Document:

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                                                                   EXHIBIT 10.55

                          AGREEMENT AND PLAN OF MERGER

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                                TABLE OF CONTENTS

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ARTICLE I. THE MERGER.............................................................................................4

     1.1.  Structure of the Merger................................................................................4
     1.2.  Effect of the Merger...................................................................................5
     1.3.  Delivery of Cash; Exchange Procedures..................................................................5
     1.4   Reserve Amount.........................................................................................5
     1.5.  Certain Definitions....................................................................................6

ARTICLE II. REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER.........................................................8

     2.1.  Corporate Organization, etc............................................................................8
     2.2.  Capital Stock; Options.................................................................................9
     2.3.  Subsidiaries and Affiliates............................................................................9
     2.4.  Authorization, etc.....................................................................................9
     2.5.  No Violation...........................................................................................9
     2.6.  Governmental Authorities...............................................................................9
     2.7.  Financial Statements..................................................................................10
     2.8.  No Undisclosed Liabilities, Claims, etc...............................................................10
     2.9.  Absence of Certain Changes............................................................................10
     2.10.  Contracts............................................................................................11
     2.11.  True and Complete Copies.............................................................................11
     2.12.  Title and Related Matters............................................................................11
     2.13.  Litigation...........................................................................................12
     2.14.  Tax Matters..........................................................................................13
     2.15.  Government Contracts.................................................................................15
     2.16.  Compliance with Law..................................................................................15
     2.17.  Absence of Certain Business Practices................................................................16
     2.18.  ERISA and Related Employee Benefit Matters...........................................................16
     2.19.  Intellectual Property................................................................................18
     2.20.  Warranties...........................................................................................19
     2.21.  Labor Relations......................................................................................19
     2.22.  Insurance............................................................................................19
     2.23.  Environmental........................................................................................19
     2.24.  Capital Expenditures.................................................................................21
     2.25.  Suppliers............................................................................................21
     2.26.  Dealings with Affiliates.............................................................................22
     2.27.  Bank Accounts........................................................................................22
     2.28.  Compensation.........................................................................................22
     2.29.  Insurance Licenses...................................................................................22

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<S>        <C>                                                                                                  <C>
     2.30.  Disclosure...........................................................................................22
     2.31  Consultants, Brokers and Finders......................................................................22

ARTICLE III. REPRESENTATIONS AND WARRANTIES OF ACQUIROR..........................................................22

     3.1.  Authorization, etc....................................................................................23
     3.2.  No Violation..........................................................................................23
     3.3.  Governmental Authorities..............................................................................23
     3.4.  Consultants, Brokers and Finders......................................................................23

ARTICLE IV. CERTAIN COVENANTS....................................................................................23

     4.1.  Further Assurances....................................................................................23
     4.2.  Employment Agreements.................................................................................23
     4.3.  Reserved..............................................................................................23
     4.4.  Opinion of Counsel....................................................................................23
     4.5.  Release...............................................................................................23

ARTICLE V. CLOSING.............................................................................................  24

     5.1.  Effective Time........................................................................................24
     5.2.  Closing...............................................................................................24
     5.3.  Deliveries at Closing.................................................................................24

ARTICLE VI. TERMINATION AND ABANDONMENT..........................................................................24

     6.1.  Methods of Termination................................................................................24
     6.2.  Procedure Upon Termination............................................................................25

ARTICLE VII. INDEMNIFICATION.....................................................................................25

     7.1.  Indemnification by Shareholder........................................................................25
     7.2.  Indemnification by Acquiror...........................................................................26
     7.3.  Transfer of Defense for Damages.......................................................................26
     7.4.  Survival of Warranties................................................................................27
     7.5.  Determination of Damages..............................................................................27
     7.6.  Exclusivity...........................................................................................27

ARTICLE VIII. MISCELLANEOUS PROVISIONS...........................................................................27

     8.1.  Amendment and Modification............................................................................27
     8.2.  Waiver of Compliance; Consents........................................................................27
     8.3.  Expenses..............................................................................................27
     8.4.  Notices...............................................................................................28
     8.5.  Binding Effect........................................................................................29
     8.6.  Governing Law.........................................................................................29
     8.7.  Counterparts..........................................................................................29
     8.8.  Neutral Interpretation................................................................................29

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     8.9.  Headings..............................................................................................29
     8.10.  Entire Agreement.....................................................................................29

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                          AGREEMENT AND PLAN OF MERGER

                  THIS AGREEMENT AND PLAN OF MERGER (this "Agreement") is made
effective as of the 30th day of September, 1998, by and among AMVESTORS
FINANCIAL CORPORATION, a Kansas corporation ("Acquiror"), SENIOR BENEFIT
SERVICES OF KANSAS, INC., a Kansas corporation ("Merger Sub"), SENIOR BENEFIT
SERVICES INSURANCE AGENCY, INC., a Texas corporation f/k/a "Senior Benefit
Services Agency, Inc." ("SBS"), NATIONAL SENIOR BENEFIT SERVICES, INC., a Texas
corporation and wholly-owned subsidiary of SBS ("SBS Sub") and Richard McCarter
(the "Shareholder").

                                 R E C I T A L S

                  WHEREAS, the Boards of Directors of Acquiror, Merger Sub and
SBS deem it advisable and in the best interests of their respective
shareholder(s) that Acquiror acquire SBS, and such Boards of Directors have
approved the merger of SBS with and into Merger Sub upon the terms and subject
to the conditions set forth herein; and

                  WHEREAS, Shareholder, as the sole shareholder of SBS, SBS, as
the sole shareholder of SBS Sub, and the Acquiror, as the sole stockholder of
Merger Sub, have approved the merger and the transactions contemplated herein.

                                A G R E E M E N T

                  NOW, THEREFORE, in consideration of the foregoing and
respective representations, warranties and covenants set forth herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follow:

                                   ARTICLE I.
                                   THE MERGER

                 1.1. Structure of the Merger. At the effective time of the
Merger (the "Effective Time") as provided in Section 5.1, SBS will merge with
and into Merger Sub (the "Merger") pursuant to the provisions of, and with the
effect provided in, Section 17-6702 of the Kansas General Corporation Code and
Section 5.01 of the Texas Business Corporation Act, whereupon the separate
existence of SBS shall cease, and Merger Sub shall be the surviving corporation
(the "Surviving Corporation"). At the Effective Time, the articles of
incorporation and by-laws of Merger Sub in effect immediately prior to the
Effective Time shall be the articles of incorporation and by-laws of the
Surviving Corporation, the directors of Merger Sub immediately prior to the
Effective Time shall be the directors of the Surviving Corporation, and the
officers of Merger Sub immediately prior to the Effective Time shall be the
officers of the Surviving Corporation. The articles of incorporation of Merger
Sub are attached as Exhibit 1.1.

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                 1.2. Effect of the Merger.

                     (a) By virtue of the Merger, automatically and without any
action on the part of the holder thereof, the shares of SBS common stock, par
value $0.10 per share (the "Common Stock") issued and outstanding at the
Effective Time (the "Shares") shall, at the Effective Time, be cancelled and
cease to be issued and outstanding shares of Common Stock and shall be converted
into the right to receive the Merger Consideration.

                     (b) At the Effective Time, pursuant to and as permitted by
applicable Kansas and Texas corporate law, all of the rights, privileges,
powers, franchises, property and assets of Merger Sub and SBS and all debts and
liabilities due or to become due to Merger Sub and SBS, including every interest
or asset of conceivable value or benefit, shall be deemed fully and finally and
without any right of reversion or impairment vested in the Surviving Corporation
without further act or deed, and without any assignment or transfer having
occurred, and the Surviving Corporation shall have and hold the same in its own
right as fully as the same was possessed and held by Merger Sub or SBS. All
debts, liabilities, and obligations due or to become due of, and all claims or
demands for any cause existing against, Merger Sub or SBS shall be and become
the debts, liabilities, obligations of, and the claims and demands against, the
Surviving Corporation in the same manner as if the Surviving Corporation had
itself incurred or become liable for them; all rights or creditors of Merger Sub
or SBS and all liens upon the property of Merger Sub or SBS shall be preserved
unimpaired, and any action or proceeding pending by or against Merger Sub or SBS
shall not be deemed to have been abated or have been discontinued, but may be
prosecuted to judgment with the right of appeal or review as in other cases as
if the Merger had not taken place and the Surviving Corporation may be
substituted for Merger Sub or SBS, as the case may be.

                 1.3. Delivery of Cash; Exchange Procedures. Subject to the
terms and conditions of this Agreement and in reliance on the representations,
warranties and covenants of SBS and Shareholder herein contained, and in
consideration of the Merger, Acquiror or Merger Sub agrees to pay to Shareholder
as follows (the "Merger Consideration"):

                     (a) At the Closing, $2,135,000 plus simple interest accrued
thereon at the rate of 7% per annum from July 1, 1998 through the Closing Date
by wire transfer in immediately available funds to Shareholder's account (the
"Initial Merger Payment");

                     (b) on or before January 31, 2004, the amount, if any, of
Net Reserve Amount (hereinafter defined), as determined in accordance with
Section 1.4.

                 1.4. Reserve Amount. As part of the Merger Consideration, on
February 1, 2004 Acquiror shall be obligated to pay to Shareholder the sum of
$1,220,000 (the "Reserve Amount"), subject to dollar for dollar (i) deduction
for any offsets or deductions against the Reserve Amount which Acquiror may
apply to satisfy any claims for Damages made pursuant to Section 7.1 and (ii)
addition for simple interest accrued thereon at the rate of 7% per annum from
July 1, 1998 through the date of payment. The amount of the Reserve Amount, net
of such

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deductions and additions, at January 31, 2004 is referred to herein as the "Net
Reserve Amount" and shall be paid by Acquiror to Shareholder on February 1, 2004
(or if such day is a holiday or weekend, on the next banking day) by wire
transfer in immediately available funds. The Reserve Amount shall be a
nonexclusive source of funds and nonexclusive remedy for claims for Damages
under Section 7.1 and shall not in any way limit or cap the amount of claims for
such Damages.

                 1.5. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings set forth below:

                 "Accounts" means all of SBS's and SBS Sub's (as the case may
be) customer accounts and records pertaining to such accounts, including
accounts and records relating to all lines of insurance, employee benefits and
any related types of business or service written or offered by SBS or SBS Sub,
as the case may be.

                 "Acquiror" shall have the meaning set forth in the preamble of
this Agreement.

                 "Affiliates" shall have the meaning set forth in Section 2.3.

                 "Balance Sheets" shall have the meaning set forth in Section
2.7.

                 "Closing" shall have the meaning set forth in Section 5.2.

                 "Closing Balance Sheet" means the balance sheet of SBS (on a
consolidated basis) as of the close of business on the Effective Date prepared
in accordance with GAAP.

                 "Closing Date" shall have the meaning set forth in Section 5.2.

                 "Code" shall have the meaning set forth in Section 2.14.

                 "Contracts" shall have the meaning set forth in Section 2.10.

                 "Damages" shall have the meaning set forth in Section 7.1.

                 "Effective Time" shall have the meaning set forth in Section
5.1.
                 "Encumbrances" shall mean all mortgages, security interests,
liens, pledges, claims, escrows, options, rights of first refusal, indentures,
easements, licenses, security agreements or other agreements, arrangements,
contracts, commitments, understandings, obligations, charges or encumbrances of
any kind or character.

                 "Environmental Laws and Regulations" shall have the meaning set
forth in Section 2.23.

                 "ERISA" shall have the meaning set forth in Section 2.18.

                 "GAAP" means generally accepted accounting principles.

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                 "Hazardous Materials" shall have the meaning set forth in
Section 2.23.

                 "Income Statements" shall have the meaning set forth in Section
2.7. "Initial Merger Payment" shall have the meaning set forth in Section 1.3.

                 "IRS" shall have the meaning set forth in Section 2.14.

                 "Intellectual Property Rights" shall have the meaning set forth
in Section 2.19.

                 "Key Employees" means employees of SBS or SBS Sub who have
material relationships with SBS's or SBS Sub's respective customers.

                  "Knowledge" means the actual knowledge of the subject person
and that knowledge that would be obtained or realized upon the subject person's
reasonable and prudent inquiry into the matter after having been put on notice
(including constructive notice provided for under applicable statutory or
regulatory provisions) of the need to so inquire.

                 "Last Fiscal Year-End Date" shall have the meaning set forth in
Section 2.7.

                 "Last Interim Period-End Date" shall have the meaning set forth
in Section 2.7.

                 "Laws" shall include, without limitation, all foreign, federal,
state and local laws, statutes, rules, regulations, codes, ordinances, plans,
orders, judicial decrees, writs, injunctions, notices, decisions or demand
letters issued, entered or promulgated pursuant to any foreign, federal, state
or local law.

                 "Lease Restrictions" shall have the meaning set forth in
Section 2.12.

                 "Licenses" shall have the meaning set forth in Section 2.29.

                 "Merger" shall have the meaning set forth in Section 1.1.

                 "Merger Consideration" shall have the meaning set forth in
Section 1.3.

                 "Merger Sub" shall have the meaning set forth in the preamble
of this Agreement.

                 "Net Reserve Amount" shall have the meaning set forth in
Section 1.4.

                 "Notice" shall have the meaning set forth in Section 8.4.

                 "Operating Earnings" means for any given period and on a
consolidated basis, the gross revenues of SBS less the operating expenses of
SBS, excluding expenses related to any Agent Bonus Plan, any SBS Management
Bonus Plan, SBS Profit Sharing Plan, employment and non-competition agreements
with George Richards and Richard McCarter, respectively, Goodwill amortization
and federal income taxes, and determined in accordance with GAAP.

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                 "Pension Benefit Plan" shall have the meaning set forth in
Section 2.18.

                 "Reserve Amount" shall have the meaning set forth in Section
1.4.

                 "SBS" shall have the meaning set forth in the preamble of this
Agreement.

                 "SBS Sub" shall mean National Senior Benefit Services, Inc., a
Texas corporation, a wholly-owned direct subsidiary of SBS.

                 "Shareholder" shall have the meaning set forth in the preamble
of this Agreement.

                 "Shares" shall have the meaning set forth in Section 1.2.

                 "Surviving Corporation" shall have the meaning set forth in
Section 1.1.

                 "Taxes" shall have the meaning set forth in Section 2.14.

                 "Threshold" shall have the meaning set forth in Section 7.1.

                 "Welfare Benefit Plan" shall have the meaning set forth in
Section 2.18.

                                  ARTICLE II.
                  REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER

                  Shareholder and SBS acknowledge that Acquiror and Merger Sub
are unwilling to proceed with the Merger and transactions contemplated under
this Agreement without the representations and warranties provided by
Shareholder in this Article II. Shareholder hereby represents and warrants to
Acquiror and Merger Sub as follows:

                  2.1. Corporate Organization, etc. SBS and SBS Sub are
corporations duly organized, validly existing and in good standing under the
laws of the State of Texas with all requisite corporate power and authority to
carry on their respective business as it is now being conducted and to own,
operate and lease their respective properties and assets. Exhibit 2.1 lists each
of the states where SBS and SBS Sub is qualified as a foreign corporation. To
Shareholder's Knowledge (after reasonable investigation made), the conduct of
its business and its ownership or use of property do not require SBS or SBS Sub
to be qualified or licensed to do business as a foreign corporation in any state
except those listed in Exhibit 2.1. SBS and SBS Sub have all federal, state,
local and foreign licenses, permits or other approvals required for the
operation of their respective businesses as now being conducted, except as would
not have a material adverse effect on SBS's or SBS Sub's business or prospects,
respectively.

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                 2.2. Capital Stock; Options.

                     (a) The authorized capital stock of SBS consists of 10,000
shares of Common Stock and the only shares of capital stock of SBS issued and
outstanding are the 10,000 shares of Common Stock held by Shareholder of record
and beneficially. SBS has no treasury stock. All the Shares are validly issued,
fully paid and nonassessable and are owned by Shareholder, free and clear of all
Encumbrances.

                     (b) The authorized capital stock of SBS Sub consists of
1,000,000 shares of common stock, par value $0.10 per share, and the only shares
of capital stock of SBS Sub issued and outstanding are the 10,000 shares of
common stock held by SBS of record and beneficially (the "Sub Shares").

                     (c) There are no issued and outstanding options, warrants,
rights, securities, contracts, commitments, understandings or arrangements by
which SBS, SBS Sub or Shareholder is bound with respect to the Shares or the Sub
Shares (with regard to voting, transfer, sale or otherwise) or to issue any
additional shares of its capital stock or equity equivalents.

                 2.3. Subsidiaries and Affiliates. SBS has a single subsidiary,
SBS Sub. SBS Sub has no subsidiaries. Except as set forth in Exhibit 2.3,
neither SBS nor SBS Sub has any other subsidiaries, Affiliates (as defined
below) or investments in any other entity or business operation. The term
"Affiliates" includes each shareholder, director and officer of a party, and any
corporation, partnership or other entity in which such party or a director or
officer of such party has any financial interest or is a controlling person, as
that term is used in connection with the federal securities laws, if any such
person or entity has, or in the past had, a contractual relationship with or
transacted business with such party.

                 2.4. Authorization, etc. SBS and Shareholder each have full
power and authority to enter into this Agreement and to carry out the
transactions contemplated hereby.

                 2.5. No Violation. Except as set forth on Exhibit 2.5, neither
SBS nor SBS Sub is subject to or obligated under any article or certificate of
incorporation or bylaw or, to Shareholder's Knowledge, any Law, agreement,
instrument, license, franchise or permit, which would be breached or violated by
SBS's execution, delivery and performance of this Agreement. SBS, SBS Sub and
Shareholder have complied with all applicable Laws in connection with the
execution, delivery and performance of this Agreement and the transactions
contemplated hereby.

                 2.6. Governmental Authorities. Neither Shareholder, SBS nor SBS
Sub is required to submit any notice, report or other filing with, and no
consent, approval or authorization is required, by any governmental or
regulatory authority in connection with their execution, delivery, consummation
or performance of this Agreement or the consummation of the transactions
contemplated hereby, except as otherwise expressly provided herein.

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                 2.7. Financial Statements. Exhibit 2.7 contains SBS's
consolidated balance sheet at December 31, 1997 and at June 30, 1998 (the
"Balance Sheets") and consolidated Statements of Revenue and Expenses for the
fiscal year ended December 31, 1997 and for the period ended as of June 30, 1998
(the "Income Statements"). The Balance Sheets are complete and accurate and
fairly present the financial position of SBS as of the dates thereof, and the
Income Statements fairly and accurately present the results of operations for
the periods referred to therein. The Balance Sheets and the Income Statements
have been prepared in accordance with GAAP consistently applied. December 31,
1997 is referred to herein as the "Last Fiscal Year-End Date" and June 30, 1998
is referred to herein as the "Last Interim Period-End Date."

                 2.8. No Undisclosed Liabilities, Claims, etc. To Shareholder's
Knowledge (after reasonable investigation made) and except for (a) liabilities
fully reflected or reserved against in the Balance Sheet; and (b) regular and
usual liabilities and obligations incurred in the ordinary course of business
consistent with past practices after the Last Interim Period-End Date, neither
SBS nor SBS Sub has any liabilities, obligations or claims (absolute, accrued,
fixed or contingent, matured or unmatured, or otherwise), including liabilities,
obligations or claims which may become known or which arise only after the
Closing and which result from actions, omissions or occurrences of SBS or SBS
Sub prior to the Closing.

                 2.9. Absence of Certain Changes. Except as set forth in Exhibit
2.9, since the Last Interim Period-End Date and with references herein being
deemed to include SBS Sub:

                 (a) here has not been (i) any adverse change in the business,
financial condition, earnings, operations or prospects of SBS's business; (ii)
any damage, destruction or loss, whether covered by insurance or not, adversely
affecting SBS's properties, business or prospects; (iii) any increase in the
compensation payable or to become payable by SBS to its directors, officers or
Key Employees, or any adoption of or increase in any bonus, insurance, pension
or other employee benefit plan, payment or arrangement made to, for or with any
such party (except for the payment of cash at closing to Shareholder and/or
employees of SBS as is expressly agreed by the parties hereto in writing prior
thereto); (iv) any entry into any commitment or transaction outside the ordinary
course of SBS's business, including, without limitation, any borrowing or
capital expenditure (except for the new telephone system installed in
August/September 1998); (v) any change by SBS in accounting methods, practices
or principles; (vi) any termination or waiver of any rights of value to the
business of SBS; (vii) any transaction or event involving receipt or payment of
more than $5,000 not in the ordinary course of SBS's business; (viii) any
adoption or amendment of any collective bargaining, bonus, profit sharing,
compensation, stock option, pension, retirement, deferred compensation, or other
plan, agreement, trust, fund or arrangement for the benefit of employees; or
(ix) any agreement or understanding made or entered into to do any of the
foregoing; and

                 (b) SBS has (i) operated its business and promoted and
maintained the Accounts in the ordinary course, diligently and in good faith,
consistent with past management practices; and (ii) maintained all of its
properties in customary repair, order and condition, reasonable wear and tear
excepted.

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               2.10. Contracts. Exhibit 2.10 contains a schedule of all
Contracts to which SBS or SBS Sub is a party. The term "Contracts" shall
include, but shall not be limited to, all oral (which shall be summarized in
Exhibit 2.10) and written contracts, agreements, loan agreements, mortgages,
indentures, deeds of trust, guarantees, commitments, joint venture agreements,
purchase and/or sale agreements, collective bargaining, union, consulting and/or
employment contracts, leases of real or personal property, easements,
distribution or dealer agreements, service agreements, license agreements and
advertising agreements (except there shall not be included any license
agreements, brokers agreement with insurance agents or agreements which do not
exceed, in the case of any one agreement, an obligation of $5,000, and in the
case of all such agreements, an aggregate obligation of $15,000). To the
Knowledge of Shareholder, neither SBS nor SBS Sub is in default or alleged to be
in default under any Contract nor is SBS or SBS Sub aware of any default by any
other party to any Contract, and there exists no event, condition or occurrence
which, after notice or lapse of time, or both, would constitute SBS's or SBS
Sub's default under any Contract. To the Knowledge of Shareholder, all the
Contracts are in full force and effect and constitute legal, valid and binding
obligations of the parties thereto in accordance with their terms.

               2.11. True and Complete Copies. Copies of all agreements,
contracts and documents delivered and to be delivered hereunder by SBS or SBS
Sub are true and complete copies of such agreements, contracts and documents.
All written summaries of oral agreements are materially correct.

               2.12. Title and Related Matters. Except as set forth in Exhibit
2.12, SBS and SBS Sub have good and marketable title to (or in the case of
indicated leases, valid leasehold interest) in all their respective properties
and assets reflected in the Balance Sheet or acquired after the date thereof
(except properties sold or otherwise disposed of since the date thereof in the
ordinary course of business and consistent with past practices) including,
without limitation, the specific assets referred to in paragraphs (a), (b) and
(c) below, free and clear of all Encumbrances, except as reflected on the
Balance Sheet. SBS or SBS Sub, as the case may be, owns or leases, directly or
indirectly, all the assets and properties, and is a party to all licenses and
other agreements, presently used or necessary to carry on the business or
operations of SBS or SBS Sub, respectively, as presently conducted.

                     (a) Real Property

                         (i) SBS has good and marketable title in fee simple to
              the land, including buildings and improvements thereon, shown on
              the Balance Sheet. All such land, buildings and improvements of
              SBS are owned free and clear of all Encumbrances of every kind and
              character, except as set forth on Exhibit 2.12.

                         (ii) Neither SBS nor SBS Sub is a tenant under any
              lease(s) of real property used by SBS or SBS Sub except as
              described on Exhibit 2.10. With respect to the leased real
              property described on Exhibit 2.10 and except as set forth on
              Exhibit 2.12: (A) all such leases are in full force and effect and
              constitute

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              valid and binding obligations of the respective parties thereto;
              (B) there have not been and there currently are not any defaults
              thereunder by any party thereto; (C) no event has occurred which
              (whether with or without notice, lapse of time or the happening or
              occurrence of any other event) would constitute a default
              thereunder entitling the lessor to terminate the lease; and (D)
              the continuation, validity and effectiveness of all such leases
              under the current rentals and other current terms thereof will in
              no way be affected by the transactions contemplated by this
              Agreement or, if any would be affected, Shareholder shall use all
              necessary means at its disposal to cause an appropriate consent to
              such transactions to be delivered to Acquiror prior to the Closing
              Date at no cost or other adverse consequence to SBS, SBS Sub,
              Merger Sub or Acquiror ((A) through (D) are hereinafter
              collectively referred to as "Lease Restrictions").

                         (iii) Neither SBS nor SBS Sub currently has, and in the
              past has not had, any ownership interest in any real property
              except as disclosed on Exhibit 2.12.

                     (b) Personal Property. SBS (or SBS Sub, if so indicated)
has good and marketable title to all the personal property and assets, tangible
or intangible, shown on the Balance Sheet, except to the extent sold or disposed
of in transactions entered into in the ordinary course of business consistent
with past practices since the Last Fiscal Year-End Date. The personal property
in the aggregate is in good condition and working order, and each individual
item of personal property which would cost in excess of $2,500 to replace is in
good condition and working order. None of such assets are subject to any (i)
contracts of sale or lease, except contracts for the sale of inventory in the
ordinary and regular course of business; or (ii) security interests,
encumbrances, liens or charges of any kind or character, except as set forth in
Exhibit 2.12. Except as set forth in Exhibit 2.12, there are no Lease
Restrictions with respect to the personal property leased by SBS.

                     (c) No Disposition of Assets. There has not been since the
Last Fiscal Year-End Date any sale, lease or any other disposition or
distribution by SBS or SBS Sub of any of their respective assets or properties
and any other assets now or hereafter owned by it, except transactions in the
ordinary and regular course of business consistent with past practices or as
otherwise consented to by Acquiror.

               2.13. Litigation. Except as set forth in Exhibit 2.13, (a) there
is no suit, action, investigation or proceeding pending or, to the Knowledge of
Shareholder, threatened against Shareholder or SBS or SBS Sub or any of SBS's or
SBS Sub's directors, officers or Key Employees (a "Matter"), (b) there are no
Matters pertaining to the Licenses, and (c) without limiting the generality of
the foregoing, there are no Attorney General, department of insurance or other
matters pending or, to the Knowledge of Shareholder, threatened which, if
adversely determined, would adversely affect the business, prospects,
operations, earnings, properties or the condition, financial or otherwise, of
SBS or SBS Sub. There is not any judgment, decree, injunction, ruling or order
of any court, governmental department, commission, agency,

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instrumentality or arbitrator outstanding against SBS or SBS Sub having, or
which, insofar as can be reasonably foreseen, in the future may have, any such
effect.

               2.14. Tax Matters. The term "Taxes" means all net income, capital
gains, gross income, gross receipts, sales, use, transfer, ad valorem,
franchise, profits, license, capital, withholding, payroll, employment, excise,
goods and services, severance, stamp, occupation, premium, property, windfall
profits, customs, duties or other taxes, fees or assessments, or other
governmental charges of any kind whatsoever, together with any interest, fines
and any penalties, additions to tax or additional amounts incurred or accrued
under applicable Laws or assessed, charged or imposed by any governmental
authority, domestic or foreign, provided that any interest, penalties, additions
to tax or additional amounts that relate to Taxes for any taxable period
(including any portion of any taxable period ending on or before the Closing
Date) shall be deemed to be Taxes for such period, regardless of when such items
are incurred, accrued, assessed or charged. For purposes of this Section 2.14,
SBS shall be deemed to include SBS Sub and any predecessor of SBS or SBS Sub or
any person or entity from which SBS or SBS Sub incurs a liability for Taxes as a
result of transferee liability. Except as stated in Exhibit 2.14:

                     (a) SBS and SBS Sub have duly and timely filed (and prior
to the Closing Date will duly and timely file) true, correct and complete tax
returns, reports or estimates, all prepared in accordance with applicable laws,
for all years and periods (and portions thereof) and for all jurisdictions
(whether federal, state, local or foreign) in which any such returns, reports or
estimates were due. All Taxes shown as due and payable on such returns, reports
and estimates have been paid, and there is no current liability for any Taxes
due and payable in connection with any such returns. All Taxes not yet due and
payable have been fully accrued on the books of SBS and SBS Sub and the Balance
Sheets and adequate reserves have been established therefor; the charges,
accruals and reserves for Taxes provided for on the financial statements
delivered or to be delivered pursuant to Section 2.7 are adequate; and there are
no unpaid assessments for additional Taxes for any period nor is there any basis
therefor. Copies of all federal, state and foreign tax returns filed by SBS and
SBS Sub for the past five (5) years have been delivered to Acquiror.

                     (b) Neither SBS or SBS Sub is, or has been, a member of any
consolidated, combined or unitary group for federal, state, local or foreign tax
purposes. Neither SBS nor SBS Sub is a party to any joint venture, partnership
or other arrangement that could be treated as a partnership for federal income
tax purposes.

                     (c) SBS and SBS Sub have (i) withheld all required amounts
from its employees, agents, contractors and nonresidents and remitted such
amounts to the proper agencies, (ii) paid all employer contributions and
premiums and (iii) filed all federal, state, local and foreign returns and
reports with respect to employee income tax withholding, and social security and
unemployment taxes and premiums, all in compliance with the withholding tax
provisions of the Internal Revenue Code of 1986, as amended (the "Code"), as in
effect for the applicable year or any prior provision thereof and other
applicable Laws.

                                       13

<PAGE>   15

                     (d) The federal income tax returns of SBS and SBS Sub have
been examined by the Internal Revenue Service (the "IRS"), or have been closed
by the applicable statute of limitations, for all periods through December 31,
1994; neither SBS nor SBS Sub has any state income tax liability or reporting
requirements; and no deficiencies or reassessments for any Taxes have been
proposed, asserted or assessed against SBS or SBS Sub by any federal, state,
local or foreign taxing authority. Exhibit 2.14 describes the status of any
federal, state, local or foreign tax audits or other administrative proceedings,
discussions or court proceedings that are presently pending with regard to any
Taxes or tax returns of SBS or SBS Sub (including a description of all issues
raised by the taxing authorities in connection with any such audits or
proceedings), and no additional issues are being asserted against SBS or SBS Sub
in connection with any existing audits or proceedings.

                     (e) Neither SBS nor SBS Sub have executed or filed any
agreement or other document extending the period for assessment, reassessment or
collection of any Taxes, and no power of attorney granted by SBS or SBS Sub with
respect to any Taxes is currently in force.

                     (f) Neither SBS nor SBS Sub has entered into any closing or
other agreement with any taxing authority which affects any taxable year of SBS
or SBS Sub ending after the Closing Date. Neither SBS nor SBS Sub is a party to
any tax sharing agreement or similar arrangement for the sharing of tax
liabilities or benefits.

                     (g) Neither SBS nor SBS Sub has agreed to and is not
required to make any adjustment by reason of a change in accounting methods that
affects any taxable year ending after the Closing Date. The IRS has not proposed
to SBS or SBS Sub any such adjustment or change in accounting methods that
affects any taxable year ending after the Closing Date. Neither SBS nor SBS Sub
has any application pending with any taxing authority requesting permission for
any changes in accounting methods that relate to their respective business or
operations and that affects any taxable year ending after the Closing Date.

                     (h) Neither SBS nor SBS Sub has consented to the
application of Code Section 341(f).

                     (i) There is no contract, agreement, plan or arrangement
covering any employee or former employee of SBS or SBS Sub that, individually or
collectively, could give rise to the payment by SBS or SBS Sub of any amount
that would not be deductible by reason of Code Section 280G.

                     (j) No asset of SBS or SBS Sub is tax exempt use property
under Code Section 168(h). No portion of the cost of any asset of SBS or SBS Sub
has been financed directly or indirectly from the proceeds of any tax exempt
state or local government obligation described in Code Section 103(a).

                                       14

<PAGE>   16

                     (k) No asset of SBS or SBS Sub is property that SBS or SBS
Sub is required to treat as being owned by any other person pursuant to the safe
harbor lease provision of former Code Section 168(f)(8).

                     (l) Neither SBS nor SBS Sub has or has had a permanent
establishment in any foreign country and does not and has not engaged in a trade
or business in any foreign country. Neither SBS nor SBS Sub is a foreign person
within the meaning of Code Section 1445.

                     (m) Neither Acquiror, Merger Sub, SBS nor SBS Sub will be
liable for any federal, state, local, foreign or other sales, use, documentary,
recording, stamp, transfer or similar Taxes applicable to, imposed upon or
arising out of prior tax returns or obligations, of SBS or SBS Sub which could
arise because of the Merger and the transactions contemplated by this Agreement.

               2.15. Government Contracts. No Contract or other aspect of the
business of SBS and SBS Sub is subject to the Armed Services Procurement
Regulations or other regulations of any governmental agency. Neither SBS nor SBS
Sub has bid on or been awarded any "small business set aside contract," any
other "set aside contract" or other order or contract requiring small business
or other special status at any time during the last three (3) years.

