Document:

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                                                                   Exhibit 10(b)

                                                                  EXECUTION COPY

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                           ELDER-BEERMAN MASTER TRUST

                            SERIES 2000-1 SUPPLEMENT

                            Dated as of May 19, 2000

                                      among

                       THE EL-BEE RECEIVABLES CORPORATION,

                                 AS TRANSFEROR,

                            THE EL-BEE CHARGIT CORP.,

                                  AS SERVICER,

                                       and

                             BANKERS TRUST COMPANY,

                                   AS TRUSTEE

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                    ARTICLE I

                                   DESIGNATION
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     Section 1.01.  Designation...................................................................................1

                                   ARTICLE II

                                   DEFINITIONS

     Section 2.01.  Definitions...................................................................................2

                                   ARTICLE III

                    RIGHTS OF CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

     Section 3.01.  Revolving Period Daily Principal Allocations.................................................14
     Section 3.02.  Allocation of Collections of Principal Receivables...........................................14
     Section 3.03.  Allocation of Collections of Finance Charge Receivables......................................15
     Section 3.04.  Excess Spread................................................................................17
     Section 3.05.  Investor Charge-Offs.........................................................................18
     Section 3.06.  Reserve Account..............................................................................19
     Section 3.07.  Hedge Agreement..............................................................................20
     Section 3.08.  Principal Collection Account.................................................................20

                                   ARTICLE IV

                             DISTRIBUTIONS AND REPORTS TO INVESTOR CERTIFICATEHOLDERS

     Section 4.01.  Servicer Deposits............................................................................21
     Section 4.02.  Distributions................................................................................21
     Section 4.03.  Annual Certificateholders' Tax Statement.....................................................22
     Section 4.04.  Transferor's or Servicer's Failure to Make a Deposit or Payment..............................22

                                    ARTICLE V

                                    COVENANTS

     Section 5.01.  Covenants of the Servicer....................................................................23
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<TABLE>
<CAPTION>
                                   ARTICLE VI

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                     SERIES 2000-1 EARLY AMORTIZATION EVENTS

     Section 6.01.  Series Early Amortization Events.............................................................24
     Section 6.02.  Trustee's Monitoring Obligations.............................................................26

                                   ARTICLE VII

                                  MISCELLANEOUS

     Section 7.01.  Reassignment and Transfer Terms..............................................................27
     Section 7.02.  Assignment by Conduit Purchasers or Committed Purchasers.....................................27
     Section 7.03.  No Assignability by Transferor and Servicer; Transferor's Liability..........................27
     Section 7.04.  Ratification of Pooling and Servicing Agreement..............................................27
     Section 7.05.  Amendments...................................................................................27
     Section 7.06.  No Obligations under Swap Agreement..........................................................28
     Section 7.07.  Counterparts.................................................................................28
     Section 7.08.  Governing Law. Etc...........................................................................28
     Section 7.09.  No Petition..................................................................................29

                                    EXHIBITS
                                    --------

EXHIBIT A-1                Form of Class A Certificate
EXHIBIT A-2                Form of Subordinated Transferor Certificate
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                  This is the SERIES 2000-1 SUPPLEMENT, dated as of May 19, 2000
(this "SUPPLEMENT"), among THE EL-BEE RECEIVABLES CORPORATION, a Delaware
corporation, as Transferor (the "TRANSFEROR"), THE EL-BEE CHARGIT CORP., an Ohio
corporation, as Servicer (the "SERVICER"), and BANKERS TRUST COMPANY, a New York
banking corporation, as Trustee (the "TRUSTEE"), to the Pooling and Servicing
Agreement, dated as of December 30, 1997, among the Transferor, the Servicer and
the Trustee (as amended, supplemented or otherwise modified from time to time,
the "POOLING AND SERVICING AGREEMENT").

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

                  Pursuant to Section 6.09 of the Pooling and Servicing
Agreement, the Transferor, the Servicer and the Trustee may at any time and from
time to time enter into a supplement to the Pooling and Servicing Agreement for
the purpose of authorizing the delivery of one or more Series of Certificates by
the Trustee to the Transferor for the execution and redelivery to the Trustee
for authentication.

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

                                   ARTICLE I

                                   DESIGNATION

                  Section 1.01. DESIGNATION.

                  (a) There is hereby created a Series of Investor Certificates
         to be issued in two classes pursuant to the Pooling and Servicing
         Agreement and this Series Supplement and to be known together as the
         "SERIES 2000-1 CERTIFICATES". The two classes shall be designated the
         Class A Floating Rate Certificates, Series 2000-1 (the "CLASS A
         CERTIFICATES") and the Subordinated Transferor Certificate, Series
         2000-1 (the "SUBORDINATED TRANSFEROR CERTIFICATE"). The Class A
         Certificates and the Subordinated Transferor Certificate shall be
         substantially in the form of Exhibits A-1 and A-2, respectively.

                  (b) Series 2000-1 shall be included in Group One and shall be
         a Principal Sharing Series. Series 2000-1 shall not be subordinated to
         any other Series.

                  (c) The Class A Certificates and the Subordinated Transferor
         Certificate shall be delivered in fully registered form as provided in
         Section 6.02 of the Pooling and Servicing Agreement. The Transferor
         shall execute and deliver the Series 2000-1 Certificates to the Trustee
         for authentication in accordance with Section 6.01 of the Pooling and
         Servicing Agreement. The Trustee shall deliver the Series 2000-1
         Certificates when authenticated in accordance with Section 6.02 of the
         Pooling and Servicing Agreement.

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                  (d) The Subordinated Transferor Certificate shall be retained
         by the Transferor.

                  (e) The Class A Certificates may be pledged as collateral for
         the issuance other securities or commercial paper.

                                   ARTICLE II

                                   DEFINITIONS

                  Section 2.01. DEFINITIONS.

                  (a) In the event that any term or provision contained herein
         shall conflict with or be inconsistent with any provision contained in
         the Pooling and Servicing Agreement, the terms and provisions of this
         Supplement shall govern with respect to this Series.

                  (b) As used herein and in any certificate or other document
         made or delivered pursuant hereto, accounting terms not defined in this
         Section 2.01, and accounting terms partially defined in this Section
         2.01 to the extent not defined, shall have the respective meanings
         given to them under generally accepted accounting principles or
         regulatory accounting principles, as applicable. To the extent that the
         definitions of accounting terms herein are inconsistent with the
         meanings of such terms under generally accepted accounting principles
         or regulatory accounting principles, the definitions contained herein
         shall control.

                  (c) 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; and the term "including" means "including without
         limitation".

                  (d) Unless otherwise stated in this Supplement, in the
         computation of a period of time from a specified date to a later
         specified date the word "from" shall mean "from and including" and the
         words "to" and "until" shall mean "to but excluding".

                  (e) 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 to the masculine as well as the feminine and neuter
         genders of such terms:

                  "ADJUSTED EURODOLLAR RATE" shall have the meaning set forth in
the Certificate Purchase Agreement.

                  "ALTERNATE BASE RATE" shall have the meaning set forth in the
Certificate Purchase Agreement.

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                  "AMORTIZATION DATE" means May 19, 2003.

                  "AMORTIZATION PERIOD" means the period commencing upon the
occurrence of the Amortization Date and ending upon the payment in full to the
Series 2000-1 Certificateholders of the Series Invested Amount, all accrued and
unpaid interest thereon and all other amounts owed to such Series 2000-1
Certificateholders under any Transaction Document.

                  "ASSIGNEE RATE" shall have the meaning set forth in the
Certificate Purchase Agreement.

                  "AVAILABLE PRINCIPAL COLLECTIONS" means, with respect to any
Distribution Date, the sum of (i) the portion of all Collections of Principal
Receivables allocated to Series 2000-1 pursuant to Section 4.03(b) of the
Pooling and Servicing Agreement for the most recently ended Due Period, (ii) any
Series 2000-1 Shared Principal Collections for such Distribution Date and (iii)
any other amounts which, pursuant to Article III hereof, are to be treated as
"Available Principal Collections" for such Distribution Date.

                  "BREAKAGE COSTS" shall have the meaning set forth in the
Certificate Purchase Agreement.

                  "CAP" means an interest rate cap having terms acceptable to
the Managing Agents executed pursuant to the Hedge Agreement, or any Replacement
Hedge Agreement.

                  "CAP PAYMENT" means, with respect to any Distribution Date,
the payment made by the Hedge Provider to the Trust, on or prior to the Deposit
Date for such Distribution Date, pursuant to the Cap.

                  "CERTIFICATE PURCHASE AGREEMENT" means the Series 2000-1
Certificate Purchase Agreement dated as of May 19, 2000 among the Seller, the
Conduit Purchasers, the Committed Purchasers, the Managing Agents, the
Certificate Agent and the Trustee, as the same may be amended, modified or
supplemented from time to time.

                  "CERTIFICATE RATE" means, as applicable, the Class A
Certificate Rate or the Subordinated Transferor Certificate Rate.

                  "CHANGE OF CONTROL" shall mean, with respect to any Person,
any event or series of events by which:

                           (i) such Person merges or consolidates with or into
                  another Person or the merger of another Person with or into
                  such Person, or the sale of all or substantially all the
                  assets of such Person to another Person, and, in the case of
                  any such merger or consolidation, the securities of such
                  Person that are outstanding immediately prior to such
                  transaction and which represent 100% of the aggregate voting
                  power of such Person are changed into or exchanged for cash,
                  securities or property, unless pursuant to such transaction
                  such securities are changed into or exchanged for, in addition
                  to any other consideration, securities of

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                  the surviving corporation that represent immediately after
                  such transaction, at least a majority of the aggregate voting
                  power of the surviving corporation;

                           (ii) any "person" (as such term is used in Sections
                  13(d) and 14(d) of the Securities Exchange Act of 1934) is or
                  becomes the "beneficial owner" (as defined in Rules 13d-3 and
                  13d-5 under the Securities Exchange Act of 1934) directly or
                  indirectly, of the securities representing more than 40% of
                  the total voting power of such Person, except that such person
                  shall be deemed to have a beneficial ownership of all shares
                  that such person has the right to acquire, whether such right
                  is exercisable immediately or only after the passage of time;

                           (iii) individuals who, on the Closing Date,
                  constitute the board of directors of such Person (the
                  "INCUMBENT DIRECTORS") cease for any reason to constitute at
                  least a majority of the board of directors of such Person ,
                  provided that any person becoming a director subsequent to the
                  Closing Date whose election or nomination for election was
                  approved by a vote of at least two-thirds of the Incumbent
                  Directors then in office (either by a specific vote or by
                  approval of the proxy-statement of such Person in which such
                  individual is named as a nominee for director, without
                  objection to such nomination) shall be an Incumbent Director;
                  provided, however, no individual elected or nominated as a
                  director of such Person initially as a result of an actual or
                  threatened election contest with respect to directors or any
                  other actual or threatened solicitation of proxies or consents
                  by or on behalf of any person other than the board of
                  directors of such Person shall be deemed to be an Incumbent
                  Director.

                  "CLASS A AVAILABLE FUNDS" means, with respect to any
Distribution Date, an amount equal to the sum of (a) the product of (i) the
Class A Floating Allocation for the most recently ended Due Period and (ii) an
amount equal to (A) the aggregate amount of Collections of Finance Charge
Receivables allocated to Series 2000-1 pursuant to Section 4.03(b) of the
Pooling and Servicing Agreement for the most recently ended Due Period PLUS (B)
any amounts allocable as Collections of Finance Charge Receivables pursuant to
Section 4.03(d) of the Pooling and Servicing Agreement LESS (C) the aggregate
amount of such Collections of Finance Charge Receivables allocated pursuant to
Section 3.03(a) for such Distribution Date and (b) an amount equal to the Hedge
Payment with respect to such Distribution Date.

                  "CLASS A CERTIFICATE RATE" shall have the meaning set forth in
the Certificate Purchase Agreement.

                  "CLASS A CERTIFICATEHOLDER" means any Person in whose name a
Class A Certificate is registered in the Certificate Register.

                  "CLASS A CERTIFICATES" shall have the meaning specified in
Section 1.01(a) hereof.

                  "CLASS A EXPECTED FINAL PAYMENT DATE" means the May, 2004
Distribution Date.

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                  "CLASS A FLOATING ALLOCATION" means, with respect to any Due
Period, the percentage equivalent of a fraction, the numerator of which is the
Class A Invested Amount as of the close of business on the last day of such Due
Period and the denominator of which is equal to the Series Invested Amount as of
the close of business on such last day; PROVIDED, HOWEVER, that, with respect to
the initial Due Period, the Class A Floating Allocation shall mean the
percentage equivalent of a fraction, the numerator of which is the Class A
Initial Series Invested Amount and the denominator of which is the Initial
Series Invested Amount.

                  "CLASS A INITIAL SERIES INVESTED AMOUNT" means the aggregate
initial principal amount of the Class A Certificates, which is $102,500,000.

                  "CLASS A INVESTED AMOUNT" means, at any time, an amount equal
to (a) the Class A Initial Series Invested Amount, PLUS (b) the aggregate amount
of Increases after the Closing Date, MINUS (c) the aggregate amount of
Collections of Principal Receivables previously allocated under Section
3.02(b)(i), and distributed under Section 4.02(b) to Class A Certificateholders
MINUS (d) the excess, if any, of the aggregate amount of Class A Investor
Charge-Offs prior to such time over the aggregate cumulative amount allocated in
respect of Class A Investor Charge-Offs pursuant to Section 3.04(d) prior to
such time; PROVIDED, HOWEVER, that the Class A Invested Amount may not be
reduced below zero.

                  "CLASS A INVESTOR CHARGE-OFF" shall have the meaning specified
in Section 3.05(a).

                  "CLASS A INVESTOR LOSS AMOUNT" means, with respect to each
Distribution Date, an amount equal to the product of (a) the Investor Loss
Amount for the most recently ended Due Period and (b) the Class A Floating
Allocation applicable for such Due Period.

                  "CLASS A MONTHLY INTEREST" means, with respect to any
Distribution Date and the Interest Period ending on such Distribution Date, the
sum of the following amounts calculated for each Class A Certificate:

                      [CR X PA X IP] + [ DA + [(CR + 2.0%) X DA X IP]]
                       ------------             --------------------
                           YR                            YR

wherein:       CR  =  the weighted average Class A Certificate Rate applicable
                      to such Class A Certificate during such Interest Period.

               PA  =  with respect to any Distribution Date, the average
                      aggregate principal amount of all Class A Certificates.

               IP  =  the number of days in such Interest Period.

               DA  =  with respect to the initial Distribution Date, zero or,
                      with respect to any other Distribution Date, the amount of
                      any portion of the Class A Monthly Interest for such Class
                      A Certificate with respect to each prior

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                      Distribution Date which has not been distributed to the
                      holder of such Class A Certificate.

               YR  =  360, or, if the Class A Certificate Rate in effect on the
                      day immediately preceding such Distribution Date is based
                      on the Alternate Base Rate, 365.

                  "CLASS A MONTHLY SERVICING FEE" means, with respect to any
Distribution Date, the product of (i) the Investor Monthly Servicing Fee for
such Distribution Date and (ii) the Class A Floating Allocation with respect to
the most recently ended Due Period.

                  "CLASS A PURCHASERS" means, "Purchasers" under the Certificate
Purchase Agreement.

                  "CLASS A REQUIRED AMOUNT" means, with respect to any
Distribution Date, the amount, if any, by which (a) the sum of (i) the Class A
Monthly Interest for such Distribution Date, PLUS (ii) the Class A Monthly
Servicing Fee for such Distribution Date, PLUS (iii) the Class A Monthly
Servicing Fee, if any, due but not paid on any prior Distribution Date, PLUS
(iv) the Class A Investor Loss Amount, if any, for such Distribution Date PLUS
(v) the Series 2000-1 Monthly Trustee's Fee, exceeds (b) the aggregate amount of
the Class A Available Funds allocated to the Class A Certificateholders pursuant
to Section 3.03 in respect thereof on such Distribution Date.

                  "CLOSING DATE" means, with respect to Series 2000-1, May 19,
2000.

                  "COMMITTED PURCHASERS" shall have the meaning set forth in the
Certificate Purchase Agreement.

                  "CONDUIT PURCHASERS" shall have the meaning set forth in the
Certificate Purchase Agreement.

                  "CUMULATIVE PRINCIPAL SHORTFALL" means, as of any Distribution
Date during the Amortization Period or Early Amortization Period, the sum of the
Principal Shortfalls for each Series in Group One that is a Principal Sharing
Series.

                  "DCR" means Duff & Phelps Credit Rating Co.

                  "DEPOSIT DATE" means, with respect to any Distribution Date,
the Business Day immediately preceding such Distribution Date.

                  "DILUTED RECEIVABLE" means that portion (and only that
portion) of any Receivable which is reduced or cancelled as a result of (i) any
failure by any Originator to deliver any merchandise or provide any services or
otherwise to perform under the underlying Cardholder Agreement or invoice, (ii)
any change in the terms of, or cancellation of, a Cardholder Agreement or
invoice or any other adjustment which reduces the amount payable by the Obligor
on the related Receivable or Account or (iii) any set-off by an Obligor in
respect of

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any claim by such Obligor as to amounts owed by it on the related Receivable or
Account; provided, that Diluted Receivables are calculated assuming that all
chargebacks are resolved in the Obligor's favor and do not include contractual
adjustments to the amount payable by an Obligor that are eliminated from the
Receivables balance sold to the Trust through a reduction in the Purchase Price
for the related Receivable.

                  "DILUTION RATIO" means, as of any date, the fraction (i) the
numerator of which is an amount equal to the Dilution Amount for the Due Period
most recently ended and (ii) the denominator of which is the aggregate
outstanding balance of all Principal Receivables in the Trust Assets on the last
day of the Due Period immediately preceding such most recently ended Due Period.

                  "DISTRIBUTION DATE" shall have the meaning specified in the
Pooling and Servicing Agreement, and the initial Distribution Date shall be June
20, 2000.

                  "EARLY AMORTIZATION PERIOD" means the period commencing at the
close of business on the Business Day immediately preceding the day on which a
Series Early Amortization Event with respect to Series 2000-1 occurs and ending
on the Series 2000-1 Termination Date.

                  "E-MAIL SERVICER REPORT is defined in Section 5.1(a).

                  "ENHANCEMENT PROVIDER" shall not be applicable to this Series
2000-1.

                  "EXCESS SPREAD" means with respect to any Distribution Date,
the sum of the amounts with respect to such Distribution Date, if any,
constituting Excess Spread pursuant to Sections 3.03(b)(iv) and 3.03(c)(ii).

                  "EXCESS SPREAD PERCENTAGE" means, as of any date of
determination, the Portfolio Yield on such date MINUS the sum of (i) the Class A
Certificate Rate in effect on such date and (ii) the Series Servicing Fee
Percentage.

                  "FINANCE CHARGE SHORTFALL" means, with respect to Series
2000-1, for any Distribution Date, the excess, if any, of the full amount
required to be allocated pursuant to Sections 3.03 and 3.04 on such Distribution
Date over the amount not allocated pursuant to such Sections.

                  "GROUP ONE" means Series 2000-1, and each other Series
specified in the related Supplement to be included in Group One.

                  "HEDGE AGREEMENT" means that certain ISDA Master Agreement
dated December 19, 1997 among the Parent and the Hedge Provider and all
schedules, confirmations and annexes thereto, as the same may be amended,
modified, supplemented from time to time.

                  "HEDGE PAYMENT" means, with respect to any Distribution Date,
the sum of (a) the payment made by the Hedge Provider to the Trust, if any, on
or prior to the Deposit Date,

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pursuant to the Swap (so long as such amount is positive) and (b) the Cap
Payment, if any, for such Distribution Date.

                  "HEDGE PROVIDER" means Citibank, or any successor or assign
thereto appointed as provided in the Hedge Agreement, in its individual capacity
pursuant to the Hedge Agreement, or if any Replacement Hedge Agreement is
obtained therefor pursuant to Section 3.07, the Replacement Hedge Provider.

                  "INCREASE" means the amount of each increase in the Class A
Invested Amount pursuant to the terms of the Certificate Purchase Agreement.

                  "INITIAL SERIES INVESTED AMOUNT" the sum of the Class A
Initial Series Invested Amount and the Subordinated Transferor Initial Invested
Amount.

                  "INTEREST PERIOD" means (i) with respect to the first
Distribution Date, the period from the Closing Date to, but not including, such
Distribution Date and (ii) with respect to each Distribution Date thereafter, a
period from each Distribution Date to, but not including, the next succeeding
Distribution Date.

                  "INTEREST RATE PROTECTION AGREEMENT" means each of the Swap
Agreement and the Cap Agreement.

                  "INVESTOR CERTIFICATEHOLDER" means (a) with respect to the
Class A Certificates, any Class A Certificateholder, and (b) with respect to the
Subordinated Transferor Certificate, any Subordinated Transferor
Certificateholder.

                  "INVESTOR CERTIFICATES" means the Class A Certificates and the
Subordinated Transferor Certificate.

                  "INVESTOR LOSS AMOUNT" means, with respect to any Distribution
Date, the portion of the Loss Amounts allocated to Series 2000-1 pursuant to
Section 4.03(b) of the Pooling and Servicing Agreement for the related Due
Period.

                  "INVESTOR MONTHLY SERVICING FEE" means, with respect to any
Distribution Date, an amount equal to one-twelfth of the product of (i) the
Series Servicing Fee Percentage and (ii) the Series Invested Amount as of the
last day of the most recent Due Period preceding such Distribution Date;
provided, however, that with respect to the initial Distribution Date, the
Investor Monthly Servicing Fee shall be equal to $170,000.

                  "MANAGING AGENTS" shall have the meaning set forth in the
Certificate Purchase Agreement.

                  "MONTHLY PAYMENT RATE" means, as of any date, the fraction (i)
the numerator of which is an amount equal to the aggregate amount of Collections
(excluding all net interest and other investment earnings thereon) for the Due
Period most recently ended and (ii) the denominator of which is the aggregate
outstanding balance of all Principal Receivables in the

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Trust Assets on the last day of the Due Period immediately preceding such most
recently ended Due Period.

                  "NET LOSS PERCENTAGE" means at any date, the amount equal to,
in percentage terms, the aggregate outstanding balance of the Principal
Receivables which have been written off, or consistent with the Cardholder
Guidelines should have been written off (net of Recoveries) during the Due
Period most recently ended DIVIDED BY an amount equal to the aggregate
outstanding balance of all Principal Receivables in the Trust Assets on the last
day of the Due Period immediately preceding such most recently ended Due Period.

                  "PORTFOLIO YIELD" means, with respect to any Due Period, the
annualized percentage equivalent of a fraction, the numerator of which is an
amount equal to the sum of (i) the product of the Floating Allocation Percentage
for such Due Period and the aggregate amount of Collections of Finance Charge
Receivables for such Due Period, (ii) any Series 2000-1 Shared Excess Finance
Charge Collections for the related Distribution Date and (iii) the aggregate
amount of interest or other proceeds earned on amounts on deposit in any Series
Account during such Due Period, such sum to be calculated on a cash basis after
subtracting the Investor Loss Amount for such Due Period, and the denominator of
which is the Series Invested Amount as of the last day of the preceding Due
Period (or with respect to the initial Due Period, the Initial Series Invested
Amount).

                  "PRINCIPAL COLLECTION ACCOUNT" shall have the meaning
specified in Section 3.09.

                  "PRINCIPAL SHORTFALL" means, on any Distribution Date during
the Amortization Period or the Early Amortization Period, the amount by which
the Series Invested Amount exceeds the Available Principal Collections for such
Distribution Date.

                  "PROGRAM AGENT" means Citicorp North America, Inc., in its
capacity as "Program Agent" under the Certificate Purchase Agreement.

                  "RATING AGENCY" means Moody's, Standard & Poor's and DCR.

                  "REALLOCATED SUBORDINATED TRANSFEROR PRINCIPAL COLLECTIONS"
means, with respect to any Distribution Date, the aggregate amount of Available
Principal Collections allocated in accordance with Section 3.02(a)(i) on such
Distribution Date in an amount not to exceed the lesser of (a) the product of
(i) the Subordinated Transferor Floating Allocation with respect to the most
recently ended Due Period, and (ii) the amount of Available Principal
Collections with respect to such Distribution Date and (b) the Subordinated
Transferor Invested Amount on such Distribution Date.

                  "REPLACEMENT HEDGE AGREEMENT" means any replacement hedge
agreement between the Parent and the Replacement Hedge Provider having
substantially similar terms and conditions as the Hedge Agreement it replaces.

                  "REPLACEMENT HEDGE PROVIDER" means the replacement hedge
provider named in the Replacement Hedge Agreement.

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                  "RESERVE ACCOUNT" shall have the meaning specified in Section
3.06.

                  "RESERVE ACCOUNT REQUIRED BALANCE" means $700,000.

                  "REVOLVING PERIOD" means the period from and including the
Closing Date to, but not including, the earlier of (i) the day the Amortization
Period commences or (ii) the day any Early Amortization Period commences.

                  "SERIES DISCOUNT FACTOR" means, for this Series 2000-1, with
respect to any date of determination, an amount (expressed as a percentage)
determined in accordance with the following formula:

                          [[PY- (BR + 1% )] / TR] * FAP

wherein:       BR  =  The sum (expressed as a percentage) of (a) the sum of (i)
                      a fraction, the numerator of which is the product of the
                      weighted average of the Class A Certificate Rates for the
                      most recently ended [Due][Interest] Period and the Class A
                      Invested Amount as of the last day of such [Due][Interest]
                      Period, and the denominator of which is the Series
                      Invested Amount as of such last day and (ii) a fraction,
                      the numerator of which is the product of the Subordinated
                      Transferor Certificate Rate for the most recently ended
                      Due Period and the Subordinated Transferor Invested Amount
                      as of the last day of such Due Period, and the denominator
                      of which is the Series Invested Amount as of such last day
                      and (b) the Series Servicing Fee Percentage per annum in
                      effect on such date.

               PY  =  The Portfolio Yield for such Series for the most recently
                      ended Due Period.

               TR  =  The annualized average (expressed as a percentage) of, for
                      each of the three Due Periods most recently ended on or
                      before such date, a fraction the numerator of which is the
                      aggregate principal amount (measured for each Receivable
                      at the time of acquisition) of all Receivables that were
                      acquired by the Trust during each such Due Period and the
                      denominator of which is the aggregate outstanding
                      principal balance of all Receivables as of the last day of
                      each such Due Period.

               FAP =  The Floating Allocation Percentage for such Series for the
                      most recently ended Due Period.

