Document:

EXHIBIT 10.23

                          SALE AND SERVICING AGREEMENT

                           Dated as of October 1, 2002

                                      among

                   CBC INSURANCE REVENUE SECURITIZATION, LLC,
                                   as Issuer,

                       LONG, MILLER & ASSOCIATES, L.L.C.,
                    in its individual capacity and as Seller,

                         CLARK/BARDES CONSULTING, INC.,
               in its individual capacity and as initial Servicer,

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

                                       and

                            BNY ASSET SOLUTIONS LLC,
          not in its individual capacity, but solely as Backup Servicer

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<TABLE>
<S>                                                                                                             <C>
ARTICLE I             DEFINITIONS................................................................................1

         Section 1.1           Definitions.......................................................................1

         Section 1.2           Usage of Terms...................................................................16

         Section 1.3           Calculations.....................................................................16

         Section 1.4           Section References...............................................................16

         Section 1.5           No Recourse......................................................................16

ARTICLE II            CONVEYANCE OF RECEIVABLES.................................................................16

         Section 2.1           Purchase and Sale of Receivables.................................................16

         Section 2.2           Custody of Receivable Files......................................................17

         Section 2.3           Conditions Precedent.............................................................18

         Section 2.4           Representations, Warranties and Covenants of the Seller..........................20

         Section 2.5           Repurchase of Receivables Upon Breach of Certain Representations and Warranties..22

         Section 2.6           Issuer's Assignment of Administrative Receivables and Warranty Receivables.......23

         Section 2.7           Protection of Right, Title and Interest..........................................23

         Section 2.8           Restrictions on Liens............................................................24

         Section 2.9           Sale.............................................................................24

         Section 2.10          Indemnification By the Seller....................................................25

         Section 2.11          Representations and Warranties of the Issuer.....................................25

         Section 2.12          [Reserved].......................................................................27

         Section 2.13          Covenants Regarding Termination or Exchange of Insurance Policies; No Merger,
                               Etc..............................................................................27

ARTICLE III           ADMINISTRATION AND SERVICING OF RECEIVABLES...............................................29

         Section 3.1           Duties of the Servicer...........................................................29

         Section 3.2           Collection of Receivable Payments................................................30

         Section 3.3           Representations, Warranties and Covenants of Servicer............................30

         Section 3.4           Purchase of Receivables Upon Breach of Covenant..................................35

         Section 3.5           Servicing Fee; Payment of Certain Expenses by Servicer...........................35

         Section 3.6           Servicer's Certificate...........................................................36

         Section 3.7           Annual Statement as to Compliance; Notice of Servicer Termination Event; Financial
                               Statements.......................................................................36

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         Section 3.8           Annual Independent Accountants' Report...........................................37

         Section 3.9           Access to Documentation and Information Regarding Receivables....................37

         Section 3.10          Duties of the Servicer under the Indenture.......................................38

         Section 3.11          Appointment and Powers of Backup Servicer........................................39

         Section 3.12          Information to be Furnished to Rating Agency.....................................39

ARTICLE IV            DISTRIBUTIONS; STATEMENTS TO NOTEHOLDERS..................................................39

         Section 4.1           Accounts.........................................................................39

         Section 4.2           Collections......................................................................41

         Section 4.3           Additional Deposits and Withdrawals..............................................42

         Section 4.4           Distributions....................................................................42

         Section 4.5           Trustee as Agent.................................................................44

         Section 4.6           Statements to Noteholders........................................................44

ARTICLE V             RESERVE ACCOUNT...........................................................................45

         Section 5.1           Initial Deposit..................................................................45

         Section 5.2           Withdrawals from Reserve Account.................................................45

ARTICLE VI            SERVICER AS CUSTODIAN.....................................................................46

         Section 6.1           Duties of Servicer as Custodian..................................................46

         Section 6.2           Instructions; Authority to Act...................................................47

         Section 6.3           Custodian's Indemnification......................................................47

         Section 6.4           Effective Period and Termination.................................................47

ARTICLE VII           SERVICER..................................................................................47

         Section 7.1           Liability of Servicer; Indemnities...............................................47

         Section 7.2           Merger or Consolidation of, or Assumption of the Obligations of the Servicer or
                               Backup Servicer..................................................................48

         Section 7.3           Limitation on Liability of Servicer, Backup Servicer and Others..................49

         Section 7.4           Delegation of Duties.............................................................50

         Section 7.5           Servicer and Backup Servicer Not to Resign.......................................50

ARTICLE VIII          SERVICER TERMINATION EVENTS...............................................................51

         Section 8.1           Servicer Termination Event.......................................................51

         Section 8.2           Consequences of a Servicer Termination Event.....................................52

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         Section 8.3           Appointment of Successor Servicer................................................53

         Section 8.4           Notification to Noteholders......................................................54

         Section 8.5           Waiver of Past Defaults..........................................................54

ARTICLE IX            TERMINATION...............................................................................54

         Section 9.1           Optional Purchase of All Receivables.............................................54

ARTICLE X             MISCELLANEOUS PROVISIONS..................................................................55

         Section 10.1          Amendment........................................................................55

         Section 10.2          Protection of the Receivables....................................................56

         Section 10.3          GOVERNING LAW....................................................................57

         Section 10.4          Severability of Provisions.......................................................57

         Section 10.5          Assignment.......................................................................57

         Section 10.6          Third-Party Beneficiaries........................................................58

         Section 10.7          Counterparts.....................................................................58

         Section 10.8          Notices..........................................................................58

         Section 10.9          WAIVER OF TRIAL BY JURY..........................................................58

         Section 10.10         Nonpetition Covenant.............................................................59
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Exhibit A         Assignment
Exhibit B         Servicer's Certificate
Exhibit C         Accountants' Report
Exhibit D         Form of Letter of Direction

Schedule A        Schedule of Receivables
Schedule B        Representations and Warranties of the Seller
Schedule C        Servicing Policy and Procedures
Schedule D        Maximum Outstanding Note Principal Balance
Schedule E        Probability of Survival

<PAGE>

         THIS SALE AND SERVICING AGREEMENT, dated as of October 1, 2002, is made
among CBC INSURANCE REVENUE SECURITIZATION, LLC, a Delaware limited liability
company, as Issuer (the "Issuer"), LONG, MILLER & ASSOCIATES, L.L.C., a North
Carolina limited liability company, in its capacity as Seller (together with its
successors and permitted assigns, "Seller"), CLARK/BARDES CONSULTING, INC., a
Delaware corporation in its individual capacity ("CBC") and in its capacity as
initial Servicer (the "Servicer"), BNY MIDWEST TRUST COMPANY, an Illinois
corporation, not in its individual capacity, but solely as Trustee (together
with its successors and permitted assigns in such capacity, the "Trustee") and
BNY ASSET SOLUTIONS LLC, a Delaware limited liability company, not in its
individual capacity, but solely as Backup Servicer (together with its successors
and permitted assigns in such capacity, the "Backup Servicer").

         In consideration of the mutual agreements herein contained, and of
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.1 Definitions. All terms defined in the Indenture (as defined
below) shall have the same meaning in this Agreement. Whenever capitalized and
used in this Agreement, the following words and phrases, unless the context
otherwise requires, shall have the following meanings:

         Accountants' Report: The report of a firm of nationally recognized
independent accountants described in Section 3.8.

         Additional Compensation: Any commission or compensation in excess of
the commission or compensation rates identified with respect to a Receivable in
the Schedule of Receivables, including, without limitation any commission
bonuses based upon the volume of insurance policies sold during any specified
period or any increase in such commission or compensation rates negotiated after
the Cutoff Date.

         Administrative Receivable: With respect to any Quarterly Period, a
Receivable which the Servicer is required to purchase pursuant to Section 3.4 on
the Deposit Date following such Quarterly Period.

         Affiliate: With respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

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         Agreement: This Sale and Servicing Agreement, including all amendments
and supplements hereto and all exhibits and schedules to any of the foregoing.

         Amount Available: With respect to any Payment Date, the sum of (i) the
Net Available Funds for the immediately preceding Determination Date, plus (ii)
the Reserve Account Draw Amount, if any, with respect to such Payment Date, plus
(iii) if the sum of such Net Available Funds and such Reserve Account Draw
Amount is less than the sum of the amounts payable on such Payment Date pursuant
to clauses first through eleventh of Section 4.4, an amount equal to the lesser
of (x) such deficiency and (y) the Retained Available Funds for such Payment
Date.

         Assignment: An assignment from the Seller to the Issuer, dated the
Closing Date, in substantially the form of Exhibit A hereto.

         Available Funds: With respect to any Determination Date, the sum of (i)
the Collected Funds for such Determination Date less the aggregate Split
Commissions Amount for the related Quarterly Period, if any, (ii) all amounts
deposited in the Collection Account in respect of Purchased Receivables as of
the related Deposit Date, and (iii) without duplication, all income from
investments of funds in the Trust Accounts during the related Quarterly Period;
it being expressly understood that "Available Funds" shall not include any
amounts that constitute "Additional Compensation".

         Backup Servicer: As set forth in the introductory paragraph of this
Agreement, including any successor thereto pursuant to the terms of this
Agreement.

         Business Day: Any day other than a Saturday, Sunday, legal holiday or
other day on which federal and commercial banking institutions in the State of
New York, Texas, Illinois or North Carolina or in the State of the principal
place of business of any successor Servicer, successor Issuer or successor
Trustee, are authorized or obligated by law, executive order or governmental
decree to be closed.

         BNY: Means The Bank of New York, a New York banking corporation,
together with its successors and permitted assigns.

         Case: At any time, with respect to any Receivable, the group of related
insurance policies issued to the same owner by the same Obligor on the same
date, taken as a whole.

         CBI: Clark/Bardes, Inc., a Delaware corporation and direct parent of
CBC.

         CBC: As set forth in the introductory paragraph of this Agreement.

         CBFS: Clark/Bardes Financial Services, Inc., a California corporation.

         Class A Notes: As defined in the Indenture.

         Class A-1 Interest Carryover Shortfall: With respect to any Payment
Date, the excess of the sum of the Class A-1 Quarterly Interest Payment Amount
for the preceding Payment Date

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and any outstanding Class A-1 Interest Carryover Shortfall on such preceding
Payment Date, over the amount of the Class A-1 Interest Payment Amount that was
actually paid to the Holders of the Class A-1 Notes in respect of such preceding
Payment Date, plus, to the extent permitted by applicable law, 90 days' interest
computed on the basis of a 360-day year on the amount of interest due but not
paid to Holders of the Class A-1 Notes on the preceding Payment Date, at the
Class A-1 Interest Rate from such preceding Payment Date to but excluding the
current Payment Date.

         Class A-1 Interest Payment Amount: With respect to any Payment Date,
the sum of the Class A-1 Quarterly Interest Payment Amount for such Payment Date
and the Class A-1 Interest Carryover Shortfall for such Payment Date.

         Class A-1 Interest Rate: 3.52% per annum.

         Class A-1 Notes: As defined in the Indenture.

         Class A-1 Note Balance: Initially, the original principal amount of the
Class A-1 Notes issued by the Issuer on the Closing Date and, as of any date of
determination thereafter, the aggregate outstanding principal balance of the
Class A-1 Notes, unless otherwise specified, after giving effect to any
distribution in respect of principal on the Class A-1 Notes on or prior to such
date.

         Class A-1 Principal Payment Amount: With respect to any Payment Date
(other than the Final Scheduled Payment Date or any Payment Date following the
occurrence and continuance of a Payout Trigger), the Quarterly Principal Payment
Amount for such Payment Date; provided, however, the Class A-1 Principal Payment
Amount shall not exceed the Class A-1 Note Balance prior to the distribution on
such Payment Date. The "Class A-1 Principal Payment Amount" on the Final
Scheduled Payment Date and following the occurrence and continuance of a Payout
Trigger will equal the Class A-1 Note Balance prior to the distribution on such
Payment Date.

         Class A-1 Quarterly Interest Payment Amount: With respect to any
Payment Date, 90 days' interest computed on the basis of a 360-day year (or, in
the case of the first Payment Date, interest accrued from and including the
Closing Date to but excluding such Payment Date computed on the basis of a
360-day year) at the Class A-1 Interest Rate on the Class A-1 Note Balance on
the immediately preceding Payment Date, after giving effect to all payments of
principal to Holders of the Class A-1 Notes in respect of such preceding Payment
Date (or, in the case of the first Payment Date, on the Closing Date).

         Class A-2 Interest Carryover Shortfall: With respect to any Payment
Date, the excess of the sum of the Class A-2 Quarterly Interest Payment Amount
for the preceding Payment Date and any outstanding Class A-2 Interest Carryover
Shortfall on such preceding Payment Date, over the amount of the Class A-2
Interest Payment Amount that was actually paid to the Holders of the Class A-2
Notes in respect of such preceding Payment Date, plus, to the extent permitted
by applicable law, 90 days' interest computed on the basis of a 360-day year on
the amount of interest due but not paid to Holders of the Class A-2 Notes on the
preceding Payment Date, at the

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Class A-2 Interest Rate from such preceding Payment Date to but excluding the
current Payment Date.

         Class A-2 Interest Payment Amount: With respect to any Payment Date,
the sum of the Class A-2 Quarterly Interest Payment Amount for such Payment Date
and the Class A-2 Interest Carryover Shortfall for such Payment Date.

         Class A-2 Interest Rate: 5.54% per annum.

         Class A-2 Notes: As defined in the Indenture.

         Class A-2 Note Balance: Initially, the original principal amount of the
Class A-2 Notes issued by the Issuer on the Closing Date and, as of any date of
determination thereafter, the aggregate outstanding principal balance of the
Class A-2 Notes, unless otherwise specified, after giving effect to any
distribution in respect of principal on the Class A-2 Notes on or prior to such
date.

         Class A-2 Principal Payment Amount: With respect to any Payment Date
that occurs before the date on which the Class A-1 Notes are paid in full, an
amount equal to zero, and with respect to any other Payment Date (other than the
Final Scheduled Payment Date or any Payment Date following the occurrence and
continuance of a Payout Trigger) that occurs on or after the date on which the
Class A-1 Notes have been paid in full, the Quarterly Principal Payment Amount
for such Payment Date; provided, however, the Class A-2 Principal Payment Amount
shall not exceed the Class A-2 Note Balance prior to the distribution on such
Payment Date. The "Class A-2 Principal Payment Amount" on the Final Scheduled
Payment Date and following the occurrence and continuance of a Payout Trigger
will equal the Class A-2 Note Balance prior to the distribution on such Payment
Date.

         Class A-2 Quarterly Interest Payment Amount: With respect to any
Payment Date, 90 days' interest computed on the basis of a 360-day year (or, in
the case of the first Payment Date, interest accrued from and including the
Closing Date to but excluding such Payment Date computed on the basis of a
360-day year) at the Class A-2 Interest Rate on the Class A-2 Note Balance on
the immediately preceding Payment Date, after giving effect to all payments of
principal to Holders of the Class A-2 Notes in respect of such preceding Payment
Date (or, in the case of the first Payment Date, on the Closing Date).

         Class B Interest Carryover Shortfall: With respect to any Payment Date,
the excess of the sum of the Class B Quarterly Interest Payment Amount for the
preceding Payment Date and any outstanding Class B Interest Carryover Shortfall
on such preceding Payment Date, over the amount of the Class B Interest Payment
Amount that was actually paid to the Holders of the Class B Notes in respect of
such preceding Payment Date, plus, to the extent permitted by applicable law, 90
days' interest computed on the basis of a 360-day year on the amount of interest
due but not paid to Holders of the Class B Notes on the preceding Payment Date,
at the Class B Interest Rate from such preceding Payment Date to but excluding
the current Payment Date.

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<PAGE>

         Class B Interest Payment Amount: With respect to any Payment Date, the
sum of the Class B Quarterly Interest Payment Amount for such Payment Date and
the Class B Interest Carryover Shortfall for such Payment Date.

         Class B Interest Rate: 7.65% per annum.

         Class B Notes: As defined in the Indenture.

         Class B Note Balance: Initially, the original principal amount of the
Class B Notes issued by the Issuer on the Closing Date and, as of any date of
determination thereafter, the aggregate outstanding principal balance of the
Class B Notes, unless otherwise specified, after giving effect to any
distribution in respect of principal on the Class B Notes on or prior to such
date.

         Class B Principal Payment Amount: With respect to any Payment Date that
occurs before the date on which the Class A Notes have been paid in full, an
amount equal to zero, and with respect to any other Payment Date (other than the
Final Scheduled Payment Date or any Payment Date following the occurrence and
continuance of a Payout Trigger) that occurs on or after the date on which the
Class A Notes have been paid in full, the Quarterly Principal Payment Amount for
such Payment Date; provided, however, the Class B Principal Payment Amount shall
not exceed the Class B Note Balance prior to the distribution on such Payment
Date. The "Class B Principal Payment Amount" on the Final Scheduled Payment Date
and following the occurrence and continuance of a Payout Trigger will equal the
Class B Note Balance prior to the distribution on such Payment Date.

         Class B Quarterly Interest Payment Amount: With respect to any Payment
Date, 90 days' interest computed on the basis of a 360-day year (or, in the case
of the first Payment Date, interest accrued from and including the Closing Date
to but excluding such Payment Date computed on the basis of a 360-day year) at
the Class B Interest Rate on the Class B Note Balance on the immediately
preceding Payment Date, after giving effect to all payments of principal to
Holders of the Class B Notes in respect of such preceding Payment Date (or, in
the case of the first Payment Date, on the Closing Date).

         Class C Interest Carryover Shortfall: With respect to any Payment Date,
the excess of the sum of the Class C Quarterly Interest Payment Amount for the
preceding Payment Date and any outstanding Class C Interest Carryover Shortfall
on such preceding Payment Date, over the amount of the Class C Interest Payment
Amount that was actually paid to the Holders of the Class C Notes in respect of
such preceding Payment Date, plus, to the extent permitted by applicable law, 90
days' interest computed on the basis of a 360-day year on the amount of interest
due but not paid to Holders of the Class C Notes the preceding Payment Date at
the Class C Interest Rate from such preceding Payment Date to but excluding the
current Payment Date.

         Class C Interest Payment Amount: With respect to any Payment Date, the
sum of the Class C Quarterly Interest Payment Amount for such Payment Date and
the Class C Interest Carryover Shortfall for such Payment Date.

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<PAGE>

         Class C Interest Rate: 8.88% per annum.

         Class C Notes: As defined in the Indenture.

         Class C Note Balance: Initially, the original principal amount of the
Class C Notes issued by the Issuer on the Closing Date and, as of any date of
determination thereafter, the aggregate outstanding principal balance of the
Class C Notes, unless otherwise specified, after giving effect to any
distribution in respect of principal on the Class C Notes on or prior to such
date.

         Class C Principal Payment Amount: With respect to any Payment Date that
occurs before the date on which the Class A Notes and the Class B Notes have
been paid in full, an amount equal to zero, and with respect to any other
Payment Date (other than the Final Scheduled Payment Date or any Payment Date
following the occurrence and continuance of a Payout Trigger) that occurs on or
after the date on which the Class A Notes and the Class B Notes have been paid
in full, the Quarterly Principal Payment Amount for such Payment Date; provided,
however, the Class C Principal Payment Amount shall not exceed the Class C Note
Balance prior to the distribution on such Payment Date. The "Class C Principal
Payment Amount" on the Final Scheduled Payment Date and following the occurrence
and continuance of a Payout Trigger will equal the Class C Note Balance prior to
the distribution on such Payment Date.

         Class C Quarterly Interest Payment Amount: With respect to any Payment
Date, 90 days' interest computed on the basis of a 360-day year (or, in the case
of the first Payment Date, interest accrued from and including the Closing Date
to but excluding such Payment Date computed on the basis of a 360-day year) at
the Class C Interest Rate on the Class C Note Balance on the immediately
preceding Payment Date, after giving effect to all payments of principal to
Holders of the Class C Notes on such preceding Payment Date (or, in the case of
the first Payment Date, on the Closing Date).

         Closing Date: November 26, 2002.

         Collected Funds: With respect to any Determination Date, the amount of
funds in the Collection Account representing collections or payments on or with
respect to the Receivables received during the related Quarterly Period.

         Collection Account: The account designated as the Collection Account
in, and which is established and maintained pursuant to Section 4.1(a).

         Collection Records: All manually prepared or computer generated records
relating to collection efforts or payment histories with respect to the
Receivables.

         Computer Tape: The computer tape, disks or electronic files generated
on behalf of the Issuer which provide information relating to the Receivables
and which were used by the Seller in selecting the Receivables conveyed to the
Issuer hereunder.

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<PAGE>

         Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business shall be administered, which
office at the Closing Date is located at 2 North LaSalle Street, Suite 1020,
Chicago, Illinois 60602, Attention: Sally Tokich; or at such other address as
the Trustee may designate from time to time by notice to the Noteholders, the
Rating Agency and the Issuer, or the principal corporate trust office of any
successor Trustee (the address of which the successor Trustee will notify the
Noteholders, the Rating Agency and the Issuer).

         Cumulative Loss of Premium Rate: With respect to any Determination
Date, the fraction, expressed as a percentage, (i) the numerator of which is
equal to the aggregate amount of premium paid with respect to all insurance
policies related to the Receivables that have been terminated, satisfied,
surrendered, exchanged or paid in full and (ii) the denominator of which is
equal to the aggregate of the premiums paid with respect to all insurance
policies related to the Receivables that were in-force as of the Cutoff Date;
provided, however, that for purposes of the calculation in clause (i) above, the
aggregate amount of premium required to be included in such calculation with
respect to any such insurance policies that have been surrendered or exchanged
and with respect to which the Seller shall have assigned to the Issuer new
Receivables arising in connection with a transaction involving such surrendered
or exchanged insurance policies that is permitted under Section 2.13, shall be
reduced (but not below zero) by an amount equal to the product of (y) such
aggregate premium and (z) the lesser of (i) a fraction (expressed as a
percentage), the numerator of which is the Purchase Amount with respect to such
new Receivables (calculated as of the date of such assignment) and the
denominator of which is the Purchase Amount for the Receivables related to such
insurance policies that have been so surrendered or exchanged (calculated
immediately prior to, and without giving effect to, such surrender or exchange)
and (ii) 1.00.

         Cutoff Date: Shall mean the Closing Date.

         Deposit Date: With respect to any Determination Date, the Business Day
immediately preceding such Determination Date.

         Determination Date: With respect to any Payment Date, the fifth
Business Day preceding such Payment Date.

         Eligible Investments: Any one or more of the following types of
investments, excluding any security with the "r" symbol attached to the rating
and all mortgage-backed securities:

                  (a) direct interest-bearing obligations of, and
         interest-bearing obligations guaranteed as to timely payment of
         principal and interest by, the United States or any agency or
         instrumentality of the United States the obligations of which are
         backed by the full faith and credit of the United States;

                  (b) demand or time deposits in, certificates of deposit of,
         demand notes of, or bankers' acceptances issued by any depository
         institution or trust company organized under the laws of the United
         States or any State and subject to supervision and

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<PAGE>

         examination by federal and/or State banking authorities; provided,
         however, that the short-term unsecured debt obligations of such
         depository institution or trust company at the time of such investment,
         or contractual commitment providing for such investment, are rated at
         least "A-1+" by the Rating Agency;

                  (c) short-term repurchase obligations pursuant to a written
         agreement (i) with respect to any obligation described in clause (a)
         above, where the Trustee has taken actual or constructive delivery of
         such obligation in accordance with Section 4.1, and (ii) entered into
         with the corporate trust department of a depository institution or
         trust company organized under the laws of the United States or any
         State thereof, the deposits of which are insured by the Federal Deposit
         Insurance Corporation and the short-term unsecured debt obligations of
         which are rated at least "A-1+" by the Rating Agency (including, if
         applicable, the Trustee, or any agent of the Trustee acting in its
         commercial capacity);

                  (d) short-term securities bearing interest or sold at a
         discount issued by any corporation incorporated under the laws of the
         United States or any State whose long-term unsecured debt obligations
         are assigned a credit rating of "AAA" by the Rating Agency at the time
         of such investment or contractual commitment providing for such
         investment; provided, however, that securities issued by any particular
         corporation will not be Eligible Investments to the extent that an
         investment therein will cause the then outstanding principal amount of
         securities issued by such corporation and held in the Trust Accounts to
         exceed 10% of the Eligible Investments held in the Trust Accounts (with
         Eligible Investments held in the Trust Accounts valued at par);

                  (e) commercial paper that (i) is payable in United States
         dollars and (ii) is rated "A-1+" by the Rating Agency; or

                  (f) money market mutual funds that are rated in the highest
         available rating category of the Rating Agency at the time of such
         investment which only invest in other Eligible Investments; any such
         money market funds which provide for demand withdrawals being
         conclusively deemed to satisfy any maturity requirement for Eligible
         Investments set forth in the Indenture.

         Eligible Investments may be purchased by or through the Trustee or any
of its Affiliates.

         Eligible Servicer: CBC, the Backup Servicer or another Person which at
the time of its appointment as Servicer (i) is capable of performing obligations
with respect to servicing a portfolio of payment streams similar to the
Receivables, (ii) is legally qualified and licensed in all applicable
jurisdictions to the extent that the failure to do so would reasonably be
expected to have a material and adverse effect on the Noteholders and has the
capacity to service the Receivables, (iii) has demonstrated the ability to
professionally and competently service a portfolio of payment streams similar to
the Receivables with reasonable skill and care, (iv) is qualified and entitled
to use, pursuant to a license or other written agreement, the software which the
Servicer uses in connection with performing its duties and responsibilities
under this

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Agreement or otherwise has available software which is adequate to perform its
duties and responsibilities under this Agreement, (v) has a minimum net worth of
$25,000,000 and (vi) is acceptable in writing to the Trustee and the Rating
Agency (such acceptance not to be unreasonably withheld).

         Executive Officer: With respect to the Seller, the Servicer or the
Issuer, the President, Chief Financial Officer or any Senior Vice President
thereof.

         Final Scheduled Payment Date: February 15, 2023 (or, if such day is not
a Business Day, the next succeeding Business Day).

         "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

         Indenture: The Indenture, dated as of October 1, 2002, between the
Issuer and the Trustee, as the same may be amended and supplemented from time to
time.

         Independent: When used with respect to any specified Person, that the
Person (i) is in fact independent of the Servicer, the Backup Servicer, the
Seller, the Issuer, and any Affiliate of any of the foregoing Persons, (ii) does
not have any direct financial interest or any material indirect financial
interest in the Servicer, the Backup Servicer, the Seller, the Issuer, or any
Affiliate of any of the foregoing Persons, and (iii) is not connected with the
Servicer, the Backup Servicer, the Seller, the Issuer, or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.

         Independent Accountants: As defined in Section 3.8.

         Initial Purchaser: Banc One Capital Markets, Inc.

         Insolvency Event: With respect to a specified Person, (a) the entry of
a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an involuntary
case under any applicable Federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official for such Person
or for any substantial part of its property, or ordering the winding-up or
liquidation of such Person's affairs, or the commencement of an involuntary case
under the federal bankruptcy laws, as now or hereafter in effect, or another
present or future federal or state bankruptcy, insolvency or similar law and
such case is not dismissed or stayed within 60 days; or (b) the commencement by
such Person of a voluntary case under any applicable Federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of
its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by or

                                       9
<PAGE>

admission of the inability of such Person generally to pay its debts as such
debts become due, or the taking of action by such Person in furtherance of any
of the foregoing.

         Lien: Any security interest, lien, charge, pledge, or encumbrance of
any kind, including tax liens, mechanics' liens and any liens that attach by
operation of law; provided, however, the term "Lien" shall not include (i) any
liens for taxes, assessments or similar governmental charges or levies incurred
in the ordinary course of business that are not yet due and payable or (ii) any
lien or perfected security interest, if any, created under the terms of any
Obligor Receivable Agreement to secure any right to setoff or similar right, if
any, under such Obligor Receivable Agreement.

         Lock-Box Account: Means a deposit account maintained at BNY and subject
to a blocked account agreement, for the purpose of receiving collections in
respect of the Receivables. The Lock-Box Account shall be an Eligible Account
(as defined in the Indenture).

         Losses: As defined in Section 8.2.

         Maximum Outstanding Note Principal Balance: With respect to any Payment
Date, the amount set forth on Schedule D opposite such Payment Date.

         Net Available Funds: With respect to any Payment Date, an amount equal
to the Available Funds for the related Determination Date divided by 1.05.

         Note Balance: Initially, the original principal amount of the Notes
issued by the Issuer on the Closing Date and, as of any date of determination
thereafter, the aggregate principal balance of the Notes that are Outstanding,
unless otherwise specified, after giving effect to any distribution in respect
of principal on the Notes on or prior to such date.

         Note Payment Account: The account designated as such, established and
maintained pursuant to Section 4.1(b).

         Note Pool Factor: With respect to any Payment Date, an eight-digit
decimal figure equal to (i) with respect to the Class A-1 Notes, the Class A-1
Note Balance as of such Payment Date divided by the original Class A-1 Note
Balance as of the Closing Date, (ii) with respect to the Class A-2 Notes, the
Class A-2 Note Balance as of such Payment Date divided by the original Class A-2
Note Balance as of the Closing Date, (iii) with respect to the Class B Notes,
the Class B Note Balance as of such Payment Date divided by the original Class B
Note Balance as of the Closing Date and (ii) with respect to the Class C Notes,
the Class C Note Balance as of such Payment Date divided by the original Class C
Note Balance as of the Closing Date.

         Note Principal Shortfall: With respect to any Payment Date, an amount
equal to the excess of the Maximum Outstanding Note Principal Balance for such
Payment Date over the Note Balance on such Payment Date (calculated after giving
effect to the application on such Payment Date of the remaining Amount Available
to the payment of principal on the Notes).

                                       10
<PAGE>

         Note Purchase Agreement: The Note Purchase Agreement, dated the Closing
Date, among CBC, the Issuer and the Initial Purchaser.

         Note Voting Amount: As defined in the Indenture.

         Obligor: Any insurance carrier obligated under a contract or other
agreement or arrangement with any insurance broker or insurance agent to make
payments on or with respect to any Receivable.

         Obligor Receivable Agreement: Means, with respect to any Receivable,
any contract or agreement between the Seller and the related Obligor governing
payment in respect of such Receivable.

         Opinion of Counsel: A written opinion of counsel (who shall not be
in-house counsel to or an employee of the Servicer or any of its Affiliates)
reasonably acceptable in form and substance and from counsel reasonably
acceptable to the Issuer and, if such opinion or a copy thereof is required to
be delivered to the Trustee, reasonably acceptable (as to form, substance and
identity of counsel) to the Trustee.

         Payment Date: The 15th day of each February, May, August and November,
or if such day is not a Business Day, the next succeeding Business Day,
commencing February 18, 2003 and including the Final Scheduled Payment Date.

         Payout Trigger: With respect to any Determination Date, means (i) the
Cumulative Loss of Premium Rate on such Determination Date or on any prior
Determination Date exceeded 20.0%, (ii) the arithmetic average of the Quarterly
Loss of Premium Rate on such Determination Date and the Quarterly Loss of
Premium Rate with respect to the immediately preceding Determination Date
exceeds 0.50%, (iii) the occurrence of an Insolvency Event with respect to any
Obligor or (iv) the Notes have been accelerated following the occurrence of an
Event of Default; provided, however, that the occurrence of a Payout Trigger
described in clause (ii) above with respect to such Determination Date shall not
be deemed to be continuing with respect to any subsequent Determination Date so
long as on such Determination Date the arithmetic average of the Quarterly Loss
of Premium Rate on such subsequent Determination Date and the Quarterly Loss of
Premium Rate with respect to the immediately preceding Determination Date does
not exceed 0.50%; it being understood that the Payout Triggers described in
clauses (i), (iii) and (iv) may not be cured following the initial occurrence
thereof.

         Performance Guarantor Default: At any time, the occurrence and
continuation of any breach (including, without limitation, the breach of any
covenant of CBI or CBC set forth in Section 7 of the related Performance
Guaranty), default or failure by CBI or CBC, after giving effect to the
applicable grace period, if any, of any of its duties or other obligations under
the related Performance Guaranty.

                                       11
<PAGE>

         Performance Guaranty: Each Performance Guaranty, dated as of October 1,
2002, made by CBI or CBC in favor of the Trustee for the benefit of the
Noteholders, as the same may be amended, supplemented or modified from time to
time.

         Person: Any legal person, including any individual, corporation,
partnership, limited liability company, joint venture, estate, association,
joint stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof, or any other entity.

         Projected Cash Flows: With respect to the Receivables related to the
insurance policies in any Case as of any date, an amount equal to the sum of the
products (calculated for the insurance policies in such Case and for each type
of compensation payable with respect to such insurance policies and for each
calendar year, (including the current calendar year), the related insurance
carrier is obligated to pay such compensation) of (a) the commission rate
applicable for each type of compensation payable with respect to such insurance
policies, (b)(i) if such compensation is based on the premium paid with respect
to such insurance policies, the aggregate amount of such premiums, or (ii) if
such compensation is based on the cash surrender value of such insurance
policies, the Projected Cash Surrender Value and (c) the "Probability of
Survival" percentage for such calendar year, as set forth in Schedule E attached
hereto.

         Projected Cash Surrender Value: As of any date, with respect to any in
force insurance policies in any Case, an amount determined by taking the actual
cash surrender values of such insurance policies as of such date and assuming
that such values will grow at a compounded annual rate of 5.0%.

         Pro Rata Share: With respect to any Receivable at any time, the
fraction (expressed as a percentage) (i) the numerator of which is the premium
paid for the insurance policy related to such Receivable, and (ii) the
denominator of which is the aggregate of the premiums paid for all in-force
insurance policies in the related Case.

         Purchase Amount: With respect to any Receivable in any Case at any
time, the amount equal to the product of (a) the Pro Rata Share of such
Receivable and (b) the present value of the Projected Cash Flows as of such time
with respect to all Receivables in such Case (determined by discounting on an
annual basis) at a rate equal to the weighted average coupons of the Notes.

         Purchased Receivable: Any Receivable that became a Warranty Receivable
or Administrative Receivable on or before the related Deposit Date, and as to
which the Purchase Amount has been or will be deposited in the Collection
Account by the Seller or the Servicer, as applicable, on or before the related
Deposit Date.

         Quarterly Loss of Premium Rate: With respect to any Determination Date,
the fraction, expressed as a percentage, (i) the numerator of which is equal to
the aggregate amount of premium paid with respect to all insurance policies
related to the Receivables that have been terminated, satisfied, surrendered or
exchanged (other than such insurance policies that have been terminated or
satisfied as a result of the benefits under such insurance policies being paid
in full due to the mortality of the insured under such insurance policy) during
the related Quarterly

                                       12
<PAGE>

Period and (ii) the denominator of which is equal to the aggregate of the
premiums paid with respect to the insurance policies related to the Receivables
that were in-force as of the first day of such Quarterly Period; provided,
however, that for purposes of the calculation in clause (i) above, the aggregate
amount of premium required to be included in such calculation with respect to
any such insurance policies that have been surrendered or exchanged and with
respect to which the Seller shall have assigned to the Issuer new Receivables
arising in connection with a transaction involving such surrendered or exchanged
insurance policies that is permitted under Section 2.13, shall be reduced (but
not below zero) by an amount equal to the product of (y) such aggregate premium
and (z) the lesser of (i) a fraction (expressed as a percentage), the numerator
of which is the Purchase Amount with respect to such new Receivables (calculated
as of the date of such assignment) and the denominator of which is the Purchase
Amount for the Receivables related to such insurance policies that have been so
surrendered or exchanged (calculated immediately prior to, and without giving
effect to, such surrender or exchange) and (ii) 1.00.

         Quarterly Period: With respect to a Payment Date or a Determination
Date, the three calendar months immediately preceding such Payment Date or
Determination Date.

         Quarterly Principal Payment Amount: With respect to any Payment Date,
the excess of the Net Available Funds for the related Determination Date over
the sum of all amounts payable on such Payment Date pursuant to clauses first
through fifth of Section 4.4.

         Quarterly Records: All manually or electronically prepared or computer
generated records or files relating to historical payments for each Case and
relating to each insurance policy related to any Receivable.

         Rating Agency: S&P, so long as it maintains a rating on the Notes; and
if it no longer maintains a rating on the Notes, such other nationally
recognized statistical rating organization then maintaining a rating on the
Notes.

         Receivable: The right to receive payment from an insurance carrier of
commissions and all other compensation (whether payable now or at any other time
in the future) arising from, or in connection with, (a) the sale of life
insurance policies or other insurance products or the servicing thereof, which
rights are identified on the Schedule of Receivables or (b) the sale or issuance
of any life insurance policies or other insurance products or the servicing
thereof in connection with the exchange, surrender or termination of any life
insurance policies listed on the Schedule of Receivables, all proceeds thereof
and all rights (but none of the obligations, if any) under the contracts giving
rise to such rights, but not including any Purchased Receivable or proceeds
thereof on or after the Payment Date immediately preceding the Deposit Date on
which payment of the Purchase Amount is made in connection therewith pursuant to
Sections 2.5 or 3.4; provided, however, that a "Receivable" shall not include
"Additional Compensation".

         Receivables File: As defined in Section 2.2(a)(i).

         Receivables Purchase Price: $368,316,577.

                                       13
<PAGE>

         Redemption Price: As defined in the Indenture.

         Related Documents: The Indenture, this Agreement, the Notes, the Note
Purchase Agreement and the Performance Guaranty, as each may be amended,
modified or supplemented from time to time.

         Reserve Account: The account designated as such established and
maintained pursuant to Section 4.1(c).

         Reserve Account Draw Amount: As defined in Section 5.2.

         Reserve Account Required Amount: With respect to the Closing Date and
each Payment Date, as applicable, an amount equal to the sum of (a) the greater
of (i) 1% of the Note Balance on the Closing Date, and (ii) the aggregate amount
of interest due on the Notes on the next occurring Payment Date plus (b) all
amounts owed on the Receivables (including interest accrued thereon, but not
including any Split Commissions Amount in respect of such Receivables) which are
more than 60 days past due on such date.

         Responsible Officer: When used with respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Secretary, Assistant Secretary or Authorized Signer,
or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject. When used with respect to any other Person that is not an individual,
the President, any Vice-President or Assistant Vice-President or the Controller
of such Person, or any other officer or employee having similar functions.

         Retained Available Funds: With respect to any Payment Date, an amount
equal to the excess of Available Funds for the related Determination Date over
the Net Available Funds for such Determination Date.

         S&P: Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. and its successors.

         Schedule of Receivables: The schedule of the rights to payment sold and
transferred to the Issuer by the Seller pursuant to this Agreement which is
attached hereto as Schedule A, as the same may be amended or supplemented in
accordance with Section 2.13(b)(ii) and from time to time and provided to the
Servicer and the Trustee.

         Schedule of Representations: The Schedule of Representations and
Warranties attached hereto as Schedule B.

         Seller: As set forth in the introductory paragraph of this Agreement.

                                       14
<PAGE>

         Series: Any series of securities issued by the Issuer in connection
with its purchase of pools of receivables from the Seller.

         Servicer: CBC, its successor in interest pursuant to Section 8.2 or 8.3
or, after any termination of the Servicer upon a Servicer Termination Event, the
Backup Servicer or any other successor Servicer.

         Servicer Advance: As defined in Section 4.2(b)(ii).

         Servicer Termination Event: An event described in Section 8.1.

         Servicer's Certificate: With respect to each Determination Date, a
certificate, completed by and executed on behalf of the Servicer, in accordance
with Section 3.6, substantially in the form attached hereto as Exhibit B.