               2.16. Compliance with Law.

                     (a) To the Knowledge of Shareholder (after reasonable
investigation made), neither (i) SBS nor SBS Sub has previously failed or is
currently failing to comply with any applicable Laws relating to the business of
SBS or SBS Sub or the operation of their respective businesses and assets and
(ii) SBS nor SBS Sub has previously failed and is not currently failing to
comply with any applicable Laws relating to the business of SBS or SBS Sub or
the operation of their respective businesses and assets where such failure or
failures would individually or in the aggregate have an adverse effect on the
financial condition, business, operations of SBS taken as a whole. In
particular, but without limiting the generality of the foregoing, each of SBS
and SBS Sub is in compliance with all applicable Laws relating to deceptive
trade practices, unauthorized practice of law, unfair competition, unfair claims
settlement practices, rebating, anti-competitive practices, price fixing, health
and safety, environmental, employment and discrimination matters. There are no
proceedings of record and no proceedings are pending or threatened, nor has SBS
or SBS Sub received any written notice regarding any violation of any Law,
including, without limitation, any requirement of OSHA or any pollution or
environmental control agency (including air and water).

                     (b) Exhibit 2.16 contains copies of all reports, orders,
consent agreements and findings of inspections by representatives of any
federal, state or local governmental entity or agency of SBS's or SBS Sub's
respective businesses and properties from January 1, 1994 through the date
hereof. The deficiencies, if any, noted on such reports or any deficiencies
noted by such inspections through the Closing Date shall be corrected by the
Closing

                                       15
<PAGE>   17

Date. Neither SBS, SBS Sub nor Shareholder knows or has reason to know of any
other safety, health, environmental, anti-competitive or discrimination problems
relating to the financial condition, business, assets, operations, prospects,
earnings or employment practices of SBS or SBS Sub.

               2.17. Absence of Certain Business Practices. None of SBS, SBS
Sub, any director, officer, employee or agent of SBS or SBS Sub, Shareholder,
any other person or entity acting on behalf of or associated with SBS, SBS Sub
or Shareholder, nor any other entity directly or indirectly owned or controlled
by SBS, SBS Sub or Shareholder, acting alone or together, has (a) received,
directly or indirectly, any payments, promotional allowances or any other
economic benefit, regardless of its nature or type, from any customer, supplier,
trading company, shipping company, governmental employee or other entity or
individual with whom SBS or SBS Sub has done business directly or indirectly,
other than commissions, fees and rebates for SBS's or SBS Sub's normal business
operations, or (b) directly or indirectly, given or agreed to give any gift or
similar benefit to any customer, supplier, trading company, shipping company,
governmental employee or other person or entity who is or may be in a position
to help or hinder the business of SBS or SBS Sub (or assist SBS or SBS Sub in
connection with any actual or proposed transaction) any of which (i) might
subject SBS or SBS Sub to any damage or penalty in any civil, criminal or
governmental litigation or proceeding, (ii) if not given in the past, might have
had an adverse effect on the assets, business or operations of SBS or SBS Sub as
reflected in the financial statements set forth in Exhibit 2.7, or (iii) if not
continued in the future, might adversely affect the assets, business operations
or prospects of SBS taken as a whole or which might subject SBS or SBS Sub to
suit or penalty in any private or governmental litigation or proceeding.

               2.18. ERISA and Related Employee Benefit Matters. References in
this Section to "SBS" shall be deemed to include SBS Sub.

                     (a) Welfare Benefit Plans. Exhibit 2.18(a) lists each
"employee welfare benefit plan" (within the meaning of Section 3(1) of the
Employee Retirement Income Security Act of 1974 ("ERISA")) maintained by SBS or
to which SBS contributes or is required to contribute, including any
multiemployer plan ("Welfare Benefit Plan") and sets forth as of the most recent
valuation date (i) the amount of any liability of SBS for payments due with
respect to any Welfare Benefit Plan, (ii) the amount of any payment made and to
be made, stated separately, by SBS with respect to any Welfare Benefit Plan for
the plan year during which the Closing is to occur, and (iii) with respect to
any Welfare Benefit Plan to which Section 505 of the Code applies, a statement
of assets and liabilities for such Welfare Benefit Plan as of the most recent
valuation date. Without limiting the foregoing, Exhibit 2.18(a) discloses any
obligations of SBS to provide retiree health benefits to current or former
employees of SBS.

                     (b) Pension Benefit Plans. Exhibit 2.18(b) lists each
"employee pension benefit plan" (within the meaning of Section 3(2) of ERISA)
maintained by SBS or to which SBS contributes or is required to contribute,
including any multiemployer plan ("Pension Benefit Plan"). All costs of each
Pension Benefit Plan have been provided for on the basis of consistent methods
and, if applicable, in accordance with sound actuarial assumptions and practices
that are

                                       16
<PAGE>   18

acceptable under ERISA. SBS does not maintain or contribute to any Pension
Benefit Plan that is subject to Title I, Part 3 of ERISA (concerning "funding"),
With respect to each Pension Benefit Plan that is not subject to Title I, Part 3
of ERISA, Exhibit 2.18(b) sets forth as of the valuation date (i) the amount of
any liability of SBS for any contributions due with respect to such Pension
Benefit Plan and (ii) the amount of any contribution paid and to be paid, stated
separately, by SBS with respect to such Pension Benefit Plan for the plan year
during which the Closing is to occur.

                     (c) Compliance with Applicable Law. Each of the Pension
Benefit Plans, Welfare Benefit Plans, any related trust agreements, insurance
contracts, annuity contracts, and other funding arrangements, comply in all
respects with the provisions of ERISA and the Code and all other statutes,
orders, governmental rules and regulations applicable to such Welfare Benefit
Plans and Pension Benefit Plans. SBS has performed all of its obligations
currently required to have been performed under all Welfare Benefit Plans and
Pension Benefit Plans. There are no actions, suits or claims (other than routine
claims for benefits) pending or, to the Knowledge of Shareholder, threatened
against or with respect to any Welfare Benefit Plans, Pension Benefit Plans or
the assets of such plans, and no facts exist that could give rise to any
actions, suits or claims (other than routine claims for benefits) against such
plans or the assets of such plans. Each Pension Benefit Plan is qualified in
form and operation under section 401(a) of the Code, the Internal Revenue
Service has issued a favorable determination letter with respect to each Pension
Benefit Plan, and no event has occurred that will or could give rise to a
disqualification of any Pension Benefit Plan under Code Section 401(a). To the
Knowledge of Shareholder, no event has occurred that will or could subject any
Welfare Benefit Plan or Pension Benefit Plan to tax under Section 511 of the
Code.

                     (d) Administration of Plans. Each Welfare Benefit Plan and
each Pension Benefit Plan has been administered to date in compliance with the
requirements of ERISA and the Code. No fiduciary of any Welfare Benefit Plan or
Pension Benefit Plan has engaged in (i) any transaction in violation of Section
406(a) or (b) of ERISA, or (ii) any "prohibited transaction" (within the meaning
of Section 4975(c)(1) of the Code) for which no exemption exists under Section
408 of ERISA or Section 4975(d) of the Code. No trust agreement, insurance
contract, annuity contract, or other funding arrangement would impose a penalty,
discount, or other reduction on account of the withdrawal of assets from such
agreement, contract, or arrangement or a change in investment of such assets.
There is no pending or threatened litigation concerning any Welfare Benefit Plan
or Pension Benefit Plan, and there have been no written or oral communications
concerning any such Plan with the Internal Revenue Service, Department of Labor,
or any other federal, state, or local governmental entity.

                     (e) Other Employee Benefit Plans and Agreements. Exhibit
2.18(e) lists each fringe benefit, cafeteria, profit sharing, deferred
compensation, bonus, stock option, stock purchase, pension, retainer,
consulting, retirement, welfare, or other incentive plan or agreement, or
employment agreement not terminable on 30 days or less written notice, and any
other employee benefit plan, agreement, arrangement, or commitment not
previously listed on the Exhibits to this Section that is maintained by SBS or
to which SBS contributes or is required to

                                       17
<PAGE>   19

contribute. Exhibit 2.18(e) contains a complete list of all employees of SBS and
the number of vacation days currently accrued to each such employee.

                     (f) Copies of Plans. Exhibit 2.18(a) lists: each Welfare
Benefit Plan; each Pension Benefit Plan, related trust agreements, annuity
contracts, insurance contracts, and other funding arrangements; each plan,
agreement, arrangement, and commitment referred to in subsection (e) of this
Section; favorable determination letters; annual reports (Form 5500 series)
required to be filed with any governmental agency for each Welfare Benefit Plan
and each Pension Benefit Plan for the most recent three plan years, including,
without limitation, all schedules thereto and all financial statements with
attached opinions of independent accountants; current summary plan descriptions;
and actuarial reports as of the last valuation date for each Pension Benefit
Plan that is subject to Title IV of ERISA.

                     (g) Continuation Coverage Requirements for Health Plans.
Each group health plan of SBS (including any plans of Affiliates of SBS that
must be taken into account under Section 4980B of the Code) has been operated in
compliance with the group health plan continuation coverage requirements of
Section 4980B of the Code and Title I, Part 6 of ERISA.

                     (h) Valid Obligations. Each Welfare Benefit Plan, Pension
Benefit Plan, related trust agreement, annuity contract or other funding
instrument, and each plan, agreement, arrangement and commitment referred to in
subsection (e) of this Section is legal, valid and binding and in full force and
effect, and there are no defaults thereunder. Except as specified in Exhibit
2.18(h), none of the rights of SBS thereunder will be impaired by the
consummation of the transactions contemplated by this Agreement, and all of the
rights of SBS thereunder will be enforceable by Acquiror at and after the
Closing without the consent or agreement of any other party other than consents
and agreements specifically listed in Exhibit 2.18(h).

               2.19. Intellectual Property. SBS and SBS Sub has good and
marketable title to each copyright, trademark, trade name, service mark, trade
dress, patent, franchise, trade secret, product designation, formula, process,
know-how, right of publicity, design and other similar rights used in, or
necessary for, the operation of their respective businesses as currently
conducted. Exhibit 2.19 contains a detailed listing of each copyright registered
with the U. S. Copyright Office, each trademark, trade name, service mark, trade
dress, and patent registered with the U. S. Patent and Trademark Office, and all
pending applications therefor, owned by SBS or SBS Sub (collectively
"Intellectual Property Rights"). Except as otherwise set forth on Exhibit 2.19,
all of said Intellectual Property Rights are free and clear of all royalty
obligations, security interests, liens and encumbrances. SBS or SBS Sub, as the
case may be, has the exclusive right to use all Intellectual Property Rights
used in, or necessary for, the operation of their respective businesses as
currently conducted. SBS, SBS Sub and Shareholder have taken all action
necessary to protect against and defend against, and has no knowledge of, any
conflicting use of any such Intellectual Property Rights. Neither SBS nor SBS
Sub has or intends to utilize any Intellectual Property Rights except those
which are set forth in Exhibit 2.19. Except as set forth in Exhibit 2.19,
neither SBS nor SBS Sub is a party in any capacity to any franchise, license,

                                       18
<PAGE>   20

royalty or other agreement respecting or restricting any Intellectual Property
Rights, and the Intellectual Property Rights used by SBS or SBS Sub in the
conduct of their respective businesses do not conflict with the Intellectual
Property Rights of any third party. No service provided by SBS or SBS Sub
violates any license or infringes any Intellectual Property Rights of any third
party, and there are no pending claims or demands by any third party to the
contrary. Exhibit 2.19, which shall be provided to Acquiror at Closing, lists
all computer and telephone passcodes, passwords, log in identities and other
relevant information needed to access and use the equipment of SBS and SBS Sub.

               2.20. Warranties. Except as set forth in Exhibit 2.20, to
Shareholder's Knowledge, there are no claims existing or threatened under or
pursuant to any warranty, whether expressed or implied, on products or services
sold by SBS or SBS Sub.

               2.21. Labor Relations. To Shareholder's Knowledge, SBS and SBS
Sub is in compliance with all Laws respecting employment and employment
practices, terms and conditions of employment and wages and hours, including,
without limitation, the Fair Labor Standards Act, the Family and Medical Leave
Act of 1993, the Americans with Disabilities Act of 1990, the Veterans
Reemployment Rights Act, the Equal Employment Opportunities Act as amended by
the Civil Rights Act of 1991, the Occupational Safety and Health Act, the
Employee Retirement Income Security Act, the Immigration Reform and Control Act
of 1986, the Age Discrimination in Employment Act, Title VII of the Civil Rights
Act of 1964, the Older Workers Benefit Protective Act, and all other Laws, each
as amended to date, relating to employer/employee rights and obligations. SBS
and SBS Sub currently have satisfactory relationships with its employees.
Exhibit 2.21 lists (i) current employees, officers and directors of SBS and SBS
Sub, respectively, and their respective compensation levels and (ii) each former
employee and/or officer of SBS or SBS Sub whose aggregate annualized
compensation (including all bonuses), exceeded $40,000 and whose employment by
SBS or SBS Sub has ceased for any reasons since January 1, 1994. Set forth
opposite the name of each such employee and/or officer listed pursuant to clause
(ii) above are: the positions held; the beginning and ending employment dates;
and the reason for the cessation of employment.

               2.22. Insurance. Exhibit 2.22 lists all of SBS's and SBS Sub's
existing insurance policies, the premiums therefor and the coverage of each
policy, including errors and omissions, fidelity and crime coverages. Such
policies and the amount of coverage and the risks insured are, in the aggregate,
sufficient to protect and insure SBS and SBS Sub against perils which good
business practice demands be insured against or which are normally insured
against by other industry members similarly situated.

               2.23. Environmental.

                                       19
<PAGE>   21

                     (a) For purposes of this Section:

                         (i) "Hazardous Materials" means any hazardous,
                infectious or toxic substance, chemical, pollutant, contaminant,
                emission or waste which is or becomes regulated by any local,
                state, federal or foreign authority. Hazardous Materials
                include, without limitation, anything which is: (i) defined as a
                "pollutant" pursuant to 33 U.S.C.ss.1362(6); (ii) defined as a
                "hazardous waste" pursuant to 42 U.S.C.ss.6921; (iii) defined as
                a "regulated substance" pursuant to 42 U.S.C. ss. 6991; (iv)
                defined as a "hazardous substance" pursuant to 42 U.S.C.ss.
                9601(14); (v) defined as a "pollutant or contaminant" pursuant
                to 42 U.S.C.ss. 9601(33); (vi) petroleum; (vii) asbestos; and
                (viii) polychlorinated biphenyl.

                         (ii) "Environmental Laws and Regulations" means all
                limitations, restrictions, conditions, standards, prohibitions,
                requirements, obligations, schedules and timetables contained in
                any Laws relating to pollution, nuisance, or the environment
                including, without limitation, (i) the Federal Clean Air Act, 42
                U.S.C.ss.ss.7401 et seq.; (ii) the Comprehensive Environmental
                Response, Compensation, and Liability Act, 42 U.S.C.ss.ss.9601
                et seq.; (iii) the Federal Emergency Planning and Community
                Right-to-Know Act, 42 U.S.C.ss.ss. 1101 et seq.; (iv) the
                Federal Insecticide, Fungicide and Rodenticide Act, 7
                U.S.C.ss.ss. 136 et seq.; (v) the Federal Water Pollution
                Control Act, 33 U.S.C.ss.ss. 1251 et seq.; (vi) the Solid Waste
                Disposal Act, 42 U.S.C. ss.ss. 6901 et seq.; (vii) the Toxic
                Substances Control Act, 15 U.S.C.ss.ss. 2601 et seq.; (viii)
                Laws relating in whole or part to emissions, discharges,
                releases, or threatened releases of any Hazardous Material; and
                (ix) Laws relating in whole or part to the manufacture,
                processing, distribution, use, coverage, disposal,
                transportation, storage or handling of any Hazardous Material.

                         (iii) "SBS" shall be deemed to include SBS Sub.

                     (b) The operations and activities of SBS comply, and have
in the past complied, in all respects, with all Environmental Laws and
Regulations. There are no pending or currently proposed changes to any
Environmental Laws and Regulations which, when implemented or effective, may
affect the operations of SBS.

                     (c) SBS has obtained and is and has been in full compliance
with all requirements, permits, licenses and other authorizations which are
required with respect to SBS's operations, as well as the transactions
contemplated hereby under all Environmental Laws and Regulations. Exhibit 2.23
lists each such permit, license or other authorization. There are no other such
permits, licenses or other authorizations which are required by any
Environmental Laws and Regulations to be obtained after the Closing.

                     (d) There is no civil, criminal, administrative or other
action, suit, demand, claim, hearing, notice of violation, proceeding,
investigation, notice or demand pending,

                                       20
<PAGE>   22

received or threatened against SBS relating in any way to any Environmental Laws
and Regulations.

                     (e) SBS has not caused or experienced any past or present
events, conditions, circumstances, plans or other matters which: (i) are not in
compliance with all Environmental Laws and Regulations; (ii) may give rise to
any statutory, common law, or other legal liability, or otherwise form the basis
of any claim, action, demand, suit, proceeding, hearing, notice of violation or
investigation based on or relating to Hazardous Materials including, without
limitation, such matters relating to any property owned, leased or utilized by
SBS at any time; (iii) arise from inventory of or waste from Hazardous
Materials; or (iv) arise from any off-site disposal, release or threatened
release of Hazardous Materials.

                     (f) No asbestos, polychlorinated biphenyls, lead-based
paints, or radon are on any real property or in any building now or previously
owned, operated, leased or utilized by SBS.

                     (g) No employee or former employee of SBS has been exposed
to any Hazardous Material owned, produced or utilized by SBS or any former
subsidiary.

                     (h) Neither SBS nor Shareholder has received any notice or
indication from any governmental agency or private or public entity advising
that SBS is or may be responsible for any investigation or response costs with
respect to a release, threatened release or cleanup of chemicals or materials
produced by or resulting from any business, commercial or industrial activities,
operations or processes, including, without limitation, any Hazardous Materials.
Neither SBS nor Shareholder is aware of any facts which might give rise to such
notices.

                     (i) No underground tanks, piping or subsurface structures
of any type exist or have existed on any real property now or previously owned,
operated, leased or utilized by SBS.

                     (j) Exhibit 2.23 contains complete copies of all
environmental investigations, assessments, audits, studies, tests and related
materials in possession of SBS or Shareholder or known to SBS or Shareholder to
exist, which relate to the current or prior operations of SBS or any real
property now or previously owned, operated, leased or utilized by SBS.

               2.24. Capital Expenditures. Neither SBS nor SBS Sub has any
outstanding commitments for capital expenditures in excess of $5,000 in
aggregate.

               2.25. Suppliers. No suppliers of goods or services to SBS or SBS
Sub that has made sales or provided services representing, individually or in
the aggregate, more than $25,000 in payments or commitments by SBS or SBS Sub
since August 31, 1997 has (i) ceased, or indicated any intention to cease, doing
business with SBS or SBS Sub, or (ii) changed or

                                       21
<PAGE>   23

indicated any intention to change any terms or conditions for future supply or
sale of products or services from the terms or conditions that existed with
respect to the supply or sale of such products or services during the twelve
(12) month period ending on the date hereof.

               2.26. Dealings with Affiliates. Exhibit 2.26 sets forth a
complete list (including the parties) of all oral or written contracts,
arrangements or other agreements (excluding any contract listed on Exhibit 2.28)
with any Affiliate to which SBS or SBS Sub is, will be or has been a party at
any time from January 1, 1994, to the Closing Date.

               2.27. Bank Accounts. Exhibit 2.27 is a list of all bank accounts,
lock boxes, safe deposit boxes and post office boxes, and the combinations,
codes or location of keys thereto, maintained in the name of or controlled by
SBS and/or SBS Sub and the names of the persons having access thereto.

               2.28. Compensation. Exhibit 2.28 lists the current job title and
total remuneration (including, without limitation, salary, commissions and
bonuses) for each officer, director, employee or consultant of SBS or SBS Sub
who received total remuneration in excess of $40,000 from SBS or SBS Sub,
respectively, during either of the past two (2) calendar years or who is
expected to receive total remuneration in excess of such amount during the
current calendar year.

               2.29. Insurance Licenses. SBS, SBS Sub and each of their
respective shareholders, directors, officers and employees required by law to do
so has obtained and currently maintains in good standing all required licenses
from the Texas Insurance Department and all other similar agencies by which they
are required to be licensed (the "Licenses"). Exhibit 2.29 contains an accurate
list of the Licenses, including the number of each License.

               2.30. Disclosure. No representation or warranty made by SBS, SBS
Sub or Shareholder in this Agreement or in any agreement, instrument, document,
certificate, statement or letter furnished to Acquiror, by or on behalf of SBS,
SBS Sub or Shareholder in connection with any of the transactions contemplated
by this Agreement contains any untrue statement of fact or omits to state a fact
necessary in order to make the statements herein or therein not misleading in
light of the circumstances in which they are made

               2.31. Consultants, Brokers and Finders. Neither SBS, SBS Sub nor
Shareholder have retained any consultant, broker or finder in connection with
the transactions contemplated by this Agreement.

                                  ARTICLE III
                   REPRESENTATIONS AND WARRANTIES OF ACQUIROR

                  Acquiror hereby represents and warrants to SBS and Shareholder
as follows:

                                       22
<PAGE>   24

               3.1. Authorization, etc. Acquiror and Merger Sub each have, or,
in the case of Merger Sub, will have, prior to the Effective Time, full
corporate power and authority to enter into this Agreement and to carry out the
transactions contemplated hereby.

               3.2. No Violation. Neither Acquiror nor Merger Sub is subject to
or obligated under any certificate of incorporation, bylaw, Law, or any
agreement or instrument, or any license, franchise or permit, which would be
breached or violated by the execution, delivery or performance of this Agreement
unless appropriate consents or waivers to such actions have been previously
obtained. Acquiror has complied with all Laws in connection with its execution,
delivery and performance of this Agreement and the transactions contemplated
hereby.

               3.3. Governmental Authorities. Neither Acquiror nor Merger Sub is
required to submit any notice, report or other filing with and no consent,
approval or authorization is required by any governmental or regulatory
authority in connection with Acquiror 's execution or delivery of this Agreement
or the consummation of the transactions contemplated hereby except for (i) the
filing of the Certificate of Merger with the Secretary of State of Kansas, (ii)
the filing of the Articles of Merger with the Secretary of State of Texas (such
Certificate of Merger and Articles of Merger are sometimes jointly referred to
as the "Certificates of Merger"), (iii) the filing of notice with the Texas
Insurance Commission, and (iv) such notices, reports, other filings, consents,
approvals or authorizations which have been made or obtained.

               3.4. Consultants, Brokers and Finders. Acquiror has not retained
any consultant, broker or finder in connection with the transactions
contemplated by this Agreement.

                                   ARTICLE IV
                                CERTAIN COVENANTS

               4.1. Further Assurances. SBS, SBS Sub, Shareholder and SBS's and
Shareholder's respective counsel will furnish Acquiror with such other and
further documents, certificates, opinions, consents and information as Acquiror
shall reasonably request to evidence compliance with the terms and conditions of
any credit agreement in existence or to be entered into between Acquiror and a
bank and/or other lending entities or individuals.

               4.2. Employment Agreements. At the Closing, each party to the
respective Employment Agreements substantially in the form attached hereto as
Exhibits 4.2(a) and 4.2 (b) shall execute and deliver such Employment
Agreements.

               4.3. Reserved.

               4.4. Opinion of Counsel. At the Closing, Shareholder and SBS
shall cause Acquiror to have received an opinion of their respective counsel,
dated as of the Closing Date, substantially in the form attached hereto as
Exhibit 4.4.

               4.5. Release.. At the Closing, Shareholder shall execute and
deliver the Release substantially in the form attached hereto as Exhibit 4.5.

                                       23
<PAGE>   25

                                   ARTICLE V
                                     CLOSING

               5.1. Effective Time. The Merger shall become effective upon the
filing and acceptance of the Certificates of Merger in proper form for filing
with the Secretaries of State of Kansas and Texas or as of such later time as
specified in the Certificates of Merger, such time herein called the "Effective
Time."

               5.2. Closing. Unless this Agreement shall have been terminated or
the Merger abandoned pursuant to the provisions of Article VI hereof, a closing
(the "Closing") shall be held on September 30, 1998 or on such other date
mutually agreed upon by the parties (the "Closing Date") at the offices of
Acquiror or such place or places as mutually agreed upon by the parties.

               5.3. Deliveries at Closing.

                    (a) At the Closing, Shareholder shall deliver to Acquiror
and Merger Sub all the Common Stock by delivering the Certificates and the other
agreements, certifications and other documents required to be executed and
delivered hereunder at the Closing shall be duly and validly executed and
delivered.

                    (b) At the Closing, SBS and SBS Sub shall deliver to
Acquiror and Merger Sub, in form reasonably satisfactory to counsel for
Acquiror, such bills of sale, assignments or other conveyances and all third
party consents obtained as may be appropriate or necessary to effect the Merger.

                    (c) From time to time after the Closing, at Acquiror's
request and without further consideration from Acquiror, SBS and SBS Sub shall
execute and deliver such other instruments of conveyance and transfer and take
such other action as Acquiror reasonably may require to consummate the
transactions contemplated by this Agreement.

                    (d) Acquiror shall deliver to Shareholder the Initial Merger
Payment.

                    (e) The respective parties to the Employment Agreements,
Opinion and Release shall deliver signed originals of such documents.

                                   ARTICLE VI
                           TERMINATION AND ABANDONMENT

               6.1. Methods of Termination. This Agreement may be terminated and
the Merger abandoned at any time prior to the Effective Time:

                    (a) by mutual written consent of Acquiror and SBS; or

                    (b) by either SBS or Acquiror, if there shall be any law or
regulation that makes consummation of the Merger illegal or otherwise
prohibited, or if a judgment,

                                       24
<PAGE>   26

injunction, order or decree enjoining Acquiror or SBS from consummating the
Merger is entered and such judgment, injunction, order or decree shall become
final and nonappealable.

               6.2. Procedure Upon Termination. In the event of termination and
abandonment pursuant to Section 6.1 hereof, this Agreement shall terminate and
the Merger shall be abandoned without further action by any of the parties
hereto. If this Agreement is terminated as provided herein:

                    (a) each party will upon request redeliver all documents,
Merger Consideration and other materials of any other party relating to the
transactions contemplated hereby, whether so obtained before or after the
execution hereof, to the party furnishing the same; and

                    (b) each party shall bear its own expenses.

                                  ARTICLE VII
                                 INDEMNIFICATION

               7.1. Indemnification by Shareholder. Shareholder agrees to
indemnify Acquiror and Merger Sub against any loss, damage, or expense
(including but not limited to reasonable attorneys' fees) ("Damages"), incurred
or sustained by Acquiror or Merger Sub as a result of (a) any breach of any
term, provision, covenant or agreement contained in this Agreement by SBS, SBS
Sub or Shareholder; (b) any inaccuracy in any of the representations or
warranties made by SBS, SBS Sub or Shareholder in Article II of this Agreement;
(c) any loss, claim or obligation arising from or related to the business or
operation of the Company conducted prior to the Closing (to the extent such
business and/or operation, or the existence, nature or extent of any such loss,
claim or obligation, has been misrepresented by SBS, SBS Sub or Shareholder);
(d) any loss, claim or obligation arising from or related to tax obligations
(and related fines, penalties and interest) of the Company or Shareholder for
periods ending on or prior to the Closing Date; or (e) any inaccuracy or
misrepresentation in any certificate or other document or instrument delivered
by SBS, SBS Sub or Shareholder in accordance with any provision of this
Agreement. The obligations of Shareholder as set forth in this Section shall be
subject to and limited by the following:

                    (a) No claim for Damages shall be made until the cumulative
amount of such Damages shall equal or exceed $10,000 (the "Threshold") at which
time a claim for Damages in excess thereof can be made on a dollar-for-dollar
basis; provided, however, the maximum aggregate amount of Shareholder's
liability hereunder or otherwise shall not exceed the Merger Consideration. Such
limitations, however, shall not apply to any Damages resulting from fraudulent
actions, intentional misrepresentations or breaches of covenants;

                    (b) Acquiror shall give written notice to Shareholder
stating specifically the basis for the claim for Damages, the amount thereof and
if relating to a pending claim by a

                                       25
<PAGE>   27

third party to which Acquiror is entitled to indemnification, Acquiror shall
tender defense thereof to Shareholder as provided in Section 7.3; and

                    (c) Acquiror shall first use the Reserve Amount to satisfy
any claims for Damages. Thereafter, Acquiror shall have the option to (A) offset
such claims for Damages against any obligation of Acquiror to Shareholder now or
hereafter existing, or (B) require Shareholder to promptly pay to Acquiror such
amounts in cash.

               7.2. Indemnification by Acquiror. Acquiror agrees to indemnify
Shareholder against Damages incurred or sustained by Shareholder as a result of
(a) any breach of any term, provision, covenant or agreement contained in this
Agreement by Acquiror or Merger Sub; (b) any inaccuracy in any of the
representations or warranties made by Acquiror or Merger Sub in Article III of
this Agreement; (c) any loss, claim or obligation arising from or related to the
business or operation of the Company conducted after the Closing Date (but
except for the effect, damage or loss upon such business or operation arising
from or related to any claim for Damages asserted under Section 7.1); or (d) any
inaccuracy or misrepresentation in any certificate or other document or
instrument delivered by Acquiror or Merger Sub in accordance with any provision
of this Agreement. The obligations of Acquiror as set forth in this Section
shall be subject to and limited by the following:

                    (a) No claim for Damages shall be made until the cumulative
amount of such Damages shall equal or exceed $10,000 (the "Threshold") at which
time a claim for Damages in excess thereof can be made on a dollar for dollar
basis; provided, however, the maximum aggregate amount of Acquiror's liability
hereunder shall not exceed the Merger Consideration. Such limitations, however,
shall not apply to any Damages resulting from fraudulent actions, intentional
misrepresentations, breaches of covenants; and

                    (b) Shareholder shall give written notice to Acquiror
stating specifically the basis for the claim for Damages, the amount thereof
and, if relating to a pending claim by a third party to which Acquiror is
entitled to indemnification, shall tender defense thereof to Acquiror as
provided in Section 7.3.

               7.3. Transfer of Defense for Damages. Promptly upon receipt by
the indemnitee of a notice of a claim by a third party which may give rise to a
claim for Damages, the indemnitee shall give written notice thereof to the
indemnitor. No failure or delay of the indemnitee in the performance of the
foregoing shall relieve, reduce or otherwise affect the indemnitor's obligations
and liability to indemnify the indemnitee pursuant to this Agreement, except to
the extent that such failure or delay shall have adversely affected the
indemnitor's ability to defend against such claim for Damages. If the indemnitor
gives to the indemnitee an agreement in writing, in a form reasonably
satisfactory to the indemnitee's counsel, to defend such claim for Damages, the
indemnitor may, at its sole expense, undertake the defense against such claim
and may contest such claim and the indemnitee shall execute such documents and
take such steps as may be reasonably necessary in the opinion of counsel for the
indemnitor, to enable the indemnitor to conduct the defense of such claim for
Damages. If the indemnitor fails or refuses to defend any

                                       26
<PAGE>   28

claim for Damages, the indemnitor may nevertheless, at its own expense,
participate in the defense of such claim by the indemnitee and in any and all
settlement negotiations relating thereto. In any and all events, the indemnitor
shall have such access to the records and files of the indemnitee relating to
any claim for Damages as may be reasonably necessary to effectively defend or
participate in the defense thereof. No party shall settle any claim for Damages
without the consent of the other, which consent shall not be unreasonably
withheld. In order to achieve a reasonable and speedy resolution of third party
claims, the parties hereto agree to reasonably cooperate with each other in such
regard.

               7.4. Survival of Warranties. The respective representations and
warranties of SBS, SBS Sub, Shareholder, Acquiror and Merger Sub contained
herein or in any certificates shall not be deemed waived or otherwise affected
by any investigation made by any party hereto or the occurrence of the Merger.
Each and every such representation and warranty shall survive for a period of
four (4) years from the Closing Date, and any claim for Damages not commenced
during such period shall be waived; provided, however, all claims for Damages
based on intentionally wrongful or fraudulent actions or misrepresentations
("Fraud") shall survive for four (4) years after the claiming party has actual
knowledge of such Fraud.

               7.5. Determination of Damages. The parties shall make appropriate
adjustments for tax benefits and insurance coverage and take into account the
time and cost of money in determining Damages for purposes of this Article VII.

               7.6. Exclusivity. Redress under the indemnity provisions
contained in this Article shall be the exclusive remedy available to the parties
hereto for the matters covered by such provision, except in the cases of
fraudulent actions or intentional misrepresentations.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

               8.1. Amendment and Modification. Subject to applicable law, this
Agreement may be amended, modified and supplemented only by written agreement of
the parties hereto.

               8.2. Waiver of Compliance; Consents. Any failure of SBS, SBS Sub
or Shareholder on the one hand, or Acquiror or Merger Sub on the other hand, to
comply with any obligation, covenant, agreement or condition herein may be
waived in writing by Acquiror or by SBS, respectively, but such waiver or
failure to insist upon strict compliance with such obligation, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure. Whenever this Agreement requires or
permits consent by or on behalf of any party hereto, such consent shall be given
in writing.

               8.3. Expenses. Each party will pay its own legal, accounting and
other expenses incurred by such party or on its behalf in connection with this
Agreement and the transactions contemplated herein.

