Document:

<PAGE>

                                                                     Exhibit 4.2

                                                                  EXECUTION COPY

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                            SERIES 2000-4 SUPPLEMENT
                          Dated as of October 26, 2000

                                       to

                         POOLING AND SERVICING AGREEMENT
                         Dated as of September 30, 1993

                                 $1,200,000,000

                            CAPITAL ONE MASTER TRUST

                                  SERIES 2000-4

                                      among

                                CAPITAL ONE BANK
                               Seller and Servicer

                                       and

                              THE BANK OF NEW YORK
                                     Trustee

                on behalf of the Series 2000-4 Certificateholders

================================================================================
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<TABLE>
<CAPTION>
                                TABLE OF CONTENTS
                                                                                                               Page

                                    ARTICLE I
                   Creation of the Series 2000-4 Certificates
<S>               <C>                                                                                           <C>
Section 1.01.     Designation....................................................................................1

                                   ARTICLE II
                                   Definitions

Section 2.01.     Definitions....................................................................................2
Section 2.02.     Amendment to Section 2.08 of the Agreement....................................................19

                                   ARTICLE III
                              Servicer and Trustee

Section 3.01.     Servicing Compensation........................................................................19

                                   ARTICLE IV
            Rights of Series 2000-4 Certificateholders and Collateral
         Interest Holder and Allocation and Application of Collections

Section 4.01.     Collections and Allocations...................................................................20
Section 4.02.     Determination of Monthly Interest.............................................................20
Section 4.03.     Determination of Monthly Principal; Series 2000-4 Accounts....................................22
Section 4.04.     Required Amount...............................................................................25
Section 4.05.     Application of Class A Available Funds, Class B Available Funds, Collateral Available
                  Funds and Available Investor Principal Collections............................................25
Section 4.06.     Defaulted Amounts; Investor Charge-Offs.......................................................28
Section 4.07.     Excess Spread; Excess Finance Charges.........................................................29
Section 4.08.     Reallocated Principal Collections.............................................................31
Section 4.09.     Excess Finance Charges........................................................................32
Section 4.10.     Shared Principal Collections..................................................................32
Section 4.11.     Reserve Account...............................................................................32
Section 4.12.     Interest Rate Swap............................................................................35

                                    ARTICLE V
                   Distributions and Reports to Series 2000-4
                               Certificateholders

Section 5.01.     Distributions.................................................................................38
Section 5.02.     Reports and Statements to Series 2000-4 Certificateholders....................................39

                                   ARTICLE VI
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<TABLE>

                                TABLE OF CONTENTS
                                    continued
                                                                                                               Page

                            Additional Pay Out Events
<S>               <C>
Section 6.01.     Additional Pay Out Events.....................................................................40

                                   ARTICLE VII
                     Optional Repurchase; Series Termination

Section 7.01.     Optional Repurchase...........................................................................41
Section 7.02.     Series Termination............................................................................42

                                  ARTICLE VIII
                               Final Distributions

Section 8.01.     Sale of Receivables or Certificateholders' Interest pursuant to Section 2.06 or 10.01
                  of the Agreement..............................................................................42
Section 8.02.     Distribution of Proceeds of Sale, Disposition or Liquidation of the Receivables
                  pursuant to Section 9.02 of the Agreement.....................................................44

                                   ARTICLE IX
                       New Issuances; Addition of Accounts

Section 9.01.     New Issuances.................................................................................45
Section 9.02.     Addition of Accounts..........................................................................45

                                    ARTICLE X
                            Miscellaneous Provisions

Section 10.01.    Ratification of Agreement.....................................................................46
Section 10.02.    Counterparts..................................................................................46
Section 10.03.    GOVERNING LAW.................................................................................46
Section 10.04.    Determination of Material Adverse Effect......................................................46
Section 10.05.    Book-Entry Certificates; Private Placement of the Class B Certificates........................46
Section 10.06.    Uncertificated Securities.....................................................................47
Section 10.07.    Transfers of the Collateral Interest..........................................................47
Section 10.08.    Certain Accounting Related Amendments.........................................................47
</TABLE>
<PAGE>

                                TABLE OF CONTENTS

DOCSDC1:112743.9

EXHIBITS

EXHIBIT A-1           Form of Class A Certificate
EXHIBIT A-2           Form of Class B Certificate
EXHIBIT B             Form of Monthly Certificateholders' Statement
EXHIBIT C             Form of Monthly Servicing Officer's Certificate
EXHIBIT D             Form of Investment Letter
<PAGE>

     SERIES 2000-4 SUPPLEMENT, dated as of October 26, 2000 (the "Supplement"),
between CAPITAL ONE BANK, a Virginia banking corporation, as Seller and
Servicer, and THE BANK OF NEW YORK, a New York banking corporation, as Trustee.

     Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
1993 (as amended and supplemented, the "Agreement"), among the Seller, the
Servicer and the Trustee, the Seller has created Capital One Master Trust (the
"Trust"). Section 6.03 of the Agreement provides that the Seller 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 Seller and the Trustee shall create a new
Series of Investor Certificates and specify the Principal Terms thereof.

                                   ARTICLE I

                   Creation of the Series 2000-4 Certificates

     Section 1.01. 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 "Capital One Master
Trust, Series 2000-4." The Series 2000-4 Certificates shall be issued in two
Classes, the first of which shall be known as the "Class A Floating Rate Asset
Backed Certificates, Series 2000-4" and the second of which shall be known as
the "Class B Floating Rate Asset Backed Certificates, Series 2000-4." In
addition, there is hereby created a third Class of uncertificated interests in
the Trust which, except as expressly provided herein, shall be deemed to be
"Investor Certificates" (and the Collateral Interest Holder shall be deemed to
be an "Investor Certificateholder") for all purposes under the Agreement and
this Supplement and which shall be known as the "Collateral Interest, Series
2000-4."

     (b) Series 2000-4 shall be included in Group One and shall be a Principal
Sharing Series. Series 2000-4 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 2000-4 shall be the
November 2000 Distribution Date.

     (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.

     (d) The Collateral Interest Holder, as holder of an "Investor Certificate"
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
registration, authentication, delivery, presentation, cancellation and surrender
of Registered Certificates and clauses (a) and (c) of the definition of "Tax
Opinion" in

<PAGE>

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
apply to cause the Collateral Interest to be treated as debt for federal, state
and local income and franchise tax purposes, but rather the Seller 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 2.01. 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 Period" shall mean, unless a Pay Out Event shall have
      -------------------
occurred prior thereto, the period commencing at the close of business on the
last day of the September 2004 Monthly Period or such later date as is
determined in accordance with Section 4.03(f) and ending on the first to occur
of (a) the commencement of the Early Amortization Period, (b) the payment in
full to Series 2000-4 Holders of the Invested Amount or (c) the Termination
Date.

     "Accumulation Period Amount" shall mean for each Monthly Period, an amount
      --------------------------
equal to the product of (i) Available Expected Principal for such Monthly Period
and (ii) a fraction, the numerator of which is the Initial Invested Amount and
the denominator of which is the sum of (a) the Initial Invested Amount and (b)
the invested amounts of all other Variable Accumulation Series which are not
scheduled to be in their revolving periods as of such Monthly Period; provided
that, for purposes of this definition, the commencement date of the accumulation
period of each such Variable Accumulation Series shall be deemed to have been
postponed to the latest permissible date, determined as if the provisions of
Section 4.03(f) applied to each such Series with such changes as may be
specified with respect to such Series (applying such provisions first to the
Variable Accumulation Series with the latest expected final payment date and
next to each Series with the next preceding expected final payment date).

     "Accumulation Period Length" shall have the meaning specified in Section
      --------------------------
4.03(f).

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

     "Adjusted Invested Amount" shall mean, with respect to any date of
      ------------------------
determination, an amount equal to the Invested Amount less the Principal Funding
Account Balance on such date of determination.

     "Assignee" shall have the meaning specified in subsection 10.07(a).
      --------

                                       2
<PAGE>

     "Available Expected Principal" for any date of determination with respect
      ----------------------------
to each Monthly Period shall be equal to the excess of (a) the Expected Monthly
Principal for such Monthly Period over (b) the sum of, without duplication, all
scheduled amortizations or accumulations of principal, including past due
shortfalls as of such date of determination, for all Non-Variable Accumulation
Series which are not scheduled to be in their revolving periods as of such
Monthly Period.

     "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 4.08(a) or (b) are required to fund any deficiency in the amount to be
distributed pursuant to Sections 4.05(a)(i), (ii), (iii) and (iv), 4.05(b)(i)
and (ii) and 4.07(c)(II) for the related Distribution Date, plus (b) the amount
of Miscellaneous Payments, if any, for such Monthly Period that are allocated to
Series 2000-4 pursuant to Section 4.03 of the Agreement, plus (c) any Shared
Principal Collections with respect to other Series that are allocated to Series
2000-4 in accordance with Section 4.04 of the Agreement and Section 4.10 hereof,
plus (d) the amount of funds to be distributed pursuant to Section 4.05(a)(iv)
with respect to the related Distribution Date, plus (e) any other amounts which
pursuant to Section 4.07 hereof are to be treated as Available Investor
Principal Collections with respect to the related Distribution Date.

     "Available Reserve Account Amount" shall mean, with respect to any
      --------------------------------
Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Account on such date (before giving effect to any deposit to be made to the
Reserve Account on such Distribution Date) and (b) the Required Reserve Account
Amount for such Distribution Date.

     "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, the Monthly Servicing Fee and the Net Swap Payment, if
any, less the Net Swap Receipt, if any, deposited in the Collection Account,
each with respect to the related Distribution Date and the denominator of which
is the Invested Amount as of the last day of the preceding Monthly Period.

     "Class A Account Percentage" shall mean, with respect to any date of
      --------------------------
determination, the percentage equivalent of a fraction, the numerator of which
is the aggregate amount with respect to Class A Monthly Principal on deposit in
the Principal Funding Account on such date (before giving effect to any deposit
to be made to the Principal Funding Account on such date) and the denominator of
which is the Principal Funding Account Balance on such date (before giving
effect to any deposit to be made to the Principal Funding Account on such date).

     "Class A Additional Interest" shall have the meaning specified in Section
      ---------------------------
4.02(a).

                                       3
<PAGE>

     "Class A Adjusted Invested Amount" shall mean, with respect to any date of
determination, an amount not less than zero equal to the Class A Invested Amount
less the Principal Funding Account Balance on such date.

     "Class A Available Funds" shall mean, with respect to any Monthly Period,
an amount equal to the sum of (a) an amount equal to the product of (i) the
Class A Account Percentage and (ii) the amount of Principal Funding Investment
Proceeds, if any, with respect to the related Distribution Date, (b) the Class A
Floating Percentage of the Collections of Finance Charge Receivables (other than
Finance Charge Receivables allocated to Servicer Interchange with respect to
such Monthly Period) allocated to the Series 2000-4 Certificates (including any
investment earnings that are to be treated as Collections of Finance Charge
Receivables in accordance with the Agreement and this Supplement), (c) the
amount of funds, if any, to be withdrawn from the Reserve Account which,
pursuant to Section 4.11(d), are required to be included in Class A Available
Funds with respect to the related Distribution Date and (d) the Net Swap
Receipt, if any, deposited in the Collection Account on the related Distribution
Date and previously due but not paid Net Swap Receipts, if any, deposited in the
Collection Account on the related Distribution Date.

     "Class A Certificate Rate" shall mean, for any Interest Period, a per annum
rate equal to LIBOR for such Interest Period plus 0.14%.

     "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 of Certificates executed by the Bank
and authenticated by or on behalf of the Trustee, substantially in the form of
Exhibit A-1.

     "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 Adjusted 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 Adjusted Invested Amount as
of such day; provided, however, that, with respect to the first Monthly Period,
the Class A Floating Percentage shall mean the Class A Initial Percentage.

     "Class A Initial Invested Amount" shall mean the aggregate initial
principal amount of the Class A Certificates, which is $975,000,000.

     "Class A Initial 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 Interest Shortfall" shall have the meaning specified in Section
4.02(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

                                       4
<PAGE>

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 Section 4.06(a) prior to such date; provided, however,
that the Class A Invested Amount may not be reduced below zero.

     "Class A Investor Charge-Offs" shall have the meaning specified in Section
4.06(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
4.02(a).

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

     "Class A Outstanding Additional Interest" shall mean, with respect to any
Distribution Date, the amount of Class A Additional Interest previously due but
not paid to the Class A Certificateholders.

     "Class A Outstanding Monthly Interest" shall mean, with respect to any
Distribution Date, the amount of Class A Monthly Interest previously due but not
paid to the Class A Certificateholders.

     "Class A Penalty Rate" shall mean, for any Interest Period, the sum of the
Class A Certificate Rate for such Interest Period 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 (or, in the case of the first Monthly Period, the Closing Date) and the
denominator of which is the Invested Amount as of such day and (ii) during the
Accumulation Period or the Early Amortization 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 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 Class A Initial Percentage.

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

     "Class A Servicing Fee" shall have the meaning specified in Section 3.01.

     "Class B Account Percentage" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the aggregate amount with respect to Class B Monthly Principal on deposit in
the Principal Funding Account on

                                       5
<PAGE>

such date (before giving effect to any deposit to be made to the Principal
Funding Account on such date) and the denominator of which is the Principal
Funding Account Balance on such date (before giving effect to any deposit to be
made to the Principal Funding Account on such date).

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

     "Class B Adjusted Invested Amount" shall mean, with respect to any date of
determination, an amount not less than zero equal to the Class B Invested Amount
less the excess, if any, of the Principal Funding Account Balance over the Class
A Invested Amount on such date.

     "Class B Available Funds" shall mean, with respect to any Monthly Period,
an amount equal to the sum of (a) an amount equal to the product of (i) the
Class B Account Percentage and (ii) the amount of Principal Funding Investment
Proceeds, if any, with respect to the related Distribution Date, (b) the Class B
Floating Percentage of the Collections of Finance Charge Receivables (other than
Finance Charge Receivables allocated to Servicer Interchange with respect to
such Monthly Period) allocated to the Series 2000-4 Certificates (including any
investment earnings that are to be treated as Collections of Finance Receivables
in accordance with the Agreement) and (c) the amount of funds, if any, to be
withdrawn from the Reserve Account which, pursuant to Section 4.11(d), are
required to be included in Class B Available Funds with respect to the related
Distribution Date.

     "Class B Certificate Rate" shall mean, for any Interest Period, a per annum
rate specified in the Supplemental Rate Letter, such rate not to exceed LIBOR
for such Interest Period plus 0.50%.

     "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 Bank and authenticated by or on behalf of the Trustee, substantially in the
form of Exhibit A-2.

     "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 Adjusted 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 Adjusted Invested Amount as
of the close of business on such day; provided, however, that, with respect to
the first Monthly Period, the Class B Floating Percentage shall mean the Class B
Initial Percentage.

     "Class B Initial Invested Amount" shall mean the aggregate initial
principal amount of the Class B Certificates, which is $120,000,000.

     "Class B Initial 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 Interest Shortfall" shall have the meaning specified in Section
4.02(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 prior to
such date, minus (c) the aggregate amount of Class B Investor Charge-Offs for
all prior Distribution Dates, minus (d) the aggregate amount of Reallocated
Principal Collections allocated on all prior Distribution Dates pursuant to
Section 4.08(a) (excluding any Reallocated Principal Collections that have
resulted in a reduction in the Collateral Invested Amount pursuant to Section
4.06(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
4.06(a), plus (f) the amount of Excess Spread and Excess Finance Charges
allocated and available on all prior Distribution Dates pursuant to Section
4.07(d) for the purpose of reimbursing amounts deducted pursuant to the
foregoing clauses (c), (d) and (e); provided, however, that the Class B Invested
Amount may not reduced below zero.

     "Class B Investor Charge-Offs" shall have the meaning specified in Section
4.06(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
4.02(b).

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

     "Class B Outstanding Additional Interest" shall mean, with respect to any
Distribution Date, the amount of Class B Additional Interest previously due but
not paid to the Class B Certificateholders.

     "Class B Outstanding Monthly Interest" shall mean, with respect to any
Distribution Date, the amount of Class B Monthly Interest previously due but not
paid to the Class B Certificateholders.

     "Class B Penalty Rate" shall mean, for any Interest Period, the sum of the
Class B Certificate Rate for such Interest Period and 2.00% per annum.

     "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 (or, in the case of the first Monthly Period, the Closing Date) and the
denominator of which is the Invested Amount as of such day and (ii) during the
Accumulation Period or the Early Amortization 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

                                       7
<PAGE>

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 Class
B Initial Percentage.

     "Class B Required Amount" shall have the meaning specified in Section
4.04(b).

     "Class B Servicing Fee" shall have the meaning specified in Section 3.01.

     "Closing Date" shall mean October 26, 2000.

     "Collateral Account Percentage" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the aggregate amount with respect to Collateral Monthly Principal on deposit
in the Principal Funding Account on such date (before giving effect to any
deposit to be made to the Principal Funding Account on such date) and the
denominator of which is the Principal Funding Account Balance on such date
(before giving effect to any deposit to be made to the Principal Funding Account
on such date).

     "Collateral Additional Interest" shall have the meaning specified in
Section 4.02(c).

     "Collateral Adjusted Invested Amount" shall mean, with respect to any date
of determination, an amount not less than zero equal to the Collateral Invested
Amount less the excess, if any, of the Principal Funding Account Balance over
the sum of the Class A Invested Amount and the Class B Invested Amount on such
date.

     "Collateral Available Funds" shall mean, with respect to any Monthly
Period, an amount equal to the sum of (a) an amount equal to the product of (i)
the Collateral Account Percentage and (ii) the amount of Principal Funding
Investment Proceeds, if any, with respect to the related Distribution Date and
(b) the Collateral Floating Percentage of the Collections of Finance Charge
Receivables (other than Finance Charge Receivables allocated to Servicer
Interchange with respect to such Monthly Period) allocated to the Series 2000-4
Certificates (including any investment earnings that are to be treated as
Collections of Finance Charge Receivables in accordance with the Agreement).

     "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 Adjusted 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 Adjusted 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 $105,000,000.

     "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 a

                                       8
<PAGE>

Collateral Interest Holder under this Supplement, the portion of Collections
allocable thereto under the Agreement and this Supplement and 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, without duplication, Section 4.05 and subsections 4.07(j),
4.11(d)(iii), 4.11(e), 4.11(f), 4.12(b), 8.01(b), 8.02(a) and 8.02(b).

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

     "Collateral Interest Minimum Rate" shall mean a rate per annum specified in
the Transfer Agreement not to exceed LIBOR for one-month United States dollar
deposits, determined as of the related LIBOR Determination Date, plus 1.00%.

     "Collateral Interest Shortfall" shall have the meaning specified in
subsection 4.02(c).

     "Collateral Invested Amount" shall mean, when used with respect to any
date, an amount equal to (a) the Collateral Initial Invested Amount, minus (b)
the aggregate amount of principal payments made to the Collateral Interest
Holder prior to such date, minus (c) an amount equal to the aggregate amount by
which the Collateral Invested Amount has been reduced on all prior Distribution
Dates pursuant to Section 4.06, plus (d) the aggregate amount of Excess Finance
Charges and Excess Spread allocated and available on all prior Distribution
Dates pursuant to Section 4.07(h) for the purpose of reimbursing amounts
deducted pursuant to the foregoing clause (c); provided, however, that the
Collateral Invested Amount may not be reduced below zero.

     "Collateral 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 Collateral Floating
Percentage for such Monthly Period.

     "Collateral Minimum Monthly Interest" shall have the meaning specified in
Section 4.02(c).

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

     "Collateral Outstanding Additional Interest" shall mean, with respect to
any Distribution Date, the amount of Collateral Additional Interest previously
due but not paid to the Collateral Interest Holder.

     "Collateral Outstanding Monthly Interest" shall mean, with respect to any
Distribution Date, the amount of Collateral Minimum Monthly Interest previously
due but not paid to the Collateral Interest Holder.

     "Collateral Servicing Fee" shall have the meaning specified in Section
3.01.

                                      9
<PAGE>

     "Controlled Accumulation Amount" shall mean for any Distribution Date with
respect to the Accumulation Period, $100,000,000; provided, however, that, if
the Accumulation Period is modified pursuant to Section 4.03(f), (i) the
Controlled Accumulation Amount for each Distribution Date with respect to the
Accumulation Period shall mean the amount specified in accordance with such
Section on the date on which the Accumulation Period has most recently been
modified, (ii) the Controlled Accumulation Amount for each related Monthly
Period shall be no greater than the Accumulation Period Amount for such Monthly
Period and (iii) 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 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, an amount equal to the
sum of (a) the product of (i) the Swap Fixed Rate, or, in the event the Interest
Rate Swap has been terminated, the Class A Certificate Rate, in either case, in
effect for the related Interest Period, (ii) a fraction, the numerator of which
is 30, or, in the event the Interest Rate Swap has been terminated, the
numerator of which is the actual number of days from and including the preceding
Distribution Date to but excluding such Distribution Date and, in either case,
the denominator of which is 360 and (iii) the aggregate amount on deposit in the
Principal Funding Account with respect to Class A Monthly Principal, if any, as
of the preceding Distribution Date, plus (b) the product of (i) the Class B
Certificate Rate in effect for the related Interest Period, (ii) a fraction, the
numerator of which is the actual number of days from and including the preceding
Distribution Date to but excluding such Distribution Date and the denominator of
which is 360 and (iii) the aggregate amount on deposit in the Principal Funding
Account with respect to Class B Monthly Principal, if any, as of the preceding
Distribution Date, plus (c) the product of (i) the Collateral Interest Minimum
Rate in effect for the related Interest Period, (ii) a fraction, the numerator
of which is the actual number of days from and including the preceding
Distribution Date to but excluding such Distribution Date and the denominator of
which is 360 and (iii) the aggregate amount on deposit in the Principal Funding
Account with respect to Collateral Monthly Principal, if any, as of the
preceding Distribution Date.

     "Cut-Off Date" shall mean October 1, 2000.

     "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, Class B
Monthly Principal and Collateral 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 plus any Deficit Controlled Accumulation Amount for the prior
Distribution Date over the amount distributed from the Collection Account as
Class A

                                      10
<PAGE>

Monthly Principal, Class B Monthly Principal and Collateral Monthly Principal
for such subsequent Distribution Date.

     "Early Amortization Period" shall mean the period commencing at the close
of business on the Business Day immediately preceding the day on which a Pay Out
Event with respect to Series 2000-4 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 Invested Amount and the Class B
Invested Amount, respectively, and the payment in full to the Collateral
Interest Holder of the Collateral Invested Amount, if any, or (ii) the
Termination Date.

     "Excess Shared Principal Collections" shall mean the excess of the Shared
Principal Collections over the aggregate amount of Principal Shortfalls for all
Series, as defined in each related Supplement, which are Principal Sharing
Series for such Distribution Date.

     "Excess Spread" shall mean, with respect to any Distribution Date, the sum
of the amounts, if any, specified pursuant to Sections 4.05(a)(v), 4.05(b)(iii)
and 4.05(c)(ii) with respect to such Distribution Date.

     "Expected Final Payment Date" shall mean the October 2005 Distribution
Date.

     "Expected Monthly Principal" shall be equal to the product of (i) the
lowest of the monthly principal payment rates (determined by dividing
Collections of Principal Receivables during a calendar month by the amount of
Principal Receivables in the Trust as of the last day of the preceding month,
adjusted for additions and removals occurring after such last day), expressed as
a decimal for the 12 calendar months preceding the date of such calculation (or
such lower principal payment rate as the Servicer may select) and (ii) the sum
of the Initial Invested Amounts (as defined in the related Supplement) of all
outstanding Series, other than Variable Funding Series.

