Document:

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                   DISTRIBUTION AND INDEMNIFICATION AGREEMENT

         THIS DISTRIBUTION AND INDEMNIFICATION AGREEMENT (this "AGREEMENT") is
made and entered into as of the ___ day of ____, _____, by and among PMC JOINT
VENTURE, L.P. _________, a Delaware limited partnership (the "PARTNERSHIP"), PMC
CAPITAL, INC., a Florida corporation ("PMC") and PMC COMMERCIAL TRUST, a Texas
real estate investment trust ("PMCT").

                                    RECITALS:

A.       Concurrently with the execution of this Agreement (i) the Partnership
         has entered into that certain Trust Indenture with _______________, an
         _____________, dated as of _____, _____ (the "INDENTURE"), pursuant to
         which the Partnership issued $_________ of its PMC Joint Venture, L.P.
         ______ Loan-Backed ___________ Notes (the "NOTES"), which are secured
         by, among other things, certain loans originated by and transferred to
         the Partnership by PMC and PMCT (the "LOANS"). All capitalized terms
         not other wise defined herein shall have the same meanings as ascribed
         to them in the Indenture;

B.       PMC Joint Venture ____________, a Delaware limited liability company
         the ("GENERAL PARTNER") is the general partner of the Partnership.
         Based solely upon the outstanding principal balance of the Loans that
         PMC transferred to the Partnership, PMC owns a _____________________
         percent (____%) equity ownership interest in the General Partner and a
         ___________________ (___%) limited partner interest in the Partnership.
         Based solely upon the outstanding principal balance of the Loans that
         PMCT transferred to the Partnership, PMCT owns a _____________________
         percent (____%) equity ownership interest in the General Partner and a
         ___________________ (___%) limited partner interest in the Partnership;

C.       PMC, PMCT and the Partnership have entered into the transactions
         contemplated by the Indenture pursuant to an Exemptive Order granted to
         the parties by the Securities and Exchange Commission dated effective
         November 21, 2000 (the "EXEMPTIVE ORDER");

D.       The Exemptive Order requires that PMC and PMCT comply with certain
         conditions in connection with any such joint securitization transaction
         to assure that the consideration to be received by PMC is fair and
         reasonable and would not involve overreaching of PMC or its
         shareholders on the part of any person concerned; and

E.       To comply with these conditions and to further induce PMC and PMCT to
         enter into the joint securitization transaction, the parties hereto
         have agreed to certain distribution allocations and indemnities as set
         forth herein.

         NOW, THEREFORE, for and in consideration of the foregoing recitals and
the promises, mutual covenants and agreements set forth herein, and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

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         1. Distributions. The relative ownership interests of PMC and PMCT in
the Partnership and the General Partner and the initial amount of net proceeds
that each one received in respect of the Loans that it transferred to the
Partnership was based on the aggregate outstanding principal balance of the
Loans each party transferred to the Partnership, without regard to the different
interest rates on such Loans. Partnership distributions will continue to be made
pursuant to the relative partnership interests of PMC and PMCT; provided,
however, pursuant to the conditions set forth in the Exemptive Order, and to
ensure that each of PMC and PMCT benefits from the value of the Loans it
transferred to the Partnership, notwithstanding anything to the contrary
contained in the Partnership's Agreement of Limited Partnership (the
"PARTNERSHIP AGREEMENT"), the parties hereto hereby agree that all subsequent
distributions to be made to PMC and PMCT will be allocated proportionately
(after giving effect to any allocation adjustments that are necessary to
proportionately allocate the distributions during any period when the amount on
deposit in the Spread Account is less than the Specified Spread Account
Requirement) between PMC and PMCT based upon the relationship that the amount of
the funds then available for distribution to PMC and PMCT that is attributable
to the Loans (including interest earned thereon) that were transferred to the
Partnership by each such party bears to the total amount of funds then available
for distribution to PMC and PMCT pursuant to the terms of the Indenture. In the
event that on any distribution date, either PMC or PMCT does not receive the
full amount of the distribution to which it would otherwise be entitled to
receive as a result of the non-performance or losses caused by or attributable
to the Loans transferred to the Partnership by the other party, the party whose
Loans caused PMC or PMCT, as the case may be, not to receive its full
distribution amount shall promptly reimburse the other party in the full amount
of the deficiency.

