Document:

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                                                                     Exhibit 4.2

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                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

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                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                     Issuer

                                       and

                              THE BANK OF NEW YORK

                                Indenture Trustee

                                     FORM OF
                       SERIES 2000-_ INDENTURE SUPPLEMENT

                           Dated as of _____ __, 2000

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                                TABLE OF CONTENTS

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                                                           ARTICLE I

                                                CREATION OF THE SERIES 2000-_ NOTES

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

                                                           ARTICLE II

                                                           DEFINITIONS

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

                                                           ARTICLE III

                                                   SERVICING FEE AND INTERCHANGE

         Section 3.01.     Servicing Compensation; Interchange..................................................15

                                                           ARTICLE IV

                       RIGHTS OF SERIES 2000-_ NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

         Section 4.01.     Collections and Allocations..........................................................16

         Section 4.02.     Determination of Monthly Interest....................................................18

         Section 4.03.     Determination of Monthly Principal...................................................19

         Section 4.04.     Application of Available Finance Charge Collections and Available Principal
                           Collections..........................................................................19

         Section 4.05.     Investor Charge-Offs.................................................................22

         Section 4.06.     Reallocated Principal Collections....................................................22

         Section 4.07.     Excess Finance Charge Collections....................................................22

         Section 4.08.     Shared Principal Collections and Shared Transferor Principal Collections.............23

         Section 4.09.     Principal Funding Account............................................................23

         Section 4.10.     Reserve Account......................................................................25

         Section 4.11.     Spread Account.......................................................................27

         Section 4.12.     [Determination of LIBOR].............................................................29

         Section 4.13.     Investment Instructions..............................................................30

                                                           ARTICLE V

                   DELIVERY OF SERIES 2000-_ NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2000-_ NOTEHOLDERS

         Section 5.01.     Delivery and Payment for the Series 2000-_ Notes.....................................31

         Section 5.02.     Distributions........................................................................31

         Section 5.03.     Reports and Statements to Series 2000-_ Noteholders..................................32
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                               TABLE OF CONTENTS
                                  (CONTINUED)

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                                                            ARTICLE VI

                                                    SERIES 2000-_ PAY OUT EVENTS

         Section 6.01.     Series 2000-_ Pay Out Events.........................................................33

                                                            ARTICLE VII

                              REDEMPTION OF SERIES 2000-_ NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

         Section 7.01.     Optional Redemption of Series 2000-_ Notes; Final Distributions......................35

         Section 7.02.     Series Termination...................................................................36

                                                            ARTICLE VIII

                                                      MISCELLANEOUS PROVISIONS

         Section 8.01.     Ratification of Indenture............................................................37

         Section 8.02.     Form of Delivery of the Series 2000-_ Notes..........................................37

         Section 8.03.     Counterparts.........................................................................37

         Section 8.04.     GOVERNING LAW........................................................................37

         Section 8.05.     Limitation of Liability..............................................................37
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                                    EXHIBITS

EXHIBIT A-1           FORM OF CLASS A NOTE

EXHIBIT A-2           FORM OF CLASS B NOTE

EXHIBIT A-3           FORM OF CLASS C NOTE

EXHIBIT B             FORM OF MONTHLY PAYMENT INSTRUCTIONS AND NOTIFICATION TO
                      THE INDENTURE TRUSTEE

EXHIBIT C             FORM OF MONTHLY STATEMENT

EXHIBIT D             FORM OF MONTHLY SERVICER'S CERTIFICATE

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                  SERIES 2000-_ INDENTURE SUPPLEMENT, dated as of ______ __,
2000 (the "INDENTURE SUPPLEMENT"), between ASSOCIATES CREDIT CARD MASTER NOTE
TRUST, a business trust organized and existing under the laws of the State of
Delaware (herein, the "ISSUER" or the "TRUST"), and THE BANK OF NEW YORK, a
banking corporation organized and existing under the laws of the State of New
York, not in its individual capacity, but solely as indenture trustee (herein,
together with its successors in the trusts thereunder as provided in the Master
Indenture referred to below, the "INDENTURE TRUSTEE") under the Master
Indenture, dated as of April 1, 2000 (the "INDENTURE") between the Issuer and
the Indenture Trustee (the Indenture, together with this Indenture Supplement,
the "AGREEMENT").

                  Pursuant to Section 2.12 of the Indenture, the Transferor may
direct the Issuer to issue one or more Series of Notes. The Principal Terms of
this Series are set forth in this Indenture Supplement to the Indenture.

                                   ARTICLE I

                       Creation of the Series 2000-_ Notes

         Section 1.01. Designation

                  (a) There is hereby created and designated a Series of Notes
to be issued pursuant to the Indenture and this Indenture Supplement to be known
as "ASSOCIATES CREDIT CARD MASTER NOTE TRUST, SERIES 2000-_" or the "SERIES
2000-_ NOTES." The Series 2000-_ Notes shall be issued in three Classes, the
first of which shall be known as the "CLASS A SERIES 2000-_ FLOATING RATE ASSET
BACKED NOTES," the second of which shall be known as the "CLASS B SERIES 2000-_
FLOATING RATE ASSET BACKED NOTES," and the third of which shall be known as the
"CLASS C SERIES 2000-_ FLOATING RATE ASSET BACKED NOTES." The Series 2000-_
Notes shall be due and payable on the Series 2000-_ Final Maturity Date.

                  (b) Series 2000-_ shall be included in Group One and shall be
a Principal Sharing Series with respect to Group One only. Series 2000-_ shall
be an Excess Allocation Series with respect to Group One only. Series 2000-_
shall be entitled to share Shared Transferor Principal Collections. Series
2000-_ shall not be subordinated to any other Series.

                  (c) In the event that any term or provision contained herein
shall conflict with or be inconsistent with any term or provision contained in
the Indenture, the terms and provisions of this Indenture Supplement shall be
controlling. All capitalized terms not otherwise defined herein are defined in
the Indenture, the Transfer and Servicing Agreement or the Trust Agreement. Each
capitalized term defined herein shall relate only to the Series 2000-_ Notes and
no other Series of Notes issued by the Issuer.

                               [END OF ARTICLE I]

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                                   ARTICLE II

                                   Definitions

         Section 2.01. Definitions.

                  (a) Whenever used in this Indenture Supplement, the following
words and phrases shall have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms
and the masculine as well as the feminine and neuter genders of such terms.

                  "Accumulation Period Factor" shall mean, with respect to any
Monthly Period, a fraction, the numerator of which is equal to the sum of the
initial invested amounts of all outstanding Series, and the denominator of which
is equal to the sum of (a) the Initial Invested Amount, (b) the initial invested
amounts of all outstanding Series (other than Series 2000-_) which are not
expected to be in their revolving periods, and (c) the initial invested amounts
of all other outstanding Series which are not allocating Shared Principal
Collections to other Series and are in their revolving periods; provided,
however, that this definition may be changed at any time if the Rating Agency
Condition is satisfied.

                  "Accumulation Period Length" shall have the meaning assigned
such term in subsection 4.04(e).

                  "Accumulation Shortfall" shall initially mean zero and shall
thereafter mean, with respect to any Monthly Period during the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount for
the previous Monthly Period over the amount deposited into the Principal Funding
Account pursuant to subsection 4.04(c)(i) for the previous Monthly Period.

                  "Additional Interest" shall mean, with respect to any
Distribution Date, Class A Additional Interest, Class B Additional Interest and
Class C Additional Interest for such Distribution Date.

                  "Adjusted Invested Amount" shall mean, as of any date of
determination, an amount equal to the Invested Amount as of such date, minus the
amount on deposit in the Principal Funding Account on such date.

                  "Available Finance Charge Collections" shall mean, with
respect to any Monthly Period, an amount equal to the sum of (a) the Investor
Finance Charge Collections for such Monthly Period, plus (b) the Excess Finance
Charge Collections allocated to Series 2000-_ for such Monthly Period, plus (c)
Principal Funding Investment Proceeds, if any, with respect to the related
Distribution Date, plus (d) amounts, if any, to be withdrawn from the Reserve
Account which will be deposited into the Collection Account on the related
Distribution Date to be treated as Available Finance Charge Collections pursuant
to subsection 4.10(d).

                  "Available Principal Collections" shall mean, with respect to
any Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period

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which pursuant to Section 4.06 are required to be applied on the related
Distribution Date, plus (c) any Shared Principal Collections with respect to
other Principal Sharing Series in Group One (including any amounts on deposit in
the Special Funding Account that are allocated to Series 2000-_ pursuant to the
Agreement for application as Shared Principal Collections), and any Shared
Transferor Principal Collections that are allocated to Series 2000-_ in
accordance with Section 8.05 of the Indenture and Section 4.08 hereof, plus (d)
the aggregate amount to be treated as Available Principal Collections pursuant
to subsections 4.04(a)(v) and (vi) for the related Distribution Date.

                  "Available Reserve Account Amount" shall mean, with respect to
any Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Account on such date (after taking into account any interest and earnings
retained in the Reserve Account pursuant to subsection 4.10(b) on such date, but
before giving effect to any deposit made or to be made pursuant to subsection
4.04(a)(vii) to the Reserve Account on such date) and (b) the Required Reserve
Account Amount.

                  "Available Spread Account Amount" shall mean, with respect to
any Distribution Date, an amount equal to the lesser of (a) the amount on
deposit in the Spread Account (exclusive of Investment Earnings, unless and
until the occurrence of an Event of Default with respect to Series 2000-_ and
acceleration of the maturity of the Series 2000-_ Notes pursuant to Section 5.03
of the Indenture) on such date (before giving effect to any deposit to, or
withdrawal from, the Spread Account made or to be made with respect to such
date) and (b) the Required Spread Account Amount for such Distribution Date.

                  "Base Rate" shall mean, with respect to any Monthly Period,
the annualized percentage equivalent of a fraction, the numerator of which is
equal to the sum of the Monthly Interest and the Monthly Servicing Fee, each
with respect to the related Distribution Date, and the denominator of which is
the Note Principal Balance as of the first day of such Monthly Period.

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

                  "Class A Interest Shortfall" shall have the meaning specified
in subsection 4.02(a).

                  "Class A Monthly Interest" shall have the meaning specified in
subsection 4.02(a).

                  "Class A Note Initial Principal Balance" shall mean
$___________.

                  "Class A Note Interest Rate" shall mean a per annum rate of
____% [in excess of LIBOR as determined (i) on _____ __, 2000, for the period
from and including the Closing Date through and including _____ __, 2000 and
(ii) on the related LIBOR Determination Date with respect to each Interest
Period thereafter].

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                  "Class A Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
A Noteholders on or prior to such date.

                  "Class A Noteholder" shall mean the Person in whose name a
Class A Note is registered in the Note Register.