     "Finance Charge Shortfall" shall have the meaning specified in Section
4.09.

     "Fitch" shall mean Fitch, Inc.

     "Fixed Amount" shall mean, for any Distribution Date, an amount equal to
the fixed amount payable by the Trust to the Swap Counterparty for such date
pursuant to the Interest Rate Swap.

     "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 Adjusted 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 sum of
(i) the total amount of Principal Receivables in the Trust as of such day (or,
with respect to the first Monthly Period, the Cut-Off Date) and (ii) the
principal amount on deposit in the Excess Funding Account as of such last day;
provided, however, that if the Seller so designates, the amount calculated above
pursuant to clause (i) of the denominator shall be increased by the aggregate
amount of Principal Receivables in Additional Accounts

                                      11
<PAGE>

added to the Trust during such Monthly Period as though such Receivables had
been added to the Trust as of the first day of such Monthly Period.

     "Floating Amount" shall mean, for any Distribution Date, an amount equal to
the floating amount payable by the Swap Counterparty to the Trust for such date
pursuant to the Interest Rate Swap.

     "Floating Rate Notional Amount" shall mean the Floating Rate Notional
Amount as defined in the Interest Rate Swap.

     "Group One" shall mean Series 2000-4 and each other series 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.

     "Initial Servicing Fee" shall have the meaning specified in Section 3.01.

     "Interest Payment Date" shall mean, with respect to the Class A
Certificates, the Class B Certificates and the Collateral Interest, the 15th day
of each month (or, if such day is not a Business Day, the next succeeding
Business Day), commencing on the November 2000 Distribution Date.

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

     "Interest Rate Swap" shall mean the ISDA Master Agreement, together with
the Schedule and Confirmation thereto, each dated as of the Closing Date,
between the Trustee, on behalf of the Trust, and the Swap Counterparty, as such
Interest Rate Swap may be amended, modified or replaced.

     "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
10.07(a).

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

     "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, as of any LIBOR Determination Date, the rate for
deposits in United States dollars for a one-month period which appears on
Telerate Page 3750 as of

                                      12
<PAGE>

11:00 a.m., London time, on such date. If such rate does not appear on Telerate
Page 3750, the rate for that LIBOR Determination Date shall be determined on the
basis of the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 a.m., London time, on that day to prime
banks in the London interbank market for a one-month period. The Servicer shall
request the principal London office of each of the Reference Banks to provide a
quotation of its rate. If at least two such quotations are provided, the rate
for that LIBOR Determination Date shall be the arithmetic mean of the
quotations. If fewer than two quotations are provided as requested, the rate for
that LIBOR Determination Date shall be the arithmetic mean of the rates quoted
by major banks in New York City, selected by the Servicer, 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 one-month period; provided, however, that if the
banks selected as aforesaid by the Servicer are not quoting as mentioned, the
rate for that day shall be the rate then in effect on such LIBOR Determination
Date.

     "LIBOR Determination Date" shall mean, for any Interest Period, the second
London Business Day prior to the commencement of such Interest Period (or, in
the case of the initial Interest Period, the second London Business Day prior to
the Closing 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, Collateral Minimum Monthly
Interest and the Net Swap Payment, if any, each for such Distribution Date.

     "Monthly Servicing Fee" shall have the meaning specified in Section 3.01.

     "Net Servicing Fee Rate" shall mean (i) so long as the Seller or The Bank
of New York is the Servicer, 1.25% per annum and (ii) if the Seller or The Bank
of New York is no longer the Servicer, 2.00% per annum.

     "Net Swap Payment" shall mean, for any Distribution Date, (a) if the
netting provisions of subsection 2(c)(ii) of the Interest Rate Swap apply, the
amount by which the Fixed Amount for such date exceeds the Floating Amount for
such date, and (b) otherwise, an amount equal to the Fixed Amount for such date.

     "Net Swap Receipt" shall mean, for any Distribution Date, (a) if the
netting provisions of subsection 2(c)(ii) of the Interest Rate Swap apply, the
amount by which the Floating Amount for such date exceeds the Fixed Amount for
such date, and (b) otherwise, an amount equal to the Floating Amount for such
date.

     "Nonvariable Accumulation Series" shall mean each outstanding Series that
is not a Variable Funding Series or a Variable Accumulation Series.

     "Payment Date" shall mean any Interest Payment Date and any Special Payment
Date.

                                      13
<PAGE>

     "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.

     "Portfolio Adjusted Yield" shall mean, with respect to any Distribution
Date, the average of the percentages obtained for each of the three preceding
Monthly Periods by subtracting the Base Rate for each such Monthly Period from
the Portfolio Yield for each such Monthly Period, and deducting 0.50% from the
result for each such Monthly Period.

     "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 investment earnings and certain other amounts that are to be
treated as Collections of Finance Charge Receivables in accordance with the
Agreement) calculated on a billed basis, or, in the case of any such Collections
consisting of annual membership fees, on an amortized (rather than billed)
basis, plus (b) the amount of any Principal Funding Investment Proceeds for the
related Distribution Date, plus (c) any Excess Finance Charges that are
allocated to Series 2000-4 with respect to such Monthly Period, plus (d) the
amount of funds, if any, withdrawn from the Reserve Account which, pursuant to
Section 4.11(d), are required to be included as Class A Available Funds or Class
B Available Funds or paid to the Collateral Interest Holder for the Distribution
Date with respect to such Monthly Period, minus (e) the Investor Default Amount
for the Distribution Date with respect to such Monthly Period, and the
denominator of which is the Invested Amount as of the last day of the preceding
Monthly Period.

     "Principal Allocation Percentage" shall mean, with respect to any day
during a Monthly Period, the percentage equivalent (which percentage shall never
exceed 100%) of a fraction, the numerator of which is (a) during the Revolving
Period, the Invested Amount as of the last day of the immediately preceding
Monthly Period (or, in the case of the first Monthly Period, the Cut-Off Date)
and (b) after the end of the Revolving Period, the Invested Amount as of the
last day of the Revolving Period and the denominator of which is the greater of
(i) the sum of the total amount of Principal Receivables in the Trust as of the
last day of the immediately preceding Monthly Period and 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 Cut-Off Date) and (ii) the sum of the numerators
used to calculate the principal allocation percentages for all Series
outstanding as of the date as to which such determination is being made;
provided, however, that if the Seller so designates, the amount calculated above
pursuant to clause (i) of the denominator shall be increased by the aggregate
amount of Principal Receivables in Additional Accounts added to the Trust during
such Monthly Period as though such Receivables had been added to the Trust as of
the first day of such Monthly Period; provided further, however, that if after
the commencement of the Accumulation Period or the Early Amortization Period a
Pay Out Event occurs with respect to another Series that was designated in the
Supplement therefor as a Series that is a "Paired Series" with respect to Series
2000-4, the Seller may, by written notice delivered to the Trustee and the
Servicer, designate a different numerator for the foregoing fraction, provided
that (x) such numerator is not less than the Adjusted Invested Amount as of the
last day of the

                                      14
<PAGE>

revolving period for such Paired Series and (y) the Seller shall have received
written notice from each Rating Agency that such designation will not have a
Ratings Effect and shall have delivered copies of each such written notice to
the Servicer and the Trustee and the Seller shall have delivered to the Trustee
an Officer's Certificate to the effect that, based on the facts known to such
officer at that time, in the reasonable belief of the Seller, such designation
will not cause a Pay Out Event or an event that, after the giving of notice or
the lapse of time, would constitute a Pay Out Event, to occur with respect to
Series 2000-4.

     "Principal Funding Account" shall have the meaning set forth in Section
4.03(d)(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
Section 4.03(d)(ii).

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

     "Prospectus" shall mean the prospectus and the prospectus supplement as
filed with the Securities and Exchange Commission under Rule 424(b) of the
Securities Act relating to the Series 2000-4 Certificates.

     "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 deposited in the Collection Account for such Monthly
Period and (c) the sum of the Class B Floating Percentage and the Collateral
Floating Percentage with respect to such Monthly Period.

     "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 Adjusted 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 2000-4
Certificateholders and the Collateral Interest Holder 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 2000-4 Certificateholders and the Collateral Interest Holder on a
prior Distribution Date, plus (iv) any previously due but not paid Net Swap
Payments.

     "Reference Banks" shall mean four major banks in the London interbank
market selected by the Servicer.

     "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) 0.50% of the Invested
Amount as of the preceding

                                      15
<PAGE>

Distribution Date (after giving effect to all changes therein on such date), or
(b) any other amount designated by the Seller, provided that, if such
designation is of a lesser amount, the Seller (i) shall have received written
notice from each Rating Agency that such designation will not have a Ratings
Effect 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 Seller, 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 2000-4.

     "Reserve Account" shall have the meaning specified in Section 4.11(a).

     "Reserve Account Funding Date" shall mean the Distribution Date with
respect to the Monthly Period which commences 12 months prior to the Monthly
Period which as of the related Determination Date is scheduled to commence the
Accumulation Period in accordance with Section 4.03(f) provided that the Seller
may delay the Reserve Account Funding Date to the Distribution Date with respect
to the Monthly Period which occurs not later than the number of months prior to
the scheduled commencement date of the Accumulation Period determined in
accordance with the following schedule:
<TABLE>
<CAPTION>
<S>                                                          <C>
============================================================ =========================================================
Portfolio Adjusted Yield                                               (rounded up to nearest whole number)
------------------------                                                ----------------------------------
------------------------------------------------------------ ---------------------------------------------------------
Less than 2%                                                  12
------------------------------------------------------------ ---------------------------------------------------------
2% or more, but less than 3%                                   6
------------------------------------------------------------ ---------------------------------------------------------
3% or more, but less than 4%                                   4
------------------------------------------------------------ ---------------------------------------------------------
4% or more                                                     3
============================================================ =========================================================
</TABLE>
     "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 4.11(c).

     "Revolving Period" shall mean the period beginning at the close of business
on the Cut-Off Date and ending on the earlier of (a) the close of business on
the day the Accumulation Period commences and (b) the close of business on the
day the Early Amortization Period commences.

     "Series 2000-4" 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 2000-4 Certificateholder" shall mean a Class A Certificateholder or
a Class B Certificateholder.

                                      16
<PAGE>

     "Series 2000-4 Certificate" shall mean a Class A Certificate or a Class B
Certificate.

     "Series 2000-4 Holder" shall mean a Class A Certificateholder, a Class B
Certificateholder or a Collateral Interest Holder.

     "Series 2000-4 Interests" shall mean the Class A Certificates, the Class B
Certificates and the Collateral Interest.

     "Servicer Interchange" shall mean, for any Monthly Period, the product of
(a) the Floating Allocation Percentage for such Monthly Period and (b) the
portion of Collections of Finance Charge Receivables allocated to the Series
2000-4 Certificates and the Collateral Interest with respect to such Monthly
Period that is attributable to Interchange; provided, however, that Servicer
Interchange for a Monthly Period shall not exceed one-twelfth of the product of
(i) the Servicing Base Amount as of the last day of such Monthly Period and (ii)
0.75%.

     "Servicing Base Amount" shall have the meaning specified in Section 3.01.

     "Servicing Fee Rate" shall mean 2.00%.

     "Special Payment Date" shall mean each Distribution Date with respect to
the Early Amortization Period.

     "Supplemental Rate Letter" shall mean that certain letter agreement
designated as the Supplemental Rate Letter, dated as of the Closing Date,
between the Seller and the Trustee.

     "Swap Counterparty" shall mean Morgan Guaranty Trust Company of New York,
and any of its successors or transferees under the Interest Rate Swap.

     "Swap Fixed Rate" shall mean, for any applicable Interest Period, the fixed
rate specified in the Interest Rate Swap.

     "Swap Floating Rate" shall mean, for any applicable Interest Period, the
floating rate specified in the Interest Rate Swap.

     "Telerate Page 3750" shall mean the display page currently so designated on
the Bridge Telerate Market Report (or such other page as may replace that page
on that service for the purpose of displaying comparable rates or prices).

     "Termination Date" shall mean the August 2008 Distribution Date.

     "Transfer" shall have the meaning specified in subsection 10.07(a).

     "Transfer Agreement" shall mean the Transfer and Administration Agreement,
dated as of October 26, 2000, between Capital One Bank, as Transferor and
Administrator, and Capital One Secured Note Trust 2000-4, as amended or modified
from time to time, relating to the transfer of the Collateral Interest.

                                      17
<PAGE>

     "Variable Accumulation Series" shall mean each outstanding Series, other
than any Variable Funding Series, for which, pursuant to the terms of the
related Supplement, at the time a determination is made pursuant to Section
4.03(f), the commencement date of the Accumulation Period may be changed.

     "Variable Funding Series" shall mean any Series designated in the related
Supplement as a Variable Funding Series.

     (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 2000-4, Moody's and Standard & Poor's
and Fitch. As used in this Supplement and in the Agreement with respect to
Series 2000-4, "highest investment category" shall mean (i) in the case of
Standard & Poor's, A-1+, AAA, AAAm or AAAm-G, as applicable, (ii) in the case of
Moody's, P-1 or Aaa, as applicable and (iii) in the case of Fitch, if rated by
Fitch, F1+ or AAA, as applicable.

     (c) Notwithstanding any provision of the Agreement or this Supplement, the
term "Paying Agent" when used in the Agreement or this Supplement with respect
to Series 2000-4, shall mean, the Paying Agent specified pursuant to the
Agreement, and any successor paying agents with respect to the Class A
Certificates, the Class B Certificates and the Collateral Interest as the Seller
may appoint from time to time in accordance with the provisions of the Pooling
and Servicing Agreement.

     (d) All capitalized terms used herein and not otherwise defined herein have
the meanings ascribed to them in the Agreement.

     (e) 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."

     Section 2.02. Amendment to Section 2.08 of the Agreement. Section
2.08(c)(i) of the Agreement is hereby amended and restated in its entirety to
read as follows:

          (c) Automatic Additional Accounts. (i) The Seller may from time to
     time, at its sole discretion, subject to and in compliance with the
     limitations specified in clause (ii) below and the applicable conditions
     specified in paragraph (d) below, designate Eligible Accounts to be
     included as Accounts as of the applicable Additional Cut-Off Date. For
     purposes of this paragraph, Eligible Accounts shall be deemed to include
     only consumer revolving credit card accounts or other consumer revolving
     credit accounts which (x) are originated by the Seller or any Affiliate of
     the Seller, (y) are of a type included as Initial Accounts or which have
     previously been included in any Addition which has been effected in
     accordance with all of the conditions specified in paragraph (d) below and
     (z) have a designation other than "Associate 20," "Associate 21,"
     "Associate 195," "Associate 196," "Associate 197," "Associate 198,"
     "Associate 199,"

                                      18
<PAGE>

     "Associate 289," "Associate 290," "Associate 291," "Associate 292,"
     "Associate 293," "Associate 294," "Associate 295," "Associate 296,"
     "Associate 297," "Associate 298" or "Associate 299" marketing programs in
     the Seller's credit card master file.

                                  ARTICLE III

                              Servicer and Trustee

     Section 3.01. Servicing Compensation. The share of the Servicing Fee
allocable to the Series 2000-4 Certificateholders and the Collateral Interest
Holder with respect to any Distribution Date (the "Monthly Servicing Fee") shall
be equal to one-twelfth of the product of (a) the Servicing Fee Rate and (b) the
Adjusted Invested Amount, if any, as of the last day of the Monthly Period
preceding such Distribution Date (the amount calculated pursuant to this clause
(b) is referred to as the "Servicing Base Amount"); provided, however, with
respect to the first Distribution Date, the Monthly Servicing Fee (the "Initial
Servicing Fee") shall be equal to $333,333.33. On each Distribution Date, but
only if the Seller or The Bank of New York is the Servicer, Servicer Interchange
with respect to the related Monthly Period that is on deposit in the Collection
Account shall be withdrawn from the Collection Account and paid to the Servicer
in payment of a portion of the Monthly Servicing Fee with respect to such
Monthly Period. In the case of any insufficiency of Servicer Interchange on
deposit in the Collection Account, a portion of the Monthly Servicing Fee with
respect to such Monthly Period will not be paid to the extent of such
insufficiency of Servicer Interchange. The share of the Monthly Servicing Fee
allocable to the Class A Certificateholders (after giving effect to the
distribution of Servicer Interchange, if any, to the Servicer) 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 Net
Servicing Fee Rate and (c) the Servicing Base Amount; provided, however, that
with respect to the first Distribution Date, the Class A Servicing Fee shall be
equal to $169,270.83. The share of the Monthly Servicing Fee allocable to the
Class B Certificateholders (after giving effect to the distribution of Servicer
Interchange, if any, to the Servicer) 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 Floating Percentage, (b) the Net Servicing Fee Rate and (c) the
Servicing Base Amount; provided, however, that with respect to the first
Distribution Date, the Class B Servicing Fee shall be equal to $20,833.33. The
share of the Monthly Servicing Fee allocable to the Collateral Interest Holder
(after giving effect to the distribution of Servicer Interchange, if any, to the
Servicer) with respect to such Distribution Date (the "Collateral Servicing
Fee") shall be equal to one-twelfth of the product of (c) the Collateral
Floating Percentage, (b) the Net Servicing Fee Rate and (c) the Servicing Base
Amount; provided, however, that with respect to the first Distribution Date, the
Collateral Servicing Fee shall be equal to $18,229.17. The remainder of the
Servicing Fee shall be paid by the Seller or the Certificateholders of other
Series (as provided in the related Supplements) and in no event shall the Trust,
the Trustee, the Series 2000-4 Certificateholders or the Collateral Interest
Holder be liable for the share of the Servicing Fee to be paid by the Seller or
the Certificateholders of any other Series. The (i) 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 4.05(a)(iii), 4.07(a) or
4.08(a); (ii) Class B Servicing Fee shall be payable solely to the extent
amounts are available for distribution in respect thereof pursuant to Section
4.05(b)(ii), 4.07(c) or 4.08(b); and (iii) Collateral Servicing Fee shall be

                                      19
<PAGE>

payable solely to the extent amounts are available for distribution in respect
thereof pursuant to Section 4.05(c)(i) or 4.07(f).

                                   ARTICLE IV

                 Rights of Series 2000-4 Certificateholders and
                         Collateral Interest Holder and
                    Allocation and Application of Collections

     Section 4.01. Collections and Allocations. The Servicer will apply, or will
instruct the Trustee to apply, all Collections and other funds on deposit in the
Collection Account that are allocated to the Series 2000-4 Certificates and the
Collateral Interest as described in this Article IV.

     Section 4.02. Determination of Monthly Interest.

     (a) The amount of monthly interest ("Class A Monthly Interest")
distributable from the Collection Account with respect to the Class A
Certificates on any Distribution Date shall be an amount equal to the product of
(i) 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, (ii) the Class A
Certificate Rate for the related Interest Period and (iii) the outstanding
principal balance of the Class A Certificates as of the preceding Record Date;
provided, however, that, with respect to the first Distribution Date, Class A
Monthly Interest shall be equal to the interest accrued on the initial principal
amount of the Class A Certificates at the Class A Certificate Rate for the
period from and including the Closing Date to but excluding the first
Distribution Date.

     On the Determination Date preceding each Payment Date, the Servicer shall
determine the excess, if any (the "Class A Interest Shortfall"), of (x) the
Class A Monthly Interest for the Interest Period applicable to such Payment Date
over (y) the aggregate amount of funds allocated and available to pay such Class
A Monthly Interest on such Payment Date. If the Class A Interest Shortfall with
respect to any Payment Date is greater than zero, an additional amount ("Class A
Additional Interest") equal to the product of (i) 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, (ii) the Class A Penalty Rate and (iii) such Class
A Interest Shortfall (or the portion thereof which has not been paid to Class A
Certificateholders) shall be payable as provided herein with respect to the
Class A Certificates on each Distribution Date following such Payment Date to
and including the Payment Date on which such Class A Interest Shortfall is paid
to Class A Certificateholders. 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 any Distribution Date shall be an amount equal to the product of
(i) 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, (ii) the Class B

                                      20
<PAGE>

Certificate Rate for the related Interest Period and (iii) the outstanding
principal balance of the Class B Certificates as of the preceding Record Date;
provided, however, that, with respect to the first Distribution Date, Class B
Monthly Interest shall be equal to the interest accrued on the initial principal
amount of the Class B Certificates at the Class B Certificate Rate for the
period from and including the Closing Date to but excluding the first
Distribution Date.

     On the Determination Date preceding each Payment Date, the Servicer shall
determine the excess, if any (the "Class B Interest Shortfall"), of (x) the
Class B Monthly Interest for the Interest Period applicable to such Payment Date
over (y) the aggregate amount of funds allocated and available to pay such Class
B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with
respect to any Payment Date is greater than zero, an additional amount ("Class B
Additional Interest") equal to the product of (i) a fraction, the numerator of
which is the actual number of days from and including the preceding Distribution
Date to but excluding such Distribution Date and the denominator of which is
360, (ii) the Class B Penalty Rate and (iii) such Class B Interest Shortfall (or
the portion thereof which has not been paid to Class B Certificateholders) shall
be payable as provided herein with respect to the Class B Certificates on each
Distribution Date following such Payment Date to and including the Payment Date
on which such Class B Interest Shortfall is paid to Class B Certificateholders.
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 any Distribution Date shall be an amount equal to the product of (i)
the Collateral Interest Minimum Rate in effect for the related Interest Period,
(ii) a fraction, the numerator of which is the actual number of days from and
including the preceding Distribution Date to but excluding such Distribution
Date and the denominator of which is 360 and (iii) the outstanding principal
balance of the Collateral Interest as of the preceding Record Date; provided,
however, that, with respect to the first Distribution Date, Collateral Minimum
Monthly Interest shall be equal to the interest accrued on the Collateral
Initial Invested Amount at the Collateral Interest Minimum Rate for the period
from the Closing Date to but excluding the initial Distribution Date.

     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
for any Distribution Date is greater than zero, an additional amount
("Collateral Additional Interest") equal to the product of (i) a fraction, the
numerator of which is the actual number of days from and including the preceding
Distribution Date to but excluding such Distribution Date and the denominator of
which is 360, (ii) the Collateral Interest Minimum Rate in effect for the
related Interest Period and (iii) 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 on each
Distribution Date following such Distribution Date to and including the
Distribution Date on which such Collateral Interest Shortfall is paid to the
Collateral Interest Holder. 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.

                                      21
<PAGE>

     Section 4.03. Determination of Monthly Principal; Series 2000-4 Accounts.

     (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 to occur of (i)
the first Special Payment Date, if any, and (ii) the first Distribution Date
with respect to the Accumulation 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 Expected Final
Payment Date), the Controlled Deposit Amount for such Distribution Date and (z)
the Class A Adjusted 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 Distribution Date, beginning with the first to occur of (i)
the first Special Payment Date, if any, on which the Class A Invested Amount is
paid in full, and (ii) the first Distribution Date with respect to the
Accumulation Period on which the Principal Funding Account Balance is at least
equal to the Class A Invested Amount, 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 with respect
to such Distribution Date), (y) for each Distribution Date with respect to the
Accumulation Period, the Controlled Deposit Amount for such Distribution Date
(minus the Class A Monthly Principal with respect to such Distribution Date) and
(z) the Class B Adjusted 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 first to occur of (i) the
first Special Payment Date, if any, on which the Class B Invested Amount is paid
in full, and (ii) the first Distribution Date with respect to the Accumulation
Period on which the Principal Funding Account Balance is at least equal to the
sum of the Class A Invested Amount and the Class B Invested Amount, 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 and Class B Monthly Principal with respect to such
Distribution Date), (y) for each Distribution Date with respect to the
Accumulation Period, the Controlled Deposit Amount for such Distribution Date
(minus the Class A Monthly Principal and Class B Monthly Principal with respect
to such Distribution Date) and (z) the Collateral Adjusted Invested Amount on
such Distribution Date.