         2. Mutual Indemnification. Each of PMC and PMCT hereby covenants and
agrees, at its sole cost and expense, to indemnify, protect, hold harmless and
defend the other from and against any and all claims, demands, damages, losses,
liabilities, obligations, penalties, fines, actions, causes of action,
judgments, suits, proceedings, costs, disbursements and expenses (including,
without limitation, reasonable attorneys' fees and expenses) (collectively
"LOSSES"), which may at any time be imposed upon, incurred, or suffered by, or
asserted or awarded against, PMC or PMCT, as the case may be, and directly or
indirectly relating to or arising from (i) a default by such party under the
Indenture or the other Transaction Documents (as defined in the Indenture) after
the date hereof, and (ii) any Loss suffered by the other party including,
without limitation, a Loss to the value of the other party's residual interest
in the Loans it transferred to the Partnership or any Loss resulting from an
increase in the reserve requirements under the Indenture occurring as a result
of the non-performance of the Loans transferred to the Partnership by such
party. The amount of any such indemnification to be paid or received by PMC or
PMCT, as the case may be, pursuant to this Paragraph 2 must be approved by such
person's board of directors or board of trust managers, as the case may be.

         3. Compliance with Exemptive Order. Subject to all applicable laws
(including, without limitation, all fiduciary duties), each of PMCT and PMC
hereby agrees that, at any time and from time to time after the date hereof, it
shall, and without further consideration, perform such other and further acts,
and execute, acknowledge and deliver, or cause to be acknowledged and delivered,
such further instruments, documents and assurances as may reasonably be
necessary for the purpose of complying with the Exemptive Order and the
applicable requirements of the Securities and Exchange Commission.

                                       2
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4. Miscellaneous.

         (a) The covenants, agreements, indemnities, terms and conditions
contained in this Agreement shall extend to and be binding upon the parties
hereto, their respective successors and assigns, and shall inure to the benefit
of, and may be enforced by the parties hereto, or any of them, and their
respective successors and assigns. The reimbursement and indemnification
provisions contained herein shall survive the repayment of the Notes.

         (b) Each of PMC and PMCT represents and warrants to the other that it
has the full right, power and authority to enter into and perform its
obligations under this Agreement, all without the consent or approval of any
natural person, trust, corporation, partnership, joint venture, limited
liability company or other entity.

         (c) No provision of this Agreement may be changed, waived, discharged
or terminated by any means other than an instrument in writing signed by the
party against whom the enforcement of the change, waiver, discharge or
termination is sought.

         (d) Every provision of this Agreement is intended to be severable. If
any provision hereof or the application of any provision hereof to any party or
circumstance is declared to be illegal, invalid or unenforceable for any reason
whatsoever by a court of competent jurisdiction, such invalidity shall not
affect the balance of the terms and provisions hereof or the application of the
provision in question to any other party or circumstance, all of which shall
continue in full force and effect.

         (e) The indemnifying party shall reimburse the indemnified party for
all reasonable attorneys fees and expenses incurred in connection with the
enforcement of the indemnified party's rights under this Agreement, including
those incurred in any case, action, proceed or claim under the Federal
Bankruptcy Code or any successor statute.

         (f) No failure or delay on the part of the indemnified party to
exercise any right, power or privilege under this Agreement shall operate as a
waiver thereof.

         (g) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF TEXAS IN EXISTENCE AT THE TIME OF THE EXECUTION OF
THIS AGREEMENT, OR AS THEREAFTER MODIFIED, AMENDED OR RECODIFIED.

         (h) Time is of the essence as to all of the obligations of an
indemnitor under this Agreement.

         (i) PMC represents and warrants that it will directly or indirectly
benefit from the transactions contemplated by the Indenture, and that its
entering into this Agreement is in its best interest. PMCT represents and
warrants that it will directly or indirectly benefit from the transactions
contemplated by the Indenture, and that its entering into this Agreement is in
its best interest.

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         (j) The Partnership is a party to this Agreement solely to the extent
necessary to further define the rights of PMC and PMCT to receive distributions
from the Partnership. This Agreement does not and is not intended to create any
additional liabilities or obligations in respect of the Partnership.