                  "SERIES INVESTED AMOUNT" means, on any date of determination
and with respect to Series 2000-1, an amount equal to the sum of (a) the Class A
Invested Amount and (b) the Subordinated Transferor Invested Amount, each as of
such date.

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                  "SERIES 2000-1" means the Series of the Elder-Beerman Master
Trust represented by the Series 2000-1 Certificates.

                  "SERIES 2000-1 CERTIFICATEHOLDER" means any Person in whose
name a Series 2000-1 Certificate is registered in the Certificate Register.

                  "SERIES 2000-1 CERTIFICATES" means the Class A Certificates
and the Subordinated Transferor Certificate.

                  "SERIES 2000-1 MAJORITY IN INTEREST" shall have the meaning
set forth in the Certificate Purchase Agreement.

                  "SERIES 2000-1 MONTHLY PROGRAM FEES" means, with respect to
any Distribution Date, an amount equal to the fees accrued and payable on such
Distribution Date pursuant Section 3.01 of the Certificate Purchase Agreement.

                  "SERIES 2000-1 MONTHLY TRUSTEE'S FEE" means, with respect to
any Distribution Date, the amount agreed upon from time to time by the Trustee,
the Servicer and the Managing Agents as the fee, PLUS expenses and indemnity
payments accrued and payable on such Distribution Date to the Trustee with
respect to the Agreement and this Supplement.

                  "SERIES 2000-1 SHARED EXCESS FINANCE CHARGE COLLECTIONS" means
the portion of Shared Excess Finance Charge Collections allocated to Series
2000-1 pursuant to Section 4.03(f) of the Pooling and Servicing Agreement.

                  "SERIES 2000-1 SHARED PRINCIPAL COLLECTIONS" means the portion
of Shared Principal Collections allocated to Series 2000-1 pursuant to Sections
4.03(d) and 4.03(e) of the Pooling and Servicing Agreement.

                  "SERIES 2000-1 TERMINATION DATE" means the earliest to occur
of (i) the Distribution Date on which all amounts payable in respect of the
Series 2000-1 Certificates have been paid in full, (ii) the May, 2006
Distribution Date or (iii) the date of termination of the Trust pursuant to
Section 12.01 of the Pooling and Servicing Agreement.

                  "SERIES SERVICING FEE PERCENTAGE" means 2.0%.

                  "SHARED EXCESS FINANCE CHARGE COLLECTIONS" means, with respect
to any Distribution Date, the amount specified in Section 3.04(o) as
constituting "Shared Excess Finance Charge Collections."

                  "SHARED PRINCIPAL COLLECTIONS" means, with respect to any
Distribution Date, the aggregate amounts allocated to the Investor Certificates
pursuant to Section 3.02(b)(iv) to be treated as "Shared Principal Collections."

                  "SUBORDINATED TRANSFEROR AVAILABLE FUNDS" means, with respect
to any Distribution Date, an amount equal to (a) the product of the Subordinated
Transferor Floating

                                       11
<PAGE>   15

Allocation for the most recently ended Due Period and (b) an amount equal to (A)
Collections of Finance Charge Receivables allocated to Series 2000-1 pursuant to
Section 4.03(b) of the Pooling and Servicing Agreement for the most recently
ended Due Period PLUS (B) any amounts allocable as Collections of Finance Charge
Receivables pursuant to Section 4.03(d) of the Pooling and Servicing Agreement
LESS (C) the amount of such Collections of Finance Charge Receivables allocated
pursuant to Section 3.03(a) hereof for such Distribution Date.

                  "SUBORDINATED TRANSFEROR CERTIFICATEHOLDER" means any person
in whose name a Subordinated Transferor Certificate is registered in the
Certificate Register.

                  "SUBORDINATED TRANSFEROR CERTIFICATE RATE" means a per annum
rate equal to the Assignee Rate PLUS 0.25%.

                  "SUBORDINATED TRANSFEROR CERTIFICATE" shall have the meaning
specified in Section 1.01(a) hereof.

                  "SUBORDINATED TRANSFEROR CHARGE-OFF" shall have the meaning
specified in Section 3.05(c) hereof.

                  "SUBORDINATED TRANSFEROR FLOATING ALLOCATION" means, with
respect to any Due Period, the percentage equivalent of a fraction, the
numerator of which is the Subordinated Transferor Invested Amount as of the
close of business on the last day of the most recently ended Due Period and the
denominator of which is equal to the Series Invested Amount as of the close of
business on such last day; provided, however, that, with respect to the first
Due Period, the Subordinated Transferor Floating Allocation shall mean the
percentage equivalent of a fraction, the numerator of which is the Subordinated
Transferor Initial Invested Amount and the denominator of which is the Initial
Series Invested Amount.

                  "SUBORDINATED TRANSFEROR INITIAL INVESTED AMOUNT" means the
aggregate initial principal amount of the Subordinated Transferor Invested
Amount, which is $16,686,047.

                  "SUBORDINATED TRANSFEROR INTEREST MONTHLY SERVICING FEE"
means, with respect to any Distribution Date, the product of (i) the Investor
Monthly Servicing Fee for such Distribution Date and (ii) the Subordinated
Transferor Floating Allocation for the most recently ended Due Period.

                  "SUBORDINATED TRANSFEROR INVESTED AMOUNT" means, at any time,
an amount equal to (a) the Subordinated Transferor Initial Invested Amount,
MINUS (b) the aggregate amount of Collections of Principal Receivables
previously allocated under Section 3.02(b)(iii), and distributed under Section
4.02(e) to the Subordinated Transferor Certificateholders, MINUS (c) the
aggregate amount of Subordinated Transferor Charge-Offs prior to such time,
MINUS (d) the aggregate amount of Reallocated Subordinated Transferor Principal
Collections prior to such time, MINUS (e) without duplication with the foregoing
clause (c), an amount equal to the amount by which the Subordinated Transferor
Invested Amount has been reduced prior to such time pursuant to Section 3.05,
PLUS (f) the aggregate amounts allocated pursuant to Section 3.04(m) with
respect to amounts deducted pursuant to the foregoing clauses (c), (d) and (e)
and

                                       12
<PAGE>   16

distributed in respect thereof prior to such time; PROVIDED, HOWEVER, that the
Subordinated Transferor Invested Amount may not be reduced below zero or
increased above the Subordinated Transferor Initial Invested Amount.

                  "SUBORDINATED TRANSFEROR LOSS AMOUNT" means, with respect to
any Distribution Date, an amount equal to the product of (a) the Investor Loss
Amount for the most recently ended Due Period and (b) the Subordinated
Transferor Floating Allocation applicable for such Due Period.

                  "SUBORDINATED TRANSFEROR MONTHLY INTEREST" means, with respect
to any Distribution Date, an amount equal to:

                      [CR X IA X IP] + [ DA + [(CR + 2.0%) X DA X IP]]
                       ------------             --------------------
                            YR                            YR

wherein:       CR  =  the Subordinated Transferor Certificate Rate in effect on
                      the day immediately preceding such Distribution Date.

               IA  =  with respect to the initial Distribution Date, the
                      Subordinated Transferor Initial Invested Amount or, with
                      respect to any other Distribution Date the Subordinated
                      Transferor Invested Amount determined as of the day
                      immediately preceding such Distribution Date.

               IP  =  the number of days in the period from and including the
                      immediately preceding Distribution Date to but excluding
                      the current Distribution Date.

               DA  =  with respect to the initial Distribution Date, zero or,
                      with respect to any other Distribution Date, the amount of
                      any portion of the Subordinated Transferor Monthly
                      Interest with respect to each prior Distribution Date
                      which has not been distributed to the Subordinated
                      Transferor Certificateholders.

               YR  =  360, or, if the Subordinated Transferor Certificate Rate
                      in effect on the day immediately preceding such
                      Distribution Date is based on a rate which is in turn
                      based on the Alternate Base Rate, 365.

                  "SWAP" means a fixed/floating interest rate swap having terms
acceptable to the Managing Agents executed pursuant to the Hedge Agreement or
any Replacement Hedge Agreement.

                  Section 2.02. RATING AGENCY CONDITION. Notwithstanding
anything to the contrary in the Pooling and Servicing Agreement, unless there is
then outstanding one or more Series of Investor Certificates which, as of the
date of issuance of such Certificates, were rated in

                                       13
<PAGE>   17

the highest investment category by each Rating Agency, no action which would be
subject to the Rating Agency Condition or which would otherwise require Rating
Agency consent pursuant to the terms of the Pooling and Servicing Agreement or
this Supplement were one or more Series of Investor Certificates rated by any
Rating Agency then outstanding, shall be taken unless the Managing Agents shall
have first consented in writing to such action, which consent by the Managing
Agents shall be in lieu of a requirement to satisfy the Rating Agency Condition
or obtain Rating Agency consent.

                                  ARTICLE III

                          RIGHTS OF CERTIFICATEHOLDERS
                  AND ALLOCATION AND APPLICATION OF COLLECTIONS

                  Section 3.01. REVOLVING PERIOD DAILY PRINCIPAL ALLOCATIONS.

                  (a) On any Business Day, prior to the making of any
         allocations, distributions or deposits pursuant to Sections 3.01(b) and
         3.02 below, if any Swap Agreement or Cap Agreement shall cease to be in
         full force and effect on or prior to such Business Day, the Program
         Agent may instruct the Trustee in writing to, and the Trustee shall,
         for the purpose of obtaining a Replacement Swap Agreement or
         Replacement Cap Agreement, as the case may be, allocate and distribute
         all Collections of Principal Receivables deposited in the Concentration
         Account on such Business Day and any credit balance remaining in the
         Principal Collection Account in accordance with such written
         instructions, up to the amount required to obtain such Replacement Swap
         Agreement or Replacement Cap Agreement.

                  (b) On each Business Day during the Revolving Period, the
         Servicer shall instruct the Trustee by the Daily Report to, and the
         Trustee shall, with respect to all Collections of Principal Receivables
         deposited in the Concentration Account on such Business Day and the
         credit balance remaining in the Principal Collection Account:

                           (i) allocate and distribute to the holder of the
                  Exchangeable Transferor Certificate, such Collections of
                  Principal Receivables and, to the extent such Collections of
                  Principal Receivables are insufficient, the credit balance in
                  the Principal Collection Account, up to an aggregate amount
                  equal to the aggregate outstanding balance of all Principal
                  Receivables Transferred to the Trust on the immediately
                  preceding Business Day; and

                           (ii) allocate to and deposit in the Principal
                  Collection Account any remaining balance of such Collections
                  of Principal Receivables.

                  Section 3.02. ALLOCATION OF COLLECTIONS OF PRINCIPAL
RECEIVABLES.

                  (a) On each Distribution Date during the Revolving Period,
         after the allocations required to be made pursuant to Sections 3.03 and
         3.04 for such Distribution

                                       14
<PAGE>   18

         Date shall have been made, the Servicer shall instruct the Trustee by
         the Monthly Servicer's Report to, and the Trustee shall, allocate the
         Available Principal Collections for such Distribution Date in the
         following priority:

                           (i) to the Managing Agents, for the benefit of the
                  Class A Purchasers, in the order of priority and up to the
                  amounts specified in Sections 3.03(b)(i) and (ii) below, but
                  in an aggregate amount not to exceed an amount equal to the
                  lesser of (x) the product of (1) the Subordinated Transferor
                  Floating Allocation for the most recently ended Due Period,
                  and (2) such Available Principal Collections and (y) the
                  Subordinated Transferor Invested Amount on such Distribution
                  Date;

                           (ii) any remaining balance shall be allocated to the
                  holder of the Exchangeable Transferor Certificate; provided,
                  however, that in no event shall the amount allocated to the
                  holder of the Exchangeable Transferor Certificate pursuant to
                  this Section 3.02(a)(ii) be greater than the Transferor
                  Interest on such Distribution Date.

                  (b) On each Distribution Date during the Amortization Period
         or Early Amortization Period, the Servicer shall instruct the Trustee
         by the Monthly Servicer's Report to, and the Trustee shall, allocate
         the Available Principal Collections for such Distribution Date, PLUS an
         amount equal to the credit balance in the Principal Collection Account,
         PLUS an amount equal to the credit balance in the Reserve Account, in
         the following priority:

                           (i) to the Managing Agents, for the benefit of the
                  Class A Purchasers, until the Class A Invested Amount shall be
                  reduced to zero;

                           (ii) any remaining balance, to the Subordinated
                  Transferor Certificateholders, until the Subordinated
                  Transferor Invested Amount shall be reduced to zero;

                           (iii) any remaining balance or, if less, an amount
                  equal to the product of (1) a fraction, the numerator of which
                  is equal to such Available Principal Collections and the
                  denominator of which is equal to the sum of the Available
                  Principal Collections for each Series (including this Series
                  2000-1) in Group One that is a Principal Sharing Series for
                  the most recently ended Due Period and (2) the Cumulative
                  Principal Shortfall for such Distribution Date, shall be
                  treated as "Shared Principal Collections" and allocated to
                  Series in Group One which are Principal Sharing Series other
                  than this Series 2000-1; and

                           (iv) any remaining balance, to the holder of the
                  Exchangeable Transferor Certificate.

                  Section 3.03. ALLOCATION OF COLLECTIONS OF FINANCE CHARGE
RECEIVABLES. On each Distribution Date, the Servicer shall instruct the Trustee
by the Monthly Servicer's Report to, and the Trustee shall allocate all
Collections of Finance Charge Receivables (including any

                                       15
<PAGE>   19

amounts allocable as Collections of Finance Charge Receivables pursuant to
Section 4.03(d) of the Pooling and Servicing Agreement) for the most recently
ended Due Period, any Hedge Payment for such Distribution Date and, where
specified below, the credit balance in the Reserve Account in the following
priority:

                  (a) an amount equal to all such Collections of Finance Charge
         Receivables for the most recently ended Due Period PLUS, to the extent
         such amount is insufficient to make the allocations provided for in
         clauses (i) and (ii) of this Section 3.03(a), an amount equal to the
         lesser of such insufficiency or the credit balance in the Reserve
         Account, in the following priority:

                           (i) to the Trustee, up to an amount equal to the
                  Series 2000-1 Monthly Trustee's Fee for such Distribution
                  Date;

                           (ii) to the Servicer in respect of servicing fees, if
                  The El-Bee Chargit Corp. or an Affiliate of the Parent is not
                  the Servicer;

                           (iii) to the Hedge Provider, to the extent not paid
                  under the Hedge Agreement or a Replacement Hedge Agreement

                           (iv) any remaining balance to the Managing Agents, up
                  to an amount equal to the Series 2000-1 Monthly Program Fees
                  for such Distribution Date; and

                           (v) any remaining balance to be allocated as provided
                  in Sections 3.03(b) and 3.03(c) below,

                  (b) a portion of such Collections of Finance Charge
         Receivables (including any amounts allocable as Collections of Finance
         Charge Receivables pursuant to Section 4.03(d) of the Pooling and
         Servicing Agreement) and of any Hedge Payment for such Distribution
         Date equal to the Class A Available Funds for the most recently ended
         Due Period, PLUS to the extent such amount is insufficient to make the
         allocations provided for in clauses (i), (ii) and (iii) of this Section
         3.03(b), an amount equal to the lesser of such insufficiency or the
         credit balance remaining in the Reserve Account, in the following
         priority:

                           (i) to the Managing Agents, for the benefit of the
                  Class A Purchasers, up to an amount equal to the Class A
                  Monthly Interest for such Distribution Date;

                           (ii) any remaining balance, up to an amount equal to
                  the Class A Investor Loss Amount, if any, as of such
                  Distribution Date, shall be allocated as "Available Principal
                  Collections" for such Distribution Date (to be allocated in
                  accordance with Section 3.02);

                           (iii) any remaining balance, up to an amount equal to
                  the Class A Monthly Servicing Fee for such Distribution Date
                  PLUS the amount of any Class A

                                       16
<PAGE>   20

                  Monthly Servicing Fee for each prior Distribution Date which
                  has not been distributed to the Servicer, to the Servicer; and

                           (iv) any remaining balance as "Excess Spread", to be
                  allocated as set forth in Section 3.04,

                  (c) a portion of such Collections of Finance Charge
         Receivables (including any amounts allocable as Collections of Finance
         Charge Receivables pursuant to Section 4.03(d) of the Pooling and
         Servicing Agreement) equal to the Subordinated Transferor Available
         Funds for the most recently ended Due Period, in the following
         priority:

                           (i) to the Servicer, up to an amount equal to the
                  Subordinated Transferor Interest Monthly Servicing Fee for
                  such Distribution Date, PLUS the amount of any Subordinated
                  Transferor Interest Monthly Servicing Fee for each prior
                  Distribution Date which has not been distributed to the
                  Servicer; and

                           (ii) any remaining balance as "Excess Spread", to be
                  allocated as set forth in Section 3.04.

                  Section 3.04. EXCESS SPREAD. On each Distribution Date, the
Servicer shall instruct the Trustee by the Monthly Servicer's Report to allocate
Excess Spread and Series 2000-1 Shared Excess Finance Charge Collections, in
each case with respect to the most recently ended Due Period, in the following
priority:

                  (a) to the Trustee, up to an amount equal to any portion of
         the Series 2000-1 Monthly Trustee's Fee for such Distribution Date
         which shall not have been allocated thereto pursuant to Section
         3.02(a)(i);

                  (b) any remaining balance to the Managing Agents, for the
         benefit of the Class A Purchasers and the Managing Agents, up to an
         amount equal to any portion of the Series 2000-1 Program Fees which
         shall not have been allocated thereto pursuant to Section 3.02(a)(ii);

                  (c) any remaining balance to the Managing Agents, for the
         benefit of the Class A Purchasers, up to an amount equal to the Class A
         Required Amount, if any, with respect to such Distribution Date,
         allocated in accordance with, and in the priority and up to the amounts
         set forth in, Section 3.03(b);

                  (d) any remaining balance to the Managing Agents, for the
         benefit of the Class A Purchasers, until the aggregate cumulative
         amount allocated under this Section 3.04(d) equals the aggregate amount
         of Class A Investor Charge-Offs, shall be allocated as "Available
         Principal Collections" for such Distribution Date (to be allocated
         accordingly);

                                       17
<PAGE>   21

                  (e) any remaining balance to the Managing Agents, for the
         benefit of the Class A Purchasers, up to an amount equal to the
         Breakage Costs, if any, for the most recently ended Due Period;

                  (f) any remaining balance shall be allocated to and deposited
         in the Reserve Account, until the credit balance on deposit in the
         Reserve Account is equal to at least the Reserve Account Required
         Balance;

                  (g) any remaining balance to the Servicer, up to an amount
         equal to the Subordinated Transferor Monthly Servicing Fee for such
         Distribution Date;

                  (h) any remaining balance to the Subordinated Transferor
         Certificateholders, up to an amount equal to the Subordinated
         Transferor Monthly Interest for such Distribution Date PLUS the amount
         of any Subordinated Transferor Monthly Interest with respect to each
         prior Distribution Date which has not been distributed to the
         Subordinated Transferor Certificateholders;

                  (i) any remaining balance, up to an amount equal to the
         Subordinated Transferor Loss Amount, if any, for such Distribution
         Date, shall be allocated as "Available Principal Collections" for such
         Distribution Date (to be allocated accordingly);

                  (j) any remaining balance, up to an amount equal to the
         aggregate amount by which the Subordinated Transferor Invested Amount
         has been reduced below the Subordinated Transferor Initial Invested
         Amount, except for reductions pursuant to Section 3.02(b)(ii), shall be
         allocated as "Available Principal Collections" for such Distribution
         Date (to be allocated accordingly);

                  (k) any remaining balance will constitute "Shared Excess
         Finance Charge Collections" for such Distribution Date and will be
         available for allocation to other Series in Group One or to the holder
         of the Exchangeable Transferor Certificate as described in Section
         4.03(f) of the Pooling and Servicing Agreement.

                  Section 3.05. INVESTOR CHARGE-OFFS.

                  (a) On or before each Distribution Date, the Servicer shall
         calculate the Class A Investor Loss Amount for such Distribution Date.
         If, on any Distribution Date, such Class A Investor Loss Amount exceeds
         the sum of the amounts allocated to the Class A Certificateholders with
         respect thereto pursuant to Sections 3.03(b) and 3.04 with respect to
         such Distribution Date, the Subordinated Transferor Invested Amount
         (after giving effect to reductions thereof for any Reallocated
         Subordinated Transferor Principal Collections on such Distribution
         Date) will be reduced by the amount of such excess. In the event that
         such reduction would cause the Subordinated Transferor Invested Amount
         to be a negative number, the Subordinated Transferor Invested Amount
         will be reduced to zero, and the Class A Invested Amount will be
         reduced by the amount by which the Subordinated Transferor Invested
         Amount would have been reduced below zero, but not

                                       18
<PAGE>   22

         by more than the Class A Investor Loss Amount for such Distribution
         Date (such reduction being a "CLASS A INVESTOR CHARGE-OFF").

                  (b) On or before each Distribution Date, the Servicer shall
         calculate the Subordinated Transferor Loss Amount for such Distribution
         Date. If on any Distribution Date, such Subordinated Transferor Loss
         Amount exceeds the amount allocated to the Subordinated Transferor
         Certificateholders with respect thereto pursuant to Section 3.04 with
         respect to such Distribution Date, the Subordinated Transferor Invested
         Amount (after giving effect to any reduction thereof for any
         Reallocated Subordinated Transferor Principal Collection and any
         adjustments thereto pursuant to Section 3.05(a) above) will be reduced
         by the amount of such excess (such reduction being a "SUBORDINATED
         TRANSFEROR CHARGE-OFF").

                  Section 3.06. RESERVE ACCOUNT.

                  (a) The Servicer, for the benefit of the Beneficiaries, shall
         establish and maintain in the United States, in the name of the
         Trustee, on behalf of the Trust, a segregated trust account with an
         institution which is and continues to be a Qualified Depository
         Institution (which shall initially be the Trustee), bearing a
         designation clearly indicating that the funds deposited therein are
         held for the benefit of the Beneficiaries (the "RESERVE ACCOUNT"). On
         the Closing Date, the Transferor shall deposit to the Reserve Account
         immediately available funds in an amount equal to the Reserve Account
         Required Balance. The Trustee, for the benefit of the Beneficiaries,
         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.
         Without limiting the rights of the Servicer set forth in Section
         3.06(b) below, the Reserve Account shall be under the sole dominion and
         control of the Trustee for the benefit of the Beneficiaries. Except as
         expressly provided in this Agreement, the Servicer agrees that it shall
         have no right to deduct from any funds held in the Reserve Account for
         any amount owed to it by the Trustee, the Trust, the Transferor, any
         Originator or any Certificateholder. If at any time the institution
         holding the Reserve Account ceases to be a Qualified Depository
         Institution the Transferor shall notify the Trustee, and the Trustee,
         upon notice by the Servicer (or the Servicer on its behalf) shall
         promptly establish a new Reserve Account with a Qualified Depository
         Institution meeting the conditions specified above, and shall transfer
         any cash or any investments to such new Reserve Account and, from the
         date such new Reserve Account is established, it shall be the "Reserve
         Account." The Trustee, at the written direction of the Servicer, shall
         make deposits to and withdrawals from the Reserve Account from time to
         time, at such time and for distributions pursuant to Section 3.04 of
         amounts allocated pursuant to Section 3.03 hereof.

                  (b) Funds on deposit in the Reserve Account shall be invested
         at the written direction of the Servicer by the Trustee in Permitted
         Investments selected by the Servicer. All such Permitted Investments
         shall be held by the Trustee for the benefit of the Beneficiaries. The
         Trustee shall maintain for the benefit of the Beneficiaries possession
         of the negotiable instruments or securities, if any, evidencing such
         Permitted Investments.

                                       19
<PAGE>   23

         Funds on deposit in the Reserve Account on any Distribution Date, after
         giving effect to any withdrawals from the Reserve Account on such
         Distribution Date, shall be invested in such investments that will
         mature so that such funds will be available for withdrawal on the
         following Distribution Date. No Permitted Investment shall be
         liquidated prior to its maturity.

                  Section 3.07. HEDGE AGREEMENT.

                  (a) The Servicer hereby represents and warrants that the
         Parent has duly executed the Hedge Agreement for the benefit of the
         Class A Certificateholders providing for one or more Swaps and Caps
         having an aggregate notional amount of at least $150,000,000.

                  (b) Upon the effectiveness of any Replacement Hedge Agreement
         and one or more Swaps and Caps thereunder having terms acceptable to
         the Managing Agents, the Swaps and/or Caps being replaced shall
         terminate and the Hedge Provider shall be released of all future
         obligations thereunder, provided, that such Hedge Provider shall not be
         released from any obligations which have previously accrued thereunder
         and shall continue to be obligated to perform such obligations.

                  (c) The Servicer covenants and agrees to replace (i) any Hedge
         Provider who shall have failed to make any Hedge Payment within five
         calendar days of when such payment is due with a Replacement Hedge
         Provider, the short term debt obligations of which are rated at least
         "A-1 +" by Standard & Poor's and "P-1" by Moody's, within 30 calendar
         days of when such payment, as the case may be, is due.

                  Section 3.08. PRINCIPAL COLLECTION ACCOUNT.

                  (a) The Servicer, for the benefit of the Beneficiaries, shall
         establish and maintain in the United States, in the name of the
         Trustee, on behalf of the Trust, a segregated trust account with an
         institution which is and continues to be a Qualified Depository
         Institution (which shall initially be the Trustee), bearing a
         designation clearly indicating that the funds deposited therein are
         held for the benefit of the Beneficiaries (the "PRINCIPAL COLLECTION
         ACCOUNT"). The Trustee, for the benefit of the Beneficiaries, shall
         possess all right, title and interest in all funds on deposit from time
         to time in the Principal Collection Account and in all proceeds
         thereof. Without limiting the rights of the Servicer set forth in
         Section 3.08(b) below, the Principal Collection Account shall be under
         the sole dominion and control of the Trustee for the benefit of the
         Beneficiaries. Except as expressly provided in this Agreement, the
         Servicer agrees that it shall have no right to deduct from any funds
         held in the Principal Collection Account for any amount owed to it by
         the Trustee, the Trust, the Transferor, any Originator or any
         Certificateholder. If at any time the institution holding the Principal
         Collection Account ceases to be a Qualified Depository Institution, the
         Transferor shall notify the Trustee, and the Trustee, upon notice by
         the Servicer (or the Servicer on its behalf) shall promptly establish a
         new Principal Collection Account with a Qualified Depository
         Institution

                                       20
<PAGE>   24

         meeting the conditions specified above, and shall transfer any cash or
         any investments to such new Principal Collection Account and, from the
         date such new Principal Collection Account is established, it shall be
         the "Principal Collection Account." The Trustee, at the written
         direction of the Servicer, shall make deposits to and withdrawals from
         the Principal Collection Account from time to time, at such time and
         for distributions pursuant to Section 3.01 and for distributions of
         amounts allocated pursuant to Section 3.02(b).