          (d) (i) The Servicer, for the benefit of the Series 2000-4 Holders,
     shall establish and maintain in the name of the Trustee, on behalf of the
     Trust, an Eligible Deposit Account (the "Principal Funding Account"),
     bearing a designation clearly indicating that the funds deposited therein
     are held for the benefit of Series 2000-4 Holders. The Principal Funding
     Account shall initially be established with The Bank of New York.

                                      22
<PAGE>

          (ii) At the 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. All such Eligible Investments shall
     be held by the Trustee for the benefit of the Series 2000-4 Holders;
     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. The Trustee shall (i) hold each
     Eligible Investment that constitutes investment property through a
     securities intermediary, which securities intermediary shall agree with the
     Trustee that (A) such investment property shall at all times be credited to
     a securities account of the Trustee, (B) such securities intermediary shall
     treat the Trustee as entitled to exercise the rights that comprise each
     financial asset credited to such securities account, (C) all property
     credited to such securities account shall be treated as a financial asset,
     (D) such securities intermediary shall comply with entitlement orders
     originated by the Trustee without the further consent of any other person
     or entity, (E) such securities intermediary shall not agree with any person
     other than the Trustee to comply with entitlement orders originated by such
     other person, (F) such securities intermediary waives any lien on, security
     interest in, or right of set-off with respect to any property credited to
     such securities account, and (G) such agreement shall be governed by the
     laws of the State of New York; and (ii) maintain possession of each other
     Eligible Investment not described in clause (i) above. Terms used in clause
     (i) above that are defined in the New York UCC and not otherwise defined
     herein shall have the meaning set forth in the New York UCC. 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, the Servicer having
     reasonably determined that (i) the interest of the Series 2000-4 Holders
     may be adversely affected if such Eligible Investment is held to its
     maturity and (ii) the primary purpose of such sale, liquidation or
     disposition is not recognizing gains or decreasing losses resulting from
     market value changes. Unless the Servicer directs otherwise, funds
     deposited in the Principal Funding Account on a Transfer Date (which
     immediately precedes a Payment 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 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, Class B Available Funds
     and Collateral Available Funds.

          (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.

                                      23
<PAGE>

          (e) (i) The Trustee shall possess all right, title and interest in all
     funds on deposit from time to time in the Principal Funding Account and in
     all proceeds thereof. The Principal Funding Account shall be under the sole
     dominion and control of the Trustee for the benefit of the Series 2000-4
     Holders. If, at any time, the Principal Funding 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 Principal
     Funding Account meeting the conditions specified in paragraph (d)(i) above
     as an Eligible Deposit Account and shall transfer any cash and/or any
     investments to such new Principal Funding Account.

          (ii) 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 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 5.01 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 2000-4 Holders.

     (f) The Accumulation Period is scheduled to commence at the close of
business on the last day of the September 2004 Monthly Period; provided,
however, that if the Accumulation Period Length on any Determination Date
(determined as described below) is less than twelve (12) months, upon notice to
the Trustee, the Seller and each Rating Agency, the Servicer, at its option, may
elect to modify the date on which the Accumulation Period actually commences to
the last Business Day of any month that precedes the month that is the number of
months prior to the Expected Final Payment Date equal to 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 equal the number of months such that the
Accumulation Period Amount for the Monthly Period immediately preceding the
Expected Final Payment Date, when aggregated with the Accumulation Period
Amounts for each preceding Monthly Period, will equal or exceed the Initial
Invested Amount. Any notice by the Servicer electing to modify the commencement
of the Accumulation Period pursuant to this subsection (f) 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.

     Section 4.04. 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 (x)

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<PAGE>

the sum of (i) Class A Monthly Interest for such Distribution Date, (ii) any
Class A Outstanding Monthly Interest, (iii) any Class A Additional Interest for
such Distribution Date and any Class A Outstanding Additional Interest, (iv) the
Class A Servicing Fee for such Distribution Date, (v) any Class A Servicing Fee
previously due but not paid to the Servicer, (vi) the Class A Investor Default
Amount, if any, for such Distribution Date, (vii) the Net Swap Payment, if any,
for such Distribution Date and (viii) the Net Swap Payments, if any, due but not
paid on any prior Distribution Date exceeds (y) the Class A Available Funds. In
the event that the Class A Required Amount for such Distribution Date is greater
than zero, the Servicer shall give written notice to the Trustee of such
positive Class A Required Amount on the date of computation and all or a portion
of the Excess Spread and the Excess Finance Charges allocable to Series 2000-4
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 4.07(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 2000-4 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 4.08(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 (x) the amount, if any, by which (A) the sum of (i) Class B
Monthly Interest for such Distribution Date, (ii) any Class B Outstanding
Monthly Interest, (iii) any Class B Additional Interest for such Distribution
Date and any Class B Outstanding Additional Interest, (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 and (y) the
Class B Investor Default Amount for such Distribution Date. 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 2000-4 with respect
to such Monthly Period and not used to fund the Class A Required Amount, then a
portion of the Reallocated Principal Collections with respect to such Monthly
Period shall be distributed from the Collection Account on such Distribution
Date pursuant to Section 4.08(b).

     Section 4.05. Application of Class A Available Funds, Class B Available
Funds, Collateral Available Funds and Available Investor Principal Collections.
The Servicer shall apply (if the Seller is the Servicer and the Collection
Account is maintained with the Seller) or shall cause the Trustee to apply, on
each Distribution Date, Class A Available Funds, Class B Available Funds,
Collateral Available Funds, and Available Investor Principal Collections on
deposit in the Collection Account with respect to such Distribution Date to make
the following distributions:

          (a) On each Distribution Date, an amount equal to the 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 Outstanding

                                      25
<PAGE>

     Monthly Interest, plus the amount of any Class A Additional Interest for
     such Distribution Date and any Class A Outstanding Additional Interest,
     shall be distributed to the Paying Agent with respect to the Class A
     Certificates for payment to the Class A Certificateholders;

          (ii) an amount equal to the Net Swap Payment, if any, for such
     Distribution Date, plus the amount of any Net Swap Payments previously due
     but not paid to the Swap Counterparty shall be distributed to the Swap
     Counterparty;

          (iii) 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 (unless such amount has been netted against
     deposits to the Collection Account in accordance with Section 4.03 of the
     Agreement);

          (iv) 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

          (v) the balance, if any, shall constitute Excess Spread and shall be
     allocated and distributed as set forth in Section 4.07.

          (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 Outstanding Monthly Interest, plus the
     amount of any Class B Additional Interest for such Distribution Date and
     any Class B Outstanding Additional Interest, shall be distributed to the
     Paying Agent with respect to the Class B Certificates 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 (unless such amount has been netted against
     deposits to the Collection Account in accordance with Section 4.03 of the
     Agreement); and

          (iii) the balance, if any, shall constitute Excess Spread and shall be
     allocated and distributed as set forth in Section 4.07.

     (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) 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 (unless such amount has been
     netted against deposits to the Collection Account in accordance with
     Section 4.03 of the Agreement); and

26
<PAGE>

          (ii) the balance, if any, shall constitute Excess Spread and shall be
     allocated and distributed as set forth in Section 4.07.

     (d) On each Distribution Date with respect to the Revolving Period, an
amount equal to the Available Investor Principal Collections deposited in the
Collection Account 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 Early Amortization Period, an amount equal to the Available Investor
Principal Collections deposited in the Collection Account 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, up to the Class A Adjusted Invested Amount on such Distribution Date,
     shall be deposited in the Principal Funding Account or, if such
     Distribution Date is a Special Payment Date on which the Principal Funding
     Account Balance is zero, shall be distributed to the Paying Agent for
     payment to the Class A Certificateholders;

          (ii) after giving effect to paragraph (i) above, an amount equal to
     Class B Monthly Principal for such Distribution Date, up to the Class B
     Adjusted Invested Amount on such Distribution Date, shall be deposited in
     the Principal Funding Account or, if such Distribution Date is a Special
     Payment Date on which the Principal Funding Account Balance is zero, shall
     be distributed to the Paying Agent for payment to the Class B
     Certificateholders;

          (iii) after giving effect to paragraphs (i) and (ii) above, an amount
     equal to Collateral Monthly Principal for such Distribution Date, up to the
     Collateral Adjusted Invested Amount on such Distribution Date, shall be
     deposited in the Principal Funding Account or, if such Distribution Date is
     a Special Payment Date on which the Principal Funding Account Balance is
     zero, shall be distributed to the Paying Agent for payment to the
     Collateral Interest Holder; and

          (iv) for each Distribution Date, after giving effect to paragraphs
     (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 4.06. 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 such Distribution Date
exceeds the sum of (x) the amount of Reallocated Principal Collections with
respect to the related Monthly Period and (y) the amount of Excess Spread and
the Excess Finance Charges allocable to Series 2000-4 with respect to such

                                      27
<PAGE>

Monthly Period, the Collateral Invested Amount will be reduced by the amount of
such excess, but not by more than the excess of the Class A Investor Default
Amount for the related Distribution Date over the amount of Reallocated
Principal Collections and the amount of 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 will 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 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 the amount of 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 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 the amount of Excess Spread
and Excess Finance Charges used to fund the Class A Investor Default Amount for
such Distribution Date (a "Class A Investor 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 4.07(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 2000-4 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 4.08(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 amount of Reallocated Principal Collections and the amount of 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 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 the
amount of 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

                                      28
<PAGE>

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 Section 4.07(d).

     (c) If, on any Distribution Date, Reallocated Principal Collections for the
related Monthly Period are applied pursuant to Section 4.08(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 Investor Default Amount
exceeds the amount of Excess Spread and Excess Finance Charges available to fund
the Collateral Investor Default Amount pursuant to Section 4.07(g) 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 4.07. Excess Spread; Excess Finance Charges. The Servicer shall
apply (if the Seller is the Servicer and the Collection Account is maintained
with the Seller) or shall cause the Trustee to apply, on each Distribution Date,
Excess Spread and Excess Finance Charges allocated to Series 2000-4 with respect
to the related Monthly Period, to make the following distributions in the
following priority:

          (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 4.05(a)(i), (ii), (iii) and (iv);
     provided that in the event the Class A Required Amount for such
     Distribution Date exceeds the amount of Excess Spread and Excess Finance
     Charges allocated to Series 2000-4, such Excess Spread and Excess Finance
     Charges shall be applied first to pay amounts due with respect to such
     Distribution Date pursuant to Section 4.05(a)(i), second to pay the Net
     Swap Payment, if any, pursuant to Section 4.05(a)(ii), third to pay the
     Class A Servicing Fee pursuant to Section 4.05(a)(iii) and fourth to pay
     the Class A Investor Default Amount for such Distribution Date pursuant to
     Section 4.05(a)(iv);

          (b) an amount equal to the aggregate amount of Class A Investor
     Charge-Offs which have not been previously reimbursed as provided in
     Section 4.06(a) (after giving effect to the allocation on such Distribution
     Date of any amount for that purpose pursuant to Section 4.06(a)) shall be
     treated as a portion of Available Investor Principal Collections for such
     Distribution Date;

          (c) an amount equal to the Class B Required Amount, if any, with
     respect to such Distribution Date shall be distributed by the Trustee (I)
     to fund any deficiency pursuant to Sections 4.05(b)(i) and (ii) and (II)
     for application, up to the Class B Investor Default Amount, as a portion of
     Available Investor Principal Collections for such Distribution Date;
     provided that in the event the Class B Required Amount for such
     Distribution Date exceeds the amount of Excess Spread and Excess Finance
     Charges

                                      29
<PAGE>

     allocated to Series 2000-4 and available to pay such amount pursuant to
     this clause (c), such Excess Spread and Excess Finance Charges shall be
     applied first to pay amounts due with respect to such Distribution Date
     pursuant to Section 4.05(b)(i), second to pay the Class B Servicing Fee
     pursuant to Section 4.05(b)(ii) and third as a portion of Available
     Investor Principal Collections for such Distribution Date pursuant to
     clause (II) above;

          (d) 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 2.01 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;

          (e) an amount equal to the sum of Collateral Minimum Monthly Interest
     for such Distribution Date, plus the amount of any Collateral Outstanding
     Monthly Interest, plus the amount of any Collateral Additional Interest for
     such Distribution Date and any Collateral Outstanding Additional Interest
     shall be distributed to the Collateral Interest Holder;

          (f) an amount equal to the Collateral Servicing Fee due but not paid
     to the Servicer either on such Distribution Date or a prior Distribution
     Date shall be paid to the Servicer;

          (g) an amount equal to the Collateral Investor Default Amount for such
     Distribution Date shall be treated as a portion of Available Investor
     Principal Collections with respect to such Distribution Date;

          (h) an amount equal to the aggregate amount by which the Collateral
     Invested Amount has been reduced pursuant to clause (c) 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;

          (i) on each Distribution Date from and after the Reserve Account
     Funding Date, but prior to the date on which the Reserve Account terminates
     as described in Section 4.11(f), an amount up to the excess, if any, of the
     Required Reserve Account Amount over the Available Reserve Account Amount
     shall be deposited into the Reserve Account; and

          (j) the balance, if any, will be distributed to the Collateral
     Interest Holder.

     Section 4.08. Reallocated Principal Collections. The Servicer shall apply
(if the Seller is the Servicer and the Collection Account is maintained with the
Seller) or shall cause the Trustee to apply on each Distribution Date
Reallocated Principal Collections (applying all such Collections with

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<PAGE>

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 2000-4 with
     respect to the related Monthly Period, shall be distributed by the Trustee
     to fund any deficiency pursuant to Sections 4.05(a)(i), (ii), (iii) and
     (iv); provided that, in the event the Class A Required Amount for such
     Distribution Date exceeds the sum of the amount of Excess Spread and Excess
     Finance Charges allocated to Series 2000-4 and the amount of Reallocated
     Principal Collections for the related Monthly Period, such Excess Spread
     and Excess Finance Charges allocated to Series 2000-4 and Reallocated
     Principal Collections shall be applied first to pay amounts due with
     respect to such Distribution Date pursuant to Section 4.05(a)(i), second to
     pay the Net Swap Payment, if any, pursuant to Section 4.05(a)(ii), third to
     pay the Class A Servicing Fee pursuant to Section 4.05(a)(iii) and fourth
     to pay the Class A Investor Default Amount for such Distribution Date
     pursuant to Section 4.05(a)(iv);

          (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 to be allocated and available
     to the holders of the Class B Certificates pursuant to Section 4.07(c) on
     such Distribution Date, shall be distributed by the Trustee to fund any
     deficiency pursuant to Sections 4.05(b)(i) and (ii) and Section
     4.07(c)(II); provided that, in the event the Class B Required Amount for
     such Distribution Date exceeds the sum of the amount of Excess Spread and
     Excess Finance Charges to be allocated to the holders of the Class B
     Certificates on such Distribution Date and the amount of Reallocated
     Principal Collections (other than Reallocated Principal Collections
     distributed pursuant to clause (a) above) for the related Monthly Period,
     such Excess Spread and Excess Finance Charges and such Reallocated
     Principal Collections shall be applied first to pay the amounts due with
     respect to such Distribution Date pursuant to Section 4.05(b)(i), second to
     pay the Class B Servicing Fee pursuant to Section 4.05(b)(ii) and third to
     apply any remaining amount as a portion of Available Investor Principal
     Collections for such Distribution Date pursuant to Section 4.07(c)(II); 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 Sections 4.05(d) and (e).

     Section 4.09. Excess Finance Charges. Series 2000-4 shall be included in
Group One. Subject to Section 4.05 of the Agreement, Excess Finance Charges with
respect to the Series in Group One for any Distribution Date will be allocated
to Series 2000-4 in an amount equal to the product of (x) the aggregate amount
of Excess Finance Charges with respect to all the Series in Group One for such
Distribution Date and (y) a fraction, the numerator of which is the Finance
Charge Shortfall for Series 2000-4 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 2000-4 for any

                                      31
<PAGE>

Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer
Agreement. On each Distribution Date, the Trustee shall deposit into the
Collection Account for application in accordance with Section 4.05 of the
Agreement the aggregate amount of "Excess Finance Charges" received by the
Trustee pursuant to the Transfer Agreement on such date. The "Finance Charge
Shortfall" for Series 2000-4 for any Distribution Date will be equal to the
excess, if any, of (a) the full amount required to be paid, without duplication,
pursuant to Sections 4.05(a), 4.05(b) and 4.05(c) and Sections 4.07(a) through
(i) on such Distribution Date over (b) the sum of (i) Class A Available Funds,
(ii) Class B Available Funds and (iii) Collateral Available Funds, each 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 2000-4 in an amount equal to the product of (x) the
aggregate amount of Shared Principal Collections with respect to all Series for
such Distribution Date and (y) a fraction, the numerator of which is the
Principal Shortfall for Series 2000-4 for such Distribution Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all the
Series which are Principal Sharing Series for such Distribution Date. The
"Principal Shortfall" for Series 2000-4 will be equal to (a) for any
Distribution Date with respect to the Revolving Period, zero, (b) for any
Distribution Date with respect to the Accumulation Period, 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 any Distribution Date with respect to the Early
Amortization Period, 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. Reserve Account.

     (a) The Servicer shall establish and maintain, in the name of the Trustee,
on behalf of the Trust, for the benefit of the Series 2000-4 Holders, 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 2000-4 Holders and the Swap Counterparty. The Reserve Account shall
initially be established with The Bank of New York. 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 for the benefit of the Series
2000-4 Holders. 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 cash and/or any investments to such new Reserve Account. The
Trustee, at the direction of the Servicer, shall (i) make withdrawals from the
Reserve Account from time to time in an amount up to the Available Reserve
Account Amount at such 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
4.07(i).

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<PAGE>

     (b) Funds on deposit in the Reserve Account shall be invested at the
direction of the Servicer by the Trustee in Eligible Investments. 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 following Transfer Date. The Trustee shall (i)
hold each Eligible Investment that constitutes investment property through a
securities intermediary, which securities intermediary shall agree with the
Trustee that (A) such investment property shall at all times be credited to a
securities account of the Trustee, (B) such securities intermediary shall treat
the Trustee as entitled to exercise the rights that comprise each financial
asset credited to such securities account, (C) all property credited to such
securities account shall be treated as a financial asset, (D) such securities
intermediary shall comply with entitlement orders originated by the Trustee
without the further consent of any other person or entity, (E) such securities
intermediary shall not agree with any person other than the Trustee to comply
with entitlement orders originated by such other person, (F) such securities
intermediary waives any lien on, security interest in, or right of set-off with
respect to any property credited to such securities account, and (G) such
agreement shall be governed by the laws of the State of New York; and (ii)
maintain possession of each other Eligible Investment not described in clause
(i) above. Terms used in clause (i) above that are defined in the New York UCC
and not otherwise defined herein shall have the meaning set forth in the New
York UCC. 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, the
Servicer having reasonably determined (i) that the interest of the Series 2000-4
Holders may be adversely affected if such Eligible Investment is held to its
maturity and (ii) the primary purpose of such sale, liquidation or disposition
is not recognizing gains or decreasing losses resulting from market value
changes. 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 Available Reserve Account Amount 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 2000-4. 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 and the first Special Payment Date, the Servicer
shall calculate the "Reserve Draw Amount" which shall be equal to the sum of the
excesses, if any, identified in subsections 4.11(d)(i), (ii) and (iii); provided
that such amount will be reduced to the extent that funds otherwise would be
available for deposit in the Reserve Account under Section 4.07(i) with respect
to such Distribution Date or Special Payment 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 Available Reserve Account
Amount, shall be withdrawn from the Reserve Account on the related Distribution
Date by the Trustee (acting in accordance with the instructions of the
Servicer), deposited into the Collection Account and applied in the following
priority:

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<PAGE>

          (i) an amount up to the excess, if any, of (x) an amount equal to that
     portion of the Covered Amount computed pursuant to clause (a) of the
     definition of Covered Amount over (y) an amount equal to that portion of
     the Class A Available Funds computed pursuant to clause (a) of the
     definition of Class A Available Funds shall be included as Class A
     Available Funds; and

          (ii) an amount up to the excess, if any, of (x) an amount equal to
     that portion of the Covered Amount computed pursuant to clause (b) of the
     definition of Covered Amount over (y) an amount equal to that portion of
     the Class B Available Funds computed pursuant to clause (a) of the
     definition of Class B Available Funds shall be treated as Class B Available
     Funds; and

          (iii) on and after the Distribution Date on which the Principal
     Funding Account Balance equals the sum of the Class A Invested Amount and
     the Class B Invested Amount, an amount up to the excess, if any, of (x) an
     amount equal to that portion of the Covered Amount computed pursuant to
     clause (c) of the definition of Covered Amount over (y) an amount equal to
     the aggregate amount of Excess Spread and Excess Finance Charge Collections
     allocated to Series 2000-4 with respect to such Distribution Date or
     Special Payment Date available after application in accordance with
     subsections 4.07(a) through (d) shall be distributed to the Collateral
     Interest Holder.

     (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 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 Invested Amount is
paid in full to the Class A Certificateholders, the Class B Certificateholders
and the Collateral Interest Holder, (iii) if the Accumulation Period has not
commenced, the occurrence of a Pay Out Event with respect to Series 2000-4 and
(iv) if the Accumulation Period has commenced, the earlier of the first Special
Payment Date and the Expected Final Payment Date, the Trustee, acting in
accordance with the instructions of the Servicer, after the prior payment of all
amounts owing to the Series 2000-4 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.

     Section 4.12. Interest Rate Swap.

     (a) The Trustee, on behalf of the Trust, shall enter into the Interest Rate
Swap, certain terms of which are set forth herein for the convenience of the
parties thereto for incorporation therein by reference, with the Swap
Counterparty on the Closing Date. Pursuant to the terms of the Interest Rate
Swap, the Swap Counterparty shall pay to the Trustee on each Distribution Date
the Net Swap Receipt, if any, plus the amount of any Net Swap Receipt due but
not paid with respect to any previous Distribution Date. The Trustee shall
deposit such Net

                                      34
<PAGE>

Swap Receipts, if any, into the Collection Account and shall apply such amounts
as Class A Available Funds pursuant to subsection 4.05(a). In addition, in
accordance with the terms of the Interest Rate Swap, the Trustee shall pay to
the Swap Counterparty the Net Swap Payment, if any, for such Distribution Date,
plus the amount of any Net Swap Payment due but not paid on any previous
Distribution Date, from amounts applied pursuant to subsection 4.05(a)(ii). If
the Interest Rate Swap has not been terminated and the Trustee has not received
any Net Swap Receipt due with respect to the related Distribution Date prior to
10:00 a.m. (New York City time) on the date such payment is due, (i) the Trustee
shall notify the Swap Counterparty, the Seller and the Servicer of such fact
prior to 12:00 p.m. (New York City time) on such date, (ii) the Trustee, if
directed by the Servicer, shall designate an Early Termination Date (as such
term is defined in the Interest Rate Swap) pursuant to the Interest Rate Swap
and shall, if the Seller so directs, terminate the Interest Rate Swap pursuant
to its terms, and (iii) the Servicer shall provide the Trustee, prior to 4:30
p.m. (New York City time) on the related Distribution Date, with new statements
substantially in the forms of Exhibit B and Exhibit C to this Supplement
revised, if necessary, to reflect that the Net Swap Receipt (or any portion
thereof) was not received by the Trustee for such Distribution Date.

     (b) Following the termination of the Interest Rate Swap pursuant to the
terms thereof, the Swap Counterparty shall pay to the Trustee the amount of the
termination payment, if any, to be made by the Swap Counterparty pursuant to
Section 6 of the Interest Rate Swap. The Trustee shall, promptly upon receipt of
such termination payment, if any, distribute the amount of such termination
payment to the Collateral Interest Holder in accordance with Section 5.01.

