Contract", payment by or on behalf of the
Obligor of the total amount required by the terms of such Contract to be paid
thereunder, which amount shall be at least equal to the sum of (i) 100% of the
Principal Balance of such Contract, (ii) interest accrued thereon to the date of
such payment at the APR; and (iii) any overdue amounts; or (b) with respect to
any Contract, payment by the Seller to the Indenture Trustee of the Purchase
Amount of such Contract in connection

                                      -7-
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with the purchase of such Contract pursuant to Section 2.03, or payment by the
Servicer of the Purchase Amount of such Contract in connection with the purchase
of such Contract pursuant to Section 3.07 or the purchase of all Contracts
pursuant to Section 8.01.

        "FUNDED CONTRACTS" means all Initial Contracts and Subsequent Contracts.

        "FUNDING PERIOD" shall have the meaning specified in Section 4.08(a).

        "HOLDER" or "NOTEHOLDER" means, with respect to a Note, the Person in
whose name such Note is registered in the Note Register.

        "INDEMNIFICATION AGREEMENT" shall have the meaning specified in the
Insurance Agreement.

        "INDENTURE" means the Indenture, dated as of the date hereof, between
the Issuer and the Indenture Trustee.

        "INDENTURE EVENT OF DEFAULT" means an Event of Default as set forth in
Section 5.01 of the Indenture.

        "INDENTURE TRUSTEE" means Citibank, N.A., not in its individual capacity
but solely as the Indenture Trustee under the Indenture, its successors in
interest and any successor Indenture Trustee under the Indenture.

        "INITIAL CAPITALIZED INTEREST AMOUNT" means $712,203.96.

        "INITIAL CASH DEPOSIT" shall have the meaning specified in the Insurance
Agreement.

        "INITIAL CONTRACTS" means the Contracts designated as such in Schedule
I-A attached hereto.

        "INITIAL CUT-OFF DATE" means October 1, 2002.

        "INSOLVENCY PROCEEDING" shall have the meaning specified in Section
7.05.

        "INSURANCE AGREEMENT" means the Insurance and Reimbursement Agreement,
to be dated as of the Closing Date, among the Insurer, the Seller, Onyx and the
Servicer, as amended, modified or restated from time to time.

        "INSURER" means MBIA Insurance Corporation or its successors in
interest.

        "INSURER DEFAULT" means the occurrence and continuance of any of the
following:

               (i)           the Insurer shall have failed to make a payment
                             required to be made under the Policy in accordance
                             with its terms;

               (ii)          the Insurer shall have (a) filed a petition or
                             commenced any case or proceeding under any
                             provision or chapter of the United States
                             Bankruptcy Code or any other similar federal or
                             state law relating

                                      -8-
<PAGE>

                             to insolvency, bankruptcy, rehabilitation,
                             liquidation or reorganization, (b) made a general
                             assignment for the benefit of its creditors or (c)
                             had an order for relief entered against it under
                             the United States Bankruptcy Code or any other
                             similar federal or state law relating to
                             insolvency, bankruptcy, rehabilitation,
                             liquidation or reorganization which is final and
                             nonappealable; or

               (iii)         a court of competent jurisdiction, the New York
                             Department of Insurance or other competent
                             regulatory authority shall have entered a final and
                             nonappealable order, judgment or decree (a)
                             appointing a custodian, trustee, agent or receiver
                             for the Insurer or for all or any material portion
                             of its property or (b) authorizing the taking of
                             possession by a custodian, trustee, agent or
                             receiver of the Insurer (or the taking of
                             possession of all or any material portion of the
                             property of the Insurer).

        "INSURER DEFENSE COSTS" means, all costs and expenses of the Insurer
(including costs and expenses of the Trust Agent, the Indenture Trustee or the
Owner Trustee that the Insurer may have paid) in connection with any action,
proceeding or investigation that could adversely affect the Trust or the Trust
Estate or the rights or obligations of the Insurer under any of the
Indemnification Agreement (as defined in the Insurance Agreement), the Basic
Documents or any other document delivered with respect thereto, including
(without limitation) any judgment or settlement entered into affecting the
Insurer or the Insurer's interests, together with interest thereon at a rate
equal to the Base Rate (as defined in the Insurance Agreement) from time to time
in effect plus 1% from the date such expenses are incurred up to but not
including the date such expenses are paid.

        "INTEREST ACCRUAL PERIOD" means, with respect to any Distribution Date,
the period from and including the Distribution Date immediately preceding such
Distribution Date (or, in the case of the first Distribution Date, from and
including the Closing Date) to but excluding such Distribution Date; in the case
of the first Distribution Date, the Interest Accrual Period for the Class A-1
Notes will constitute 16 days.

        "INTEREST RATE" means the Class A-1 Rate, the Class A-2 Rate, the Class
A-3 Rate or the Class A-4 Rate, as the case may be.

        "ISSUER" means Onyx Acceptance Owner Trust 2002-D and its successors.

        "LIEN" means a security interest, lien, charge, pledge, equity or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Contract by operation of law.

        "LIQUIDATED CONTRACT" means a Contract that (i) is the subject of a Full
Prepayment; (ii) is a Defaulted Contract with respect to which Liquidation
Proceeds constituting, in the Servicer's reasonable judgment, the final amounts
recoverable have been received and deposited in the Collection Account; (iii) is
paid in full on or after its Maturity Date; or (iv) has been a Defaulted
Contract for four or more Collection Periods and as to which Liquidation
Proceeds have not been

                                      -9-
<PAGE>

deposited in the Collection Account; provided, however, that in any event a
Contract that is delinquent in the amount of five monthly installments of
Monthly P&I at the end of a Collection Period shall be deemed to be a Liquidated
Contract and shall be deemed to have a Principal Balance of zero.

        "LIQUIDATION EXPENSES" means reasonable out-of-pocket expenses (not to
exceed Liquidation Proceeds), other than any overhead expenses, incurred by the
Servicer in connection with the realization of the full amounts due under any
Defaulted Contract (including the attempted liquidation of a Contract which is
brought current and is no longer in default during such attempted liquidation)
and the sale of any property acquired in respect thereof which are not
recoverable as proceeds paid by any insurer under a comprehensive and collision
insurance policy related to the Contract. Liquidation Expenses shall not include
any late fees or other administrative fees and expenses or similar charges
collected with respect to a Contract.

        "LIQUIDATION PROCEEDS" means amounts received by the Servicer (before
reimbursement for Liquidation Expenses) in connection with the realization of
the full amounts due and to become due under any Defaulted Contract and the sale
of any property acquired in respect thereof.

        "MANDATORY PARTIAL REDEMPTION AMOUNT" means the balance (excluding
investment earnings) remaining on deposit in the Prefunding Account on the
Mandatory Partial Redemption Date after giving effect to the sale to the Trust
of all Prefunded Contracts sold to the Trust during the Funding Period,
including any such acquisition and conveyance on the date on which the Funding
Period ends.

        "MANDATORY PARTIAL REDEMPTION DATE" means the Distribution Date on which
the Notes are partially prepaid pursuant to Section 4.07, which Distribution
Date shall be the Distribution Date immediately succeeding the date on which the
Funding Period ends in the event that any amount remains on deposit in the
Prefunding Account after giving effect to the sale to the Trust of all Prefunded
Contracts sold to the Trust during the Funding Period, including any acquisition
and conveyance on the date on which the Funding Period ends.

        "MATURITY DATE" means, with respect to any Contract, the date on which
the last scheduled payment of such Contract shall be due and payable as such
date may be extended pursuant to Section 3.02.

        "MAXIMUM CAPITALIZED INTEREST AMOUNT" means, with respect to each
Distribution Date following a Collection Period during which amounts are on
deposit in the Prefunding Account, an amount equal to the sum of the Note
Interest Distributable Amount (assuming no further reductions in principal on
the Notes) for each remaining Distribution Date during the Funding Period and
for the Distribution Date immediately following the Funding Period, plus the sum
of the fees payable to the Owner Trustee, the Indenture Trustee and the Trust
Agent and the premium payable to the Insurer for each such Distribution Date, in
each case, allocable to the balance in the Prefunding Account on the opening of
business on the first day of the beginning of the month in which the Maximum
Capitalized Interest Amount is being calculated for the Distribution Date in
that same month, on a pro rata basis, minus the earnings to be received by the
Indenture Trustee on behalf of the Trust through January 20, 2003 from
investment of the

                                      -10-
<PAGE>

funds on deposit in the Prefunding Account, assuming that no additional
Prefunded Contracts are conveyed to the Trust and that interest at a rate of
2.5% per annum is earned on amounts on deposit in the Prefunding Account.

        "MONTHLY P&I" means, with respect to any Contract, the amount of each
monthly installment of principal and interest payable to the Obligee of such
Contract in accordance with the terms thereof, exclusive of any charges
allocable to the financing of any insurance premium and charges which represent
late payment charges or extension fees.

        "MOODY'S" means Moody's Investors Service, Inc., and its successors in
interest.

        "NET COLLECTIONS" means, with respect to any Distribution Date and the
related Collection Period, the sum of (i) all payments of Monthly P&I, all
partial prepayments, all Full Prepayments, Net Liquidation Proceeds and Net
Insurance Proceeds in each case, collected with respect to the Contracts during
such Collection Period, less partial prepayments of Precomputed Contracts
collected with respect to the Contracts during such Collection Period which are
deposited in the Payahead Account pursuant to Section 4.02(a), (ii) amounts
withdrawn from the Payahead Account pursuant to Section 4.01(b) and deposited in
the Collection Account with respect to such Distribution Date, and (iii) the
aggregate Purchase Amount for Purchased Contracts deposited in or credited to
the Collection Account pursuant to Section 4.02(a) on the Business Day preceding
the Servicer Report Date next preceding such Distribution Date.

        "NET INSURANCE PROCEEDS" means, with respect to any Contract, proceeds
paid by any insurer under a comprehensive and collision insurance policy related
to such Contract (other than funds used for the repair of the related Financed
Vehicle or otherwise released by Onyx to the related Obligor in accordance with
normal servicing procedures), after reimbursement to the Servicer of expenses
recoverable under such policy.

        "NET LIQUIDATION PROCEEDS" means the amount derived by subtracting from
the Liquidation Proceeds of a Contract the related Liquidation Expenses.

        "NET YIELD" means, on any day, the percentage equivalent of (a) four
multiplied by (b) a fraction the numerator of which is equal to (i) the sum of
(x) the aggregate of all interest collected on Contracts during the three
immediately preceding Collection Periods, (y) the investment earnings on amounts
deposited in the Prefunding Account transferred to the Payment Account with
respect to the three immediately preceding Distribution Dates and (z) the
amounts transferred from the Capitalized Interest Account to the Payment Account
with respect to the three immediately preceding Distribution Dates, minus (ii)
the sum of (A) the aggregate outstanding principal balances of Contracts which
became Liquidated Contracts other than by virtue of a Full Prepayment during
such three Collection Periods (less any Net Liquidation Proceeds received with
respect to such Liquidated Contracts during such three Collection Periods) and
(B) interest paid to the Noteholders and the Servicing Fees paid to the Servicer
during such three Collection Periods, and the denominator of which is equal to
the average of the Pool Balances as of the last day of each of such three
immediately preceding Collection Periods.

        "NOTE" means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note or a
Class A-4 Note, as applicable.

                                      -11-
<PAGE>

        "NOTE DISTRIBUTABLE AMOUNT" means, with respect to any Distribution
Date, the sum of the Note Principal Distributable Amount and the Note Interest
Distributable Amount for such Distribution Date.

        "NOTE DISTRIBUTION ACCOUNT" means the account established and maintained
as such pursuant to Section 4.01.

        "NOTE FINAL SCHEDULED DISTRIBUTION DATE" means the Class A-1 Final
Scheduled Distribution Date, the Class A-2 Final Scheduled Distribution Date,
the Class A-3 Final Scheduled Distribution Date or the Class A-4 Final Scheduled
Distribution Date, as the case may be.

        "NOTEHOLDER" shall mean any Holder of a Note.

        "NOTE INTEREST CARRYOVER SHORTFALL" means, with respect to any
Distribution Date and a Class of Notes, the excess, if any, of the Note Interest
Distributable Amount for such Class for the immediately preceding Distribution
Date over the amount in respect of interest that is actually deposited in the
Note Distribution Account with respect to such Class on such preceding
Distribution Date, plus, to the extent permitted by applicable law, interest on
the amount of interest due but not paid to Noteholders of such Class on the
preceding Distribution Date at the related Interest Rate for the related
Interest Accrual Period; provided, however, that the Note Interest Carryover
Shortfall for the first Distribution Date shall be zero.

        "NOTE INTEREST DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date and a Class of Notes, the sum of (i) an amount equal to the
interest accrued during the related Interest Accrual Period at the related
Interest Rate for such Class of Notes on the outstanding principal amount of
such Class of Notes on the immediately preceding Distribution Date, after giving
effect to all payments of principal to Noteholders of such Class on or prior to
such Distribution Date (or, in the case of the first Distribution Date, on the
original principal amount of such Class of Notes) and (ii) the Note Interest
Carryover Shortfall for such Class of Notes for such Distribution Date.

        "NOTE POOL FACTOR" means, with respect to any Class of Notes as of any
Distribution Date, a six-digit decimal figure equal to the outstanding principal
amount of such Class of Notes (after giving effect to any reductions thereof to
be made on such Distribution Date) divided by the original outstanding principal
amount of such Class of Notes.

        "NOTE PRINCIPAL CARRYOVER SHORTFALL" means, as of the close of business
on any Distribution Date, the excess of the Note Principal Distributable Amount
for such Distribution Date over the amount in respect of principal that is
actually deposited in the Note Distribution Account on such Distribution Date.

        "NOTE PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of (i) the Regular Principal Distributable Amount for
such Distribution Date, (ii) the Accelerated Principal Distributable Amount, if
any, for such Distribution Date and (iii) any outstanding Note Principal
Carryover Shortfall for the immediately preceding Distribution Date; provided,
however, that the Note Principal Distributable Amount shall not exceed the
aggregate outstanding principal amount of the Notes. Notwithstanding the
foregoing, the Note Principal

                                      -12-
<PAGE>

Distributable Amount on the Note Final Scheduled Distribution Date for each
Class of Notes shall not be less than the amount that is necessary to reduce the
outstanding principal amount of the related Class of Notes to zero.

        "NOTE REGISTER" shall have the meaning specified in the Indenture.

        "OBLIGEE" means, with respect to any Contract, the Person to whom an
Obligor is indebted under such Contract.

        "OBLIGOR" means, with respect to any Contract, the purchaser or
co-purchasers of the Financed Vehicle and any other Person who owes payments
under such Contract.

        "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman, the
President or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Controller, an Assistant Controller, the Secretary or an Assistant Secretary of
any Person delivering such certificate and delivered to the Person to whom such
certificate is required to be delivered. In the case of an Officers' Certificate
of the Servicer, at least one of the signing officers must be a Servicing
Officer. Unless otherwise specified, any reference herein to an Officers'
Certificate shall be to an Officers' Certificate of the Servicer.

        "ONYX" means Onyx Acceptance Corporation and its successors in interest.

        "OPINION OF COUNSEL" means a written opinion of counsel (who may be
counsel to the Seller or the Servicer) acceptable to the Indenture Trustee, the
Owner Trustee or the Trust Agent, as the case may be, and the Insurer.

        "ORIGINAL POOL BALANCE" means $450,000,000, which is the sum of (i) the
Principal Balances of the Initial Contracts as of the Initial Cut-Off Date, (ii)
the Principal Balances of the Subsequent Contracts as of the Subsequent Cut-Off
Date, and (iii) the initial deposit in the Prefunding Account.

        "OUTSTANDING" means with respect to a Contract and as of the time of
reference thereto, a Contract that has not reached its Maturity Date, has not
been fully prepaid, has not become a Liquidated Contract and has not been
repurchased pursuant to Section 2.03, 3.07 or 8.01.

        "OUTSTANDING PRINCIPAL BALANCE" means, as of the applicable Cut-Off
Date, (i) with respect to any Precomputed Contract, the amount set forth as the
Outstanding Principal Balance of such Contract on the Schedule of Contracts,
such amount being the total of all unpaid Monthly P&I due on or after the
Cut-Off Date, minus any unearned (or earned but unpaid) interest as of the
applicable Cut-Off Date computed in accordance with the Rule of 78's Method or
the Actuarial Method, as applicable, and (ii) with respect to any Simple
Interest Contract, the amount set forth as the Outstanding Principal Balance of
such Contract on the Schedule of Contracts, such amount being the total of all
principal payments due on or after the applicable Cut-Off Date.

        "OWNER TRUSTEE" means Deutsche Bank Trust Company Delaware, not in its
individual capacity but solely as the Owner Trustee under the Trust Agreement,
its successors in interest and any successor Owner Trustee under the Trust
Agreement.

                                      -13-
<PAGE>

        "OWNER TRUSTEE CORPORATE TRUST OFFICE" means the principal office of the
Owner 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 E.A. Delle Donne Corporate Center, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805-1266, Attention: Corporate Trust Administration; or
at such other address as the Owner Trustee may designate from time to time by
notice to the Noteholders, the Insurer, the Servicer and the Seller.

        "PAYAHEAD ACCOUNT" means the account established and maintained as such
pursuant to Section 4.01.

        "PAYMENT ACCOUNT" means the account established and maintained as such
pursuant to Section 4.01.

        "PAYING AGENT" means (i) with respect to the Notes, the Person acting as
the "Paying Agent" under the Indenture and (ii) with respect to the Residual
Interest Instruments, the Person acting as the "Paying Agent" under the Trust
Agreement, the Trust Agent or any other Person that meets the eligibility
standards for the Paying Agent specified in the Trust Agreement and is
authorized by the Issuer to make the distributions from the Payment Account,
including distributions in respect of the Residual Interest Instruments on
behalf of the Issuer.

        "PERCENTAGE INTEREST" shall have the meaning specified in Section
4.04(d).

        "PERSON" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

        "POLICY" means the financial guarantee insurance policy for the Notes,
number 39299, dated October 22, 2002 and issued by the Insurer to the Indenture
Trustee, guaranteeing payment of any Policy Claim Amount, the form of which is
attached hereto as Exhibit B.

        "POLICY CLAIM AMOUNT" means, with respect to each Distribution Date, the
sum of (i) the Deficiency Amount for such Distribution Date and (ii) the
Preference Amount for such Distribution Date.

        "POOL BALANCE" as of the time of determination means the sum of (i) the
aggregate of the Principal Balances of the Contracts, exclusive of the Principal
Balances of all Contracts that are not Outstanding at the end of the Collection
Period ending immediately prior to such time of determination and (ii) the
amounts on deposit in the Prefunding Account (exclusive of any investment
earnings), if any.

        "POTENTIAL PREFERENCE PARTIES" shall have the meaning specified in
Section 4.04(d).

        "PRECOMPUTED CONTRACT" means a Contract as to which, pursuant to the
terms of such Contract, the portion of payments allocable to earned interest and
principal thereunder is determined according to the "Rule of 78's Method" or the
"Actuarial Method".

        "PREFERENCE AMOUNT" means any amount previously distributed to a Holder
in respect of the Notes that is recoverable and sought to be recovered as a
voidable preference by a trustee in

                                      -14-
<PAGE>

bankruptcy with respect to Onyx, the Seller or the Trust pursuant to the United
Stated Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance
with a final nonappealable order of a court having competent jurisdiction.

        "PREFERENCE CLAIM" shall have the meaning specified in Section 7.05.

        "PREFUNDED AMOUNT" means $200,360,515.29, the initial deposit into the
Prefunding Account.

        "PREFUNDED CONTRACTS" means the Contracts which are transferred by the
Seller to the Issuer on each Prefunding Transfer Date pursuant to this Agreement
and are identified on the schedule attached to the Transfer Certificate
delivered to the Trust, the Indenture Trustee and the Insurer on the Business
Day immediately preceding the related Prefunding Transfer Date.

        "PREFUNDING ACCOUNT" means the account established as such pursuant to
Section 4.01 and maintained pursuant to Section 4.07.

        "PREFUNDING CLOSING DATE" means the last day of the Funding Period, or
if such day is not a Business Day, the following Business Day.

        "PREFUNDING CLOSING DATE CERTIFICATE" means the certificate of an
officer of the Seller delivered in connection with the Prefunding Closing Date,
substantially in the form attached hereto as Exhibit C-2.

        "PREFUNDING CUT-OFF DATE" means the cut-off date specified in the
Transfer Certificate with respect to the Prefunded Contracts transferred on the
related Prefunding Transfer Date.

        "PREFUNDING TRANSFER DATE" means each day on which the Seller conveys
Prefunded Contracts to the Trust.

        "PREMIUM" shall have the meaning specified in the Insurance Agreement.

        "PRINCIPAL BALANCE" means, with respect to a Contract, as of any date,
the Amount Financed under the terms of such Contract minus (i) that portion of
Monthly P&I in respect of such Contract received on or prior to the end of the
most recently ended Collection Period and allocable to principal as determined
by the Servicer and (ii) any Cram Down Loss incurred in respect of such Contract
on or prior to the end of the most recently ended Collection Period. For
purposes of this definition, allocations of Monthly P&I on each Contract by the
Servicer shall be made in accordance with the terms of such Contract, in the
case of a Simple Interest Contract or an Actuarial Contract, or in accordance
with the Recomputed Actuarial Method, in the case of a Rule of 78's Contract.

        "PURCHASE AGREEMENT" means the Second Amended and Restated Sale and
Servicing Agreement dated as of November 30, 2001 between Onyx, as seller and
servicer, and the Seller, as purchaser, as such agreement may have been or may
be modified, supplemented or amended from time to time.

                                      -15-
<PAGE>

        "PURCHASE AMOUNT" means, with respect to a Purchased Contract, the
Principal Balance of such Contract as of the date of purchase of such Contract
plus interest on such Contract through the date of such purchase, to the extent
not previously collected.

        "PURCHASED CONTRACT" means a Contract that (i) has been purchased by the
Servicer or the Seller because of certain material defects in documents related
to such Contract or certain breaches of representations and warranties regarding
such Contract made by the Seller in this Agreement that materially and adversely
affect the interests of the Noteholders or the Insurer, (ii) has been purchased
by the Servicer because of certain breaches of servicing covenants or (iii) has
been purchased by the Servicer in the event of an optional purchase of all of
the Contracts pursuant to Section 8.01

        "RATING AGENCIES" means Moody's and Standard & Poor's.

        "RECOMPUTED ACTUARIAL METHOD" means a method of accounting pursuant to
which each payment of Monthly P&I due on a Rule of 78's Contract will be deemed
to consist of interest equal to the product of 1/12 of the Recomputed Yield for
such Contract and the Principal Balance of the Contract as of the preceding Due
Date for such Contract and of principal to the extent of the remainder of such
scheduled installment of Monthly P&I, which will cause the Outstanding Principal
Balance as of the related Cut-Off Date to be amortized in full at the Recomputed
Yield.

        "RECOMPUTED YIELD" for any Rule of 78's Contract means the per annum
rate determined as of the related Cut-Off Date, such that the net present value
of the remaining scheduled payments due on such Contract, discounted at such
rate from the Due Date for each such scheduled payment to the Due Date for such
Contract immediately preceding the related Cut-Off Date, will equal the
Outstanding Principal Balance.

        "RECORD DATE" means, with respect to a Class of Notes and any
Distribution Date, the Business Day immediately preceding such Distribution Date
or, if Definitive Notes are issued, the last day of the immediately preceding
calendar month.

        "REGISTRAR OF TITLES" means the agency, department or office having the
responsibility for maintaining records of titles to motor vehicles and issuing
documents evidencing such titles in the jurisdiction in which a particular
Financed Vehicle is registered.

        "REGULAR PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the amount equal to the sum of the following amounts with
respect to the related Collection Period: (i) collections received on Contracts
(other than Liquidated Contracts and Purchased Contracts) allocable to principal
as determined by the Servicer, including full and partial principal prepayments
(other than partial prepayments on Precomputed Contracts representing amounts
not due in such Collection Period which will be deposited into the Payahead
Account in accordance with this Agreement), (ii) the Principal Balance
(immediately prior to the reduction thereof to zero as provided in the
definition of "Liquidated Contract") of all Contracts (other than Purchased
Contracts) that became Liquidated Contracts during the related Collection
Period, (iii) the Principal Balance of all Contracts that became Purchased
Contracts as

                                      -16-
<PAGE>

of the immediately preceding Record Date and (iv) the aggregate amount of Cram
Down Losses incurred during the related Collection Period.

        "REPAYMENT AMOUNT" shall have the meaning specified in the Insurance
Agreement.

        "RESIDUAL DISTRIBUTION ACCOUNT" has the meaning set forth in the Trust
Agreement.

        "RESIDUAL INTEREST" means the residual interest in the Trust, which
represents the right to the amount remaining, if any, after all prior
distributions have been made under this Agreement, the Indenture and the Trust
Agreement on each Distribution Date and certain other rights to receive amounts
hereunder and under the Trust Agreement.

        "RESIDUAL INTEREST INSTRUMENT" shall have the meaning specified in the
Trust Agreement.

        "RESIDUAL INTERESTHOLDER" means each Person in whose name a Residual
Interest Instrument is registered in the Certificate Register.

        "RESPONSIBLE OFFICER" means any officer of the Indenture Trustee within
the Corporate Trust Office including any vice president, assistant vice
president, assistant treasurer, assistant secretary or any other officer of the
Indenture Trustee customarily performing functions similar to those performed by
any of the above designated officers with direct responsibility for the
administration of this Agreement.

        "RULE OF 78'S CONTRACT" means a Contract pursuant to which the
allocation between interest and principal is calculated using the Rule of 78's
Method.

        "RULE OF 78'S METHOD" means the method of allocating principal and
interest payments on a Contract whereby the amount of each payment allocable to
interest on a Contract is determined by multiplying the total amount of add-on
interest payable over the term of the Contract by a fraction, the denominator of
which is equal to the sum of a series of numbers representing the total number
of monthly payments due under the Contract and the numerator of which is the
number of payments remaining before giving effect to the payment to which the
fraction is being applied.

        "SCHEDULE OF CONTRACTS" means the list or lists of Funded Contracts
attached as Schedule I-A and Schedule I-B to this Agreement and each list of
Prefunded Contracts delivered to the Indenture Trustee, the Issuer and the
Insurer on each Prefunding Transfer Date and identified on Schedule I to the
related Transfer Certificate, which Contracts are being transferred to the Trust
as part of the Trust Property, together with supplemental data regarding the
contracts verified by the Servicer. The Schedule of Contracts attached hereto as
Schedules I-A and I-B, together with the initial deposit into the Prefunding
Account, comprises the Original Pool Balance. The following information with
respect to each Funded Contract is set forth on Schedule I-A and Schedule I-B in
columns, and any supplement to the Schedule of Contracts for Prefunded Contracts
will present the information in the same format:

               Contract Number ("Account")
               Date of Origination ("Discount Date")

                                      -17-
<PAGE>

               Maturity Date ("Maturity")
               Monthly P&I ("Payment")
               Original Principal Balance ("Amount Financed")
               Outstanding Principal Balance ("Net Balance")
               Annual Percentage Rate ("APR")

In addition, the information contained in the Schedule of Contracts shall also
be contained on a computer disk or tape that shall be delivered by the Servicer
to the Indenture Trustee not later than (i) the 5th Business Day following the
Closing Date, with respect to the Funded Contracts and (ii) the 5th Business Day
following the related Prefunding Transfer Date, with respect to the Prefunded
Contracts.

        "SELLER" means Onyx Acceptance Financial Corporation, in its capacity as
the Seller of the Contracts under this Agreement, and each successor thereto (in
the same capacity) pursuant to Section 5.02.

        "SERVICER" means Onyx in its capacity as the servicer of the Contracts
under Section 3.01, and, in each case upon succession in accordance herewith,
each successor servicer in the same capacity pursuant to Section 3.01 and each
successor servicer pursuant to Section 7.02.

        "SERVICER DEFAULT" means an event specified in Section 7.01.

        "SERVICER REPORT DATE" means, with respect to any Distribution Date, the
fifth Business Day prior to such Distribution Date.

        "SERVICING FEE" means, as to any Distribution Date, the fee payable to
the Servicer for services rendered during the Collection Period ending
immediately prior to such Distribution Date, which shall be an amount equal to
the product of one-twelfth of 1% per annum multiplied by the Pool Balance
(excluding amounts on deposit in the Prefunding Account) as of the end of the
Collection Period preceding the related Collection Period.

        "SERVICING OFFICER" means any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Contracts whose name
appears on a list of servicing officers furnished to the Indenture Trustee by
the Servicer pursuant to Section 3.01, as such list may be amended or
supplemented from time to time.

        "SERVICING STANDARDS" means at any time the quality of the Servicer's
performance with respect to (i) compliance with the terms of this Agreement and
(ii) adequacy, measured in accordance with industry standards and current and
historical standards of the Servicer, in respect of the servicing of all
Contracts serviced by the Servicer, regardless of whether any such Contract is
owned by the Servicer or otherwise.

        "SIMPLE INTEREST CONTRACT" means a Contract as to which the portion of
payments allocable to earned interest and principal thereunder is determined
according to the Simple Interest Method. For such Contracts, interest accrued as
of the Due Date is paid first, and then the remaining payment is applied to the
unpaid principal balance. Accordingly, if an Obligor pays the fixed monthly
installment in advance of the Due Date, the portion of the payment allocable to
interest for the period since the preceding payment will be less than it would
be if the

                                      -18-
<PAGE>

payment were made on the Due Date, and the portion of the payment allocable to
reduce the principal balance will be correspondingly greater. Conversely, if an
Obligor pays the fixed monthly installment after its Due Date, the portion of
the payment allocable to interest for the period since the preceding payment
will be greater than it would be if the payment were made on the Due Date, and
the portion of the payment allocable to reduce the principal balance will be
correspondingly smaller. When necessary, an adjustment will be made at the
maturity of the Contract to the scheduled final payment to reflect the larger or
smaller, as the case may be, allocations of payments to the amount financed
under the Contract as a result of early or late payments, as the case may be.

        "SIMPLE INTEREST METHOD" means the method for calculating interest on a
Contract whereby interest due is calculated each day based on the actual
principal balance of the Contract on that day.

        "SPREAD ACCOUNT" means the account established and maintained as such
pursuant to Section 4.01.

        "SPREAD ACCOUNT MAXIMUM" shall have the meaning set forth in the
Insurance Agreement.

        "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Inc., and its successors in interest.

        "SUBSEQUENT CONTRACTS" means the Contracts designated as such in
Schedule I-B attached hereto, which have an aggregate Outstanding Principal
Balance of $66,763,780.58.

        "SUBSEQUENT CUT-OFF DATE" means as of the close of business on October
21, 2002.

        "SUCCESSOR CUSTODIAN" shall have the meaning set forth in Section
2.04(b).

        "TITLE DOCUMENT" means, with respect to any Financed Vehicle, the
certificate of title for, or other evidence of ownership of, such Financed
Vehicle issued by the Registrar of Titles in the jurisdiction in which such
Financed Vehicle is registered. For Financed Vehicles registered in certain
states, the Title Document may consist of electronic evidence of ownership on
the electronic lien and title systems of such states.

        "TRANSFER CERTIFICATE" means the certificate of an officer of the Seller
delivered in connection with the delivery of any Prefunded Contracts on the
Business Day immediately preceding a Prefunding Transfer Date, substantially in
the form attached hereto as Exhibit C-1.

        "TRUST" means the Issuer.

        "TRUST ACCOUNT PROPERTY" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, physical property, book-entry securities, uncertificated
securities or otherwise) and all proceeds of the foregoing.

        "TRUST ACCOUNTS" shall have the meaning specified in Section 4.01(a).

                                      -19-
<PAGE>

        "TRUST AGENT" means Citibank, N.A., not in its individual capacity but
solely as the Trust Agent under the Trust Agreement and this Agreement acting on
behalf of the Owner Trustee, its successors in interest, and any successor Trust
Agent under such agreements.

        "TRUST AGENT OFFICE" means the principal office of the Trust Agent,
which office at the date of the execution of this Agreement is located at 111
Wall Street, 14th Floor, Zone 3, New York, New York 10005, Attention:
Institutional Trust Services -- Onyx Acceptance Owner Trust 2002-D; or at such
other address as the Trust Agent may designate from time to time by notice to
the Noteholders, the Insurer, the Servicer and the Seller.

        "TRUST AGREEMENT" means the Trust Agreement, dated as of October 1,
2002, among the Depositor, the Owner Trustee and the Trust Agent.

        "TRUST PROPERTY" has the meaning set forth in Section 2.01(b) hereof.

        "UCC" means the Uniform Commercial Code as in effect in the applicable
jurisdiction.

        SECTION 1.02         USAGE OF TERMS.

        With respect to all terms in this Agreement, the singular includes the
plural and the plural the singular; words importing any gender include the other
genders; references to "writing" include printing, typing, lithography and other
means of reproducing words in a visible form; references to agreements and other
contractual instruments include all amendments, modifications and supplements
thereto or any changes therein entered into in accordance with their respective
terms and not prohibited by this Agreement; references to Persons include their
permitted successors and assigns; and the term "including" means "including
without limitation."

        SECTION 1.03         SECTION REFERENCES.

        All section references, unless otherwise indicated, shall be to Sections
in this Agreement.

        SECTION 1.04         CALCULATIONS.

        Interest on the Notes will be calculated on the basis of a 360-day year
of twelve 30-day months, except that interest on the Class A-1 Notes will be
calculated on the basis of a 360-day year and the actual number of days in the
related Interest Accrual Period. Collections of interest on Rule of 78's
Contracts shall be calculated as if such Contracts were actuarial contracts the
scheduled principal balances of which are the Principal Balances thereof, and
collections of interest on Simple Interest Contracts and Actuarial Contracts
will be calculated in accordance with the terms thereof.

        SECTION 1.05         ACCOUNTING TERMS.

        All accounting terms used but not specifically defined herein shall be
construed in accordance with generally accepted accounting principles in the
United States of America.

                                      -20-
<PAGE>

                                   ARTICLE II

                            CONVEYANCE OF CONTRACTS;
                  REPRESENTATIONS AND WARRANTIES OF THE SELLER

        SECTION 2.01         CONVEYANCE OF CONTRACTS.

               (a) In consideration of the Issuer's delivery of authenticated
        Notes, in an aggregate amount equal to $450,000,000, to or upon the
        order of the Seller, effective upon the Closing Date, the Seller hereby
        sells, grants, transfers, conveys and assigns to the Issuer, without
        recourse (except as expressly provided in Section 2.03 hereof), all of
        the right, title and interest of the Seller in, to and under:

               (i)           the Funded Contracts listed in the Schedule of
                             Contracts;

               (ii)          all monies received under the Funded Contracts on
                             or after the related Cut-Off Date;

               (iii)         all Net Liquidation Proceeds and Net Insurance
                             Proceeds with respect to any Financed Vehicle to
                             which a Funded Contract relates received on or
                             after the related Cut-Off Date;

               (iv)          the Contract Documents and Contract Files relating
                             to the Funded Contracts (except the Contract
                             Documents and Contract Files for Funded Contracts
                             which have been the subject of a Full Prepayment
                             received on or after the related Cut-Off Date but
                             no later than two Business Days prior to the
                             Closing Date, in lieu of which the Seller shall
                             have deposited in or credited to the Collection
                             Account on or prior to the Closing Date an amount
                             equal to such Full Prepayment);

               (v)           the Trust Accounts and all amounts, financial
                             assets and investment property held therein or
                             credited thereto, including, if applicable, all
                             Eligible Investments credited thereto (but
                             excluding (A) the Payahead Account and all amounts,
                             financial assets and investment property held
                             therein or credited thereto, including all Eligible
                             Investments credited thereto and (B) investment
                             income credited to the Collection Account);

               (vi)          the right of the Seller, as purchaser under the
                             Purchase Agreement, to cause Onyx as seller
                             thereunder to repurchase Funded Contracts listed in
                             the Schedule of Contracts under certain
                             circumstances;

               (vii)         any and all security interests of the Seller in the
                             Financed Vehicles and the rights to receive
                             proceeds from claims on certain insurance policies
                             covering the Financed Vehicles or the individual
                             Obligors under each related Funded Contract;

                                      -21-
<PAGE>

               (viii)        the Seller's right to proceeds under the Blanket
                             Insurance Policy with respect to the Funded
                             Contracts; and

               (ix)          all proceeds in any way delivered with respect to
                             the foregoing, all rights to payments with respect
                             to the foregoing and all rights to enforce the
                             foregoing.

               (b) Subject to the conditions set forth in Section 2.01(c), in
        consideration of the Issuer's delivery of authenticated Notes, in an
        aggregate amount equal to $450,000,000, to or upon the order of the
        Seller, effective upon the Closing Date, the Seller hereby sells,
        grants, transfers, conveys and assigns to the Issuer, without recourse
        (except as expressly provided in Section 2.03 hereof) effective upon
        delivery to the Issuer on the related Prefunding Transfer Date against
        payment therefor from the Prefunding Account in accordance Section
        4.07(b), all of the right, title and interest of the Seller in, to and
        under:

               (i)           all Prefunded Contracts listed on each Transfer
                             Certificate;

               (ii)          all monies received under the Prefunded Contracts
                             on or after the related Prefunding Cut-Off Date;

               (iii)         all Net Liquidation Proceeds and Net Insurance
                             Proceeds with respect to any Financed Vehicle to
                             which a Prefunded Contract relates received on or
                             after the related Prefunding Cut-Off Date;

               (iv)          the Contract Documents and Contract Files relating
                             to the Prefunded Contracts;

               (v)           the right of the Seller, as purchaser under the
                             Purchase Agreement, to cause Onyx as seller
                             thereunder to repurchase Prefunded Contracts listed
                             on any Transfer Certificate under certain
                             circumstances;

               (vi)          any and all security interests of the Seller in the
                             related Financed Vehicles and the rights to receive
                             proceeds from claims on certain insurance policies
                             covering such Financed Vehicles or the individual
                             Obligors under each related Prefunded Contract;

               (vii)         the Seller's right to proceeds under the Blanket
                             Insurance Policy with respect to the Prefunded
                             Contracts; and

               (viii)        all proceeds in any way delivered with respect to
                             the foregoing, all rights to payments with respect
                             to the foregoing and all rights to enforce the
                             foregoing.

        The foregoing items of property listed in Sections 2.01(a) and (b),
together with the rights of the Indenture Trustee under the Policy, are
collectively referred to as the "TRUST PROPERTY". In addition, on or prior to
the Closing Date, the Seller shall cause the Insurer to deliver the Policy to
the Indenture Trustee for the benefit of the Noteholders.

                                      -22-
<PAGE>

        It is the intention of the Seller and the Issuer that the assignment and
transfer herein contemplated constitute (and shall be construed and treated for
all purposes as) a true and complete sale of the Trust Property (other than the
Spread Account and the Policy), conveying good title thereto free and clear of
any liens and encumbrances, from the Seller to the Issuer. However, in the event
that such conveyance is deemed to be a pledge to secure a loan (in spite of the
express intent of the parties hereto that this conveyance constitutes, and shall
be construed and treated for all purposes, as a true and complete sale), the
Seller hereby grants to the Issuer, for the benefit of the Noteholders and the
Insurer, a first priority perfected security interest in all of the Seller's
right, title and interest in the Trust Property whether now existing or
hereafter created and all proceeds of the foregoing to secure the loan deemed to
be made in connection with such pledge and, in such event, this Agreement shall
constitute a security agreement under applicable law.

               (c) The sale and assignment of the Prefunded Contracts and the
        other property and rights related thereto described in Section 2.01(b)
        shall be subject to the satisfaction of each of the following
        conditions, as well as the conditions set forth in Section 4.08, as of
        the related Prefunding Transfer Date, as applicable:

               (i)           the Seller shall have delivered to the Custodian,
                             on behalf of the Issuer, the Prefunded Contracts,
                             and the Seller shall have delivered to the Issuer,
                             the Indenture Trustee and the Insurer, on the
                             Business Day immediately preceding the related
                             Prefunding Transfer Date, a duly executed Transfer
                             Certificate, substantially in the form of Exhibit
                             C-1;

               (ii)          the Servicer and the Seller shall certify to the
                             Indenture Trustee and the Insurer that, as of the
                             Prefunding Transfer Date, the Servicer and the
                             Seller, respectively, were not insolvent nor were
                             they made insolvent by such transfer nor were they
                             aware of any such pending insolvency;

               (iii)         the Seller shall certify to the Indenture Trustee
                             and the Insurer that the addition of such Prefunded
                             Contracts will not result in a material adverse tax
                             consequence to the Issuer or the Noteholders;

               (iv)          the Funding Period shall not have terminated;

               (v)           the Seller and the Servicer shall certify to the
                             Indenture Trustee and the Insurer that no selection
                             procedures believed by the Seller or the Servicer
                             to be adverse to the interests of the Noteholders
                             or the Insurer shall have been utilized in
                             selecting the Prefunded Contracts;

               (vi)          the Seller and the Insurer shall not have been
                             advised by either Rating Agency on or before the
                             Business Day immediately preceding such Prefunding
                             Transfer Date that the conveyance of the Prefunded
                             Contracts would result in a qualification,

                                      -23-
<PAGE>

                             modification or withdrawal of its then current
                             rating of the Notes without regard to the Policy;

               (vii)         the weighted average APR (using the Recomputed
                             Yield for the Rule of 78's Contracts) of the
                             Contracts (after giving effect to the purchase of
                             the related Prefunded Contracts) shall not be less
                             than 9.75%;

               (viii)        less than 20% of the Prefunded Contracts
                             transferred by the Seller to the Issuer since the
                             Closing Date, including all Prefunded Contracts
                             being transferred on such Prefunding Transfer Date,
                             shall have an original term to maturity of more
                             than 60 months and the weighted average remaining
                             term of all Contracts (including the Prefunded
                             Contracts) as of such Prefunding Transfer Date
                             shall not be greater than 60 months;

               (ix)          if the balance in the Prefunding Account prior to
                             such Prefunding Transfer Date exceeds $30,000,000,
                             the aggregate Outstanding Principal Balance, as of
                             the related Prefunding Cut-Off Date, of the
                             Prefunded Contracts to be conveyed by the Seller to
                             the Issuer on such Prefunding Transfer Date shall
                             equal or exceed $10,000,000 and the Insurer shall
                             have consented to such transfer;

               (x)           at least three Business Days prior to each
                             Prefunding Transfer Date, the Seller shall have
                             delivered to the Rating Agencies and the Insurer
                             pool stratification data (including data with
                             respect to when the first scheduled payment is due
                             under each such Prefunded Contract) relating to the
                             Prefunded Contracts to be conveyed by the Seller to
                             the Issuer on such Prefunding Transfer Date, in the
                             form of stratification data delivered to the Rating
                             Agencies and the Insurer with respect to the Funded
                             Contracts, and, as of the related Prefunding
                             Cut-Off Date, shall have certified that the
                             information contained therein is true and correct;
                             and

               (xi)          The first scheduled monthly payment for at least
                             50% of the Prefunded Contracts (by Outstanding
                             Principal Balance as of the related Prefunding
                             Cut-Off Date) shall be due on or before January 31,
                             2003.

               (d) As of the Closing Date, the Issuer acknowledges the
        conveyance to it of the Trust Property from the Seller, including all
        right, title and interest of the Seller in and to the Trust Property,
        receipt of which is hereby acknowledged by the Issuer. Concurrently with
        such delivery and in exchange therefor, the Issuer has pledged to the
        Indenture Trustee, for the benefit of the Noteholders and the Insurer,
        the Trust Property and the Indenture Trustee, pursuant to the written
        instructions of the Issuer, has executed and caused to be authenticated
        and delivered the Notes to the Seller or its designee, upon the order of
        the Issuer.

                                      -24-
<PAGE>

               (e) In connection with the sale of the Contracts pursuant to the
        Purchase Agreement, Onyx filed with the office of the Secretary of State
        of the State of Delaware a UCC-1 financing statement naming Onyx as
        debtor, naming the Seller as secured party and including the Contracts
        in the description of the collateral, such filing made in order to
        continue the effectiveness of a financing statement naming Onyx as
        debtor and the Seller as secured party filed with the office of the
        Secretary of State of the State of California prior to July 1, 2001. In
        connection with the sale of the Contracts pursuant to this Agreement,
        the Seller has filed or caused to be filed with the Secretary of State
        of the State of Delaware a UCC-1 financing statement naming the Seller
        as debtor, naming the Issuer as secured party, naming the Indenture
        Trustee, on behalf of the Noteholders, as assignee, and including the
        Contracts in the description of the collateral. In connection with the
        pledge of the Contracts pursuant to the Indenture, the Trust has filed
        with the offices of the Secretary of State of the State of Delaware
        UCC-1 financing statements naming the Trust as debtor and the Indenture
        Trustee, on behalf of the Noteholders and the Insurer, as secured party.
        The grant of a security interest to the Indenture Trustee and the rights
        of the Indenture Trustee in the Contracts shall be governed by the
        Indenture.

        The Seller shall have caused UCC-3 partial releases to have been filed
with the office of Secretary of State of the State of Delaware with respect to
any outstanding security interests in the Contracts.

               (f) From time to time, the Servicer shall cause to be taken such
        actions as are necessary to continue the perfection of the respective
        interests of the Trust and the Indenture Trustee in the Contracts and to
        continue the first priority security interest of the Indenture Trustee
        in the Financed Vehicles and their proceeds (other than, as to such
        priority, any statutory lien arising by operation of law after the
        Closing Date which is prior to such interest), including, without
        limitation, the filing of financing statements, amendments thereto or
        continuation statements and the making of notations on records or
        documents of title.

               (g) If any change in the name, identity or corporate structure of
        the Seller or Onyx or the relocation of the state of organization of
        either of them would make any financing or continuation statement or
        notice of lien filed under this Agreement or the other Basic Documents
        misleading within the meaning of applicable provisions of the UCC or any
        title statute, the Servicer, within the time period required by
        applicable law, shall file such financing statements or amendments as
        may be required to preserve and protect the interests of the Trust, the
        Indenture Trustee, the Noteholders and the Insurer in the Contracts, the
        related Financed Vehicles and the proceeds thereof. Promptly thereafter,
        the Servicer shall deliver to the Trust, the Indenture Trustee and the
        Insurer an Opinion of Counsel stating that, in the opinion of such
        counsel, all financing statements or amendments necessary fully to
        preserve and protect the interests of the Trust, the Indenture Trustee,
        the Noteholders and the Insurer in the Contracts, the related Financed
        Vehicles and the proceeds thereof have been filed, and reciting the
        details of such filings.

               (h) During the term of this Agreement, the Seller and Onyx shall
        each continue to be an organization organized under the laws of one of
        the states of the United States.

                                      -25-
<PAGE>

               (i) The Servicer shall pay all reasonable costs and disbursements
        in connection with the perfection and the maintenance of perfection, as
        against all third parties, of the Indenture Trustee's right, title and
        interest in and to the Contracts and in connection with maintaining the
        first priority security interest (subject to the security interest of
        the Insurer pursuant to the Insurance Agreement) in the Financed
        Vehicles and the proceeds thereof.