                  (b) Funds on deposit in the Principal Collection Account shall
         be invested at the written direction of the Servicer by the Trustee in
         Permitted Investments selected by the Servicer. All such Permitted
         Investments shall be held by the Trustee for the benefit of the
         Beneficiaries. The Trustee shall maintain for the benefit of the
         Beneficiaries possession of the negotiable instruments or securities,
         if any, evidencing such Permitted Investments. Funds on deposit in the
         Principal Collection Account on any Distribution Date, after giving
         effect to any withdrawals from the Principal Collection Account on such
         Distribution Date, shall be invested in such investments that will
         mature so that such funds will be available for withdrawal on the
         following Distribution Date. No Permitted Investment shall be
         liquidated prior to its maturity.

                                   ARTICLE IV

                      DISTRIBUTIONS AND REPORTS TO INVESTOR
                               CERTIFICATEHOLDERS

                  Section 4.01. SERVICER DEPOSITS. On or before each Deposit
Date in each Due Period, the Servicer shall deposit or cause to be deposited in
the Concentration Account funds in an amount equal to the lesser of (x) the
aggregate Finance Charge Shortfall for such Due Period and (y) the Available
Principal Collections for such Due Period, it being understood that any
underestimates or overestimates by the Servicer in making such deposit shall be
promptly corrected.

                  Section 4.02. DISTRIBUTIONS.

                  (a) On each Distribution Date, the Trustee shall distribute
         (in accordance with the certificate delivered by the Servicer to the
         Trustee pursuant to Section 3.04(b) of the Pooling and Servicing
         Agreement) to itself (other than as provided in Section 12.03 of the
         Pooling and Servicing Agreement respecting a final distribution) from
         the Concentration Account, all amounts that have been allocated to the
         Trustee pursuant to Article III by wire transfer or other appropriate
         means.

                  (b) On each Distribution Date, the Trustee shall distribute
         (in accordance with the certificate delivered by the Servicer to the
         Trustee pursuant to Section 3.04(b) of the Pooling and Servicing
         Agreement) to the Managing Agents, for the benefit of the Class A
         Purchasers, the Managing Agents and the Program Agent (other than as
         provided in

                                       21
<PAGE>   25

         Section 12.03 of the Pooling and Servicing Agreement respecting a final
         distribution) from the Concentration Account, all amounts that have
         been allocated to the Managing Agents, for the benefit of the Class A
         Purchasers, the Managing Agents and the Program Agent, pursuant to
         Article III by wire transfer to the Managing Agents' Account (or such
         other account as may be specified in writing by the Managing Agents to
         the Trustee).

                  (c) On each Distribution Date, the Trustee shall distribute
         (in accordance with the certificate delivered by the Servicer to the
         Trustee pursuant to Section 3.04(b) of the Pooling and Servicing
         Agreement) to each Subordinated Transferor Certificateholder of record
         on the immediately preceding Record Date (other than as provided in
         Section 12.03 of the Pooling and Servicing Agreement respecting a final
         distribution) such Certificateholder's pro rata share (based on the
         aggregate Undivided Trust Interests represented by the Subordinated
         Transferor Certificate held by such Certificateholder) from the
         Concentration Account, all amounts that have been allocated to the
         Subordinated Transferor Certificateholders pursuant to Article III by
         wire transfer to each Subordinated Transferor Certificateholder, to an
         account specified by such Certificateholder to the Trustee in writing.

                  (d) On each Distribution Date, the Trustee shall distribute
         (in accordance with the certificate delivered by the Servicer to the
         Trustee pursuant to Section 3.04(b) of the Pooling and Servicing
         Agreement) to the Servicer (if The El-Bee Chargit Corp. or an Affiliate
         of the Parent is not the Servicer), the Hedge Provider or any
         Replacement Hedge Provider, all amounts that have been allocated to the
         Servicer (if The El-Bee Chargit Corp. or an Affiliate of the Parent is
         not the Servicer), the Hedge Provider or any Replacement Hedge
         Provider, pursuant to Article III by wire transfer to the Managing
         Agents' Account (or such other account as may be specified in writing
         by the ProgramAgent to the Trustee)

                  Section 4.03. ANNUAL CERTIFICATEHOLDERS' TAX STATEMENT. On or
before January 31 of each calendar year, beginning with January 31, 2001, the
Trustee shall distribute to each Person who at any time during the preceding
calendar year was a Series 2000-1 Certificateholder, a statement prepared by the
Servicer containing the information required to be contained in the Monthly
Servicer's Report, aggregated for such calendar year or the applicable portion
thereof during which such Person was a Series 2000-1 Certificateholder, together
with such other customary information (consistent with the treatment of the
Class A Certificates as debt) as the Servicer deems necessary or desirable to
enable the Series 2000-1 Certificateholders to prepare their tax returns. The
Servicer will provide such information to the Trustee as soon as possible after
January 1 of each calendar year. Such obligations of the Trustee shall be deemed
to have been satisfied to the extent that substantially comparable information
shall be provided by the Trustee pursuant to any requirements of the Code as
from time to time in effect.

                  Section 4.04. TRANSFEROR'S OR SERVICER'S FAILURE TO MAKE A
DEPOSIT OR PAYMENT. If the Servicer or the Transferor fails to make, or give
instructions to make, any payment or deposit required to be made or given by the
Servicer or Transferor, respectively, at the time specified in the Pooling and
Servicing Agreement (including applicable grace periods), the

                                       22
<PAGE>   26

Trustee shall make such payment or deposit from the applicable account without
instruction from the Servicer or Transferor. The Trustee shall be required to
make any such payment, deposit or withdrawal hereunder only to the extent that
the Trustee has sufficient information to allow it to determine the amount
thereof; provided, however, that the Trustee shall in all cases be deemed to
have sufficient information to determine the amount of interest payable to the
Investor Certificateholders on each Distribution Date. The Servicer shall, upon
request of the Trustee, promptly provide the Trustee with all information
necessary to allow the Trustee to make such payment, deposit or withdrawal. Such
funds or the proceeds of such withdrawal shall be applied by the Trustee in the
manner in which such payment or deposit should have been made by the Transferor
or the Servicer, as the case may be.

                                    ARTICLE V

                                    COVENANTS

                  Section 5.01. COVENANTS OF THE SERVICER. The Servicer hereby
covenants that:

                  (a) The Servicer will furnish to each Managing Agent, promptly
         after delivery to the Trustee, all notices, reports and other
         information given to the Trustee under the Pooling and Servicing
         Agreement other than the Daily Reports required thereunder. The
         Servicer further agrees that, notwithstanding any contrary provision
         contained in the Pooling and Servicing Agreement, (i) it will submit
         each Monthly Servicer's Report by electronic mail (each an "E-MAIL
         SERVICER REPORT"), (ii) it will make arrangements with VeriSign, Inc.
         (or another authenticating organization acceptable to the Program
         Agent) to enable the Servicer to generate electronic signatures to be
         used on such E-Mail Servicer Reports, (iii) it will format each E-Mail
         Servicer Report in accordance with the directions of the Program Agent
         and each of the Managing Agents, (iv) it will send each E-Mail Servicer
         Report to the electronic mail address designated by the Program Agent
         and the Managing Agents from time to time, (v) it authorizes the
         Program Agent and each of the Managing Agents to rely on such E-Mail
         Servicer Report for all purposes related to this Supplement to the same
         extent as if the contents thereof had been otherwise delivered to the
         Program Agent and each of the Managing Agents and (vi) it acknowledges
         that the Program Agent or any of the Managing Agents may at any time
         require it to manually submit a written Monthly Servicer's Report
         instead of such E-Mail Servicer Report.

                  (b) At any time and from time to time during the Servicer's
         regular business hours, on reasonable prior notice and for a purpose
         reasonably related to the Pooling and Servicing Agreement, the Servicer
         shall, in response to any reasonable request of the Trustee or any
         Managing Agent, permit the Trustee or such Managing Agent or their
         agents or representatives (which may be an independent accounting
         firm), (i) to examine and make copies of and abstracts from all books,
         records and documents (including, without limitation, computer tapes,
         microfiche and disks) in the possession or under the control of the
         Servicer relating to the Trust Assets, the Receivables and the Accounts
         and

                                       23
<PAGE>   27

         (ii) to visit the offices and properties of the Servicer for the
         purpose of examining such materials and to discuss matters relating to
         the Trust Assets, the Receivables and the Accounts or the Servicer's
         performance under any Transaction Document with any of the officers or
         employees of the Servicer having knowledge thereof. The Parent hereby
         agrees to pay all reasonable expenses incurred by the Trustee and each
         Managing Agent in exercising its rights under this Section 5.01. The
         Servicer agrees that each Managing Agent will have the right to request
         reasonable changes in the annual servicing report furnished by the
         independent public accountants pursuant to Section 3.06 of the Pooling
         and Servicing Agreement which are reasonably related to the Trust
         Assets and the matters contemplated by the Transaction Documents, and
         the Servicer agrees to use good faith reasonable efforts to obtain the
         independent public accountants' agreement to such changes.

                                   ARTICLE VI

                     SERIES 2000-1 EARLY AMORTIZATION EVENTS

                  Section 6.01. SERIES EARLY AMORTIZATION EVENTS. If an Early
Amortization Event or any one of the following events shall occur (each, a
"SERIES EARLY AMORTIZATION EVENT"):

                  (a) any Purchase Agreement shall for any reason cease to be in
         full force and effect or an Early Termination (as defined therein)
         shall occur; or

                  (b) (i) any purchase of any Receivables or other Trust Assets
         by the Transferor under any Purchase Agreement shall cease to create a
         valid sale, transfer and assignment to the Transferor of all right,
         title and interest of the Originator in and to such Trust Assets and
         the proceeds thereof, or (ii) any Transfer of any Trust Asset on any
         date shall for any reason cease to create a valid and perfected first
         priority sale, Transfer and assignment to the Trust of all right, title
         and interest of the Transferor in and to such Trust Assets and the
         proceeds thereof or, if such Transfer does not constitute such a sale,
         Transfer and assignment, cease to create a valid and perfected first
         priority security interest in such Trust Assets and the proceeds
         thereof, or (iii) the Investor Certificates delivered hereunder shall
         for any reason (other than due to the acts or omissions of the Investor
         Certificateholders) cease to evidence the transfer to the Investor
         Certificateholders of, or the Investor Certificateholders shall
         otherwise cease to have, a beneficial interest in a trust owning, or
         the Trustee on behalf of the Trust having a perfected first priority
         security interest in, the Trust Assets now existing and hereafter
         arising and the proceeds thereof to the extent of their respective
         Undivided Trust Interests; or

                  (c) a Servicer Default shall have occurred and be continuing;
         or

                  (d) the Servicer shall have resigned and shall not have been
         replaced, in each case in accordance with the terms of the Pooling and
         Servicing Agreement; or

                                       24
<PAGE>   28

                  (e) the Parent shall fail to observe or perform any covenant
         or agreement (within any applicable cure period) applicable to it
         contained in the Parent Undertaking Agreement, or the Parent
         Undertaking Agreement shall cease to be in effect or the Parent shall
         so assert in writing; or

                  (f) any material adverse change shall occur in the
         collectibility of the Receivables taken as a whole (other than as a
         result of the default of one or more Obligors on the payment thereof)
         or in the financial condition of the Transferor, the Parent, the
         Servicer or any Originator, or in the ability of any of them or any
         Originator to perform its obligations under any Transaction Document;
         or

                  (g) any Transaction Document shall cease to be in full force
         and effect; or

                  (h) (i) any Plan Event shall have occurred, (ii) the
         Transferor or any ERISA Affiliate shall have withdrawn from a
         Multiemployer Plan, or (iii) any Multiemployer Plan shall have been
         terminated or reorganized or become insolvent, and as a result of one
         or more such events the Transferor or any ERISA Affiliate has incurred
         or is reasonably expected to incur liability in excess of $500,000; or

                  (i) with respect to any Originator and the related Purchase
         Agreement, (i) any Plan Event (as defined in such Purchase Agreement)
         shall have occurred, (ii) such Originator or any ERISA Affiliate (as
         defined in such Purchase Agreement) shall have withdrawn from a
         Multiemployer Plan (as defined in such Purchase Agreement), or (iii)
         any such Multiemployer Plan shall have been terminated or reorganized
         or become insolvent, and as a result of one or more such events such
         Originator or any such ERISA Affiliate has incurred or is reasonably
         expected to incur liability in excess of $500,000; or

                  (j) the Parent shall cease to be the direct or indirect
         beneficial owner of at least 100% of the outstanding Voting Stock of
         the Transferor or the Servicer, or there shall occur a Change of
         Control with respect to the Parent; or

                  (k) the rating of the senior long-term debt obligations of the
         Parent by Moody's or Standard & Poor's shall fall below "B2" or "B",
         respectively or, if no such public ratings are available, in the sole
         judgment of any Managing Agent in accordance with its customary
         practices, the deemed equivalent of such ratings; or

                  (l) the Excess Spread Percentage for any three consecutive Due
         Periods is reduced to a rate of less than 1%; or

                  (m) the aggregate principal amount of the Class A Certificates
         shall not be paid in full on the Class A Expected Final Payment Date;
         or

                  (n) the failure on the part of a Hedge Provider to make a
         Hedge Payment, within five calendar days of the date on which such
         Hedge Payment is due; or

                                       25
<PAGE>   29

                  (o) the failure to maintain in full force and effect at all
         times Swaps and Caps having a combined aggregate notional amount of at
         least the outstanding Class A Invested Amount, with a Hedge Provider,
         the short term debt obligations of each of which are rated at least
         "A-1+" by Standard & Poor's and "P-1" by Moody's, provided that if, on
         any date, any such ratings fall below "A-1+" or "P-1," as the case may
         be, such Hedge Agreement shall be replaced with a Replacement Hedge
         Agreement with a Replacement Hedge Provider, the short term debt
         obligations of which are rated at least "A-1+" by Standard & Poor's and
         "P-1" by Moody's, within 30 calendar days of such date; or

                  (p) the Subordinated Transferor Invested Amount is less than
         14% of the Series Invested Amount; or

                  (q) the Net Loss Percentage for any three consecutive Due
         Periods exceeds 8%;

                  (r) the Dilution Ratio for any three consecutive Due Periods
         exceeds 6%;

                  (s) the Monthly Payment Rate for any three consecutive Due
         Periods is less than 12%; or

                  (t) the Transferor Percentage shall at any time be less than
         5%, and such deficiency shall remain uncured for more than one (1)
         Business Day

then, if a Trust Early Amortization Event pursuant to Section 9.01(d) or (f) of
the Pooling and Servicing Agreement shall have occurred, a "Series Early
Amortization Event" shall occur without any notice, demand, protest or other
requirement of any kind immediately upon the occurrence of such event, and, if
any of the other events set forth in any of the paragraphs above shall have
occurred, either the Trustee or the Program Agent (unless otherwise directed by
a Majority in Interest of Series 2000-1 Certificateholders) or a Majority in
Interest of Series 2000-1 Certificateholders, by notice then given in writing to
the Transferor and the Servicer (and to the Trustee if given by such Majority in
Interest), may declare (provided that such Series Early Amortization Event shall
not have been remedied) that a "Series Early Amortization Event" has occurred as
of the date of such notice.

                 Section 6.02. TRUSTEE'S MONITORING OBLIGATIONS. The Trustee
shall examine each Monthly Servicer's Report delivered thereunder for positive
indications that an Early Amortization Event may have occurred pursuant to
clause (i) of Section 9.01 of the Pooling and Servicing Agreement or clauses
(l), (m), (p), (q), (r), (s) or (t) of Section 6.01 hereof and shall notify the
Program Agent if such an Early Amortization Event is indicated.

                                       26
<PAGE>   30

                                   ARTICLE VII

                                  MISCELLANEOUS

                  Section 7.01. REASSIGNMENT AND TRANSFER TERMS. The Investor
Certificates shall be subject to retransfer to the Transferor at its option, in
accordance with the terms specified in Section 12.02(a) of the Pooling and
Servicing Agreement, on any Distribution Date on or after the Distribution Date
on which the Series Invested Amount is less than or equal to 15% of the Initial
Series Invested Amount. The deposit required in connection with any such
repurchase shall be equal to the sum of (x) the Series Invested Amount PLUS (y)
all accrued and unpaid interest on the Investor Certificates PLUS (z) all
accrued and unpaid amounts owing in respect of the fees set forth in the Fee
Letter and all other accrued costs and expenses owing to any of the
Beneficiaries under any of the Transaction Documents, in each case through the
day preceding the Distribution Date on which the repurchase occurs.

                  Section 7.02. ASSIGNMENT BY CONDUIT PURCHASERS OR COMMITTED
PURCHASERS. The Transferor and the Servicer agree to execute or obtain such
other documentation as may be reasonably requested by the Conduit Purchasers or
the Committed Purchasers in order to effectuate any assignment under Section
6.01 of the Certificate Purchase Agreement.

                  Section 7.03. NO ASSIGNABILITY BY TRANSFEROR AND SERVICER;
TRANSFEROR'S LIABILITY. Neither the Servicer nor the Transferor may assign any
of its rights and obligations hereunder or any interest herein (including any
Subordinated Transferor Certificate) without the prior written consent of the
Managing Agents. Any such assignment shall be subject to the limitation on the
number of beneficial owners of the Trust set forth in Section 7.06.

                  Section 7.04. RATIFICATION OF POOLING AND SERVICING AGREEMENT.
As supplemented by this Supplement, the Pooling and Servicing Agreement is in
all respects ratified and confirmed and the Pooling and Servicing Agreement as
so supplemented by this Supplement shall be read, taken and construed as one and
the same instrument.

                  Section 7.05. AMENDMENTS. All amendments to this Series 2000-1
Supplement shall be made in accordance with the provisions of the Pooling and
Servicing Agreement. In addition, no amendments may be made to this Series
2000-1 Supplement the effect of which would be to (i) change the Class A Monthly
Interest, Subordinated Transferor Monthly Interest, Excess Spread Percentage,
Net Loss Percentage, Dilution Ratio, Revolving Period, the Series 2000-1 Monthly
Trustee's Fee, the Series 2000-1 Monthly Program Fees, Reserve Account Required
Balance or Series Early Amortization Events, (ii) reduce in any manner the
amount of, or delay the timing of, distributions to be made to any Series 2000-1
Certificateholder or allocations or deposits of amounts to be so distributed,
(iii) cause any adverse tax effect (taking into account any offsetting non-tax
benefit therefrom) for any Series 2000-1 Certificateholder or (iv) adversely
affect in any material respect the interests of any Series 2000-1
Certificateholder, in each case unless a Series 2000-1 Majority in Interest and,
in the case of clause (iii), each affected Series 2000-1 Certificateholder, has
consented in writing.

                                       27
<PAGE>   31

                  Section 7.06. NO OBLIGATIONS UNDER SWAP AGREEMENT. The parties
hereto hereby agree that no Beneficiary will have any obligations, duties or
other liabilities under or in connection with the Hedge Agreement.

                  Section 7.07. COUNTERPARTS. This Supplement may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and the
same agreement. Delivery of an executed counterpart of a signature page to this
Supplement by telecopier shall be effective as delivery of a manually executed
counterpart of this Supplement.

                  Section 7.08. GOVERNING LAW. ETC.

                  (a) GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND
         CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  (b) JURISDICTION.

                           (i) Each of the parties hereto hereby irrevocably and
                  unconditionally submits, for itself and its property, to the
                  nonexclusive general jurisdiction of any New York State court
                  or federal court of the United States of America sitting in
                  New York City, and any appellate court from any thereof, in
                  any action or proceeding arising out of or relating to this
                  Supplement or any of the other Transaction Documents to which
                  it is a party, or for recognition or enforcement of any
                  judgment, and each of the parties hereto hereby irrevocably
                  and unconditionally agrees that all claims in respect of any
                  such action or proceeding may be heard and determined in any
                  such New York State court or, to the extent permitted by law,
                  in such federal court. Each of the parties hereto agrees that
                  a final judgment in any such action or proceeding shall be
                  conclusive and may be enforced in other jurisdictions by suit
                  on the judgment or in any other manner provided by law.
                  Nothing in this Supplement shall affect any right that any
                  party may otherwise have to bring any action or proceeding
                  relating to this Supplement or any of the other Transaction
                  Documents in the courts of any jurisdiction.

                           (ii) Each of the parties hereto irrevocably and
                  unconditionally waives, to the fullest extent it may legally
                  and effectively do so, any objection that it may now or
                  hereafter have to the laying of venue of any suit, action or
                  proceeding arising out of or relating to this Supplement or
                  any of the other Transaction Documents to which it is a party
                  in any New York State or federal court. Each of the parties
                  hereto hereby irrevocably waives, to the fullest extent
                  permitted by law, the defense of an inconvenient forum to the
                  maintenance of such action or proceeding in any such court.

                  (c) CONSENT TO SERVICE OF PROCESS. Each party to this
         Supplement irrevocably consents to service of process by personal
         delivery, certified mail, postage prepaid or

                                       28
<PAGE>   32

         overnight courier. Nothing in this Supplement will affect the right of
         any party to this Supplement to serve process in any other manner
         permitted by law.

                  (d) WAIVER OF JURY TRIAL. Each party to this Supplement waives
         any right to a trial by jury in any action or proceeding to enforce or
         defend any rights under or relating to this Supplement, any other
         Transaction Document or any amendment, instrument, document or
         agreement delivered or which may in the future be delivered in
         connection herewith or therewith or arising from any course of conduct,
         course of dealing, statements (whether oral or written), actions of any
         of the parties hereto and the parties to the Certificate Purchase
         Agreement or any other relationship existing in connection with this
         Supplement or any other Transaction Document, and agrees that any such
         action or proceeding shall be tried before a court and not before a
         jury.

                  Section 7.09. NO PETITION.

                  (a) The Transferor, the Servicer and the Trustee, by entering
         into this Supplement and each Series 2000-1 Certificateholder, by
         accepting a Series 2000-1 Certificate, hereby covenant and agree that
         they will not at any time institute against the Trust, or join in any
         institution against the Trust of, any bankruptcy proceedings under any
         United States Federal or state bankruptcy or similar law in connection
         with any obligations relating to the Investor Certificates, this
         Supplement or any other Transaction Document.

                  (b) The Servicer and the Trustee, by entering into this
         Supplement and each Series 2000-1 Certificateholder, by accepting a
         Series 2000-1 Certificate, hereby covenant and agree that they will not
         at any time institute against the Transferor, or join in any
         institution against the Transferor of, any bankruptcy proceedings under
         any United States Federal or state bankruptcy or similar law in
         connection with any obligations relating to the Investor Certificates,
         this Supplement or any other Transaction Document.

                  (c) The Transferor, the Servicer and the Trustee, by entering
         into this Supplement and each Series 2000-1 Certificateholder, by
         accepting a Series 2000-1 Certificate, hereby covenant and agree that
         they will not at any time institute against a Certificateholder that is
         a Conduit Purchaser (including any Conduit Purchaser in its capacity as
         a Committed Purchaser), or join in any institution against any
         Certificateholder that is a Conduit Purchaser (including any Conduit
         Purchaser in its capacity as a Committed Purchaser) of, any bankruptcy
         proceedings under any United States Federal or state bankruptcy or
         similar law in connection with any obligations relating to the Investor
         Certificates, this Supplement or any other Transaction Document.

                                       29
<PAGE>   33

         IN WITNESS WHEREOF, the Transferor, the Servicer and the Trustee have
caused this Series 2000-1 Supplement to be duly executed by their respective
officers as of the day and year first above written.

                                          THE EL-BEE RECEIVABLES CORPORATION

                                          By: /s/ Scott J. Davido
                                             -----------------------------------
                                               Name:  Scott J. Davido
                                               Title: President

                                          THE EL-BEE CHARGIT CORP.

                                          By: /s/ Scott J. Davido
                                             -----------------------------------
                                               Name:  Scott J. Davido
                                               Title: Senior Vice President,
                                                       Treasurer and Secretary

                                          BANKERS TRUST COMPANY,
                                          not in its individual capacity
                                          but solely as Trustee

                                          By:  /s/ Louis Bodi
                                             -----------------------------------
                                               Name:  Louis Bodi
                                               Title: Vice President

                                       30
<PAGE>   34

                                                                     EXHIBIT A-1

                           FORM OF CLASS A CERTIFICATE

                              ----------- --, ----

REGISTERED                                            Variable Principal Amount*

                  THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

                                                           Certificate No. _____

                                  SERIES 2000-1

                        CLASS A FLOATING RATE CERTIFICATE

                         THIS CERTIFICATE REPRESENTS AN

                   UNDIVIDED INTEREST IN CERTAIN ASSETS OF THE

                           ELDER-BEERMAN MASTER TRUST

the corpus of which consists primarily of certain receivables generated from
time to time by The Elder-Beerman Stores Corp. (the "COMPANY") which are then
purchased by The El-Bee Chargit Corp. ("CHARGIT") (together, the "ORIGINATORS")
and then purchased by The El-Bee Receivables Corporation (the "TRANSFEROR"),
from the Originators, which in turn transfers and assigns such receivables to
The Elder-Beerman Master Trust pursuant to the Pooling and Servicing Agreement,
dated as of December 30, 1997, among the Transferor, Chargit, as Servicer, and
Bankers Trust Company, as Trustee (as amended, supplemented or otherwise
modified from time to time, the "POOLING AND SERVICING AGREEMENT"; capitalized
terms used herein and not otherwise defined herein are used herein as therein
defined). This Certificate (a "CLASS A CERTIFICATE") does not represent a
recourse obligation, and is not guaranteed by, the Transferor, the Company,
Chargit or any Affiliate of any of them.

                  This certifies that ______________________ (the "CLASS A
CERTIFICATEHOLDER") is the registered owner of a fractional undivided interest
in the assets of The Elder-Beerman Master Trust (the "TRUST") created pursuant
to the Pooling and Servicing Agreement. Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee by manual

--------
* Denominations of $5,000,000 and multiples of $1,000 in excess thereof.

                                     A-1-1
<PAGE>   35

or facsimile signature, this Class A Certificate shall not be entitled to any
benefit under the Transaction Documents or be valid for any purpose.