                  "Class A Notes" shall mean any one of the Notes executed by
the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of EXHIBIT A-1.

                  "Class A Required Amount" shall mean, with respect to any
Distribution Date, an amount equal to the excess of the amount described in
subsection 4.04(a)(i) over the Available Finance Charge Collections applied to
pay such amount pursuant to subsection 4.04(a).

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

                  "Class B Interest Shortfall" shall have the meaning specified
in subsection 4.02(b).

                  "Class B Monthly Interest" shall have the meaning specified in
subsection 4.02(b).

                  "Class B Note Initial Principal Balance" shall mean
$___________.

                  "Class B Note Interest Rate" shall mean a per annum rate of
____% [in excess of LIBOR as determined (i) on _____ __, 2000, for the period
from and including the Closing Date through and including _____ __, 2000 and
(ii) on the related LIBOR Determination Date with respect to each Interest
Period thereafter].

                  "Class B Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class B Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
B Noteholders on or prior to such date.

                  "Class B Noteholder" shall mean the Person in whose name a
Class B Note is registered in the Note Register.

                  "Class B Notes" shall mean any one of the Notes executed by
the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of EXHIBIT A-2.

                  "Class B Required Amount" shall mean, with respect to any
Distribution Date, an amount equal to the excess of the amount described in
subsection 4.04(a)(ii) over the Available Finance Charge Collections applied to
pay such amount pursuant to subsection 4.04(a).

                  "Class C Additional Interest" shall have the meaning specified
in subsection 4.02(c).

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

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                  "Class C Monthly Interest" shall have the meaning specified in
subsection 4.02(c).

                  "Class C Note Initial Principal Balance" shall mean
$___________.

                  "Class C Note Interest Rate" shall mean a per annum rate of
____% [in excess of LIBOR as determined (i) on _____ __, 2000, for the period
from and including the Closing Date through and including _____ __, 2000 and
(ii) on the related LIBOR Determination Date with respect to each Interest
Period thereafter].

                  "Class C Note Principal Balance" shall mean, on any date of
determination, an amount equal to (a) the Class C Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
C Noteholders on or prior to such date.

                  "Class C Noteholder" shall mean the Person in whose name a
Class C Note is registered in the Note Register.

                  "Class C Notes" shall mean any one of the Notes executed by
the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of EXHIBIT A-3.

                  "Closing Date" shall mean [_____ __], 2000.

                  "Controlled Accumulation Amount" shall mean, for any
Distribution Date with respect to the Controlled Accumulation Period,
$[___________]; provided, however, that if the Accumulation Period Length is
determined to be less than twelve (12) months pursuant to subsection 4.04(e),
the Controlled Accumulation Amount for each Distribution Date with respect to
the Controlled Accumulation Period will be equal to (i) the product of (x) the
Initial Invested Amount and (y) the Accumulation Period Factor for such Monthly
Period divided by (ii) the Required Accumulation Factor Number.

                  "Controlled Accumulation Period" shall mean, unless a Pay Out
Event shall have occurred prior thereto, the period commencing at the close of
business on [_____ __, 20__] or such later date as is determined in accordance
with subsection 4.04(e), and ending on the first to occur of (a) the
commencement of the Early Amortization Period, (b) the payment in full of the
Note Principal Balance and (c) the Series 2000-_ Final Maturity Date.

                  "Controlled Deposit Amount" shall mean, for any Distribution
Date with respect to the Controlled Accumulation Period, an amount equal to the
sum of the Controlled Accumulation Amount for such Distribution Date and any
existing Accumulation Shortfall.

                  "Covered Amount" shall mean an amount, determined as of each
Distribution Date with respect to any Interest Period, equal to the sum of (a)
the product of (i) [a fraction, the numerator of which is the actual number of
days in such Interest Period and the denominator of which is 360], times (ii)
the Class A Note Interest Rate [in effect with respect to such Interest Period],
times (iii) the aggregate amount on deposit in the Principal Funding Account up
to the Class A Note Principal Balance as of the Record Date preceding such
Distribution Date, plus (b) the product of (i) [a fraction, the numerator of
which is the actual number of days in such Interest Period and the denominator
of which is 360], times (ii) the Class B Note Interest Rate in effect

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with respect to such Interest Period], times (iii) the aggregate amount on
deposit in the Principal Funding Account in excess of the Class A Note Principal
Balance as of the Record Date preceding such Distribution Date.

                  "Distribution Date" shall mean [_____ __], 2000 and the
seventeenth day of each calendar month thereafter, or if such seventeenth day is
not a Business Day, the next succeeding Business Day.

                  "Early Amortization Period" shall mean the period commencing
on the Business Day immediately preceding the day on which a Pay Out Event with
respect to Series 2000-_ is deemed to have occurred, and ending on the first to
occur of (i) the payment in full of the Note Principal Balance and (ii) the
Series 2000-_ Final Maturity Date.

                  "Excess Spread Percentage" shall mean, with respect to any
Monthly Period, the amount, if any, by which the Portfolio Yield exceeds the
Base Rate.

                  "Expected Final Principal Payment Date" shall mean the [____
20__] Distribution Date.

                  "Finance Charge Shortfall" shall have the meaning specified in
Section 4.07.

                  "Fixed Investor Percentage" shall mean, with respect to any
Monthly Period, the percentage equivalent (which percentage shall never exceed
100%) of a fraction, (a) the numerator of which is the Invested Amount as of the
close of business on the last day of the Revolving Period and (b) the
denominator of which is the greater of (i) the sum of (A) the total amount of
Principal Receivables in the Trust as of the close of business on the last day
of the immediately preceding Monthly Period (or with respect to the first
Monthly Period, the total amount of Principal Receivables in the Trust as of the
Closing Date) and (B) the principal amount on deposit in the Special Funding
Account as of the close of business on such last day (or with respect to the
first Monthly Period, the Closing Date) and (ii) the sum of the numerators used
to calculate the investor percentages for allocations with respect to Principal
Receivables for all Series outstanding as of the date as to which such
determination is being made; provided, however, that if after the commencement
of the Controlled Accumulation Period or the Early Amortization Period a Pay Out
Event occurs with respect to another Series that was designated in the Indenture
Supplement therefor as a Series that is a "Paired Series" with respect to Series
2000-_, the Transferor may, by written notice delivered to the Indenture Trustee
and the Servicer, designate a different numerator for the foregoing fraction,
provided that (x) such numerator is not less than the Adjusted Invested Amount
as of the last day of the revolving period for such Paired Series and (y) such
action shall be taken only upon satisfaction of the Rating Agency Condition and
(z) the Transferor shall have delivered to the Indenture Trustee an Officer's
Certificate to the effect that, based on the facts known to such officer at that
time, in the reasonable belief of the Transferor, such designation will not
cause a Pay Out Event or an event that, after the giving of notice or the lapse
of time, would constitute a Pay Out Event, to occur with respect to Series
2000-_; provided further, however, that with respect to any Monthly Period in
which an Addition Date or a Removal Date occurs, the amount in clause (b)(i)(A)
above shall be (1) the aggregate amount of Principal Receivables in the Trust as
of the close of business on the last day of the prior Monthly Period, for the
period from and including the first

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day of such Monthly Period to but excluding the related Addition Date or Removal
Date, as the case may be, and (2) the aggregate amount of Principal Receivables
in the Trust as of the close of business on the related Addition Date or Removal
Date, as the case may be, after adjusting for the aggregate amount of Principal
Receivables added to or removed from the Trust on the related Addition Date or
Removal Date, as the case may be, for the period from and including the related
Addition Date or Removal Date, as the case may be, to and including the last day
of such Monthly Period.

                  "Floating Investor Percentage" shall mean, with respect to any
Monthly Period, the percentage equivalent (which percentage shall never exceed
100%) of a fraction, (a) the numerator of which is the Adjusted Invested Amount
as of the close of business on the last day of the preceding Monthly Period (or
with respect to the first Monthly Period, the Initial Invested Amount) and (b)
the denominator of which is the greater of (i) the sum of (A) the total amount
of Principal Receivables in the Trust as of the close of business on such last
day (or with respect to the first Monthly Period, the total amount of Principal
Receivables in the Trust on the Closing Date) and (B) the principal amount on
deposit in the Special Funding Account as of the close of business on such last
day (or with respect to the first Monthly Period, as of the Closing Date) and
(ii) the sum of the numerators used to calculate the investor percentages for
allocations with respect to Finance Charge Receivables, Defaulted Amounts or
Principal Receivables, as applicable, for all Series outstanding as of the date
as to which such determination is being made; provided, however, that with
respect to any Monthly Period in which an Addition Date or a Removal Date
occurs, the amount in clause (b)(i)(A) above shall be (1) the aggregate amount
of Principal Receivables in the Trust as of the close of business on the last
day of the prior Monthly Period, for the period from and including the first day
of such Monthly Period to but excluding the related Addition Date or Removal
Date, as the case may be, and (2) the aggregate amount of Principal Receivables
in the Trust as of the close of business on the related Addition Date or Removal
Date, as the case may be, after adjusting for the aggregate amount of Principal
Receivables added to or removed from the Trust on the related Addition Date or
Removal Date, as the case may be, for the period from and including the related
Addition Date or Removal Date, as the case may be, to and including the last day
of such Monthly Period.

                  "Group One" shall mean Series 2000-_ and each other Series
hereafter specified in the related Indenture Supplement to be included in Group
One.

                  "Initial Invested Amount" shall mean $[_________].

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

                  "Invested Amount" shall mean, as of any date of determination,
an amount equal to the initial principal amount of the Series 2000-_ Notes minus
the amount of principal previously paid to the Series 2000-_ Noteholders, minus
the excess, if any, of the aggregate amount of Investor Charge-Offs and
Reallocated Principal Collections over the reimbursements of such amounts
pursuant to subsection 4.04(a)(vi) prior to such date.

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                  "Investment Earnings" shall mean, with respect to any
Distribution Date, all interest and earnings on Eligible Investments included in
the Spread Account (net of losses and investment expenses) during the period
commencing on and including the Distribution Date immediately preceding such
Distribution Date and ending on but excluding such Distribution Date.

                  "Investor Charge-Offs" shall have the meaning specified in
Section 4.05.

                  "Investor Default Amount" shall mean, with respect to any
Distribution Date, an amount equal to the product of (a) the Defaulted Amount
for the related Monthly Period and (b) the Floating Investor Percentage for such
Monthly Period.

                  "Investor Finance Charge Collections" shall mean, with respect
to any Monthly Period, an amount equal to the Investor Percentage for such
Monthly Period of Collections of Finance Charge Receivables (including
Recoveries treated as Collections of Finance Charge Receivables) deposited in
the Collection Account for such Monthly Period and Interchange treated as
Investor Finance Charge Collections for such Monthly Period pursuant to
subsection 3.01(b).