     (c) The Trustee, at the direction of the Servicer, shall direct the Swap
Counterparty to assign its rights and obligations under the Interest Rate Swap
to a replacement Swap Counterparty in the event that the long-term, senior
unsecured debt rating of the Swap Counterparty is reduced below BBB- by Standard
& Poor's or below Baa3 by Moody's or is withdrawn by either Standard & Poor's or
Moody's. The Servicer shall give Standard & Poor's and Moody's notice of the
replacement of the Swap Counterparty as soon as practicable thereafter.

     (d) The parties hereto agree that all obligations of the Trustee on behalf
of the Trust under the Interest Rate Swap shall be paid from, and limited to,
funds specifically available therefor pursuant to subsection 4.05(a)(ii) of this
Supplement and that the Trustee shall not be required to expend or risk its own
funds or otherwise incur any liability in connection with the Interest Rate
Swap.

     (e) If the Trustee has actual knowledge of any event specified in Section 5
of the Interest Rate Swap, the Trustee shall provide written notice of such
event to the Servicer, the Seller and each Rating Agency. The Seller, upon
becoming aware of any event specified in Section 5 of the Interest Rate Swap,
whether pursuant to notice from the Trustee or otherwise, shall immediately
provide the Trustee with written instructions as to the course of action to be
taken under Section 6 of the Interest Rate Swap, including, without limitation,
any notices to be provided and whether or not an Early Termination Date (as such
term is defined in the Interest Rate Swap) should be designated and, if so, when
such Early Termination Date should be

                                      35
<PAGE>

designated. Prior to receiving such written instructions from the Seller, the
Trustee shall not designate an Early Termination Date and shall not terminate
the Interest Rate Swap.

     (f) At the request of the Trustee, the Seller shall provide the Trustee
with any document the Trustee is required to provide the Swap Counterparty
pursuant to Section 4(a) of the Interest Rate Swap.

                                   ARTICLE V

          Distributions and Reports to Series 2000-4 Certificateholders

     Section 5.01. Distributions.

     (a) On each 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 allocated and available on such Payment Date to
pay interest on the Class A Certificates pursuant to this Supplement.

     (b) On each Special Payment Date and on the Expected Final 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 on
deposit in the Principal Funding Account (in an amount not to exceed the Class A
Invested Amount) or otherwise held by the Paying Agent and which are 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
Invested Amount on such date (unless there has been an optional repurchase of
the Certificateholders' Interest with respect to Series 2000-4 pursuant to
Section 10.01 of the Agreement, in which event the foregoing limitation will not
apply).

     (c) On each Payment 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 Payment Date to
pay interest on the Class B Certificates pursuant to this Supplement.

     (d) On each Special Payment Date, if any, commencing on the first Special
Payment Date on which the Class A Invested Amount is paid in full and on the
Expected Final Payment 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 on deposit in the Principal Funding Account in excess of
the Class A Invested Amount (in an amount not to exceed the Class B Invested
Amount) or otherwise held by the Paying Agent and which are 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
Invested Amount on such date (unless there has been an optional repurchase of
the Certificateholders' Interest with respect to Series 2000-4

                                      36
<PAGE>

pursuant to Section 10.01 of the Agreement, in which event the foregoing
limitation will not apply).

     (e) On each Payment Date, the Paying Agent shall distribute to each
Collateral Interest Holder of record on the related Record Date (other than as
provided in Section 12.02 of the Agreement) such Collateral Interest Holder's
pro rata share of the amounts that are allocated and available on such Payment
Date to pay interest on the Collateral Interest pursuant to this Supplement.

     (f) On each Special Payment Date, if any, commencing on the first Special
Payment Date on which the Class B Invested Amount is paid in full and on the
Expected Final Payment Date, the Paying Agent shall distribute to each
Collateral Interest Holder of record on the related Record Date such Collateral
Interest Holder's pro rata share of the amounts on deposit in the Principal
Funding Account in excess of the sum of the Class A Invested Amount and the
Class B Invested Amount (in an amount not to exceed the Collateral Invested
Amount), held by the Paying Agent or otherwise allocated and available on such
date to pay principal of the Collateral Interest pursuant to this Supplement up
to a maximum amount on any such date equal to the Collateral Invested Amount
(unless there has been an optional repurchase of the Certificateholders'
Interest with respect to Series 2000-4 pursuant to Section 10.01 of the
Agreement, in which event the foregoing limitation will not apply).

     (g) The distributions to be made pursuant to this Section 5.01 are subject
to the provisions of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and
Sections 8.01 and 8.02 of this Supplement.

     (h) Except as provided in Section 12.02 of the Agreement with respect to a
final distribution, distributions to each Series 2000-4 Certificateholder
hereunder shall be made by check mailed to each Series 2000-4 Certificateholder
at such Series 2000-4 Certificateholder's address appearing in the Certificate
Register without presentation or surrender of any Series 2000-4 Certificate or
the making of any notation thereon; provided, however, that with respect to the
Series 2000-4 Certificates registered in the name of a Clearing Agency, such
distributions shall be made to such Clearing Agency in immediately available
funds. Distributions to each Collateral Interest Holder hereunder shall be made
(i) by wire transfer in same day funds to an account at a bank or other
depository institution located within the United States as shall have been
designated by such Collateral Interest Holder by notice in writing on or before
the related Payment Date or (ii) in the absence of such designation, by check
mailed to each Collateral Interest Holder at the address appearing in the
Transfer Agreement.

     Section 5.02. Reports and Statements to Series 2000-4 Certificateholders.

     (a) On each Distribution Date, the Paying Agent, on behalf of the Trustee,
shall make available for inspection upon request to each Series 2000-4 Holder
free of charge at the office of such Paying Agent a statement substantially in
the form of Exhibit C prepared by the Servicer for a period of six months
commencing on such Distribution Date.

     (b) Not later than each Determination Date, the Servicer shall deliver to
the Trustee, the Paying Agent and each Rating Agency (i) a statement
substantially in the form of

                                      37
<PAGE>

Exhibit B prepared by the Servicer and (ii) a certificate of a Servicing Officer
substantially in the form of Exhibit C.

     (c) On or before January 31 of each calendar year, beginning with the
calendar year next succeeding the Closing Date, the Paying Agent, on behalf of
the Trustee, shall make available for inspection upon request to each Person who
at any time during the preceding calendar year was a Series 2000-4 Holder free
of charge at the office of such Paying Agents, a statement prepared by the
Servicer containing the information which is required to be contained in the
statement to Series 2000-4 Holders, as set forth in paragraph (a) or (b) above,
as applicable, aggregated for such calendar year or the applicable portion
thereof during which such Person was a Series 2000-4 Holder, together with other
information as is required to be provided by an issuer of indebtedness under the
Internal Revenue Code for a period of eighteen months commencing on February 1
of such calendar year. Such obligation of the Servicer shall be deemed to have
been satisfied to the extent that substantially comparable information shall be
made available for inspection by the Paying Agent pursuant to any requirements
of the Internal Revenue Code as from time to time in effect.

                                   ARTICLE VI

                            Additional Pay Out Events

     Section 6.01. Additional Pay Out Events. If any one of the following events
shall occur with respect to the Series 2000-4 Certificates:

     (a) failure on the part of the Seller (i) to make any payment or deposit
required by the terms of the Agreement or this Supplement on or before the date
occurring five Business Days after the date such payment or deposit is required
to be made therein or herein or (ii) duly to observe or perform any other
covenants or agreements of the Seller set forth in the Agreement or this
Supplement (including the covenants of the Seller contained in Article IX of
this Supplement), which failure has a material adverse effect on the Series
2000-4 Holders and which continues unremedied for a period of 60 days after the
date on which written notice of such failure, requiring the same to be remedied,
shall have been given to the Seller by the Trustee, or to the Seller and the
Trustee by any Series 2000-4 Holder;

     (b) any representation or warranty made by the Seller in the Agreement or
this Supplement, or any information contained in a computer file or microfiche
list required to be delivered by the Seller pursuant to Section 2.01 or 2.08(g)
of the Agreement 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 Seller by the
Trustee, or to the Seller and the Trustee by any Holder of the Series 2000-4
Interests and as a result of which the interests of the Series 2000-4 Holders
are materially and adversely affected and continue to be materially and
adversely affected for such period; provided, however, that a Pay Out Event
pursuant to this Section 6.01(b) shall not be deemed to have occurred hereunder
if the Seller has accepted reassignment of the related Receivable, or all of
such Receivables, if applicable, during such period in accordance with the
provisions of the Agreement;

                                      38
<PAGE>

     (c) a failure by the Seller to convey Receivables in Additional Accounts or
Participation Interests to the Trust within five Business Days after the day on
which it is required to convey such Receivables or Participation Interests
pursuant to Section 2.08(a) of the Agreement or Section 9.02 of this Supplement;

     (d) any Servicer Default shall occur;

     (e) a Transfer Restriction Event shall occur;

     (f) the average Portfolio Yield for any three consecutive Monthly Periods
is reduced to a rate which is less than the average Base Rate for such three
Monthly Periods; or

     (g) the Invested Amount shall not be paid in full on the Expected Final
Payment Date;

then, in the case of any event described in subparagraph (a), (b) or (d), 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 2000-4 evidencing more than 50% of the aggregate
unpaid principal amount of Investor Certificates (including the Collateral
Interest ) by notice then given in writing to the Seller and the Servicer (and
to the Trustee if given by the holders of Investor Certificates (including the
Collateral Interest Holder) of Series 2000-4) may declare that a Pay Out Event
has occurred with respect to Series 2000-4 as of the date of such notice, and,
in the case of any event described in subparagraph (c), (e), (f) or (g) a Pay
Out Event shall occur with respect to Series 2000-4 without any notice or other
action on the part of the Trustee or holders of Investor Certificates (including
the Collateral Interest Holder) of Series 2000-4 immediately upon the occurrence
of such event.

                                  ARTICLE VII

                     Optional Repurchase; Series Termination

     Section 7.01. Optional Repurchase.

     (a) On any day occurring on or after the date on which the Invested Amount
is reduced to 5% or less of the Initial Invested Amount, the Seller shall have
the option to purchase the interest of the Series 2000-4 Holders, at a purchase
price equal to (i) if such day is a 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.

     (b) The Seller shall give the Servicer and the Trustee at least 30 days
prior written notice of the date on which the Seller intends to exercise such
purchase option. Not later than 12:00 noon, Richmond time, on such day the
Seller shall deposit the Reassignment Amount into the Collection Account in
immediately available funds. Such purchase option is subject to payment in full
of the Reassignment Amount. Following the deposit of the Reassignment Amount
into the Collection Account in accordance with the foregoing, the Invested
Amount for Series 2000-4 shall be reduced to zero and the Series 2000-4
Certificateholders and the Collateral

                                      39
<PAGE>

Interest Holder shall have no further interest in the Receivables. The
Reassignment Amount shall be distributed as set forth in Section 8.01(b).

     Section 7.02. Series Termination.

     (a) If, on the June 2008 Distribution Date, the Invested Amount (after
giving effect to all changes therein on such Distribution 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 Invested Amount at the close of business on
the last day of the Monthly Period preceding the Termination Date (after giving
effect to all distributions required to be made on the Termination Date, except
pursuant to this Section 7.02). Such bids shall require that such sale shall
(subject to Section 7.02(b)) occur on the Termination Date.

     (b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or
interests therein) on the Termination Date to the bidder who made the highest
cash purchase offer. The proceeds of any such sale shall be deposited in the
Collection Account and treated as Collections on the Receivables allocated to
the Series 2000-4 Holders 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 June 2008 Distribution Date to the 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 8.01. Sale of Receivables or Certificateholders' Interest pursuant
to Section 2.06 or 10.01 of the Agreement.

          (a) Purchase Price. (i) The amount to be paid by the Seller with
     respect to Series 2000-4 in connection with a reassignment of Receivables
     to the Seller pursuant to Section 2.06 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.

          (ii) The amount to be paid by the Seller with respect to Series 2000-4
     in connection with a repurchase of the Certificateholders' Interest
     pursuant to Section 10.01 of the Agreement shall equal the sum of (x) the
     Reassignment Amount for the Distribution Date of such repurchase and (y)
     the sum of (A) the excess, if any, of (I) a price equivalent to the average
     of bids quoted on the Record Date preceding the date of repurchase (or, if
     not a Business Day, on the next succeeding Business Day) by at least two
     recognized dealers selected by the Trustee at the written direction of the
     Servicer, for the purchase by such dealers of a security which is similar
     to the Class A Certificates with a remaining maturity approximately equal
     to the remaining maturity of the Class A Certificates

                                      40
<PAGE>

     and rated by each Rating Agency in the rating category originally assigned
     to the Class A Certificates over (II) the portion of the Reassignment
     Amount attributable to the Class A Certificates, (B) the excess, if any, of
     (I) a price equivalent to the average of bids quoted on such Record Date
     or, if not a Business Day, on the next succeeding Business Day by at least
     two recognized dealers selected by the Trustee at the written direction of
     the Servicer, for the purchase by such dealers of a security which is
     similar to the Class B Certificates with a remaining maturity approximately
     equal to the remaining maturity of the Class B Certificates and rated by
     each Rating Agency in the rating category originally assigned to the Class
     B Certificates over (II) the portion of the Reassignment Amount
     attributable to the Class B Certificates and (C) the excess, if any, of (I)
     a price equivalent to the average of bids quoted on such Record Date or, if
     not a Business Day, on the next succeeding Business Day by at least two
     recognized dealers selected by the Trustee at the written direction of the
     Servicer, for the purchase by such dealers of a security which is similar
     to the Notes (as defined in the Transfer Agreement) with a remaining
     maturity approximately equal to the remaining maturity of the Notes and
     rated by each rating agency selected to rate the Notes in the rating
     category originally assigned to the Notes over (II) the portion of the
     Reassignment Amount attributable to the Collateral Interest.

     (b) Distributions Pursuant to Section 7.01 or 7.02 of this Supplement and
Section 10.01 of the Agreement. With respect to the Reassignment Amount
deposited into the Collection Account pursuant to Section 7.01 or 8.01(a)(ii) or
any amounts allocable to the Series 2000-4 Certificateholders' Interest
deposited into the Collection Account pursuant to Section 7.02, the Trustee
shall, not later than 12:00 noon, Richmond 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 Invested Amount on such Distribution Date will be
distributed to the Paying Agent for payment to the Class A Certificateholders,
(y) an amount equal to the sum of (A) Class A Monthly Interest for such
Distribution Date, (B) any Class A Outstanding Monthly Interest and (C) the
amount of Class A Additional Interest, if any, for such Distribution Date and
any Class A Outstanding Additional Interest, will be distributed to the Paying
Agent for payment to the Class A Certificateholders and (z) an amount equal to
the Net Swap Payment, if any, for such Distribution Date and any previously due
but not paid Net Swap Payments, (ii) (x) the Class B Invested 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 Outstanding Monthly
Interest and (C) the amount of Class B Additional Interest, if any, for such
Distribution Date and any Class B Outstanding Additional Interest, will be
distributed to the Paying Agent for payment to the Class B Certificateholders
and (iii) any remaining amounts will be distributed to the Paying Agent for
payment to the Collateral Interest Holder. Notwithstanding anything to the
contrary contained in this Supplement or the Agreement, the amount of any excess
determined pursuant to paragraph (a)(ii)(y) shall be distributed to the Series
2000-4 Certificateholders.

     (c) Distributions Pursuant to Section 2.06 of the Agreement. With respect
to any amounts deposited into the Collection Account pursuant to Section
8.01(a)(i), the Trustee shall, not later than 12:00 noon, Richmond time, on the
related Distribution Date, deposit the

                                      41
<PAGE>

principal portion of such amounts that are allocable to the Series 2000-4
Holders into the Principal Funding Account.

     (d) Notwithstanding anything to the contrary in this Supplement or the
Agreement, all amounts distributed to the Paying Agent pursuant to Section
8.01(b) for payment to the Series 2000-4 Holders shall be deemed distributed in
full to the Series 2000-4 Holders 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 8.02. 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, Richmond 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 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 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 Principal Receivables and (y) the Principal
Allocation Percentage with respect to the related Monthly Period and (ii) deduct
an amount equal to the Class B 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 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.
To the extent that the product of (A) the portion of the Insolvency Proceeds
allocated to Collections of Principal Receivables and (B) the Principal
Allocation Percentage with respect to the related Monthly Period exceeds the
aggregate amounts distributed to the Paying Agent pursuant to the preceding
sentence, the excess shall be distributed to the Paying Agent for payment to the
Collateral Interest Holder on such Distribution Date.

     (b) Not later than 12:00 noon, Richmond 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 (A) the sum of (w)
Class A Monthly Interest for such Distribution Date, (x) any Class A Outstanding
Monthly Interest and (y) the amount of Class A Additional Interest, if any, for
such Distribution Date and any Class A Outstanding Additional Interest, 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 and (B) an amount equal to the Net Swap Payment, if
any, for such Distribution Date and any previously due but not paid Net Swap
Payments, provided that the amount of such distribution shall not exceed the
product of (A) the portion of the Insolvency Proceeds allocated to Collections
of Finance Charge Receivables, (B) the Floating Allocation Percentage with
respect to the related Monthly Period

                                      42
<PAGE>

and (C) the Class A Floating Percentage with respect to such Monthly Period and
(ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such
Distribution Date, (x) Class B Outstanding Monthly Interest and (y) the amount
of Class B Additional Interest, if any, for such Distribution Date and any Class
B Outstanding Additional Interest, 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
(A) the portion of the Insolvency Proceeds allocated to Collections of Finance
Charge Receivables, (B) the Floating Allocation Percentage with respect to the
related Monthly Period and (C) the Class B Floating Percentage with respect to
such Monthly Period. To the extent that the product of (x) the portion of the
Insolvency Proceeds allocated to Collections of Finance Charge Receivables and
(y) the Floating Allocation Percentage with respect to the related Monthly
Period exceeds the aggregate amount distributed to the Paying Agent pursuant to
the preceding sentence, the excess shall be distributed to the Paying Agent for
payment to the Collateral Interest Holder on such Distribution Date.

     (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 2000-4 Holders shall be distributed in full to the
Series 2000-4 Holders on the date on which funds are distributed to the
applicable Paying Agents pursuant to this Section and shall be deemed to be a
final distribution pursuant to Section 12.02 of the Agreement.

     (d) Notwithstanding any provision of the Agreement or this Supplement, for
purposes of Section 9.02(a) of the Agreement, the Holders of the Series 2000-4
Certificates shall not be deemed to have disapproved a liquidation of the
Receivables following an Insolvency Event with respect to the Seller unless (i)
holders of more than 50% of the aggregate unpaid principal amount of each of the
Class A Certificates and the Class B Certificates and (ii) beneficial owners of
more than 50% of the Collateral Interest shall have disapproved of such
liquidation.

                                   ARTICLE IX

                       New Issuances; Addition of Accounts

     Section 9.01. New Issuances. The obligation of the Trustee to authenticate
the Investor Certificates of a new Series and to execute and deliver the related
Supplement shall be subject to the conditions set forth in Section 6.03(b) of
the Agreement and to the additional condition that, as of the Series Issuance
Date and after giving effect to such issuance, the aggregate amount of Principal
Receivables equals or exceeds the Required Principal Balance.

     Section 9.02. Addition of Accounts.

     (i) If, as of the close of business on the last Business Day of any Monthly
Period, the aggregate amount of Principal Receivables is less than the Required
Principal Balance on such date, the Seller shall on or prior to the close of
business on the 10th Business Day following the last Business Day of such
Monthly Period (the "Required Designation Date"), unless the aggregate amount of
Principal Receivables exceeds the Required Principal Balance as

                                      43
<PAGE>

of the close of business on any day after the last Business Day of such Monthly
Period and prior to the Required Designation Date, designate additional Eligible
Accounts to be included as Accounts as of the Required Designation Date or any
earlier date in a sufficient amount such that, after giving effect to such
addition, the aggregate amount of Principal Receivables equals or exceeds the
Required Principal Balance on such date. Each such addition shall be subject to
the same conditions applicable to any Addition required to be made pursuant to
Section 2.08(a) of the Agreement. The failure of any condition set forth in
Section 2.08(c) or (d) of the Agreement, as the case may be, shall not relieve
the Seller of its obligation pursuant to this paragraph; provided, however, that
the failure of the Seller to transfer Receivables to the Trust as provided in
this paragraph solely as a result of the unavailability of a sufficient amount
of Eligible Receivables shall not constitute a breach of this Supplement;
provided further that any such failure which has not been timely cured will
nevertheless result in the occurrence of a Pay Out Event with respect to Series
2000-4.

     (ii) In lieu of, or in addition to, designating Additional Accounts
pursuant to clause (i) above, the Seller may, subject to the conditions
specified in Section 2.08(d) of the Agreement, convey to the Trust Participation
Interests. The addition of Participation Interests in the Trust pursuant to this
paragraph shall be effected by an amendment to the Agreement and this
Supplement, dated the applicable Addition Date, pursuant to Section 13.01(a) of
the Agreement.

                                   ARTICLE X

                            Miscellaneous Provisions

     Section 10.01. 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 10.02. Counterparts. This Supplement may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which
shall be an original, but all of which shall constitute one and the same
instrument.

     Section 10.03. GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.04. Determination of Material Adverse Effect. Any determination
of material adverse effect on the Series 2000-4 Certificateholders under the
Agreement or this Supplement shall be made assuming the Collateral Invested
Amount is zero (including, without limitation, any determination of whether a
representation or warranty made therein is correct or whether a Seller or the
Servicer has duly performed a covenant contained therein or herein).

     Section 10.05. Book-Entry Certificates; Private Placement of the Class B
Certificates.

                                      44
<PAGE>

     (a) 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. The Series 2000-4
Certificates are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000.

     (b) The Class B Certificates have not been registered under the Act or any
state securities law. The Class B Certificates shall bear a legend to the effect
set forth in Exhibit A-2 hereto, which, notwithstanding anything in the
Agreement and this Supplement to the contrary, shall not require the application
of subsection 6.04(c) of the Agreement to any transfer of any such Class B
Certificates. Neither the Seller nor the Trustee is obligated to register the
Class B Certificates under the Act or to take any other action not otherwise
required under this Supplement or the Agreement to permit the transfer of the
Class B Certificates without registration.

     (c) No transfer of any Class B Certificate or any interest therein
(including, without limitation, by pledge or hypothecation) shall be made,
unless registered under the Act or any state securities law, except in
compliance with the restrictions on transfer set forth in this Section 10.05
(including the applicable legend to be set forth on the face of each Class B
Certificate as provided in Exhibit A-2) in a transaction exempt from the
registration requirements of the Act and applicable state securities or "Blue
Sky" laws to a person (i) that the transferor reasonably believes is a
"qualified institutional buyer" within the meaning thereof in Rule 144A (a
"QIB") in the form of beneficial interests in the Class B Certificates, and (ii)
that is aware that the resale or other transfer is being made in reliance on
Rule 144A.

     (d) Each purchaser of a Class B Certificate, by its acceptance thereof,
will be deemed to have acknowledged, represented to and agreed with the Seller
as follows:

          (i) It understands and acknowledges that the Class B Certificates have
     not been and will not be registered under the Act or any other applicable
     securities law, are eligible for resale pursuant to Rule 144A, and, unless
     so registered, may not be offered, sold or otherwise transferred except in
     compliance with the registration requirements of the Act and any other
     applicable securities law, pursuant to Rule 144A and in each case in
     compliance with the conditions for transfer set forth in paragraph (iv)
     below.