               (j) On the Prefunding Closing Date, the Seller shall:

               (i)           deliver a certificate from each secured creditor of
                             the Seller confirming that such creditor has no
                             claim of any security interest in any of the
                             Prefunded Contracts transferred during the Funding
                             Period;

               (ii)          deliver to each Rating Agency, the Insurer and the
                             Indenture Trustee a Prefunding Closing Date
                             Certificate;

               (iii)         deliver to each Rating Agency, the Insurer and the
                             Indenture Trustee an Opinion of Counsel with
                             respect to the absence of negative tax consequences
                             to the Trust, the characterization of the transfer
                             of the Prefunded Contracts and the perfection of
                             the Indenture Trustee's interest on behalf of the
                             Noteholders;

               (iv)          deliver to each Rating Agency, the Insurer and the
                             Indenture Trustee with respect to any state (other
                             than California) in which 10% or more of the
                             Contracts (including the Prefunded Contracts), by
                             Outstanding Principal Balance, were originated, an
                             opinion with respect to the perfection of the
                             security interest of the Indenture Trustee in the
                             Financed Vehicles securing the Contracts originated
                             in such state; and

               (v)           deliver to the Insurer an Opinion of Counsel to the
                             effect that Onyx is duly qualified as a foreign
                             corporation to do business, and is in good
                             standing, in each of the states in which Prefunded
                             Contracts have been originated.

        Failure to comply with any of the conditions set forth in this Section
2.01(j) on the Prefunding Closing Date shall be deemed to be a breach of a
representation and warranty with respect to each of the Prefunded Contracts to
which such failed conditions relate as of the Prefunding Closing Date.

        SECTION 2.02         REPRESENTATIONS AND WARRANTIES OF THE SELLER.

        The Seller makes the following representations and warranties on which
(i) the Issuer is deemed to have relied in acquiring the Contracts and (ii) the
Insurer is deemed to have relied in issuing the Policy; provided such
representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date with respect to Sections 2.02(a), (b) and
(c), and as of each Prefunding Transfer Date (with respect to the Prefunded
Contracts conveyed

                                      -26-
<PAGE>

to the Trust on such date) with respect to Sections 2.02(a) and (d), but shall
survive the sale, transfer and assignment of the Contracts to the Issuer and the
pledge thereof to the Indenture Trustee pursuant to the Indenture.

               (a)  As to the Seller:

               (i)           The Seller is duly organized and validly existing
                             as a corporation organized and existing and in good
                             standing under the laws of the State of Delaware,
                             with power and authority to own its properties and
                             to conduct its business and had at all relevant
                             times, and has, power, authority, and legal right
                             to originate or acquire and own the Contracts.

               (ii)          The Seller is duly qualified to do business as a
                             foreign corporation in good standing, and shall
                             have obtained all necessary licenses and approvals
                             in all jurisdictions in which the ownership or
                             lease of property or the conduct of its business
                             requires such qualifications.

               (iii)         The Seller has the power and authority to execute
                             and deliver this Agreement and to carry out its
                             terms; the Seller has full power and authority to
                             sell and assign the property to be sold and
                             assigned to and deposited with the Issuer and has
                             duly authorized such sale and assignment to the
                             Issuer by all necessary corporate action; and the
                             execution, delivery, and performance of this
                             Agreement has been duly authorized by the Seller by
                             all necessary corporate action.

               (iv)          This Agreement constitutes (A) a valid sale,
                             transfer, and assignment of the Contracts,
                             enforceable against creditors of and purchasers
                             from the Seller and (B) a legal, valid, and binding
                             obligation of the Seller enforceable in accordance
                             with its terms, except as such enforceability may
                             be limited by bankruptcy, insolvency,
                             reorganization, or other similar laws affecting the
                             enforcement of creditors' rights in general and by
                             general principles of equity, regardless of whether
                             such enforceability shall be considered in a
                             proceeding in equity or at law.

               (v)           The consummation of the transactions contemplated
                             by this Agreement and the fulfillment of the terms
                             hereof shall not conflict with, result in any
                             breach of any of the terms and provisions of, nor
                             constitute (with or without notice or lapse of
                             time) a default under, the certificate of
                             incorporation or bylaws of the Seller, or any
                             indenture, agreement, or other instrument to which
                             the Seller is a party or by which it shall be
                             bound; nor result in the creation or imposition of
                             any Lien upon any of the properties of the Seller
                             pursuant to the terms of any such indenture,
                             agreement, or other

                                      -27-
<PAGE>

                             instrument (other than pursuant to the Basic
                             Documents to which the Seller is a party); nor
                             violate any law or any order, rule, or regulation
                             applicable to the Seller of any court or of any
                             federal or state regulatory body, administrative
                             agency, or other governmental instrumentality
                             having jurisdiction over the Seller or its
                             properties.

               (vi)          To the Seller's best knowledge after due inquiry,
                             there are no proceedings or investigations pending,
                             or threatened, before any court, regulatory body,
                             administrative agency, or other governmental
                             instrumentality having jurisdiction over the Seller
                             or its properties: (A) asserting the invalidity of
                             this Agreement, the Notes, (B) seeking to prevent
                             the issuance of the Notes or the consummation of
                             any of the transactions contemplated by this
                             Agreement, (C) seeking any determination or ruling
                             that might materially and adversely affect the
                             performance by the Seller of its obligations under,
                             or the validity or enforceability of, this
                             Agreement, the Notes, or (D) naming the Seller
                             which might adversely affect the federal income tax
                             attributes of the Notes.

               (b) As to each Funded Contract (except as noted below as being
        applicable only to either Precomputed Contracts or Simple Interest
        Contracts):

               (i)           The information pertaining to such Contract set
                             forth in the related Schedule of Contracts was true
                             and correct in all material respects at the Closing
                             Date.

               (ii)          As of the Closing Date, such Contract was secured
                             by a valid and enforceable first priority security
                             interest in favor of Onyx in the related Financed
                             Vehicle, and such security interest has been duly
                             perfected and is prior to all other liens upon and
                             security interests in such Financed Vehicle which
                             now exist or may hereafter arise or be created
                             (except, as to priority, for any lien for unpaid
                             taxes or unpaid storage or repair charges which may
                             arise after the Closing Date in accordance with the
                             UCC); such security interest is assignable, had
                             been assigned by Onyx to the Seller pursuant to the
                             Purchase Agreement, and, as of the Closing Date,
                             has been assigned by the Seller to the Issuer
                             pursuant to Section 2.01(a) hereof.

               (iii)         (A) If the related Contract was originated in a
                             state in which notation of a security interest on
                             the Title Document (or in the electronic title
                             records) is required or permitted to perfect the
                             security interest in the related Financed Vehicle,
                             the Title Document or the electronic title records
                             for such Financed Vehicle shows, or, if a new or
                             replacement Title Document is being applied for
                             with respect to such Financed Vehicle, the Title
                             Document will

                                      -28-
<PAGE>

                             be received within 180 days of the Closing Date
                             and will show, Onyx named as the original secured
                             party under the related Contract as the holder of
                             a first priority security interest in such
                             Financed Vehicle, and (B) if the related Contract
                             was originated in a state in which the filing of a
                             financing statement under the UCC is required to
                             perfect a security interest in motor vehicles,
                             such filings or recordings have been duly made and
                             show Onyx named as the original secured party
                             under the related Contract, and in either case,
                             the Indenture Trustee on behalf of the Noteholders
                             and the Insurer has the same rights as such
                             secured party has or would have (if such secured
                             party were still the owner of such Contract)
                             against all parties claiming an interest in such
                             Financed Vehicle. With respect to each Contract
                             for which the Title Document has not yet been
                             returned from the Registrar of Titles (or
                             evidenced in the electronic title records), Onyx
                             has written evidence that such Title Documents
                             showing Onyx as first lienholder have been applied
                             for.

               (iv)          As of the Closing Date, the Seller had good and
                             marketable title to and was the sole owner of each
                             such Contract to be transferred to the Issuer
                             pursuant to Section 2.01 free of liens, claims,
                             encumbrances and rights of others and, upon
                             transfer of such Contract to the Issuer pursuant to
                             Section 2.01, the Issuer will have good and
                             marketable title to, will have a first priority
                             perfected security interest in and will be the sole
                             owner of such Contract free of liens, encumbrances
                             and rights of others.

               (v)           As of the related Cut-Off Date, the most recent
                             scheduled payment due on each such Contract had
                             been made or was not delinquent more than 30 days
                             and, to the best of the Seller's knowledge, all
                             payments on the Contract were made by the related
                             Obligors.

               (vi)          As of the Closing Date, there is no lien against
                             the related Financed Vehicle for delinquent taxes.

               (vii)         As of the Closing Date, there is no right of
                             rescission, offset, defense or counterclaim to the
                             obligation of the related Obligor(s) to pay the
                             unpaid principal or interest due under such
                             Contract; the operation of the terms of such
                             Contract or the exercise of any right thereunder
                             will not render such Contract unenforceable in
                             whole or in part or subject such Contract to any
                             right of rescission, offset, defense or
                             counterclaim, and the Seller has no knowledge that
                             such right of rescission, offset, defense or
                             counterclaim has been asserted or threatened.

               (viii)        As of the Closing Date, to the best of the Seller's
                             knowledge, there are no liens or claims which have
                             been filed, including liens for

                                      -29-
<PAGE>

                             work, labor, material, storage or unpaid taxes
                             affecting the related Financed Vehicle which are
                             or may become a lien prior to, or equal or
                             coordinate with, the security interest granted by
                             such Contract.

               (ix)          Such Contract, and the sale of the Financed Vehicle
                             sold thereunder, complied, at the time it was made,
                             in all material respects with all applicable
                             federal, state and local laws (and regulations
                             thereunder), including without limitation usury,
                             equal credit opportunity, fair credit reporting,
                             truth-in-lending or other similar laws, the Federal
                             Trade Commission Act, the Fair Debt Collection
                             Practices Act, the Fair Credit Billing Act, the
                             Magnuson-Moss Warranty Act, the Federal Reserve
                             Board's Regulations B and Z, the Soldiers' and
                             Sailors' Civil Relief Act of 1940, state adoptions
                             of the National Consumer Act and the Uniform
                             Consumer Credit Code, and other applicable state
                             laws regulating retail installment sales contracts
                             and loans in general and motor vehicle retail
                             installment contracts and loans in particular; and
                             the consummation of the transactions herein
                             contemplated, including, without limitation, the
                             transfer of ownership of such Contracts to the
                             Issuer and the receipt of interest by the
                             Noteholders, will not violate any applicable
                             federal, state or local law.

               (x)           Such Contract is the legal, valid and binding
                             obligation of the related Obligor(s) thereunder and
                             is enforceable in accordance with its terms, except
                             only as such enforcement may be limited by
                             bankruptcy, insolvency or similar laws affecting
                             the enforcement of creditors' rights generally;
                             each party to such Contract had full legal capacity
                             to execute and deliver such Contract and all other
                             documents related thereto and to grant the security
                             interest purported to be granted thereby; the terms
                             of such Contract have not been waived, amended or
                             modified in any respect, except by instruments that
                             are part of the related Contract Documents, and no
                             such waiver, amendment or modification has caused
                             such Contract to fail to meet all of the
                             representations, warranties and conditions, set
                             forth herein with respect thereto.

               (xi)          Such Contract contains customary and enforceable
                             provisions such as to render the rights and
                             remedies of the holder or assignee thereof adequate
                             for the practical realization against the
                             collateral of the benefits of the security,
                             subject, as to enforceability, to bankruptcy,
                             insolvency, reorganization or similar laws
                             affecting the enforcement of creditors' rights
                             generally.

               (xii)         As of the Closing Date, (a) there was no default,
                             breach, violation or event permitting acceleration
                             existing under such Contract

                                      -30-
<PAGE>

                             (except payment delinquencies permitted by
                             subparagraph (v) above), (b) there does not exist
                             any continuing condition that with notice or lapse
                             of time would constitute a default, breach,
                             violation or event permitting acceleration
                             existing under such Contract, and (c) the Seller
                             has not waived any such default, breach, violation
                             or event permitting acceleration except payment
                             delinquencies permitted by subparagraph (v) above.

               (xiii)        As of the Closing Date each related Financed
                             Vehicle will be covered by the Blanket Insurance
                             Policy; each of Onyx and the Seller shall at all
                             times comply with all of the provisions of such
                             insurance policy applicable to it so long as such
                             insurance policy is in effect.

               (xiv)         As of the Closing Date, (a) such Contract will
                             require that the related Obligor(s) obtain and
                             maintain in effect for the related Financed Vehicle
                             a comprehensive and collision insurance policy (i)
                             in an amount at least equal to the lesser of (x)
                             its maximum insurable value or (y) the principal
                             amount due from the related Obligor(s) under such
                             Contract, (ii) naming Onyx as a loss payee and
                             (iii) insuring against loss and damage due to fire,
                             theft, transportation, collision and other risks
                             generally covered by comprehensive and collision
                             coverage and (b) the Servicer shall have put in
                             place a vendor's single interest insurance policy
                             providing coverage upon repossession of the related
                             Financed Vehicle in an amount equal to the lesser
                             of the actual cash value of such Financed Vehicle,
                             the cost of repair or replacement for such Financed
                             Vehicle and the unpaid balance of the related
                             Contract. Each of Onyx and the Seller shall at all
                             times comply with all of the provisions of such
                             insurance policies applicable to it.

               (xv)          Such Contract was acquired by Onyx from a Dealer
                             with which it ordinarily does business, and no
                             adverse selection procedures have been utilized in
                             selecting such Contract from all other similar
                             contracts purchased or originated by Onyx or any
                             subsidiary.

               (xvi)         Payments under such Contract have been applied in
                             accordance with the Rule of 78's Method, the
                             Actuarial Method or the Simple Interest Method, as
                             provided in the applicable Contract, and are due
                             monthly in substantially equal amounts through its
                             Maturity Date sufficient to fully amortize the
                             principal balance of such Contract by its Maturity
                             Date.

               (xvii)        There is only one original of such Contract and
                             such original, together with all other related
                             Contract Documents, is being held by the Custodian.

                                      -31-
<PAGE>

               (xviii)       As of the Closing Date, the Servicer has clearly
                             marked its electronic records to indicate that such
                             Contract is owned by the Issuer.

               (xix)         At the date of origination of the Contract, the
                             original principal balance of such Contract was not
                             greater than the purchase price to the related
                             Obligor(s) (including taxes, warranties, licenses
                             and related charges) of the related Financed
                             Vehicle.

               (xx)          As of the related Cut-Off Date, the Seller has not
                             received notice that any Obligor under such
                             Contract has filed for bankruptcy.

               (xxi)         Such Contract had an original maturity of not more
                             than 72 months and as of the related Cut-Off Date,
                             such Contract has a remaining maturity of 72 months
                             or less;

               (xxii)        The first scheduled monthly payment for at least
                             80% of the Initial Contracts (by Outstanding
                             Principal Balance) is due on or before October 31,
                             2002, and the first scheduled monthly payment for
                             at least 90% of the Subsequent Contracts (by
                             Outstanding Principal Balance) is due on or before
                             November 30, 2002.

               (xxiii)       As of the related Cut-Off Date, such Contract has a
                             remaining principal balance of at least $500.

               (xxiv)        As of the related Cut-Off Date, such Contract is
                             secured by a Financed Vehicle that has not been
                             repossessed without reinstatement.

               (xxv)         The related Obligor(s) were located in Alabama,
                             Arizona, California, Colorado, Connecticut,
                             Delaware, Florida, Georgia, Idaho, Illinois,
                             Indiana, Iowa, Kansas, Kentucky, Maryland,
                             Massachusetts, Michigan, Minnesota, Missouri,
                             Montana, Nebraska, Nevada, New Hampshire, New
                             Jersey, North Carolina, Oklahoma, Oregon,
                             Pennsylvania, South Carolina, Tennessee, Texas,
                             Utah, Virginia, Washington or West Virginia on the
                             date of origination of such Contract.

               (xxvi)        The Obligor on such Contract is either (a) a
                             natural person residing in any state or (b) another
                             entity, provided that a natural person is a joint
                             and several Obligor with respect to such Contract.

               (c)  As to all of the Funded Contracts:

               (i)           The aggregate Outstanding Principal Balance payable
                             by Obligors of the Funded Contracts as of the
                             related Cut-Off Date plus the initial deposit into
                             the Prefunding Account equals the Original Pool
                             Balance.

                                      -32-
<PAGE>

               (ii)          As of the related Cut-Off Date, approximately
                             25.10% of the Outstanding Principal Balance of all
                             Funded Contracts is attributable to loans involving
                             new Financed Vehicles, and approximately 74.90% of
                             the Outstanding Principal Balance of all Funded
                             Contracts is attributable to loans involving used
                             Financed Vehicles.

               (iii)         As of the related Cut-Off Date, the aggregate
                             Outstanding Principal Balance of all Funded
                             Contracts originated in any single state, other
                             than California, did not equal or exceed 10%.

               (d) As to each Prefunded Contract (except as noted below as being
        applicable only to either Precomputed Contracts or Simple Interest
        Contracts), as of the related Prefunding Transfer Date (except as
        otherwise noted):

               (i)           The information pertaining to such Contract set
                             forth in the related Transfer Certificate is true
                             and correct in all material respects as of the
                             related Prefunding Transfer Date.

               (ii)          As of the related Prefunding Transfer Date, such
                             Contract was secured by a valid and enforceable
                             first priority security interest in favor of Onyx
                             in the related Financed Vehicle, and such security
                             interest is duly perfected and is prior to all
                             other liens upon and security interests in such
                             Financed Vehicle which exist or may hereafter arise
                             or be created (except, as to priority, for any lien
                             for unpaid taxes or unpaid storage or repair
                             charges which may arise after the Prefunding
                             Transfer Date in accordance with the UCC); such
                             security interest is assignable, has been assigned
                             by Onyx to the Seller pursuant to the Purchase
                             Agreement and, as of the Prefunding Transfer Date,
                             has been assigned by the Seller to the Issuer
                             pursuant to Section 2.01(b) hereof.

               (iii)         (A) If the related Contract is originated in a
                             state in which notation of a security interest on
                             the Title Document (or in the electronic title
                             records) is required or permitted to perfect the
                             security interest in the related Financed Vehicle,
                             the Title Document or the electronic title records
                             for such Financed Vehicle show, or, if a new or
                             replacement Title Document is being applied for
                             with respect to such Financed Vehicle, the Title
                             Document will be received within 180 days of the
                             related Prefunding Transfer Date and will show,
                             Onyx named as the original secured party under the
                             related Contract as the holder of a first priority
                             security interest in such Financed Vehicle, and (B)
                             if the related Contract is originated in a state in
                             which the filing of a financing statement under the
                             UCC is required to perfect a security interest in
                             motor vehicles, such filings or recordings have
                             been duly made and show Onyx named as the original
                             secured party under the related Contract as

                                      -33-
<PAGE>

                             of the related Prefunding Transfer Date, and in
                             either case, the Indenture Trustee on behalf of
                             the Noteholders and the Insurer has the same
                             rights as such secured party has or would have (if
                             such secured party were still the owner of the
                             Contract) against all parties claiming an interest
                             in such Financed Vehicle. With respect to each
                             Contract for which the Title Document has not yet
                             been returned from the Registrar of Titles (or
                             evidenced in the electronic title records), Onyx
                             has received written evidence that such Title
                             Documents showing Onyx as first lienholder have
                             been applied for as of the related Prefunding
                             Transfer Date.

               (iv)          As of the related Prefunding Transfer Date, the
                             Seller had good and marketable title to and was the
                             sole owner of each Contract to be transferred to
                             the Issuer pursuant to Section 2.01(b) free of
                             liens, claims, encumbrances and rights of others
                             and, upon transfer of such Contract to the Issuer
                             pursuant to Section 2.01(b), the Issuer will have
                             good and marketable title to, will have a first
                             perfected security interest in and will be the sole
                             owner of such Contract free of liens, encumbrances
                             and rights of others.

               (v)           As of the related Prefunding Cut-Off Date, the most
                             recent scheduled payment due on each such Contract
                             has been made or was not delinquent more than 30
                             days and, to the best of the Seller's knowledge,
                             all payments on the Contract were made by the
                             related Obligors.

               (vi)          As of the related Prefunding Transfer Date, there
                             is no lien against the related Financed Vehicle for
                             delinquent taxes.

               (vii)         As of the related Prefunding Transfer Date, there
                             is no right of rescission, offset, defense or
                             counterclaim to the obligation of the Obligor(s) to
                             pay the unpaid principal or interest due under such
                             Contract; the operation of the terms of such
                             Contract or the exercise of any right thereunder
                             will not render such Contract unenforceable in
                             whole or in part or subject such Contract to any
                             right of rescission, offset, defense or
                             counterclaim, and the Seller has no knowledge that
                             such right of rescission, offset, defense or
                             counterclaim has been asserted or threatened.

               (viii)        As of the related Prefunding Transfer Date, to the
                             best of the Seller's knowledge, there are no liens
                             or claims which have been filed, including liens
                             for work, labor, material, storage or unpaid taxes
                             affecting the related Financed Vehicle which are or
                             may become a lien prior to, or equal or coordinate
                             with, the security interest granted by such
                             Contract.

                                      -34-
<PAGE>

               (ix)          Such Contract, and the sale of the related Financed
                             Vehicle sold thereunder, complied, at the time it
                             was made, in all material respects with all
                             applicable federal, state and local laws (and
                             regulations thereunder), including without
                             limitation usury, equal credit opportunity, fair
                             credit reporting, truth-in-lending or other similar
                             laws, the Federal Trade Commission Act, the Fair
                             Debt Collection Practices Act, the Fair Credit
                             Billing Act, the Magnuson-Moss Warranty Act, the
                             Federal Reserve Bond's Regulations B and Z and, the
                             Soldiers' and Sailors' Civil Relief Act of 1940,
                             state adoptions of the National Consumer Act and
                             the Uniform Consumer Credit Code, and other
                             applicable state laws regulating retail installment
                             sales contracts and loans in general and motor
                             vehicle retail installment contracts and loans in
                             particular; and the consummation of the
                             transactions herein contemplated, including,
                             without limitation, the transfer of ownership of
                             such Contract to the Issuer and the receipt of
                             interest by the Noteholders, will not violate any
                             applicable federal, state or local law.

               (x)           Such Contract is the legal, valid and binding
                             obligation of the related Obligor(s) thereunder and
                             is enforceable in accordance with its terms, except
                             only as such enforcement may be limited by
                             bankruptcy, insolvency or similar laws affecting
                             the enforcement of creditors' rights generally;
                             each party to such Contract had full legal capacity
                             to execute and deliver such Contract and all other
                             documents related thereto and to grant the security
                             interest purported to be granted thereby; the terms
                             of such Contract have not been waived, amended or
                             modified in any respect, except by instruments that
                             are part of the related Contract Documents, and no
                             such waiver, amendment or modification has caused
                             such Contract to fail to meet all of the
                             representations, warranties and conditions set
                             forth herein with respect thereto.

               (xi)          Such Contract contains customary and enforceable
                             provisions such as to render the rights and
                             remedies of the holder or assignee thereof adequate
                             for the practical realization against the
                             collateral of the benefits of the security,
                             subject, as to enforceability, to bankruptcy,
                             insolvency, reorganization or similar laws
                             affecting the enforcement of creditors' rights
                             generally.

               (xii)         As of the related Prefunding Transfer Date, (a)
                             there is no default, breach, violation or event
                             permitting acceleration existing under such
                             Contract (except payment delinquencies permitted by
                             subparagraph (v) above), (b) there does not exist
                             any continuing condition that with notice or lapse
                             of time would constitute a default, breach,
                             violation or event permitting acceleration existing
                             under such Contract, and (c) the Seller has not
                             waived any such

                                      -35-
<PAGE>

                             default, breach, violation or event permitting
                             acceleration except payment delinquencies
                             permitted by subparagraph (v) above.

               (xiii)        As of the related Prefunding Transfer Date, each
                             related Financed Vehicle will be covered by the
                             Blanket Insurance Policy; each of Onyx and the
                             Seller shall at all times comply with all of the
                             provisions of such insurance policy applicable to
                             it so long as such insurance policy is in effect.

               (xiv)         As of the related Prefunding Transfer Date, (a)
                             such Contract will require that the related
                             Obligor(s) obtain and maintain in effect for the
                             related Financed Vehicle a comprehensive and
                             collision insurance policy (i) in an amount at
                             least equal to the lesser of (x) its maximum
                             insurable value or (y) the principal amount due
                             from the related Obligor(s) under such Contract,
                             (ii) naming Onyx as a loss payee and (iii) insuring
                             against loss and damage due to fire, theft,
                             transportation, collision and other risks generally
                             covered by comprehensive and collision coverage and
                             (b) the Servicer shall have put in place a vendor's
                             single interest insurance policy providing coverage
                             upon repossession of the related Financed Vehicle
                             in an amount equal to the lesser of the actual cash
                             value of such Financed Vehicle, the cost of repair
                             or replacement for such Financed Vehicle and the
                             unpaid balance of the related Contract. Each of
                             Onyx and the Seller shall at all times comply with
                             all of the provisions of such insurance policies
                             applicable to it.

               (xv)          Such Contract was acquired by Onyx from a Dealer
                             with which it ordinarily does business, and no
                             adverse selection procedures have been utilized in
                             selecting such Contract from all other similar
                             contracts purchased or originated by Onyx or any
                             subsidiary.

               (xvi)         Payments under such Contract have been applied in
                             accordance with Rule of 78's Method, the Actuarial
                             Method or the Simple Interest Method, as provided
                             in the applicable Contract, and are due monthly in
                             substantially equal amounts through its Maturity
                             Date sufficient to fully amortize the principal
                             balance of such Contract by its Maturity Date.

               (xvii)        There is only one original of such Contract and
                             such original, together with all other related
                             Contract Documents, is being held by the Custodian.

               (xviii)       As of the related Prefunding Transfer Date, the
                             Servicer has clearly marked its electronic records
                             to indicate that such Contract is then owned by the
                             Issuer.

                                      -36-
<PAGE>

               (xix)         At the date of origination of the Contract, the
                             original principal balance of such Contract was not
                             greater than the purchase price to the related
                             Obligor(s) (including taxes, warranties, licenses
                             and related charges) of the related Financed
                             Vehicle.

               (xx)          As of the related Prefunding Cut-Off Date, the
                             Seller has not received notice that any Obligor
                             under such Contract has filed for bankruptcy.

               (xxi)         Such Contract has an original maturity of not more
                             than 72 months, and as of the related Prefunding
                             Cut-Off Date, such Contract has a remaining
                             maturity of 72 months or less.

               (xxii)        As of the related Prefunding Cut-Off Date, such
                             Contract has a remaining principal balance of at
                             least $500.

               (xxiii)       As of the related Prefunding Cut-Off Date, such
                             Contract is secured by a Financed Vehicle that has
                             not been repossessed without reinstatement.

               (xxiv)        The Obligor on such Contract is either (a) a
                             natural person residing in any state or (b) another
                             entity, provided that a natural person is a joint
                             and several Obligor with respect to such Contract.

               (xxv)         No more than 50% of the Prefunded Contracts
                             transferred to the Issuer as of any Prefunding
                             Transfer Date shall be originated in any one state.

               (e) None of the foregoing representations and warranties shall be
        construed as, and the Seller is specifically not making, any
        representations and warranties regarding the collectibility of the
        Contracts or the future performance of the Contracts.

               (f) The Seller has not prepared any financial statement which
        accounts for the transfer of the Trust Property (other than the Policy
        and the Spread Account) hereunder to the Issuer in any manner other than
        as a sale of the Trust Property (other than the Policy and the Spread
        Account ) by it to the Issuer, and the Seller has not in any other
        non-income tax respect (including, but not limited to, for accounting
        purposes) accounted for or treated the transfer of the Trust Property
        (other than the Policy and the Spread Account) hereunder in any manner
        other than as a sale and absolute assignment to the Issuer of the
        Seller's full right, title and ownership interest in the Trust Property
        (other than the Policy and the Spread Account) to the Issuer.

        SECTION 2.03         REPURCHASE OF CERTAIN CONTRACTS.

        The representations and warranties of the Seller set forth in Section
2.02 with respect to each Contract and each of the conditions set forth in
Section 2.01(c) with respect to each transfer of Prefunded Contracts and Section
2.01(j) with respect to the Prefunding Closing Date and sale of Prefunded
Contracts shall survive delivery of the Contract Documents and shall continue
until

                                      -37-
<PAGE>

the termination of this Agreement. Upon discovery by the Seller, the Servicer,
the Insurer or a Responsible Officer of the Owner Trustee, the Indenture Trustee
or the Trust Agent that any of such representations and warranties was incorrect
or that any of such conditions was unsatisfied as of the time made or that any
of the Contract Documents relating to any such Contract has not been properly
executed by the Obligor or contains a material defect or has not been received
by the Custodian, such Person making such discovery shall give prompt notice to
the other such Persons. If any such defect, incorrectness or omission materially
and adversely affects the interest of the Noteholders, the Indenture Trustee,
the Issuer or the Insurer, the Seller shall cure the defect or eliminate or
otherwise cure the circumstances or condition in respect of which such
representation or warranty was incorrect as of the time made; provided that if
the Seller is unable to do so by the last day of the Collection Period following
the Collection Period (or, if the Seller elects, the last day of such Collection
Period) during which the Seller becomes aware of or receives written notice from
the Servicer, the Insurer or the Indenture Trustee of such defect, incorrectness
or omission, it shall repurchase such Contract on the last day of the applicable
Collection Period from the Issuer at the Purchase Amount. Upon any such
repurchase, the Issuer shall execute and deliver such instruments of transfer or
assignment, in each case without recourse, as shall be necessary to vest in the
Seller any Contract purchased hereunder. The sole remedy of the Issuer, the
Indenture Trustee or the Noteholders with respect to a breach of the Seller's
representations and warranties pursuant to Section 2.02 shall be to require the
Seller to repurchase Contracts pursuant to this Section; provided, however, that
the Seller shall indemnify the Owner Trustee, the Trust Agent, the Indenture
Trustee, the Insurer, the Issuer and the Noteholders against all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and
expenses of counsel, which may be asserted against or incurred by any of them as
a result of third-party claims arising out of the events or facts giving rise to
such breach.

        SECTION 2.04         CUSTODY OF CONTRACT FILES.

               (a)  Duties of Custodian.  The Custodian shall:

               (i)           maintain continuous custody of the Contract
                             Documents in secure and fire resistant facilities
                             in accordance with customary standards for such
                             custody. Such Contract Documents shall not be
                             segregated to show the Issuer as owner thereof and
                             the Indenture Trustee as the pledgee thereof,
                             unless the Insurer requires such segregation.

               (ii)          with respect to the Contract Documents, (A) act
                             exclusively as the Custodian for the benefit of the
                             Indenture Trustee and (B) hold all Contract
                             Documents for the exclusive use (notwithstanding
                             Sections 2.04(a)(iii) and 2.04(a)(iv) below) and
                             for the benefit of the Indenture Trustee.

               (iii)         in the event that the Servicer is not the
                             Custodian, to the extent the Servicer directs the
                             Custodian in writing, deliver certain specified
                             Contract Documents to the Servicer to enable the
                             Servicer to service the Contracts pursuant to this
                             Agreement. At such time as the Servicer returns
                             such Contract Documents to the Custodian, the

                                      -38-
<PAGE>

                             Servicer shall provide written notice of such
                             return to the Custodian. The Custodian shall
                             acknowledge receipt of the returned materials by
                             signing the Servicer's notice and shall promptly
                             send copies of such acknowledgment or receipt to
                             the Servicer.

               (iv)          upon reasonable prior written notice, permit the
                             Servicer, the Indenture Trustee and the Insurer to
                             examine the Contract Documents in the possession,
                             or under the control, of the Custodian.

               (v)           at its own expense, maintain at all times while
                             acting as Custodian, and keep in full force and
                             effect (A) fidelity insurance, (B) theft of
                             documents insurance, (C) fire insurance, and (d)
                             forgery insurance. All such insurance shall be in
                             amounts, with standard coverage and subject to
                             deductibles, as are customary for similar insurance
                             typically maintained by banks that act as custodian
                             in similar transactions.

               (b) Appointment of Custodian. As of the Closing Date, Onyx shall
        be the Custodian of the Contract Documents; provided, however, that (i)
        the Indenture Trustee (if the Notes have not been paid in full and the
        Indenture has not been satisfied and discharged) and the Issuer, with
        the consent of the Insurer, or (ii) the Insurer, may terminate such
        appointment at any time, with or without cause by written notice to the
        Custodian, and upon the execution by the Indenture Trustee at the
        direction of the Insurer (or, if the Notes have been paid in full and
        the Indenture has been satisfied and discharged, the Issuer at the
        direction of the Insurer) of a letter agreement substantially in the
        form of Exhibit A attached hereto (the "Appointment of Custodian"),
        revocably appointing such other entity acceptable to the Insurer as
        agent of and bailee for the Indenture Trustee (or, if applicable, the
        Trust) to act as Custodian (the "Successor Custodian") of the Contract
        Documents, such Successor Custodian shall be so appointed and shall from
        the effective date of such Appointment of Custodian retain custody of
        the Contract Documents and any and all other documents relating to a
        Contract or the related Obligor or Financed Vehicle. As of the effective
        date of such Appointment of Custodian, the Contract Documents and any
        and all other documents relating to a Contract or the related Obligor or
        Financed Vehicle will be delivered to the Successor Custodian in its
        capacity as agent of and bailee for the Indenture Trustee (or, if
        applicable, the Trust).

        For so long as the Servicer is the Custodian of the Contract Documents,
the Servicer need not maintain the Contract Documents held by it in a file area
physically separate from the other installment sales contracts or loans owned or
serviced by it or any of its Affiliates, unless the Insurer requires such
segregation.

        SECTION 2.05         DUTIES OF SERVICER RELATING TO THE CONTRACTS.

               (a) Safekeeping. The Servicer, in its capacity as servicer, shall
        hold the Contract Files and any Contract Documents held by it in
        accordance with this Agreement on

                                      -39-
<PAGE>

        behalf of the Issuer, the Indenture Trustee and the Insurer for the use
        and benefit of all present and future Noteholders, and maintain such
        accurate and complete accounts, records and computer systems pertaining
        to each Contract File as shall enable the Issuer to comply with this
        Agreement. In performing its duties as servicer, the Servicer shall act
        with reasonable care, using that degree of skill and attention that the
        Servicer exercises with respect to the files relating to all comparable
        automobile contracts that the Servicer owns or services for itself or
        others. The Servicer shall (i) conduct, or cause to be conducted,
        periodic physical inspections of the Contract Files (and the Contract
        Documents, if the Servicer is acting as Custodian) held by it under this
        Agreement and of the related accounts, records and computer systems;
        (ii) maintain the Contract Files (and the Contract Documents, if the
        Servicer is acting as Custodian) in such a manner as shall enable the
        Issuer, the Indenture Trustee and the Insurer to verify the accuracy of
        the Servicer's record keeping; (iii) promptly report to the Issuer, the
        Indenture Trustee and the Insurer any failure on its part to hold the
        Contract Files (and the Contract Documents, if the Servicer is acting as
        Custodian) and maintain its accounts, records and computer systems as
        herein provided and (iv) promptly take appropriate action to remedy any
        such failure.

               (b) Maintenance of and Access to Records. The Servicer shall
        maintain each Contract File (other than the Contract Documents, unless
        the Servicer is acting as Custodian) at the address of the Servicer set
        forth in Section 9.04, or at such other location as shall be specified
        to the Issuer, the Indenture Trustee and the Insurer by 30 days' prior
        written notice. The Servicer shall permit the Issuer, the Indenture
        Trustee and the Insurer or their respective duly authorized
        representatives, attorneys or auditors to inspect the Contract Files and
        the related accounts, records and computer systems maintained by the
        Servicer at such times as such Persons may request.

               (c) Release of Documents. If the Servicer is acting as Custodian
        pursuant to Section 2.04, upon instruction from the Indenture Trustee (a
        copy of which shall be furnished to the Issuer and the Insurer), the
        Servicer shall release any document in the Contract Files to the
        Indenture Trustee, the Indenture Trustee's agent, or the Indenture
        Trustee's designee, as the case may be, at such place or places as the
        Indenture Trustee may designate, as soon as practicable.

               (d) Monthly Reports. On the Servicer Report Date of each month,
        commencing with the month next succeeding the month of the Closing Date,
        the Servicer shall deliver to the Issuer, the Indenture Trustee and the
        Insurer a certificate of a Servicing Officer stating (i) the Contract
        Number and outstanding principal balance of each Contract that has
        become a Liquidated Contract since the Business Day immediately
        preceding the date of the last certificate delivered pursuant to this
        subsection (or since the Closing Date in the case of the first such
        certificate); (ii) that, if such Contract has been the subject of a Full
        Prepayment pursuant to clause (a) of the definition of the term "Full
        Prepayment" or is a Liquidated Contract pursuant to clause (iii) of the
        definition of the term "Liquidated Contract," all proceeds received in
        respect thereof have been deposited in or credited to the Collection
        Account in accordance with Section 4.02; (iii) that, if such Contract
        has been the subject of a Full Prepayment pursuant to clause (b) of the
        definition of the term "Full Prepayment," the correct Purchase Amount
        has been deposited in or credited to the

                                      -40-
<PAGE>

        Collection Account in accordance with Section 2.03, 3.07 or 4.02; (iv)
        that, if such Contract is a Liquidated Contract pursuant to clause (ii)
        of the definition of the term "Liquidated Contract," there have been
        deposited in or credited to the Collection Account the related Net
        Liquidation Proceeds in accordance with Section 4.02; and (v) that the
        Indenture Trustee is authorized to release such Contract and the related
        Contract Documents as provided herein.

               (e) Schedule of Title Documents. The Servicer shall deliver to
        the Indenture Trustee, the Issuer and the Insurer (i) within 60 days of
        the Closing Date with respect to the Funded Contracts and within 60 days
        of the Prefunding Closing Date with respect to the Prefunded Contracts,
        a schedule of Title Documents for Financed Vehicles which, as of the
        Closing Date or the Prefunding Closing Date, as applicable, did not show
        Onyx as first lienholder and (ii) within 180 days of the Closing Date
        with respect to the Funded Contracts and within 180 days of the
        Prefunding Closing Date with respect to the Prefunded Contracts, a
        schedule of Title Documents for Financed Vehicles which, as of the date
        prior to such delivery, do not show Onyx as first lienholder and as to
        which the Seller is obligated to repurchase pursuant to the provisions
        hereof.

               (f) Electronic Marking of Contracts; Possession. The Servicer
        shall cause the electronic record of the Contracts maintained by it to
        be clearly marked to indicate that the Contracts have been sold to the
        Issuer and shall not in any way assert or claim an ownership interest in
        the Contracts. It is intended that pursuant to the applicable provisions
        of Sections 2.04 and 2.05 hereof and the Appointment of Custodian, the
        Custodian on behalf of the Indenture Trustee and the Insurer shall be
        deemed to have possession of the Contract Documents for purposes of
        Section 9-305 of the UCC of the state in which the Contract Documents
        are located.

        SECTION 2.06         INSTRUCTIONS; AUTHORITY TO ACT.

        The Servicer shall be deemed to have received proper instructions (a
copy of which shall be furnished to the Issuer and the Insurer) with respect to
the Contract Files upon its receipt of written instructions signed by a
Responsible Officer of the Indenture Trustee.

        SECTION 2.07         INDEMNIFICATION.

        Subject to Section 7.02, the Servicer shall indemnify the Issuer, the
Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian and the Noteholders for any and all liabilities, obligations, losses,
compensatory damages, payments, costs or expenses of any kind whatsoever
(including the reasonable fees and expenses of counsel) that may be imposed on,
incurred by or asserted against the Issuer, the Owner Trustee, the Trust Agent,
the Indenture Trustee, the Insurer, the Custodian or the Noteholders as the
result of any improper act or omission in any way relating to the maintenance
and custody by the Servicer of the Contract Files, or the failure of the
Servicer to perform its duties and service the Contracts in compliance with the
terms of this Agreement; provided, however, that the Servicer shall not be
liable to the Owner Trustee, the Trust Agent, the Indenture Trustee, the
Custodian or the Insurer for any portion of any such amount resulting from the
willful misfeasance, bad faith or negligence of the Owner Trustee, the Trust
Agent, the Indenture Trustee, the Custodian or the Insurer,

                                      -41-
<PAGE>

respectively. The Servicer shall also indemnify and hold harmless the Issuer,
the Trust Property, the Noteholders, the Custodian, the Indenture Trustee, the
Trust Agent, the Owner Trustee and the Insurer against any taxes that may be
asserted at any time against any of them with respect to the Contracts,
including any sales, gross receipts, general corporation, personal property,
privilege or license taxes (but exclusive of federal or other income taxes
arising out of payments on the Contracts) and the costs and expenses in
defending against such taxes. The Servicer shall (i) immediately notify the
Issuer and the Indenture Trustee if a claim is made by a third party with
respect to the Contracts, (ii) assume, with the consent of the Issuer, the
Indenture Trustee and the Insurer, the defense of any such claim, (iii) pay all
expenses in connection therewith, including counsel fees, and (iv) promptly pay,
discharge and satisfy any judgment or decree which may be entered against the
Servicer, the Issuer, the Owner Trustee, the Trust Agent, the Indenture Trustee,
the Insurer, the Custodian or the Noteholders with respect to such Contracts.

        SECTION 2.08         EFFECTIVE PERIOD AND TERMINATION.

        The appointment of Onyx as custodian shall become effective as of the
Closing Date and shall continue in full force and effect until the earlier of
(i) the execution of the Appointment of Custodian or (ii) the Class A-4 Final
Scheduled Distribution Date. If Onyx shall subsequently resign as Servicer in
accordance with the terms of this Agreement or if all of the rights and
obligations of the Servicer shall have been terminated pursuant to Section 7.01,
the appointment of the Servicer as Custodian may be terminated by the Insurer,
or if an Insurer Default has occurred and is continuing, by Holders evidencing
not less than 25% of the outstanding principal amount of the Notes, acting
together as a single Class, or by the Indenture Trustee. As soon as practicable
after any termination of such appointment, Onyx as Custodian and Onyx as
Servicer shall, at the Servicer's expense, deliver or cause the delivery of all
Contract Documents and all Contract Files (including those held in microfiche or
electronic form) to the Indenture Trustee or its agent (or, if the Indenture has
been satisfied and discharged, as directed by the Trust, with the consent of the
Insurer) at such place or places as the applicable party may reasonably
designate and shall cooperate in good faith to effect such delivery. The
foregoing notwithstanding, if the Servicer is acting as Custodian, the Servicer
shall, at the request of the Insurer, deliver the Contract Documents to the
Indenture Trustee in the event that such delivery is required by any Rating
Agency to consider the Notes investment grade without consideration of the
Policy.

        SECTION 2.09         NONPETITION COVENANT.

               (a) Neither the Seller nor the Servicer shall petition or
        otherwise invoke the process of any court or government authority for
        the purpose of commencing or sustaining a case against the Issuer under
        any federal or state bankruptcy, insolvency or similar law or appointing
        a receiver, liquidator, assignee, trustee, custodian, sequestrator or
        other similar official of the Issuer or any substantial part of its
        property, or ordering the winding up or liquidation of the affairs of
        the Issuer.

               (b) The Servicer shall not, nor cause the Seller to, petition or
        otherwise invoke the process of any court or government authority for
        the purpose of commencing or sustaining a case against the Seller under
        any federal or state bankruptcy, insolvency or similar law or appointing
        a receiver, liquidator, assignee, trustee, custodian, sequestrator

                                      -42-
<PAGE>

        or other similar official of the Seller or any substantial part of its
        property, or ordering the winding up or liquidation of the affairs of
        the Seller.

        SECTION 2.10         COLLECTING TITLE DOCUMENTS NOT DELIVERED AT THE
CLOSING DATE.

        In the case of any Funded Contract or Prefunded Contract in respect of
which, in place of a Title Document, the Custodian received on the Closing Date
or the Prefunding Closing Date, as applicable, written evidence from the Dealer
selling the related Financed Vehicle that, or otherwise in respect of which, the
Title Document for such Financed Vehicle showing Onyx as first lienholder has
been applied for from the Registrar of Titles, the Servicer shall use its best
efforts to collect (or to obtain evidence in the electronic title records of)
such Title Document from the Registrar of Titles as promptly as possible. If
such Title Document showing Onyx as first lienholder is not received by the
Servicer (or verified by the Servicer in the electronic title records) within
180 days after the Closing Date with respect to the Funded Contracts or within
180 days after the Prefunding Closing Date with respect to the Prefunded
Contracts, then the representation and warranty in Section 2.02(b)(iii) as to
any such Funded Contracts or the representation and warranty in Section
2.02(d)(iii) as to any such Prefunded Contracts in respect of such Contract
shall be deemed to have been incorrect in a manner that materially and adversely
affects the Noteholders, and the Seller shall be obligated to repurchase such
Contract in accordance with Section 2.03.

                                   ARTICLE III

                    ADMINISTRATION AND SERVICING OF CONTRACTS

        SECTION 3.01         DUTIES OF SERVICER.

        The Servicer shall manage, service, administer, and make collections on
the Contracts. The Servicer agrees that its servicing of the Contracts shall be
carried out in accordance with reasonable care and, to the extent more exacting,
the procedures used by the Servicer in respect of such contracts serviced by it
for its own account; provided, however, that, subject to Section 3.02 as to
extensions, the Servicer shall not release or waive the right to collect the
unpaid balance of any Contract. The Servicer's duties shall include collection
and posting of all payments, responding to inquiries of Obligors on the
Contracts, investigating delinquencies, sending payment coupons to Obligors,
reporting tax information to Obligors, accounting for collections, furnishing
monthly and annual statements to the Indenture Trustee, the Issuer and the
Insurer with respect to distributions and the preparation of U.S. Partnership
Tax Returns (Form 1065) for the Owner Trustee to sign and file on an annual
basis, based on a tax year for the Issuer that is the calendar year and any
other tax forms required by any federal, state or local tax authority including
with respect to original issue discount, if any. The Servicer shall have,
subject to the terms hereof, full power and authority, acting alone, and subject
only to the specific requirements and prohibitions of this Agreement, to do any
and all things in connection with such managing, servicing, administration, and
collection that it may deem necessary or desirable; provided, however, that the
Servicer shall commence repossession efforts in respect of any Financed Vehicle
when any payment on the related Contract of which is four or more months
delinquent. Without limiting the generality of the foregoing, but subject to the

                                      -43-
<PAGE>

provisions of this Agreement, the Servicer is authorized and empowered by the
Indenture Trustee and the Issuer to execute and deliver, on behalf of itself,
the Issuer, the Insurer, the Noteholders, the Indenture Trustee or any of them,
any and all instruments of satisfaction or cancellation, or partial or full
release or discharge, and all other comparable instruments, with respect to the
Contracts or to the Financed Vehicles. The Issuer shall furnish the Servicer any
documents necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. The Servicer may engage agents
and subservicers to fulfill its duties hereunder; provided, however, that the
Servicer shall remain at all times personally liable for the acts (and failures
to act) of such agents and subservicers.