         Servicing Fee: With respect to any Quarterly Period, the fee payable to
the Servicer for services rendered during such Quarterly Period, which fee shall
be equal to the product of (i) one-fourth times (ii) $3,000 per policyholder
plus $15 per insurance policy in-force as of the first day of such Quarterly
Period.

         Servicing Policy and Procedures: The servicing policy and procedures of
the Servicer set forth in Schedule C hereto as amended in accordance with
Section 3.1.

         Split Commissions Amount: With respect to any calendar month in a
Quarterly Period, an amount equal to the aggregate of the portion, if any, of
each Receivable collected during such calendar month that the Seller is
obligated to split pursuant to a contract, agreement or other arrangement, with
any other Person.

         Subservicer: CBFS or any successor under the Subservicing Agreement.

         Subservicing Agreement: The Subservicing Agreement dated as of October
1, 2002 among CBC and CBFS.

         Trust Accounts: As defined in Section 4.1(d). All Trust Accounts shall
be Eligible Accounts (as defined in the Indenture).

         Trustee: The Person acting as Trustee under the Indenture, its
successors in interest and any successor Trustee under the Indenture.

         UCC: The Uniform Commercial Code as in effect in the relevant
jurisdiction.

         Variable Policies: As defined in the Subservicing Agreement.

         Warranty Receivable: With respect to any Quarterly Period, a Receivable
which the Seller has become obligated to repurchase pursuant to Section 2.5 on
the Deposit Date following such Quarterly Period.

                                       15
<PAGE>

         Section 1.2 Usage of Terms. With respect to all terms used in this
Agreement, the singular includes the plural and the plural the singular, words
importing any gender include the other gender, references to "writing" include
printing, typing, lithography, and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Agreement; references to
Persons include their successors and permitted assigns; and the terms "include"
or "including" mean "include without limitation" or "including without
limitation."

         Section 1.3 Calculations. All calculations of the amount of interest
accrued on the Notes and all calculations of the amount of the Servicing Fee,
except as otherwise expressly provided, shall be made on the basis of a 360-day
year consisting of twelve 30-day months.

         Section 1.4 Section References. All references to Articles, Sections,
paragraphs, subsections, exhibits and schedules shall be to such portions of
this Agreement unless otherwise specified.

         Section 1.5 No Recourse. No recourse may be taken, directly or
indirectly, under this Agreement or any certificate or other writing delivered
in connection herewith or therewith, against any stockholder, partner, member of
other equity holder, officer, or director, as such, of the Seller, the Servicer,
the Trustee, the Backup Servicer or the Issuer or of any predecessor or
successor of the Seller, the Servicer, the Trustee, the Backup Servicer or the
Issuer. By way of clarification, the foregoing sentence shall not limit recourse
to the Seller, the Servicer, the Trustee, the Backup Servicer or the Issuer for
their respective obligations under this Agreement and the other Related
Documents.

                                   ARTICLE II
                            CONVEYANCE OF RECEIVABLES

         Section 2.1       Purchase and Sale of Receivables.

         (a) On the Closing Date, subject to the terms and conditions of this
Agreement, the Seller agrees to sell to the Issuer, and the Issuer agrees to
purchase from the Seller, all of the Seller's right, title and interest in and
to the Receivables and all proceeds thereof received after the Cutoff Date. The
conveyance to the Issuer of the Receivables and all proceeds thereof is intended
as a sale free and clear of all Liens (other than Liens in favor of the Issuer
or the Trustee created pursuant to this Agreement or the Related Documents) and
it is intended that the Receivables and such proceeds shall not be part of the
Seller's estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy or similar law. If, however,
notwithstanding the express intent of the parties hereto, such conveyance is
considered to be a secured financing or loan, the Seller hereby grants to the
Issuer a first priority security interest in all of the Seller's right, title
and interest in and to such Receivables and all proceeds thereof to secure all
of the Seller's obligations hereunder, and this Agreement constitutes a security
agreement.

                                       16
<PAGE>

         (b) Transfer of Receivables. On the Closing Date and simultaneously
with the transactions to be consummated pursuant to the Indenture, the Seller
shall, and does hereby automatically and without any further action, sell,
transfer, assign and otherwise convey to the Issuer, without recourse (subject
to the obligations herein), all of the Seller's right, title and interest in and
to: the Receivables, all monies and other proceeds with respect thereto after
the Cutoff Date and the proceeds of any and all of the foregoing.

         (c) Receivables Purchase Price. In consideration for the Receivables
described in Section 2.1(b), the Issuer shall, on the Closing Date, (i) pay to
the Seller (or at the Seller's direction) an amount equal to $330,966,577 in
cash by federal wire transfer (same day) funds and (ii) assign and endorse over
to the Seller certain promissory notes, which in the aggregate, have a principal
face amount equal to $37,350,000.

         (d) The Closing. The sale and purchase of the Receivables shall take
place at a closing at the offices of Vedder, Price, Kaufman & Kammholz, 222
North LaSalle Street, Chicago, Illinois 60601 on the Closing Date,
simultaneously with the closing under the Indenture pursuant to which the Issuer
shall (i) grant all of its right, title and interest in and to the Receivables
and the proceeds thereof to the Trustee for the benefit of the Noteholders and
(ii) issue the Notes.

         Section 2.2       Custody of Receivable Files.

         (a) In connection with the sale, transfer and assignment of the
Receivables to the Issuer pursuant to this Agreement and simultaneously with the
execution and delivery of this Agreement, the Issuer hereby directs the Trustee
to, and the Trustee hereby does, revocably appoint CBC (in its capacity as the
Servicer) to act as Custodian, and CBC hereby accepts such appointment, to act
as the agent of the Trustee as custodian of the following documents and/or
instruments in its possession which shall be delivered to the Custodian as agent
of the Trustee on or prior to the Closing Date (with respect to each
Receivable):

                  (i) The original contract governing payment in respect of such
         Receivable, or a copy thereof, between each Obligor and the Seller or
         any of its identified current or former officers, employees or members,
         together with any written agreements amending, modifying or waiving the
         terms of such contract prior to the Closing Date, the written consent
         to the assignment by the Seller to the Issuer executed by the related
         Obligor, copies of each insurance policy related to such Receivable and
         an Assignment executed by the Seller (and consented to by the related
         Obligor) conveying all of its right, title and interest in and to such
         Receivable and the proceeds thereof (the "Receivables Files").

         The Servicer shall, following the occurrence of a Servicer Termination
Event, automatically cease to act as Custodian with respect to the foregoing
documents and/or instruments, and shall within ten (10) Business Days deliver
the Receivables Files to the Trustee in accordance with Section 6.4, and the
Trustee shall assume the duties and obligations of Custodian upon its receipt of
the Receivables Files.

                                       17
<PAGE>

         (b) Upon payment in full of the Notes, the Servicer will notify the
Custodian and the Trustee pursuant to a certificate of an Executive Officer of
the Servicer (which certificate shall include a statement to the effect that all
amounts received which are required to be deposited in the Collection Account
have been so deposited) and shall request delivery of the Receivable Files to
the Servicer. From time to time as appropriate for servicing any Receivable or
enforcing the terms of the contract related to such Receivable, the Custodian
shall, upon written request of an Executive Officer of the Servicer, cause the
related Receivables File to be released to the Servicer. The Servicer's receipt
of a Receivables File shall obligate the Servicer to return such Receivables
File to the Custodian when its need by the Servicer has ceased unless the
Receivable is repurchased as described in Section 2.5 or 3.4, or has been
terminated due to surrender, exchange, or mortality of the insured or paid in
full.

         Section 2.3       Conditions Precedent.

         (a) Conditions to Purchase and Issuance by Issuer. The Issuer's
obligation to purchase the Receivables hereunder and to execute and deliver the
Notes on the Closing Date is subject to the satisfaction of the following
conditions on or before the Closing Date:

                  (i) Representations and Warranties True. The representations
         and warranties of the Seller and the Servicer hereunder shall be true
         and correct on the Closing Date with the same effect as if then made,
         and the Seller and the Servicer shall have performed all obligations to
         be performed by it hereunder on or prior to the Closing Date.

                  (ii) Computer Files Marked. The Seller shall, at its own
         expense, on or prior to the Closing Date, indicate in its computer
         files that the Receivables have been sold to the Issuer pursuant to
         this Agreement and are subject to the lien of the Indenture and the
         Servicer shall deliver (by computer transmission or otherwise) to the
         Issuer a complete Schedule of Receivables, certified by an Executive
         Officer of the Servicer to be true, correct and complete.

                  (iii) Receivable Files. The Servicer shall, at the Seller's
         expense, cause the Receivable Files to be delivered to the Custodian on
         or prior to the Closing Date.

                  (iv) Documents to be delivered on or prior to the Closing
         Date.

                           (A) The Assignment. On or prior to the Closing Date,
                  the Seller will execute and deliver an Assignment.

                           (B) Evidence of UCC-1 Filing. On or prior to the
                  Closing Date, the Servicer shall record and file, at its own
                  expense, a UCC-1 financing statement in each jurisdiction in
                  which required by applicable law, authorized by the Seller, as
                  seller or debtor, and naming the Issuer, as purchaser or
                  secured party, and the Trustee, as assignee of the Issuer,
                  naming the Receivables sold by the Seller as collateral,
                  meeting the requirements of the laws of each such jurisdiction
                  and in such manner as is necessary to perfect the sale,
                  transfer, assignment and

                                       18
<PAGE>

                  conveyance of such Receivables to the Issuer and the Trustee,
                  as assignee of the Issuer. The Servicer shall deliver a
                  file-stamped copy, or other evidence of such filing, to the
                  Trustee on or prior to the Closing Date.

                           (C) Evidence of Release of Liens. On or prior to the
                  Closing Date, the Servicer shall have delivered to the Trustee
                  evidence satisfactory to the Trustee that UCC-3 termination
                  statements terminating the effectiveness of all financing
                  statements on file which perfect security interests in any
                  Receivable, including without limitation, the security
                  interests in the contracts giving rise to any Receivable and
                  any proceeds of such security interests in any Receivable,
                  have been authorized by each such Person. Upon closing, the
                  Servicer shall release and file such UCC-3 termination
                  statements.

                           (D) Resolutions. Copies of resolutions of the Board
                  of Directors of the Seller, CBI and the Servicer approving the
                  execution, delivery and performance of this Agreement and the
                  Related Documents to which it is a party and the transactions
                  contemplated hereby and thereby, certified by a Secretary or
                  an Assistant Secretary of such Person.

                           (E) Other Documents. On or prior to the Closing Date,
                  the Seller, CBI and the Servicer shall deliver to the Trustee
                  duly executed copies of (i) each Related Document to which it
                  is a party and (ii) such other documents, including
                  certificates and legal opinions as the Issuer, the Trustee or
                  the Initial Purchaser may reasonably request.

                  (v) Other Transactions. On or prior to the Closing Date, all
         conditions precedent under the Related Documents shall have been
         performed and the transactions contemplated thereby shall be
         consummated.

         (b) Conditions to Obligation of the Seller. The obligation of the
Seller to sell the Receivables to the Issuer is subject to the satisfaction of
the following conditions:

                  (i) Representations and Warranties True. The representations
         and warranties of the Issuer hereunder shall be true and correct on the
         Closing Date with the same effect as if then made, and the Issuer shall
         have performed all obligations to be performed by it hereunder on or
         prior to the Closing Date.

                  (ii) Receivables Purchase Price. On the Closing Date, the
         Issuer will deliver the Receivables Purchase Price in the amounts and
         as provided in Section 2.1(c). The Seller hereby directs the Issuer to
         wire or otherwise deliver the Receivables Purchase Price pursuant to
         wire instructions to be delivered to the Issuer on or prior to the
         Closing Date.

                                       19
<PAGE>

                  (iii) Completion of Acquisition of the Seller. All of the
         conditions precedent to the acquisition of 100% of the equity interests
         in the Seller by CBC shall have been satisfied.

         Section 2.4 Representations, Warranties and Covenants of the Seller.
The Seller makes the following representations, warranties and covenants and the
Receivables, on which the Issuer relies in accepting the Receivables and in
executing and issuing the Notes and upon which the Trustee has relied in
authenticating the Notes. Unless otherwise specified, such representations,
warranties and covenants speak as of the Closing Date, but shall survive the
sale, transfer, and assignment of the Receivables to the Issuer and the pledge
thereof to the Trustee pursuant to the Indenture.

         (a) Schedule of Representations. The representations and warranties
with respect to the Receivables and as set forth on the Schedule of
Representations attached hereto as Schedule B are true and correct.

         (b) Organization and Good Standing. It has been duly organized and is
validly existing as a limited liability company, in good standing under the laws
of the State of North Carolina, with power and authority to own its properties
and to conduct its business as such properties are currently owned and such
business is currently conducted, and had at all relevant times, and now has,
power, authority and legal right to acquire, own and sell the Receivables to the
Issuer, unless failure thereof would not materially and adversely affect (i) its
ability to transfer such Receivables to the Issuer pursuant to this Agreement,
(ii) the validity or enforceability of such Receivables or (iii) its ability to
perform its obligations hereunder and under the Related Documents to which it is
a party. It has not changed its limited liability structure or jurisdiction of
organization for the six years preceding the Closing Date. Its organizational
identification number is 0-0-358593.

         (c) Due Qualification. It is duly qualified to do business as a foreign
corporation or limited liability company, as the case may be, in good standing,
has filed on a timely basis all required tax returns, and has obtained (x) all
necessary insurance licenses and approvals required by any insurance carrier
obligated to make payments in respect of any Receivable or required by any
applicable jurisdiction and (y) all other necessary licenses and approvals in
all jurisdictions where the failure to do so would materially and adversely
affect (i) its ability to transfer the Receivables to the Issuer pursuant to
this Agreement, (ii) the validity or enforceability of the Receivables or (iii)
its ability to perform its obligations hereunder and under the Related Documents
to which it is a party.

         (d) Power and Authority. It has all necessary power and authority to
execute and deliver this Agreement and the Related Documents to which it is a
party, and to carry out its terms and their terms, respectively; and the
execution, delivery and performance by it of this Agreement and the Related
Documents to which it is a party have been duly authorized by it by all
necessary action and this Agreement and the Related Documents to which it is a
party have been duly executed and delivered by it.

                                       20
<PAGE>

         (e) Valid Sale, Binding Obligations. This Agreement effects a valid
sale, transfer and assignment of the Receivables, enforceable against it and its
creditors and purchasers; and this Agreement and the Related Documents to which
it is a party, when duly executed and delivered, shall constitute legal, valid
and binding obligations of it enforceable against it in accordance with their
respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors' rights generally and by equitable limitations on the availability of
specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law.

         (f) No Violation. The execution, delivery and performance by the Seller
of this Agreement and the Related Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby and the
fulfillment of the terms hereof and thereof do not and will not (i) conflict
with, result in any breach of any of the terms and provisions of or constitute
(with or without notice, lapse of time or both) a default under its (A)
organizational documents, or (B) any indenture, mortgage, deed of trust, or
other instrument or other agreement, which in the case of such other agreement
would reasonably be expected to have a material adverse effect upon its ability
to perform its obligations hereunder or under any of the other Related Documents
to which it is a party, or the enforceability or collectability of the
Receivables, or by which it or its properties are bound; or (ii) result in the
creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture (except for the Lien created pursuant to the
Indenture), agreement, mortgage, deed of trust or other instrument, other than
this Agreement and the Indenture, or (iii) violate any law, order, rule or
regulation applicable to it of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over it or any of its properties.

         (g) No Proceedings. There are no proceedings or investigations pending
or, to its knowledge, threatened against it before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having
jurisdiction over it or its properties (A) asserting the invalidity of this
Agreement or any of the Related Documents, (B) seeking to prevent the issuance
of the Notes or the consummation of any of the transactions contemplated by this
Agreement or any of the Related Documents, (C) seeking any determination or
ruling that would be reasonably likely to adversely affect the performance by it
of its obligations under, or the validity or enforceability of, this Agreement
or any of the Related Documents, or (D) seeking to adversely affect the federal
income tax or other federal, state or local tax attributes of the Notes.

         (h) No Consents. No consent, approval, license, authorization or order
of or declaration, registration or filing with any governmental authority,
bureau or agency is required to be made by it in connection with the execution,
delivery or performance of this Agreement or the Related Documents to which it
is a party or the consummation of the transactions contemplated hereby or
thereby, except such as have been duly made, effected or obtained or are related
to federal or state securities laws in connection with the registration or the
sale of the Notes.

                                       21
<PAGE>

         (i) Location. The location (as such term is used in the UCC) of the
Seller is North Carolina, its place of business (or if it has more than one
place of business, its chief executive office) is 300 North Greene Street, Suite
2050, Greensboro, North Carolina 27401 and it has not changed its location (as
such term is used in the UCC) for the four months preceding the Closing Date or
its place of business (or if it has more than one place of business, its chief
executive office) for the six years prior to the Closing Date.

         (j) Legal Name. Its legal name is exactly as set forth in this
Agreement, it has not changed its name during the six years prior to the Closing
Date and it does not have any trade names, fictitious names, assumed names or
"doing business" names.

         (k) Solvency. It is solvent and will not become insolvent after giving
effect to the transactions contemplated by the Related Documents. It is paying
its debts as they become due and after giving effect to the transactions
contemplated by the Related Documents will have adequate capital to conduct its
business.

         (l) Pension Plans. All of its pension or profit sharing plans have been
fully funded in accordance with applicable obligations.

         Section 2.5 Repurchase of Receivables Upon Breach of Certain
Representations and Warranties.

         (a) Upon discovery by any of the Seller, the Servicer, the Trustee or
the Issuer of a breach of any of the representations and warranties of the
Seller contained in Section 2.4(a), the party discovering such breach or failure
shall give prompt written notice to the other parties hereto; provided, however,
that the failure to give any such notice shall not affect any obligation of the
Seller under this Section 2.5. As of the last day of the last calendar month of
each Quarterly Period in which a Responsible Officer of the Seller has actual
knowledge or notice of such breach or failure which materially and adversely
affects the interests of the Noteholders in any Receivable, the Seller shall,
unless such breach or failure shall have been cured in all material respects,
repurchase from the Issuer each Receivable materially and adversely affected by
such breach and, on or before the related Deposit Date, pay the Purchase Amount
to the Collection Account. Upon knowledge of the Trustee that the Seller has
failed to effect its repurchase obligation, the Trustee for the benefit of the
Noteholders shall enforce directly the obligation of the Seller to repurchase
such Receivables. The obligation of the Seller to repurchase any Receivable with
respect to which such a breach has occurred and is continuing shall, if such
obligation is fulfilled, constitute the sole remedy against the Seller for such
breach available to the Noteholders, the Issuer or the Trustee on behalf of
Noteholders; provided, however, that the Seller shall indemnify the Issuer, the
Backup Servicer, the Initial Purchaser, the Trustee and the Noteholders against
all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel, which may be asserted against or
incurred by any of them as a result of third party claims arising out of the
events or facts giving rise to such breach except to the extent arising out of
or resulting from gross negligence or willful misconduct of the party seeking
indemnification.

                                       22
<PAGE>

         (b) In addition to the foregoing and notwithstanding whether the
related Receivable shall have been repurchased by the Seller, the Seller shall
indemnify the Issuer, the Trustee, the Initial Purchaser, the Backup Servicer,
and the Noteholders against all costs, expenses, losses, damages, claims and
liabilities, including reasonable fees and expenses of counsel, which may be
asserted against or incurred by any of them as a result of third party claims
arising out of the events or facts giving rise to such breach except to the
extent arising out of the gross negligence or willful misconduct of the party
seeking indemnification; provided, however, that the Seller shall have the right
to participate in any litigation for which it must so indemnify a party.

         Section 2.6 Issuer's Assignment of Administrative Receivables and
Warranty Receivables. With respect to all Administrative Receivables and all
Warranty Receivables purchased by the Servicer or repurchased by the Seller, the
Issuer shall take any and all actions reasonably requested by the Servicer or
the Seller, at the expense of the requesting party, to assign, without recourse,
representation or warranty, to the Servicer or the Seller, as applicable, all
the Issuer's right, title and interest in and to such Purchased Receivable being
an assignment outright and not for security; and the Servicer or the Seller, as
applicable, shall thereupon own such Receivable free of any further obligation
to the Issuer, the Trustee or the Noteholders with respect thereto.

         Section 2.7       Protection of Right, Title and Interest.

         (a) Filings. The Seller shall cause all financing statements and
continuation statements and any other necessary documents covering the right,
title and interest of the Issuer in and to the Receivables to be promptly filed,
and at all times to be kept recorded, registered and filed, all in such manner
and in such places as may be required by law fully to preserve and protect the
right, title and interest of the Issuer hereunder to the Receivables. The Seller
shall deliver to the Issuer (with copies to the Trustee) file stamped copies of,
or filing receipts for, any financing statement or document recorded, registered
or filed as provided above, as soon as available following such recordation,
registration or filing. The Issuer shall cooperate fully with the Seller and the
Trustee in connection with the obligations set forth above, and file any
financing statements and all documents and obtain any Opinion of Counsel
reasonably requested to fulfill the intent of this Section 2.7(a). In the event
that the Seller fails to perform its obligations under this subsection, the
Issuer or the Trustee may do so at the expense of the Seller.

         (b) Name and Other Changes. (I) At least 30 days prior to the date that
the Seller intends to make any change in its name, identity or legal structure
which could render any financing statement or continuation statement filed in
accordance with subsection (a) above seriously misleading within the applicable
provisions of the UCC or any title statute, the Seller shall give the Trustee,
the Rating Agency and the Issuer written notice of its intention to effectuate
such change (such notice to include, in reasonable detail, all information
surrounding such change) and (II) no later than two days after the effective
date of such change, the Seller shall file appropriate amendments to all
previously filed financing statements or continuation statements. At least 30
days prior to the date of any change in its location (as such term is used in
the applicable UCC), the Seller shall give the Trustee, the Rating Agency and
the Issuer written

                                       23
<PAGE>

notice of its intention to effectuate such change and the Seller shall within
two days after the effective date thereof, file any such amendment or new
financing statement requested by the Issuer or the Trustee. Prior to changing
its name, identity, legal structure or location, the Seller shall deliver to the
Issuer and the Trustee, an Opinion of Counsel either (a) stating that, in the
opinion of such counsel, all financing statements and continuation statements
have been authorized and filed (or will be filed) that are necessary fully to
preserve and protect the first priority perfected security interest of the
Issuer and the Trustee in the Receivables, and reciting the details of such
filings, or (b) stating that, in the opinion of such counsel, no such action is
necessary to preserve and protect such interest. The Seller shall at all times
maintain each office from which it shall service Receivables, and its principal
executive office, within the United States of America.

         (c) List of Receivables. Upon request, the Seller shall furnish or
cause to be furnished to the Trustee, within five (5) Business Days, a list of
all Receivables then owned by the Issuer, together with a reconciliation of such
list to the Schedule of Receivables.

         (d) Maintenance of Computer Systems. The Seller shall maintain its
computer systems so that, from and after the time of sale hereunder of the
Receivables to the Issuer, its master computer records (including any back-up
archives) that refer to a Receivable shall indicate clearly the interest of the
Issuer and the Trustee in such Receivable and that such Receivable is owned by
the Issuer.

         Section 2.8 Restrictions on Liens. The Seller shall not (i) create,
incur or suffer to exist, or agree to create, incur or suffer to exist, or
consent to cause or permit in the future (upon the happening of a contingency or
otherwise) the creation, incurrence or existence of any Lien or restriction on
transferability of the Receivables, except for the ownership interest of the
Issuer and the Lien created hereby in favor of the Issuer or the Lien created by
the Indenture in favor of the Trustee for the benefit of the Noteholders, any
Lien permitted hereunder as may be in effect on the Closing Date, and the
restrictions on transferability imposed by this Agreement and the Indenture or
(ii) authorize any filing or cause to be filed under the UCC of any jurisdiction
any financing statement which names it or the Issuer as a debtor, or sign any
security agreement authorizing any secured party thereunder to file such
financing statement, with respect to the Receivables, except in each case any
such instrument solely evidencing the Issuer's ownership interest or securing
the rights and preserving the Lien in favor of the Trustee for the benefit of
the Noteholders and except for any such security agreement or authorization to
file a financing statement contained in or arising under the applicable UCC by
virtue of a security agreement contained in any Obligor Receivable Agreement as
in effect on the Closing Date. The Seller shall defend the right, title and
interest of the Issuer in, to and under the Receivables against all claims of
third parties claiming through or under the Seller.

         Section 2.9 Sale. The Seller and the Issuer agree to treat this
conveyance for all purposes as an absolute sale on all relevant books, records
and other applicable documents; provided, however, that the foregoing shall not
prevent the Issuer from (i) treating the Receivables being sold by CBC as being
owned by CBC solely for financial accounting purposes

                                       24
<PAGE>

or (ii) being disregarded for income tax purposes. On and after the Closing
Date, the Issuer shall own the Receivables and the Seller shall not take any
action inconsistent with such ownership or claim any ownership interest in any
such Receivable.

         Section 2.10      Indemnification By the Seller.

         (a) The Seller shall defend, indemnify and hold harmless the Issuer,
the Trustee, the Servicer, the Backup Servicer, the Initial Purchaser and the
Noteholders for any liability as a result of any breach of any of its
representations, warranties or covenants contained herein (including those set
forth in Section 2.4(a)).

         (b) The Seller shall defend, indemnify, and hold harmless the Issuer,
the Trustee, the Servicer, the Backup Servicer, the Initial Purchaser and the
Noteholders from and against any and all taxes with respect to the sale of the
Receivables to the Issuer, including, without limitation, any sales, gross
receipts, general corporation, tangible or intangible personal property,
privilege, or license taxes and costs and expenses in defending against the
same.

         (c) The Seller shall defend, indemnify, and hold harmless the Issuer,
the Trustee, the Servicer, the Backup Servicer, the Initial Purchaser and the
Noteholders from and against any and all costs, expenses, losses, damages,
claims and liabilities to the extent that such cost, expense, loss, damage,
claim or liability arose out of, or was imposed upon the Issuer, the Trustee,
the Servicer, the Backup Servicer, the Initial Purchaser or the Noteholders
through, the gross negligence or willful misconduct of the Seller in the
performance (or failure to perform) its duties under this Agreement or the
Related Documents to the Seller is a party.

         (d) Notwithstanding the indemnity provisions contained in Sections
2.10(a)-(d) above, the Seller shall not be required to indemnify the Issuer, the
Trustee, the Servicer, the Backup Servicer, the Initial Purchaser or the
Noteholders against any tax, costs, expenses, losses, damages, claims or
liabilities to the extent the same shall be due to (i) the willful misconduct or
gross negligence of such party, or (ii) recourse for uncollectible or
uncollected Receivables.

         Indemnification under this Section shall survive the termination of
this Agreement and shall include fees and expenses of litigation. These
indemnity obligations shall be in addition to any obligation that the Seller may
otherwise have.

         Section 2.11 Representations and Warranties of the Issuer. The Issuer
hereby represents and warrants to the Seller as of the date of its formation and
as of the Closing Date:

         (a) Organization and Good Standing. The Issuer has been duly organized
and is validly existing as a limited liability company in good standing under
the laws of the State of Delaware, with power and authority to own its
properties and to conduct its business as such properties shall be currently
owned and such business is presently conducted, and had at all relevant times,
and shall have, power, authority and legal right to acquire and own the
Receivables and to pledge the Receivables to the Trustee pursuant to the
Indenture. It has not changed its limited liability

                                       25
<PAGE>

structure or jurisdiction of organization since the date of its formation. Its
organizational identification number is 3551825.

         (b) Due Qualification. The Issuer is duly qualified to do business as a
foreign limited liability company in good standing, has filed on a timely basis
all required tax returns, and has obtained (x) all necessary insurance licenses
and approvals required by any insurance carrier obligated to make payments in
respect of any Receivable or required by any applicable jurisdiction and (y) all
other necessary licenses and approvals in all jurisdictions where the failure to
do so would materially and adversely affect (i) the Issuer's ability to pledge
the Receivables to the Trustee pursuant to the Indenture, (ii) the validity or
enforceability of the Receivables or (iii) the Issuer's ability to perform its
obligations hereunder and under the Related Documents to which it is a party.

         (c) Power and Authority. The Issuer has all necessary power and
authority to execute and deliver this Agreement and the Related Documents to
which it is a party, and to carry out the terms hereof and thereof; and the
execution, delivery and performance of this Agreement and the Related Documents
to which it is a party have been duly authorized by the Issuer by all necessary
action.

         (d) Binding Obligation. Each of this Agreement and, the Related
Documents to which the Issuer is a party shall constitute a legal, valid and
binding obligation of the Issuer enforceable in accordance with their respective
terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors'
rights generally and by equitable limitations on the availability of specific
remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law.

         (e) No Violation. The execution, delivery and performance by the Issuer
of this Agreement and the Related Documents to which it is a party, and the
consummation of the transactions contemplated hereby and thereby and the
fulfillment of the terms hereof and thereof do not and will not (i) conflict
with, result in a breach of any of the terms and provisions of, nor constitute
(with or without notice or lapse of time) a default under, (A) the operating
agreement, as amended, of the Issuer, or (B) any indenture, mortgage, deed of
trust, or other instrument or other agreement, which in the case of such other
agreement would reasonably be expected to have a material adverse effect upon
its ability to perform its obligations hereunder or under any of the other
Related Documents to which it is a party, or the enforceability or
collectability of the Receivables, or by which it or its properties are bound;
or (ii) result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture (except for the Lien
created pursuant to the Indenture), agreement, mortgage, deed of trust, or other
instrument other than this Agreement or the Indenture; or (iii) violate any law,
order, rule or regulation applicable to the Issuer or its properties of any
court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Issuer or its
properties.

         (f) No Proceedings. There are no proceedings or investigations pending
or, to the knowledge of the Issuer, threatened before any court, regulatory
body, administrative agency or

                                       26
<PAGE>

other governmental instrumentality having jurisdiction over the Issuer or its
properties: (i) asserting the invalidity of this Agreement or any of the Related
Documents; (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the Related Documents; (iii) seeking
any determination or ruling that would be reasonably likely to adversely affect
the performance by the Issuer of its obligations under, or the validity or
enforceability of, this Agreement or any of the Related Documents; or (iv)
seeking to adversely affect the federal, state or local income, excise,
franchise or similar tax attributes of, or seeking to impose any excise,
franchise, transfer or similar tax upon, the transfer and acquisition of the
Receivables hereunder or the pledge of the Receivables to the Trustee under the
Indenture.

         (g) No Consents. No consent, approval, license, authorization or order
of or declaration, registration or filing with any governmental authority,
bureau or agency is required in connection with the execution, delivery or
performance of this Agreement or the Related Documents to which it is a party or
the consummation of the transactions contemplated hereby or thereby, except such
as have been duly made, effected or obtained or are related to federal or state
securities laws in connection with the registration or the sale of the Notes.

         (h) Location. The location (as such term is used in the UCC) of the
Issuer is Delaware, its place of business (or if it has more than one place of
business, its chief executive office) is 102 South Wynstone Park Drive, North
Barrington, Illinois 60010, and it has not changed its location or its place of
business (as such terms are used in the UCC) or if it has more than one place of
business, its chief executive office) since the date of its formation. The
Issuer has no other principal place of business.

         (i) Legal Name. The legal name of the Issuer is exactly as set forth in
this Agreement, the Issuer has not changed its name since its formation and does
not have any trade names, fictitious names, assumed names or "doing business"
names.

         (j) Solvency. The Issuer is solvent and will not become insolvent after
giving effect to the transactions contemplated by the Related Documents. The
Issuer is paying its debts as they become due and after giving effect to the
transactions contemplated by the Related Documents will have adequate capital to
conduct its business.

         (k) Subsidiaries. Issuer does not own any stock or other equity
interest in any other Person.

         Section 2.12      [Reserved].

         Section 2.13 Covenants Regarding Termination or Exchange of Insurance
Policies; No Merger, Etc.

         (a) Neither the Seller nor the Servicer shall, nor shall such Person
permit any of their respective Affiliates to, solicit, advise, induce or cause,
directly or indirectly, any owner or holder of any insurance policy related to
any Receivable to exchange or surrender such insurance policy; provided, that
the Seller may, so long as it shall not have engaged in any of the foregoing

                                       27
<PAGE>

activities, effect transactions with any owner or holder of an insurance policy
related to any Receivable involving an exchange or surrender of such insurance
policy if such transaction is effected solely to prevent a third party who is
not an Affiliate of, or associated with, the Seller from engaging in a similar
transaction that the Seller reasonably and in good faith believes is imminent
with such owner or holder and related to such insurance policy.

         (b) On the date that the Seller effects a transaction involving an
exchange or surrender of any insurance policy related to any Receivable, as
permitted under Section 2.13(a) above, the Seller shall:

                  (i) deliver to the Trustee, a certificate executed by a
         Responsible Officer of the Seller stating that, after giving effect to
         such transaction each of the representations, warranties and covenants
         made by it in this Agreement, including, but not limited to those
         contained in the Schedule of Representations with respect to the new
         Receivables arising in connection with such transaction, are true and
         correct on such date;

                  (ii) deliver to the Trustee, an amended or supplemented
         Schedule of Receivables (after giving effect to such transaction and
         the addition of the new Receivable arising in connection therewith);
         and

                  (iii) deliver to the Trustee, (A) a written consent executed
         by the insurance carriers related to the new insurance policies related
         to such transaction consenting to the assignment to the Issuer of the
         commissions and other compensation payable with respect to such
         insurance policies, (B) a copy of an irrevocable letter of direction
         delivered to such insurance carrier to remit such commissions and other
         compensation to the Trustee for deposit into the Lock-Box Account for
         deposit into the Collection Account and distribution in accordance with
         Section 4.4 and (C) an Assignment, executed by it (and consented to by
         the related Obligor) in favor of the Issuer, in respect of all of its
         right, title and interest in and to each new Receivable.

         (c) On and after the Closing Date, the Seller shall not incur any
indebtness and shall not engage in any activity or business (including selling
any insurance policies or insurance products) with any Obligor (or any Affiliate
thereof) or enter into any contract, agreement or arrangement with any such
Person, that could give rise to or result in any such Person having the right to
set-off, offset or otherwise to charge against any Receivable any amount that is
due to or to become payable to any such Person by the Seller; provided, that the
Seller may engage in any activity or business with any such Person or enter into
a contract, agreement or arrangement with any such Person in accordance with
clause (a) above, so long as prior to such transaction the related Obligor shall
have irrevocably waived, in writing, any such right of set-off, offset or other
similar right with respect to the Receivables and the Seller shall have
delivered a copy of such waiver to the Trustee.

         (d) The Seller shall at all times maintain its existence as a limited
liability company in good standing under the laws of North Carolina, and shall
not merge or consolidate with any

                                       28
<PAGE>

other Person, convey, transfer or lease all or substantially all its assets as
an entity to another Person, or permit any other Person to become the successor
to its business.

                                   ARTICLE III
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 3.1 Duties of the Servicer. (a) The Servicer is hereby
authorized to act as agent for the Issuer and in such capacity shall manage,
service, administer and make collections on the Receivables, perform or arrange
for the performance of services, and administer or arrange for the
administration of programs, in accordance with the Servicing Policy and
Procedures and in a manner consistent with the terms of service contracts and
similar arrangements between the Seller, on the one hand, and holders of
insurance policies or Obligors related to the Receivables, on the other hand,
and perform the other actions required by the Servicer under this Agreement. The
Servicer agrees that its servicing of the Receivables shall be carried out in
accordance with customary and usual procedures of institutions which service
payment streams similar to the Receivables and, to the extent more exacting, the
degree of skill and attention that the Servicer exercises from time to time with
respect to all comparable payment streams similar to the Receivables that it
services for itself or any of its Affiliates. In performing such duties, so long
as CBC is the Servicer, it shall comply with its current Servicing Policy and
Procedures, as such Servicing Policy and Procedures may be amended from time to
time, (it being understood that the Servicer shall not amend its Servicing
Policy and Procedures in any way which would be reasonably expected to have an
adverse affect on the interests of the Noteholders). The Servicer's duties shall
include, without limitation, collection and posting of all payments, responding
to inquiries of Obligors on the Receivables, investigating delinquencies,
accounting for collections and furnishing quarterly and annual statements to the
Issuer and the Trustee with respect to distributions and performing the other
duties specified herein. To the extent consistent with the standards, policies
and procedures otherwise required hereby, the Servicer shall follow its
customary standards, policies, and procedures and shall have full power and
authority, acting alone, to do any and all things in connection with such
managing, servicing, administration and collection that it may deem necessary or
desirable. The Servicer is hereby authorized to commence, in its own name or in
the name of the Issuer (provided the Servicer has obtained the Issuer's prior
written consent) a legal proceeding to enforce a Receivable or to commence or
participate in any other legal proceeding (including, without limitation, a
bankruptcy proceeding) relating to or involving a Receivable or an Obligor. If
the Servicer commences or participates in such a legal proceeding in its own
name, the Issuer shall thereupon be deemed to have automatically assigned such
Receivable to the Servicer solely for purposes of commencing or participating in
any such proceeding as a party or claimant, and the Servicer is authorized and
empowered by the Issuer to execute and deliver in the Servicer's name any
notices, demands, claims, complaints, responses, affidavits or other documents
or instruments in connection with any such proceeding. The Issuer shall furnish
the Servicer with any powers of attorney and other documents which the Servicer
may reasonably request and which the Servicer deems necessary or appropriate and
take any other steps which the Servicer may deem necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties under
this Agreement.

                                       29
<PAGE>

         (b) Notwithstanding the foregoing, the Servicer shall not engage in any
of the following activities with respect to the Variable Policies:

                  (i) recommending any security;

                  (ii) giving any investment advice with respect to any
         security;

                  (iii) discussing the merits of any security or any type of
         security;

                  (iv) responding to any question that might require familiarity
         with the securities industry;

                  (v) receiving any compensation based on transactions in
         securities or the provision of investment advice; or

                  (vi) handling any customer funds or securities or becoming
         involved in any securities transactions other than providing clerical
         or ministerial assistance.

The Servicer shall refer all securities related questions to the Subservicer.

         Section 3.2       Collection of Receivable Payments.

         (a) Consistent with the standards, policies and procedures required by
this Agreement, the Servicer shall make all reasonable efforts to collect all
payments with respect to the Receivables as and when the same shall become due,
and shall follow such collection procedures as it follows with respect to all
comparable payment streams similar to the Receivables that it services for
itself or any of its Affiliates and otherwise act with respect to the
Receivables in such manner as will maximize the amount to be collected with
respect thereto.

         (b) Notwithstanding any third-party processing arrangement, or any of
the provisions of this Agreement relating to any third-party processing
arrangement, the Servicer shall remain obligated and liable to the Issuer,
Trustee and Noteholders for servicing and administering the Receivables in
accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue thereof.

         (c) The Servicer shall remit all payments by or on behalf of the
Obligors received directly by the Servicer to the Lock-Box Account within two
Business Days of receipt thereof.

         Section 3.3 Representations, Warranties and Covenants of Servicer. The
Servicer makes the following representations, warranties and covenants on which
the Issuer relies in accepting the Receivables and issuing the Notes, on which
the Trustee relies in authenticating the Notes.