                  Each purchaser, by its purchase of this Class A Certificate,
represents, acknowledges and agrees that: (1) it is purchasing "restricted"
securities which have not been and will not be registered under the Securities
Act; (2) if it should decide to dispose of any of such securities, it will not
offer, sell, transfer, pledge, hypothecate or otherwise dispose of any of such
securities except, (A) pursuant to Rule 144A under the Securities Act, (B) to a
sophisticated institutional investor that is an "accredited investor" (within
the meaning of Rule 501(a) (1), (2), (3) or (7) under the Securities Act) in a
transaction not involving any general solicitation or advertising as evidenced
by a certificate of the proposed transferor thereof delivered to the Trustee (in
the form attached hereto) or (C) pursuant to any other exemption from the
registration requirements of such Securities Act in each case in accordance with
any applicable state laws governing the offer or sale of securities; and (3) for
federal, state and local income and franchise tax law purposes, this Class A
Certificate is intended to be indebtedness of the Transferor secured by the
Receivables and the purchaser shall treat and report this Class A Certificate as
indebtedness of the Transferor for such purposes.

                  The corpus of the Trust consists of (i) a portfolio of
Receivables arising in connection with the Accounts identified under the Pooling
and Servicing Agreement from time to time, (ii) funds collected or to be
collected from Obligors in respect of the Receivables, (iii) all funds which are
from time to time on deposit in the Concentration Account, the Collection
Accounts and any other account or accounts held for the benefit of the
Certificateholders and (iv) all other assets and interests constituting the
Trust Assets.

                  This Class A Certificate is issued under and is subject to the
terms, provisions and conditions of the Transaction Documents, to which
Transaction Documents the Class A Certificateholder, by virtue of its acceptance
hereof, assents and is bound.

                  Although a summary of certain provisions of the Transaction
Documents is et forth below, this Class A Certificate does not purport to
summarize the Transaction Documents and is qualified in its entirety by the
terms and provisions of the Transaction Documents and reference is made to the
Transaction Documents for information with respect to the interests rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Trustee, the Servicer and the other parties bound
by the Transaction Documents. A copy of the Transaction Documents may be
requested by writing to the Trustee at Four Albany Street, New York, New York
10006, Attention: Corporate Trust and Agency Group/Structured Finance, at the
expense of the Transferor.

                  The Series 2000-1 Certificates are issued in two Classes, the
Class A Certificates (of which this Class A Certificate is one) and the
Subordinated Transferor Certificate, which is subordinated to the Class A
Certificates as described in the Transaction Documents. In addition to the
Series 2000-1 Certificates, the Transferor will issue an Exchangeable Transferor
Certificate pursuant to the Transaction Documents, which will represent a
fractional undivided interest in the Trust.

                                     A-1-2
<PAGE>   36

                  The Class A Certificates collectively represent a fractional
undivided interest in the Trust and the right to receive Collections and other
amounts, to the extent necessary to make the required payments with respect to
the Class A Certificates, at the times and in the amounts specified in the
Transaction Documents from time to time.

                  The Class A Invested Amount with respect to any date will be
determined as set forth in the Series 2000-1 Supplement. The Class A Invested
Amount and the amount of any Increases and distributions of principal to the
Class A Certificateholders shall be recorded on the Certificate Register.

                  Interest on the unpaid Class A Invested Amount outstanding
from time to time shall accrue at a rate per annum equal to the Class A
Certificate Rate in effect from time to time applicable to this Class A
Certificate and shall become due on the dates specified in the Transaction
Documents for distributions of amounts on account of such interest until the
Class A Invested Amount shall have been reduced to zero. Interest with respect
to the Class A Certificates shall be distributed to the Class A
Certificateholders on each Distribution Date. Payment of any installment of
interest on Class A Certificates will be made or caused to be made by the
Trustee to the person in whose name such Class A Certificate is registered at
the close of business on the Record Date. Payment of such interest will be made
by wire transfer to a designated account maintained by the Class A
Certificateholder; provided that such Class A Certificateholder has provided the
Trustee with the wire transfer designation, in writing, received by the Trustee
on or prior to the relevant Record Date. In the absence of such timely wire
transfer instructions, payment will be made by check to the address of record of
the Class A Certificateholder.

                  Payment of principal in reduction of this Class A Certificates
will be made by wire transfer to a designated account maintained by the Class A
Certificateholder. The final distribution on a Class A Certificate will be made
after due notice by the Trustee of the pendency of such distribution and only
upon presentation and surrender of a Class A Certificate at the Corporate Trust
Office of the Trustee.

                  The Class A Certificates do not represent an obligation of, or
an interest in, the Transferor, the Servicer, the Company or any Affiliate of
any of them. This Class A Certificate is limited in right of payment to certain
Collections of the Receivables (and certain other amounts), all as more
specifically set forth hereinabove and in the Transaction Documents.

                  The Class A Certificates are only issuable in registered form
without coupons in denominations of $5,000,000 and integral multiples of $1,000
in excess thereof. Class A Certificates are transferable upon surrender of the
Class A Certificate, and any other required documents, to an office of the
Trustee, where newly executed and authenticated Class A Certificates in the name
of the designated transferee will be delivered.

                  As provided in the Transaction Documents and subject to
certain limitations therein set forth, this Class A Certificate is exchangeable
for new Class A Certificates of the same Series evidencing a like aggregate
fractional undivided interest in the Trust, as requested

                                     A-1-3
<PAGE>   37

by the Class A Certificateholder surrendering this Class A Certificate. No
service charge will be imposed for any such transfer or exchange, but the
Transfer Agent and Registrar may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection
therewith.

                  This Class A Certificate shall be construed in accordance with
and governed by the laws of the State of New York.

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

                                            THE EL-BEE RECEIVABLES CORPORATION

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

                                     A-1-4
<PAGE>   38

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                                     Dated: ______  __, ___

BANKERS TRUST COMPANY,
    not in its individual capacity but
    solely as Trustee

By:                                 OR
    --------------------------           ---------------------------------------
      Authorized Signer                  as Authenticating Agent for the Trustee

                                         By:
                                             -----------------------------------
                                             Authorized Signer

<PAGE>   39

                                   ASSIGNMENT

                  FOR VALUE RECEIVED, the undersigned Certificateholder hereby
sell(s),assign(s) and transfer(s) unto ____________, whose taxpayer
identification number is __________, and whose address, including postal zip
code, is ________, the within Security capitalized terms used herein and not
otherwise defined herein are used herein as defined therein) and all rights
thereunder, hereby irrevocably constituting and appointing
______________________ attorney-in-fact to transfer said Security on the books
of the Trustee with full power of substitution in the premises.

                  In connection with the transfer of this security, the
undersigned holder certifies that:

                                   [CHECK ONE]

[ ]     (A)    This security is being transferred to a "qualified institutional
               buyer" (as defined in Rule 144A under the Securities Act) in
               compliance with the exemption from registration under the
               Securities Act provided by Rule 144A.

[ ]     (B)    This Security is being transferred to a sophisticated
               institutional investor which is an "accredited investor" (within
               the meaning of Rule 501(a) (1) (2), (3) or (7) under the
               Securities Act) in a transaction not involving any general
               solicitation or advertising.

[ ]     (C)    This Security is being transferred in compliance with another
               exemption from registration under the Securities Act.

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

                                                NOTICE: The signature of the
                                                holder of this assignment must
                                                correspond with the name as
                                                written upon the face of the
                                                within instrument in every
                                                particular, without any change
                                                whatsoever.

*       If Box C is checked, the Trustee shall receive from the proposed
        transferee, prior to the Trustee being required to effect the transfer
        of this Security, a written opinion of counsel stating that such
        transfer is exempt from the registration requirements of the Securities
        Act and the basis therefor.

<PAGE>   40

                              SIGNATURE GUARANTEED

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

IF NONE OF THE FOREGOING BOXES IS CHECKED, THE TRUSTEE SHALL NOT BE OBLIGATED TO
REGISTER THIS SECURITY IN THE NAME OF ANY PERSON OTHER THAN THE HOLDER HEREOF
UNLESS AND UNTIL THE CONDITIONS TO ANY SUCH TRANSFER OF REGISTRATION SET FORTH
HEREIN, ON THE FACE HEREOF AND IN THE TRANSACTION DOCUMENTS, SHALL HAVE BEEN
SATISFIED.

<PAGE>   41

                                                                     EXHIBIT A-2

                   FORM OF SUBORDINATED TRANSFEROR CERTIFICATE

                                -------- ---, --

REGISTERED                                         Variable Principal Amount* *

                  THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT'), AND MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

                                                           Certificate No. _____

                                  SERIES 2000-1

                SUBORDINATED TRANSFEROR FLOATING RATE CERTIFICATE

                         THIS CERTIFICATE REPRESENTS AN
                   UNDIVIDED INTEREST IN CERTAIN ASSETS OF THE

                           ELDER-BEERMAN MASTER TRUST

the corpus of which consists primarily of certain receivables generated from
time to time by The Elder-Beerman Stores Corp. (the "COMPANY") which are then
purchased by The El-Bee Chargit Corp. ("CHARGIT") (together, the "ORIGINATORS")
and then purchased by The El-Bee Receivables Corporation (the "TRANSFEROR"),
from the Originators, which in turn transfers and assigns such receivables to
The Elder-Beerman Master Trust pursuant to the Pooling and Servicing Agreement,
dated as of December 30, 1997, among the Transferor, Chargit, as Servicer, and
Bankers Trust Company, as Trustee (as amended, supplemented or otherwise
modified from time to time, the "POOLING AND SERVICING AGREEMENT"; capitalized
terms used herein and not otherwise defined herein are used herein as therein
defined). This Certificate (the "SUBORDINATED TRANSFEROR CERTIFICATE") does not
represent a recourse obligation, and is not guaranteed by, the Transferor, the
Company, Chargit or any Affiliate of any of them.

                  This certifies that _______________________ (the "SUBORDINATED
TRANSFEROR CERTIFICATEHOLDER") is the registered owner of a fractional undivided
interest in the assets of The Elder-Beerman Master Trust (the "TRUST") created
pursuant to the Pooling and Servicing Agreement. Unless the certificate of
authentication hereon has been executed by or on behalf of

---------------------
*

                                     A-2-1
<PAGE>   42

the Trustee by manual or facsimile signature, this Subordinated Transferor
Certificate shall not be entitled to any benefit under the Transaction Documents
or be valid for any purpose.

                  This Subordinated Transferor Certificate is not transferable
or assignable.

                  The corpus of the Trust consists of (i) a portfolio of
Receivables arising in connection with Accounts identified under the Pooling and
Servicing Agreement from time to time, (ii) funds collected or to be collected
from Obligors in respect of the Receivables, (iii) all funds which are from time
to time on deposit in the Concentration Account, the Collection Accounts and any
other account or accounts held for the benefit of the Certificateholders and
(iv) all other assets and interests constituting the Trust Assets.

                  This Subordinated Transferor Certificate is issued under and
is subject to the terms, provisions and conditions of the Transaction Documents,
to which Transaction Documents the Subordinated Transferor Certificateholder, by
virtue of the acceptance hereof, assents and is bound.

                  Although a summary of certain provisions of the Transaction
Documents is set forth below, this Subordinated Transferor Certificate does not
purport to summarize the Transaction Documents and is qualified in its entirety
by the terms and provisions of the Transaction Documents and reference is made
to the Transaction Documents for information with respect to the interests,
rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Trustee, the Servicer and the other
parties bound by the Transaction Documents. A copy of the Transaction Documents
may be requested by writing to the Trustee, at Four Albany Street, New York, New
York 10006, Attention: Corporate Trust and Agency Group/Structured Finance, at
the expense of the Transferor.

                  The Series 2000-1 Certificates are issued in three Classes,
the Class A Certificates and the Subordinated Transferor Certificate, which is
subordinated to the Class A Certificates as described in the Transaction
Documents. In addition to the Series 2000-1 Certificates, the Transferor will
issue an Exchangeable Transferor Certificate pursuant to the Transaction
Documents, which will represent a fractional undivided interest in the Trust.

                  The Subordinated Transferor Certificate collectively represent
a fractional undivided interest in the Trust and the right to receive
Collections and other amounts, to the extent necessary to make the required
payments with respect to the Subordinated Transferor Certificate, at the times
and in the amounts specified in the Transaction Documents from time to time.

                  The Subordinated Transferor Invested Amount with respect to
any date will be determined as set forth in the Series 2000-1 Supplement. The
Subordinated Transferor Invested Amount and the amount of any distributions of
principal to the Subordinated Transferor Certificateholder shall be recorded on
the Certificate Register.

                                     A-2-2
<PAGE>   43

                  Interest on the unpaid Subordinated Transferor Invested Amount
outstanding from time to time shall accrue at a rate per annum equal to the
Subordinated Transferor Certificate Rate in effect from time to time applicable
to this Subordinated Transferor Certificate and shall become due on the dates
specified in the Transaction Documents for distributions of amounts on account
of such interest until the Subordinated Transferor Invested Amount shall have
been reduced to zero. Interest with respect to the Subordinated Transferor
Certificate shall be distributed to the Subordinated Transferor
Certificateholder in accordance with the Transaction Documents. Payment of any
installment of interest on Subordinated Transferor Certificate will be made or
caused to be made by the Trustee to the Subordinated Transferor
Certificateholder. Payment of such interest will be made by wire transfer to a
designated account maintained by the Subordinated Transferor Certificateholder;
PROVIDED that the Subordinated Transferor Certificateholder has provided the
Trustee with the wire transfer designation, in writing, received by the Trustee
on or prior to the relevant Record Date. In the absence of such timely wire
transfer instructions, payment will be made by check to the address of record of
the Subordinated Transferor Certificateholder.

                  Payment of principal in reduction of Subordinated Transferor
Certificate will be made by wire transfer to a designated account maintained by
the Subordinated Transferor Certificateholder. The final distribution on a
Subordinated Transferor Certificate will be made after due notice by the Trustee
of the pendency of such distribution and only upon presentation and surrender of
a Subordinated Transferor Certificate at the Corporate Trust Office of the
Trustee.

                  The Subordinated Transferor Certificate does not represent an
obligation of, or an interest in, the Transferor, the Servicer, the Company or
any Affiliate of any of them. This Subordinated Transferor Certificate is
limited in right of payment to certain Collections of the Receivables (and
certain other amounts), all as more specifically set forth hereinabove and in
the Transaction Documents.

                  As provided in the Transaction Documents and subject to
certain limitations therein set forth, this Subordinated Transferor Certificate
is exchangeable for a new Subordinated Transferor Certificate of the same Series
evidencing a like aggregate fractional undivided interest in the Trust, as
requested by the Subordinated Transferor Certificateholder surrendering this
Subordinated Transferor Certificate. No service charge will be imposed for any
such transfer or exchange, but the Transfer Agent and Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith.

                  This Subordinated Transferor Certificate shall be construed in
accordance with and governed by the laws of the State of New York.

                                     A-2-3
<PAGE>   44

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

                                          THE EL-BEE RECEIVABLES CORPORATION

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

                                     A-2-4
<PAGE>   45

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is the Subordinated Transferor Certificate described in
the within-mentioned Pooling and Servicing Agreement.

                                                    Dated:   _________  ___, ___

BANKERS TRUST COMPANY,
    not in its individual capacity but
    solely as Trustee

By:                                 OR
    ------------------------             ---------------------------------------
      Authorized Signer                  as Authenticating Agent for the Trustee

                                         By:
                                             -----------------------------------
                                                      Authorized Signer<PAGE>   1
                                                                   Exhibit 10(c)
                                                                  EXECUTION COPY

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

                  SERIES 2000-1 CERTIFICATE PURCHASE AGREEMENT

                               Dated May 19, 2000

                                      among

                       THE EL-BEE RECEIVABLES CORPORATION

                                   as Seller,
                                   ----------

             CORPORATE RECEIVABLES CORPORATION, EAGLEFUNDING CAPITAL
          CORPORATION AND THE OTHER COMMERCIAL PAPER CONDUITS FROM TIME
                              TO TIME PARTY HERETO

                             as Conduit Purchasers,
                             ----------------------

         CITIBANK, N.A., EAGLEFUNDING CAPITAL CORPORATION AND THE OTHER
             FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO,

                            as Committed Purchasers,
                            ------------------------

        CITICORP NORTH AMERICA, INC., FLEETBOSTON ROBERTSON STEPHENS INC.
      AND THE OTHER FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO

                               as Managing Agents
                               ------------------

                          CITICORP NORTH AMERICA, INC.

                       as Program Agent for the Purchasers
                       -----------------------------------

                                       and

                             BANKERS TRUST COMPANY,

                                   as Trustee
                                   ----------

================================================================================
<PAGE>   2

                                TABLE OF CONTENTS
                                -----------------

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions....................................................1
Section 1.02.  Other Definitional Provisions..................................9

                              ARTICLE II

                        THE PURCHASE; INCREASES

Section 2.01.  The Purchase..................................................10
Section 2.02.  Increases.....................................................10
Section 2.03.  Class A Certificates..........................................11
Section 2.04.  Reductions to the Series 2000-1 Class A Purchase Limit........11
Section 2.05.  Procedures for Making the Purchase and Increases..............11
Section 2.06.  Extension of Term.............................................12

                              ARTICLE III

                       FEES AND YIELD PROTECTION

Section 3.01.  Fees..........................................................13
Section 3.02.  Increased Costs...............................................13
Section 3.03.  Taxes.........................................................14
Section 3.04.  Cost and Expenses.............................................17
Section 3.05.  Sharing of Payments, Etc......................................18

                              ARTICLE IV

        CONDITIONS PRECEDENT TO THE PURCHASE AND ALL INCREASES

Section 4.01.  Conditions Precedent to Initial Purchase......................18
Section 4.02.  Conditions Precedent to the Purchase and All Increases........21

                               ARTICLE V

                    REPRESENTATIONS AND WARRANTIES

Section 5.01.  Representations and Warranties of the Seller..................23
Section 5.02.  Representations and Warranties of the Servicer................23

                              ARTICLE VI

                THE PROGRAM AGENT; THE MANAGING AGENTS

Section 6.01.  Authorization and Action of the Program Agent.................23
Section 6.02.  The Program Agent's Reliance, Etc.............................23
Section 6.03.  The Program Agent and Affiliates..............................24
Section 6.04.  Indemnification of the Program Agent..........................24

                                       i

<PAGE>   3

Section 6.05.  Payments by the Program Agent.................................25
Section 6.06.  Authorization and Action of Managing Agent....................25
Section 6.07.  Managing Agent's Reliance, Etc................................26
Section 6.08.  The Managing Agents and Affiliates............................26
Section 6.09.  Indemnification of the Managing Agent.........................27
Section 6.10.  Payments by a Managing Agent..................................27
Section 6.11.  Purchaser Credit Decision.....................................27

                              ARTICLE VII

                    ASSIGNMENTS AND PARTICIPATIONS

Section 7.01.  Assignment....................................................28
Section 7.02.  Rights of Assignee............................................28
Section 7.03.  Notice of Assignment..........................................28
Section 7.04.  Register......................................................29
Section 7.05.  Participations................................................29
Section 7.06.  Restrictions on Assignments and Participations................29

                             ARTICLE VIII

                             MISCELLANEOUS

Section 8.01.  Amendments, Etc...............................................30
Section 8.02.  Notices, Etc..................................................30
Section 8.03.  No Waiver; Remedies; Set-Off..................................30
Section 8.04.  Binding Effect; Survival......................................31
Section 8.05.  No Proceedings................................................31
Section 8.06.  Captions and Cross References.................................31
Section 8.07.  Integration...................................................31
Section 8.08.  Replacement of Purchasers.....................................31
Section 8.09.  Confidentiality...............................................32
Section 8.10.  Reimbursement of Program Agent................................32
Section 8.11.  Limitation of Liability.......................................32
Section 8.12.  Governing Law.................................................33
Section 8.13.  Submission to Jurisdiction....................................33
Section 8.14.  Consent to Service of Process.................................33
Section 8.15.  Execution in Counterparts.....................................34
Section 8.16.  Waiver of Jury Trial..........................................34

                                       ii
<PAGE>   4

         SERIES 2000-1 CERTIFICATE PURCHASE AGREEMENT dated May 19, 2000 among
THE EL-BEE RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the
"SELLER"), CORPORATE RECEIVABLES CORPORATION, a Delaware corporation ("CRC"),
EAGLEFUNDING CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and
the other commercial paper conduits from time to time party hereto, each a
Conduit Purchaser, CITIBANK, N.A., a national banking association ("CITIBANK"),
EAGLEFUNDING FUNDING CAPITAL CORPORATION, a Delaware corporation
("EAGLEFUNDING") and the other financial institutions from time to time party
hereto, as Committed Purchasers, CITICORP NORTH AMERICA, INC., a Delaware
corporation ("CNAI"), FLEETBOSTON ROBERTSON STEPHENS INC., a Massachusetts
corporation ("FRSI") and the other financial institutions from time to time
party hereto, as Managing Agents, CITICORP NORTH AMERICA, INC., a Delaware
corporation, as Program Agent (the "PROGRAM AGENT") and BANKERS TRUST COMPANY, a
New York banking corporation, not in its individual capacity but solely as
Trustee (the "TRUSTEE").

                             PRELIMINARY STATEMENTS:

         1. The Elder-Beerman Master Trust formed under the Pooling and
Servicing Agreement (as such term and other terms used in these Preliminary
Statements are hereinafter defined) may issue the Class A Certificates at the
direction of the Seller.

         2. Subject to the terms and conditions of this Agreement and of the
Series 2000-1 Supplement, the Seller may sell the Class A Certificates to the
Managing Agents for the benefit of the Conduit Purchasers and the Committed
Purchasers in the related Purchaser Group.

         3. Subject to the terms and conditions of this Agreement, the Conduit
Purchasers may, and the Committed Purchasers shall, fund from time to time,
Increases in the Class A Invested Amount.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants herein contained, and for other good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereto hereby agree as
follows:

                                   ARTICLE I

                                   DEFINITIONS

         Section 1.01. DEFINITIONS. All capitalized terms used herein and not
otherwise defined herein shall have the meanings specified in the Pooling and
Servicing Agreement or in the Series 2000-1 Supplement (as defined below). In
addition, the term "Agreement" shall mean this Series 2000-1 Certificate
Purchase Agreement, as the same may from time to time be amended, supplemented
or otherwise modified. Whenever used in this Agreement, the following words and
phrases shall have the following meanings:

         "ADJUSTED EURODOLLAR RATE" means, for any Interest Period, an interest
rate per annum equal to the rate per annum obtained by dividing (i) an interest
rate per annum equal to the London interbank offered rate for one-month United
States dollar deposits (rounded upward,

<PAGE>   5

if necessary, to the nearest whole multiple of 1/16th of one percent) that
appears on the display of the Dow Jones Telerate Service currently designated as
Telerate Page 3750 (or such other page as may replace that page on that service
for the purpose of displaying comparable rates or prices) as of 11:00 a.m.,
London time, on the second Business Day preceding the commencement of such
Interest Period for a period equal to such Interest Period by (ii) a percentage
equal to 100% minus the Eurodollar Reserve Percentage (as defined below) for
such period. "EURODOLLAR RESERVE PERCENTAGE" means, for any period, the reserve
percentage applicable two Business Days before the first day of such period
under regulations issued from time to time by the Board of Governors of the
Federal Reserve System (or any successor) (or, if more than one such percentage
shall be so applicable, the daily average of such percentages for those days in
such period during which any such percentage shall so be applicable) for
determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) applicable to liabilities or
assets consisting of or including "eurocurrency liabilities" as that term is
used in Regulation D, as in effect from time to time, of the Board of Governors
of the Federal Reserve System (or with respect to any other category of
liabilities that includes deposits by reference to which the Adjusted Eurodollar
Rate is determined) having a term equal to such period.

         "AFFECTED PERSON" means any Conduit Purchaser, any partner therein or
shareholder thereof, any Committed Purchaser and any Liquidity Provider (and,
for purposes of Section 3.03, the Trust and the Trustee).

         "ALTERNATE BASE RATE" means, for any Interest Period, a fluctuating
interest rate per annum in effect from time to time, which rate per annum shall
at all times be equal to the highest of:

          (a) the rate of interest announced publicly by Citibank, N.A. in New
     York, New York from time to time as Citibank, N.A.'s base rate;

          (b) the sum (adjusted to the nearest 1/4 of 1% or, if there is no
     nearest 1/4 of 1%, to the next higher 1/4 of 1%) of (A) 1/2 of 1% per
     annum, PLUS (B) the rate obtained by dividing (1) the latest three-week
     moving average of secondary market morning offering rates in the United
     States for three-month certificates of deposit of major United States money
     market banks, such three-week moving average (adjusted to the basis of a
     year of 360 days) being determined weekly on each Monday (or, if such day
     is not a Business Day on the next succeeding Business Day) for the three
     week period ending on the previous Friday by Citibank, N.A. on the basis of
     such rates reported by certificate of deposit dealers to and published by
     the Federal Reserve Bank of New York or, if such publication shall be
     suspended or terminated, on the basis of quotations for such rates received
     by Citibank, N.A. from three certificate of deposit dealers of recognized
     standing selected by Citibank, N.A., by (2) a percentage equal to 100%
     minus the average of the daily percentages specified during such three-week
     period by the Board of Governors of the Federal Reserve System (or any
     successor) for determining the maximum reserve requirement (including, but
     not limited to, any emergency, supplemental or other marginal reserve
     requirement) for Citibank, N.A. with respect to liabilities consisting of
     or including (among other liabilities) three-month Dollar non-personal time
     deposits in the United States, PLUS (C) the average during such three-week

                                       2
<PAGE>   6

     period of the annual assessment rates estimated by Citibank, N.A. for
     determining the then current annual assessment payable by Citibank, N.A. to
     the FDIC (or any successor) for insuring Dollar deposits of Citibank, N.A.
     in the United States; and

          (c) 1/2 of 1% per annum above the fluctuating interest rate per annum
     equal to the weighted average of the rates on overnight Federal funds
     transactions with members of the Federal Reserve System arranged by Federal
     funds brokers, as published for such day (or, if such day is not a Business
     Day, for the next preceding Business Day) by the Federal Reserve Bank of
     New York, or, if such rate is not so published for any day that is a
     Business Day, the average of the quotations for such day for such
     transactions received by Citibank, N.A. from three Federal funds brokers of
     recognized standing selected by it.