                  "Investor Percentage" shall mean, for any Monthly Period, (a)
with respect to Finance Charge Receivables and Defaulted Amounts at any time and
Principal Receivables during the Revolving Period, the Floating Investor
Percentage and (b) with respect to Principal Receivables during the Controlled
Accumulation Period or the Early Amortization Period, the Fixed Investor
Percentage.

                  "Investor Principal Collections" shall mean, with respect to
any Monthly Period, the aggregate amount retained in the Collection Account for
Series 2000-_ pursuant to subsection 4.01(c)(ii) for such Monthly Period.

                  ["LIBOR" shall mean, for any Interest Period, the London
interbank offered rate for one-month United States dollar deposits determined by
the Indenture Trustee for each Interest Period in accordance with the provisions
of Section 4.12.

                  "LIBOR Determination Date" shall mean (i) _____ __, 2000 for
the period from and including the Closing Date through and including _____ __,
2000 and (ii) the second London Business Day prior to the commencement of the
second and each subsequent Interest Period.

                  "London Business Day" shall mean any Business Day on which
dealings in deposits in United States dollars are transacted in the London
interbank market.]

                  "Modified Excess Spread Percentage" shall mean, with respect
to the first Monthly Period an amount equal to the percentage equivalent of a
fraction, the numerator of which is (y) the product of (a) an amount equal to
the excess, if any, of (i) (A) the amount of Collections of Finance Charge
Receivables deposited in the Collection Account and allocable to the Series
2000-_ Noteholders for such first Monthly Period over (ii) the sum of (A) the
product of (I) the Class A Monthly Interest for the related Interest Period
times (II) a fraction (a) the numerator of which is the actual number of days in
such first Monthly Period and (b) the

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denominator of which is the actual number of days in the related Interest Period
plus (B) the product of (I) the Class B Monthly Interest for such Interest
Period times (II) a fraction (a) the numerator of which is the actual number of
days in such first Monthly Period and (b) the denominator of which is the actual
number of days in such Interest Period plus (C) the product of (I) the Class C
Monthly Interest for such Interest Period times (II) a fraction (a) the
numerator of which is the actual number of days in such first Monthly Period and
(b) the denominator of which is the actual number of days in such Interest
Period plus (D) the Monthly Servicing Fee with respect to the Distribution Date
relating to such first Monthly Period, times (b) a fraction, the numerator of
which is 360 and the denominator of which is [__]; and the denominator of which
is (z) the Initial Invested Amount.

                  "Monthly Interest" shall mean, with respect to any
Distribution Date, the sum of the Class A Monthly Interest, the Class B Monthly
Interest, and the Class C Monthly Interest for such Distribution Date.

                  "Monthly Principal" shall mean the monthly principal
distributable in respect of the Notes as calculated in accordance with Section
4.03.

                  "Monthly Principal Reallocation Amount" shall mean, with
respect to any Monthly Period, an amount equal to the sum of:

                  (A) the lower of (i) the Class A Required Amount and (ii) the
         greater of (a)(x) the product of (I) [__]% and (II) the Initial
         Invested Amount minus (y) the amount of unreimbursed Investor
         Charge-Offs (after giving effect to Investor Charge-Offs for the
         related Monthly Period) and unreimbursed Reallocated Principal
         Collections (as of the previous Distribution Date) and (b) zero; and

                  (B) the lower of (i) the sum of the Class B Required Amount
         and the Servicing Fee Required Amount and (ii) the greater of (a)(x)
         the product of (I) [__]% and (II) the Initial Invested Amount minus (y)
         the amount of unreimbursed Investor Charge-Offs (after giving effect to
         Investor Charge-Offs for the related Monthly Period) and unreimbursed
         Reallocated Principal Collections (as of the previous Distribution Date
         and as required in (A) above) and (b) zero.

                  "Monthly Servicing Fee" shall have the meaning specified in
subsection 3.01(a).

                  "Note Principal Balance" shall mean, on any date of
determination, an amount equal to the sum of the Class A Note Principal Balance,
the Class B Note Principal Balance and the Class C Note Principal Balance.

                  "Percentage Allocation" shall have the meaning set forth in
subsection 4.01(c)(ii)(y).

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

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                  "Portfolio Yield" shall mean, with respect to any Monthly
Period, the annualized percentage equivalent of a fraction, (a) the numerator of
which is equal to the sum of (i) Investor Finance Charge Collections with
respect to such Monthly Period, plus (ii) the Principal Funding Investment
Proceeds deposited into the Collection Account on the Distribution Date related
to such Monthly Period, plus (iii) the amount of the Reserve Draw Amount (up to
the Available Reserve Account Amount) plus any amounts of interest and earnings
described in Section 4.10, each deposited into the Collection Account on the
Distribution Date relating to such Monthly Period, such sum to be calculated on
a cash basis after subtracting the Investor Default Amount for such Monthly
Period, and (b) the denominator of which is the Note Principal Balance as of the
first day of such Monthly Period; provided, however, that Excess Finance Charge
Collections that are allocated to Series 2000-_ with respect to such Monthly
Period may be added to the numerator if the Transferor shall have provided ten
(10) Business Days prior written notice of such action to each Rating Agency and
the Transferor, the Servicer and the Indenture Trustee shall have received
notification in writing that such action will not result in Standard & Poor's
reducing or withdrawing its then existing rating of the Notes or any outstanding
Series or Class with respect to which it is a Rating Agency.

                  "Principal Funding Account" shall have the meaning set forth
in subsection 4.09(a).

                  "Principal Funding Account Balance" shall mean, with respect
to any date of determination, the principal amount, if any, on deposit in the
Principal Funding Account on such date of determination.

                  "Principal Funding Investment Proceeds" shall mean, with
respect to each Distribution Date, the investment earnings on funds in the
Principal Funding Account (net of investment expenses and losses) for the period
from and including the immediately preceding Distribution Date to but excluding
such Distribution Date.

                  "Quarterly Excess Spread Percentage" shall mean (a) with
respect to the [Month 1] 2000 Distribution Date, the Modified Excess Spread
Percentage, (b) with respect to the [Month 2] 2000 Distribution Date, the
percentage equivalent of a fraction the numerator of which is the sum of (i) the
Modified Excess Spread Percentage for the first Monthly Period and (ii) the
Excess Spread Percentage with respect to the [Month 1] 2000 Monthly Period and
the denominator of which is two (2), (c) with respect to the [Month 3] 2000
Distribution Date, the percentage equivalent of a fraction the numerator of
which is the sum of (i) the Modified Excess Spread Percentage for the first
Monthly Period, (ii) the Excess Spread Percentage with respect to the [Month 1]
2000 Monthly Period and (iii) the Excess Spread Percentage with respect to the
[Month 2] 2000 Monthly Period and the denominator of which is three (3) and (d)
with respect to the [Month 4] 2000 Distribution Date and each Distribution Date
thereafter, the percentage equivalent of a fraction the numerator of which is
the sum of the Excess Spread Percentages with respect to the immediately
preceding three Monthly Periods and the denominator of which is three (3).

                  "Rating Agency" shall mean each of [Standard & Poor's, Moody's
and Fitch].

                                       10
<PAGE>   15

                  "Reallocated Principal Collections" shall mean, with respect
to any Distribution Date, Investor Principal Collections applied in accordance
with Section 4.06 in an amount not to exceed the Monthly Principal Reallocation
Amount for the related Monthly Period.

                  "Reassignment Amount" shall mean, with respect to any
Distribution Date, after giving effect to any deposits and distributions
otherwise to be made on such Distribution Date, the sum of (i) the outstanding
principal balance of the Series 2000-_ Notes on such Distribution Date, plus
(ii) Monthly Interest for such Distribution Date and any Monthly Interest
previously due but not distributed to the Series 2000-_ Noteholders, plus (iii)
the amount of Additional Interest, if any, for such Distribution Date and any
Additional Interest previously due but not distributed to the Series 2000-_
Noteholders on a prior Distribution Date.

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

                  "Required Accumulation Factor Number" shall be equal to a
fraction, rounded upwards to the nearest whole number, the numerator of which is
one and the denominator of which is equal to the lowest monthly principal
payment rate on the Accounts, expressed as a decimal, for the 12 months
preceding the date of such calculation; provided, however, that this definition
may be changed at any time if the Rating Agency Condition is satisfied.

                  "Required Reserve Account Amount" shall mean, with respect to
any Distribution Date on or after the Reserve Account Funding Date, an amount
equal to (a) 0.5% of the sum of (i) the Class A Note Principal Balance and (ii)
the Class B Note Principal Balance or (b) any other amount designated by the
Transferor; provided, however, that if such designation is of a lesser amount,
the Transferor shall (i) provide the Servicer and the Indenture Trustee with
evidence that the Rating Agency Condition shall have been satisfied and (ii)
deliver to the Indenture Trustee a certificate of an Authorized Officer to the
effect that, based on the facts known to such officer at such time, in the
reasonable belief of the Transferor, such designation will not cause a Pay Out
Event or an event that, after the giving of notice or the lapse of time, would
cause a Pay Out Event to occur with respect to Series 2000-_.

                  "Required Spread Account Amount" shall mean, (a) prior to the
occurrence of an Event of Default with respect to Series 2000-_ and acceleration
of the maturity of the Series 2000-_ Notes pursuant to Section 5.03 of the
Indenture, with respect to any date of determination, the product of (i) the
Spread Account Percentage in effect on such date and (ii) the Initial Invested
Amount; provided that the Required Spread Account Amount shall not exceed the
Class C Note Principal Balance minus the excess, if any, of the Principal
Funding Account Balance over the sum of the Class A Note Principal Balance and
the Class B Note Principal Balance on such date of determination and (b) after
the occurrence of an Event of Default with respect to Series 2000-_ and
acceleration of the maturity of the Series 2000-_ Notes pursuant to Section 5.03
of the Indenture, for any Distribution Date, the sum of (i) the amount on
deposit in the Spread Account on such Distribution Date, plus (ii) Investor
Finance Charge Collections for such Distribution Date remaining after
application of such amounts pursuant to subsection 4.04(a)(vii), plus (iii)
amounts on deposit in the Reserve Account in excess of the Required Reserve
Account Amount; provided, however, that if the Series 2000-_ Notes have not

                                       11
<PAGE>   16

been accelerated the Required Spread Account Amount shall not exceed the Note
Principal Balance.

                  "Required Transferor Interest" shall have the meaning
specified in the Indenture.

                  "Reserve Account" shall have the meaning specified in
subsection 4.10(a).