        On or prior to the Closing Date, the Servicer shall deliver to the Owner
Trustee, the Trust Agent, the Indenture Trustee and the Insurer a list of
Servicing Officers of the Servicer involved in, or responsible for, the
administration and servicing of the Contracts, which list shall from time to
time be updated by the Servicer on request of the Owner Trustee, the Trust
Agent, the Indenture Trustee or the Insurer.

        On the Closing Date, the Servicer shall deposit in the Collection
Account (i) all installments of Monthly P&I due on or after the Initial Cut-Off
Date and received by the Servicer at least two Business Days prior to the
Closing Date; (ii) the proceeds of each Full Prepayment of any Contract and all
partial prepayments on Simple Interest Contracts received by the Servicer on or
after the Initial Cut-Off Date and at least two Business Days prior to the
Closing Date; and (iii) all Net Liquidation Proceeds and Net Insurance Proceeds
received with respect to a Financed Vehicle to which an Initial Contract relates
received on or after the Initial Cut-Off Date and at least two Business Days
prior to the Closing Date.

        On each Prefunding Transfer Date, the Servicer shall deposit in the
Collection Account (i) all installments of Monthly P&I due on or after the
related Prefunding Cut-Off Date and received by the Servicer at least two
Business Days prior to such Prefunding Transfer Date; (ii) the proceeds of each
Full Prepayment of any Prefunded Contract and all partial prepayments on Simple
Interest Contracts received by the Servicer on or after the related Prefunding
Cut-Off Date and at least two Business Days prior to such Prefunding Transfer
Date; and (iii) all Net Liquidation Proceeds and Net Insurance Proceeds received
with respect to a Financed Vehicle to which a Prefunded Contract being
transferred on such date relates, received on or after the related Prefunding
Cut-Off Date and at least two Business Days prior to such Prefunding Transfer
Date.

        Subject to Section 4.02(a) respecting deposits in the Payahead Account,
the Servicer shall deposit in or credit to the Collection Account within two
Business Days of receipt all collections of Monthly P&I due on or after the
related Cut-Off Date received by it on the Contracts together with the proceeds
of all Full Prepayments on all Contracts and all partial prepayments on Simple
Interest Contracts, and any accompanying interest. The Servicer shall likewise
deposit in the Collection Account within two Business Days of receipt all Net
Liquidation Proceeds and Net Insurance Proceeds. As of the last day of each
Collection Period, all amounts received in each Collection Period shall be
applied by the Servicer with respect to each Contract, first, to the Servicer as
additional servicing compensation any amounts due for late fees, extension fees
or similar charges, second to the payment of Monthly P&I, and third, in the case
of partial prepayments on Precomputed Contracts, to the Payahead Account. The

                                      -44-
<PAGE>

foregoing requirements for deposit in the Collection Account are exclusive, it
being understood that collections in the nature of late payment charges or
extension fees may, but need not, be deposited in the Collection Account and may
be retained by the Servicer as additional servicing compensation.

        With respect to payments of Monthly P&I made by Obligors to the
Servicer's lock box, the Servicer shall direct the Person maintaining the lock
box to deposit the amount collected on the Contracts within one Business Day to
the Clearing Account. Such amounts shall be withdrawn from the Clearing Account
and deposited in the Collection Account no later than the next following
Business Day.

        In order to facilitate the servicing of the Contracts by the Servicer,
the Servicer shall retain, subject to and only to the extent permitted by the
provisions of this Agreement, all collections on the Contracts prior to the time
they are remitted or credited, in accordance with such provisions, to the
Collection Account or the Payahead Account, as the case may be. The Servicer
acknowledges that the unremitted collections on the Contracts are part of the
Trust Property and the Servicer agrees to act as custodian and bailee of the
Indenture Trustee, the Issuer and the Insurer in holding such monies and
collections. The Servicer agrees, for the benefit of the Indenture Trustee, the
Issuer, the Noteholders and the Insurer, to act as such custodian and bailee,
and to hold and deal with such monies and such collections, as custodian and
bailee for the Indenture Trustee, the Issuer and the Insurer, in accordance with
the provisions of this Agreement.

        The Servicer shall retain all data (including, without limitation,
computerized title records) relating directly to or maintained in connection
with the servicing of the Contracts at the address of the Servicer set forth in
Section 9.04 or, upon 15 days' notice to the Issuer, the Indenture Trustee and
the Insurer, at such other place where the servicing offices of the Servicer are
located, and shall give the Issuer, the Indenture Trustee and the Insurer access
to all data (including, without limitation, computerized title records) at all
reasonable times, and, while a Servicer Default shall be continuing, the
Servicer shall, on demand of the Issuer, the Indenture Trustee or the Insurer
deliver or cause to be delivered to the Issuer, the Indenture Trustee or the
Insurer, as the case may be, all data (including, without limitation,
computerized title records and, to the extent transferable, related operating
software) necessary for the servicing of the Contracts and all monies collected
by it and required to be deposited in or credited to the Collection Account or
the Payahead Account, as the case may be.

        All deposits made by the Servicer in any Trust Account shall be made in
immediately available funds.

        The Servicer shall be responsible for the payment of the fees of the
Indenture Trustee, the Owner Trustee and the Trust Agent; provided that any such
fees not paid as of a Distribution Date shall be paid as provided in Section
4.03(ii).

        SECTION 3.02         COLLECTION OF CONTRACT PAYMENTS.

        The Servicer shall use its best efforts to collect all payments called
for under the terms and provisions of the Contracts as and when the same shall
become due and shall use its best

                                      -45-
<PAGE>

efforts to cause each Obligor to make all payments in respect of his or her
Contract to the Servicer. Consistent with the foregoing, the Servicer may in its
discretion (i) waive any late payment charges in connection with delinquent
payments on a Contract or prepayment charges and (ii) in order to work out a
default or an impending default due to the financial condition of an Obligor,
grant up to six extensions of the Due Date of any payment for periods of 30 days
or less, such that the Maturity Date of no Contract shall, under any
circumstances, extend more than 180 days past the originally scheduled date of
the last payment on such Contract and in no event beyond the Class A-4 Final
Scheduled Distribution Date; provided, further, that no more than two such
extensions can be granted consecutively, no more than three such extensions can
be granted during any 12 month period and at least three payments must be made
between non-consecutive extensions. The Servicer shall not extend the Maturity
Date of a Contract except as provided in clause (ii) of the preceding sentence.
Except as explicitly permitted by this paragraph, the Servicer shall not change
any material term of a Contract, including but not limited to the interest rate,
the payment amounts or due dates, or the property securing such Contract.

        SECTION 3.03         REALIZATION UPON CONTRACTS.

        The Servicer shall use its best efforts, consistent with the servicing
standard specified in Section 3.01, to repossess or otherwise convert the
ownership of the Financed Vehicle securing any Contract as to which no
satisfactory arrangements can be made for collection of delinquent payments. In
connection with such repossession or other conversion, the Servicer shall follow
such practices and procedures as it shall deem necessary or advisable and as
shall be normal and usual for prudent holders of retail installment sales
contracts and as shall be in compliance with all applicable laws, and, in
connection with the repossession of any Financed Vehicle or any contract in
default, may commence and prosecute any proceedings in respect of such Contract
in its own name or, if the Servicer deems it necessary, in the name of the
Issuer or the Indenture Trustee or on behalf of the Issuer or the Indenture
Trustee. The Servicer's obligations under this Section are subject to the
provision that, in the case of damage to a Financed Vehicle from an uninsured
cause, the Servicer shall not be required to expend its own funds in repairing
such motor vehicle unless it shall determine (i) that such restoration will
increase the proceeds of liquidation of the related Contract, after
reimbursement to itself for such expenses and (ii) that such expenses will be
recoverable by it either as Liquidation Expenses or as expenses recoverable
under an applicable insurance policy or under an insurance reserve established
by the Servicer. The Servicer shall be responsible for all other costs and
expenses incurred by it in connection with any action taken in respect of a
Defaulted Contract; provided, however, that it shall be entitled to
reimbursement of such costs and expenses to the extent they constitute
Liquidation Expenses or expenses recoverable under an applicable insurance
policy. All Net Liquidation Proceeds and Net Insurance Proceeds shall be
deposited directly in or credited to the Collection Account (without deposit in
any intervening account) to the extent required by Section 4.02.

        SECTION 3.04         INSURANCE.

        The Servicer shall cause to be maintained the Blanket Insurance Policy,
and the Servicer shall cause the Indenture Trustee to be the named payee
thereunder with respect to the Contracts; provided, however, that this
obligation may be eliminated or modified in any manner (and this

                                      -46-
<PAGE>

Agreement shall be amended in accordance with any such elimination or
modification as the parties to the Insurance Agreement and the Rating Agencies
may agree) with the consent of the Insurer but without any requirement to obtain
the consent of any Noteholders.

        SECTION 3.05         MAINTENANCE OF SECURITY INTERESTS IN FINANCED
VEHICLES.

        The Servicer shall take such steps as are necessary to maintain
continuous perfection and priority of the security interest created by each
Contract in the related Financed Vehicle, including but not limited to,
obtaining the execution by the related Obligor and the recording, registering,
filing, re-recording, re-registering, and refiling of all security agreements,
financing statements, continuation statements or other instruments as are
necessary to maintain the security interest granted by such Obligor under each
respective Contract. The Issuer and the Indenture Trustee each hereby authorize
the Servicer to take such steps as are necessary to re-perfect such security
interest on behalf of the Issuer in the event of the relocation of a Financed
Vehicle or for any other reason. In the event that the assignment of a Contract
to the Issuer and the subsequent pledge thereof by the Issuer to the Indenture
Trustee is insufficient, without a notation on the related Financed Vehicle's
certificate of title (or, if applicable, the electronic title record), or
without fulfilling any additional administrative requirements under the laws of
the state in which the Financed Vehicle is located, to grant to the Issuer a
perfected security interest in the related Financed Vehicle and to pledge such
perfected security interest to the Indenture Trustee, Onyx hereby agrees that
the identification of Onyx as the secured party on the certificate of title (or,
if applicable, the electronic title record) is deemed to be in its capacity as
agent of the Indenture Trustee and further agrees to hold such certificate of
title (or, if applicable, the electronic title record) as the Indenture
Trustee's agent and custodian; provided that, except as provided in Section 7.01
and the Insurance Agreement, neither the Servicer nor Onyx shall make, nor shall
the Issuer or Noteholders have the right to require that the Servicer or Onyx
make, any such notation on the related Financed Vehicles' certificate of title
(or, if applicable, the electronic title record) or fulfill any such additional
administrative requirement of the laws of the state in which a Financed Vehicle
is located.

        SECTION 3.06         COVENANTS, REPRESENTATIONS AND WARRANTIES OF
SERVICER.

        The Servicer hereby makes the following covenants, representations and
warranties on which (i) the Issuer is deemed to have relied in acquiring the
Contracts and (ii) the Insurer is deemed to have relied in issuing the Policy.
Such covenants, representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date or the related Prefunding
Transfer Date, as applicable, but shall survive the sale, transfer and
assignment of the Contracts to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

               (a) The Servicer covenants as to the Contracts:

               (i)           The Financed Vehicle securing each Contract shall
                             not be released from the lien granted by the
                             Contract in whole or in part, except as
                             contemplated herein.

                                      -47-
<PAGE>

               (ii)          The Servicer shall not impair the rights of the
                             Noteholders or the Insurer in the Contracts.

               (iii)         The Servicer shall not increase the number of
                             payments under a Contract, nor increase the amount
                             financed under a Contract, nor extend or forgive
                             payments on a Contract, except as provided in
                             Section 3.02.

               (iv)          The Servicer may consent to the sale or transfer by
                             an Obligor of any Financed Vehicle if the original
                             Obligor under the related Contract remains liable
                             under such Contract and the transferee assumes all
                             of the Obligor's obligations thereunder and upon
                             doing so the credit profile with respect to such
                             Obligor will not be changed from adequate to
                             speculative by virtue of the addition of the
                             transferee's obligation thereunder.

               (b) The Servicer represents and warrants as of the Closing Date:

               (i)           The Servicer (1) has been duly organized, is
                             validly existing and in good standing as a
                             corporation organized and existing under the laws
                             of the State of Delaware, (2) has qualified to do
                             business as a foreign corporation and is in good
                             standing in each jurisdiction where the character
                             of its properties or the nature of its activities
                             makes such qualification necessary, and (3) has
                             full power, authority and legal right to own its
                             property, to carry on its business as presently
                             conducted, and to enter into and perform its
                             obligations under this Agreement.

               (ii)          The execution and delivery by the Servicer of this
                             Agreement are within the corporate power of the
                             Servicer and have been duly authorized by all
                             necessary corporate action on the part of the
                             Servicer. Neither the execution and delivery of
                             this Agreement, nor the consummation of the
                             transactions herein contemplated, nor compliance
                             with the provisions hereof, will conflict with or
                             result in a breach of, or constitute a default
                             under, any of the provisions of any law,
                             governmental rule, regulation, judgment, decree or
                             order binding on the Servicer or its properties or
                             the Certificate of Incorporation or Bylaws of the
                             Servicer, or any of the provisions of any
                             indenture, mortgage, contract or other instrument
                             to which the Servicer is a party or by which it is
                             bound or result in the creation or imposition of
                             any lien, charge or encumbrance upon any of its
                             property pursuant to the terms of any such
                             indenture, mortgage, contract or other instrument.

               (iii)         Other than consents that have been obtained prior
                             to the Closing Date, the Servicer is not required
                             to obtain the consent of any other party or any
                             consent, license, approval or authorization, or

                                      -48-
<PAGE>

                             registration or declaration with, any governmental
                             authority, bureau or agency in connection with the
                             execution, delivery, performance, validity or
                             enforceability of this Agreement.

               (iv)          This Agreement has been duly executed and delivered
                             by the Servicer and, assuming the due
                             authorization, execution and delivery hereof by the
                             Issuer, the Trust Agent and the Indenture Trustee,
                             constitutes a legal, valid and binding obligation
                             of the Servicer enforceable against the Servicer in
                             accordance with its terms (subject to applicable
                             bankruptcy and insolvency laws and other similar
                             laws affecting the enforcement of creditors' rights
                             generally).

               (v)           There are no actions, suits or proceedings pending
                             or, to the knowledge of the Servicer, threatened
                             against or affecting the Servicer, before or by any
                             court, administrative agency, arbitrator or
                             governmental body with respect to any of the
                             transactions contemplated by this Agreement, or
                             which will, if determined adversely to the
                             Servicer, materially and adversely affect it or its
                             business, assets, operations or condition,
                             financial or otherwise, or materially and adversely
                             affect the Servicer's ability to perform its
                             obligations under this Agreement. The Servicer is
                             not in default with respect to any order of any
                             court, administrative agency, arbitrator or
                             governmental body so as to materially and adversely
                             affect the transactions contemplated by the
                             above-mentioned documents.

               (vi)          The Servicer has obtained or made all necessary
                             consents, approvals, waivers and notifications of
                             creditors, lessors and other nongovernmental
                             persons, in each case, in connection with the
                             execution and delivery of this Agreement, and the
                             consummation of all the transactions herein
                             contemplated.

        SECTION 3.07         PURCHASE OF CONTRACTS UPON BREACH BY SERVICER.

        The Servicer or the Issuer shall inform the other party and the
Indenture Trustee and the Insurer promptly, in writing, upon the discovery of
any breach of the covenants, representations and warranties set forth in Section
3.06 or of the covenants set forth in Sections 3.02 or 3.05. Unless the breach
shall have been cured within 30 days following such discovery or receipt of
notice of such breach, the Servicer shall purchase any Contract materially and
adversely affected by such breach from the Issuer. As consideration for the
Contract, the Servicer shall remit the Purchase Amount on the Business Day
preceding the Servicer Report Date next succeeding the end of such 30-day cure
period in the manner specified in Section 4.02(a). The sole remedy of the
Issuer, the Indenture Trustee, or the Noteholders with respect to a breach of
Section 3.02, 3.05 or 3.06 shall be to require the Servicer to purchase
Contracts pursuant to this Section 3.07; provided, however, that the Servicer
shall indemnify the Owner Trustee, the Indenture Trustee, the Insurer, the
Issuer, the Custodian and the Noteholders against all costs, expenses, losses

                                      -49-
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damages, claims and liabilities, including reasonable fees and expenses of
counsel, which may be asserted against or incurred by any of them as a result of
third-party claims arising out of the events or facts giving rise to such
breach.

        Any successor Servicer appointed pursuant to Section 7.02 shall not be
obligated to purchase Contracts pursuant to this Section 3.07 with respect to
any breaches by any prior Servicer.

        SECTION 3.08         SERVICING COMPENSATION.

        As compensation for the performance of its obligations under this
Agreement and subject to the terms of this Section, the Servicer shall be
entitled to receive on each Distribution Date the Servicing Fee in respect of
each Contract that was Outstanding at the beginning of the Collection Period
ending immediately prior to such Distribution Date; provided, however, that with
respect to the first Distribution Date the Servicer will be entitled to receive
the Servicing Fee in respect of each Outstanding Initial Contract as of the
Initial Cut-Off Date. As servicing compensation in addition to the Servicing
Fee, the Servicer shall be entitled (i) to retain all late payment charges,
extension fees and similar items paid in respect of, under the circumstances and
in the manner set forth in the Contracts, (ii) to receive, in respect of each
Rule of 78's Contract that is prepaid in full prior to its Maturity Date, the
amount by which the outstanding principal balance of such Contract (determined
in accordance with the Rule of 78's Method) exceeds the Principal Balance of
such Contract at the time of such prepayment and (iii) to receive all investment
earnings on funds credited to the Collection Account and the Payahead Account;
provided, however, that the Servicer agrees that each amount payable to it
pursuant to clause (ii) of this Section shall be deposited in the Spread Account
and applied in accordance with the Insurance Agreement. The Servicer shall pay
all expenses incurred by it in connection with its servicing activities
hereunder and shall not be entitled to reimbursement of such expenses except to
the extent provided in Section 3.03.

        SECTION 3.09         REPORTING BY THE SERVICER.

               (a) No later than 3:00 p.m. New York City time on each Servicer
        Report Date, the Servicer shall deliver (by telex, facsimile, electronic
        transmission, first class mail, overnight courier or personal delivery)
        to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer a
        statement (the "Distribution Date Statement") setting forth with respect
        to the next succeeding Distribution Date:

               (i)           the Note Interest Distributable Amount for such
                             Distribution Date;

               (ii)          the Note Principal Distributable Amount for such
                             Distribution Date and the portion of the Note
                             Principal Distributable Amount, if any,
                             constituting the Accelerated Principal
                             Distributable Amount;

               (iii)         the Note Distributable Amount for such Distribution
                             Date;

               (iv)          the Premium payable to the Insurer;

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<PAGE>

               (v)           the amount to be on deposit in the Spread Account
                             on such Distribution Date, before and after giving
                             effect to deposits thereto and withdrawals
                             therefrom to be made in respect of such
                             Distribution Date;

               (vi)          the amount of the withdrawal, if any, required to
                             be made from the Spread Account by the Indenture
                             Trustee pursuant to Section 4.04(b);

               (vii)         the aggregate Servicing Fee with respect to the
                             Contracts for the related Collection Period;

               (viii)        the amount of fees paid to the Owner Trustee, the
                             Indenture Trustee and Trust Agent with respect to
                             the related Collection Period;

               (ix)          the amount of any Note Interest Carryover Shortfall
                             and Note Principal Carryover Shortfall on such
                             Distribution Date and the change in such amounts
                             from those with respect to the immediately
                             preceding Distribution Date;

               (x)           the number of, and aggregate amount of, monthly
                             principal and interest payments due on the
                             Contracts which are delinquent as of the end of the
                             related Collection Period presented on a 30-day,
                             60-day and 90-day basis;

               (xi)          the Net Collections and the Policy Claim Amount, if
                             any, for such Distribution Date;

               (xii)         the aggregate amount of Liquidation Proceeds
                             received for Defaulted Contracts;

               (xiii)        the net credit losses and Cram Down Losses for the
                             Collection Period;

               (xiv)         the number and net outstanding balance of Contracts
                             for which the Financed Vehicle has been
                             repossessed;

               (xv)          the Pool Balance;

               (xvi)         for each Distribution Date occurring during and
                             immediately following the end of the Funding
                             Period, the amount on deposit in each of the
                             Prefunding Account and the Capitalized Interest
                             Account on such Distribution Date, before and after
                             giving effect to withdrawals therefrom to be made
                             in respect of such Distribution Date; and

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<PAGE>

               (xvii)        for the Mandatory Partial Redemption Date, the
                             Mandatory Partial Redemption Amount, if any.

Each such Distribution Date Statement shall be accompanied by an Officers'
Certificate of the Servicer, which Officers' Certificate shall state that the
computations reflected in such statement were made in conformity with the
requirements of this Agreement.

               (b) On each Servicer Report Date, the Servicer shall deliver to
        the Issuer, the Trust Agent, the Indenture Trustee and the Insurer a
        report, in respect of the immediately preceding Collection Period,
        setting forth the following:

               (i)           the aggregate amount, if any, paid by or due from
                             it for the purchases of Contracts which the Seller
                             or the Servicer has become obligated to repurchase
                             or purchase pursuant to Sections 2.03 or 3.07;

               (ii)          the net amount of funds which have been deposited
                             in or credited to the Collection Account or the
                             Payahead Account in respect of such Collection
                             Period (including amounts, if any, collected during
                             the next preceding Collection Period and deposited
                             in the Payahead Account pursuant to Section 4.02)
                             after giving effect to all permitted deductions
                             therefrom pursuant to Section 4.02;

               (iii)         with respect to each Contract that became a
                             Liquidated Contract during the Collection Period,
                             the following information:

                                  (A) its Contract Number;

                                  (B) the effective date as of which such
                      Contract became a Liquidated Contract;

                                  (C) its Monthly P&I and Principal Balance as
                      of the close of business on the last day of the preceding
                      Collection Period (or as of the Closing Date in the case
                      of the first Distribution Date); and

                                  (D) if less than 100% of the outstanding
                      principal balance of and accrued and unpaid interest was
                      recovered on such Liquidated Contract, the amount of the
                      Net Liquidation Proceeds or Net Insurance Proceeds;

               (iv)          with respect to each Contract which was the subject
                             of a Full Prepayment during such Collection Period,
                             the following information:

                                  (A) its Contract Number; and

                                  (B) the date of such Full Prepayment;

                                      -52-
<PAGE>

               (v)           the Contract Numbers, Monthly P&I, Principal
                             Balances and Maturity Dates of all Contracts which
                             became Defaulted Contracts during such Collection
                             Period;

               (vi)          any other information relating to the Contracts
                             reasonably requested by the Owner Trustee, the
                             Trust Agent, the Indenture Trustee or the Insurer;

               (vii)         the amount of Net Liquidation Proceeds and Net
                             Insurance Proceeds which have been deposited in or
                             credited to the Collection Account in respect of
                             the Collection Period ending immediately prior to
                             such Servicer Report Date and the cumulative amount
                             of Net Liquidation Proceeds and Net Insurance
                             Proceeds deposited in or credited to the Collection
                             Account during the preceding Collection Periods;

               (viii)        with respect to each Distribution Date during and
                             immediately following the end of the Funding
                             Period, the Capitalized Interest Amount, if any,
                             with respect to the related Collection Period and
                             the amount, if any, withdrawn from the Capitalized
                             Interest Account pursuant to this Agreement;

               (ix)          during the Funding Period, the remaining balance in
                             the Prefunding Account; and

               (x)           for the Mandatory Partial Redemption Date, the
                             Mandatory Partial Redemption Amount, if any.

        SECTION 3.10         ANNUAL STATEMENT AS TO COMPLIANCE.

               (a) The Servicer shall deliver to the Issuer, the Trust Agent,
        the Indenture Trustee and the Insurer, on or before March 31, 2003 and
        on or before March 31 of each fiscal year thereafter, an Officers'
        Certificate of the Servicer stating that (i) a review of the activities
        of the Servicer during the preceding fiscal year (since the Closing Date
        in the case of the first of such Officers' Certificates required to be
        delivered) and of its performance under this Agreement has been made
        under such officers' supervision and (ii) to the best of such officers'
        knowledge, based on such review, the Servicer has fulfilled all its
        obligations under this Agreement throughout such year and that no
        default under this Agreement has occurred and is continuing, or, if
        there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officer and the nature and
        status thereof.

               (b) The Servicer shall deliver to the Issuer, the Trust Agent,
        the Indenture Trustee, the Insurer and each Rating Agency promptly after
        having obtained knowledge thereof, but in no event later than five
        Business Days thereafter, an Officer's Certificate specifying any event
        which with the giving of notice or lapse of time, or both, would become
        a Servicer Default under Section 7.01.

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<PAGE>

        SECTION 3.11         ANNUAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT'S
REPORT.

        On or before March 31, 2003 and on or before March 31 of each fiscal
year thereafter, the Servicer at its expense shall cause a firm of nationally
recognized independent certified public accountants (who may also render other
services to the Servicer) to furnish a report to the Issuer, the Trust Agent,
the Indenture Trustee and the Insurer to the effect that (i) they have audited
the balance sheet of the Servicer as of the last day of said fiscal year and the
related statements of operations, retained earnings and cash flows for such
fiscal year and have issued an opinion thereon, specifying the date thereof,
(ii) they have also reviewed the reports delivered by the Servicer pursuant to
Section 3.09(b) and certain other documents and the records relating to the
servicing of the Contracts and the distributions on the Notes under this
Agreement, (iii) their audit and review as described under clauses (i) and (ii)
above was made in accordance with generally accepted auditing standards and
accordingly included such tests of the accounting records and such other
auditing procedures as they considered necessary in the circumstances, and (iv)
their audits and reviews described under clauses (i) and (ii) above disclosed no
exceptions which, in their opinion, were material, relating to the servicing of
such Contracts in accordance with this Agreement and the making of distributions
on the Notes in accordance with this Agreement, or, if any such exceptions were
disclosed thereby, setting forth those exceptions which, in their opinion, were
material.

        SECTION 3.12         ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING CONTRACTS.

        If the Servicer is acting as Custodian, the Servicer shall provide to
the Noteholders, the Issuer, the Owner Trustee, the Trust Agent, the Indenture
Trustee and the Insurer reasonable access to the Contract Files and Contract
Documents. Access shall be afforded without charge, but only upon reasonable
request and during normal business hours at designated offices of the Servicer.
Nothing in this Section shall affect the obligation of the Servicer to observe
any applicable law prohibiting disclosure of information regarding the Obligors,
and the failure of the Servicer to provide access to information as a result of
such obligation shall not constitute a breach of this Section.

        SECTION 3.13         FIDELITY BOND.

        The Servicer shall maintain a fidelity bond in such form and amount as
is customary for banks acting as custodian of funds and documents in respect of
mortgage loans or consumer contracts on behalf of institutional investors.

        SECTION 3.14         INDEMNIFICATION; THIRD PARTY CLAIMS.

        Subject to Section 7.02, the Servicer agrees to indemnify and hold the
Issuer, the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer,
the Custodian and the Noteholders harmless against any and all claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any reasonable other costs, fees and expenses that the Issuer,
the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian or Noteholders may sustain because of the failure of the Servicer to
perform its duties and service the Contracts in compliance with the terms of
this Agreement. The Servicer shall (i) immediately notify the

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Issuer and the Indenture Trustee in writing if a claim is made by a third party
with respect to the Contracts, (ii) assume, with the consent of the Issuer, the
Indenture Trustee and the Insurer, the defense of any such claim, (iii) pay all
expenses in connection therewith, including counsel fees, and (iv) promptly pay,
discharge and satisfy any judgment or decree which may be entered with respect
to such claim against the Servicer, the Issuer, the Owner Trustee, the Trust
Agent, the Indenture Trustee, the Insurer, the Custodian or the Noteholders.

        SECTION 3.15         REPORTS TO NOTEHOLDERS AND THE RATING AGENCIES.

               (a) The Indenture Trustee at its own expense shall provide to
        each Noteholder a copy of each Distribution Date Statement described in
        Section 3.09(a) concurrently with the delivery of the statement
        described in Section 4.05 below.

               (b) The Indenture Trustee shall provide to any Noteholder who so
        requests in writing (addressed to the Corporate Trust Office of the
        Indenture Trustee) a copy of the annual audit statement described in
        Section 3.10, or the annual audit report described in Section 3.11. The
        Indenture Trustee may require the Noteholder to pay a reasonable sum to
        cover the cost of the Indenture Trustee's complying with such request.

               (c) The Indenture Trustee shall forward to the Rating Agencies
        and the Insurer the statement to Noteholders described in Section 4.05
        and any other reports it may receive pursuant to this Agreement to (i)
        Standard & Poor's Ratings Services, Asset-Backed Surveillance Group, 55
        Water Street, New York, New York 10041, (ii) Moody's Investors Service,
        Inc., ABS Monitoring Dept., 99 Church Street, 4th Floor, New York, New
        York 10007, and (iii) the address of the Insurer at the address set
        forth in the Insurance Agreement.

        SECTION 3.16         ACCESS TO LIST OF NOTEHOLDERS' NAMES AND ADDRESSES.

        The Indenture Trustee shall furnish or cause to be furnished to the
Servicer, the Insurer and the Seller, within 15 days after receipt by the
Indenture Trustee of a written request therefor from the Servicer, the Insurer
or the Seller, a list, in such form as the Servicer, the Insurer or the Seller
may reasonably require, of the names and addresses of the Noteholders as of the
most recent Record Date. If three or more Noteholders, or one or more
Noteholders evidencing not less than 25% of the aggregate outstanding principal
balance of the Notes (hereinafter referred to as "Applicants"), apply in writing
to the Indenture Trustee, and such application states that the Applicants desire
to communicate with other Noteholders with respect to their rights hereunder or
under the Notes and such application is accompanied by a copy of the
communication that such Applicants propose to transmit, then the Indenture
Trustee shall, within five Business Days after the receipt of such application,
afford such Applicants access, during normal business hours, to the current list
of Noteholders. Each Noteholder, by receiving and holding a Note, agrees with
the Servicer, the Seller and the Indenture Trustee that none of the Servicer,
the Seller or the Indenture Trustee shall be held accountable by reason of the
disclosure of any such information as to its name and address hereunder,
regardless of the source from which such information was derived.

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<PAGE>

                                   ARTICLE IV

                         DISTRIBUTIONS; SPREAD ACCOUNT;
                            STATEMENTS TO NOTEHOLDERS

        SECTION 4.01         ESTABLISHMENT OF TRUST ACCOUNTS.

               (a) Prior to the Closing Date, the Servicer shall open, at a
        depository institution (which may be the same depository institution
        which is acting in the capacity as Indenture Trustee), the following
        accounts:

               (i)           an account denominated "Collection Account - OT
                             2002-D, Citibank, N.A., Indenture Trustee" (the
                             "COLLECTION ACCOUNT");

               (ii)          an account denominated "Payahead Account - OT
                             2002-D, Citibank, N.A., as agent" (the "PAYAHEAD
                             ACCOUNT");

               (iii)         an account denominated "Spread Account - OT 2002-D,
                             Citibank, N.A., Indenture Trustee" (the "SPREAD
                             ACCOUNT");

               (iv)          an account denominated "Note Distribution Account -
                             OT 2002-D, Citibank, N.A., Indenture Trustee" (the
                             "NOTE DISTRIBUTION ACCOUNT");

               (v)           an account denominated "Prefunding Account - OT
                             2002-D, Citibank, N.A., Indenture Trustee" (the
                             "PREFUNDING ACCOUNT"); and

               (vi)          an account denominated "Capitalized Interest
                             Account - OT 2002-D, Citibank, N.A., Indenture
                             Trustee" (the "CAPITALIZED INTEREST ACCOUNT").

        In addition, the Indenture Trustee shall establish a trust account to be
maintained in the Corporate Trust Office of the Indenture Trustee denominated
"Payment Account - OT 2002-D, Citibank, N.A., Indenture Trustee" (the "PAYMENT
ACCOUNT" and, together with the accounts described in clauses (i) through (vi)
above, the "TRUST ACCOUNTS"). The Trust Accounts shall be Eligible Accounts
(subject to the requirement that the Payment Account must be maintained as
provided in the immediately preceding sentence) and relate solely to the Notes
and to the Contracts and, if applicable, the related Eligible Investments. The
location and account numbers of the Trust Accounts as of the Closing Date are
set forth on Schedule II. The Servicer shall give the Issuer, the Owner Trustee,
the Trust Agent, the Indenture Trustee and the Insurer at least five Business
Days' written notice of any change in the location of any Trust Account and any
related account identification information. All amounts, financial assets and
investment property held in, deposited in or credited to, from time to time, the
Trust Accounts (other than the Payahead Account and investment income credited
to the Collection Account and the Capitalized Interest Account) shall be part of
the Trust Property and all amounts, financial assets and investment property
held in, deposited in or credited to, from time to time, the Collection Account,
the

                                      -56-
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Spread Account, the Prefunding Account and the Capitalized Interest Account
shall be invested by the Indenture Trustee in Eligible Investments pursuant to
Section 4.01(c).

               (b) If as of the last day of a Collection Period a payment in an
        amount less than the scheduled payment of Monthly P&I has been made for
        a Precomputed Contract with respect to which amounts have been deposited
        in or credited to the Payahead Account in a preceding Collection Period
        in accordance with Sections 3.01 and 4.02(a), the Servicer shall
        withdraw from the Payahead Account and deposit into the Collection
        Account by the fifth Business Day preceding the Distribution Date
        immediately succeeding such Collection Period the amount equal to the
        difference between such scheduled payment of Monthly P&I and such actual
        payment, to the extent available from amounts deposited in or credited
        to the Payahead Account with respect to such Contract. Amounts on
        deposit in the Payahead Account shall be invested by the depository
        institution maintaining the Payahead Account upon the written direction
        of the Servicer in Eligible Investments which mature not later than the
        fifth Business Day prior to the Distribution Date to which such amounts
        relate, and any earnings on such Eligible Investments shall be payable
        to the Servicer monthly. The Payahead Account and all amounts on deposit
        therein or credited thereto shall not be considered part of the Trust
        Property.

               (c) All funds in the Collection Account, the Spread Account, the
        Prefunding Account and the Capitalized Interest Account shall be
        invested by the Indenture Trustee (if the Indenture Trustee maintains
        the applicable account), or on behalf of the Indenture Trustee by the
        depository institution maintaining such account, in Eligible Investments
        only upon the written direction from the Servicer or the Insurer, as
        described below. Subject to the limitations set forth herein, the
        Servicer may direct the depository institution maintaining the
        Collection Account, the Spread Account, the Prefunding Account and the
        Capitalized Interest Account in writing (with a copy of such direction
        to the Indenture Trustee, if the Indenture Trustee is not the applicable
        depository institution) to invest funds in the Collection Account, the
        Spread Account, the Prefunding Account and the Capitalized Interest
        Account in Eligible Investments; provided that (i) in the absence of
        such directions from the Servicer, the Insurer may so direct, and (ii)
        at any time during the continuance of a Servicer Default, only the
        Insurer, or for so long as an Insurer Default shall have occurred and be
        continuing, only the Issuer, may give such investment directions. All
        such investments shall be in the name of the Indenture Trustee for the
        benefit of the Noteholders. All income or other gain from investment of
        monies deposited in or credited to the Collection Account shall be paid
        by the depository institution maintaining the Collection Account to the
        Servicer monthly. All income or other gain from investment of monies
        deposited in or credited to the Spread Account, the Prefunding Account
        and the Capitalized Interest Account shall be deposited in or credited
        to such account immediately upon receipt, and any loss resulting from
        such investment shall be charged to such account. The maximum
        permissible maturities of any investments of funds in the Collection
        Account, the Spread Account and the Capitalized Interest Account on any
        date shall not be later than the Servicer Report Date immediately
        preceding the Distribution Date next succeeding the date of such
        investment; provided, however, that if the Indenture Trustee is
        maintaining the applicable account, such funds may be invested by the
        Indenture Trustee in Eligible Investments of the entity that is serving
        as Indenture Trustee (or an entity which meets the criteria in clauses
        (i)(b) or

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<PAGE>

        (i)(c) of the definition of Eligible Account) that mature on the
        Business Day prior to such Distribution Date. The maximum permissible
        maturity of any investments of funds in the Prefunding Account on any
        date shall not be later than the next Business Day. No investment in
        Eligible Investments may be sold prior to its maturity. The funds on
        deposit in the Payment Account and the Note Distribution Account shall
        remain uninvested.

               (d) In the absence of written direction as provided above, all
        funds held in the Spread Account, the Collection Account, the Prefunding
        Account and the Capitalized Interest Account shall remain uninvested. In
        addition, if the applicable depository institution receives what it
        perceives to be conflicting directions regarding the investment of funds
        in the Collection Account, the Spread Account, the Prefunding Account or
        the Capitalized Interest Account, the directions of the Insurer shall
        control unless an Insurer Default shall have occurred and be continuing,
        in which case the directions of the Servicer shall control unless a
        Servicer Default shall have occurred and be continuing, in which case
        the directions of the Issuer shall control. In addition, the Indenture
        Trustee shall not in any way be held liable by reason of any
        insufficiency in any of the foregoing Trust Accounts held by or on
        behalf of the Indenture Trustee resulting from any investment loss on
        any Eligible Investments.

        SECTION 4.02         COLLECTIONS; TRANSFERS TO PAYAHEAD ACCOUNT;
REALIZATION UPON POLICY; NET DEPOSITS; TRANSFERS TO PAYMENT ACCOUNT.

               (a) Subject to the last sentence of this Section 4.02(a), the
        Servicer shall remit or credit all payments on a daily basis, within two
        Business Days of receipt, by or on behalf of Obligors on the Contracts,
        and all Net Liquidation Proceeds and Net Insurance Proceeds and other
        monies as required to the Collection Account. Prior to the Servicer
        Report Date, amounts with respect to Precomputed Contracts which are
        otherwise required to be deposited in or credited to the Collection
        Account pursuant to the immediately preceding sentence shall instead be
        deposited in or credited to the Payahead Account to the extent that such
        amounts are installments of Monthly P&I which are due in a Collection
        Period relating to a Distribution Date subsequent to the Distribution
        Date immediately succeeding the date of receipt. The Servicer or the
        Seller, as the case may be, each shall remit or credit to the Collection
        Account each Purchase Amount to be remitted by it with respect to
        Purchased Contracts on the Business Day preceding the Servicer Report
        Date next succeeding (i) the end of the Collection Period in which the
        applicable Contract is repurchased by the Seller pursuant to Section
        2.03, in the case of the Seller or (ii) the last day of the related cure
        period specified in Section 3.07, in the case of the Servicer.

               (b) On the Servicer Report Date, the Servicer shall determine the
        Policy Claim Amount, if any, which exists with respect to the related
        Distribution Date and submit a Distribution Date Statement pursuant to
        Section 3.09.

               (c) The Indenture Trustee shall, no later than 12:00 p.m., New
        York City time, on the third Business Day prior to each Distribution
        Date (based solely on the information contained in the Distribution Date
        Statement, delivered on the applicable Servicer Report

                                      -58-
<PAGE>

        Date), make a claim under the Policy for the Policy Claim Amount, if
        any, for such Distribution Date by delivering to the Fiscal Agent, with
        a copy to the Insurer, the Trust Agent and the Servicer, by hand
        delivery, telex or facsimile transmission, a written notice (a
        "Deficiency Notice") specifying the Policy Claim Amount, if any, for
        such Distribution Date, separately identifying the amount of the Policy
        Claim Amount payable in respect of each Class of Notes. Each Deficiency
        Notice shall direct the Insurer to remit such Policy Claim Amount to the
        Indenture Trustee for deposit in the Payment Account. In making any such
        claim, the Indenture Trustee shall comply with all the terms and
        conditions of the Policy. Upon receipt of the Policy Claim Amount, the
        Indenture Trustee shall apply the portion thereof, if any, representing
        the Deficiency Amount with respect to a Distribution Date as provided in
        Section 4.03. Any amounts received by the Indenture Trustee under the
        Policy that represent Preference Amounts shall be paid, in accordance
        with the Policy, to the applicable Noteholder(s).

               (d) So long as Onyx is the Servicer, the Servicer may make
        deposits in or credits to the Collection Account net of amounts to be
        paid to the Servicer under this Agreement. Notwithstanding the
        foregoing, the Servicer shall maintain the records and accounts for such
        deposits and credits on a gross basis.

               (e) On the Business Day immediately preceding each Distribution
        Date, based solely on the Distribution Date Statement, the Servicer
        shall cause funds equal to the amount of Net Collections available with
        respect to such Distribution Date on deposit in the Collection Account
        to be withdrawn from the Collection Account and deposited into the
        Payment Account to be distributed pursuant to Section 4.03.

        SECTION 4.03         DISTRIBUTIONS.

        On each Distribution Date, based solely on the Distribution Date
Statement, the Indenture Trustee will apply the Net Collections available from
the Payment Account, along with any amounts deposited into the Payment Account
from the Prefunding Account and the Capitalized Interest Account, with respect
to such Distribution Date to make the following deposits and distributions in
the following amounts and order of priority:

               (i)           to the Servicer, the Servicing Fee, including any
                             accrued and unpaid Servicing Fees with respect to
                             one or more prior Collection Periods;

               (ii)          to the Indenture Trustee, the Owner Trustee and the
                             Trust Agent, any accrued and unpaid fees of the
                             Indenture Trustee, the Owner Trustee and the Trust
                             Agent, in each case to the extent such fees have
                             not been previously paid by the Servicer or the
                             Administrator;

               (iii)         to the Note Distribution Account, the Note Interest
                             Distributable Amount to be paid to the Holders of
                             the Class A Notes at their respective Interest
                             Rates;

               (iv)          to the Note Distribution Account, if such
                             Distribution Date is a Note Final Scheduled
                             Distribution Date for any Class of Notes, the

                                      -59-
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                             Note Principal Distributable Amount to the extent
                             of the remaining principal amount of such Class of
                             Notes, to be paid to the Holders of such Class of
                             Notes;

               (v)           if such Distribution Date is the Mandatory Partial
                             Redemption Date, to the Note Distribution Account,
                             the Mandatory Partial Redemption Amount, to be
                             distributed to the Holders of the Class A-1 Notes
                             if such amount is less than or equal to $50,000,
                             and to be distributed to the Holders of all Notes,
                             pro rata based on the then outstanding principal
                             balance of the Notes, if such amount exceeds
                             $50,000;

               (vi)          to the Note Distribution Account, solely from Net
                             Collections (plus amounts transferred from the
                             Prefunding Account representing earnings from
                             investments therein and amounts transferred from
                             the Capitalized Interest Account, if any) remaining
                             after giving effect to the distributions described
                             in clauses (i) through (v) above, the remaining
                             Note Principal Distributable Amount (after giving
                             effect to the payment, if any, described in clauses
                             (iv) and (v) above), to be paid first to the
                             Holders of the Class A-1 Notes until the principal
                             amount of the Class A-1 Notes has been reduced to
                             zero, second, to the Holders of the Class A-2 Notes
                             until the principal amount of the Class A-2 Notes
                             has been reduced to zero, third, to the Holders of
                             the Class A-3 Notes until the principal amount of
                             the Class A-3 Notes has been reduced to zero, and
                             fourth, to the Holders of the Class A-4 Notes until
                             the principal amount of the Class A-4 Notes has
                             been reduced to zero;

               (vii)         to the Insurer, after giving effect to the
                             distributions described in clauses (i) through (vi)
                             above, (A) any amounts, including the Premium,
                             owing to the Insurer under the Insurance Agreement
                             and (B) any unreimbursed Insurer Defense Costs;

               (viii)        to the Spread Account, after giving effect to the
                             distributions described in clauses (i) through
                             (vii) above, the amount, if any, required to
                             increase the amount therein to the Spread Account
                             Maximum for such Distribution Date; and

               (ix)          any amounts remaining after distribution of the
                             Accelerated Principal Distributable Amount as part
                             of the Note Principal Distributable Amount, if
                             applicable, shall be deposited into the Spread
                             Account.

Any amounts deposited in the Payment Account pursuant to 4.04(b) with respect to
a Distribution Date and any amounts received by the Indenture Trustee as a
result of a claim under the Policy that represent the Deficiency Amount with
respect to such Distribution Date shall be applied by the Indenture Trustee
solely to make the deposits and distributions referred to in

                                      -60-
<PAGE>

clauses (i) through (iv) above, in that order of priority, but only to the
extent that the Net Collections (plus amounts transferred to the Payment Account
from the Prefunding Account, representing earnings from investments therein, and
amounts transferred to the Payment Account from the Capitalized Interest
Account, if any) with respect to such Distribution Date, after application as
provided above, were insufficient to make such deposit or distribution. In
addition, if the Insurer pays any amounts to the Indenture Trustee with respect
to a Distribution Date in connection with the Insurer's election to pay, as
provided in the Policy, all or a portion of any shortfalls in the amount of Net
Collections (plus amounts transferred to the Payment Account from the Prefunding
Account, representing earnings from investments therein, and amounts transferred
to the Payment Account from the Capitalized Interest Account, if any) with
respect to such Distribution Date available to distribute the amounts referred
to in clause (vi) above, the Indenture Trustee shall distribute the amounts so
received from the Insurer as provided in such clause.

        SECTION 4.04         SPREAD ACCOUNT.

               (a) The Spread Account will be held for the benefit of the
        Noteholders and the Insurer. On the Closing Date, the Seller shall
        deposit into the Spread Account an amount equal to the Initial Cash
        Deposit from the proceeds of the sale of the Notes.

               (b) On each Distribution Date, based solely on the Distribution
        Date Statement, the Indenture Trustee shall withdraw funds from the
        Spread Account, to the extent funds are on deposit therein, equal to the
        amount by which the sum of the amounts set forth in Section 4.03,
        clauses (i) though (iv) with respect to such Distribution Date exceeds
        the amount of Net Collections (plus amounts transferred to the Payment
        Account from the Prefunding Account, representing earnings from
        investments therein, and amounts transferred to the Payment Account from
        the Capitalized Interest Account, if any) available with respect to such
        Distribution Date. The Indenture Trustee shall deposit any such funds
        withdrawn from the Spread Account into the Payment Account to be
        distributed pursuant to Section 4.03. Funds shall also be withdrawn from
        the Spread Account by the Indenture Trustee, as directed by the Insurer
        to reimburse the Insurer for draws with respect to any Preference
        Amount. If the amount of cash on deposit in the Spread Account on any
        Distribution Date (after giving effect to all deposits thereto or
        withdrawals therefrom on such Distribution Date other than withdrawals
        relating to distributions to be made pursuant to this sentence) exceeds
        the maximum amount of the cash component of the Spread Account, as
        specified in the definition of "Spread Account Maximum" set forth in the
        Insurance Agreement, the Indenture Trustee shall, based solely on the
        Distribution Date Statement, distribute any excess first, to the
        Insurer, to the extent of any amounts owing to the Insurer pursuant to
        the Insurance Agreement and any unreimbursed Insurer Defense Costs, and
        second, to the Residual Distribution Account for distribution to holders
        of the Residual Interests pursuant to the Trust Agreement. Upon any such
        distributions to the Insurer or the holders of the Residual Interests,
        the Noteholders will have no further rights in, or claims to, such
        amounts.