         "ASSIGNEE RATE" means, for any Interest Period, an interest rate per
annum equal to the Adjusted Eurodollar Rate plus 2.50%; provided, however, that,
if (x) it shall become unlawful for any Committed Purchaser to obtain funds in
the London interbank market in order to purchase, fund or maintain its initial
investment in the Class A Certificates or any Increase hereunder, or deposits in
dollars (in the applicable amounts) are not being offered by such Committed
Purchaser in the London interbank market, (y) any Committed Purchaser is unable
to establish the Adjusted Eurodollar Rate for any applicable period due to
circumstances affecting the London interbank market generally, or (z) the
Managing Agent for a Purchaser Group notifies the Seller and the Program Agent
of its determination that the Adjusted Eurodollar Rate will not adequately
reflect the cost of funding or maintaining the Class A Invested Amount (until
such Managing Agent shall have notified the Seller and the Program Agent that
such Managing Agent has determined that the Adjusted Eurodollar Rate will
adequately reflect such cost), then, in each case, the Assignee Rate shall be
the Alternate Base Rate in effect from time to time PLUS 1/2 of 1%; provided,
further, that following the occurrence and during the continuation of an Early
Amortization Period, the "Assignee Rate" shall be the applicable interest rate
per annum determined pursuant to the provisions set forth above PLUS 1/2 of 1%
per annum.

         "ASSIGNMENT AND ACCEPTANCE" means an assignment and acceptance in
substantially the form of Exhibit A hereto pursuant to which any Committed
Purchaser assigns all or a portion of its rights and obligations under this
Agreement in accordance with the terms of Section 6.01(b).

         "BANKRUPTCY CODE" means the Bankruptcy Reform Act of 1978, 11
U.S.C.secs. 101 et seq., as amended from time to time.

         "BREAKAGE COSTS" means (a) with respect to a Conduit Purchaser and for
each reduction of the Class A Invested Amount other than on a Distribution Date,
the amount, if any, by which (i) the additional interest at the applicable
Certificate Rate (calculated without taking into account any breakage costs)
which would have accrued on an amount equal to such Conduit Purchaser's portion
of such reduction of the Class A Invested Amount from the time of such reduction
to the Distribution Date next succeeding such reduction exceeds (ii) the income
received by such Conduit Purchaser to the Distribution Date next succeeding such
reduction from investing the proceeds of such Conduit Purchaser's portion of
such reduction of the Class A Invested Amount or (b) with respect to a Committed
Purchaser and for each reduction of the

                                       3
<PAGE>   7

Class A Invested Amount other than on a Distribution Date, an amount equal to
the sum of (i) the additional interest at the applicable Certificate Rate
(calculated without taking into account any breakage costs) which would have
accrued on an amount equal to such Committed Purchaser's portion of the amount
of such reduction of the Class A Invested Amount from the time of such reduction
through the last day of the period for which the Adjusted Eurodollar Rate has
been set MINUS (ii) the income received by such Committed Purchaser through the
last day of such period from investing the proceeds of such Committed
Purchaser's portion of such reduction of the Class A Invested Amount, PLUS (iii)
any loss, cost or expense incurred by reason of the liquidation or reemployment
of deposits or other funds acquired by such Committed Purchaser to fund or
maintain its share of the Class A Invested Amount; provided, that, if the
Assignee Rate at the time of such reduction is determined by reference to the
Alternate Base Rate, then the amount under this clause (b) shall be deemed to be
zero.

         "CHANGE IN TAX LAW" means any amendment to, or change in, the laws (or
any regulations thereunder) of the United States of America or any political
subdivision or taxing authority thereof or therein affecting taxation or any
amendment to, or change in, an interpretation or application of, such laws or
regulations by any legislative body, court, governmental agency or regulatory
authority (including the enactment of any legislation and the publication of any
judicial decision or regulatory determination).

         "CLASS A CERTIFICATE RATE" means, with respect to the Class A
Certificate held by each Purchaser Group, with respect to any Interest Period,
an amount, (expressed as a percentage) equal to:

          (a) to the extent that during such Interest Period a Conduit Purchaser
     is funding its share of the Class A Invested Amount by issuing Commercial
     Paper, the CP Rate for such Conduit Purchaser;

          (b) to the extent that during such Interest Period (A) a Conduit
     Purchaser is funding its interest in the Class A Invested Amount other than
     by issuing its Commercial Paper or (B) a Committed Purchaser is funding an
     interest in the Class A Invested Amount other than by issuing Commercial
     Paper, the Assignee Rate; and

          (c) upon the occurrence and during the continuance of an Early
     Amortization Event, the Assignee Rate.

         "COMMERCIAL PAPER" means, with respect to each Conduit Purchaser, the
promissory notes issued by such Conduit Purchaser in the commercial paper
market.

         "COMMITMENT" means (i) with respect to each Committed Purchaser, the
commitment of such Committed Purchaser to purchase an interest in a Class A
Certificate on the Closing Date and to fund its Committed Percentage of its
Purchaser Group's Pro Rata Share of Increases on any Increase Date in accordance
herewith in an amount not to exceed the dollar amount set forth opposite such
Committed Purchaser's signature on Schedule 1 hereto under the heading
"Commitment," as such amount may be reduced pursuant to SECTION 2.04, MINUS the
dollar amount of any Commitment or portion thereof assigned by such Committed
Purchaser pursuant to an Assignment and Acceptance Agreement PLUS the dollar
amount of any increase to

                                       4
<PAGE>   8

such Committed Purchaser's Commitment consented to by such Committed Purchaser
prior to the time of determination, and (ii) with respect to any Person which
becomes a Committed Purchaser hereunder pursuant to an Assignment and Assumption
Agreement or a Joinder Agreement, the commitment of such Person to fund
increases to the related Purchaser Group's Pro Rata Share of the Principal
Amount on any Increase Date in an amount not to exceed the dollar amount set
forth in such Assignment and Assumption Agreement or Joinder Agreement (less the
amount paid by such Person to purchase its interest in the Principal Amount
pursuant to such Assignment and Assumption Agreement or Joinder Agreement), as
such amount may be reduced pursuant to SECTION 2.04, MINUS the dollar amount of
any Commitment or portion thereof assigned by such Person pursuant to a
subsequent Assignment and Assumption Agreement prior to such time of
determination PLUS the dollar amount of any increase to such Committed
Purchaser's Commitment consented to by such Committed Purchaser prior to the
time of determination.

         "COMMITTED PERCENTAGE" shall mean, for each Committed Purchaser within
any Purchaser Group, with respect to any date of determination, a fraction
(expressed as a percentage) having as its numerator the Commitment of such
Committed Purchaser as of such date and as its denominator the sum of the
Commitments of all Committed Purchasers within the related Purchaser Group as of
such date.

         "COMMITTED PURCHASERS" shall mean, collectively, and "COMMITTED
PURCHASER" shall mean, individually, each of (a) with respect to the Purchaser
Group for which CNAI acts as Managing Agent, Citibank and its respective
successors and assigns, (b) with respect to the Purchaser Group for which FRSI
acts as Managing Agent, EagleFunding and its respective successors and assigns
and (c) with respect to any other Purchaser Group, the financial institutions
specified as such in the applicable Joinder Agreement and their respective
successors and assigns.

         "CONDUIT ASSIGNEE" means a commercial paper conduit that issues
Commercial Paper and which has at least two (2) of the following ratings: "A-1"
or better by Standard & Poor's, "P-1" by Moody's and "D-1" by DCR, and which
commercial paper conduit is managed by the Managing Agent for the Purchaser
Group which includes a Conduit Purchaser.

         "CONDUIT PURCHASER" means, individually, each of (a) with respect to
the Purchaser Group for which CNAI is the Managing Agent, CRC and any related
Conduit Assignee, (b) with respect to the Purchaser Group for which FRSI is the
Managing Agent, EagleFunding and any related Conduit Assignee and (c) with
respect to any other Purchaser Group, the financial institutions specified as
such in the Assignment and Assumption Agreement or Joinder Agreement pursuant to
which such financial institutions became a party hereto and their respective
successors and permitted assigns (including any related Conduit Assignee), and
"CONDUIT PURCHASERS" shall mean, collectively, all of the foregoing.

         "CONFIDENTIAL INFORMATION" means any written information delivered or
made available by or on behalf of the Parent (or its Affiliates or
Subsidiaries), the Servicer or the Seller to any Person in connection with or
pursuant to this Agreement or the transactions contemplated hereby, other than
information (i) which was publicly known, or otherwise known to such Person
(other than from any party to a Transaction Document or any other Person not
entitled to disclose

                                       5
<PAGE>   9

the same free of any confidentiality requirements) at the time of disclosure or
(ii) which subsequently becomes publicly known through no act or omission by
such Person.

         "CP RATE" shall mean (a) with respect to the Conduit Purchasers which
are members of the Purchaser Group for which CNAI is the Managing Agent, for any
Interest Period, the per annum rate equivalent to the weighted average of the
per annum rates paid or payable by the Conduit Purchasers in such Purchaser
Group from time to time as interest on or otherwise (by means of interest rate
hedges or otherwise) in respect of the promissory notes issued by such Conduit
Purchasers that are allocated, in whole or in part, by the Managing Agent (on
behalf of such Conduit Purchasers) to fund or maintain its interest in the
Principal Amount during such Interest Period, as determined by the Managing
Agent (on behalf of such Conduit Purchasers), which rates shall reflect and give
effect to the commissions of placement agents and dealers in respect of such
promissory notes, the extent that such commissions are allocated, in whole or in
part, to such promissory notes by the Managing Agents (on behalf of such Conduit
Purchasers); PROVIDED, HOWEVER, that if any component of such rate is a discount
rate, in calculating the "CP RATE" for such Interest Period, the Managing Agent
shall for such component use the rate resulting from converting such discount
rate to an interest bearing equivalent rate per annum, (b) with respect to the
Conduit Purchasers which are members of the Purchaser Group for which FRSI is
the Managing Agent, with respect to any Interest Period and the outstanding
principal amount of such Conduit Purchaser's Pro Rata Share of the Class A
Invested Amount which such Conduit Purchaser has funded or maintained by issuing
Commercial Paper, the rate notified by each such Conduit Purchaser to the
Program Agent as its "CP Rate" for such such Conduit Purchaser's Pro Rata Share
of the Class A Invested Amount and such Interest Period, which rate shall (i)
reflect the actual cost of funds to such Conduit Purchaser of making and
maintaining such Conduit Purchaser's Pro Rata Share of the Class A Invested
Amount for such Interest Period, (ii) be calculated in the manner in which such
Conduit Purchaser typically calculates its cost of funds in similar transactions
and (iii) include an increment to such rate sufficient in amount to enable such
Conduit Purchaser to collect all amounts of fees payable by or on behalf of such
Conduit Purchaser to any dealer or placement agent of such Conduit Purchaser's
Commercial Paper in respect of all such Conduit Purchaser's Commercial Paper
issued by such Conduit Purchaser to fund such Purchase for the term of the
Interest Period; provided, however, if such rate with regard to any Interest
Period for the applicable Purchase is a discount rate (or rates), the "CP RATE"
for such Interest Period shall be the rate resulting from converting such
discount rate (or rates) to an interest-bearing equivalent rate per annum. and
(c) with respect to the Conduit Purchasers which are members of any Purchaser
Group which becomes a party hereto pursuant to an Assignment and Assumption
Agreement or a Joinder Agreement, the rate defined as the "CP Rate" in such
Assignment and Assumption or Joinder Agreement.

         "CNAI" has the meaning specified in the preamble to this Agreement.

         "CRC" has the meaning specified in the preamble to this Agreement.

         "EAGLEFUNDING" has the meaning specified in the preamble to this
Agreement.

         "ELIGIBLE ASSIGNEE" means (a) a Conduit Assignee or (b) a depository
institution organized under the laws of the United States of America or any
state thereof, or the District of

                                       6
<PAGE>   10

Columbia (or any domestic branch of a foreign bank authorized under any such
laws), (i) whose senior long-term unsecured debt obligations are rated at least
(A) "A-" or better by Standard & Poor's, and (B) "A3" or better by Moody's, (ii)
which is subject to regulation regarding fiduciary funds on deposit
substantially similar to 12 C.F.R. Section 9.10(b), and (iii) which has a
combined capital and surplus of at least $500,000,000.

         "EXTENSION TERM" has the meaning specified in Section 2.06.

         "FEE LETTER" shall mean, for each Purchaser Group, a letter between its
Managing Agent and the Seller setting out the applicable fees for such Purchaser
Group.

         "FRSI" has the meaning specified in the preamble to this Agreement.

         "INCREASE" has the meaning specified in Section 2.02.

         "INITIAL TERM" means, with respect to each Committed Purchaser's
Commitment, the period which commences on the date hereof and ends on May 18,
2001.

         "JOINDER AGREEMENT" shall mean a Joinder Agreement, in substantially
the form of EXHIBIT D hereto, executed by Seller, Servicer, the Program Agent,
each Person which becomes a party hereto as a member of a Purchaser Group (or
Purchaser Groups) which is added hereto.

         "LIQUIDITY PROVIDER" shall mean the Person or Persons which provide
liquidity support to a Conduit Purchaser or a Committed Purchaser that issues
Commercial Paper, pursuant to a Liquidity Provider Agreement.

         "LIQUIDITY PROVIDER AGREEMENT" shall mean an agreement between a
Conduit Purchaser and a Liquidity Provider evidencing the obligation of such
Liquidity Provider to provide liquidity support to such Conduit Purchaser in
connection with the issuance by such Conduit Purchaser of Commercial Paper.

         "MANAGING AGENTS" shall mean, (a) with respect to the Purchaser Group
of which CRC is a member, CNAI, (b) with respect to the Purchaser Group of which
EagleFunding is a member, FRSI and (c) with respect to any other Purchaser
Group, the financial institution or other Person identified as such in the
Assignment and Acceptance Agreement or Joinder Agreement pursuant to which the
members of such Purchaser Group became parties hereto.

         "MANAGING AGENTS' ACCOUNTS" shall mean, (a) with respect to CNAI, the
segregated account established by CNAI with Citibank in New York, New York which
shall be identified as "Managing Agent's Account for the Elder-Beerman Master
Trust, Series 2000-1 Class A" and shall bear a designation clearly indicating
that the funds deposited therein are held for the benefit of its Purchaser Group
and (b) with respect to FRSI, that certain account at Bankers Trust Company, ABA
#: 0210-0103-3, Acct #: 014-19-647, Ref: EagleFunding-El-Bee Receivables Corp.,
Collateral Account #: 029948, Attn: Inna Shneyder, CP Group.

         "MONTHLY PROGRAM FEES" shall have the meaning set forth in the Fee
Letters.

                                       7
<PAGE>   11

         "OBLIGATIONS" means all obligations of any Originator, the Seller, the
Seller, the Servicer or the Parent to any one or more of the Trustee, the Trust,
the Purchaser, the Committed Purchasers, each other Indemnified Party and its
respective successors, permitted transferees and assigns, arising under or in
connection with the Transaction Documents, howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, now or hereafter
existing, or due or to become due.

         "PARENT" means The Elder-Beerman Stores Corp., an Ohio corporation.

         "POOLING AND SERVICING AGREEMENT" means the Pooling and Servicing
Agreement dated as of December 30, 1997, among the Seller, the Servicer and the
Trustee, as amended, supplemented or otherwise modified from time to time.

         "PROGRAM AGENT" means CNAI, together with its successors and assigns as
agent for the Purchasers.

         "PRO RATA SHARE" shall mean, for a Purchaser Group at any time of
determination, a fraction (expressed as a percentage) having the Purchaser Group
Limit for such Purchaser Group as its numerator and the Series 2000-1 Class A
Purchase Limit as its denominator; provided, however, that if any Purchaser
fails to fund any amount as required hereunder, "PRO RATA SHARE" shall mean, for
purposes of making all distributions hereunder, a fraction (express as a
percentage) having the actual portion of the outstanding Class A Invested Amount
funded by each Purchaser Group as its numerator and the outstanding Class A
Invested Amount as its denominator.

         "PURCHASE" means the purchase under Section 2.01 of a Class A
Certificate by each Managing Agent on behalf of the Purchasers in the related
Purchaser Group.

         "PURCHASE DATE" means the date on which the Purchase of the Class A
Certificates occurs.

         "PURCHASE PRICE" means, with respect to each Class A Certificate, the
price specified in the notice from the Seller (substantially in the form of
Exhibit B hereto) delivered on or before the Purchase Date pursuant to Section
2.05(a).

         "PURCHASER GROUP" shall mean each group of Purchasers consisting of one
or more Conduit Purchasers, the related Committed Purchasers, a Managing Agent
and their respective assigns and participants.

         "PURCHASER GROUP LIMIT" shall mean, (a) with respect to the Purchaser
Group for which CNAI acts as Managing Agent, $75,000,000, as such amount may be
decreased pursuant to SECTION 2.04 hereof, or reduced by Assignment pursuant to
SECTION 8.01 hereof, (b) with respect to the Purchaser Group for which FRSI acts
as Managing Agent, $75,000,000 , as such amount may be decreased pursuant to
SECTION 2.04 hereof, or reduced by Assignment pursuant to SECTION 8.01 hereof,
and (c) with respect to any other Purchaser Group, the amount indicated in the
Assignment and Acceptance Agreement or Joinder Agreement by which the members of
such Purchaser Group become parties to this Agreement, as such amount may be
decreased pursuant to SECTION 2.04 hereof, or reduced by Assignment pursuant to
SECTION 8.01 hereof.

                                       8
<PAGE>   12

         "PURCHASERS" shall mean collectively, the Conduit Purchasers and the
Committed Purchasers.

         "REGISTER" has the meaning specified in Section 7.04.

         "REVOLVING PERIOD TERMINATION DATE" means the date on which the
Revolving Period terminates, pursuant to the Pooling and Servicing Agreement and
the Series 2000-1 Supplement.

         "SELLER" shall have the meaning specified in the preamble to this
Agreement.

         "SERIES 2000-1 CLASS A CERTIFICATE INTEREST" means each interest in the
Class A Certificates acquired by a Conduit Purchaser or a Committed Purchaser.

         "SERIES 2000-1 MAJORITY IN INTEREST" means the Managing Agents for each
of the Purchaser Groups.

         "SERIES 2000-1 CLASS A PURCHASE LIMIT" means, as of any date,
$150,000,000 (or, if less, the aggregate amount of Commitments of all Committed
Purchasers who as of such date are party to this Agreement) as such amount shall
have been reduced pursuant to Section 2.04 hereof.

         "SERIES 2000-1 SUPPLEMENT" means the Series 2000-1 Supplement dated as
of the date hereof among the Seller, the Servicer and the Trustee.

         "TELERATE PAGE 3750" shall mean the British Bankers Association Libor
Rates (determined at 11:00 a.m. London time) that are published by Dow Jones
Telerate, Inc.

         "TERM" means, with respect to each Commitment, the Initial Term and
each Extension Term as provided in Section 2.06.

         Section 1.02.    OTHER DEFINITIONAL PROVISIONS.

          (a) All accounting terms not defined in this Agreement, and accounting
     terms partly defined in this Agreement to the extent not completely
     defined, shall have the respective meanings given to them under GAAP or
     regulatory accounting principles, as applicable and in effect from time to
     time. To the extent that the definitions of accounting terms herein are
     inconsistent with the meanings of such terms under GAAP or regulatory
     accounting principles, the definitions contained herein shall control.

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

                                       9
<PAGE>   13

          (c) Unless otherwise stated in this Agreement, in the computation of a
     period of time from a specified date to a later specified date, the word
     "from" shall mean "from and including" and the words "to" and "until" shall
     mean "to but excluding".

          (d) The meanings given to terms defined herein shall be equally
     applicable to both the singular and plural forms, and to the masculine as
     well as the feminine and neuter genders, of such terms.

                                   ARTICLE II

                             THE PURCHASE; INCREASES

          Section 2.01. THE PURCHASE.

          (a) On the terms and subject to the conditions set forth in this
     Agreement, the Pooling and Servicing Agreement and the Series 2000-1
     Supplement, and in reliance on the covenants, representations and
     agreements set forth herein and therein, (i) the Seller agrees to sell,
     transfer and deliver to each Managing Agent on behalf of the Purchasers in
     the related Purchaser Group, and (ii) each Conduit Purchaser, acting
     through its Managing Agent, may, in its discretion, and each Committed
     Purchaser, acting through its Managing Agent, shall, if the related Conduit
     Purchaser determines not to so purchase, purchase, on the Closing Date, an
     interest in the Class A Certificate issued to its Managing Agent having an
     aggregate maximum face amount equal to the applicable Purchaser Group
     Limit. If the Purchase of an interest in the Class A Certificate for any
     Purchaser Group is made by the Committed Purchasers in such Purchaser
     Group, the Purchase Price for such Class A Certificate shall be allocated
     among the Committed Purchasers based on their respective Committed
     Percentages. Without limiting any other provision of this Agreement, the
     obligation of any Purchaser to purchase an interest in an Investor
     Certificate is subject to the satisfaction of the conditions precedent set
     forth in Section 4.01 hereof.

          (b) Under no circumstances shall any Purchaser make any purchase of
     Class A Certificates on any day if, as a result thereof, the related
     Purchaser Group's Pro Rata Share of the Series Invested Amount would exceed
     its Purchaser Group Limit.

         Section 2.02.  INCREASES.

          (a) The Conduit Purchasers in each Purchaser Group, through their
     respective Managing Agent, may (but are not committed to) at the request of
     the Seller and subject to the satisfaction of the conditions precedent set
     forth in Article IV, fund increases of the Class A Invested Amount (each
     such increase, an "INCREASE") with such Purchaser Group's Pro Rata Share of
     an Increase in amounts to be allocated among the Conduit Purchasers by
     their respective Managing Agents. If any Conduit Purchaser chooses at any
     time not to fund its portion of such portion of such Purchaser Group's Pro
     Rata Share of an Increase when requested by Seller, the related Committed
     Purchasers, through their respective Managing Agent, shall, if the date of
     such Increase occurs prior to the

                                       10
<PAGE>   14

     expiration of the current Term, and subject to the provisions of Section
     3.02 hereof, fund such Purchaser Group's Pro Rata Share of such Increase in
     amounts to be allocated among the Committed Purchasers based on their
     respective Committed Percentages. Each funding of a Purchaser Group's Pro
     Rata Share of an Increase shall be paid by the related Conduit Purchasers
     or Committed Purchasers, as applicable, shall be made in accordance with
     Section 2.05 hereof and shall represent the acquisition of Series 2000-1
     Class A Certificate Interests in an amount equal to the increase in such
     Purchaser Group's Pro Rata Share of the outstanding Class A Invested
     Amount. Each Managing Agent shall provide prompt notice to the Program
     Agent and the Program Agent shall provide prompt notice to the Seller if
     the related Conduit Purchaser elects not to fund an Increase.

          (b) Under no circumstances shall (i) any Purchaser fund any portion of
     an Increase to the extent that, after giving effect to such funding, the
     related Purchaser Group's Pro Rata Share of the Class A Invested Amount
     would exceed its Purchaser Group Limit or (ii) any Committed Purchaser fund
     any portion of an Increase to the extent that, after giving effect to such
     funding, such Committed Purchaser's Committed Percentage of the Class A
     Invested Amount would exceed its Commitment.

         Section 2.03. CLASS A CERTIFICATES. On the Purchase Date, on each date
on which an Increase in the Class A Invested Amount is funded hereunder and on
each date on which each of the Class A Invested Amount and the Series 2000-1
Class A Purchase Limit is reduced, a duly authorized officer or employee of the
Program Agent shall make appropriate notations in its books and records of the
Purchase Price or the amount of such Increase or the amount of such reduction,
as applicable. Each of the Servicer, the Seller and the Trustee hereby
authorizes each duly authorized officer and employee of the Program Agent to
make such notations on the books and records as aforesaid and every such
notation made in accordance with the foregoing authority shall be prima facie
evidence of the accuracy of the information so recorded and shall be binding on
the Servicer, the Seller and the Trustee absent manifest error.

         Section 2.04. REDUCTIONS TO THE SERIES 2000-1 CLASS A PURCHASE LIMIT.
The Seller may, from time to time, upon at least ten (10) Business Days' prior
written notice to the Program Agent, each Managing Agent and the Trustee, elect
to reduce the Series 2000-1 Class A Purchase Limit by an amount up to the
difference between the Series 2000-1 Class A Purchase Limit at such time and the
Class A Invested Amount at such time. Any such reduction shall be permanent and
shall reduce the Commitments of the Committed Purchasers hereunder ratably in
accordance with the Committed Percentages of the Committed Purchasers
immediately prior to such reduction.

         Section 2.05. PROCEDURES FOR MAKING THE PURCHASE AND INCREASES.

          (a) NOTICE OF THE PURCHASE AND INCREASES. The Purchase and each
     Increase shall occur on a Business Day and shall be made or funded on
     notice from the Seller (substantially in the form of Exhibit B hereto, in
     the case of the Purchase, or Exhibit C hereto, in the case of an Increase)
     to the Program Agent, to be received by the Program Agent not later than
     1:00 p.m. (New York City time) or, in the case of the Purchase, unless such
     Purchase Date is May 19, 2000, the third Business Day (or such shorter time
     as may be agreed to by the Seller and the Program Agent), immediately
     preceding the

                                       11
<PAGE>   15

     Purchase Date or, in the case of an Increase, on the Business Day
     immediately preceding the date of such Increase (with a copy provided to
     each Managing Agent and the Trustee); provided that, if the Class A
     Certificate Rate for the initial Interest Period for the resulting Increase
     is the Assignee Rate to be calculated at a rate based on the Adjusted
     Eurodollar Rate, then such notice must be received not later than 1:00 p.m.
     (New York City time) on the third Business Day next preceding the date of
     such Increase. Each notice shall specify the Purchase Price for each Class
     A Certificate (which Purchase Prices shall be allocated among the Purchaser
     Groups based upon each Purchaser Group's Pro Rata Share of the aggregate
     amount funded on the Purchase Date) or the amount of the Increase (in each
     case, not to be less than $1,000,000 and not more frequently than once per
     week) and the Purchase Date or the date of the Increase.

          (b) DELIVERY OF THE CLASS A CERTIFICATES. On the Purchase Date, the
     Seller will deliver to each Managing Agent, on behalf of the Purchasers in
     the related Purchaser Group, a Class A Certificate dated the Purchase Date,
     duly executed by the Seller, registered in the name of such Managing Agent,
     for the benefit of such Purchasers, and duly authenticated in accordance
     with the provisions of the Pooling and Servicing Agreement, against
     delivery by each Managing Agent, on behalf of the Purchasers in the related
     Purchaser Group, to the Seller, of the Purchase Price for such Class A
     Certificate.

          (c) FUNDING OF THE PURCHASE AND INCREASES. On the Purchase Date and
     any date on which an Increase is funded, the Conduit Purchasers or the
     Committed Purchasers, as applicable, shall, upon satisfaction of the
     applicable conditions set forth in Article IV, deposit in the Seller's
     Account, (i) in the case of the Conduit Purchaser, the Purchase Price for
     the applicable Class A Certificate or the applicable Purchaser Group's Pro
     Rata Share of the amount of the Increase or (ii) in the case of each
     Committed Purchaser, its Committed Percentage of the Purchase Price for the
     applicable Class A Certificate or the applicable Purchaser Group's Pro Rata
     Share of the amount of the Increase, in each case in same day funds.