                                       27
<PAGE>   29

               8.4. Notices. Any notice, request, consent or communication
(collectively a "Notice") under this Agreement shall be effective only if it is
in writing and (i) personally delivered, (ii) sent by a nationally recognized
overnight delivery service, with delivery confirmed, or (iii) telexed or
telecopied, with receipt confirmed, addressed as follows:

         If to SBS, SBS Sub or Shareholder:

                  Richard McCarter
                  Senior Benefit Services Insurance Agency, Inc.
                  6833 Dan Danciger Road
                  Fort Worth, Texas  76133-4909
                  Telecopier: (817) 370-0857
                  Telephone:  (817) 370-0585

         with a copy to:

                  Mack Ed Swindle, Esq.
                  Michener, Larimore, Swindle, Whitaker,  Flowers, Sawyer,
                  Reynolds & Chalk, L.L.P.
                  3500 City Center Tower II
                  301 Commerce Street
                  Fort Worth, TX  76102
                  Telecopier: (817) 335-6935
                  Telephone: (817) 335-4417

         If to Acquiror or Merger Sub to:

                  Thomas M. Fogt and Michael H. Miller
                  AmVestors Financial Corporation
                  555 S. Kansas Avenue
                  Topeka, Kansas  66603
                  Telecopier:  (785) 295-4345
                  Telephone:  (785) 232-6945

         with a copy to:

                  Gregory G. Johnson, Esq.
                  Bryan Cave LLP
                  1200 Main Street, Suite 3500
                  Kansas City, Missouri  64105
                  Telecopier:  (816) 374-3300
                  Telephone:  (816) 374-3227

                                       28
<PAGE>   30

or such other persons or addresses as shall be furnished in writing by any party
to the other party. A Notice shall be deemed to have been given as of the date
when (i) personally delivered, (ii) when receipt of a Notice sent by an
overnight delivery service is confirmed by such overnight delivery service, or
(iii) when receipt of the telex or telecopy is confirmed, as the case may be,
unless the sending party has actual knowledge that a Notice was not received by
the intended recipient.

               8.5. Binding Effect. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, successors and permitted assigns.

               8.6. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS
OF THE STATE OF KANSAS (REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER
APPLICABLE TEXAS PRINCIPLES OF CONFLICTS OF LAW OF THE STATE OF KANSAS) AS TO
ALL MATTERS INCLUDING, BUT NOT LIMITED TO, MATTERS OF VALIDITY, CONSTRUCTION,
EFFECT, PERFORMANCE AND REMEDIES.

               8.7. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

               8.8. Neutral Interpretation. This Agreement constitutes the
product of the negotiation of the parties hereto and the enforcement hereof
shall be interpreted in a neutral manner, and not more strongly for or against
any party based upon the source of the draftsmanship hereof.

               8.9. Headings. The article and section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

               8.10. Entire Agreement. This Agreement, which term as used
throughout includes the Exhibits hereto, embodies the entire agreement and
understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, representations, warranties,
covenants or undertakings other than those expressly set forth or referred to
herein. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

                                       29
<PAGE>   31

                  IN WITNESS WHEREOF, the parties hereto have entered into this
Agreement as of the date first hereinabove set forth.

                               ACQUIROR:

                               AMVESTORS FINANCIAL CORPORATION

                               By:  /s/ Thomas M. Fogt
                                   -------------------------------------------
                               Name:    Thomas M. Fogt
                               Title:   Executive Vice President

                               MERGER SUB:

                               SENIOR BENEFIT SERVICES OF KANSAS, INC.

                               By: /s/ Michael H. Miller
                                   -------------------------------------------
                               Name:   Michael H. Miller
                               Title:  Executive Vice President

                               SBS:

                               SENIOR BENEFIT SERVICES INSURANCE AGENCY, INC.

                               By: /s/ Richard McCarter
                                   -------------------------------------------
                               Name:   Richard McCarter
                               Title:  Chairman of the Board

                                       30
<PAGE>   32

                                    SBS SUB:

                                    NATIONAL SENIOR BENEFIT SERVICES, INC.

                                    By:  s/ Richard McCarter
                                       ---------------------------------------
                                    Name:   Richard McCarter
                                    Title:  President

                                    SHAREHOLDER:

                                    /s/ Richard McCarter
                                   -------------------------------------------
                                        Richard McCarter

                                       31
<PAGE>   33

                              SCHEDULE OF EXHIBITS

                                       TO

                          AGREEMENT AND PLAN OF MERGER

         Exhibits                                    Title
         --------                                    -----

         Exhibit 1.1                Merger Sub's Articles of Incorporation

         Exhibit 1.6                Merger Consideration Allocation

         Exhibit 2.1                Foreign Qualifications

         Exhibit 2.3                Schedule of Subsidiaries and Affiliates

         Exhibit 2.5                Restrictions on Ability to Perform

         Exhibit 2.7                Financial Statements

         Exhibit 2.9                Certain Changes

         Exhibit 2.10               Schedule of Contracts

         Exhibit 2.12               Title and Related Matters

         Exhibit 2.13               Legal Proceedings and Judgments

         Exhibit 2.14               Certain Tax Matters

         Exhibit 2.16               Copies of Reports and Inspections

         Exhibit 2.18(a)            ERISA and Related Employee Benefit Matters

         Exhibit 2.18(b)            Accrued Vacation Days

         Exhibit 2.19               Schedule of Intellectual Property Rights

         Exhibit 2.20               Warranties and Claims Under Warranties

         Exhibit 2.21               Labor Relations

         Exhibit 2.22               Schedule of Insurance

                                       1

<PAGE>   34

         Exhibit 2.26               Schedule of Contracts with Affiliates

         Exhibit 2.27               List of all Bank Accounts, Lock Boxes, Safe
                                    Deposit Boxes and Post Office Boxes

         Exhibit 2.28               Compensation Schedule

         Exhibit 2.29               Licenses

         Exhibit 4.2(a)             Employment Agreement with Richard McCarter

         Exhibit 4.2(b)             Employment Agreement with George Richards

         Exhibit 4.4                Opinion

         Exhibit 4.5                Release

                                       2<PAGE>   1
                             GREENWOOD TRUST COMPANY

                      Master Servicer, Servicer and Seller

                                       and

                         U.S. BANK NATIONAL ASSOCIATION

                                     Trustee

                       on behalf of the Certificateholders

                                   ---------

                                SERIES SUPPLEMENT

                            Dated as of May 10, 2000

                                       to

                         POOLING AND SERVICING AGREEMENT

                           Dated as of October 1, 1993

                                   ---------

                        $650,000,000 Class A Certificates

                        $34,211,000 Class B Certificates

                          DISCOVER CARD MASTER TRUST I

                          SERIES 2000 - 4 CERTIFICATES

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                      Page
                                                                                      ----
<S>                                                                                     <C>
SERIES TERM SHEET ..................................................................    1
ANNEX ..............................................................................    1
SECTION 1.Definitions ..............................................................    1
SECTION 2.Subordination ............................................................   25
SECTION 3.Representations and Warranties of the Sellers ............................   25
SECTION 4.Representations and Warranties of Greenwood as Master Servicer and
            Servicer ...............................................................   25
SECTION 5.Representations and Warranties of Other Servicers ........................   26
SECTION 6.Representations and Warranties of the Trustee ............................   26
SECTION 7.Authentication of Certificates ...........................................   26
SECTION 8.Establishment and Administration of Investor Accounts and the Credit
            Enhancement Account ....................................................   26
SECTION 9. Allocations of Collections ..............................................   30
SECTION 10.Payments ................................................................   42
SECTION 11.Credit Enhancement ......................................................   45
SECTION 12.Alternative Credit Support Election .....................................   47
SECTION 13.Calculation of Investor Losses ..........................................   48
SECTION 14.Servicing Compensation ..................................................   48
SECTION 15.Class Interest Rate Caps ................................................   49
SECTION 16.Class Interest Rate Swaps ...............................................   50
SECTION 17.Investor Certificateholders' Monthly Statement ..........................   51
SECTION 18.Master Servicer's Monthly Certificate ...................................   51
SECTION 19.Notices .................................................................   51
SECTION 20.Additional Amortization Events ..........................................   51
SECTION 21.Early Accumulation Events; Additional Amortization Events ...............   52
SECTION 22.Purchase of Investor Certificates and Series Termination ................   52
SECTION 23.Variable Accumulation Period ............................................   53
SECTION 24.Optional Accumulation Period Commencement ...............................   54
SECTION 25.Series Yield Factor .....................................................   54
SECTION 26.Ratification of Pooling and Servicing Agreement .........................   54
SECTION 27.Counterparts ............................................................   54
SECTION 28.Governing Law ...........................................................   54
</TABLE>

<PAGE>   3

                                    EXHIBITS

EXHIBIT A:         Form of Investors Certificates

EXHIBIT B:         Form of Certificateholders' Monthly Statement

EXHIBIT C:         Form of Master Servicer's Monthly Certificate

                                     Page 2
<PAGE>   4

                          DISCOVER CARD MASTER TRUST I
                           SERIES 2000-4 CERTIFICATES

        This Series of Master Trust Certificates is established pursuant to
Section 6.06 of that certain Pooling and Servicing Agreement, dated as of
October 1, 1993, as amended, by and between GREENWOOD TRUST COMPANY, a Delaware
banking corporation ("Greenwood"), as Master Servicer, Servicer and Seller and
U.S. BANK NATIONAL ASSOCIATION (formerly First Bank National Association,
successor trustee to Bank of America Illinois, formerly Continental Bank,
National Association) (the "Trustee"), as Trustee (the "Pooling and Servicing
Agreement"). This SERIES TERM SHEET and the ANNEX attached hereto, by and among
the Master Servicer, the Servicers, the Sellers and the Trustee, constitute the
SERIES SUPPLEMENT (the "Series Supplement"). The Pooling and Servicing Agreement
and this Series Supplement together establish the Series of Master Trust
Certificates to be known as the DISCOVER CARD MASTER TRUST I, SERIES 2000-4
CERTIFICATES.

                                SERIES TERM SHEET

Date of Series Term Sheet                         May 10, 2000.

Group                                             One.

Series Initial Investor Interest                  $684,211,000

Class Initial Investor Interest of each Class of  Class A - $650,000,000.
Investor Certificates

                                                  Class B - $34,211,000.

Class A Expected Final Payment Date               The Distribution Date in May
                                                  2007.

Class B Expected Final Payment Date               The Distribution Date in June
                                                  2007.

Type of Structure                                 Bullet Maturity.

Certificate Rates                                 Class A - LIBOR
                                                  plus 0.21% per annum,
                                                  calculated on the basis of the
                                                  actual number of days elapsed
                                                  and a 360-day year.

                                                  Class B - LIBOR
                                                  plus 0.45% per annum,
                                                  calculated on the basis of the
                                                  actual number of days elapsed
                                                  and a 360-day year.

Monthly Amortization Rate                         Not applicable.

Prepayment Calculation Table                      Not applicable.

Prepayment Determination Date                     Not applicable.

Class Cap Rate                                    Not applicable.

Class Maximum Rate                                Not applicable.

                                       1
<PAGE>   5

Class Interest Rate Swap                          Class A - Not applicable.

                                                  Class B - Not applicable.

Interest Rate Swap Counterparty                   Not applicable.

LIBOR Determination Date                          The second LIBOR Business Day
                                                  immediately preceding the
                                                  commencement of an Interest
                                                  Accrual Period.

Series Yield Factor                               Initially zero, but may be
                                                  increased pursuant to Section
                                                  25.

Series Cut-Off Date                               May 1, 2000.

Series Closing Date                               May 10, 2000.

Date from which Interest for First Interest       Series Closing Date.
Payment Date Shall Accrue

Distribution Dates                                June 15, 2000 and the 15th day
                                                  of each calendar month
                                                  thereafter (or, if such day is
                                                  not a Business Day, the next
                                                  succeeding Business Day).

Interest Payment Dates                            The 15th day of each month
                                                  (or, if such day is not a
                                                  Business Day, the next
                                                  succeeding Business Day),
                                                  commencing in June 2000.

Statement Dates                                   Each Distribution Date,
                                                  commencing in June 2000.

Principal Payment Date                            Not applicable.

Interest Calculation Dates                        Not applicable.

Accumulation Commencement Date                    Not applicable.

Accumulation Period                               Unless an Amortization Event
                                                  shall have occurred prior
                                                  thereto, the period commencing
                                                  on the Principal Commencement
                                                  Date and ending on the
                                                  earliest to occur of (x) the
                                                  payment in full of the Series
                                                  Invested Amount, (y) the
                                                  Amortization Commencement
                                                  Date, and (z) the Series
                                                  Termination Date.

Accumulation Amount                               (a) Through the Class A
                                                  Expected Final Payment Date,
                                                  the greater of (i)
                                                  $54,166,666.67 and (ii) if the
                                                  Master Servicer elects to
                                                  delay commencement of the
                                                  Accumulation Period in

                                       2
<PAGE>   6

                                                  accordance with Section 23,
                                                  the Class A Initial Investor
                                                  Interest divided by the number
                                                  of Distribution Dates from the
                                                  commencement of the
                                                  Accumulation Period through
                                                  and including the Class A
                                                  Expected Final Payment Date,
                                                  and (b) thereafter,
                                                  $34,211,000.

Principal Commencement Date                       The first day of the Due
                                                  Period related to the June
                                                  2006 Distribution Date (or
                                                  such later Distribution Date
                                                  as the Master Servicer may
                                                  elect in accordance with
                                                  Section 23).

Revolving Period                                  From the Series Cut-Off Date
                                                  to but excluding the earlier
                                                  to occur of (i) the Principal
                                                  Commencement Date, and (ii)
                                                  the Amortization Commencement
                                                  Date.

Controlled Liquidation Period                     Not applicable.

Early Accumulation Period                         Not applicable.

Type of Credit Enhancement                        Cash collateral account.

Stated Shared Credit Enhancement Amount           There shall be no Shared
                                                  Credit Enhancement.

Stated Class A Credit Enhancement Amount          There shall be no Class A Cash
                                                  Collateral Credit Enhancement.

Stated Class B Credit Enhancement Amount          $51,315,825.

Credit Enhancement Provider                       Collectively, the one or more
                                                  lenders making a loan in order
                                                  to provide the initial funds
                                                  on deposit in the Credit
                                                  Enhancement Account, or any
                                                  successor provider of the
                                                  Credit Enhancement.

Maximum Shared Credit Enhancement Amount          There shall be no Shared
                                                  Credit Enhancement.

Maximum Class A Credit Enhancement Amount         There shall be no Class A Cash
                                                  Collateral Credit Enhancement.

Maximum Class B Credit Enhancement Amount         On any Distribution Date (a)
                                                  prior to the making of an
                                                  Effective Alternative Credit
                                                  Support Election, the greater
                                                  of (i) $6,842,110 and (ii)
                                                  (x) if a Supplemental Credit
                                                  Enhancement Event has not
                                                  occurred, an amount equal to
                                                  7.5% of the Series Investor
                                                  Interest as of the last day
                                                  of the related Due Period, or
                                                  (y) if a Supplemental Credit
                                                  Enhancement Event has
                                                  occurred, an amount equal to
                                                  8.0% of the Series Investor

                                       3
<PAGE>   7

                                                  Interest as of the last day of
                                                  the related Due Period or (b)
                                                  subsequent to the making of an
                                                  Effective Alternative Credit
                                                  Support Election, the greater
                                                  of (i) $6,842,110 and (ii) an
                                                  amount equal to 12.5% of the
                                                  Series Investor Interest as of
                                                  the last day of the related
                                                  Due Period; provided, however,
                                                  that if an Amortization Event
                                                  with respect to the Series
                                                  established hereby occurs, the
                                                  Maximum Class B Credit
                                                  Enhancement Amount for each
                                                  Distribution Date thereafter
                                                  shall equal the Maximum Class
                                                  B Credit Enhancement Amount
                                                  for the Distribution Date
                                                  immediately preceding the
                                                  occurrence of the Amortization
                                                  Event; and provided, further,
                                                  that if a Credit Enhancement
                                                  Drawing has been made, until
                                                  such time as the Available
                                                  Class B Credit Enhancement
                                                  Amount has been reinstated in
                                                  an amount at least equal to
                                                  the amount of such Credit
                                                  Enhancement Drawing, the
                                                  Maximum Class B Credit
                                                  Enhancement Amount shall be
                                                  the Maximum Class B Credit
                                                  Enhancement Amount as of the
                                                  date of such Credit
                                                  Enhancement Drawing.

Total Maximum Credit Enhancement Amount           On any Distribution Date, the
                                                  Maximum Class B Credit
                                                  Enhancement Amount for such
                                                  Distribution Date.

Additional Credit Support Amount                  The lesser of (x)(i)
                                                  $34,210,550 prior to the
                                                  occurrence of a Supplemental
                                                  Credit Enhancement Event or
                                                  (ii) $30,789,495 following the
                                                  occurrence of a Supplemental
                                                  Credit Enhancement Event and
                                                  (y) the difference between the
                                                  Maximum Class B Credit
                                                  Enhancement Amount (after
                                                  giving effect to an
                                                  Alternative Credit Support
                                                  Election) and the Available
                                                  Class B Credit Enhancement
                                                  Amount (immediately before
                                                  giving effect to the
                                                  Alternative Credit Support
                                                  Election).

Supplemental Credit Enhancement Amount            The lesser of (x)(i)
                                                  $3,421,055 prior to the
                                                  occurrence of an Alternative
                                                  Credit Support Election or
                                                  (ii) zero following the
                                                  occurrence of an Alternative
                                                  Credit Support Election and
                                                  (y) the difference between the
                                                  Maximum Class B Credit
                                                  Enhancement Amount (after
                                                  giving effect to the
                                                  occurrence of a Supplemental
                                                  Credit

                                       4
<PAGE>   8
                                                  Enhancement Event) and the
                                                  Available Class B Credit
                                                  Enhancement Amount
                                                  (immediately before
                                                  giving effect to the
                                                  occurrence of a Supplemental
                                                  Credit Enhancement Event).

Initial Subordinated Amount                       $85,526,375.

Additional Subordinated Amount                    $34,210,550 prior to the
                                                  occurrence of a Supplemental
                                                  Credit Enhancement Event and
                                                  $30,789,495 following the
                                                  occurrence of a Supplemental
                                                  Credit Enhancement Event.

Supplemental Subordinated Amount                  $3,421,055 prior to the
                                                  effectiveness of an
                                                  Alternative Credit Support
                                                  Election and zero following
                                                  the effectiveness of an
                                                  Alternative Credit Support
                                                  Election.

Series Buffer Amount                              Zero.

Group Buffer Amount                               Zero.

Investor Servicing Fee Percentage                 2.0% per annum calculated on
                                                  the basis of a 360-day year of
                                                  twelve 30-day months.

Supplemental Servicing Fee Percentage             Zero.

Amount of Additional Funds                        Initially, zero.

Eligible for Reallocations to and from Other      Yes.
Series in Group

Series Termination Date                           The first Business Day
                                                  following the Distribution
                                                  Date in November 2009.

Estimated Investment Shortfall                    On any date of determination,
                                                  the positive difference, if
                                                  any, between (i) the
                                                  Certificate Rate for the Class
                                                  for whose benefit the amounts
                                                  on deposit in the Series
                                                  Principal Funding Account are
                                                  held as of such date of
                                                  determination and (ii) the
                                                  weighted average yield
                                                  (expressed as a Money Market
                                                  Yield) on the investments in
                                                  the Series Principal Funding
                                                  Account as of such date of
                                                  determination.

Estimated Yield                                   On any date of determination,
                                                  the Portfolio Yield for the
                                                  immediately preceding Due
                                                  Period less 2.00%.

Classes, if any, subject to Regulation S          Not applicable.
restrictions

                                       5
<PAGE>   9

Classes, if any, subject to ERISA restrictions    Class B.

Bearer Certificates                               Not applicable.

Registered Certificates                           Class A and Class B
                                                  Certificates.

Class A Certificate                               Each certificate executed by
                                                  the Sellers and authenticated
                                                  by or on behalf of the
                                                  Trustee, substantially in the
                                                  form of Exhibit A-1.

Class B Certificate                               Each certificate executed by
                                                  the Sellers and authenticated
                                                  by or on behalf of the
                                                  Trustee, substantially in the
                                                  form of Exhibit A-2.

Principal Paying Agent                            Class A - Not applicable.

                                                  Class B - Not applicable.

Paying Agents                                     Class A and Class B - the
                                                  Corporate Trust Office of the
                                                  Trustee.

                                       6
<PAGE>   10

        IN WITNESS WHEREOF, the Sellers, the Master Servicer, the Servicers and
the Trustee have caused this Series Supplement to be duly executed by their
respective officers thereunto duly authorized as of the date and year first
above written.

                                      GREENWOOD TRUST COMPANY,
                                      as Seller, Master Servicer and Servicer

                                         /s/ Michael F. Rickert
                                      ------------------------------------
                                      Michael F. Rickert
                                      Assistant Vice President and
                                      Assistant Treasurer

                                      U.S. BANK NATIONAL ASSOCIATION,
                                      as Trustee

                                         /s/ Patricia M. Child
                                      ------------------------------------
                                      Patricia M. Child
                                      Vice President

<PAGE>   11

                                      ANNEX

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

        SECTION 1. Definitions

        (a) Capitalized terms not otherwise defined in this Series Supplement
(including the Series Term Sheet) shall have the meanings ascribed to them in
the Pooling and Servicing Agreement. Capitalized terms that refer to a Series or
a Class refer to the Series established hereby or a Class of the Series
established hereby, as applicable, unless the context otherwise clearly
requires.

        (b) The following terms have the definitions set forth below with
respect to the Series established hereby, unless the context otherwise clearly
requires:

        "Accumulation Amount," if applicable, shall have the meaning set forth
in the Series Term Sheet; provided, however, that such amount may be adjusted
pursuant to Section 23 or 24.

        "Accumulation Commencement Date," if applicable, shall have the meaning
set forth in the Series Term Sheet.

        "Accumulation Period," if applicable, shall have the meaning set forth
in the Series Term Sheet.

        "Additional Credit Support Amount" shall have the meaning set forth in
the Series Term Sheet.

        "Additional Subordinated Amount" shall have the meaning set forth in the
Series Term Sheet.

        "Alternative Credit Support Election" shall mean an election made by the
Sellers pursuant to Section 12.

        "Amortization Commencement Date" shall mean the date on which an
Amortization Event is deemed to occur pursuant to Section 20 hereof.

        "Amortization Event" shall mean any event specified in Section 9.01 of
the Pooling and Servicing Agreement or in Section 20 hereof.

        "Amortization Period" shall mean the period from, and including, the
Amortization Commencement Date to, and including, the earlier of (i) the date of
the final distribution to Investor Certificateholders of the Series established
hereby and (ii) the Series Termination Date. The first Distribution Date of the
Amortization Period shall be the Distribution Date in the calendar month
following the Amortization Commencement Date.

<PAGE>   12

        "Available Class A Credit Enhancement Amount," if applicable, shall have
the meaning set forth in the Series Term Sheet.

        "Available Class B Credit Enhancement Amount" shall mean, with respect
to the first Distribution Date, the Stated Class B Credit Enhancement Amount,
and, thereafter, shall mean the amount available to be drawn under the Credit
Enhancement with respect to the Available Class B Credit Enhancement Amount from
time to time, which on any date of determination shall be equal to the Available
Class B Credit Enhancement Amount for the immediately preceding Distribution
Date minus the amount of all Credit Enhancement Drawings with respect to the
Available Class B Credit Enhancement Amount on or since such immediately
preceding Distribution Date, plus the amount of all payments made to the Trustee
as administrator of the Credit Enhancement with respect to the Available Class B
Credit Enhancement Amount pursuant to Section 9 plus, following an Effective
Alternative Credit Support Election, the Additional Credit Support Amount and,
plus, following a Supplemental Credit Enhancement Event, the Supplemental Credit
Enhancement Amount; provided, however, that from and after the Fully Funded
Date, if any, the Available Class B Credit Enhancement Amount shall equal zero.

        "Available Shared Credit Enhancement Amount," if applicable, shall mean,
with respect to the first Distribution Date, the Stated Shared Credit
Enhancement Amount, and, thereafter, shall mean the amount available to be drawn
under the Credit Enhancement with respect to the Available Shared Credit
Enhancement Amount from time to time, which on any date of determination shall
be equal to the Available Shared Credit Enhancement Amount for the immediately
preceding Distribution Date minus the amount of all Credit Enhancement Drawings
with respect to the Available Shared Credit Enhancement Amount on or since such
immediately preceding Distribution Date, and plus the amounts of all payments
made to the Trustee as administrator of the Credit Enhancement with respect to
the Available Shared Credit Enhancement Amount pursuant to Section 9.

        "Available Subordinated Amount," if there is a Subordinate Class with
respect to Class A, shall mean, on a Distribution Date, the sum of

                (a) (i) with respect to the first Distribution Date, the Initial
        Subordinated Amount or (ii) with respect to any other Distribution Date,
        the Available Subordinated Amount after giving effect to all adjustments
        on the prior Distribution Date; and

                (b) the amount of Series Excess Servicing;

as such amount may be (x) reduced pursuant to the provisions of Section 9 to
take into account (i) the amount of Class A and Class B Excess Servicing used to
reimburse the Class A Cumulative Investor Charged-Off Amount, (ii) the amount of
Class B Excess Servicing used to reduce the Class A Required Amount Shortfall,
(iii) the amount of the Class B Subordinated Payment and (iv) the amount of any
reduction in the Class B Investor Interest resulting from the reimbursement of
the Class A Cumulative Investor Charged-Off Amount, in each case for such
Distribution Date, and (y) increased pursuant to the provisions of Section 9 to
take into account the application of amounts on deposit in the Group Finance
Charge Collections Reallocation Account (i) to reduce

                                       2
<PAGE>   13

the Class B Required Amount Shortfall, (ii) to reduce the Class B Cumulative
Investor Charged-Off Amount and (iii) to increase the Available Class B Credit
Enhancement Amount, in each case for such Distribution Date; provided, however,
that from and after the Fully Funded Date, if any, the Available Subordinated
Amount will equal zero.

Upon the occurrence of a Supplemental Credit Enhancement Event, the Available
Subordinated Amount will be increased by the Supplemental Subordinated Amount.
In addition, on the first Distribution Date following an Effective Alternative
Credit Support Election, the Available Subordinated Amount shall be increased by
the Additional Subordinated Amount. In no event, however, shall the Available
Subordinated Amount exceed (i) through the last Distribution Date preceding an
Effective Alternative Credit Support Election, the Initial Subordinated Amount
plus the Supplemental Subordinated Amount and (ii) thereafter, the sum of the
Initial Subordinated Amount, the Supplemental Subordinated Amount and the
Additional Subordinated Amount.

        "Calculation Period," if applicable, shall have the meaning specified in
the applicable interest rate cap agreement.

        "Cedel" shall mean Clearstream Banking.

        "Certificate Interest" shall mean, for any Class for any Interest
Payment Date, the product of (a) the Class Invested Amount for such Class for
such Interest Payment Date and (b) a fraction the numerator of which is (1) with
respect to each Class that has no Subclasses, the Certificate Rate for such
Class or (2) with respect to each Class that has two or more Subclasses, the
Class Weighted Average Certificate Rate, and the denominator of which is (x) if
the relevant Certificate Rate is to be calculated on the basis of the actual
number of days elapsed and a 360-day year, 360 divided by the actual number of
days from and including the immediately preceding Interest Payment Date (or, in
the case of the first Interest Payment Date, from and including the Series
Closing Date) to but excluding the current Interest Payment Date or (y) if the
relevant Certificate Rate is to be calculated on the basis of a 360-day year of
twelve 30-day months, twelve divided by the number of Distribution Dates from
and including the preceding Interest Payment Date to but excluding the current
Interest Payment Date (or, in the case of the first Interest Payment Date, 360
divided by the number of days from and including the Series Closing Date to but
excluding the 15th day of the month in which current Interest Payment Date
occurs, assuming 30-day months).

        "Certificate Principal" shall mean, with respect to each Class, the
principal payable in respect of such Class of Investor Certificates.

        "Certificate Rate," with respect to any Class or Subclass, shall mean
the certificate rate set forth in the Series Term Sheet with respect to such
Class or Subclass, as such rate may be adjusted as of the beginning of each
Interest Accrual Period, if applicable; provided, however, that the Certificate
Rate for any Class or Subclass that does not have a fixed Certificate Rate shall
not exceed the Class Cap Rate or Class Maximum Rate, as applicable, for such
Class or Subclass; and provided, further, that any interest on the Investor
Certificates (including any interest accrued with respect to any Class
Deficiency Amount) shall be payable or distributed to the Investor
Certificateholders only to the extent permitted by applicable law.

                                       3
<PAGE>   14

        "Class A Cash Collateral Credit Enhancement" shall mean Credit
Enhancement available in the Credit Enhancement Account for the benefit of the
Class A Investor Certificates.

        "Class Additional Funds," if applicable, shall mean, with respect to any
Class for any Distribution Date, an amount equal to the product of (i) a
fraction the numerator of which is the Class Investor Interest and the
denominator of which is the sum of the Class Investor Interests for each Class
of the Series established hereby and (ii) the amount of Series Additional
Investor Funds, in each case for such Distribution Date.

        "Class Alternative Deficiency Amount" shall mean, with respect to each
Class, on any Payment Date, the Class Deficiency Amount that would have been
calculated for such Class on such Payment Date if the aggregate unreimbursed
Investor Losses on such Payment Date equalled zero.

        "Class B Available Collections" shall mean, if there is a Subordinated
Class with respect to Class A, with respect to any Distribution Date, an amount
equal to the sum of (i) Class B Available Finance Charge Collections for such
Distribution Date and (ii) Class B Principal Collections for such Distribution
Date.

        "Class B Available Finance Charge Collections" shall mean, if there is a
Subordinate Class with respect to Class A, with respect to any Distribution
Date, an amount equal to the sum of Class B Finance Charge Collections, Class B
Yield Collections, if any, Class B Investment Income, if any, for the related
Due Period and Class B Additional Funds for such Distribution Date (less Class B
Excess Servicing).

        "Class Cap Rate," if applicable, shall mean, with respect to a Class or
Subclass that does not have a fixed or maximum Certificate Rate, the rate that
is specified as such in the Series Term Sheet and in the Class Interest Rate Cap
with respect to such Class or Subclass.

        "Class Charge-Off Reimbursement Amount" shall mean, with respect to any
Class with respect to any Distribution Date, the total amount by which the Class
Cumulative Investor Charged-Off Amount for such Class is reduced on such
Distribution Date pursuant to Section 9.

        "Class Cumulative Investor Charged-Off Amount" with respect to each
Class for any Distribution Date, shall mean the sum of the Class Investor
Charged-Off Amounts for such Class for all preceding Due Periods that have not
been reimbursed pursuant to Section 9 prior to such Distribution Date, plus the
Class Investor Charged-Off Amount for such Class for the Due Period related to
such Distribution Date, as adjusted pursuant to Section 9 on such Distribution
Date. The Class Cumulative Investor Charged-Off Amount with respect to each
Class initially shall be zero.

        "Class Deficiency Amount" shall mean, with respect to each Class, on any
Payment Date, the amount, if any, by which (a) the sum of (i) Certificate
Interest for such Class accrued since the immediately preceding Payment Date,
(ii) if, since the immediately preceding Payment Date and prior to the current
Payment Date, a Reimbursed Loss Event has occurred, the sum of (A) the
Reimbursed Loss Interest for each previous Distribution Date since the last
Distribution Date on which Investor Losses for such Class equalled zero and (B)
the Reimbursed Loss Interest Gross-

                                       4
<PAGE>   15

up Amount for each previous Distribution Date since the last Distribution Date
on which the aggregate amount of unreimbursed Investor Losses for such Class
equalled zero, (iii) the Class Deficiency Amount on the immediately preceding
Payment Date, and (iv) the Class Deficiency Amount on the immediately preceding
Payment Date multiplied by the product of (A) a fraction the numerator of which
is the weighted average of the Certificate Rates or of the Class Weighted
Average Certificate Rates, as applicable, for such Class for the relevant Due
Periods and the denominator of which is (x) if the relevant Certificate Rate is
to be calculated on the basis of the actual number of days elapsed and a 360-day
year, 360 divided by the actual number of days from and including the
immediately preceding Distribution Date to but excluding the current
Distribution Date or (y) if the relevant Certificate Rate is to be calculated on
the basis of a 360-day year of twelve 30-day months, twelve and (B) the number
of Distribution Dates from and including the preceding Payment Date to but
excluding the current Payment Date exceeds (b) the amount deposited since the
immediately preceding Payment Date into the Series Interest Funding Account
pursuant to Section 10(a)(2)(A).

        "Class Excess Servicing" shall mean, with respect to each Class, on any
Distribution Date, the positive difference, if any, between (i) the sum of Class
Finance Charge Collections for the related Due Period, Class Yield Collections
for the related Due Period, if any, Class Investment Income for the related Due
Period, if any, and Class Additional Funds for such Distribution Date, if any,
and (ii) the Class Required Amount.