          (ii) It is a "qualified institutional buyer," as defined in Rule 144A,
     and it is aware that any sale of the Class B Certificates to it will be
     made in reliance on its representation that is a QIB. Such acquisition will
     be for its own account or for the account of another QIB.

          (iii) It acknowledges that neither the Seller nor any person
     representing the Seller has made any representation to it with respect to
     the Seller or the offering or sale of any Class B Certificates, other than
     the information contained in the private placement memorandum relating to
     the Class B Certificates and the accompanying Prospectus which have been
     delivered to it and upon which it is

                                      45
<PAGE>

     relying in making its investment decision with respect to the Class B
     Certificates. It has had access to such financial and other information
     concerning the Seller and the Class B Certificates as it has deemed
     necessary in connection with its decision to purchase the Class B
     Certificates, including an opportunity to ask questions of and request
     information from the Seller.

          (iv) It is purchasing the Class B Certificates for its own account, or
     for one or more investor accounts for which it is acting as a fiduciary or
     agent, in each case for investment, and not with a view to, or for offer or
     sale in connection with, any distribution thereof in violation of the Act,
     subject to any requirements of law that the disposition of its property or
     the property of such investor account or accounts be at all times within
     its or their control and subject to its or their ability to resell such
     Class B Certificates pursuant to Rule 144A or subject to any other
     available exemption from the registration requirements of the Act. It
     agrees on its own behalf and on behalf of any investor account for which it
     is purchasing the Class B Certificates and each subsequent holder of the
     Class B Certificates by its acceptance thereof will agree to offer, sell or
     otherwise transfer such Class B Certificates only (i) pursuant to a
     registration statement which has been declared effective under the Act or
     (ii) for so long as the Class B Certificates are eligible for resale under
     Rule 144A, to a person it reasonably believes is a QIB that purchases for
     its own account or for the account of a QIB to whom notice is given that
     the transfer is being made in reliance on Rule 144A, subject in each of the
     foregoing cases to any requirement of law that the disposition of its
     property or the property of such investor account or accounts be at all
     times within its or their control. Each purchaser acknowledges that each
     Class B Certificate will contain a legend substantially to the following
     effect:

          "THE CLASS B CERTIFICATES HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY
          STATE SECURITIES LAWS. NEITHER THIS CLASS B CERTIFICATE NOR ANY
          INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
          TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
          ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
          FROM, OR NOT SUBJECT TO, REGISTRATION.

          THE HOLDER OF THIS CLASS B CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES
          TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CLASS B CERTIFICATE ONLY (A)
          PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
          UNDER THE SECURITIES ACT OR (B) FOR SO LONG AS THE CLASS B
          CERTIFICATES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
          PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
          DEFINED IN RULE 144A UNDER

                                      46
<PAGE>

          THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
          ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN
          THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A.

          THE HOLDER OF THIS CLASS B CERTIFICATE BY ITS ACCEPTANCE HEREOF
          COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST
          THE TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE TRUST OF, ANY
          BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE
          BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING
          TO THE CLASS B CERTIFICATES OR THE POOLING AND SERVICING AGREEMENT."

          (v) It acknowledges that the Seller and others will rely upon the
     truth and accuracy of the foregoing acknowledgements, representations and
     agreements and agrees that, if any of the acknowledgements, representations
     or warranties deemed to have been made by it by its purchase of Class B
     Certificates are no longer accurate, it shall promptly notify the Seller.
     If it is acquiring any Class B Certificates as a fiduciary or agent for one
     or more investor accounts, it represents that it has sole investment
     discretion with respect to each such account and that it has full power to
     make the foregoing acknowledgements, representations and agreements on
     behalf of each such account.

     (e) Each purchaser of a Class B Certificate, by its acceptance thereof,
will be deemed to have acknowledged, represented to and agreed with the Seller
that it is not and will not be (a) an employee benefit plan that is subject to
ERISA, (b) a plan or other arrangement (including an individual retirement
account or Keogh plan) that is subject to Section 4975 of the Code, or (c) an
entity whose underlying assets include "plan assets" under the Plan Asset
Regulation by reason of any such plan's investment in the entity. Each purchaser
of a Class B Certificate acknowledges that each Class B Certificate will contain
a legend substantially to the following effect (in addition to the legend in
subsection 10.05(d)(iv) above):

          "THE HOLDER OF THIS CLASS B CERTIFICATE BY ITS ACCEPTANCE HEREOF
          REPRESENTS AND WARRANTS, FOR THE BENEFIT OF CAPITAL ONE BANK, THAT
          SUCH HOLDER IS NOT (1) AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO THE
          EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, (2) A
          PLAN OR OTHER ARRANGEMENT (INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT
          OR KEOGH PLAN) THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE
          CODE OF 1986, AS AMENDED, OR (3) AN ENTITY WHOSE UNDERLYING ASSETS
          INCLUDE "PLAN ASSETS" UNDER THE PLAN ASSET

                                      47
<PAGE>

          REGULATION BY REASON OF ANY SUCH PLAN'S INVESTMENT IN THE ENTITY.

     Section 10.06. Uncertificated Securities. The Collateral Interest shall be
delivered in uncertificated form.

     Section 10.07. Transfers of the Collateral Interest.

     (a) Unless otherwise consented to by the Seller, 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 10.07 and only to a Permitted
Assignee. Any attempted or purported transfer, assignment, exchange, conveyance,
pledge, hypothecation or grant other than to a Permitted Assignee shall be void.
Unless otherwise consented to by the Seller, 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 Seller 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 Act, or any applicable state or other securities laws. Each Assignee will
acknowledge and agree that (i) it has no right to require the Seller to register
under the 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. Each Assignee
will agree with the Seller that: (a) such Assignee will deliver to the Seller 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), including governmental
plans and church plans, (b) any "plan" (as defined in Section 4975(e)(1) of the
Code) including individual retirement accounts and Keogh plans, or (c) any other
entity whose underlying assets include "plan assets" (within the meaning of
Department of Labor Regulation Section 2510.3-101, 29 C.F.R. ss. 2510.3-101 or
otherwise under ERISA) by reason of a plan's investment in the entity,
including, without limitation, an insurance company general account.

     (d) This Section 10.07 shall not apply to the transfer and pledge of the
Collateral Interest on the Closing Date by the Seller pursuant to the Transfer
Agreement or by

                                      48
<PAGE>

the Capital One Secured Note Trust 2000-4 to the Indenture Trustee (as defined
in the Transfer Agreement) pursuant to the Indenture (as defined in the Transfer
Agreement).

     Section 10.08. Certain Accounting Related Amendments. In addition to being
subject to amendment pursuant to any other provisions relating to amendments in
either the Agreement or this Supplement, Section 4.12 of this Supplement will be
amended by the Seller without the consent of the Servicer, the Trustee, any
Investor Certificateholder or the Swap Counterparty to permit the Trust to
qualify as a "qualified special purpose entity" as defined in FASB Statement No.
140. Promptly after the effectiveness of any amendment pursuant to this Section
10.08, the Seller shall deliver a copy of such amendment to each of the
Servicer, the Trustee, each Rating Agency and the Swap Counterparty.

                                      49
<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.

                                       CAPITAL ONE BANK,
                                            Seller and Servicer

                                       By: /s/ Thomas Feil
                                           -------------------------------------
                                           Name:  Thomas Feil
                                           Title: Director of Securitization

                                       THE BANK OF NEW YORK,
                                            Trustee

                                       By: /s/ Scott J. Tepper
                                           -------------------------------------
                                           Name: Scott J. Tepper
                                           Title: Assistant Treasurer

                  [Signature Page to Series 2000-4 Supplement]

<PAGE>

                                                                     EXHIBIT A-1
REGISTERED                                                         $975,000,0001

No. R-__                                                     CUSIP No. 14040KBK3

     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.

                            CAPITAL ONE MASTER TRUST

                                  Series 2000-4

                 CLASS A FLOATING RATE ASSET BACKED CERTIFICATE

                          Expected Final Payment Date:
                       The October 2005 Distribution Date

                  Each $1,000 minimum denomination represents a
                          1/975,000 undivided interest
                            in certain assets of the

                            CAPITAL ONE MASTER TRUST

Evidencing an undivided interest in a trust, the corpus of which consists
primarily of receivables generated from time to time in the ordinary course of
business in a portfolio of consumer revolving credit card accounts by

                                CAPITAL ONE BANK

and, in certain circumstances, certain Additional Sellers (as defined in the
Pooling and Servicing Agreement referred to below).

             (Not an interest in or obligation of Capital One Bank,
                 any Additional Seller or any affiliate thereof)

     This certifies that CEDE & CO. (the "Class A Certificateholder") is the
registered owner of a fractional undivided interest in certain assets of a trust
(the "Trust") created pursuant to the Pooling and Servicing Agreement, dated as
of September 30, 1993 (as amended and supplemented, the "Agreement"), as
supplemented by the Series 2000-4 Supplement, dated as of
------------------------
*    Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                     A-1-1
<PAGE>

October 26, 2000 (as amended and supplemented, the "Series Supplement"), between
Capital One Bank, as Seller and Servicer, and The Bank of New York, a New York
banking corporation, as trustee (the "Trustee"). The corpus of the Trust
consists of (i) a portfolio of all receivables (the "Receivables") existing in
the consumer revolving credit card accounts and other consumer revolving credit
accounts identified under the Agreement from time to time (the "Accounts"), (ii)
all Receivables generated under the Accounts from time to time thereafter, (iii)
funds collected or to be collected from accountholders in respect of the
Receivables, (iv) all funds which are from time to time on deposit in the
Collection Account and in the Series Accounts, (v) an interest in any Funds
Collateral (as defined in the Agreement) relating to secured accounts, (vi) the
benefits of any Series Enhancement and (vii) all other assets and interests
constituting the Trust. The Holder of this Class A Certificate is entitled to
the benefit of any Series Enhancement to the extent provided in the Series
Supplement. Although a summary of certain provisions of the Agreement and the
Series Supplement is set forth below and on the Summary of Terms and Conditions
attached hereto and made a part hereof, this Class A Certificate does not
purport to summarize the Agreement and the Series Supplement and reference is
made to the Agreement and the Series Supplement for information with respect to
the interests, rights, benefits, obligations, proceeds and duties evidenced
hereby and the rights, duties and obligations of the Trustee. In the event of
any conflict between this Class A Certificate and the Series Supplement or the
Agreement, the Series Supplement or the Agreement, as the case may be, shall
control. A copy of the Agreement and the Series Supplement (without schedules)
may be requested from the Trustee by writing to the Trustee at the Corporate
Trust Office. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to them in the Agreement or the Series
Supplement, as applicable.

     This Class A Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement and the Series Supplement, to which
Agreement and Series Supplement, each as amended and supplemented from time to
time, the Class A Certificateholder by virtue of the acceptance hereof assents
and is bound.

     It is the intent of the Seller and the Investor Certificateholders that,
for federal, state and local income and franchise tax purposes only, the
Investor Certificates will qualify as indebtedness of the Seller secured by the
Receivables. The Class A Certificateholder, by the acceptance of this Class A
Certificate, agrees to treat this Class A Certificate for federal, state and
local income and franchise tax purposes as indebtedness of the Seller.

     In general, payments of principal with respect to the Class A Certificates
are limited to the Class A Invested Amount, which may be less than the unpaid
principal balance of the Class A Certificates. The Expected Final Payment Date
is the October 2005 Distribution Date, but principal with respect to the Class A
Certificates may be paid earlier or later under certain circumstances described
in the Agreement and the Series Supplement. If for one or more months during the
Accumulation Period there are not sufficient funds to pay the Controlled Deposit
Amount, then to the extent that excess funds are not available on subsequent
Distribution Dates with respect to the Accumulation Period to make up for such
shortfalls, the final payment of principal of the Class A Certificates will
occur later than the Expected Final Payment Date.

                                     A-1-2
<PAGE>

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

                                     A-1-3
<PAGE>

     IN WITNESS WHEREOF, the Seller has caused this Class A Certificate to be
duly executed.

                                                     CAPITAL ONE BANK

                                                     By: _______________________
                                                         Name:
                                                         Title:

Dated:  October 26, 2000

                                     A-1-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Class A Certificates described in the within-mentioned
Agreement and Series Supplement.

                                        THE BANK OF NEW YORK,
                                           as Trustee

                                        By:  _________________________
                                              Authorized Officer

                                        or

                                        By:  ________________________
                                              as Authenticating Agent
                                              for the Trustee

                                        By:  _________________________
                                              Authorized Officer

                                     A-1-5
<PAGE>

                            CAPITAL ONE MASTER TRUST

                                  SERIES 2000-4

                 CLASS A FLOATING RATE ASSET BACKED CERTIFICATE

                         Summary of Terms and Conditions

     The Receivables consist of Principal Receivables which arise generally from
the purchase of goods and services and amounts advanced to accountholders as
cash advances and Finance Charge Receivables. This Class A Certificate is one of
a Series of Investor Certificates entitled "Capital One Master Trust, Series
2000-4." The Series 2000-4 Certificates are being issued in two Classes, the
first of which is known as the "Class A Floating Rate Asset Backed Certificates,
Series 2000-4" (the "Class A Certificates") and the second Class is known as the
"Class B Floating Rate Asset Backed Certificates, Series 2000-4" (the "Class B
Certificates"). In addition, as part of Series 2000-4, the Trust is creating a
third Class of uncertificated interest in the Trust which uncertificated
interest, except as expressly provided in the Series Supplement, is deemed to be
an "Investor Certificate" and is known as the "Collateral Interest, Series
2000-4" (the "Collateral Interest"). This Class A Certificate represents a
fractional undivided interest in certain assets of the Trust. The Trust Assets
are allocated in part to the certificateholders of all outstanding Series (the
"Certificateholders' Interest") with the remainder allocated to the Seller's
Interest. The aggregate interest represented by the Class A Certificates at any
time in the Principal Receivables in the Trust shall not exceed an amount equal
to the Class A Invested Amount at such time. The Class A Initial Invested Amount
is $975,000,000. The Class A Invested Amount on 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 pursuant to subsection 4.06(a)
of the Series Supplement prior to such date. Also, Capital One Bank has received
an adjustment to the Seller's Interest on the date hereof.

     Subject to the terms and conditions of the Agreement, the Seller may from
time to time direct the Trustee, on behalf of the Trust, to issue one or more
new Series of Investor Certificates, which will represent fractional undivided
interests in certain of the Trust Assets.

     On each Payment Date, the Paying Agent shall distribute to each Class A
Certificateholder of record on the last day of the preceding calendar month
(each, a "Record Date") such Class A Certificateholder's pro rata share of such
amounts (including amounts on deposit in the Collection Account and the
Principal Funding Account) as are payable to the Class A Certificateholders
pursuant to the Agreement and the Series Supplement. Distributions with respect
to this Class A Certificate will be made by the Paying Agent by check mailed to
the address of the Class A Certificateholder of record appearing in the
Certificate Register without the presentation or surrender of this Class A
Certificate or the making of any notation thereon (except for the final
distribution in respect of this Class A Certificate), except that with respect
to

                                     A-1-6
<PAGE>

Class A Certificates registered in the name of Cede & Co., the nominee for The
Depository Trust Company, distributions will be made in the form of immediately
available funds. Final payment of this Class A Certificate will be made only
upon presentation and surrender of this Class A Certificate at the office or
agency specified in the notice of final distribution delivered by the Trustee to
the Class A Certificateholders in accordance with the Agreement and the Series
Supplement.

     On any day occurring on or after the day on which the Invested Amount is
reduced to 5% or less of the Initial Invested Amount, the Seller has the option
to repurchase the Certificateholders' Interest in the Trust. The repurchase
price will be equal to (a) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (b) if such day is not a Distribution Date,
the Reassignment Amount for the Distribution Date following such day. Following
the deposit of the Reassignment Amount in the Collection Account, Class A
Certificateholders, the Class B Certificateholders and the Collateral Interest
Holder will not have any interest in the Receivables and the Class A
Certificates will represent only the right to receive such Reassignment Amount.

     This Class A Certificate does not represent an obligation of, or an
interest in, the Seller, the Servicer or any affiliate of any of them and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency or instrumentality. 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 hereinabove and in
the Agreement and the Series Supplement.

     The Agreement or any Supplement may, subject to certain conditions, be
amended by the Seller, the Servicer and the Trustee without Certificateholder
consent. The Trustee may, but shall not be obligated to, enter into any such
amendment which affects the Trustee's rights, duties or immunities under the
Agreement or otherwise.

     The Agreement or any Supplement may also be amended from time to time by
the Servicer, the Seller and the Trustee, with the consent of the Holders of
Investor Certificates evidencing not less than 66"% of the aggregate unpaid
principal amount of the Investor Certificates of all adversely affected Series,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Agreement or any Supplement or of
modifying in any manner the rights of the Investor Certificateholders; provided,
however, that no such amendment shall (i) reduce in any manner the amount of or
delay the timing of any distributions to be made to Investor Certificateholders
or deposits of amounts to be so distributed or the amount available under any
Series Enhancement without the consent of each affected Investor
Certificateholder, (ii) change the definition of or the manner of calculating
the interest of any Investor Certificateholder without the consent of each
affected Investor Certificateholder, (iii) reduce the aforesaid percentage
required to consent to any such amendment without the consent of each Investor
Certificateholder or (iv) 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"% of the aggregate unpaid
principal amount of the Investor Certificates of such Series or Class. The
Trustee may,

                                     A-1-7
<PAGE>

but shall not be obligated to, enter into any such amendment which affects the
Trustee's rights, duties or immunities under the Agreement or otherwise.

     The Class A Certificates are issuable only in minimum denominations of
$1,000 and integral multiples of $1,000. 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 or the Transfer
Agent and Registrar, duly executed by the Class A Certificateholder or such
Class A Certificateholder's attorney, and duly authorized in writing with such
signature guaranteed, 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, Class A Certificates are exchangeable for new Class A Certificates
evidencing like aggregate fractional undivided interests as requested by the
Class A Certificateholder surrendering such Class A Certificates. No service
charge may be imposed for any such exchange but the Servicer or 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.

     The Servicer, the Trustee, the Paying Agent and the Transfer Agent and
Registrar 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 Servicer nor the Trustee, the Paying Agent, 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 THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-1-8
<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

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

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

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

Dated: _____________________*

Signature Guaranteed:

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

                                     A-1-9
<PAGE>

                                                                     EXHIBIT A-2

REGISTERED                                                         $120,000,000*

No. R-__                                                     CUSIP No. 14040KBL1

                  THE CLASS B CERTIFICATES  HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES  ACT OF  1933,  AS  AMENDED  (THE  "SECURITIES  ACT"),  OR ANY  STATE
SECURITIES  LAWS.   NEITHER  THIS  CLASS  B  CERTIFICATE  NOR  ANY  INTEREST  OR
PARTICIPATION  HEREIN MAY BE REOFFERED,  SOLD, ASSIGNED,  TRANSFERRED,  PLEDGED,
ENCUMBERED  OR  OTHERWISE  DISPOSED  OF IN THE ABSENCE OF SUCH  REGISTRATION  OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

                  THE  HOLDER  OF THIS  CLASS B  CERTIFICATE  BY ITS  ACCEPTANCE
HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CLASS B CERTIFICATE ONLY
(A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES  ACT OR (B) FOR SO LONG AS THE CLASS B CERTIFICATES  ARE ELIGIBLE
FOR  RESALE  PURSUANT  TO RULE 144A,  TO A PERSON IT  REASONABLY  BELIEVES  IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT  PURCHASES  FOR  ITS  OWN  ACCOUNT  OR  FOR  THE  ACCOUNT  OF  A  QUALIFIED
INSTITUTIONAL  BUYER TO WHOM NOTICE IS GIVEN THAT THE  TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A.

                  THE  HOLDER  OF THIS  CLASS B  CERTIFICATE  BY ITS  ACCEPTANCE
HEREOF  COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE  AGAINST THE
TRUST,  OR  JOIN  IN ANY  INSTITUTION  AGAINST  THE  TRUST  OF,  ANY  BANKRUPTCY
PROCEEDINGS  UNDER ANY UNITED STATES FEDERAL OR STATE  BANKRUPTCY OR SIMILAR LAW
IN CONNECTION WITH ANY  OBLIGATIONS  RELATING TO THE CLASS B CERTIFICATES OR THE
POOLING AND SERVICING AGREEMENT.

                  THE  HOLDER  OF THIS  CLASS B  CERTIFICATE  BY ITS  ACCEPTANCE
HEREOF  REPRESENTS AND WARRANTS,  FOR THE BENEFIT OF CAPITAL ONE BANK, THAT SUCH
HOLDER IS NOT (1) AN  EMPLOYEE  BENEFIT  PLAN THAT IS  SUBJECT  TO THE  EMPLOYEE
RETIREMENT  INCOME  SECURITY  ACT OF  1974,  AS  AMENDED,  (2) A PLAN  OR  OTHER
ARRANGEMENT  (INCLUDING AN INDIVIDUAL  RETIREMENT ACCOUNT OR KEOGH PLAN) THAT IS
SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR (3)
AN ENTITY WHOSE  UNDERLYING  ASSETS  INCLUDE  "PLAN ASSETS" UNDER THE PLAN ASSET
REGULATION BY REASON OF ANY SUCH PLAN'S INVESTMENT IN THE ENTITY.

                                     A-2-1
<PAGE>

                  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.

                           CAPITAL ONE MASTER TRUST

                                 Series 2000-4

                CLASS B FLOATING RATE ASSET BACKED CERTIFICATE

                         Expected Final Payment Date:
                      The October 2005 Distribution Date

                     Each $1,000 denomination represents a
                         1/120,000 undivided interest
                           in certain assets of the

                           CAPITAL ONE MASTER TRUST

Evidencing  an  undivided  interest  in a trust,  the  corpus of which  consists
primarily of receivables  generated from time to time in the ordinary  course of
business in a portfolio of consumer  revolving  credit card  accounts by CAPITAL
ONE BANK and, in certain  circumstances,  certain Additional Sellers (as defined
in the Pooling and Servicing Agreement referred to below).

            (Not an interest in or obligation of Capital One Bank,
                any Additional Seller or any affiliate thereof)

                  This    certifies    that   CEDE   &   CO.   (the   "Class   B
Certificateholder")  is the registered owner of a fractional  undivided interest
in certain assets of a trust (the "Trust")  created  pursuant to the Pooling and
Servicing   Agreement,   dated  as  of  September   30,  1993  (as  amended  and
supplemented, the "Agreement"), as supplemented by the Series 2000-4 Supplement,
dated  as of  October  26,  2000  (as  amended  and  supplemented,  the  "Series
Supplement"),  between Capital One Bank, as Seller and Servicer, and The Bank of
New York, a New York banking corporation, as trustee (the "Trustee"). The corpus
of the Trust consists of (i) a portfolio of all receivables (the  "Receivables")
existing in the  consumer  revolving  credit card  accounts  and other  consumer
revolving credit accounts  identified under the Agreement from time to time (the
"Accounts"), (ii) all Receivables generated under the Accounts from time to time
thereafter,  (iii) funds  collected or to be collected  from  accountholders  in
respect  of the  Receivables,  (iv) all  funds  which  are from  time to time on
deposit in the Collection Account and in the Series Accounts, (v) an interest in
any Funds Collateral (as defined in the Agreement) relating to secured accounts,
(vi) the  benefits  of any  Series  Enhancement  and (vii) all other  assets and
interests  constituting  the Trust.  The Holder of this Class B  Certificate  is
entitled to the benefit of any Series  Enhancement to the extent provided in the
Series Supplement. Although a summary of certain

A-2-1
<PAGE>

provisions of the Agreement and the Series Supplement is set forth below and on
the Summary of Terms and Conditions attached hereto and made a part hereof, this
Class B Certificate does not purport to summarize the Agreement and the Series
Supplement and reference is made to the Agreement and the Series Supplement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee. In the event of any conflict between this Class B Certificate and
the Series Supplement or the Agreement, the Series Supplement or the Agreement,
as the case may be, shall control. A copy of the Agreement and the Series
Supplement (without schedules) may be requested from the Trustee by writing to
the Trustee at the Corporate Trust Office. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to them in the
Agreement or the Series Supplement, as applicable.