          (d) SELLER'S ACCOUNT. The Seller shall redesignate the special account
     currently existing under the account name "The El-Bee Receivables
     Corporation, Series 1997-1 Class A" maintained with Citibank in New York,
     New York, as "The El-Bee Receivables Corporation, Series 2000-1 Class A,"
     which account (the "SELLER'S ACCOUNT") shall be under the sole dominion and
     control of the Seller.

         Section 2.06. EXTENSION OF TERM. No earlier than 30 days, but no later
than 20 days, prior to the expiration of the Initial Term or any Extension Term,
the Program Agent may request an extension of such Term (such extended period
being an "EXTENSION TERM") and each Committed Purchaser may, in its sole and
absolute discretion, extend its Commitment by delivering to the Program Agent
and the applicable Managing Agent a written notice of such Committed Purchaser's
agreement to extend, which each Committed Purchaser shall deliver to the Program
Agent and the applicable Managing Agent no later than 10 days after such
Committed Purchaser receives any such request for extension; PROVIDED, HOWEVER,
that any such extension shall be ineffective if an Early Amortization Event has
occurred and is continuing at the time of the proposed commencement of such
Extension Term. Failure of a Committed Purchaser to deliver a notice of such
Committed Purchaser's intent to grant an Extension Term

                                       12
<PAGE>   16

shall be deemed to be an election by such Committed Purchaser not to grant an
Extension Term. Unless otherwise agreed by the Program Agent and the applicable
Managing Agents, if less than all of the Committed Purchasers have elected to
grant an Extension Term and the Program Agent or the applicable Managing Agents
have been unable to replace after reasonable efforts any Committed Purchaser
which has declined to grant an Extension Term, such request for an Extension
Term shall be withdrawn and the Program Agent will so notify the Managing
Agents, the Committed Purchasers and the Seller prior to the day on which the
Term expires.

                                   ARTICLE III

                            FEES AND YIELD PROTECTION

         Section 3.01. FEES. The Seller shall pay to each Managing Agent such
fees for its own account and for the account of the Purchaser Groups in such
amounts and at such times as set forth in their respective Fee Letters.

         Section 3.02. INCREASED COSTS.

          (a) If, due to either (i) the introduction or any change in or in the
     interpretation of any law or regulation (other than any change by way of
     imposition or increase of reserve requirements included in determining the
     Adjusted Eurodollar Rate) or (ii) the compliance with any guideline or
     request from any central bank or other Governmental Authority (whether or
     not having the force of law), in each case occurring after the Purchase
     Date, there shall be any increase in the cost, on an after-tax basis, to
     any Affected Person of any commitment to make the Purchase, to fund
     Increases, to provide liquidity in connection with the Purchase or any such
     Increase or otherwise to maintain the investment in the Class A
     Certificates in respect of which the Class A Certificate Rate is the
     Assignee Rate determined by reference to the Adjusted Eurodollar Rate
     (excluding for purposes of this Section 3.02 any such increased costs
     resulting from (A) Taxes or Other Taxes (as to which Section 3.03 will
     govern) and (B) changes in the basis of taxation of overall net income or
     overall gross income by the United States or by the foreign jurisdiction or
     state (or any political subdivision thereof) under the laws of which such
     Affected Person is organized or in which it is otherwise doing business)
     then the Seller shall from time to time, upon demand by such Affected
     Person (with a copy of such demand to the Program Agent), promptly pay to
     the applicable Managing Agent, for the account of such Affected Person (as
     a third party beneficiary), additional amounts sufficient to compensate
     such Affected Person for such increased cost. Such demand shall be
     accompanied by a reasonably detailed statement as to the amount of such
     compensation and include a summary of the basis for such demand. A
     certificate as to such amounts submitted to the Seller and the Program
     Agent by such Affected Person shall be conclusive and binding for all
     purposes, absent manifest effort.

          (b) If (i) the introduction of or change in or in the interpretation
     of any law or regulation, (ii) compliance with any law or regulation or any
     guideline or request from any central bank or other governmental authority
     (whether or not having the force of law), in each case occurring after the
     Purchase Date, affects or would affect the amount

                                       13
<PAGE>   17

     of capital required or expected to be maintained by any Affected Person, or
     any corporation controlling any Affected Person, and that the amount of
     such capital is increased by or based upon the existence of such Affected
     Person's commitment to make the Purchase, to fund Increases, to provide
     liquidity in connection with the Purchase or any such Increase or otherwise
     to maintain its investment in the Class A Certificates or Series 2000-1
     Class A Certificate Interests, then, upon demand to the Seller by such
     Affected Person (with a copy of such demand to the Program Agent) the
     Seller shall promptly pay to the applicable Managing Agent for the account
     of such Affected Person (as a third party beneficiary), from time to time
     as specified by such Affected Person, additional amounts sufficient to
     compensate such Affected Person, in light of the circumstances, to the
     extent that such Affected Person reasonably determines such increase in
     capital to be allocable to the existence of such Affected Person's
     commitment to make the Purchase or fund Increases or otherwise maintain its
     investment in the Class A Certificates or Series 2000-1 Class A Certificate
     Interests. Such demand shall be accompanied by a reasonably detailed
     statement as to the amount of such compensation and include a summary of
     the basis for such demand. A certificate as to such amounts submitted to
     the Seller and the Program Agent by such Affected Person shall be
     conclusive and binding for all purposes, absent manifest error.

          (c) Each Affected Person will promptly notify the Seller and the
     Program Agent of any event of which it has knowledge which is reasonably
     likely to entitle such Affected Person to compensation pursuant to this
     Section 3.02; provided, however, that no failure to give or delay in giving
     such notification shall adversely affect the rights of such Affected Person
     to such compensation.

         Section 3.03. TAXES.

          (a) Except as provided in subsection (g) below, any and all payments
     and deposits hereunder or under any other Transaction Document to or for
     the benefit of any Affected Person (including any payments or deposits made
     by the Servicer) shall be made free and clear of, and without deduction
     for, any and all present or future taxes, levies, imposts, deductions,
     charges or withholdings, and all liabilities with respect thereto,
     EXCLUDING, in the case of each Affected Person, taxes imposed on, or
     measured by reference to, its overall net income or net profits (and
     franchise taxes imposed in lieu thereof) by any of (i) the United States or
     any state thereof, (ii) the jurisdiction under the laws of which such
     Affected Person is organized or in which it is otherwise doing business or
     (iii) any political subdivision thereof (all such non-excluded taxes,
     levies, imposts, deductions, charges, withholdings and liabilities in
     respect of payments and deposits hereunder being hereinafter referred to as
     "TAXES"). In addition to, without duplication, the Seller's indemnity
     obligations under Section 7.03 of the Pooling and Servicing Agreement, if
     the Seller, the Parent, the Trust or the Trustee shall be required by law
     to deduct or pay any Taxes from or in respect of any sum required to be
     paid or deposited hereunder or under any other Transaction Document or any
     instrument delivered hereunder or thereunder, to or for the benefit of any
     Affected Person, except as provided in subsection (g) below, (i) the Seller
     shall increase the sum payable by it, the Parent, the Trust or the Trustee,
     as the case may be, as may be necessary so that after making all required
     deductions or payments (including deductions or payments

                                       14
<PAGE>   18

     applicable to additional sums required to be paid or deposited under this
     Section 3.03) the amount received by the relevant Affected Person, or
     otherwise deposited hereunder or thereunder, shall be equal to the sum
     which would have been so received or deposited had no such deductions been
     made, (ii) the Seller shall make such deductions or payments, or cause such
     deductions or payments to be made, and (iii) the Seller shall pay or cause
     to be paid the full amount deducted or payable to the relevant taxation
     authority or other authority in accordance with applicable law.

          (b) In addition, the Seller shall pay any present or future stamp,
     documentary, excise, property or similar taxes, charges or levies that
     arise from any payment or deposit made under any Transaction Document or
     from the execution, delivery or registration of, performing under, or
     otherwise with respect to, any Transaction Document (hereinafter referred
     to as "OTHER TAXES").

          (c) The Seller will indemnify each Affected Person for and hold it
     harmless against the full amount of Taxes and Other Taxes as well as for
     the full amount of any net increase in taxes of any kind imposed by any
     jurisdiction on amounts payable under this Section 3.03, imposed on or paid
     by such Affected Person (as the case may be) and any liability (including
     penalties, additions to tax, interest and expenses) arising therefrom or
     required to be paid with respect thereto. This indemnification shall be
     made within 30 days from the date such Affected Person makes written demand
     therefor to the Program Agent and the Seller. A certificate as to the
     amount of such indemnification submitted to the Seller and the Program
     Agent by such Affected Person setting forth the calculation thereof in
     reasonable detail shall be conclusive and binding for all purposes, absent
     manifest error.

          (d) Within 30 days after the date of any payment of Taxes, the Seller
     or the Trustee (as the case may be) shall furnish to the Program Agent, at
     its address referred to in Section 8.02, the original or a certified copy
     of a receipt evidencing such payment. In the case of any payment hereunder
     by or on behalf of the Seller through an account or branch outside the
     United States or by or on behalf of the Seller by a payor that is not a
     United States person, if the Seller determines that no Taxes are payable in
     respect thereof, the Seller shall furnish, or shall cause such payor to
     furnish, to the Program Agent, at such address, an Opinion of Counsel
     acceptable to the Program Agent stating that such payment is exempt from
     Taxes. For purposes of these Sections 3.03(d) and 3.03(f), the terms
     "UNITED STATES" and "UNITED STATES PERSON" have the meanings specified in
     Section 7701 of the Code.

          (e) Notwithstanding the foregoing and any other provisions of this
     Section 3.03, obligations of the Trustee, if any, under this Section 3.03
     shall be payable only out of the Trust Assets.

          (f) Each Committed Purchaser that is not created or organized under
     the laws of the United States or a political subdivision thereof shall
     deliver to the Seller and the Program Agent on the Purchase Date or the
     date on which such Purchaser becomes a party hereto or such person
     otherwise becomes entitled to payments in connection with this Agreement a
     true and accurate certificate executed in duplicate by a duly authorized

                                       15
<PAGE>   19

     officer of such Committed Purchaser to the effect that such Committed
     Purchaser is eligible to receive distributions hereunder without deduction
     or withholding of United States federal income tax (A) under the provisions
     of an applicable tax treaty concluded by the United States (in which case
     the certificate shall be accompanied by two duly completed and executed
     copies of IRS Form W-8BEN claiming treaty benefits (or any successor or
     substitute form or forms)), or (B) because its income from the Class A
     Certificates is effectively connected with a U.S. trade or business (in
     which case the certificate shall be accompanied by two duly completed
     copies of IRS Form W-8ECI (or any successor or substitute form or forms)).
     If any form or document referred to in this subsection (f) requires the
     disclosure of information, other than information necessary to compute the
     tax payable and information required on the date hereof by IRS Forms W-8BEN
     or W-8ECI, that a Committed Purchaser reasonably considers to be
     confidential, such Committed Purchaser shall give notice thereof to the
     Seller and the Program Agent and shall not be obligated to include in such
     form or document such confidential information.

          (g) For any period with respect to which a Committed Purchaser has
     failed to provide the Seller and the Program Agent with the appropriate
     form described in subsection (f) above (other than if such failure is due
     to a change in law occurring after the date on which a form originally was
     required to be provided by such Committed Purchaser or if such form
     otherwise is not required under subsection (f) above), the Seller shall not
     be required to make any additional payments under subsection (a) above nor
     shall such Committed Purchaser be entitled to indemnification under
     subsection (a) or (c) with respect to Taxes imposed by the United States;
     provided, however, that should a Committed Purchaser become subject to
     Taxes because of its failure to deliver a form required hereunder, the
     Seller shall take such steps as such Committed Purchaser shall reasonably
     request to assist such Committed Purchaser to recover such Taxes.

          (h) Notwithstanding anything to the contrary herein, following a final
     determination or Opinion of Counsel based on a Change in Tax Law that the
     Trust will be treated as a partnership for federal income tax purposes, the
     Seller or the Trustee shall be entitled to withhold any amounts required to
     be withheld with respect to an Affected Person under Section 1446 of the
     Code ("SECTION 1446 AMOUNTS") and to pay or cause such amounts to be paid
     to the relevant taxation authority as authorized in accordance with
     applicable law, and such amounts shall be deemed to have been paid to the
     Affected Person for all purposes of this Agreement, including Section
     3.03(a). If a Section 1446 Amount is withheld with respect to an Affected
     Person for a taxable period other than one with respect to which such
     Affected Person as of the date of withholding has filed or was required to
     file a U.S. federal income tax return, the Trustee shall (i) promptly
     provide the Affected Person with appropriate written evidence reflecting
     the amount of and the basis for such withholding and (ii) pay to such
     Affected Person such additional interest as may accrue on such Section 1446
     Amount from the date such amount was deemed paid to the Affected Person
     hereunder through the due date of the first federal income tax return
     (treating any required payment of estimated tax as a United States federal
     income tax return for such purpose) on which such Affected Person is able
     to take into account or otherwise request a credit or refund of such
     Section 1446 Amount, at a

                                       16
<PAGE>   20

     rate equal to the interest rate that would otherwise be applicable to the
     principal amount of the relevant Class A Certificates.

         Section 3.04. COST AND EXPENSES.

          (a) In addition to the rights of indemnification granted to the
     Indemnified Parties pursuant to Section 7.03 of the Pooling and Servicing
     Agreement, the Seller agrees to pay on demand (i) all costs and expenses
     (including reasonable fees and expenses of counsel) of the Trustee, the
     Program Agent, the Purchasers and any general partner, limited partner or
     shareholder of the Purchasers in connection with the arrangement,
     preparation, execution, delivery, closing, administration, modification,
     amendment, extension or waiver of the Transaction Documents (including (A)
     all due diligence, collateral review, syndication, transportation,
     computer, duplication, appraisal, audit, insurance, consultant, search,
     filing and recording fees and expenses, (B) the reasonable fees and
     expenses of counsel for each Managing Agent with respect thereto (including
     with respect to advising each Managing Agent as to its rights and
     responsibilities, or the perfection, protection or preservation of rights
     or interests, under the Transaction Documents, with respect to negotiations
     with the Parent, the Seller, the Servicer or any Originator or with other
     creditors of any such Person or any of its Subsidiaries arising out of any
     Early Amortization Event or Servicer Default, or any event or circumstance
     that may give rise to an Early Amortization Event or Servicer Default and
     with respect to presenting claims in or otherwise participating in or
     monitoring any bankruptcy, insolvency or other similar proceeding involving
     creditors' rights generally and any proceeding ancillary thereto), and (C)
     all other costs and expenses in connection therewith incurred by the
     Purchasers or any general or limited partner or shareholder of the
     Purchasers, including the reasonable fees and out-of-pocket expenses of
     counsel for the Purchasers or any counsel for any general or limited
     partner or shareholder of the Purchasers with respect to (1) advising the
     Purchasers or any general or limited partner or shareholder of the
     Purchasers as to its rights and remedies under the Transaction Documents or
     (2) advising the Purchasers or any general or limited partner or
     shareholder of the Purchasers as to matters relating to the Purchaser's
     operations with respect to the transactions contemplated under the
     Transaction Documents), (ii) all reasonable costs and expenses of the
     Trustee, the Program Agent, the Purchasers, any general partner, limited
     partner or shareholder of the Purchasers in connection with the enforcement
     (whether through negotiations, legal proceedings or otherwise) of the
     Transaction Documents, whether in any action, suit or litigation, any
     bankruptcy, insolvency or other similar proceeding affecting creditors'
     rights generally (including the reasonable fees and expenses of counsel for
     the Trustee, the Program Agent, the Purchasers, any general partner,
     limited partner or shareholder of the Purchasers with respect thereto and
     (iii) all costs and expenses of the Trustee, the Program Agent, the
     Managing Agents, the Purchasers, and any general, limited partner or
     shareholder of the Purchasers incurred as a result of the delay in or
     omission to make any payment with respect to amounts due under clauses (i),
     (ii) and (iii) hereof.

          (b) If the Parent, the Seller, the Servicer or any Originator fails to
     pay when due any costs, expenses or other amounts payable by it under any
     Transaction Document, including fees and expenses of counsel and
     indemnities, such amount may be paid on

                                       17
<PAGE>   21

     behalf of such Person by the Program Agent, any Managing Agent or any
     Committed Purchaser, in its sole discretion.

     Section 3.05. SHARING OF PAYMENTS, ETC. If any Purchaser shall obtain at
any time any payment or other recovery (whether voluntary, involuntary, through
the exercise of any right of set-off, or otherwise) (a) on account of any
Obligation due and payable to such Purchaser hereunder (other than pursuant to
Section 3.02, 3.03 or 3.04 of this Agreement) which is in excess of its pro rata
share (according to the proportion of (i) the amount of such Obligations due and
payable to such Purchaser at such time to (ii) the aggregate amount of such
Obligations due and payable to all Purchasers hereunder at such time) of
payments on account of the Obligations due and payable to all Purchasers
hereunder at such time obtained by all Liquidity Providers at such time or (b)
on account of Obligations owing (but not due and payable) to such Purchaser
hereunder at such time in excess of its pro rata share (according to the
proportion of (i) the amount of such Obligations owing to such Purchaser at such
time to (ii) the aggregate amount of such Obligations owing (but not due and
payable) to all Purchasers hereunder at such time) of payments on account of the
Obligations owing (but not due and payable) to all Purchasers hereunder at such
time obtained by all Purchasers at such time, such Purchaser shall forthwith
purchase from the other Purchasers such participations in the Obligations due
and payable or owing to them, as the case may be, as shall be necessary to cause
such purchasing Purchaser to share the excess payment or other recovery ratably
with each of them; provided, however, that if all or any portion of such excess
payment is thereafter recovered from such purchasing Purchaser, such purchase
from each other Purchaser shall be rescinded and such other Purchaser shall
repay to the purchasing Purchaser the purchase price to the extent of such
Purchaser's ratable share (according to the proportion of (i) the purchase price
paid to such Purchaser to (ii) the aggregate purchase price paid to all
Purchasers) of such recovery together with an amount equal to such Purchaser's
ratable share (according to the proportion of (i) the amount of such other
Purchaser's required repayment to (ii) the total amount so recovered from the
purchasing Purchaser) of any interest or other amount paid or payable by the
purchasing Purchaser in respect of the total amount so recovered. The Seller
agrees that the Purchaser so purchasing a participation from another Purchaser
pursuant to this Section 3.05 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Purchaser were the direct creditor of
the Trust in the amount of such participation.

                                   ARTICLE IV

             CONDITIONS PRECEDENT TO THE PURCHASE AND ALL INCREASES

         Section 4.01. CONDITIONS PRECEDENT TO INITIAL PURCHASE. The making of
the Purchase hereunder is subject to the Program Agent having received on or
before the Purchase Date the following, each dated such date (unless otherwise
specified), in form and substance satisfactory to the Managing Agents:

          (a) Certified copies of the resolutions of the Board of Directors of
     the Parent, the Servicer, each other Originator, the Seller and the Trustee
     approving each Transaction

                                       18
<PAGE>   22

     Document to which it is or is to be a party, and of all documents
     evidencing other necessary corporate action and governmental and other
     third party approvals and consents, if any, with respect to each
     Transaction Document.

          (b) A copy of the charter of the Parent, the Servicer, each other
     Originator and the Seller and each amendment thereto, certified (as of a
     date reasonably near the Purchase Date) by the Secretary of State of the
     jurisdiction of its incorporation as being a true and correct copy thereof.

          (c) A copy of a certificate of the Secretary of State of each of the
     jurisdiction of its incorporation and the jurisdiction in which it
     maintains its principal place of business, dated reasonably near the
     Purchase Date, certifying that the Parent, the Servicer, each other
     Originator and the Seller are in good standing under the laws of each such
     jurisdiction.

          (d) A certificate of the Parent, the Servicer, each other Originator
     and the Seller, signed on behalf of the Parent, the Servicer, each other
     Originator and the Seller, respectively, by its President or a Vice
     President, dated the Purchase Date (the statements made in which
     certificate shall be true on and as of the Purchase Date), certifying as to
     (A) the absence of any amendments to its charter since the date of the
     certificate referred to in Section 4.01(b), (B) a true and correct copy of
     its bylaws (and all amendments thereto) as in effect on the Purchase Date,
     (C) its due incorporation and good standing as a corporation organized
     under the laws of the jurisdiction of its incorporation and the absence of
     any proceeding for its dissolution or liquidation, (D) the truth of its
     representations and warranties contained in the Transaction Documents as
     though made on and as of the Purchase Date and (E) the absence of any event
     occurring and continuing, or resulting from the Purchase, that constitutes,
     or with notice or the lapse of time would constitute, an Early Amortization
     Event or a Termination Event (as defined in the Purchase Agreements).

          (e) A certificate of the Secretary or an Assistant Secretary (or, in
     the case of the Trustee, a Vice President, Assistant Vice President or
     Associate) of the Parent, the Servicer, each other Originator, the Seller
     and the Trustee certifying the names and true signatures of the officers of
     the Parent, the Servicer, each other Originator, the Seller and the
     Trustee, respectively, authorized to sign the Transaction Documents to
     which such Person is a party and any other documents contemplated hereunder
     or thereunder, and appropriately evidencing the incumbency of such officers
     and such Secretary or Assistant Secretary.

          (f) A certificate of the Trustee, signed on its behalf by its Director
     or a Vice President, Assistant Vice President or Associate, dated the
     Purchase Date (the statements made in which certificate shall be true on
     and as of the Purchase Date), certifying as to (A) a true and correct copy
     of its bylaws (and all amendments thereto) as in effect on the Purchase
     Date and (B) the due authentication of the Class A Certificates.

          (g) A favorable opinion of Jones, Day, Reavis & Pogue, counsel for the
     Parent, the Servicer, each other Originator and the Seller, in form and
     substance

                                       19
<PAGE>   23

     satisfactory to the Managing Agents which shall include, without
     limitation, (A) an opinion as to the perfection of the transfers of the
     Receivables, (B) an opinion as to enforceability and (C) a general
     corporate opinion.

          (h) A favorable opinion of Jones, Day, Reavis & Pogue, counsel for the
     Parent, the Servicer, each other Originator and the Seller, in form and
     substance satisfactory to the Managing Agents which, shall include (A) a
     "true sale" opinion with respect to the sales of Receivables from each
     Originator to the Seller or another Originator, as the case may be, and (B)
     an opinion relating to the likelihood of a substantive consolidation of any
     Originator with the Seller.

          (i) A Tax Opinion of Jones, Day, Reavis & Pogue, counsel for the
     Parent, the Servicer, each other Originator and the Seller in form and
     substance acceptable to the Managing Agents.

          (j) A favorable opinion of Seward & Kissel LLP, counsel for the
     Trustee, in form and substance satisfactory to the Managing Agents.

          (k) Stamped-receipt copies or other evidence of filing of proper
     financing statements covering the Receivables, naming the applicable
     Originator as seller/debtor, the Seller or another Originator, as the case
     may be, as purchaser/secured party and the Trustee or Seller, as the case
     may be, as assignee, or other similar instruments or documents, as may be
     necessary or, in the opinion of the Program Agent, desirable under the UCC
     of any appropriate jurisdiction or other applicable law to perfect the
     Seller's first priority interest in the Receivables and the assignment
     thereof by the Seller to the Trustee.

          (l) Stamped-receipt copies or other evidence of filing of proper
     financing statements covering the Receivables and the other Trust Assets,
     naming the Seller as seller/debtor and the Trustee as purchaser/secured
     party, or other similar instruments or documents, as may be necessary or,
     in the opinion of the Program Agent, desirable under the UCC of any
     appropriate jurisdiction or other applicable law to perfect the Trustee's
     first priority interest in the Trust Assets.

          (m) Certified copies of completed requests for information or a
     similar search report certified by a party acceptable to the Program Agent
     dated a date reasonably near the Purchase Date, listing all effective
     financing statements which name as debtor any Originator or the Seller
     (under such Originator's or Seller's present name and any previous name)
     and which are filed in the jurisdictions in which filings were made
     pursuant to Sections 4.01(k) and 4.01(l) together with copies of such
     financing statements (none of which shall cover any property which may be
     Receivables or Collections).

          (n) A Collection Account Letter substantially in the form of Exhibit E
     to the Pooling and Servicing Agreement, in respect of each Collection
     Account maintained by the Servicer, duly executed by each Person with whom
     such Collection Account is maintained.

                                       20
<PAGE>   24

          (o) An executed subordinated note substantially in the form of Exhibit
     A to the Purchase Agreement between the Seller and The El-Bee Chargit
     Corp., to be delivered by the Seller thereto.

          (p) The Class A Certificates, delivered in accordance with the
     provisions of Section 2.05(b).

          (q) Evidence that all bank accounts required to be established and
     maintained under any Transaction Document shall have been established.

          (r) Each Transaction Document duly executed by each party thereto.

          (s) Evidence of payment of all related fees and expenses then due and
     payable in connection with the Transaction Documents.

          (t) Evidence that an amount equal to the Reserve Account Required
     Balance has been deposited into the Reserve Account.

          (u) A certificate of the Parent, the Servicer, each other Originator
     and the Seller, signed on behalf of the Parent, the Servicer, each other
     Originator and the Seller, respectively, by its President or a Vice
     President, dated the Purchase Date (the statements made in which
     certificate shall be true on and as of the Purchase Date), certifying as to
     (i) the accuracy of facts and assumptions contained in the legal opinions
     required to be delivered pursusant to this Section 4.01 and (ii) compliance
     by the Parent, the Servicer, each other Originator and the Seller, as
     applicable, with all the covenants set forth in Sections 2.05 and 3.03(b)
     of the Pooling and Servicing Agreement applicable to each of them.