               (c) Amounts held in the Spread Account shall be invested in the
        manner specified in Section 4.01(c), and such investments shall be made
        in accordance with written instructions from the Servicer; provided
        that, if the Indenture Trustee does not receive

                                      -61-
<PAGE>

        any such written instructions prior to any date on which an investment
        decision must be made, the funds held in the Spread Account will remain
        uninvested. All such investments shall be made in the name of the
        Indenture Trustee or its nominee and such investments shall not be sold
        or disposed of prior to their maturity.

               (d) Ninety-one (91) days following the termination of the Trust
        pursuant to Section 9.01 of the Trust Agreement, any amounts on deposit
        in the Spread Account, after payments of amounts due to the Noteholders
        or the Insurer pursuant to the Insurance Agreement and any unreimbursed
        Insurer Defense Costs, shall be paid to the holders of the Residual
        Interests; provided, however, that if an insolvency event of the type
        described in Section 7.01(d) or (e) with respect to any of the Seller,
        the Servicer, the Indenture Trustee or the Noteholders (collectively,
        the "POTENTIAL PREFERENCE PARTIES") shall have occurred during the
        period ending ninety-one (91) days after payment in full to the
        Noteholders of all amounts payable with respect to the Notes and the
        payment in full of the Repayment Amount then the funds on deposit in the
        Spread Account shall be retained until the date all applicable statute
        of limitation periods with respect to all applicable preference actions
        and periods have expired and during which time no preference action or
        similar proceeding at law or in equity is commenced, at which time, the
        Insurer shall direct the Indenture Trustee in writing to release all
        amounts in the Spread Account to the holders of the Residual Interests,
        pro rata in proportion to percentage portion of the Residual Interest
        (the "PERCENTAGE INTEREST") of each such holder of the Residual
        Interests. In the event that any preference action referred to above is
        commenced during any applicable statute of limitations period, funds
        deposited in the Spread Account shall be retained until the date on
        which there is a final determination by a court of competent
        jurisdiction as to whether any payment or payments made pursuant to this
        Agreement, the Indenture, the Indemnification Agreement or the Insurance
        Agreement is recoverable from any of the Insurer or the Noteholders. If
        it is so determined that a payment is so recoverable, funds deposited in
        the Spread Account shall be applied by the Indenture Trustee at the
        written direction of the Insurer first to pay any and all such claims
        with respect to such preference actions as the Noteholders and the
        Insurer may be required to pay and then to the holders of the Residual
        Interests, pro rata in proportion to their Percentage Interests. If it
        is determined that any such payment is not recoverable, the Insurer
        shall direct the Indenture Trustee in writing to release all amounts on
        deposit in the Spread Account to the holders of the Residual Interests,
        pro rata in proportion to their Percentage Interests, upon receipt by
        the Insurer of both a final order determining that such payments are not
        recoverable and an opinion of nationally recognized bankruptcy counsel
        to the effect that such appeal is final and not subject to appeal. For
        purposes of compliance with this Section 4.04(d), the Indenture Trustee
        shall be entitled to rely on written instructions from the Insurer.

               (e) In the event any of the holders of the Residual Interests
        seek to have the amounts remaining on deposit in the Spread Account
        released to holders of the Residual Interests prior to the expiration of
        the ninety-one (91) day period specified in Section 4.04(d) above, then,
        if (i) amounts payable with respect to the Notes have been fully paid to
        the Noteholders, (ii) the Repayment Amount and all other amounts owing
        to the Insurer pursuant to the Insurance Agreement and any unreimbursed
        Insurer Defense Costs have been paid in full, (iii) no case or
        proceeding described in Sections 7.01(d) or

                                      -62-
<PAGE>

        (e) has occurred with respect to the Potential Preference Parties, and
        (iv) either (A) the long term unsecured debt of the Seller and the
        Servicer is rated "BBB-" or better by Standard & Poor's and "Baa3" or
        better by Moody's, (B) the Insurer shall have received a favorable
        opinion or opinions, satisfactory in form and substance to the Insurer,
        from counsel to Onyx, the Seller and the Servicer, to the effect that in
        the event a case or proceeding described in Sections 7.01(d) or (e) were
        to occur with respect to the Potential Preference Parties, no payment
        pursuant to this Agreement or the Insurance Agreement would be
        recoverable from either the Insurer or the Noteholders, and such other
        matters as the Insurer may reasonably request, or (C) the Insurer, in
        its sole discretion, elects to have the remaining amounts on deposit in
        the Spread Account paid to the holders of the Residual Interests, then,
        in any such event, all remaining amounts on deposit in the Spread
        Account shall be paid to the holders of the Residual Interests, pro rata
        in proportion to their Percentage Interests.

        SECTION 4.05         STATEMENTS TO NOTEHOLDERS.

        (a) On each Distribution Date, the Indenture Trustee shall make
available on its website at www.sf.citidirect.com to each Noteholder of record
as of the related Record Date, and to each other party to this Agreement, a
statement, prepared by the Servicer, based on the information in the
Distribution Date Statement furnished pursuant to Section 3.09, setting forth
for such Distribution Date the following information as of the related Record
Date or such Distribution Date, as the case may be:

               (i)           the amount of such distribution allocable to
                             principal (stated separately for each Class of
                             Notes), separately identifying the aggregate amount
                             included therein of any (i) Full Prepayments of
                             principal on Precomputed Contracts and (ii) Full
                             Prepayments and partial prepayments of principal on
                             Simple Interest Contracts;

               (ii)          the amount of such distribution allocable to
                             interest (stated separately for each Class of
                             Notes);

               (iii)         the Note Distributable Amount for such Distribution
                             Date;

               (iv)          the Premium payable to the Insurer;

               (v)           the amount to be on deposit in the Spread Account
                             on such Distribution Date, before and after giving
                             effect to deposits thereto and withdrawals
                             therefrom to be made in respect of such
                             Distribution Date;

               (vi)          the amount of the withdrawal, if any, required to
                             be made from the Spread Account by the Indenture
                             Trustee, specifying as to whether such amount is to
                             be (A) deposited into the Payment Account, (B) paid
                             to the Insurer or (C) deposited into the Note
                             Distribution Account for distribution to the
                             holders of the Residual Interests pursuant to
                             Section 4.04;

                                      -63-
<PAGE>

               (vii)         the aggregate Servicing Fee with respect to the
                             Contracts for the related Collection Period;

               (viii)        the amount of fees paid to the Owner Trustee, the
                             Trust Agent and the Indenture Trustee, with respect
                             to the related Collection Period;

               (ix)          the amount of any Note Interest Carryover Shortfall
                             and Note Principal Carryover Shortfall on such
                             Distribution Date and the change in such amounts
                             from those with respect to the immediately
                             preceding Distribution Date;

               (x)           the number of, and aggregate amount of, monthly
                             principal and interest payments due on the
                             Contracts which are delinquent as of the end of the
                             related Collection Period presented on a 30-day,
                             60-day and 90-day basis;

               (xi)          the Net Collections and the Policy Claim Amount, if
                             any, for such Distribution Date;

               (xii)         the aggregate amount of Liquidation Proceeds
                             received for Defaulted Contracts;

               (xiii)        the net credit losses and Cram Down Losses for the
                             Collection Period;

               (xiv)         the number and net outstanding balance of Contracts
                             for which the Financed Vehicle has been
                             repossessed;

               (xv)          the Pool Balance and the Note Pool Factor for each
                             Class of Notes as of such Distribution Date after
                             giving effect to the distribution made on such
                             Distribution Date;

               (xvi)         on each Distribution Date occurring during and
                             immediately following the end of the Funding
                             Period, the amount on deposit in each of the
                             Prefunding Account and the Capitalized Interest
                             Account on such Distribution Date, before and after
                             giving effect to withdrawals therefrom to be made
                             in respect of such Distribution Date;

               (xvii)        on each Distribution Date occurring during and
                             immediately following the end of the Funding
                             Period, the amounts of investment earnings and
                             other amounts transferred from the Prefunding
                             Account and the amounts transferred from the
                             Capitalized Interest Account to the Payment
                             Account; and

               (xviii)       on the Distribution Date immediately following the
                             end of the Funding Period, the Mandatory Partial
                             Redemption Amount.

                                      -64-
<PAGE>

Each amount set forth pursuant to subclauses (i) or (ii) above shall be
expressed as a dollar amount per $1,000.00 of original principal amount of a
Note. Assistance in using the website can be obtained by calling the Indenture
Trustee at (212) 657-2186. Parties that are unable to use the above distribution
option are entitled to have a paper copy mailed to them via first class mail by
calling (212) 657-2186. The Indenture Trustee shall have the right to change the
way the statements to Noteholders are distributed in order to make such
distribution more convenient, and the Indenture Trustee shall provide timely and
adequate notification to all above parties regarding such changes.

        (b) Within a reasonable period of time after the end of each calendar
year, but not later than the latest date permitted by law, the Servicer shall
prepare and furnish to the Issuer, the Indenture Trustee and each Paying Agent,
and the Paying Agent for the Notes and the Paying Agent for the Residual
Interest Instruments shall furnish to each Person who on any Record Date during
such calendar year shall have been a Holder of a Note or a Residual Interest
Instrument, respectively, a statement or statements containing the sum of the
amounts set forth in clauses (i) and (ii) above for such calendar year and such
other information as is reasonably necessary for the preparation of such
Person's federal income tax return in respect of the Notes or Residual Interest
Instruments or, in the event such Person shall have been a Holder of a Note or a
Residual Interest Instrument during a portion of such calendar year, for the
applicable portion of such year, for the purposes of such Noteholder's or
Residual Interestholder's preparation of federal income tax returns.

        SECTION 4.06         CAPITALIZED INTEREST ACCOUNT.

        (a) Pursuant to Section 4.01, the Servicer shall establish the
Capitalized Interest Account in the name of the Indenture Trustee for the
benefit of the Noteholders and the Insurer.

        (b) On the Closing Date, the Seller shall deposit the Initial
Capitalized Interest Amount into the Capitalized Interest Account.

        (c) On the Business Day immediately preceding each Distribution Date,
based solely on the Distribution Date Statement, the Indenture Trustee shall
withdraw or cause to be withdrawn funds equal to the Capitalized Interest Amount
with respect to such Distribution Date from amounts on deposit in the
Capitalized Interest Account and deposit or cause to be deposited such funds
into the Payment Account, to be distributed pursuant to Section 4.03.

        (d) On each Distribution Date during and immediately following the
Funding Period, based on the written instructions of the Servicer, the Indenture
Trustee shall release to the Seller from the Capitalized Interest Account an
amount such that the balance remaining in the Capitalized Interest Account after
such release and after any transfer of the Capitalized Interest Amount to the
Payment Account pursuant to Section 4.06(c) will equal the Maximum Capitalized
Interest Amount. On the Distribution Date following the Mandatory Partial
Redemption Date, the Indenture Trustee shall release to the Seller any amounts
remaining on deposit in the Capitalized Interest Account after giving effect to
the required distribution to Noteholders on such date.

                                      -65-
<PAGE>

        SECTION 4.07         PREFUNDING ACCOUNT.

        (a) Pursuant to Section 4.01, the Servicer shall establish the
Prefunding Account in the name of the Indenture Trustee for the benefit of the
Noteholders and the Insurer.

        (b) On the Closing Date, the Seller shall deposit into the Prefunding
Account an amount equal to the Prefunded Amount from the proceeds of the sale of
the Notes. Provided the Indenture Trustee has received the related Transfer
Certificate on the Business Day immediately preceding the Prefunding Transfer
Date, the Indenture Trustee shall withdraw from the Prefunding Account an amount
equal to the Outstanding Principal Balance of the Prefunded Contracts (as
indicated in the Transfer Certificate and determined as of the related
Prefunding Cut-Off Date) that have been delivered to the Custodian, on behalf of
the Indenture Trustee, and wire such amount by federal funds to the Seller's
account listed in the Transfer Certificate relating to such Prefunding Transfer
Date by 1:00 p.m. California time on such Prefunding Transfer Date.

        (c) If any amount remains on deposit in the Prefunding Account on the
last day of the Funding Period, such amount shall be invested at the written
instruction of the Servicer in a single Eligible Investment which matures on the
Business Day preceding the Mandatory Partial Redemption Date; provided, that in
the event no such Eligible Investment is available, such amount shall not be
invested but shall be held in the Prefunding Account uninvested.

        (d) On the Business Day preceding the Mandatory Partial Redemption Date,
the Servicer shall instruct the Indenture Trustee in writing to withdraw the
Mandatory Partial Redemption Amount from the Prefunding Account and deposit such
amount in the Payment Account on such Business Day.

        (e) On the Business Day immediately preceding each Distribution Date
following a Collection Period during which amounts are on deposit in the
Prefunding Account, the Indenture Trustee shall withdraw the earnings on all
investments in the Prefunding Account and deposit such amount in the Payment
Account on such Business Day.

        SECTION 4.08         REQUIREMENTS RELATING TO PREFUNDING ACCOUNT.

        The transfer of Prefunded Contracts to the Trust shall be subject to
each of, and Prefunded Contracts shall not be transferred to the Trust to the
extent such transfer would result in the violation of any of, the following
restrictions and limitations, as well as the conditions set forth in Section
2.01(c):

        (a) The period during which Prefunded Contracts may be transferred to
the Trust (the "FUNDING PERIOD") shall begin on the Closing Date and end no
later than the earliest to occur of: (i) the date on which the balance in the
Prefunding Account is less than $2,500.00; (ii) the date on which a Servicer
Default or an Indenture Event of Default occurs; or (iii) the close of business
on January 20, 2003.

        (b)  [Reserved].

                                      -66-
<PAGE>

        (c) Each of the Prefunded Contracts shall meet the same terms and
conditions for eligibility as those of the Funded Contracts; provided, that the
terms and conditions for determining the eligibility of a Prefunded Contract may
be changed if such changes receive prior approval by the Insurer, with notice
given to each Rating Agency.

        (d) The transfer of Prefunded Contracts shall not result in any Note
receiving a lower credit rating from a Rating Agency upon termination of the
Funding Period than the rating obtained as of the time of the initial issuance
of the Notes by the Trust without regard to the Policy.

                                    ARTICLE V

                                   THE SELLER

        SECTION 5.01         LIABILITY OF SELLER.

        The Seller shall be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Seller under this Agreement.

        SECTION 5.02         MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, SELLER; CERTAIN LIMITATIONS.

        The Seller shall not consolidate with or merge into any other
corporation or convey, transfer or lease substantially all of its assets as an
entirety to any Person unless the corporation formed by such consolidation or
into which the Seller has merged or the Person which acquires by conveyance,
transfer or lease substantially all the assets of the Seller as an entirety, can
lawfully perform the obligations of the Seller hereunder and executes and
delivers to the Issuer, the Trust Agent, the Indenture Trustee and the Insurer
an agreement in form and substance reasonably satisfactory to the Issuer, the
Trust Agent, the Indenture Trustee and the Insurer, which contains an assumption
by such successor entity of the due and punctual performance and observance of
each covenant and condition to be performed or observed by the Seller under this
Agreement.

        SECTION 5.03         LIMITATION ON LIABILITY OF SELLER AND OTHERS.

        The Seller and any director or officer or employee or agent of the
Seller 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 Seller shall not be under any obligation to appear in, prosecute or defend
any legal action that shall not be incidental to its obligations under this
Agreement, and that in its opinion may involve it in any expense or liability.

        SECTION 5.04         SELLER NOT TO RESIGN.

        Subject to the provisions of Section 5.02, the Seller shall not resign
from the obligations and duties hereby imposed on it as Seller under this
Agreement.

                                      -67-
<PAGE>

        SECTION 5.05         SELLER MAY OWN NOTES AND RESIDUAL INTEREST
INSTRUMENTS.

        The Seller and any Affiliate thereof may in its individual or any other
capacity become the owner or pledgee of Notes or Residual Interest Instruments
with the same rights as it would have if it were not the Seller or an Affiliate
thereof, except as expressly provided herein or in any Basic Document. Notes or
Residual Interest Instruments so owned by or pledged to the Seller or such
Affiliate shall have an equal and proportionate benefit under the provisions of
this Agreement, without preference, priority or distinction as among all Classes
of the Notes or Residual Interest Instruments, as the case may be.

                                   ARTICLE VI

                                  THE SERVICER

        SECTION 6.01         LIABILITY OF SERVICER; INDEMNITIES.

        Subject to Section 7.02, the Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Servicer under this Agreement. Such obligations shall include the following:

        (a) The Servicer shall defend, indemnify and hold harmless the Issuer,
the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian, their respective officers, directors, agents and employees, and the
Noteholders from and against any and all costs, expenses, losses, damages,
claims and liabilities, arising out of or resulting from the use, ownership or
operation by the Servicer or any Affiliate thereof of a Financed Vehicle.

        (b) The Servicer shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian (if the Custodian is not the Servicer) and their respective officers,
directors, agents and employees from and against any taxes that may at any time
be asserted against the Issuer, the Owner Trustee, the Trust Agent, the
Indenture Trustee, the Insurer or the Custodian with respect to the transactions
contemplated herein and in the other Basic Documents, including, without
limitation, any sales, gross receipts, general corporation, tangible personal
property, privilege or license taxes (but, not including (i) in the case of the
Issuer, any taxes asserted with respect to, and as of the date of, the sale of
the Contracts to the Issuer or the issuance and original sale of the Notes, or
(ii) any taxes asserted with respect to ownership of the Contracts, or (iii) any
federal or other income taxes arising out of distributions on the Notes) and
costs and expenses in defending against the same.

        (c) The Servicer shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian (if the Custodian is not the Servicer), their respective officers,
directors, agents and employees and the Noteholders from and against any and all
costs, expenses, losses, claims, damages and liabilities to the extent that such
cost, expense, loss, claim, damage or liability arose out of, or was imposed
upon any such Person through, the negligence (other than errors in judgment),
willful misfeasance or bad faith of the Servicer or the Seller in the
performance of their respective duties under this Agreement.

                                      -68-
<PAGE>

        (d) The Servicer shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee, the Trust Agent, the Indenture Trustee, the Insurer, the
Custodian (if the Custodian is not the Servicer) and their respective officers,
directors, agents and employees from and against any and all costs, expenses,
losses, claims, damages and liabilities arising out of or incurred in connection
with the acceptance or performance of the trusts and duties herein and, in the
case of the Owner Trustee and the Trust Agent, in the Trust Agreement and, in
the case of the Indenture Trustee, in the Indenture, except to the extent that
such cost, expense, loss, claim, damage or liability (i) shall be due to the
willful misfeasance, bad faith or negligence of the Owner Trustee, the Trust
Agent, the Indenture Trustee, the Insurer or the Custodian, as the case may be;
(ii) relates to any tax other than the taxes with respect to which either the
Servicer shall be required to indemnify the Issuer, the Owner Trustee, the Trust
Agent, the Indenture Trustee, the Insurer or the Custodian; or (iii) shall arise
from the Trust Agent's, the Owner Trustee's or the Indenture Trustee's breach of
any of their respective representations or warranties set forth herein, in the
Trust Agreement or in the Indenture.

        (e) In addition to the indemnification obligations set forth above, and
without duplication, the Servicer shall indemnify the Owner Trustee, the Trust
Agent, each co-trustee and their respective officers, directors, employees,
successors, assigns, agents and servants from and against any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and
any and all reasonable costs, expenses and disbursements (including reasonable
legal fees and expenses) of any kind and nature whatsoever in any way relating
to or arising out of the Trust Agreement, the other Basic Documents, the Trust
Estate (as defined in the Trust Agreement), the administration of the Trust
Estate or the action or inaction of the Owner Trustee, Trust Agent or any
co-trustee under the Trust Agreement, except to the extent that such
liabilities, obligations, losses, damages, taxes, claims, actions, suits, costs,
expenses and disbursements (i) shall be due to the willful misconduct or
negligence of the Owner Trustee, the Trust Agent, a co-trustee or such other
party seeking indemnification, as the case may be, or (ii) shall arise from the
inaccuracy of any representation or warranty contained in Section 7.03 of the
Trust Agreement expressly made by the Owner Trustee or the Trust Agent, as the
case may be. In the event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section 6.01(e), the choice of legal counsel by
the Owner Trustee or the Trust Agent, as applicable, shall be subject to the
approval of the Servicer, which approval shall not be unreasonably withheld.

        (f) Indemnification under this Section shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation.
If the Servicer shall have made any indemnity payments pursuant to this section
and the recipient thereafter collects any of such amounts from others, the
recipient Person shall promptly repay such amounts to the Servicer, without
interest.

        (g) This Section 6.01 shall survive the resignation or removal of the
Owner Trustee, the Trust Agent, the Custodian and the Indenture Trustee and the
termination of this Agreement, the Trust Agreement and the Indenture.

        SECTION 6.02         CORPORATE EXISTENCE; STATUS AS SERVICER; MERGER.

        (a) The Servicer shall keep in full effect its existence, rights and
franchises as a corporation incorporated under the laws of the State of
Delaware, and will obtain and preserve its

                                      -69-
<PAGE>

qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of the Contract Documents and this Agreement.

        (b) The Servicer shall not consolidate with or merge into any other
corporation or convey, transfer or lease all or substantially all of its assets
as an entirety to any Person or engage in any corporate transaction pursuant to
which the surviving or successor entity is not Onyx Acceptance Corporation,
unless (i) such entity is at least rated investment grade by the Rating
Agencies, (ii) the Insurer shall have consented thereto in writing and (iii)
such entity executes and delivers to the Issuer, the Indenture Trustee and the
Insurer an agreement in form and substance reasonably satisfactory to the
Issuer, the Indenture Trustee and the Insurer, which contains an assumption by
such successor entity of the due and punctual performance and observance of each
covenant and condition to be performed or observed by the Servicer under this
Agreement.

        SECTION 6.03         PERFORMANCE OF OBLIGATIONS

        (a) The Servicer shall punctually perform and observe all of its
obligations and agreements contained in this Agreement.

        (b) The Servicer shall not take any action, or permit any action to be
taken by others, which would excuse any person from any of its covenants or
obligations under any of the Contract Documents or under any other instrument
included in the Trust Property, or which would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any of the Contract Documents or any such
instrument, except as expressly provided herein and therein.

        SECTION 6.04         SERVICER NOT TO RESIGN; ASSIGNMENT.

        (a) The Servicer shall not resign from the duties and obligations hereby
imposed on it except upon determination by its Board of Directors that by reason
of change in applicable legal requirements the continued performance by the
Servicer of its duties hereunder would cause it to be in violation of such legal
requirements in a manner which would result in a material adverse effect on the
Servicer or its financial condition, said determination to be evidenced by a
resolution of its Board of Directors to such effect accompanied by an Opinion of
Counsel, satisfactory to the Issuer, the Insurer and the Indenture Trustee, to
such effect. No such resignation shall become effective unless and until (i) the
Indenture Trustee assumes all of the Servicer's obligations under this Agreement
or (ii) a new servicer acceptable to the Issuer, the Indenture Trustee and the
Insurer is willing to service the Contracts and enters into a servicing
agreement with the Issuer, the Indenture Trustee and the Insurer in form and
substance substantially similar to this Agreement and satisfactory to the
Issuer, the Indenture Trustee and the Insurer, and each Rating Agency confirms
that the selection of such new servicer will not result in the qualification,
reduction or withdrawal of its then-current rating of each Class of Notes
assigned by such Rating Agency. No such resignation by the Servicer shall affect
the obligation of the Servicer to repurchase Contracts pursuant to Section 3.07.

                                      -70-
<PAGE>

        (b) Except as specifically permitted in this Agreement, the Servicer may
not assign this Agreement or any of its rights, powers, duties or obligations
hereunder; provided that (i) the Servicer may assign this Agreement in
connection with a consolidation, merger, conveyance, transfer or lease made in
compliance with Section 6.02(b).

        (c) Except as provided in Sections 6.04(a) and (b), the duties and
obligations of the Servicer under this Agreement shall continue until this
Agreement shall have been terminated as provided in Section 8.01 or the Trust
shall have been terminated as provided by the terms of the Trust Agreement, and
shall survive the exercise by the Issuer, the Indenture Trustee or the Insurer
of any right or remedy under this Agreement, or the enforcement by the Issuer,
the Indenture Trustee or any Noteholder, or the Insurer of any provision of the
Notes, the Insurance Agreement or this Agreement.

        (d) The resignation of the Servicer in accordance with this Section
shall not affect the rights of the Seller hereunder. If the Servicer resigns
pursuant to this Section, its appointment as custodian may be terminated
pursuant to Section 2.08.

        SECTION 6.05         LIMITATION ON LIABILITY OF SERVICER AND OTHERS.

        Neither the Servicer nor any of the directors, officers, employees or
agents of the Servicer shall be under any liability to the Issuer or the
Noteholders, except as provided under this Agreement, for any action taken or
for refraining from the taking of any action pursuant to this Agreement or for
errors in judgment; provided, however, that this provision shall not protect the
Servicer or any such person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence (except errors
in judgment) in the performance of duties or by reason of reckless disregard of
obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any person
respecting any matters arising under this Agreement.

        Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to service the Contracts in accordance with this
Agreement, and that in its opinion may involve it in any expense or liability;
provided, however, that the Servicer may undertake any reasonable action that it
may deem necessary or desirable in respect of this Agreement and the other Basic
Documents and the rights and duties of the parties to this Agreement and the
other Basic Documents and the interests of the Noteholders under this Agreement
and the other Basic Documents.

                                   ARTICLE VII

                                     DEFAULT

        SECTION 7.01         EVENTS OF DEFAULT.

        If any one of the following events (each, a "SERVICER DEFAULT") shall
occur and be continuing:

                                      -71-
<PAGE>

        (a) any failure by the Servicer to deposit or credit to the Collection
Account or the Payahead Account any amount required under this Agreement to be
so deposited or credited that shall continue unremedied for a period of three
Business Days after written notice of such failure is received by the Servicer
from the Issuer, the Indenture Trustee or the Insurer or after discovery of such
failure by an officer of the Servicer;

        (b) the Insurer, the Indenture Trustee, the Issuer or the Trust Agent
shall not have received a report in accordance with Section 3.09 by the Servicer
Report Date with respect to which such report is due;

        (c) any failure on the part of the Seller or the Servicer duly to
observe or to perform in any material respect any other covenants or agreements
of the Seller or the Servicer set forth in this Agreement or any other Basic
Document, which failure shall (i) materially and adversely affect the rights of
the Noteholders, the Insurer, the Issuer, the Owner Trustee or the Indenture
Trustee and (ii) continue unremedied for a period of 30 days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given (A) to the Seller or the Servicer, as the case may be, by the
Insurer, the Issuer, the Owner Trustee or the Indenture Trustee or (B) to the
Seller or the Servicer, as the case may be, and to the Issuer and the Indenture
Trustee by the Holders of Notes, acting together as a single Class, evidencing
in the aggregate not less than 25% of the outstanding amount of the Notes, or
(2) so long as no Insurer Default has occurred and is continuing, by the
Insurer;

        (d) the entry of a decree or order for relief by a court or regulatory
authority having jurisdiction in respect of the Servicer or the Seller in an
involuntary case under the federal bankruptcy laws, as now or hereafter in
effect, or another present or future, federal or state, bankruptcy, insolvency
or similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Servicer or the Seller
or of any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Servicer or the Seller and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive
days or the commencement of an involuntary case under the federal bankruptcy
laws, as now or hereinafter in effect, or another present or future federal or
state bankruptcy, insolvency or similar law and such case is not dismissed
within 60 days;

        (e) the commencement by the Servicer or the Seller of a voluntary case
under the federal bankruptcy laws, as now or hereafter in effect, or any other
present or future, federal or state, bankruptcy, insolvency or similar law, or
the consent by the Servicer or the Seller to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Servicer or the Seller or of any substantial
part of its property or the making by the Servicer or the Seller of an
assignment for the benefit of creditors or the failure by the Servicer or the
Seller generally to pay its debts as such debts become due or the taking of
corporate action by the Servicer or the Seller in furtherance of any of the
foregoing;

        (f) any change of control of the Servicer in violation of the covenant
set forth in Section 6.02 hereof;

        (g) any representation, warranty or statement of the Servicer or the
Seller made in this Agreement or any certificate, report or other writing
delivered pursuant hereto shall prove to

                                      -72-
<PAGE>

be incorrect in any material respect as of the time when the same shall have
been made (excluding, however, any representation or warranty as to which
Section 2.03 or 3.07 shall be applicable so long as the Servicer or the Seller
shall be in compliance with Section 2.03 or 3.07, as the case may be), and the
incorrectness of such representation, warranty or statement has a material
adverse effect on the Noteholders or the Insurer and, within 30 days after
written notice thereof shall have been given to the Servicer or the Seller by
the Indenture Trustee or the Issuer or by Holders evidencing in the aggregate
not less than 25% of the outstanding amount of the Notes, acting together as a
single Class, or, so long as no Insurer Default has occurred and is continuing,
by the Insurer, the circumstance or condition in respect of which such
representation, warranty or statement was incorrect shall not have been
eliminated or otherwise cured;

        (h) a Trigger Event (as defined in the Insurance Agreement) shall have
occurred;

then and in each and every case, so long as such Servicer Default shall not have
been remedied, either (i) the Insurer, provided no Insurer Default has occurred
and is continuing or (ii) if an Insurer Default has occurred and is continuing
Holders evidencing not less than 25% of the outstanding principal amount of the
Notes, acting together as a single Class, or the Indenture Trustee acting on
behalf of the Noteholders, and not the Seller, by notice then given in writing
to the Servicer (and to the Insurer, the Indenture Trustee and the Issuer if
given by the Noteholders) may terminate all the rights and obligations of the
Servicer under this Agreement. Upon such termination, termination of the
Servicer as custodian, if the Servicer is acting as such, can be made pursuant
to Section 2.08. On or after the receipt by the Servicer of such written notice,
all authority and power of the Servicer under this Agreement, whether with
respect to the Notes, the Contracts or otherwise, shall, without further action,
pass to and be vested in the Indenture Trustee or such Successor Servicer as may
be appointed under Section 7.02; and, without limitation, the Indenture Trustee
and the Issuer are hereby authorized and empowered to execute and deliver on
behalf of the Servicer, as attorney-in fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement of the Contracts and related
documents, or otherwise. The Servicer shall cooperate with the Indenture Trustee
and the Issuer in effecting the termination of the responsibilities and rights
of the Servicer under this Agreement, including the transfer to the Indenture
Trustee for administration by it of all cash amounts that (i) shall at the time
be held by the Servicer for deposit in, or shall have been deposited by the
Servicer in, the Collection Account or Payahead Account or (ii) shall thereafter
be received by it with respect to any Contract.

        Notwithstanding the foregoing, in the event that Onyx is not the
Servicer, then all references to the Seller in this Section 7.01 shall be of no
force and effect, and no act of Seller shall constitute a Servicer Default
hereunder.

        SECTION 7.02         TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR.

        Upon the termination of the Servicer by the Insurer pursuant to Section
7.01 or resignation of the Servicer pursuant to Section 6.04, the Insurer shall
appoint a successor servicer ("SUCCESSOR SERVICER"). Upon the termination of the
Servicer by the Indenture Trustee or the Noteholders pursuant to Section 7.01,
or upon the resignation of the Servicer pursuant to Section 6.04 in the event
that the Insurer is not entitled to appoint a successor servicer by operation of

                                      -73-
<PAGE>

Section 9.08, (i) if the Notes have not been paid in full, the Indenture Trustee
shall be the Successor Servicer, and (ii) if the Notes have been paid in full,
the Owner Trustee, acting at the direction of the Holders of Residual Interest
Instruments evidencing not less than 51% of the Percentage Interests shall
appoint a Successor Servicer. The Successor Servicer shall succeed to all the
responsibilities, duties and liabilities of the Servicer under this Agreement,
except that such Successor Servicer shall not be obligated to purchase Contracts
pursuant to Section 3.07. If the Indenture Trustee acts as Successor Servicer,
the Indenture Trustee shall be entitled to such compensation (whether payable
out of the Collection Account or otherwise) as the Servicer would have been
entitled to under this Agreement if no such notice of termination shall have
been given. Notwithstanding the foregoing, if the Notes have not been paid in
full, the Indenture Trustee may, if it shall be unwilling to act, or shall, if
it shall be legally unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established financial institution, having a net
worth of not less than $50,000,000 and whose regular business shall include the
servicing of automotive retail installment sales contracts, as the successor to
the Servicer under this Agreement. Pending appointment of any such Successor
Servicer, the Indenture Trustee shall act in such capacity as provided above. In
connection with such appointment, the Indenture Trustee or any other Successor
Servicer may make such arrangements for the compensation of such successor out
of payments on Contracts as it, the Insurer and such successor shall agree;
provided, however, (i) that such amount shall equal the product of a fixed
percentage rate and the Principal Balance, as of the commencement of each
Collection Period, of each Contract and (ii) that no such compensation shall be
in excess of that previously permitted the Servicer under this Agreement. The
Indenture Trustee and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession.

        SECTION 7.03         NOTIFICATION TO NOTEHOLDERS AND RESIDUAL
INTERESTHOLDERS.

        Upon any termination of, or appointment of a successor to, the Servicer
pursuant to this Article, the Trust Agent shall give prompt written notice
thereof to Residual Interestholders at their respective addresses appearing in
the Certificate Register, and the Indenture Trustee shall give prompt written
notice thereof to Noteholders at their respective addresses appearing in the
Note Register.

        SECTION 7.04         WAIVER OF PAST DEFAULTS.

        Upon the occurrence of a Servicer Default, unless an Insurer Default
shall have occurred and be continuing, the Insurer, and only the Insurer, may
waive any default by the Servicer or the Seller, as the case may be, in the
performance of its obligations under this Agreement except a Servicer Default in
making any required deposits to or payment from the Trust Accounts in accordance
with this Agreement. Upon the occurrence of a Servicer Default, if an Insurer
Default has occurred and is continuing, Holders evidencing not less than 51% of
the outstanding principal amount of the Notes, acting together as a single
Class, on behalf of all Noteholders, shall have the right to waive any default
by the Servicer or the Seller, as the case may be, in the performance of its
obligations under this Agreement except a Servicer Default in making any
required deposits to or payment from the Trust Accounts in accordance with this
Agreement. A Servicer Default in making any required deposits to or payment from
the Trust Accounts in accordance with this Agreement may only be waived with the
consent of the Insurer (if no

                                      -74-
<PAGE>

Insurer Default shall have occurred and be continuing) and Holders evidencing
100% of the outstanding principal amount of the Notes. No such waiver shall
impair the Insurer's or the Noteholders' rights with respect to subsequent
defaults.

        SECTION 7.05         INSURER DIRECTION OF INSOLVENCY PROCEEDINGS.

        The Indenture Trustee, upon the actual knowledge of a Responsible
Officer of the Indenture Trustee, shall promptly notify the Insurer of (i) the
commencement of any of the events or proceedings (individually, an "INSOLVENCY
PROCEEDING") described in the Section 7.01(d) or 7.01(e) hereof and (ii) the
making of any claim in connection with any Insolvency Proceeding seeking the
avoidance as a preferential transfer (a "PREFERENCE CLAIM") of any payment of
principal of, or interest on, any Notes. Any Preference Amounts paid by the
Insurer shall be reimbursed to the Insurer as provided in Section 4.03 and
4.04(b). Each Noteholder, by its purchase of Notes, the Owner Trustee, the Trust
Agent and the Indenture Trustee hereby agree that, so long as no Insurer Default
has occurred and is continuing, the Insurer may at any time during the
continuation of an Insolvency Proceeding direct all matters relating to such
Insolvency Proceeding, including, without limitation, (i) all matters relating
to any Preference Claim, (ii) the direction of any appeal of any order relating
to any Preference Claim and (iii) the posting of any surety or performance bond
pending any such appeal. The Insurer shall be subrogated to the rights of the
Indenture Trustee, the Owner Trustee, the Trust Agent and each Noteholder in the
conduct of any Insolvency Proceeding, including, without limitation, all rights
of any party to an adversary proceeding action with respect to any court order
issued in connection with any such Insolvency Proceeding.

                                  ARTICLE VIII

                                   TERMINATION

        SECTION 8.01         OPTIONAL PURCHASE OF ALL TRUST PROPERTY;
SATISFACTION AND DISCHARGE OF THE INDENTURE.

        (a) On each Distribution Date as of which the Pool Balance is 10% or
less of the Original Pool Balance, the Servicer shall have the option to
purchase the remaining Trust Property from the Trust. Notice of the exercise of
such option shall be given by the Servicer to the Issuer, the Trust Agent, the
Indenture Trustee and the Insurer not later than the 10th day prior to the
specified Distribution Date and not earlier than the 15th day of the month prior
to the month of the specified Distribution Date. To exercise such option, the
Servicer shall pay to the Indenture Trustee for the benefit of the Noteholders,
by deposit in the Collection Account on the Business Day immediately preceding
the related Distribution Date, the greater of (i) the sum of (x) the Pool
Balance on the date of repurchase plus (y) accrued and unpaid interest on the
Contracts and (ii) the sum of (x) the aggregate unpaid principal amount of the
Notes plus (y) accrued and unpaid interest thereon plus (z) all amounts due to
the Insurer under the Insurance Agreement and any unreimbursed Insurer Defense
Costs. Such purchase shall be deemed to have occurred on the last day of the
related Collection Period.

        (b) Notice of any termination of the Trust shall be given by the
Servicer to the Owner Trustee, the Trust Agent, the Insurer and the Indenture
Trustee as soon as practicable

                                      -75-
<PAGE>

after the Servicer has received notice thereof. Such notice shall conform to the
notice described in Section 9.01(c) of the Trust Agreement.

        (c) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the Residual
Interestholders will succeed to the rights of the Noteholders hereunder and the
Owner Trustee and, on its behalf, the Trust Agent, will succeed to the rights
of, and assume the obligations of, the Indenture Trustee pursuant to this
Agreement.

        SECTION 8.02         TRANSFER TO THE INSURER.

        If (i) there are one or more Outstanding Contracts at the end of the
Collection Period ending immediately prior to the Class A-4 Final Scheduled
Distribution Date and (ii) an amount sufficient to pay the Note Distributable
Amount on the Class A-4 Final Scheduled Distribution Date has been deposited
with the Indenture Trustee by the Insurer for the benefit of the Noteholders,
then on the Class A-4 Final Scheduled Distribution Date, the Class A-4 Notes
shall be deemed to be transferred by the Class A-4 Noteholders to the Insurer or
its designee as purchaser thereof at the opening of business on the Class A-4
Final Scheduled Distribution Date and the Indenture Trustee shall execute, and
the Trust Agent shall authenticate and deliver to the Insurer or its designee,
in the name of the Insurer or its designee, as the case may be, a new Class A-4
Note evidencing the entire outstanding principal amount of the Class A-4 Notes.
Such new Class A-4 Note shall have the same terms as the Class A-4 Notes deemed
transferred by the Class A-4 Noteholders. No service charge shall be made for
the issuance of such Class A-4 Note to the Insurer or its designee, but the
Indenture Trustee or Trust Agent may require payment of a sum sufficient to
cover any tax or other governmental charge imposed in connection therewith. Such
transfer shall not diminish or restrict the Insurer's rights hereunder or under
the Insurance Agreement.

                                   ARTICLE IX

                                  MISCELLANEOUS

        SECTION 9.01         AMENDMENT.

        (a) This Agreement may be amended by the Issuer, the Seller, the
Servicer, the Indenture Trustee and the Trust Agent, collectively, with the
prior written consent of the Insurer, but without the consent of any
Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement which are inconsistent with the provisions herein, or to make any
other provisions with respect to matters or questions arising under this
Agreement which are not inconsistent with the provisions of this Agreement;
provided, however, that any such action shall not materially and adversely
affect the interests of any Noteholder; and provided, further, that any such
amendment shall be deemed not to materially and adversely affect the interests
of any Noteholder if the Person requesting the amendment obtains a letter or
confirmation from each Rating Agency to the effect that such amendment would not
result in a downgrading or withdrawal of the ratings then assigned to the
applicable Notes by such Rating Agency.

                                      -76-
<PAGE>

        (b) This Agreement may also be amended by the Issuer, the Seller, the
Servicer, the Indenture Trustee and the Trust Agent, with the consent of the
Insurer and the Holders of Notes evidencing in the aggregate not less than 51%
of the principal amount of the Notes then outstanding, acting together as a
single Class, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement, or of modifying
in any manner the rights of the Noteholders; provided, however, that no such
amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on the Contracts or
distributions that shall be required to be made for the benefit of the
Noteholders or (ii) reduce the aforesaid percentage of the outstanding amount of
the Notes the Holders of which are required to consent to any such amendment,
without the consent of all affected Noteholders.

        (c) Promptly after the execution of any such amendment or consent, the
Indenture Trustee shall furnish the written notification of the substance of
such amendment or consent to each Noteholder, respectively.

        (d) It shall not be necessary for the consent of Noteholders pursuant to
Section 9.01(b) to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents and of evidencing the
authorization by Noteholders of the execution thereof shall be subject to such
reasonable requirements as the Indenture Trustee may prescribe. Any consent by a
Noteholder to an amendment of the Agreement shall be conclusive and binding on
such Noteholder and upon all future Noteholders of such Note and of any Note
issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made upon such Note.

        (e) The Trust Agent and the Indenture Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Trust Agent's or
the Indenture Trustee's own rights, duties or immunities under this Agreement or
otherwise and any such amendment shall be unenforceable in its entirety absent
the execution of such amendment by the Trust Agent and the Indenture Trustee.

        SECTION 9.02         PROTECTION OF TITLE TO TRUST PROPERTY.

        (a) The Servicer shall execute and file such financing statements and
cause to be executed and filed such continuation statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Issuer, the Noteholders, the Indenture Trustee, the
Trust Agent and the Insurer in the Contracts and in the proceeds thereof. The
Servicer shall deliver (or cause to be delivered) to the Trust Agent and the
Indenture Trustee file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing.

        (b) Neither the Seller nor the Servicer shall change its name, identity
or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed in accordance with Section
9.02(a) seriously misleading within the meaning of Section 9-508(b) of the UCC,
unless it shall have given the Insurer, the Trust Agent and the Indenture
Trustee at least 60 days' prior written notice thereof.

                                      -77-
<PAGE>

        (c) The Seller and the Servicer shall give the Insurer, the Trust Agent
and the Indenture Trustee at least 60 days' prior written notice of any
relocation of the state of organization of the Seller and the Servicer if, as a
result of such relocation, the applicable provisions of the UCC would require
the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement. The Servicer shall at all times
maintain each office from which it shall service Contracts, and its principal
executive office, within the United States.

        (d) The Servicer shall maintain or cause to be maintained accounts and
records as to each Contract accurately and in sufficient detail to permit (i)
the reader thereof to know at any time the status of such Contract, including
payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on (or with respect to) each
Contract and the amounts from time to time deposited in or credited to the
Collection Account and the Payahead Account in respect of such Contract.

        (e) The Servicer shall maintain or cause to be maintained its computer
systems so that, from and after the time of sale under this Agreement of the
Contracts to the Issuer, the Servicer's master computer records (including any
backup archives) that shall refer to a Contract indicate clearly the interest of
the Issuer and the Indenture Trustee in such Contract and that such Contract is
owned by the Issuer and has been pledged to the Indenture Trustee.

        (f) If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in automotive
retail installment sales contracts or installment loan agreements to any
prospective purchaser, lender or other transferee, the Servicer shall give or
cause to be given to such prospective purchaser, lender or other transferee
computer tapes, records or print-outs (including any restored from back-up
archives) that, if they shall refer in any manner whatsoever to any Contract,
shall indicate clearly that such Contract has been sold and is owned by the
Issuer and has been pledged to the Indenture Trustee.

        (g) The Servicer shall permit the Owner Trustee, the Trust Agent, the
Indenture Trustee and the Insurer and their respective agents, at any time
during normal business hours, to inspect, audit and make copies of and abstracts
from the Servicer's records regarding any Contract.

        (h) Upon request, the Servicer shall furnish to the Owner Trustee, the
Trust Agent, the Indenture Trustee and the Insurer, within five Business Days, a
list of all Contracts then held as part of the Trust Property, together with a
reconciliation of such list to the Schedule of Contracts and to each of the
Distribution Date Statements furnished before such request indicating removal of
Contracts from the Trust.

        (i) The Servicer shall deliver to the Trust Agent, the Indenture Trustee
and the Insurer:

               (i)           promptly after the execution and delivery of this
                             Agreement and of each amendment hereto, an Opinion
                             of Counsel stating that, in the opinion of such
                             counsel, all financing statements and continuation
                             statements have been authorized and filed that are
                             necessary fully

                                      -78-
<PAGE>

                             to preserve and protect the interest of the Issuer
                             and the Indenture Trustee in the Contracts, and
                             reciting the details of such filings or referring
                             to prior Opinions of Counsel in which such details
                             are given, or (B) stating that, in the opinion of
                             such counsel, no such action shall be necessary to
                             preserve and protect such interest; and

               (ii)          within 90 days after the beginning of each calendar
                             year beginning with the first calendar year
                             beginning more than three months after the Closing
                             Date an Opinion of Counsel, dated as of a date
                             during such 90-day period, either (A) stating that,
                             in the opinion of such counsel, all financing
                             statements and continuation statements have been
                             authorized and filed that are necessary fully to
                             preserve and protect the interest of the Issuer and
                             the Indenture Trustee in the Contracts, and
                             reciting the details of such filings or referring
                             to prior Opinions of Counsel in which such details
                             are given or (B) stating that, in the opinion of
                             such counsel, no such action shall be necessary to
                             preserve and protect such interest.

        (j) The Seller shall, to the extent required by applicable law, cause
the Notes to be registered with the Securities and Exchange Commission pursuant
to Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, as
amended, within the time periods specified in such sections.

        (k) For the purpose of facilitating the execution of this Agreement and
for other purposes, this Agreement may be executed simultaneously in any number
of counterparts, each of which counterpart shall be deemed to be an original,
and all of which counterparts shall constitute but one and the same instrument.

        SECTION 9.03         GOVERNING LAW.

        THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF CALIFORNIA AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES
UNDER THE AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, EXCEPT
THAT (i) THE DUTIES OF THE TRUST AGENT AND THE INDENTURE TRUSTEE SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND (ii) THE PARTIES HERETO AGREE
THAT TO EFFECTUATE THEIR INTENT THAT THIS AGREEMENT EVIDENCES A SALE, THE
DETERMINATION OF WHETHER THE TRANSFER BY THE SELLER OF THE CONTRACTS CONSTITUTES
A SALE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF DELAWARE.

        SECTION 9.04         NOTICES.