                  This Class B Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement and the Series Supplement,  to
which Agreement and Series  Supplement,  each as amended and  supplemented  from
time to time, the Class B  Certificateholder  by virtue of the acceptance hereof
assents and is bound.

                  It  is  the   intent   of  the   Seller   and   the   Investor
Certificateholders  that, for federal,  state and local income and franchise tax
purposes only, the Investor  Certificates  will qualify as  indebtedness  of the
Seller  secured  by the  Receivables.  The  Class  B  Certificateholder,  by the
acceptance of this Class B Certificate, agrees to treat this Class B Certificate
for federal,  state and local income and franchise tax purposes as  indebtedness
of the Seller.

                  In general,  payments of principal with respect to the Class B
Certificates are limited to the Class B Invested Amount,  which may be less than
the unpaid  principal  balance of the Class B  Certificates.  The Expected Final
Payment Date is the October 2005  Distribution  Date, but principal with respect
to the  Class  B  Certificates  may be  paid  earlier  or  later  under  certain
circumstances  described in the Agreement and the Series  Supplement.  Principal
payments with respect to the Class B  Certificates  will not commence  until the
Class A Invested Amount is paid in full. In addition,  if for one or more months
during  the  Accumulation  Period  there  are not  sufficient  funds  to pay the
Controlled  Deposit  Amount,  then  to the  extent  that  excess  funds  are not
available on  subsequent  Distribution  Dates with  respect to the  Accumulation
Period to make up for such  shortfalls,  the final  payment of  principal of the
Class B Certificates will occur later than the Expected Final Payment Date.

                  No  Class B  Certificate  (or  any  interest  therein)  may be
acquired or held by any employee  benefit or other plan (including an individual
retirement  account) that is subject to the Employee  Retirement Income Security
Act of 1974, as amended,  or Section 4975 of the Internal  Revenue Code of 1986,
as amended (each, a "Plan"), any trustee or other person acting on behalf of any
Plan,  or any other person  using "Plan  Assets" to effect such  acquisition  or
holding.

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

                                     A-2-2
<PAGE>

                  IN  WITNESS  WHEREOF,  the  Seller  has  caused  this  Class B
Certificate to be duly executed.

                                                     CAPITAL ONE BANK

                                                     By:  ______________________
                                                           Name:
                                                           Title:

Dated:  October 26, 2000

                                     A-2-3
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This  is one of the  Class  B  Certificates  described  in the
within-mentioned Agreement and Series Supplement.

                                                  THE BANK OF NEW YORK,
                                                     as Trustee

                                                  By:  ______________________
                                                        Authorized Officer

                                                  or

                                                  By:  ______________________
                                                        as Authenticating Agent
                                                        for the Trustee

                                                  By:  ________________________
                                                        Authorized Officer

                                     A-2-4
<PAGE>

                           CAPITAL ONE MASTER TRUST

                                 SERIES 2000-4

                 CLASS B FLOATING RATE ASSET BACKED CERTIFICATE

                        Summary of Terms and Conditions

                  The Receivables  consist of Principal  Receivables which arise
generally  from the  purchase  of goods and  services  and  amounts  advanced to
accountholders  as cash advances and Finance  Charge  Receivables.  This Class B
Certificate  is one of a Series of  Certificates  entitled  "Capital  One Master
Trust,  Series 2000-4." The Series 2000-4  Certificates  are being issued in two
Classes,  the first of which is known as the "Class A Floating Rate Asset Backed
Certificates,  Series 2000-4" (the "Class A Certificates")  and the second Class
is known as the "Class B Floating Rate Asset Backed Certificates, Series 2000-4"
(the "Class B Certificates").  In addition,  as part of Series 2000-4, the Trust
is  creating  a third  Class  of  uncertificated  interest  in the  Trust  which
uncertificated interest,  except as expressly provided in the Series Supplement,
is  deemed  to be an  "Investor  Certificate"  and is known  as the  "Collateral
Interest,  Series 2000-4" (the "Collateral Interest").  This Class B Certificate
represents a fractional  undivided  interest in certain assets of the Trust. The
Trust Assets are allocated in part to the  certificateholders of all outstanding
Series (the "Certificateholders'  Interest") with the remainder allocated to the
Seller's  Interest.   The  aggregate   interest   represented  by  the  Class  B
Certificates  at any time in the  Principal  Receivables  in the Trust shall not
exceed an amount equal to the Class B Invested  Amount at such time. The Class B
Initial Invested Amount is $120,000,000. The Class B Invested Amount on any date
of  determination  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 prior to such date,  minus (c) the aggregate amount of
Class B Investor  Charge-Offs for all prior  Distribution  Dates,  minus (d) the
aggregate  amount of Reallocated  Principal  Collections  allocated on all prior
Distribution  Dates  pursuant  to  subsection  4.08(a) of the Series  Supplement
(excluding  any  Reallocated  Principal  Collections  that  have  resulted  in a
reduction in the Collateral  Invested Amount  pursuant to subsection  4.06(c) of
the  Series  Supplement),  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 subsection  4.06(a) of the Series Supplement and plus (f) the amount
of Excess Spread and Excess Finance Charges allocated and available on all prior
Distribution  Dates pursuant to Section 4.07(d) of the Series Supplement for the
purpose of reimbursing  amounts deducted  pursuant to the foregoing clauses (c),
(d) and (e).  Also,  Capital One Bank has received an adjustment to the Seller's
Interest on the date hereof.

                  Subject  to the terms and  conditions  of the  Agreement,  the
Seller may from time to time  direct  the  Trustee,  on behalf of the Trust,  to
issue one or more new Series of  Investor  Certificates,  which  will  represent
fractional undivided interests in certain of the Trust Assets.

                  On each Payment  Date,  the Paying Agent shall  distribute  to
each  Class B  Certificateholder  of  record  on the last  day of the  preceding
calendar month (each, a "Record Date") such Class B Certificateholder's pro rata
share of such amounts  (including  amounts on deposit in the Collection  Account
and  the   Principal   Funding   Account)   as  are   payable  to  the  Class  B
Certificateholders   pursuant  to  the  Agreement  and  the  Series  Supplement.
Distributions  with

                                     A-2-5
<PAGE>

respect to this Class B Certificate will be made by check mailed to the address
of the Class B Certificateholder of record appearing in the Certificate Register
without the presentation or surrender of this Class B Certificate or the making
of any notation thereon (except for the final distribution in respect of this
Class B Certificate) except that with respect to Class B Certificates registered
in the name of Cede & Co., the nominee for The Depository Trust Company,
distributions will be made in the form of immediately available funds. Final
payment of this Class B Certificate will be made only upon presentation and
surrender of this Class B Certificate at the office or agency specified in the
notice of final distribution delivered by the Trustee to the Class B
Certificateholders in accordance with the Agreement and the Series Supplement.

                  On any day occurring on or after the day on which the Invested
Amount is reduced to 5% or less of the Initial Invested  Amount,  the Seller has
the option to  repurchase  the  Certificateholders'  Interest in the Trust.  The
repurchase  price will be equal to (a) if such day is a  Distribution  Date, the
Reassignment  Amount  for  such  Distribution  Date or (b) if such  day is not a
Distribution  Date, the Reassignment  Amount for the Distribution Date following
such day.  Following the deposit of the  Reassignment  Amount in the  Collection
Account, the Class A Certificateholders,  the Class B Certificateholders and the
Collateral Interest Holder will not have any interest in the Receivables and the
Class B Certificates  will represent only the right to receive such Reassignment
Amount.

                  This Class B Certificate  does not represent an obligation of,
or an interest in, the Seller,  the Servicer or any affiliate of any of them and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other  governmental  agency or  instrumentality.  This  Class B  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
hereinabove and in the Agreement and the Series Supplement.

                  The  Agreement  or any  Supplement  may,  subject  to  certain
conditions,  be amended by the Seller,  the  Servicer  and the  Trustee  without
Certificateholder consent. The Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Trustee's rights, duties or immunities
under the Agreement or otherwise.

                  The Agreement or any  Supplement may also be amended from time
to time by the  Servicer,  the Seller and the  Trustee,  with the consent of the
Holders of Investor Certificates  evidencing not less than 66"% of the aggregate
unpaid principal amount of the Investor  Certificates of all adversely  affected
Series, for the purpose of adding any provisions to or changing in any manner or
eliminating  any of the  provisions  of the  Agreement or any  Supplement  or of
modifying in any manner the rights of the Investor Certificateholders; provided,
however,  that no such amendment shall (i) reduce in any manner the amount of or
delay the timing of any distributions to be made to Investor  Certificateholders
or deposits of amounts to be so  distributed or the amount  available  under any
Series   Enhancement   without   the   consent   of   each   affected   Investor
Certificateholder,  (ii) change the  definition of or the manner of  calculating
the  interest  of any  Investor  Certificateholder  without  the consent of each
affected  Investor  Certificateholder,  (iii)  reduce the  aforesaid  percentage
required to consent to any such  amendment  without the consent of each Investor
Certificateholder  or (iv) 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"% of the aggregate  unpaid
principal  amount of the  Investor  Certificates  of such  Series or Class.  The
Trustee may,

                                     A-2-6
<PAGE>

but shall not be obligated to, enter into any such amendment which affects the
Trustee's rights, duties or immunities under the Agreement or otherwise.

                  The Class B Certificates are issuable in minimum denominations
of $1,000  and  integral  multiples  of  $1,000.  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 or the Transfer
Agent and  Registrar,  duly  executed by the Class B  Certificateholder  or such
Class B Certificateholder's  attorney,  and duly authorized in writing with such
signature  guaranteed,  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,  Class B Certificates  are  exchangeable for new
Class B Certificates evidencing like aggregate fractional undivided interests as
requested  by  the  Class  B   Certificateholder   surrendering   such  Class  B
Certificates.  No service  charge may be imposed for any such  exchange  but the
Servicer or 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.

                  The Servicer,  the Trustee,  the Paying Agent and the Transfer
Agent and Registrar 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  Servicer  nor the  Trustee,  the Paying  Agent,  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
THE LAWS OF THE STATE OF NEW YORK,  WITHOUT  REFERENCE  TO ITS  CONFLICT  OF LAW
PROVISIONS,  AND THE OBLIGATIONS,  RIGHTS AND REMEDIES OF THE PARTIES  HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-2-7
<PAGE>

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto__________________________________________________________________
                                                (name and address of assignee)

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

Dated: _____________________

Signature Guaranteed:

_____________________*

_____________________

---------------------
* NOTE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Certificate in every
particular, without alteration, enlargement or any change whatsoever.

A-2-8
<PAGE>

                                                                       EXHIBIT C

                 FORM OF MONTHLY SERVICING OFFICER'S CERTIFICATE

                                CAPITAL ONE BANK

                            CAPITAL ONE MASTER TRUST
                                  SERIES 2000-4

     The undersigned, a duly authorized representative of Capital One Bank, as
Servicer, pursuant to the Pooling and Servicing Agreement, dated as of September
30, 1993 (as amended and supplemented, the "Agreement"), as supplemented by the
Series 2000-4 Supplement (as amended and supplemented, the "Series Supplement"),
dated as of October 26, 2000, each between Capital One Bank and The Bank of New
York, as Trustee, does hereby certify as follows:

          1. Capitalized terms used in this Certificate have their respective
     meanings as set forth in the Agreement or Series Supplement, as applicable.

          2. Capital One Bank is, as of the date hereof, the Servicer under the
     Agreement.

          3. The undersigned is a Servicing Officer.

          4. This Certificate relates to the Distribution Date occurring on
     ________.

          5. As of the date hereof, to the best knowledge of the undersigned,
     the Servicer has performed in all material respects all its obligations
     under the Agreement through the Monthly Period preceding such Distribution
     Date [or, if there has been a default in the performance of any such
     obligation, set forth in detail the (i) nature of such default, (ii) the
     action taken by the Seller and Servicer, if any, to remedy such default and
     (iii) the current status of each such default; if applicable, insert
     "None"].

          6. As of the date hereof, to the best knowledge of the undersigned, no
     Pay Out Event occurred on or prior to such Distribution Date.

          7. As of the date hereof, to the best knowledge of the undersigned, no
     Lien has been placed on any of the Receivables other than pursuant to the
     Agreement [or, if there is a Lien, such Lien consists of_________].
<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered
     this Certificate this ______ day of __________, 20__.

                                                     CAPITAL ONE BANK,
                                                              as Servicer

                                                     By:________________________
                                                        Name:
                                                        Title:

                                      C-2
<PAGE>

                                                                       EXHIBIT D

                            FORM OF INVESTMENT LETTER

                                     [Date]

     Re:  Capital One Master Trust;
          Purchases of Series 2000-4 Collateral Interest

Ladies and Gentlemen:

     This letter (the "Investment Letter") is delivered by the undersigned (the
"Purchaser") pursuant to Section 10.07 of the Series 2000-4 Supplement, dated as
of October 26, 2000 (the "Series Supplement") to the Pooling and Servicing
Agreement, dated as of September 30, 1993 (as amended and supplemented, the
"Agreement"), each between The Bank of New York, as Trustee, and Capital One
Bank, as Seller and Servicer. Capitalized terms used herein without definition
shall have the meanings set forth in the Agreement. The Purchaser represents to
and agrees with the Seller 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 10.07 of the Series Supplement and (i) in a transaction exempt
          from the registration requirements of the Securities Act and
          applicable state securities or "blue sky" laws; (ii) to the Seller or
          any affiliate of the Seller; or (iii) to a person who the Purchaser
          reasonably believes is a qualified institutional buyer (within the
          meaning thereof in
<PAGE>

          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),
          including governmental plans and church plans, (b) any "plan" (as
          defined in Section 4975(e)(1) of the Code) including individual
          retirement accounts and Keogh plans, or (c) any other entity whose
          underlying assets include "plan assets" (within the meaning of
          Department of Labor Regulation Section 2510.3-101, 29 C.F.R.ss.
          2510.3-101 or otherwise under ERISA) by reason of a plan's investment
          in the entity, including, without limitation, an insurance company
          general account.

     (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:

CAPITAL ONE BANK

By: _______________________
    Name:
    Title:

                                      D-2<PAGE>

(Multicurrency--Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of October 26, 2000

<TABLE>
<CAPTION>
<S>                                                      <C>    <C>
Morgan Guaranty Trust Company                                   THE BANK OF NEW YORK, acting as trustee for the
of New York                                              and    CAPITAL ONE MASTER TRUST
("Party A")                                                     ("Party B")
-------------------------------------------------------         --------------------------------------------------------
</TABLE>

have entered and/or anticipate  entering into one or more  transactions  (each a
"Transaction")  that are or will be  governed by this  Master  Agreement,  which
includes the schedule (the  "Schedule"),  and the documents and other confirming
evidence (each a "Confirmation")  exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1. Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2. Obligations

(a) General Conditions.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.
<PAGE>

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
     the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:--

     (i) in the same currency; and

     (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) Deduction or Withholding for Tax.

     (i) Gross-Up. All payments under this Agreement will be made without any
     deduction or withholding for or on account of any Tax unless such deduction
     or withholding is required by any applicable law, as modified by the
     practice of any relevant governmental revenue authority, then in effect. If
     a party is so required to deduct or withhold, then that party ("X") will:--

          (1) promptly notify the other party ("Y") of such requirement;

          (2) pay to the relevant authorities the full amount required to be
          deducted or withheld (including the full amount required to be
          deducted or withheld from any additional amount paid by X to Y under
          this Section 2(d)) promptly upon the earlier of determining that such
          deduction or withholding is required or receiving notice that such
          amount has been assessed against Y;

          (3) promptly forward to Y an official receipt (or a certified copy),
          or other documentation reasonably acceptable to Y, evidencing such
          payment to such authorities; and

          (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
          payment to which Y is otherwise entitled under this Agreement, such
          additional amount as is necessary to ensure that the net amount
          actually received by Y (free and clear of Indemnifiable Taxes, whether
          assessed against X or Y) will equal the full amount Y would have
          received had no such deduction or withholding been required. However,
          X will not be required to pay any additional amount to Y to the extent
          that it would not be required to be paid but for:--

               (A) the failure by Y to comply with or perform any agreement
               contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B) the failure of a representation made by Y pursuant to Section
               3(f) to be accurate and true unless such failure would not have
               occurred but for (I) any action taken by a taxing authority, or
               brought in a court of competent jurisdiction, on or after the
               date on which a Transaction is entered into (regardless of
               whether such action is taken or brought with respect to a party
               to this Agreement) or (II) a Change in Tax Law.

          (ii) Liability. If:--

               (1) X is required by any applicable law, as modified by the
               practice of any relevant governmental revenue authority, to make
               any deduction or withholding in respect of which X would not be
               required to pay an additional amount to Y under Section
               2(d)(i)(4);

               (2) X does not so deduct or withhold; and

               (3) a liability resulting from such Tax is assessed directly
               against X,

          then, except to the extent Y has satisfied or then satisfies the
          liability resulting from such Tax, Y will promptly pay to X the amount
          of such liability (including any related liability for interest, but
          including any related liability for penalties only if Y has failed to
          comply with or perform any agreement contained in Section 4(a)(i),
          4(a)(iii) or 4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3. Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a) Basic Representations.

     (i) Status. It is duly organized and validly existing under the laws of the
     jurisdiction of its organization or incorporation and, if relevant under
     such laws, in good standing;

     (ii) Powers. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement that
     it is required by this Agreement to deliver and to perform its obligations
     under this Agreement and any obligations it has under any Credit Support
     Document to which it is a party and has taken all necessary action to
     authorize such execution, delivery and performance;

     (iii) No Violation or Conflict. Such execution, delivery and performance do
     not violate or conflict with any law applicable to it, any provision of its
     constitutional documents, any order or judgment of any court or other
     agency of government applicable to it or any of its assets or any
     contractual restriction binding on or affecting it or any of its assets;

     (iv) Consents. All governmental and other consents that are required to
     have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and
<PAGE>

     (v) Obligations Binding. Its obligations under this Agreement and any
     Credit Support Document to which it is a party constitute its legal, valid
     and binding obligations, enforceable in accordance with their respective
     terms (subject to applicable bankruptcy, reorganization, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to equitable principles of general
     application (regardless of whether enforcement is sought in a proceeding in
     equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material aspect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4. Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

     (i) any forms, documents or certificates relating to taxation specified in
     the Schedule or any Confirmation;

     (ii) any other documents specified in the Schedule or any Confirmation; and

     (iii) upon reasonable demand by such other party, any form or document that
     may be required or reasonably requested in writing in order to allow such
     other party or its Credit Support Provider to make a payment under this
     Agreement or any applicable Credit Support Document without any deduction
     or withholding for or on account of any Tax or with such deduction or
     withholding at a reduced rate (so long as the completion, execution or
     submission of such form or document would not materially prejudice the
     legal or commercial position of the party in receipt of such demand), with
     any such form or document to be accurate and completed in a manner
     reasonably satisfactory to such other party and to be executed and to be
     delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorizations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.
<PAGE>

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

     (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
     payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
     required to be made by it if such failure is not remedied on or before the
     third Local Business Day after notice of such failure is given to the
     party;

     (ii) Breach of Agreement. Failure by the party to comply with or perform
     any agreement or obligation (other than an obligation to make any payment
     under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
     notice of a Termination Event or any agreement or obligation under Section
     4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
     in accordance with this Agreement if such failure is not remedied on or
     before the thirtieth day after notice of such failure is given to the
     party;

     (iii) Credit Support Default.

          (1) Failure by the party or any Credit Support Provider of such party
          to comply with or perform any agreement or obligation to be complied
          with or performed by it in accordance with any Credit Support Document
          if such failure is continuing after any applicable grace period has
          elapsed;

          (2) the expiration or termination of such Credit Support Document or
          the failing or ceasing of such Credit Support Document to be in full
          force and effect for the purpose of this Agreement (in either case
          other than in accordance with its terms) prior to the satisfaction of
          all obligations of such party under each Transaction to which such
          Credit Support Document relates without the written consent of the
          other party; or

          (3) the party or such Credit Support Provider disaffirms, disclaims,
          repudiates or rejects, in whole or in part, or challenges the validity
          of, such Credit Support Document;

     (iv) Misrepresentation. A representation (other than a representation under
     Section 3(e) or (f)) made or repeated or deemed to have been made or
     repeated by the party or any Credit Support Provider of such party in this
     Agreement or any Credit Support Document proves to have been incorrect or
     misleading in any material respect when made or repeated or deemed to have
     been made or repeated;
<PAGE>

     (v) Default under Specified Transaction. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such party (1)
     defaults under a Specified Transaction and, after giving effect to any
     applicable notice requirement or grace period, there occurs a liquidation
     of, an acceleration of obligations under, or an early termination of, that
     Specified Transaction, (2) defaults, after giving effect to any applicable
     notice requirement or grace period, in making any payment or delivery due
     on the last payment, delivery or exchange date of, or any payment on early
     termination of, a Specified Transaction (or such default continues for at
     least three Local Business Days if there is no applicable notice
     requirement or grace period) or (3) disaffirms, disclaims, repudiates or
     rejects, in whole or in part, a Specified Transaction (or such action is
     taken by any person or entity appointed or empowered to operate it or act
     on its behalf);

     (vi) Cross Default. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default, event
     of default or other similar condition or event (however described) in
     respect of such party, any Credit Support Provider of such party or any
     applicable Specified Entity of such party under one or more agreements or
     instruments relating to Specified Indebtedness of any of them (individually
     or collectively) in an aggregate amount of not less than the applicable
     Threshold Amount (as specified in the Schedule) which has resulted in such
     Specified Indebtedness becoming, or becoming capable at such time of being
     declared, due and payable under such agreements or instruments, before it
     would otherwise have been due and payable or (2) a default by such party,
     such Credit Support Provider or such Specified Entity (individually or
     collectively) in making one or more payments on the due date thereof in an
     aggregate amount of not less than the applicable Threshold Amount under
     such agreements or instruments (after giving effect to any applicable
     notice requirement or grace period);

     (vii) Bankruptcy. The party, any Credit Support Provider of such party or
     any applicable Specified Entity of such party:--

          (1) is dissolved (other than pursuant to a consolidation, amalgamation
          or merger); (2) becomes insolvent or is unable to pay its debts or
          fails or admits in writing its inability generally to pay its debts as
          they become due; (3) makes a general assignment, arrangement or
          composition with or for the benefit of its creditors; (4) institutes
          or has instituted against it a proceeding seeking a judgment of
          insolvency or bankruptcy or any other relief under any bankruptcy or
          insolvency law or other similar law affecting creditors' rights, or a
          petition is presented for its winding-up or liquidation, and, in the
          case of any such proceeding or petition instituted or presented
          against it, such proceeding or petition (A) results in a judgment of
          insolvency or bankruptcy or the entry of an order for relief or the
          making of an order for its winding-up or liquidation or (B) is not
          dismissed, discharged, stayed or restrained in each case within 30
          days of the institution or presentation thereof; (5) has a resolution
          passed for its winding-up, official management or liquidation (other
          than pursuant to a consolidation, amalgamation or merger); (6) seeks
          or becomes subject to the appointment of an administrator, provisional
          liquidator, conservator, receiver, trustee, custodian or other similar
          official for it or for all or substantially all its assets; (7) has a
          secured party take possession of all or substantially all its assets
          or has a distress, execution, attachment, sequestration or other legal
          process levied, enforced or sued on or against all or substantially
          all its assets and such secured party maintains possession, or any
          such process is not dismissed, discharged, stayed or restrained, in
          each case within 30 days thereafter; (8) causes or is subject to any
          event with respect to it which, under the applicable laws of any
          jurisdiction, has an analogous effect to any of the events specified
          in clauses (1) to (7) (inclusive); or (9) takes any action in
          furtherance of, or indicating its consent to, approval of, or
          acquiescence in, any of the foregoing acts; or

     (viii) Merger Without Assumption. The party or any Credit Support Provider
     of such party consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and, at
     the time of such consolidation, amalgamation, merger or transfer:--

          (1) the resulting, surviving or transferee entity fails to assume all
          the obligations of such party or such Credit Support Provider under
          this Agreement or any Credit Support Document to which it or its
          predecessor was a party by operation of law or pursuant to an
          agreement reasonably satisfactory to the other party to this
          Agreement; or
<PAGE>

          (2) the benefits of any Credit Support Document fail to extend
          (without the consent of the other party) to the performance by such
          resulting, surviving or transferee entity of its obligations under
          this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the event
is specified pursuant to (v) below:--

     (i) Illegality. Due to the adoption of, or any change in, any applicable
     law after the date on which a Transaction is entered into, or due to the
     promulgation of, or any change in, the interpretation by any court,
     tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party):--

          (1) to perform any absolute or contingent obligation to make a payment
          or delivery or to receive a payment or delivery in respect of such
          Transaction or to comply with any other material provision of this
          Agreement relating to such Transaction; or

          (2) to perform, or for any Credit Support Provider of such party to
          perform, any contingent or other obligation which the party (or such
          Credit Support Provider) has under any Credit Support Document
          relating to such Transaction;

     (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
     brought in a court of competent jurisdiction, on or after the date on which
     a Transaction is entered into (regardless of whether such action is taken
     or brought with respect to a party to this Agreement) or (y) a Change in
     Tax Law, the party (which will be the Affected Party) will, or there is a
     substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e)) and no additional amount is required to be paid in
     respect of such Tax under Section 2(d)(i)(4) (other than by reason of
     Section 2(d)(i)(4)(A) or (B));

     (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the next
     succeeding Scheduled Payment Date will either (1) be required to pay an
     additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

     (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
     in the Schedule as applying to the party, such party ("X"), any Credit
     Support Provider of X or any applicable Specified Entity of X consolidates
     or amalgamates with, or merges with or into, or transfers all or
     substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or
<PAGE>

     (v) Additional Termination Event. If any "Additional Termination Event" is
     specified in the Schedule or any Confirmation as applying, the occurrence
     of such event (and, in such event, the Affected Party or Affected Parties
     shall be as specified for such Additional Termination Event in the Schedule
     or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

     (i) Notice. If a Termination Event occurs, an Affected Party will, promptly
     upon becoming aware of it, notify the other party, specifying the nature of
     that Termination Event and each Affected Transaction and will also give
     such other information about that Termination Event as the other party may
     reasonably require.