        "Class Expected Final Payment Date" with respect to each Class, if
applicable, shall mean the date designated as such in the Series Term Sheet.

        "Class Final Maturity Date" with respect to each Class, if applicable,
shall mean the date designated as such in the Series Term Sheet.

        "Class Finance Charge Collections" shall mean, with respect to any
Class, with respect to any day or any Distribution Date or Trust Distribution
Date, as applicable, an amount equal to the product of (x) the Class Percentage
with respect to Finance Charge Collections for the related Distribution Date and
(y) the amount of Finance Charge Collections for such day or for the related Due
Period, as applicable; provided, however, that Class Finance Charge Collections
for each Class shall be increased by the lesser of (i) the amount of Class
Investment Shortfall for such Class and (ii) an amount equal to the product of
the total amount of Finance Charge Collections otherwise allocable to Greenwood
on behalf of the Holder of the Seller Certificate for the related Due Period and
a fraction the numerator of which is the Class Invested Amount for such Class
and the denominator of which is the Aggregate Invested Amount; and provided,
further, that notwithstanding the foregoing, Class Finance Charge Collections
for each Class shall not, with respect to any such day, Distribution Date or
Trust Distribution Date during the Accumulation Period or the Early Accumulation
Period, as applicable, exceed the amount that would be available if the Class
Percentage with respect thereto were the percentage equivalent of a fraction the
numerator of which is the amount of the Class Investor Interest on the last day
of the Due Period prior to the commencement of the Accumulation Period or the
Early Accumulation Period, and the denominator of which is the greater of (i)
the amount of Principal Receivables in the Trust on the first day of the related
Due Period and (ii) the sum of the numerators used in calculating the components
of the Series Percentage with respect to Finance Charge Collections for each

                                       5
<PAGE>   16

Series then outstanding (including the Series established hereby) as of such
day, Distribution Date or Trust Distribution Date, as applicable.

        "Class Initial Investor Interest" shall mean, with respect to each
Class, the aggregate face amount of Investor Certificates of such Class as
specified in the Series Term Sheet.

        "Class Interest Rate Cap," if applicable, shall mean, with respect to a
Class or Subclass that does not have a fixed or maximum Certificate Rate, the
interest rate cap agreement or other interest rate protection for the benefit of
the Investor Certificateholders of such Class or Subclass, dated on or before
the Series Closing Date, between the Trustee, acting on behalf of the Trust, and
the Interest Rate Cap Provider, or any Replacement Interest Rate Cap or
Qualified Substitute Cap Arrangement.

        "Class Interest Rate Cap Payment" shall mean, with respect to a Class or
Subclass that does not have a fixed or maximum Certificate Rate, with respect to
any Interest Payment Date, any payment required to be made on such Interest
Payment Date by the Interest Rate Cap Provider with respect to the Class
Interest Rate Cap for such Class or Subclass.

        "Class Interest Rate Swap," if applicable, shall mean, with respect to a
Class or Subclass, the interest rate swap agreement or other interest rate
protection agreement with respect to any Class or Subclass, dated on the Series
Closing Date, between the Trust and the Swap Counterparty and any replacement or
successor interest rate swap agreement or interest rate protection agreement.

        "Class Invested Amount" shall mean, with respect to any Class for any
Distribution Date, an amount equal to the Class Initial Investor Interest minus
the sum of (a)(i) with respect to a Class that is subject to a Class Currency
Swap, the aggregate amount of payments of Certificate Principal (in Dollars)
deposited into the Currency Swap Dollar Escrow Account for payment to the
Currency Swap Counterparty for the benefit of such Class, or, in the event of a
Currency Swap Termination, converted into Foreign Currency by the Trustee at the
then prevailing spot exchange rate in New York for payment to the Investor
Certificateholders of such Class or (ii) with respect to a Class that is not
subject to a Class Currency Swap, the aggregate amount of payments of
Certificate Principal paid to such Class of Investor Certificateholders, in each
case prior to such Distribution Date, (b) the aggregate amount of Investor
Losses of such Class not reimbursed prior to such Distribution Date and (c) the
aggregate amount of losses of principal on investments of funds on deposit for
the benefit of such Class in the Series Principal Funding Account, if
applicable.

        "Class Investment Income" shall mean, with respect to any Class, income
from the investment of funds on deposit in the Series Principal Funding Account
for the benefit of such Class less Excess Income.

        "Class Investment Shortfall" with respect to each Class with respect to
any Distribution Date during the Accumulation Period or the Early Accumulation
Period, if applicable, shall mean an amount equal to the positive difference, if
any, between (i) one-twelfth of the product of (a) (x) with respect to each
Class that has no Subclasses, the Certificate Rate, or (y) with respect to each

                                       6
<PAGE>   17

Class that has two or more Subclasses, the Class Weighted Average Certificate
Rate, in each case for the related Due Period, and (b) the amount on deposit in
the Series Principal Funding Account for the benefit of such Class as of the end
of the previous Distribution Date and (ii) Class Investment Income for the
related Due Period.

        "Class Investor Charged-Off Amount" shall mean, with respect to each
Class for any Distribution Date, an amount equal to the sum of (i) the product
of (a) the Charged-Off Amount for such Distribution Date and (b) the Class
Percentage with respect to the Charged-Off Amount and (ii) if there is a
Subordinate Class with respect to Class A, with respect to Class B only, the sum
of (a) the positive difference, if any, between (x) the Class B Subordinated
Payment and (y) the amount of Class B Available Finance Charge Collections for
the related Due Period and (b) the amount by which the Class A Cumulative
Investor Charged-Off Amount is reduced by way of a reallocation of Class B
Investor Interest pursuant to Section 9.

        "Class Investor Interest" shall mean, with respect to any Class for any
Distribution Date, an amount equal to the Class Invested Amount for such Class
for such Distribution Date minus, if applicable, the aggregate amount on deposit
in the Series Principal Funding Account for the benefit of such Class in respect
of Principal Collections.

        "Class Maximum Rate," if applicable, shall have the meaning set forth in
the Series Term Sheet with respect to any Class or Subclass.

        "Class Modified Required Amount" with respect to any Class on any
Distribution Date, shall mean the Class Required Amount for such Distribution
Date minus the sum of all accrued but unpaid Class Monthly Servicing Fees.

        "Class Monthly Deficiency Amount" with respect to any Class on any
Distribution Date, shall have the meaning set forth in Section 10(a)(2)(A). The
Class Monthly Deficiency Amount for each Class initially shall be zero.

        "Class Monthly Servicing Fee" with respect to any Class for any
Distribution Date, shall mean an amount equal to the product of (x) a fraction
the numerator of which shall be the Class Investor Interest and the denominator
of which shall be the Series Investor Interest, in each case on the first day of
the related Due Period and (y) the amount of the Investor Servicing Fee for the
related Due Period.

        "Class Percentage" shall mean, with respect to any Class with respect to
any Distribution Date or any Trust Distribution Date, as applicable:

                (a) when used with respect to the Charged-Off Amount, the
        percentage equivalent of a fraction the numerator of which shall be the
        amount of the Class Investor Interest and the denominator of which shall
        be the greater of (i) the amount of Principal Receivables in the Trust
        and (ii) the Aggregate Investor Interest, in each case on the first day
        of the related Due Period; or

                (b) when used with respect to Principal Collections prior to the
        occurrence of a Fixed Principal Allocation Event, the percentage
        equivalent of a fraction the

                                       7
<PAGE>   18

        numerator of which shall be the amount of the Class Investor Interest on
        the first day of the related Due Period and the denominator of which
        shall be the greater of (i) the amount of Principal Receivables in the
        Trust on the first day of the related Due Period and (ii) the sum of the
        numerators used in calculating the components of the Series Percentage
        with respect to Principal Collections for each Series then outstanding
        (including the Series established hereby) as of such Distribution Date
        or Trust Distribution Date, as applicable; or

                (c) when used with respect to Principal Collections on and after
        the occurrence of a Fixed Principal Allocation Event, the percentage
        equivalent of a fraction, the numerator of which shall be the amount of
        the Class Investor Interest on the last day of the Due Period prior to
        the occurrence of a Fixed Principal Allocation Event and the denominator
        of which shall be the greater of (i) the amount of Principal Receivables
        in the Trust on the first day of the related Due Period and (ii) the sum
        of the numerators used in calculating the components of the Series
        Percentage with respect to Principal Collections for each Series then
        outstanding (including the Series established hereby) as of such
        Distribution Date or Trust Distribution Date, as applicable; provided,
        however, that from and after the Fully Funded Date, if any, the Class
        Percentage with respect to Principal Collections will equal zero; or

                (d) when used with respect to Finance Charge Collections during
        the Revolving Period and the Accumulation Period or the Controlled
        Liquidation Period, as applicable, and provided that an Effective
        Alternative Credit Support Election has been made, during the Early
        Accumulation Period or the Amortization Period, the percentage
        equivalent of a fraction the numerator of which shall be the amount of
        the Class Investor Interest on the first day of the related Due Period
        and the denominator of which shall be the greater of (i) the amount of
        Principal Receivables in the Trust on the first day of the related Due
        Period and (ii) the sum of the numerators used in calculating the
        components of the Series Percentage with respect to Finance Charge
        Collections for each Series then outstanding (including the Series
        established hereby) as of such Distribution Date or Trust Distribution
        Date, as applicable; provided, however, that from and after the Fully
        Funded Date, if any, the Class Percentage with respect to Finance Charge
        Collections will equal zero; or

                (e) when used with respect to Finance Charge Collections during
        the Early Accumulation Period or the Amortization Period, provided that
        an Effective Alternative Credit Support Election has not been made, the
        percentage equivalent of a fraction the numerator of which shall be the
        amount of the Class Investor Interest on the last day of the Due Period
        prior to the occurrence of an Early Accumulation Event or an
        Amortization Event, and the denominator of which shall be the greater of
        (i) the amount of Principal Receivables in the Trust on the first day of
        the related Due Period and (ii) the sum of the numerators used in
        calculating the components of the Series Percentage with respect to
        Finance Charge Collections for each Series then outstanding (including
        the Series

                                       8
<PAGE>   19

        established hereby) as of such Distribution Date or Trust Distribution
        Date, as applicable; provided, however, that from and after the Fully
        Funded Date, if any, the Class Percentage with respect to Finance Charge
        Collections will equal zero.

        "Class Principal Collections" shall mean, with respect to any Class with
respect to any day or any Distribution Date or Trust Distribution Date, as
applicable, an amount equal to the product of (x) the Class Percentage with
respect to Principal Collections for the related Distribution Date and (y) the
amount of Principal Collections for such day or for the related Due Period, as
applicable.

        "Class Required Amount" with respect to any Class on any Distribution
Date, shall mean the sum of (i) the product of (a) the Class Invested Amount
with respect to such Class for such Distribution Date and (b) a fraction, the
numerator of which is the Certificate Rate for such Class, and the denominator
of which is (x) if the relevant Certificate Rate is to be calculated on the
basis of the actual number of days elapsed and a 360-day year, (A) if each
Interest Payment Date is also a Distribution Date, 360 divided by the actual
number of days from and including the immediately preceding Distribution Date
(or in the case of the first Distribution Date, from and including the Series
Closing Date) to but excluding the current Distribution Date or (B) if each
Interest Payment Date is not also a Distribution Date, 360 divided by the actual
number of days from and including the immediately preceding Interest Calculation
Date (or in the case of the first Distribution Date, from and including the
Series Closing Date) to but excluding the Interest Calculation Date following
the current Distribution Date or (y) if the relevant Certificate Rate is to be
calculated on the basis of a 360-day year of twelve 30-day months, twelve (or in
the case of the first Distribution Date, 360 divided by the number of days from
and including the Series Closing Date to but excluding the current Distribution
Date (if each Interest Payment Date is also a Distribution Date) or the Interest
Calculation Date following the current Distribution Date (if each Interest
Payment Date is not also a Distribution Date), assuming each month has 30 days),
(ii) the Class Monthly Deficiency Amount on the immediately preceding
Distribution Date, (iii) the Class Deficiency Amount on the immediately
preceding Payment Date multiplied by a fraction the numerator of which is the
weighted average of the Certificate Rates or of the Class Weighted Average
Certificate Rates, as applicable, for such Class for each Due Period subsequent
to the immediately preceding Payment Date plus 2.00% per annum and the
denominator of which is (x) if the relevant Certificate Rate is to be calculated
on the basis of the actual number of days elapsed and a 360-day year, 360
divided by the actual number of days from and including the immediately
preceding Distribution Date to but excluding the current Distribution Date or
(y) if the relevant Certificate Rate is to be calculated on the basis of a
360-day year of twelve 30-day months, twelve, (iv) if on the immediately
preceding Distribution Date a Reimbursed Loss Event occurred, the sum of (A) the
Reimbursed Loss Interest for each previous Distribution Date since the last
Distribution Date on which the aggregate amount of unreimbursed Investor Losses
for such Class equalled zero, (B) the Reimbursed Loss Interest Gross-up Amount
for each previous Distribution Date since the last Distribution Date on which
the aggregate amount of unreimbursed Investor Losses for such Class equalled
zero and (C) for any Distribution Date following the Distribution Date
immediately following the Reimbursed Loss Event to and including the next
Payment Date, the Reimbursed Loss Interest Gross-up Amount for such Distribution
Date and (v) the sum of all accrued but unpaid Class Monthly Servicing Fees.

                                       9
<PAGE>   20

        "Class Required Amount Shortfall" with respect to any Class on any
Distribution Date, shall have the meaning set forth in Section 9.

        "Class Subordinated Payment" shall mean, if there is a Subordinate Class
with respect to Class A, with respect to any Distribution Date, the amount, if
any, withheld from Class B Available Collections and paid to or for the benefit
of the Class A Certificateholders pursuant to Section 9 on such Distribution
Date.

        "Class Weighted Average Certificate Rate," if applicable, shall mean,
for any Class composed of two or more Subclasses, for any Distribution Date, the
percentage equivalent of a fraction the numerator of which is the sum of, for
each Subclass of such Class, the product of the Class Invested Amount for such
Subclass and the Certificate Rate for such Subclass for such Distribution Date,
and the denominator of which is the Class Invested Amount for such Class.

        "Class Yield Collections" shall mean, with respect to any Class, with
respect to any day or any Distribution Date, as applicable, an amount equal to
the product of the Class Yield Percentage for such Class and the amount of
Series Yield Collections for such day or the related Due Period, as applicable.

        "Class Yield Percentage" shall mean, with respect to any Class on any
Distribution Date (i) during the Revolving Period and the Accumulation Period or
the Controlled Liquidation Period, as applicable, and, provided that an
Effective Alternative Credit Support Election has been made, during the Early
Accumulation Period or the Amortization Period, the percentage equivalent of a
fraction the numerator of which shall be the Class Investor Interest for such
Class and the denominator of which shall be the Series Investor Interest, in
each case as of the first day of the related Due Period; or (ii) during the
Early Accumulation Period or the Amortization Period, provided that an Effective
Alternative Credit Support Election has not been made, the percentage equivalent
of a fraction the numerator of which shall be the amount of the Class Investor
Interest on the last day of the Due Period prior to the occurrence of an Early
Accumulation Event or Amortization Event and the denominator of which shall be
the sum of the Class Yield Percentages for each Class of the Series established
hereby as of such Distribution Date.

        "Commercial Paper Determination Date," if applicable, shall have the
meaning set forth in the Series Term Sheet.

        "Commercial Paper Rate," if applicable, shall mean, with respect to any
Commercial Paper Determination Date, the rate equal to the Money Market Yield on
such Commercial Paper Determination Date of the rate for commercial paper having
a maturity of 30 days as published by the Board of Governors of the Federal
Reserve System in "Statistical Release H.15 (519), Selected Interest Rates," or
any successor publication, under the heading "Commercial Paper." In the event
that such rate is not published on such date, then the Commercial Paper Rate
will be the Money Market Yield on such date of the rate for Commercial Paper
having a maturity of 30 days as published by the Federal Reserve Bank of New
York in the daily statistical release "Composite 3:30 p.m. Quotations for U.S.
Government Securities" ("Composite Quotations") under the heading "Commercial
Paper." If on such date the rate for commercial paper is not yet published

                                       10
<PAGE>   21

in either H.15 (519) or Composite Quotations, the Commercial Paper Rate for such
date shall be calculated by the Trustee and shall be the Money Market Yield of
the arithmetic mean (rounded to the nearest one-hundredth of a percent, with
five hundred one-thousandths of a percent rounded upward) of the offered rates,
as of 11:00 a.m., New York City time, of three leading dealers of commercial
paper in New York City selected by the Trustee on such date, for commercial
paper having a maturity of 30 days placed for an industrial issuer whose bond
rating is "AA" or the equivalent, from either Rating Agency. In the event that
such rates are not available on such date, then the Commercial Paper Rate shall
be the Money Market Yield of the rate for commercial paper so provided in a
comparable source. The Commercial Paper Rate shall be determined by the Trustee.

        "Controlled Accumulation Amount" shall have the meaning set forth in the
Series Term Sheet.

        "Controlled Liquidation Amount," if applicable, with respect to any
Distribution Date related to the Controlled Liquidation Period, the Accumulation
Period or the Early Accumulation Period shall mean, if applicable, an amount
equal to the sum of the Liquidation Amount and any existing Deficit Liquidation
Amount; provided, however, that the Controlled Liquidation Amount shall not be
less than zero and shall not exceed an amount equal to the Series Invested
Amount.

        "Controlled Liquidation Period," if applicable, shall have the meaning
set forth in the Series Term Sheet.

        "Credit Enhancement" shall mean any credit enhancement obtained by the
Master Servicer in accordance with Section 11.

        "Credit Enhancement Account," if applicable, shall have the meaning set
forth in Section 8.

        "Credit Enhancement Agreement" shall mean the Agreement among the
Sellers, the Master Servicer, the Trustee and the Credit Enhancement Provider
with respect to the Credit Enhancement.

        "Credit Enhancement Drawing" shall mean any drawing made under the
Credit Enhancement.

        "Credit Enhancement Fee" shall mean, on any Distribution Date, the sum
of all fees and interest payable to the Credit Enhancement Provider or the
Trustee as administrator of the Credit Enhancement for the related Due Period
pursuant to the Credit Enhancement Agreement.

        "Credit Enhancement Provider" shall have the meaning set forth in the
Series Term Sheet.

        "Deficit Accumulation Amount" shall mean, with respect to the first
Distribution Date of the Accumulation Period, zero, and with respect to any
other Distribution Date of the Accumulation Period, the amount, if any, by which
the amount deposited into the Series Principal Funding Account on the preceding
Distribution Date is less than the Controlled Accumulation Amount for such
preceding Distribution Date.

                                       11
<PAGE>   22

         "Deficit Liquidation Amount" shall mean, with respect to the first
Distribution Date relating to the Due Period commencing on the Principal
Commencement Date, zero, and with respect to any subsequent Distribution Date,
the amount, if any, by which the amount of Certificate Principal paid to the
Investor Certificateholders on the preceding Distribution Date is less than the
Controlled Liquidation Amount for such preceding Distribution Date.

        "Distribution Date" shall have the meaning set forth in the Series Term
Sheet.

        "Dollars" or "U.S.$" or "$" shall mean the lawful currency of the United
States of America.

        "Drawing Date" shall mean the first Business Day preceding each
Distribution Date.

        "Early Accumulation Commencement Date," if applicable, shall mean the
date on which an Early Accumulation Event is deemed to occur.

        "Early Accumulation Event," if applicable, shall mean any event
specified in Section 21 hereof.

        "Early Accumulation Period," if applicable, shall have the meaning set
forth in the Series Term Sheet.

        "Effective Alternative Credit Support Election" shall have the meaning
specified in Section 12.

        "Estimated Investment Shortfall," if applicable, shall have the meaning
set forth in the Series Term Sheet.

        "Estimated Principal Distribution Amount," if applicable, shall mean,
with respect to any date of determination during the Early Accumulation Period,
an amount equal to the Series Principal Collections for the prior Distribution
Date; provided, however, that such amount shall not exceed the Series Investor
Interest as of such prior Distribution Date.

        "Estimated Yield," if applicable, shall have the meaning specified in
the Series Term Sheet.

        "Excess Income" on any Distribution Date shall mean an amount equal to
the excess, if any, of (a) interest and other income (net of investment
expenses) on such Distribution Date with respect to the funds on deposit in the
Series Principal Funding Account during the related Interest Period over (b) the
amount on deposit in the Series Principal Funding Account in respect of
Certificate Principal during such Interest Period multiplied by a fraction, the
numerator of which is the Certificate Rate or the Class Weighted Average
Certificate Rate, as applicable, for the Class for whose benefit the amounts on
deposit in the Series Principal Funding Account are held during such Interest
Period and the denominator of which is (x) if the relevant Certificate Rate is
to be calculated on the basis of the actual number of days elapsed and a 360-day
year, 360 divided by the actual number of days from and including the
immediately preceding Distribution Date to but excluding the current
Distribution Date or (y) if the relevant Certificate Rate is to be calculated on
the basis of a 360-day year of twelve 30-day months, twelve.

                                       12
<PAGE>   23

        "Fixed Principal Allocation Event" shall mean the earliest of (a) the
beginning of the Due Period immediately following the Due Period related to the
first Distribution Date during the Controlled Liquidation Period or the
Accumulation Period, as applicable, with respect to the Series established
hereby on which the Series Available Principal Amount is less than zero; (b) the
date on which an Early Accumulation Event or an Amortization Event with respect
to the Series established hereby occurs; and (c) a date selected by the Master
Servicer, if any. If the Master Servicer establishes a date for a Fixed
Principal Allocation Event pursuant to clause (c) of the preceding sentence, the
Master Servicer shall provide notification of such date to Greenwood on behalf
of the Holder of the Seller Certificate, the Trustee, the Credit Enhancement
Provider and the Rating Agencies no later than two Business Days prior to such
date.

        "Fully Funded Date," if applicable, shall mean the first Distribution
Date on which the amount of funds on deposit in the Series Principal Funding
Account (after giving effect to all deposits made on such date pursuant to
Section 9) equals the Series Invested Amount for such Distribution Date (prior
to any payments of principal on such date pursuant to Section 10); provided,
however, that the Fully Funded Date shall only occur during the Early
Accumulation Period.

        "Funded Credit Enhancement" shall mean any Credit Enhancement that
consists of funds on deposit in one or more segregated trust accounts in the
corporate trust department of an office or branch of the Trustee or a Qualified
Institution for the benefit of the Investor Certificateholders of the Series
established hereby, including, without limitation, a reserve account or a cash
collateral account.

        "Group Available Principal Amount" shall mean, with respect to each
Distribution Date, the amount remaining on deposit in the Group Principal
Collections Reallocation Account on such Distribution Date after all withdrawals
have been made from such account for the benefit of any Series in the same Group
as the Series established hereby (including the Series established hereby), but
before such amount is withdrawn from the Group Principal Collections
Reallocation Account and deposited into the Collections Account pursuant to
Section 9(b)(35)).

        "Group Buffer Amount," if applicable, shall have the meaning set forth
in the Series Term Sheet.

        "Group Excess Spread" shall mean, for any Distribution Date, the sum of
the Series Excess Spreads for each Series (including the Series established
hereby) that is a member of the same Group as the Series established hereby, in
each case for such Distribution Date.

        "Group Finance Charge Collections Reallocation Account" shall have the
meaning specified in Section 8.

        "Group Principal Allocation Event" shall mean the first Distribution
Date, if any, on which (i) the sum of the amount of Series Principal Collections
less the amount of Series Yield Collections for each Series that is a member of
the same Group as the Series established hereby (including the Series
established hereby) that is not in its Early Accumulation Period or its

                                       13
<PAGE>   24

Amortization Period is less than (ii) the Group Required Principal Amount for
such Distribution Date.

        "Group Principal Collections Reallocation Account" shall have the
meaning specified in Section 8.

        "Group Required Principal Amount" shall mean, with respect to the Group
of which the Series established hereby is a member, for any Distribution Date,
the Series Required Principal Amount for such Distribution Date plus, for each
Series that is a member of such Group, the Series Required Principal Amount for
such Series for such Distribution Date.

        "Initial Credit Enhancement" shall mean the Credit Enhancement first
obtained by the Master Servicer pursuant to Section 11.

        "Initial Subordinated Amount," if applicable, shall have the meaning set
forth in the Series Term Sheet.

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

        "Interest Calculation Date," if applicable, shall have the meaning set
forth in the Series Term Sheet.

        "Interest Payment Date" shall mean each date designated as such in the
Series Term Sheet.

        "Interest Period" shall mean each period from and including a given
Distribution Date to but excluding the next following Distribution Date
commencing with the earlier to occur of (i) the first Distribution Date of the
Early Accumulation Period or (ii) the first Distribution Date of the
Accumulation Period.

        "Interest Rate Cap Provider," if any, shall mean the entity listed as
the Interest Rate Cap Provider in the Series Term Sheet, in its capacity as
obligor under the Class Interest Rate Caps, or if any Replacement Class Interest
Rate Caps or Qualified Substitute Cap Arrangements are obtained pursuant to
Section 15, the obligor with respect to such Replacement Class Interest Rate
Caps or Qualified Substitute Cap Arrangements.

        "Interest Rate Swap Counterparty," if applicable, shall have the meaning
set forth in the Series Term Sheet.

        "Investor Accounts" shall mean, in addition to Investor Accounts
established pursuant to the Pooling and Servicing Agreement, the Series
Collections Account, the Series Principal Collections Account, the Series
Principal Funding Account, the Series Interest Funding Account, the Series
Distribution Account, the Group Finance Charge Collections Reallocation Account
and the Group Principal Collections Reallocation Account.

                                       14
<PAGE>   25
     "Investor Charge-Off Loss" shall have the meaning set forth in Section
13(b).

     "Investor Loss" with respect to each Class, shall mean (i) the amount of
any reduction in the Class Invested Amount with respect to such Class pursuant
to Section 13(b), (ii) in the event the Receivables are sold pursuant to Section
12.01(b) of the Pooling and Servicing Agreement, the amount, if any, by which
the Class Investor Interest (determined immediately prior to such sale) exceeds
the product of (x) a fraction, the numerator of which is the Class Investor
Interest and the denominator of which is the Aggregate Investor Interest and (y)
the net proceeds of such sale and (iii) in the event Receivables are sold
pursuant to Section 12.02(c) of the Pooling and Servicing Agreement, the amount,
if any, by which the Class Investor Interest (determined immediately prior to
such sale) exceeds the product of (x) a fraction, the numerator of which is the
Class Investor Interest and the denominator of which is the Series Investor
Interest and (y) the net proceeds of such sale.

     "Investor Servicing Fee" shall mean, with respect to any Distribution Date,
an amount equal to the product of the Investor Servicing Fee Percentage and the
Series Investor Interest on the first day of the Due Period related to such
Distribution Date (or in the case of the first Distribution Date for the Series
established hereby, the Series Initial Investor Interest).

     "Investor Servicing Fee Percentage" shall mean the percentage identified as
such in the Series Term Sheet.

     "LIBOR," if applicable, shall mean, with respect to any LIBOR Determination
Date, the rate for deposits in United States dollars with a duration comparable
to the relevant Interest Accrual Period which appears on Telerate Page 3750 as
of 11:00 a.m., London time, on such day. If such rate does not appear on
Telerate Page 3750, the rate will be determined by the Trustee on the basis of
the rates at which deposits in United States dollars are offered by major banks
in the London interbank market, selected by the Trustee, at approximately 11:00
a.m., London time, on such day to prime banks in the London interbank market
with a duration comparable to the relevant Interest Accrual Period commencing on
that day. The Trustee will request the principal London office of at least four
banks to provide a quotation of its rate. If at least two such quotations are
provided, the rate will be the arithmetic mean of the quotations. If fewer than
two quotations are provided as requested, the rate for that day will be the
arithmetic mean of the rates quoted by four major banks in New York City,
selected by the Trustee, at approximately 11:00 a.m., New York City time, on
that day for loans in United States dollars to leading European banks with a
duration comparable to the relevant Interest Accrual Period commencing on that
day.

     "LIBOR Business Day," if applicable, shall mean a day other than a Saturday
or a Sunday on which banking institutions in the City of London, England and in
New York, New York are not required or authorized by law to be closed.

     "LIBOR Determination Date," if applicable, shall have the meaning set forth
in the Series Term Sheet.

                                       15
<PAGE>   26

     "Liquidation Amount," if applicable, shall have the meaning set forth in
the Series Term Sheet.

     "Maximum Class A Credit Enhancement Amount," if applicable, shall have the
meaning set forth in the Series Term Sheet.

     "Maximum Class B Credit Enhancement Amount," if applicable, shall have the
meaning set forth in the Series Term Sheet.

     "Maximum Shared Credit Enhancement Amount," if applicable, shall have the
meaning set forth in the Series Term Sheet.

     "Money Market Yield" shall mean a yield (expressed as a percentage rounded
to the nearest one-hundredth of a percent, with five hundred one-thousandths of
a percent rounded upwards) calculated in accordance with the following formula:

                  Money Market Yield     =     D x 360      x      100
                                               -------
                                               360 - (D x M)

where "D" refers to the per annum rate for commercial paper quoted on a bank
discount basis and expressed as a decimal, and "M" refers to the actual number
of days in the related Interest Accrual Period.

     "Monthly Amortization Rate," if applicable, shall have the meaning set
forth in the Series Term Sheet.

     "Net Swap Payment," if applicable, shall mean, with respect to any Class
that is subject to a Class Interest Rate Swap, on any Distribution Date, the
positive difference, if any, between (i) the amount owed by the Trust to the
Interest Rate Swap Counterparty under the Class Interest Rate Swap on such
Distribution Date and (ii) the amount owed by the Interest Rate Swap
Counterparty to the Trust under the Class Interest Rate Swap on such
Distribution Date.

     "Net Swap Receipt," if applicable, shall mean, with respect to any Class
that is subject to a Class Interest Rate Swap, on any Distribution Date, the
positive difference, if any, between (i) the amount owed by the Interest Rate
Swap Counterparty to the Trust under the Class Interest Rate Swap on such
Distribution Date and (ii) the amount owed by the Trust to the Interest Rate
Swap Counterparty under the Class Interest Rate Swap on such Distribution Date.

     "Non-U.S. Holder," shall mean any person who, as to the United States, is a
non-resident alien individual, a foreign corporation, a foreign estate, a
foreign trust or a foreign partnership, as such terms are defined in the
Internal Revenue Code of 1986, as amended.

     "Payment Date" shall mean any Interest Payment Date and any Class Expected
Final Payment Date.

     "Portfolio Yield" shall mean, with respect to any Due Period, the
annualized percentage equivalent of a fraction, the numerator of which shall be
the sum of (i) the amount of Finance

                                       16
<PAGE>   27

Charge Collections received during such Due Period, (ii) the amount of Series
Yield Collections for each Series then outstanding for such Due Period and (iii)
the amount of Series Additional Funds for each Series then outstanding for such
Due Period, and the denominator of which shall be the total amount of Principal
Receivables in the Trust as of the first day of such Due Period.

     "Prepayment Calculation Table," if applicable, shall have the meaning set
forth in the Series Term Sheet.

     "Prepayment Determination Date," if applicable, shall have the meaning set
forth in the Series Term Sheet.

     "Principal Commencement Date" shall mean the date designated as such in the
Series Term Sheet.

     "Principal Distribution Amount" shall mean, with respect to any
Distribution Date occurring in (i) the Accumulation Period, the Controlled
Accumulation Amount, (ii) the Controlled Liquidation Period, the Controlled
Liquidation Amount, (iii) the Early Accumulation Period, the Series Investor
Interest, or (iv) in the Amortization Period, the Series Investor Interest.

     "Principal Distribution Amount Shortfall" with respect to any Distribution
Date in the Accumulation Period, the Controlled Liquidation Period or the
Amortization Period, as applicable, shall have the meaning set forth in Section
9.

     "Principal Payment Date" shall mean, if applicable, each date designated as
such in the Series Term Sheet.

     "Qualified Credit Enhancement Provider" shall mean, (i) if the Credit
Enhancement is not Funded Credit Enhancement, an institution that meets the
Qualified Credit Enhancement Provider Rating Requirements established by each
Rating Agency, which requirements are set forth in the Series Term Sheet if the
Initial Credit Enhancement is not Funded Credit Enhancement, or (ii) if the
Initial Credit Enhancement is Funded Credit Enhancement, an institution that
meets the Qualified Credit Enhancement Provider Rating Requirements established
by each Rating Agency, which requirements will be established by the Rating
Agencies at the time, if any, that the Master Servicer elects to replace the
Initial Credit Enhancement with Credit Enhancement that is not Funded Credit
Enhancement (or, in either case, such lesser requirements as the applicable
Rating Agency shall allow); provided, however, that in the event the Master
Servicer elects to obtain Credit Enhancement that is not Funded Credit
Enhancement and is unable after the exercise of its best efforts to obtain from
a Qualified Credit Enhancement Provider as so defined such Credit Enhancement
with respect to which the representations set forth in Section 11(a) shall be
true, the term "Qualified Credit Enhancement Provider" shall mean a Person who
satisfies such requirements except that its long-term unsecured debt rating by
any nationally recognized rating agency may be lower than that set forth in such
requirements, but shall not be lower than the highest credit rating of any
Person who otherwise satisfies said requirements and from whom the Master
Servicer is able to obtain such a Credit Enhancement.