         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as of the date and year first above written.

                                       THE PARTNERSHIP:

                                       PMC JOINT VENTURE, L.P. _______,
                                       a Delaware limited partnership

                                       By:  PMC Joint Venture LLC _______,
                                            a Delaware limited liability company
                                       Its: General Partner

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

                                       PMC:

                                       PMC CAPITAL, INC.,
                                       a Florida corporation

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

                                       PMCT:

                                       PMC COMMERCIAL TRUST,
                                       a Texas real estate investment trust

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

                                       4<PAGE>
                                                                  EXHIBIT 4.7(c)

         AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of
February 20, 2002 by and among METRIS COMPANIES INC., a corporation duly
organized and existing under the laws of the State of Minnesota (the "Company"),
THE BANK OF NEW YORK, a banking corporation duly organized and existing under
the laws of the State of New York ("Prior Trustee") and US BANK NATIONAL
ASSOCIATION, a national banking association duly organized and existing under
the laws of the United States of America ("Successor Trustee").

                                    RECITALS:

         WHEREAS, the Company and Prior Trustee entered into a Trust Indenture
and the First Supplemental Indenture each dated as of July 13, 1999 and the
Second Supplemental Indenture dated as of January 2, 2001 (collectively, the
"Indenture");

         WHEREAS, the Senior Notes (as such term is defined in the Indenture)
were originally authorized and issued under the Indenture;

         WHEREAS, Section 7.08 of the Indenture provides that the Trustee may at
any time resign by giving written notice of such resignation to the Company with
such resignation to become effective upon the acceptance by a successor Trustee
of its appointment as a successor Trustee;

         WHEREAS, Section 7.08 of the Indenture provides that if the Trustee
shall resign, the Company shall appoint a successor Trustee;

         WHEREAS, Section 7.08 of the Indenture provides that any successor
Trustee appointed in accordance with the Indenture shall execute, acknowledge
and deliver to the Company and to its predecessor Trustee an instrument
accepting such appointment under the Indenture, and thereupon the resignation of
the predecessor Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all
rights, powers, duties and obligations of the predecessor Trustee;

         WHEREAS, the Company desires to appoint Successor Trustee as Trustee,
Paying Agent and Registrar to succeed Prior Trustee in such capacities under the
Indenture; and

         WHEREAS, Successor Trustee is willing to accept such appointment as
Successor Trustee, Paying Agent and Registrar under the Indenture;

         NOW, THEREFORE, the Company, Prior Trustee and Successor Trustee, for
and in consideration of the premises of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, hereby consent and
agree as follows:

                                    ARTICLE I

                                THE PRIOR TRUSTEE

         SECTION 1.01 Prior Trustee hereby resigns as Trustee under the
Indenture.

         SECTION 1.02 Prior Trustee hereby assigns, transfers, delivers and
confirms to Successor Trustee all right, title and interest of Prior Trustee in
and to the trusts of the Trustee under the Indenture and all the rights, powers
and trusts of the Trustee under the Indenture. Prior Trustee shall execute and

                                        1

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deliver such further instruments and shall do such other things as Successor
Trustee may reasonably require so as to more fully and certainly vest and
confirm in Successor Trustee all the rights, powers and trust hereby assigned,
transferred, delivered and confirmed to Successor Trustee as Trustee, Paying
Agent and Registrar.

         SECTION 1.03 Resigning Trustee hereby represents and warrants to
Successor Trustee that:

(a) No covenant or condition contained in the Indenture has been waived by
Resigning Trustee or, to the best of the knowledge of the Responsible Officers
of Resigning Trustee's Corporate Trust Group, by the Holders of the percentage
in aggregate principal amount of the Bonds required by the Indenture to effect
any such waiver.

(b) There is no action, suit or proceeding pending or, to the best of the
knowledge of the Responsible Officers assigned to Resigning Trustee's Corporate
Trust Group, threatened against Resigning Trustee before any court or any
governmental authority arising out of any action or omission by Resigning
Trustee as Trustee under the Indenture.

(c) As of the effective date of this Agreement, Resigning Trustee will hold no
property under the Indenture.

(d) Pursuant to the Indenture, Resigning Trustee duly authenticated and
delivered, on July 13, 1999 aggregate principal amount of the Senior Notes,
$150,000,000 of which are outstanding as of the effective date hereof.