     (ii) Transfer to Avoid Termination Event. If either an Illegality under
     Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
     Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
     Affected Party, the Affected Party will, as a condition to its right to
     designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject to
     and conditional upon the prior written consent of the other party, which
     consent will not be withheld if such other party's policies in effect at
     such time would permit it to enter into transactions with the transferee on
     the terms proposed.

     (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
     Tax Event occurs and there are two Affected Parties, each party will use
     all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

     (iv) Right to Terminate. If:--

          (1) a transfer under Section 6(b)(ii) or an agreement under Section
          6(b)(iii), as the case may be, has not been effected with respect to
          all Affected Transactions within 30 days after an Affected Party gives
          notice under Section 6(b)(i); or
<PAGE>

          (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger
          or an Additional Termination Event occurs, or a Tax Event Upon Merger
          occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then continuing, designate
     a day not earlier than the day such notice is effective as an Early
     Termination Date in respect of all Affected Transactions.

(c) Effect of Designation.

     (i) If notice designating an Early Termination Date is given under Section
     6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
     Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
     respect of the Terminated Transactions will be required to be made, but
     without prejudice to the other provisions of this Agreement. The amount, if
     any, payable in respect of an Early Termination Date shall be determined
     pursuant to Section 6(e).

(d) Calculations.

     (i) Statement. On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(e)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a quotation obtained in determining
     a Market Quotation, the records of the party obtaining such quotation will
     be conclusive evidence of the existence and accuracy of such quotation.

     (ii) Payment Date. An amount calculated as being due in respect of any
     Early Termination Date under Section 6(e) will be payable on the day that
     notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.
<PAGE>

     (i) Events of Default. If the Early Termination Date results from an Event
     of Default:--

          (1) First Method and Market Quotation. If the First Method and Market
          Quotation apply, the Defaulting Party will pay to the Non-defaulting
          Party the excess, if a positive number, of (A) the sum of the
          Settlement Amount (determined by the Non-defaulting Party) in respect
          of the Terminated Transactions and the Termination Currency Equivalent
          of the Unpaid Amounts owing to the Non-defaulting Party over (B) the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Defaulting Party.

          (2) First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this Agreement.

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the sum
          of the Settlement Amount (determined by the Non-defaulting Party) in
          respect of the Terminated Transactions and the Termination Currency
          Equivalent of the Unpaid Amounts owing to the Non-defaulting Party
          less (B) the Termination Currency Equivalent of the Unpaid Amounts
          owing to the Defaulting Party. If that amount is a positive number,
          the Defaulting Party will pay it to the Non-defaulting Party; if it is
          a negative number, the Non-defaulting Party will pay the absolute
          value of that amount to the Defaulting Party.

          (4) Second Method and Loss. If the Second Method and Loss apply, an
          amount will be payable equal to the Non-defaulting Party's Loss in
          respect of this Agreement. If that amount is a positive number, the
          Defaulting Party will pay it to the Non-defaulting Party; if it is a
          negative number, the Non-defaulting Party will pay the absolute value
          of that amount to the Defaulting Party.

     (ii) Termination Events. If the Early Termination Date results from a
     Termination Event:--

          (1) One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and to
          the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the Transactions
          are being terminated, Loss shall be calculated in respect of all
          Terminated Transactions.

          (2) Two Affected Parties. If there are two Affected Parties:--

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the Transactions
               are being terminated, in respect of all Terminated Transactions)
               and an amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

     If the amount payable is a positive number, Y will pay it to X; if it is a
     negative number, X will pay the absolute value of that amount to Y.
<PAGE>

     (iii) Adjustment for Bankruptcy. In circumstances where an Early
     Termination Date occurs because "Automatic Early Termination" applies in
     respect of a party, the amount determined under this Section 6(e) will be
     subject to such adjustments as are appropriate and permitted by law to
     reflect any payments or deliveries made by one party to the other under
     this Agreement (and retained by such other party) during the period from
     the relevant Early Termination Date to the date for payment determined
     under Section 6(d)(ii).

     (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
     amount recoverable under this Section 6(e) is a reasonable pre-estimate of
     loss and not a penalty. Such amount is payable for the loss of bargain and
     the loss of protection against future risks and except as otherwise
     provided in this Agreement neither party will be entitled to recover any
     additional damages as a consequence of such losses.

7. Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in
<PAGE>

connection with the purchase of or conversion into the Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

     (i) This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall be entered into as soon as practicable and
     may be executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organization of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.
<PAGE>

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11. Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

     (i) if in writing and delivered in person or by courier, on the date it is
     delivered;

     (ii) if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
     received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv) if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v) if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

     (i) submits to the jurisdiction of the English courts, if this Agreement is
     expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and
<PAGE>

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.
<PAGE>

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.
<PAGE>

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.
<PAGE>

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.
<PAGE>

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.
<PAGE>

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

Morgan guaranty Trust Company
Of New York                      CAPITAL ONE MASTER TRUST
-----------------------------    -------------------------------------------
          (Name of Party)                        (Name of Party)

                                 By:      The Bank of New York
                                    ----------------------------------------
                                    solely in its capacity as trustee and not in
                                    its individual capacity

By: /s/ Andrew D. Brown             By: /s/ Scott J. Tepper
   --------------------------       -----------------------------------
    Name: Andrew D. Brown           Name: Scott J. Tepper
    Title: Vice President           Title: Assistant Treasurer
    Date: 10/26/00                  Date: 10/26/00
<PAGE>

                                                                  EXECUTION COPY

                                    SCHEDULE
                                     to the
                                Master Agreement
                          dated as of October 26, 2000
                                     between
             MORGAN GUARANTY TRUST COMPANY OF NEW YORK ("Party A"),

                                       and

                      THE BANK OF NEW YORK (the "Trustee")
                              acting as trustee for

The CAPITAL ONE MASTER TRUST  ("Party B"), a trust formed  pursuant to a pooling
and  servicing  agreement  dated  as of  September  30,  1993  (as  amended  and
supplemented  from time to time,  the "Pooling  and  Servicing  Agreement"),  as
supplemented by the Series 2000-4  Supplement  dated as of October 26, 2000 each
between  Capital One Bank, as Seller and Servicer,  and the Trustee (the Pooling
and Servicing Agreement, as so supplemented, the "Trust Agreement").

Part 1.  Termination Provisions.

In this Agreement:

(a)  "Specified Entity" shall not apply for purposes of this Agreement.

(b)  "Specified Transaction" will have the meaning specified in Section 14 of
     this Agreement.

(c)  The "Breach of Agreement" provisions of Section 5(a)(ii), the
     "Misrepresentation" provisions of Section 5(a)(iv), the "Default under
     Specified Transaction" provisions of Section 5(a)(v), the "Cross Default"
     provisions of Section 5(a)(vi), the "Merger Without Assumption" provisions
     of Section 5(a)(viii), the "Tax Event" provisions of Section 5(b)(ii), "Tax
     Event Upon Merger" provisions of Section 5(b)(iii), and the "Credit Event
     Upon Merger" provisions of Section 5(b)(iv) will not apply to Party A and
     will not apply to Party B. Solely after giving effect to an amendment
     pursuant to Section 10.08 of the Trust Agreement and solely with respect to
     payments required to be made by Party A, "third" in the final line of
     Section 5(a)(i) of this Agreement shall be replaced with "sixth".

(d)  The "Automatic Early Termination" provisions of Section 6(a) will not apply
     to Party A and will not apply to Party B.
<PAGE>

(e)  Payments on Early Termination. For the purpose of Section 6(e) of this
     Agreement, Market Quotation and the Second Method will apply; provided,
     however, that in the case of an Event of Default with respect to Party A as
     the Defaulting Party or a Termination Event with respect to Party A as the
     sole Affected Party, the related Settlement Amount, if negative, will be
     deemed to be zero if the Market Quotation cannot be determined.

(f)  Market Quotation. Notwithstanding anything to the contrary in the
     definition of Market Quotation in Section 14, in the case of an Event of
     Default with respect to Party A as the Defaulting Party or a Termination
     Event with respect to Party A as the sole Affected Party, the Market
     Quotation, if negative, will be deemed to be the negative quotation, if
     any, with the highest absolute value received from any Reference
     Market-maker, even if only one quotation is provided, with which Party B is
     able, using its best efforts, to enter into a Replacement Transaction even
     if Party B reasonably believes such Market Quotation would not produce a
     commercially reasonable result.

(g)  "Reference Market-maker" will not have the meaning specified in Section 14,
     but will instead mean the following:

          "Reference Market-maker" means five leading dealers in the relevant
          market selected by the party determining the Market Quotation in good
          faith (a) from among dealers which are rated not lower than investment
          grade by S&P and Moody's which satisfy the criteria that such party
          applies generally at that time in deciding whether to offer or make an
          extension of credit and (b) to the extent practicable, from among
          dealers having an office in the same city.

(h) "Termination Currency" means United States Dollars ("USD").

Part 2.  Tax Representations.

(a) Representations of Party A.

     (1)  Payer Tax Representation. For the purpose of Section 3(e) of this
          Agreement, Party A hereby makes the following representation:

          (i)  It is not required by any applicable law, as modified by the
               practice of any relevant governmental revenue authority, of any
               Relevant Jurisdiction to make any deduction or withholding for or
               on account of any Tax from any payment (other than interest under
               Sections 2(e), 6(d)(ii) and 6(e) of this Agreement) to be made by
               it to Party B under this Agreement. In making this
               representation, it may rely on:

               (a)  the accuracy of any representations made by Party B pursuant
                    to Section 3(f) of this Agreement;
<PAGE>

               (b)  the satisfaction of the agreement of Party B contained in
                    Section 4(a)(i) or 4(a)(iii) of this Agreement and the
                    accuracy and effectiveness of any document provided by Party
                    B pursuant to Section 4(a)(i) or 4(a)(iii) of this
                    Agreement; and

               (c)  the satisfaction of the agreement of Party B contained in
                    Section 4(d) of this Agreement,

               provided that it shall not be a breach of this representation
               where reliance is placed on clause (b) and Party B does not
               deliver a form or document under Section 4(a)(iii) of this
               Agreement by reason of material prejudice to its legal or
               commercial position.

          (ii) It (A) is entering into such Swap Transaction in the ordinary
               course of its trade as, and is, either (x) a recognized U.K. bank
               of (y) a recognized U.K. swaps dealer (in either case (x) or
               (y)), for purposes of the United Kingdom Inland Revenue Extra
               Statutory Concession on interest and currency swaps dated April
               14, 1989), and (B) will bring into account payments made and
               received in respect of such Swap Transaction in computing its
               income for United Kingdom tax purposes.

(2)  Payee Tax Representations. For the purpose of Section 3(f) of this
     Agreement, Party A makes the representations specified below:

          (i)  It (A) is entering into such Swap Transaction in the ordinary
               course of its trade as, and is, either (x) a recognized U.K. bank
               or (y) a recognized U.K. swaps dealer (in either case (x) or
               (y)), for purposes of the United Kingdom Inland Revenue Extra
               Statutory Concession on interest and currency swaps dated April
               14, 1989), and (B) will bring into account payments made and
               received in respect of such Swap Transaction in computing its
               income for United Kingdom tax purposes.

          (ii) It (A) is a banking corporation or is organized under the laws of
               the State of New York and (B) is a domestic corporation within
               the meaning of Sections 7701(a)(3) and 7701(a)(4) of the United
               States Internal Revenue Code.

(b)  Representations of Party B.

     (1)  Payer Tax Representation. For the purpose of Section 3(e) of this
          Agreement, Party B hereby makes the following representation:

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other
<PAGE>

          than interest under Sections 2(e), 6(d)(ii) and 6(e) of this
          Agreement) to be made by it to Party A under this Agreement. In making
          this representation, it may rely on:

          (i)  the accuracy of any representation made by Party A pursuant to
               Section 3(f) of this Agreement;

          (ii) the satisfaction of the agreement of Party A contained in Section
               4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
               effectiveness of any document provided by Party A pursuant to
               Section 4(a)(i) or 4(a)(iii) of this Agreement; and

          (iii) the satisfaction of the agreement of Party A contained in
               Section 4(d) of this Agreement,

          provided that it shall not be a breach of this representation where
          reliance is placed on clause (ii) and Party A does not deliver a form
          or document under Section 4(a)(iii) of this Agreement by reason of
          material prejudice to its legal or commercial position.

     (2)  Payee Tax Representations. For the purpose of Section 3(f) of this
          Agreement, Party B makes the representation specified below:

          (i)  For United States federal income tax purposes it is a "United
               States Person" as defined in ss. 7701(a)(30) of the Internal
               Revenue Code.

Part 3.  Agreement to Deliver Documents.

          For the purpose of Sections 3(d), 4(a)(i) and (ii) of this Agreement,
          each party agrees to deliver the following documents, as applicable:

               (a)  Tax forms, documents or certificates to be delivered are:
<PAGE>

<TABLE>
<CAPTION>
======================= ===================================== ====================== =====================
Party required to                                                                    Covered by Section
deliver document                                              Date by which          3(d) Representation
                        Form/Document/Certificate             to be delivered
----------------------- ------------------------------------- ---------------------- ---------------------
<S>                     <C>                                    <C>                   <C>
Party B                 Any form or document that may be      Promptly upon          Yes
                        reasonably requested, and that        reasonable demand by
                        Party B is eligible to provide, in    the other party.
                        order to allow the requesting party
                        to make a payment without (or with
                        reduced) withholding Tax.
----------------------- ------------------------------------- ---------------------- ---------------------
Party A                 An accurate and complete signed       (i) Concurrently       Yes
                        copy of Internal Revenue Service      with the execution
                        Form W-9 (or any successor thereto)   and delivery of this
                        and all other related forms           Agreement and the
                        (including any certificate with       Confirmation,
                        respect thereto) as Party B may       (ii) prior to the
                        reasonably request.                   expiration of the
                                                              immediately
                                                              preceding     form
                                                              that  was in  full
                                                              force and  effect,
                                                              and  (iii)  at any
                                                              time that a change
                                                              in   circumstances
                                                              renders        the
                                                              preceding     form
                                                              inaccurate      or
                                                              incomplete  in any
                                                              material respect.
======================= ===================================== ====================== =====================
</TABLE>
<PAGE>

     (b)  Other documents to be delivered are:
<TABLE>
<CAPTION>
======================== ======================= ====================== ================
Party required to                                                       Covered by
deliver document         Form/Document/          Date by which to be    Section 3(d)
                         Certificate             delivered
------------------------ ----------------------- ---------------------- ----------------
<S>                      <C>                     <C>                    <C>
Party A                  Opinions of  counsel    Upon execution of      Yes
                         for Party A             this Agreement
                         substantially in the
                         form of Exhibit A to
                         this Schedule
------------------------ ----------------------- ---------------------- ----------------
Party A                  An incumbency           Upon execution of      Yes
                         certificate with        this Agreement
                         respect to the
                         signatory of this
                         Agreement
------------------------ ----------------------- ---------------------- ----------------
Party B                  An opinion of counsel   Upon execution of      Yes
                         for Party B             this Agreement
                         substantially in the
                         form of Exhibit B to
                         this Schedule
------------------------ ----------------------- ---------------------- ----------------
Party B                  An incumbency           Upon execution of      Yes
                         certificate with        this Agreement
                         respect to the
                         signatory of this
                         Agreement
------------------------ ----------------------- ---------------------- ----------------
Party B                  Documentary evidence    Upon execution of      Yes
                         of authority of The     this Agreement
                         Bank of New York, as
                         Trustee, to act on
                         behalf of Party B
======================== ======================= ====================== ================
</TABLE>

Part 4.  Miscellaneous.

(a)  Addresses for Notices. For the purpose of Section 12(a):

     Address for all notices or communications to Party A (other than notices
     under Sections 5 and 6):
<PAGE>

     Address:          Morgan Guaranty Trust Company of New York
                       60 Wall Street
                       New York, New York  10260
                       Attention:  Global Swaps
                       Facsimile No.:  (212) 648-5922

     All notices or communications to Party A under Section 5 or 6 shall be
     effective only if given in writing and delivered in person or by courier,
     on the date it is delivered, which notice or communication shall have been
     personally delivered to Party A's Head of Swaps Marketing, Head of Swaps
     Trading or Head of U.S. Dollar Swaps Book in New York at the address set
     forth below:

      Address: Morgan Guaranty Trust Company of New York
                        60 Wall Street
                        New York, New York 10260

      Address for notices or communications to Party B:

      Address:          Capital One Master Trust
                        c/o The Bank of New York, as Trustee
                        101 Barclay Street - 12E
                        New York, New York 10286
                        Attention:                Corporate Trust Department
                        Telephone No.:            (212) 815-5738
                        Facsimile No.:            (212) 815-5544
<PAGE>

         with a copy to:

                           Capital One Master Trust
                           Capital One Bank, as Servicer
                           8000 Jones Branch Drive
                           Suite 200
                           McLean, Virginia  22102
                           Attention:  Director of Securitization
                           Telephone No.:  (703) 875-1305
                           Facsimile No.:  (703) 875-1389

         with a copy to:

                           Capital One Bank
                           8000 Jones Branch Drive
                           Suite 200
                           McLean, Virginia  22102
                           Attention:  General Counsel
                           Telephone No.:  (703) 875-1490
                           Facsimile No.:  (703) 875-1589

     For all purposes.

(b)  Process Agent. For the purpose of Section 13(c):

     Party A appoints as its Process Agent: Not applicable.

     Party B appoints as its Process Agent: Not applicable.

(c)  Offices. The provisions of Section 10(a) will apply to this Agreement.

(d)  Multibranch Party. For the purpose of Section 10(c) of this Agreement:

     Party A is a Multibranch Party and may act through its London, New York and
     Tokyo Offices.

     Party B is not a Multibranch Party.

(e)  Calculation Agent. The Calculation Agent is the Trustee, unless otherwise
     specified in a Confirmation in relation to the relevant Transaction.

(f)  Credit Support Document. Details of any Credit Support Document:

     In the case of Party A: Not applicable.
<PAGE>

     In the case of Party B: Not applicable.

(g)  Credit Support Provider.

     In relation to Party A: Not applicable

     In relation to Party B: Not applicable

(h)  Governing Law. This Agreement will be governed by and construed in
     accordance with the laws of the State of New York (without reference to
     choice of law doctrine but without prejudice to the provisions of Section
     5-1401 of the General Obligations Law of the State of New York).

(i)  Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement
     will apply to any of the Transactions.

(j)  "Affiliate" will have the meaning specified in Section 14 of this
     Agreement, except that with respect to Party B there shall be deemed to be
     no Affiliates.

(k)  Amendments. Party B shall give S&P and Moody's notice of any amendment to
     this Agreement as soon as practicable thereafter.

Part 5. Other Provisions.

(a)  Confirmation. Each Confirmation supplements, forms part of, and will be
     read and construed as one with, this Agreement. A form of Confirmation is
     set forth as Exhibit C hereto.

(b)  Waiver of Trial By Jury. Each party waives, to the fullest extent permitted
     by applicable law, any right it may have to a trial by jury in respect of
     any suit, action or proceeding relating to this Agreement. Each party (i)
     certifies that no representative, agent or attorney of the other party has
     represented, expressly or otherwise, that such other party would not, in
     the event of such a suit, action or proceeding, seek to enforce the
     foregoing waiver and (ii) acknowledges that it and the other party have
     been induced to enter this Agreement by, among other things, the mutual
     waivers and certifications in this Section.

(c)  Non-Petition. Party A hereby agrees that it will not bring any action
     (whether in bankruptcy or otherwise) against Party B in any court prior to
     the date which is one year and one day after all Investor Certificates (as
     such term is defined in the Pooling and Servicing Agreement), including all
     collateral interests and class C interests, of Party B have been paid in
     full.

(d)  Assignment. In the event the long-term senior unsecured debt rating of
     Party A is lowered to below the category of BBB- by Standard & Poor's
     Corporation ("S&P") or Baa3 by Moody's Investor Services ("Moody's") or
     such rating agencies' then equivalent ratings, or
<PAGE>

     such ratings are withdrawn by either S&P or Moody's, the Trustee shall
     direct Party A to assign and delegate (which may require Party A to incur a
     loss) its rights and obligations under any Transaction to a replacement
     counterparty. Party B shall give S&P and Moody's notice of the replacement
     counterparty as soon as practicable thereafter.

(e)  Provision for Payments from Party B. Notwithstanding anything contained in
     this Agreement to the contrary, any amount required to be paid by Party B
     pursuant to this Agreement will be payable only to the extent provided in
     subsection 4.05(a)(ii) of the Trust Agreement (as each such term is defined
     in the Confirmation). Except as expressly provided in Part 5(j) below, the
     Trustee shall not be required to expend or risk its own funds or otherwise
     incur any liability in connection with this Agreement, and Party A shall
     not bring any claim whatsoever against the Trustee in its individual
     capacity or against the assets of the Trustee (other than the assets of the
     Trust).