                                       17
<PAGE>   28

     "Qualified Substitute Cap Arrangement," if any, shall have the meaning
specified in Section 15.

     "Reimbursed Loss Event" shall mean, with respect to each Class for any
Distribution Date, the occurrence of the reimbursement of Investor Losses
pursuant to Section 13(c) with respect to such Class on such Distribution Date
such that the aggregate amount of unreimbursed Investor Losses for such Class is
reduced to zero.

     "Reimbursed Loss Interest" shall mean, for any Class for any Distribution
Date, an amount equal to the product of (i) the aggregate amount of Investor
Losses that have not been reimbursed pursuant to Section 13(c) prior to the
commencement of the related Due Period and (ii) a fraction the numerator of
which is the Certificate Rate or the Class Weighted Average Certificate Rate, as
applicable, for such Class for the related Due Period and the denominator of
which is (x) if the relevant Certificate Rate is to be calculated on the basis
of the actual number of days elapsed and a 360-day year, (A) if each Interest
Payment Date is also a Distribution Date, 360 divided by the actual number of
days from and including the immediately preceding Distribution Date to but
excluding the current Distribution Date or (B) if each Interest Payment Date is
not also a Distribution Date, 360 divided by the actual number of days from and
including the Interest Calculation Date in the preceding calendar month to but
excluding the Interest Calculation Date following the current Distribution Date
or (y) if the relevant Certificate Rate is to be calculated on the basis of a
360-day year of twelve 30-day months, twelve.

     "Reimbursed Loss Interest Gross-up Amount" shall mean, for any Class for
any Distribution Date, an amount equal to the product of (i) the positive
difference, if any, between the Class Alternative Deficiency Amount for the
immediately preceding Payment Date and the actual Class Deficiency Amount for
the immediately preceding Payment Date and (ii) a fraction the numerator of
which is the Certificate Rate or the Class Weighted Average Certificate Rate, as
applicable, for such Class for the related Due Period and the denominator of
which is (x) if the relevant Certificate Rate is to be calculated on the basis
of the actual number of days elapsed and a 360-day year, (A) if each Interest
Payment Date is also a Distribution Date, 360 divided by the actual number of
days from and including the immediately preceding Distribution Date to but
excluding the current Distribution Date or (B) if each Interest Payment Date is
not also a Distribution Date, 360 divided by the actual number of days from and
including the Interest Calculation Date in the preceding calendar month to but
excluding the Interest Calculation Date following the current Distribution Date
or (y) if the relevant Certificate Rate is to be calculated on the basis of a
360-day year of twelve 30-day months, twelve.

     "Replacement Class Interest Rate Cap," if any, shall mean an interest rate
cap agreement or other interest rate protection having substantially the same
terms and conditions as the Class Interest Rate Cap that it replaces, and
otherwise satisfying the conditions set forth in Section 15.

     "Required Daily Deposit" shall mean, if applicable, with respect to each
Servicer, an amount equal to:

          (a)  during the Revolving Period and the Accumulation Period or the
               Controlled Liquidation Period, as applicable, the sum of

                                       18
<PAGE>   29

               (x)(1) during the Revolving Period, an amount equal to the sum of
               (i) the sum of the Class Finance Charge Collections and the Class
               Yield Collections for each Class for such day and (ii) the amount
               of Class B Principal Collections for such day; minus the sum of
               the Class B Yield Collections for such day and all accrued but
               unfunded Class A Monthly Servicing Fees; or

                    (2) during the Accumulation Period or the Controlled
               Liquidation Period, as applicable, an amount equal to the sum of
               (i) the amount set forth in clause (1) above and (ii)(A) until
               the aggregate amount deposited during such Due Period pursuant to
               this clause (ii) equals the Controlled Accumulation Amount or the
               Controlled Liquidation Amount, as applicable, for the related
               Distribution Date, the amount of Class A Principal Collections
               for such day less the amount of Class A Yield Collections for
               such day and (B) thereafter, zero provided, however, that with
               respect to any day on which the Controlled Accumulation Amount or
               the Controlled Liquidation Amount, as applicable, for the related
               Distribution Date can not be determined, the aggregate amount to
               be deposited for such Due Period shall be the Controlled
               Accumulation Amount or the Controlled Liquidation Amount, as
               applicable, for the Distribution Date preceding the related
               Distribution Date; plus

               (y) the positive difference, if any, between

                    (1) the product of the Class A Percentage for the related
               Distribution Date with respect to Principal Collections and the
               amount of Principal Collections received during the Due Period
               through and including such day, less the product of the Class A
               Yield Percentage and the amount of Series Yield Collections
               received during the Due Period through and including such day,
               and less any amounts deposited into the Collections Account
               during the Due Period through and including such day pursuant to
               clause (x)(2)(ii)(A) above or previously deposited during such
               Due Period pursuant to this clause (y) and

                    (2) the positive difference, if any, between (i) an amount
               equal to (A) the aggregate amount of Principal Receivables in the
               Trust as of such day multiplied by a fraction the numerator of
               which shall be the Series Initial Investor Interest and the
               denominator of which shall be sum of the Series Initial Investor
               Interest for each Series then outstanding minus (B) the Series
               Investor Interest as of the end of the immediately preceding Due
               Period (after giving effect to payments of principal made or to
               be made on the related Distribution Date) and (ii) an amount
               equal to the positive difference between the Series Minimum
               Principal Receivables Balance and the Series Investor Interest;
               provided, however, that any calculation under this paragraph (y)
               that results in a number less than zero shall be treated as zero;
               or

                                       19
<PAGE>   30

          (b)  during the Early Accumulation Period and the Amortization Period,
               an amount equal to the sum of the Series Finance Charge
               Collections and the Series Principal Collections for the Series
               established hereby for such day minus all accrued but unfunded
               Class A Monthly Servicing Fees; and

multiplied, in each case, by a fraction the numerator of which shall be the
aggregate amount of Principal Receivables in the Trust that are serviced by such
Servicer and the denominator of which shall be the aggregate amount of Principal
Receivables in the Trust; provided, however, that if any Servicer is unable to
make the calculations set forth above on any day, the Required Daily Deposit for
such Servicer for such day shall be equal to all the Collections received by
such Servicer on such day.

     Notwithstanding the foregoing, (i) upon the occurrence of any circumstance
described in Section 10.02(d), (e) or (f) of the Pooling and Servicing Agreement
with respect to any Servicer, the Required Daily Deposit for any Series then
outstanding shall equal the amount described in paragraph (b) above for such
Servicer and (ii) a Servicer may use Collections received by it for its own
account prior to the applicable Distribution Date as permitted by Sections
3.03(b) and 4.03(b) of the Pooling and Servicing Agreement.

     "Revolving Period" shall have the meaning set forth in the Series Term
Sheet.

     "Series Additional Funds," if applicable, shall mean, for any Distribution
Date, the Additional Funds deposited into the Series Collections Account for the
Series established hereby on such Distribution Date.

     "Series Additional Investor Funds," if applicable, shall mean, for any
Distribution Date, the Series Additional Funds, if any, that are not applied to
payment of the Supplemental Servicing Fee pursuant to Section 14.

     "Series Available Principal Amount" shall mean, for any Distribution Date,
if a Group Principal Allocation Event has occurred, an amount calculated as
follows: For each Series that is a member of the same Group as the Series
established hereby (including the Series established hereby), seriatim,
beginning with the Series with the largest Series Investor Interest for such
Distribution Date (and if more than one Series has the same Series Investor
Interest on such Distribution Date, beginning with whichever of such Series has
the longest time remaining until its latest Class Expected Final Payment Date
or, if none, the last scheduled day of its Accumulation Period (assuming that no
Early Accumulation Event or Amortization Event occurs with respect to such
Series)), an amount equal to (x) the Group Available Principal Amount less (y)
the difference between the Series Required Principal Amount, if any, and the
Principal Distribution Amount for such Series for such Distribution Date, if
any, that was funded on such Distribution Date (including any portion of such
amount that was funded by amounts withdrawn from the Group Principal Collections
Reallocation Account pursuant to Section 9(b)(21), Section 9(b)(34), 9(b)(35) or
a substantially similar provision). For purposes of calculating the Series
Available Principal Amount for each other such Series, the Group Available
Principal Amount shall be reduced by the amount calculated in clause (y) for the
prior Series for which the Series Available Principal Amount was calculated.

                                       20
<PAGE>   31

     "Series Buffer Amount," if applicable, shall have the meaning set forth in
the Series Term Sheet.

     "Series Closing Date" shall mean the date designated as such in the Series
Term Sheet.

     "Series Collections Account" shall have the meaning specified in Section 8.

     "Series Cut-Off Date" shall mean the date designated as such in the Series
Term Sheet.

     "Series Distribution Account" shall have the meaning specified in Section
8.

     "Series Excess Servicing" shall mean, as of any Distribution Date, the sum
of the amounts of Class Excess Servicing for each Class of the Series
established hereby, as such amount is modified pursuant to Section 9.

     "Series Excess Spread" shall mean, for any Distribution Date, an amount
equal to (a) the sum of Series Finance Charge Collections, Series Yield
Collections, Series Additional Investor Funds and any Class Investment Income
for any Class of the Series established hereby minus (b) the sum of (i) with
respect to each Class, the product of (A) the Class Invested Amount for such
Class for such Distribution Date and (B) a fraction, the numerator of which is
the Certificate Rate for that Class, and the denominator of which is (x) if the
relevant Certificate Rate is to be calculated on the basis of the actual number
of days elapsed and a 360-day year, (A) if each Interest Payment Date is also a
Distribution Date, 360 divided by the actual number of days from and including
the immediately preceding Distribution Date (or in the case of the first
Distribution Date, from and including the Series Closing Date) to but excluding
the current Distribution Date or (B) if each Interest Payment Date is not also a
Distribution Date, 360 divided by the actual number of days from and including
the immediately preceding Interest Calculation Date (or, in the case of the
first Distribution Date, from and including the Series Closing Date) to but
excluding the Interest Calculation Date following the current Distribution Date
or (y) if the relevant Certificate Rate is to be calculated on the basis of a
360-day year of twelve 30-day months, twelve (or in the case of the first
Distribution Date, 360 divided by the number of days from and including the
Series Closing Date to but excluding the current Distribution Date (if each
Interest Payment Date is also a Distribution Date) or the Interest Calculation
Date following the current Distribution Date (if each Interest Payment Date is
not also a Distribution Date), assuming 30-day months), (ii) the Investor
Servicing Fee, (iii) the product of the Series Percentage with respect to the
Charged-Off Amount and the Charged-Off Amount, and (iv) the Credit Enhancement
Fee, in each case for such Distribution Date.

     "Series Finance Charge Collections" shall mean, with respect to any day or
any Distribution Date or Trust Distribution Date, as applicable, the sum of the
amount of Class Finance Charge Collections for each Class for such day or for
the related Due Period, as applicable.

     "Series Initial Investor Interest" shall mean the aggregate face amount of
Investor Certificates initially authenticated and delivered pursuant to Section
7, as specified in the Series Term Sheet.

                                       21
<PAGE>   32

     "Series Interest Funding Account" shall have the meaning specified in
Section 8.

     "Series Invested Amount" with respect to any Distribution Date, shall mean
the sum of the Class Invested Amounts for each Class of the Series established
hereby on such Distribution Date.

     "Series Investor Interest" with respect to any Distribution Date, shall
mean the sum of the Class Investor Interests for each Class of the Series
established hereby on such Distribution Date.

     "Series Minimum Principal Receivables Balance" shall mean, with respect to
the Series established hereby, on any date of determination the sum of (A) (i)
if a Fixed Principal Allocation Event has not occurred, the Series Investor
Interest on such date of determination, divided by 0.93, (ii) if a Fixed
Principal Allocation Event has occurred but the Fully Funded Date has not
occurred, the Series Investor Interest as of the date of the occurrence of the
Fixed Principal Allocation Event, divided by 0.93 or (iii) on and after the
Fully Funded Date, if any, zero, and (B) (x) the product of (i) the sum of (1)
the amount on deposit in the Series Principal Funding Account on such date of
determination and (2) for any date of determination during (x) the Early
Accumulation Period, if any, the Estimated Principal Distribution Amount for the
next Distribution Date and (y) for any date of determination during the
Accumulation Period, the amount specified in the Master Servicer's notice of its
election to commence the Accumulation Period as the Controlled Accumulation
Amount for such Distribution Date, and (ii) a fraction the numerator of which is
the Estimated Investment Shortfall and the denominator of which is the Estimated
Yield, in each case on such date of determination, divided by (y) 0.93;
provided, however, that Greenwood on behalf of the Holder of the Seller
Certificate may, upon 30 days' prior notice to the Trustee, the Rating Agencies
and the Credit Enhancement Provider, reduce the Series Minimum Principal
Receivables Balance by increasing the divisors set forth above, subject to the
condition that Greenwood on behalf of the Holder of the Seller Certificate shall
have been notified by the Rating Agencies that such reduction would not result
in the lowering or withdrawal of the rating of any Class of any Series then
outstanding, and provided, further, that the divisors set forth above may not be
increased to more than 0.98.

     "Series Percentage" shall mean, with respect to any specified category,
with respect to any Distribution Date or Trust Distribution Date, as applicable,
the sum of the Class Percentages with respect to such category for each Class of
the Series established hereby on such Distribution Date or Trust Distribution
Date, as applicable.

     "Series Principal Collections" shall mean, with respect to any day or any
Distribution Date or Trust Distribution Date, as applicable, the sum of the
amount of Class Principal Collections for each Class for such day or for the
related Due Period, as applicable.

     "Series Principal Collections Account" shall have the meaning specified in
Section 8.

     "Series Principal Funding Account" shall mean the Series Principal Funding
Account established pursuant to Section 8. Amounts "on deposit in" the Series
Principal Funding Account shall be deemed to be on deposit for the benefit of
(i) the Class A Certificateholders for the period up to and including the Class
A Expected Final Payment Date or Class A Final Maturity Date, as applicable, and
(ii) if there is a Subordinate Class with respect to Class A, the Class B

                                       22
<PAGE>   33

Certificateholders for the period beginning immediately after the Class A
Expected Final Payment Date or Class A Final Maturity Date, as applicable, and
ending on the Class B Expected Final Payment Date or Class B Final Maturity
Date, as applicable. Amounts "on deposit in" the Series Principal Funding
Account shall be deemed to include amounts invested in Permitted Investments
pursuant to Section 8 unless the context clearly requires otherwise.

     "Series Required Principal Amount" shall mean, for this Series, with
respect to each Distribution Date of the Controlled Liquidation Period or the
Accumulation Period, as applicable, the product of (x) (i) if the related Due
Period does not occur in February, 1.25 or (ii) if the related Due Period occurs
in February, 1.05, and (y) the Controlled Liquidation Amount or the Controlled
Accumulation Amount, as applicable, for such Distribution Date, and with respect
to each other Series that is a member of the same Group as the Series
established hereby, the amount specified in the Series Supplement for such
Series for such Distribution Date.

     "Series Term Sheet" shall mean the Series Term Sheet setting forth the
terms of the Series of Investor Certificates issued hereby, to which this Annex
is attached.

     "Series Termination Date" shall mean the date designated as such in the
Series Term Sheet.

     "Series Yield Collections" shall mean, with respect to any day or any
Distribution Date, as applicable, an amount equal to the product of the Series
Yield Factor and the amount of Series Principal Collections for such day or the
related Due Period, as applicable.

     "Series Yield Factor" shall mean the number identified as such in the
Series Term Sheet, as such number may be changed from time to time pursuant to
Section 25.

     "Shared Credit Enhancement" shall mean Credit Enhancement available for the
benefit of both the Class A Investor Certificates and the Class B Investor
Certificates.

     "Special Payment Date" shall mean each Distribution Date with respect to
the Amortization Period and the Distribution Date related to each Class Expected
Final Payment Date or Class Final Maturity Date, as applicable.

     "Stated Class A Credit Enhancement Amount" shall mean the "stated amount"
with respect to the Class A Cash Collateral Credit Enhancement, as set forth in
the Series Term Sheet.

     "Stated Class B Credit Enhancement Amount" shall mean the "stated amount"
with respect to the Credit Enhancement that is available solely for the benefit
of the Class B Investor Certificates, as set forth in the Series Term Sheet.

     "Stated Shared Credit Enhancement Amount," if applicable, shall mean the
"stated amount" with respect to the shared portion of the Credit Enhancement, as
set forth in the Series Term Sheet.

     "Statement Date" shall mean each date designated as such in the Series Term
Sheet.

                                       23
<PAGE>   34

     "Subclass" with respect to any Class shall mean, if applicable, each
portion of such Class that has a different Certificate Rate or method of
calculating its Certificate Rate.

     "Subordinate Class" shall mean, with respect to any Class, the Class, if
any, identified by the letter of the alphabet next succeeding the letter
designating such Class (e.g., the Subordinate Class with respect to Class A is
Class B).

     "Subordinate Series" shall mean any Series which is subordinated in right
of payment, in whole or in part, pursuant to the Series Supplement with respect
to such Series, to the Series established hereby.

     "Supplemental Credit Enhancement Amount," if applicable, shall have the
meaning set forth in the Series Term Sheet.

     "Supplemental Credit Enhancement Event" shall occur the first time the
long-term debt or deposit rating of Greenwood or any Additional Seller is
withdrawn or reduced below BBB- by Standard & Poor's.

     "Supplemental Servicing Fee" shall mean, if applicable, with respect to any
Distribution Date, an amount equal to the product of the Supplemental Servicing
Fee Percentage and the Series Investor Interest on the first day of the Due
Period related to such Distribution Date (or in the case of the first
Distribution Date for the Series established hereby, the Series Investor
Interest on the Series Cut-Off Date).

     "Supplemental Servicing Fee Percentage," if applicable, shall mean the
percentage identified as such in the Series Term Sheet.

     "Supplemental Subordinated Amount," if applicable, shall have the meaning
set forth in the Series Term Sheet.

     "Swap Rate," if applicable, with respect to any Class Interest Rate Swap,
shall have the meaning specified in the Series Term Sheet.

     "Telerate Page 3750," if applicable, shall mean the display page so
designated on the Bridge Telerate, Inc. (or such other rate as may replace that
page on that service for the purpose of displaying comparable rates or prices).

     "Total Available Credit Enhancement Amount" shall mean, with respect to the
first Distribution Date, the Stated Class B Credit Enhancement Amount plus, if
applicable, the Stated Shared Credit Enhancement Amount, and, on each
Distribution Date thereafter, shall mean the Available Class B Credit
Enhancement Amount plus, if applicable, the Available Shared Credit Enhancement
Amount, in each case after all adjustments thereto on the immediately preceding
Distribution Date, and, in each case, as adjusted pursuant to Section 9 on such
Distribution Date.

     "Total Maximum Credit Enhancement Amount" shall have the meaning set forth
in the Series Term Sheet.

                                       24
<PAGE>   35

     "United States" or "U.S." shall mean the United States of America, its
territories and possessions, any State of the United States and the District of
Columbia.

     SECTION 2.   Subordination

     (a) Subordination of Certain Classes. If there is a Subordinate Class with
respect to Class A, the Holders of each Class B Investor Certificate, by their
acceptance of such Investor Certificate, hereby subordinate, for the benefit of
the Holders of Class A Investor Certificates, to the extent and in the manner
set forth in Section 9, all of such Investor Certificateholders' right, title
and interest in and to future distributions due on such Holders' Investor
Certificates, but only to the extent of the Available Subordinated Amount.

     (b) No Subordination of Series. The Investor Certificates of the Series
established hereby shall not be subordinated in right of payment to any other
Series, whether currently outstanding or to be issued in the future. One or more
other Series, however, may be subordinated in right of payment to the Series
established hereby, although the Sellers shall have no obligation to issue such
a Subordinate Series. If any Subordinate Series is issued, such Subordinate
Series shall be subordinate in right of payment to the Series established hereby
only to the extent set forth in the Series Supplement with respect to such
Subordinate Series.

     SECTION 3. Representations and Warranties of the Sellers. The
representations and warranties of the Sellers contained in Section 2.04 of the
Pooling and Servicing Agreement and the corresponding sections of any Assignment
are true on and as of the date hereof and/or the date set forth in the Pooling
and Servicing Agreement, as applicable. Each Seller also represents and warrants
to the Trust as of the date hereof that the execution, delivery and performance
of this Series Supplement by such Seller have been duly authorized by all
necessary corporate action, do not require any approval or consent of any
governmental agency or authority, do not and will not conflict with any material
provision of the Certificate of Incorporation or By-Laws of such Seller, do not
and will not conflict with, or result in a breach which would constitute a
material default under, any agreement for borrowed money binding upon or
applicable to it or such of its property which is material to it, or, to the
best of such Seller's knowledge, any law or governmental regulation or court
decree applicable to it or such material property, and this Series Supplement is
the valid, binding and enforceable obligation of such Seller, except as the same
may be limited by receivership, insolvency, reorganization, moratorium or other
laws relating to the enforcement of creditors' rights generally or by general
equity principles.

     SECTION 4. Representations and Warranties of Greenwood as Master Servicer
and Servicer. The representations and warranties of Greenwood as the Master
Servicer and as a Servicer contained in Section 3.04 of the Pooling and
Servicing Agreement are true on and as of the date hereof. Greenwood as Master
Servicer and Servicer also represents and warrants to the Trust as of the date
hereof that the execution, delivery and performance of this Series Supplement by
Greenwood have been duly authorized by all necessary corporate action, do not
require any approval or consent of any governmental agency or authority, do not
and will not conflict with any material provision of the Certificate of
Incorporation or By-Laws of Greenwood, do not and will not conflict with, or
result in a breach which would constitute a material default under, any
agreement for borrowed money binding upon or applicable to it or such of its
property which is

                                       25
<PAGE>   36

material to it, or, to the best of Greenwood's knowledge, any law or
governmental regulation or court decree applicable to it or such material
property, and this Series Supplement is the valid, binding and enforceable
obligation of Greenwood, except as the same may be limited by receivership,
insolvency, reorganization, moratorium or other laws relating to the enforcement
of creditors' rights generally or by general equity principles.

     SECTION 5. Representations and Warranties of Other Servicers. The
representations and warranties of each Servicer (other than Greenwood), if any,
contained in Section 3.05 of the Pooling and Servicing Agreement are true and
correct on and as of the date hereof. Each such Servicer also represents and
warrants to the Trust as of the date hereof that the execution, delivery and
performance of this Series Supplement by such Servicer have been duly authorized
by all necessary corporate action, do not require any approval or consent of any
governmental agency or authority, do not and will not conflict with any material
provision of the Certificate of Incorporation or By-Laws of such Servicer, do
not and will not conflict with, or result in a breach which would constitute a
material default under, any agreement for borrowed money binding upon or
applicable to it or such of its property which is material to it, or, to the
best of such Servicer's knowledge, any law or governmental regulation or court
decree applicable to it or such material property, and this Series Supplement is
the valid, binding and enforceable obligation of such Servicer, except as the
same may be limited by receivership, insolvency, reorganization, moratorium or
other laws relating to the enforcement of creditors' rights generally or by
general equity principles.

     SECTION 6. Representations and Warranties of the Trustee. The
representations and warranties of the Trustee contained in Section 11.16 of the
Pooling and Servicing Agreement are true on and as of the date hereof. The
Trustee also represents and warrants as of the date hereof that the Trustee has
full power, authority and right to execute, deliver and perform this Series
Supplement, and has taken all necessary action to authorize the execution,
delivery and performance by it of this Series Supplement, and this Series
Supplement has been duly executed and delivered by the Trustee.

     SECTION 7. Authentication of Certificates. Pursuant to the request of the
Sellers, the Trustee shall cause Investor Certificates in authorized
denominations evidencing the Series established hereby to be duly authenticated
and delivered as of the Series Closing Date to or upon the order of the Sellers
pursuant to Section 6.06 of the Pooling and Servicing Agreement.

     SECTION 8. Establishment and Administration of Investor Accounts and the
Credit Enhancement Account.

     (a) The Series Distribution Account, Series Collections Account and Series
Principal Collections Account. The Trustee, for the benefit of the
Certificateholders, shall cause to be established and maintained in the name of
the Trust, with the corporate trust department of an office or branch of either
the Trustee or a Qualified Institution, three non-interest bearing segregated
demand deposit accounts (the "Series Distribution Account"; for Collections, the
"Series Collections Account"; and for Series Principal Collections and certain
other amounts deposited therein pursuant to Section 9, the "Series Principal
Collections Account") bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the

                                       26
<PAGE>   37

Certificateholders. The Trust shall possess all right, title and interest in all
funds on deposit in the Series Distribution Account, the Series Collections
Account and the Series Principal Collections Account; provided, however, that
all interest and earnings (less investment expenses) on funds on deposit in any
such account shall be paid to the Holder of the Seller Certificate in accordance
with Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to
authority granted to it pursuant to Section 3.01(b) of the Pooling and Servicing
Agreement, the Master Servicer shall have the revocable power to instruct the
Trustee to withdraw funds from the Series Distribution Account, the Series
Collections Account and the Series Principal Collections Account for the purpose
of carrying out the duties of the Master Servicer hereunder. The Master Servicer
at all times shall maintain accurate records reflecting each transaction in the
Series Distribution Account, the Series Collections Account and the Series
Principal Collections Account. The Paying Agent also shall have the revocable
authority to make withdrawals from the Series Distribution Account.

     (b) Reallocation Accounts. The Trustee, for the benefit of the
Certificateholders, shall cause to be established and maintained in the name of
the Trust, with the corporate trust department of an office or branch of either
the Trustee or a Qualified Institution, two non-interest bearing segregated
trust accounts for the Group of which the Series established hereby is a member
(for reallocated Series Finance Charge Collections, Series Yield Collections,
Class A Investment Income and Series Additional Funds, the "Group Finance Charge
Collections Reallocation Account," and for reallocated Series Principal
Collections and other amounts deposited into the Series Principal Collections
Account pursuant to Section 9, the "Group Principal Collections Reallocation
Account") bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders. The Trust shall
possess all right, title and interest in all funds on deposit from time to time
in the Group Finance Charge Collections Reallocation Account and the Group
Principal Collections Reallocation Account and in all proceeds thereof. Pursuant
to authority granted to it pursuant to Section 3.01(b) of the Pooling and
Servicing Agreement, the Master Servicer shall have the revocable power to
instruct the Trustee to withdraw funds from the Group Finance Charge Collections
Reallocation Account and the Group Principal Collections Reallocation Account
for the purpose of carrying out the duties of the Master Servicer hereunder. The
Master Servicer at all times shall maintain accurate records reflecting each
transaction in the Group Finance Charge Collections Reallocation Account and in
the Group Principal Collections Reallocation Account.

     (c) The Series Principal Funding Account. The Trustee, for the benefit of
the Certificateholders, shall establish and maintain or cause to be established
and maintained in the name of the Trust, with the corporate trust department of
an office or branch of either the Trustee or a Qualified Institution, a
non-interest bearing segregated trust account (for principal to be paid to
Investor Certificateholders of this Series, the "Series Principal Funding
Account") bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders. The Trust shall
possess all right, title and interest in all funds on deposit from time to time
in the Series Principal Funding Account and in all proceeds thereof. The Series
Principal Funding Account shall be under the sole dominion and control of the
Trustee for the benefit of the Certificateholders. Pursuant to authority granted
to it pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the
Master Servicer shall have the revocable power to withdraw funds from the Series
Principal Funding Account for the purpose of carrying out the

                                       27
<PAGE>   38

duties of the Master Servicer hereunder. The Master Servicer at all times shall
maintain accurate records reflecting each transaction in the Series Principal
Funding Account. The Paying Agent also shall have the revocable authority to
make withdrawals from the Series Principal Funding Account.

     Funds on deposit in the Series Principal Funding Account shall be invested
in Permitted Investments by the Trustee (or, at the direction of the Trustee, by
the Master Servicer on behalf of the Trustee) at the direction of Greenwood on
behalf of the Holder of the Seller Certificate, as set forth below. Any
Permitted Investment with a stated maturity shall mature on or prior to the
following Distribution Date. On or before the occurrence of the first
Distribution Date with respect to the Accumulation Period or Controlled
Liquidation Period, as applicable (and on or before any subsequent Distribution
Date in which the notice previously given is no longer correct or valid), the
Master Servicer shall notify the Trustee of the amount of Certificate Principal
to be deposited into the Series Principal Funding Account on such Distribution
Date, and Greenwood on behalf of the Holder of the Seller Certificate shall
direct the Trustee in writing to invest the funds that will be on deposit in the
Series Principal Funding Account on such Distribution Date (including any funds
previously invested in Permitted Investments that will be available for
reinvestment on such Distribution Date) in Permitted Investments. Greenwood's
notice to the Trustee shall specifically identify each such Permitted Investment
(including its principal amount and maturity). In addition, Greenwood on behalf
of the Holder of the Seller Certificate shall from time to time provide written
notice to the Trustee directing the Trustee to reinvest funds representing
principal, interest or other investment income received by it with respect to
such Permitted Investments (whether upon maturity or otherwise) in additional
Permitted Investments. In the event that Greenwood on behalf of the Holder of
the Seller Certificate fails to direct the Trustee to invest or reinvest any
funds that are deposited in the Series Principal Funding Account or that are
received by it with respect to Permitted Investments by 2:00 p.m. on the date
such funds are available for investment, the Trustee shall use reasonable
efforts to invest such funds overnight in securities represented by instruments
in bearer or registered form which evidence obligations issued or fully
guaranteed, as to timely payment, by the United States of America or any
instrumentality or agency thereof when such obligations are backed by the full
faith and credit of the United States of America until such time as the Trustee
receives the required notice from Greenwood; provided, however, that the Trustee
shall have no liability for the failure to invest such funds if the Trustee has
employed reasonable efforts to make such investment.

     (d) The Series Interest Funding Account. The Trustee, for the benefit of
the Certificateholders, shall establish and maintain or cause to be established
and maintained in the name of the Trust, in the corporate trust department of an
office or branch of either the Trustee or a Qualified Institution, a
non-interest bearing segregated trust account (for payment of Certificate
Interest, the "Series Interest Funding Account") bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Certificateholders. The Trust shall possess all right, title and interest in all
funds on deposit from time to time in the Series Interest Funding Account and in
all proceeds thereof. Pursuant to authority granted to it pursuant to Section
3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have
the revocable power to instruct the Trustee to withdraw funds from the Series
Interest Funding Account for the purpose of carrying out the duties of the
Master Servicer hereunder. Any funds on deposit in the Series Interest Funding
Account for more than one Business Day shall be invested in Permitted

                                       28
<PAGE>   39

Investments pursuant to Section 4.02(c) of the Pooling and Servicing Agreement.
The Master Servicer at all times shall maintain accurate records reflecting each
transaction in the Series Interest Funding Account. The Paying Agent shall also
have the revocable authority to make withdrawals from the Series Interest
Funding Account.

     (e) The Credit Enhancement Account. If the Credit Enhancement is Funded
Credit Enhancement, the Master Servicer, for the benefit of the
Certificateholders and the Credit Enhancement Provider, shall establish and
maintain or cause to be established and maintained in the name of the Trust,
with the corporate trust department of an office or branch of either the Trustee
or a Qualified Institution, a non-interest bearing segregated trust account (the
"Credit Enhancement Account") bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Certificateholders and
the Credit Enhancement Provider. The Trust shall possess all right, title and
interest in all funds on deposit from time to time in the Credit Enhancement
Account and in all proceeds thereof. The Credit Enhancement Account shall be
under the sole dominion and control of the Trustee as the administrator of the
Credit Enhancement for the benefit of the Certificateholders and the Credit
Enhancement Provider; provided, however, the Master Servicer may make Credit
Enhancement Drawings pursuant to, and for the purposes set forth in, Section 9.
The interest of the Credit Enhancement Provider in the Credit Enhancement
Account shall be subordinated to the interests of the Certificateholders to the
extent provided herein and in the Credit Enhancement Agreement. The Trustee, at
the direction of the Master Servicer, shall (i) on the Series Closing Date,
deposit into the Credit Enhancement Account an amount equal to the sum of the
Stated Class A Credit Enhancement Amount, the Stated Shared Credit Enhancement
Amount, and the Stated Class B Credit Enhancement Amount, as applicable (such
amounts to be funded by the Credit Enhancement Provider pursuant to the Credit
Enhancement Agreement) and (ii) make withdrawals from, and deposits to, the
Credit Enhancement Account from time to time in the amounts and for the purposes
set forth in this Series Supplement. The Credit Enhancement Provider shall not
be entitled to reimbursement from the assets of the Trust for any withdrawals
from the Credit Enhancement Account except as specifically provided in this
Series Supplement. The Master Servicer at all times shall maintain accurate
records reflecting each transaction in the Credit Enhancement Account.