        All demands, notices and communications under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt in the case
of

               (i)           the Seller, at 27051 Towne Centre Drive, Suite 200,
                             Foothill Ranch, CA 92610, Attention: John W. Hall,
                             President, facsimile (949) 465-3530;

                                      -79-
<PAGE>

               (ii)          the Servicer, at 27051 Towne Centre Drive, Suite
                             100, Foothill Ranch, CA 92610, Attention: Don P.
                             Duffy, Executive Vice President, facsimile (949)
                             465-3992;

               (iii)         the Insurer, at 113 King Street, Armonk, New York
                             10504, Attention: Insured Portfolio Management,
                             Structured Finance, facsimile (914) 765-3131;

               (iv)          the Issuer or the Owner Trustee, at the Owner
                             Trustee Corporate Trust Office (with, in the case
                             of the Issuer, a copy to the Seller);

               (v)           the Trust Agent, at the Trust Agent Office;

               (vi)          the Indenture Trustee, at the Corporate Trust
                             Office;

               (vii)         Moody's, to Moody's Investors Service, Inc., ABS
                             Monitoring Department, 99 Church Street, New York,
                             New York 10007;

               (viii)        Standard & Poor's, to Standard & Poor's Ratings
                             Services, 55 Water Street, New York, New York
                             10041, Attention: Asset Backed Surveillance
                             Department; and

               (ix)          the Custodian, to Onyx Acceptance Corporation,
                             27051 Towne Centre Drive, Suite 100, Foothill
                             Ranch, CA 92610, Attention: Don P. Duffy, Executive
                             Vice President, facsimile (949) 465-3992.

or, as to each of the foregoing, at such other address as shall be designated by
written notice to the other parties. Any notice required or permitted to be to
be mailed to a Noteholder shall be given by first class mail, postage prepaid,
at the address of such Holder as shown in the Note Register. Any notice so
mailed within the time prescribed herein shall be conclusively presumed to have
been duly given, whether or not such Noteholder shall receive such notice.

        SECTION 9.05         SEVERABILITY OF PROVISIONS.

        If the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever 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 Notes or the rights of the Holders thereof.

        SECTION 9.06         ASSIGNMENT.

        Notwithstanding anything to the contrary contained herein, except as
provided in Sections 5.02 and 6.02, neither the Seller nor the Servicer may
transfer or assign all, or a portion of, its rights, obligations and duties
under this Agreement unless such transfer or assignment (i) (A) will not result
in a reduction or withdrawal by any Rating Agency of the rating then assigned by
it to the Notes and (B) the Issuer, the Indenture Trustee and the Insurer have
consented to such transfer or assignment, or (ii) the Insurer, the Issuer, the
Indenture Trustee and Holders of

                                      -80-
<PAGE>

Notes of each Class evidencing not less than 51% of the outstanding amount of
Notes of such Class consent thereto. Any transfer or assignment with respect to
the Servicer of all of its rights, obligations and duties will not become
effective until a Successor Servicer has assumed the Servicer's rights, duties
and obligations under this Agreement. In the event of a transfer or assignment
pursuant to clause (ii) above, each Rating Agency shall be provided with notice
of such transfer or assignment.

        SECTION 9.07         THIRD PARTY BENEFICIARIES.

        Except as otherwise specifically provided herein, the parties to this
Agreement hereby manifest their intent that no third parties other than the
Insurer and, solely for the purposes of Section 6.01, the Owner Trustee and the
Trust Agent, shall be deemed a third party beneficiary of this Agreement, and
specifically that the Obligors are not third party beneficiaries of this
Agreement.

        SECTION 9.08         CERTAIN MATTERS RELATING TO THE INSURER.

        So long as an Insurer Default shall not have occurred and be continuing,
the Insurer shall have the right to exercise all rights, including voting
rights, which the Noteholders are entitled to exercise pursuant to this
Agreement, without any consent of such Noteholders; provided, however, that
without the consent of each Noteholder or Residual Interestholder affected
thereby, the Insurer shall not exercise such rights to amend this Agreement in
any manner that would (i) reduce the amount of, or delay the timing of,
collections of payments on the Contracts or distributions which are required to
be made on any Note or Residual Interest Instrument, (ii) adversely affect in
any material respect the interests of the Holders of any Notes or Residual
Interest Instruments or (iii) alter the rights of any such Holder to consent to
such amendment.

        Notwithstanding any provision in this Agreement to the contrary, for so
long as an Insurer Default shall have occurred and be continuing, the Insurer
shall not have the right to take any action under this Agreement or to control
or direct the actions of the Trust, the Seller, the Indenture Trustee, the
Servicer or the Trust Agent pursuant to the terms of this Agreement, nor shall
the consent of the Insurer be required with respect to any action (or waiver of
a right to take action) to be taken by the Trust, the Seller, the Indenture
Trustee, the Servicer, the Trust Agent or the Holders of the Notes pursuant to
the terms of this Agreement; provided, that the consent of the Insurer shall be
required at all times with respect to any amendment of this Agreement.

        SECTION 9.09         HEADINGS.

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

        SECTION 9.10         ASSIGNMENT BY ISSUER.

        The Seller hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuer to the Indenture
Trustee pursuant to the Indenture for the benefit of the Noteholders and the
Insurer of all right, title and interest of the Issuer in, to and under the
Trust Property and/or the assignment of any or all of the Issuer's rights and
obligations hereunder to the Indenture Trustee.

                                      -81-
<PAGE>

        SECTION 9.11         LIMITATION OF LIABILITY OF OWNER TRUSTEE AND
INDENTURE TRUSTEE.

        Notwithstanding anything contained herein to the contrary, this
instrument has been executed by Deutsche Bank Trust Company Delaware not in its
individual capacity but in its capacity as Owner Trustee of the Issuer and by
Citibank, N.A. not in its individual capacity but in its capacity as Indenture
Trustee and Trust Agent, and in no event shall Deutsche Bank Trust Company
Delaware in its individual capacity, Citibank, N.A. in its individual capacity
or any beneficial owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer.

        SECTION 9.12         ACKNOWLEDGMENT OF PARTIES; INSURER DEFENSE COSTS.

        Each of the Seller, the Servicer, the Issuer and the Indenture Trustee
acknowledge Section 4.06 of the Trust Agreement, and agree that the Trust shall
reimburse the Insurer for all Insurer Defense Costs pursuant to the applicable
provisions of the Indenture and the Sale and Servicing Agreement.

                                      -82-
<PAGE>

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

                                      ONYX ACCEPTANCE OWNER TRUST 2002-D
                                      as Issuer

                                      By: Deutsche Bank Trust Company Delaware,
                                          not in its individual capacity but
                                          solely as Owner Trustee

                                         By:
                                            ------------------------------------

                                         Name:
                                              ----------------------------------

                                         Title:
                                               ---------------------------------

                                      ONYX ACCEPTANCE FINANCIAL
                                      CORPORATION, as Seller

                                      By:
                                         ---------------------------------------
                                         Michael A. Krahelski
                                         Senior Vice President

                                      ONYX ACCEPTANCE CORPORATION, as
                                      Servicer and Custodian

                                      By:
                                         ---------------------------------------
                                         Don P. Duffy
                                         Executive Vice President and
                                         Chief Financial Officer

                                      CITIBANK, N.A., not in its individual
                                      capacity but solely as Indenture Trustee
                                      and as Trust Agent

                                      By:
                                         ---------------------------------------

                                      Name:
                                           -------------------------------------

                                      Title:
                                            ------------------------------------

<PAGE>

                                  SCHEDULE I-A

                          SCHEDULE OF INITIAL CONTRACTS

                           [On file with the Servicer]

<PAGE>

                                  SCHEDULE I-B

                        SCHEDULE OF SUBSEQUENT CONTRACTS

                           [On file with the Servicer]

<PAGE>

                                   SCHEDULE II

              LOCATION AND ACCOUNT NUMBERS OF TRUST ACCOUNTS

        Location:                     Bank of New York
        Account Number:               8900118377
        SubAccount:                   49577
        Name of Account Holder:       Collection Account - OT 2002-D,
                                      Citibank, N.A., Indenture Trustee

        Location:                     Wells Fargo Bank
        Account Number:               4945016376
        Name of Account Holder:       Payahead Account - OT 2002-D,
                                      Citibank, N.A., as agent

        Location:                     Citibank, N.A.
        Account Number:               3617-2242
        Sub Account:                  104468
        Name of Account Holder:       Spread Account - OT 2002-D,
                                      Citibank, N.A., Indenture Trustee

        Location:                     Citibank, N.A.
        Account Number:               3617-2242
        Sub Account:                  104466
        Name of Account Holder:       Note Distribution Account - OT 2002-D,
                                      Citibank, N.A., Indenture Trustee

        Location:                     Citibank, N.A.
        Account Number:               3617-2242
        Sub Account:                  104467
        Name of Account Holder:       Payment Account - OT 2002-D,
                                      Citibank, N.A.

        Location:                     Citibank, N.A.
        Account Number:               3617-2242
        Sub Account:                  104469
        Name of Account Holder:       Prefunding Account - OT 2002-D
                                      Citibank, N.A.

        Location:                     Citibank, N.A.
        Account Number:               3617-2242
        Sub Account:                  104470
        Name of Account Holder:       Capitalized Interest Account - OT 2002-D
                                      Citibank, N.A.

<PAGE>

                                    EXHIBIT A

                        FORM OF APPOINTMENT OF CUSTODIAN

[Name and address of Custodian]

Re:     Onyx Acceptance Owner Trust 2002-D
        Auto Loan Backed Notes, Series 2002-D

Dear Sirs:

        Reference is hereby made to the Sale and Servicing Agreement (the "Sale
and Servicing Agreement") dated as of October 1, 2002 by and among Onyx
Acceptance Owner Trust 2002-D, as Issuer (the "Issuer"), Onyx Acceptance
Corporation, Onyx Acceptance Financial Corporation and Citibank, N.A., as
Indenture Trustee (the "Indenture Trustee") and Trust Agent ("Trust Agent").
Terms used herein which are defined in the Sale and Servicing Agreement have the
respective meanings set forth in the Sale and Servicing Agreement.

        You are revocably appointed as the agent of and bailee for the Indenture
Trustee to act as custodian, in accordance with the terms and provisions of the
Sale and Servicing Agreement, of the Contract Documents relating to each
Contract and the related Obligor and Financed Vehicle. Please acknowledge your
acceptance of such appointment and your agreement to act as custodian in
accordance with the terms and provisions of the Sale and Servicing Agreement by
signing below in the space indicated therefor.

        By accepting such appointment you acknowledge that (i) the Indenture
Trustee (if the Notes have not been paid in full and the Indenture has not been
satisfied and discharged) and the Issuer or (ii) the Insurer, may terminate such
appointment at any time, with or without cause, by written notice to you.

                                      Very truly yours,

                                      CITIBANK, N.A.,
                                      not in its individual capacity, but solely
                                      as Indenture Trustee

                                      By:
                                         ---------------------------------------

                                      Name:
                                          --------------------------------------

                                      Title:
                                            ------------------------------------

<PAGE>

                                      ONYX ACCEPTANCE OWNER TRUST 2002-D

                                      By:
                                         ---------------------------------------
                                         Deutsche Bank Trust Company Delaware
                                         not in its individual capacity, but
                                         solely as Owner Trustee

                                      By:
                                         ---------------------------------------

                                      Name:
                                           -------------------------------------

                                      Title:
                                            ------------------------------------

ACCEPTED AND AGREED:

[Name of Custodian]

By:
   -------------------------------

Name:
     -----------------------------

Title:
      ----------------------------

MBIA Insurance Corporation

By:
   -------------------------------

Name:
     -----------------------------

Title:
      ----------------------------

<PAGE>

                                    EXHIBIT B

                                 FORM OF POLICY

                              [Begins on Next Page]

<PAGE>

                                   EXHIBIT C-1

                          FORM OF TRANSFER CERTIFICATE

        The Transfer Certificate, dated as of _________, 2002, is delivered
pursuant to Section 2.01(c) of the Sale and Servicing Agreement dated as of
October 1, 2002 (the "AGREEMENT") between Onyx Acceptance Owner Trust 2002-D, as
Issuer (the "ISSUER"), Onyx Acceptance Financial Corporation, as Seller (the
"SELLER"), Onyx Acceptance Corporation, as Servicer and Custodian, and Citibank,
N.A., as Indenture Trustee and as Trust Agent (the "Indenture Trustee"). Terms
used in this Transfer Certificate which are not defined herein have meanings
assigned to such terms in the Agreement.

        I, __________________, the ____________ of the Seller, do hereby
certify:

        1.     Attached hereto as Schedule I is a list of Prefunded Contracts
setting forth the Contract Number, Date of Origination, Maturity Date, Monthly
P&I, Original Principal Balance, Outstanding Principal Balance and APR for each
such Prefunded Contract. Such Schedule I is a list of Prefunded Contracts
referred to in the definition of "Schedule of Contracts" in the Agreement, and
is deemed incorporated into and made a part thereof. Such Prefunded Contracts
have an aggregate Outstanding Principal Balance of $________________, and all
Contract Documents relating thereto have been delivered to the Custodian as of
the date hereof. The Prefunding Cut-Off Date with respect to the Prefunded
Contracts transferred on the date hereof is _____________, 2002.

        2.     The aggregate Outstanding Principal Balance of all Prefunded
Contracts as of their respective Prefunding Cut-Off Dates delivered to the
Custodian, on behalf of the Indenture Trustee, pursuant to this Transfer
Certificate and each Transfer Certificate delivered up to the date hereof and
after the Closing Date is $_________, which amount is less than or equal to the
Prefunded Amount.

        3.     Each of the conditions set forth in Sections 2.01(c) and 4.08 of
the Agreement has been met as of this Prefunding Transfer Date.

        4.     The representations and warranties as set forth in Section
2.02(a) and (d) of the Agreement with respect to the Seller and the Prefunded
Contracts delivered hereunder are true and correct as of this Prefunding
Transfer Date.

        Please transfer immediately available funds by 4:00 New York time today
in the amount of $___________________ to Seller in accordance with the wire
instructions below.

<PAGE>

        IN WITNESS WHEREOF, the undersigned has caused this Transfer Certificate
to be delivered to the Issuer, the Indenture Trustee and the Insurer as of the
date first above written.

                                      ONYX ACCEPTANCE FINANCIAL CORPORATION

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

Wiring Instructions:

        Beneficiary:

            :
------------ ----------------------------

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

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

        ABA:
                      ----------------------------

        Bank Acct.#
                      ----------------------------

        $ Amount:
                      ----------------------------

        Notation:     Proceeds from 2002-D Owner Trust Prefunding Account

Consented to and agreed to (if the balance in the Prefunding Account prior to
the Prefunding Transfer Date to which this certificate relates exceeds
$30,000,000).

MBIA Insurance Corporation

By:
   ------------------------------

Name:
     ----------------------------

Title:
      ---------------------------

<PAGE>

                                   EXHIBIT C-2

                   FORM OF PREFUNDING CLOSING DATE CERTIFICATE

        This Prefunding Closing Date Certificate, dated as of _________, 2002,
is delivered pursuant to Section 2.01(j) of the Sale and Servicing Agreement
dated as of October 1, 2002 (the "AGREEMENT") between Onyx Acceptance Owner
Trust 2002-D, as Issuer, Onyx Acceptance Financial Corporation, as Seller (the
"SELLER"), Onyx Acceptance Corporation, as Servicer and Custodian, and Citibank,
N.A., as Indenture Trustee and as Trust Agent (the "INDENTURE TRUSTEE"). Terms
used in this Prefunding Closing Date Certificate which are not defined herein
have meanings assigned to such terms in the Agreement.

        I, __________________, the ____________ of the Seller, do hereby
certify:

        1.     All Contract Documents relating to the Prefunded Contracts have
been delivered to the Custodian, on behalf of the Indenture Trustee, on or
before the date hereof.

        2.     The aggregate Outstanding Principal Balance of all Prefunded
Contracts as of their respective Prefunding Transfer Dates conveyed to the
Issuer and pledged to the Indenture Trustee, as described in the Prefunding
Transfer Certificates delivered on and after the Closing Date up to the date
hereof, is $_________, which amount is less than or equal to the original
Prefunded Amount.

        3.     Each of the conditions set forth in Section 2.01(j) of the
Agreement has been met as of the Prefunding Closing Date and each of the
conditions set forth in Sections 2.01(c) and 4.08 of the Agreement was met as of
each Prefunding Transfer Date.

        IN WITNESS WHEREOF, the undersigned has caused this Prefunding Closing
Date Certificate to be delivered to each Rating Agency, the Insurer and the
Indenture Trustee as of the date first above written.

                                        ONYX ACCEPTANCE FINANCIAL CORPORATION

                                        By:
                                           -------------------------------------

                                        Name:
                                             -----------------------------------

                                        Office:
                                               ---------------------------------<PAGE>
                                                                     Exhibit 4.1
                                                                  EXECUTION COPY

                     FLEET BANK (RI), NATIONAL ASSOCIATION,

                                    Servicer

                         FLEET CREDIT CARD FUNDING TRUST

                                   Transferor,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS

                                     Trustee

                on behalf of the Series 2002-B Certificateholders

                            SERIES 2002-B SUPPLEMENT

                          Dated as of October 31, 2002

                                       to

              AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT

                          Dated as of December 1, 1993,

                  as Amended and Restated as of January 1, 2002

                        FLEET CREDIT CARD MASTER TRUST II

                                  SERIES 2002-B
<PAGE>
      SERIES 2002-B SUPPLEMENT, dated as of October 31, 2002 (the "Supplement"),
among FLEET BANK (RI), NATIONAL ASSOCIATION, a national banking association, as
Servicer, FLEET CREDIT CARD FUNDING TRUST, a Delaware statutory trust, as
Transferor, and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly Bankers Trust
Company), a New York banking corporation, as Trustee.

      Pursuant to the Amended and Restated Pooling and Servicing Agreement dated
as of December 1, 1993, as amended and restated as of January 1, 2002 (and as
subsequently amended and supplemented, including by the terms of this
Supplement, the "Agreement"), among Fleet Bank (RI), National Association as
Servicer, Fleet Credit Card Funding Trust, as Transferor and the Trustee, the
Fleet Credit Card Master Trust II (the "Trust") has been created. Section 6.03
of the Agreement provides that the Transferor may from time to time direct the
Trustee to authenticate one or more new Series of Investor Certificates
representing fractional undivided interests in the Trust. The Principal Terms of
any new Series are to be set forth in a Supplement to the Agreement.

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

                                    ARTICLE I
                   Creation of the Series 2002-B Certificates

      Section 1.1 Designation.

      (a) There is hereby created a Series of Investor Certificates to be issued
pursuant to the Agreement and this Supplement to be known as "Fleet Credit Card
Master Trust II, Series 2002-B." The Series of Investor Certificates created
hereby shall be issued in two Classes. The first Class shall be known as the
"Class A Floating Rate Asset-Backed Certificates, Series 2002-B," and the second
Class shall be known as the "Class B Floating Rate Asset-Backed Certificates,
Series 2002-B." In addition, there is hereby created a third Class of interests
in the Trust which, except as expressly provided herein, shall be deemed to be
"Investor Certificates" for all purposes under the Agreement and this Supplement
and shall be in uncertificated form and which shall be known as the "Collateral
Interest, Series 2002-B." The Collateral Interest Holder shall be the Series
Enhancer for Series 2002-B.

      (b) Series 2002-B shall be included in Group One. Series 2002-B shall be a
Principal Sharing Series with respect to Group One only. Series 2002-B shall not
be subordinated to any other Series. Notwithstanding any provision in the
Agreement or in this Supplement to the contrary, the first Distribution Date
with respect to Series 2002-B shall be the December 2002 Distribution Date, and
references herein to the Monthly Period relating to the December 2002
Distribution Date shall mean the period from the Closing Date through the end of
November 2002.

      (c) In the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Agreement, the terms and provisions of this Supplement shall govern.
<PAGE>
      (d) The Collateral Interest Holder, as holder of an "Investor Certificate"
under the Agreement, shall be entitled to the benefits of the Agreement and this
Supplement. Notwithstanding the foregoing, except as expressly provided herein,
(i) the provisions of Article VI and Article XII of the Agreement relating to
the execution, authentication, delivery, presentation, cancellation and
surrender of Registered Certificates and clauses (a) and (c) of the definition
of "Tax Opinion" in Section 1.01 of the Agreement shall not be applicable to the
Collateral Interest, and (ii) the provisions of Section 3.07 of the Agreement
shall not cause the Collateral Interest to be treated as debt for federal, state
and local income and franchise tax purposes, but rather the Transferor intends,
and together with the Collateral Interest Holder, agrees to treat the Collateral
Interest for federal, state and local income and franchise tax purposes as
representing an equity interest in the assets of the Trust.

                                   ARTICLE II
                                   Definitions

      Section 2.1 Definitions.

      (a) Whenever used in this Supplement, the following words and phrases
shall have the following meanings, and the definitions of such terms are
applicable to the singular as well as the plural forms of such terms and the
masculine as well as the feminine and neuter genders of such terms.

      "Accumulation Date" shall mean the close of business on December 31, 2006.

      "Accumulation Period" shall mean, unless a Pay Out Event with respect to
Series 2002-B shall have occurred prior thereto, the period commencing on the
Accumulation Date or such later date as is determined in accordance with Section
4.13 and ending on the first to occur of (a) the commencement of the Rapid
Amortization Period, (b) the payment in full to the Series 2002-B Holders of the
Investor Amount or (c) the Series Termination Date.

      "Accumulation Period Length" shall have the meaning specified in Section
4.13.

      "Additional Interest" shall mean, at any time of determination, the Class
A Additional Interest, the Class B Additional Interest and the Collateral
Additional Interest.

      "Assignee" shall have the meaning specified in subsection 10.8(a).

      "Available Investor Principal Collections" shall mean, with respect to any
Monthly Period, an amount equal to the sum of (a) (i) an amount equal to the
Principal Allocation Percentage of all Collections of Principal Receivables
received during such Monthly Period minus (ii) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to
Section 4.8 are required to fund any deficiency in the amounts to be distributed
pursuant to Sections 4.5(a)(i), (ii) and (iii), 4.5(b)(i), and (ii) and 4.7(d)
for the related Distribution Date, plus (b) any Shared Principal Collections
with respect to other Series in Group One that are allocated to Series 2002-B in
accordance with Section 4.04 of the Agreement and Section 4.10 hereof, plus (c)
any other amounts which pursuant to subsection 4.5(a)(iii)

                                       2
<PAGE>
(including any amounts allocated with respect thereto pursuant to subsection
4.7(a)) and Section 4.7 hereof are to be treated as Available Investor Principal
Collections with respect to the related Distribution Date.

      "Average Principal Balance" shall mean, for any Monthly Period in which an
Addition Date occurs, the weighted average of the sum of the Principal
Receivables in the Trust and the principal amount on deposit in the Excess
Funding Account at the end of the day on the last day of the prior Monthly
Period and the sum of the Principal Receivables in the Trust and the principal
amount on deposit in the Excess Funding Account at the end of the day on the
related Addition Date, weighted, respectively, by a fraction, the numerator of
which is the number of days from and including the first day of such Monthly
Period, to but excluding the related Addition Date, and the denominator of which
is the number of days in such Monthly Period, and by a fraction, the numerator
of which is the number of days from and including the related Addition Date to
and including the last day of such Monthly Period, and the denominator of which
is the number of days in such Monthly Period.

      "Bank" shall mean Fleet Bank (RI), National Association.

      "Base Rate" shall mean, with respect to any Monthly Period, the annualized
percentage equivalent of a fraction, the numerator of which is equal to the sum
of the Class A Monthly Interest, the Class B Monthly Interest, the Collateral
Minimum Monthly Interest and the Monthly Servicing Fee with respect to the
related Distribution Date and the denominator of which is the Investor Amount as
of the last day of the preceding Monthly Period.

      "Class A Additional Interest" shall have the meaning specified in
subsection 4.2(a).

      "Class A Available Funds" shall mean, with respect to any Monthly Period,
an amount equal to the sum of (a) the Class A Floating Percentage of the
Collections of Finance Charge Receivables allocated to Series 2002-B (including
any amounts that are to be treated as Collections of Finance Charge Receivables
in accordance with the Agreement) and (b) the amount of Principal Funding
Investment Proceeds, if any, with respect to such Distribution Date and (c) the
amount of funds, if any, to be withdrawn from the Reserve Account which,
pursuant to Section 4.14, are required to be included in Class A Available Funds
with respect to such Distribution Date.

      "Class A Certificate Rate" shall mean for any Interest Period with respect
to the Class A Certificates, a per annum rate equal to LIBOR as of the LIBOR
Determination Date applicable to such Interest Period plus the Class A
Certificate Rate Spread.

      "Class A Certificate Rate Spread" shall mean 0.14% per annum.

      "Class A Certificateholder" shall mean the Person in whose name a Class A
Certificate is registered in the Certificate Register.

      "Class A Certificates" shall mean any one of the Certificates executed by
the Transferor and authenticated by or on behalf of the Trustee, substantially
in the form of Exhibit A-1.

                                       3
<PAGE>
      "Class A Expected Final Distribution Date" shall mean the October 2007
Distribution Date.

      "Class A Floating Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is equal to the Class A Invested Amount as of
the close of business on the last day of the preceding Monthly Period and the
denominator of which is equal to the Invested Amount as of such day; provided,
however, that with respect to the first Monthly Period, the Class A Floating
Percentage shall mean the percentage equivalent of a fraction, the numerator of
which is the Class A Initial Invested Amount and the denominator of which is the
Initial Invested Amount.

      "Class A Initial Invested Amount" shall mean $618,750,000.

      "Class A Interest Shortfall" shall have the meaning specified in
subsection 4.2(a).

      "Class A Invested Amount" shall mean, on any date of determination, an
amount equal to (a) the Class A Initial Invested Amount, minus (b) the aggregate
amount of principal payments made to the Class A Certificateholders on or prior
to such date, minus (c) the excess, if any, of the aggregate amount of Class A
Investor Charge-Offs for all prior Distribution Dates over the aggregate amount
of Class A Investor Charge-Offs reimbursed pursuant to subsection 4.6(a) prior
to such date minus (d) the Principal Funding Account Balance (but not in excess
of the Class A Initial Invested Amount) on such date.

      "Class A Investor Amount" shall mean, on any date of determination, an
amount equal to the sum of (a) the Class A Invested Amount and (b) the Principal
Funding Account Balance (but not in excess of the Class A Initial Invested
Amount).

      "Class A Investor Charge-Off" shall have the meaning specified in Section
4.6(a).

      "Class A Investor Default Amount" shall mean, with respect to each
Distribution Date, an amount equal to the product of (i) the Investor Default
Amount for the related Monthly Period and (ii) the Class A Floating Percentage
for such Monthly Period.

      "Class A Monthly Interest" shall have the meaning specified in Section
4.2(a).

      "Class A Monthly Principal" shall have the meaning specified in Section
4.3(a).

      "Class A Penalty Rate" shall mean the sum of the Class A Certificate Rate
and 2.00% per annum.

      "Class A Principal Percentage" shall mean, with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Class A Invested Amount as of the last day of the immediately preceding Monthly
Period and the denominator of which is the Invested Amount as of such day and
(ii) after the Revolving Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the Class A
Invested Amount as of the last day of the Revolving Period, and the denominator
of which is the

                                       4
<PAGE>
Invested Amount as of such last day; provided, however, that with respect to the
first Monthly Period, the Class A Principal Percentage shall mean the percentage
equivalent of a fraction, the numerator of which is the Class A Initial Invested
Amount and the denominator of which is the Initial Invested Amount.

      "Class A Required Amount" shall have the meaning specified in Section
4.4(a).

      "Class A Servicing Fee" shall have the meaning specified in Section 3.1.

      "Class B Additional Interest" shall have the meaning specified in Section
4.2(b).

      "Class B Available Funds" shall mean, with respect to any Monthly Period,
an amount equal to the Class B Floating Percentage of the Collections of Finance
Charge Receivables allocated to Series 2002-B (including any amounts that are to
be treated as Collections of Finance Receivables in accordance with the
Agreement).

      "Class B Certificate Rate" shall mean for any Interest Period with respect
to the Class B Certificates, a per annum rate equal to LIBOR as of the LIBOR
Determination Date applicable to such Interest Period plus the Class B
Certificate Rate Spread.

      "Class B Certificate Rate Spread" shall mean 0.44% per annum.

      "Class B Certificateholder" shall mean the Person in whose name a Class B
Certificate is registered in the Certificate Register.

      "Class B Certificates" shall mean any one of the Certificates executed by
the Transferor and authenticated by or on behalf of the Trustee, substantially
in the form of Exhibit A-2.

      "Class B Expected Final Distribution Date" shall mean the October 2007
Distribution Date.

      "Class B Floating Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is equal to the Class B Invested Amount as of
the close of business on the last day of the preceding Monthly Period and the
denominator of which is equal to the Invested Amount as of such day; provided,
however, that with respect to the first Monthly Period, the Class B Floating
Percentage shall mean the percentage equivalent of a fraction, the numerator of
which is the Class B Initial Invested Amount and the denominator of which is the
Initial Invested Amount.

      "Class B Initial Invested Amount" shall mean $52,500,000.

      "Class B Interest Shortfall" shall have the meaning specified in Section
4.2(b).

      "Class B Invested Amount" shall mean, on any date of determination, an
amount equal to (a) the Class B Initial Invested Amount, minus (b) the aggregate
amount of principal payments made to the Class B Certificateholders on or prior
to such date, minus (c) the excess, if

                                       5
<PAGE>
any, of the aggregate amount of Class B Investor Charge-Offs for all prior
Distribution Dates over the aggregate amount of any reimbursement of Class B
Investor Charge-Offs pursuant to subsection 4.6(b) for all Distribution Dates
preceding such date, minus (d) the aggregate amount of Reallocated Principal
Collections allocated on all prior Distribution Dates pursuant to Section 4.8(a)
(excluding any Reallocated Principal Collections that have resulted in a
reduction in the Collateral Invested Amount pursuant to Section 4.6(c)), minus
(e) an amount equal to the amount by which the Class B Invested Amount has been
reduced on all prior Distribution Dates pursuant to Section 4.6(a), plus (f) the
aggregate amount of Excess Spread and Excess Finance Charges allocated and
available on all prior Distribution Dates pursuant to Section 4.7(e) for the
purpose of reimbursing amounts deducted pursuant to the foregoing clauses (c),
(d) and (e); and minus (g) the positive difference, if any, between the
Principal Funding Account Balance and the Class A Investor Amount on such date;
provided, however, that the Class B Invested Amount may not be reduced below
zero.

      "Class B Investor Amount" shall mean, for any date of determination, an
amount equal to the sum of (a) the Class B Invested Amount and (b) the positive
difference, if any, between the Principal Funding Account Balance and the Class
A Investor Amount on such date (such sum not to exceed the Class B Initial
Invested Amount).

      "Class B Investor Charge-Off" shall have the meaning specified in Section
4.6(b).

      "Class B Investor Default Amount" shall mean, with respect to each
Distribution Date, an amount equal to the product of (i) the Investor Default
Amount for the related Monthly Period and (ii) the Class B Floating Percentage
for such Monthly Period.

      "Class B Monthly Interest" shall have the meaning specified in Section
4.2(b).

      "Class B Monthly Principal" shall have the meaning specified in Section
4.3(b).

      "Class B Penalty Rate" shall mean the sum of the Class B Certificate Rate
and 2.00% per annum.

      "Class B Principal Commencement Date" shall mean, the earlier to occur of
(x) the Class B Expected Final Distribution Date (but only if the Class A
Investor Amount is paid in full on such date) and (y) the Special Payment Date
on which the Class A Investor Amount is paid in full.

      "Class B Principal Percentage" shall mean with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Class B Invested Amount as of the last day of the immediately preceding Monthly
Period and the denominator of which is the Invested Amount as of such day and
(ii) after the Revolving Period, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which is the Class B
Invested Amount as of the last day of the Revolving Period, and the denominator
of which is the Invested Amount as of such last day; provided, however, that
with respect to the first Monthly Period, the Class B Principal Percentage shall
mean the percentage equivalent of a fraction, the numerator of which is the
Class B Initial Invested Amount and the denominator of which is the Initial
Invested Amount.

                                       6
<PAGE>
      "Class B Required Amount" shall have the meaning specified in Section
4.4(b).

      "Class B Servicing Fee" shall have the meaning specified in Section 3.1.

      "Closing Date" shall mean October 31, 2002.

      "Collateral Additional Interest" shall have the meaning specified in
Section 4.2(c).

      "Collateral Available Funds" shall mean, with respect to any Monthly
Period, an amount equal to the Collateral Floating Percentage of the Collections
of Finance Charge Receivables allocated to Series 2002-B (including any amounts
that are to be treated as Collections of Finance Charge Receivables in
accordance with the Agreement).

      "Collateral Default Amount" shall mean, with respect to each Distribution
Date, an amount equal to the product of (i) the Investor Default Amount for the
related Monthly Period and (ii) the Collateral Floating Percentage for such
Monthly Period.

      "Collateral Expected Final Distribution Date" shall mean the October 2007
Distribution Date.

      "Collateral Floating Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Collateral Invested Amount as of the
close of business on the last day of the preceding Monthly Period and the
denominator of which is equal to the Invested Amount as of such day; provided,
however, that with respect to the first Monthly Period, the Collateral Floating
Percentage shall mean the percentage equivalent of a fraction, the numerator of
which is the Collateral Initial Invested Amount and the denominator of which is
the Initial Invested Amount.

      "Collateral Initial Invested Amount" shall mean $78,750,000.

      "Collateral Interest" shall mean a fractional undivided interest in the
Trust which shall consist of the right to receive, (i) to the extent necessary
to make the required payments to the Collateral Interest Holder under this
Supplement, the portion of Collections allocable thereto under the Agreement and
this Supplement, funds on deposit in the Collection Account allocable thereto
pursuant to the Agreement and this Supplement and, (ii) amounts available for
payment to the Collateral Interest Holder pursuant to subsections 4.7(k),
4.14(e), 4.14(f), 8.1(b), 8.2(a) and 8.2(b) or any other provision of this
Supplement.

      "Collateral Interest Holder" shall mean the entity so designated in the
Transfer Agreement.

      "Collateral Interest Shortfall" shall have the meaning specified in
subsection 4.2(c).

      "Collateral Invested Amount" shall mean, for any date of determination, an
amount equal to (a) the Collateral Initial Invested Amount, minus (b) an amount
equal to the

                                       7
<PAGE>
amount by which the Collateral Invested Amount has been reduced on all prior
Distribution Dates pursuant to Section 4.6, minus (c) the aggregate amount paid
pursuant to subsection 4.5(e)(iii) prior to such date, plus (d) the aggregate
amount of Excess Finance Charges and Excess Spread allocated and available on
all prior Distribution Dates pursuant to subsection 4.7(i) for the purpose of
reimbursing amounts deducted pursuant to the foregoing clause (b); provided,
however, that the Collateral Invested Amount may not be reduced below zero.

      "Collateral Minimum Interest Rate" shall mean the rate designated as such
in the Transfer Agreement; provided that for purposes of this Supplement, such
rate shall not exceed LIBOR plus 2.00% per annum.

      "Collateral Minimum Monthly Interest" shall have the meaning specified in
Section 4.2(c).

      "Collateral Monthly Principal" shall have the meaning specified in Section
4.3(c).

      "Collateral Principal Commencement Date" shall mean, the earlier to occur
of (x) the Collateral Expected Final Distribution Date (but only if the Class A
Investor Amount and the Class B Investor Amount are paid in full on or prior to
such date) and (y) the Special Payment Date on which the Class A Investor Amount
and the Class B Investor Amount are paid in full.

      "Collateral Principal Percentage" shall mean, with respect to any Monthly
Period (i) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Collateral Invested Amount as of the last day of the immediately preceding
Monthly Period and the denominator of which is the Invested Amount as of such
day and (ii) after the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, the numerator of which is the
Collateral Invested Amount as of the last day of the Revolving Period, and the
denominator of which is the Invested Amount as of such last day; provided,
however, that with respect to the first Monthly Period, the Collateral Principal
Percentage shall mean the percentage equivalent of a fraction, the numerator of
which is the Collateral Initial Invested Amount and the denominator of which is
the Initial Invested Amount.

      "Collateral Servicing Fee" shall have the meaning specified in Section
3.1.

      "Controlled Accumulation Amount" shall mean for any Distribution Date with
respect to the Accumulation Period, the sum of the Class A Initial Invested
Amount and the Class B Initial Invested Amount divided by 9; provided, however,
that, if the Accumulation Period is modified pursuant to Section 4.13, (i) the
Controlled Accumulation Amount for each Distribution Date with respect to the
Accumulation Period shall mean the amount determined in accordance with Section
4.13 on the date on which the Accumulation Period has most recently been
modified and (ii) the sum of the Controlled Accumulation Amounts for all
Distribution Dates with respect to the modified Accumulation Period shall not be
less than the Initial Invested Amount.

      "Controlled Deposit Amount" shall mean, for any Distribution Date with
respect to the Accumulation Period, an amount equal to the sum of the Controlled
Accumulation

                                       8
<PAGE>
Amount for such Distribution Date and any Deficit Controlled Accumulation Amount
for the immediately preceding Distribution Date.

      "Covered Amount" shall mean for any Distribution Date with respect to the
Accumulation Period or the first Special Payment Date if such Special Payment
Date occurs prior to the date on which the Class A Investor Amount is paid in
full, an amount equal to the product of (i) (A) a fraction, the numerator of
which is the actual number of days in the period from and including the
preceding Distribution Date to but excluding such Distribution Date and the
denominator of which is 360, times (B) the Class A Certificate Rate and (ii) the
Principal Funding Account Balance (but not in excess of the Class A Initial
Invested Amount), if any, as of the preceding Distribution Date.

      "Deficit Controlled Accumulation Amount" shall mean (a) on the first
Distribution Date with respect to the Accumulation Period, the excess, if any,
of the Controlled Accumulation Amount for such Distribution Date over the amount
distributed from the Collection Account as Class A Monthly Principal and Class B
Monthly Principal for such Distribution Date and (b) on each subsequent
Distribution Date with respect to the Accumulation Period, the excess, if any,
of the Controlled Deposit Amount for such subsequent Distribution Date over the
amount distributed from the Collection Account as Class A Monthly Principal and
Class B Monthly Principal for such subsequent Distribution Date.

      "Designated Maturity" shall mean, as of any LIBOR Determination Date, one
month; provided that LIBOR for the initial Note Interest Period will be
determined by straight-line interpolation (based on the actual number of days in
the initial Note Interest Period) between two rates determined in accordance
with the definition of LIBOR, one of which will be determined for a Designated
Maturity of one month, and the other of which will be determined for a
Designated Maturity of two months.

      "Distribution Date" shall have the meaning assigned thereto in the
Agreement, except that with respect to the Series 2002-B Certificates, the first
Distribution Date shall be December 16, 2002.

      "Excess Finance Charges" shall have the meaning specified in Section 4.9.

      "Excess Spread" shall mean, with respect to any Distribution Date, the sum
of the amounts, if any, specified pursuant to Sections 4.5(a)(iv), 4.5(b)(iii)
and 4.5(c)(ii) with respect to such Distribution Date.

      "Finance Charge Shortfall" shall have the meaning specified in Section
4.9.

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

      "Floating Allocation Percentage" shall mean, with respect to any Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Invested Amount as of the last day of
the preceding Monthly Period (or with respect to the first Monthly Period, the
Initial Invested Amount) and the denominator of which is the greater of (1) the
sum of (x) the total amount of Principal Receivables in the Trust at the end of
the day on such date (or with respect to the first Monthly Period, at the end of
the day

                                       9
<PAGE>
on the Closing Date) and (y) the principal amount on deposit in the Excess
Funding Account as of the end of the day on such date and (2) the sum of the
numerators used to calculate the Series Percentages (as such term is defined in
the Agreement) with respect to Finance Charge Receivables or Defaulted
Receivables, as applicable, for all Series then outstanding; provided, however,
that with respect to any Monthly Period in which an Addition Date occurs and the
Servicer need not make daily deposits of Collections into the Collection
Account, the denominator in (x) above shall be the Average Principal Balance;
provided further, however, that with respect to any Monthly Period in which an
Addition Date occurs and the Servicer is required to make daily deposits of
Collections into the Collection Account, the denominator in (x) above shall be
(1) for the period from and including the first day of such Monthly Period to
but excluding the related Addition Date, the aggregate amount of Principal
Receivables in the Trust at the end of the day on the last day of the prior
Monthly Period and (2) for the period from and including the related Addition
Date to and including the last day of such Monthly Period, the aggregate amount
of Principal Receivables in the Trust at the end of the day on the related
Addition Date.

      "Group One" shall mean Series 1996-A, Series 1996-B, Series 1996-D, Series
1999-B, Series 1999-C, Series 1999-D, Series 2000-A, Series 2000-B, Series
2000-C, Series 2000-D, Series 2001-A, Series 2001-B, Series 2001-C, Series
2002-A, Series 2002-B and each other outstanding Series hereafter specified in
the related Supplement to be included in Group One.

      "Initial Invested Amount" shall mean the sum of the Class A Initial
Invested Amount, the Class B Initial Invested Amount and the Collateral Initial
Invested Amount.

      "Interchange" shall mean, with respect to Series 2002-B and with respect
to each Distribution Date, an amount of Allocated Interchange (as defined in the
Agreement) equal to one-twelfth of 1.25% of the outstanding balance of the
Principal Receivables allocable to Series 2002-B on the last day of the
preceding Monthly Period.

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

      "Invested Amount" shall mean, as of any date of determination, an amount
equal to the sum of (a) the Class A Invested Amount as of such date, (b) the
Class B Invested Amount as of such date and (c) the Collateral Invested Amount
as of such date.

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

      "Investor Amount" shall mean, as of any date of determination, an amount
equal to the sum of (a) the Invested Amount and (b) the Principal Funding
Account Balance.

      "Investor Charge-Offs" shall mean Class A Investor Charge-Offs and Class B
Investor Charge-Offs.

                                       10

<PAGE>

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

      "LIBOR" shall mean an interest rate per annum determined by the Trustee
for each Interest Period in accordance with the provisions of Section 4.11.

      "LIBOR Determination Date" shall mean the second London Business Day prior
to the Closing Date with respect to the period from the Closing Date through
December 15, 2002; and, with respect to each Interest Period thereafter, the
second London Business Day prior to every Distribution Date on which such
Interest Period begins commencing with the December 2002 Distribution Date.

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

      "Monthly Interest" means, with respect to any Distribution Date, the Class
A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum
Monthly Interest for such Distribution Date.

      "Monthly Servicing Fee" shall have the meaning specified in Section 3.1.

      "Net Portfolio Yield" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is equal
to (a) an amount equal to the product obtained by multiplying the Floating
Allocation Percentage with respect to such Monthly Period and the amount of
Collections of Finance Charge Receivables with respect to such Monthly Period
(including any other amounts that are to be treated as Collections of Finance
Charge Receivables in accordance with the Agreement), plus (b) the amount of any
Principal Funding Investment Proceeds for the related Distribution Date, plus
(c) the amount of funds, if any, to be withdrawn from the Reserve Account which,
pursuant to subsection 4.14(d), are required to be deposited into the Collection
Account and included in Class A Available Funds with respect to such
Distribution Date, minus (d) the Investor Default Amount for the Distribution
Date with respect to such Monthly Period, and the denominator of which is the
Investor Amount as of the last day of the preceding Monthly Period.

      "Percentage Allocation" shall have the meaning specified in Section
4.1(b)(ii).

      "Permitted Assignee" shall mean any Person who, if it were the Collateral
Interest Holder or holder of an interest in the Trust, as applicable, would not
cause the Trust to be taxable as a publicly traded partnership for federal
income tax purposes.

      "Principal Allocation Percentage" shall mean, with respect to any Monthly
Period:

      (a) during the Revolving Period, the percentage equivalent (which
percentage shall never exceed 100%) of a fraction, (x) the numerator of which is
the Invested Amount as of the last day of the immediately preceding Monthly
Period (or, in the case of the first Monthly

                                       11
<PAGE>
Period, the Closing Date) and (y) the denominator of which is the greater of (i)
the sum of (A) the total amount of Principal Receivables in the Trust as of the
last day of the immediately preceding Monthly Period and (B) the principal
amount on deposit in the Excess Funding Account as of such last day (or, in the
case of the first Monthly Period, the Closing Date) and (ii) the sum of the
numerators used to calculate the Series Percentages applicable to Principal
Receivables for all Series outstanding as of the date as to which such
determination is being made;

      (b) during the Accumulation Period or the Rapid Amortization Period, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction,
(x) the numerator of which is the Invested Amount as of the last day of the
Revolving Period or, if the numerator has been reduced as described in the first
proviso below during the Accumulation Period and a Rapid Amortization Period
commences, as of the last day of the Accumulation Period, and (y) the
denominator of which is the greater of (i) the sum of (A) the total amount of
Principal Receivables in the Trust as of the last day of the immediately
preceding Monthly Period and (B) the principal amount on deposit in the Excess
Funding Account as of such last day and (ii) the sum of the numerators used to
calculate the Series Percentages applicable to Principal Receivables for all
Series outstanding as of the date as to which such determination is being made;
provided however, that during the Accumulation Period, on any date, at the
option of the Transferor, the numerator of the Principal Allocation Percentage
may be reduced below the numerator used in the previous Monthly Period, to an
amount not less than the greater of (x) the Invested Amount as of the last day
of the immediately preceding Monthly Period (less the amount of any
distributions of principal deposited in the Principal Funding Account since the
last day of the immediately preceding Monthly Period) and (y) an amount that, if
used as the numerator of the Principal Allocation Percentage for the remainder
of the Accumulation Period, assuming for this purpose that (1) the payment rate
with respect to Collections of Principal Receivables remains constant at the
level of the immediately preceding Monthly Period, (2) the total amount of
Principal Receivables in the Trust (and the principal amount on deposit in the
Excess Funding Account, if any) remains constant at the level on the date of
such reduction, (3) no Pay Out Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being
issued on the date of such reduction) will be subsequently issued, would assure
that Available Investor Principal Collections for Series 2002-B would equal at
least 125% of the Controlled Accumulation Amount for each Monthly Period for so
long as the Invested Amount is greater than zero; provided further, however,
that any such reduction of the numerator of the Principal Allocation Percentage
shall be subject to the receipt by the Trustee of an Officer's Certificate of
the Transferor to the effect that the Transferor does not expect that the
Available Investor Principal Collections for any Monthly Period would be less
than the Controlled Accumulation Amount; provided further, however that with
respect to any Monthly Period in which an Addition Date occurs and the Servicer
need not make daily deposits of Collections into the Collection Account, the
amount in clause (y) (i) of paragraphs (a) and (b) above shall be the Average
Principal Balance; provided further, however, that with respect to any Monthly
Period in which an Addition Date occurs and the Servicer is required to make
daily deposits of Collections into the Collection Account, the amount in clause
(y) (i) of paragraphs (a) and (b) above shall be (1) for the period from and
including the first day of such Monthly Period to but excluding the related
Addition Date, the sum of (x) the aggregate amount of Principal Receivables in
the Trust at the end of the day on the last day of the prior Monthly Period and
(y) the principal amount on deposit in the Excess Funding Account as of such
last day and (2) for the

                                       12
<PAGE>
period from and including the related Addition Date to and including the last
day of such Monthly Period, the sum of (x) the aggregate amount of Principal
Receivables in the Trust at the end of the day on the related Addition Date and
(y) the principal amount on deposit in the Excess Funding Account at the end of
the day on the related Addition Date.