         Section 4.02. CONDITIONS PRECEDENT TO THE PURCHASE AND ALL INCREASES.
The making of the Purchase hereunder and the funding of each Increase pursuant
to Section 2.02 are subject to the conditions precedent that, on the Purchase
Date or the date of such Increase, the following statements shall be true (and
the acceptance by the Seller of the proceeds of such Purchase or Increase shall
constitute a representation and warranty by the Seller that on the Purchase Date
or the date of such Increase such statements are true):

          (a) No event or condition has occurred and is continuing that
     constitutes, or with notice or lapse of time or both would constitute an
     Early Amortization Event or Servicer Default;

          (b) The Revolving Period shall not have ended and an Early
     Amortization Period shall not have occurred and be continuing;

          (c) The representations and warranties made by the Parent, the
     Originators, the Seller and the Servicer in each Transaction Document to
     which it is a party shall be true and correct in all material respects as
     if repeated on such date (except only to the extent such representation or
     warranty is expressly limited to a specific date) with respect to the facts
     and circumstances then existing;

                                       21
<PAGE>   25

          (d) The Pooling and Servicing Agreement, Series 2000-1 Supplement,
     Purchase Agreements, Parent Undertaking Agreement, Intercreditor Agreement
     and each other Transaction Document shall be in full force and effect;

          (e) After making the Purchase or funding such Increase, the Class A
     Invested Amount shall not exceed the Series 2000-1 Class A Purchase Limit
     on such day;

          (f) The Managing Agents shall have received by 1:00 p.m. (New York
     City time), on the Purchase Date or the date of such Increase the Daily
     Report, which shall be prepared on a pro forma, basis and shall show that
     the Seller is in compliance with all of the Transaction Documents (after
     giving effect to the Purchase or such Increase) to the extent a showing of
     such compliance is called for in the form thereof;

          (g) Each Originator shall have delivered to the Seller and the Program
     Agent the accounts receivable aged trial balance as of the Purchase Date or
     the date of such Increase of each such Originator (which if in magnetic
     tape or diskette format shall be compatible with the Seller's, or, if
     applicable, the Servicer's computer equipment);

          (h) The Servicer shall have delivered to the Seller, in form and
     substance satisfactory to the Seller and each Managing Agent, a completed
     Monthly Servicer's Report, together with a listing of the Accounts under
     which all Receivables subject to each Transfer through the date of such
     Purchase or Increase have arisen, for the most recently ended reporting
     period for which such Monthly Servicer's Report as of the Purchase Date or
     the date of such Increase is required to be delivered pursuant to Section
     3.04(b) of the Pooling and Service Agreement and, if the Servicer shall
     have been given not less than three Business Days' prior written notice,
     containing such additional information as may be reasonably requested by
     the Seller and any Managing Agent;

          (i) Each Originator shall have marked its master data processing and
     computer records relating to the Receivables which are the subject of each
     Transfer through the date of such Purchase or Increase, and the Accounts
     under which such Receivables have arisen, with a legend, acceptable to the
     Program Agent, stating that such Receivables and Collections with respect
     thereto and other proceeds thereof, have been sold in accordance with the
     Transaction Documents;

          (j) The Parent shall have entered into the Hedge Agreement, which
     shall be in form and substance satisfactory to the Managing Agents;

          (k) The Program Agent shall have received any other documentation and
     opinions required to be delivered with respect to the Transaction Documents
     and such other approvals, opinions or documents as reasonably requested by
     the Managing Agents with not less than three (3) Business Days' prior
     written notice;

          (l) The combined aggregate notional amount of the Swaps and/or Caps
     shall be equal to at least the outstanding Class A Invested Amount after
     giving effect to such Purchase or Increase;

                                       22
<PAGE>   26

          (m) The credit balance in the Reserve Account shall be equal to at
     least the Reserve Account Required Balance; and

          (n) The rating of the senior long-term debt obligations of the Parent
     shall not be less than (i) "BB-" if rated by S&P, (ii) "Ba3" if rated by
     Moody's or (iii) a rating equivalent to "BB/Ba2" as determined by each
     Managing Agent in its sole judgment in accordance with its customary
     practices.

                                   ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

         Section 5.01. REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller
hereby agrees that each of the respective representations and warranties made by
it in the Pooling and Servicing Agreement is deemed made hereunder as of the
date hereof and as of the Purchase Date as a representation and warranty to the
Program Agent, the Managing Agents and the Purchasers as if originally made
under this Agreement.

         Section 5.02. REPRESENTATIONS AND WARRANTIES OF THE SERVICER. The
Servicer hereby agrees that each of the respective representations and
warranties made by it in the Pooling and Servicing Agreement is deemed made
hereunder as of the date hereof and as of the Purchase Date as a representation
and warranty to the Program Agent, the Managing Agents and the Purchasers as if
originally made under this Agreement.

                                   ARTICLE VI

                     THE PROGRAM AGENT; THE MANAGING AGENTS

         Section 6.01. AUTHORIZATION AND ACTION OF THE PROGRAM AGENT. Each
Conduit Purchaser, Committed Purchaser and Managing Agent hereby appoints and
authorizes the Program Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement and the other Transaction Documents as
are delegated to the Program Agent by the terms hereof and thereof, together
with such powers as are reasonably incidental thereto.

         Section 6.02. THE PROGRAM AGENT'S RELIANCE, ETC. Neither the Program
Agent nor any of its directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by it or the Program Agent under or
in connection with the Transaction Documents, except for its or their own gross
negligence or willful misconduct. Without limiting the generality of the
foregoing, the Program Agent (a) may consult with independent legal counsel
(including counsel for the Trustee, the Seller, the Seller or the Servicer),
independent certified public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts, (b)
makes no representation or warranty to the Parent, any Originator, the Seller,
the Seller, the Servicer or any Beneficiary and shall not be responsible to the
Parent, any Originator, the Seller, the Seller, the Servicer or any Beneficiary
for any statements, representations or warranties made in or in connection with
this Agreement or any of the

                                       23
<PAGE>   27

Transaction Documents, (c) shall not have any duty to ascertain or to inquire as
to the performance or observance of any of the terms, covenants or conditions of
the Transaction Documents on the part of the Trustee, the Seller, the Seller,
any Originator, the Parent or the Servicer or to inspect the property (including
the books and records) of the Trust, the Trustee, the Seller, the Seller, any
Originator, the Parent or the Servicer, (d) shall not be responsible to the
Parent, any Originator, the Seller, the Seller, the Servicer or any Beneficiary
for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement, the Class A Certificates or any other
Transaction Document or the condition or value of any Trust Asset or the
creation, perfection or priority of any interest therein created or purported to
be created under or in connection with the Transaction Documents (except for the
execution by the Program Agent of, and legality, validity and enforceability
against the Program Agent of its obligations under, the Transaction Documents to
which the Program Agent is a party), and (e) shall incur no liability under or
in respect of the Transaction Documents by acting upon any notice (including
notice by telephone), consent, certificate or other instrument or writing (which
may be by facsimile or telex) believed by it to be genuine and signed or sent by
the proper party or parties; except in each case for gross negligence or willful
misconduct on the part of the Program Agent.

         Section 6.03. THE PROGRAM AGENT AND AFFILIATES. CNAI and its Affiliates
(including Citibank) may generally engage in any kind of business with the
Seller, the Seller, the Servicer, any Originator or the Parent, any of their
respective Affiliates and any Person who may do business with or own securities
of the Servicer, any Originator, the Parent or any of their respective
Affiliates, all as if CNAI were not the Program Agent and without any duty to
account therefor to the Parent, any Originator, the Seller, the Servicer or any
Beneficiary.

         Section 6.04. INDEMNIFICATION OF THE PROGRAM AGENT. Each Managing Agent
agrees to indemnify the Program Agent (to the extent not reimbursed by Seller),
ratably in accordance with its respective Purchaser Group's Pro Rata Share, from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against the
Program Agent (in its capacity as such) in any way relating to or arising out of
this Agreement and any of the Transaction Documents or such action taken or
omitted by the Program Agent hereunder or thereunder, provided that such
Committed Purchaser shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Program Agent's gross negligence or
willful misconduct. Without limitation of the foregoing, each Committed
Purchaser agrees to reimburse the Program Agent, ratably in accordance with its
respective Purchaser Group's Pro Rata Share, promptly upon demand for any
out-of-pocket expenses (including counsel fees) incurred by the Program Agent in
connection with the administration, modification, amendment or enforcement
(whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement and the
Transaction Documents, to the extent that such expenses are incurred in the
interests of or otherwise in respect of the Conduit Purchasers or the Committed
Purchasers hereunder and/or thereunder and to the extent that the Program Agent
is not reimbursed for such expenses by the Seller.

                                       24
<PAGE>   28

         Section 6.05. PAYMENTS BY THE PROGRAM AGENT. Unless specifically
allocated to a Conduit Purchaser or a Committed Purchaser pursuant to the terms
of this Agreement, all amounts received by the Program Agent, if any, on behalf
of the Conduit Purchasers or Committed Purchasers shall be paid by the Program
Agent to the applicable Managing Agent (at the account specified in writing to
Program Agent) in accordance with the related Purchaser Group's Pro Rata Share
on the Business Day received by the Program Agent, unless such amounts are
received after 12:00 noon (New York time) on such Business Day, in which case
the Program Agent shall use its reasonable efforts to pay such amounts to such
Managing Agent, on behalf of the related Purchaser, on such Business Day, but,
in any event, shall pay such amounts to such Managing Agent, on behalf of the
related Purchaser, not later than 11:00 a.m. (New York time) on the following
Business Day.

         Section 6.06. AUTHORIZATION AND ACTION OF MANAGING AGENT. (a) Each
Conduit Purchaser and each Committed Purchaser of each Purchaser Group hereby
appoints and authorizes the Managing Agent with respect to such Purchaser Group
to take such action as agent on its behalf and to exercise such powers under
this Agreement and the Transaction Documents as are delegated to the Managing
Agent by the terms hereof and thereof, together with such powers as are
reasonably incidental thereto. In furtherance, and without limiting the
generality, of the foregoing, each Conduit Purchaser and each Committed
Purchaser hereby appoints the related Managing Agent as its agent to execute and
deliver all further instruments and documents, and agrees to take all further
action that the related Managing Agent may deem necessary or appropriate or that
a Conduit Purchaser or a Committed Purchaser may reasonably request in order to
perfect, protect or more fully evidence the interests transferred or to be
transferred from time to time by Seller hereunder, or to enable any of them to
exercise or enforce any of their respective rights hereunder or under the
related Certificate, and such other instruments or notices, as may be necessary
or appropriate for the purposes stated hereinabove. The Conduit Purchasers and
Committed Purchasers may direct the related Managing Agent (i) to direct the
Program Agent to take any action which is incidental to the actions specifically
delegated to the Program Agent hereunder and (ii) not to take or to cease taking
any action which is incidental to the actions specifically delegated to the
Program Agent hereunder. With respect to actions which are incidental to the
actions specifically delegated to a Managing Agent hereunder, a Managing Agent
shall not be required to take any such incidental action hereunder, but shall be
required to act or to refrain from acting (and shall be fully protected in
acting or refraining from acting) upon the direction of the related Conduit
Purchaser and Committed Purchaser; provided, however, that no Managing Agent
shall be required to take any action hereunder if the taking of such action, in
the reasonable determination of such Managing Agent, shall be in violation of
any applicable law, rule or regulation or contrary to any provision of this
Agreement or shall expose such Managing Agent to liability hereunder or
otherwise. Upon the occurrence and during the continuance of any Early
Amortization Event, the Managing Agent shall take no action hereunder (other
than ministerial actions or such actions as are specifically provided for
herein) without the prior consent of the related Conduit Purchaser and Committed
Purchaser. The Managing Agent shall not, without the prior written consent of
the related Conduit Purchaser (if any interest is held by a Conduit Purchaser at
such time) and Committed Purchaser, agree to (i) amend, modify or waive any
provision of this Agreement in any way which would (A) reduce or impair
Collections or the payment of fees payable hereunder to the Conduit Purchasers
or Committed Purchasers or delay the scheduled dates for payment of such
amounts, (B) increase the Servicing Fee (other than as permitted pursuant to the
Pooling and

                                       25
<PAGE>   29

Servicing Agreement), (C) modify any provisions of this Agreement or the Pooling
and Servicing Agreement relating to the timing of payments required to be made
by Seller or Servicer or the application of the proceeds of such payments, (D)
permit the appointment of any Person (other than the Trustee) as Successor
Servicer. In addition, each Managing Agent agrees that it shall not agree to any
amendment of this Agreement not specifically described in the two preceding
sentences without the consent of the related Conduit Purchaser and Committed
Purchaser. In the event the Managing Agent requests a Person's consent pursuant
to the foregoing provisions and the Managing Agent does not receive a response
to such request (either positive or negative) from such Person within ten (10)
Business Days of such Person's receipt of such request, then such Person (and
its percentage interest hereunder) shall be disregarded in determining whether
the Managing Agent shall have obtained sufficient consent hereunder.

         (b) Each Managing Agent shall exercise such rights and powers vested in
it by this Agreement and the Transaction Documents, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person's own affairs.

         Section 6.07. MANAGING AGENT'S RELIANCE, ETC. Neither any Managing
Agent nor any of its directors, officers, agents or employees shall be liable to
any Conduit Purchaser or Committed Purchaser for any action taken or omitted to
be taken by it or them as Managing Agent under or in connection with this
Agreement or any of the Transaction Documents, except for its or their own gross
negligence or willful misconduct. Without limiting the foregoing, the Managing
Agent: (i) may consult with legal counsel (including counsel for Seller or
Servicer), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts; (ii)
makes no warranty or representation to any Conduit Purchaser or any Committed
Purchaser and shall not be responsible to any Conduit Purchaser or any Committed
Purchaser for any statements, warranties or representations made in or in
connection with this Agreement; (iii) shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement or any of the Transaction Documents on the part of
Seller or Servicer or to inspect the property (including the books and records)
of Seller or Servicer; (iv) shall not be responsible to any Conduit Purchaser or
any Committed Purchaser for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement, the
Certificates or any other instrument or document furnished pursuant hereto or
thereto; and (v) shall incur no liability to any Conduit Purchaser or Committed
Purchaser under or in respect of this Agreement or any of the Transaction
Documents by acting upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by telex) believed by
it to be genuine and signed or sent by the proper party or parties.

         Section 6.08. THE MANAGING AGENTS AND AFFILIATES. Each Managing Agent
and its Affiliates may generally engage in any kind of business with the Seller,
the Servicer, any Originator or the Parent, any of their respective Affiliates
and any Person who may do business with or own securities of the Servicer, any
Originator, the Parent or any of their respective Affiliates, all as if such
Managing Agent were not a Managing Agent and without any duty to account
therefor to the Parent, any Originator, the Seller, the Servicer or any
Beneficiary.

                                       26
<PAGE>   30

         Section 6.09. INDEMNIFICATION OF THE MANAGING AGENT. Other than with
respect to the Purchaser Group for which FRSI acts as Managing Agent, each
Committed Purchaser agrees to indemnify the Managing Agent for its Purchaser
Group (to the extent not reimbursed by Seller), ratably in accordance with its
respective Committed Percentage, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by, or asserted against the Managing Agent (in its capacity as
such) in any way relating to or arising out of this Agreement and any of the
Transaction Documents or such action taken or omitted by the Managing Agent
hereunder or thereunder, provided that such Committed Purchaser shall not be
liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from the Managing Agent's gross negligence or willful misconduct. Without
limitation of the foregoing, other than with respect to the Purchaser Group for
which FRSI acts as Managing Agent, each Committed Purchaser agrees to reimburse
the Managing Agent, ratably in accordance with its respective Committed
Percentage, promptly upon demand for any out-of-pocket expenses (including
counsel fees) incurred by the Managing Agent in connection with the
administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of
rights or responsibilities under, this Agreement and the Transaction Documents,
to the extent that such expenses are incurred in the interests of or otherwise
in respect of the Conduit Purchasers or the Committed Purchasers hereunder
and/or thereunder and to the extent that the Managing Agent is not reimbursed
for such expenses by the Seller

         Section 6.10. PAYMENTS BY A MANAGING AGENT. Unless specifically
allocated to a Conduit Purchaser or a Committed Purchaser pursuant to the terms
of this Agreement, all amounts received by a Managing Agent on behalf of the
related Conduit Purchaser(s) or Committed Purchaser(s) shall be paid by such
Managing Agent to such Conduit Purchaser(s) or Committed Purchaser(s), as
applicable (at the account specified in writing to such Managing Agent) on the
Business Day received by such Managing Agent, unless such amounts are received
after 12:00 noon (New York time) on such Business Day, in which case such
Managing Agent shall use its reasonable efforts to pay such amounts, on such
Business Day, but, in any event, shall pay such amounts not later than 11:00
a.m. (New York time) the following Business Day.

         Section 6.11. PURCHASER CREDIT DECISION. Each Purchaser acknowledges
that it has, independently and without reliance upon the Program Agent, any
Managing Agent or any other Purchaser and based on such documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Purchaser also acknowledges that it
will, independently and without reliance upon the Program Agent, any Managing
Agent or any other Purchaser and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement.

                                  ARTICLE VII

                         ASSIGNMENTS AND PARTICIPATIONS

                                       27
<PAGE>   31

         Section 7.01. ASSIGNMENT.

          (a) At any time and from time to time, any Conduit Purchaser may, by
     notice and delivery to the Program Agent of a fully executed assignment and
     assumption agreement assign all or any portion of its rights and
     obligations (which portion shall in no event evidence less than $5,000,000
     of the Class A Invested Amount then held by such Conduit Purchaser or, if
     less, the entire Class A Invested Amount so held by such Conduit Purchaser)
     hereunder to (i) any Conduit Assignee or to any Purchaser or (ii) any other
     Person (including any Liquidity Provider), provided that, in the case of
     clause (ii), (A) such Person is an Eligible Assignee and (B) such
     assignment shall comply with any applicable legal requirements including
     the Securities Act. The Program Agent shall, promptly upon its receipt of
     any such notice and assignment and assumption agreement, notify the Seller,
     the Servicer and the Trustee of such assignment. The assignee shall, upon
     the effectiveness of such assignment and assumption agreement and delivery
     thereof and of such other requested documentation to the Program Agent,
     become entitled to the benefits hereof and subject to the obligations of
     assignor hereunder.

          (b) At any time and from time to time, any Committed Purchaser may, by
     notice and delivery to the Program Agent of a fully executed Assignment and
     Acceptance, assign to any other Person, all or any portion of its Series
     2000-1 Class A Certificate Interest or its interest therein (which portion
     shall in no event evidence less than $5,000,000 of the Class A Invested
     Amount then held by such Committed Purchaser or, if less, the entire Class
     A Invested Amount so held by such Committed Purchaser); provided that (i)
     such assignee is an Eligible Assignee and (ii) such assignment shall comply
     with any applicable legal requirements including the Securities Act. Any
     Committed Purchaser making any such assignment shall provide notice to the
     Seller and the Servicer thereof. The assignee shall, upon the effectiveness
     of such Assignment and Acceptance and delivery thereof and of such other
     requested documentation to the Program Agent, become entitled to the
     benefits hereof and subject to the obligations of the assignor hereunder.

          (c) The Program Agent agrees to cooperate with the Seller to effect
     any assignment under this Section 7.01, and the Seller agrees to execute or
     obtain such other documentation as may be reasonably requested by any
     Purchaser in order to effectuate any assignment under this Section 7.01
     (provided that the Seller shall not have any obligation to amend any
     Transaction Document in connection therewith), the costs of such
     documentation to be borne such Purchaser.

         Section 7.02. RIGHTS OF ASSIGNEE. Upon any assignment in accordance
with this Article VII, (a) the assignee receiving such assignment shall have all
of the rights of such assignor hereunder with respect to the Series 2000-1
Certificate or interest therein (or portion thereof) or rights associated
therewith being assigned and (b) all references to such assignor in the
Transaction Documents shall be deemed to apply to such assignee to the extent of
its interest therein and in the related Collections.

         Section 7.03. NOTICE OF ASSIGNMENT. Each assignor shall provide notice
to the Seller, the Program Agent and the Trustee of any assignment of any Series
2000-1 Certificate or

                                       28
<PAGE>   32

interest therein (or portion thereof) or rights associated therewith by such
assignor to any assignee.

         Section 7.04. REGISTER. The Program Agent shall maintain a copy of each
Assignment and Acceptance delivered to and accepted by it and a register for the
recordation of the names and addresses of the Purchasers and the Commitment of
each Purchaser from time to time (the "REGISTER"). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the
Seller, the Program Agent, the Trustee and the Purchasers may treat each Person
whose name is recorded in the Register as a Purchaser hereunder for all purposes
of the Transaction Documents. The Register shall be available for inspection by
the Seller, the Parent, the Trustee or any Purchaser at any reasonable time and
from time to time upon reasonable prior notice.

         Section 7.05. PARTICIPATIONS. At any time and from time to time any
Purchaser may sell participations to one or more banks or other entities in or
to all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Series 2000-1 Class A
Certificates owned by it); provided, however, that (i) such Purchaser's
obligations under this Agreement (including its Commitment if such Purchaser is
a Committed Purchaser) shall remain unchanged, (ii) such Purchaser shall remain
solely responsible to the other parties hereto for the performance of such
obligations, (iii) the Seller, the Program Agent and the Purchasers shall
continue to deal solely and directly with such Purchaser in connection with the
rights of such Purchaser and the obligations of such Purchaser under this
Agreement and (iv) no participant under any such participation shall have any
right to approve any amendment or waiver of any provision of any Transaction
Document, or any consent to any departure by any Person therefrom, except to the
extent that such amendment, waiver or consent would reduce the principal of, or
interest on, the Class A Certificates or any fees or other amounts payable
hereunder, in each case to the extent subject to such participation, postpone
any date fixed for any payment of principal of, or interest on, the Class A
Certificates or any fees or other amounts payable hereunder, in each case to the
extent subject to such participation, or release all or substantially all of the
Receivables. Anything herein to the contrary notwithstanding, the Seller shall
not, at any time, be obligated to pay to any Purchaser any sum in excess of the
sum the Seller would have been obligated to pay to such Purchaser hereunder if
such Purchaser had not sold any participation in its rights and obligations
under this Agreement.

         Section 7.06. RESTRICTIONS ON ASSIGNMENTS AND PARTICIPATIONS.
Notwithstanding any provision of this Agreement to the contrary, no Purchaser
shall assign any of its rights or obligations hereunder to any Person that is
not a United States Person (as defined in Section 7701(a)(30) of the Internal
Revenue Code) unless such Person shall have provided the Seller and the Program
Agent with the forms described in Section 3.03(f). Notwithstanding Sections 7.01
and 7.05, no Purchaser shall be entitled to assign (or sell participations in)
all or any portion of its rights and obligations hereunder to (i) a partnership,
grantor trust or S corporation, as such terms are defined in the Internal
Revenue Code or (ii) any Person if, following such assignment or sale to such
other Person, any Purchaser Group would have more than fifteen (15) beneficial
owners of Certificates (taking into account the attribution rules of Treasury
Regulation Section 1.7704-1(h)(3)). Notwithstanding the preceding sentence, each
Conduit Purchaser shall be entitled to assign (or sell a participation in) its
rights and obligations hereunder to a Committed Purchaser or other Eligible
Assignee, provided that the Seller receives evidence reasonably

                                       29
<PAGE>   33

satisfactory to it that such sale or assignment will not cause any Purchaser
Group to have more than fifteen (15) beneficial owners (taking into account the
attribution rules of Treasury Regulation Section 1.7704-1(h)(3)).

                                  ARTICLE VIII

                                  MISCELLANEOUS

         Section 8.01. AMENDMENTS, ETC. No amendment or waiver of any provision
of this Agreement shall in any event be effective unless the same shall be in
writing and signed by the Program Agent, the Managing Agents, the Conduit
Purchasers and the Committed Purchasers. Any waiver or consent shall be
effective only if signed by the party waiving any right, in the specific
instance and for the specific purpose for which given, and any amendment
affecting the rights, duties immunities or indemnities of the Trustee shall not
be effective unless signed by the Trustee.

         Section 8.02. NOTICES, ETC. All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing
(including telex and facsimile communication) and shall be personally delivered
or sent by certified mail, postage prepaid, or overnight courier or facsimile,
to the intended party at the address or facsimile number of such party set forth
under its name on the signature pages hereof or at such other address or
facsimile number as shall be designated by such party in a written notice to the
other parties hereto. All such notices and communications shall be effective (a)
if personally delivered, when received, (b) if sent by certified mail, four
Business Days after having been deposited in the mail, postage prepaid, (c) if
sent by overnight courier, one Business Day after having been given to such
courier, unless sooner received by the addressee and (d) if transmitted by
facsimile, when sent, upon receipt confirmed by telephone or electronic means,
except that notices and communications pursuant to Articles II and III shall not
be effective until received. Notices and communications sent hereunder on a day
that is not a Business Day shall be deemed to have been sent on the next
following Business Day.

         Section 8.03. NO WAIVER; REMEDIES; SET-OFF. No failure on the part of
any Beneficiary to exercise, and no delay in exercising, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. Without limiting the foregoing, the
Program Agent and each Purchaser is hereby authorized by the Seller at any time
and from time to time after the occurrence and during the continuance of an
Early Amortization Event, to the fullest extent permitted by law, to set-off and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other indebtedness at any time owing by the Program
Agent and each Purchaser to or for the credit or the account of the Seller
against any and all of the Obligations of the Seller now or hereafter existing,
to the Program Agent, any Purchaser, any Affected Person, or their respective
successors and assigns, irrespective of whether such Person shall have made any
demand under any Transaction Document and although such Obligations may be
unmatured; provided, however, that no such Person shall exercise any such right
of set-off without the prior written consent of the Program Agent. Each

                                       30
<PAGE>   34

set-off by any Purchaser under this Section 8.03 against the Class A Invested
Amount shall reduce the Class A Invested Amount accordingly.

         Section 8.04. BINDING EFFECT; SURVIVAL.

          (a) This Agreement shall be binding upon the parties hereto and inure
     to the benefit of the parties hereto and all Affected Persons and their
     respective successors and assigns; provided, however, that nothing in the
     foregoing shall be deemed to authorize any assignment not permitted by
     Section 7.01. This Agreement shall create and constitute the continuing
     obligation of the parties hereto in accordance with its terms, and shall
     remain in full force and effect until one year and one day after the
     earlier of the date on which all Obligations are indefeasibly paid in full
     or the date on which the Trust shall terminate in accordance with the
     Pooling and Servicing Agreement. The provisions of Article III shall be
     continuing and shall survive any termination of this Agreement.

          (b) A Purchaser shall become a party hereto (i) by executing and
     delivering to the Program Agent a counterpart of the signature page to this
     Agreement or (ii) in accordance with the procedures set forth in Article
     VII hereof. Thereupon, upon acceptance and recording by the Program Agent
     in the Register, such Purchaser shall become a party to this Agreement from
     and after the date of execution of such signature page. Purchasers may
     become parties hereto at different times and from time to time in
     accordance with the foregoing procedure.