     Funds on deposit in the Credit Enhancement Account shall be invested in
Permitted Investments by the Trustee as administrator of the Credit Enhancement
at the direction of the Master Servicer, as set forth below. Any Permitted
Investment with a stated maturity shall mature on or prior to the following
Distribution Date or such longer period as will not result in the lowering or
withdrawal of the rating of any Class of any Series then outstanding by the
Rating Agencies and any funds received with respect to the maturity of a
Permitted Investment shall be available in sufficient time to allow for any
payments to be made to the Investor Certificateholders on such Distribution
Date. The Master Servicer's notice to the Trustee shall specifically identify
each such Permitted Investment (including its principal amount and maturity). In
addition, the Master Servicer shall from time to time provide written notice to
the Trustee directing the Trustee to reinvest funds representing principal,
interest or other investment income received by it with respect to such
Permitted Investments (whether upon maturity or otherwise) in additional
Permitted Investments. In the event that the Master Servicer fails to direct the
Trustee to invest or reinvest any funds that are deposited in the Credit
Enhancement Account or that are received

                                       29
<PAGE>   40

by it with respect to Permitted Investments by 2:00 p.m. on the date such funds
are available for investment, the Trustee shall use reasonable efforts to invest
such funds overnight in securities represented by instruments in bearer or
registered form which evidence obligations issued or fully guaranteed, as to
timely payment, by the United States of America or any instrumentality or agency
thereof when such obligations are backed by the full faith and credit of the
United States of America until such time as the Trustee receives the required
notice from the Master Servicer; provided, however, that the Trustee shall have
no liability for the failure to invest such funds if the Trustee has employed
reasonable efforts to make such investment.

     On each Distribution Date, all interest and earnings (net of losses and
investment expenses) accrued since the preceding Distribution Date on funds on
deposit in the Credit Enhancement Account shall be paid to the Trustee as
administrator of the Credit Enhancement for application in accordance with the
provisions of the Credit Enhancement Agreement. For purposes of determining the
availability of funds or the balances in the Credit Enhancement Account, all
investment earnings on such funds shall be deemed not to be available or on
deposit. If, on any Distribution Date, after giving effect to all other deposits
to and withdrawals from the Credit Enhancement Account as of such Distribution
Date, the amount on deposit in the Credit Enhancement Account is greater than
the Total Maximum Credit Enhancement Amount, then the excess of the amount on
deposit over the Total Maximum Credit Enhancement Amount shall be withdrawn from
the Credit Enhancement Account and paid to the Trustee as administrator of the
Credit Enhancement for application in accordance with the provisions of the
Credit Enhancement Agreement.

     Upon the earliest to occur of (i) the termination of the Trust, (ii) the
Series Termination Date and (iii) the day on which the Class Invested Amount for
each Class of the Series established hereby is paid in full, and after payment
of all amounts to be paid on such day from the Credit Enhancement Account to or
for the benefit of Investor Certificateholders of the Series established hereby,
all amounts remaining on deposit in the Credit Enhancement Account shall be
withdrawn from such account and paid to the Trustee as administrator of the
Credit Enhancement for application in accordance with the provisions of the
Credit Enhancement Agreement.

     (f) Transfer of Investor Accounts. If at any time any of the Investor
Accounts established in Sections 8(a) through 8(e) is not being held by the
Trustee and the institution holding such Investor Account ceases to be a
Qualified Institution, the Master Servicer shall within 10 Business Days
establish a new Investor Account (meeting any conditions specified in this
Series Supplement with respect to such Investor Account) with a Qualified
Institution and transfer any cash and/or any investments to such new Investor
Account.

     SECTION 9.   Allocations of Collections

     (a) Deposits to Series Collections Account. On or before each Distribution
Date, the Master Servicer shall direct the Trustee in writing to withdraw from
the Group Collections Account and deposit into the Series Collections Account an
amount equal to the sum of the Series Finance Charge Collections and the Series
Principal Collections for the related Due Period. On or before each Distribution
Date, the Class Additional Funds for each Class of the Series established

                                       30
<PAGE>   41

hereby shall also have been deposited into the Series Collections Account
pursuant to Section 4.03(e) of the Pooling and Servicing Agreement.

     (b) Deposits During the Revolving Period, Early Accumulation Period,
Accumulation Period, Controlled Liquidation Period or Amortization Period, as
Applicable. The Master Servicer shall, on or before each Distribution Date
during the Revolving Period, the Early Accumulation Period, the Accumulation
Period, the Controlled Liquidation Period or any Amortization Period, as
applicable, direct the Trustee in writing that funds be paid or deposited in the
following amounts, to the extent such funds are available and in the order of
priority specified, to the account or Person indicated, in each case as set
forth below; provided, however, that if the Credit Enhancement is not Funded
Credit Enhancement, then no amounts (other than any Credit Enhancement Fees or
any amounts paid to the Trustee as Administrator of the Credit Enhancement in
respect of the Total Available Credit Enhancement Amount) that are measured or
determined by reference to Class Excess Servicing for any Class, Series Excess
Servicing or the amount on deposit at any time in the Group Finance Charge
Collections Reallocation Account shall be paid or deposited if, on the related
Drawing Date, the Credit Enhancement Provider is unable to pay its debts as they
become due.

          (1)  During the Accumulation Period or the Early Accumulation Period,
if any, or on the first Distribution Date of the Amortization Period, if
applicable, an amount equal to the amount of Class Investment Income for the
related Due Period for any Class shall be withdrawn from the Series Principal
Funding Account and deposited into the Series Collections Account.

          (2)  With respect to Class A, an amount equal to the lesser of

               (x)  the Class A Required Amount and

               (y)  the sum of (1) Class A Finance Charge Collections, (2) Class
                    A Yield Collections, (3) Class A Investment Income, if
                    applicable, and (4) Class A Additional Funds

shall be withdrawn from the Series Collections Account and deposited into the
Series Distribution Account. The amount by which the Class A Required Amount
exceeds the amount of such deposit shall be the "Class A Required Amount
Shortfall."

          (3)  With respect to Class A, an amount equal to the lesser of

               (x)  the Class A Required Amount Shortfall and

               (y)  funds, if any, available to pay such Class A Required Amount
                    Shortfall from funds initially allocated to any Subordinate
                    Series

shall be deposited into the Series Distribution Account. The Class A Required
Amount Shortfall shall be reduced by the amount of such deposit.

          (4)  With respect to Class A, an amount equal to the lesser of

                                       31
<PAGE>   42
               (x)  the Class A Cumulative Investor Charged-Off Amount and

               (y)  Class A Excess Servicing

shall be withdrawn from the Series Collections Account and deposited into the
Series Principal Collections Account. The Class A Cumulative Investor
Charged-Off Amount, Series Excess Servicing and the Available Subordinated
Amount shall be reduced by the amount of such deposit.

          (5)  An amount equal to the lesser of

               (x)  the Class A Cumulative Investor Charged-Off Amount and

               (y)  funds, if any, available to pay such Class A Cumulative
                    Investor Charged-Off Amount from funds initially allocated
                    to any Subordinate Series

shall be deposited into the Series Principal Collections Account. The Class A
Cumulative Investor Charged-Off Amount shall be reduced by the amount of such
deposit.

          (6)  If there is a Subordinate Class with respect to Class A, an
               amount equal to the least of

               (x)  the Class A Required Amount Shortfall,

               (y)  the Available Subordinated Amount, and

               (z)  Class B Available Collections

shall be withdrawn from the Series Collections Account and deposited into the
Series Distribution Account. The Class B Subordinated Payment shall be increased
by, and the Class A Required Amount Shortfall, the Available Subordinated Amount
and Class B Available Collections shall be decreased by, the amount of such
deposit.

          (7)  If there is a Subordinate Class with respect to Class A, an
               amount equal to the least of

               (x)  the Class A Cumulative Investor Charged-Off Amount,

               (y)  the Available Subordinated Amount, and

               (z)  Class B Available Collections

shall be withdrawn from the Series Collections Account and deposited into the
Series Principal Collections Account. The Class B Subordinated Payment shall be
increased by, and the Class A Cumulative Investor Charged-Off Amount, the
Available Subordinated Amount and Class B Available Collections shall be reduced
by, the amount of such deposit.

                                       32
<PAGE>   43

          (8)  If there is a Subordinate Class with respect to Class A, an
               amount equal to the lesser of

               (x)  the Class B Required Amount and

               (y)  the positive difference, if any, between

                    (1)  the amount of Class B Available Finance Charge
                         Collections, and

                    (2)  the Class B Subordinated Payment

shall be withdrawn from the Series Collections Account and deposited into the
Series Distribution Account. The amount by which the Class B Required Amount
exceeds the amount of such deposit shall be the "Class B Required Amount
Shortfall."

          (9)  If there is a Subordinate Class with respect to Class A, an
               amount equal to the lesser of

               (x)  the Class B Required Amount Shortfall and

               (y)  funds, if any, available to pay such Class B Required Amount
                    Shortfall from funds initially allocated to any Subordinate
                    Series

shall be deposited into the Series Distribution Account. The Class B Required
Amount Shortfall shall be reduced by the amount of such deposit.

          (10) If there is a Subordinate Class with respect to Class A, an
               amount equal to the lesser of

               (x)  the Class B Cumulative Investor Charged-Off Amount and

               (y)  funds, if any, available to pay such Class B Cumulative
                    Investor Charged-Off Amount from funds initially allocated
                    to any Subordinate Series

shall be deposited into the Series Principal Collections Account. The Class B
Cumulative Investor Charged-Off Amount shall be reduced by the amount of such
deposit.

          (11) If there is a Subordinate Class with respect to Class A, an
               amount equal to the least of

               (x)  the Class A Required Amount Shortfall,

               (y)  the Available Subordinated Amount, and

               (z)  Series Excess Servicing

                                       33
<PAGE>   44

shall be withdrawn from the Series Collections Account and deposited into the
Series Distribution Account. The Class A Required Amount Shortfall, the
Available Subordinated Amount and the amount of Series Excess Servicing shall be
reduced by the amount of such deposit.

          (12) If there is a Subordinate Class with respect to Class A, an
               amount equal to the least of

               (x)  the Class A Cumulative Investor Charged-Off Amount,

               (y)  the Available Subordinated Amount, and

               (z)  Series Excess Servicing

shall be withdrawn from the Series Collections Account and deposited into the
Series Principal Collections Account. The Class A Cumulative Investor
Charged-Off Amount, the Available Subordinated Amount and the amount of Series
Excess Servicing shall be reduced by the amount of such deposit. If the Class A
Cumulative Investor Charged-Off Amount is greater than zero after such
reduction, the Class A Cumulative Investor Charged-Off Amount shall be further
reduced by an amount equal to the least of

               (x)  the Class A Cumulative Investor Charged-Off Amount,

               (y)  the Available Subordinated Amount, and

               (z)  the Class B Investor Interest.

The Class A Cumulative Investor Charged-Off Amount, the Available Subordinated
Amount and the Class B Investor Interest shall each be reduced by such least
amount, and the Class B Cumulative Investor Charged-Off Amount shall be
increased by such amount.

          (13) If there is a Subordinate Class with respect to Class A, an
               amount equal to the lesser of

               (x)      the Class B Required Amount Shortfall and

               (y)      Series Excess Servicing

shall be withdrawn from the Series Collections Account and deposited into the
Series Distribution Account. The Class B Required Amount Shortfall and the
amount of Series Excess Servicing shall be reduced by the amount of such
deposit.

          (14) If there is a Subordinate Class with respect to Class A, an
               amount equal to the lesser of

               (x)      the Class B Cumulative Investor Charged-Off Amount and

               (y)      Series Excess Servicing

                                       34
<PAGE>   45

shall be withdrawn from the Series Collections Account and deposited into the
Series Principal Collections Account. The Class B Cumulative Investor
Charged-Off Amount and the amount of Series Excess Servicing shall be reduced by
the amount of such deposit.

          (15) On each Distribution Date prior to the Fully Funded Date, if any,
               an amount equal to the lesser of

               (x)  the amount by which the Total Available Credit Enhancement
                    Amount is less than the Total Maximum Credit Enhancement
                    Amount and

               (y)  Series Excess Servicing

shall be withdrawn from the Series Collections Account and paid to the Trustee
as administrator of the Credit Enhancement for application in accordance with
the provisions of the Credit Enhancement Agreement. If there is Shared Credit
Enhancement or Class A Cash Collateral Credit Enhancement, such deposit shall
increase the Available Shared Credit Enhancement Amount or Available Class A
Credit Enhancement Amount, until the Available Shared Credit Enhancement Amount
or Available Class A Credit Enhancement Amount, as applicable, equals the
Maximum Shared Credit Enhancement Amount or the Maximum Class A Credit
Enhancement Amount, as applicable. If there is a Subordinate Class with respect
to Class A, any remaining portion of such deposit shall increase the Available
Class B Credit Enhancement Amount until the Available Class B Credit Enhancement
Amount equals the Maximum Class B Credit Enhancement Amount. The Total Available
Credit Enhancement Amount shall be increased by, and the amount of Series Excess
Servicing shall be decreased by, the amount of such deposit.

          (16) If there is Shared Credit Enhancement or Class A Cash Collateral
Credit Enhancement, and if the Class A Required Amount Shortfall is greater than
zero, the Master Servicer, on the related Drawing Date, shall make a Credit
Enhancement Drawing in an amount equal to the lesser of

               (x)  the Class A Required Amount Shortfall and

               (y)  the Available Shared Credit Enhancement Amount or the
                    Available Class A Credit Enhancement Amount, as applicable,

and such amount shall be deposited into the Series Distribution Account. The
Class A Required Amount Shortfall and the Available Shared Credit Enhancement
Amount or Available Class A Credit Enhancement Amount, as applicable, shall be
reduced by the amount of such deposit.

          (17) If there is Shared Credit Enhancement or Class A Cash Collateral
Credit Enhancement, and if the Class A Cumulative Investor Charged-Off Amount is
greater than zero, the Master Servicer, on the related Drawing Date, shall make
a Credit Enhancement Drawing in an amount equal to the lesser of

               (x)  the Class A Cumulative Investor Charged-Off Amount and

                                       35
<PAGE>   46
               (y)  the Available Shared Credit Enhancement Amount or the
                    Available Class A Credit Enhancement Amount, as applicable,

and such amount shall be deposited into the Series Principal Collections
Account. The Class A Cumulative Investor Charged-Off Amount and the Available
Shared Credit Enhancement Amount or Available Class A Credit Enhancement Amount,
as applicable, shall be reduced by the amount of such deposit.

          (18) If there is Shared Credit Enhancement, and if there is a
Subordinate Class with respect to Class A, and if the Class B Required Amount
Shortfall is greater than zero, the Master Servicer, on the related Drawing
Date, shall make a Credit Enhancement Drawing in an amount equal to the lesser
of

               (x)  the Class B Required Amount Shortfall and

               (y)  the Available Shared Credit Enhancement Amount

and such amount shall be deposited into the Series Distribution Account. The
Class B Required Amount Shortfall and the Available Shared Credit Enhancement
Amount shall be reduced by the amount of such deposit.

          (19) If there is Shared Credit Enhancement, and if there is a
Subordinate Class with respect to Class A, and if the Class B Cumulative
Investor Charged-Off Amount is greater than zero, the Master Servicer, on the
related Drawing Date, shall make a Credit Enhancement Drawing in an amount equal
to the lesser of

               (x)  the Class B Cumulative Investor Charged-Off Amount and

               (y)  the Available Shared Credit Enhancement Amount

and such amount shall be deposited into the Series Principal Collections
Account. The Class B Cumulative Investor Charged-Off Amount and the Available
Shared Credit Enhancement Amount shall be reduced by the amount of such deposit.

          (20) If there is Subordinate Class with respect to Class A, and if the
Class B Required Amount Shortfall is greater than zero, the Master Servicer, on
the related Drawing Date, shall make a Credit Enhancement Drawing in an amount
equal to the lesser of

               (x)  the Class B Required Amount Shortfall and

               (y)  the Available Class B Credit Enhancement Amount

and such amount shall be deposited into the Series Distribution Account. The
Class B Required Amount Shortfall and the Available Class B Credit Enhancement
Amount shall be reduced by the amount of such deposit.

                                       36
<PAGE>   47

          (21) If there is a Subordinate Class with respect to Class A, and if
the Class B Cumulative Investor Charged-Off Amount is greater than zero, the
Master Servicer, on the related Drawing Date, shall make a Credit Enhancement
Drawing in an amount equal to the lesser of

               (x)  the Class B Cumulative Investor Charged-Off Amount and

               (y)  the Available Class B Credit Enhancement Amount

and such amount shall be deposited into the Series Principal Collections
Account. The Class B Cumulative Investor Charged-Off Amount and the Available
Class B Credit Enhancement Amount shall be reduced by the amount of such
deposit.

          (22) An amount equal to the lesser of

               (x)      the Credit Enhancement Fee and

               (y)      Series Excess Servicing

shall be withdrawn from the Series Collections Account and paid to the Trustee
as the administrator of the Credit Enhancement for application in accordance
with the provisions of the Credit Enhancement Agreement. The amount of Series
Excess Servicing shall be reduced by the amount of such payment.

          (23) The Net Swap Payment, up to the remaining amount of Series Excess
Servicing, shall be withdrawn from the Series Collections Account and paid to
the Interest Rate Swap Counterparty in accordance with the provisions of the
Class Interest Rate Swap.

          (24) An amount equal to the amount of Series Excess Servicing shall be
withdrawn from the Series Collections Account and deposited into the Group
Finance Charge Collections Reallocation Account.

          (25) The allocations set forth in clauses (25)(A) and (25)(B) shall be
made, first, with respect to Class A, and then, if there is a Subordinate Class
with respect to Class A, the allocations set forth in clauses (25)(A) and
(25)(B) shall be made with respect to Class B, to the extent that funds are
available pursuant to this clause (25):

          (A)  An amount equal to the lesser of

               (x)  the Class Required Amount Shortfall and

               (y)  the product of

                    (1)  a fraction the numerator of which is the Class Required
                         Amount Shortfall and the denominator of which is the
                         sum of the Class Required Amount Shortfalls for all
                         Classes designated by the same letter of the alphabet
                         of all Series in

                                       37
<PAGE>   48

                         the Group to which the Series established hereby
                         belongs (after giving effect to provisions in the
                         applicable Series Supplements substantially similar to
                         the clauses preceding this clause (25)) and

                    (2)  the amount on deposit in the Group Finance Charge
                         Collections Reallocation Account before any withdrawals
                         therefrom with respect to any other Series pursuant to
                         a comparable clause in the applicable Series
                         Supplements,

shall be withdrawn from the Group Finance Charge Collections Reallocation
Account and deposited into the Series Distribution Account. The Class Required
Amount Shortfall shall be reduced by the amount of such deposit. The Available
Subordinated Amount shall be increased by the amount of any such deposit that
reduces the Class B Required Amount Shortfall.

          (B)  An amount equal to the lesser of

               (x)  the Class Cumulative Investor Charged-Off Amount and

               (y)  the product of

                    (1)  a fraction the numerator of which is the Class
                         Cumulative Investor Charged-Off Amount and the
                         denominator of which is the sum of the Class Cumulative
                         Investor Charged-Off Amounts for all Classes designated
                         by the same letter of the alphabet of all Series in the
                         Group to which the Series established hereby belongs
                         (after giving effect to provisions in the applicable
                         Series Supplements substantially similar to the clauses
                         preceding this clause (25)) and

                    (2)  the amount on deposit in the Group Finance Charge
                         Collections Reallocation Account before any withdrawals
                         therefrom with respect to any other Series pursuant to
                         a comparable clause in the applicable Series
                         Supplements,

shall be withdrawn from the Group Finance Charge Collections Reallocation
Account and deposited into the Series Principal Collections Account. The Class
Cumulative Investor Charged-Off Amount shall be reduced by the amount of such
deposit. The Available Subordinated Amount shall be increased by the amount of
any such deposit that reduces the Class B Cumulative Investor Charged-Off
Amount.

          (C)  After the allocations set forth in clauses (25)(A) and (25)(B)
are made with respect to Class A and Class B, then, if there are one or more
Subordinate Classes other than Class B, the allocations set forth in clauses
(25)(A) and (25)(B) shall be made with respect to each other such Class, in
alphabetical order, to the extent that funds are available pursuant to this
clause (25).

                                       38
<PAGE>   49
          (26) The allocations set forth in clauses (26)(A) and (26)(B) shall be
made, to the extent that funds are available pursuant to this clause (26):

          (A)  If there is Shared Credit Enhancement or Class A Cash Collateral
Credit Enhancement, an amount equal to the lesser of

               (x)  the amount by which the Available Shared Credit Enhancement
                    Amount or the Available Class A Credit Enhancement Amount,
                    as applicable, is less than the Maximum Shared Credit
                    Enhancement Amount or the Maximum Class A Credit Enhancement
                    Amount, as applicable and

               (y)  the product of

                    (1)  a fraction, the numerator of which is the amount by
                         which the Available Shared Credit Enhancement Amount or
                         the Available Class A Credit Enhancement Amount, as
                         applicable, is less than the Maximum Shared Credit
                         Enhancement Amount or the Maximum Class A Credit
                         Enhancement Amount, as applicable, and the denominator
                         of which is the sum of, for each Series in the Group of
                         which the Series established hereby is a member, the
                         amount by which the Available Shared Credit Enhancement
                         Amount or the Available Class A Credit Enhancement
                         Amount, as applicable, for such Series is less than the
                         Maximum Shared Credit Enhancement Amount or the Maximum
                         Class A Credit Enhancement Amount, as applicable, for
                         such Series (after giving effect to provisions in the
                         applicable Series Supplements substantially similar to
                         the clauses preceding this clause (26)) and

                    (2)  the amount on deposit in the Group Finance Charge
                         Collections Reallocation Account before any withdrawals
                         therefrom with respect to any other Series pursuant to
                         a comparable clause in the applicable Series
                         Supplements,

shall be withdrawn from the Group Finance Charge Collections Reallocation
Account and paid to the Trustee as administrator of the Credit Enhancement for
application in accordance with the provisions of the Credit Enhancement
Agreement. Such deposit shall increase the Available Shared Credit Enhancement
Amount or the Available Class A Credit Enhancement Amount, as applicable.

          (B)  If there is a Subordinate Class with respect to Class A, an
amount equal to the lesser of

                                       39
<PAGE>   50
               (x)  the amount by which the Available Class B Credit Enhancement
                    Amount is less than the Maximum Class B Credit Enhancement
                    Amount and

               (y)  the product of

                    (1)  a fraction, the numerator of which is the amount by
                         which the Available Class B Credit Enhancement Amount
                         is less than the Maximum Class B Credit Enhancement
                         Amount and the denominator of which is the sum of, for
                         each Series in the Group of which the Series
                         established hereby is a member, the amount by which the
                         Available Class B Credit Enhancement Amount for such
                         Series is less than the Maximum Class B Credit
                         Enhancement Amount for such Series (after giving effect
                         to provisions in the applicable Series Supplements
                         substantially similar to the clauses preceding this
                         clause (26)) and

                    (2)  the amount on deposit in the Group Finance Charge
                         Collections Reallocation Account before any withdrawals
                         therefrom with respect to any other Series pursuant to
                         a comparable clause in the applicable Series
                         Supplements,

shall be withdrawn from the Group Finance Charge Collections Reallocation
Account and paid to the Trustee as administrator of the Credit Enhancement for
application in accordance with the provisions of the Credit Enhancement
Agreement. Each of the Available Class B Credit Enhancement Amount and the
Available Subordinated Amount shall be increased by the amount of such deposit.

          (27) After all allocations from the Group Finance Charge Collections
Reallocation Account to be made pursuant to any other Series Supplement for any
Series that is a member of the same Group of which the Series established hereby
is a member have been made, an amount equal to the product of (x) a fraction the
numerator of which shall be the Series Investor Interest and the denominator of
which shall be the sum of the Series Investor Interests for each Series that is
a member of the same Group as the Series established hereby (including the
Series established hereby) and (y) the amount remaining on deposit in the Group
Finance Charge Collections Reallocation Account shall be withdrawn from the
Group Finance Charge Collections Reallocation Account and paid to the Trustee as
administrator of the Credit Enhancement for application in accordance with the
provisions of the Credit Enhancement Agreement. Amounts remaining on deposit in
the Group Finance Charge Collections Reallocation Account shall be withdrawn
from such account and allocated pursuant to the provisions of the Series
Supplements for each other Series that is a member of the same Group as the
Series established hereby.

          (28) Any amounts remaining on deposit in the Series Collections
Account shall be withdrawn from the Series Collections Account and deposited
into the Series Principal Collections Account.

                                       40
<PAGE>   51
          (29) The Net Swap Receipt, to the extent paid to the Trustee by the
Interest Rate Swap Counterparty pursuant to the Class Interest Rate Swap, shall
be deposited in the Series Collections Account.

          (30) Any amount remaining on deposit in the Series Collections
Account will be withdrawn from the Series Collections Account and paid to the
Holder of the Seller Certificate.

          (31) Unless the Distribution Date is a Distribution Date in the
Revolving Period, the lesser of

               (x)  the Principal Distribution Amount and

               (y)  the amount on deposit in the Series Principal Collections
                    Account

shall be withdrawn from the Series Principal Collections Account and deposited
into the Series Principal Funding Account. The amount by which the Principal
Distribution Amount exceeds the amount of such deposit shall be the "Principal
Distribution Amount Shortfall."

          (32) Unless the Distribution Date is a Distribution Date in the
Revolving Period, the lesser of

               (x)  the Principal Distribution Amount Shortfall and

               (y)  funds, if any, available to pay such Principal Distribution
                    Amount Shortfall from funds initially allocated to any
                    Subordinate Series

shall be deposited into the Series Principal Funding Account. The Principal
Distribution Amount Shortfall shall be reduced by the amount of such deposit.

          (33) Any amounts remaining on deposit in the Series Principal
Collections Account shall be withdrawn from the Series Principal Collections
Account and be deposited into the Group Principal Collections Reallocation
Account.

          (34) During the Accumulation Period or the Controlled Liquidation
Period, as applicable, the allocation set forth below shall be made with respect
to each Class, beginning with Class A and continuing, seriatim, for each Class,
to the extent that funds are available pursuant to this clause (34):

     An amount equal to the lesser of

          (x)  the portion of the Principal Distribution Amount Shortfall that
               is allocable to such Class and

          (y)  the product of

               (1)  a fraction the numerator of which is the portion of the
                    Principal Distribution Amount Shortfall that is allocable to
                    such Class and the denominator of which is the sum of the
                    portions of the Principal

                                       41
<PAGE>   52
                    Distribution Amount Shortfalls allocable to all Classes
                    designated by the same letter of the alphabet of all Series
                    in the Group to which the Series established hereby belongs
                    that are in their Accumulation Periods or Controlled
                    Liquidation Periods, as applicable (after giving effect to
                    provisions in the applicable Series Supplements
                    substantially similar to the clauses preceding this clause
                    (34)) and

               (2)  the amount on deposit in the Group Principal Collections
                    Reallocation Account before any withdrawals therefrom with
                    respect to any other Series

shall be withdrawn from the Group Principal Collections Reallocation Account and
deposited into the Series Principal Funding Account. The Principal Distribution
Amount Shortfall shall be reduced by the amount of such deposit.

          (35) After all allocations from the Group Principal Collections
Reallocation Account to be made pursuant to any other Series Supplement for any
Series that is a member of the same Group of which the Series established hereby
is a member have been made, the amount remaining on deposit in the Group
Principal Collections Reallocation Account shall be withdrawn from the Group
Principal Collections Reallocation Account and deposited into the Collections
Account.

          (36) After all other allocations have been provided for with respect
to each Series then outstanding (whether or not such Series is a member of the
same Group as the Series established hereby), the lesser of

               (x)  the amount of the Seller Interest and

               (y)  the amount on deposit in the Collections Account

shall be paid to the Holder of the Seller Certificate. If, after such payment,
any amounts remain on deposit in the Collections Account, such amounts shall
remain in the Collections Account for allocation as Principal Collections on the
next Trust Distribution Date.

     SECTION 10. Payments.

     (a) Payments.

               (1) On each Distribution Date related to a Due Period in the
Accumulation Period or the Early Accumulation Period, and on the first
Distribution Date of the Amortization Period, the Master Servicer shall direct
the Trustee in writing to withdraw the amount of Excess Income, if any, on
deposit in the Series Principal Funding Account from the Series Principal
Funding Account and pay such amount to the Holder of the Seller Certificate.

               (2) On each Distribution Date, after giving effect to payments
made pursuant to Section 9 and the calculation of Investor Losses and adjustment
of the Class Investor Interest

                                       42
<PAGE>   53

and Class Invested Amount with respect to each Class pursuant to Section 13, the
Master Servicer shall direct the Trustee in writing to withdraw and cause the
Paying Agent to pay funds from the applicable Investor Account to or for the
benefit of each Class of Investor Certificateholders, seriatim, with respect to
each Class, beginning with Class A, until such payments have been made with
respect to each Class, as set forth below:

         (A)   First, an amount equal to the lesser of

               (x)   the Class Modified Required Amount and

               (y)   the amount on deposit in the Series Distribution Account.

shall be withdrawn from the Series Distribution Account and deposited into the
Series Interest Funding Account. The amount by which the Class Modified Required
Amount exceeds the amount so deposited into the Series Interest Funding Account
shall be the "Class Monthly Deficiency Amount" with respect to such Distribution
Date.

         (B)   Second, an amount equal to the lesser of

               (x )  the sum of the Class Monthly Servicing Fee for such
                     Distribution Date and all accrued but unpaid Class Monthly
                     Servicing Fees from prior months and

               (y)   the amount deposited into the Series Distribution Account
                     with respect to such Class on such Distribution Date
                     pursuant to Section 9 less the amount deposited into the
                     Series Interest Funding Account with respect to such Class
                     pursuant to clause (A) above

shall be withdrawn from the Series Distribution Account and paid to the Master
Servicer.

         (3)   On each Interest Payment Date, the Master Servicer shall direct
the Trustee in writing to deposit into the Series Interest Funding Account any
Class Interest Rate Cap Payment made by any Interest Rate Cap Provider for any
Class or Subclass pursuant to the Class Interest Rate Cap for such Class or
Subclass.

         (4)   On each Interest Payment Date, after giving effect to the
payments described above on such day, the Master Servicer shall direct the
Trustee in writing to withdraw the amount deposited into the Series Interest
Funding Account with respect to each Class or Subclass since the preceding
Interest Payment Date. The Master Servicer shall cause the Paying Agent to pay
such amount on each Interest Payment Date to the Investor Certificateholders of
such Class or Subclass in accordance with Section 5.01 of the Pooling and
Servicing Agreement.

         (5)   On each Principal Payment Date, after giving effect to the
payments described above on such day, an amount equal to the lesser of

               (x)   the Controlled Liquidation Amount and

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<PAGE>   54

               (y)   the amount  deposited into the Series  Principal  Funding
                     Account on any  Distribution Date pursuant to Section 9

shall be withdrawn from the Series Principal Funding Account. The Master
Servicer shall cause the Paying Agent to pay such amount to the Investor
Certificateholders of such Class or Subclass in accordance with Section 5.01 of
the Pooling and Servicing Agreement. Except as set forth in the following
sentence, all such amounts shall be paid to or with respect to the Class A
Investor Certificateholders until the Class A Invested Amount is reduced to
zero; and, thereafter, if there is a Subordinate Class with respect to Class A,
such amounts shall be paid to or with respect to the Class B Investor
Certificateholders until the Class B Invested Amount is reduced to zero, unless
the Series Termination Date occurs prior to such date; provided, however, that
on the Fully Funded Date, if any, the Class B Invested Amount shall be withdrawn
from the Series Principal Funding Account and paid to the Class B Investor
Certificateholders. In no event shall any amounts be paid with respect to any
Class of Investor Certificates pursuant to this clause (5) in excess of the
Class Invested Amount for such Class. Any amounts remaining on deposit in the
Series Principal Funding Account after the Class Invested Amount for each Class
has been reduced to zero shall be paid to the Holder of the Seller Certificate.

         (6)   On each Special Payment Date during the Amortization Period,
after giving effect to the payments described above on such day, an amount equal
to the lesser of

               (x)   the Principal Distribution Amount and

               (y)   the amount deposited into the Series Principal Funding
                     Account on such Special Payment Date pursuant to Section 9

shall be withdrawn from the Series Principal Funding Account. The Master
Servicer shall cause the Paying Agent to pay such amount to the Investor
Certificateholders of such Class or Subclass in accordance with Section 5.01 of
the Pooling and Servicing Agreement. Except as set forth in the following
sentence, all such amounts shall be paid to or with respect to the Class A
Investor Certificateholders until the Class A Invested Amount is reduced to
zero; and, thereafter, if there is a Subordinate Class with respect to Class A,
such amounts shall be paid to or with respect to the Class B Investor
Certificateholders until the Class B Invested Amount is reduced to zero, unless
the Series Termination Date occurs prior to such date. In no event shall any
amounts be paid with respect to any Class of Investor Certificates pursuant to
this clause (6) in excess of the Class Invested Amount for such Class. Any
amounts remaining on deposit in the Series Principal Funding Account after the
Class Invested Amount for each Class has been reduced to zero shall be paid to
the Holder of the Seller Certificate.