         (a) The Servicer covenants as follows:

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<PAGE>

                  (i) Liens in Force. No Receivable shall be released in whole
         or in part from the security interest granted by the Indenture, except
         upon payment in full of such Receivable or as otherwise contemplated
         herein;

                  (ii) No Impairment. The Servicer shall do nothing to impair
         the rights of the Issuer or the Trustee for the benefit of the
         Noteholders in the Receivables;

                  (iii) No Amendments. The Servicer shall not grant payment
         extensions or amend or modify the terms of any Receivable or any
         contract related to any Receivable; and

                  (iv) Restrictions on Liens. The Servicer shall not (i) create,
         incur or suffer to exist, or agree to create, incur or suffer to exist,
         or consent to cause or permit in the future (upon the happening of a
         contingency or otherwise) the creation, incurrence or existence of any
         Lien or restriction on transferability of the Receivables except for
         the Lien created hereby in favor of the Issuer or the Lien created by
         the Indenture in favor of the Trustee for the benefit of the
         Noteholders, any Lien as may be in effect on the Closing Date and the
         restrictions on transferability imposed by this Agreement and the
         Indenture; provided, however, that the Servicer shall only be liable
         for any losses, costs or expenses resulting from any Lien (including
         any Lien permitted hereunder) arising from any action or omission of
         the Servicer, or (ii) authorize or file (or cause to be filed) under
         the UCC of any jurisdiction any financing statement which names the
         Seller, the Servicer or the Issuer as a debtor, or sign any security
         agreement authorizing any secured party thereunder to file such
         financing statement, with respect to the Receivables, except in each
         case any such instrument solely securing the rights and preserving the
         Lien of the Trustee for the benefit of the Noteholders and except for
         any such security agreement or authorization to file a financing
         statement contained in or arising under the applicable UCC by virtue of
         a security agreement contained in any Obligor Receivable Agreement as
         in effect on the Closing Date.

         (b) CBC represents, warrants and covenants as to itself as of the
Closing Date and each successor Servicer represents, warrants and covenants as
to itself as of the date it becomes Servicer hereunder, with appropriate factual
changes, as necessary:

                  (i) Organization and Good Standing. It has been duly organized
         and is validly existing and in good standing under the laws of the
         State of Delaware, with power, authority and legal right to own its
         properties and to conduct its business as such properties are currently
         owned and such business is currently conducted, and had at all relevant
         times, and now has, power, authority and legal right to enter into and
         perform its obligations under this Agreement unless failure thereof
         would not adversely affect (i) its ability to service the Receivables
         pursuant to this Agreement, (ii) the validity or enforceability of the
         Receivables or (iii) its ability to perform its obligations hereunder
         or under the Related Documents to which it is a party;

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<PAGE>

                  (ii) Due Qualification. It is duly qualified to do business as
         a foreign corporate entity in good standing and has obtained (x) all
         necessary insurance licenses and approvals required by any insurance
         carrier obligated to make payments in respect of any Receivables or
         required by any applicable law and (y) all other licenses and
         approvals, in all jurisdictions where the failure to do so would
         materially and adversely affect (i) its ability to service the
         Receivables pursuant to this Agreement, (ii) the validity or
         enforceability of the Receivables or (iii) its ability to perform its
         obligations hereunder or under the Related Documents to which it is a
         party;

                  (iii) Power and Authority. It has all necessary power and
         authority to execute and deliver this Agreement and the Related
         Documents to which it is a party and to carry out its terms and their
         terms, respectively, and the execution, delivery and performance of
         this Agreement and the Related Documents to which it is a party have
         been duly authorized by all necessary corporate action;

                  (iv) Binding Obligation. This Agreement and the Related
         Documents to which it is a party shall constitute its legal, valid and
         binding obligations enforceable against it in accordance with their
         respective terms, except as enforceability may be limited by
         bankruptcy, insolvency, reorganization, or other similar laws affecting
         the enforcement of creditors' rights generally and by equitable
         limitations on the availability of specific remedies, regardless of
         whether such enforceability is considered in a proceeding in equity or
         at law;

                  (v) No Violation. The execution, delivery and performance by
         the Servicer of this Agreement and the Related Documents to which it is
         a party, and the consummation of the transactions contemplated hereby
         and thereby and the fulfillment of the terms hereof and thereof do not
         and will not (i) conflict with, result in any breach of any of the
         terms and provisions of, or constitute (with or without notice or lapse
         of time) a default under, (A) its organizational documents or bylaws,
         or (B) any indenture, mortgage, deed of trust, or other instrument or
         other agreement, which in the case of such other agreement would
         reasonably be expected to have a material adverse effect upon its
         ability to perform its obligations hereunder or under any of the other
         Related Documents to which it is a party, or the enforceability or
         collectability of the Receivables, or by which it or its properties are
         bound, or (ii) result in the creation or imposition of any Lien upon
         any of its properties pursuant to the terms of any such indenture
         (except for the Lien created pursuant to the Indenture), agreement,
         mortgage, deed of trust or other instrument, other than this Agreement
         and the Indenture, or (iii) violate any law, order, rule or regulation
         applicable to it of any court or of any federal or state regulatory
         body, administrative agency or other governmental instrumentality
         having jurisdiction over it or any of its properties;

                  (vi) No Proceedings. There are no proceedings or
         investigations pending or, to the best of its knowledge, threatened
         against it, before any court, regulatory body, administrative agency or
         other tribunal or governmental instrumentality having

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<PAGE>

         jurisdiction over it or its properties (A) asserting the invalidity of
         this Agreement or any of the Related Documents, (B) seeking to prevent
         the issuance of the Notes or the consummation of any of the
         transactions contemplated by this Agreement or any of the Related
         Documents, (C) seeking any determination or ruling that would be
         reasonably likely to adversely affect the performance of its
         obligations under, or the validity or enforceability of, this Agreement
         or any of the Related Documents or (D) seeking to adversely affect the
         federal income tax or other federal, state or local tax attributes of
         the Notes;

                  (vii) No Consents. No consent, approval, license,
         authorization or order of or declaration, registration or filing with
         any governmental authority, bureau or agency is required to be made by
         it in connection with the execution, delivery or performance of this
         Agreement or the Related Documents to which it is a party or the
         consummation of the transactions contemplated hereby or thereby, except
         such as have been duly made, effected or obtained or are related to
         federal or state securities laws in connection with the registration or
         the sale of the Notes;

                  (viii) Information to Backup Servicer. The database and
         information furnished to the Backup Servicer hereunder concerning the
         Receivables is accurate and complete in all material respects;

                  (ix) Compensation. Its compensation as Servicer hereunder is
         consistent with that which would be payable in an arm's-length
         transaction;

                  (x) Nonconsolidation. CBC confirms that the statements
         contained under "Assumptions of Fact" in the opinion of Vedder, Price,
         Kaufman & Kammholz regarding substantive consolidation matters
         delivered to the Trustee on the Closing Date are true and correct with
         respect to itself, and that CBC will comply with any covenants or
         obligations assumed to be complied with by it therein as if such
         covenants and obligations were set forth herein;

                  (xi) Members of the Issuer. CBC is the sole member of the
         Issuer, and it is the registered owner of all of the membership
         interests in the Issuer; and such membership interest has been fully
         paid and is owned of record, free and clear of all mortgages,
         assignments, pledges, security interests, warrants, options and rights
         to purchase. CBC will not transfer its membership interests in the
         Issuer without the prior written consent of the Trustee, the Backup
         Servicer and the Rating Agency; provided, however, that CBC may
         transfer all of such membership interests to a wholly-owned subsidiary
         of CBC, so long as (a) such wholly-owned subsidiary covenants and
         agrees in writing with the Trustee not to transfer such membership
         interests without the prior written consent of the Trustee, the Backup
         Servicer and the Rating Agency and (b) CBC provides 30 days' prior
         written notice of such transfer to each of the Trustee, the Backup
         Servicer and the Rating Agency and prior to such transfer, CBC shall
         (I) upon request, fulfill the requirements of Section 2.7(b), and (II)
         take all such actions, including, without limitation, executing and

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<PAGE>

         delivering all such documents, certificates, instruments and Opinions
         of Counsel as are reasonably requested by the Trustee, the Backup
         Servicer or the Rating Agency; and

                  (xii) Financial Statements. All audited and, to the extent
         delivered or shown to any third party, unaudited financial statements
         of CBC (or any Affiliate thereof) that are consolidated to include the
         Issuer will contain detailed notes clearly stating that the (A) all of
         the Issuer's assets (including the Receivables) are owned by the
         Issuer, and (B) the Issuer is a separate entity.

         (c) The Servicer covenants and agrees:

                  (i) Database File. The Servicer will provide the Backup
         Servicer with a magnetic tape or disk in a format acceptable to the
         Servicer and the Backup Servicer containing the database file for each
         Receivable (including, a list of complete contact information for each
         Obligor and each beneficiary under the related insurance policy) (A) as
         of the Cutoff Date, (B) thereafter, as of the last day of (I) the
         preceding Quarterly Period on each Determination Date prior to a
         Servicer Termination Event and (II) each calendar week (within one
         Business Day of such day) after the occurrence of a Servicer
         Termination Event until the actual commencement of servicing functions
         by the Backup Servicer and (C) on and as of the Business Day before the
         actual commencement of servicing functions by the Backup Servicer
         following the occurrence of a Servicer Termination Event.

                  (ii) Backup Servicer Indemnification. CBC shall defend,
         indemnify and hold the Backup Servicer and any officers, directors,
         employees or agents of the Backup Servicer harmless against any and all
         claims, losses, penalties, fines, forfeitures, legal fees and related
         costs, judgments and any other costs, fees, and expenses that the
         Backup Servicer may sustain in connection with claims asserted at any
         time by third parties against the Backup Servicer to the extent the
         same arise out of the conduct of CBC in its capacity as the Servicer or
         the Backup Servicer's performance of its obligations as Backup Servicer
         or successor Servicer and which are not due to gross negligence or
         willful misconduct of the Backup Servicer.

         The Backup Servicer will not be responsible for delays attributable to
the Servicer's failure to deliver information, defects in the information
supplied by the Servicer or other circumstances beyond the control of the Backup
Servicer.

         The Backup Servicer, upon replacement of the Servicer, will make
arrangements with the predecessor Servicer for the prompt and safe transfer of,
and the predecessor Servicer shall provide to the Backup Servicer, all necessary
servicing files and records, including (as deemed necessary by the Backup
Servicer at such time): (i) the Receivables Files, (ii) collections history,
(iii) copies of the reconciliation statements for the Collection Account for the
Quarterly Period (or portion thereof) immediately preceding the conversion to
the Backup Servicer and (iv) the trial balances, as of the close of business on
the day immediately preceding conversion to the Backup Servicer, reflecting all
applicable information.

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<PAGE>

         The Backup Servicer shall have no responsibility and shall not be in
default hereunder nor incur any liability for any failure, error, malfunction or
any delay in carrying out any of its duties under this Agreement if any such
failure or delay results from the Backup Servicer acting in accordance with
information prepared or supplied by a Person other than the Backup Servicer who
the Backup Servicer reasonably and in good faith believes to be the appropriate
Person for preparing and supplying such information or the failure of any such
Person to prepare or provide such information. The Backup Servicer shall have no
responsibility, shall not be in default and shall incur no liability (i) for any
act or failure to act by any third party, including the Servicer, the Issuer or
the Trustee or for any inaccuracy or omission in a notice or communication
received by the Backup Servicer from any third party or (ii) which is due to or
results from the invalidity, unenforceability of any Receivable with applicable
law or the breach or the inaccuracy of any representation or warranty made with
respect to any Receivable.

         Section 3.4 Purchase of Receivables Upon Breach of Covenant. Upon
discovery by the Seller, the Servicer, the Issuer or the Trustee of a breach of
any of the covenants set forth in Section 2.13 or 3.3(a), the party discovering
such breach shall give prompt written notice to the other parties hereto;
provided, however, that the failure to give any such notice shall not affect any
obligation of the Seller or CBC, as Servicer, under this Section 3.4. Subject to
the proviso in the second sentence of Section 8.2, as of the last day of the
Quarterly Period related to a Payment Date in which (a) a Responsible Officer of
the Servicer has actual knowledge or notice of any breach of any covenant set
forth in Section 3.3(a) which materially and adversely affects the interests of
the Noteholders in any Receivable or (b) a Responsible Officer of either the
Seller or the Servicer has actual knowledge or notice of any breach of any
covenant set forth in Section 2.13, the party in breach of any such covenant,
shall, unless such breach shall have been cured in all material respects,
purchase from the Issuer each Receivable materially and adversely affected by
such breach and, on or before the related Deposit Date, shall pay the Purchase
Amount to the Collection Account. Upon knowledge of the Trustee that such party
in breach has failed to effect its purchase obligation, the Trustee for the
benefit of the Noteholders shall enforce directly the obligation of such
breaching party to purchase such Receivables. The obligation of the Seller or
the Servicer to purchase any Receivable with respect to which such a breach has
occurred and is continuing shall, if such obligation is fulfilled, constitute
the sole remedy against the Seller or the Servicer, as applicable, for such
breach available to the Noteholders, the Issuer or the Trustee on behalf of
Noteholders; provided, however, that CBC, as the Servicer or the Seller, as
applicable, shall indemnify the Issuer, the Backup Servicer, the Initial
Purchaser, the Trustee and the Noteholders against all costs, expenses, losses,
damages, claims and liabilities, including reasonable fees and expenses of
counsel, which may be asserted against or incurred by any of them as a result of
third party claims arising out of the events or facts giving rise to such breach
except to the extent arising out of or resulting from gross negligence or
willful misconduct of the party seeking indemnification.

         Section 3.5 Servicing Fee; Payment of Certain Expenses by Servicer. On
each Payment Date, the Servicer shall be entitled to receive out of the
Collection Account the Servicing Fee for the related Quarterly Period pursuant
to Section 4.4. The Servicer shall be required to pay all expenses incurred by
it in connection with its activities under this Agreement

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<PAGE>

and the Related Documents to which it is a party (including taxes imposed on the
Servicer and expenses incurred in connection with distributions and reports made
by the Servicer to Noteholders).

         Section 3.6 Servicer's Certificate. No later than 10:00 a.m. New York
City time on each Determination Date, the Servicer shall deliver to the Issuer,
the Initial Purchaser, the Trustee, the Backup Servicer and the Rating Agency a
Servicer's Certificate executed by a Responsible Officer of the Servicer
containing among other things, (i) all information necessary to enable the
Trustee to make any withdrawal required by Section 5.2, and the distributions
required by Section 4.4, (ii) all information necessary to enable the Trustee to
send the statements to Noteholders required by and containing the information
set forth in Section 4.6, (iii) a list of all Warranty Receivables and
Administrative Receivables, if any, purchased or repurchased, as the case may
be, during the related Quarterly Period, and identifying the Receivables so
purchased or repurchased, as the case may be and (iv) all information necessary
to enable the Trustee to reconcile all deposits to, and withdrawals from, the
Collection Account for the related Quarterly Period and Payment Date. Any
Receivables purchased by the Servicer or repurchased by the Seller during the
related Quarterly Period shall be identified by information similar to that as
set forth in the Schedule of Receivables.

         Section 3.7 Annual Statement as to Compliance; Notice of Servicer
Termination Event; Financial Statements.

         (a) The Servicer shall deliver to the Issuer, the Initial Purchaser,
the Trustee, the Backup Servicer and the Rating Agency, on or prior to the
Closing Date and on or before 120 days after the end of the Servicer's fiscal
year, of each year, beginning in 2003, an officer's certificate signed by any
Responsible Officer of the Servicer, dated as of the immediately preceding
December 31 (or other applicable date), as applicable, stating that (i) a review
of the activities of the Servicer during the preceding 12-month period (or such
other period as shall have elapsed from the Closing Date (or the date a
successor Servicer began to act as Servicer hereunder) to the date of the first
such certificate) and of its performance under this Agreement has been made
under such officer's supervision, and (ii) to such officer's knowledge, based on
such review, the Servicer has fulfilled all its obligations under this Agreement
throughout such period, or, if there has been a default in the fulfillment of
any such obligation, specifying each such default known to such officer and the
nature, extent and status thereof.

         (b) The Servicer shall deliver to the Issuer, the Initial Purchaser,
the Trustee, the Backup Servicer and the Rating Agency, promptly after having
obtained knowledge thereof, but in no event later than one Business Day
thereafter, an officer's certificate setting forth the details of any event
which with the giving of notice or lapse of time, or both, would become a
Servicer Termination Event under Section 8.1.

         (c) Each of the Servicer and the Seller shall deliver to the Issuer,
the Initial Purchaser, the Trustee, the Backup Servicer and the Rating Agency
(i) on the Closing Date and on or before 120 days after the end of its fiscal
year, of each year, beginning in 2003, the audited consolidated balance sheets
of CBI as of the end of the immediately preceding fiscal year and the audited

                                       36
<PAGE>

consolidated statements of income, shareholders' equity and cash flows thereof
for such fiscal year, all in reasonable detail and stating in comparative form
the respective figures for the corresponding date and period in the prior fiscal
year, prepared in accordance with generally accepted accounting principles,
consistently applied, and certified by the Independent Accountants therefor and
(ii) within 60 days after the close of the first three quarters of each fiscal
year (beginning with the fiscal quarter ending September 30, 2002) of CBI the
unaudited consolidated balance sheets thereof as of the end of each such quarter
and the unaudited consolidated statements of income, shareholders' equity and
cash flows thereof for the portion of the fiscal year then ended, all in
reasonable detail and stating in comparative form the respective figures for the
corresponding date and period in the prior fiscal year, prepared in accordance
with generally accepted accounting principles, consistently applied (subject to
normal year-end adjustments), and certified by an Executive Officer thereof.

         Section 3.8       Annual Independent Accountants' Report.

         On or prior to the Closing Date, the Servicer shall deliver, or cause
Ernst & Young, who may also render other services to CBC, to deliver to the
Issuer, the Initial Purchaser, the Trustee, the Backup Servicer and the Rating
Agency, and, for so long as CBC (or one of its Affiliates) is acting as
Servicer, on or before April 30 of each year commencing in 2003, Deloitte &
Touche (or another nationally recognized "big 4" firm of independent certified
public accountants, the "Independent Accountants"), who may also render other
services to CBC to deliver to the Issuer, the Initial Purchaser, the Trustee,
the Backup Servicer and the Rating Agency, with respect to the twelve months
ended the immediately preceding December 31 (or other applicable date on which
CBC's fiscal year ends), a statement (the "Accountants' Report") addressed to
the Board of Directors of the Servicer, CBI, the Trustee, the Initial Purchaser
and the Backup Servicer, to the effect that such firm has audited the financial
statements of CBI and issued its report thereon, and that such audit was made in
accordance with generally accepted auditing standards, and accordingly included
such tests of the accounting records and such other auditing procedures as such
firm considered necessary in the circumstances. The Servicer shall also cause
such Independent Accountants to deliver an Accountants' Report (on any date in
December 2002 and each December thereafter) with respect to certain agreed upon
procedures and in substantially the form attached hereto as Exhibit C. In the
event such firm requires the Trustee to agree to the procedures performed by
such firm, the Servicer shall direct the Trustee in writing to so agree; it
being understood and agreed that the Trustee will deliver such letter of
agreement in conclusive reliance upon the direction of the Servicer, and the
Trustee shall not make any independent inquiry or investigation as to, and shall
have no obligation or liability in respect to, the sufficiency, validity or
correctness of such procedures. Delivery of such reports, information and
documents to the Trustee is for informational purposes only, and the Trustee's
receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Servicer's compliance with any of its covenants hereunder.

         Section 3.9 Access to Documentation and Information Regarding
Receivables. On reasonable prior written notice, the Servicer shall provide to
representatives of the Issuer, the

                                       37
<PAGE>

Initial Purchaser, the Trustee, the Backup Servicer or the Rating Agency access
to the documentation regarding the Receivables at such party's own expense
(other than the Trustee), during the Servicer's normal business hours, to
examine all the books of account, records, reports, and other papers of the
Seller with respect to the Receivables, the Receivable Files or the Related
Documents (to the extent retained by the Servicer), to make copies and extracts
therefrom, to cause such books to be audited by independent certified public
accountants, and to discuss the Servicer's affairs, finances and accounts with
the Servicer's officers, employees, and independent certified public accounts,
all at such reasonable times and as often as may be reasonably requested. The
Trustee, the Backup Servicer and the Issuer shall and shall cause its
representatives to hold in confidence all such information. Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) the disclosure of any and all information that is or becomes
publicly known, or information obtained by the Trustee, any Noteholder, the
Backup Servicer, or the Issuer from sources other than the Seller, (ii)
disclosure of any and all information (A) if required to do so by any applicable
statute, law, rule or regulation, (B) to any government agency or regulatory
body having or claiming authority to regulate or oversee any respects of the
Trustee's, any Noteholder's, the Backup Servicer's, or the Issuer's business or
that of its Affiliates, (C) pursuant to any subpoena, civil investigative demand
or similar demand or request of any court, regulatory authority, arbitrator or
arbitration to which the Trustee, any Noteholder, the Backup Servicer, or the
Issuer or an Affiliate or an officer, director, employer, member or shareholder
thereof is a party, (D) in any preliminary or final offering circular,
registration statement or contract or other document pertaining to the
transactions contemplated by this Agreement approved in advance by the Seller or
the Issuer or (E) to any Affiliate, independent or internal auditor, agent,
employee or attorney of the Trustee, any Noteholder, the Backup Servicer, or the
Issuer having a need to know the same; provided, that the Trustee, any
Noteholder, the Backup Servicer, or the Issuer advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Seller.

         Section 3.10 Duties of the Servicer under the Indenture. The Issuer
hereby appoints the Servicer to, and the Servicer hereby agrees that it shall,
perform as agent on behalf of the Issuer the following duties of the Issuer
under the Indenture (the Section references in each parenthetical are references
to such Sections in the Indenture):

                  (a) the direction to the Paying Agents, if any, to deposit
         moneys with the Trustee (Section 3.3);

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

                  (c) the annual delivery of the Officers' Certificate and
         certain other statements, in accordance with Section 3.9 of the
         Indenture, as to compliance with the Indenture (Sections 3.6 and 3.9);

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<PAGE>

                  (d) the preparation and obtaining of documents and instruments
         required for the release of the Issuer from its obligations under the
         Indenture (Section 3.11);

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

                  (f) the preparation of any written instruments required to
         confirm more fully the authority of any co-trustee or separate trustee
         and any written instruments necessary in connection with the
         resignation or removal of any co-trustee or separate trustee (Sections
         6.8 and 6.10);

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

                  (h) the recording of the Indenture, if applicable (Section
         11.14).

         Section 3.11 Appointment and Powers of Backup Servicer. Subject to the
terms and conditions hereof, the parties hereto appoint BNY Asset Solutions LLC
as Backup Servicer, and BNY Asset Solutions LLC hereby accepts such appointment
and agrees to act as the Backup Servicer and to perform all of the duties of the
Backup Servicer in accordance with the provisions hereunder and under each of
the Related Documents. The parties hereto authorize the Backup Servicer to take
any such action as is authorized to be exercised by the Backup Servicer by the
terms hereof, and under each Related Document, together with such actions,
rights, remedies, powers and privileges as are reasonably incidental thereto.

         Section 3.12 Information to be Furnished to Rating Agency. The Servicer
shall furnish to the Rating Agency such information with respect to the
Servicer, the Receivables, and such other matters related thereto and to the
transactions contemplated by the Related Documents as the Rating Agency may
request in order to maintain ratings on the Notes.

                                   ARTICLE IV
                    DISTRIBUTIONS; STATEMENTS TO NOTEHOLDERS

         Section 4.1       Accounts.

         (a) The Trustee shall establish the Collection Account in the name of
the Trustee for the benefit of the Secured Parties (as defined in the
Indenture). The Collection Account shall be a securities account established by
the Trustee, and maintained with BNY.

         (b) The Trustee shall establish the Note Payment Account in the name of
the Trustee for the benefit of the Secured Parties (as defined in the
Indenture). The Note Payment Account shall be a securities account established
by the Trustee and maintained with BNY.

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<PAGE>

         (c) The Trustee shall establish the Reserve Account in the name of the
Trustee for the benefit of the Secured Parties (as defined in the Indenture).
The Reserve Account shall be a securities account established by the Trustee and
maintained with BNY.

         (d) Each of the Collection Account, the Note Payment Account and
Reserve Account shall constitute a securities account (as such term is used in
the applicable UCC) for purposes of the applicable UCC. For purposes of the
applicable UCC, the BNY's jurisdiction shall be deemed to be Illinois.

         (e) All amounts held in the Collection Account, the Note Payment
Account and the Reserve Account (collectively, the "Trust Accounts") shall, to
the extent permitted by applicable laws, rules and regulations, be invested by
the Trustee, as directed in writing by the Servicer, in Eligible Investments
that mature not later than one Business Day prior to the Payment Date for the
Quarterly Period to which such amounts relate. Any such written direction shall
certify that any such investment is authorized by this Section 4.1. With respect
to the Trust Accounts (i) BNY shall act as securities intermediary (as such term
is used in applicable UCC), (ii) the Trustee shall be the entitlement holder (as
such term is used in applicable UCC), (iii) all investments and other property
credited to, and all other rights of the entitlement holder in respect of, such
account shall be treated as financial assets (as such term is used in applicable
UCC), and shall be registered in the name of BNY or in blank, (iv) BNY shall
indicate by book entry that all such financial assets have been credited to the
applicable Trust Account, and send a confirmation thereof to the Trustee, (v)
BNY will only comply with entitlement orders originated by Trustee (without the
consent of Issuer or any other person). Subject to the other provisions hereof,
the Trustee shall have sole control over each such investment and the income
thereon. All interest, dividends, gains upon sale and other income from, or
earnings on, investments of funds in the Trust Accounts shall be deposited in
the Collection Account and distributed on the next Payment Date pursuant to
Section 4.4. The Issuer shall make a deposit to the applicable Trust Account in
an amount equal to any net loss on such investments from any amounts paid or
distributed to the Issuer hereunder on or within 5 days after the date such loss
was incurred. The parties hereto acknowledge and agree that Trustee has control
(as such term is used in the applicable UCC) of the Trust Accounts and the
Lock-Box Account.

         (f) The Trustee shall, within ten (10) Business Days after the Closing
Date, (I) establish the Lock-Box Account in the name of the Trustee for the
benefit of the Secured Parties (as defined in the Indenture) and (II) subject
the Lock-Box Account to a blocked account agreement satisfactory in form and
substance to the Trustee and the Servicer and stating that BNY shall only take
directions and instructions with respect to such account from the Trustee. The
Lock-Box Account shall be a deposit account established by the Trustee and
maintained with BNY, and the Trustee shall be BNY's customer with respect to the
Lock-Box Account.

         (g) On or prior to the Closing Date, the Servicer shall cause each bank
account owned by or maintained for the benefit of the Seller, or any of its
officers or employees, that any Obligor remits payments with respect to the
Receivables (the "Existing Bank Accounts"), to be changed to name "CBC Insurance
Revenue Securitization, LLC" as the owner of each such account and

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<PAGE>

each such account to be subject to a blocked account agreement among the account
bank, the Servicer, the Issuer and the Trustee and consented to by the Seller,
which blocked account agreement shall state that (i) the account bank shall only
take directions and instructions with respect to such accounts from the Trustee,
(ii) neither the Servicer nor the Seller shall have any rights with respect to
such account or the amounts, if any, maintained therein, and (iii) any amounts
received in such accounts are to be removed and deposited into the Lock-Box
Account on a daily basis. The Servicer shall ensure that the banks holding the
Existing Bank Accounts transfer all funds deposited or otherwise credited to
the Existing Bank Accounts to the Lock-Box Account on each Business Day.

         Section 4.2       Collections.

         (a) The Servicer shall, within ten (10) Business Days after the Closing
Date, instruct each Obligor in an irrevocable written letter of direction,
substantially in the form of Exhibit D attached hereto (the "Letter of
Direction") to send payments in respect of Receivables to the Lock-Box Account.
The Servicer shall remit to the Lock-Box Account all payments in respect of the
Receivables by or on behalf of the Obligors received by the Servicer (and not
directly remitted by such Obligor to the Lock-Box Account, the Collection
Account or the Existing Bank Accounts) within two Business Days of receipt
thereof.

         (b) Notwithstanding the provisions of subsection (a) hereof,

                  (i) the Servicer will be entitled to withdraw from amounts on
         deposit in the Collection Account with respect to a Quarterly Period
         amounts previously deposited in the Collection Account but later
         determined by the Servicer to have resulted from mistaken deposits or
         postings or checks returned for insufficient funds or that constituted
         payment of amounts that are not Receivables. The amounts to be
         withdrawn hereunder shall be paid by the Servicer to the Person
         lawfully entitled to such amounts on the related Payment Date pursuant
         to Section 4.4(ii) upon certification by the Servicer of such amounts
         and the provision of such information to the Trustee as may be
         necessary in the opinion of the Trustee to verify the accuracy of such
         certification. In the event that the Trustee has not received such
         certification or such information satisfactory to it of the Servicer's
         right to withdraw such amounts pursuant to this Section 4.2(b), the
         Trustee shall not make a distribution to the Servicer in respect of
         such amounts pursuant to Section 4.4(ii), or if the Servicer prior
         thereto has been reimbursed pursuant to Section 4.4(ii), the Trustee
         shall withhold such amounts from amounts otherwise distributable to the
         Servicer on the next succeeding Payment Date, and

                  (ii) on or prior to each Determination Date, the Servicer may,
         but is under no obligation to, advance the amount required to be paid
         with respect to a Receivable by the Obligor thereof on or prior to such
         Determination Date, but not yet received from such Obligor (each, a
         "Servicer Advance"). The Servicer shall only make a Servicer Advance
         with respect to a Receivable, if, in good faith, it reasonably believes
         that payment in an amount equal to such Servicer Advance on such
         Receivable will be received from the Obligor thereof prior to the next
         occurring Determination Date. Each Servicer Advance

                                       41
<PAGE>

         shall be repaid to the Servicer on the next occurring Payment Date
         pursuant to Section 4.4(ii) to the extent that funds are available upon
         certification by the Servicer of such amount advanced and the provision
         of such information to the Trustee as may be necessary in the Trustee's
         opinion to verify the accuracy of such certification. In the event that
         the Trustee has not received such certification or such information
         satisfactory to it of the Servicer's entitlement to reimbursement of
         the amount of the Servicer Advance, the Trustee shall not make a
         distribution to the Servicer in respect of such amount pursuant to
         Section 4.4(ii).

         Section 4.3 Additional Deposits and Withdrawals. (a) On or before each
Deposit Date, the Servicer or the Seller shall deposit in the Collection Account
the aggregate Purchase Amounts with respect to Administrative Receivables and
Warranty Receivables, respectively, which became such during the preceding
Quarterly Period. All such deposits of Purchase Amounts shall be made in
immediately available funds. On or before each Payment Date, the Trustee shall
deposit in the Collection Account any amounts withdrawn from the Reserve Account
pursuant to Section 5.2.

         (b) No later than 10:00 a.m. New York City time on the third Business
Day of each calendar month of a Quarterly Period, the Servicer shall deliver to
the Issuer, the Trustee and the Backup Servicer, a certificate executed by a
Responsible Officer of the Servicer containing (i) all information necessary to
enable the Trustee to make any withdrawal from the Collection Account for
distribution of the Split Commissions Amount for the immediately preceding
calendar month and the aggregate amount, if any, of Additional Compensation
deposited into the Collection Account during the immediately preceding calendar
month, and (ii) all information necessary to enable the Trustee to confirm the
calculation of such Split Commissions Amount and the aggregate amount, if any,
of Additional Compensation. Not later than the second Business Day after
receiving such certificate, the Trustee shall, to the extent that funds are
available, withdraw from the Collection Account the Split Commissions Amount and
the amount of Additional Compensation, each as set forth in such certification
and distribute such amounts to the Persons entitled to receive any such amount
as set forth in such certification.

         Section 4.4 Distributions. On each Payment Date, the Trustee shall
(based on the information contained in the Servicer's Certificate delivered on
the related Determination Date) distribute the following amounts and in the
following order of priority:

                  (i) first, from the Amount Available, to the Trustee, any
         accrued and unpaid expenses (of up to $75,000 per year) and fees of the
         Trustee in accordance with Section 6.7 of the Indenture; to any Backup
         Servicer (including the Issuer or the Trustee if acting in any such
         additional capacity), any accrued and unpaid fees and expenses
         (including a one time, reasonable transition expense to the Backup
         Servicer, not to exceed, in the aggregate, $75,000, but not including
         any indemnities owed to such person);

                  (ii) second, from the remaining Amount Available, to the
         Servicer, the Servicing Fee for the related Quarterly Period, each
         Servicer Advance, if any, and any amounts specified in Section 4.2(b);

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<PAGE>

                  (iii) third, from the remaining Amount Available, to the Note
         Payment Account for pro rata (based on the interest payment amounts for
         such subclass of Notes) distribution to the Holders of the Class A-1
         Notes and the Holders of the Class A-2 Notes, an amount equal to the
         Class A-1 Interest Payment Amount and the Class A-2 Interest Payment
         Amount, respectively, for such Payment Date;

                  (iv) fourth, from the remaining Amount Available, to the Note
         Payment Account for pro rata distribution to the Holders of the Class B
         Notes, an amount equal to the Class B Interest Payment Amount for such
         Payment Date;

                  (v) fifth, from the remaining Amount Available, to the Note
         Payment Account for pro rata distribution to the Holders of the Class C
         Notes, an amount equal to the Class C Interest Payment Amount for such
         Payment Date;

                  (vi) sixth, to the Note Payment Account for pro rata
         distribution to the Holders of the Class A-1 Notes, from the remaining
         Amount Available, an amount equal to the Class A-1 Principal Payment
         Amount for such Payment Date and the Note Principal Shortfall, if any
         (calculated after giving effect to the application of such remaining
         Amount Available);

                  (vii) seventh, to the Note Payment Account for pro rata
         distribution to the Class A-2 Noteholders, from the remaining Amount
         Available, an amount equal to the Class A-2 Principal Payment Amount
         for such Payment Date, which Class A-2 Principal Payment Amount will
         equal zero on any Payment Date that occurs before the date on which the
         Class A-1 Notes have been paid in full and the Note Principal
         Shortfall, if any (calculated after giving effect to the application of
         such remaining Amount Available);

                  (viii) eighth, to the Note Payment Account for pro rata
         distribution to the Class B Noteholders, from the remaining Amount
         Available, an amount equal to the Class B Principal Payment Amount for
         such Payment Date, which Class B Principal Payment Amount will equal
         zero on any Payment Date that occurs before the date on which the Class
         A Notes have been paid and the Note Principal Shortfall, if any
         (calculated after giving effect to the application of such remaining
         Amount Available);

                  (ix) ninth, to the Note Payment Account for pro rata
         distribution to the Class C Noteholders, from the remaining Amount
         Available, an amount equal to the Class C Principal Payment Amount for
         such Payment Date, which Class C Principal Payment Amount will equal
         zero on any Payment Date that occurs before the date on which the Class
         A Notes and the Class B Notes have been paid in full and the Note
         Principal Shortfall, if any (calculated after giving effect to the
         application of such remaining Amount Available);

                  (x) tenth, from the remaining Amount Available to the Reserve
         Account, an amount, if any, necessary to make the amount on deposit in
         the Reserve Account (after

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<PAGE>

         giving effect to all withdrawals from the Reserve Account on such date)
         equal to the Reserve Account Required Amount;

                  (xi) eleventh, from the remaining Amount Available to the
         Trustee, the amounts owed to the Trustee in accordance with Section 6.7
         of the Indenture and not paid pursuant to Section 4.4(i) and to the
         Backup Servicer amounts owed to the Backup Servicer and not paid
         pursuant to Section 4.4(i); and

                  (xii) twelfth, any remaining Amount Available, any remaining
         Retained Available Funds and any amounts on deposit in the Reserve
         Account in excess of the Reserve Account Required Amount, to the
         Issuer.

         Notwithstanding clauses first through twelfth above, if a Payout
Trigger has occurred and is continuing, principal payable pursuant to clauses
sixth and seventh above shall be distributed to the Class A-1 Noteholders and
the Class A-2 Noteholders, pro rata (based on the Class A-1 Note Balance and the
Class A-2 Note Balance) and at the same priority level.

         Section 4.5 Trustee as Agent. The Trustee, in making distributions as
provided in this Agreement, shall act solely on behalf of and as agent for the
Noteholders.

         Section 4.6 Statements to Noteholders. On each Payment Date, the
Trustee shall include with each distribution to each Noteholder, a statement
prepared by the Servicer (which statement shall also be provided by the Servicer
to the Rating Agency) and based on information in the Servicer's Certificate
delivered on the related Determination Date pursuant to Section 3.6, setting
forth for the Quarterly Period related to such Payment Date the following
information:

                  (i) the amount of such distribution allocable to interest with
         respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes
         and the Class C Notes, as applicable;

                  (ii) the amount of such distribution allocable to principal
         with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B
         Notes and the Class C Notes, as applicable;

                  (iii) the amount in the Reserve Account (after giving effect
         to distributions made on such Payment Date);

                  (iv) the Class A-1 Note Balance, the Class A-2 Note Balance,
         the Class B Note Balance, the Class C Note Balance and the Maximum
         Outstanding Note Principal Balance (after giving effect to
         distributions made on such Payment Date);

                  (v) the Class A-1 Interest Carryover Shortfall, the Class A-2
         Interest Carryover Shortfall, the Class B Interest Carryover Shortfall
         and the Class C Interest Carryover Shortfall, and the change in such
         amounts from the preceding statement;

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<PAGE>

                  (vi) the amount of fees and expenses paid under clauses (i),
         (ii) and (xi) of Section 4.4 by the Trustee with respect to such
         Quarterly Period;

                  (vii) the Note Pool Factor for the Class A-1 Notes, the Class
         A-2 Notes, the Class B Notes and the Class C Notes (after giving effect
         to distributions made on such Payment Date);

                  (viii) the amount of collections on the Receivables during
         such Quarterly Period;

                  (ix) the amounts paid for purchases or repurchases of
         Receivables pursuant to Sections 2.5 and 3.4 during such Quarterly
         Period, the aggregate Split Commissions Amount paid during such
         Quarterly Period and any other amounts paid during such Quarterly
         Period as a result of the benefits under any insurance policy related
         to any Receivable being paid in full, including termination,
         satisfaction, exchange or surrender thereof or the mortality of the
         insured thereunder; and

                  (x) the details of any Event of Default or Payout Trigger
         occurring during such Quarterly Period or continuing during such
         Quarterly Period and the actions that the Servicer has taken and
         proposes to take with respect thereto.

Each amount set forth pursuant to subclauses (i) through (iii) above may be
expressed as a dollar amount per $1,000 of original principal balance of a Note
of the related class or subclass. Each statement shall also contain a reminder
that (i) each Noteholder is required to be a Qualified Purchaser that purchased
the Notes for its own account (and not the account of others) or as a fiduciary
or agent for the account of another Qualified Purchaser (ii) any reoffer,
resale, pledge or other transfer of the Notes must be to such a Qualified
Purchaser and otherwise in accordance with the requirements of the Indenture and
(iii) the Issuer has the right to repurchase any Note not owned by a Qualified
Purchaser.

                                    ARTICLE V
                                 RESERVE ACCOUNT

         Section 5.1 Initial Deposit. On the Closing Date, the Issuer shall
deposit the Reserve Account Required Amount for such date into the Reserve
Account.