(e) Each person who so authenticated the Senior Notes was duly elected,
qualified and acting as an officer of Resigning Trustee and empowered to
authenticate the Senior Notes at the respective times of such authentication and
the signature of such person or persons appearing on such Senior Notes is each
such person's genuine signature.

(f) This Agreement has been duly authorized, executed and delivered on behalf of
Resigning Trustee and constitutes its legal, valid and binding obligation.

(g) To the best of the knowledge of the responsible Officers of the Resigning
Trustee's Corporate Trust Group, no event has occurred and is continuing which
is, or after notice or lapse of time would become, an Event of Default under
Section 6.01 of the Indenture or the First and Second Supplemental Indentures.

                                   ARTICLE II

                                   THE COMPANY

         SECTION 2.01 The Company hereby accepts the resignation of Prior
Trustee as Trustee, Paying Agent and Registrar under the Indenture.

         SECTION 2.02 All conditions relating to the appointment of US BANK
NATIONAL ASSOCIATION as Successor Trustee, Paying Agent and Registrar under the
Indenture have been met by the Company, and the Company hereby appoints
Successor Trustee as Trustee, Paying Agent and Registrar under the Indenture
with like effect as if originally named as Trustee, Paying Agent and Registrar
in the Indenture.

                                       2

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         SECTION 2.03 The Company hereby represents and warrants to Prior and
Successor Trustee that:

(a) The Indenture was validly and lawfully executed and delivered by the Company
and the Senior Notes were validly issued by the Company.

(b) The Company has performed or fulfilled prior to the date hereof, and will
continue to perform and fulfill after the date hereof, each covenant, agreement,
condition, obligation and responsibility under the Indenture.

(c) No event has occurred and is continuing which is, or after notice or lapse
of time would become, an Event of Default under Section 6.01 of the Indenture.

(d) No covenant or condition contained in the Indenture has been waived by
Company or, to the best of Company's knowledge, by the Holders of the percentage
in aggregate principal amount of the Senior Notes. required to effect any such
waiver.

(e) There is no action, suite or proceeding pending or, to the best of Company's
knowledge, threatened against the Company before any court or any governmental
authority arising out of any action or omission by Company under the Indenture.

(f) This Agreement has been duly authorized, executed and delivered on behalf of
Company and constitutes its legal, valid and binding obligation.

(g) All conditions precedent relating to the appointment of US Bank National
Association as Trustee under the Indenture has been complied with by the
Company.

                                   ARTICLE III

                              THE SUCCESSOR TRUSTEE

         SECTION 3.01 Successor Trustee hereby represents and warrants to Prior
Trustee and to the Company that Successor Trustee is not disqualified to act as
Trustee under the Indenture.

         SECTION 3.02 Successor Trustee hereby accepts its appointment as
Successor Trustee, Paying Agent and Registrar under the Indenture and accepts
the rights, powers, duties and obligations of Prior Trustee as Trustee, Paying
Agent and Registrar under the Indenture, upon the terms and conditions set forth
therein, with like effect as if originally named as Trustee, Paying Agent and
Registrar under the Indenture.

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01 This Agreement and the resignation, appointment and
acceptance effected hereby shall be effective as of the opening of business on
February 20, 2002.

         SECTION 4.02 This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
conflicts of laws principles thereof.

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         SECTION 4.03 This Agreement may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Resignation
Appointment and Acceptance to be duly executed and acknowledged all as of the
day and year first above written.

                                       METRIS COMPANIES INC.
                                                as Company

                                       By: /s/ Ralph A. Than
                                           ------------------------------------
                                       Name:    Ralph A. Than
                                       Title:  Senior Vice President, Treasurer

                                       THE BANK OF NEW YORK
                                                as Prior Trustee

                                       By:  /s/ Mary LaGumina
                                           ------------------------------------
                                       Name:  Mary LaGumina
                                       Title: Vice President

                                       US BANK NATIONAL ASSOCIATION
                                                as Successor Trustee

                                       By:  /s/ Shannon M. Rantz
                                           ------------------------------------
                                       Name: Shannon M. Rantz
                                       Title: Assistant Vice President

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