         (7)   On the first Distribution Date of the Amortization Period, if
any, after giving effect to the payments and withdrawals and conversions
described above on such day, an amount equal to the lesser of

               (x)   the Series Invested Amount and

               (y)   the amount on deposit in the Series Principal Funding
                     Account

                                       44
<PAGE>   55

shall be withdrawn from the Series Principal Funding Account. The Master
Servicer shall cause the Paying Agent to pay such amount to the Investor
Certificateholders of such Class or Subclass in accordance with Section 5.01 of
the Pooling and Servicing Agreement. Except as set forth in the following
sentence, all such amounts shall be paid to or with respect to the Class A
Investor Certificateholders until the Class A Invested Amount is reduced to
zero; and, thereafter, if there is a Subordinate Class with respect to Class A,
such amounts shall be paid to or with respect to the Class B Investor
Certificateholders until the Class B Invested Amount is reduced to zero, unless
the Series Termination Date occurs prior to such date. In no event shall any
amounts be paid with respect to any Class of Investor Certificates pursuant to
this clause (7) in excess of the Class Invested Amount for such Class. Any
amounts remaining on deposit in the Series Principal Funding Account after the
Class Invested Amount for each Class has been reduced to zero shall be paid to
the Holder of the Seller Certificate.

         (8)   On the Class Expected Final Payment Date or the Class Final
Maturity Date, if applicable (or, if such Class Expected Final Payment Date or
Class Final Maturity Date is not also a Distribution Date, on the Distribution
Date occurring in the same calendar month as the Class Expected Final Payment
Date or the Class Final Maturity Date, if applicable), the Master Servicer shall
direct the Trustee in writing to withdraw the amount on deposit in the Series
Principal Funding Account with respect to each Class; provided that (i) such
amount shall be no greater than the Class Invested Amount and (ii) funds, if
any, remaining on deposit in the Series Principal Funding Account after the
payment in full of the Class Invested Amount with respect to each Class shall be
withdrawn and paid to the Holder of the Seller Certificate. The Master Servicer
shall cause the Paying Agent to pay such amount to the Investor
Certificateholders of such Class or Subclass in accordance with Section 5.01 of
the Pooling and Servicing Agreement.

     (b) Payments to the Sellers and/or the Master Servicer. Notwithstanding the
other provisions in Section 9 and this Section 10, any amounts payable to
Greenwood on behalf of the Holder of the Seller Certificate or to the Master
Servicer on any Distribution Date pursuant to Section 9 and this Section 10 may
be paid prior to such Distribution Date pursuant to Section 4.03(d) of the
Pooling and Servicing Agreement.

     SECTION 11. Credit Enhancement

     (a) Initial Credit Enhancement. The Master Servicer hereby represents with
respect to the Initial Credit Enhancement and shall be deemed to represent with
respect to any successor Credit Enhancement that (i) the Master Servicer has
provided for the Credit Enhancement for the account of the Trustee and for the
benefit of the Investor Certificateholders, (ii) the Master Servicer has entered
into a Credit Enhancement Agreement, (iii) the Credit Enhancement permits the
Trustee or the Master Servicer, acting as the Trustee's attorney-in-fact or
otherwise, to make Credit Enhancement Drawings from time to time in an amount up
to the Total Available Credit Enhancement Amount at such time, for the purposes
set forth in this Agreement and (iv) the Credit Enhancement and the respective
Credit Enhancement Agreement may be terminated by the Trustee without penalty if
(x) the Master Servicer elects to obtain a successor Credit Enhancement and such
successor Credit Enhancement does not cause the ratings of the Investor
Certificates of the Series established hereby to be withdrawn or lowered by
either of the Rating Agencies from the respective ratings of such Investor
Certificates immediately prior to such

                                       45
<PAGE>   56

election or (y) if the Credit Enhancement is not Funded Credit Enhancement, the
Credit Enhancement Provider ceases to be a Qualified Credit Enhancement
Provider.

     (b) Successor Credit Enhancement.

         (i)   If the Credit Enhancement is not Funded Credit Enhancement and
     if, at any time, the provider of such Credit Enhancement ceases to be a
     Qualified Credit Enhancement Provider, the Master Servicer shall obtain a
     successor Credit Enhancement within 30 days or such longer period as will
     not result in the lowering or withdrawal of the rating of any Class of any
     Series then outstanding by the Rating Agencies (a) which, if such successor
     Credit Enhancement is not to be Funded Credit Enhancement, will be issued
     by a Qualified Credit Enhancement Provider and (b) with respect to which
     the representations set forth in Section 11(a) will be satisfied; provided,
     however, that the Master Servicer shall not be required to continue efforts
     to obtain a successor Credit Enhancement if the then existing Credit
     Enhancement Provider again becomes a Qualified Credit Enhancement Provider
     and remains such; and, provided, further, that unless otherwise agreed to
     by the Rating Agencies, the Credit Enhancement and Credit Enhancement
     Agreement will not be terminated and no successor Credit Enhancement
     Provider shall be selected if the successor Credit Enhancement, the
     successor Credit Enhancement Agreement, or the selection of such successor
     Credit Enhancement Provider would cause the ratings of the Investor
     Certificates of the Series established hereby to be withdrawn or lowered by
     either Rating Agency from the respective ratings of such Investor
     Certificates immediately prior to such selection. The Master Servicer, the
     Trustee and the Sellers shall promptly enter into any such successor Credit
     Enhancement Agreement, and the Master Servicer shall use its best efforts
     to secure the signature of any other required party to such agreement.

         (ii)  Regardless of whether the Credit Enhancement is Funded Credit
     Ehancement, the Master Servicer may elect, at any time, to obtain a
     successor Credit Enhancement, provided that such successor Credit
     Enhancement does not cause the ratings of the Investor Certificates of the
     Series established hereby to be withdrawn or lowered by either of the
     Rating Agencies from the respective ratings of such Investor Certificates
     immediately prior to such election.

         (iii) In any case, subject to the foregoing, any successor Credit
     Enhancement obtained by the Master Servicer need not consist of the same
     type of Credit Enhancement as the Initial Credit Enhancement, but may
     consist of a different type of facility, including, but not limited to, a
     reserve account, a cash collateral account, an irrevocable standby letter
     of credit, a surety bond or a combination of any of the above. Upon
     issuance of, or other provision for, any such successor Credit Enhancement,
     the Trustee shall terminate the prior Credit Enhancement and Credit
     Enhancement Agreement.

     (c) Supplemental Credit Enhancement Event. Upon the occurrence of a
Supplemental Credit Enhancement Event, Greenwood as Servicer shall, within 60
days of notice from Standard & Poor's of the withdrawal or downgrade (or such
longer period as may be agreed to by Standard & Poor's), arrange for the payment
of the Supplemental Credit Enhancement

                                       46
<PAGE>   57

Amount, if any, by a Person other than Greenwood (or from Series Excess
Servicing) to the Trustee as administrator of the Credit Enhancement for
application in accordance with the provisions of the Credit Enhancement
Agreement. Both the form and the provider of the Supplemental Credit Enhancement
Amount, if any, shall be determined at the time it is to be paid; provided, that
the Master Servicer shall have received confirmation from Standard & Poor's that
the arrangements with respect to the Supplemental Credit Enhancement Amount, if
any, will not result in the rating of the Investor Certificates of the Series
established hereby being withdrawn or lowered. In addition to the foregoing, the
Master Servicer shall notify Moody's of the occurrence of a Supplemental Credit
Enhancement Event as soon as practicable after such occurrence, and shall notify
Moody's in advance of its implementation of the form and provider of the
Supplemental Credit Enhancement Amount, if any.

     SECTION 12.  Alternative Credit Support Election.

     (a) The Sellers may elect to effect a change in the calculation of the
Class Percentage with respect to Finance Charge Collections during the Early
Accumulation Period or the Amortization Period, as set forth in the definition
of "Class Percentage," and increase the Available Class B Credit Enhancement
Amount, by making an Alternative Credit Support Election. An Alternative Credit
Support Election may be made as follows:

         (i)   at any time during the Revolving Period, Greenwood on behalf of
     the Holder of the Seller Certificate shall deliver written notice of such
     Alternative Credit Support Election to the Rating Agencies, the Trustee and
     the Credit Enhancement Provider;

         (ii)  prior to the last day of the Revolving Period, the Additional
     Credit Support Amount shall be paid to the Trustee as administrator of the
     Credit Enhancement for application in accordance with the provisions of the
     Credit Enhancement Agreement; provided, however, that following an Early
     Accumulation Event or an Amortization Event, the Additional Credit Support
     Amount may be paid to the Trustee as administrator of the Credit
     Enhancement at any time on or prior to the last day of the Due Period in
     which the Early Accumulation Event or the Amortization Event occurs;

         (iii) prior to the last day of the Revolving Period (or, following an
     Early Accumulation Event or an Amortization Event during the Revolving
     Period, on or prior to the last day of the Due Period in which the Early
     Accumulation Event or the Amortization Event occurs), the Rating Agencies
     shall have confirmed that the Alternative Credit Support Election shall not
     cause a reduction in or withdrawal of the rating of any Class of Investor
     Certificates of the Series established hereby; and

         (iv)  prior to the last day of the Revolving Period (or, following an
     Early Accumulation Event or an Amortization Event during the Revolving
     Period, on or prior to the last day of the Due Period in which the Early
     Accumulation Event or the Amortization Event occurs), Greenwood on behalf
     of the Holder of the Seller Certificate shall have delivered to the Rating
     Agencies written confirmation that the conclusions reached in the legal
     opinions delivered on the Initial Closing Date regarding the absolute
     transfer of the

                                       47
<PAGE>   58

     Receivables and the security interest of the Trust in the Receivables are
     not affected by the Alternative Credit Support Election.

     (b) If each of the actions set forth in Section 12(a) above has been taken
or satisfied as required, the Alternative Credit Support Election shall become
effective on the last day of the Due Period in which the Additional Credit
Support Amount has been paid to the Trustee as administrator of the Credit
Enhancement (an "Effective Alternative Credit Support Election").

     (c) At any time until the Alternative Credit Support Election becomes
effective, such Alternative Credit Support Election may be cancelled upon notice
to the Rating Agencies, the Trustee and the Credit Enhancement Provider.
Thereafter, the Additional Credit Support Amount, if any, shall be returned by
the Trustee as administrator of the Credit Enhancement in accordance with the
Credit Enhancement Agreement.

     SECTION 13. Calculation of Investor Losses.

     (a) For each Distribution Date, the Master Servicer shall calculate the
Class Investor Charged-Off Amount and the Class Cumulative Investor Charged-Off
Amount with respect to each Class, in each case as of the end of the related Due
Period.

     (b) If on any Distribution Date, the Class Investor Charged-Off Amount with
respect to any Class exceeds the Class Charge-Off Reimbursement Amount with
respect to such Class, the Class Investor Interest and the Class Invested Amount
for such Class shall each be reduced by the amount of such excess (an "Investor
Charge-Off Loss" with respect to such Class).

     (c) On each Distribution Date the Class Investor Interest and the Class
Invested Amount for each Class shall be increased by, and the amount of
aggregate unreimbursed Investor Losses for each such Class shall be decreased
by, the positive difference, if any, between the Class Charge-Off Reimbursement
Amount on such Distribution Date and the Class Investor Charged-Off Amount for
such Distribution Date; provided, however, that neither the Class Invested
Amount nor the Class Investor Interest shall exceed the Class Initial Investor
Interest for such Class minus the sum of (x) the aggregate amount of payments of
Certificate Principal paid to the Investor Certificateholders of such Class
prior to such Distribution Date, (y) in the case of the Class Investor Interest,
the amount on deposit in the Series Principal Funding Account for the benefit of
such Class in respect of Certificate Principal and (z) the aggregate amount of
losses, if any, on investments of principal of funds on deposit in the Series
Principal Funding Account for the benefit of such Class; and provided, further,
that the amount of Investor Losses with respect to any Class shall not be
reduced to an amount less than zero.

     SECTION 14. Servicing Compensation. As compensation for its servicing
activities hereunder and under the Pooling and Servicing Agreement and
reimbursement of its expenses as set forth in Section 3.03 of the Pooling and
Servicing Agreement, the Master Servicer shall be entitled to receive a monthly
servicing fee with respect to the Series established hereby in respect of any
Due Period (or portion thereof) prior to the earlier of the date on which the
Series Investor Interest is reduced to zero and the Series Termination Date.
Such monthly servicing fees shall be composed of the Class Monthly Servicing
Fees and the Supplemental Servicing Fees, if any. The

                                       48
<PAGE>   59

Class Monthly Servicing Fees shall be paid to the Master Servicer on behalf of
each Class on each Distribution Date pursuant to Section 10. The Supplemental
Servicing Fee, if any, shall be paid to the Master Servicer on or before each
Distribution Date from the Series Additional Funds for such Distribution Date.
In no event shall the Trustee or the Investor Certificateholders be liable for
the Supplemental Servicing Fee.

     SECTION 15. Class Interest Rate Caps.

     (a) In the event that the Master Servicer has obtained a Class Interest
Rate Cap in favor of the Trustee for the benefit of a Class or Subclass that
does not have a fixed or maximum Certificate Rate, the Master Servicer hereby
represents that such Class Interest Rate Cap provides that (i) the Trust shall
not be required to make any payments thereunder and (ii) the Trust shall be
entitled to receive payments (determined in accordance with the Class Interest
Rate Cap) from the Interest Rate Cap Provider on an Interest Payment Date if
LIBOR or the Commercial Paper Rate, as applicable, for the related Calculation
Period exceeds the Class Cap Rate for the applicable Class or Subclass. Any
Class Interest Rate Cap Payment shall be deposited into the Series Interest
Funding Account.

     (b) In the event that the commercial paper or certificate of deposit rating
of the Interest Rate Cap Provider is withdrawn or reduced below the ratings
specified in the Series Term Sheet (or, in either case, such lower rating as the
applicable Rating Agency shall allow), then within 30 days after receiving
notice of such decline in the creditworthiness of the Interest Rate Cap Provider
as determined by either Rating Agency, either (x) the Interest Rate Cap
Provider, with the prior confirmation of the Rating Agencies that such
arrangement will not result in the reduction or withdrawal of the rating of any
Investor Certificates of the Series established hereby, will enter into an
arrangement the purpose of which shall be to assure performance by the Interest
Rate Cap Provider of its obligations under the Class Interest Rate Caps; or (y)
the Master Servicer shall at its option either (i) with the prior confirmation
of the Rating Agencies that such action will not result in a reduction or
withdrawal of the rating of any Investor Certificates of the Series established
hereby, cause the Interest Rate Cap Provider to pledge securities in the manner
provided by applicable law, which shall be held by the Trustee or its agent free
and clear of the Lien of any third party, in a manner conferring on the Trustee
a perfected first Lien in such securities securing the Interest Rate Cap
Provider's performance of its obligations under the Class Interest Rate Caps, or
(ii) provided that Replacement Class Interest Rate Caps or Qualified Substitute
Cap Arrangements meeting the requirements of Section 15(c) have been obtained,
direct the Trustee (A) to provide written notice to the Interest Rate Cap
Provider of its intention to terminate the Class Interest Rate Caps within such
30-day period and (B) to terminate the Class Interest Rate Caps within such
30-day period, to request the payment to it of all amounts due to the Trust
under the Class Interest Rate Caps through the termination date and to deposit
any such amounts so received, on the day of receipt, to the Series Interest
Funding Account, or (iii) establish any other arrangement (including an
arrangement or arrangements in addition to or in substitution for any prior
arrangement made in accordance with the provisions of this Section 15(b))
satisfactory to the Rating Agencies such that the Rating Agencies will not
reduce or withdraw the rating of any Investor Certificates of the Series
established hereby (a "Qualified Substitute Cap Arrangement"); provided,
however, that in the event at any time any alternative arrangement established
pursuant to clause (x) or (y)(i) or (y)(iii) above shall cease to be

                                       49
<PAGE>   60

satisfactory to the Rating Agencies then the provisions of this Section 15(b)
shall again be applied and in connection therewith the 30-day period referred to
above shall commence on the date the Master Servicer receives notice of such
cessation.

     (c) Unless an alternative arrangement pursuant to clause (x) or (y)(i) of
Section 15(b) is being established, the Master Servicer shall use its best
efforts to obtain Replacement Class Interest Rate Caps or Qualified Substitute
Cap Arrangements meeting the requirements of this Section 15(c) during the
30-day period referred to in Section 15(b). The Trustee shall not terminate the
Class Interest Rate Caps unless, prior to the expiration of the 30-day period
referred to in Section 15(b), the Master Servicer delivers to the Trustee (i)
Replacement Class Interest Rate Caps or Qualified Substitute Cap Arrangements,
(ii) to the extent applicable, an Opinion of Counsel as to the due
authorization, execution and delivery and validity and enforceability of each
such Replacement Class Interest Rate Cap or Qualified Substitute Cap
Arrangement, as the case may be, and (iii) confirmation from each Rating Agency
that the termination of the Class Interest Rate Caps and their replacement with
such Replacement Class Interest Rate Caps or Qualified Substitute Cap
Arrangements will not adversely affect its rating of the Investor Certificates
of the Series established hereby.

     (d) Master Servicer shall notify the Trustee, the Rating Agencies and the
Credit Enhancement Provider within five Business Days after obtaining knowledge
that the commercial paper or certificate of deposit rating of the Interest Rate
Cap Provider has been withdrawn or reduced by either Rating Agency.

     (e) Notwithstanding the foregoing, the Master Servicer may at any time
obtain Replacement Class Interest Rate Caps, provided that the Master Servicer
delivers to the Trustee (i) an Opinion of Counsel as to the due authorization,
execution and delivery and validity and enforceability of such Replacement Class
Interest Rate Caps and (ii) confirmation from the Rating Agencies that the
termination of the then current Class Interest Rate Caps and their replacement
with such Replacement Class Interest Rate Caps will not adversely affect the
rating of the Investor Certificates of the Series established hereby.

     (f) The Trustee hereby appoints the Master Servicer to perform the duties
of the calculation agent under the Class Interest Rate Caps and the Master
Servicer accepts such appointment.

     SECTION 16. Class Interest Rate Swaps. In the event that the Investor
Certificates of any Class are subject to a Class Interest Rate Swap, the Trust
will enter into a Class Interest Rate Swap in a form approved by the Master
Servicer. Pursuant to the terms of the Class Interest Rate Swap, on each
Distribution Date, the Interest Rate Swap Counterparty shall pay to the Trust
the Net Swap Receipt or the Trust shall pay to the Interest Rate Swap
Counterparty the Net Swap Payment, as applicable. If the Trust does not receive
payment from the Interest Rate Swap Counterparty on each Distribution Date (if
due), the Trustee, on behalf of the Trust, shall attempt to determine from the
Interest Rate Swap Counterparty the reasons therefore and whether such payment
is to be made by the Interest Rate Swap Counterparty on such Distribution Date.
If the Class Interest Rate Swap has not been terminated and the Trust has not
received any payment due

                                       50
<PAGE>   61

from the Interest Rate Swap Counterparty on the related Distribution Date, the
Trustee shall notify the Master Servicer of such fact prior to 1:00 p.m. Chicago
time on such Distribution Date.

     SECTION 17. Investor Certificateholders' Monthly Statement. On each
Statement Date, a statement substantially in the form of Exhibit B prepared by
the Trustee (based on information provided by the Master Servicer) setting forth
the information listed thereon shall be available from the Trustee, each Paying
Agent and, if applicable, the Listing Agent.

     SECTION 18. Master Servicer's Monthly Certificate. On or before the second
Business Day preceding each Statement Date, the Master Servicer shall forward to
Greenwood on behalf of the Holder of the Seller Certificate, the Trustee and
each Paying Agent a certificate of a Servicing Officer substantially in the form
of Exhibit C setting forth the information listed thereon.

     SECTION 19. Notices. Any notices to holders of Investor Certificates issued
in bearer form shall be given as described in the Series Term Sheet.

     SECTION 20. Additional Amortization Events. If any one of the following
events shall occur:

     (a) after giving effect to payments and distributions on the Class Expected
Final Payment Date or the Class Final Maturity Date, as applicable, with respect
to any Class, the Class Invested Amount for such Class is not reduced to zero;

     (b) if applicable, following either (i) the withdrawal or reduction of the
commercial paper or certificate of deposit rating of any Interest Rate Cap
Provider to below the ratings specified in the Series Term Sheet (or, in either
case, such lower rating as the applicable Rating Agency has allowed) or (ii)
notice from either Rating Agency that any Qualified Substitute Cap Arrangement
or any other arrangement established pursuant to Section 15 is no longer
satisfactory to such Rating Agency, the Master Servicer shall fail, within the
applicable time period specified in Section 15, to (x) obtain Replacement Class
Interest Rate Caps or Qualified Substitute Cap Arrangements or (y) cause the
Interest Rate Cap Provider to pledge securities as collateral securing the
obligations of the Interest Rate Cap Provider or establish any other arrangement
as provided in Section 15, in each case in a manner satisfactory to the Trustee
and the Rating Agencies (such that neither Rating Agency will reduce or withdraw
the ratings of the Investor Certificates of the Series established hereby); or

     (c) if the amount of Principal Receivables in the Trust at the end of any
Due Period for three consecutive Due Periods of the Early Accumulation Period
shall be less than the Minimum Principal Receivables Balance and Greenwood shall
have failed to assign Receivables in Additional Accounts or Participation
Interests to the Trust in at least the amount of the deficiency by the tenth day
of the calendar month of the following Due Period;

an Amortization Event shall occur with respect to the Investor Certificates of
the Series established hereby, immediately upon the occurrence of such event. If
an Amortization Event described in this Section 20 shall occur, this Section 20
constitutes written notice by the Trustee and not less than 51% of the Class
Invested Amount of each Class of the Series established hereby to the Master
Servicer and the Sellers that such Amortization Event has occurred. No
additional

                                       51
<PAGE>   62

notice of any kind, which is hereby waived by the Sellers and the Master
Servicer, shall be required as a condition of the occurrence of any Amortization
Event described in this Section 20. In addition, the events set forth in Section
21 shall constitute either Early Accumulation Events or additional Amortization
Events with respect to the Series established hereby.

     SECTION 21. Early Accumulation Events; Additional Amortization Events. If
the Series established hereby is eligible to have an Early Accumulation Period,
each of the events described in clause (a), (b), (g), (i) or (j) of Section 9.01
of the Pooling and Servicing Agreement shall not be Amortization Events but
shall instead be Early Accumulation Events. In addition, for purposes of this
Series Supplement, each of the following events shall be (i) Early Accumulation
Events, if the Series established hereby is eligible to have an Early
Accumulation Period, or (ii) Amortization Events, if the Series established
hereby is not eligible to have an Early Accumulation Period:

     (a) on any Distribution Date, the three month rolling average Series Excess
Spread is less than the Series Buffer Amount and the three month rolling average
Group Excess Spread is less than the Group Buffer Amount;

     (b) if a Supplemental Credit Enhancement Event shall have occurred and
Greenwood as Servicer shall have failed to arrange for the Supplemental Credit
Enhancement in accordance with the requirements of Section 11(c) hereof
(including, without limitation, receipt of the confirmation from Standard &
Poor's required thereby).

If any event described in clause (a), (b), (g), (i) or (j) of Section 9.01 of
the Pooling and Servicing Agreement occurs, an Early Accumulation Event shall
occur with respect to the Investor Certificates of such Class only if the event
has a material adverse effect on the Investor Certificateholders of such Class
and if, after the applicable grace period described in those clauses, either the
Trustee declares or the Investor Certificateholders of such Class evidencing
Fractional Undivided Interests aggregating not less than 51% of the Class
Invested Amount for either Class declare by written notice to Greenwood and the
Master Servicer (and to the Trustee if given by the Investor Certificateholders)
that an Early Accumulation Event has occurred as of the date of the notice. In
the case of any event described in clause (a) or (b) of this Section 21, an
Early Accumulation Event shall occur with respect to the Investor Certificates
of such Class immediately upon the occurrence of the event without any notice or
other action on the part of the Trustee or the Investor Certificateholders of
such Class. On the date on which an Early Accumulation Event is deemed to have
occurred the Early Accumulation Period will commence.

     SECTION 22.  Purchase of Investor Certificates and Series Termination.

     (a) If as of any Distribution Date during the Amortization Period (after
giving effect to any payments calculated pursuant to Section 9 made on such
Distribution Date) the Series Investor Interest of the Series established hereby
is less than or equal to 5% of the Series Initial Investor Interest, Greenwood
on behalf of the Holder of the Seller Certificate may purchase and cancel the
Investor Certificates of the Series established hereby by depositing into the
Series Distribution Account, on the immediately succeeding Distribution Date, an
amount equal to the Series Investor Interest as of the last day of the Due
Period related to such immediately

                                       52
<PAGE>   63

succeeding Distribution Date. The Master Servicer shall direct the Trustee in
writing to withdraw the amount allocable to such Class from the Series
Distribution Account and pay such amount to the Investor Certificateholders of
such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. All
Investor Certificates of the Series established hereby that are purchased by
Greenwood on behalf of the Holder of the Seller Certificate pursuant to this
Section 22(a) shall be delivered by Greenwood on behalf of the Holder of the
Seller Certificate upon such purchase to, and be cancelled by, the Transfer
Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood
on behalf of the Holder of the Seller Certificate.

     (b) If as of any Distribution Date during the Accumulation Period, the
Early Accumulation Period or the Controlled Liquidation Period, as applicable
(after giving effect to any payments calculated pursuant to Section 9 made on
such Distribution Date), the Series Investor Interest of the Series established
hereby is less than or equal to 5% of the Series Initial Investor Interest
(before giving effect to any reduction in the Series Initial Investor Interest
pursuant to Section 6.14 of the Pooling and Servicing Agreement), Greenwood on
behalf of the Holder of the Seller Certificate may, but shall not be obligated
to, purchase the Investor Certificates of the Series established hereby by
depositing into the Series Principal Funding Account, on such Distribution Date,
an amount equal to such Series Investor Interest. After giving effect to such
deposit, such Series Investor Interest shall be reduced to zero, and the Seller
Interest shall be increased by the amount of such deposit.

     (c) Following the sale of Receivables pursuant to Section 12.02 of the
Pooling and Servicing Agreement, the Master Servicer shall direct the Trustee in
writing to withdraw the amount allocable to each Class from the Series
Distribution Account and pay such amount to the Investor Certificateholders of
such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement.

     SECTION 23. Variable Accumulation Period. If the Series Term Sheet for the
Series established hereby so provides, the Master Servicer may elect, by written
notice to the Trustee, Greenwood on behalf of the Holder of the Seller
Certificate and the Credit Enhancement Provider, to delay the commencement of
the Accumulation Period, and extend the length of the Revolving Period, subject
to the conditions set forth in this Section 23; provided, however, that the
Accumulation Period shall commence no later than the first day of the Due Period
related to the Class A Expected Final Payment Date. Any such election by the
Master Servicer shall be made no later than the first day of the last scheduled
Due Period of the Revolving Period (including any prior extension of the
Revolving Period pursuant to this Section 23).

     The Master Servicer may make such election only if the following conditions
are satisfied: (i) the Master Servicer shall have delivered to the Trustee a
certificate to the effect that the Master Servicer reasonably believes that the
delay in the commencement of the Accumulation Period would not result in the
Class Invested Amount with respect to any Class of the Series established hereby
not being paid in full on the relevant Class Expected Final Payment Date; (ii)
the Rating Agencies shall have advised the Master Servicer and Greenwood on
behalf of the Holder of the Seller Certificate that such election to delay the
commencement of the Accumulation Period would not cause the rating of any Class
of any Series then outstanding to be

                                       53
<PAGE>   64

lowered or withdrawn; and (iii) the amount to be deposited in the Series
Principal Funding Account in respect of the Accumulation Amount shall have been
adjusted.

     SECTION 24. Optional Accumulation Period Commencement. If the Series Term
Sheet for the Series established hereby so provides, unless the Amortization
Period or the Early Accumulation Period shall have commenced prior thereto, the
Master Servicer may elect to commence the Accumulation Period by delivering
written notice to the Trustee, Greenwood, on behalf of the Holder of the Seller
Certificate and the Credit Enhancement Provider at least 5 Business Days prior
to the Accumulation Commencement Date subject to the conditions set forth in
this Section 24; provided, however, that the Accumulation Period shall commence
no later than the first day of the following Due Period. Such written notice
shall set forth the Accumulation Amount for each Distribution Date relating to
the Accumulation Period.

     SECTION 25. Series Yield Factor. The Series Yield Factor for the Series
established hereby shall initially be the Series Yield Factor set forth in the
Series Term Sheet. The Master Servicer may change the Series Yield Factor upon
20 days prior written notice to the Trustee, Greenwood on behalf of the Holder
of the Seller Certificate, the Credit Enhancement Provider and the Rating
Agencies, provided that the following conditions are satisfied: (i) the Series
Yield Factor may not be reduced below the initial Series Yield Factor or
increased to more than a total of 0.05; (ii) the Master Servicer shall have
delivered to the Trustee a certificate to the effect that the Master Servicer
reasonably believes that the change in the Series Yield Factor would not (x)
result in any delay in the payment of principal to the Investor
Certificateholders of any Series then outstanding, or (y) cause an Amortization
Event or an Early Accumulation Event to occur with respect to any Series then
outstanding; and (iii) Standard & Poor's shall have advised the Master Servicer
and Greenwood on behalf of the Holder of the Seller Certificate that such change
in the Series Yield Factor would not cause the rating of any Class of any Series
then outstanding to be lowered or withdrawn. Any such change shall be effective
as of the first day of the Due Period specified in the notice of the Master
Servicer.

     SECTION 26. Ratification of Pooling and Servicing Agreement. As
supplemented and amended by this Series Supplement, the Pooling and Servicing
Agreement is in all respects ratified and confirmed and the Pooling and
Servicing Agreement as so supplemented by this Series Supplement shall be read,
taken, and construed as one and the same instrument.

     SECTION 27. Counterparts. This Series Supplement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and the
same instrument.

     SECTION 28. Governing Law. This Series Supplement shall be construed in
accordance with the internal laws of the State of New York, without reference to
its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

                                       54
<PAGE>   65

                                   EXHIBIT A-1

                           FORM OF CLASS A CERTIFICATE

                 [FORM OF THE FACE OF THE CLASS A CERTIFICATES]

         UNLESS THIS CLASS A CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CLASS A CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

NO.                                                            $

                                                     CUSIP NO. ______________

                  DISCOVER CARD MASTER TRUST I, SERIES 2000 - 4
           FLOATING RATE CLASS A CREDIT CARD PASS-THROUGH CERTIFICATE

                             GREENWOOD TRUST COMPANY
                      MASTER SERVICER, SERVICER AND SELLER

(NOT AN INTEREST IN OR OBLIGATION OF GREENWOOD TRUST COMPANY AND NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.)

     This certifies that Cede & Co. (the "Class A Certificateholder") is the
registered owner of a Fractional Undivided Interest in the Discover Card Master
Trust I (the "Trust"), the corpus of which consists of a portfolio of
receivables (the "Receivables") existing as of the Cut-Off Date (or, with
respect to Receivables in Additional Accounts, as of the applicable Additional
Account Cut-Off Date) or thereafter created under certain open end credit card
accounts for specified Persons (the "Accounts") originated by Greenwood Trust
Company, a Delaware banking corporation ("Greenwood"), or an affiliate of
Greenwood, and transferred to the Trust by Greenwood or one or more Additional
Sellers, all monies due or to become due with respect thereto, all proceeds (as
defined in Section 9-306 of the Uniform Commercial Code as in effect in the
Applicable State) of such Receivables pursuant to a Pooling and Servicing
Agreement, dated as of October 1, 1993, by and between U.S. Bank National
Association (formerly First Bank National Association, successor trustee to Bank
of America Illinois, formerly Continental Bank, National Association) as Trustee
(the "Trustee") and Greenwood as Master Servicer, Servicer and

                                     A-1-1

<PAGE>   66

Seller, as amended (the "Pooling and Servicing Agreement"), a summary of certain
of the pertinent provisions of which is set forth herein below, and benefits
under any Credit Enhancement with respect to any Series of investor certificates
issued from time to time pursuant to the Pooling and Servicing Agreement, to the
extent applicable. Reference is hereby made to the further provisions of this
Class A Certificate set forth on the reverse hereof, and such further provisions
shall for all purposes have the same effect as if set forth at this place.

     This Class A Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or any amendment thereto, or the Series
Supplement, dated as of May 10, 2000 (the "Series Supplement"), by and between
the Trustee and Greenwood or any amendment thereto, or become vested or
obligatory for any purpose until the certificate of authentication hereon shall
have been signed by or on behalf of the Trustee under the Pooling and Servicing
Agreement.

                                      A-1-2

<PAGE>   67

     IN WITNESS WHEREOF, Greenwood has caused this Class A Certificate to be
duly executed and authenticated.

                                   GREENWOOD TRUST COMPANY

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

                                      A-1-3

<PAGE>   68

                [FORM OF THE REVERSE OF THE CLASS A CERTIFICATES]

     It is the intent of the Sellers and the Investor Certificateholders that,
for federal, state and local income and franchise tax purposes only, the
Investor Certificates will be evidence of indebtedness of the Sellers. The
Sellers and the Class A Certificateholder, by the acceptance of this Class A
Certificate, agree to treat this Class A Certificate for federal, state and
local income and franchise tax purposes as indebtedness of the Sellers secured
by the Receivables and other assets held in the Trust.