         Section 5.2 Withdrawals from Reserve Account. If the Servicer's
Certificate with respect to any Determination Date shall state that the amount
of the Net Available Funds with respect to such Determination Date is less than
the sum of the amounts payable on the related Payment Date pursuant to clauses
first through ninth of Section 4.4 (such deficiency being a "Reserve Account
Draw Amount"), then the Servicer's Certificate also shall specify the Reserve
Account Draw Amount, and the Trustee shall withdraw from the Reserve Account
funds in the amount of such Reserve Account Draw Amount (to the extent of the
funds available therein) on or prior to the related Payment Date in accordance
with the Servicer's Certificate. The amounts withdrawn by the Trustee from the
Reserve Account pursuant to this Section 5.2 shall be

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<PAGE>

deposited by the Trustee into the Collection Account pursuant to Section 4.3.
Notwithstanding the foregoing, if a Payout Trigger has occurred, all amounts
remaining on deposit in the Reserve Account after giving effect to the
application of amounts on deposit in the Reserve Account to pay any such
deficiency of amounts payable pursuant to clauses first through fifth shall be
deposited in the Note Payment Account and distributed to the Class A-1
Noteholders and the Class A-2 Noteholders pro rata (based on the Class A-1 Note
Balance and the Class A-2 Note Balance) and at the same priority level.

                                   ARTICLE VI
                              SERVICER AS CUSTODIAN

         Section 6.1       Duties of Servicer as Custodian.

         (a) Safekeeping. The Servicer, in its capacity as Custodian, shall hold
(or have agents hold on behalf of the Servicer) the Receivable Files on behalf
of the Trustee. In performing its duties as Custodian hereunder, the Custodian
shall act with reasonable care, exercising the degree of skill and care that the
Custodian exercises with respect to similar documents and that is consistent
with industry standards. The Custodian shall implement such policies and
procedures in writing with respect to the handling and custody of the Receivable
Files, so that the integrity and physical possession of the Receivable Files
shall be maintained, and, in general, shall attend to all details in connection
with maintaining custody of the Receivable Files as agent of the Trustee. The
Custodian shall maintain the Receivable Files in such a manner as shall enable
the Trustee to verify, if the Trustee so elects, the accuracy of the
recordkeeping of the Custodian. The Custodian shall promptly report to the
Trustee any failure on its part to hold the Receivable Files and shall promptly
take appropriate action to remedy any such failure.

         (b) Maintenance of and Access to Records. CBC (if it is the Custodian)
shall maintain each Receivables File at 300 North Greene Street, Suite 2050,
Greensboro, North Carolina 27401 or at such other office of CBC within the State
of North Carolina (or, in the case of any successor Servicer, within the State
in which its principal place of business is located) as shall be specified to
the Trustee by 30 days' prior written notice. The Custodian shall make available
to the Trustee (or, when requested in writing by the Trustee, to its attorneys
or auditors) the Receivables Files at such times during the normal operating
hours as the Trustee shall reasonably instruct.

         (c) Release of Documents. Upon written instructions from the Servicer,
the Custodian shall release or cause to be released any Receivables File to the
Servicer, the Servicer's agent, or the Servicer's designee, as the case may be,
at such place or places as the Servicer may designate, as soon thereafter as is
practicable, but in all cases only for the purpose of permitting the Servicer to
service the Receivables in accordance with this Agreement and the Servicing
Policy and Procedures or if the benefit under the insurance policy related to
the Receivable has been terminated, satisfied, surrendered, exchanged, or paid
in full. Any Receivables File so released shall be handled by the Servicer with
due care and returned to the Custodian for safekeeping as soon as the Servicer
or its agent or designee, as the case may be,

                                       46
<PAGE>

shall have no further need therefor. The Custodian shall not be responsible for
any loss occasioned by the failure of the Servicer, its agent or its designee to
return any documents or any delay in doing so.

         (d) Title to Receivables Files. The Custodian agrees that, in respect
of any Receivables File held as custodian hereunder, the Custodian will not at
any time have or in any way attempt to assert any interest in such Receivables
File, other than solely for the purpose of collecting the related Receivable for
the benefit of the Issuer and the Trustee and that the entire equitable interest
in such Receivable and the related Receivables File shall at all times be vested
in the Issuer and the Secured Parties.

         Section 6.2 Instructions; Authority to Act. The Custodian shall be
deemed to have received proper instructions with respect to the Receivables File
upon its receipt of written instructions signed by the Trustee. A certificate of
authority and incumbency executed by the Secretary or Assistant Secretary of the
Trustee shall constitute conclusive evidence of the authority of any signatory
to act and shall be considered in full force and effect until receipt by the
Custodian of written notice to the contrary given by the Trustee.

         Section 6.3 Custodian's Indemnification. The Custodian (other than the
Trustee) shall indemnify and hold harmless the Trustee, its officers, directors,
employees and agents and the Noteholders from and against any and all
liabilities, obligations, losses, compensatory damages, payments, costs or
expenses (including reasonable legal fees if any) of any kind whatsoever that
may be imposed on, incurred, or asserted against the Trustee or the Noteholders
as the result of any gross negligence or willful misconduct by the Custodian
relating to the maintenance and custody of the Receivables File; provided,
however, that the Custodian shall not be liable hereunder to the extent, but
only to the extent, that such liabilities, obligations, losses, compensatory
damages, payments, costs or expenses result from the willful misconduct or gross
negligence of the Trustee.

         Section 6.4 Effective Period and Termination. The Servicer's
appointment as Custodian shall become effective as of the Closing Date and shall
continue in full force and effect until terminated pursuant to this Section 6.4
or until this Agreement shall be terminated. The Custodian may perform its
duties through one or more agents, which agents may maintain physical possession
of Receivables Files as agent for the Custodian acting as custodian but no such
arrangement shall relieve the Custodian of its obligations as custodian
hereunder. If CBC shall resign as Servicer, the appointment of the Custodian
hereunder may be terminated in the same manner as the rights and obligations of
the Servicer may be terminated under Section 8.2. Promptly (and in any event
within two Business Days) after any termination of such appointment, the
Custodian shall deliver, or cause to be delivered, the Receivables Files to the
Trustee, the Trustee's agent or the Trustee's designee at such place or places
as the Trustee (with the consent of the Note Voting Amount) may reasonably
designate.

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<PAGE>

                                   ARTICLE VII
                                    SERVICER

         Section 7.1       Liability of Servicer; Indemnities.

         (a) The Servicer (in its capacity as such and, in the case of CBC,
without limitation of its obligations hereunder in its individual capacity)
shall be liable hereunder only to the extent of the obligations in this
Agreement specifically undertaken by the Servicer and the representations,
warranties and covenants made by the Servicer.

         (b) The Servicer (if CBC is the Servicer) shall indemnify, defend and
hold harmless the Issuer, the Trustee, the Backup Servicer, the Initial
Purchaser, their respective officers, directors, agents and employees and the
Noteholders from and against any taxes that may at any time be asserted against
any of such parties with respect to the transactions contemplated in this
Agreement, including, without limitation, any sales, gross receipts, tangible or
intangible personal property, privilege or license taxes and costs and expenses
in defending against the same.

         (c) The Servicer shall indemnify, defend and hold harmless the Issuer,
the Trustee, the Backup Servicer, the Initial Purchaser, their respective
officers, directors, agents and employees and the Noteholders from and against
any and all costs, expenses, losses, claims, damages, and liabilities to the
extent that such cost, expense, loss, claim, damage, or liability arose out of,
or was imposed upon the Issuer, the Trustee, the Backup Servicer, the Initial
Purchaser or the Noteholders by reason of the breach of this Agreement by the
Servicer (except as provided in Section 3.3), the gross negligence or willful
misconduct of the Servicer in the performance or failure to perform any of its
duties or obligations under this Agreement.

         (d) Indemnification under this Article shall survive the termination of
this Agreement and shall include, without limitation, reasonable fees, costs and
expenses of counsel and expenses of litigation. If the Servicer has made any
indemnity payments pursuant to this Article and the recipient thereafter
collects any of such amounts from others, the recipient shall promptly repay
such amounts collected to the Servicer, without interest.

         (e) Notwithstanding the indemnity provisions contained in Sections
7.1(b)-(d) above, the Servicer shall not be required to indemnify the Issuer,
the Trustee, the Backup Servicer, the Initial Purchaser, the Noteholders or
their respective officers, directors, agents or employees against any tax,
costs, expenses, losses, damages, claims or liabilities to the extent the same
shall be due to (i) the willful misconduct or gross negligence of such party, or
(ii) recourse for uncollectible or uncollected Receivables (unless such failure
to collect was a result of the Servicer's breach of its representations or
warranties or obligations hereunder).

         Section 7.2 Merger or Consolidation of, or Assumption of the
Obligations of the Servicer or Backup Servicer.

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<PAGE>

         (a) The Servicer shall not merge or consolidate with any other person,
convey, transfer or lease all or substantially all its assets as an entity to
another Person, or permit any other Person to become the successor to the
Servicer's business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be
capable of fulfilling the duties of the Servicer contained in this Agreement,
and shall be an Eligible Servicer (other than with respect to clauses (v) and
(vi) of the definition thereof). Any legal entity (i) into which the Servicer
may be merged or consolidated, (ii) resulting from any merger or consolidation
to which the Servicer shall be a party, (iii) which acquires by conveyance,
transfer, or lease all or substantially all of the assets of the Servicer, or
(iv) succeeding to the business of the Servicer, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of the
Servicer under this Agreement and, whether or not such agreement of assumption
is executed, shall be the successor to the Servicer under this Agreement without
the execution or filing of any paper or any further act on the part of any of
the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; provided, however, that (A) nothing contained herein shall be
deemed to release the Servicer from any obligation under the Related Documents
and (B) Servicer shall provide 30 days prior written notice of any merger,
consolidation or succession pursuant to this Section 7.2(a) to the Issuer, the
Trustee, the Noteholders and the Rating Agency. Notwithstanding the foregoing,
the Servicer shall not merge or consolidate with any other Person or permit any
other Person to become a successor to the Servicer's business, unless (x)
immediately after giving effect to such transaction, no representation, warranty
or covenant made pursuant to Section 3.3 shall have been breached (for purposes
hereof, such representations and warranties shall speak as of the date of the
consummation of such transaction) and (y) the Servicer shall have delivered to
the Issuer and the Trustee an Officer's Certificate and an Opinion of Counsel
each stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section 7.2(a) and that all conditions precedent, if
any, provided for in this Agreement relating to such transaction have been
complied with, and (z) the Servicer shall have delivered to the Issuer and the
Trustee an Opinion of Counsel, stating in the opinion of such counsel, either
(A) all financing statements and continuation statements and amendments thereto
have been authorized and filed that are necessary to preserve and protect the
security interest of the Issuer and the Trustee in the Receivables and reciting
the details of the filings or (B) no such action shall be necessary to preserve
and protect such interest.

         (b) Any legal entity (i) into which the Backup Servicer may be merged
or consolidated, (ii) resulting from any merger or consolidation to which the
Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer
or lease substantially all of the assets of the Backup Servicer, or (iv)
succeeding to the business of the Backup Servicer, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of the
Backup Servicer under this Agreement and, whether or not such agreement of
assumption is executed, shall be the successor to the Backup Servicer under this
Agreement without the execution or filing of any paper or any further act on the
part of any of the parties to this Agreement, anything in this Agreement to the
contrary notwithstanding; provided, however, that nothing contained herein shall
be deemed to release the Backup Servicer from any obligation hereunder.

                                       49
<PAGE>

         Section 7.3 Limitation on Liability of Servicer, Backup Servicer and
Others.

         (a) None of the Servicer, the Backup Servicer or any of the directors
or officers or employees or agents of the Servicer or the Backup Servicer shall
be under any liability to the Issuer or the Noteholders, except as provided in
this Agreement, for any action taken or for refraining from the taking of any
action pursuant to this Agreement; provided, however, that this provision shall
not protect the Servicer, the Backup Servicer or any such person against any
liability that would otherwise be imposed by reason of a breach of this
Agreement or willful misconduct or gross negligence in the performance of
duties; provided, further, that this provision shall not affect any liability to
indemnify the Issuer and the Trustee for costs, taxes, expenses, claims,
liabilities, losses or damages paid by the Issuer or the Trustee, each in its
individual capacity. The Servicer, the Backup Servicer and any director,
officer, employee or agent of the Servicer or the Backup Servicer may rely in
good faith on the written advice of counsel or on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under this Agreement.

         (b) The Backup Servicer shall not be liable for any obligation of the
Servicer contained in this Agreement, and the Issuer, the Trustee and the
Noteholders shall look only to the Servicer to perform such obligations.

         (c) The parties expressly acknowledge and consent to BNY Asset
Solutions LLC acting in the capacity of Backup Servicer or successor Servicer.
BNY Midwest Trust Company, as Trustee, and BNY Asset Solutions LLC, as Backup
Servicer may, in their respective capacities, discharge their functions fully,
without hindrance or regard to conflict of interest principles, duty of loyalty
principles or other breach of fiduciary duties to the extent that any such
conflict or breach arises from its respective performance of express duties set
forth in this Agreement in such respective capacities, all of which defenses,
claims or assertions are hereby expressly waived by the other parties hereto to
such extent, except in the case of gross negligence or willful misconduct by BNY
Midwest Trust Company or BNY Asset Solutions LLC, as applicable.

         Section 7.4 Delegation of Duties. The Servicer may delegate all or any
portion of its servicing duties under this Agreement to an Affiliate of the
Servicer by providing prior written notification to the Rating Agency and
obtaining the prior written consent of the Note Voting Amount, the Issuer, and
the Backup Servicer; provided, however, that no such delegation or
sub-contracting duties by the Servicer shall relieve the Servicer of its
responsibility with respect to such duties. If the Backup Servicer becomes the
Servicer hereunder, such Servicer may delegate its duties to one or more
subservicers; provided, however, that such delegation shall not relieve the
Servicer of its responsibility with respect to such duties. The Servicer may at
any time perform certain specific duties as Servicer through other
subcontractors, including through the Subservicer pursuant to the Subservicing
Agreement. The Subservicer shall be paid compensation on market terms by the
Servicer.

         Section 7.5 Servicer and Backup Servicer Not to Resign. Subject to the
provisions of Section 7.2, neither the Servicer nor the Backup Servicer shall
resign from the obligations and duties imposed on it by this Agreement as
Servicer or Backup Servicer except upon a

                                       50
<PAGE>

determination that by reason of a change in legal requirements the performance
of its duties under this Agreement would cause it to be in violation of such
legal requirements in a manner which would have a material adverse effect on the
Servicer or the Backup Servicer, as the case may be, and the Note Voting Amount
does not elect to waive the obligations of the Servicer or the Backup Servicer,
as the case may be, to perform the duties which render it legally unable to act
or to delegate those duties to another Person. Any such determination permitting
the resignation of the Servicer or the Backup Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered and acceptable to the Issuer and the
Trustee. Notwithstanding the foregoing, if the Backup Servicer or the Servicer
is the Trustee and the Trustee resigns or is removed pursuant to Section 6.8 of
the Indenture, the Backup Servicer or the Servicer, as the case may be, may
resign hereunder or may be removed by the Issuer. No resignation of the Servicer
shall become effective until the Backup Servicer or a successor Servicer that is
an Eligible Servicer shall have assumed the responsibilities and obligations of
the Servicer. No resignation or removal of the Backup Servicer shall become
effective until the Issuer shall have appointed a Person that is an Eligible
Servicer to act as successor Backup Servicer and such Person shall have assumed
the responsibilities and obligations of the Backup Servicer; provided, however,
that in the event a successor Backup Servicer is not appointed within 60 days
after the Backup Servicer has given notice of its resignation and has provided
the Opinion of Counsel required by this Section 7.5, the Backup Servicer may
petition a court for its removal. The Backup Servicer may resign for any reason,
provided an entity acceptable to the Trustee and the Note Voting Amount, in
their sole discretion, shall have assumed the responsibilities and obligations
of the Backup Servicer prior to the effectiveness of any such resignation.

                                  ARTICLE VIII
                           SERVICER TERMINATION EVENTS

         Section 8.1 Servicer Termination Event. For purposes of this Agreement,
each of the following shall constitute a "Servicer Termination Event":

                  (a) Any failure by the Servicer to deliver to the Trustee for
         distribution to the Noteholders any proceeds or payment received and/or
         required to be delivered by the Servicer under the terms of this
         Agreement that continues unremedied for a period of two (2) Business
         Days after such payment is due;

                  (b) Failure by the Servicer to deliver to the Trustee the
         Servicer's Certificate on any Determination Date, or failure on the
         part of the Seller or the Servicer to observe their respective
         covenants and agreements set forth in Section 2.13, or failure on the
         part of the Servicer to observe its covenants and agreements set forth
         in Section 7.2(a);

                  (c) Failure or failures on the part of the Seller or the
         Servicer duly to observe or perform any covenants or agreements of the
         Seller or the Servicer set forth in this Agreement (other than the
         breach of a covenant or agreement which constitutes a Servicer
         Termination Event under another subsection of this Section 8.1), which
         failure remains unremedied for a period of thirty (30) days after a
         Responsible Officer of either the Seller or the Servicer has actual
         knowledge or notice thereof;

                                       51
<PAGE>

                  (d) The occurrence of an Insolvency Event with respect to the
         Servicer;

                  (e) Any representation, warranty or statement of the Servicer
         made in this Agreement or any certificate, report or other writing
         delivered pursuant hereto shall prove to be incorrect as of the time
         when the same shall have been made, and the incorrectness of such
         representation, warranty or statement has a material adverse effect on
         the Issuer or the interests of the Noteholders and, within thirty (30)
         days after a Responsible Officer of the Servicer has actual knowledge
         or notice thereof, the circumstances or condition in respect of which
         such representation, warranty or statement was incorrect (and the
         resulting adverse effect) shall not have been eliminated or otherwise
         cured, but not including any representation, warranty, covenant or
         statement related to any Purchased Receivable on which payment of the
         Purchase Amount is made in connection therewith pursuant to Section
         3.4;

                  (f) Any Performance Guarantor Default shall occur; or

                  (g) (i) the Servicer is in default (as principal or as
         guarantor or other surety) in the payment of any principal of or
         premium or make-whole amount or interest on any indebtedness that is
         outstanding in an aggregate principal amount of at least $1,000,000
         beyond any period of grace, if any, provided with respect thereto, or
         (ii) the Servicer is in default in the performance of or compliance
         with any term of any evidence of any indebtedness in an aggregate
         outstanding principal amount of at least $1,000,000 or of any mortgage,
         indenture or other agreement relating thereto or any other condition
         exists, and as a consequence of such default or condition such
         indebtedness has become, or has been declared, due and payable before
         its stated maturity or before its regularly scheduled dates of payment.

         Section 8.2 Consequences of a Servicer Termination Event. If a Servicer
Termination Event shall occur and be continuing, either the Trustee (to the
extent a Responsible Officer of the Trustee has actual knowledge thereof or at
the direction of the Note Voting Amount), the Issuer or the Note Voting Amount,
by notice given in writing to the Servicer and Backup Servicer (and to the
Trustee and the Issuer if given by the Noteholders) may terminate all of the
rights and obligations of the Servicer under this Agreement; provided, however,
that the terminated Servicer (if CBC is the terminated Servicer) shall remain
liable for any breach of its covenants described in Section 2.13 and Section
3.3(a) and for purchases of Receivables pursuant to Section 3.4. On or after the
receipt by the Servicer of such written notice or upon termination of the term
of the Servicer, all authority, power, obligations and responsibilities of the
Servicer under this Agreement, whether with respect to the Notes, the
Receivables or otherwise (other than any repurchase obligation of the Servicer
for which CBC shall remain liable), automatically shall pass to, be vested in
and become obligations and responsibilities of the Backup Servicer; provided,
however, that the successor Servicer shall (i) have no liability for, and shall
be indemnified by the terminated Servicer or CBC, and from the Collection
Account in accordance with Section 4.2(b), from and against any and all costs,
expenses, losses, damages, claims and liabilities (collectively, "Losses"),
arising out of or resulting from any act, omission or breach of

                                       52
<PAGE>

this Agreement of the terminated Servicer or CBC and (ii) have no obligation to
perform any repurchase or advancing obligations of CBC hereunder. The successor
Servicer shall have no liability to the Noteholders, the Trustee or to any other
Person for any Losses arising out of or resulting from delays of the terminated
Servicer in transmitting Quarterly Records or Collection Records, to the
successor Servicer, or for any other Losses incurred in the servicing
transition. The successor Servicer is authorized and empowered by this Agreement
to execute and deliver, on behalf of the terminated Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination. The terminated Servicer agrees to
cooperate with the successor Servicer in effecting the termination of the
responsibilities and rights of the terminated Servicer under this Agreement,
including, without limitation, the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
terminated Servicer for deposit, or have been deposited by the terminated
Servicer, in the Collection Account or thereafter received with respect to the
Receivables and the delivery to the successor Servicer of all Quarterly Records
and Collection Records and a computer tape in readable form as of the most
recent Business Day containing all information necessary to enable the successor
Servicer to service the Receivables. The terminated Servicer shall grant the
Issuer, the Trustee and the successor Servicer reasonable access to the
terminated Servicer's premises at the terminated Servicer's expense. The
terminated Servicer shall be entitled, for so long as it was performing its
duties and obligations as Servicer in accordance with the terms of this
Agreement, to its pro rata share of the Servicing Fee for the Quarterly Period
during which the termination occurred.

         Section 8.3       Appointment of Successor Servicer.

         (a) On and after the time the Servicer and the Backup Servicer receives
a notice of termination pursuant to Section 8.2, or upon the resignation of the
Servicer pursuant to Section 7.5, the Backup Servicer shall be the successor in
all respects to the Servicer in its capacity as servicer under this Agreement
and the transactions set forth or provided for in this Agreement, and shall be
subject to all the rights, responsibilities, restrictions, duties, liabilities
and termination provisions relating thereto placed on the Servicer by the terms
and provisions of this Agreement. The Issuer and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. If a successor Servicer is acting as Servicer hereunder, it
shall be subject to termination under Section 8.2 upon the occurrence of any
Servicer Termination Event applicable to it as Servicer.

         (b) Notwithstanding the above, if the Backup Servicer shall be legally
unable or unwilling to act as Servicer, the Backup Servicer, the Trustee, the
Note Voting Amount or the Issuer may petition a court of competent jurisdiction
to appoint any Eligible Servicer to act as the successor to the Servicer.
Pending appointment pursuant to the preceding sentence, the Backup Servicer
shall act as successor Servicer unless it is legally unable to do so, in which
event the outgoing Servicer shall continue to act as Servicer until a successor
has been appointed and accepted such appointment. Subject to Section 7.5, no
provision of this Agreement shall be construed as relieving the Backup Servicer
of its obligation to succeed as successor Servicer

                                       53
<PAGE>

upon the termination of the Servicer pursuant to Section 8.2 or the resignation
of the Servicer pursuant to Section 7.5.

         (c) Any successor Servicer shall be entitled to such compensation
(whether payable out of the Collection Account or otherwise) as the Servicer
would have been entitled to under this Agreement if the Servicer had not
resigned or been terminated hereunder. In addition, any successor Servicer shall
be entitled to reasonable transition expenses incurred in acting as successor
Servicer.

         (d) The Backup Servicer may, with the prior consent of the Note Voting
Amount and at its own expense, subservice any and all of its duties and
responsibilities hereunder, including its duties as successor Servicer hereunder
should the Backup Servicer become the successor Servicer pursuant to Section 8.2
or this Section 8.3; provided, however, that notwithstanding such subservicing,
the Backup Servicer shall remain primarily liable for the performance of the
duties and obligations so subserviced.

         Section 8.4 Notification to Noteholders. Upon any termination of, or
appointment of a successor to, the Servicer pursuant to this Article VIII, the
Issuer shall give prompt written notice thereof to the Rating Agency, and the
Trustee shall give prompt written notice thereof to Noteholders at their
respective addresses appearing in the Note Register.

         Section 8.5 Waiver of Past Defaults. The Note Voting Amount may, on
behalf of all Holders of Notes, waive any default by the Servicer in the
performance of its obligations hereunder or Servicer Termination Event and its
consequences; provided, however, that the Note Voting Amount may not waive any
default in the full and timely payment to BNY Midwest Trust Company, as Trustee
or BNY Asset Solutions LLC, as Backup Servicer of any of their respective fees,
expenses or other amounts due to either of them. Upon any such waiver of a past
default or Servicer Termination Event, such default or Servicer Termination
Event shall cease to exist, and any Servicer Termination Event arising therefrom
shall be deemed to have been remedied for every purpose of this Agreement. No
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. The Trustee shall provide the Noteholders and the Rating
Agency with notice of any waiver of any such default or Servicer Termination
Event.

                                   ARTICLE IX
                                   TERMINATION

         Section 9.1 Optional Purchase of All Receivables. On each Determination
Date as of which the Note Balance is equal to or less than 10% of the original
Note Balance, CBC shall have the option to purchase all, but not part, of the
Receivables. To exercise such option, CBC shall give the Issuer and the Trustee
written notice of such election at least 25 days prior to the Redemption Date
and pay the aggregate Purchase Amounts for the Receivables and following the
Redemption Date shall succeed to all interests in and to the Receivables;
provided, however, that the amount to be paid for such purchase (as set forth in
the following sentence) shall be sufficient to pay the full amount of the
Redemption Price of the Notes if applied in accordance

                                       54
<PAGE>

with Section 4.4. CBC shall deposit the aggregate Purchase Amounts for the
Receivables into the Collection Account on such Determination Date, and the
Trustee shall distribute the amounts so deposited in accordance with Section
4.4.

                                    ARTICLE X
                            MISCELLANEOUS PROVISIONS

         Section 10.1      Amendment.

         (a) This Agreement may be amended by the Seller, the Servicer, the
Backup Servicer, the Trustee and the Issuer, without the consent of any of the
Noteholders, (i) to cure any ambiguity or (ii) to add provisions to this
Agreement or to correct or supplement any provisions in this Agreement;
provided, however, that any such action shall not, as evidenced by an Opinion of
Counsel delivered to the Issuer and the Trustee, adversely affect in any
material respect the interests of the Noteholders.

         (b) This Agreement may be amended from time to time by the Seller, the
Servicer, the Backup Servicer, the Trustee and the Issuer and with the prior
written consent of the Note Voting Amount (which consent of any Holder of a Note
given pursuant to this Section 10.1 or pursuant to any other provision of this
Agreement shall be conclusive and binding on such Holder and on all future
Holders of such Note and of any Note issued upon the transfer thereof or in
exchange thereof or in lieu thereof whether or not notation of such consent is
made upon the Note) for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement, or of
modifying in any manner the rights of the Holders of Notes; provided, however,
that no such amendment, modification or change shall without the prior written
consent of the Holders of all Notes then Outstanding (i) increase or reduce in
any manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions required to be made on any Note, the
Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class B Interest Rate
or the Class C Interest Rate, (ii) amend any provisions of Section 4.4 in such a
manner as to affect the priority of payment of interest or principal to
Noteholders, (iii) reduce the aforesaid percentage required to consent to any
such amendment or any waiver hereunder or (iv) amend, alter or modify the
definition of Net Available Funds.

         (c) Prior to the execution of any such amendment or consent, the Issuer
shall furnish written notification of the substance of such amendment or consent
to the Rating Agency.

         (d) Promptly after the execution of any such amendment or consent, the
Issuer shall furnish an executed copy of such amendment or consent to the
Trustee, who shall promptly furnish copies thereof to the Noteholders.

         (e) Prior to the execution of any amendment to this Agreement, the
Issuer and Trustee shall each be entitled to receive, upon request, and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized and permitted by this Agreement, in addition to the Opinion of
Counsel referred to in Section 10.2(i). The Issuer may, but shall not be
obligated to, enter into any such amendment which affects the Issuer's own
rights, duties or immunities

                                       55
<PAGE>

under this Agreement or otherwise. The Trustee may, but shall not be obligated
to, enter into any amendment to this Agreement that affects the Trustee's own
rights, duties, liabilities or immunities under this Agreement or otherwise.

         Section 10.2      Protection of the Receivables.

         (a) The Servicer shall authorize and file such financing statements and
cause to be authorized and filed such continuation, termination and other
financing statements, all in such manner and in such places as may be required
by law fully to preserve, maintain and protect the security interest of the
Issuer and the Trustee in the Receivables and in the proceeds thereof. The
Servicer shall deliver (or cause to be delivered) to the Issuer and the Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

         (b) None of the Seller, the Servicer or the Issuer shall change its
name, identity or legal structure in any manner that would, could or might make
any financing statement or continuation statement filed by the Servicer in
accordance with paragraph (a) above seriously misleading within the meaning of
the UCC, unless and until it shall have fulfilled the requirements of Section
2.7(b).

         (c) None of the Seller, the Servicer or the Issuer shall change its
location (as such term is used in the applicable UCC), unless and until it shall
have fulfilled the requirements of Section 2.7(b). The Servicer shall at all
times maintain each office from which it services Receivables and the Seller,
the Servicer and the Issuer shall at all times maintain its chief executive
office within the United States of America.

         (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know the status of such Receivable (updated within one Business Day),
including payments made and payments owing (and the nature of each) and (ii)
reconciliation between payments on each Receivable and the amounts from time to
time deposited in the Collection Account in respect of such Receivable.

         (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Receivables to the Issuer,
the Servicer's master computer records (including any backup archives) that
refer to any Receivable indicate clearly (with reference to the Issuer) that the
Receivable is owned by the Issuer and subject to the lien of the Indenture.
Indication of the Issuer's ownership of a Receivable and the lien of the
Indenture shall be deleted from or modified on the Servicer's computer systems
when, and only when, the insurance policy related to such Receivable has been
terminated, satisfied, surrendered, exchanged, paid in full or repurchased by
the Seller or the Servicer, as applicable.

         (f) If at any time the Servicer proposes to sell, grant a security
interest in, or otherwise transfer any interest in receivables to any
prospective purchaser, lender or other transferee, the Servicer shall give to
such prospective purchaser, lender or other transferee computer tapes, records
or printouts (including any restored from backup archives) that, if they refer
in any

                                       56
<PAGE>

manner whatsoever to any Receivable, indicate clearly that such Receivable has
been sold and is owned by the Issuer unless the insurance policy related to such
Receivable has been terminated, satisfied, exchanged, paid in full or
repurchased by the Seller or the Servicer, as applicable.

         (g) The Servicer shall deliver to the Issuer, the Trustee and the
Rating Agency, on or prior to the Closing Date and on or before April 30 of each
calendar year commencing in 2003 an Opinion of Counsel, either (a) stating that,
in the opinion of such counsel, all financing statements and continuation
statements have been authorized and filed that are necessary fully to preserve
and protect the security interest of the Issuer and the Trustee in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (b) stating that, in the
opinion of such counsel, no action shall be necessary to preserve and protect
such security interest.

         (h) The Servicer shall furnish to the Issuer, the Trustee and the
Backup Servicer at any time upon reasonable request a list of all Receivables
then held by Issuer, together with a reconciliation of such list to the Schedule
of Receivables and to each of the Servicer's Certificates furnished before such
request indicating removal of Receivables from the Issuer. Upon request, the
Servicer shall furnish a copy of any list to the Seller.

         (i) The Servicer shall deliver to the Issuer and the Trustee
simultaneously with the execution and delivery of this Agreement and of each
amendment hereto or to any of the other Related Documents and upon the
occurrence of the events giving rise to an obligation to give notice pursuant to
Section 10.2(b) or (c), an Opinion of Counsel either (a) stating that, in the
opinion of such counsel, all financing statements and continuation statements
have been authorized and filed that are necessary fully to preserve and protect
the security interest of the Issuer and the Trustee in the Receivables, and
reciting, the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (b) stating that, in the opinion of such
counsel, no such action is necessary to preserve and protect such security
interest.

         Section 10.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN WITH RESPECT TO
PERFECTION OF THE TRANSFER HEREUNDER) AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

         Section 10.4 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Notes or the
rights of the Holders thereof.

                                       57
<PAGE>

         Section 10.5 Assignment. Notwithstanding anything to the contrary
contained in this Agreement, except as provided in Section 7.2 or Section 8.2
(and as provided in the provisions of the Agreement concerning the resignation
of the Servicer and the Backup Servicer), this Agreement may not be assigned by
the Seller or the Servicer without the prior written consent of the Issuer, the
Trustee, the Backup Servicer and the Note Voting Amount.

         Section 10.6 Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns, including the Trustee on behalf of the
Noteholders pursuant to the Indenture. Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder and permitted assigns, any benefit or any legal or
equitable right, remedy or claim under this Agreement.

         Section 10.7 Counterparts. For the purpose of facilitating its
execution and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and all of which counterparts shall constitute but one and the same
instrument.

         Section 10.8 Notices. All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by certified
mail-return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, at the following address: Long, Miller &
Associates, L.L.C., c/o Clark/Bardes Consulting, Inc., 102 South Wynstone Park
Drive, North Barrington, Illinois 60010, Fax No.: (847) 304-9568, Attention:
Andy Lee, (b) in the case of CBC, at the following address: 102 South Wynstone
Park Drive, North Barrington, Illinois 60010, Fax No.: (847) 304-9568,
Attention: Thomas M. Pyra, (c) in the case of the Issuer, at the following
address: CBC Insurance Revenue Securitization, LLC, c/o Clark/Bardes Consulting,
Inc., 102 South Wynstone Park Drive, North Barrington, Illinois 60010, Fax No.:
(847) 304-9568, Attention: Thomas M. Pyra, (d) in the case of the Trustee, at
the following address: 2 North LaSalle Street, Chicago, Illinois 60602, Fax No.:
(312) 827-8570, Attention: Sally Tokich, (e) in the case of the Backup Servicer,
at the following address: 600 East Las Colinas Boulevard, Suite 1300, Irving,
Texas 75039, Fax No.: (972) 401-8554, Attention: Risk Management and (f) in the
case of the Rating Agency, at the following address: Standard & Poor's Ratings
Services, at 55 Water Street 41st Floor, New York, New York 10041, Fax No.:
(212) 438-2664, Attention: Structured Finance - Asset-Backed Surveillance; or at
such other address as shall be designated by any such Person in a written notice
to the parties hereto. Any notice required or permitted to be mailed to a
Noteholder shall be given by first class mail, postage prepaid, at the address
of such Noteholder as shown in the Note Register, and any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to
have been duly given, whether or not the Noteholder receives such notice.
Notwithstanding any provision hereof to the contrary, a copy of each notice
required to be provided hereunder shall be provided to the Rating Agency.

                                       58
<PAGE>

         Section 10.9 WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH,
ANY RELATED DOCUMENT OR ANY MATTER ARISING THEREUNDER.

         Section 10.10 Nonpetition Covenant. Until the date that is one year and
one day following the payment in full of all amounts due in respect of the
Notes, none of the Trustee, the Servicer, the Issuer, the Backup Servicer nor
the Seller shall petition or otherwise invoke the process of any court or
government authority for the purpose of commencing or sustaining an involuntary
case against the Issuer under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or any substantial part of
its respective property, or ordering the winding up or liquidation of the
affairs of the Issuer.

                            [SIGNATURE PAGES FOLLOW]

                                       59
<PAGE>

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

                                      CBC INSURANCE REVENUE SECURITIZATION, LLC,
                                      as Issuer

                                      By:    /s/ James Radosevich
                                             -----------------------------------
                                      Name:  James Radosevich
                                      Title: Secretary

                                      LONG, MILLER & ASSOCIATES, L.L.C.

                                      By:  CLARK/BARDES CONSULTING, INC.,
                                           its sole member

                                           By:    /s/ Thomas M. Pyra
                                                  ------------------------------
                                           Name:  Thomas M. Pyra
                                           Title: Chief Financial Officer and
                                                  Chief Operating Officer

                                      CLARK/BARDES CONSULTING, INC.,
                                      in its individual capacity and as
                                      initial Servicer

                                           By:    /s/ Thomas M. Pyra
                                                  ------------------------------
                                           Name:  Thomas M. Pyra
                                           Title: Chief Financial Officer and
                                                  Chief Operating Officer

                                       S-1
<PAGE>

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

                                      By:    /s/ Sally Tokich
                                             -----------------------------------
                                      Name:  Sally Tokich
                                      Title: Assistant Treasurer

                                      BNY ASSET SOLUTIONS LLC,
                                      not in its individual capacity, but
                                      solely as Backup Servicer

                                      By:    /s/ Michael F. Cocanougher
                                             -----------------------------------
                                      Name:  Michael F. Cocanougher
                                      Title: Managing Director

                                       S-2
<PAGE>

                                    Exhibit A

                               FORM OF ASSIGNMENT
                               ------------------

                                                          November __, 2002

         For value received, in accordance with the Sale and Servicing
Agreement, dated as of October 1, 2002 (the "Sale and Servicing Agreement"),
among CBC Insurance Revenue Securitization, LLC, as Issuer (the "Issuer"), the
undersigned, individually and as Seller ("LongMiller"), Clark/Bardes Consulting,
Inc., as Servicer (the "Servicer"), BNY Midwest Trust Company, as Trustee (the
"Trustee") and BNY Asset Solutions, LLC, as Backup Servicer (the "Backup
Servicer"), LongMiller does hereby irrevocably sell, transfer, assign and
otherwise convey unto the Issuer, without recourse (subject to the obligations
in the Sale and Servicing Agreement), all right, title and interest of
LongMiller in and to (A) the Receivables listed in the Schedule of Receivables
and all monies received thereunder after the Cutoff Date with respect to such
Receivables; (B) the Receivable File related to each Receivable; (C) all funds
on deposit in the Existing Bank Accounts and the Trust Accounts, and all
investments and proceeds thereof (including all income therein); and (D) the
proceeds of any and all of the foregoing. The foregoing sale does not constitute
and is not intended to result in any assumption by the Issuer of any obligation
of the undersigned to the Obligors or any other person in connection with the
Receivables, the Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

         This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the Sale
and Servicing Agreement and is to be governed by the Sale and Servicing
Agreement.

         Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Sale and Servicing Agreement.

         This Assignment shall be governed by and construed in accordance with
the internal laws of the State of Illinois.

                                       S-3
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of the date first above written.

                                       LONG, MILLER & ASSOCIATES, L.L.C.

                                       By:  CLARK/BARDES CONSULTING, INC.,
                                            its sole member

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

<PAGE>

                                                                       Exhibit B
                             SERVICER'S CERTIFICATE
                             ----------------------

<PAGE>

                                                                       Exhibit C
                               ACCOUNTANTS' REPORT
                               -------------------

<PAGE>

                                                                       Exhibit D
                           FORM OF LETTER OF DIRECTION
                           ---------------------------

                [Letterhead of Long, Miller & Associates, L.L.C.]

[Carrier]
[Address]
[Address]
Attention:  [            ]

Dear _______________:

         Reference is made to [our letter to you dated ___________, 2002, which
you acknowledged and returned to us (the "Letter")] [the Agreement and
Acknowledgement of Assignment dated ________, 2002 among you, Long, Miller &
Associates, L.L.C. and the other parties thereto (the "Agreement")]. Capitalized
terms used herein are used as used in the [Letter][Agreement]. We hereby advise
you that we have irrevocably sold, transferred and assigned all of our right,
title and interest in and to all of the Commissions referred to in the
[Letter][Agreement] to CBC Insurance Revenue Securitization, LLC, a Delaware
limited liability company ("CBC LLC"), and CBC LLC has pledged all of such
right, title and interest to BNY Midwest Trust Company, as trustee (the
"Trustee") for the benefit of the holders of certain indebtedness to be issued
by CBC LLC. We hereby irrevocably instruct you to direct all payments due and
payable on the Commissions on and after December 9, 2002, at the time such
payments are due, by means of (i) a wire transfer of immediately available
funds, to the following account (the "Lock-Box Account"):

                  Account Name:
                               -------------------------------------
                  Account No.:
                              --------------------------------------
                  Bank:
                       ---------------------------------------------
                  ABA No.:
                          ------------------------------------------
                  Attention:
                            ----------------------------------------
                  Telephone:
                            ----------------------------------------
                  Fax:
                      ----------------------------------------------

or (ii) a check made payable to CBC Insurance Revenue Securitization, LLC mailed
to 2 North LaSalle Street, Chicago, Illinois 60602 for further deposit into the
Collection Account. We further authorize you to accept such further written
instructions from the Trustee, with respect to such payments.