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

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

      "Principal Funding Investment Proceeds" shall have the meaning specified
in subsection 4.12(a)(ii).

      "Principal Shortfall" shall have the meaning specified in Section 4.10.

      "Rapid Amortization Period" shall mean, (a) if on the day on which a Trust
Pay Out Event or a Series 2002-B Pay Out Event is deemed to have occurred the
Servicer need not make daily deposits into or withdrawals from the Collection
Account pursuant to Section 4.03(a) of the Agreement, the period commencing at
the close of business on the Business Day immediately preceding the first day of
the Monthly Period in which such Trust Pay Out Event or Series 2002-B Pay Out
Event is deemed to have occurred or (b) otherwise, the period commencing at the
close of business on the Business Day immediately preceding the day on which a
Trust Pay Out Event or a Series 2002-B Pay Out Event is deemed to have occurred,
and ending on the first to occur of (i) the payment in full to the Class A
Certificateholders and the Class B Certificateholders of the Class A Investor
Amount and the Class B Investor Amount, respectively, and the payment in full to
the Collateral Interest Holder of the Collateral Invested Amount, or (ii) the
Series Termination Date.

      "Reallocated Principal Collections" shall mean, with respect to any
Monthly Period, the product of (a) the Principal Allocation Percentage with
respect to such Monthly Period, (b) the aggregate amount of Collections in
respect of Principal Receivables for such Monthly Period and (c) the sum of the
Class B Principal Percentage and the Collateral Principal Percentage with
respect to such Monthly Period. Reallocated Principal Collections allocable to
the Class B Certificates shall equal, with respect to any Monthly Period, the
product of (a) the Principal Allocation Percentage with respect to such Monthly
Period of the aggregate amount of Collections in respect of Principal
Receivables deposited in the Collection Account for such Monthly Period and (b)
the Class B Principal Percentage with respect to such Monthly Period.
Reallocated Principal Collections allocable to the Collateral Interest shall
equal, with respect to any Monthly Period, the product of (a) the Principal
Allocation Percentage with respect to such Monthly Period of the aggregate
amount of Collections in respect of Principal Receivables deposited in the
Collection Account for such Monthly Period and (b) the Collateral Principal
Percentage with respect to such Monthly Period. In no event will the Collections
of Principal Receivables allocable to the Collateral Interest on any
Distribution Date exceed the Collateral Invested Amount on such Distribution
Date and in no event will the Collections of Principal

                                       13
<PAGE>
Receivables allocable to the Class B Certificates on any Distribution Date
exceed the Class B Invested Amount.

      "Reassignment Amount" shall mean, with respect to any Distribution Date,
after giving effect to any deposits and distributions otherwise to be made on
such Distribution Date, the sum of (i) the Invested Amount on such Distribution
Date, plus (ii) Monthly Interest for such Distribution Date and any Monthly
Interest previously due but not distributed to the Series 2002-B Holders on a
prior Distribution Date, plus (iii) the amount of Additional Interest, if any,
for such Distribution Date and any Additional Interest previously due but not
distributed to the Series 2002-B Holders on a prior Distribution Date, plus (iv)
the Monthly Servicing Fee for such Distribution Date and any Monthly Servicing
Fee previously due but not distributed to the Servicer on a prior Distribution
Date.

      "Reference Banks" shall mean Barclays Bank plc, National Westminster Bank
PLC and Lloyds Bank of London or such other major banks in the London interbank
market selected by the Servicer from time to time.

      "Required Reserve Account Amount" shall mean, with respect to any
Distribution Date prior to the Reserve Account Funding Date, $0, and on or after
the Reserve Account Funding Date, an amount equal to (a) the product of (i) 0.5%
of the Class A Investor Amount as of the preceding Distribution Date (after
giving effect to all changes therein on such date) and (ii) a fraction, the
numerator of which is the number of Monthly Periods scheduled to be included in
the Accumulation Period as of such date and the denominator of which is nine
(except that if such numerator is one, the Required Reserve Account Amount
determined pursuant to this clause (a) shall be $0) or (b) any other amount
designated by the Transferor, provided that, if such designation is of a lesser
amount, the Transferor (i) shall have received written notice from each Rating
Agency that such designation will not result in the reduction or withdrawal of
the rating of the Series 2002-B Certificates and shall have delivered copies of
each such written notice to the Servicer and the Trustee, and (ii) shall have
delivered to the Trustee a certificate of an authorized officer to the effect
that, based on the facts known to such officer at such time, in the reasonable
belief of the Transferor, such designation will not cause a Pay Out Event or an
event that, after the giving of notice or the lapse of time, would cause a Pay
Out Event to occur with respect to Series 2002-B.

      "Reserve Account" shall have the meaning specified in Section 4.14(a).

      "Reserve Account Funding Date" shall mean the Distribution Date with
respect to the Monthly Period which commences three months prior to the Monthly
Period in which, as of the related Determination Date, the Accumulation Period
is scheduled to commence.

      "Reserve Account Surplus" shall mean, as of any date of determination, the
amount, if any, by which the amount on deposit in the Reserve Account exceeds
the Required Reserve Account Amount.

      "Reserve Draw Amount" shall have the meaning specified in Section 4.14(c).

      "Revolving Period" shall mean the period beginning on the Closing Date and
ending on the earlier of (a) the close of business on the day preceding the
commencement of the

                                       14
<PAGE>
Accumulation Period and (b) the close of business on the day preceding the
commencement of the Rapid Amortization Period.

      "Series Invested Amount" shall mean the Invested Amount.

      "Series Investor Amount" shall mean, as of any date of determination, an
amount equal to the numerator of the Principal Allocation Percentage on such
date.

      "Series 2002-B" shall mean the Series of Investor Certificates, the terms
of which are specified in this Supplement and shall include the Class A
Certificates, the Class B Certificates and the Collateral Interest.

      "Series 2002-B Certificate" shall mean a Class A Certificate or a Class B
Certificate.

      "Series 2002-B Certificateholder" shall mean a Class A Certificateholder
or a Class B Certificateholder.

      "Series 2002-B Holder" shall mean a Class A Certificateholder, a Class B
Certificateholder or the Collateral Interest Holder.

      "Series 2002-B Pay Out Event" means a Series Pay Out Event as defined in
Section 6.1.

      "Series 2002-B Supplement" shall mean this Supplement.

      "Series Pay Out Event" is defined in Section 6.1.

      "Series Percentage" shall mean with respect to Finance Charge Receivables
and Defaulted Receivables, the Floating Allocation Percentage, and with respect
to Principal Receivables, the Principal Allocation Percentage.

      "Series Termination Date" shall mean the earlier to occur of (i) the April
2010 Distribution Date and (ii) the termination of the Trust pursuant to Section
12.01 of the Agreement.

      "Servicing Base Amount" shall have the meaning specified in Section 3.1.

      "Servicing Fee Rate" shall mean 2.0%.

      "Special Payment Date" shall mean each Distribution Date with respect to
the Rapid Amortization Period.

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

      "Transfer" shall have the meaning specified in subsection 10.8(a).

                                       15
<PAGE>
      "Transfer Agreement" shall mean the Transfer and Administration Agreement,
dated as of October 31, 2002, among Fleet Credit Card Funding Trust, as
Transferor, the Bank, as Administrator, and Fleet Secured Note Trust 2002-B, as
amended or modified from time to time, relating to the transfer of the
Collateral Interest.

      (b) Notwithstanding anything to the contrary in this Supplement or the
Agreement, the term "Rating Agency" shall mean, whenever used in this Supplement
or the Agreement with respect to Series 2002-B, Moody's, Standard & Poor's and
Fitch; provided, however, that references to "Rating Agency" in the definition
of "Eligible Investments" shall be deemed to not include Fitch to the extent
that an investment is rated by Moody's and Standard & Poor's, but not by Fitch.
Reference to rating categories of Moody's and Standard & Poor's in the Agreement
shall be deemed to be references to the equivalent rating categories of Fitch.

      (c) All capitalized terms used herein and not otherwise defined herein
have the meanings ascribed to them in the Agreement.

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

      (e) Unless the context otherwise requires, references in this Supplement
to the "Transferor" or "Transferors" shall mean FCCF and from and after the date
any Additional Transferor is designated pursuant to Section 2.08(e) of the
Agreement, such references shall mean FCCF as Transferor and any such Additional
Transferor(s).

                                   ARTICLE III
                              Servicer and Trustee

      Section 3.1 Servicing Compensation.

      The share of the Servicing Fee allocable to the Series 2002-B Holders with
respect to any Distribution Date (the "Monthly Servicing Fee"), shall be equal
to one-twelfth the product of (i) the Servicing Fee Rate and (ii) the Invested
Amount, if any, as of the last day of the Monthly Period preceding such
Distribution Date (the amount calculated pursuant to this clause (ii) is
referred to as the "Servicing Base Amount"); provided, however, with respect to
the December 2002 Distribution Date, the Monthly Servicing Fee shall be
$953,333.

      The share of the Monthly Servicing Fee allocable to the Class A
Certificateholders with respect to any Distribution Date (the "Class A Servicing
Fee"), shall be equal to one-twelfth of the product of (a) the Class A Floating
Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base Amount;
provided, however, that with respect to the December 2002 Distribution Date, the
Class A Servicing Fee shall be $790,625. The share of the Monthly Servicing Fee
allocable to the Class B Certificateholders with respect to any Distribution
Date (the "Class B Servicing Fee"), shall be equal to one-twelfth of the product
of (a) the Class B

                                       16
<PAGE>
Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing Base
Amount; provided, however, that with respect to the December 2002 Distribution
Date, the Class B Servicing Fee shall be $67,083. The share of the Monthly
Servicing Fee allocable to the Collateral Interest Holder with respect to any
Distribution Date (the "Collateral Servicing Fee"), shall be equal to
one-twelfth of the product of (a) the Collateral Floating Percentage, (b) the
Servicing Fee Rate and (c) the Servicing Base Amount; provided, however, that
with respect to the December 2002 Distribution Date, the Collateral Servicing
Fee shall be $95,625. In no event shall the Trust, the Trustee, or the Series
2002-B Holders be liable for the share of the Servicing Fee to be paid by the
Holders of the Transferor Certificates or the Certificateholders of any other
Series. The Class A Servicing Fee shall be payable to the Servicer solely to the
extent amounts are available for distribution in respect thereof pursuant to
Section 4.5(a)(ii), 4.7(a) or 4.8(a); the Class B Servicing Fee shall be payable
solely to the extent amounts are available for distribution in respect thereof
pursuant to Section 4.5(b)(ii), 4.7(c) or 4.8(b); and the Collateral Servicing
Fee shall be payable solely to the extent amounts are available for distribution
in respect thereof pursuant to Section 4.5(c)(i) or 4.7(g).

                                   ARTICLE IV
       Rights of Series 2002-B Certificateholders and Collateral Interest
              Holder and Allocation and Application of Collections

      Section 4.1 Collections and Allocations. The Servicer will apply, or will
instruct the Trustee in writing to apply, all Collections and other funds on
deposit in the Collection Account that are allocated to the Series 2002-B
Holders as follows:

      (a) Allocations During the Revolving Period. During the Revolving Period,
the Servicer shall, on or prior to the close of business on the second Business
Day following any Date of Processing, allocate the following amounts as set
forth below:

         (i) Allocate to the Series 2002-B Holders the product of (x) the
      Floating Allocation Percentage on such Date of Processing and (y) the
      aggregate amount of Collections of Finance Charge Receivables on such Date
      of Processing, and of that allocation, deposit and retain in the
      Collection Account (A) prior to the LIBOR Determination Date occurring in
      such Monthly Period, an amount equal to the product of (v) the Floating
      Allocation Percentage on such Date of Processing and (w) the aggregate
      amount of Collections of Finance Charge Receivables on such Date of
      Processing and (B) on and after such LIBOR Determination Date, the
      difference between (1) Monthly Interest for the related Distribution Date
      (plus, if the Bank is not the Servicer, the Monthly Servicing Fee for such
      Monthly Period) and (2) the amounts previously deposited in the Collection
      Account with respect to such Monthly Period pursuant to this subsection
      (a)(i);

         (ii) Allocate to the Series 2002-B Holders an amount equal to the
      product of (A) the Principal Allocation Percentage on such Date of
      Processing and (B) the aggregate amount of Collections of Principal
      Receivables on such

                                       17
<PAGE>
      Date of Processing, which amount shall be first, if any other Principal
      Sharing Series in Group One is outstanding and in its Amortization Period
      or Accumulation Period (as such terms are defined in the Agreement),
      retained in the Collection Account for application, to the extent
      necessary, as Shared Principal Collections in accordance with Section 4.04
      of the Agreement to other Series in Group One on the related Distribution
      Date, and second paid to the Holders of the Transferors' Interest;
      provided, however, that the amount to be paid to the Holders of the
      Transferors' Interest pursuant to this Section 4.1(a)(ii) on any Date of
      Processing shall be paid to such Holders only if the Transferor Amount on
      such Date of Processing is greater than the Required Transferor Amount
      (after giving effect to all Principal Receivables transferred to the Trust
      on such day and any amounts deposited in the Excess Funding Account on
      such day) and otherwise shall be deposited in the Excess Funding Account
      until the Transferor Amount is greater than the Required Transferor Amount
      and applied in accordance with Section 4.02 of the Agreement and the
      remainder shall be paid to the Holders of the Transferors' Interest.

      (b) Allocations During the Accumulation Period. During the Accumulation
Period, the Servicer shall, prior to the close of business on the second
Business Day following any Date of Processing, allocate the following amounts as
set forth below:

         (i) Allocate to the Series 2002-B Holders and deposit and retain in the
      Collection Account an amount equal to the product of (A) the Floating
      Allocation Percentage on such Date of Processing and (B) the aggregate
      amount of Collections of Finance Charge Receivables on such Date of
      Processing.

         (ii) Allocate to the Series 2002-B Holders and deposit and retain in
      the Collection Account an amount equal to the product of (x) the Principal
      Allocation Percentage on such Date of Processing and (y) the aggregate
      amount of Collections of Principal Receivables on such Date of Processing
      (for any such date, a "Percentage Allocation"); provided, however, that,
      if the sum of the Percentage Allocations with respect to the same Monthly
      Period exceeds the Controlled Deposit Amount for the related Distribution
      Date, plus, in the case of the Monthly Period immediately preceding the
      Collateral Expected Final Distribution Date, the Collateral Invested
      Amount, then such excess shall not be treated as a Percentage Allocation
      and shall be first, if any other Principal Sharing Series in Group One is
      outstanding and in its Amortization Period or Accumulation Period (as such
      terms are defined in the Agreement), retained in the Collection Account
      for application, to the extent necessary, as Shared Principal Collections
      in accordance with Section 4.04 of the Agreement to other Series in Group
      One on the related Distribution Date, and second paid to the Holders of
      the Transferors' Interest only if the Transferor Amount on such Date of
      Processing is greater than the Required Transferor Amount (after giving
      effect to all Principal Receivables transferred to the Trust on such day
      and any amounts deposited in the Excess Funding Account on such day) and
      otherwise shall be deposited in the Excess Funding Account until the
      Transferor Amount is greater than the Required

                                       18
<PAGE>
      Transferor Amount and applied in accordance with Section 4.02 of the
      Agreement and the remainder shall be paid to the Holders of the
      Transferors' Interest.

      (c) Allocations During the Rapid Amortization Period. During the Rapid
Amortization Period, the Servicer shall, prior to the close of business on the
second Business Day following any Date of Processing, allocate the following
amounts as set forth below:

         (i) Allocate to the Series 2002-B Holders and deposit and retain in the
      Collection Account an amount equal to the product of (A) the Floating
      Allocation Percentage on such Date of Processing and (B) the aggregate
      amount of Collections of Finance Charge Receivables on such Date of
      Processing.

         (ii) Allocate to the Series 2002-B Holders and deposit and retain in
      the Collection Account an amount equal to the product of (A) the Principal
      Allocation Percentage on such Date of Processing and (B) the aggregate
      amount of Collections of Principal Receivables on such Date of Processing;
      provided, however, that after the date on which an amount of such
      Collections equal to the Invested Amount has been deposited into the
      Collection Account and allocated to the Series 2002-B Holders, the amount
      determined in accordance with this subparagraph (ii) in excess thereof
      shall be first, if any other Principal Sharing Series in Group One is
      outstanding and in its Amortization Period or Accumulation Period (as such
      terms are defined in the Agreement), retained in the Collection Account
      for application, to the extent necessary, as Shared Principal Collections
      in accordance with Section 4.04 of the Agreement to other Series in Group
      One on the related Distribution Date, and second paid to the Holders of
      the Transferors' Interest only if the Transferor Amount on such Date of
      Processing is greater than the Required Transferor Amount (after giving
      effect to all Principal Receivables transferred to the Trust on such day
      and any amounts deposited in the Excess Funding Account on such day) and
      otherwise shall be deposited in the Excess Funding Account until the
      Transferor Amount is greater than the Required Transferor Amount and
      applied in accordance with Section 4.02 of the Agreement and the remainder
      shall be paid to the Holders of the Transferors' Interest.

      (d) Notwithstanding anything to the contrary in this Section 4.1, if on
any Date of Processing the aggregate amount of Principal Receivables is less
than the sum of the Series Investor Amounts for all Series outstanding, all
Collections of Principal Receivables on such date that are otherwise payable to
the Holders of the Transferors' Interest shall, unless such Collections are to
be retained in the Collection Account, be deposited in the Excess Funding
Account and applied in accordance with Section 4.02 of the Agreement.

      (e) Notwithstanding the foregoing, the Servicer need not make daily
deposits of Collections into the Collection Account at any time when the
requirements of Section 4.03 of the Agreement are satisfied.

                                       19
<PAGE>
      Section 4.2 Determination of Monthly Interest.

      (a) The amount of monthly interest ("Class A Monthly Interest")
distributable from the Collection Account with respect to the Class A
Certificates on each Distribution Date shall be an amount equal to the product
of (i) (A) a fraction, the numerator of which is the actual number of days in
the related Interest Period and the denominator of which is 360, times (B) the
Class A Certificate Rate and (ii) the outstanding principal amount of the Class
A Certificates as of the close of business on the preceding Record Date;
provided, however, with respect to the December 2002 Distribution Date, Class A
Monthly Interest shall be equal to the interest accrued on the Class A Initial
Invested Amount at the applicable Class A Certificate Rate for the period from
the Closing Date through December 15, 2002 (calculated on the basis of the
actual number of days in such period and a year of 360 days).

      On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the "Class A Interest Shortfall"), of (x)
the Class A Monthly Interest for such Distribution Date over (y) the aggregate
amount of funds allocated and available to pay such Class A Monthly Interest on
such Distribution Date. If the Class A Interest Shortfall with respect to any
Distribution Date is greater than zero, on each subsequent Distribution Date
until such Class A Interest Shortfall is fully paid, an additional amount
("Class A Additional Interest") equal to the product of (i) (A) a fraction, the
numerator of which is the actual number of days from and including the
Distribution Date on which there is a shortfall to but excluding such subsequent
Distribution Date, and the denominator of which is 360, times (B) the Class A
Penalty Rate and (ii) such Class A Interest Shortfall (or the portion thereof
which has not been paid to the Class A Certificateholders) shall be payable as
provided herein with respect to the Class A Certificates. Notwithstanding
anything to the contrary herein, Class A Additional Interest shall be payable or
distributed to Class A Certificateholders only to the extent permitted by
applicable law.

      (b) The amount of monthly interest ("Class B Monthly Interest")
distributable from the Collection Account with respect to the Class B
Certificates on each Distribution Date shall be an amount equal to the product
of (i) (A) a fraction, the numerator of which is the actual number of days in
the related Interest Period and the denominator of which is 360, times (B) the
Class B Certificate Rate and (ii) the outstanding principal amount of the Class
B Certificates as of the close of business on the preceding Record Date;
provided, however, with respect to the December 2002 Distribution Date, Class B
Monthly Interest shall be equal to the interest accrued on the Class B Initial
Invested Amount at the applicable Class B Certificate Rate for the period from
the Closing Date through December 15, 2002 (calculated on the basis of the
actual number of days in such period and a year of 360 days).

      On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the "Class B Interest Shortfall"), of (x)
the Class B Monthly Interest for such Distribution Date over (y) the aggregate
amount of funds allocated and available to pay such Class B Monthly Interest on
such Distribution Date. If the Class B Interest Shortfall with respect to any
Distribution Date is greater than zero, on each subsequent Distribution Date
until such Class B Interest Shortfall is fully paid, an additional amount
("Class B Additional Interest") equal to the product of (i) (A) a fraction, the
numerator of which is the actual number of days from and including the
Distribution Date on which there is a shortfall to but excluding such

                                       20
<PAGE>
subsequent Distribution Date, and the denominator of which is 360, times (B) the
Class B Penalty Rate and (ii) such Class B Interest Shortfall (or the portion
thereof which has not been paid to the Class B Certificateholders) shall be
payable as provided herein with respect to the Class B Certificates.
Notwithstanding anything to the contrary herein, Class B Additional Interest
shall be payable or distributed to Class B Certificateholders only to the extent
permitted by applicable law.

      (c) The amount of monthly interest ("Collateral Minimum Monthly Interest")
distributable from the Collection Account with respect to the Collateral
Interest on each Distribution Date shall be an amount equal to the product of
(i)(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360; times (B) the
Collateral Minimum Interest Rate; and (ii) the outstanding principal amount of
the Collateral Interest as of the close of business on the preceding Record
Date; provided, however, with respect to the December 2002 Distribution Date,
the Collateral Minimum Monthly Interest shall be equal to the interest accrued
on the Collateral Initial Invested Amount at the applicable Collateral Minimum
Interest Rate for the period from the Closing Date through December 15, 2002
(calculated on the basis of the actual number of days in such period and a year
of 360 days).

      On the Determination Date preceding each Distribution Date, the Servicer
shall determine the excess, if any (the "Collateral Interest Shortfall"), of (x)
the Collateral Minimum Monthly Interest for such Distribution Date over (y) the
aggregate amount of funds allocated and available to pay such Collateral Minimum
Monthly Interest on such Distribution Date. If the Collateral Interest Shortfall
with respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Collateral Interest Shortfall is fully paid, an
additional amount ("Collateral Additional Interest") equal to the product of
(i)(A) a fraction, the numerator of which is the actual number of days from and
including the Distribution Date on which there is a shortfall to but excluding
such subsequent Distribution Date and the denominator of which is 360, times (B)
the Collateral Minimum Interest Rate and (ii) such Collateral Interest Shortfall
(or the portion thereof which has not been paid to the Collateral Interest
Holder) shall be payable as provided herein with respect to the Collateral
Interest. Notwithstanding anything to the contrary herein, Collateral Additional
Interest shall be payable or distributed to the Collateral Interest Holder only
to the extent permitted by applicable law.

      Section 4.3 Determination of Monthly Principal.

      (a) The amount of monthly principal ("Class A Monthly Principal")
distributable from the Collection Account with respect to the Class A
Certificates on each Distribution Date, beginning with the first Distribution
Date with respect to the Accumulation Period or the Rapid Amortization Period,
shall be equal to the least of (x) the Available Investor Principal Collections
on deposit in the Collection Account with respect to such Distribution Date, (y)
for each Distribution Date with respect to the Accumulation Period (and on or
prior to the Class A Expected Final Distribution Date), the Controlled Deposit
Amount for such Distribution Date and (z) the Class A Invested Amount on such
Distribution Date.

      (b) The amount of monthly principal ("Class B Monthly Principal")
distributable from the Collection Account with respect to the Class B
Certificates on each

                                       21
<PAGE>
Distribution Date, beginning with the first Distribution Date with respect to
the Accumulation Period on which the full amount of the Class A Investor Amount
is on deposit in the Principal Funding Account or has been paid to the Class A
Certificateholders or, if earlier, the first Special Payment Date on which the
Class A Investor Amount is paid in full, shall be equal to the least of (x) the
Available Investor Principal Collections on deposit in the Collection Account
with respect to such Distribution Date (minus the portion of such Available
Investor Principal Collections applied to Class A Monthly Principal on such
Distribution Date), (y) for each Distribution Date with respect to the
Accumulation Period (and on or prior to the Class B Expected Final Distribution
Date), the Controlled Deposit Amount for such Distribution Date (minus the
portion of such Controlled Deposit Amount for such Distribution Date applied to
Class A Monthly Principal on such Distribution Date) and (z) the Class B
Invested Amount on such Distribution Date.

      (c) The amount of monthly principal ("Collateral Monthly Principal")
distributable from the Collection Account with respect to the Collateral
Interest on each Distribution Date, beginning with the Collateral Principal
Commencement Date, shall be equal to the lesser of (x) the Available Investor
Principal Collections on deposit in the Collection Account with respect to such
Distribution Date (minus the portion of such Available Investor Principal
Collections applied to Class A Monthly Principal and Class B Monthly Principal
on such Distribution Date), and (y) the Collateral Invested Amount on such
Distribution Date.

      Section 4.4 Required Amount.

      (a) With respect to each Distribution Date, on the related Determination
Date, the Servicer shall determine the amount (the "Class A Required Amount"),
if any, by which (a) the sum of (i) Class A Monthly Interest for such
Distribution Date, (ii) any Class A Monthly Interest previously due but not paid
to the Class A Certificateholders on a prior Distribution Date, (iii) any Class
A Additional Interest for such Distribution Date and any Class A Additional
Interest previously due but not paid to the Class A Certificateholders on a
prior Distribution Date, (iv) the Class A Servicing Fee for such Distribution
Date, (v) any Class A Servicing Fee previously due but not paid to the Servicer
and (vi) the Class A Investor Default Amount, if any, for such Distribution Date
exceeds (b) the Class A Available Funds. In the event that the Class A Required
Amount for such Distribution Date is greater than zero, all or a portion of the
Excess Spread and the Excess Finance Charges allocable to Series 2002-B with
respect to the related Monthly Period in an amount equal to the Class A Required
Amount for such Distribution Date shall be distributed from the Collection
Account on such Distribution Date pursuant to Section 4.7(a). In the event that
the Class A Required Amount for such Distribution Date exceeds the amount of
Excess Spread and the amount of Excess Finance Charges allocable to Series
2002-B with respect to the related Monthly Period, all or a portion of the
Reallocated Principal Collections with respect to such Monthly Period in an
amount equal to such excess shall be distributed from the Collection Account on
such Distribution Date pursuant to Section 4.8(a).

      (b) With respect to each Distribution Date on the related Determination
Date, the Servicer shall determine the amount (the "Class B Required Amount"),
equal to the sum of (I) the amount if any, by which (a) the sum of (i) Class B
Monthly Interest for such Distribution Date, (ii) any Class B Monthly Interest
previously due but not paid to the Class B Certificateholders on a prior
Distribution Date, (iii) any Class B Additional Interest for such

                                       22
<PAGE>
Distribution Date and any Class B Additional Interest previously due but not
paid to the Class B Certificateholders on a prior Distribution Date, (iv) the
Class B Servicing Fee for such Distribution Date and (v) any Class B Servicing
Fee previously due but not paid to the Servicer exceeds (b) the Class B
Available Funds, plus (II) the Class B Investor Default Amount for such
Distribution Date. In the event that the Class B Required Amount for such
Distribution Date is greater than zero, all or a portion of Excess Spread and
the Excess Finance Charges allocable to Series 2002-B (other than Excess Spread
and Excess Finance Charges applied pursuant to Sections 4.7(a) and (b) with
respect to such Distribution Date) with respect to the related Monthly Period
shall be applied to fund the Class B Required Amount. In the event that the
Class B Required Amount for such Distribution Date exceeds the portion of Excess
Spread and Excess Finance Charges allocated to Series 2002-B with respect to the
related Monthly Period and available to fund the Class B Required Amount as
provided in the preceding sentence, all or a portion of the Reallocated
Principal Collections allocable to the Collateral Invested Amount available
therefor with respect to such Monthly Period in an amount equal to such excess
shall be distributed from the Collection Account on such Distribution Date
pursuant to Section 4.8(b).

      Section 4.5 Application of Class A Available Funds, Class B Available
Funds, Collateral Available Funds and Available Investor Principal Collections.
The Servicer shall apply or shall direct the Trustee in writing to apply, on
each Distribution Date, Class A Available Funds, Class B Available Funds,
Collateral Available Funds and Available Investor Principal Collections for the
Monthly Period with respect to such Distribution Date to make the following
distributions:

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

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

         (ii) an amount equal to the Class A Servicing Fee for such Distribution
      Date, plus the amount of any Class A Servicing Fee previously due but not
      distributed to the Servicer on a prior Distribution Date, shall be
      distributed to the Servicer;

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

         (iv) the balance, if any, shall constitute Excess Spread and shall be
      allocated and distributed as set forth in Section 4.7.

                                       23
<PAGE>
      (b) On each Distribution Date, an amount equal to the Class B Available
Funds with respect to such Distribution Date will be distributed in the
following priority:

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

         (ii) an amount equal to the Class B Servicing Fee for such Distribution
      Date, plus the amount of any Class B Servicing Fee previously due but not
      distributed to the Servicer on a prior Distribution Date, shall be
      distributed to the Servicer; and

         (iii) the balance, if any, shall constitute Excess Spread and shall be
      allocated and distributed as set forth in Section 4.7.

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

         (i) if the Bank or the Trustee is no longer the Servicer, an amount
      equal to the Collateral Servicing Fee for such Distribution Date, plus the
      amount of any Collateral Servicing Fee previously due but not distributed
      to the Servicer on a prior Distribution Date, shall be distributed to the
      Servicer; and

         (ii) the balance, if any, shall constitute Excess Spread and shall be
      allocated and distributed as set forth in Section 4.7.

      (d) On each Distribution Date with respect to the Revolving Period, an
amount equal to the Available Investor Principal Collections for the related
Monthly Period shall be treated as Shared Principal Collections and applied in
accordance with Section 4.04 of the Agreement.

      (e) On each Distribution Date with respect to the Accumulation Period or
the Rapid Amortization Period, an amount equal to the Available Investor
Principal Collections for the related Monthly Period will be distributed in the
following priority:

         (i) an amount equal to Class A Monthly Principal for such Distribution
      Date, shall (A) during the Accumulation Period, be deposited in the
      Principal Funding Account for payment to the Class A Certificateholders by
      the Paying Agent in accordance with Section 5.1(b) on each Distribution
      Date beginning on the earlier to occur of the Class A Expected Final
      Distribution Date or the first Special Payment Date and (B) during the
      Rapid Amortization Period be paid to the Holders of the Class A
      Certificates;

                                       24
<PAGE>
         (ii) after giving effect to the distribution referred to in clause (i)
      above, an amount equal to Class B Monthly Principal for such Distribution
      Date, shall (A) during the Accumulation Period, be deposited in the
      Principal Funding Account for payment to the Class B Certificateholders by
      the Paying Agent in accordance with subsection 5.1(d) on each Distribution
      Date beginning on the Class B Principal Commencement Date and (B) during
      the Rapid Amortization Period, be paid to the Holders of the Class B
      Certificates;

         (iii) after giving effect to the distributions referred to in clauses
      (i) and (ii) above, an amount equal to Collateral Monthly Principal for
      such Distribution Date shall be distributed to the Collateral Interest
      Holder in accordance with subsection 5.1(e) on each Distribution Date
      beginning on the Collateral Principal Commencement Date; and

         (iv) for each Distribution Date, after giving effect to the
      distributions referred to in clauses (i), (ii) and (iii) above, an amount
      equal to the balance, if any, of such Available Investor Principal
      Collections then on deposit in the Collection Account shall be treated as
      Shared Principal Collections and applied in accordance with Section 4.04
      of the Agreement.

      Section 4.6 Defaulted Amounts; Investor Charge-Offs.

      (a) On each Determination Date, the Servicer shall calculate the Class A
Investor Default Amount, if any, for the related Distribution Date. If, on any
Distribution Date, the Class A Required Amount for the related Monthly Period
exceeds the sum of (x) the amount of Reallocated Principal Collections with
respect to such Monthly Period and (y) the amount of Excess Spread and the
Excess Finance Charges allocable to Series 2002-B with respect to such
Distribution Date, the Collateral Invested Amount shall be reduced by the amount
of such excess, but not by more than the excess of the Class A Investor Default
Amount for such Distribution Date over the sum of the amount of Reallocated
Principal Collections and Excess Spread and Excess Finance Charges used to fund
the Class A Investor Default Amount for such Distribution Date. In the event
that such reduction would cause the Collateral Invested Amount to be a negative
number, the Collateral Invested Amount shall be reduced to zero and the Class B
Invested Amount shall be reduced by the amount by which the Collateral Invested
Amount would have been reduced below zero, but not by more than the excess, if
any, of the Class A Investor Default Amount for such Distribution Date over the
sum of the amount of such reduction, if any, of the Collateral Invested Amount
with respect to such Distribution Date and the amount of Reallocated Principal
Collections and Excess Spread and Excess Finance Charges used to fund the Class
A Investor Default Amount for such Distribution Date. In the event that such
reduction would cause the Class B Invested Amount to be a negative number, the
Class B Invested Amount shall be reduced to zero, and the Class A Invested
Amount shall be reduced by the amount by which the Class B Invested Amount would
have been reduced below zero, but not by more than the excess, if any, of the
Class A Investor Default Amount for such Distribution Date over the sum of the
aggregate amount of the reductions, if any, of the Collateral Invested Amount
and the Class B Invested Amount for such Distribution Date and the amount of
Reallocated Principal Collections and Excess Spread and Excess Finance Charges
used to fund the Class A Investor Default Amount for such Distribution Date (a
"Class A Investor

                                       25
<PAGE>
Charge-Off"). Class A Investor Charge-Offs shall thereafter be reimbursed and
the Class A Invested Amount increased (but not by an amount in excess of the
aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by
the amount of Excess Spread and Excess Finance Charges allocated and available
for that purpose pursuant to Section 4.7(b).

      (b) On each Determination Date, the Servicer shall calculate the Class B
Required Amount, if any, for the related Distribution Date. If, on any
Distribution Date, the Class B Required Amount for such Distribution Date
exceeds the sum of (x) the amount of Excess Spread and Excess Finance Charges
allocated to Series 2002-B with respect to the related Monthly Period which are
not used to fund the Class A Required Amount and Class A Investor Charge-Offs on
the related Distribution Date and (y) the amount of Reallocated Principal
Collections which are available to fund the Class B Required Amount on such
Distribution Date pursuant to Section 4.8(b), then the Collateral Invested
Amount shall be reduced by the amount of such excess, but not by more than the
excess of the Class B Investor Default Amount for such Distribution Date over
the sum of the amount of Reallocated Principal Collections and Excess Spread and
Excess Finance Charges used to fund the Class B Investor Default Amount for such
Distribution Date. In the event that such reduction would cause the Collateral
Invested Amount to be a negative number, the Collateral Invested Amount shall be
reduced to zero, and the Class B Invested Amount shall be reduced by the amount
by which the Collateral Invested Amount would have been reduced below zero, but
not by more than the excess, if any, of the Class B Investor Default Amount for
such Distribution Date over the sum of the amount of such reduction, if any, of
the Collateral Invested Amount with respect to such Distribution Date and the
amount of Reallocated Principal Collections and Excess Spread and Excess Finance
Charges used to fund the Class B Investor Default Amount for such Distribution
Date (a "Class B Investor Charge-Off"). Class B Investor Charge-Offs shall
thereafter be reimbursed and the Class B Invested Amount increased (but not by
an amount in excess of the aggregate unreimbursed Class B Investor Charge-Offs)
on any Distribution Date by the amount of Excess Spread and Excess Finance
Charges allocated and available for that purpose pursuant to subsection 4.7(e).

      (c) If, on any Distribution Date, Reallocated Principal Collections for
such Distribution Date are applied pursuant to Section 4.8(a) or (b), the
Collateral Invested Amount shall be reduced by the amount of such Reallocated
Principal Collections. In the event that such reduction would cause the
Collateral Invested Amount to be a negative number, the Collateral Invested
Amount shall be reduced to zero, and the Class B Invested Amount shall be
reduced by the amount by which the Collateral Invested Amount would have been
reduced below zero.

      (d) If, on any Distribution Date, the Collateral Default Amount exceeds
the amount of Excess Spread and Excess Finance Charges available to fund the
Collateral Default Amount pursuant to subsection 4.7(h) on such Distribution
Date, then the Collateral Invested Amount shall be reduced by the amount of such
excess; provided, however, that the Collateral Invested Amount shall not be
reduced below zero.

      Section 4.7 Excess Spread; Excess Finance Charges. The Servicer shall
apply or shall direct the Trustee in writing to apply, on each Distribution
Date, Excess Spread and Excess Finance Charges allocated to Series 2002-B with
respect to the related Monthly Period, to make the following distributions in
the following priority:

                                       26
<PAGE>

      (a) an amount equal to the Class A Required Amount, if any, with respect
to such Distribution Date shall be distributed by the Trustee to fund any
deficiency pursuant to Sections 4.5(a)(i), (ii) and (iii), in that order of
priority;

      (b) an amount equal to the aggregate amount of Class A Investor
Charge-Offs which have not been previously reimbursed as provided in Section
4.6(a) (after giving effect to the allocation on such Distribution Date of any
amount for that purpose pursuant to Section 4.6(a)) shall be treated as a
portion of Available Investor Principal Collections for such Distribution Date;

      (c) an amount up to the Class B Required Amount, if any, with respect to
such Distribution Date shall be distributed by the Trustee to fund any
deficiency pursuant to Sections 4.5(b)(i) and (ii), in that order of priority;

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

      (e) an amount equal to the aggregate amount by which the Class B Invested
Amount has been reduced pursuant to clauses (c), (d) and (e) of the definition
of "Class B Invested Amount" in Section 2.1 of this Supplement (but not in
excess of the aggregate amount of such reductions which have not been previously
reimbursed) shall be treated as a portion of Available Investor Principal
Collections for such Distribution Date;

      (f) an amount equal to the Collateral Minimum Monthly Interest for such
Distribution Date, plus the amount of any Collateral Minimum Monthly Interest
previously due but not distributed to the Collateral Interest Holder on a prior
Distribution Date pursuant to this subsection plus the amount of any Collateral
Additional Interest for such Distribution Date and any Collateral Additional
Interest previously due but not distributed to the Collateral Interest Holder on
a prior Distribution Date shall be paid to the Collateral Interest Holder;

      (g) an amount equal to the Collateral Servicing Fee for such Distribution
Date (or if the Bank or the Trustee is no longer the Servicer, the portion of
the Collateral Servicing Fee for such Distribution Date not paid pursuant to
Section 4.5(c)(i)), plus the amount of any Collateral Servicing Fee previously
due but not distributed to the Servicer on a prior Distribution Date, shall be
distributed to the Servicer;

      (h) an amount equal to the Collateral Default Amount for such Distribution
Date shall be treated as a portion of Available Investor Principal Collections
with respect to such Distribution Date;

      (i) an amount equal to the aggregate amount by which the Collateral
Invested Amount has been reduced pursuant to clause (b) of the definition of
"Collateral Invested Amount" (but not in excess of the aggregate amount of such
reductions which have not been previously reimbursed) shall be treated as a
portion of Available Investor Principal Collections with respect to such
Distribution Date;

                                       27
<PAGE>
      (j) an amount up to the excess, if any, of the Required Reserve Account
Amount over the amount on deposit therein, shall be deposited into the Reserve
Account; and

      (k) the balance, if any, shall be distributed to the Collateral Interest
Holder.

      Section 4.8 Reallocated Principal Collections. The Servicer shall apply or
shall direct the Trustee in writing to apply on each Distribution Date,
Reallocated Principal Collections (applying all such Collections with respect to
the Collateral Invested Amount prior to applying any such Collections with
respect to the Class B Invested Amount and applying no such Collections with
respect to the Class B Invested Amount pursuant to clause (b) below) with
respect to such Distribution Date, to make the following distributions in the
following priority:

      (a) an amount equal to the excess, if any, of (i) the Class A Required
Amount, if any, with respect to such Distribution Date over (ii) the amount of
Excess Spread and Excess Finance Charges allocated to Series 2002-B with respect
to the related Monthly Period shall, be distributed by the Trustee to fund any
deficiency pursuant to Sections 4.5(a)(i), (ii) and (iii), in that order of
priority;

      (b) an amount equal to the excess, if any, of (i) the Class B Required
Amount, if any, with respect to such Distribution Date over (ii) the amount of
Excess Spread and Excess Finance Charges allocated and available to the Class B
Certificates pursuant to Sections 4.7(c) and (d) on such Distribution Date,
shall be distributed by the Trustee to fund any deficiency pursuant to Sections
4.5(b)(i) and (ii) and Section 4.7(d), in that order of priority; and

      (c) the balance, if any, of such Reallocated Principal Collections shall
be treated as a portion of Available Investor Principal Collections to be
applied in accordance with subsections 4.5(d) and (e).

      Section 4.9 Excess Finance Charges. On each Distribution Date, (a) the
Servicer shall allocate the aggregate amount for all outstanding Series in Group
One that the related Supplements or Transfer Agreements specify are to be
treated as a portion of Excess Finance Charges for such Distribution Date
(collectively, "Excess Finance Charges") as specified in the Supplements or
Transfer Agreements for each Series in Group One and (b) the Servicer shall
withdraw (or shall instruct the Trustee in writing to withdraw) from the
Collection Account and pay to the Holders of the Transferors' Interest an amount
equal to the excess, if any, of (x) the Excess Finance Charges for such
Distribution Date over (y) the aggregate amount for all Series in Group One that
the related Supplements specify are Finance Charge Shortfalls (as defined in the
related Supplements or Transfer Agreements ) for such Distribution Date. Excess
Finance Charges for any Distribution Date will be allocated to Series 2002-B in
an amount equal to the product of (x) the aggregate amount of Excess Finance
Charges for such Distribution Date and (y) a fraction, the numerator of which is
the Finance Charge Shortfall for Series 2002-B for such Distribution Date and
the denominator of which is the aggregate amount of Finance Charge Shortfalls
for all the Series in Group One for such Distribution Date. The amount of
"Excess Finance Charges" for Series 2002-B for any Distribution Date shall be
specified in the Transfer Agreement as the Series 2002-B Excess Finance Charge
Amount. On each Distribution Date, the Trustee shall deposit in the Collection
Account for application in accordance with Section 4.5 of the Agreement, the
amount of "Excess Finance Charges" received by the Trustee pursuant to

                                       28

<PAGE>
the Transfer Agreement on such date. The "Finance Charge Shortfall" for Series
2002-B for any Distribution Date shall be equal to the excess, if any, of (a)
the full amount required to be paid, without duplication, pursuant to Sections
4.5(a), 4.5(b), 4.5(c) and 4.7(a) through (j) on such Distribution Date over (b)
the sum of Class A Available Funds, Class B Available Funds and Collateral
Available Funds with respect to the related Monthly Period.

      Section 4.10 Shared Principal Collections. Subject to Section 4.04 of the
Agreement, Shared Principal Collections for any Distribution Date will be
allocated to Series 2002-B in an amount equal to the product of (x) the
aggregate amount of Shared Principal Collections with respect to all Series in
Group One for such Distribution Date and (y) a fraction, the numerator of which
is the Principal Shortfall for Series 2002-B for such Distribution Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all the
Series which are Principal Sharing Series in Group One for such Distribution
Date. The "Principal Shortfall" for Series 2002-B shall be equal to (a) for any
Distribution Date with respect to the Revolving Period and the Rapid
Amortization Period, zero, and (b) for any Distribution Date with respect to the
Accumulation Period on or prior to the Class B Expected Final Distribution Date,
the excess, if any, of the Controlled Deposit Amount with respect to such
Distribution Date over the amount of Available Investor Principal Collections
for such Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections) and (c) for each Distribution Date on or after the Class
B Expected Final Distribution Date, the excess, if any, of the Invested Amount
over the amount of Available Investor Principal Collections for such
Distribution Date (excluding any portion thereof attributable to Shared
Principal Collections).

      Section 4.11 Determination of LIBOR.

      (a) On each LIBOR Determination Date, the Trustee shall determine LIBOR
based on the rate for deposits in United States dollars for a period of the
Designated Maturity which appears on Telerate Page 3750 as of 11:00 A.M. (London
Time) on such date.

      (b) If such rate does not appear on Telerate Page 3750, the Trustee will
determine LIBOR on the basis of quotations of the offered rates for deposits in
United States dollars provided by the Reference Banks at approximately 11:00
A.M. (London time) on such LIBOR Determination Date to prime banks in the London
interbank market for a period of the Designated Maturity. If at least two such
quotations are provided, LIBOR will be the arithmetic mean of such quotations.

      (c) If, on the LIBOR Determination Date, such rate does not appear on
Telerate Page 3750 and only one or none of the Reference Banks provides such
offered quotations, LIBOR will be the rate per annum that the Trustee determines
to be the arithmetic mean of the offered quotations that three major banks in
the city of New York selected by the Servicer are quoting at approximately 11:00
A.M. (New York City time) on that day for loans in United States dollars to
leading European banks for a period of the Designated Maturity.

                                       29

<PAGE>
      Section 4.12 Principal Funding Account.

            (a)(i) The Servicer, for the benefit of the Series 2002-B
         Certificateholders, shall establish and maintain in the name of the
         Trustee an Eligible Deposit Account (the "Principal Funding Account"),
         bearing a designation clearly indicating that the funds deposited
         therein are held for the benefit of the Series 2002-B
         Certificateholders. The Principal Funding Account shall initially be
         established by the Trustee.

            (ii) At the written direction of the Servicer, funds on deposit in
         the Principal Funding Account shall be invested by the Trustee in
         Eligible Investments selected by the Servicer. The Servicer shall
         notify the Trustee of its selection in writing and the Trustee shall be
         entitled to rely conclusively on such writing for all purposes,
         including the Servicer's compliance with the investment restrictions
         set forth in the definition of "Eligible Investment." All such Eligible
         Investments shall be held by the Trustee; provided that on each
         Distribution Date all interest and other investment income (net of
         losses and investment expenses ) ("Principal Funding Investment
         Proceeds") on funds on deposit therein shall be applied as set forth in
         paragraph (iii) below. Funds on deposit in the Principal Funding
         Account shall be invested in Eligible Investments that will mature so
         that such funds will be available at the close of business on the
         Transfer Date preceding the following Distribution Date. No Eligible
         Investment shall be disposed of prior to its maturity; provided,
         however, that the Trustee may sell, liquidate or dispose of an Eligible
         Investment before its maturity, if so directed in writing by the
         Servicer, the Servicer having reasonably determined that the interest
         of the Series 2002-B Certificateholders may be adversely affected if
         such Eligible Investment is held to its maturity. Unless the Servicer
         directs otherwise, funds deposited in the Principal Funding Account on
         a Transfer Date (which immediately precedes a Distribution Date) upon
         the maturity of any Eligible Investments are not required to be
         invested overnight.

            (iii) On each Distribution Date with respect to the Accumulation
         Period, the Servicer shall direct the Trustee in writing to withdraw
         from the Principal Funding Account and deposit into the Collection
         Account all Principal Funding Investment Proceeds then on deposit in
         the Principal Funding Account, and such Principal Funding Investment
         Proceeds shall be treated as a portion of Class A Available Funds for
         such Distribution Date.