                  "Reserve Account Funding Date" shall mean the Distribution
Date designated by the Servicer which occurs not later than the earliest of (a)
the Distribution Date with respect to the Monthly Period which commences three
(3) months prior to the commencement of the Controlled Accumulation Period; (b)
the first Distribution Date for which the Portfolio Adjusted Yield is less than
[2]%, but in such event the Reserve Account Funding Date shall not be required
to occur earlier than the Distribution Date with respect to the Monthly Period
which commences twelve (12) months prior to the commencement of the Controlled
Accumulation Period; (c) the first Distribution Date for which the Portfolio
Adjusted Yield is less than [3]%, but in such event the Reserve Account Funding
Date shall not be required to occur earlier than the Distribution Date with
respect to the Monthly Period which commences six (6) months prior to the
commencement of the Controlled Accumulation Period; and (d) the first
Distribution Date for which the Portfolio Adjusted Yield is less than [4]%, but
in such event the Reserve Account Funding Date shall not be required to occur
earlier than the Distribution Date with respect to the Monthly Period which
commences four (4) months prior to the commencement of the Controlled
Accumulation Period.

                  "Reserve Account Surplus" shall mean, as of any Distribution
Date following the Reserve Account Funding Date, the amount, if any, by which
the amount on deposit in the Reserve Account exceeds the Required Reserve
Account Amount.

                  "Reserve Draw Amount" shall mean, with respect to each
Distribution Date relating to the Controlled Accumulation Period or the first
Distribution Date relating to the Early Amortization Period, the amount, if any,
by which the Principal Funding Investment Proceeds for such Distribution Date
are less than the Covered Amount determined as of such Distribution Date.

                  "Revolving Period" shall mean the period beginning on the
Closing Date and ending on the earlier of the close of business on the day
immediately preceding the day the Controlled Accumulation Period commences or
the Early Amortization Period commences.

                  "Series 2000-_" shall mean the Series of Notes the terms of
which are specified in this Indenture Supplement.

                  "Series 2000-_ Final Maturity Date" shall mean the earlier to
occur of (a) the Distribution Date on which the Note Principal Balance is paid
in full and (b) the [________ ____] Distribution Date.

                  "Series 2000-_ Note" shall mean a Class A Note, a Class B Note
or a Class C Note.

                                       12
<PAGE>   17

                  "Series 2000-_ Noteholder" shall mean a Class A Noteholder, a
Class B Noteholder or a Class C Noteholder.

                  "Series 2000-_ Pay Out Event" shall have the meaning specified
in Section 6.01.

                  "Series 2000-_ Principal Shortfall" shall have the meaning
specified in subsection 4.08(a).

                  "Servicing Fee Rate" shall mean 2% per annum.

                  "Servicing Fee Required Amount" shall mean, with respect to
any Distribution Date, an amount equal to the excess of the amount described in
subsection 4.04(a)(iii) over the Available Finance Charge Collections applied to
pay such amount pursuant to subsection 4.04(a).

                  "Spread Account" shall have the meaning specified in
subsection 4.11(a).

                  "Spread Account Deficiency" shall mean the excess, if any, of
the Required Spread Account Amount over the Available Spread Account Amount.

                  "Spread Account Percentage" shall mean, (i) zero, if the
Quarterly Excess Spread Percentage on such Distribution Date is greater than or
equal to [___]%, (ii) [___]%, if the Quarterly Excess Spread Percentage on such
Distribution Date is less than [____]% and greater than or equal to [____]%,
(iii) [____]%, if the Quarterly Excess Spread Percentage on such Distribution
Date is less than [____]% and greater than or equal to [____]%, (iv) [____]%, if
the Quarterly Excess Spread Percentage on such Distribution Date is less than
[____]% and greater than or equal to [____]%, and (v) [____]%, if the Quarterly
Excess Spread Percentage on such Distribution Date is less than [____]%,
provided, that if a Pay Out Event with respect to Series 2000-_ has occurred,
the Spread Account Percentage shall be [____]%.

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

(b) Each capitalized term defined herein shall relate to the Series 2000-_ Notes
and no other Series of Notes issued by the Trust, unless the context otherwise
requires. All capitalized terms used herein and not otherwise defined herein
have the meanings ascribed to them in the Indenture or the Transfer and
Servicing Agreement. In the event that any term or provision contained herein
shall conflict with or be inconsistent with any term or provision contained in
the Indenture or the Transfer and Servicing Agreement, the terms and provisions
of this Indenture Supplement shall govern.

                                       13
<PAGE>   18

                  (c) The words "HEREOF," "HEREIN," "HEREUNDER" and words of
similar import when used in this Indenture Supplement shall refer to this
Indenture Supplement as a whole and not to any particular provision of this
Indenture Supplement; references to any Article, subsection, Section or Exhibit
are references to Articles, subsections, Sections and Exhibits in or to this
Indenture Supplement unless otherwise specified; and the term "INCLUDING" means
"INCLUDING WITHOUT LIMITATION."

                               [END OF ARTICLE II]

                                       14
<PAGE>   19

ARTICLE III

                          Servicing Fee and Interchange

         Section 3.01. Servicing Compensation; Interchange.

                  (a) Servicing Fee. The share of the Servicing Fee allocable to
the Series 2000-_ Noteholders with respect to any Distribution Date (the
"MONTHLY SERVICING FEE") shall be equal to one-twelfth of the product of (a) the
Servicing Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day
of the Monthly Period preceding such Distribution Date, minus (ii) the product
of the amount, if any, on deposit in the Special Funding Account as of the last
day of the Monthly Period preceding such Distribution Date and the Floating
Investor Percentage with respect to such Monthly Period; provided, however, that
with respect to the first Distribution Date, the Monthly Servicing Fee shall be
equal to $[________]. The remainder of the Servicing Fee shall be paid by the
Holders of the Transferor Certificates or the noteholders of other Series (as
provided in the related Indenture Supplements) and in no event shall the Trust,
the Indenture Trustee or the Series 2000-_ Noteholders be liable for the share
of the Servicing Fee to be paid by the Holders of the Transferor Certificates or
the noteholders of any other Series. To the extent that the Monthly Servicing
Fee is not paid in full pursuant to the preceding provisions of this Section
3.01, and Section 4.04, it shall be paid by the Holders of the Transferor
Certificates.

                  (b) Interchange. On or before each Determination Date, the
Servicer shall notify the Transferor of the amount of Interchange to be included
as Investor Finance Charge Collections with respect to the preceding Monthly
Period as determined pursuant to this subsection 3.01(b). Such amount of
Interchange shall be equal to the product of (i) the amount of Interchange
attributable to the Accounts, as reasonably estimated by the Servicer, and (ii)
the Investor Percentage with regard to Finance Charge Receivables. On each
Distribution Date, the Servicer shall deposit into the Collection Account, in
immediately available funds, the amount of Interchange to be so included as
Investor Finance Charge Collections with respect to the preceding Monthly Period
and such Interchange shall be treated as a portion of Investor Finance Charge
Collections for all purposes of this Indenture Supplement, the Indenture and the
Transfer and Servicing Agreement.

                              [END OF ARTICLE III]

                                       15
<PAGE>   20

                                   ARTICLE IV

                       Rights of Series 2000-_ Noteholders
                  and Allocation and Application of Collections

         Section 4.01. Collections and Allocations.

                  (a) Allocations. Collections of Finance Charge Receivables and
Principal Receivables and Defaulted Receivables allocated to Series 2000-_
pursuant to Article VIII of the Indenture shall be allocated and distributed as
set forth in this Article.

                  (b) Payments to the Transferor. The Servicer shall on Deposit
Dates withdraw from the Collection Account and pay to the Holders of the
Transferor Certificates the following amounts:

                           (i) an amount equal to the Transferor Percentage for
         the related Monthly Period of Collections of Finance Charge Receivables
         to the extent such amount is deposited in the Collection Account; and

                           (ii) an amount equal to the Transferor Percentage for
         the related Monthly Period of Collections of Principal Receivables
         deposited in the Collection Account, if the Transferor Interest
         (determined after giving effect to any Principal Receivables
         transferred to the Trust on such Deposit Date) exceeds zero.

The withdrawals to be made from the Collection Account pursuant to this
subsection 4.01(b) do not apply to deposits into the Collection Account that do
not represent Collections, including payment of the purchase price for the
Receivables or the Notes pursuant to, respectively, Section 2.06 or 7.01 of the
Transfer and Servicing Agreement or Section 11.04 of the Indenture and payment
of the purchase price for the Series 2000-_ Notes pursuant to Section 7.01 of
this Indenture Supplement.

                  (c) Allocations to the Series 2000-_ Noteholders. The Servicer
shall, prior to the close of business on any Deposit Date, allocate to the
Series 2000-_ Noteholders the following amounts as set forth below:

                           (i) Allocations of Finance Charge Collections. The
         Servicer shall allocate to the Series 2000-_ Noteholders and retain in
         the Collection Account for application as provided herein an amount
         equal to the product of (A) the Investor Percentage and (B) the
         aggregate amount of Collections of Finance Charge Receivables deposited
         in the Collection Account on such Deposit Date.

                           (ii) Allocations of Principal Collections. The
         Servicer shall allocate to the Series 2000-_ Noteholders the following
         amounts as set forth below:

                           (x) Allocations During the Revolving Period. During
                  the Revolving Period an amount equal to the product of (I) the
                  Investor Percentage and (II) the aggregate amount of
                  Collections of Principal Receivables deposited in the

                                       16
<PAGE>   21

                  Collection Account on such Deposit Date, shall be allocated to
                  the Series 2000-_ Noteholders and shall be first, if any other
                  Principal Sharing Series in Group One is outstanding and in
                  its amortization period or accumulation period, retained in
                  the Collection Account for application, to the extent
                  necessary, as Shared Principal Collections to other Series in
                  Group One on the related Distribution Date, and second paid to
                  the Holders of the Transferor Certificates only if the
                  Transferor Interest on such Deposit Date is greater than the
                  Required Transferor Interest (after giving effect to all
                  Principal Receivables transferred to the Trust on such day)
                  and otherwise shall be deposited in the Special Funding
                  Account.