         Please feel free to contact Mr. Andrew C. Lee at (800) 510-2050 should
you have any questions concerning these instructions.

                                       Very truly yours,

                                       LONG, MILLER & ASSOCIATES, L.L.C.

<PAGE>

                                       By: _______________________
                                           Name:
                                           Title:

<PAGE>

                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES
                             -----------------------

On file at BNY MIDWEST TRUST COMPANY

<PAGE>

                                   SCHEDULE B

                  REPRESENTATIONS AND WARRANTIES OF THE SELLER
                  --------------------------------------------

         In addition to the representations and warranties set forth in the
Agreement, the Seller makes the following representations and warranties as to
itself and the Receivables conveyed by the Seller, on which the Issuer relies in
accepting such Receivables and in executing and issuing the Notes and upon which
the Trustee has relied in authenticating the Notes.

         1. Characteristics of Receivables. (A) Each Receivable (1) has been
originated in connection with the purchase of a policy of life insurance issued
by an Obligor and was originated by the Seller in the ordinary course of its
business and the Seller had (x) all necessary insurance licenses and approvals
required by any Obligor obligated to make payments in respect of any Receivable
or required by any applicable jurisdiction and (y) all other necessary licenses
and approvals in all jurisdictions where the failure to do so would adversely
affect (i) its ability to transfer the Receivables to the Issuer pursuant to
this Agreement, (ii) the validity or enforceability of the Receivables or any
contract or agreement related thereto (iii) its ability to perform its
obligations hereunder and under the Related Documents to which it is a party and
(2) is subject to the first priority security interest in favor of the Issuer
pursuant to the Sale and Servicing Agreement, which in turn will be pledged to
the Trustee for the benefit of the Noteholders pursuant to the Indenture; and
(B) as of the Cutoff Date no payment with respect to any Receivable is overdue.

         2. Characteristics of Obligors. Each Obligor (other than Manufacturers
Life Insurance Company, Great-West Life & Annuity Insurance Company and Sun Life
Assurance Company of Canada) is incorporated or organized under the laws of a
State of the United States of America and, as of the Cutoff Date, no Obligor (A)
is the subject of any federal, state or other bankruptcy, insolvency or similar
proceeding or (B) is the subject of a judgment in its favor. Each payment with
respect to each Receivable will be made by the related Obligor 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
including those imposed by the state or foreign jurisdiction under the laws of
which such Person is organized or any political subdivision thereof.

         3. Location of Receivable Files. A complete Receivable File with
respect to each Receivable has been delivered to the Custodian on or prior to
the Closing Date.

         4. Schedule of Receivables. The information with respect to the
Receivables set forth in its Schedule of Receivables is true and correct as of
the close of business on the Closing Date.

<PAGE>

         5. Adverse Selection. No selection procedures having an adverse effect
on the Noteholders have been utilized in selecting the Receivables from those
payment streams similar to the Receivables owned by it which met the selection
criteria contained in this Agreement.

         6. Compliance with Law. None of the contracts related to any
Receivable, at the time such Receivable was originated, contravened and, at the
execution of this Agreement contravenes, any requirements of applicable federal,
state and local laws, and regulations.

         7. No Government Obligor. None of the Receivables is due from the
United States of America or any state or from any agency, department, or
instrumentality of the United States of America or any state.

         8. Receivables in Force. No Receivable has been satisfied, exchanged,
surrendered, terminated, subordinated or rescinded, nor has any such Receivable
been excluded from the Lien granted pursuant to the Indenture.

         9. No Amendments. No payment extensions on any Receivable has been
granted, and no contract related to any Receivable has been amended or modified
(except as provided in the related Receivables File) and none of the provisions
of any contract related to any Receivable have been waived (except as provided
in the related Receivables File).

         10. No Defenses. As of the Closing Date, no right of rescission,
set-off, counterclaim or defense exists (other than any unasserted setoff,
recoupment or similar right set forth in any Obligor Receivable Agreement or
existing under applicable law) or has been asserted or threatened with respect
to any Receivable or any contract related thereto. The operation of the terms of
any Receivable or any contract related thereto or the exercise of any right
thereunder will not render such Receivable or any contract related thereto
unenforceable in whole or in part or subject to any such right of rescission,
set-off, counterclaim, or defense (other than any unasserted setoff, recoupment
or similar right set forth in any Obligor Receivable Agreement or existing under
applicable law).

         11. No Fraud or Misrepresentation. Each Receivable was originated by it
without fraud, deceit or misrepresentation on its part.

         12. Receivables Not Assumable. No Receivable or any contract related
thereto is assumable by another Person in a manner which would release the
Obligor thereof from such Obligor's obligations to it with respect to payments
in respect of such Receivable.

         13. No Impairment. The Seller has not done anything to convey any right
to any Person that would result in such Person having a right to payments in
respect of any Receivable or otherwise to impair the rights of the Issuer, the
Trustee, the Initial Purchaser or the Noteholders in any Receivable or the
proceeds thereof (other than contracts, agreements or other similar arrangements
entered into by the Seller or any of its identified current or former officers,
employees or members obligating the Seller (or such other person) to split
certain commissions in specified amounts with such Persons, which such Persons
and amounts have been identified to

<PAGE>

the Trustee on or prior to the Closing Date). Prior to the sale by the Seller of
the Receivables to the Issuer, the Seller did not convey information (or know of
any such conveyance by another Person) to the Issuer that would result in
constructive or actual knowledge by the Issuer that the interest of the Seller
in such Receivables or the proceeds thereof were subject to the actual or
claimed interest of any Person.

         14. No Default. No default, breach, violation or event which could
reasonably be expected to result in the termination of any contract related to
any Receivable has occurred; no continuing condition that with notice or the
lapse of time could reasonably be expected to result in a default, breach,
violation, or event which could reasonably be expected to result in the
termination under the terms of any insurance policy related to any contract
related to any Receivable has arisen as of the Closing Date; the Seller shall
not waive, and has not waived, any of the foregoing.

         15. Title. It is the intention of the Seller that the sale, transfer
and assignment contemplated in this Agreement constitutes an absolute sale (or
contribution) of the Receivables and the proceeds thereof to the Issuer and that
the beneficial interest in and title to such Receivables not be part of its
estate in the event of the filing of a bankruptcy petition by or against it
under any bankruptcy law. No Receivable or the proceeds thereof has been sold,
transferred, assigned, or pledged by the Seller to any Person other than the
Issuer. Immediately prior to the sale, transfer and assignment herein
contemplated, the Seller had good and marketable title to each Receivable, and
was the sole owner thereof, free and clear of all Liens and, immediately upon
the transfer thereof, the Issuer shall have good and marketable title to each
the Receivable, and will be the sole owner thereof, free and clear of all Liens
(other than the Lien in favor of the Trustee pursuant to the Related Documents).

         16. Computer Tape. The Computer Tape made available by the Seller (or
the Servicer on its behalf) to the Issuer and the Backup Servicer on or prior to
the Closing Date was complete and accurate in all respects as of the Cutoff Date
and includes a description of the same Receivables that are described in the
Schedule of Receivables.

         17. Lawful Assignment. No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer, and
assignment of such Receivable under this Agreement shall be unlawful, void, or
voidable. The Seller has not entered into any contract, agreement or arrangement
with any account debtor that prohibits, restricts or conditions the assignment
of any portion of the Receivables (except in respect of which the required
consent to such assignment or waiver of such prohibition, restrictions or
conditions to such Assignment have been obtained).

         18. All Filings Made. All filings or other action (including, without
limitation, UCC filings) necessary in any jurisdiction to give the Issuer a
first priority perfected ownership interest, and the Trustee a first priority
perfected security interest, in the Receivables have been made.

<PAGE>

         19. Valid and Binding Obligation of Obligor. The related Obligor of
each Receivable is contractually obligated to make payments with respect to such
Receivable directly to the Seller (or to the Issuer (as assignee of such
Receivable)). Each Receivable and each contract related thereto is (a) in full
force and effect, (b) the legal, valid and binding obligation of the Obligor
thereunder and each other party thereto, (c) enforceable in accordance with its
terms, except only as such enforcement may be limited by bankruptcy, insolvency
or similar laws affecting the enforcement of creditors' rights generally, and
(d) all parties to such contract had full legal capacity to execute and deliver
such contract and all other documents related thereto. No event has occurred
under any contract related to a Receivable that would give the Obligor
thereunder the right to terminate such contract for cause or otherwise. All
necessary consents by each Obligor to the assignment of the Receivables have
been obtained and are in full force and effect.

         20. The Seller hereby makes represents, warrants, and covenants to each
other party to the Agreement and the Initial Purchaser, as follows, that on the
Closing Date:

                                     General
                                     -------

         1. The Indenture creates a valid and continuing security interest (as
defined in the applicable UCC) in the Receivables and the proceeds thereof in
favor of the Trustee for the benefit of the Noteholders, which security interest
is prior to all other Liens, and is enforceable as such as against its creditors
of and purchasers.

         2. The Receivables constitute "accounts," "deposit accounts,"
"electronic chattel paper," "general intangibles," "goods," "instruments,"
"investment property," or "tangible chattel paper," within the meaning of the
applicable UCC.

         3. The Lock-Box Account and the Trust Accounts constitute either a
deposit account or a securities account.

                                    Creation
                                    --------

         4. It owns and has good and marketable title to the Receivables free
and clear of any Lien (other than the Lien in favor of the Issuer or the Trustee
pursuant to this Agreement or the Related Documents).

         5. It has received all consents and approvals to the sale of the
Receivables hereunder to the Issuer required by the terms of each state's law
governing insurance policies.

                                   Perfection
                                   ----------

         6. It has caused or will have caused, within ten days after the
effective date of the Agreement, the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the sale of the Receivables from it to the
Issuer, and the security interest in the Receivables granted to the Trustee for
the benefit of the Noteholders.

<PAGE>

         7. With respect to the Lock-Box Account that constitutes a deposit
account, either:

         (i) the Issuer has delivered to the Trustee a fully executed agreement
         pursuant to which the bank maintaining the deposit account has agreed
         to comply with all instructions originated by the Trustee directing
         disposition of the funds in the Lock-Box Account without further
         consent by the Issuer; or

         (ii) the Issuer has taken all steps necessary to cause the Trustee to
         become the account holder of the Lock-Box Account.

         8. With respect to the Trust Accounts that constitute securities
accounts or securities entitlements, either:

         (i) the Issuer has caused or will have caused, within ten days after
         the effective date of the Agreement, the filing of all appropriate
         financing statements in the proper filing office in the appropriate
         jurisdictions under applicable law in order to perfect the security
         interest granted in the Receivables to the Trustee; or

         (ii) the Issuer has delivered to the Trustee a fully executed agreement
         pursuant to which the securities intermediary has agreed to comply with
         all instructions originated by the Trustee relating to the Trust
         Accounts without further consent by the Issuer; or

         (iii) the Issuer has taken all steps necessary to cause the securities
         intermediary to identify in its records the Trustee as the person
         having a security entitlement against the securities intermediary in
         each of the Trust Accounts.

                                    Priority
                                    --------

         9. Other than the transfer of the Receivables to the Issuer under the
Agreement and the security interest granted to the Trustee for the benefit of
the Noteholders pursuant to the Indenture, neither it nor the Issuer has
pledged, assigned, sold, granted a security interest in (except for any grant of
a security interest contained in any Obligor Receivable Agreement, as in effect
on the Closing Date), or otherwise conveyed any of the Receivables, the Lock-Box
Account or the Trust Accounts. Neither it nor the Issuer has authorized the
filing (except for any authorization to file a financing statement contained in
any Obligor Receivable Agreement, as in effect on the Closing Date, or resulting
from any Obligor Receivable Agreement being a security agreement under the
applicable UCC) of, or is aware of any financing statements against it or the
Issuer that include a description of collateral covering the Receivables, the
Lock-Box Account or any Trust Account other than any financing statement
relating to the security interest granted to the Issuer under the Agreement or
to the Trustee for the benefit of the Noteholders under the Indenture or that
has been terminated.

         10. Neither it nor the Issuer is aware of any judgment, ERISA or tax
lien filings against either it or the Issuer.

<PAGE>

         11. None of the Trust Accounts are in the name of any person other than
the Issuer or the Trustee. The Issuer has not consented to the securities
intermediary of any Trust Account to comply with entitlement orders of any
person other than the Trustee.

         12. The Lock-Box Account is not the name of any person other than the
Issuer or the Trustee. The Issuer has not consented to the bank maintaining the
Lock-Box Account to comply with instructions of any person other than the
Trustee.

         13. Survival of Perfection Representations. Notwithstanding any other
provision of the Agreement or any other Related Document, the representations
and warranties contained in this Schedule B shall be continuing, and remain in
full force and effect (notwithstanding any termination or replacement of the
Servicer or termination of Servicer's rights to act as such) until such time as
all Secured Obligations under the Related Documents have been finally and fully
paid and performed.

         14. No Waiver. The parties to the Agreement shall not, without
obtaining a confirmation of the then-current rating of the Notes, waive any of
the representations or warranties set forth in this Schedule B.

<PAGE>

                                   SCHEDULE C

                         SERVICING POLICY AND PROCEDURES
                         -------------------------------

<PAGE>

                                   SCHEDULE D

                   MAXIMUM OUTSTANDING NOTE PRINCIPAL BALANCE
                   ------------------------------------------

<PAGE>

                                   SCHEDULE E

                             PROBABILITY OF SURVIVAL
                             -----------------------EXHIBIT 10.24

                    CBC INSURANCE REVENUE SECURITIZATION, LLC

      3.52% Insurance Revenue Asset-Backed Notes, Class A-1, Series 2002-A

      5.54% Insurance Revenue Asset-Backed Notes, Class A-2, Series 2002-A

       7.65% Insurance Revenue Asset-Backed Notes, Class B, Series 2002-A

       8.88% Insurance Revenue Asset-Backed Notes, Class C, Series 2002-A

                               __________________

                                    INDENTURE

                           Dated as of October 1, 2002

                                     between

                   CBC INSURANCE REVENUE SECURITIZATION, LLC,
                                    as Issuer

                                       and

                           BNY MIDWEST TRUST COMPANY,

              not in its individual capacity, but solely as Trustee

                               __________________

<PAGE>

TABLE OF CONTENTS

<TABLE>
<S>                                                                                                             <C>
                                                                                                               PAGE

ARTICLE I           DEFINITIONS AND INCORPORATION BY REFERENCE...................................................2

         Section 1.1.          Definitions.......................................................................2

         Section 1.2.          Rules of Construction.............................................................7

ARTICLE II          THE NOTES....................................................................................7

         Section 2.1.          Form..............................................................................7

         Section 2.2.          Execution, Authentication and Delivery............................................8

         Section 2.3.          Temporary Notes...................................................................9

         Section 2.4.          Registration; Registration of Transfer and Exchange...............................9

         Section 2.5.          Mutilated, Destroyed, Lost or Stolen Notes.......................................10

         Section 2.6.          Person Deemed Owner..............................................................11

         Section 2.7.          Payment of Principal and Interest................................................11

         Section 2.8.          Cancellation.....................................................................12

         Section 2.9.          Certain Transfer Restrictions....................................................12

         Section 2.10.         Legending of Notes...............................................................15

         Section 2.11.         Book-Entry Notes.................................................................16

         Section 2.12.         Notices to Clearing Agency.......................................................17

         Section 2.13.         Definitive Notes.................................................................17

         Section 2.14.         Non-Qualified Purchaser Redemption...............................................17

         Section 2.15.         Certain Transfer Provisions......................................................18

ARTICLE III         REPRESENTATIONS, WARRANTIES AND COVENANTS...................................................19

         Section 3.1.          Payment of Principal and Interest................................................19

         Section 3.2.          Maintenance of Office or Agency..................................................19

         Section 3.3.          Money for Payments To Be Held in Trust...........................................20

         Section 3.4.          Existence........................................................................21

         Section 3.5.          Protection of Trust Estate.......................................................21

         Section 3.6.          Opinions as to Receivables.......................................................22

         Section 3.7.          Performance of Obligations; Servicing of Receivables.............................22

         Section 3.8.          Negative Covenants...............................................................24

         Section 3.9.          Annual Statement as to Compliance................................................24

         Section 3.10.         Consolidation and Disposition of Assets..........................................25

                                      -i-
<PAGE>

TABLE OF CONTENTS
(continued)

                                                                                                               PAGE

         Section 3.11.         Release of Issuer................................................................25

         Section 3.12.         No Other Business................................................................25

         Section 3.13.         No Borrowing.....................................................................25

         Section 3.14.         Servicer's Obligations...........................................................25

         Section 3.15.         Guarantees, Loans, Advances and Other Liabilities................................25

         Section 3.16.         Capital Expenditures.............................................................26

         Section 3.17.         Restricted Payments..............................................................26

         Section 3.18.         Notice of Events of Default......................................................26

         Section 3.19.         Further Instruments and Acts.....................................................26

         Section 3.20.         Compliance with Laws.............................................................26

         Section 3.21.         Amendments of Sale and Servicing Agreement.......................................26

         Section 3.22.         Tax Characterization.............................................................27

         Section 3.23.         Investment Company Act...........................................................27

         Section 3.24.         Separate Corporate Existence.....................................................27

         Section 3.25.         Delivery of Collections..........................................................29

         Section 3.26.         Use of Proceeds..................................................................29

         Section 3.27.         Sale and Servicing Agreement.....................................................29

         Section 3.28.         Bulk Transfer Laws...............................................................29

         Section 3.29.         Name and Other Changes...........................................................30

         Section 3.30.         Indenture Collateral.............................................................30

ARTICLE IV          SATISFACTION AND DISCHARGE..................................................................30

         Section 4.1.          Satisfaction and Discharge of Indenture..........................................30

         Section 4.2.          Application of Trust Money.......................................................31

         Section 4.3.          Payment of Moneys Held by Paying Agent...........................................32

         Section 4.4.          Release of Trust Estate..........................................................32

ARTICLE V           EVENTS OF DEFAULT; REMEDIES.................................................................32

         Section 5.1.          Events of Default................................................................32

         Section 5.2.          Rights upon Event of Default.....................................................33

         Section 5.3.          Collection of Indebtedness and Suits for Enforcement by Trustee..................34

         Section 5.4.          Remedies.........................................................................36

                                      -ii-
<PAGE>

TABLE OF CONTENTS
(continued)

                                                                                                               PAGE

         Section 5.5.          Optional Preservation of the Receivables.........................................36

         Section 5.6.          Priorities.......................................................................37

         Section 5.7.          Limitation of Suits..............................................................37

         Section 5.8.          Unconditional Rights of Noteholders To Receive Principal and Interest............38

         Section 5.9.          Restoration of Rights and Remedies...............................................38

         Section 5.10.         Rights and Remedies Cumulative...................................................38

         Section 5.11.         Delay or Omission Not a Waiver...................................................38

         Section 5.12.         Control by Noteholders...........................................................38

         Section 5.13.         Waiver of Past Defaults..........................................................39

         Section 5.14.         Undertaking for Costs............................................................39

         Section 5.15.         Waiver of Stay or Extension Laws.................................................40

         Section 5.16.         Action on Notes..................................................................40

         Section 5.17.         Performance and Enforcement of Certain Obligations...............................40

ARTICLE VI          THE TRUSTEE.................................................................................40

         Section 6.1.          Duties of Trustee................................................................40

         Section 6.2.          Rights of Trustee................................................................42

         Section 6.3.          Individual Rights of Trustee.....................................................44

         Section 6.4.          Trustee's Disclaimer.............................................................44

         Section 6.5.          Notice of Defaults and Rating Agency Action......................................44

         Section 6.6.          Reports by Trustee to Holders....................................................44

         Section 6.7.          Compensation and Indemnity.......................................................44

         Section 6.8.          Replacement of Trustee...........................................................45

         Section 6.9.          Successor Trustee by Merger......................................................47

         Section 6.10.         Appointment of Co-Trustee or Separate Trustee....................................47

         Section 6.11.         Eligibility; Disqualification....................................................48

         Section 6.12.         Appointment and Powers...........................................................48

         Section 6.13.         Limitation on Liability..........................................................49

         Section 6.14.         Reliance upon Documents..........................................................49

         Section 6.15.         Representations and Warranties of the Trustee....................................49

         Section 6.16.         Waiver of Setoffs................................................................50

                                      -iii-
<PAGE>

TABLE OF CONTENTS
(continued)

                                                                                                               PAGE

ARTICLE VII         NOTEHOLDERS' LISTS AND REPORTS..............................................................50

         Section 7.1.          Issuer to Furnish Trustee Names and Addresses of Noteholders.....................50

         Section 7.2.          Preservation of Information, Communications to Noteholders.......................50

         Section 7.3.          Reports by Issuer................................................................51

ARTICLE VIII        ACCOUNTS, DISBURSEMENTS AND RELEASES........................................................51

         Section 8.1.          Collection of Money..............................................................51

         Section 8.2.          Trust Accounts...................................................................51

         Section 8.3.          General Provisions Regarding Accounts............................................51

ARTICLE IX          SUPPLEMENTAL INDENTURES.....................................................................52

         Section 9.1.          Supplemental Indentures Without Consent of Noteholders...........................52

         Section 9.2.          Supplemental Indentures With Consent of Noteholders..............................53

         Section 9.3.          Execution of Supplemental Indentures.............................................54

         Section 9.4.          Effect of Supplemental Indenture.................................................54

         Section 9.5.          Reference in Notes to Supplemental Indentures....................................54

ARTICLE X           REDEMPTION OF NOTES.........................................................................55

         Section 10.1.         Redemption.......................................................................55

         Section 10.2.         Form of Redemption Notice........................................................55

         Section 10.3.         Notes Payable on Redemption Date.................................................55

ARTICLE XI          MISCELLANEOUS...............................................................................56

         Section 11.1.         Compliance Certificates and Opinions, etc........................................56

         Section 11.2.         Form of Documents Delivered to Trustee...........................................57

         Section 11.3.         Acts of Noteholders..............................................................58

         Section 11.4.         Notices, etc., to Trustee, Issuer and Rating Agency..............................59

         Section 11.5.         Notices to Noteholders; Waiver...................................................59

         Section 11.6.         Waiver of Trial by Jury..........................................................60

         Section 11.7.         Effect of Headings and Table of Contents.........................................60

         Section 11.8.         Successors and Assigns...........................................................60

         Section 11.9.         Severability.....................................................................60

         Section 11.10.        Benefits of Indenture............................................................60

         Section 11.11.        Legal Holidays...................................................................60

                                      -iv-
<PAGE>
TABLE OF CONTENTS
(continued)

                                                                                                               PAGE

         Section 11.12.        GOVERNING LAW....................................................................60

         Section 11.13.        Counterparts.....................................................................61

         Section 11.14.        Recording of Indenture...........................................................61

         Section 11.15.        Trust Obligation.................................................................61

         Section 11.16.        No Petition......................................................................61

         Section 11.17.        Inspection.......................................................................61
</TABLE>

Exhibit A-1 - Form of Class A-1 Note
Exhibit A-2 - Form of Class A-2 Note
Exhibit B - Form of Class B Note
Exhibit C - Form of Class C Note
Exhibit D - Note Depository Agreement
Exhibit E - List of Authorized Officers of Issuer

                                      -v-
<PAGE>

         This INDENTURE, dated as of October 1, 2002 is between CBC INSURANCE
REVENUE SECURITIZATION, LLC, a Delaware limited liability company (the
"Issuer"), and BNY MIDWEST TRUST COMPANY, an Illinois corporation, not in its
individual capacity, but solely as trustee (the "Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuer's 3.52% Insurance
Revenue Asset-Backed Notes, Class A-1, Series 2002-A (the "Class A-1 Notes"),
5.54% Insurance Revenue Asset-Backed Notes, Class A-2, Series 2002-A (the "Class
A-2 Notes" and, together with the Class A-1 Notes, the "Class A Notes"), 7.65%
Insurance Revenue Asset-Backed Notes, Class B, Series 2002-A (the "Class B
Notes") and 8.88% Insurance Revenue Asset-Backed Notes, Class C, Series 2002-A
(the "Class C Notes"; and, together with the Class A Notes and the Class B
Notes, the "Notes"):

         As security for the payment and the performance by the Issuer of the
Secured Obligations, the Issuer has agreed to assign the Indenture Collateral as
collateral to the Trustee for the benefit of the Secured Parties, as their
respective interests may appear.

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Trustee at the Closing Date, on behalf
of and for the benefit of the Secured Parties in order to secure the payment and
performance of the Secured Obligations, all of the Issuer's right, title and
interest in and to (a) the Receivables, all monies received thereunder after the
Cutoff Date and all proceeds with respect to such Receivables; (b) the
Receivables Files related to each Receivable; (c) the Existing Bank Accounts,
the Lock-Box Account and the Trust Accounts and all funds on deposit from time
to time in the Existing Bank Accounts, the Lock-Box Account and the Trust
Accounts and in all investments and proceeds thereof (including all income
thereon); (d) the Sale and Servicing Agreement, including the right to cause the
Seller or the Servicer to repurchase Receivables under certain circumstances;
and (e) all present and future claims, demands, causes and choses in action in
respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or in lieu of the
foregoing, including all proceeds of the conversion, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every kind
and other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing (collectively, the "Indenture Collateral").

         The Trustee on behalf of the Holders of the Notes acknowledges such
Grant. The Trustee on behalf of the Holders of the Notes accepts the trusts
under this Indenture in accordance with the provisions of this Indenture.

<PAGE>

                                    ARTICLE I
                   Definitions and Incorporation by Reference
                   ------------------------------------------

         SECTION 1.1.  Definitions.

         (a) Except as otherwise specified herein or as the context may
otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture.

         "1940 Act" means the Investment Company Act of 1940, as amended.

         "Accredited Investor" has the meaning specified in Rule 501(a) of
Regulation D under the Securities Act.

         "Act" has the meaning specified in Section 11.3(a).

         "Authorized Officer" means, with respect to the Issuer, the sole member
or any officer of the Issuer who is authorized to act for the Issuer in matters
relating to the Issuer and who is identified on the list of Authorized Officers
delivered by the Issuer to the Trustee on the Closing Date attached hereto as
Exhibit E (as such Exhibit E may be modified or supplemented from time to time
thereafter).

         "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.11.

         "Class A Notes" has the meaning set forth in the second paragraph of
this Indenture.

         "Class A-1 Notes" has the meaning set forth in the second paragraph of
this Indenture. Each Class A-1 Note will be substantially in the form of Exhibit
A-1.

         "Class A-2 Notes" has the meaning set forth in the second paragraph of
this Indenture. Each Class A-2 Note will be substantially in the form of Exhibit
A-2.

         "Class B Notes" has the meaning set forth in the second paragraph of
this Indenture. Each Class B Note will be substantially in the form of Exhibit
B.

         "Class C Notes" has the meaning set forth in the second paragraph of
this Indenture. Each Class C Note will be substantially in the form of Exhibit
C.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act that has been designated as
the "Clearing Agency" for purposes of this Indenture.

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

                                       2
<PAGE>

         "Code" means the Internal Revenue Code of 1986, as amended from time to
time, and Treasury Regulations promulgated thereunder.

         "Default" means any occurrence that is, or with notice or the lapse of
time or both would become, an Event of Default.

         "Definitive Notes" has the meaning specified in Section 2.11.

         "Eligible Account" means (a) a segregated trust account that is
maintained with the corporate trust department of the Trustee, or (b) a
segregated direct deposit account maintained with a depository institution or
trust company organized under the laws of the United States of America, or any
of the States thereof, or the District of Columbia subject to regulations
regarding fiduciary funds on deposit substantially similar to 12 C.F.R. Section
9.10(b).

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

         "Event of Default" has the meaning specified in Section 5.1.

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

         "Grant" means mortgage, pledge, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest
in and right of set-off against, deposit, set over and confirm pursuant to this
Indenture, and other forms of the verb "to Grant" shall have correlative
meanings. A Grant of the Indenture Collateral or of any other agreement or
instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Indenture Collateral and all other
moneys payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to
bring Proceedings in the name of the Granting party or otherwise and generally
to do and receive anything that the Granting party is or may be entitled to do
or receive thereunder or with respect thereto; provided, however, that no such
action will be taken unless an Event of Default has occurred and is continuing.

         "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

         "Indenture" means this Indenture as amended, supplemented or otherwise
modified from time to time.

         "Indenture Collateral" has the meaning specified in the Granting Clause
of this Indenture.

         "Independent Certificate" means a certificate or opinion to be
delivered to the Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1, made by an
Independent appraiser or other expert appointed by an Issuer Order,

                                       3
<PAGE>

and such opinion or certificate shall state that the signer has read the
definition of "Independent" in the Sale and Servicing Agreement and that the
signer is Independent within the meaning thereof.

         "Independent Manager" has the meaning set forth in Section 3.24(b).

         "Issuer" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein, each other obligor on the Notes.

         "Issuer Order" and "Issuer Request" means a written order or request,
as the case may be, signed in the name of the Issuer by any one of its
Authorized Officers and delivered to the Trustee.

         "Lien" means any security interest, lien, charge, pledge, or
encumbrance of any kind, including tax liens, mechanics' liens and any liens
that attach by operation of law; provided, however, the term "Lien" shall not
include (i) any liens for taxes, assessments or similar governmental charges or
levies incurred in the ordinary course of business that are not yet due and
payable or (ii) any lien or perfected security interest, if any, created under
the terms of any Obligor Receivable Agreement to secure any right to setoff or
similar right, if any, under such Obligor Receivable Agreement.

         "Note Depository Agreement" means the agreement between the Issuer, the
Trustee and The Depository Trust Company, as the initial Clearing Agency, dated
as of the Closing Date, substantially in the form of Exhibit D.

         "Note Owner" means, with respect to a Book-Entry Note, the Person who
is the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with the Clearing
Agency (directly as a Clearing Agency Participant or as an indirect participant,
in each case in accordance with the rules of the Clearing Agency).

         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.4.

         "Note Voting Amount" means, as of any date, Holders representing at
least 51% of the Note Balance.

         "Notes" has the meaning set forth in the second paragraph of this
Indenture.

         "Obligor Receivable Agreement" means, with respect to any Receivable,
any contract or agreement between the Seller and the related Obligor governing
payment in respect of such Receivable.

                                       4
<PAGE>

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1, and delivered to
the Trustee. Unless otherwise specified, any reference in this Indenture to an
Officer's Certificate shall be to an Officer's Certificate of any Authorized
Officer of the Issuer.

         "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

                  (i) Notes theretofore canceled by the Note Registrar or
         delivered to the Note Registrar for cancellation;

                  (ii) Notes or portions thereof the payment for which money in
         the necessary amount has been theretofore deposited with the Trustee or
         any Paying Agent in trust for the Holders of such Notes (provided, that
         if such Notes are to be redeemed, notice of such redemption has been
         duly given pursuant to this Indenture or provision therefor,
         satisfactory to the Trustee, has been made); and

         Notes in exchange for or in lieu of other Notes which have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Trustee is presented that any such Notes are held by a bona fide
purchaser;

provided, that in determining whether the Holders of the requisite Note Balance
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any Related Document, Notes owned by the Issuer, any
other obligor upon the Notes or any Affiliate of any of the foregoing Persons
shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Notes
that the Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee's right so to
act with respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes or any Affiliate of any of the foregoing Persons.

         "Paying Agent" means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the distributions from the Note Payment
Account, including payment of principal of or interest on the Notes on behalf of
the Issuer.

         "Proceeding" means any suit in equity, action at law or other judicial
or administrative proceeding.

         "Qualified Institutional Buyer" has the meaning specified in Rule 144A
promulgated by the Securities and Exchange Commission under the Securities Act.

         "Qualified Purchaser" has the meaning specified in Section 2(a)(51) of
the 1940 Act.

                                       5
<PAGE>

         "Rating Agency Condition" means, with respect to any action, that the
Rating Agency shall have been given 10 days prior written notice thereof; that
the Rating Agency shall have notified the Trustee and the Issuer in writing that
such action will not result in a reduction or withdrawal of the then current
ratings of the Notes; and that each Noteholder shall have received written
notice of such action from the Trustee.

         "Record Date" means, with respect to a Payment Date or Redemption Date,
the close of business on the last Business Day of the calendar month immediately
preceding the month of such Payment Date or Redemption Date.

         "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1, the Payment Date specified by the Issuer pursuant to
Section 10.1.

         "Redemption Price" means in the case of a redemption of the Notes
pursuant to Section 10.1, an amount equal to the Note Balance on the Redemption
Date plus accrued and unpaid interest thereon (including interest on any unpaid
interest to the extent permitted by law) at the Class A-1 Interest Rate, the
Class A-2 Interest Rate, the Class B Interest Rate or the Class C Interest Rate,
as the case may be, to but excluding the Redemption Date.

         "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

         "Responsible Officer" means, with respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Secretary, Assistant Secretary or Authorized Signer,
or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of October 1, 2002, among the Issuer, Long, Miller & Associates,
L.L.C., in its individual capacity and as Seller, Clark/Bardes Consulting, Inc.,
in its individual capacity and as the initial Servicer, the Trustee and BNY
Asset Solutions LLC, not in its individual capacity, but solely as Backup
Servicer, as amended, supplemented or otherwise modified from time to time.

         "Secured Obligations" means all amounts and obligations which the
Issuer may at any time owe to or on behalf of the Trustee for the benefit of the
Noteholders or to the Noteholders under this Indenture or the Notes.

         "Secured Parties" means the Trustee on behalf of and for the benefit of
the Noteholders in respect of the Secured Obligations.

         "Securities Act" means the Securities Act of 1933, as amended.

                                       6
<PAGE>

         "State" means any one of the 50 states of the United States of America
or the District of Columbia.

         "Termination Date" means the date on which the Trustee and the
Noteholders shall have received payment and performance of all Secured
Obligations in full.

         "Trust Estate" means all money, instruments, rights and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including the Indenture
Collateral Granted to the Trustee), including all proceeds thereof.

         "Trustee" means BNY Midwest Trust Company, as Trustee under this
Indenture, or any successor Trustee under this Indenture.

         (b) Capitalized terms used herein without definition shall have the
respective meanings assigned to such terms in the Sale and Servicing Agreement.

         SECTION 1.2.  Rules of Construction.  Unless otherwise specified:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles as in effect from time to time;

                  (iii) "or" is not exclusive;

                  (iv) "including" means "including without limitation";

                  (v) words in the singular include the plural and words in the
         plural include the singular; and

                  (vi) references to Sections, Subsections, Schedules and
         Exhibits shall refer to such portions of this Indenture.

                                   ARTICLE II
                                    The Notes
                                    ---------

         SECTION 2.1. Form. (a) The Class A-1 Notes, the Class A-2 Notes, the
Class B Notes and the Class C Notes, together with the Trustee's certificate of
authentication, shall be in substantially the forms set forth in Exhibits A-1,
A-2, B and C, respectively, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith,
be determined by the officers executing such Notes, as evidenced by their
execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on

                                       7
<PAGE>

the face of the Note. The terms of the Notes set forth in Exhibits A-1, A-2, B
and C are part of the terms of this Indenture.

         (b) The Definitive Notes (as defined below) shall be typewritten,
printed, lithographed or engraved or produced by any combination of these
methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.

         (c) Notes offered and sold to a Qualified Institutional Buyer in
reliance on Rule 144A shall be issued in the form of one or more permanent
global Notes substantially in the form of Exhibits A-1, A-2, B, and C, as the
case may be, with such applicable legends as are provided for in Section 2.10
(each a "Global Note") duly executed on behalf of the Issuer and authenticated
by the Trustee as hereinafter provided. Such Global Notes shall be in fully
registered form and shall be registered in the name of DTC, or its nominee, and
deposited with the Trustee, at its Corporate Trust Office, as custodian for DTC.
The aggregate principal amount of any Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, which
adjustments shall be conclusive as to the aggregate principal amount of any such
permanent Global Note.

         (d) Notes offered and sold to any Accredited Investor which is not a
Qualified Institutional Buyer in a transaction exempt from registration under
the Securities Act (and other than as described in Section 2.1(c)) shall be
issued in substantially the form of Exhibit A-1, A-2, B or C, as the case may
be, in definitive, fully registered form without interest coupons with such
applicable legends as are provided for in Section 2.10 (the "Definitive Notes")
duly executed on behalf of the Issuer and authenticated by the Trustee as
hereinafter provided. Notes issued pursuant to Section 2.13 in exchange for
interests in a Global Note shall be issued in the form of a Definitive Note.

         SECTION 2.2. Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

         Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Trustee shall upon receipt of an Issuer Order authenticate and
deliver Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C Notes for
original issue in an aggregate principal amount of $70,000,000, $97,000,000,
$108,000,000 and $30,000,000, respectively. The Class A-1 Note Balance, the
Class A-2 Note Balance, the Class B Note Balance and the Class C Note Balance at
any time may not exceed such respective amounts except as provided in Section
2.5.

                                       8
<PAGE>

         Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in minimum denominations of $100,000 and
in integral multiples of $1,000 in excess thereof (except that, for each class
or subclass of Notes, one Note may be issued in an amount equal to the remainder
of the aggregate stated principal balance of such class or subclass of Notes on
the Closing Date).

         No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate of authentication shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

         SECTION 2.3. Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee
shall authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, of the tenor of the Definitive
Notes in lieu of which they are issued and with such variations not inconsistent
with the terms of this Indenture as the officers executing such Notes may
determine, as evidenced by their execution of such Notes.

         If temporary Notes are issued, the Issuer will cause Definitive Notes
to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.2, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

         SECTION 2.4. Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Trustee shall be "Note Registrar" for the purpose of registering Notes and
transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.

         If a Person other than the Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to rely upon a certificate executed on behalf of
the Note Registrar by an Executive Officer thereof as to the names and addresses
of the Holders of the Notes and the principal amounts and number of such Notes.

                                       9
<PAGE>

         Subject to the provisions of Section 2.15, upon surrender for
registration of transfer of any Note at the office or agency of the Issuer to be
maintained as provided in Section 3.2, if the requirements of Section 8-401(A)
of the UCC are met, the Issuer shall execute, and the Trustee shall authenticate
and the Noteholder shall obtain from the Trustee, in the name of the designated
transferee or transferees, one or more new Notes in any authorized
denominations, of a like aggregate principal amount.

         At the option of the Holder, Notes may be exchanged for other Notes of
the same class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(A) of the UCC are met, the Issuer shall execute and the Trustee
shall (at the direction of the Issuer) authenticate and the Noteholder shall
obtain from the Trustee, the Notes which the Noteholder making the exchange is
entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

         Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed, in the case of a Qualified Institutional Buyer, by such
Qualified Institutional Buyer, and otherwise by a commercial bank or trust
company located, or having a correspondent located, in The City of New York or
the city in which the Corporate Trust Office is located, or by a member firm of
a national securities exchange, and such other documents as the Trustee may
require.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.3 not involving any transfer.