(f)  Definition of Trustee. For purposes of this Agreement the term "Trustee"
     shall mean The Bank of New York as trustee for Party B.

(g)  Relationship Between Parties. Each party will be deemed to represent to the
     other party on the date on which it enters into this Agreement that (absent
     a written agreement between the parties that expressly imposes affirmative
     obligations to the contrary):

     (i) Non-Reliance. It is acting for its own account, and it has made its own
     independent decisions to enter into this Agreement and as to whether this
     Agreement is appropriate or proper for it based upon its own judgment and
     upon advice from such advisers as it has deemed necessary. It is not
     relying on any communication (written or oral) of the other party as
     investment advice or as a recommendation to enter into this Agreement; it
     being understood that information and explanations related to the terms and
     conditions of this Agreement shall not be considered investment advice or a
     recommendation to enter into this Agreement. No communication (written or
     oral) received from the other party shall be deemed to be an assurance or
     guarantee as to the expected results of this Agreement.

     (ii) Assessment and Understanding. It is capable of assessing the merits of
     and understanding (on its own behalf or through independent professional
     advice), and understands and accepts, the terms, conditions and risks of
     this Agreement. It is also capable of assuming, and assumes, the risks of
     this Agreement.

     (iii) Status of Parties. The other party is not acting as a fiduciary for
     or as adviser to it in respect of this Agreement.

(h)  Additional Representations. Each of Party A and Party B represents that it
     is an "eligible swap participant" as defined in Commodities Futures Trading
     Commission Rule 35.1(b)(2) (17 C.F.R. 35(b)(2)).
<PAGE>

(i)  Negative Interest Rates. Party A and Party B agree that:

     if, with respect to a Calculation Period for a Transaction, a party ("X")
     is obligated to pay a Floating Amount that is a negative number (either by
     reason of a negative Floating Rate or the subtraction of a Spread from the
     Floating Rate), the Floating Amount with respect to X for that Calculation
     Period will be deemed to be zero, and the other party ("Y") will pay to X
     the absolute value of the negative Floating Amount, in addition to any
     amounts otherwise owed by Y to X, on the Payment Date such Floating Amount
     would have been payable if it had been a positive number. Any amounts paid
     by Y to X pursuant to this provision will be paid to such account as X may
     designate (unless Y gives timely notice of a reasonable objection to such
     designation) in the currency in which that Floating Amount would have been
     paid if it had been a positive number (and without regard to the currency
     in which Y is otherwise obligated to make payments).

(j)  Limited Recourse. It is expressly understood and agreed by the parties
     hereto that (i) this Agreement and each Transaction entered into pursuant
     to this Agreement is entered into by The Bank of New York, not individually
     or personally but solely as Trustee of the Capital One Master Trust (the
     "Trust") in the exercise of the powers and authority conferred and vested
     in it, (ii) the representations, undertakings and agreements herein made on
     the part of the Trust are made and intended not as personal
     representations, undertakings and agreements by the Trustee but are made
     and intended for the purpose of binding only the Trust, (iii) nothing
     herein contained shall be construed as creating any liability on the
     Trustee on the part of the Trust, individually or personally, to perform
     any covenant either expressed or implied herein, all such liability, if
     any, being expressly waived by the parties who are signatories to this
     Agreement and by any Persons claiming by, through or under such parties;
     provided, however, that the Trustee shall be liable in its individual
     capacity for its own willful misconduct or gross negligence and (iv) under
     no circumstances shall the Trustee be personally liable for the payment of
     any indebtedness or expenses of the Trust or be liable for the breach or
     failure of any obligation, representation, warranty or covenant made or
     undertaken by the Trust under this Agreement.
<PAGE>

The parties executing this Schedule have executed the Master Agreement and have
agreed as to the contents of this Schedule.

                                MORGAN  GUARANTY
                                TRUST  COMPANY OF NEW YORK

                                By: /s/ Andrew D. Brown
                                   ---------------------------
                                Name: Andrew D. Brown
                                Title: Vice President

                                THE BANK OF NEW YORK, solely in its capacity as
                                trustee for the CAPITAL ONE MASTER TRUST and not
                                in its individual capacity

                                By: /s/ Scott J. Tepper
                                   ---------------------------
                                Name: Scott J. Tepper
                                Title: Assistant Treasurer
<PAGE>

                              EXHIBIT A to Schedule

Capital One Master Trust
c/o The Bank of New York
101 Barclay Street
New York, New York 10286

Attention:        Kelly Sheahan-Paci

Dear Ladies and Gentlemen:

This opinion is furnished to you in connection with the Master Agreement (the
"Agreement") between Morgan Guaranty Trust Company of New York ("Morgan") and
___________ (the "Counterparty") dated as of ___________. Terms defined in the
Agreement and used but not defined herein have the meanings given to them in the
Agreement.

I am Vice President and Assistant General Counsel of Morgan and have represented
Morgan in connection with the Agreement and the transactions contemplated
thereby. In connection with the delivery of this opinion, I have examined (a)
executed copies of the Agreement and (b) copies, certified or otherwise
identified to my satisfaction, of such documents, corporate records,
certificates of public officials and other instruments, and have conducted such
investigation of fact and law, as I have deemed necessary or appropriate for the
opinions expressed herein. In rendering the opinions expressed below, I have
assumed the due authorization, execution and delivery of the Agreement by each
of the parties thereto other than Morgan and I have assumed and have not
verified that the signatures (other than signatures of officers of Morgan) on
all documents that I have examined are genuine.

Based on the foregoing, I am of the opinion that:

(1)  Morgan is a banking corporation, duly organized, validly existing and in
     good standing under the laws of the State of New York.

(2)  Morgan has full corporate power and authority to execute and deliver the
     Agreement and to perform its obligations thereunder and the Agreement has
     been duly authorized, executed and delivered by Morgan.

(3)  No consents, authorizations or approvals are required for the execution and
     delivery by Morgan of the Agreement and the performance of its obligations
     thereunder, and no other action by, and no notice to or filing with, any
     governmental authority or regulatory body is required for such execution,
     delivery or performance.

(4)  The execution, delivery and performance by Morgan of the Agreement do not
     and will not contravene any law or governmental regulation or order
     presently binding on Morgan or its articles of incorporation or bylaws or
     contravene any provision of or constitute a default
<PAGE>

     under any indenture, contract or other instrument to which Morgan is a
     party or by which Morgan is bound.

(5)  The Agreement constitutes the legal, valid and binding obligation of Morgan
     enforceable in accordance with its terms (except as enforcement thereof may
     be limited by bankruptcy, reorganization, insolvency, moratorium or other
     laws affecting the enforcement of creditors' rights generally and by
     general equitable principles).

With respect to clause (5) above, I express no opinion regarding the legality,
validity, binding effect or enforceability of Section 6(e) of the Agreement
insofar as it purports to obligate a party, on termination of the Agreement, to
pay an amount in excess of that measured by the lowest quotation from a
Reference Market-maker. In addition, in connection with any such Early
Termination on the grounds of default, a court might limit the non-defaulting
party's recovery to its actual damages in the circumstances, imposing its own
settlement procedures in lieu of the provisions of Section 6(e) of the
Agreement.

I am a member of the bar of the State of New York and the opinions expressed
herein are limited to the laws of the State of New York and the Federal laws of
the United States of America.

I am furnishing this letter to you in my capacity as Counsel for Morgan and this
opinion may not be relied upon by or furnished to any other person without my
prior written consent.

                                                 Very truly yours,
<PAGE>

                              EXHIBIT B to Schedule

                    [Form of Opinion of Counsel for Trustee]
<PAGE>

                              EXHIBIT C to Schedule

Date:             October 26, 2000

To:               The Bank of New York acting as
                  Trustee for the
                  Capital One Master Trust

                  Telephone: (212) 815-5738
                  Telecopier: (212) 815-5544

From:             Morgan Guaranty Trust Company of New York

Subject: Swap Transaction

     The purpose of this communication is to set forth the terms and conditions
of the swap transaction entered into on the Trade Date referred to below (the
"Swap Transaction"), between THE BANK OF NEW YORK (the "Trustee") acting as
trustee for the CAPITAL ONE MASTER TRUST ("Party B"), but only as relates to the
Series 2000-4 Class A Floating Rate Asset Backed Certificates (the "Trust") and
Morgan Guaranty Trust Company of New York ("Party A"). This communication
constitutes a "Confirmation" as referred to in the Swap Agreement specified
below.

     This Confirmation supplements, forms part of, and is subject to, the Master
Agreement dated as of October 26, 2000 between Party A and Party B (the "Master
Agreement"). All provisions contained in, or incorporated by reference to, such
Master Agreement shall govern this Confirmation except as expressly modified
below.

     This Confirmation and the Schedule to the Master Agreement (the "Schedule")
each incorporate the definitions and provisions contained in (i) the 1991 ISDA
Definitions (as supplemented by the 1998 Supplement) (as published by the
International Swaps and Derivatives Association, Inc.) (the "Definitions"),
without regard to any amendment to the Definitions subsequent to the date
hereof, and (ii) the Series 2000-4 Supplement dated as of October 26, 2000 (the
"Supplement") to the Pooling and Servicing Agreement dated as of September 30,
1993 by and between Capital One Bank, as Seller and Servicer, and The Bank of
New York, as Trustee (as amended, the "Pooling and Servicing Agreement",
together with the Supplement, the "Trust Agreement"), and relating to the Trust,
Series 2000-4 ("Series 2000-4") and, in particular, for the purposes hereof, the
Class A Floating Rate Asset Backed Certificates, Series 2000-4 (the "Class A
Certificates"). In the event of any inconsistency between the definitions in the
Supplement and any of the Definitions, the Schedule or this Confirmation, the
definitions in the Supplement will govern; in the event of any inconsistency
between this Confirmation and either the Schedule or the Definitions, this
Confirmation will govern; and in the event of any inconsistency between the
Schedule and the Definitions, the Schedule will govern.
<PAGE>

     The terms of this particular Swap Transaction to which this Confirmation
relates are as follows:

     Trade Date:
          October 26, 2000

     Effective Date:
          October 26, 2000

     Termination Date:
          The earlier of (i) the date on which the Notional Amount is zero and
          (ii) the October 2005 Distribution Date.

     Expected Final Payment Date
          The October 2005 Distribution Date.

Fixed Amounts:
     Fixed Rate Payer:
          Party B.

     Fixed Rate:
          6.763%.

     Fixed Amount for Initial Fixed Rate Payer Payment Date:
          $3,480,127.08.

     Fixed
          Amount: For each Fixed Rate Payer Payment Date other than the initial
          Fixed Rate Payer Payment Date, an amount calculated on a formula basis
          for that Fixed Rate Payer Payment Date as follows:
                    Fixed Rate
          Fixed  =   Notional    x   Fixed
          Amount      Amount          Rate
                    ----------------------
                               12

     Fixed Rate Notional Amount:
          For the initial Fixed Rate Payer Payment Date, $975,000,000 (the
          initial outstanding principal balance of the Class A Certificates),
          and for each Fixed Rate Payer Payment Date thereafter the outstanding
          principal balance of Class A Certificates as of the Record Date
          immediately preceding such Fixed Rate Payer Payment Date.

     Fixed Rate Payer Payment Dates:
          Each Distribution Date.

     Distribution Date:
          The fifteenth (15th) day of each calendar month, commencing November
          15, 2000, or, if such day is not a Business Day, the next following
          Business Day.

Floating Amounts:

     Floating Rate Payer:
          Party A.

     Calculation Periods:
          For the initial Floating Rate Payer Payment
<PAGE>

          Date, the period from and including the Effective Date through the day
          preceding the first Distribution Date; and for each Floating Rate
          Payer Payment Date thereafter, each Calculation Period will be the
          period from and including the previous Distribution Date through the
          day preceding the current Distribution Date; provided, however, that
          solely with respect to the Floating Rate Payer Payment Date, if any,
          coinciding with the Expected Final Payment Date, the related
          Calculation Period will be the period from and including the
          Distribution Date immediately preceding the Expected Final Payment
          Date through the day preceding October 15, 2005.

     Floating Rate Payer Payment Dates:
          Each Distribution Date.

     Floating Rate Option:
          USD-LIBOR-BBA; provided, however, that the definition of
          "USD-LIBOR-Reference Banks" is hereby amended (i) to replace the
          penultimate use of "that Reset Date" in the last sentence of the
          definition of "USD-LIBOR-Reference Bank" with "the day that is two
          London Banking Days preceding that Reset Date" and (ii) to replace
          each use of "Calculation Agent" in the definition of
          "USD-LIBOR-Reference Banks" with "Servicer."

     Reset Dates:
          Means, with respect to each Floating Rate Payer Payment Date after the
          initial Floating Rate Payer Payment Date, the first day of the related
          Calculation Period for such Floating Rate Payer Payment Date.

     Designated Maturity:
          One month.

     Floating Rate Spread:
          Plus       %.

     Floating Amount for Initial Floating Rate Payer Payment Date:
          $3,661,666.67.

     Floating Rate Notional Amount:
          For the initial Floating Rate Payer Payment Date, $975,000,000 (the
          initial outstanding principal balance of the Class A Certificates),
          and for each Floating Rate Payer Payment Date thereafter the
          outstanding principal balance of the Class A Certificates as of the
          Record Date
<PAGE>

          immediately preceding such Floating Rate Payer Payment Date.

     Floating Rate Day Count Fraction:
          Actual/360.

     Compounding:
          Not Applicable.

     Calculation Agent:
          Trustee.

     Business Days:
          New York and Richmond, Virginia.

     Credit Support Document:
          Not Applicable.

     Governing Law:
          New York.

     Offices:
          Party A is a Multibranch Party and may act through its London, New
          York and Tokyo Offices.
          Party B is not a Multibranch Party.

     Payment Instructions for Party A USD:
          Morgan Guaranty Trust Co of New York
          ABA 021000238
          Favour:  Morgan Guaranty Trust Co of New
          York, London Branch
          Account No.:  670-07-054
          Reference:  Swaps Group

     Payment Instructions for the Trust in USD:
          The Bank of New York, New York
          ABA# 021000018
          A/C of Capital One Master Trust
          Series 2000-4
          A/C#  052246
<PAGE>

All inquiries regarding payments and/or rate resettings only should be sent to:
Morgan Guaranty Trust Company of New York
60 Victoria Embankment
London.  EC4Y0JP
Attention:        Derivatives Processing Center
Telephone:        011 44 171 325 3783
Facsimile:        011 44 171 325 7400
Telex:            896631 MGT G
Cable:            Morganbank
Please quote the Morgan Deal Number indicated above.

All inquiries regarding confirmations should be sent to:
Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York  10260
Attention:        Vola Grilli
Telephone:        1-212-648-6712
Facsimile:        1-212-648-5117
Please quote the Morgan Deal Number indicated above.
<PAGE>

Please  confirm  that  the  foregoing  correctly  sets  forth  the  terms of our
agreement with respect to the Swap  Transaction by signing in the space provided
below and sending a copy of the executed Confirmation to us.

It has been a pleasure  working with you on this transaction and we look forward
to working with you again in the future.

                                    Very truly yours,

                                    J.P. MORGAN SECURITIES INC., as agent for
                                    MORGAN GUARANTY TRUST COMPANY
                                    OF NEW YORK

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

Agreed and Accepted by:

THE BANK OF NEW YORK, solely
in its  capacity  as trustee for the
CAPITAL ONE MASTER TRUST and not
in its individual capacity

By:
    -------------------------------------------------
Name:
Title:
<PAGE>

Date:             October 26, 2000

To:               The Bank of New York acting as
                  Trustee for the
                  Capital One Master Trust

                  Telephone: (212) 815-5738
                  Telecopier: (212) 815-5544

From:             Morgan Guaranty Trust Company of New York

Subject: Swap Transaction

     The purpose of this communication is to set forth the terms and conditions
of the swap transaction entered into on the Trade Date referred to below (the
"Swap Transaction"), between THE BANK OF NEW YORK (the "Trustee") acting as
trustee for the CAPITAL ONE MASTER TRUST ("Party B"), but only as relates to the
Series 2000-4 Class A Floating Rate Asset Backed Certificates (the "Trust") and
Morgan Guaranty Trust Company of New York ("Party A"). This communication
constitutes a "Confirmation" as referred to in the Swap Agreement specified
below.

     This Confirmation supplements, forms part of, and is subject to, the Master
Agreement dated as of October 26, 2000 between Party A and Party B (the "Master
Agreement"). All provisions contained in, or incorporated by reference to, such
Master Agreement shall govern this Confirmation except as expressly modified
below.

     This Confirmation and the Schedule to the Master Agreement (the "Schedule")
each incorporate the definitions and provisions contained in (i) the 1991 ISDA
Definitions (as supplemented by the 1998 Supplement) (as published by the
International Swaps and Derivatives Association, Inc.) (the "Definitions"),
without regard to any amendment to the Definitions subsequent to the date
hereof, and (ii) the Series 2000-4 Supplement dated as of October 26, 2000 (the
"Supplement") to the Pooling and Servicing Agreement dated as of September 30,
1993 by and between Capital One Bank, as Seller and Servicer, and The Bank of
New York, as Trustee (as amended, the "Pooling and Servicing Agreement",
together with the Supplement, the "Trust Agreement"), and relating to the Trust,
Series 2000-4 ("Series 2000-4") and, in particular, for the purposes hereof, the
Class A Floating Rate Asset Backed Certificates, Series 2000-4 (the "Class A
Certificates"). In the event of any inconsistency between the definitions in the
Supplement and any of the Definitions, the Schedule or this Confirmation, the
definitions in the Supplement will govern; in the event of any inconsistency
between this Confirmation and either the Schedule or the Definitions, this
Confirmation will govern; and in the event of any inconsistency between the
Schedule and the Definitions, the Schedule will govern.
<PAGE>

     The terms of this particular Swap Transaction to which this Confirmation
relates are as follows:

     Trade Date:
          October 26, 2000

     Effective Date:
          October 26, 2000

     Termination Date:
          The earlier of (i) the date on which the Notional Amount is zero and
          (ii) the October 2005 Distribution Date.

     Expected Final Payment Date
          The October 2005 Distribution Date.

Fixed Amounts:

     Fixed Rate Payer:
          Party B.

     Fixed Rate:
          6.763%.

     Fixed Amount for Initial Fixed Rate Payer Payment Date:
          $3,480,127.08.

     Fixed Amount:
          For each Fixed Rate Payer Payment Date other than the initial Fixed
          Rate Payer Payment Date, an amount calculated on a formula basis for
          that Fixed Rate Payer Payment Date as follows:

                      Fixed Rate
          Fixed    =   Notional    x     Fixed
          Amount        Amount            Rate
          ------------------------------------
                                    12

     Fixed Rate Notional Amount:
          For the initial Fixed Rate Payer Payment Date, $975,000,000 (the
          initial outstanding principal balance of the Class A Certificates),
          and for each Fixed Rate Payer Payment Date thereafter the outstanding
          principal balance of Class A Certificates as of the Record Date
          immediately preceding such Fixed Rate Payer Payment Date.

     Fixed Rate Payer Payment Dates:
          Each Distribution Date.

     Distribution Date:
          The fifteenth (15th) day of each calendar month, commencing November
          15, 2000, or, if such day is not a Business Day, the next following
          Business Day.

Floating Amounts:

     Floating Rate Payer:
          Party A.

     Calculation Periods:
          For the initial Floating Rate Payer Payment
<PAGE>

          Date, the period from and including the Effective Date through the day
          preceding the first Distribution Date; and for each Floating Rate
          Payer Payment Date thereafter, each Calculation Period will be the
          period from and including the previous Distribution Date through the
          day preceding the current Distribution Date; provided, however, that
          solely with respect to the Floating Rate Payer Payment Date, if any,
          coinciding with the Expected Final Payment Date, the related
          Calculation Period will be the period from and including the
          Distribution Date immediately preceding the Expected Final Payment
          Date through the day preceding October 15, 2005.

     Floating Rate Payer Payment Dates:
          Each Distribution Date.

     Floating Rate Option:
          USD-LIBOR-BBA; provided, however, that the definition of
          "USD-LIBOR-Reference Banks" is hereby amended (i) to replace the
          penultimate use of "that Reset Date" in the last sentence of the
          definition of "USD-LIBOR-Reference Bank" with "the day that is two
          London Banking Days preceding that Reset Date" and (ii) to replace
          each use of "Calculation Agent" in the definition of
          "USD-LIBOR-Reference Banks" with "Servicer."

     Reset Dates:
          Means, with respect to each Floating Rate Payer Payment Date after the
          initial Floating Rate Payer Payment Date, the first day of the related
          Calculation Period for such Floating Rate Payer Payment Date.

     Designated Maturity:
          One month.

     Floating Rate Spread:
          Plus %.

     Floating Amount for Initial Floating Rate Payer Payment Date:
          $3,661,666.67.

     Floating Rate Notional Amount:
          For the initial Floating Rate Payer Payment Date, $975,000,000 (the
          initial outstanding principal balance of the Class A Certificates),
          and for each Floating Rate Payer Payment Date thereafter the
          outstanding principal balance of the Class A Certificates as of the
          Record Date
<PAGE>

          immediately preceding such Floating Rate Payer Payment Date.

     Floating Rate Day Count Fraction:
          Actual/360.

     Compounding:
          Not Applicable.

     Calculation Agent:
          Trustee.

     Business Days:
          New York and Richmond, Virginia.

     Credit Support Document:
          Not Applicable.

     Governing Law:
          New York.

     Offices:
          Party A is a Multibranch Party and may act through its London, New
          York and Tokyo Offices. Party B is not a Multibranch Party.

     Payment Instructions for Party A USD:
          Morgan Guaranty Trust Co of New York
          ABA 021000238
          Favour:  Morgan Guaranty Trust Co of New York, London
          Branch
          Account No.:  670-07-054
          Reference:  Swaps Group

     Payment Instructions for the Trust in USD:
          The Bank of New York, New York
          ABA# 021000018
          A/C of Capital One Master Trust
          Series 2000-4
          A/C#  052246
<PAGE>

All inquiries regarding payments and/or rate resettings only should be sent to:
Morgan Guaranty Trust Company of New York
60 Victoria Embankment
London.  EC4Y0JP
Attention:        Derivatives Processing Center
Telephone:        011 44 171 325 3783
Facsimile:        011 44 171 325 7400
Telex:            896631 MGT G
Cable:            Morganbank
Please quote the Morgan Deal Number indicated above.

All inquiries regarding confirmations should be sent to:
Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York  10260
Attention:        Vola Grilli
Telephone:        1-212-648-6712
Facsimile:        1-212-648-5117
Please quote the Morgan Deal Number indicated above.
<PAGE>

Please  confirm  that  the  foregoing  correctly  sets  forth  the  terms of our
agreement with respect to the Swap  Transaction by signing in the space provided
below and sending a copy of the executed Confirmation to us.

It has been a pleasure  working with you on this transaction and we look forward
to working with you again in the future.

                                      Very truly yours,

                                      J.P. MORGAN SECURITIES INC., as agent for
                                      MORGAN GUARANTY TRUST COMPANY
                                      OF NEW YORK

                                      By: /s/ Eric Miller
                                          --------------------------------------
                                      Name: Eric Miller
                                      Title: Associate

Agreed and Accepted by:

THE BANK OF NEW YORK, solely
in its capacity as trustee for the
CAPITAL ONE MASTER TRUST and not
in its individual capacity

By:/s/ Scott J. Tepper
    ----------------------------------
Name: Scott J. Tepper
Title: Assistant Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]