                           (y) Allocations During the Controlled Accumulation
                  Period. During the Controlled Accumulation Period an amount
                  equal to the product of (I) the Investor Percentage and (II)
                  the aggregate amount of Collections of Principal Receivables
                  deposited in the Collection Account on such Deposit Date (the
                  product for any such date is hereinafter referred to as a
                  "PERCENTAGE ALLOCATION") shall be allocated to the Series
                  2000-_ Noteholders and deposited in the Principal Funding
                  Account until applied as provided herein; provided, however,
                  that if the sum of such Percentage Allocation and all
                  preceding Percentage Allocations with respect to the same
                  Monthly Period exceeds the Controlled Deposit Amount during
                  the Controlled Accumulation Period for the related
                  Distribution Date, then such excess shall not be treated as a
                  Percentage Allocation and shall be first, if any other
                  Principal Sharing Series in Group One is outstanding and in
                  its amortization period or accumulation period, retained in
                  the Collection Account for application, to the extent
                  necessary, as Shared Principal Collections to other Series in
                  Group One on the related Distribution Date, and second paid to
                  the Holders of the Transferor Certificates only if the
                  Transferor Interest on such Deposit Date is greater than the
                  Required Transferor Interest (after giving effect to all
                  Principal Receivables transferred to the Trust on such day)
                  and otherwise shall be deposited in the Special Funding
                  Account.

                           (z) Allocations During the Early Amortization Period.
                  During the Early Amortization Period, an amount equal to the
                  product of (I) the Investor Percentage and (II) the aggregate
                  amount of Collections of Principal Receivables deposited in
                  the Collection Account on such Deposit Date, shall be
                  allocated to the Series 2000-_ Noteholders and retained in the
                  Collection Account until applied as provided herein; provided,
                  however, that after the date on which an amount of such
                  Collections equal to the Adjusted Invested Amount has been
                  deposited into the Collection Account and allocated to the
                  Series 2000-_ Noteholders, such amount shall be first, if any
                  other Principal Sharing Series in Group One is outstanding and
                  in its amortization period or accumulation period, retained in
                  the Collection Account for application, to the extent
                  necessary, as Shared Principal Collections to other Series in
                  Group One on the related Distribution Date, and second paid to
                  the Holders of the Transferor Certificates only if the
                  Transferor Interest on such date is greater than the Required
                  Transferor Interest (after giving effect to all Principal
                  Receivables transferred to the Trust on such day) and
                  otherwise shall be deposited in the Special Funding Account.

                                       17
<PAGE>   22

         Section 4.02. Determination of Monthly Interest.

                  (a) The amount of monthly interest ("CLASS A MONTHLY
INTEREST") distributable from the Collection Account with respect to the Class A
Notes on any Distribution Date shall be an amount equal to the product of (i)
(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
A Note Interest Rate in effect with respect to the related Interest Period and
(ii) the Class A Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial
Distribution Date, the Class A Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
the Servicer shall determine the excess, if any (the "CLASS A INTEREST
SHORTFALL"), of (x) the Class A Monthly Interest for such Distribution Date over
(y) the aggregate amount of funds allocated and available to pay such Class A
Monthly Interest on such Distribution Date. If the Class A Interest Shortfall
with respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class A Interest Shortfall is fully paid, an
additional amount ("CLASS A ADDITIONAL INTEREST") equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (ii) the Class A Note
Interest Rate in effect with respect to the related Interest Period times (iii)
such Class A Interest Shortfall (or the portion thereof which has not been paid
to the Class A Noteholders) shall be payable as provided herein with respect to
the Class A Notes. Notwithstanding anything to the contrary herein, Class A
Additional Interest shall be payable or distributed to the Class A Noteholders
only to the extent permitted by applicable law.

                  (b) The amount of monthly interest ("CLASS B MONTHLY
INTEREST") distributable from the Collection Account with respect to the Class B
Notes on any Distribution Date shall be an amount equal to the product of (i)
(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
B Note Interest Rate in effect with respect to the related Interest Period and
(ii) the Class B Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial
Distribution Date, the Class B Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
the Servicer shall determine the excess, if any (the "CLASS B INTEREST
SHORTFALL"), of (x) the Class B Monthly Interest for such Distribution Date over
(y) the aggregate amount of funds allocated and available to pay such Class B
Monthly Interest on such Distribution Date. If the Class B Interest Shortfall
with respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class B Interest Shortfall is fully paid, an
additional amount ("CLASS B ADDITIONAL INTEREST") equal to the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (ii) the Class B Note
Interest Rate in effect with respect to the related Interest Period times (iii)
such Class B Interest Shortfall (or the portion thereof which has not been paid
to the Class B Noteholders) shall be payable as provided herein with respect to
the Class B Notes. Notwithstanding anything to the contrary herein, Class B
Additional Interest shall be payable or distributed to the Class B Noteholders
only to the extent permitted by applicable law.

                                       18
<PAGE>   23

                  (c) The amount of monthly interest ("CLASS C MONTHLY
INTEREST") distributable from the Collection Account with respect to the Class C
Notes on any Distribution Date shall be an amount equal to the product of (i)
(A) a fraction, the numerator of which is the actual number of days in the
related Interest Period and the denominator of which is 360, times (B) the Class
C Note Interest Rate in effect with respect to the related Interest Period and
(ii) the Class C Note Principal Balance as of the close of business on the last
day of the preceding Monthly Period (or, with respect to the initial
Distribution Date, the Class C Note Initial Principal Balance).

                  On the Determination Date preceding each Distribution Date,
the Servicer shall determine an amount (the "CLASS C INTEREST SHORTFALL") equal
to (x) the aggregate Class C Monthly Interest for such Distribution Date minus
(y) the aggregate amount of funds allocated and available to pay such Class C
Monthly Interest on such Distribution Date. If the Class C Interest Shortfall
with respect to any Distribution Date is greater than zero, on each subsequent
Distribution Date until such Class C Interest Shortfall is fully paid, an
additional amount ("CLASS C ADDITIONAL INTEREST") shall be payable as provided
herein with respect to the Class C Notes equal to the product of (i) a fraction,
the numerator of which is the actual number of days in the related Interest
Period and the denominator of which is 360, times (ii) the Class C Note Interest
Rate in effect with respect to the related Interest Period times (iii) such
Class C Interest Shortfall (or the portion thereof which has not been paid to
the Class C Noteholders (after giving effect to the application of the proceeds
of any draw made on the Spread Account as provided in subsections 4.04(a)(iv)
and 4.11(c) for the purpose of paying such amount with respect to such
Distribution Date)). Notwithstanding anything to the contrary herein, Class C
Additional Interest shall be payable or distributed to the Class C Noteholders
only to the extent permitted by applicable law.

         Section 4.03. Determination of Monthly Principal.

                  The amount of monthly principal distributable from the
Collection Account with respect to the Notes on each Distribution Date (the
"MONTHLY PRINCIPAL"), beginning with the Distribution Date in the month
following the month in which the Controlled Accumulation Period or, if earlier,
the Early Amortization Period, begins, shall be equal to the least of (i) the
Available Principal Collections on deposit in the Collection Account with
respect to such Distribution Date, (ii) for each Distribution Date with respect
to the Controlled Accumulation Period, the Controlled Deposit Amount for such
Distribution Date and (iii) the Adjusted Invested Amount (after taking into
account any adjustments to be made on such Distribution Date pursuant to
Sections 4.05 and 4.06) prior to any deposit into the Principal Funding Account
on such Distribution Date.

         Section 4.04. Application of Available Finance Charge Collections and
Available Principal Collections. The Servicer shall apply, or shall cause the
Indenture Trustee to apply by written instruction to the Indenture Trustee, on
each Distribution Date, Available Finance Charge Collections and Available
Principal Collections on deposit in the Collection Account with respect to such
Distribution Date to make the following distributions:

                  (a) On each Distribution Date, an amount equal to the
Available Finance Charge Collections with respect to such Distribution Date will
be distributed or deposited in the following priority:

                                       19
<PAGE>   24

                           (i) an amount equal to Class A Monthly Interest for
         such Distribution Date, plus the amount of any Class A Monthly Interest
         previously due but not distributed to Class A Noteholders on a prior
         Distribution Date, plus the amount of any Class A Additional Interest
         for such Distribution Date, plus the amount of any Class A Additional
         Interest previously due but not distributed to Class A Noteholders on a
         prior Distribution Date, shall be distributed to the Paying Agent for
         payment to Class A Noteholders on such Distribution Date;

                           (ii) an amount equal to Class B Monthly Interest for
         such Distribution Date, plus the amount of any Class B Monthly Interest
         previously due but not distributed to Class B Noteholders on a prior
         Distribution Date, plus the amount of any Class B Additional Interest
         for such Distribution Date, plus the amount of any Class B Additional
         Interest previously due but not distributed to Class B Noteholders on a
         prior Distribution Date, shall be distributed to the Paying Agent for
         payment to Class B Noteholders on such Distribution Date;

                           (iii) an amount equal to the Monthly Servicing Fee
         for such Distribution Date, plus the amount of any Monthly Servicing
         Fee previously due but not distributed to the Servicer on a prior
         Distribution Date, shall be distributed to the Servicer (unless such
         amount has been netted against deposits to the Collection Account in
         accordance with Section 8.04 of the Indenture);

                           (iv) an amount equal to Class C Monthly Interest for
         such Distribution Date, plus the amount of any Class C Monthly Interest
         previously due but not distributed to the Class C Noteholders on a
         prior Distribution Date, plus the amount of any Class C Additional
         Interest for such Distribution Date, plus the amount of any Class C
         Additional Interest previously due but not distributed to the Class C
         Noteholders on a prior Distribution Date shall be distributed to the
         Paying Agent for payment to the Class C Noteholders on such
         Distribution Date; provided, however, that, in the event that the sum
         of Class C Monthly Interest exceeds the amount of Available Finance
         Charge Collections available (after giving effect to subsections
         4.04(a)(i) through (iii) above) to fund such Class C Monthly Interest
         and Class C Additional Interest, a draw will be made from amounts
         available for distribution in the Spread Account (at the times and in
         the amounts specified in Section 4.11) and shall be distributed to the
         Paying Agent for payment to the Class C Noteholders on such
         Distribution Date in accordance with this subsection 4.04(a)(iv);

                           (v) an amount equal to the Investor Default Amount,
         if any, for such Distribution Date shall be treated as a portion of
         Available Principal Collections for such Distribution Date;

                           (vi) an amount equal to the sum of the aggregate
         amount of Investor Charge-Offs and the amount of Reallocated Principal
         Collections which have not been previously reimbursed pursuant to this
         subparagraph (vi) shall be treated as a portion of Available Principal
         Collections for such Distribution Date;

                                       20
<PAGE>   25

                           (vii) on each Distribution Date from and after the
         Reserve Account Funding Date, but prior to the date on which the
         Reserve Account terminates as described in subsection 4.10(f), an
         amount up to the excess, if any, of the Required Reserve Account Amount
         over the Available Reserve Account Amount shall be deposited into the
         Reserve Account;

                           (viii) an amount equal to the amounts required to be
         deposited in the Spread Account pursuant to Section 4.11 shall be
         deposited into the Spread Account as provided in Section 4.11; and

                           (ix) the balance, if any, will constitute a portion
         of Excess Finance Charge Collections for such Distribution Date and
         will be available for allocation to other Series in Group One or to the
         Holders of the Transferor Certificates as described in Section 8.08 of
         the Indenture and Section 4.01.