         SECTION 2.5. Mutilated, Destroyed, Lost or Stolen Notes. If any
mutilated Note is surrendered to the Trustee, or the Trustee receives evidence
to its satisfaction of the destruction, loss or theft of any Note and there is
delivered to the Trustee such security or indemnity as may be required by the
Issuer and the Trustee to hold them harmless) then, in the absence of notice to
the Issuer, the Note Registrar or the Trustee that such Note has been acquired
by a bona fide purchaser, and provided that the requirements of Section 8-405 of
the UCC are met, the Issuer shall execute and upon its request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same class; provided,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have become, or within seven days shall be, due and payable, or shall have been
called for redemption, instead of issuing a replacement Note, the Issuer may pay
such destroyed, lost or stolen Note when so due or payable or upon the
Redemption Date without surrender thereof. If, after the delivery of such
replacement Note (or payment of a destroyed, lost or stolen Note

                                       10
<PAGE>

pursuant to the proviso to the preceding sentence), a bona fide purchaser of the
original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered (or payment made) or any assignee of such
Person, except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuer or the Trustee in connection therewith.

         Upon the issuance of any replacement Note under this Section, the
Issuer or the Trustee may require the payment by the Holder of such Note of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable expenses (including the fees and
expenses of the Trustee or the Note Registrar) connected therewith.

         Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

         SECTION 2.6. Person Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Trustee and any agent of
the Issuer or the Trustee may treat the Person in whose name any Note is
registered (as of the applicable day) as the owner of such Note for the purpose
of receiving payments of principal and of interest, if any, on such Note and for
all other purposes whatsoever, whether or not such Note be overdue, and none of
the Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be
affected by notice to the contrary.

         SECTION 2.7.  Payment of Principal and Interest.

         (a) The Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the
Class C Notes shall accrue interest at the Class A-1 Interest Rate, the Class
A-2 Interest Rate, the Class B Interest Rate and the Class C Interest Rate,
respectively, and such interest shall be payable on each Payment Date subject to
Section 4.4 of the Sale and Servicing Agreement and Section 3.1 of this
Indenture. Any installment of interest or principal, if any, payable on any Note
which is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall be paid to the Person in whose name such Note is registered
on the Record Date, by wire transfer of immediately available funds (provided
that the Noteholder has delivered to the Trustee in writing instructions with
respect to effecting a wire transfer to such Noteholder) or if wire instructions
have not been provided, by check mailed first-class, postage prepaid to such
Person's address as it appears on the Note Register on such Record Date.
However, unless Definitive Notes have been issued, with respect to Notes
registered on the Record Date in the name of the nominee of

                                       11
<PAGE>

the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be
made by wire transfer in immediately available funds to the account designated
by such nominee. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.3.

         (b) The principal of each Note shall be payable on each Payment Date
as, and to the extent, provided in this Indenture and in Section 4.4 of the Sale
and Servicing Agreement. Notwithstanding the foregoing (and subject to the
provisions of Sections 5.1 and 5.2), the entire unpaid principal amount of the
Notes shall be due and payable, if not previously paid, on the date on which an
Event of Default shall have occurred and be continuing and the Trustee at the
direction of the Note Voting Amount, or otherwise, has declared the Notes to be
immediately due and payable in the manner provided in Section 5.2 and such
declaration of Event of Default shall not have been rescinded, as applicable, in
the manner provided in Section 5.2. The Trustee shall notify the Person in whose
name a Note is registered at the close of business on the Record Date preceding
the Payment Date on which the Issuer expects that the final payment of principal
of and interest on such Note will be paid. Such notice shall be mailed no later
than five days prior to such final Payment Date. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

         (c) Promptly following the date on which all principal of and interest
on the Notes has been paid in full, the Noteholders shall surrender the Notes to
the Trustee.

         SECTION 2.8. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and shall be promptly
canceled by the Trustee. The Issuer may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any lawful manner whatsoever, and all Notes so
delivered shall be promptly canceled by the Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in
this Section, except as expressly permitted by this Indenture. All canceled
Notes may be held or disposed of by the Trustee in accordance with its standard
retention or disposal policy (which shall be in accordance with prudent industry
practice) as in effect at the time, unless the Issuer shall direct by an Issuer
Order that they be destroyed or returned to it, provided that such Issuer Order
is timely and the Notes have not been previously disposed of by the Trustee.

         SECTION 2.9. Certain Transfer Restrictions. The Notes may be offered,
sold, pledged or otherwise transferred only (I) to a Person who the transferor
reasonably believes is a Qualified Institutional Buyer and a Qualified Purchaser
that purchases the Notes for its own account (and not the account of others) or
as a fiduciary or agent for the account of another Person who is both a
Qualified Institutional Buyer and a Qualified Purchaser in reliance on Rule
144A, (II) to a Person that is an Accredited Investor and a Qualified Purchaser
that purchases the Notes for its own account (and not the account of others) or
as a fiduciary or agent for the account of another Qualified Institutional Buyer
or Accredited Investor who is also a Qualified Purchaser in a transaction exempt
from the registration requirements of the Securities Act or (III) pursuant to

                                       12
<PAGE>

another applicable exemption from registration under the Securities Act, and, in
all cases, in compliance with applicable state securities laws and with the
Indenture and, if requested by the Issuer or the Trustee, subject to the receipt
by the Issuer and the Trustee of a certification of the transferee and an
Opinion of Counsel (satisfactory to the Issuer and the Trustee) to the effect
that such transfer is in compliance with the Securities Act, the 1940 Act and
applicable state securities laws. Each Noteholder, by its acceptance of the
Notes (or the obligations evidenced thereby), will be deemed to have
acknowledged, represented to and agreed with the Issuer as follows:

                  (1) It is a Qualified Institutional Buyer or an Accredited
         Investor, and, in either case, is acquiring the Notes for its own
         account (and not the account of others) or as a fiduciary or agent for
         the account of another Qualified Institutional Buyer or Accredited
         Investor and it is a Qualified Purchaser and is acquiring the Notes for
         its own account (and not the account of others) or as a fiduciary or
         agent for the account of another Qualified Institutional Buyer or
         Accredited Investor who is also a Qualified Purchaser.

                  (2) It understands that the Notes are subject to restrictions
         on transfer and, therefore, such Notes may be reoffered, resold,
         pledged or otherwise transferred only (I) to a Person who the
         transferor reasonably believes is a Qualified Institutional Buyer and a
         Qualified Purchaser that purchases the Notes for its own account (and
         not the account of others) or as a fiduciary or agent for the account
         of another person who is both a Qualified Institutional Buyer and a
         Qualified Purchaser in reliance on Rule 144A, (II) to a Person that is
         an Accredited Investor that purchases the Notes for its own account
         (and not the account of others) or as a fiduciary or agent for the
         account of another Person who is both an Accredited Investor and a
         Qualified Purchaser in a transaction exempt from the registration
         requirements of the Securities Act or (III) pursuant to another
         applicable exemption from registration under the Securities Act, and,
         in all cases, in compliance with applicable state securities laws and
         with this Indenture and, if requested by the Issuer or the Trustee,
         subject to the receipt by the Issuer and the Trustee of a certification
         of the transferee and an Opinion of Counsel (satisfactory to the Issuer
         and the Trustee) to the effect that such transfer is in compliance with
         the Securities Act, the 1940 Act and applicable state securities laws.

                  (3) It understands that the Notes will bear a legend
         substantially as set forth in Section 2.10.

                  (4) It understands that none of the Issuer, the Seller, the
         Servicer, the Initial Purchaser, the Trustee or any other Person or
         entity is obligated to register the Notes under the Securities Act or
         to register or qualify the Notes under any state securities laws.

                  (5) It acknowledges that (i) it has been afforded an
         opportunity to request from the Issuer and to review, and it has
         received, all additional information considered by it to be necessary
         to verify the accuracy of the information in the Offering Memorandum,
         dated November 21, 2002 (the "Offering Memorandum") with respect to

                                       13
<PAGE>

         the Notes; (ii) it has not relied on the Initial Purchaser or any
         person affiliated with the Initial Purchaser in connection with its
         investigation of the accuracy of the information contained in such
         Offering Memorandum or its investment decision; and (iii) no Person has
         been authorized to give any information or to make any representation
         concerning the Issuer or the Notes other than those contained in such
         Offering Memorandum and, if given or made, such other information or
         representation should not be relied upon as having been authorized by
         the Issuer, the Initial Purchaser, or any of their affiliates.

                  (6) It acknowledges that it has such knowledge and experience
         in financial and business matters that it is capable of evaluating the
         merits and risks of purchasing the Notes.

                  (7) It acknowledges that neither the Issuer, the Seller, the
         Servicer, the Initial Purchaser, the Trustee nor any Person acting on
         behalf of the Issuer or the Initial Purchaser has offered or sold the
         Notes to it through any form of general advertising or solicitation.

                  (8) It acknowledges that by its acceptance of the Notes, it
         covenants and agrees that it will not at any time institute against the
         Issuer, or join in any institution against the Issuer of, any
         bankruptcy, reorganization, arrangement, insolvency or liquidation
         proceedings, or other proceedings under any United States Federal or
         state bankruptcy or similar law in connection with any obligations
         relating to the Notes, the Indenture or any of the other Related
         Documents until one year and one day after the latest maturity date of
         any security issued by the Issuer.

                  (9) It acknowledges that the Trustee, the Issuer, the Initial
         Purchaser, and their affiliates, and others will rely upon the truth
         and accuracy of the foregoing acknowledgments, representations and
         agreements. If it is acquiring any Notes for the account of one or more
         Persons, it represents that it has sole investment discretion with
         respect to each such account and that it has full power to make the
         foregoing acknowledgments, representations and agreements on behalf of
         each such account.

         (a) Each Noteholder by its acquisition of any Notes (or a beneficial
interest therein), shall be deemed to have represented and warranted for the
benefit of the Issuer, the Trustee and the Noteholders, either that: (i) it is
not acquiring any Notes with the assets of any "employee benefit plan" as
defined in Section 3(3) of ERISA which is subject to Title I of ERISA or any
"plan" as defined in Section 4975 of the Code, or any entity deemed to hold plan
assets of any of the foregoing by reason of investment by an employee benefit
plan or plan in the entity or (ii) its purchase and holding of the Notes will
not result in a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code.

         (b) In addition, such prospective purchaser shall be responsible for
providing additional information or certification, as shall be reasonably
requested by the Trustee, the Issuer or the Initial Purchaser, to support the
truth and accuracy of the foregoing acknowledgments, representations and
agreements, it being understood that such additional information is not

                                       14
<PAGE>

intended to create additional restrictions on the transfer of the Notes. Neither
the Issuer nor the Trustee is obligated to register the Notes under the
Securities Act or any state securities or "Blue Sky" laws. In determining
compliance with the transfer restrictions contained in this Section 2.9, the
Trustee may rely upon a written opinion of counsel (which may include in-house
counsel of the transferor), the cost of obtaining which shall be an expense of
the Holder of the Note to be transferred.

         SECTION 2.10. Legending of Notes. (a) Each Note shall bear a legend in
substantially the following form:

                  THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR
                  THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. THE ISSUER OF
                  THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
                  UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
                  "1940 ACT"). THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
                  AGREES THAT THIS SECURITY MAY BE REOFFERED, RESOLD, PLEDGED OR
                  OTHERWISE TRANSFERRED ONLY (I) TO A PERSON WHO THE TRANSFEROR
                  REASONABLY BELIEVES IS BOTH A "QUALIFIED INSTITUTIONAL BUYER"
                  (AS DEFINED UNDER RULE 144A UNDER THE SECURITIES ACT) AND A
                  "QUALIFIED PURCHASER" (AS DEFINED UNDER SECTION 2(a)(51) OF
                  THE 1940 ACT) THAT PURCHASES THIS NOTE FOR ITS OWN ACCOUNT
                  (AND NOT THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AN AGENT
                  FOR THE ACCOUNT OF ANOTHER PERSON WHO IS BOTH A QUALIFIED
                  INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER IN RELIANCE ON
                  RULE 144A, (II) TO A PERSON THAT IS BOTH AN "ACCREDITED
                  INVESTOR" (AS DEFINED IN RULE 501(a) OF REGULATION D UNDER THE
                  SECURITIES ACT) AND A QUALIFIED PURCHASER THAT PURCHASES THE
                  NOTES FOR ITS OWN ACCOUNT (AND NOT THE ACCOUNT OF OTHERS) OR
                  AS A FIDUCIARY OR AN AGENT FOR THE ACCOUNT OF ANOTHER PERSON
                  WHO IS BOTH AN ACCREDITED INVESTOR AND A QUALIFIED PURCHASER
                  IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
                  THE SECURITIES ACT, OR (III) PURSUANT TO ANOTHER APPLICABLE
                  EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND, IN
                  ALL CASES, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS
                  AND, IN EACH CASE, IN COMPLIANCE WITH THE INDENTURE AND, IF
                  REQUESTED BY THE ISSUER OR THE TRUSTEE, SUBJECT TO THE RECEIPT
                  BY THE ISSUER AND THE TRUSTEE OF A CERTIFICATION OF THE
                  TRANSFEREE AND AN OPINION OF COUNSEL (SATISFACTORY TO THE
                  ISSUER AND THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN
                  COMPLIANCE

                                       15
<PAGE>

                  WITH THE SECURITIES ACT, THE 1940 ACT AND APPLICABLE STATE
                  SECURITIES LAWS.

         (b) Each Global Note shall bear the following legend on the face
thereof:

                  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
                  OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
                  ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
                  TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN EXCHANGE
                  FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
                  SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE
                  & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
                  REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
                  INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
                  INTEREST HEREIN.

                  TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
                  BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
                  OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
                  NOTE SHALL BE LIMITED TO TRANSFERS SET FORTH IN SECTIONS 2.09
                  AND 2.15 OF THE INDENTURE REFERRED TO HEREIN.

         SECTION 2.11. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of (1) typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company (the "initial Clearing
Agency") or its custodian, by, or on behalf of, the Issuer, if issued to
Qualified Institutional Buyers, or (2) Definitive Notes in fully registered form
if issued to Accredited Investors who are not Qualified Institutional Buyers.
Such Notes issued to Qualified Institutional Buyers shall initially be
registered on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner who is a Qualified Institutional
Buyer will receive a Definitive Note representing such Note Owner's interest in
such Note, except as provided in Section 2.13. Unless and until definitive,
fully registered Notes (the "Definitive Notes") have been issued to all Note
Owners:

                  (i) this Section shall be in full force and effect;

                  (ii) the Note Registrar and the Trustee may deal with the
         Clearing Agency for all purposes (including the payment of principal of
         and interest on the Notes) as the authorized representative of the Note
         Owners;

                  (iii) to the extent that this Section conflicts with any other
         provisions of this Indenture, this Section shall control;

                                       16
<PAGE>

                  (iv) the rights of Note Owners shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Note Owners and the Clearing Agency and/or
         the Clearing Agency Participants pursuant to the Note Depository
         Agreement. Unless and until Definitive Notes are issued to all Note
         Owners, the Clearing Agency will make book-entry transfers among the
         Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and

                  (v) whenever this Indenture requires or permits actions to be
         taken based upon instructions or directions of Holders of Notes
         evidencing a specified percentage of the Note Balance, the Clearing
         Agency shall be deemed to represent such percentage only to the extent
         that it has received instructions to such effect from Note Owners
         and/or Clearing Agency Participants owning or representing,
         respectively, such required percentage of the beneficial interest in
         the Notes and has delivered such instructions to the Trustee.

         SECTION 2.12. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes have been issued to all Note Owners, the Trustee shall
give all such notices and communications to the Clearing Agency.

         SECTION 2.13. Definitive Notes. Except as otherwise set forth in
Section 2.15 herein, (i) the Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Notes, and the Servicer is unable to locate
a qualified successor, (ii) the Servicer at its option advises the Trustee in
writing that it elects to terminate the book-entry system through the Clearing
Agency or (iii) after the occurrence of an Event of Default or a Servicer
Termination Event, Note Owners representing beneficial interests aggregating at
least a majority of the Note Balance advise the Clearing Agency in writing that
the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of the Note Owners, then the Clearing Agency has
undertaken to notify all Note Owners and the Trustee of the occurrence of any
such event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Trustee of the typewritten Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute, and the Trustee shall authenticate, the
Definitive Notes in accordance with the instructions of the Clearing Agency.
None of the Issuer, the Note Registrar or the Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Trustee shall recognize the Holders of the Definitive Notes as
Noteholders.

         SECTION 2.14. Non-Qualified Purchaser Redemption. Notwithstanding any
other provision hereof, if the Issuer determines that a holder or beneficial
owner of Notes is not a "Qualified Purchaser" as that term is defined in Section
2(a)(51)(A) of the 1940 Act, the Issuer shall have the right, at its option, (i)
to require such holder or beneficial owner to dispose of such

                                       17
<PAGE>

holder's or beneficial owner's Notes to a person or entity which is qualified to
hold the Notes immediately upon receipt of a notice from the Issuer that the
holder or beneficial owner is not a Qualified Purchaser or (ii) to call for the
redemption of the Notes of such holder or beneficial owner at the least of (a)
the principal amount thereof, (b) the price at which such holder or beneficial
owner acquired the Notes and (c) the current market value of such Notes,
together with, in each case, accrued and unpaid interest, if any, to the earlier
of the date of redemption or the date when it was discovered the holder or
beneficial owner was not a Qualified Purchaser. The Issuer shall notify the
Trustee in writing of any such redemption as soon as possible.

         SECTION 2.15. Certain Transfer Provisions. The following transfers
provisions shall apply to the transfers of Notes.

         (a) Transfers to Non-Qualified Institutional Buyers who are Accredited
Investors. The following provisions shall apply with respect to the registration
of any proposed transfer of a Note to any Accredited Investor which is not a
Qualified Institutional Buyer:

                  (i) The Trustee shall register the transfer of any Note or a
         beneficial interest therein, whether or not bearing the applicable
         legend, only if (x) the requested transfer is at least two years (or
         such shorter period as may be specified under Rule 144A under the
         Securities Act) after the later or the original issuance date of the
         Notes and the last date on which such Note was held by the Issuer, the
         Trustee or any Affiliate of any of such Persons or (y) (a) the proposed
         transferee has checked the applicable box provided for on the form of
         Note, if in definitive form, (b) the proposed transferor has provided
         the Trustee with a note substantially in the form the applicable
         exhibit hereto, (c) the transferor or the transferee has delivered to
         the Trustee and the Issuer an opinion of counsel in form and scope
         satisfactory to the Trustee and the Issuer, (d) the transferee has
         executed a certificate with respect to such transfer in the form of
         Exhibit F attached hereto and (e) the aggregate principal amount of the
         Note transferred is at least $100,000. Except as provided in the
         foregoing sentence, the Registrar shall not register the transfer of
         any Note to any Accredited Investor which is not a Qualified
         Institutional Buyer.

                  (ii) If the proposed transferor is a participant holding a
         beneficial interest in a Global Note, upon receipt by the Trustee of
         (x) the documents, if any, required by paragraph (i) above and (y)
         instructions given in accordance with DTC's and the Trustee's
         procedures, the Trustee shall reflect on its books and records the date
         of the transfer and a decrease in the aggregate principal amount of
         such Global Note in an amount equal to the aggregate principal amount
         of the beneficial interest in such Global Note to be transferred, and
         the Trustee shall execute, authenticate and deliver to the transferor
         or as the transferor directs, one or more Definitive Notes of like
         tenor and amount.

                  (iii) If the proposed transferor is an Accredited Investor
         holding a Definitive Note, upon fulfillment of the requirements
         specified in clause (y) of paragraph (i) above by another Accredited
         Investor, the Trustee shall on its books and records the date of the

                                       18
<PAGE>

         transfer and the Trustee shall execute, authenticate and deliver to the
         transferor or as the transferor directs, one or more new Definitive
         Notes of like tenor and amount.

         (b) Transfers to Qualified Institutional Buyers. The following
provisions shall apply with respect to the registration of any proposed transfer
of a Note to a Qualified Institutional Buyer (excluding non-U.S. Persons):

                  (i) If the Note to be transferred to consists of Definitive
         Notes, the Trustee shall register the transfer if such transfer is
         being made by a proposed transferor who has checked the box provided
         for on the form of Note, if in definitive form, and has provided the
         Trustee with a certificate in respect of such transfer in the form
         attached as Exhibit F hereto of the transferee who has signed the
         required certification provided on the form of Note.

                  (ii) Upon receipt by the Trustee of (x) the documents, if any,
         required by paragraph (i) above and (y) instructions given in
         accordance with DTC's and the Trustee's procedures, the Trustee shall
         reflect on its books and records the date of the transfer and an
         increase in the aggregate principal amount of the Global Note in an
         amount equal to the principal amount of the beneficial interest in such
         Definitive Note being transferred, and the Trustee shall cancel such
         Definitive Note.

                                   ARTICLE III
                    Representations, Warranties and Covenants
                    -----------------------------------------

         SECTION 3.1. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Subject to Section
4.4 of the Sale and Servicing Agreement, without limiting the foregoing, the
Issuer will cause to be distributed to the Noteholders all amounts on deposit in
the Note Payment Account on a Payment Date. Amounts properly withheld under the
Code or any applicable State law by any Person from a payment to any Noteholder
of interest and/or principal shall be considered as having been paid by the
Issuer to such Noteholder for all purposes of this Indenture.

         SECTION 3.2. Maintenance of Office or Agency. The Issuer will maintain
an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Issuer hereby initially appoints
the Trustee to serve as its agent for the foregoing purposes. The Issuer will
give prompt written notice to the Trustee of the location, and of any change in
the location, of any such office or agency. If at any time the Issuer shall fail
to maintain any such office or agency or shall fail to furnish the Trustee with
the address thereof, such surrenders, notices and demands may be made or served
at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its
agent to receive all such surrenders, notices and demands.

                                       19
<PAGE>

         SECTION 3.3. Money for Payments To Be Held in Trust. As provided in
Section 8.2, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Note Payment Account
pursuant to Section 8.2(b) shall be made on behalf of the Issuer by the Trustee
or by another Paying Agent, and no amounts so withdrawn from the Note Payment
Account for payments of Notes shall be paid over to the Issuer, except as
provided in Section 4.4 of the Sale and Servicing Agreement.

         The Issuer will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby
so agrees), subject to the provisions of this Section, that such Paying Agent
will:

                  (i) hold all sums held by it for the payment of amounts due
         with respect to the Notes in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as herein provided and pay such sums to such
         Persons as herein provided;

                  (ii) give the Trustee notice of any default (of which it has
         actual knowledge) by the Issuer (or any other obligor upon the Notes)
         in the making of any payment required to be made with respect to the
         Notes;

                  (iii) at any time during the continuance of any such default,
         upon the written request of the Trustee, forthwith pay to the Trustee
         all sums so held in trust by such Paying Agent;

                  (iv) immediately resign as a Paying Agent and forthwith pay to
         the Trustee all sums held by it in trust for the payment of Notes if at
         any time it ceases to meet the standards required to be met by a Paying
         Agent at the time of its appointment; and

                  (v) on behalf of and at the direction of the Issuer, comply
         with all requirements of the Code and any applicable State law with
         respect to the withholding from any payments made by it on any Notes of
         any applicable withholding taxes imposed thereon and with respect to
         any applicable reporting requirements in connection therewith.

         The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Trustee upon the same trusts as
those upon which the sums were held by such Paying Agent; and upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

         Any money held by the Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged from
such trust and upon Issuer Request shall

                                       20
<PAGE>

be deposited by the Trustee in the Collection Account; and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Issuer
for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Issuer cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in The City of New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to or for the account of the Issuer. The Trustee may
also adopt and employ, at the expense of the Issuer, any other reasonable means
of notification of such repayment (including mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Trustee or of any Paying Agent,
at the last address of record for each such Holder).

         SECTION 3.4. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a limited liability company under the laws
of the State of Delaware (unless it becomes, or any successor Issuer hereunder
is or becomes, organized under the laws of any other state or of the United
States of America, in which case the Issuer will keep in full effect its
existence, rights and franchises under the laws of such other jurisdiction) and
will obtain and preserve its qualification to do business in each jurisdiction
where the failure to do so would adversely affect (i) the validity and
enforceability of this Indenture, the Notes, the Indenture Collateral and each
other instrument or agreement included in the Trust Estate or (ii) the ability
of the Issuer to enforce its rights under the Receivables and the ability of the
Issuer to perform its obligations under the Issuer's Related Documents.

         SECTION 3.5.  Protection of Trust Estate.

         (a) Security Interest. Upon the filing of the UCC financing statements
described in paragraph (b) below, the Trustee for the benefit of the Secured
Parties shall have a first priority, perfected security interest in the
Receivables and in the proceeds thereof, except for Liens permitted under the
terms hereof. All filings (including, without limitation, UCC filings) as are
necessary in any jurisdiction to perfect the security interest of the Trustee in
the Trust Estate, including the transfer of the Receivables and the proceeds
thereof and the payments to become due thereunder, have been made.

         (b) The Issuer intends the security interest Granted pursuant to this
Indenture in favor of the Trustee for the benefit of the Secured Parties to be
prior to all other Liens in respect of the Trust Estate, and the Issuer shall
take all actions necessary to obtain and maintain, in favor of the Trustee for
the benefit of the Secured Parties, a first Lien on and a first priority,
perfected security interest in the Trust Estate. The Issuer will from time to
time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, all as prepared by the

                                       21
<PAGE>

Servicer and delivered to the Issuer, and will take such other action necessary
or reasonably advisable to:

                  (i) Grant more effectively all or any portion of the Trust
         Estate;

                  (ii) maintain the Trust Estate free and clear of all Liens
         (other than Liens in favor of the Issuer or the Trustee created
         pursuant to this Agreement or the Related Documents);

                  (iii) maintain or preserve the Lien and security interest (and
         the priority thereof) in favor of the Trustee for the benefit of the
         Secured Parties created by this Indenture or carry out more effectively
         the purposes hereof;

                  (iv) perfect and protect the validity of any Grant made or to
         be made by this Indenture;

                  (v) enforce any of the Indenture Collateral;

                  (vi) preserve and defend title to the Trust Estate and the
         rights of the Trustee and the Noteholders in such Trust Estate against
         the claims of all Persons; and

                  (vii) pay all taxes or assessments levied or assessed upon the
         Trust Estate when due.

The Issuer hereby designates the Trustee as its agent and attorney-in-fact to
execute any financing statement, continuation statement or other instrument
required by the Trustee pursuant to this Section 3.5.

         SECTION 3.6. Opinions as to Receivables. On the Closing Date the Issuer
shall furnish to the Trustee an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the
recording and filing of this Indenture, any indentures supplemental hereto, and
any other requisite documents and with respect to the authorization and filing
of any financing statements and continuation statements, as are necessary to
perfect and make effective the first priority lien and security interest in the
Receivables in favor of the Trustee for the benefit of the Secured Parties,
created by this Indenture and reciting the details of such action, or stating
that, in the opinion of such counsel, no such action is necessary to make such
Lien and security interest effective.

         SECTION 3.7.  Performance of Obligations; Servicing of Receivables.

         (a) The Issuer will not take, or fail to take, any action and will use
its best efforts not to permit any action to be taken by others that would
release any Person from any of such Person's material covenants or obligations
under any instrument or agreement included in the Trust Estate or that would
result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or
agreement, except

                                       22
<PAGE>

as expressly provided in this Indenture, the Sale and Servicing Agreement or
such other instrument or agreement.

         (b) The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by the Servicer or any other Person identified to the Trustee in an Officer's
Certificate of the Issuer shall be deemed to be action taken by the Issuer.

         (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Related
Documents and in the instruments and agreements included in the Trust Estate,
including filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein.

         (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Termination Event under the Sale and Servicing Agreement, the Issuer shall
promptly notify in writing the Trustee and the Rating Agency thereof, and shall
specify in such notice the action, if any, the Issuer is taking with respect
thereto. If a Servicer Termination Event shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure.

         (e) If notice of termination has been given to the Servicer of the
Servicer's rights and powers pursuant to Section 8.2 of the Sale and Servicing
Agreement, the Backup Servicer shall be appointed as successor servicer in
accordance with Section 8.3 of the Sale and Servicing Agreement.

         (f) Upon any termination of the Servicer's rights and powers pursuant
to the Sale and Servicing Agreement, the Issuer shall promptly notify in writing
the Trustee and the Rating Agency. As soon as a successor Servicer is appointed,
the Issuer shall notify in writing the Trustee and the Rating Agency of such
appointment, specifying in such notice the name and address of such successor
Servicer.

         (g) The Issuer agrees that it will not waive timely performance or
observance by the Servicer, the Backup Servicer or the Seller of their
respective duties under the Related Documents if the effect thereof would or
could reasonably be expected to adversely affect the Holders of the Notes,
except as expressly permitted by the Related Documents.

         SECTION 3.8. Negative Covenants. Until the Termination Date, the Issuer
shall not:

                  (i) except as expressly permitted by this Indenture, the Sale
         and Servicing Agreement or any other Related Document, sell, transfer,
         exchange or otherwise dispose of any of the properties or assets of the
         Issuer, including those included in the Trust Estate, unless directed
         in writing to do so by the Trustee;

                                       23
<PAGE>

                  (ii) claim any credit on, or make any deduction from the
         principal or interest payable in respect of, the Notes (other than
         amounts properly withheld from such payments under the Code or
         applicable State law) or assert any claim against any present or former
         Noteholder by reason of the payment of the taxes levied or assessed
         upon any part of the Trust Estate;

                  (iii) (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the Lien in favor of the Trustee
         created by this Indenture to be amended, hypothecated, subordinated,
         terminated or discharged, or permit any Person to be released from any
         covenants or obligations with respect to the Notes under this Indenture
         except as may be expressly permitted hereby, (B) permit any Lien,
         (other than the Lien in favor of the Trustee created by this Indenture)
         to be created on or extend to or otherwise arise upon or burden the
         Trust Estate or any part thereof or any interest therein or the
         proceeds thereof (C) permit the Lien in favor of the Trustee created by
         this Indenture not to constitute a valid first priority, perfected
         security interest in the Trust Estate, or (D) amend, waive, modify or
         fail to comply with the provisions of the Related Documents without the
         prior written consent of the Note Voting Amount, except as expressly
         permitted by the Related Documents; or

                  (iv) amend its operating agreement without satisfying the
         Rating Agency Condition.

         SECTION 3.9. Annual Statement as to Compliance. The Issuer will deliver
to the Trustee, the Rating Agency and the Noteholders, within 120 days after the
end of each fiscal year of the Issuer (commencing with the fiscal year 2003), an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that

                  (i) a review of the activities of the Issuer during such year
         and of performance under this Indenture has been made under such
         Authorized Officer's supervision; and

                  (ii) based on such review, to such Authorized Officer's
         knowledge, the Issuer has complied with all conditions and covenants
         under this Indenture throughout such year, or, if there has been a
         default in the compliance of any such condition or covenant, specifying
         each such default known to such Authorized Officer and the nature and
         status thereof.

         SECTION 3.10.  Consolidation and Disposition of Assets.

         (a) The Issuer shall not consolidate or merge with or into any other
Person.

         (b) The Issuer shall not convey or transfer all or substantially all of
its properties or assets, including those included in the Trust Estate, to any
Person (except as expressly permitted by this Indenture and the Related
Documents).

                                       24
<PAGE>

         SECTION 3.11. Release of Issuer. If an exception pursuant to the
parenthetical in Section 3.10(b) is applicable, upon a conveyance or transfer of
all the assets and properties of the Issuer, the Issuer will be released from
every covenant and agreement of this Indenture to be observed or performed on
the part of the Issuer with respect to the Notes immediately upon the delivery
of written notice to the Trustee and the Rating Agency stating that the Issuer
is to be so released.

         SECTION 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the other Related
Documents and activities incidental thereto; provided, however, that the Issuer
may from time to time enter into other indentures and related documents (on
terms substantially similar to those contained herein and in the other Related
Documents or on such other terms that do not adversely affect the interests of
the Noteholders) and issue additional Series with respect to the securitization
of other pools of receivables (which are not Receivables) so long as the Rating
Agency Condition has been satisfied.

         SECTION 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness permitted
by or arising under Section 3.12 or the Related Documents. The proceeds of the
Notes shall be used exclusively to fund the Issuer's purchase of the
Receivables, to fund the Reserve Account and to pay the Issuer's organizational,
transactional and start-up expenses.

         SECTION 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with Article III of the Sale and Servicing Agreement.

         SECTION 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Sale and Servicing Agreement or this Indenture, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, any other interest in, or make any capital
contribution to, any other Person.

         SECTION 3.16. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

         SECTION 3.17. Restricted Payments. Except as expressly permitted by
this Indenture or the Sale and Servicing Agreement, the Issuer shall not,
directly or indirectly, (i) make any distribution (by reduction of capital or
otherwise), whether in cash, property, securities or a combination thereof, to
its member or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer (except for the distribution of amounts received by the Issuer
or the Servicer pursuant to

                                       25
<PAGE>

Section 4.4 of the Sale and Servicing Agreement or otherwise released in
accordance with the Related Documents), (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or
(iii) set aside or otherwise segregate any amounts for any such purpose. The
Issuer will not, directly or indirectly, make payments to or distributions from
the Collection Account except in accordance with this Indenture and the Related
Documents.

         SECTION 3.18. Notice of Events of Default. The Issuer agrees to give
the Trustee, the Noteholders and the Rating Agency prompt written notice of (i)
each Default or Event of Default hereunder, the status thereof and what action
the Issuer is taking or proposes to take with respect thereto and (ii) each
Servicer Termination Event or default on the part of the Servicer or the Seller
of its obligations under the Sale and Servicing Agreement.

         SECTION 3.19. Further Instruments and Acts. Upon request of the
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably requested to carry out more effectively
the purpose of this Indenture.

         SECTION 3.20. Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, adversely affect the ability of the Issuer to
perform its obligations under the Notes, this Indenture or any Related Document.

         SECTION 3.21. Amendments of Sale and Servicing Agreement. The Issuer
shall not agree to any amendment pursuant to Section 10.1 of the Sale and
Servicing Agreement to eliminate the requirements thereunder that the Trustee or
the Holders of the Notes consent to amendments thereto as provided therein
(unless otherwise agreed to by the Trustee and Noteholders pursuant thereto).

         SECTION 3.22. Tax Characterization. (a) The Issuer has structured this
Indenture and the Notes with the intention that the Notes will qualify under
applicable federal, state and local tax law as indebtedness. The Issuer and each
Holder agrees to treat, and take no action inconsistent with the treatment of,
the Notes (or any beneficial interest therein) as indebtedness for purposes of
federal, state and local income or franchise taxes and any other tax imposed on
or measured by income. Each Holder, by acquisition of a beneficial interest in a
Note, agrees to be bound by the provisions of this Section 3.22(a).

         (b) For purposes of federal income, state and local income and
franchise and any other income taxes, the Issuer directs the Trustee to treat
the Notes as debt of the Issuer.

         SECTION 3.23. Investment Company Act. The Issuer shall conduct its
operations in a manner that will not subject it to registration as an
"investment company" under the 1940 Act.

         SECTION 3.24. Separate Corporate Existence. The Issuer shall maintain
its identity as a legal entity separate from the Servicer and the Seller and
make it apparent to third Persons that the Issuer is an entity with assets and
liabilities distinct from those of the Servicer, the Seller and

                                       26
<PAGE>

any other Person, and is not a division of the Servicer or the Seller or any
other Person (except that the Issuer may be disregarded for tax purposes).
Without limiting the generality of the foregoing and in addition to and
consistent with the covenant set forth in Section 3.4, the Issuer shall take
such actions as shall be required in order that:

         (a) The Issuer will be a limited purpose limited liability company
whose primary activities are restricted in its operating agreement;

         (b) At least one member of the Issuer's board of directors (the
"Independent Manager") shall be an individual who is not at the present, at any
time during the preceding five years nor while serving as director be (i) a
director (with the exception of serving as the Independent Manager of the Issuer
or any affiliate or other similar capacity), officer, partner, member, attorney
or counsel, employee or former employee of the Issuer or any affiliate, (ii) a
holder (directly or indirectly) of any voting securities of any affiliate of the
Issuer, (iii) a customer, supplier or other person who derives any of its
material purchases or revenues from its activities with the Issuer, (iv) a
natural person related to any such director, officer, partner, member, attorney
or counsel, employee or former employee, customer, supplier, or holder (directly
or indirectly) of any voting securities of any affiliate of the Issuer; the
operating agreement of the Issuer shall provide that (i) the Issuer's board of
directors shall not approve, or take any other action to cause the filing of, a
voluntary or involuntary bankruptcy petition with respect to the Issuer unless
the Independent Manager shall approve the taking of such action in writing prior
to the taking of such action, and (ii) such provision cannot be amended without
the prior written consent of the Independent Manager;

         (c) The Independent Manager shall not at any time serve as a trustee in
bankruptcy for the Seller, the Servicer or any Affiliate thereof;

         (d) Any employee, consultant or agent of the Issuer will be compensated
from funds of the Issuer, as appropriate, for services provided to the Issuer;

         (e) The Issuer will contract with the Servicer to perform all
operations required on a daily basis to service the Receivables. The Issuer will
pay the Servicer a quarterly fee as provided in the Sale and Servicing
Agreement;

         (f) The Issuer will not incur any material indirect or overhead
expenses for items shared among the Issuer and the Seller, the Servicer or any
other Affiliate thereof (except to the extent the Issuer has benefited thereby);
to the extent, if any, that the Issuer and the Seller, the Servicer or any other
Affiliate thereof share items of expenses such as legal, auditing and other
professional services, such expenses will be allocated to the extent practical
on the basis of actual use or the value of services rendered, and otherwise on a
basis reasonably related to the actual use or the value of services rendered, it
being understood that the Seller may pay certain expenses relating to the
preparation, negotiation, execution and delivery of the Related Documents;

                                       27
<PAGE>

         (g) The Issuer's operating expenses will not be paid by the Seller, the
Servicer or any other Affiliate thereof except as permitted under the terms of
the Related Documents;

         (h) The Issuer will conduct all business correspondence in its own
name;

         (i) The Issuer's books and records will be maintained separately from
those of the Seller, the Servicer and any other Affiliate thereof;

         (j) All audited financial statements of the Seller, the Servicer or any
Affiliate thereof that are consolidated to include the Issuer will contain
detailed notes clearly stating that (A) all of the Issuer's assets are owned by
the Issuer, and (B) the Issuer is a separate corporate entity;

         (k) Each of the Issuer's assets will be maintained in a manner that
facilitates its identification and segregation from those of the Seller, the
Servicer or any Affiliate thereof;

         (l) The Issuer will strictly observe limited liability company
formalities in its dealings with the Seller, the Servicer or any Affiliate
thereof, and funds or other assets of the Issuer will not be commingled with
those of the Seller, the Servicer or any Affiliate thereof (except, with respect
to the Servicer, to the extent provided for in the Related Documents); the
Issuer shall not maintain joint bank accounts or other depository accounts to
which the Seller or any Affiliate thereof (other than the Servicer) has
independent access;

         (m) Except with respect to credit insurance premiums, the Issuer shall
pay to the Seller, the Servicer or any Affiliate thereof the marginal increase
of (or, in the absence of such increase, the market amount of its portion of)
the premium payable with respect to any insurance policy that covers the Issuer
and the Seller, the Servicer or any Affiliate thereof, but the Issuer shall not,
directly or indirectly, be named or enter into an agreement to be named, as a
direct or contingent beneficiary or loss payee, under any such insurance policy,
with respect to any amounts payable due to occurrences or events related to the
Seller, the Servicer or any Affiliate thereof;

         (n) The Issuer will maintain arm's-length relationships with the
Seller, the Servicer and any Affiliate thereof. The Issuer does not act as an
agent of the Seller or Servicer and neither the Seller nor the Servicer acts as
an agent of the Issuer. Any Person that renders or otherwise furnishes services
to the Issuer will be compensated thereby at market rates for such services it
renders or otherwise furnishes thereto except as otherwise provided in the
Related Documents; and

         (o) The Issuer confirms that the statements contained under
"Assumptions of Fact" in the opinion of Vedder, Price, Kaufman & Kammholz
regarding substantive consolidation matters delivered to the Trustee on the
Closing Date are true and correct with respect to itself, and that the Issuer
will comply with any covenants or obligations assumed to be complied with by it
therein as if such covenants and obligations were set forth herein.