         Section 8.05. NO PROCEEDINGS. Each of the Seller (on its own behalf and
on behalf of its Affiliates), the Trustee, the Program Agent, each Managing
Agent and each Purchaser hereby agrees that it will not institute against any
Conduit Purchaser, or join any other Person in instituting against any Conduit
Purchaser, any case or proceeding of the type referred to in the definition of
"INSOLVENCY EVENT" so long as any Commercial Paper issued by such Conduit
Purchaser shall be outstanding or there shall not have elapsed one year plus one
day since the last day on which any such Commercial Paper shall have been
outstanding. The foregoing shall not limit the right of the Seller, the Trustee,
the Program Agent, any Managing Agent or any Purchaser to file any claim in or
otherwise take any action with respect to any such case or proceeding that was
instituted against any Conduit Purchaser by any Person other than the Seller,
the Trustee, the Program Agent, any Managing Agent or any Purchaser.

         Section 8.06. CAPTIONS AND CROSS REFERENCES. The various captions
(including the table of contents) in this Agreement are provided solely for
convenience of reference and shall not affect the meaning or interpretation of
any provision of this Agreement.

         Section 8.07. INTEGRATION. This Agreement, together with the other
Transaction Documents, contains a final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and,
together with all the other Transaction Documents, shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof,
superseding all prior oral or written understandings.

         Section 8.08. REPLACEMENT OF PURCHASERS. So long as any securitization
company administered by any Managing Agent or any of its Affiliates is a
Purchaser, such Managing

                                       31
<PAGE>   35

Agent shall have the right, in its sole discretion, to terminate the rights and
obligations of any or all Committed Purchasers in its Purchaser Group to make
the Purchase or fund Increases in the event that the applicable rating of such
Committed Purchaser shall be downgraded below that described in the definition
of "Eligible Assignee". Such termination shall be effective upon written notice
to such effect delivered by such Managing Agent to such Committed Purchaser and
the Program Agent, whereupon the Term of such Committed Purchaser's Commitment
shall terminate. Upon such termination, such Committed Purchaser shall cease to
have any rights or obligations with respect to future Increases under this
Agreement but shall continue to have the rights and obligations of a Committed
Purchaser with respect to any Purchase or Increases funded by it under this
Agreement prior to such termination. The applicable Managing Agent shall use
reasonable efforts to replace any Purchaser removed pursuant to this Section
8.08.

         Section 8.09. CONFIDENTIALITY. Each of the Trustee, the Program Agent,
each Managing Agent and each Purchaser agrees, and shall cause their agents or
representatives, to hold in confidence all Confidential Information; provided
that nothing herein shall prevent the Trustee or any Purchaser from delivering
copies of any financial statements and other documents constituting Confidential
Information, or disclosing any other Confidential Information, to (i) the
Trustee or such Purchaser's directors, officers, employees, agents and
professional consultants, (ii) any other Purchaser or any rating agency then
rating the Commercial Paper of any Certificateholder, (iii) any Person to which
such Purchaser offers to sell or assign or sells or assigns a Class A
Certificate or any part thereof or any rights associated therewith or
participation therein, provided that such Person shall have agreed to hold in
confidence all Confidential Information as set forth herein, (iv) any federal or
state regulatory authority having jurisdiction over such Purchaser, (v) the
National Association of Insurance Commissioners or any similar organization,
(vi) any state, federal or foreign authority or examiner regulating banks or
banking, (vii) to any affiliate, independent or internal auditor, agent,
employee or attorney having a need to know the same, provided that such Person
is advised of the confidential nature of the information being disclosed and
each such recipient agrees to be bound by the terms of this Section, (viii) any
other Person to which such delivery or disclosure may be necessary or
appropriate (a) in compliance with any law, rule, regulation or order applicable
to the Trustee or such Purchaser, (b) in response to any subpoena or other legal
process or (c) in connection with any litigation to which the Trustee or such
Purchaser is a party or (ix) any liquidity provider, enhancement provider and
prospective liquidity provider and enhancement provider, in each case with
respect to a Conduit Purchaser, including in its capacity as a Committed
Purchaser.

         Section 8.10. REIMBURSEMENT OF PROGRAM AGENT. Each Managing Agent will
on demand reimburse the Program Agent in accordance with its respective
Purchaser Group's Pro Rata Share, any and all reasonable costs and expenses
(including reasonable fees and disbursements of counsel) which may be incurred
in connection with collecting amounts owed with respect to any Class A
Certificate in which such Purchaser purchases Series 2000-1 Certificate
Interests for which the Program Agent is not promptly reimbursed by the Seller
or otherwise. Should the Program Agent later be reimbursed by the Seller for any
such amount, the Program Agent shall immediately pay to each Purchaser its
Purchaser Committed Percentage of such amount.

         Section 8.11. LIMITATION OF LIABILITY. It is expressly understood and
agreed by the parties hereto that, except as otherwise expressly provided in any
Transaction Document, (a)

                                       32
<PAGE>   36

this Agreement is executed and delivered by Bankers Trust Company, not
individually or personally but solely as Trustee of the Trust, in the exercise
of the powers and authority conferred and vested in it, (b) 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 Bankers
Trust Company, but are made and intended for the purpose of binding only the
Trust, (c) nothing herein contained shall be construed as creating any liability
on Bankers Trust Company, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties who are signatories to this Agreement and by any
person claiming by, through or under such parties, and (d) under no
circumstances shall Bankers Trust Company 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, except to the extent provided in
this Agreement.

         Section 8.12. GOVERNING LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND
DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

         Section 8.13. SUBMISSION TO JURISDICTION.

          (i) Each of the parties hereto hereby irrevocably and unconditionally
     submits, for itself and its property, to the nonexclusive jurisdiction of
     any New York State court or federal court of the United States of America
     sitting in New York City, and any appellate court from any thereof, in any
     action or proceeding arising out of or relating to this Agreement or any of
     the other Transaction Documents to which it is a party, or for recognition
     or enforcement of any judgment, and each of the parties hereto hereby
     irrevocably and unconditionally agrees that all claims in respect of any
     such action or proceeding may be heard and determined in any such New York
     State court or, to the extent permitted by law, in such federal court. Each
     of the parties hereto agrees that a final judgment in any such action or
     proceeding shall be conclusive and may be enforced in other jurisdictions
     by suit on the judgment or in any other manner provided by law. Nothing in
     this Agreement shall affect any right that any party may otherwise have to
     bring any action or proceeding relating to this Agreement or any of the
     other Transaction Documents in the courts of any jurisdiction.

          (ii) Each of the parties hereto irrevocably and unconditionally
     waives, to the fullest extent it may legally and effectively do so, any
     objection that it may now or hereafter have to the laying of venue of any
     suit, action or proceeding arising out of or relating to this Agreement or
     any of the other Transaction Documents to which it is a party in any New
     York State or federal court. Each of the parties hereto hereby irrevocably
     waives, to the fullest extent permitted by law, the defense of an
     inconvenient forum to the maintenance of such action or proceeding in any
     such court.

         Section 8.14. CONSENT TO SERVICE OF PROCESS. Each party to this
Agreement irrevocably consents to service of process by personal delivery,
certified mail, postage prepaid or

                                       33
<PAGE>   37

overnight courier. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

         Section 8.15. EXECUTION IN COUNTERPARTS. This Agreement may be executed
in any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
Agreement. Delivery of an executed counterpart of a signature page of this
Agreement by telecopier shall be effective as delivery of a manually executed
counterpart of this Agreement.

         Section 8.16. WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND
ANY RIGHTS UNDER OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT,
OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN
THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN),
ACTIONS OF ANY OF THE PARTIES HERETO AND THE PURCHASERS OR ANY OTHER
RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION
DOCUMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

         Section 8.17. EXECUTION OF THE INTERCREDITOR AGREEMENT. The Purchasers
and the Managing Agents hereby authorize and direct the Program Agent to execute
the Intercreditor Agreement.

                                       34
<PAGE>   38
         IN WITNESS  WHEREOF,  the parties hereto have caused this Series 2000-1
Certificate  Purchase Agreement to be duly executed by their respective officers
thereunto duly authorized as of the date first above written.

                                      THE EL-BEE RECEIVABLES
                                      CORPORATION,
                                      as Seller

                                      By: /s/ Scott J. Davido
                                         ------------------------------------
                                      Name:  Scott J. Davido
                                      Title: President

                                      CORPORATE RECEIVABLES CORPORATION,
                                      as Purchaser

                                      By:      CITICORP NORTH AMERICA, INC.,
                                               as Attorney-in-Fact

                                               By:  /s/ Susan Olsen
                                                  ----------------------------
                                               Name:  Susan Olsen
                                               Title: Vice President

                                      EAGLEFUNDING CAPITAL CORPORATION,
                                      as Purchaser

                                      By:      FLEETBOSTON ROBERTSON
                                               STEPHENS INC.,
                                               as Attorney-in-Fact

                                               By: /s/ Dawn Druyor Gillette
                                                  ----------------------------
                                               Name: Dawn Druyor Gillette
                                               Title: Vice President

                                      CITICORP NORTH AMERICA, INC.,
                                      as Program Agent and as a Managing Agent

                                      By: /s/ Susan Olsen
                                         ------------------------------------
                                      Name: Susan Olsen
                                      Title: Vice President

                                      FLEETBOSTON ROBERTSON
                                      STEPHENS INC.,
                                      as Managing Agent

                                      By: /s/ Dawn Druyor Gillette
                                         ------------------------------------
                                      Name: Dawn Druyor Gillette
                                      Title: Vice President

                                      BANKERS TRUST COMPANY,
                                      not in its individual capacity
                                      but solely as Trustee

                                      By: /s/ Louis Bodi
                                         ------------------------------------
                                      Name:  Louis Bodi
                                      Title: Vice President

                                      CITIBANK, N.A.,
                                      as a Committed Purchaser

                                      By: /s/ Susan Olsen
                                         ------------------------------------
                                      Name:  Susan Olsen
                                      Title: Vice President

                                      EAGLEFUNDING CAPITAL CORPORATION,
                                      as Committed Purchaser

                                      By:      FLEETBOSTON ROBERTSON
                                               STEPHENS INC.,
                                               as Attorney-in-Fact

                                               By: /s/ Dawn Druyor Gillette
                                                  ---------------------------
                                               Name: Dawn Druyor Gillette
                                               Title: Vice President

                                 35
<PAGE>   39

                                                                       EXHIBIT A

                        FORM OF ASSIGNMENT AND ACCEPTANCE

         Reference is made to the Series 2000-1 Certificate Purchase Agreement
dated as of May 19, 2000 (as amended, supplemented or otherwise modified from
time to time, the "CERTIFICATE PURCHASE AGREEMENT") THE EL-BEE RECEIVABLES
CORPORATION, a Delaware corporation, as Seller (the "SELLER"), CORPORATE
RECEIVABLES CORPORATION, a Delaware corporation ("CRC"), EAGLEFUNDING CAPITAL
CORPORATION, a Delaware corporation ("EAGLEFUNDING") and the other commercial
paper conduits from time to time party hereto, each a Conduit Purchaser,
CITIBANK, N.A., a national banking association ("CITIBANK"), EAGLEFUNDING
CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and the other
financial institutions from time to time party hereto, as Committed Purchasers,
CITICORP NORTH AMERICA, INC., a Delaware corporation ("CNAI"), FLEETBOSTON
ROBERTSON STEPHENS INC, a Massachusetts corporation ("FRSI") and the other
financial institutions from time to time party hereto, as Managing Agents,
CITICORP NORTH AMERICA, INC., a Delaware corporation, as Program Agent (the
"PROGRAM AGENT") and BANKERS TRUST COMPANY, a New York banking corporation, not
in its individual capacity but solely as Trustee (the "TRUSTEE").. Terms defined
in the Certificate Purchase Agreement unless otherwise defined herein are used
herein as defined therein.

         The "Assignor" and the "Assignee" referred to on Schedule 1 hereto
agree as follows:

         1. As of the Effective Date (defined below), the Assignor hereby sells
and assigns, without recourse, to the Assignee, and the Assignee hereby
purchases and assumes, without recourse to or representation of any kind (except
as set forth below) from Assignor, an interest in and to the Assignor's rights
and obligations under the Certificate Purchase Agreement and under any other
Transaction Document equal to the percentage interest specified on Schedule 1
hereto of all outstanding rights and obligations under the Certificate Purchase
Agreement and any other Transaction Document, including the Assignor's
Commitment, Committed Percentage, Series 2000-1 Class A Certificate Interests
and Class A Invested Amount (such rights and obligations assigned hereby being
the "ASSIGNED INTERESTS"). After giving effect to such sale and assignment, the
Assignee's Commitment and Committed Percentage will be as set forth on Schedule
1 hereto.

         2. The Assignor (i) represents and warrants that it is the legal and
beneficial owner of the interest being assigned by it hereunder free and clear
of any Lien created by Assignor; (ii) makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Transaction Documents or the
execution, legality, validity, enforceability, genuineness, sufficiency or value
of, or the perfection or priority of any lien or security or ownership interest
created or purported to be created under or in connection with, the Transaction
Documents or any other instrument or

                                      A-1

<PAGE>   40

document furnished pursuant thereto or the condition or value of any Trust Asset
or any interest therein; and (iii) makes no representation or warranty and
assumes no responsibility with respect to the condition (financial or otherwise)
of any of the Seller, any other Originator, the Servicer, the Parent or the
Trustee or the performance or observance by any Person of any of its obligations
under any Transaction Document or any other instrument or document furnished
pursuant thereto.

         3. The Assignee (i) confirms that it has received a copy of the
Certificate Purchase Agreement, the Pooling and Servicing Agreement, together
with copies of any financial statements delivered pursuant to Sections 2.05(f)
and 3.03(b)(vii) thereof and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (ii) agrees that it will, independently and
without reliance upon the Program Agent, the Assignor or any other Purchaser and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under any of the Transaction Documents; (iii) confirms that it is an Eligible
Assignee; (iv) appoints and authorizes the Program Agent to take such action as
agent on its behalf and to exercise such powers and discretion under the
Transaction Documents as are delegated to the Program Agent by the terms
thereof, together with such powers and discretion as are reasonably incidental
thereto; (v) agrees that it will perform in accordance with their terms all of
the obligations that by the terms of the Transaction Documents are required to
be performed by it as a Purchaser; (vi) confirms that the assignment hereunder
complies with any applicable legal requirements including the Securities Act;
(vii) confirms that such Assignee is a United States Person (as defined in
Section 7701(a)(30) of the Internal Revenue Code) or that such Assignee shall
have provided the Seller with two Internal Revenue Service forms 1001 or 4224
(or a successor form) certifying that the income from the Class A Certificates
is effectively connected with the conduct of such Person's trade or business in
the United States or that such income is exempt from withholding under an
applicable tax treaty; (viii) confirms that such Assignee is not a partnership,
grantor trust or S corporation (as such terms are defined in the Internal
Revenue Code); (ix) confirms that the assignment hereunder will not result in
the Trust having more than 100 beneficial owners of Certificates (taking into
account the attribution rules of Treasury Regulation Section 1.7704-2(h)); and
(x) attaches any other U.S. Internal Revenue Service forms required under
Section 3.03 of the Certificate Purchase Agreement.

         4. Following the execution of this Assignment and Acceptance, it will
be delivered to the Program Agent for acceptance and recording by the Program
Agent. The effective date for this Assignment and Acceptance (the "EFFECTIVE
DATE") shall be the date of acceptance hereof by the Program Agent, unless a
later effective date is specified on Schedule 1 hereto.

         5. Upon such acceptance and recording by the Program Agent, as of the
Effective Date, (i) the Assignee shall be a party to and bound by the provisions
of the Certificate Purchase Agreement and, to the extent provided in this
Assignment and Acceptance, have the rights and obligations of a Liquidity
Provider thereunder and under any other Transaction Document and (ii) the
Assignor shall, to the extent provided in this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Certificate
Purchase Agreement and under any other Transaction Document.

                                      A-2
<PAGE>   41

         6. Upon such acceptance and recording by the Program Agent, from and
after the Effective Date, the Program Agent and Trustee shall make all payments
under the Certificate Purchase Agreement and the Assigned Interests (including,
without limitation, all payments of the Class A Invested Amount, interest and
fees with respect thereto) to the Assignee. The Assignor and Assignee shall make
all appropriate adjustments in payments under the Certificate Purchase Agreement
and the Assigned Interests for periods prior to the Effective Date directly
between themselves.

         7. This Assignment and Acceptance shall be governed by, and construed
in accordance with, the laws of the State of New York.

         8. This Assignment and Acceptance may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of Schedule 1 to this Assignment and Acceptance by telecopier shall
be effective as delivery of a manually executed counterpart of this Assignment
and Acceptance.

         IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule
1 to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

                                      A-3
<PAGE>   42

                                   SCHEDULE 1

                                       TO

                            ASSIGNMENT AND ACCEPTANCE

                  Commitment assigned:                        $________

                  Committed Percentage assigned:               ________%

                  Assignor's Commitment

                  after assignment:                           $________

                  Assignor's Committed

                  Percentage after assignment:                 ________%

Effective Date (if later than date of acceptance by Program Agent):

---------- --, ----

                                       [NAME OF ASSIGNOR], as Assignor

                                       By:___________________________________
                                             Name:
                                             Title:

                                       Dated: __________ __, ____

                                       [NAME OF ASSIGNEE], as Assignee

                                       By:___________________________________
                                             Name:
                                             Title:

                                       Dated: __________ __, ____

                                       Address for Notices:

                                      A-4
<PAGE>   43

Accepted this ____ day
of __________, ____

CITICORP NORTH AMERICA, INC.,
      as Program Agent

By_____________________________
     Name:
     Title:

                                      A-5
<PAGE>   44

                                                                       EXHIBIT B

                    FORM OF SERIES 2000-1 NOTICE OF PURCHASE

                                                                          [Date]

Citicorp North America, Inc.
399 Park Avenue
New York, NY 10043

The El-Bee Receivables Corporation
3155 El-Bee Road
Dayton, Ohio 45349

Attention:  President

         Reference is made to the Series 2000-1 Certificate Purchase Agreement
dated May [ ], 2000 (the "SERIES 2000-1 CERTIFICATE PURCHASE AGREEMENT") THE
EL-BEE RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the
"SELLER"), CORPORATE RECEIVABLES CORPORATION, a Delaware corporation ("CRC"),
EAGLEFUNDING CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and
the other commercial paper conduits from time to time party hereto, each a
Conduit Purchaser, CITIBANK, N.A., a national banking association ("CITIBANK"),
EAGLEFUNDING CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and
the other financial institutions from time to time party hereto, as Committed
Purchasers, CITICORP NORTH AMERICA, INC., a Delaware corporation ("CNAI"),
FLEETBOSTON ROBERTSON STEPHENS INC., a Massachusetts corporation ("FRSI") and
the other financial institutions from time to time party hereto, as Managing
Agents, CITICORP NORTH AMERICA, INC., a Delaware corporation, as Program Agent
(the "PROGRAM AGENT") and BANKERS TRUST COMPANY, a New York banking corporation,
not in its individual capacity but solely as Trustee (the "TRUSTEE").
Capitalized terms not defined herein have the meaning specified in the Series
2000-1 Certificate Purchase Agreement.

Notice is hereby given that the undersigned requests the making of the Purchase
on __________ __, ____ in the amount of $_______.

                                      B-1
<PAGE>   45

                             THE EL-BEE RECEIVABLES

                                   CORPORATION

                             By:___________________________________
                                Name:
                                Title:

                                      B-2
<PAGE>   46

                                                                       EXHIBIT C

                           FORM OF NOTICE OF INCREASE

                                                                          [Date]

Citicorp North America, Inc.
399 Park Avenue
New York, NY 10043

The El-Bee Receivables Corporation
3155 El-Bee Road
Dayton, Ohio 45349

Attention:  President

         Reference is made to the Series 2000-1 Certificate Purchase Agreement
dated May 19, 2000 (the "SERIES 2000-1 CERTIFICATE PURCHASE AGREEMENT") among
THE EL-BEE RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the
"SELLER"), CORPORATE RECEIVABLES CORPORATION, a Delaware corporation ("CRC"),
EAGLEFUNDING CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and
the other commercial paper conduits from time to time party hereto, each a
Conduit Purchaser, CITIBANK, N.A., a national banking association ("CITIBANK"),
EAGLEFUNDING CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and
the other financial institutions from time to time party hereto, as Committed
Purchasers, CITICORP NORTH AMERICA, INC., a Delaware corporation ("CNAI"),
FLEETBOSTON ROBERTSON STEPHENS INC., a Massachusetts corporation ("FRSI") and
the other financial institutions from time to time party hereto, as Managing
Agents, CITICORP NORTH AMERICA, INC., a Delaware corporation, as Program Agent
(the "PROGRAM AGENT") and BANKERS TRUST COMPANY, a New York banking corporation,
not in its individual capacity but solely as Trustee (the "TRUSTEE").
Capitalized terms not defined herein have the meaning specified in the Series
2000-1 Certificate Purchase Agreement.

Notice is hereby given that the undersigned requests the funding of an Increase
in the amount of $_______ on __________ __, ____.

                                      C-1
<PAGE>   47

                             THE EL-BEE RECEIVABLES

                                   CORPORATION

                             By:___________________________________
                                Name:
                                Title:

                                      C-2
<PAGE>   48

                                                                       EXHIBIT D

                            FORM OF JOINDER AGREEMENT

         Reference is made to the Certificate Purchase Agreement dated as of May
19, 2000 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the "AGREEMENT"), among THE EL-BEE RECEIVABLES
CORPORATION, a Delaware corporation, as Seller (the "SELLER"), CORPORATE
RECEIVABLES CORPORATION, a Delaware corporation ("CRC"), EAGLEFUNDING CAPITAL
CORPORATION, a Delaware corporation ("EAGLEFUNDING") and the other commercial
paper conduits from time to time party hereto, each a Conduit Purchaser,
CITIBANK, N.A., a national banking association ("CITIBANK"), EAGLEFUNDING
CAPITAL CORPORATION, a Delaware corporation ("EAGLEFUNDING") and the other
financial institutions from time to time party hereto, as Committed Purchasers,
CITICORP NORTH AMERICA, INC., a Delaware corporation ("CNAI"), FLEETBOSTON
ROBERTSON STEPHENS INC., a Massachusetts corporation ("FRSI") and the other
financial institutions from time to time party hereto, as Managing Agents,
CITICORP NORTH AMERICA, INC., a Delaware corporation, as Program Agent (the
"PROGRAM AGENT") and BANKERS TRUST COMPANY, a New York banking corporation, not
in its individual capacity but solely as Trustee (the "TRUSTEE"). To the extent
not defined herein, capitalized terms used herein have the meanings assigned to
such terms in the Agreement.

         __________________ (the "NEW MANAGING AGENT"), __________________ (the
"NEW CONDUIT PURCHASER(S)"), __________________ (the "NEW COMMITTED
PURCHASER(S)"; and together with the New Managing Agent and New Conduit
Purchaser, the "NEW PURCHASER GROUP"), Seller, Servicer and the Program Agent
agree as follows:

         1. Pursuant to SECTION 2.02 of the Agreement, Seller has requested, in
connection with an increase to the Series 2000-1 Invested Amount, that the New
Purchaser Group agree to become a "Purchaser Group" under the Agreement.

         2. The effective date (the "EFFECTIVE DATE") of this Joinder Agreement
shall be the later of (i) the date on which a fully executed copy of this
Joinder Agreement is delivered to the Program Agent and (ii) the date of this
Joinder Agreement.

         3. By executing and delivering this Joinder Agreement, each of the New
Managing Agent, the New Conduit Purchaser(s) and the New Committed Purchaser(s)
confirms to and agrees with each other party to the Agreement that (i) it has
received a copy of the Agreement, the Pooling and Servicing Agreement and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Joinder Agreement; (ii) it will,
independently and without reliance upon the Program Agent or any of its
Affiliates, the other Managing Agents or any of their Affiliates, or the other
Purchaser and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Agreement or any Transaction Documents; (iii) it
appoints and authorizes the Program Agent to take such action as agent on its

                                      C-1
<PAGE>   49

behalf and to exercise such powers under the Agreement, the Transaction
Documents and any other instrument or document pursuant thereto as are delegated
to the Program Agent by the terms thereof, together with such powers as are
reasonably incidental thereto and to enforce its respective rights and interests
in and under the Agreement, the Transaction Documents and the Trust Assets; (iv)
it will perform in accordance with their terms all of the obligations which by
the terms of the Agreement and the Transaction Documents are required to be
performed by it as a Managing Agent, a Conduit Purchaser, a Committed Purchaser,
respectively; (v) its address for notices shall be the office set forth beneath
its name on the signature pages of this Joinder Agreement; and (vi) it is duly
authorized to enter into this Joinder Agreement.

         4. On the Effective Date of this Joinder Agreement, each of the New
Managing Agent, the New Conduit Purchaser(s) and the New Committed Purchaser(s)
shall join in and be a party to the Agreement and, to the extent provided in
this Joinder Agreement, shall have the rights and obligations of a Managing
Agent, a Conduit Purchaser and a Committed Purchaser, respectively, under the
Agreement .

         5. This Joinder Agreement may be executed by one or more of the parties
on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

         6. This Joinder Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

         IN WITNESS WHEREOF, the parties hereto have caused this Joinder
Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written, such execution being made on Schedule I
hereto.

<PAGE>   50

                                   Schedule I

                                       to

                                Joinder Agreement

                              Dated ______ __, 20__

Section 1.
----------

The "CP Rate" with respect to any Commercial Paper issued by the New Conduit
Purchaser(s) to fund its Pro Rata Share of the Principal Amount, is
[_____________________].

Section 2.
---------

The "Permitted Conduit Assignees for the New Purchaser Group are
[____________________]

Section 3.
----------

The "Purchaser Group Limit" for the New Purchaser Group is $[______________]

Section 4.
---------

The "Yield" for the New Purchaser Group is [________________________].

NEW CONDUIT PURCHASER:                      [NEW CONDUIT PURCHASER]

                                            By:_______________________
                                               Name:
                                               Title:

                                            Address for notices:
                                            [Address]

NEW COMMITTED PURCHASER:                    [NEW COMMITTED PURCHASER]

                                            By:_______________________
                                               Name:
                                               Title:

                                            Address for notices:
                                           [Address]

<PAGE>   51

NEW MANAGING AGENT:                        [NEW MANAGING AGENT]

                                           By:_______________________
                                              Name:
                                              Title:

                                           Address for notices:
                                           [Address]

Consented to this ___ day of ___________, ____ by:

THE EL-BEE RECEIVABLES CORPORATION

By:_______________________
    Name:
    Title:

CITICORP NORTH AMERICA, INC.

By:_______________________
    Name:
    Title:

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