                  (b) On each Distribution Date with respect to the Revolving
Period, an amount equal to the Available Principal Collections deposited in the
Collection Account for the related Monthly Period shall be treated as Shared
Principal Collections and applied in accordance with Section 8.05 of the
Indenture.

                  (c) On each Distribution Date with respect to the Controlled
Accumulation Period or the Early Amortization Period, an amount equal to the
Available Principal Collections deposited in the Collection Account for the
related Monthly Period shall be distributed or deposited in the following order
of priority:

                           (i) during the Controlled Accumulation Period, an
         amount equal to the Monthly Principal for such Distribution Date shall
         be deposited into the Principal Funding Account;

                           (ii) during the Early Amortization Period, an amount
         equal to the Monthly Principal for such Distribution Date shall be
         distributed to the Paying Agent for payment to the Class A Noteholders
         on such Distribution Date and on each subsequent Distribution Date
         until the Class A Note Principal Balance has been paid in full;

                           (iii) after giving effect to the distribution
         referred to in clause (ii) above, during the Early Amortization Period,
         an amount equal to the Monthly Principal remaining, if any, shall be
         distributed to the Paying Agent for payment to the Class B Noteholders
         on such Distribution Date and on each subsequent Distribution Date
         until the Class B Note Principal Balance has been paid in full;

                           (iv) after giving effect to the distributions
         referred to in clauses (ii) and (iii) above, during the Early
         Amortization Period, an amount equal to the Monthly Principal
         remaining, if any, shall be distributed to the Paying Agent for payment
         to the Class C Noteholders on such Distribution Date and on each
         subsequent Distribution Date until the Class C Note Principal Balance
         has been paid in full; and

                           (v) in the case of each of the Controlled
         Accumulation Period and the Early Amortization Period, the balance of
         such Available Principal Collections remaining

                                       21
<PAGE>   26

         after application in accordance with clause (i) or (iv) above shall be
         treated as Shared Principal Collections and applied in accordance with
         Section 8.05 of the Indenture.

                  (d) On the earlier to occur of (i) the first Distribution Date
with respect to the Early Amortization Period and (ii) the Expected Final
Principal Payment Date, the Indenture Trustee, acting in accordance with
instructions from the Servicer, shall withdraw from the Principal Funding
Account and distribute to the Paying Agent for payment to the Class A
Noteholders, the Class B Noteholders and the Class C Noteholders, the amounts
deposited into the Principal Funding Account pursuant to subsection 4.04(c)(i).

                  (e) The Controlled Accumulation Period is scheduled to
commence at the close of business on [_____ __, 20__]; provided, however, that,
if the Accumulation Period Length (determined as described below) is less than
twelve (12) months, the date on which the Controlled Accumulation Period
actually commences will be delayed to the first Business Day of the month that
is the number of whole months prior to the Expected Final Principal Payment Date
at least equal to the Accumulation Period Length and, as a result, the number of
Monthly Periods in the Controlled Accumulation Period will at least equal the
Accumulation Period Length. On the Determination Date immediately preceding the
[_____ ____] Distribution Date, and each Determination Date thereafter until the
Controlled Accumulation Period begins, the Servicer will determine the
"ACCUMULATION PERIOD LENGTH" which will equal the number of whole months such
that the sum of the Accumulation Period Factors for each month during such
period will be equal to or greater than the Required Accumulation Factor Number;
provided, however, that the Accumulation Period Length will not be determined to
be less than one month; provided further, however, that the determination of the
Accumulation Period Length may be changed at any time if the Rating Agency
Condition is satisfied.

         Section 4.05. Investor Charge-Offs. On each Determination Date, the
Servicer shall calculate the Investor Default Amount, if any, for the related
Distribution Date. If, on any Distribution Date, the Investor Default Amount for
such Distribution Date exceeds the amount of Available Finance Charge
Collections allocated with respect thereto pursuant to subsection 4.04(a)(v)
with respect to such Distribution Date, the Invested Amount (after giving effect
to any reductions for any Reallocated Principal Collections on such Distribution
Date) will be reduced by the amount of such excess, but not by more than the
lesser of the Investor Default Amount and the Invested Amount (after giving
effect to any reductions for any Reallocated Principal Collections on such
Distribution Date) for such Distribution Date (such reduction, an "INVESTOR
CHARGE-OFF").

         Section 4.06. Reallocated Principal Collections. On each Distribution
Date, the Servicer shall apply, or shall cause the Indenture Trustee to apply,
Reallocated Principal Collections with respect to such Distribution Date, to
fund any deficiency pursuant to and in the priority set forth in subsections
4.04(a)(i), (ii) and (iii). On each Distribution Date, the Invested Amount shall
be reduced by the amount of Reallocated Principal Collections for such
Distribution Date.

         Section 4.07. Excess Finance Charge Collections. Series 2000-_ shall be
an Excess Allocation Series with respect to Group One only. Subject to Section
8.08 of the Indenture, Excess Finance Charge Collections with respect to the
Excess Allocation Series in Group One

                                       22
<PAGE>   27

for any Distribution Date will be allocated to Series 2000-_ in an amount equal
to the product of (x) the aggregate amount of Excess Finance Charge Collections
with respect to all the Excess Allocation Series in Group One for such
Distribution Date and (y) a fraction, the numerator of which is the Finance
Charge Shortfall for Series 2000-_ for such Distribution Date and the
denominator of which is the aggregate amount of Finance Charge Shortfalls for
all the Excess Allocation Series in Group One for such Distribution Date. The
"FINANCE CHARGE SHORTFALL" for Series 2000-_ for any Distribution Date will be
equal to the excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to subsections 4.04(a)(i) through (viii) on such
Distribution Date over (b) the Investor Finance Charge Collections with respect
to such Distribution Date.

         Section 4.08. Shared Principal Collections and Shared Transferor
Principal Collections.

                  (a) Subject to Section 8.05 of the Indenture, Shared Principal
Collections with respect to the Series in Group One for any Distribution Date
will be allocated to Series 2000-_ in an amount equal to the product of (x) the
aggregate amount of Shared Principal Collections with respect to all Principal
Sharing Series in Group One for such Distribution Date and (y) a fraction, the
numerator of which is the Series 2000-_ Principal Shortfall for such
Distribution Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Series which are Principal Sharing Series in
Group One for such Distribution Date. The "SERIES 2000-_ PRINCIPAL SHORTFALL"
will be equal to (a) for any Distribution Date with respect to the Revolving
Period, zero, (b) for any Distribution Date with respect to the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount with
respect to such Distribution Date over the amount of Available Principal
Collections for such Distribution Date (excluding any portion thereof
attributable to Shared Principal Collections or Shared Transferor Principal
Collections), and (c) for any Distribution Date with respect to the Early
Amortization Period, the excess, if any, of the Adjusted Invested Amount over
the amount of Available Principal Collections for such Distribution Date
(excluding any portion thereof attributable to Shared Principal Collections or
Shared Transferor Principal Collections).

                  (b) Subject to Section 8.08 of the Indenture, Shared
Transferor Principal Collections for any Distribution Date will be allocated to
Series 2000-_ in an amount equal to the product of (x) Shared Transferor
Principal Collections and (y) a fraction, the numerator of which is the Series
2000-_ Principal Shortfall and the denominator of which is the aggregate amount
of Principal Shortfalls (as defined in the related Indenture Supplements) for
all Series entitled to receive Shared Transferor Principal Collections for such
Distribution Date, in each case after applying Shared Principal Collections, if
any, to each such Series (including Series 2000-_).

         Section 4.09. Principal Funding Account.

                  (a) The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2000-_ Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "PRINCIPAL FUNDING ACCOUNT"), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
Series 2000-_ Noteholders. The Indenture Trustee shall possess all right, title
and interest in all

                                       23
<PAGE>   28

funds on deposit from time to time in the Principal Funding Account and in all
proceeds thereof. The Principal Funding Account shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Series 2000-_
Noteholders. If at any time the institution holding the Principal Funding
Account ceases to be an Eligible Institution, the Servicer shall notify the
Indenture Trustee, and the Indenture Trustee upon being notified (or the
Servicer on its behalf) shall, within ten (10) Business Days, establish a new
Principal Funding Account meeting the conditions specified above with an
Eligible Institution, and shall transfer any cash or any investments to such new
Principal Funding Account. The Indenture Trustee, at the direction of the
Servicer, shall (i) make withdrawals from the Principal Funding Account from
time to time, in the amounts and for the purposes set forth in this Indenture
Supplement, and (ii) on each Distribution Date (from and after the commencement
of the Controlled Accumulation Period) prior to the termination of the Principal
Funding Account, make deposits into the Principal Funding Account in the amounts
specified in, and otherwise in accordance with, subsection 4.04(c)(i).

                  (b) Funds on deposit in the Principal Funding Account shall be
invested at the direction of the Servicer by the Indenture Trustee in Eligible
Investments. Funds on deposit in the Principal Funding Account on any
Distribution Date, after giving effect to any withdrawals from the Principal
Funding Account on such Distribution Date, shall be invested in such investments
that will mature so that such funds will be available for withdrawal on or prior
to the following Distribution Date.

                  The Indenture Trustee shall hold such of the Eligible
Investments as consists of instruments, deposit accounts, negotiable documents,
money, goods, letters of credit, and advices of credit in the State of New York.
The Indenture Trustee shall hold such of the Eligible Investments as constitutes
investment property through a securities intermediary, which securities
intermediary shall agree with the Indenture Trustee that (a) such investment
property shall at all times be credited to a securities account of the Indenture
Trustee, (b) such securities intermediary shall treat the Indenture Trustee as
entitled to exercise the rights that comprise each financial asset credited to
such securities account, (c) all property credited to such securities account
shall be treated as a financial asset, (d) such securities intermediary shall
comply with entitlement orders originated by the Indenture Trustee without the
further consent of any other person or entity, (e) such securities intermediary
will not agree with any person or entity other than the Indenture Trustee to
comply with entitlement orders originated by such other person or entity, (f)
such securities accounts and the property credited thereto shall not be subject
to any lien, security interest or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC.

                  On each Distribution Date with respect to the Controlled
Accumulation Period and on the first Distribution Date with respect to the Early
Amortization Period, the Indenture Trustee, acting at the Servicer's direction
given on or before such Distribution Date, shall transfer from the Principal
Funding Account to the Collection Account the Principal Funding Investment
Proceeds on deposit in the Principal Funding Account for application as
Available Finance Charge Collections in accordance with Section 4.04.