                                       28
<PAGE>

         SECTION 3.25. Delivery of Collections. The Issuer agrees to hold in
trust and promptly pay to the Trustee all amounts received by the Issuer in
respect of the Trust Estate (other than distributions to the Issuer pursuant to
Section 4.4 of the Sale and Servicing Agreement).

         SECTION 3.26. Use of Proceeds. The proceeds from the sale of the Notes
will be used by the Issuer (i) to purchase the Receivables, (ii) to pay the
expenses associated with the issuance of the Notes pursuant to this Indenture
and the transactions contemplated hereby and by the Sale and Servicing Agreement
and (iii) for the Issuer's general business purposes. None of the transactions
contemplated in this Indenture or the Sale and Servicing Agreement (including
the use of proceeds from the sale of the Notes) will result in a violation of
Section 7 of the Exchange Act, or any regulations issued pursuant thereto,
including Regulations G and X of the Board of Governors of the Federal Reserve
System, 12 C.F.R., Chapter II. The Issuer does not own or intend to carry or
purchase any "margin security" within the meaning of said Regulation G,
including margin securities originally issued by it or any "margin stock".

         SECTION 3.27. Sale and Servicing Agreement. As of the Closing Date, the
Issuer has entered into the Sale and Servicing Agreement with the Seller
relating to its acquisition of the Receivables, and the representations,
warranties and covenants made by the Seller under the Sale and Servicing
Agreement relating to such Receivables have been validly assigned to and are for
the benefit of the Issuer, the Trustee and the Noteholders.

         SECTION 3.28. Bulk Transfer Laws. The transfer, assignment and
conveyance of the Receivables by the Seller to the Issuer pursuant to the Sale
and Servicing Agreement, and the grant of a security interest in the Receivables
by the Issuer to the Trustee pursuant to this Indenture, are not subject to the
bulk transfer or any similar statutory provisions in effect in any applicable
jurisdiction.

         SECTION 3.29. Name and Other Changes. At least 30 days prior to the
date the Issuer intends to make any change in its name, identity or corporate
structure which could render any financing statement or continuation statement
filed in accordance herewith seriously misleading within the applicable
provisions of the UCC or any title statute, the Issuer shall give the Trustee
and the Rating Agency written notice of any such proposed change and no later
than two days after the effective date thereof, shall file appropriate
amendments to all previously filed financing statements or continuation
statements. At least 30 days prior to the date of any change in the Issuer's
location (as such term is used in the applicable UCC), the Issuer shall give the
Trustee and the Rating Agency written notice thereof and the Issuer shall within
two days after the effective date thereof, file any amendment or new financing
statement requested by the Trustee. Prior to effectuating any change in its
name, identity, corporate structure or location, the Issuer shall deliver to the
Trustee, an Opinion of Counsel either (a) stating that, in the opinion of such
counsel, all financing statements and continuation statements have been
authorized and filed that are necessary fully to preserve and protect the
security interest of the Trustee for the benefit of the Noteholders in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (b) stating that, in the
opinion of such counsel, no such action is necessary to preserve and protect
such interest.

                                       29
<PAGE>

         SECTION 3.30. Indenture Collateral. The Issuer has no actual or
constructive knowledge that the Indenture Collateral is subject to any actual or
claimed Lien or ownership interest of any Person (other than the Issuer and the
Trustee).

                                   ARTICLE IV
                           Satisfaction and Discharge
                           --------------------------

         SECTION 4.1. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal, interest and premium, if any, thereon, (iv) Sections 3.3, 3.4,
3.10, 3.12, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of
the Trustee hereunder (including the rights of the Trustee under Section 6.7 and
the obligations of the Trustee under Section 4.2) and (vi) the rights of
Noteholders as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them, and the Trustee, on demand of
and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes (and the
release of the Trust Estate (other than amounts deposited as part of the Trust
Estate pursuant to clause (A) below)), when:

                  (A) either

                           (1) all Notes theretofore authenticated and delivered
                  (other than (i) Notes that have been destroyed, lost or stolen
                  and that have been replaced or paid as provided in Section 2.5
                  and (ii) Notes for whose payment money has theretofore been
                  deposited in trust or segregated and held in trust by the
                  Issuer and thereafter repaid to the Issuer or discharged from
                  such trust, as provided in Section 3.3) have been delivered to
                  the Trustee for cancellation; or

                           (2) all Notes not theretofore delivered to the
                  Trustee for cancellation

                                    (i) have become due and payable, or

                                    (ii) will become due and payable at the
                           Final Scheduled Payment Date within one year, or

                                    (iii) are to be called for redemption within
                           one year under arrangements satisfactory to the
                           Trustee for the giving of notice of redemption by the
                           Trustee in the name, and at the expense, of the
                           Issuer,

                  and the Issuer, in the case of (i), (ii) or (iii) above, has
                  irrevocably deposited or caused to be irrevocably deposited
                  with the Trustee as part of the Trust Estate cash or direct
                  obligations of or obligations guaranteed by the United States
                  of America (which will mature prior to the date such amounts
                  are payable), in trust in an Eligible Account in the name of
                  the Trustee for such purpose, in an amount

                                       30
<PAGE>

                  sufficient to pay and discharge the entire indebtedness on
                  such Notes not theretofore delivered to the Trustee for
                  cancellation when due with interest accrued to the Final
                  Scheduled Payment Date or Redemption Date (if Notes shall have
                  been called for redemption pursuant to Section 10.1), as the
                  case may be;

                  (B) the Issuer has paid or caused to be paid or provided for
         payment pursuant to clause (A) above all Secured Obligations; and

                  (C) the Issuer has delivered to the Trustee an Officer's
         Certificate and (if requested by the Trustee) an Independent
         Certificate from a firm of certified public accountants, each meeting
         the applicable requirements of Section 11.1(a) and each stating that
         all conditions precedent herein provided for relating to the
         satisfaction and discharge of this Indenture have been complied with
         and the Rating Agency Condition has been satisfied.

         SECTION 4.2. Application of Trust Money. All moneys deposited with the
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Trustee may
determine, to the Holders of the Notes for the payment or redemption of which
such moneys have been deposited with the Trustee, of all sums due and to become
due thereon for principal and interest, but such moneys need not be segregated
from other funds except to the extent required herein or in the Sale and
Servicing Agreement or required by law and shall be held by the Trustee
uninvested or invested in Eligible Investments which meet the criteria specified
in clause (f) of the definition of Eligible Investments.

         SECTION 4.3. Payment of Moneys Held by Paying Agent. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Trustee under the provisions
of this Indenture with respect to such Notes shall, upon demand of the Issuer,
be paid to the Trustee to be held and applied according to Section 3.3 and
thereupon such Paying Agent shall be released from all further liability with
respect to such moneys.

         SECTION 4.4. Release of Trust Estate. The Trustee shall, on or after
the deposit of funds sufficient to pay the Secured Obligations when due pursuant
to Section 4.1, release any remaining portion of the Trust Estate (except such
funds) from the lien created by this Indenture and deposit in the Collection
Account any funds then on deposit in any other Trust Account. The Trustee shall
release property from the lien created by this Indenture pursuant to this
Section 4.4 only upon receipt of a written request of the Issuer accompanied by
an Officer's Certificate and an Opinion of Counsel to the effect that all
conditions precedent in this Indenture to the release of such lien have been
fulfilled.

                                       31
<PAGE>

                                    ARTICLE V
                           Events of Default; Remedies
                           ---------------------------

         SECTION 5.1. Events of Default. "Event of Default," wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                  (i) default in the payment of any interest on any Note when
         the same becomes due and payable, and such default shall continue for a
         period of two Business Days; or

                  (ii) any failure to make any required payment of the principal
         on the Notes when the same becomes due and payable, to the extent funds
         are available therefor, and such failure shall continue for a period of
         one Business Day; or

                  (iii) default in the observance or performance in any respect
         of any covenant or agreement of the Issuer made in this Indenture or
         the Sale and Servicing Agreement (other than a covenant or agreement, a
         default in the observance or performance of which is specifically dealt
         with elsewhere in this Section), or any representation or warranty of
         the Issuer made in this Indenture, the Sale and Servicing Agreement or
         in any certificate or other writing delivered pursuant hereto or in
         connection herewith proving to have been incorrect in any respect as of
         the time when the same shall have been made, and such default shall
         continue or not be cured, or the circumstance or condition in respect
         of which such misrepresentation or warranty was incorrect shall not
         have been eliminated or otherwise cured, for a period of 30 days after
         knowledge thereof by the Issuer or there shall have been given, by
         registered or certified mail, to the Issuer by the Trustee or to the
         Issuer and the Trustee by the Holders of at least 25% of the Note
         Balance, a written notice specifying such default or incorrect
         representation or warranty and requiring it to be remedied and stating
         that such notice is a "Notice of Default" hereunder; or

                  (iv) the filing of a petition or the entry of an order for
         relief by a court having jurisdiction in the premises, in respect of
         the Issuer or any substantial part of the Trust Estate in an
         involuntary case under any applicable Federal or state bankruptcy,
         insolvency or other similar law now or hereafter in effect, or
         appointing a receiver, liquidator, assignee, custodian, trustee,
         sequestrator or similar official of the Issuer or for any substantial
         part of the Trust Estate, or ordering the winding-up or liquidation of
         the Issuer's affairs, and such petition, order for relief or
         appointment shall not be dismissed or remain unstayed and in effect for
         a period of 60 consecutive days; or

                  (v) the commencement by the Issuer of a voluntary case under
         any applicable Federal or state bankruptcy, insolvency or other similar
         law now or hereafter in effect, or the consent by the Issuer to the
         entry of an order for relief in an involuntary case under any such law,
         or the consent by the Issuer to the appointment or taking possession by
         a

                                       32
<PAGE>

         receiver, liquidator, assignee, custodian, trustee, sequestrator or
         similar official of the Issuer or for any substantial part of the Trust
         Estate, or the making by the Issuer of any general assignment for the
         benefit of creditors, or the failure by the Issuer generally to pay its
         debts as such debts become due, or the taking of action by the Issuer
         in furtherance of any of the foregoing;

                  (vi) failure to pay the Secured Obligations in full on or
         prior to the Final Scheduled Payment Date; or

                  (vii) the Issuer becomes subject to registration as an
         "investment company" under the 1940 Act.

         SECTION 5.2.  Rights upon Event of Default.

         If an Event of Default specified in Section 5.1(i), (ii), (iv) or (v)
shall have occurred and be continuing, the Trustee shall automatically declare
by written notice to the Issuer that the Notes become, whereupon they shall
become, immediately due and payable at one hundred percent (100%) of their
outstanding principal balance, together with accrued and unpaid interest thereon
(and any interest on such unpaid interest to the extent provided herein or in
the Sale and Servicing Agreement); provided, however, that if an Event of
Default specified in Section 5.1(i), (ii), (iv) or (v) shall have occurred and
be continuing, such declaration may be rescinded by Noteholders representing at
least 80% of the Note Balance directing the Trustee in writing to such effect.
If an Event of Default specified in Section 5.1(iii), (vi) or (vii) shall have
occurred and be continuing, the Trustee shall, if so requested in writing by the
Note Voting Amount, declare by written notice to the Issuer, that the Notes
become, whereupon they shall become, immediately due and payable at one hundred
percent (100%) of their outstanding principal balance, together with accrued and
unpaid interest thereon (and any interest on such unpaid interest to the extent
provided herein or in the Sale and Servicing Agreement). The Trustee shall send
written notice to the Rating Agency and the Noteholders, of any such declaration
or rescission on the same day the Trustee sends such notice to the Issuer or
within two (2) Business Days of it receiving such direction of rescission.

         SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by
Trustee.

         (a) The Issuer covenants that if the Notes are accelerated following
the occurrence of an Event of Default, the Issuer will, upon demand of the
Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the
whole amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal at the applicable interest rate, and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the applicable interest rate and in
addition thereto such further amount as shall be sufficient to cover the
reasonable costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee and its agents
and counsel.

                                       33
<PAGE>

         (b) If an Event of Default occurs and is continuing, the Trustee may
proceed to protect and enforce its rights and the rights of the Noteholders by
such appropriate Proceedings as the Trustee shall deem most effective to protect
and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Trustee by this Indenture or by law.

         (c) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust Estate, Proceedings under Title 11 of the United States Code or any
other applicable Federal or state bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Trustee, irrespective of whether the principal of any
Notes shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such Proceedings or otherwise:

                  (i) to file and prove a claim or claims for the whole amount
         of principal, interest and premium, if any, owing and unpaid in respect
         of the Notes and to file such other papers or documents as may be
         necessary or advisable in order to have the claims of the Trustee
         (including any claim for reasonable compensation to the Trustee and
         each predecessor Trustee, and their respective agents, attorneys and
         counsel, and for reimbursement of all expenses and liabilities
         incurred, and all advances made, by the Trustee and each predecessor
         Trustee, except as a result of negligence or bad faith) and of the
         Noteholders allowed in such Proceedings;

                  (ii) unless prohibited by applicable law or regulations, to
         vote on behalf of the Holders of the Notes in any election of a
         trustee, a standby trustee or any Person performing similar functions
         in any such Proceedings;

                  (iii) to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute all amounts
         received with respect to the claims of the Noteholders and of the
         Trustee on their behalf; and

                  (iv) to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Trustee or the Holders of Notes allowed in any Proceedings
         relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, assignee, custodian, sequestrator or
other similar official in any such Proceeding is hereby authorized by each of
such Noteholders to make payments to the Trustee, and, in the event that the
Trustee shall consent to the making of payments directly to such Noteholders, to
pay to the Trustee such amounts as shall be sufficient to cover reasonable

                                       34
<PAGE>

compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Trustee and each predecessor Trustee except as a
result of negligence or bad faith.

         (d) Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Noteholder in any such Proceeding
except, as aforesaid, to vote for the election of a trustee in bankruptcy or
similar Person.

         (e) All rights of action and of asserting claims under this Indenture
or under any of the Notes may be enforced by the Trustee without the possession
of any of the Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

         (f) In any Proceedings brought by the Trustee or to which the Trustee
shall be a party (including any Proceedings involving the interpretation of any
provision of this Indenture), the Trustee shall be held to represent all the
Holders of the Notes, and it shall not be necessary to make any Noteholder a
party to any such Proceedings.

         SECTION 5.4. Remedies. If an Event of Default shall have occurred and
be continuing the Trustee may, and at the direction of the Note Voting Amount
shall, exercise (subject to Section 5.5) any one or more of the following
remedies, whether subsequently or concurrently:

                  (i) institute Proceedings in its own name and as or on behalf
         of a trustee of an express trust for the collection of all amounts then
         payable on the Notes or under this Indenture with respect thereto,
         whether by declaration or otherwise, enforce any judgment obtained, and
         collect from the Issuer and any other obligor upon such Notes moneys
         adjudged due;

                  (ii) institute Proceedings from time to time for the complete
         or partial foreclosure of this Indenture with respect to the Trust
         Estate;

                  (iii) exercise any remedies of a secured party under the UCC
         and any other remedy available to the Trustee and take any other
         appropriate action to protect and enforce the rights and remedies of
         the Secured Parties; and

                  (iv) sell the Trust Estate or any portion thereof or rights or
         interest therein, at one or more public or private sales called and
         conducted in any manner permitted by law; provided, that the Trustee
         may not sell or otherwise liquidate the Trust Estate following an Event
         of Default, other than an Event of Default described in Section 5.1(i)
         or (ii),

                                       35
<PAGE>

         unless (A) all the Noteholders consent thereto, (B) the proceeds of
         such sale or liquidation distributable to the Noteholders are
         sufficient to discharge in full all amounts then due and unpaid upon
         such Notes for principal and interest (after payment of any amounts
         required to be paid prior to the Noteholders in accordance with the
         terms hereof) or (C) the Trustee determines that the Trust Estate will
         not continue to provide sufficient funds for the payment of principal
         of and interest on the Notes as they would have become due if the Notes
         had not been declared due and payable, and the Trustee provides prior
         written notice to the Rating Agency and obtains the consent of the Note
         Voting Amount. In determining such sufficiency or insufficiency with
         respect to clauses (B) and (C), the Trustee may, but need not, obtain
         and rely upon an opinion of an Independent investment banking or
         accounting firm of national reputation as to the feasibility of such
         proposed action and as to the sufficiency of the Trust Estate for such
         purpose.

         SECTION 5.5. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.2 and such declaration
and its consequences have not been rescinded and annulled, the Trustee shall, if
so directed in writing by the Note Voting Amount, elect to maintain possession
of the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Trustee shall take such desire into account when
determining whether or not to maintain possession of the Trust Estate. In
determining whether to maintain possession of the Trust Estate, the Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.

         SECTION 5.6. Priorities. If the Trustee collects any money or property
pursuant to this Article V, the Trustee shall pay out such money or property
according to the priorities set forth in Section 4.4 of the Sale and Servicing
Agreement.

         The Trustee may fix a special record date and special payment date for
any payment to Noteholders pursuant to this Section 5.6. At least 15 days before
such special record date, the Trustee shall mail to the Rating Agency, each
Noteholder and the Issuer a notice that states the special record date, the
special payment date and the amount to be paid.

         SECTION 5.7. Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

                  (i) such Holder has previously given written notice to the
         Trustee of a continuing Event of Default;

                  (ii) the Holders of not less than 25% of the Note Balance have
         made written request to the Trustee to institute such Proceeding in
         respect of such Event of Default in its own name as Trustee hereunder;

                                       36
<PAGE>

                  (iii) such Holder or Holders have offered to the Trustee
         reasonable indemnity, as determined in the sole discretion of the
         Trustee, against the costs, expenses and liabilities to be incurred in
         complying with such request;

                  (iv) the Trustee for 60 days after its receipt of such notice,
         request and offer of indemnity has failed to institute such
         Proceedings; and

                  (v) no direction inconsistent with such written request has
         been given to the Trustee during such 60-day period by the Note Voting
         Amount;

it being understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

         In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than the Note Voting Amount, the Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

         SECTION 5.8. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

         SECTION 5.9. Restoration of Rights and Remedies. If the Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any
reason or has been determined adversely to the Trustee or to such Noteholder,
then and in every such case the Issuer, the Trustee and the Noteholders shall,
subject to any determination in such Proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and the Noteholders shall continue as though no such
Proceeding had been instituted.

         SECTION 5.10. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Trustee or to the Noteholders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

                                       37
<PAGE>

         SECTION 5.11. Delay or Omission Not a Waiver. No delay or omission of
the Trustee or any Holder of any Note to exercise any right or remedy accruing
upon any Default or Event of Default shall impair any such right or remedy or
constitute a waiver of any such Default or Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Trustee
or to the Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Noteholders, as the case may be.

         SECTION 5.12. Control by Noteholders. The Note Voting Amount shall have
the right to direct the time, method and place of conducting any Proceeding for
any remedy available to the Trustee with respect to the Notes or exercising any
trust or power conferred on the Trustee; provided that

                  (i) such direction shall not be in conflict with any rule of
         law or with this Indenture;

                  (ii) subject to the express terms of Section 5.4, any
         direction to the Trustee to sell or liquidate the Trust Estate shall be
         by the Holders of Notes representing all the Noteholders;

                  (iii) if the conditions set forth in Section 5.5 have been
         satisfied and the Trustee elects to retain the Trust Estate pursuant to
         such Section, then any direction to the Trustee by all the Noteholders
         to sell or liquidate the Trust Estate shall be of no force and effect;
         and

                  (iv) the Trustee may take any other action deemed proper by
         the Trustee that is not inconsistent with such direction; provided,
         that, subject to Section 6.1, the Trustee need not take any action that
         it determines might involve it in liability or would be expected to
         materially adversely affect the rights of any Noteholders not
         consenting to such action, except that no such action shall be deemed
         to be expected to materially adversely affect the rights of the Holders
         of any Notes by reason of such Holders being subordinate to the Holders
         of any other Notes under the terms of this Indenture or with respect to
         the Indenture Collateral.

         SECTION 5.13. Waiver of Past Defaults. The Note Voting Amount may waive
any past Default or Event of Default and its consequences except a Default (a)
in payment of principal of or interest on any of the Notes or (b) in respect of
a covenant or provision hereof which cannot be modified or amended without the
consent of the Holder of each Note; provided, however, that the declaration of
the Events of Default set forth in clauses (i), (ii), (iv) and (v) of such
Section may be rescinded only by Noteholders representing at least 80% of the
Note Balance. In the case of any such waiver or rescission, the Issuer, the
Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder, respectively; but no such waiver or rescission shall
extend to any subsequent or other Default or impair any right consequent
thereto.

         Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to

                                       38
<PAGE>

have been cured and not to have occurred, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto.

         SECTION 5.14. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a)
any suit instituted by the Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Note Balance or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture (or, in
the case of redemption, on or after the Redemption Date).

         SECTION 5.15. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

         SECTION 5.16. Action on Notes. The Trustee's right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the Lien of this Indenture nor any rights or remedies of
the Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer.

         SECTION 5.17.  Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Trustee to do so and at the
Issuer's expense, the Issuer agrees to take all such lawful action as the
Trustee may request to compel or secure the performance and observance by the
Servicer and the Seller, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Trustee, including the transmission of notices of default on the part of
the Seller or the Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement.

                                       39
<PAGE>

         (b) If an Event of Default has occurred and is continuing the Trustee
may, and at the direction (which direction shall be in writing, including
facsimile) of the Note Voting Amount shall, exercise all rights, remedies,
powers, privileges and claims of the Issuer against the Seller or the Servicer
under or in connection with the Sale and Servicing Agreement, including the
right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, and any right of the
Issuer to take such action shall be suspended.

                                   ARTICLE VI
                                   The Trustee
                                   -----------

         SECTION 6.1.  Duties of Trustee.

         (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a similarly situated trustee
would exercise or use under such circumstances.

         (b) Except during the continuance of an Event of Default:

                  (i) the Trustee undertakes to perform such duties and only
         such duties as are specifically set forth in this Indenture and the
         other Related Documents, and no implied covenants or obligations shall
         be read into this Indenture against the Trustee; and

                  (ii) in the absence of bad faith on its part, the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Indenture; however, the Trustee shall examine the certificates and
         opinions to determine whether or not they conform on their face to the
         requirements of this Indenture and the other Related Documents to which
         it is a party.

         (c) The Trustee may not be relieved from liability for its own grossly
negligent action, its own grossly negligent failure to act or its own willful
misconduct, except that:

                  (i) this clause (c) does not limit the effect of clause (b) of
         this Section 6.1;

                  (ii) the Trustee shall not be liable for any error of judgment
         made in good faith by a Responsible Officer unless it is proved that
         the Trustee was grossly negligent in ascertaining the pertinent facts;
         and

                  (iii) the Trustee shall not be liable with respect to any
         action it takes or omits to take in good faith in accordance with a
         direction received by it pursuant to any provision of this Indenture.

                                       40
<PAGE>

         (d) Every provision of this Indenture that in any way relates to the
Trustee is subject to clauses (a), (b) and (c) of this Section 6.1.

         (e) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Issuer or as expressly
provided in the Related Documents.

         (f) Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law or the terms of this Indenture
or the Sale and Servicing Agreement.

         (g) No provision of this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or
powers, if it shall have reasonable grounds to believe that repayments of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

         (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.1.

         (i) The Trustee shall, upon one Business Day's prior notice to the
Trustee, from any representative of the Noteholders, the Initial Purchaser, the
Issuer or the Servicer, during the Trustee's normal business hours, permit such
Person to examine all books of account, records, reports and other papers of the
Trustee relating to the Notes, to make copies and extracts therefrom and to
discuss the Trustee's affairs and actions, as such affairs and actions relate to
the Trustee's duties with respect to the Notes, with the Trustee's officers and
employees responsible for carrying out the Trustee's duties with respect to the
Notes. All expenses incurred by the Trustee in connection with such examination
shall be borne by the party conducting such examination.

         (j) In no event shall the Trustee be required to perform, or be
responsible for the manner of performance of, any of the obligations of the
Servicer, or any other party, under the Sale and Servicing Agreement.

         (k) The Trustee shall, and hereby agrees that it will, perform all of
the obligations and duties required of it under the Sale and Servicing
Agreement.

         (l) Without limiting the generality of this Section 6.1, the Trustee,
in its capacity as Trustee, shall have no duty, unless specifically set forth in
this Indenture or the other Related Documents, (i) to see to any recording,
filing or depositing of this Indenture or any agreement referred to herein or
any financing statement evidencing a security interest, in the Receivables or to
see to the maintenance of any such recording or filing or depositing or to any
recording, refiling or redepositing of any thereof, (ii) to see to the payment
or discharge of any tax, assessment or other governmental charge or any Lien or
encumbrance of any kind owing with respect to, assessed or levied against any
part of the Trust Estate, (iii) to confirm or verify the

                                       41
<PAGE>

contents of any reports or certificates delivered to the Trustee pursuant to
this Indenture or the Sale and Servicing Agreement believed by the Trustee to be
genuine and to have been signed or presented by the proper party or parties, or
(iv) to ascertain or inquire as to the performance or observance of any of the
Issuer's or the Servicer's representations, warranties or covenants or the
Servicer's duties and obligations as Servicer.

         (m) For all purposes under this Indenture, the Trustee shall not be
deemed to have notice or knowledge of any Event of Default described in clauses
(iii)-(vii) of Section 5.1 hereof unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any such event is
received by a Responsible Officer of the Trustee, and such notice references the
Notes generally, the Issuer, the Trust Estate or this Indenture.

         SECTION 6.2.  Rights of Trustee.

         (a) The Trustee may rely on any document reasonably believed by it to
be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document.

         (b) Before the Trustee acts or refrains from acting, it may require an
Officer's Certificate (with respect to factual matters) or an Opinion of Counsel
(with respect to any matters of law), or both, as applicable. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance
on the Officer's Certificate or Opinion of Counsel, as applicable, or as
directed by the requisite amount of Noteholders as provided herein.

         (c) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Trustee shall not be responsible
for the actions of any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

         (d) The Trustee shall not be liable for any action it takes or omits to
take which it reasonably and in good faith believes to be authorized or within
its rights or powers; provided, that the Trustee's conduct does not constitute
willful misconduct or gross negligence.

         (e) The Trustee shall be under no obligation to institute, conduct or
defend any litigation under this Indenture or in relation to this Indenture, at
the request, order or direction of any of the Holders of Notes, pursuant to the
provisions of this Indenture, unless such Holders of Notes shall have offered to
the Trustee reasonable security or indemnity against the costs, expenses and
liabilities that may be incurred therein or thereby; provided, that the Trustee
shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture with reasonable
care and skill.

         (f) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper
or document, unless requested in writing to do so by the Holders of Notes
evidencing not less than 25% of the Note Balance; provided, that if the

                                       42
<PAGE>

payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture or the Sale and Servicing
Agreement, the Trustee may require reasonable indemnity against such cost,
expense or liability as a condition to so proceeding; the reasonable expense of
every such examination shall be paid by the Person making such request, or, if
paid by the Trustee, shall be reimbursed by the Person making such request upon
demand.

         (g) Provided the Trustee has sent out notices to Noteholders in
accordance with this Indenture, the Trustee may act as directed by the Note
Voting Amount responding in writing to the request contained in such notice. In
addition, the Trustee shall have no liability to any Noteholder with respect to
any action taken pursuant to such notice within the time period set forth in
such notice.

         SECTION 6.3. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Trustee is required to comply with Sections 6.11 and 6.12.

         SECTION 6.4. Trustee's Disclaimer. (a) The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture, the Trust Estate or the Notes, it shall not be accountable for
the Issuer's use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee's
certificate of authentication.

         (b) The receipt by the Trustee or the Paying Agent of any reports,
information or other documents that are provided to the Trustee or the Paying
Agent for purposes of enabling the sending party to comply with its document
delivery requirements hereunder shall not constitute constructive or actual
notice of any information contained therein or determinable from any information
contained therein, including the Issuer or the Servicer's compliance with any of
its covenants, representations or warranties hereunder, unless otherwise
specifically set forth in this Indenture or such document.

         SECTION 6.5. Notice of Defaults and Rating Agency Action. If a Default
occurs and is continuing, or the Rating Agency takes action with respect to any
Notes (including, without limitation, downgrading or upgrading any Notes,
withdrawing the rating of any Notes or placing any Notes on ratings watch) and
is known to a Responsible Officer of the Trustee, the Trustee shall mail to each
Noteholder notice of such Default, or Rating Agency action, within five Business
Days after such Default, or Rating Agency action, becomes known to such
Responsible Officer.

         SECTION 6.6. Reports by Trustee to Holders. The Trustee shall deliver
to each Noteholder such information as the Issuer may direct it to provide and
which information shall

                                       43
<PAGE>

be provided to the Trustee by the Servicer to enable each Noteholder to prepare
its federal and state income tax returns.

         SECTION 6.7.  Compensation and Indemnity.

         (a) The Seller has agreed with the Trustee and the Backup Servicer that
the Trustee and the Backup Servicer, as the case may be, shall be entitled to
certain annual fees, which shall not be limited by any law on compensation of a
trustee of an express trust. The Seller has also agreed that the Trustee and the
Backup Servicer shall be entitled to reimbursement for all reasonable
out-of-pocket expenses incurred or made by such Person, including costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Trustee's and the Backup Servicer's agents, counsel, accountants
and experts.

         (b) The Seller hereby agrees to indemnify the Trustee and the Backup
Servicer against any and all loss, liability or expense (including reasonable
attorneys' fees and expenses) incurred by such Person in connection with the
administration of this trust and the performance of their duties hereunder and
under the Related Documents, unless such loss, liability or expense is the
result of such Person's own gross negligence or willful misconduct or, in
the case of the Backup Servicer, by reason of a breach of any of the Backup
Servicer's representations or warranties set forth in the Sale and Servicing
Agreement.

         (c) The Trustee and the Backup Servicer shall be entitled to a
distribution in respect of fees and expenses pursuant to Sections 4.4(i), (ii)
(when the Backup Servicer is acting Servicer) and (ix) of the Sale and Servicing
Agreement. When the Trustee incurs expenses after the occurrence of an Event of
Default specified in Section 5.1(iv) or (v) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under Title 11 of
the United States Code or any other applicable Federal or state bankruptcy,
insolvency or similar law. Notwithstanding anything else set forth in this
Indenture or the Related Documents, the Trustee agrees that the obligations of
the Issuer to the Trustee hereunder and under the Related Documents shall be
recourse to the Trust Estate only and specifically shall not be recourse to the
assets of the Issuer. In addition, the Trustee agrees that its recourse to the
Issuer and the Trust Estate shall be limited to the right to receive the
distributions referred to in the first two sentences of this Section 6.7(c).

         SECTION 6.8. Replacement of Trustee. The Trustee may resign at any time
by providing 60 days' prior written notice to the Issuer, the Noteholders and
the Rating Agency. The Issuer or the Note Voting Amount may remove the Trustee,
if:

                  (i) the Trustee fails to comply with Section 6.11;

                  (ii) a court having jurisdiction in the premises in respect of
         the Trustee in an involuntary case or proceeding under federal or state
         banking or bankruptcy laws, as now or hereafter constituted, or any
         other applicable federal or state bankruptcy, insolvency or other
         similar law, shall have entered a decree or order for relief or
         appointing a receiver,

                                       44
<PAGE>

         liquidator, assignee, custodian, trustee, conservator, sequestrator (or
         similar official) for the Trustee or for any substantial part of the
         Trustee's property, or ordering the winding-up or liquidation of the
         Trustee's affairs, provided any such decree or order shall have
         continued unstayed and in effect for a period of 60 consecutive days or
         the commencement of an involuntary case under the federal bankruptcy
         laws, as now or hereafter in effect, or another present or future
         federal or state bankruptcy, insolvency or similar law and such case is
         not dismissed within 60 days;

                  (iii) the Trustee commences a voluntary case, or consents to
         the entry of an order for relief in an involuntary case, in either case
         under any federal or state banking or bankruptcy laws, as now or
         hereafter constituted, or any other applicable federal or state
         bankruptcy, insolvency or other similar law, or consents to the
         appointment of or taking possession by a receiver, liquidator,
         assignee, custodian, trustee, conservator, sequestrator (or other
         similar official) for the Trustee or for any substantial part of the
         Trustee's property, or makes any assignment for the benefit of
         creditors or fails generally to pay its debts as such debts become due
         or takes any corporate action in furtherance of any of the foregoing;

                  (iv) the Trustee otherwise becomes incapable of acting; or

                  (v) the Trustee fails, in any material respect, to perform its
         obligations hereunder or under the Sale and Servicing Agreement.

Notice of the occurrence of any of the foregoing events shall be sent to the
Rating Agency by the Trustee and Issuer.

         If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Issuer shall promptly provide written
notice of such event to the Rating Agency and the Noteholders and shall, with
the prior written consent of the Note Voting Amount, appoint a successor
Trustee. If the Issuer fails to appoint such a successor Trustee, within thirty
days of Issuer's notice, the Trustee may appoint a successor Trustee, with the
prior written consent of the Note Voting Amount (which consent shall not be
unreasonably withheld).

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Rating Agency and to the Issuer.
Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to Noteholders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee.

         If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Note Voting Amount may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

                                       45
<PAGE>

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section 6.8 shall
not become effective until acceptance of appointment by the successor Trustee
pursuant to this Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee; provided, that if the Trustee provides written notice of its
resignation and a successor Trustee is not appointed within 60 days, then the
Trustee may request that a court of competent jurisdiction appoint such a
successor Trustee. Notwithstanding the replacement of the Trustee pursuant to
this Section, the retiring Trustee shall be entitled to payment or reimbursement
of such amounts as such Person is entitled pursuant to Section 6.7.

         SECTION 6.9. Successor Trustee by Merger. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee, provided, that such successor to the
Trustee shall be subject to Section 6.8 and shall meet the eligibility
requirements of Section 6.11 as of the date of such succession. If such
surviving or transferee corporation does not meet such eligibility requirements,
it may be removed pursuant to Section 6.8 hereof. The Trustee shall provide the
Rating Agency prompt notice of any such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any
such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to
the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or
in this Indenture provided that the certificate of the Trustee shall have.

         SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee.

         (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Trustee,
subject to the disqualifying conditions of Section 6.8, shall have the power and
may execute and deliver all instruments to appoint one or more Persons to act as
a co-trustee or co-trustees, or separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate,
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8.

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

                                       46
<PAGE>

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

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

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

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

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

         SECTION 6.11. Eligibility; Disqualification. The Trustee shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent filed report of condition.

         SECTION 6.12. Appointment and Powers. Subject to the terms and
conditions hereof, each of the Secured Parties hereby appoints BNY Midwest Trust
Company, as Trustee with respect to the Indenture Collateral and BNY Midwest
Trust Company, hereby accepts such appointment and agrees to act as the Trustee
on behalf of the Secured Parties with respect to the Indenture Collateral, to
maintain custody and possession of such Indenture Collateral (except as
otherwise provided hereunder or under the Sale and Servicing Agreement) and to
perform the other duties of the Trustee in accordance with the provisions of
this Indenture. Each Secured Party hereby authorizes the Trustee to take such
action on its behalf, and to exercise such rights,

                                       47
<PAGE>

remedies, powers and privileges hereunder, as are specifically authorized to be
exercised by the Trustee by the terms hereof, together with such actions,
rights, remedies, powers and privileges as are reasonably incidental thereto.

         SECTION 6.13. Limitation on Liability. Neither the Trustee nor any of
its directors, officers or employees, shall be liable for any action taken or
omitted to be taken by it or them hereunder, or in connection herewith, except
that the Trustee shall be liable for its gross negligence or willful misconduct;
nor shall the Trustee be responsible for the validity, effectiveness, value,
sufficiency or enforceability against the Issuer of this Indenture or any of the
Indenture Collateral (or any part thereof). Notwithstanding any term or
provision of this Indenture, the Trustee shall incur no liability to the Issuer
or the Secured Parties for any action taken or omitted by the Trustee in
connection with the Indenture Collateral, except for the gross negligence or
willful misconduct on the part of the Trustee and, further, shall incur no
liability to the Secured Parties except for gross negligence or willful
misconduct in carrying out its duties to the Secured Parties. Subject to Section
6.14, the Trustee shall be protected and shall incur no liability to any such
party in relying upon the accuracy, acting in reliance upon the contents, and
assuming the genuineness of any notice, demand, certificate, signature,
instrument or other document reasonably believed by the Trustee to be genuine
and to have been duly executed by the appropriate signatory, and (absent actual
knowledge to the contrary) the Trustee shall not be required to make any
independent investigation with respect thereto. The Trustee shall at all times
be free independently to establish to its reasonable satisfaction, but shall
have no duty to independently verify, the existence or nonexistence of facts
that are a condition to the exercise or enforcement of any right or remedy
hereunder or under any of the Related Documents. The Trustee may consult with
counsel, and shall not be liable for any action taken or omitted to be taken by
it hereunder in good faith and in accordance with the advice of such counsel,
which advice shall be confirmed in writing. The Trustee shall not be under any
obligation to exercise any of the remedial rights or powers vested in it by this
Indenture or to follow any direction from the Issuer unless it shall have
received security or indemnity reasonably satisfactory to the Trustee against
the costs, expenses and liabilities which might be incurred by it.

         SECTION 6.14. Reliance upon Documents. In the absence of gross
negligence on its part, the Trustee shall be entitled to rely on any
communication, instrument, paper or other document reasonably believed by it to
be genuine and correct and to have been signed or sent by the proper Person or
Persons and shall have no liability in acting, or omitting to act, where such
action or omission to act is in reasonable reliance upon any statement or
opinion contained in any such document or instrument.

         SECTION 6.15. Representations and Warranties of the Trustee. The
Trustee represents and warrants to the Issuer and to each Secured Party as
follows:

         (a) Due Organization. The Trustee is an Illinois trust company duly
organized, validly existing and in good standing under the laws of its
organization, and is duly authorized and licensed under applicable law to
conduct its business as presently conducted.

                                       48
<PAGE>

         (b) Corporate Power. The Trustee has all requisite right, power and
authority to execute and deliver this Indenture and to perform all of its duties
as Trustee hereunder.

         (c) Indenture Collateral. The Trustee has no actual or constructive
knowledge that the Indenture Collateral is subject to the actual or claimed Lien
or ownership interest of any Person (other than the Issuer and the Trustee).

         (d) Due Authorization. The execution and delivery by the Trustee of
this Indenture and the other Related Documents to which it is a party, and the
performance by the Trustee of its duties hereunder and thereunder, have been
duly authorized by all necessary corporate proceedings, and no further approvals
or filings, including any governmental approvals, are required for the valid
execution and delivery by the Trustee or the performance by the Trustee, of this
Indenture and each other Related Documents to which it is a party.

         (e) Valid and Binding Indenture. The Trustee has duly executed and
delivered this Indenture and each other Related Document to which it is a party,
and each of this Indenture and each such other Related Document constitutes the
legal, valid and binding obligation of the Trustee, enforceable against the
Trustee in accordance with their respective terms, except as (i) such
enforceability may be limited by bankruptcy, insolvency, reorganization and
similar laws relating to or affecting the enforcement of creditors' rights
generally and (ii) the availability of equitable remedies may be limited by
equitable principles of general applicability.