            (iv) Reinvested interest and other investment income on funds
         deposited in the Principal Funding Account shall not be considered to
         be principal amounts on deposit therein for purposes of this
         Supplement.

            (v) The Trustee shall possess all right, title and interest in all
         funds on deposit from time to time in the Principal Funding Account and
         in all proceeds thereof. The Principal Funding Account shall be under
         the sole dominion and control of the Trustee. If, at any time, the
         Principal Funding Account ceases to be an Eligible Deposit Account, the
         Trustee shall within 10 Business Days (or such

                                       30
<PAGE>
         longer period, not to exceed 30 calendar days, as to which each Rating
         Agency may consent) establish a new Principal Funding Account meeting
         the conditions specified in paragraph (a) (i) above as an Eligible
         Deposit Account and shall transfer any property to such new Principal
         Funding Account.

            (vi) Pursuant to the authority granted to the Servicer in Section
         3.01(b) of the Agreement, the Servicer shall have the power, revocable
         by the Trustee, to make withdrawals and payments or to instruct the
         Trustee in writing to make withdrawals and payments from the Principal
         Funding Account for the purposes of carrying out the Servicer's or
         Trustee's duties hereunder. Pursuant to the authority granted to the
         Paying Agent in Section 5.1 of this Supplement and Section 6.07 of the
         Agreement, the Paying Agent shall have the power, revocable by the
         Trustee, to withdraw funds from the Principal Funding Account for the
         purpose of making distributions to the Series 2002-B
         Certificateholders.

      Section 4.13 Accumulation Period. The Accumulation Period is scheduled to
commence on the Accumulation Date; provided, however, that if the Accumulation
Period Length on any Determination Date (determined as described below) is less
than nine months, upon notice to the Trustee, the Transferor, each Rating Agency
and the Collateral Interest Holder, the Servicer, at its option, may elect to
modify the date on which the Accumulation Period actually commences to the first
day of the month that is a number of months prior to the month in which the
Class A Expected Final Distribution Date occurs at least equal to the
Accumulation Period Length (so that, as a result, the number of Monthly Periods
in the Accumulation Period will at least equal the Accumulation Period Length);
provided, however, that (i) the length of the Accumulation Period will not be
less than one month; and (ii) notwithstanding any other provision of this
Supplement to the contrary, no election to postpone the commencement of the
Accumulation Period shall be made after a Pay Out Event (as defined in the
related Supplement) shall have occurred and is continuing with respect to any
other Series. On each Determination Date, the Servicer will determine the
"Accumulation Period Length," which will mean a number of months such that the
amount available for distribution of principal on the Class A Certificates on
the Class A Expected Final Distribution Date and for distribution of principal
on the Class B Certificates on the Class B Expected Final Distribution Date will
equal or exceed the sum of the Class A Investor Amount and the Class B Investor
Amount, assuming for this purpose that (1) the payment rate with respect to
Collections of Principal Receivables remains constant at the lowest level of
such payment rate during the twelve preceding Monthly Periods (or such lower
payment rate as the Servicer may select), (2) the total amount of Principal
Receivables in the Trust (and the principal amount on deposit in the Excess
Funding Account, if any) remains constant at the level on such date of
determination, (3) no Pay Out Event with respect to any Series will subsequently
occur and (4) no additional Series (other than any Series being issued on such
date of determination) will be subsequently issued. Any notice by the Servicer
electing to modify the commencement of the Accumulation Period pursuant to this
Section 4.13 shall specify (i) the Accumulation Period Length, (ii) the
commencement date of the Accumulation Period and (iii) the Controlled
Accumulation Amount with respect to each Monthly Period during the Accumulation
Period.

                                       31
<PAGE>
      Section 4.14 Reserve Account.

      (a) The Servicer, for the benefit of the Series 2002-B Holders, shall
establish and maintain, in the name of the Trustee, an Eligible Deposit Account
(the "Reserve Account") bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2002-B Holders. The
Reserve Account shall initially be established with the Trustee. The Trustee
shall possess all right, title and interest in all funds on deposit from time to
time in the Reserve Account and in all proceeds thereof. The Reserve Account
shall be under the sole dominion and control of the Trustee. If at any time the
Reserve Account ceases to be an Eligible Deposit Account, the Trustee (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Rating Agency may consent)
establish a new Reserve Account meeting the conditions specified above as an
Eligible Deposit Account, and shall transfer any property to such new Reserve
Account. The Trustee, at the written direction of the Servicer, shall (i) make
withdrawals from the Reserve Account from time to time for the purposes set
forth in this Supplement, and (ii) on each Distribution Date (from and after the
Reserve Account Funding Date) prior to the termination of the Reserve Account
make a deposit into the Reserve Account in the amount specified in, and
otherwise in accordance with, Section 4.7(j).

      (b) Funds on deposit in the Reserve Account shall be invested at the
written direction of the Servicer by the Trustee in Eligible Investments. The
Servicer shall notify the Trustee of its selection in writing and the Trustee
shall be entitled to rely conclusively on such writing for all purposes,
including the Servicer's compliance with the investment restrictions set forth
in the definition of "Eligible Investment." Funds on deposit in the Reserve
Account on any Transfer Date, after giving effect to any withdrawals from the
Reserve Account on such Transfer Date, shall be invested in such investments
that will mature so that such funds will be available for withdrawal on or prior
to the immediately succeeding Transfer Date. The Trustee shall maintain
possession of the negotiable instruments or securities, if any, evidencing such
Eligible Investments. No Eligible Investment shall be disposed of prior to its
maturity; provided, however, that the Trustee may sell, liquidate or dispose of
an Eligible Investment before its maturity, if so directed by the Servicer in
writing, the Servicer having reasonably determined that the interest of the
Series 2002-B Holders may be adversely affected if such Eligible Investment is
held to its maturity. On each Distribution Date, all interest and earnings (net
of losses and investment expenses) accrued since the preceding Distribution Date
on funds on deposit in the Reserve Account shall be retained in the Reserve
Account (to the extent that the amount on deposit in the Reserve Account is less
than the Required Reserve Account Amount) and the balance, if any, shall be
deposited in the Collection Account and treated as Collections of Finance Charge
Receivables allocable to Series 2002-B. For purposes of determining the
availability of funds or the balance in the Reserve Account for any reason under
this Supplement, except as otherwise provided in the preceding sentence,
investment earnings on such funds shall be deemed not to be available or on
deposit.

      (c) On the Determination Date preceding each Distribution Date with
respect to the Accumulation Period (prior to the Class B Expected Final
Distribution Date) and the first Special Payment Date, the Servicer shall
calculate the "Reserve Draw Amount" which shall be equal to the excess, if any,
of the Covered Amount with respect to such

                                       32
<PAGE>
Distribution Date or Special Payment Date over the Principal Funding Investment
Proceeds with respect to such Distribution Date or Special Payment Date;
provided, that such amount will be reduced to the extent that funds otherwise
would be available for deposit in the Reserve Account under subsection 4.7(j)
with respect to such Distribution Date.

      (d) In the event that for any Distribution Date the Reserve Draw Amount is
greater than zero, the Reserve Draw Amount, up to the amount on deposit in the
Reserve Account, shall be withdrawn from the Reserve Account on the related
Transfer Date by the Trustee (acting in accordance with the instructions of the
Servicer), deposited into the Collection Account and included in the Class A
Available Funds for such Distribution Date.

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

      (f) Upon the earliest to occur of (i) the termination of the Trust
pursuant to Article XII of the Agreement, (ii) the day on which the Class A
Investor Amount is paid in full to the Class A Certificateholders, (iii) if the
Accumulation Period has not commenced, the occurrence of a Pay Out Event with
respect to Series 2002-B and (iv) if the Accumulation Period has commenced, the
earlier of the first Special Payment Date and the Class A Expected Final
Distribution Date, the Trustee, acting in accordance with the written
instructions of the Servicer, after the prior payment of all amounts owing to
the Series 2002-B Certificateholders which are payable from the Reserve Account
as provided herein, shall withdraw from the Reserve Account and distribute to
the Collateral Interest Holder all amounts, if any, on deposit in the Reserve
Account and the Reserve Account shall be deemed to have terminated for purposes
of this Supplement.

                                    ARTICLE V
          Distributions and Reports to Series 2002-B Certificateholders

      Section 5.1 Distributions.

      (a) On each Distribution Date, the Paying Agent shall distribute to each
Class A Certificateholder of record on the related Record Date (other than as
provided in Section 12.02 of the Agreement) such Class A Certificateholder's pro
rata share of the amounts that are allocated and available on such Distribution
Date to pay interest on the Class A Certificates pursuant to this Supplement.

      (b) On each Distribution Date, commencing with the first to occur of the
Class A Expected Final Payment Date and the first Special Payment Date, the
Paying Agent shall distribute to each Class A Certificateholder of record on the
related Record Date (other than as provided in Section 12.02 of the Agreement)
such Class A Certificateholder's pro rata share of the amounts that are on
deposit in the Principal Funding Account or that are otherwise allocated and
available on such date to pay principal of the Class A Certificates pursuant to
this Supplement up to a maximum amount on any such date equal to the Class A
Investor Amount on

                                       33
<PAGE>
such date (unless there has been an optional repurchase of the
Certificateholders' Interest pursuant to Section 10.01 of the Agreement, in
which event the foregoing limitation will not apply).

      (c) On each Distribution Date, the Paying Agent shall distribute to each
Class B Certificateholder of record on the related Record Date (other than as
provided in Section 12.02 of the Agreement) such Class B Certificateholder's pro
rata share of the amounts that are allocated and available on such Distribution
Date to pay interest on the Class B Certificates pursuant to this Supplement.

      (d) On each Distribution Date, commencing with the Class B Principal
Commencement Date, the Paying Agent shall distribute to each Class B
Certificateholder of record on the related Record Date (other than as provided
in Section 12.02 of the Agreement) such Class B Certificateholder's pro rata
share of the amounts that are on deposit in the Principal Funding Account (after
payments have been made to the Class A Certificateholders as provided in (b)
above) or that are otherwise allocated and available on such date to pay
principal of the Class B Certificates pursuant to this Supplement up to a
maximum amount on any such date equal to the Class B Investor Amount on such
date (unless there has been an optional repurchase of the Certificateholders'
Interest pursuant to Section 10.01 of the Agreement, in which event the
foregoing limitation will not apply).

      (e) On each Transfer Date, the Trustee shall distribute to the Collateral
Interest Holder the aggregate amount payable to the Collateral Interest Holder
pursuant to Sections 4.5, 4.7 and 4.14 to the Collateral Interest Holder's
account, as specified in writing by the Collateral Interest Holder, in
immediately available funds.

      (f) The distributions to be made pursuant to this Section 5.1 are subject
to the provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and
Sections 8.1 and 8.2 of this Supplement.

      (g) Except as provided in Section 12.02 of the Agreement with respect to a
final distribution, distributions to Series 2002-B Certificateholders hereunder
shall be made by check mailed to each Series 2002-B Certificateholder at such
Series 2002-B Certificateholder's address appearing in the Certificate Register
without presentation or surrender of any Series 2002-B Certificate or the making
of any notation thereon; provided, however, that with respect to Series 2002-B
Certificates registered in the name of a Clearing Agency, such distributions
shall be made to such Clearing Agency in immediately available funds.

      Section 5.2 Certificates and Statements.

      (a) Not later than each Determination Date, the Servicer shall deliver to
the Trustee, the Transferor, the Paying Agent, each Rating Agency and the
Collateral Interest Holder, a certificate substantially in the form of Exhibit B
prepared by the Servicer.

      (b) On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall forward to each Series 2002-B Certificateholder a statement substantially
in the form of Exhibit C prepared by the Servicer.

                                       34
<PAGE>
      (c) A copy of each statement or certificate provided pursuant to paragraph
(a) or (b) may be obtained by any Series 2002-B Certificateholder or any
Certificate Owner thereof by a request in writing to the Servicer.

      (d) On or before January 31 of each calendar year, beginning with calendar
year 2003, the Paying Agent, on behalf of the Trustee, shall furnish or cause to
be furnished to each Person who at any time during the preceding calendar year
was a Series 2002-B Certificateholder, a statement prepared by the Servicer
containing the information which is required to be contained in the statement to
Series 2002-B Certificateholders, as set forth in paragraph (b) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2002-B Certificateholder, together with other
information as is required to be provided by an issuer of indebtedness under the
Internal Revenue Code. Such obligation of the Servicer shall be deemed to have
been satisfied to the extent that substantially comparable information shall be
provided by the Paying Agent pursuant to any requirements of the Internal
Revenue Code as from time to time in effect.

                                   ARTICLE VI
                          Series 2002-B Pay Out Events

      Section 6.1 Series 2002-B Pay Out Events. If any one of the following
events (each, a "Series Pay Out Event") shall occur with respect to Series
2002-B:

      (a) failure on the part of the Transferor (A) to make any payment or
deposit required by the terms of the Agreement on or before the date occurring
five Business Days after the date such payment or deposit is required to be made
herein or (B) duly to observe or perform in any material respect any other
covenants or agreements of the Transferor set forth in the Agreement which has a
material adverse effect on the Series 2002-B Holders (which determination shall
be made without reference to whether any funds are available pursuant to Series
Enhancement) and continues unremedied for a period of 60 days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Transferor by the Trustee, or to the Transferor and the
Trustee by Series 2002-B Holders aggregating not less than 50% of the
outstanding principal balance of the Series 2002-B;

      (b) any representation or warranty made by the Transferor in the Agreement
or any information contained in a computer file or microfiche list required to
be delivered by the Servicer or the Transferor pursuant to Section 2.01 or 2.08
of the Agreement (A) shall prove to have been incorrect in any material respect
when made or when delivered, which continues to be incorrect in any material
respect for a period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the
Transferor by the Trustee, or to the Transferor and the Trustee by Holders of
the Series 2002-B Certificates aggregating not less than 50% of the outstanding
principal balance of the Series 2002-B Certificates and (B) as a result of which
the interests of the Series 2002-B Certificateholders are materially and
adversely affected (which determination shall be made without reference to
whether any funds are available pursuant to any Series Enhancement); provided,
however, that a Series Pay Out Event pursuant to this subparagraph (b) shall not
be deemed to occur hereunder if the Transferor has accepted reassignment of the
related Receivable, or all of such Receivables, if

                                       35
<PAGE>
applicable, during such period (or such longer period as the Trustee may
specify) in accordance with the provisions hereof and of the Agreement;

      (c) (1) with respect to the last day of any prior Monthly Period during
which the Transferor Amount is less than the Required Transferor Amount, the
failure of the Transferor to convey on or prior to the Required Designation Date
Receivables in Additional Accounts to the Trustee such that the Transferor
Amount shall be at least equal to the Required Transferor Amount as of the close
of business on the applicable Addition Date; or (2) with respect to the last day
of any prior Monthly Period during which the aggregate amount of Principal
Receivables is less than the Required Principal Balance as of such day, the
failure of the Transferor to convey on or prior to the Required Designation Date
Receivables in Additional Accounts to the Trustee such that the aggregate amount
of the Principal Receivables shall be at least equal to the Required Principal
Balance as of the close of business on the applicable Addition Date;

      (d) the Net Portfolio Yield averaged over three consecutive Monthly
Periods is less than the Base Rate averaged over such period;

      (e) any Servicer Default shall occur which would have a material adverse
effect on the Series 2002-B Certificateholders (which determination shall be
made without reference to whether any funds are available pursuant to any Series
Enhancement); or

      (f) the Class A Investor Amount shall not be paid in full on the Class A
Expected Final Distribution Date or the Class B Investor Amount shall not be
paid in full on the Class B Expected Final Distribution Date or the Collateral
Invested Amount shall not be paid in full on the Collateral Expected Final
Distribution Date;

then, in the case of any event described in subparagraph (a), (b) or (e), after
the applicable grace period, if any, set forth in such subparagraphs, either the
Trustee or the holders of Investor Certificates (including the Collateral
Interest Holder) of Series 2002-B evidencing more than 50% of the aggregate
unpaid principal amount of such Investor Certificates (including the Collateral
Interest) by notice then given in writing to the Transferor and the Servicer
(and to the Trustee if given by the Holders of Investor Certificates (including
the Collateral Interest Holder) of Series 2002-B) may declare that a Pay Out
Event has occurred with respect to Series 2002-B as of the date of such notice,
and, in the case of any event described in subparagraph (c), (d) or (f) a Pay
Out Event shall occur with respect to Series 2002-B without any notice or other
action on the part of the Trustee or Holders of Investor Certificates (including
the Collateral Interest Holder) of Series 2002-B immediately upon the occurrence
of such event.

                                   ARTICLE VII
                     Optional Repurchase; Series Termination

      Section 7.1 Optional Repurchase. On any day occurring on or after the date
on which the Investor Amount is reduced to 5% or less of the Initial Invested
Amount, the Transferor shall have the option (so long as the Transferor is an
Affiliate of the Servicer) to purchase the interest of the Series 2002-B
Holders, at a purchase price equal to (i) if such day is a

                                       36
<PAGE>
Distribution Date, the Reassignment Amount for such Distribution Date or (ii) if
such day is not a Distribution Date, the Reassignment Amount for the
Distribution Date following such day.

      Section 7.2 Series Termination.

      (a) If, on the February 2010 Distribution Date, the Investor Amount (after
giving effect to all changes therein on such date) would be greater than zero,
the Servicer, on behalf of the Trustee, shall, within the 40-day period which
begins on such Distribution Date, solicit bids for the sale of Principal
Receivables and the related Finance Charge Receivables (or interests therein) in
an amount equal to the Investor Amount and accrued and unpaid interest thereon
at the close of business on the last day of the Monthly Period preceding the
Series Termination Date (after giving effect to all distributions required to be
made on the Series Termination Date, except pursuant to this Section 7.2;
provided, however that in no event shall such amount exceed the Series
Percentage of Receivables on the Series Termination Date). Such bids shall
require that such sale shall (subject to Section 7.2(b)) occur on the Series
Termination Date. The Transferor and the Collateral Interest Holder shall be
entitled to participate in, and to receive from the Trustee a copy of each other
bid submitted in connection with, such bidding process.

      (b) The Servicer, on behalf of the Trustee, shall sell such Receivables
(or interests therein) on the Series Termination Date to the bidder who made the
highest cash purchase offer. The proceeds of any such sale shall be treated as
Collections on the Receivables allocated to Series 2002-B pursuant to the
Agreement and this Supplement; provided, however, that the Servicer shall
determine conclusively the amount of such proceeds which are allocable to
Finance Charge Receivables and the amount of such proceeds which are allocable
to Principal Receivables. During the period from the February 2010 Distribution
Date to the Series Termination Date, the Servicer shall continue to collect
payments on the Receivables and allocate and deposit such collections in
accordance with the provisions of the Agreement and the Supplements.

                                  ARTICLE VIII
                               Final Distributions

      Section 8.1 Sale of Receivables or Certificateholders' Interest Pursuant
to Section 2.06 10.01 of the Agreement.

      (a) Purchase Price. The amount to be paid with respect to Series 2002-B in
connection with (i) a reassignment of Receivables to the Transferor pursuant to
Section 2.06 of the Agreement or (ii) a repurchase of the Certificateholders'
Interest pursuant to Section 10.01 of the Agreement shall equal the Reassignment
Amount for the first Distribution Date following the Monthly Period in which the
reassignment obligation arises under the Agreement.

      (b) Distributions Pursuant to Section 7.1 or 7.2 of this Supplement and
Section 10.01 of the Agreement. With respect to the Reassignment Amount
deposited into the Collection Account pursuant to Section 7.1 or 8.1(a) or any
amounts allocable to Series 2002-B deposited into the Collection Account
pursuant to Section 7.2, the Trustee shall, not later than

                                       37
<PAGE>
3:00 p.m. New York City time, on the related Distribution Date, make deposits or
distributions of the following amounts (in the priority set forth below and, in
each case, after giving effect to any deposits and distributions otherwise to be
made on such date) in immediately available funds: (i) (x) the Class A Investor
Amount on such Distribution Date will be distributed to the Paying Agent for
payment to the Class A Certificateholders and (y) an amount equal to the sum of
(A) Class A Monthly Interest for such Distribution Date, (B) any Class A Monthly
Interest previously due but not distributed to the Class A Certificateholders on
a prior Distribution Date and (C) the amount of Class A Additional Interest, if
any, for such Distribution Date and any Class A Additional Interest previously
due but not distributed to the Class A Certificateholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the
Class A Certificateholders, (ii) (x) the Class B Investor Amount on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class B Certificateholders and (y) an amount equal to the sum of (A) Class B
Monthly Interest for such Distribution Date, (B) any Class B Monthly Interest
previously due but not distributed to the Class B Certificateholders on a prior
Distribution Date and (C) the amount of Class B Additional Interest, if any, for
such Distribution Date and any Class B Additional Interest previously due but
not distributed to the Class B Certificateholders on any prior Distribution
Date, will be distributed to the Paying Agent for payment to the Class B
Certificateholders, (iii) (x) the Collateral Invested Amount on such
Distribution Date will be distributed to the Collateral Interest Holder and (y)
an amount equal to the sum of (A) Collateral Minimum Monthly Interest for such
Distribution Date, (B) any Collateral Minimum Monthly Interest previously due
but not distributed to the Collateral Interest Holder on a prior Distribution
Date and (C) the amount of Collateral Additional Interest, if any, for such
Distribution Date and any Collateral Additional Interest previously due but not
distributed to the Collateral Interest Holder on any prior Distribution Date,
will be distributed to the Collateral Interest Holder, (iv) the Monthly
Servicing Fee for such Distribution Date and any Monthly Servicing Fee
previously due but not distributed to the Servicer on a prior Distribution Date
shall be distributed to the Servicer and (v) all remaining amounts will be
distributed to the Collateral Interest Holder.

      (c) Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to Section
8.1(b) for payment to the Series 2002-B Certificateholders shall be deemed
distributed in full to the Series 2002-B Certificateholders on the date on which
such funds are distributed to the Paying Agent pursuant to this Section and
shall be deemed to be a final distribution pursuant to Section 12.02 of the
Agreement.

      Section 8.2 Distribution of Proceeds of Sale, Disposition or Liquidation
of the Receivables Pursuant to Section 9.02 of the Agreement.

      (a) Not later than 12:00 noon, New York City time, on the Distribution
Date following the date on which the Insolvency Proceeds are deposited into the
Collection Account pursuant to Section 9.02(b) of the Agreement, the Trustee
shall (in the following priority and, in each case, after giving effect to any
deposits and distributions otherwise to be made on such Distribution Date) (i)
deduct an amount equal to the Class A Investor Amount on such Distribution Date
from the portion of the Insolvency Proceeds allocated to Collections of
Principal Receivables and distribute such amount to the Paying Agent for payment
to the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of

                                       38
<PAGE>
(x) the portion of the Insolvency Proceeds allocated to Collections of Principal
Receivables and (y) the Principal Allocation Percentage with respect to the
related Monthly Period, (ii) deduct an amount equal to the Class B Investor
Amount on such Distribution Date from the portion of the Insolvency Proceeds
allocated to Collections of Principal Receivables and distribute such amount to
the Paying Agent for payment to the Class B Certificateholders, provided that
the amount of such distribution shall not exceed (x) the product of (A) the
portion of such Insolvency Proceeds allocated to Collections of Principal
Receivables and (B) the Principal Allocation Percentage with respect to the
related Monthly Period minus (y) the amount distributed to the Paying Agent
pursuant to clause (i) of this sentence, (iii) deduct an amount equal to the
Collateral Invested Amount on such Distribution Date from the portion of the
Insolvency Proceeds allocated to Collections of Principal Receivables and
distribute such amount to the Collateral Interest Holder, provided that the
amount of such distribution shall not exceed (x) the product of (A) the portion
of such Insolvency Proceeds allocated to Collections of Principal Receivables
and (B) the Principal Allocation Percentage with respect to the related Monthly
Period minus (y) the amount distributed to the Paying Agent pursuant to clause
(i) and clause (ii) of this sentence, (iv) deduct an amount equal to any due and
unpaid Monthly Servicing Fees from the portion of the Insolvency Proceeds
allocated to Collections of Principal Receivables and pay such amount to the
Servicer provided that the amount of such distribution to the Servicer shall not
exceed (x) the product of (A) the portion of such Insolvency Proceeds allocated
to Collections of Principal Receivables and (B) the Principal Allocation
Percentage with respect to the related Monthly Period minus (y) the amount
distributed to the Paying Agent pursuant to clause (i) and clause (ii) of this
sentence and the amount distributed to the Collateral Interest Holder pursuant
to clause (iii) of this sentence, and (v) distribute the remaining amount of the
Insolvency Proceeds to the Collateral Interest Holder.

      (b) Not later than 12:00 noon, New York City time, on such Distribution
Date, the Trustee shall (in the following priority and, in each case, after
giving effect to any deposits and distributions otherwise to be made on such
Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly
Interest for such Distribution Date, (x) any Class A Monthly Interest previously
due but not distributed to the Class A Certificateholders on a prior
Distribution Date and (y) the amount of Class A Additional Interest, if any, for
such Distribution Date and any Class A Additional Interest previously due but
not distributed to the Class A Certificateholders on a prior Distribution Date
from the portion of the Insolvency Proceeds allocated to Collections of Finance
Charge Receivables and distribute such amount to the Paying Agent for payment to
the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of (x) the portion of the Insolvency Proceeds
allocated to Collections of Finance Charge Receivables, (y) the Floating
Allocation Percentage with respect to the related Monthly Period and (z) the
Class A Floating Percentage with respect to such Monthly Period, (ii) deduct an
amount equal to the sum of (w) Class B Monthly Interest for such Distribution
Date, (x) Class B Monthly Interest previously due but not distributed to the
Class B Certificateholders and (y) the amount of Class B Additional Interest, if
any, for such Distribution Date and any Class B Additional Interest previously
due but not distributed to the Class B Certificateholders on a prior
Distribution Date from the portion of the Insolvency Proceeds allocated to
Collections of Finance Charge Receivables and distribute such amount to the
Paying Agent for payment to the Class B Certificateholders, provided that the
amount of such distribution shall not exceed the product of (x) the portion of
the Insolvency Proceeds allocated to Collections of Finance Charge Receivables,
(y) the Floating Allocation Percentage with

                                       39
<PAGE>
respect to the related Monthly Period and (z) the Class B Floating Percentage
with respect to such Monthly Period and (iii) deduct an amount equal to the sum
of (w) Collateral Minimum Monthly Interest for such Distribution Date, (x)
Collateral Minimum Monthly Interest previously due but not distributed to the
Collateral Interest Holder and (y) the amount of Collateral Additional Interest,
if any, for such Distribution Date and any Collateral Additional Interest
previously due but not distributed to the Collateral Interest Holder on a prior
Distribution Date from the portion of the Insolvency Proceeds allocated to
Collections of Finance Charge Receivables and distribute such amount to the
Collateral Interest Holder, provided that the amount of such distribution shall
not exceed the product of (x) the portion of the Insolvency Proceeds allocated
to Collections of Finance Charge Receivables, (y) the Floating Allocation
Percentage with respect to the related Monthly Period and (z) the Collateral
Floating Percentage with respect to such Monthly Period. To the extent that the
product of (A) the portion of the Insolvency Proceeds allocated to Collections
of Finance Charge Receivables and (B) the Floating Allocation Percentage with
respect to the related Monthly Period exceeds the aggregate amount distributed
to the Paying Agent and the Collateral Interest Holder pursuant to the preceding
sentence, the excess shall be distributed first to the Servicer to pay any
Monthly Servicing Fees which are due on such Distribution Date and any Monthly
Servicing Fees due on a previous Distribution Date but which have not been paid
and second to the Collateral Interest Holder.

      (c) Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to this Section
for payment to the Series 2002-B Certificateholders shall be distributed in full
to the Series 2002-B Certificateholders on the date on which funds are
distributed to the Paying Agent pursuant to this Section and shall be deemed to
be a final distribution pursuant to Section 12.02 of the Agreement.

      Section 8.3 Instructions Pursuant to Section 9.02(a) of the Agreement. The
Holders of Investor Certificates of Series 2002-B evidencing more than 50% of
the Investor Amount of each Class (including the Collateral Interest) shall not
be considered as having disapproved of any liquidation of the Receivables and to
continue transferring Principal Receivables to the Trustee pursuant to Section
9.02(a) of the Agreement unless Holders of more than 50% of the Investor Amount
of each of the Class A Certificates, the Class B Certificates and the Collateral
Interest instruct the Trustee to such effect in the manner required pursuant to
Section 9.02(a) of the Agreement.

                                   ARTICLE IX
                                  Certificates

      Section 9.1 Book-Entry Certificates. The Class A Certificates and the
Class B Certificates shall be delivered as Book-Entry Certificates. The Clearing
Agency for the Class A Certificates and the Class B Certificates shall be The
Depository Trust Company, and the Class A Certificates and the Class B
Certificates shall be initially registered in the name of Cede & Co., its
nominee.

                                       40
<PAGE>
                                    ARTICLE X
                            Miscellaneous Provisions

         Section 10.1. Certain Matters Regarding the Collateral Interest Holder.
Amounts payable to the Collateral Interest Holder hereunder shall be applied in
accordance with the provisions of the Transfer Agreement.

         Section 10.2 Ratification of Agreement. As supplemented by this
Supplement, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Supplement shall be read, taken and
construed as one and the same instrument.

         Section 10.3 Counterparts. This Supplement may be executed in two or
more counterparts, and by different parties on separate counterparts, each of
which shall be an original, but all of which shall constitute one and the same
instrument.

         Section 10.4 GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING THE UCC AS IN
EFFECT IN 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 10.5 Notices. All directions, notices and instructions to the
Trustee shall be in writing (which may be facsimile).

         Section 10.6 Amendments. This Supplement may be amended by the
Transferor without the consent of the Servicer, the Trustee or any Investor
Certificateholder if the Transferor provides the Trustee with (i) an Opinion of
Counsel to the effect that such amendment or modification would reduce the risk
that the Trust would be treated as taxable as a publicly traded partnership
pursuant to Code section 7704 and (ii) an Officer's Certificate that such
amendment or modification would not materially and adversely affect any Investor
Certificateholder; provided that no such amendment shall be deemed effective
without (i) the Trustee's consent, if the Trustee's rights, duties and
obligations hereunder are thereby modified and (ii) the Trustee having obtained
written assurance that such amendment or modification will not, by itself, lower
the current ratings on the Series 2002-B Certificates. The Transferor shall
provide the Rating Agencies with prior written notice of any such amendment or
modification.

         Section 10.7. Uncertificated Securities. The Collateral Interest shall
be delivered in uncertificated form.

         Section 10.8. Transfers of the Collateral Interest.

         (a)      Unless otherwise consented to by the Transferor, no portion of
the Collateral Interest or any interest therein may be sold, conveyed, assigned,
hypothecated, pledged, participated, exchanged or otherwise transferred (each, a
"Transfer") except in accordance with this Section 10.8 and only to a Permitted
Assignee. Any attempted or purported transfer, assignment, exchange, conveyance,
pledge, hypothecation or grant other than to a

                                       41
<PAGE>

Permitted Assignee shall be void. Unless otherwise consented to by the
Transferor, no portion of the Collateral Interest or any interest therein may be
Transferred to any Person (each such Person acquiring the Collateral Interest or
any interest therein, an "Assignee") unless such Assignee shall have executed
and delivered to the Transferor on or before the effective date of any Transfer
a letter substantially in the form attached hereto as Exhibit D (an "Investment
Letter"), executed by such Assignee, with respect to the related Transfer to
such Assignee of all or a portion of the Collateral Interest.

         (b)      Each Assignee will certify that the Collateral Interest or the
interest therein purchased by such Assignee will be acquired for investment only
and not with a view to any public distribution thereof, and that such Assignee
will not offer to sell or otherwise dispose of the Collateral Interest or any
interest therein so acquired by it in violation of any of the registration
requirements of the Securities Act, or any applicable state or other securities
laws. Each Assignee will acknowledge and agree that (i) it has no right to
require the Transferor to register under the Securities Act or any other
securities law the Collateral Interest or the interest therein to be acquired by
the Assignee and (ii) the sale of the Collateral Interest is not being made by
means of the prospectus prepared in connection with the sale of the Series
2002-B Certificates. Each Assignee will agree with the Transferor that: (a) such
Assignee will deliver to the Transferor on or before the effective date of any
Transfer an Investment Letter, executed by such Assignee with respect to the
purchase by such Assignee of all or a portion of the Collateral Interest and (b)
all of the statements made by such Assignee in its Investment Letter shall be
true and correct as of the date made.

         (c)      No portion of the Collateral Interest or any interest therein
may be Transferred, and each Assignee will certify that it is not, (a) an
"employee benefit plan" (as defined in Section 3(3) of ERISA) which is subject
to ERISA, (b) any "plan" (as defined in Section 4975(e)(1) of the Code),
including individual retirement accounts and Keogh plans, which is subject to
Section 4975 of the Code or (c) any other entity whose underlying assets include
"plan assets" (within the meaning of Department of Labor Regulation Section
2510.3-101 or otherwise under ERISA) by reason of any such plan's investment in
the entity, including, without limitation, an insurance company general account.

         (d)      This Section 10.8 shall not apply to the transfer and pledge
of the Collateral Interest on the Closing Date by Fleet Credit Card Funding
Trust pursuant to the Transfer Agreement or by Fleet Secured Note Trust 2002-B
to the Indenture Trustee (as defined in the Transfer Agreement) pursuant to the
Indenture (as defined in the Transfer Agreement).

         Section 10.9. Additional Representations and Warranties of the
Transferors. Each Transferor hereby makes the following representations and
warranties. Such representations and warranties shall survive until the
termination of this Supplement. Such representations and warranties speak as of
the date that the Receivables (as defined below) are transferred to the Trustee
but shall not be waived by any of the parties to this Supplement unless the
Rating Agency Condition shall have been satisfied with respect to such waiver.

         (a)      The Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in favor of the Trustee in the Receivables
described in Section 2.01 of the

                                       42
<PAGE>

Agreement (the "Receivables"), which security interest is prior to all other
liens, and is enforceable as such against creditors of and purchasers from such
Transferor.

         (b)      The Receivables constitute "accounts" within the meaning of
the applicable UCC.

         (c)      At the time of its transfer of any Receivable to the Trustee
pursuant to the Agreement, such Transferor owned and had good and marketable
title to such Receivables free and clear of any Lien, claim or encumbrance of
any Person.

         (d)      Such Transferor has caused or will have caused, within ten
(10) days of the initial execution of the Agreement, the filing of all
appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in
the Receivables granted to the Trustee pursuant to the Agreement.

         (e)      Other than the security interest granted to the Trustee
pursuant to the Agreement or an Assignment, such Transferor has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed the
Receivables. Such Transferor has not authorized the filing of and is not aware
of any financing statements against such Transferor that cover such Receivables
other than any financing statement relating to the transfer and security
interest granted to the Trustee pursuant to the Agreement or an Assignment or
that has been terminated. Such Transferor is not aware of any judgment or tax
lien filings against such Transferor.

                           [Signature Page to Follow]

                                       43
<PAGE>

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

                                     FLEET BANK (RI), NATIONAL ASSOCIATION,
                                        Servicer,

                                     By:  /s/ Jeffrey A. Lipson
                                          -------------------------------
                                          Name:  Jeffrey A. Lipson
                                          Title: Vice President

                                     FLEET CREDIT CARD FUNDING TRUST,
                                        Transferor,

                                     By:  /s/ Jeffrey A. Lipson
                                          --------------------------------
                                          Name:  Jeffrey A. Lipson
                                          Title: Vice President

                                     DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                       (formerly Bankers Trust Company)
                                       Trustee

                                     By:  /s/ Peter Becker
                                          --------------------------------
                                     Name: Peter Becker
                                     Title:  Vice President

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

                                    ARTICLE I

                   Creation of the Series 2002-B Certificates

Section 1.1   Designation......................................................1

                                   ARTICLE II

                                   Definitions

Section 2.1   Definitions......................................................2

                                   ARTICLE III

                              Servicer and Trustee

Section 3.1   Servicing Compensation..........................................16

                                   ARTICLE IV

 Rights of Series 2002-B Certificateholders and Collateral Interest Holder and
                   Allocation and Application of Collections

Section 4.1   Collections and Allocations.....................................17

Section 4.2   Determination of Monthly Interest...............................20

Section 4.3   Determination of Monthly Principal..............................21

Section 4.4   Required Amount.................................................22

Section 4.5   Application of Class A Available Funds, Class B Available Funds,
              Collateral Available Funds and Available Investor Principal
              Collections.....................................................23

Section 4.6   Defaulted Amounts; Investor Charge-Offs.........................25

Section 4.7   Excess Spread; Excess Finance Charges...........................26

Section 4.8   Reallocated Principal Collections...............................28

Section 4.9   Excess Finance Charges..........................................28

Section 4.10  Shared Principal Collections....................................29

Section 4.11  Determination of LIBOR..........................................29

Section 4.12  Principal Funding Account.......................................30

Section 4.13  Accumulation Period.............................................31

Section 4.14  Reserve Account.................................................32

                                      -i-
<PAGE>

                               TABLE OF CONTENTS

                                   (continued)

                                                                            PAGE
                                                                            ----

                                    ARTICLE V

          Distributions and Reports to Series 2002-B Certificateholders

Section 5.1   Distributions...................................................33

Section 5.2   Certificates and Statements.....................................34

                                        ARTICLE VI

                               Series 2002-B Pay Out Events

Section 6.1   Series 2002-B Pay Out Events....................................35

                                       ARTICLE VII

                         Optional Repurchase; Series Termination

Section 7.1   Optional Repurchase.............................................36

Section 7.2   Series Termination..............................................37

                                       ARTICLE VIII

                                   Final Distributions

Section 8.1   Sale of Receivables or Certificateholders' Interest Pursuant to
              Section 2.06 or 10.01 of the Agreement..........................37

Section 8.2   Distribution of Proceeds of Sale, Disposition or Liquidation of
              the Receivables Pursuant to Section 9.02 of the Agreement.......38

Section 8.3   Instructions Pursuant to Section 9.02(a) of the Agreement.......40

                                   ARTICLE IX

                                  Certificates

Section 9.1   Book-Entry Certificates.........................................40

                                        ARTICLE X

                                 Miscellaneous Provisions

Section 10.1. Certain Matters Regarding the Collateral Interest Holder........41

Section 10.2  Ratification of Agreement.......................................41

Section 10.3  Counterparts....................................................41

Section 10.4  GOVERNING LAW...................................................41

                                      -ii-

<PAGE>
                                TABLE OF CONTENTS

                                   (continued)

                                                                            PAGE
                                                                            ----

Section 10.5  Notices.........................................................41

Section 10.6  Amendments......................................................41

Section 10.7. Uncertificated Securities.......................................41

Section 10.8. Transfers of the Collateral Interest............................41

Section 10.9. Additional Representations and Warranties of the Transferors....42

                                      -iii-
<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

EXHIBITS

EXHIBIT A-1   Form of Class A Certificate

EXHIBIT A-2   Form of Class B Certificate

EXHIBIT B     Form of Monthly Payment Instructions

EXHIBIT C     Form of Monthly Certificateholders' Statement

EXHIBIT D     Form of Investment Letter

                                      -i-

<PAGE>

                                                                     EXHIBIT A-1
                                                                   TO SUPPLEMENT
                                                                   -------------

REGISTERED

                        FLEET CREDIT CARD MASTER TRUST II
                 CLASS A FLOATING RATE ASSET-BACKED CERTIFICATE,
                                  SERIES 2002-B

         Unless this Class A Certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation ("DTC"),
to the Issuer or its agent for registration of transfer, exchange, or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

                  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 in a portfolio of revolving consumer credit
         card accounts owned by Fleet Bank (RI), National Association (the
         "Bank") or any Additional Account Owner. The receivables have been or
         will be transferred to the trust by the Bank or its predecessors, by
         Fleet Credit Card Funding Trust or by any Additional Transferor.

No. _____                                              CUSIP NO. _______________
                                                                $_______________

                  (Not an interest in or obligation of Fleet Credit Card Funding
         Trust or any affiliate thereof, except to the limited extent described
         herein.)

         This certifies that CEDE & CO. (the "Investor Certificateholder") is
the registered owner of an undivided interest in certain assets of a trust (the
"Trust"), created pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 1993 (as amended and restated as of January 1, 2002, and as further
amended by Amendment Number 1, dated as of April 1, 2002, the "Amended and
Restated Pooling and Servicing Agreement") among the Bank, as servicer (the
"Servicer"), Fleet Credit Card Funding Trust ("FCCF"), as transferor (the
"Transferor") and Deutsche Bank Trust Company Americas, formerly known as
Bankers Trust Company, as trustee (the "Trustee"), as supplemented by the Series
2002-B Supplement, dated as of October 31, 2002, among the Bank, as Servicer,
FCCF, as Transferor and the Trustee. The Amended and Restated Pooling and
Servicing Agreement, the Series 2002-B Supplement and any amendments,

<PAGE>

exhibits and schedules thereto are collectively referred to herein as the
"Agreement." The corpus of the Trust consists of (i) a portfolio of receivables
(the "Receivables") arising under selected VISA and MasterCard* consumer credit
card accounts or other revolving consumer credit accounts (the "Accounts") in
portfolios of revolving consumer credit accounts owned by any of the Bank or any
Additional Account Owner, (ii) all moneys due or to become due in payment of the
Receivables and all amounts received with respect to the Receivables and all
proceeds of the Receivables (other than investment earnings related to such
proceeds), (iii) the right to receive certain Allocated Interchange attributed
to cardholder charges for merchandise and services in the Accounts, (iv) certain
amounts recovered from Accounts in which the Receivables have been written off
as uncollectible, (v) proceeds of credit insurance policies relating to the
Receivables and (vi) all monies on deposit in certain bank accounts of the Trust
and the benefits of any type of enhancement ("Series Enhancement") issued with
respect to any Series (the drawing on or payment of such Series Enhancement
being available only to Certificateholders of a specified Series or Class unless
otherwise indicated in the related Supplement). The Trust assets may also
include participations (including 100% participations) representing undivided
interests in a pool of assets primarily consisting of revolving credit card
receivables or consumer loan receivables (secured and unsecured), and any
interests in both such types of receivables, including securities representing
or backed by both such types of receivables, and other self-liquidating
financial assets owned by the Transferor or any affiliate of the Transferor and
collections thereon. The initial Transferor conveyed to the Trust all
Receivables existing under certain designated Accounts at the time of the
formation of the Trust and all Receivables arising under such Accounts from time
to time thereafter. In addition, the initial Transferor and subsequent
Transferors have conveyed and the Transferor may convey in the future all
Receivables existing under certain designated Additional Accounts (including
Automatic Additional Accounts) and all Receivables thereafter arising in such
Additional Accounts.

         Although a summary of certain provisions of the Agreement is set forth
below, this Class A Certificate does not purport to summarize the Agreement,
such summary is qualified in its entirety by the terms and provisions of the
Agreement and reference is made to the Agreement for information with respect to
the interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby and the rights, duties and obligations of the Trustee. A copy of the
Agreement may be obtained from the Trustee by writing to the Trustee at 60 Wall
Street, New York, New York 10005, Attention: Corporate Trust & Agency
Services-Structured Finance Services, with a copy to Deutsche Bank Trust Company
Americas, c/o DB Services New Jersey Inc., 100 Plaza One, MS JCY03-0606, Jersey
City, NJ 07311, Attention: Corporate Trust & Agency Services-Structured Finance
Services. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Agreement.

         This Class A Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement to which the Holder of this Class A
Certificate by virtue of the acceptance hereof assents and is bound.

----------

*  VISA and MasterCard are registered trademarks of VISA USA, Inc., and
   MasterCard International Inc., respectively.

                                     A-1-2
<PAGE>

         It is the intent of the Transferor and the Class A Certificateholders
that, for federal income taxes, state and local income and franchise taxes and
any other taxes imposed on or measured by income, the Class A Certificates will
be treated as indebtedness secured by the Receivables. The Servicer, by entering
into the Agreement, and the Transferor, the Holder of the Transferors' Interest,
each Holder of a Class A Certificate and each Holder of a Class B Certificate,
by acceptance of its Certificate, agrees to treat the Series 2002-B Certificates
for purposes of federal income taxes, state and local income and franchise
taxes, and any other taxes imposed on or measured by income, as indebtedness of
the Transferor.

         Subject to the terms of the Agreement, payments of principal of the
Class A Certificates are limited to the unpaid Class A Investor Amount, which
may be less than the unpaid principal balance of the Class A Certificates,
pursuant to the terms of the Agreement. All principal of and interest on the
Class A Certificates is scheduled to be paid by the October 2007 Distribution
Date but may be paid earlier. Subject to prior termination as provided in the
Agreement, the interest of the Series 2002-B Certificateholders in the Trust
will terminate following the earlier of (i) the April 2010 Distribution Date and
(ii) the termination of the Trust pursuant to Section 12.01 of the Agreement.

         The Receivables consist of Principal Receivables which arise generally
from the purchase of goods and services and cash advances and in respect of
Periodic Finance Charges, Overlimit Fees, Late Fees, annual membership fees and
annual service charges, if any, Cash Advance Fees, transaction charges and all
other fees and charges with respect to the Accounts designated by the Transferor
to be included in Finance Charge Receivables.

         This Certificate is one of a series of Certificates entitled "Fleet
Credit Card Master Trust II, Class A Floating Rate Asset Backed Certificates,
Series 2002-B" (the "Class A Certificates"), each of which represents a
fractional undivided interest in certain assets of the Trust. The Trust's assets
are allocated in part to the Holders of the Class A Certificates, in part to the
Holders of the Class B Certificates, in part to the Collateral Interest Holder,
in part to the Holders of Investor Certificates of all other Series and in part
to the Transferor as Holder of the Transferors' Interest. The Transferors'
Interest represents the interest in the Principal Receivables not represented by
the Investor Certificates.

         The aggregate interest represented by the Series 2002-B Certificates
and the Collateral Interest at any time in the Principal Receivables in the
Trust shall not exceed an amount equal to the Principal Allocation Percentage
thereof (as set forth in the Agreement) at such time. The Initial Invested
Amount is $750,000,000. The Invested Amount for any date will equal the sum of
the Class A Invested Amount, the Class B Invested Amount and the Collateral
Invested Amount. The Class A Initial Invested Amount is $618,750,000. The Class
A Invested Amount for any date of determination will be an amount equal to (a)
the Class A Initial Invested Amount, minus (b) the aggregate amount of principal
payments made to the Class A Certificateholders on or prior to such date, minus
(c) the excess, if any, of the aggregate amount of Class A Investor Charge-Offs
for all prior Distribution Dates over the aggregate amount of Class A Investor
Charge-Offs reimbursed prior to such date, minus (d) the Principal Funding
Account Balance (but not in excess of the Class A Initial Invested Amount) on
such date.