                                       24
<PAGE>   29

                  Principal Funding Investment Proceeds (including reinvested
interest) shall not be considered part of the amounts on deposit in the
Principal Funding Account for purposes of this Indenture Supplement.

         Section 4.10. Reserve Account.

                  (a) The Indenture Trustee shall establish and maintain with an
Eligible Institution, which may be the Indenture Trustee in the name of the
Trust, on behalf of the Trust, for the benefit of the Series 2000-_ Noteholders,
a segregated trust account with the corporate trust department of such Eligible
Institution (the "RESERVE ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Series 2000-_
Noteholders. The Indenture Trustee shall possess all right, title and interest
in all funds on deposit from time to time in the Reserve Account and in all
proceeds thereof. The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee for the benefit of the Series 2000-_
Noteholders. If at any time the institution holding the Reserve Account ceases
to be an Eligible Institution, the Servicer shall notify the Indenture Trustee,
and the Indenture Trustee upon being notified (or the Servicer on its behalf)
shall, within ten (10) Business Days, establish a new Reserve Account meeting
the conditions specified above with an Eligible Institution, and shall transfer
any cash or any investments to such new Reserve Account. The Indenture Trustee,
at the direction of the Servicer, shall (i) make withdrawals from the Reserve
Account from time to time in an amount up to the Available Reserve Account
Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Distribution Date (from and after the Reserve Account Funding
Date) prior to termination of the Reserve Account, make a deposit into the
Reserve Account in the amount specified in, and otherwise in accordance with,
subsection 4.04(a)(vii).

                  (b) Funds on deposit in the Reserve Account shall be invested
at the direction of the Servicer by the Indenture Trustee in Eligible
Investments. Funds on deposit in the Reserve Account on any Distribution Date,
after giving effect to any withdrawals from the Reserve Account on such
Distribution Date, shall be invested in such investments that will mature so
that such funds will be available for withdrawal on or prior to the following
Distribution Date.

                  The Indenture Trustee shall hold such of the Eligible
Investments as consists of instruments, deposit accounts, negotiable documents,
money, goods, letters of credit, and advices of credit in the State of New York.
The Indenture Trustee shall hold such of the Eligible Investments as constitutes
investment property through a securities intermediary, which securities
intermediary shall agree with the Indenture Trustee that (a) such investment
property shall at all times be credited to a securities account of the Indenture
Trustee, (b) such securities intermediary shall treat the Indenture Trustee as
entitled to exercise the rights that comprise each financial asset credited to
such securities account, (c) all property credited to such securities account
shall be treated as a financial asset, (d) such securities intermediary shall
comply with entitlement orders originated by the Indenture Trustee without the
further consent of any other person or entity, (e) such securities intermediary
will not agree with any person or entity other than the Indenture Trustee to
comply with entitlement orders originated by such other person or entity, (f)
such securities accounts and the property credited thereto shall not be subject
to any lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed

                                       25
<PAGE>   30

by the laws of the State of New York. Terms used in the preceding sentence that
are defined in the New York UCC and not otherwise defined herein shall have the
meaning set forth in the New York UCC.

                  On each Distribution Date, all interest and earnings (net of
losses and investment expenses) accrued since the preceding Distribution Date on
funds on deposit in the Reserve Account shall be retained in the Reserve Account
(to the extent that the Available Reserve Account Amount is less than the
Required Reserve Account Amount) and the balance, if any, shall be deposited
into the Collection Account and included in Available Finance Charge Collections
for such Distribution Date. For purposes of determining the availability of
funds or the balance in the Reserve Account for any reason under this Indenture
Supplement, except as otherwise provided in the preceding sentence, investment
earnings on such funds shall be deemed not to be available or on deposit.

                  (c) On or before each Distribution Date with respect to the
Controlled Accumulation Period and on or before the first Distribution Date with
respect to the Early Amortization Period, the Servicer shall calculate the
Reserve Draw Amount; provided, however, that such amount will be reduced to the
extent that funds otherwise would be available for deposit in the Reserve
Account under Section 4.04(a)(vii) with respect to such Distribution Date.

                  (d) In the event that for any Distribution Date the Reserve
Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available
Reserve Account Amount, shall be withdrawn from the Reserve Account on such
Distribution Date by the Indenture Trustee (acting in accordance with the
instructions of the Servicer) and deposited into the Collection Account for
application as Available Finance Charge Collections for such Distribution Date.

                  (e) In the event that the Reserve Account Surplus on any
Distribution Date, after giving effect to all deposits to and withdrawals from
the Reserve Account with respect to such Distribution Date, is greater than
zero, the Indenture Trustee, acting in accordance with the instructions of the
Servicer, shall withdraw from the Reserve Account an amount equal to such
Reserve Account Surplus and (i) deposit such amounts in the Spread Account, to
the extent that funds on deposit in the Spread Account are less than the
Required Spread Account Amount, and (ii) distribute any such amounts remaining
after application pursuant to subsection 4.10(e)(i) to the holders of the
Transferor Certificates.

                  (f) Upon the earliest to occur of (i) the termination of the
Trust pursuant to Article VIII of the Trust Agreement, (ii) the first
Distribution Date relating to the Early Amortization Period and (iii) the
Expected Final Principal Payment Date, the Indenture Trustee, acting in
accordance with the instructions of the Servicer, after the prior payment of all
amounts owing to the Series 2000-_ Noteholders that are payable from the Reserve
Account as provided herein, shall withdraw from the Reserve Account all amounts,
if any, on deposit in the Reserve Account and (i) deposit such amounts in the
Spread Account, to the extent that funds on deposit in the Spread Account are
less than the Required Spread Account Amount, and (ii) distribute any such
amounts remaining after application pursuant to subsection 4.10(f)(i) to the
holders of the Transferor Certificates. The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

                                       26
<PAGE>   31

         Section 4.11. Spread Account.

                  (a) On or prior to the Closing Date, the Indenture Trustee
shall establish and maintain with an Eligible Institution, which may be the
Indenture Trustee in the name of the Trust, on behalf of the Trust, for the
benefit of the Class C Noteholders and the Transferor, a segregated account with
the corporate trust department of such Eligible Institution (the "SPREAD
ACCOUNT"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Class C Noteholders and the Transferor.
Except as otherwise provided in this Section 4.11, the Indenture Trustee shall
possess all right, title and interest in all funds on deposit from time to time
in the Spread Account and in all proceeds thereof. The Spread Account shall be
under the sole dominion and control of the Indenture Trustee for the benefit of
the Class C Noteholders and the Servicer. If at any time the institution holding
the Spread Account ceases to be an Eligible Institution, the Servicer shall
notify the Indenture Trustee, and the Indenture Trustee upon being notified (or
the Servicer on its behalf) shall, within ten (10) Business Days (or such longer
period as to which the Rating Agencies may consent) establish a new Spread
Account meeting the conditions specified above with an Eligible Institution and
shall transfer any cash or any investments to such new Spread Account. The
Indenture Trustee, at the direction of the Servicer, shall (i) make withdrawals
from the Spread Account from time to time in an amount up to the Available
Spread Account Amount at such time, for the purposes set forth in this Indenture
Supplement, and (ii) on each Distribution Date prior to termination of the
Spread Account, make a deposit into the Spread Account in the amount specified
in, and otherwise in accordance with, subsection 4.11(e).

                  (b) Funds on deposit in the Spread Account shall be invested
at the direction of the Servicer by the Indenture Trustee in Eligible
Investments; provided, however, that, for purposes of the investment of funds on
deposit in the Spread Account, references in the definition of "Eligible
Investments" to a rating in the "highest rating category" shall be modified to
require a rating, from any one of the following Rating Agencies, of at least A-2
by Standard & Poor's, P-2 by Moody's or (if such investment is rated by Fitch)
F2 by Fitch. Funds on deposit in the Spread Account on any Distribution Date,
after giving effect to any withdrawals from and deposits to the Spread Account
on such Distribution Date, shall be invested in such investments that will
mature so that such funds will be available for withdrawal on or prior to the
following Distribution Date.

                  The Indenture Trustee shall hold such of the Eligible
Investments as consists of instruments, deposit accounts, negotiable documents,
money, goods, letters of credit, and advices of credit in the State of New York.
The Indenture Trustee shall hold such of the Eligible Investments as constitutes
investment property through a securities intermediary, which securities
intermediary shall agree with the Indenture Trustee that (a) such investment
property shall at all times be credited to a securities account of the Indenture
Trustee, (b) such securities intermediary shall treat the Indenture Trustee as
entitled to exercise the rights that comprise each financial asset credited to
such securities account, (c) all property credited to such securities account
shall be treated as a financial asset, (d) such securities intermediary shall
comply with entitlement orders originated by the Indenture Trustee without the
further consent of any other person or entity, (e) such securities intermediary
will not agree with any person or entity other than the Indenture Trustee to
comply with entitlement orders originated by such other person or entity, (f)
such securities accounts and the property credited thereto shall not be subject
to any

                                       27
<PAGE>   32

lien, security interest, or right of set-off in favor of such securities
intermediary or anyone claiming through it (other than the Indenture Trustee),
and (g) such agreement shall be governed by the laws of the State of New York.
Terms used in the preceding sentence that are defined in the New York UCC and
not otherwise defined herein shall have the meaning set forth in the New York
UCC. Except as permitted by this subsection 4.11(b), the Indenture Trustee shall
not hold Eligible Investments through an agent or a nominee.

                  On each Distribution Date (but subject to subsections 4.11(c)
and 4.11(d)), the Investment Earnings, if any, accrued since the preceding
Distribution Date on funds on deposit in the Spread Account shall be paid to the
Transferor by the Indenture Trustee. For purposes of determining the
availability of funds or the balance in the Spread Account for any reason under
this Indenture Supplement (subject to subsections 4.11(c) and 4.11(d)), all
Investment Earnings shall be deemed not to be available or on deposit.

                  (c) If, on any Distribution Date, the aggregate amount
available for distribution pursuant to subsection 4.04(a)(iv) is less than the
aggregate amount required to be distributed pursuant to subsection 4.04(a)(iv)
(without giving effect to any limitation based on Available Finance Charge
Collections), the Indenture Trustee, at the direction of the Servicer, shall
withdraw from the Spread Account the amount of such deficiency up to the
Available Spread Account Amount and, if the Available Spread Account Amount is
less than such deficiency, Investment Earnings credited to the Spread Account,
and deposit such amount in the Collection Account for payment to the Class C
Noteholders in respect of interest on the Class C Notes.