         SECTION 6.16. Waiver of Setoffs. The Trustee hereby expressly waives
any and all rights of setoff that the Trustee may otherwise at any time have
under applicable law with respect to any Trust Account and agrees that amounts
in the Trust Accounts shall at all times be held and applied solely in
accordance with the provisions hereof and the Sale and Servicing Agreement.

                                   ARTICLE VII
                         Noteholders' Lists and Reports
                         ------------------------------

         SECTION 7.1. Issuer to Furnish Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (a)
on the Closing Date, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Notes as of the Closing Date and
(b) at such other times as the Trustee may request in writing within 30 days
after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, that so long as the Trustee is the Note Registrar, no such
list shall be required to be furnished.

         SECTION 7.2. Preservation of Information, Communications to
Noteholders.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders of Notes contained in the
most recent list furnished to the Trustee as provided in Section 7.1 and the
names and addresses of Holders of Notes received by the Trustee in its capacity
as Note Registrar. The Trustee may destroy any list furnished to it as

                                       49
<PAGE>

provided in such Section 7.1 upon receipt of a new list so furnished. The
Trustee shall make such list available to any Noteholder upon written request by
such Person.

         (b) Noteholders may communicate with other Noteholders with respect to
their rights under this Indenture or under the Notes.

         SECTION 7.3.  Reports by Issuer.

         (a) The Issuer shall, upon request, supply to the Trustee for mailing
by the Trustee to all Noteholders, any information pertaining to the Issuer as
the Trustee may determine to be reasonably necessary to afford Noteholders the
ability to sell or transfer Notes pursuant to Rule 144A of the Securities Act.

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

                                  ARTICLE VIII
                      Accounts, Disbursements and Releases
                      ------------------------------------

         SECTION 8.1. Collection of Money. Except as otherwise expressly
provided herein or in the Sale and Servicing Agreement, the Trustee may demand
payment or delivery of, and shall receive and collect, directly and without
intervention or assistance of any fiscal agent or other intermediary, all money
and other property payable to or receivable by the Trustee pursuant to this
Indenture. The Trustee shall apply all such money received by it as provided in
this Indenture. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of this Indenture or the Notes, the Trustee may take
such action (after the applicable grace period, if any) as may be appropriate to
enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any
right to claim a Default or Event of Default under this Indenture and any right
to proceed thereafter as provided in Article V.

         SECTION 8.2.  Trust Accounts.

         (a) On or prior to the Closing Date, the Trustee shall establish and
maintain, in the name of the Trustee, for the benefit of the Noteholders, the
Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement.

         (b) On each Payment Date and Redemption Date, the Trustee shall
distribute amounts on deposit in the Note Payment Account to Noteholders in
respect of the Notes to the extent of amounts due and unpaid on the Notes for
principal and interest in the amounts and in the order of priority set forth in
Section 4.4 of the Sale and Servicing Agreement.

         SECTION 8.3.  General Provisions Regarding Accounts.

                                       50
<PAGE>

         (a) So long as no Default or Event of Default shall have occurred and
be continuing, all or a portion of the funds in the Trust Accounts shall be
invested and reinvested by the Trustee on behalf of the Issuer in Eligible
Investments in accordance with the provisions of Section 4.1(d) of the Sale and
Servicing Agreement.

         (b) Subject to Section 6.1(c), the Trustee shall not in any way be held
liable by reason of any insufficiency in any of the Trust Accounts resulting
from any loss on any Eligible Investment included therein, except for losses
attributable to the Trustee's failure to make payments on such Eligible
Investments issued by the Trustee, in its commercial capacity as principal
obligor and not as Trustee, in accordance with their terms.

                                   ARTICLE IX
                             Supplemental Indentures
                             -----------------------

         SECTION 9.1. Supplemental Indentures Without Consent of Noteholders.
Without the consent of the Holders of any Notes, the Issuer and the Trustee,
when authorized by an Issuer Order, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form and substance
satisfactory to the Trustee, for any of the following purposes:

                  (i) to correct or amplify the description of any property at
         any time subject to the Lien of this Indenture, or better to assure,
         convey and confirm unto the Trustee any property subject or required to
         be subjected to the Lien created by this Indenture, or to subject to
         the Lien created by this Indenture additional property;

                  (ii) to evidence the succession, in compliance with the
         applicable provisions hereof, of another Person to the Issuer, and the
         assumption by any such successor of the covenants of the Issuer herein
         and in the Notes contained;

                  (iii) to add to the covenants of the Issuer, for the benefit
         of the Holders of the Notes, or to surrender any right or power herein
         conferred upon the Issuer;

                  (iv) to convey, transfer, assign, mortgage or pledge any
         property to or with the Trustee;

                  (v) to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture which may be
         inconsistent with any other provision herein or in any supplemental
         indenture or to make any other provisions with respect to matters or
         questions arising under this Indenture or in any supplemental
         indenture; provided that such action shall not adversely affect the
         interests of the Holders of the Notes; or

                  (vi) to evidence and provide for the acceptance of the
         appointment hereunder by a successor trustee with respect to the Notes
         and to add to or change any of the provisions of this Indenture as
         shall be necessary to facilitate the administration of the trusts
         hereunder by more than one trustee, pursuant to the requirements of
         Article VI.

                                       51
<PAGE>

         The Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained. If requested by the Trustee, the
Issuer shall cause to be delivered to the Trustee an Opinion of Counsel stating
that execution of such supplemental indenture will not adversely affect the
interests of any Noteholder.

         SECTION 9.2. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Trustee may, when authorized by an Issuer Order, with prior
written notice to the Rating Agency and the prior written consent of the Note
Voting Amount, enter into an indenture or supplemental indentures for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided, that no such
supplemental indenture shall, without the prior written consent of the Holder of
each Outstanding Note affected thereby:

                  (i) change the date of payment of any installment of principal
         of or interest on any Note, or reduce the principal amount thereof, the
         interest rate thereon or the Redemption Price with respect thereto,
         change the provisions of this Indenture relating to the application of
         collections on, or the proceeds of the sale of, the Trust Estate to
         payment of principal of or interest on the Notes, or change any place
         of payment where, or the coin or currency in which, any Note or the
         interest thereon is payable, or impair the right to institute suit for
         the enforcement of the provisions of this Indenture requiring the
         application of funds available therefor, as provided in Article V, to
         the payment of any such amount due on the Notes on or after the
         respective due dates thereof (or, in the case of redemption, on or
         after the Redemption Date);

                  (ii) reduce the percentage of the Note Balance, the consent of
         the Holders of which is required for any such supplemental indenture,
         or the consent of the Holders of which is required for any waiver of
         compliance with certain provisions of this Indenture or certain
         defaults hereunder and their consequences provided for in this
         Indenture;

                  (iii) modify or alter the definition of "Note Voting Amount"
         or the provisions of the second proviso to the definition of the term
         "Outstanding";

                  (iv) reduce the percentage of the Note Balance required to
         direct the Trustee to sell or liquidate the Trust Estate pursuant to
         Section 5.4;

                  (v) modify any provision of this Section 9.2 except to
         increase any percentage specified herein or to provide that certain
         additional provisions of this Indenture or the other Related Documents
         cannot be modified or waived without the consent of the Holder of each
         Outstanding Note affected thereby;

                  (vi) modify any of the provisions of this Indenture in such
         manner as to affect the calculation of the amount of any payment of
         interest or principal due on any Note on any Payment Date (including
         the calculation of any of the individual components of such

                                       52
<PAGE>

         calculation) or to affect the rights of the Holders of Notes to the
         benefit of any provisions for the mandatory redemption of the Notes
         contained herein; or

                  (vii) permit the creation of any Lien ranking prior to or on a
         parity with the Lien created by this Indenture with respect to any part
         of the Trust Estate or, except as otherwise permitted or contemplated
         herein, terminate the Lien created by this Indenture on any property at
         any time subject hereto or deprive the Holder of any Note of the
         security provided by the Lien created by this Indenture.

         SECTION 9.3.  Execution of Supplemental Indentures.

         (a) Promptly after the execution by the Issuer and the Trustee of any
supplemental indenture pursuant to Section 9.2, the Trustee shall mail to the
Holders of the Notes a copy of such supplemental indenture. Any failure of the
Trustee to mail such copy, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

         (b) In executing, or permitting the additional trusts created by, any
supplemental indenture permitted by this Article IX or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and subject to Sections 6.1 and 6.2 shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that
affects the Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

         SECTION 9.4. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Trustee, the Issuer and the Holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

         SECTION 9.5. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Trustee shall so determine, new
notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Notes which are
Outstanding.

                                       53
<PAGE>

                                    ARTICLE X
                               Redemption of Notes
                               -------------------

         SECTION 10.1. Redemption. In the event that CBC pursuant to Section 9.1
of the Sale and Servicing Agreement purchases the Receivables, the Notes are
subject to redemption in whole, but not in part, on the Payment Date following
the Determination Date on which such repurchase occurs, for a purchase price
equal to the Redemption Price. If the Notes are to be redeemed pursuant to this
Section 10.1, the Issuer (or the Seller or Servicer on its behalf) shall furnish
written notice of such election to the Trustee, the Backup Servicer and the
Rating Agency not later than 25 days prior to the Redemption Date and, following
deposit of the Redemption Price into the Note Payment Account, all the Notes
shall be due and payable on the Redemption Date. The Trustee will give notice to
each Noteholder at least 15 days prior to any such redemption.

         SECTION 10.2. Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Trustee by first-class mail, postage prepaid,
mailed not less than fifteen days prior to the applicable Redemption Date to the
Rating Agency and each Holder of Notes (or, upon request by a Noteholder which
purchased the Notes on the Closing Date, by facsimile), as of the close of
business on the Record Date preceding the applicable Redemption Date, at such
Holder's address appearing in the Note Register.

         All notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price; and

                  (iii) the place where such Notes are to be surrendered for
         payment of the Redemption Price (which shall be the office or agency of
         the Issuer to be maintained as provided in Section 3.2).

         Notice of redemption of the Notes shall be given by the Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to the Rating Agency or any Holder of any Note shall not
impair or affect the validity of the redemption of any other Note.

         SECTION 10.3. Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption (if any) as required by Section
10.2, on the Redemption Date become due and payable at the Redemption Price, and
(unless the Issuer shall default in the payment of the Redemption Price) no
interest shall accrue on the Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating the Redemption
Price.

                                       54
<PAGE>

                                   ARTICLE XI
                                  Miscellaneous
                                  -------------

         SECTION 11.1.  Compliance Certificates and Opinions, etc.

         (a) Upon an application or request by the Issuer to the Trustee to take
any action under any provision of this Indenture, the Issuer shall furnish to
the Trustee (i) an Officer's Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with, and (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (i) a statement that each signatory of such certificate or
         opinion has read or has caused to be read such covenant or condition
         and the definitions herein relating thereto;

                  (ii) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (iii) a statement that, in the reasonable opinion of each such
         signatory, such signatory has made such examination or investigation as
         is necessary to enable such signatory to express an informed opinion as
         to whether or not such covenant or condition has been complied with;
         and

                  (iv) a statement as to whether, in the opinion of each such
         signatory, such condition or covenant has been complied with.

         (b) (i) Prior to the deposit of any Indenture Collateral or other
property or securities with the Trustee that is to be made the basis for the
release of any property subject to the Lien created by this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Trustee an Officer's Certificate
certifying or stating the opinion of each person signing such certificate as to
the fair value (within 90 days of such deposit) to the Issuer of the Indenture
Collateral or other property or securities to be so deposited.

                  (ii) Whenever the Issuer is required to furnish to the Trustee
         an Officer's Certificate certifying or stating the opinion of any
         signer thereof as to the matters described in clause (i) above, the
         Issuer shall also deliver to the Trustee an Independent Certificate as
         to the same matters, if the fair value to the Issuer of the property to
         be so deposited and of all other such property made the basis of any
         such withdrawal or release since the commencement of the then current
         fiscal year of the Issuer, as set forth in the certificates delivered
         pursuant to clause (i) above and this clause (ii), is 10% or more of

                                       55
<PAGE>

         the initial Note Balance, but such a certificate need not be furnished
         with respect to any property so deposited, if the fair value thereof to
         the Issuer as set forth in the related Officer's Certificate is less
         than $25,000 or less than one percent of the Note Balance.

                  (iii) Other than with respect to any release described in
         clause (A) or (B) of Section 11.1(b)(v), whenever any property or
         securities are to be released from the Lien created by this Indenture,
         the Issuer shall also furnish to the Trustee an Officer's Certificate
         certifying or stating the opinion of each person signing such
         certificate as to the fair value (within 90 days of such release) of
         the property or securities proposed to be released and stating that in
         the opinion of such person the proposed release will not impair the
         security interest created by this Indenture in contravention of the
         provisions herein.

                  (iv) Whenever the Issuer is required to furnish to the Trustee
         an Officer's Certificate certifying or stating the opinion of any
         signer thereof as to the matters described in clause (iii) above, the
         Issuer shall also furnish to the Trustee an Independent Certificate as
         to the same matters if the fair value of the property or securities and
         of all other property or securities (other than property described in
         clauses (A) or (B) of Section 11.1(b)(v)) released from the Lien
         created by this Indenture since the commencement of the then current
         fiscal year, as set forth in the certificates required by clause (iii)
         above and this clause (iv), equals 10% or more of the initial Note
         Balance, but such certificate need not be furnished in the case of any
         release of property or securities if the fair value thereof as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the then initial Note Balance.

                  (v) Notwithstanding any other provision of this Section 11.1,
         the Issuer may without compliance with the other provisions of this
         Section 11.1 (A) collect, liquidate, sell, or otherwise dispose of
         Receivables as and to the extent permitted or required by the Related
         Documents (including as provided in Section 3.1 of the Sale and
         Servicing Agreement), (B) make cash payments out of the Trust Accounts
         as and to the extent permitted or required by the Related Documents and
         (C) make distributions to its member pursuant to Section 3.17.

         SECTION 11.2. Form of Documents Delivered to Trustee. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such Authorized Officer's

                                       56
<PAGE>

certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer or the Issuer, stating that the information
with respect to such factual matters is in the possession of the Servicer or the
Issuer, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer's compliance with any term hereof, it is intended and
understood that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case
may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application granted
or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

         SECTION 11.3.  Acts of Noteholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section 11.3.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner that the Trustee deems
sufficient.

         (c) The ownership of Notes shall be proved by the Note Register.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or Act by the Holder of any Notes shall bind the Holder of every Note
issued-upon the registration thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Trustee or
the Issuer in reliance thereon, whether or not notation of such action is made
upon such Note.

                                       57
<PAGE>

         SECTION 11.4. Notices, etc., to Trustee, Issuer and Rating Agency. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be
made upon, given or furnished to or filed with:

         (a) the Trustee by any Noteholder or by the Issuer shall be sufficient
for every purpose hereunder if made, given, furnished or filed in writing to or
with the Trustee at its Corporate Trust Office, or

         (b) the Issuer by the Trustee or by any Noteholder (except as otherwise
provided in Section 3.2) shall be sufficient for every purpose hereunder if in
writing and mailed, first-class, postage prepaid, to the Issuer addressed to:
CBC Insurance Revenue Securitization, LLC, c/o Clark/Bardes Consulting, Inc.,
102 South Wynstone Park Drive, North Barrington, Illinois 60010, Attention: Andy
Lee, or at any other address previously furnished in writing to the Trustee by
the Issuer. The Issuer shall promptly transmit any notice received by it from
the Noteholders to the Trustee.

         Notices required to be given to the Rating Agency by the Issuer or the
Trustee shall be in writing, personally delivered or mailed by certified mail,
return receipt requested to the Rating Agency at Standard & Poor's Ratings
Services, at 55 Water Street, 41st Floor, New York, New York 10041, Attention:
Structured Finance - Asset-Backed Surveillance; or at such other address as
shall be designated by written notice to the parties hereto. Notwithstanding any
provision hereof to the contrary, a copy of each notice required to be provided
hereunder shall be provided to the Rating Agency.

         SECTION 11.5. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any

                                       58
<PAGE>

manner of giving such notice as shall be reasonably satisfactory to the Trustee
shall be deemed to be a sufficient giving of such notice.

         Where this Indenture provides for notice to the Rating Agency, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of
Default.

         SECTION 11.6. Waiver of Trial by Jury. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH,
ANY RELATED DOCUMENT OR ANY MATTER ARISING THEREUNDER.

         SECTION 11.7. Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.8. Successors and Assigns. All covenants and agreements by
the Issuer in this Indenture and the Notes shall bind its successors and
permitted assigns, whether so expressed or not. All agreements of the Trustee in
this Indenture shall bind its successors.

         SECTION 11.9. Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         SECTION 11.10. Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         SECTION 11.11. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

         SECTION 11.12. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN WITH RESPECT TO PERFECTION OF THE GRANT
HEREUNDER), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       59
<PAGE>

         SECTION 11.13. Counterparts. This Indenture may be executed in any
number of counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         SECTION 11.14. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable
to the Trustee) to the effect that such recording is necessary either for the
protection of the Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Trustee under this Indenture.

         SECTION 11.15. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Trustee on the
Notes or under this Indenture or any other Related Document or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer or the Trustee or of any successor or assign
of the Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         SECTION 11.16. No Petition. The Trustee, by entering into this
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Issuer, or join in any
institution against the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the other Related
Documents until one year and one day after the latest maturity date of any
security issued by the Issuer.

         SECTION 11.17. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee, the Rating Agency or
the Backup Servicer, at such Person's own expense (other than the Trustee's),
during the Issuer's normal business hours, to examine all the books of account,
records, reports, and other papers of the Issuer, to make copies and extracts
therefrom, to cause such books to be audited by independent certified public
accountants, and to discuss the Issuer's affairs, finances and accounts with the
Issuer's officers, employees, and independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested. Nothing in
this Section 11.17 shall derogate from the obligation of the Issuer to observe
any applicable law prohibiting disclosure of information regarding the Obligors,
and the failure of the Issuer to provide access as provided in this Section
11.17 as a result of such obligation shall not constitute a breach of this
Section 11.17. The Trustee, the Rating Agency, and the Backup Servicer shall and
shall cause their respective representatives to hold in confidence all such
information. Notwithstanding anything herein to

                                       60
<PAGE>

the contrary, the foregoing shall not be construed to prohibit (i) the
disclosure of any and all information that is or becomes publicly known, or
information obtained by the Trustee, the Rating Agency or the Backup Servicer
from sources other than the Issuer or the Servicer, (ii) disclosure of any and
all information (A) if required to do so by any applicable statute, law, rule or
regulation, (B) to any government agency or regulatory body having or claiming
authority to regulate or oversee any aspects of the Trustee's or any
Noteholder's business or that of its affiliates, (C) pursuant to any subpoena,
civil investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Trustee, the Rating Agency or
the Backup Servicer or an affiliate or an officer, director, employer or
shareholder thereof is a party, (D) in any preliminary or final offering
circular, registration statement or contract or other document pertaining to the
transactions contemplated by this Indenture approved in advance by the Servicer
or the Issuer or (E) to any affiliate, independent or internal auditor, agent,
employee or attorney of the Trustee, the Rating Agency, or the Backup Servicer
having a need to know the same; provided that the Trustee, the Rating Agency, or
the Backup Servicer advises such recipient of the confidential nature of the
information being disclosed, or (iii) any other disclosure authorized by the
Issuer.

                            [SIGNATURE PAGES FOLLOW]

                                       61
<PAGE>

         IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized, all as of the day and year first above written.

                                       CBC INSURANCE REVENUE
                                       SECURITIZATION, LLC,
                                       as Issuer

                                       By:    /s/ James Radosevich
                                              ----------------------------------
                                       Name:  James Radosevich
                                       Title: Secretary

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

                                       By:    /s/ Marian Onischak
                                              ----------------------------------
                                       Name:  Marian Onischak
                                       Title: Assistant Vice President

                                      S-1
<PAGE>

                                                                     Exhibit A-1

                             FORM OF CLASS A-1 NOTE

            UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS SET FORTH IN
SECTIONS 2.09 AND 2.15 OF THE INDENTURE REFERRED TO HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES OR BLUE SKY LAWS OF
ANY STATE. THE ISSUER OF THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940 ACT").
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS SECURITY MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A PERSON WHO THE
TRANSFEROR REASONABLY BELIEVES IS BOTH A "QUALIFIED INSTITUTIONAL BUYER" (AS
DEFINED UNDER RULE 144A UNDER THE SECURITIES ACT) AND A "QUALIFIED PURCHASER"
(AS DEFINED UNDER SECTION 2(a)(51) OF THE 1940 ACT) THAT PURCHASES THIS NOTE FOR
ITS OWN ACCOUNT (AND NOT THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AN AGENT
FOR THE ACCOUNT OF ANOTHER PERSON WHO IS BOTH A QUALIFIED INSTITUTIONAL BUYER
AND A QUALIFIED PURCHASER IN RELIANCE ON RULE 144A, (II) TO A PERSON THAT IS
BOTH AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a) OF REGULATION D UNDER
THE SECURITIES ACT) AND A QUALIFIED PURCHASER THAT PURCHASES THE NOTES FOR ITS
OWN ACCOUNT (AND NOT THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AN AGENT FOR
THE ACCOUNT OF ANOTHER PERSON WHO IS BOTH AN ACCREDITED INVESTOR

                                   Exh A-1-1
<PAGE>

AND A QUALIFIED PURCHASER IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, OR (III) PURSUANT TO ANOTHER APPLICABLE
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND, IN ALL CASES, IN
COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS AND, IN EACH CASE, IN
COMPLIANCE WITH THE INDENTURE AND, IF REQUESTED BY THE ISSUER OR THE TRUSTEE,
SUBJECT TO THE RECEIPT BY THE ISSUER AND THE TRUSTEE OF A CERTIFICATION OF THE
TRANSFEREE AND AN OPINION OF COUNSEL (SATISFACTORY TO THE ISSUER AND THE
TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT, THE 1940 ACT AND APPLICABLE STATE SECURITIES LAWS.

SECTION 2.9 AND SECTION 2.15 OF THE INDENTURE CONTAIN FURTHER RESTRICTIONS ON
THE TRANSFER AND RESALE OF THIS NOTE. EACH TRANSFEREE OF THIS NOTE, BY
ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS NOTE, SUBJECT TO THE
FOREGOING RESTRICTIONS ON TRANSFERABILITY. IN ADDITION, EACH TRANSFEREE OF THIS
NOTE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE MADE THE REPRESENTATIONS AND
AGREEMENTS SET FORTH IN SECTION 2.9 OF THE INDENTURE.

IF THE ISSUER DETERMINES THAT A HOLDER OR BENEFICIAL OWNER OF THIS NOTE IS NOT A
"QUALIFIED PURCHASER" AS THAT TERM IS DEFINED IN SECTION 2(A)(51)(A) OF THE 1940
ACT, THE ISSUER SHALL HAVE THE RIGHT, AT ITS OPTION, (I) TO REQUIRE SUCH HOLDER
OR BENEFICIAL OWNER TO DISPOSE OF SUCH HOLDER'S OR BENEFICIAL OWNER'S NOTE TO A
PERSON OR ENTITY WHICH IS QUALIFIED TO HOLD THE NOTE IMMEDIATELY UPON RECEIPT OF
A NOTICE FROM THE ISSUER THAT THE HOLDER OR BENEFICIAL OWNER IS NOT A QUALIFIED
PURCHASER OR (II) TO CALL FOR THE REDEMPTION OF THE NOTE OF SUCH HOLDER OR
BENEFICIAL OWNER AT THE LEAST OF (A) THE PRINCIPAL AMOUNT THEREOF, (B) THE PRICE
AT WHICH SUCH HOLDER OR BENEFICIAL OWNER ACQUIRED THE NOTE AND (C) THE CURRENT
MARKET VALUE OF SUCH NOTES, TOGETHER WITH, IN EACH CASE, ACCRUED AND UNPAID
INTEREST, IF ANY, TO THE EARLIER OF THE DATE OF REDEMPTION OR THE DATE WHEN IT
WAS DISCOVERED THE HOLDER OR BENEFICIAL OWNER WAS NOT A QUALIFIED PURCHASER.

BY ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE AGREES TO THE TERMS AND CONDITIONS
SET FORTH IN THE INDENTURE AND HEREIN.

                                   Exh A-2-1
<PAGE>

REGISTERED                                                            $[_______]

NO. AR-1

                                                           CUSIP No. 12479M AA 6

                    CBC Insurance Revenue Securitization, LLC

             3.52 % INSURANCE REVENUE ASSET-BACKED NOTE, CLASS A-1,
                                 SERIES 2002-A

         CBC Insurance Revenue Securitization, LLC, a limited liability company
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO. or
registered assigns, $[____________________________], payable on the 15th day of
each February, May, August and November if such date is a Business Day, or if
such date is not a Business Day, the next succeeding Business Day (the "Payment
Date") in an amount equal to the amount, if any, payable from the Note Payment
Account in respect of principal on the Notes pursuant to Section 3.1 of the
Indenture (as hereinafter defined); provided, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of February 15, 2023
(the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant
to Section 10.1 of the Indenture. The Issuer will pay interest on this Note at
the rate per annum shown above on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made in respect of the preceding Payment Date). Interest on this
Note will accrue for each Payment Date from the most recent Payment Date on
which interest has been paid to but excluding such Payment Date or, if no
interest has yet been paid, from November 26, 2002 (the "Closing Date").
Interest will be computed on the basis of a 360-day year of twelve 30-day months
(or, in the case of the first Payment Date, interest accrued from and including
the Closing Date to but excluding such Payment Date computed on the basis of a
360-day year). Such principal of and interest on this Note shall be paid in the
manner specified in the Indenture.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.52% CBC Insurance Revenue Asset-Backed Notes, Class A-1,
Series 2002-A (herein called the "Class A-1 Notes"), all issued under an
Indenture dated as of October 1, 2002 (as amended, supplemented or otherwise
modified from time to time, the "Indenture"), between the Issuer and BNY Midwest
Trust Company, as trustee (the "Trustee," which term includes any successor

<PAGE>

under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All capitalized terms used
in this Note, not otherwise defined herein, that are defined or referred to in
the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Class A Notes, the Class B Notes and the Class C Notes are and will
be secured by the collateral pledged as security therefor as and to the extent
provided in the Indenture.

         The Issuer shall pay interest on overdue installments of interest on
the Class A-1 Notes at the Class A-1 Interest Rate to the extent lawful.

         As provided in the Indenture, the Notes will be redeemed pursuant to
Section 10.1 of the Indenture, in whole, but not in part, when CBC at its option
on any Determination Date on or after the date on which the Note Balance is less
than or equal to 10% of the initial Note Balance purchases the Receivables
pursuant to Section 9.1 of the Sale and Servicing Agreement.

         Each Noteholder, by acceptance of a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the
Trustee in its individual capacity, (ii) any owner of the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Trustee
in its individual capacity, any holder of an interest in the Issuer or the
Trustee or of any successor or assign of the Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

         Each Noteholder, by acceptance of a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder will
not at any time institute against the Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Indenture or the Related Documents until one year and one day after the latest
maturity date of any security issued by the Issuer.

         It is the intent and agreement of the Issuer and the Trustee and the
Noteholder that, for purposes of federal income, state and local income and
franchise and any other income taxes, the Notes will be treated as debt of the
Issuer. Each Noteholder, by acceptance of this Note, covenants and agrees to
treat this Note as debt for such tax purposes and to take no action inconsistent
with such treatment.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of Illinois, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose.

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by its Authorized Officer.

                                       CBC INSURANCE REVENUE SECURITIZATION, LLC

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

                                      S-1                              Indenture
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

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

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

                                      S-2
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

_______________________

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto _________________________________________________________________________
_________________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints ___________________ attorney, to transfer
the said Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated:___________________*

         In connection with any transfer of this Note occurring prior to the
date that is the earlier of the date of an effective Registration Statement or
the date two years after the later of the original issuance of this Note or the
last date on which this Note was held by the Issuer, the Trustee or any
affiliate of such Persons, the undersigned confirms that without utilizing any
general solicitation or general advertising that:

                                   [Check One]

[ ] (a)  this Note is being transferred in compliance with the exemption from
         registration under the Securities Act of 1933, as amended, provided by
         Rule 144A thereunder.

                                       or

[ ] (b)  this Note is being transferred in compliance with an
         exemption from registration under the Securities Act of 1933,
         as amended, other than in accordance with (a) above and
         documents are being furnished that comply with the conditions
         of transfer set forth in this Note and the Indenture.

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

                                      S-2                              Indenture
<PAGE>

If neither of the foregoing boxes is checked, the Trustee or other Registrar
shall not be obligated to register this Note in the name of any Person other
than the Noteholder hereof unless and until the conditions to any such transfer
of registration set forth herein and in Section 2.15 of the Indenture shall have
been satisfied.

Date: _____________                  ___________________________________________
                                     NOTICE:  The  signature to this  assignment
                                     must correspond with the name as written
                                     upon the face of the within-mentioned
                                     instrument in every particular, without
                                     alteration or any change whatsoever.

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

         The undersigned represents and warrants that (i) it is purchasing this
Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Issuer as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A or (ii) it is an "accredited
investor" as defined in Rule 501(a) under the Securities Act, which has
delivered to the Trustee a letter, in form and substance satisfactory to the
Issuer and the Trustee.

Dated: ____________                  ___________________________________________
                                     NOTICE:  To be executed by an executive
                                     officer

                                      S-2
<PAGE>

                                                                     Exhibit A-2
                                                                     -----------

                             FORM OF CLASS A-2 NOTE
                             ----------------------

<PAGE>

                                                                       Exhibit B
                                                                       ---------

                              FORM OF CLASS B NOTE
                              --------------------

<PAGE>

                                                                       Exhibit C
                                                                       ---------
                              FORM OF CLASS C NOTE
                              --------------------

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS SET FORTH IN
SECTIONS 2.09 AND 2.15 OF THE INDENTURE REFERRED TO HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES OR BLUE SKY LAWS OF
ANY STATE. THE ISSUER OF THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940 ACT").
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS SECURITY MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A PERSON WHO THE
TRANSFEROR REASONABLY BELIEVES IS BOTH A "QUALIFIED INSTITUTIONAL BUYER" (AS
DEFINED UNDER RULE 144A UNDER THE SECURITIES ACT) AND A "QUALIFIED PURCHASER"
(AS DEFINED UNDER SECTION 2(a)(51) OF THE 1940 ACT) THAT PURCHASES THIS NOTE FOR
ITS OWN ACCOUNT (AND NOT THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AN AGENT
FOR THE ACCOUNT OF ANOTHER PERSON WHO IS BOTH A QUALIFIED INSTITUTIONAL BUYER
AND A QUALIFIED PURCHASER IN RELIANCE ON RULE 144A, (II) TO A PERSON THAT IS
BOTH AN "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(a) OF REGULATION D UNDER
THE SECURITIES ACT) AND A QUALIFIED PURCHASER THAT PURCHASES THE NOTES FOR ITS
OWN ACCOUNT (AND NOT THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AN AGENT FOR
THE ACCOUNT OF ANOTHER PERSON WHO IS BOTH AN ACCREDITED INVESTOR AND A QUALIFIED
PURCHASER IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, OR (III) PURSUANT TO ANOTHER APPLICABLE EXEMPTION FROM THE

                                    Exh C-1
<PAGE>

REGISTRATION UNDER THE SECURITIES ACT, AND, IN ALL CASES, IN COMPLIANCE WITH
APPLICABLE STATE SECURITIES LAWS AND, IN EACH CASE, IN COMPLIANCE WITH THE
INDENTURE AND, IF REQUESTED BY THE ISSUER OR THE TRUSTEE, SUBJECT TO THE RECEIPT
BY THE ISSUER AND THE TRUSTEE OF A CERTIFICATION OF THE TRANSFEREE AND AN
OPINION OF COUNSEL (SATISFACTORY TO THE ISSUER AND THE TRUSTEE) TO THE EFFECT
THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, THE 1940 ACT AND
APPLICABLE STATE SECURITIES LAWS.

SECTION 2.9 AND SECTION 2.15 OF THE INDENTURE CONTAIN FURTHER RESTRICTIONS ON
THE TRANSFER AND RESALE OF THIS NOTE. EACH TRANSFEREE OF THIS NOTE, BY
ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS NOTE, SUBJECT TO THE
FOREGOING RESTRICTIONS ON TRANSFERABILITY. IN ADDITION, EACH TRANSFEREE OF THIS
NOTE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE MADE THE REPRESENTATIONS AND
AGREEMENTS SET FORTH IN SECTION 2.9 OF THE INDENTURE.

IF THE ISSUER DETERMINES THAT A HOLDER OR BENEFICIAL OWNER OF THIS NOTE IS NOT A
"QUALIFIED PURCHASER" AS THAT TERM IS DEFINED IN SECTION 2(A)(51)(A) OF THE 1940
ACT, THE ISSUER SHALL HAVE THE RIGHT, AT ITS OPTION, (I) TO REQUIRE SUCH HOLDER
OR BENEFICIAL OWNER TO DISPOSE OF SUCH HOLDER'S OR BENEFICIAL OWNER'S NOTE TO A
PERSON OR ENTITY WHICH IS QUALIFIED TO HOLD THE NOTE IMMEDIATELY UPON RECEIPT OF
A NOTICE FROM THE ISSUER THAT THE HOLDER OR BENEFICIAL OWNER IS NOT A QUALIFIED
PURCHASER OR (II) TO CALL FOR THE REDEMPTION OF THE NOTE OF SUCH HOLDER OR
BENEFICIAL OWNER AT THE LEAST OF (A) THE PRINCIPAL AMOUNT THEREOF, (B) THE PRICE
AT WHICH SUCH HOLDER OR BENEFICIAL OWNER ACQUIRED THE NOTE AND (C) THE CURRENT
MARKET VALUE OF SUCH NOTES, TOGETHER WITH, IN EACH CASE, ACCRUED AND UNPAID
INTEREST, IF ANY, TO THE EARLIER OF THE DATE OF REDEMPTION OR THE DATE WHEN IT
WAS DISCOVERED THE HOLDER OR BENEFICIAL OWNER WAS NOT A QUALIFIED PURCHASER.

BY ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE AGREES TO THE TERMS AND CONDITIONS
SET FORTH IN THE INDENTURE AND HEREIN.

                                    Exh C-2
<PAGE>

REGISTERED                                                           $[________]

NO. BR-1

                                                           CUSIP No. 12479M AD 0

                    CBC Insurance Revenue Securitization, LLC

        8.88% INSURANCE REVENUE ASSET-BACKED NOTE, CLASS C, SERIES 2002-A

         CBC Insurance Revenue Securitization, LLC, a limited liability company
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO. or
registered assigns, $[___________________________], payable on the 15th day of
each February, May, August and November if such date is a Business Day, or if
such date is not a Business Day, the next succeeding Business Day (the "Payment
Date") in an amount equal to the amount, if any, payable from the Note Payment
Account in respect of principal on the Notes pursuant to Section 3.1 of the
Indenture (as hereinafter defined); provided, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of February 15, 2023
(the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant
to Section 10.1 of the Indenture. The Issuer will pay interest on this Note at
the rate per annum shown above on each Payment Date until the principal of this
Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Payment Date (after giving effect to all payments
of principal made in respect of the preceding Payment Date). Interest on this
Note will accrue for each Payment Date from the most recent Payment Date on
which interest has been paid to but excluding such Payment Date or, if no
interest has yet been paid, from November 26, 2002 (the "Closing Date").
Interest will be computed on the basis of a 360-day year of twelve 30-day months
(or, in the case of the first Payment Date, interest accrued from and including
the Closing Date to but excluding such Payment Date computed on the basis of a
360-day year). Such principal of and interest on this Note shall be paid in the
manner specified in the Indenture.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 8.88% CBC Insurance Revenue Asset-Backed Notes, Class C,
Series 2002-A (herein called the "Class C Notes"), all issued under an Indenture
dated as of October 1, 2002 (as amended, supplemented or otherwise modified from
time to time, the "Indenture"), between the Issuer and BNY Midwest

<PAGE>

Trust Company, as trustee (the "Trustee," which term includes any successor
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All capitalized terms used
in this Note, not otherwise defined herein, that are defined or referred to in
the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.

         The Class C Notes, the Class B Notes and the Class A Notes are and will
be secured by the collateral pledged as security therefor as and to the extent
provided in the Indenture.

         The Issuer shall pay interest on overdue installments of interest on
the Class C Notes at the Class C Interest Rate to the extent lawful.

         As provided in the Indenture, the Notes will be redeemed pursuant to
Section 10.1 of the Indenture, in whole, but not in part, when CBC at its option
on any Determination Date on or after the date on which the Note Balance is less
than or equal to 10% of the initial Note Balance purchases the Receivables
pursuant to Section 9.1 of the Sale and Servicing Agreement.

         Each Noteholder, by acceptance of a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Trustee on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the
Trustee in its individual capacity, (ii) any owner of the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the Trustee
in its individual capacity, any holder of an interest in the Issuer or the
Trustee or of any successor or assign of the Trustee in its individual capacity,
except as any such Person may have expressly agreed and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

         Each Noteholder, by acceptance of a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder will
not at any time institute against the Issuer, or join in any institution against
the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the
Indenture or the Related Documents until one year and one day after the latest
maturity date of any security issued by the Issuer.

         It is the intent and agreement of the Issuer and the Trustee and the
Noteholder that, for purposes of federal income, state and local income and
franchise and any other income taxes, the Notes will be treated as debt of the
Issuer. Each Noteholder, by acceptance of this Note, covenants and agrees to
treat this Note as debt for such tax purposes and to take no action inconsistent
with such treatment.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

<PAGE>

         This Note and the Indenture shall be construed in accordance with the
laws of the State of Illinois, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

         Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, by its Authorized Officer.

                                       CBC INSURANCE REVENUE SECURITIZATION, LLC

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

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

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

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

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

_______________________

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

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

Dated:___________________*

         In connection with any transfer of this Note occurring prior to the
date that is the earlier of the date of an effective Registration Statement or
the date two years after the later of the original issuance of this Note or the
last date on which this Note was held by the Issuer, the Trustee or any
affiliate of such Persons, the undersigned confirms that without utilizing any
general solicitation or general advertising that:

                                   [Check One]
                                    ---------

[ ] (a)  this Note is being transferred in compliance with the
         exemption from registration under the Securities Act of 1933,
         as amended, provided by Rule 144A thereunder.

                                       or
                                       --

[ ] (b)  this Note is being transferred in compliance with an
         exemption from registration under the Securities Act of 1933,
         as amended, other than in accordance with (a) above and
         documents are being furnished that comply with the conditions
         of transfer set forth in this Note and the Indenture.

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

<PAGE>

If neither of the foregoing boxes is checked, the Trustee or other Registrar
shall not be obligated to register this Note in the name of any Person other
than the Noteholder hereof unless and until the conditions to any such transfer
of registration set forth herein and in Section 2.15 of the Indenture shall have
been satisfied.

Date: _____________                  ___________________________________________
                                     NOTICE:  The  signature to this  assignment
                                     must  correspond  with the name as written
                                     upon the face of the  within-mentioned
                                     instrument  in every particular, without
                                     alteration or any change whatsoever.

TO BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

         The undersigned represents and warrants that (i) it is purchasing this
Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Issuer as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A or (ii) it is an "accredited
investor" as defined in Rule 501(a) under the Securities Act, which has
delivered to the Trustee a letter, in form and substance satisfactory to the
Issuer and the Trustee.

Dated: ____________                   __________________________________________
                                      NOTICE:  To be executed by an executive
                                      officer

<PAGE>

                                                                       Exhibit D

                            Note Depository Agreement

<PAGE>

                                                                       Exhibit E

                      List of Authorized Officers of Issuer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]