                                     A-1-3
<PAGE>

         Interest will be distributed monthly on the 15th day of each calendar
month or, if such 15th day is not a Business Day, payment will be made on the
next succeeding Business Day (each, a "Distribution Date"), commencing December
16, 2002, in an amount equal to the product of (i) (A) a fraction, the numerator
of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (B) the Class A Certificate Rate, and (ii)
the outstanding principal amount of the Class A Certificates as of the preceding
Record Date; provided, however, with respect to the December 2002 Distribution
Date, the amount of interest distributed on the Class A Certificates will be
equal to the interest accrued on the Class A Certificates at the applicable
Class A Certificate Rate for the period from the Closing Date through December
15, 2002 (calculated on the basis of the actual number of days in such period
and a year of 360 days).

         The Class A Certificates will bear interest for each Interest Period at
the rate of 0.14% per annum above LIBOR determined as set forth below (the
"Class A Certificate Rate").

         The Trustee will determine LIBOR on the second London Business Day
prior to the Closing Date for the period from the Closing Date through December
15, 2002 and for each Interest Period thereafter, on the second London Business
Day prior to the Distribution Date on which such Interest Period commences
(each, a "LIBOR Determination Date"). A "London Business Day" is any day on
which dealings in deposits in United States dollars are transacted in the London
interbank market. The Class A Certificate Rate applicable to the then current
and the immediately preceding Interest Periods may be obtained by telephoning
the Trustee at its Corporate Trust Office at (800) 735-7777.

         The determination of LIBOR will be made in accordance with the
following provisions:

                  (i) On each LIBOR Determination Date, the Trustee will
         determine LIBOR based on the rate for deposits in United States dollars
         for a period of the Designated Maturity which appears on Telerate Page
         3750 as of 11:00 A.M. (London time) on such date.

                  (ii) If such rate does not appear on Telerate Page 3750, the
         Trustee will determine LIBOR on the basis of quotations of the offered
         rates for deposits in United States dollars provided by the Reference
         Banks at approximately 11:00 A.M. (London time) on such LIBOR
         Determination Date to prime banks in the London interbank market for a
         period of the Designated Maturity. If at least two such quotations are
         provided, LIBOR will be the arithmetic mean of such quotations.

                  (iii) If, on the LIBOR Determination Date, such rate does not
         appear on Telerate Page 3750 and only one or none of the Reference
         Banks provides such offered quotations, LIBOR will be the rate per
         annum that the Trustee determines to be the arithmetic mean of the
         offered quotations that three major banks in The City of New York
         selected by the Servicer are quoting at approximately 11:00 A.M. (New
         York City time) on that day for loans in United States dollars to
         leading European banks for a period of the Designated Maturity.

                                     A-1-4
<PAGE>

         "Designated Maturity" as used in the preceding provisions means, one
month; provided, that LIBOR for the initial Interest Period will be determined
by straight-line interpolation (based on the actual numbers of days in the
initial Interest Period) between two rates determined in accordance with the
definition of LIBOR, one of which will be determined for a Designated Maturity
of one month and the other of which will be determined for a Designated Maturity
of two months.

         On each Distribution Date with respect to the Accumulation Period, an
amount equal to the least of (a) Available Investor Principal Collections on
deposit in the Collection Account with respect to such Distribution Date, (b)
the Controlled Deposit Amount for such Distribution Date and (c) the Class A
Invested Amount on such Distribution Date, will be deposited in the Principal
Funding Account for payment to the Class A Certificateholders on the earlier to
occur of the Class A Expected Final Distribution Date or the first Distribution
Date with respect to the Rapid Amortization Period.

         On each Distribution Date during the Rapid Amortization Period until
the Class A Investor Amount has been paid in full or the Series Termination Date
occurs, the Class A Certificateholders will be entitled to receive Available
Investor Principal Collections in an amount up to the Class A Investor Amount.

         On any Distribution Date occurring on or after the Investor Amount is
reduced to 5% or less of the Initial Invested Amount during the Revolving Period
the Transferor will have the option (to be exercised in its sole discretion) to
repurchase the Certificates.

         This Class A Certificate does not represent an obligation of, or an
interest in, FleetBoston Financial Corporation, the Bank, any Additional Account
Owner, FCCF, any Additional Transferor, the Servicer or any Affiliate of any of
them. None of the Class A Certificates, the Accounts nor the Receivables are
deposits or insured or guaranteed by the Federal Deposit Insurance Corporation
or any other governmental agency. This Class A Certificate is limited in right
of payment to certain Collections with respect to the Receivables (and certain
other amounts), all as more specifically set forth herein and in the Agreement.

         The Agreement may be amended under certain circumstances by the
Servicer, the Transferor and the Trustee, without Certificateholder consent,
provided that (i) the Transferor shall have delivered to the Trustee an
Officer's Certificate to the effect that the Transferor reasonably believes that
such amendment will not result in the occurrence of a Pay Out Event or
materially adversely affect the amount or timing of distributions to be made to
the Investor Certificateholders of any Series or Class and (ii) written
confirmation from each Rating Agency that such amendment will not result in a
reduction or withdrawal of the rating of the Series 2002-B Certificates or the
rating of any other outstanding Series or Class with respect to which it is a
Rating Agency.

         The Agreement may be amended by the Servicer, the Transferor and the
Trustee, with the consent of the Holders of Investor Certificates evidencing not
less than 66-2/3% of the aggregate Investor Amount of the Investor Certificates
of all adversely affected Series, for the purpose of adding any provisions to,
changing in any manner or eliminating any of the

                                     A-1-5
<PAGE>

provisions of the Agreement or of modifying in any manner the rights of Investor
Certificateholders of any Series then issued and outstanding; provided, however,
that no such amendment shall (a) reduce in any manner the amount of, or delay
the timing of, distributions to Investor Certificateholders or deposits of
amounts to be so distributed or the amount available under any Series
Enhancement without the consent to any such amendment of each affected
Certificateholder, (b) change the definition of or the manner of calculating the
interest of any Investor Certificateholder without the consent of each affected
Investor Certificateholder, (c) reduce the aforesaid percentage required to
consent to any such amendment without the consent of each Investor
Certificateholder or (d) adversely affect the rating of any Series or Class by
each Rating Agency without the consent of the Holders of Investor Certificates
of such Series or Class evidencing not less than 66-2/3% of the aggregate
Investor Amount of the Investor Certificates of such Series or Class.

         The Class A Certificates are issuable only in denominations of $1,000
and integral multiples of $1,000 in excess thereof. The transfer of this Class A
Certificate shall be registered in the Certificate Register upon surrender of
this Class A Certificate for registration of transfer at any office or agency
maintained by the Transfer Agent and Registrar accompanied by a written
instrument of transfer, in a form satisfactory to the Trustee and the Transfer
Agent and Registrar, duly executed by the Holder or his attorney and duly
authorized in writing, and thereupon one or more new Class A Certificates of
authorized denominations and for the same aggregate fractional undivided
interest will be issued to the designated transferee or transferees.

         As provided in the Agreement and subject to certain limitations therein
set forth, this Class A Certificate is exchangeable for a new Class A
Certificate evidencing a like aggregate fractional undivided interest, as
requested by the Holder surrendering this Class A Certificate. No service charge
may be imposed for any such exchange, but the Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

         Prior to due presentation of this Class A Certificate for registration
of transfer, the Transfer Agent and Registrar, the Paying Agent and the Trustee
and any agent of any of them may treat the person in whose name this Class A
Certificate is registered as the owner hereof for all purposes, and neither the
Trustee, the Paying Agent or the Transfer Agent and Registrar nor any agent of
any of them shall be affected by notice to the contrary except in certain
circumstances described in the Agreement.

         This Class A Certificate shall be construed in accordance with and
governed by the laws of the State of New York, without reference to its conflict
of law provisions.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee, by manual signature, or by an authenticating agent
appointed by the Trustee, this Class A Certificate shall not be entitled to any
benefit under the Agreement, or be valid for any purpose.

                                     A-1-6
<PAGE>

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

                                                 FLEET CREDIT CARD FUNDING TRUST

                                                 By:
                                                    ----------------------------
                                                    Vice President

                                     A-1-7
<PAGE>

         This is one of the Class A Certificates referred to in the
within-mentioned Agreement.

                                                 DEUTSCHE BANK TRUST COMPANY
                                                    AMERICAS,
                                                 as Trustee,

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

Dated: October 31, 2002

<PAGE>

                                   ASSIGNMENT

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE(S)

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

-------------------------------
:                              :
:                              :
:                              :
-------------------------------                  -------------------------------
(PLEASE PRINT OR TYPEWRITE                       NAME AND ADDRESS OF ASSIGNEE)

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

Dated:
      -------------------------------

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

                                    Note: The signature(s) to this Assignment
                                    must correspond with the name(s) as written
                                    on the face of the within certificate in
                                    every particular, without alteration or
                                    enlargement or any change whatever.

                                    (1)      An assignee which is not a United
                                             States Person as defined in the
                                             Internal Revenue Code of 1986, as
                                             amended (the "Code") must certify
                                             to the Transfer Agent and Registrar
                                             in writing as to such status and
                                             such further information as may be
                                             required under the Code or
                                             reasonably requested by the
                                             Transfer Agent and Registrar.

                                     A-1-9
<PAGE>
                                                                     EXHIBIT A-2
                                                                   TO SUPPLEMENT

REGISTERED

                        FLEET CREDIT CARD MASTER TRUST II
                 CLASS B FLOATING RATE ASSET-BACKED CERTIFICATE,
                                  SERIES 2002-B

            THIS CLASS B CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT
OF A BENEFIT PLAN.

            Unless this Class B Certificate is presented by an authorized
representative of The Depository Trust Company, a New York corporation ("DTC"),
to the Issuer or its agent for registration of transfer, exchange, or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

            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 in a portfolio of revolving consumer credit card accounts
      owned by Fleet Bank (RI), National Association (the "Bank") or any
      Additional Account Owner. The receivables have been or will be transferred
      to the trust by the Bank or its predecessors, by Fleet Credit Card Funding
      Trust or by any Additional Transferor.

No. ___                                            CUSIP NO. __________________
                                                            $__________________

            (Not an interest in or obligation of Fleet Bank (RI), National
      Association, or any affiliate thereof, except to the limited extent
      described herein.)

This certifies that CEDE & CO. (the "Investor Certificateholder") is the
registered owner of an undivided interest in certain assets of a trust (the
"Trust"), created pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 1993 (as amended and restated on January 1, 2002, and as further
amended by Amendment Number 1, dated as of April 1, 2002, the "Amended and
Restated Pooling and Servicing Agreement") among the Bank, as servicer (the
"Servicer"), Fleet Credit Card Funding Trust ("FCCF"), as transferor (the
"Transferor") and Deutsche Bank Trust Company Americas, formerly known as
Bankers Trust Company, as trustee (the "Trustee"), as supplemented by the Series
2002-B Supplement, dated as of October 31,
<PAGE>
2002, among the Bank, as Servicer, FCCF, as Transferor and the Trustee. The
Amended and Restated Pooling and Servicing Agreement, the Series 2002-B
Supplement and any amendments, exhibits and schedules thereto are collectively
referred to herein as the "Agreement." The corpus of the Trust consists of (i) a
portfolio of receivables (the "Receivables") arising under selected VISA and
MasterCard* consumer credit card accounts or other revolving consumer credit
accounts (the "Accounts") in portfolios of revolving consumer credit accounts
owned by any of the Bank or any Additional Account Owner, (ii) all moneys due or
to become due in payment of the Receivables and all amounts received with
respect to the Receivables and all proceeds of the Receivables (other than
investment earnings related to such proceeds), (iii) the right to receive
certain Allocated Interchange attributed to cardholder charges for merchandise
and services in the Accounts, (iv) certain amounts recovered from Accounts in
which the Receivables have been written off as uncollectible, (v) proceeds of
credit insurance policies relating to the Receivables and (vi) all monies on
deposit in certain bank accounts of the Trust and the benefits of any type of
enhancement ("Series Enhancement") issued with respect to any Series (the
drawing on or payment of such Series Enhancement being available only to
Certificateholders of a specified Series or Class unless otherwise indicated in
the related Supplement). The Trust assets may also include participations
(including 100% participations) representing undivided interests in a pool of
assets primarily consisting of revolving credit card receivables or consumer
loan receivables (secured and unsecured), and any interests in both such types
of receivables, including securities representing or backed by both such types
of receivables, and other self-liquidating financial assets owned by the
Transferor or any affiliate of the Transferor and collections thereon. The
initial Transferor conveyed to the Trust all Receivables existing under certain
designated Accounts at the time of the formation of the Trust and all
Receivables arising under such Accounts from time to time thereafter. In
addition, the initial Transferor and subsequent Transferors have conveyed and
the Transferor may convey in the future all Receivables existing under certain
designated Additional Accounts (including Automatic Additional Accounts) and all
Receivables thereafter arising in such Additional Accounts.

            Although a summary of certain provisions of the Agreement is set
forth below, this Class B Certificate does not purport to summarize the
Agreement, such summary is qualified in its entirety by the terms and provisions
of the Agreement and reference is made to the Agreement for information with
respect to the interests, rights, benefits, obligations, proceeds, and duties
evidenced hereby and the rights, duties and obligations of the Trustee. A copy
of the Agreement may be obtained from the Trustee by writing to the Trustee at
60 Wall Street, New York, New York 10005, Attention: Corporate Trust & Agency
Services-Structured Finance Services, with a copy to Deutsche Bank Trust Company
Americas, c/o DB Services New Jersey Inc., 100 Plaza One, MS JCY03-0606, Jersey
City, NJ 07311, Attention: Corporate Trust & Agency Services-Structured Finance
Services. To the extent not defined herein, the capitalized terms used herein
have the meanings ascribed to them in the Agreement.

            This Class B Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement to which the Holder of this
Class B Certificate by virtue of the acceptance hereof assents and is bound.

----------
*     VISA and MasterCard are registered trademarks of VISA USA, Inc., and
      MasterCard International Inc., respectively.

                                     A-2-2
<PAGE>
            It is the intent of the Transferor and the Class B
Certificateholders that, for federal income taxes, state and local income and
franchise taxes and any other taxes imposed on or measured by income, the Class
B Certificates will be treated as indebtedness secured by the Receivables. The
Servicer, by entering into the Agreement, and the Transferor, the Holder of the
Transferors' Interest, each Holder of a Class B Certificate, and each Holder of
a Class A Certificate, by acceptance of its Certificate, agrees to treat the
Series 2002-B Certificates for purposes of federal income taxes, state and local
income and franchise taxes, and any other taxes imposed on or measured by
income, as indebtedness of the Transferor.

            Subject to the terms of the Agreement, payments of principal of the
Class B Certificates are limited to the unpaid Class B Investor Amount, which
may be less than the unpaid principal balance of the Class B Certificates,
pursuant to the terms of the Agreement. Principal payments on the Class B
Certificates will not be made unless the Class A Certificates are paid in full.
All principal of and interest on the Class B Certificates is scheduled to be
paid by the October 2007 Distribution Date, but may be paid earlier. Subject to
prior termination as provided in the Agreement, the interest of the Series
2002-B Certificateholders in the Trust will terminate following the earlier of
(i) the April 2010 Distribution Date and (ii) the termination of the Trust
pursuant to Section 12.01 of the Agreement.

            The Receivables consist of Principal Receivables which arise
generally from the purchase of goods and services and cash advances and in
respect of Periodic Finance Charges, Overlimit Fees, Late Fees, annual
membership fees and annual service charges, if any, Cash Advance Fees,
transaction charges and all other fees and charges with respect to the Accounts
designated by the Transferor to be included in Finance Charge Receivables.

            This Certificate is one of a series of Certificates entitled "Fleet
Credit Card Master Trust II, Class B Floating Rate Asset Backed Certificates,
Series 2002-B" (the "Class B Certificates"), each of which represents a
fractional undivided interest in certain assets of the Trust. The Trust's assets
are allocated in part to the Holders of the Class B Certificates and in part to
the Holders of the Class A Certificates, in part to the Collateral Interest
Holder, in part to the Holders of Investor Certificates of all other Series and
in part to the Transferor as Holder of the Transferors' Interest. The
Transferors' Interest represents the interest in the Principal Receivables not
represented by the Investor Certificates.

            THE CLASS B CERTIFICATES ARE SUBORDINATED TO THE CLASS A
CERTIFICATES TO THE EXTENT SET FORTH IN THE AGREEMENT.

            The aggregate interest represented by the Series 2002-B Certificates
and the Collateral Interest at any time in the Principal Receivables in the
Trust shall not exceed an amount equal to the Principal Allocation Percentage
thereof (as set forth in the Agreement) at such time. The Initial Invested
Amount is $750,000,000. The Invested Amount for any date will equal the sum of
the Class A Invested Amount, the Class B Invested Amount and the Collateral
Invested Amount. The Class B Initial Invested Amount is $52,500,000. The Class B
Invested Amount for any date will be an amount equal to (a) the Class B Initial
Invested Amount, minus (b) the aggregate amount of principal payments made to
the Class B Certificateholders on or

                                     A-2-3
<PAGE>
prior to such date, minus (c) the excess, if any, of the aggregate amount of
Class B Investor Charge-Offs for all prior Distribution Dates over the aggregate
amount of any reimbursement of Class B Investor Charge-Offs for all Distribution
Dates preceding such date, minus (d) the amount of Reallocated Principal
Collections allocated on all prior Distribution Dates, minus (e) an amount equal
to the amount by which the Class B Invested Amount has been reduced pursuant to
subsection 4.6(a) of the Agreement on all prior Distribution Dates, plus (f) the
amount of Excess Spread and Excess Finance Charges allocated and available on
all prior Distribution Dates for the purpose of reimbursing amounts deducted
pursuant to the foregoing clauses (c), (d) and (e), and minus (g) the positive
difference, if any, between the Principal Funding Account Balance and the Class
A Investor Amount on such date; provided, however, that the Class B Invested
Amount may not be reduced below zero.

            Interest will be distributed monthly on the 15th day of each
calendar month or, if such 15th day is not a Business Day, payment will be made
on the next succeeding Business Day (each, a "Distribution Date"), commencing
December 16, 2002, in an amount equal to the product of (i) (A) a fraction, the
numerator of which is the actual number of days in the related Interest Period
and the denominator of which is 360, times (B) the Class B Certificate Rate, and
(ii) the outstanding principal amount of the Class B Certificates as of the
preceding Record Date; provided, however, with respect to the December 2002
Distribution Date, the amount of interest distributed on the Class A
Certificates will be equal to the interest accrued on the Class B Initial
Invested Amount at the applicable Class B Certificate Rate for the period from
the Closing Date through December 15, 2002 (calculated on the basis of the
actual number of days in such period and a year of 360 days).

            The Class B Certificates will bear interest for each Interest Period
at the rate of 0.44% per annum determined as set forth below (the "Class B
Certificate Rate").

            The Trustee will determine LIBOR on the second London Business Day
prior to the Closing Date for the period from the Closing Date through December
15, 2002 and for each Interest Period thereafter, on the second London Business
Day prior to the Distribution Date on which such Interest Period commences
(each, a "LIBOR Determination Date"). A "London Business Day" is any day on
which dealings in deposits in United States dollars are transacted in the London
interbank market. The Class B Certificate Rate applicable to the then current
and the immediately preceding Interest Periods may be obtained by telephoning
the Trustee at its Corporate Trust Office at (800) 735-7777.

            The determination of LIBOR will be made in accordance with the
following provisions:

            (i) On each LIBOR Determination Date, the Trustee will determine
      LIBOR based on the rate for deposits in United States dollars for a period
      of the Designated Maturity which appears on Telerate Page 3750 as of 11:00
      A.M. (London time) on such date.

            (ii) If such rate does not appear on Telerate Page 3750, the Trustee
      will determine LIBOR on the basis of quotations of the offered rates for
      deposits in United States dollars provided by the Reference Banks at
      approximately 11:00 A.M. (London time) on such

                                     A-2-4
<PAGE>
      LIBOR Determination Date to prime banks in the London interbank market for
      a period of the Designated Maturity. If at least two such quotations are
      provided, LIBOR will be the arithmetic mean of such quotations.

            (iii) If, on the LIBOR Determination Date, such rate does not appear
      on Telerate Page 3750 and only one or none of the Reference Banks provides
      such offered quotations, LIBOR will be the rate per annum that the Trustee
      determines to be the arithmetic mean of the offered quotations that three
      major banks in The City of New York selected by the Servicer are quoting
      at approximately 11:00 A.M. (New York City time) on that day for loans in
      United States dollars to leading European banks for a period of the
      Designated Maturity.

            "Designated Maturity" as used in the preceding provisions means, one
month; provided, that LIBOR for the initial Interest Period will be determined
by straight-line interpolation (based on the actual numbers of days in the
initial Interest Period) between two rates determined in accordance with the
definition of LIBOR, one of which will be determined for a Designated Maturity
of one month and the other of which will be determined for a Designated Maturity
of two months.

            On each Distribution Date with respect to the Accumulation Period an
amount equal to the least of (a) Available Investor Principal Collections on
deposit in the Collection Account with respect to such Distribution Date, (b)
the Controlled Deposit Amount for such Distribution Date (minus the portion of
such Controlled Deposit Amount for such Distribution Date applied to Class A
Monthly Principal on such Distribution Date)) and (c) the Class B Invested
Amount, will be deposited in the Principal Funding Account for payment to the
Class B Certificateholders on the Class B Expected Final Distribution Date or
the first Distribution Date with respect to the Rapid Amortization Period
provided that no such amounts shall be paid to the Class B Certificates until
the Class A Certificates are paid in full.

            On each Distribution Date during the Rapid Amortization Period
(following the payment in full of the Class A Certificates) until the Class B
Investor Amount has been paid in full or the Series Termination Date occurs, the
Class B Certificateholders will be entitled to receive Available Investor
Principal Collections (minus the portion of Available Investor Principal
Collections applied to Class A Monthly Principal on such Distribution Date) in
an amount up to the Class B Investor Amount.

            On any Distribution Date occurring on or after the Investor Amount
is reduced to 5% or less of the Initial Invested Amount during the Revolving
Period, the Transferor will have the option (to be exercised in their sole
discretion) to repurchase the Certificates.

            This Class B Certificate does not represent an obligation of, or an
interest in, FleetBoston Financial Corporation, the Bank, any Additional Account
Owner, the Servicer, FCCF, any Additional Transferor or any Affiliate of any of
them. None of the Class B Certificates, the Accounts or the Receivables are
deposits or insured or guaranteed by the Federal Deposit Insurance Corporation
or any other governmental agency. This Class B Certificate is

                                     A-2-5
<PAGE>
limited in right of payment to certain Collections respecting the Receivables
(and certain other amounts), all as more specifically set forth herein and in
the Agreement.

            The Agreement may be amended under certain circumstances by the
Servicer, the Transferor and the Trustee, without Certificateholder consent,
provided that (i) the Transferor shall have delivered to the Trustee an
Officer's Certificate to the effect that the Transferor reasonably believes that
such amendment will not result in the occurrence of a Pay out Event or
materially adversely affect the amount or timing of distributions to be made to
the Investor Certificateholders of any Series or Class and (ii) written
confirmation from each Rating Agency that such amendment will not result in a
reduction or withdrawal of the rating of the Series 2002-B Certificates or the
rating of any other outstanding Series or Class with respect to which it is a
Rating Agency.

            The Agreement may be amended by the Servicer, the Transferor and the
Trustee, with the consent of the Holders of Investor Certificates evidencing not
less than 66-2/3% of the aggregate Investor Amount of the Investor Certificates
of all adversely affected Series, for the purpose of adding any provisions to,
changing in any manner or eliminating any of the provisions of the Agreement or
of modifying in any manner the rights of Investor Certificateholders of any
Series then issued and outstanding; provided, however, that no such amendment
shall (a) reduce in any manner the amount of, or delay the timing of,
distributions to Investor Certificateholders or deposits of amounts to be so
distributed or the amount available under any Series Enhancement without the
consent to any such amendment of each affected Certificateholder, (b) change the
definition of or the manner of calculating the interest of any Investor
Certificateholder without the consent of each affected Investor
Certificateholder, (c) reduce the aforesaid percentage required to consent to
any such amendment without the consent of each Investor Certificateholder or (d)
adversely affect the rating of any Series or Class by each Rating Agency without
the consent of the Holders of Investor Certificates of such Series or Class
evidencing not less than 66-2/3% of the aggregate Investor Amount of the
Investor Certificates of such Series or Class.

            The Class B Certificates are issuable only in denominations of
$1,000 and integral multiples of $1,000 in excess thereof. The transfer of this
Class B Certificate shall be registered in the Certificate Register upon
surrender of this Class B Certificate for registration of transfer at any office
or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Trustee and the
Transfer Agent and Registrar, duly executed by the Holder or his attorney and
duly authorized in writing, and thereupon one or more new Class B Certificates
of authorized denominations and for the same aggregate fractional undivided
interest will be issued to the designated transferee or transferees.

            As provided in the Agreement and subject to certain limitations
therein set forth, this Class B Certificate is exchangeable for a new Class B
Certificate evidencing a like aggregate fractional undivided interest, as
requested by the Holder surrendering this Class B Certificate. No service charge
may be imposed for any such exchange, but the Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

                                     A-2-6
<PAGE>
            This Class B Certificate may not be acquired by or for the account
of (a) an "employee benefit plan" (as defined in Section 3(3) of ERISA) which is
subject to ERISA, (b) any "plan" (as defined in Section 4975(e)(1) of the Code),
including individual retirement accounts and Keogh plans, which is subject to
Section 4975 of the Code or (c) any other entity whose underlying assets include
"plan assets" (within the meaning of Department of Labor Regulation Section
2510.3-101 or otherwise under ERISA) by reason of any such plan's investment in
the entity (a "Benefit Plan"), other than an insurance company which is
investing assets of its general account and satisfies the conditions applicable
under Sections I and III of U.S. Department of Labor Prohibited Transaction
Class Exemption 95-60. By accepting and holding this Class B Certificate, the
Holder hereof shall be deemed to have represented and warranted that it is not a
Benefit Plan or that it is an insurance company which satisfies the conditions
specified above. By acquiring any interest in this Class B Certificate, the
applicable Certificate Owner or Owners shall be deemed to have represented and
warranted that it or they are not Benefit Plans or that it is an insurance
company which satisfies the conditions specified above.

            Prior to due presentation of this Class B Certificate for
registration of transfer, the Transfer Agent and Registrar, the Paying Agent and
the Trustee and any agent of any of them may treat the person in whose name this
Class B Certificate is registered as the owner hereof for all purposes, and
neither the Trustee, the Paying Agent or the Transfer Agent and Registrar nor
any agent of any of them shall be affected by notice to the contrary except in
certain circumstances described in the Agreement.

            This Class B Certificate shall be construed in accordance with and
governed by the laws of the State of New York, without reference to its conflict
of law provisions.

            Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual signature, or by an authenticating agent
appointed by the Trustee, this Class B Certificate shall not be entitled to any
benefit under the Agreement, or be valid for any purpose.

                                     A-2-7
<PAGE>
            IN WITNESS WHEREOF, the Transferor has caused this Class B
Certificate to be duly executed.

                                      FLEET CREDIT CARD FUNDING TRUST

                                      By:______________________________
                                           Vice President

                                     A-2-8
<PAGE>
            This is one of the Class B Certificates referred to in the
within-mentioned Agreement.

                                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          as Trustee,

                                        By:______________________________
                                           Authorized Officer

Dated: October 31, 2002
<PAGE>
                                   ----------

                                   ASSIGNMENT

                                   ----------

PLEASE INSERT SOCIAL SECURITY OR OTHER
  IDENTIFYING NUMBER OF ASSIGNEE(S)

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

--------------------------
:                        :
:                        :
:                        :
--------------------------          -----------------------------
(PLEASE PRINT OR TYPEWRITE          NAME AND ADDRESS OF ASSIGNEE)

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

Dated: ________________________

                        ------------------------------
                        Note: The signature(s) to this Assignment must
                        correspond with the name(s) as written on the face of
                        the within certificate in every particular, without
                        alteration or enlargement or any change whatever.

                        (1)   An assignee which is not a United States Person as
                              defined in the Internal Revenue Code of 1986, as
                              amended (the "Code") must certify to the Transfer
                              Agent and Registrar in writing as to such status
                              and such further information as may be required
                              under the Code or reasonably requested by the
                              Transfer Agent and Registrar.

                                     A-2-2
<PAGE>
                                                                       EXHIBIT B
                                                                   TO SUPPLEMENT

                        MONTHLY PAYMENT INSTRUCTIONS AND
                           NOTIFICATION TO THE TRUSTEE

                      FLEET BANK (RI), NATIONAL ASSOCIATION

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

                        FLEET CREDIT CARD MASTER TRUST II
                                  Series 2002-B

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

      The undersigned, a duly authorized representative of Fleet Bank (RI),
National Association, (the "Bank"), as Servicer pursuant to the Pooling and
Servicing Agreement dated as of December 1, 1993, as amended and restated as of
January 1, 2002, and as further amended by Amendment Number 1, dated as of April
1, 2002 ("Amended and Restated Pooling and Servicing Agreement") among the Bank,
as servicer (the "Servicer"), Fleet Credit Card Funding Trust ("FCCF"), as
transferor (the "Transferor") and Deutsche Bank Trust Company Americas, formerly
known as Bankers Trust Company, as trustee (the "Trustee"), as supplemented by
the Series 2002-B Supplement, dated as of October 31, 2002, by and among the
Bank, as Servicer, FCCF, as Transferor and the Trustee, does hereby certify as
follows:

            A) Capitalized terms used in this Certificate have their respective
meanings set forth in the Agreement. References herein to certain sections are
references to the respective sections of the Agreement.

            B) The Bank is Servicer under the Agreement.

            C) The undersigned is a Servicing Officer.

            D) The date of this notice is a Determination Date under the
Agreement.
<PAGE>
I.    APPLICATION OF CLASS A AVAILABLE FUNDS, CLASS B AVAILABLE FUNDS,
      COLLATERAL AVAILABLE FUNDS AND AVAILABLE INVESTOR PRINCIPAL COLLECTIONS.
      Pursuant to the Supplement, the Servicer does hereby instruct the Trustee
      (i) to make the following withdrawals from the Collection Account with
      respect to the Distribution Date and (ii) to apply the proceeds of such
      withdrawals in accordance with referenced Sections of the Supplement:

<TABLE>
<S>         <C>       <C>                                                  <C>
      A)    Class A Available Funds (Section 4.5(a)):
            (1)       Class A Monthly Interest...........................  $__________
            (2)       Overdue Class A Monthly Interest...................  $__________
            (3)       Class A Additional Interest........................  $__________
            (4)       Class A Servicing Fee..............................  $__________
            (5)       Overdue Class A Servicing Fee......................  $__________
            (6)       Class A Investor Default Amount (to be treated as
                      Available Investor Principal Collections)..........  $__________
            (7)       Excess Spread......................................  $__________

      B)    Class B Available Funds (Section 4.5(b)):
            (1)       Class B Monthly Interest...........................  $__________
            (2)       Overdue Class B Monthly Interest...................  $__________
            (3)       Class B Additional Interest........................  $__________
            (4)       Class B Servicing Fee..............................  $__________
            (5)       Overdue Class B Servicing Fee......................  $__________
            (6)       Excess Spread......................................  $__________

      C)    Collateral Available Funds (Section 4.5(c))
            (1)       If the Bank or Trustee is not the Servicer,
                      Collateral Servicing Fee, if any...................  $__________
            (2)       Overdue Collateral Servicing Fee, if any...........  $__________
            (3)       Excess Spread......................................  $__________
</TABLE>

                                      B-2
<PAGE>
<TABLE>
<S>         <C>       <C>                                                  <C>
      D)    Available Investor Principal Collections (Sections 4.5(d) and (e)):
            (1)       Class A Monthly Principal..........................  $__________
            (2)       Class B Monthly Principal..........................  $__________
            (3)       Collateral Monthly Principal.......................  $__________
            (4)       Shared Principal Collections (available for other
                      Series in Group One or the Holders of the
                      Transferor Certificates)...........................  $__________

      E)    Excess Spread (Section 4.7):
            (1)       Class A Required Amount, if any....................  $__________
            (2)       Class A Investor Charge-Offs (to be treated as
                      Available Investor Principal Collections)..........  $__________
            (3)       Portion of Class B Required Amount, if any.........  $__________
            (4)       Class B Investor Default Amount (to be treated as
                      Available Investor Principal Collections)..........  $__________
            (5)       Reimbursement of prior reductions in Class B
                      Invested Amount (to be treated as Available
                      Investor Principal Collections)....................  $__________
            (6)       Collateral Minimum Monthly Interest, Overdue
                      Collateral Minimum Monthly Interest and Collateral
                      Additional Interest................................  $__________
            (7)       Any Collateral Servicing Fee and any unpaid
                      Collateral Servicing Fee...........................  $__________
            (8)       Collateral Default Amount (to be treated as
                      Available Investor Principal Collections)..........  $__________
            (9)       Reimbursement of prior reductions in Collateral
                      Invested Amount (to be treated as Available
                      Investor Principal Collections)....................  $__________
            (10)      Excess of Required Reserve Account Amount over the
                      amount on deposit in Reserve Account...............  $__________
            (11)      Amounts due to Collateral Interest Holder            $__________
</TABLE>

                                      B-3
<PAGE>
<TABLE>
<S>         <C>       <C>                                                  <C>
      F)    Reallocated Principal Collections (Section 4.8):
            (1)       Payable in respect of Class A Required Amount......  $__________
            (2)       Payable in respect of Class B Required Amount......  $__________
            (3)       Balance (to be treated as Available Investor
                      Principal Collections).............................  $__________

      G)    Excess Finance Charges (Section 4.9):
            (1)       Finance Charge Shortfall for Series 2002-B.........  $__________
            (2)       Excess Finance Charges from other Series in Group
                      One allocated to Series 2002-B.....................  $__________

      H)    Shared Principal Collections (Section 4.10):
            (1)       Principal Shortfall for Series 2002-B..............  $__________
            (2)       Shared Principal Collections from other Series in
                      Group One allocated to Series 2002-B...............  $__________
                                                                           $__________

      I)    Distributions to Holders of Class A Certificates, Class B
            Certificates and Collateral Interest (Sections 4.5 and 5.1)
            (1)       Interest Distributable to Holders of the Class A
                      Certificates on Distribution Date..................  $__________
            (2)       Interest Distributable to Holders of the Class B
                      Certificates on Distribution Date..................  $__________
            (3)       Amount Distributable as interest to the Collateral
                      Interest Holders on the Transfer Date
                      (Collateral Minimum Monthly Interest under
                      Section 4.7(f) plus other amounts payable to
                      the Collateral Interest Holder under 4.7(k)
                      and 4.14)......................                      $__________
            (4)       Principal Distributable to the Class A
                      Certificateholders on Distribution Date............  $__________
            (5)       Principal Distributable to the Class B
                      Certificateholder on Distribution Date.............  $__________
            (6)       Principal Distributable to the Collateral Interest
                      Holder on Transfer Date............................  $__________
            (7)       Principal Collections distributable to Fleet.......  $__________
</TABLE>

                                      B-4
<PAGE>
<TABLE>
<S>         <C>       <C>                                                  <C>

                      Credit Card Funding Trust as holder of the
                      Transferors Certificate on Distribution Date.......

      J)    Distributions to Noteholders and to Fleet Bank (RI), National
            Association under the Transfer Agreement (Section 3.02 of Transfer
            Agreement)
            (1)       Interest Distributable to Noteholders on Payment
                      Date...............................................  $__________
            (2)       Principal Distributable to Noteholders on Payment
                      Date...............................................  $__________
            (3)       Amount Distributable to Fleet Credit Card Funding
                      Trust, as Transferor on Payment Date (Section
                      3.02(a)(vi) of the Transfer Agreement; amounts
                      remaining after satisfying 3.02(a)(i) through (v)).  $__________
</TABLE>

                                      B-5
<PAGE>
      IN WITNESS WHEREOF, the undersigned has duly executed this certificate
this ____ day of __________, ____.

                                          FLEET BANK (RI), NATIONAL ASSOCIATION,
                                            as Servicer

                                          By:______________________________
                                               Servicing Officer

                                      B-6

<PAGE>
                                                                       EXHIBIT C
                                                                   TO SUPPLEMENT

                  FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
                 (To be delivered by the Paying Agent on behalf
                    of the Trustee on each Distribution Date
                  pursuant to Section 5.2(b) of the Supplement)

                      FLEET BANK (RI), NATIONAL ASSOCIATION

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

                        FLEET CREDIT CARD MASTER TRUST II
                                  SERIES 2002-B

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

            Under the Pooling and Servicing Agreement dated as of December 1,
1993, as amended and restated as of January 1, 2002, and as further by Amendment
Number 1, dated as of April 1, 2002 (the "Amended and Restated Pooling and
Servicing Agreement") among the Bank, as servicer (the "Servicer"), Fleet Credit
Card Funding Trust ("FCCF"), as transferor (the "Transferor") and Deutsche Bank
Trust Company Americas, formerly known as Bankers Trust Company, as trustee (the
"Trustee"), as supplemented by the Series 2002-B Supplement, dated as of October
31, 2002, by and among the Bank, as Servicer, FCCF, as Transferor and the
Trustee, the Bank, as Servicer, is required to prepare certain information each
month regarding current distributions to all Series 2002-B Certificateholders.
This statement relates to the Distribution Date (the "Distribution Date") and
the performance of the Fleet Credit Card Master Trust II (the "Trust") during
the prior Monthly Period (the "Monthly Period"). Certain of the information is
presented on the basis of an original principal amount of $1,000 per Series
2002-B Certificate. Certain other information is presented based on the
aggregate amounts for the Trust as a whole. All capitalized terms used herein
shall have the respective meanings set forth in the Agreement.

<TABLE>
<S>   <C>                                                                         <C>
1.    The total amount of the distribution on the Distribution Date per $1,000
      original principal amount of the Class A Certificates....................   $__________

2.    The total amount of the distribution on the Distribution Date per $1,000
      original principal amount of the Class B Certificates....................   $__________

3.    The amount of the distribution set forth in paragraph 1 above in respect
      of principal per $1,000 original principal amount of the Class A
      Certificates.............................................................   $__________

4.    The amount of the distribution set forth in paragraph 2 above in respect
      of principal per $1,000 original principal amount of                        $__________
</TABLE>
<PAGE>
<TABLE>
<S>   <C>                                                                         <C>

      the Class B Certificates................................................

5.    The amount of the distribution set forth in paragraph 1 above in respect
      of interest per $1,000 original principal amount of the Class A
      Certificates.............................................................   $___________

6.    The amount of the distribution set forth in paragraph 2 above in respect
      of interest per $1,000 original principal amount of the Class B
      Certificates.............................................................   $__________

7.    The aggregate amount of Collections of Receivables processed for the
      prior Monthly Period which were allocated in respect of Series 2002-B....   $__________

8.    The aggregate amount of Collections of Principal Receivables processed
      during the prior Monthly Period and allocated in respect of Series 2002-B   $__________

9.    The aggregate amount of Reallocated Principal Collections with respect to
      the prior Monthly Period.................................................   $__________

10.   The aggregate amount of Collections of Finance Charge Receivables
      processed during the prior Monthly Period and allocated in respect of the
      Class A Certificates.....................................................   $__________

11.   The aggregate amount of Collections of Finance Charge Receivables
      processed during the prior Monthly Period and allocated in respect of the
      Class B Certificates.....................................................   $__________

12.   The Principal Allocation Percentage(s) during the prior Monthly Period...   ____% [Dates]
                                                                                  ____% [Dates]

13.   The Floating Allocation Percentage(s) during the prior Monthly Period....   ____% [Dates]
                                                                                  ____% [Dates]

14.   The aggregate outstanding balance of Accounts which are 30, 60, 90, 120
      and 150 or more days delinquent as of the end of the prior Monthly Period   $__________
      is.......................................................................   $__________
                                                                                  $__________
                                                                                  $__________
                                                                                  $__________

15.   The Class A Investor Default Amount for the prior Monthly Period is......   $__________

16.   The Class B Investor Default Amount for the prior Monthly Period is......   $__________

17.   The Collateral Default Amount for the prior Monthly Period...............   $__________

18.   The aggregate amount of Class A Investor Charge-Offs for the prior
      Monthly Period is........................................................   $__________
</TABLE>

                                      C-2
<PAGE>
<TABLE>
<S>   <C>                                                                         <C>
19.   The aggregate amount of Class B Investor Charge-Offs for the prior
      Monthly Period is........................................................   $__________

20.   The aggregate amount of Collateral Charge-Offs for the prior Monthly
      Period...................................................................   $__________

21.   The aggregate amount of Class A Investor Charge-Offs reimbursed on the
      Distribution Date is.....................................................   $__________

22.   The aggregate amount of Class B Investor Charge-Offs reimbursed on the
      Distribution Date is.....................................................   $__________

23.   The aggregate amount of Collateral Charge-Offs reimbursed on the
      Distribution Date .......................................................   $__________

24.   The amount of the Class A Servicing Fee for the prior Monthly Period is..   $__________

25.   The amount of the Class B Servicing Fee for the prior Monthly Period is..   $__________

26.   The amount of the Collateral Servicing Fee for the prior Monthly Period is  $__________

27.   The Class A Investor Amount after giving effect to any payments on the
      Distribution Date is.....................................................   $__________

28.   The Class A Invested Amount after giving effect to any payments on the
      Distribution Date is.....................................................   $__________

29.   The Class B Investor Amount after giving effect to any payments on the
      Distribution Date is.....................................................   $__________

30.   The Class B Invested Amount after giving effect to any payments on the
      Distribution Date is.....................................................   $__________

31.   The amount, if any, by which the outstanding principal balance of the
      Class A Certificates exceeds the Class A Investor Amount after giving
      effect to any activity on the Distribution Date is.......................   $__________

32.   The amount, if any, by which the outstanding principal balance of the
      Class B Certificates exceeds the Class B Investor Amount after giving
      effect to any activity on the Distribution Date is.......................   $__________

33.   The Collateral Invested Amount as of the close of business on the
      Distribution Date........................................................   $__________

34.   The amount on deposit in the Principal Funding Account as of the close of
      business on the Distribution Date is ....................................   $__________

35.   The amount on deposit in the Reserve Account as of the close of business
      on the Distribution Date is..............................................   $__________
</TABLE>

                                      C-3
<PAGE>
<TABLE>
<S>   <C>                                                                         <C>
36.   The amount by which the Net Portfolio Yield for the prior Monthly Period
      exceeds the Base Rate for such Monthly Period............................   $__________

37.   The Net Portfolio Yield for the prior Monthly Period is..................   $__________

38.   The Base Rate for the Prior Monthly Period is............................   $__________

39.   The amount of Interchange with respect to the prior Monthly Period is....   $__________

40.   The Deficit Controlled Accumulation Amount (after giving effect to any
      activity on the Distribution Date).......................................   $__________
</TABLE>

                                          FLEET BANK (RI), NATIONAL ASSOCIATION,
                                            as Servicer

                                          By:______________________________
                                             Title

                                      C-4

<PAGE>
                                                                       EXHIBIT D
                                                                   TO SUPPLEMENT

                            FORM OF INVESTMENT LETTER

                                     [Date]

         Re:      Fleet Credit Card Master Trust II;
                  Purchases of Series 2002-B Collateral Interest

Ladies and Gentlemen:

            This letter (the "Investment Letter") is delivered by the
undersigned (the "Purchaser") pursuant to Section 10.8 of the Series 2002-B
Supplement, dated as of October 31, 2002 (the "Series Supplement") to the
Pooling and Servicing Agreement, dated as of December 1, 1993 (as amended and
supplemented, the "Agreement"), each among Deutsche Bank Trust Company Americas,
formerly known as Bankers Trust Company, as Trustee, Fleet Credit Card Frunding
Trust, as Transferor, and Fleet Bank (RI), National Association, as Servicer.
Capitalized terms used herein without definition shall have the meanings set
forth in the Agreement. The Purchaser represents to and agrees with the
Transferor as follows:

            (a)   The Purchaser has such knowledge and experience in financial
                  and business matters as to be capable of evaluating the merits
                  and risks of its investment in the Collateral Interest and is
                  able to bear the economic risk of such investment.

            (b)   The Purchaser is an "accredited investor," as defined in Rule
                  501, promulgated by the Securities and Exchange Commission
                  (the "Commission") under the Securities Act of 1933, as
                  amended (the "Securities Act"), or is a sophisticated
                  institutional investor. The Purchaser understands that the
                  offering and sale of the Collateral Interest has not been and
                  will not be registered under the Securities Act and has not
                  and will not be registered or qualified under any applicable
                  "Blue Sky" law, and that the offering and sale of the
                  Collateral Interest has not been reviewed by, passed on or
                  submitted to any federal or state agency or commission,
                  securities exchange or other regulatory body.

            (c)   The Purchaser is acquiring an interest in the Collateral
                  Interest without a view to any distribution, resale or other
                  transfer thereof except, with respect to any Collateral
                  Interest or any interest or participation therein, as
                  contemplated in the following sentence. The Purchaser will not
                  resell or otherwise transfer any interest or participation in
                  the Collateral Interest, except in accordance with Section
                  10.8 of the Series Supplement and (i) in a transaction exempt
                  from the registration requirements of the Securities Act of
                  1933, as amended, and applicable state securities or "blue
                  sky" laws; (ii) to the Transferor or any affiliate of the
                  Transferor; or (iii) to a person who the Purchaser reasonably
                  believes is a qualified institutional
<PAGE>
                  buyer (within the meaning thereof in Rule 144A under the
                  Securities Act) that is aware that the resale or other
                  transfer is being made in reliance upon Rule 144A. In
                  connection therewith, the Purchaser hereby agrees that it will
                  not resell or otherwise transfer the Collateral Interest or
                  any interest therein unless the purchaser thereof provides to
                  the addressee hereof a letter substantially in the form
                  hereof.

            (d)   No portion of the Collateral Interest or any interest therein
                  may be transferred, and each Assignee will certify that it is
                  not, (a) an "employee benefit plan" (as defined in Section
                  3(3) of ERISA) which is subject to ERISA, (b) any "plan" (as
                  defined in Section 4975(e)(1) of the Code), including
                  individual retirement accounts and Keogh plans which is
                  subject to Section 4975 of the Code, or (c) any other entity
                  whose underlying assets include "plan assets" (within the
                  meaning of Department of Labor Regulation Section 2510.3-101
                  or otherwise under ERISA) by reason of any such plan's
                  investment in the entity, including, without limitation, an
                  insurance company general account.

            (e)   This Investment Letter has been duly executed and delivered
                  and constitutes the legal, valid and binding obligation of the
                  Purchaser, enforceable against the Purchaser in accordance
                  with its terms, except as such enforceability may be limited
                  by bankruptcy, insolvency, reorganization, moratorium or
                  similar laws or equitable principles affecting the enforcement
                  of creditors' rights generally and general principles of
                  equity.

                                                     Very truly yours,

                                                     [NAME OF PURCHASER]

                                                     By:  ______________________
                                                          Name:
                                                          Title:

AGREED TO AS OF THE DATE FIRST
ABOVE WRITTEN:

FLEET CREDIT CARD FUNDING TRUST

By:  _______________________
     Name:
     Title:

                                      D-2

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