     To the extent not defined herein, the capitalized terms used herein have
the meanings assigned in the Pooling and Servicing Agreement or the Series
Supplement. This Class A Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement and the
Series Supplement, to which Pooling and Servicing Agreement and Series
Supplement, as each may be amended from time to time, the Class A
Certificateholder by virtue of the acceptance hereof assents and by which the
Class A Certificateholder is bound.

     This Class A Certificate is one of a series of Certificates entitled
"Discover Card Master Trust I, Series 2000 - 4 Floating Rate Class A Credit Card
Pass-Through Certificates" (the "Class A Certificates"), each of which
represents a Fractional Undivided Interest in the Trust including the right to
receive the Collections and other amounts at the times and in the amounts
specified in the Pooling and Servicing Agreement and the Series Supplement to be
deposited in the Investor Accounts with respect to Discover Card Master Trust I,
Series 2000 - 4 or paid to the Class A Certificateholders. Also issued under the
Pooling and Servicing Agreement and the Series Supplement are Investor
Certificates designated as "Discover Card Master Trust I, Series 2000 - 4
Floating Rate Class B Credit Card Pass-Through Certificates" (the "Class B
Certificates"). The Class A Certificates and the Class B Certificates are
collectively referred to herein as the Investor Certificates.

     The aggregate interest represented by the Class A Certificates at any time
in the assets of the Trust shall not exceed an amount equal to the Class A
Investor Interest at such time, plus accrued but unpaid Certificate Interest for
the Class A Certificates and any interest thereon. The Class Initial Investor
Interest of the Class A Certificates is $650,000,000. The Class A Invested
Amount on any Distribution Date will be an amount equal to the Class A Initial
Investor Interest minus the sum of (a) the aggregate amount of payments of
Certificate Principal paid to the Class A Certificateholders prior to such
Distribution Date, (b) the aggregate amount of Investor Losses for such Class
not reimbursed prior to such Distribution Date and (c) the aggregate amount of
losses of principal on investments in funds on deposit for the benefit of such
Class in the Series Principal Funding Account. In addition to the Investor
Certificates, a Seller Certificate has been issued pursuant to the Pooling and
Servicing Agreement which represents, at any time, the undivided interest in the
Trust not represented by the Investor Certificates or the investor certificates
of any other Series of investor certificates then outstanding. Subject to the
terms and conditions of the Pooling and Servicing Agreement, the Sellers may
from time to time direct the Trustee, on behalf of the Trust, to issue one or
more new Series of investor certificates, which will represent Fractional
Undivided Interests in the Trust.

                                      A-1-4

<PAGE>   69

     During the Revolving Period, which begins on the Series Cut-Off Date, and
during the Accumulation Period, Certificate Interest will be distributed on the
15th day of each calendar month with respect to interest accrued during the
preceding Interest Accrual Period, commencing in June 2000, or if such 15th day
is not a Business Day, on the next succeeding Business Day (an "Interest Payment
Date"), to the Class A Certificateholders of record as of the last day of the
month preceding the related Interest Payment Date. Principal on the Class A
Certificates is scheduled to be paid in a single payment on the Distribution
Date in May 2007 (the "Class A Expected Final Payment Date"), but may be paid
sooner or later and in installments if an Amortization Event occurs. During the
Amortization Period, if any, Certificate Interest and Certificate Principal
collected by the Master Servicer will be distributed to the Class A
Certificateholders on the Distribution Date of each calendar month, commencing
in the month following the commencement of the Amortization Period. In any
event, the final payment of principal of either class will be made no later than
the first Business Day following the Distribution Date in November 2009 (the
"Series Termination Date").

     The amount to be distributed on each Principal Payment Date to the holder
of this Class A Certificate will be equal to the product of (a) the percentage
equivalent of a fraction, the numerator of which is the portion of the Class A
Initial Investor Interest evidenced by this Class A Certificate and the
denominator of which is the Class A Initial Investor Interest and (b) the
aggregate of all payments to be made to the Class A Certificateholders on such
Distribution Date. Distributions with respect to this Class A Certificate will
be made by the Paying Agent by check mailed to the address of the Class A
Certificateholder of record appearing in the Certificate Register (except for
the final distribution in respect of this Class A Certificate) without the
presentation or surrender of this Class A Certificate or the making of any
notation thereon, except that with respect to Class A Certificates registered in
the name of Cede & Co., the nominee registrant for The Depository Trust Company,
distributions will be made in the form of immediately available funds.

     This Class A Certificate does not represent an obligation of, or an
interest in, the Master Servicer. This Class A Certificate is limited in right
of payment to certain Collections respecting the Receivables, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement
and the Series Supplement.

     The Pooling and Servicing Agreement permits, with certain exceptions, the
amendment and modification of the rights and obligations of the Master Servicer,
and the rights of Investor Certificateholders under the Pooling and Servicing
Agreement and Series Supplement, at any time by the Master Servicer, the Sellers
and the Trustee in certain cases (some of which require confirmation from the
Rating Agencies that such amendment will not result in the downgrading or
withdrawal of the rating assigned to the Investor Certificates) without the
consent of the Investor Certificateholders, and in all other cases with the
consent of the Investor Certificateholders owning Fractional Undivided Interests
aggregating not less than 66-2/3% of the Class Invested Amount of each such
affected Class (and with confirmation from the Rating Agencies that such
amendment will not result in the downgrading or withdrawal of the rating
assigned to the Investor Certificates); provided, however, that no such
amendment shall (a) have a material adverse effect on any Class of Investor
Certificateholders by reducing in any manner the amount of, or delaying the
timing of, distributions which are required to be made on any Investor
Certificate without the

                                      A-1-5
<PAGE>   70

consent of the affected Investor Certificateholders or (b) reduce the aforesaid
percentage required to consent to any such amendment, without the consent of
each Investor Certificateholder of each affected Class then of record. Any such
amendment and any such consent by the Class A Certificateholder shall be
conclusive and binding on such Class A Certificateholder and upon all future
Holders of this Class A Certificate and of any Class A Certificate issued in
exchange hereof or in lieu hereof whether or not notation thereof is made upon
this Class A Certificate.

     The transfer of this Class A Certificate shall be registered in the
Certificate Register upon surrender of this Investor Certificate for
registration of transfer at any office or agency maintained by the Transfer
Agent and Registrar accompanied by a written instrument of transfer in a form
satisfactory to the Trustee and the Transfer Agent and Registrar duly executed
by the Class A Certificateholder or such Class A Certificateholder's attorney
duly authorized in writing, and thereupon one or more new Class A Certificates
of authorized denominations and for the same aggregate Fractional Undivided
Interest will be issued to the designated transferee or transferees.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Class A Certificates are exchangeable for new
Class A Certificates evidencing like aggregate Fractional Undivided Interests,
as requested by the Class A Certificateholder surrendering such Class A
Certificates. No service charge may be imposed for any such exchange but the
Master Servicer or Transfer Agent and Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith.

     The Master Servicer, the Trustee, the Paying Agent and the Transfer Agent,
and any agent of any of them, may treat the person in whose name this Class A
Certificate is registered as the owner hereof for all purposes, and neither the
Master Servicer, the Trust nor the Trustee, the Paying Agent, the Transfer
Agent, nor any agent of any of them or any such agent shall be affected by
notice to the contrary except in certain circumstances described in the Pooling
and Servicing Agreement.

     Subject to certain conditions in the Pooling and Servicing Agreement and
the Series Supplement, if the principal of the Investor Certificates has not
been paid in full prior to the Series Termination Date, the obligations created
by the Pooling and Servicing Agreement and the Series Supplement with respect to
the Investor Certificates shall terminate on the Series Termination Date.

                                      A-1-6
<PAGE>   71

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

     This is one of the Class A Certificates referred to in the within mentioned
Pooling and Servicing Agreement and Series Supplement.

                                        U.S. BANK NATIONAL ASSOCIATION, as
                                        Trustee

                                        By:____________________________________
                                                    Authorized Officer

                                     A-1-7
<PAGE>   72

                                   EXHIBIT A-2

                           FORM OF CLASS B CERTIFICATE

                 [FORM OF THE FACE OF THE CLASS B CERTIFICATES]

     UNLESS THIS CLASS B CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CLASS B CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

NO.                                                             $

                                                      CUSIP NO. ________________

     THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES AND TO THE RIGHTS OF THE MASTER SERVICER AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT AND SERIES SUPPLEMENT REFERRED TO HEREIN.

                  DISCOVER CARD MASTER TRUST I, SERIES 2000 - 4
           FLOATING RATE CLASS B CREDIT CARD PASS-THROUGH CERTIFICATE

                             GREENWOOD TRUST COMPANY
                      MASTER SERVICER, SERVICER AND SELLER

(NOT AN INTEREST IN OR OBLIGATION OF GREENWOOD TRUST COMPANY AND NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.)

     THIS INVESTOR CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF ANY
EMPLOYEE BENEFIT PLAN (AS DEFINED BELOW).

     This certifies that Cede & Co. (the "Class B Certificateholder") is the
registered owner of a Fractional Undivided Interest in the Discover Card Master
Trust I (the "Trust"), the corpus of which consists of a portfolio of
receivables (the "Receivables") existing as of the Cut-Off Date (or, with
respect to Receivables in Additional Accounts, as of the applicable Additional
Account Cut-Off Date) or thereafter created under certain open end credit card
accounts for specified Persons (the "Accounts") originated by Greenwood Trust
Company, a Delaware banking

<PAGE>   73

corporation ("Greenwood"), or an affiliate of Greenwood, and transferred to the
Trust by Greenwood or one or more Additional Sellers, all monies due or to
become due with respect thereto, all proceeds (as defined in Section 9-306 of
the Uniform Commercial Code as in effect in the Applicable State) of such
Receivables pursuant to a Pooling and Servicing Agreement, dated as of October
1, 1993, by and between U.S. Bank National Association (formerly First Bank
National Association, successor trustee to Bank of America Illinois, formerly
Continental Bank, National Association) as Trustee (the "Trustee") and Greenwood
as Master Servicer, Servicer and Seller, as amended (the "Pooling and Servicing
Agreement"), a summary of certain of the pertinent provisions of which is set
forth herein below, and benefits under any Credit Enhancement with respect to
any Series of investor certificates issued from time to time pursuant to the
Pooling and Servicing Agreement, to the extent applicable. Reference is hereby
made to the further provisions of this Class B Certificate set forth on the
reverse hereof, and such further provisions shall for all purposes have the same
effect as if set forth at this place.

     This Class B Certificate shall not be entitled to any benefit under the
Pooling and Servicing Agreement or any amendment thereto, or the Series
Supplement, dated as of May 10, 2000 (the "Series Supplement"), by and between
the Trustee and Greenwood or any amendment thereto, or become vested or
obligatory for any purpose until the certificate of authentication hereon shall
have been signed by or on behalf of the Trustee under the Pooling and Servicing
Agreement.

                                     A-2-2
<PAGE>   74

     IN WITNESS WHEREOF, Greenwood has caused this Class B Certificate to be
duly executed and authenticated.

                                          GREENWOOD TRUST COMPANY

                                          By:____________________________

                                     A-2-3

<PAGE>   75

                [FORM OF THE REVERSE OF THE CLASS B CERTIFICATES]

     It is the intent of the Sellers and the Investor Certificateholders that,
for federal, state and local income and franchise tax purposes only, the
Investor Certificates will be evidence of indebtedness of the Sellers. The
Sellers and the Class B Certificateholder, by the acceptance of this Class B
Certificate, agree to treat this Class B Certificate for federal, state and
local income and franchise tax purposes as indebtedness of the Sellers secured
by the Receivables and other assets held in the Trust.

     To the extent not defined herein, the capitalized terms used herein have
the meanings assigned in the Pooling and Servicing Agreement or the Series
Supplement. This Class B Certificate is issued under and is subject to the
terms, provisions and conditions of the Pooling and Servicing Agreement and the
Series Supplement, to which Pooling and Servicing Agreement and Series
Supplement, as each may be amended from time to time, the Class B
Certificateholder by virtue of the acceptance hereof assents and by which the
Class B Certificateholder is bound.

     This Class B Certificate is one of a series of Certificates entitled
"Discover Card Master Trust I, Series 2000 - 4 Floating Rate Class B Credit Card
Pass-Through Certificates" (the "Class B Certificates"), each of which
represents a Fractional Undivided Interest in the Trust including the right to
receive the Collections and other amounts at the times and in the amounts
specified in the Pooling and Servicing Agreement and the Series Supplement to be
deposited in the Investor Accounts with respect to Discover Card Master Trust I,
Series 2000 - 4 or paid to the Class B Certificateholders. Also issued under the
Pooling and Servicing Agreement and the Series Supplement are Investor
Certificates designated as "Discover Card Master Trust I, Series 2000 - 4
Floating Rate Class A Credit Card Pass-Through Certificates" (the "Class A
Certificates"). The Class A Certificates and the Class B Certificates are
collectively referred to herein as the Investor Certificates.

     The aggregate interest represented by the Class B Certificates at any time
in the assets of the Trust shall not exceed an amount equal to the Class
Investor Interest of the Class B Certificates at such time, plus accrued but
unpaid Certificate Interest for the Class B Certificates and any interest
thereon. The Class B Certificateholders are also entitled to the benefit of the
Credit Enhancement, to the extent provided in the Series Supplement. The Class
Initial Investor Interest of the Class B Certificates is $34,211,000. The Class
B Invested Amount on any Distribution Date will be an amount equal to the Class
B Initial Investor Interest minus the sum of (a) the aggregate amount of
payments of Certificate Principal paid to the Class B Certificateholders prior
to such Distribution Date, (b) the aggregate amount of Investor Losses for such
Class not reimbursed prior to such Distribution Date and (c) the aggregate
amount of losses of principal on investments in funds on deposit for the benefit
of such Class in the Series Principal Funding Account. In addition to the
Investor Certificates, a Seller Certificate has been issued pursuant to the
Pooling and Servicing Agreement which represents, at any time, the undivided
interest in the Trust not represented by the Investor Certificates or the
investor certificates of any other Series of investor certificates then
outstanding. Subject to the terms and conditions of the Pooling and Servicing
Agreement, the Sellers may from time to time direct the

                                     A-2-4
<PAGE>   76

Trustee, on behalf of the Trust, to issue one or more new Series of investor
certificates, which will represent Fractional Undivided Interests in the Trust.

     During the Revolving Period, which begins on the Series Cut-Off Date, and
during the Accumulation Period, Certificate Interest will be distributed on the
15th day of each calendar month with respect to interest accrued during the
preceding Interest Accrual Period, commencing in June 2000, or if such 15th day
is not a Business Day, on the next succeeding Business Day, and on the Class B
Expected Final Payment Date (each, an "Interest Payment Date"), to the Class B
Certificateholders of record as of the last day of the month preceding the
related Interest Payment Date. Principal on the Class B Certificates is
scheduled to be paid in a single payment on the Distribution Date in June 2007
(the "Class B Expected Final Payment Date"), but may be paid sooner or later or
in installments under certain circumstances. During the Amortization Period, if
any, Certificate Interest and Certificate Principal collected by the Master
Servicer will be distributed to the Class B Certificateholders on the
Distribution Date of each calendar month, commencing in the month following the
commencement of the Amortization Period; provided, however, that no Certificate
Principal will be distributed to the Class B Certificateholders until the Class
A Investor Interest has been reduced to zero. The rights of the Class B
Certificateholders to receive the distributions to which they would otherwise be
entitled on the Receivables will be subordinated to the rights of the Class A
Certificateholders and the Master Servicer to the extent described in the
Pooling and Servicing Agreement and Series Supplement. In any event, the final
payment of principal of either Class will be made no later than the first
Business Day following the Distribution Date in November 2009 (the "Series
Termination Date").

     The amount to be distributed on each Distribution Date to the holder of
this Class B Certificate will be equal to the product of (a) the percentage
equivalent of a fraction, the numerator of which is the portion of the Class B
Initial Investor Interest evidenced by this Class B Certificate and the
denominator of which is the Class B Initial Investor Interest and (b) the
aggregate of all payments to be made to the Class B Certificateholders on such
Distribution Date. Distributions with respect to this Class B Certificate will
be made by the Paying Agent by check mailed to the address of the Class B
Certificateholder of record appearing in the Certificate Register (except for
the final distribution in respect of this Class B Certificate) without the
presentation or surrender of this Class B Certificate or the making of any
notation thereon, except that with respect to Class B Certificates registered in
the name of Cede & Co., the nominee registrant for The Depository Trust Company,
distributions will be made in the form of immediately available funds.

     This Class B Certificate does not represent an obligation of, or an
interest in, the Master Servicer. This Class B Certificate is limited in right
of payment to certain Collections respecting the Receivables, all as more
specifically set forth hereinabove and in the Pooling and Servicing Agreement
and the Series Supplement.

     The Pooling and Servicing Agreement permits, with certain exceptions, the
amendment and modification of the rights and obligations of the Master Servicer,
and the rights of Investor Certificateholders under the Pooling and Servicing
Agreement and Series Supplement, at any time by the Master Servicer, the Sellers
and the Trustee in certain cases (some of which require confirmation from the
Rating Agencies that such amendment will not result in the downgrading or

                                     A-2-5

<PAGE>   77

withdrawal of the rating assigned to the Investor Certificates) without the
consent of the Investor Certificateholders, and in all other cases with the
consent of the Investor Certificateholders owning Fractional Undivided Interests
aggregating not less than 66-2/3% of the Class Invested Amount of each such
affected Class (and with confirmation from the Rating Agencies that such
amendment will not result in the downgrading or withdrawal of the rating
assigned to the Investor Certificates); provided, however, that no such
amendment shall (a) have a material adverse effect on any Class of Investor
Certificateholders by reducing in any manner the amount of, or delaying the
timing of, distributions which are required to be made on any Investor
Certificate without the consent of the affected Investor Certificateholders or
(b) reduce the aforesaid percentage required to consent to any such amendment,
without the consent of each Investor Certificateholder of each affected Class
then of record. Any such amendment and any such consent by the Class B
Certificateholder shall be conclusive and binding on such Class B
Certificateholder and upon all future Holders of this Class B Certificate and of
any Class B Certificate issued in exchange hereof or in lieu hereof whether or
not notation thereof is made upon this Class B Certificate.

     The transfer of this Class B Certificate shall be registered in the
Certificate Register upon surrender of this Investor Certificate for
registration of transfer at any office or agency maintained by the Transfer
Agent and Registrar accompanied by a written instrument of transfer in a form
satisfactory to the Trustee and the Transfer Agent and Registrar duly executed
by the Class B Certificateholder or such Class B Certificateholder's attorney
duly authorized in writing, and thereupon one or more new Class B Certificates
of authorized denominations and for the same aggregate Fractional Undivided
Interest will be issued to the designated transferee or transferees.

     The transfer of this Investor Certificate is subject to certain
restrictions set forth in the Pooling and Servicing Agreement. In no event shall
this Investor Certificate, or any interest therein, be transferred to an
employee benefit plan, trust or account subject to the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and
not excepted under Section 4975(g). Any Holder of this Investor Certificate, by
its acceptance hereof, shall be deemed to represent and warrant that it is not
(i) an employee benefit plan (as defined in Section 3(3) of ERISA), that is
subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(l) of the
Code, and not excepted under Section 4975(g), or (iii) an entity using assets to
purchase such Certificates which constitute plan assets by reason of a plan's
investment in such Holder.

     As provided in the Pooling and Servicing Agreement and subject to certain
limitations therein set forth, Class B Certificates are exchangeable for new
Class B Certificates evidencing like aggregate Fractional Undivided Interests,
as requested by the Class B Certificateholder surrendering such Class B
Certificates. No service charge may be imposed for any such exchange but the
Master Servicer or Transfer Agent and Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith.

     The Master Servicer, the Trustee, the Paying Agent and the Transfer Agent,
and any agent of any of them, may treat the person in whose name this Class B
Certificate is registered as the owner hereof for all purposes, and neither the
Master Servicer, the Trust nor the Trustee, the Paying Agent, the Transfer
Agent, nor any agent of any of them or any such agent shall be

                                     A-2-6
<PAGE>   78

affected by notice to the contrary except in certain circumstances described in
the Pooling and Servicing Agreement.

     Subject to certain conditions in the Pooling and Servicing Agreement and
the Series Supplement, if the principal of the Investor Certificates has not
been paid in full prior to the Series Termination Date, the obligations created
by the Pooling and Servicing Agreement and the Series Supplement with respect to
the Investor Certificates shall terminate on the Series Termination Date.

                                     A-2-7

<PAGE>   79

                [FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION]

     This is one of the Class B Certificates referred to in the within mentioned
Pooling and Servicing Agreement and Series Supplement.

                                     U.S. BANK NATIONAL ASSOCIATION, as
                                     Trustee

                                     By:____________________________________
                                                Authorized Officer

                                     A-2-8
<PAGE>   80

                                    Exhibit B

             Form of Investor Certificateholders' Monthly Statement

                          Discover Card Master Trust I

                        Series 2000 - 4 Monthly Statement

Distribution Date:  __________ __, ____        Month Ending: __________ __, ____

Pursuant to the Series Supplement dated as of May 10, 2000 relating to the
Pooling and Servicing Agreement dated as of October 1, 1993 by and between
Greenwood Trust Company and U.S. Bank National Association (formerly First Bank
National Association, successor trustee to Bank of America Illinois, formerly
Continental Bank, National Association) as Trustee, as amended, the Trustee is
required to prepare certain information each month regarding current
distributions to investors and the performance of the Trust. We have set forth
below this information for the Distribution Date listed above, as well as for
the calendar month ended on the date listed above.

1.       Payments for the benefit of investors in Series 2000 - 4 on this
         Distribution Date (per $1,000 of Class Initial Investor Interest)

<TABLE>
<CAPTION>
                                                Total                    Interest                  Principal
         <S>                                <C>                        <C>                       <C>
         Series 2000 - 4
            Class A                         $____________              $____________             $____________

            Class B                         $____________              $____________             $____________
</TABLE>

2.       Principal Receivables at the end of [Month][Year]

<TABLE>
         <S>                                                                                     <C>
         (a)      Aggregate Investor Interest                                                    $____________

                  Seller Interest                                                                $____________

                  TOTAL MASTER TRUST                                                             $____________

         (b)      Group One Investor Interest                                                    $____________

         (c)      Series 2000 - 4 Series Investor Interest                                       $____________

         (d)      Class A Investor Interest                                                      $____________

                  Class B Investor Interest                                                      $____________
</TABLE>

3.       Allocation of Receivables collected during [Month][Year]

<TABLE>
<CAPTION>
                                                              Finance Charge      Principal         Yield      Additional
                                                               Collections       Collections     Collections     Funds
         <S>                                                  <C>               <C>                  <C>          <C>
         (a)      Allocation of Collections between
                  Investors and Seller

                  Aggregate Investor Allocation               $____________     $___________         N/A          N/A

                  Seller Allocation                           $____________     $___________         N/A          N/A

         (b)      Group One Allocation                        $____________     $___________         N/A          N/A

         (c)      Series 2000 - 4 Allocations                 $____________     $___________         N/A          N/A

         (d)      Class A Allocations                         $____________     $___________         N/A          N/A

                  Class B Allocations                         $____________     $___________         N/A          N/A

         (f)      Principal Collections as a monthly percentage of Master Trust Receivables
                  at the beginning of [Month][Year]                                                     ____________%

         (g)      Finance Charge Collections as an annualized percentage of Master Trust Receivables
                  at the beginning of [Month][Year]                                                     ____________%

         (h)      Total Collections as a monthly percentage of Master Trust Receivables
                  at the beginning of [Month][Year]                                                     ____________%
</TABLE>

                                       B-1

<PAGE>   81

4.       Information concerning the Series Principal Funding Accounts ("SPFA")

<TABLE>
<CAPTION>
                        Deposits into the SPFAs on     Deficit Amount on
                          this Distribution Date       this Distribution Date     SPFA Balance     Investment Income

         <S>                     <C>                   <C>                        <C>              <C>
         Series 2000 - 4         $________             $______                    $________        $_________
</TABLE>

5.       Information concerning amount of Controlled Liquidation Payments

<TABLE>
<CAPTION>
                                 Amount paid on this      Deficit Amount on this    Total Payments through this
                                  Distribution Date          Distribution Date           Distribution Date

         <S>                             <C>                        <C>                        <C>
         Series 2000 - 4

         Class A                         N/A                        N/A                        N/A

         Class B                         N/A                        N/A                        N/A
</TABLE>

6.       Information concerning the Series Interest Funding Accounts ("SIFA")

<TABLE>
<CAPTION>
                                                      Deposits into the SIFA
                                                      on this Distribution Date          SIFA Balance

         <S>                                          <C>                                <C>
         Series 2000 - 4                              N/A                                N/A
</TABLE>

7.       Pool Factors for [Month][Year]

<TABLE>
         <S>                                          <C>
         Class A                                      ____________%

         Class B                                      ____________%
</TABLE>

8.       Investor Charged-Off Amount

<TABLE>
<CAPTION>
                                                     This Distribution Date     Cumulative Investor
                                                                                Charged-Off Amount
         <S>                                         <C>                        <C>
         (a)      Group One                          $_________                 $_________

         (b)      Series 2000 - 4                    $_________                 $_________

         (c)      Class A                            $_________                 $_________

                  Class B                            $_________                 $_________

         (d)      As an annualized percentage of
                  Principal Receivables at the
                  beginning of [Month][Year]          _________%                    N/A
</TABLE>

9.       Investor Losses on this Distribution Date

<TABLE>
<CAPTION>
                                                     Total                      per $1,000 of original
                                                                                invested Principal
         <S>                                         <C>                        <C>
         (a)      Group One                          $_________                 $_________

         (b)      Series 2000 - 4                    $_________                 $_________

         (c)      Class A                            $_________                 $_________

                  Class B                            $_________                 $_________
</TABLE>

                                      B-2

<PAGE>   82

10.      Reimbursement of Investor Losses on this Distribution Date

<TABLE>
<CAPTION>
                                                     Total                      per $1,000 of original
                                                                                invested Principal
         <S>                                         <C>                        <C>
         (a)      Group  One                         $_________                 $_________

         (b)      Series 2000 - 4                    $_________                 $_________

         (c)      Class A                            $_________                 $_________

                  Class B                            $_________                 $_________
</TABLE>

11.      Aggregate amount of Unreimbursed Investor Losses

<TABLE>
<CAPTION>
                                                     Total                      per $1,000 of original
                                                                                invested Principal
         <S>                                         <C>                        <C>
         (a)      Group One                          $_________                 $_________

         (b)      Series 2000 - 4                    $_________                 $_________

         (c)      Class A                            $_________                 $_________

                  Class B                            $_________                 $_________
</TABLE>

12.      Investor Monthly Servicing Fee payable on this Distribution Date

<TABLE>
         <S>                                         <C>
         (a)      Group One                          $_________

         (b)      Series 2000 - 4                    $_________

         (c)      Class A                            $_________

                  Class B                            $_________
</TABLE>

13.      Class Available Subordinated Amount at the end of the Distribution Date

<TABLE>
<CAPTION>
                                                                                as a percentage of
                                                     Total                      Class A Invested Amount
         <S>                                         <C>                        <C>
         Series 2000 - 4, Class B                    $____________              ________ %
</TABLE>

14.      Total Available Credit Enhancement Amounts

<TABLE>
<CAPTION>
                                                     Shared Amount              Class B Amount
         <S>                                               <C>                  <C>
         (a)      Maximum Amount                           N/A                  $__________

         (b)      Available Amount                         N/A                  $__________

         (c)      Amount of drawings on Credit
                  Enhancement on this Distribution Date    N/A                  $__________

         (d)      Credit Enhancement Fee on this
                  Distribution Date                        N/A                  $__________
</TABLE>

15.      Delinquency Summary

<TABLE>
         <S>                                         <C>                        <C>
         Master Trust Receivables Outstanding at the end of [Month][Year]       $_________

                                                     Delinquent Amount          Percentage of ending
         Payment Status                              ending balance             Receivables outstanding

         30 - 59 days                                $__________________        __________%

         60 - 179 days                               $__________________        __________%
</TABLE>

                                      B-3
<PAGE>   83

16.      Excess Spread Percentages on this Distribution Date(1)

<TABLE>
         <S>                                         <C>
         (a)      Group One(2)                       __________%

         (b)      Series 2000 - 3(3)                 __________%
</TABLE>

17.      Net Charge-Offs on this Distribution Date

<TABLE>
         <S>                                                                    <C>
         Charges-offs net of recoveries as an annualized percentage of
         Principal Receivables at the beginning of [Month][Year](4)             __________%
</TABLE>

                                         U.S. BANK NATIONAL ASSOCIATION,
                                         as Trustee

                                         By:____________________________________

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

(1)      For series in Group One, investors should refer only to the higher of
         the Group Excess Spread Percentage (Item 16(a)) and the Series Excess
         Spread Percentage (Item 16(c)) in assessing the current performance of
         the Trust and the Receivables.

(2)      Group Excess Spread is the sum of the Series Excess Spreads (as
         described below) for each series in the Group. The Group Excess Spread
         Percentage is equal to the Group Excess Spread, multiplied by twelve,
         divided by the Series Investor Interests for each series in the Group.

(3)      Series Excess Spread is the difference between (a) the sum of Finance
         Charge Collections, Yield Collections, Additional Funds and Investment
         Income for any Class of this Series (see Item 3(e)), and (b) the sum of
         (i) the monthly interest for each Class of this Series (see Item 1),
         (ii) the monthly servicing fee for each Class of this Series (see Item
         12(d)), (iii) the Investor Charged-Off Amount (see Item 8(c)), and (iv)
         the Credit Enhancement Fee (see Item 14(d)), in each case for this
         Distribution Date. The Series Excess Spread Percentage is equal to the
         Series Excess Spread, multiplied by twelve, divided by the Series
         Investor Interest for this Series.

(4)      For purposes of allocations to investors, recoveries are treated as
         Finance Charge Collections and are included as such in Item 3 above.

                                      B-4

<PAGE>   84

                                    Exhibit C

                  Form of Master Servicer's Monthly Certificate

                  Discover Card Master Trust I, Series 2000 - 4

                                   CREDIT CARD

                            PASS-THROUGH CERTIFICATES

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

The undersigned, a duly authorized representative of Greenwood Trust Company
("Greenwood"), as Master Servicer pursuant to the Pooling and Servicing
Agreement dated as of October 1, 1993, as amended (the "Pooling and Servicing
Agreement"), and the Series Supplement, dated as of May 10, 2000 (the "Series
Supplement") by and between Greenwood and U.S. Bank National Association
(formerly First Bank National Association, successor trustee to Bank of America
Illinois, formerly Continental Bank, National Association) as Trustee, does
hereby certify as follows with respect to the Series Supplement for the Discover
Card Master Trust I, Series 2000 - 4 Certificates for the Distribution Date
occurring on _______________:

1.    Greenwood is Master Servicer under the Pooling and Servicing
      Agreement.

2.    The undersigned is a Servicing Officer of Greenwood as Master
      Servicer.

3     The aggregate amount of Collections processed during the related
      Due Period is equal to ........................................... $______

4.    The aggregate amount of Class A Principal Collections processed
      during the related Due Period is equal to ........................ $______

5.    The aggregate amount of Class A Finance Charge Collections
      processed during the related Due Period is equal to .............. $______

6a.   The aggregate amount of Class A Principal Collections
      recharacterized as Series Yield Collections during the related
      Due Period is equal to ........................................... $______

6b.   The aggregate amount of Class A Additional Funds for this
      Distribution Date is equal to .................................... $______

7.    The sum of all amounts payable to the Class A
      Certificate-holders on the current Distribution Date is equal to.. $______

8.    The aggregate amount of Class B Principal Collections processed
      during the related Due Period is equal to ........................ $______

                                 C-1
<PAGE>   85

9.    The aggregate amount of Class B Finance Charge Collections
      processed during the related Due Period is equal to .............. $______

10a.  The aggregate amount of Class B Principal Collections
      recharacterized as Series Yield Collections during the related
      Due Period is .................................................... $______

10b.  The aggregate amount of Class B Additional Funds for this
      Distribution Date is equal to .................................... $______

11.   The amount of drawings under the Credit Enhancement required to
      be made on the related Drawing Date pursuant to the Series
      Supplement:

      (a)   with respect to the Class B Required Amount Shortfall is
            equal to ................................................... $______

      (b)   with respect to the Class B Cumulative Investor
            Charged-Off Amount is equal to ............................. $______

      (c)   with respect to the Class B Investor Interest is equal to .. $______

12.   The sum of all amounts payable to the Class B
      Certificate-holders on the current Distribution Date is equal to . $______

13.   Attached hereto is a true copy of the statement required to be
      delivered by the Master Servicer on the date of this Certificate
      to the Trustee pursuant to Section 19 of the Series Supplement.

                                 C-2
<PAGE>   86

     IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this ____ day of ____________, ____.

                                                GREENWOOD TRUST COMPANY,
                                                  as Master Servicer

                                                By:_____________________________
                                                   Title:

                                      C-3

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