                  (d) On the Series 2000-_ Final Maturity Date, the Indenture
Trustee at the direction of the Servicer shall withdraw from the Spread Account
an amount equal to the lesser of (i) the Class C Note Principal Balance (after
any payments to be made pursuant to subsection 4.04(c) on such date) and (ii)
the Available Spread Account Amount and, if the Available Spread Account Amount
is not sufficient to reduce the Class C Note Principal Balance to zero,
Investment Earnings credited to the Spread Account up to the amount required to
reduce the Class C Note Principal Balance to zero, and the Indenture Trustee or
the Servicer shall deposit such amounts into the Collection Account for
distribution to the Class C Noteholders in accordance with subsection 5.02(e).

                  (e) On any day following the occurrence of an Event of Default
with respect to Series 2000-_ and acceleration of the maturity of the Series
2000-_ Notes pursuant to Section 5.03 of the Indenture, the Servicer shall
withdraw from the Spread Account an amount equal to the Available Spread Account
Amount and the Indenture Trustee or the Servicer shall deposit such amounts into
the Collection Account for distribution to the Class C Noteholders, the Class A
Noteholders and the Class B Noteholders, in that order of priority, in
accordance with Section 5.02, to fund any shortfalls in amounts owed to such
Noteholders.

                  (f) If on any Distribution Date, after giving effect to all
withdrawals from the Spread Account, the Available Spread Account Amount is less
than the Required Spread Account Amount then in effect, Available Finance Charge
Collections shall be deposited into the Spread Account under the circumstances
set forth in subsection 4.04(a)(viii) up to the amount of the Spread Account
Deficiency.

                                       28
<PAGE>   33

                  (g) After the Spread Account Percentage has been increased
above zero pursuant to any of clauses (ii) through (v) of the definition
thereof, the Spread Account Percentage shall remain at that percentage until (a)
further increased to a higher required percentage specified in clauses (ii)
through (v) of the definition thereof or (b) the Distribution Date on which the
Quarterly Excess Spread Percentage has increased to a level above that for the
then current Spread Account Percentage, in which case the Spread Account
Percentage shall be decreased to the appropriate percentage in clauses (ii)
through (iv) of the definition thereof (or, if the Excess Spread Percentage is
greater than or equal to [___]%, the Spread Account Percentage shall be zero and
the Required Spread Account Amount shall be $0). Notwithstanding the foregoing,
if a Pay Out Event with respect to Series 2000-_ has occurred, the Spread
Account Percentage shall equal [___]% (as provided in the definition of Spread
Account Percentage) and shall no longer be subject to reduction.

                  (h) If on any Distribution Date, after giving effect to all
withdrawals from and deposits to the Spread Account, the amount on deposit in
the Spread Account would exceed the Required Spread Account Amount then in
effect, the Indenture Trustee shall, at the written direction of the Servicer,
release such excess to the Transferor. On the date on which the Class C Note
Principal Balance has been paid in full (including amounts to be paid to the
Class C Noteholders pursuant to subsection 4.11(d) above), the Indenture
Trustee, at the direction of the Servicer, shall withdraw from the Spread
Account all amounts then remaining in the Spread Account and pay such amounts to
the Transferor.

         Section 4.12. [Determination of LIBOR].

                  [(a) On each LIBOR Determination Date, the Indenture Trustee
shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such date. If such rate does not appear on Telerate Page
3750, the rate for that LIBOR Determination Date shall be determined on the
basis of the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 a.m., London time, on that day to prime
banks in the London interbank market for a one-month period. The Indenture
Trustee shall request the principal London office of each of the Reference Banks
to provide a quotation of its rate. If at least two (2) such quotations are
provided, the rate for that LIBOR Determination Date shall be the arithmetic
mean of the quotations. If fewer than two (2) quotations are provided as
requested, the rate for that LIBOR Determination Date will be the arithmetic
mean of the rates quoted by major banks in New York City, selected by the
Servicer, at approximately 11:00 a.m., New York City time, on that day for loans
in United States dollars to leading European banks for a one-month period.

                  (b) The Class A Note Interest Rate, Class B Note Interest Rate
and Class C Note Interest Rate applicable to the then current and the
immediately preceding Interest Periods may be obtained by telephoning the
Indenture Trustee at its corporate trust office at (212) 815-5738 or such other
telephone number as shall be designated by the Indenture Trustee for such
purpose by prior written notice by the Indenture Trustee to each Series 2000-_
Noteholder from time to time.

                                       29
<PAGE>   34

                  (c) On each LIBOR Determination Date, the Indenture Trustee
shall send to the Transferor by facsimile transmission, notification of LIBOR
for the following Interest Period.]

         Section 4.13. Investment Instructions. Any investment instructions
required to be given to the Indenture Trustee pursuant to the terms hereof must
be given to the Indenture Trustee no later than 11:00 a.m., New York City time,
on the date such investment is to be made. In the event the Indenture Trustee
receives such investment instruction later than such time, the Indenture Trustee
may, but shall have no obligation to, make such investment. In the event the
Indenture Trustee is unable to make an investment required in an investment
instruction received by the Indenture Trustee after 10:00 a.m., New York City
time, on such day, such investment shall be made by the Indenture Trustee on the
next succeeding Business Day. In no event shall the Indenture Trustee be liable
for any investment not made pursuant to investment instructions received after
10:00 a.m., New York City time, on the day such investment is requested to be
made.

                               [END OF ARTICLE IV]

                                       30
<PAGE>   35

                                   ARTICLE V

                        Delivery of Series 2000-_ Notes;
               Distributions; Reports to Series 2000-_ Noteholders

         Section 5.01. Delivery and Payment for the Series 2000-_ Notes.

                  The Issuer shall execute and issue, and the Indenture Trustee
shall authenticate, the Series 2000-_ Notes in accordance with Section 2.03 of
the Indenture. The Indenture Trustee shall deliver the Series 2000-_ Notes to or
upon the order of the Trust when so authenticated.

         Section 5.02. Distributions.

                  (a) On each Distribution Date, the Paying Agent shall
distribute to each Class A Noteholder of record on the related Record Date
(other than as provided in Section 11.02 of the Indenture) such Class A
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay interest on the Class A
Notes pursuant to this Indenture Supplement.

                  (b) On each Distribution Date, the Paying Agent shall
distribute to each Class A Noteholder of record on the related Record Date such
Class A Noteholder's pro rata share of the amounts held by the Paying Agent that
are allocated and available on such Distribution Date to pay principal of the
Class A Notes pursuant to this Indenture Supplement.

                  (c) On each Distribution Date, the Paying Agent shall
distribute to each Class B Noteholder of record on the related Record Date
(other than as provided in Section 11.02 of the Indenture) such Class B
Noteholder's pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Distribution Date to pay interest on the Class B
Notes pursuant to this Indenture Supplement.

                  (d) On each Distribution Date, the Paying Agent shall
distribute to each Class B Noteholder of record on the related Record Date such
Class B Noteholder's pro rata share of the amounts held by the Paying Agent that
are allocated and available on such Distribution Date to pay principal of the
Class B Notes pursuant to this Indenture Supplement.

                  (e) On each Distribution Date, the Paying Agent shall
distribute to each Class C Noteholder of record on the related Record Date
(other than as provided in Section 11.02 of the Indenture) such Class C
Noteholder's pro rata share of the amounts held by the Paying Agent (including
amounts held by the Paying Agent with respect to amounts withdrawn from the
Spread Account (at the times and in the amounts specified in Section 4.11)) that
are allocated and available on such Distribution Date to pay interest on the
Class C Notes pursuant to this Indenture Supplement.

                  (f) On each Distribution Date, the Paying Agent shall
distribute to each Class C Noteholder of record on the related Record Date such
Class C Noteholder's pro rata share of

                                       31
<PAGE>   36

the amounts held by the Paying Agent that are allocated and available on such
Distribution Date to pay principal of the Class C Notes pursuant to this
Indenture Supplement.

                  (g) The distributions to be made pursuant to this Section 5.02
are subject to the provisions of Sections 2.06, 6.01 and 7.01 of the Transfer
and Servicing Agreement, Section 11.02 of the Indenture and Section 7.01 of this
Indenture Supplement.

                  (h) Except as provided in Section 11.02 of the Indenture with
respect to a final distribution, distributions to Series 2000-_ Noteholders
hereunder shall be made by (i) check mailed to each Series 2000-_ Noteholder (at
such Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2000-_ Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2000-_ Note or the
making of any notation thereon.

         Section 5.03. Reports and Statements to Series 2000-_ Noteholders.

                  (a) On each Distribution Date, the Paying Agent, on behalf of
the Indenture Trustee, shall forward to each Series 2000-_ Noteholder a
statement substantially in the form of EXHIBIT C prepared by the Servicer.

                  (b) Not later than the second Business Day preceding each
Distribution Date, the Servicer shall deliver to the Owner Trustee, the
Indenture Trustee, the Paying Agent and each Rating Agency (i) a statement
substantially in the form of EXHIBIT C prepared by the Servicer and (ii) a
certificate of an Authorized Officer substantially in the form of EXHIBIT D;
provided that the Servicer may amend the form of EXHIBIT C and EXHIBIT D, from
time to time, with the consent of the Indenture Trustee.

                  (c) A copy of each statement or certificate provided pursuant
to paragraph (a) or (b) may be obtained by any Series 2000-_ Noteholder by a
request in writing to the Servicer.

                  (d) On or before January 31 of each calendar year, beginning
with calendar year 2001, the Paying Agent, on behalf of the Indenture Trustee,
shall furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2000-_ Noteholder, a statement prepared by
the Servicer containing the information which is required to be contained in the
statement to Series 2000-_ Noteholders, as set forth in paragraph (a) above,
aggregated for such calendar year or the applicable portion thereof during which
such Person was a Series 2000-_ Noteholder, together with other information as
is required to be provided by an issuer of indebtedness under the Code. Such
obligation of the Paying Agent shall be deemed to have been satisfied to the
extent that substantially comparable information shall be provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect.

                               [END OF ARTICLE V]

                                       32
<PAGE>   37

                                   ARTICLE VI

                          Series 2000-_ Pay Out Events

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

                  (a) failure on the part of the Transferor (i) to make any
payment or deposit required to be made by the Transferor by the terms of the
Transfer and Servicing Agreement, the Indenture or this Indenture Supplement on
or before the date occurring five (5) Business Days after the date such payment
or deposit is required to be made therein or herein or (ii) duly to observe or
perform any other covenants or agreements of the Transferor set forth in the
Transfer and Servicing Agreement, the Indenture or this Indenture Supplement,
which failure has a material adverse effect on the Series 2000-_ Noteholders and
which continues unremedied for a period of sixty (60) days after the date on
which written notice of such failure, requiring the same to be remedied, shall
have been given to the Transferor by the Indenture Trustee, or to the Transferor
and the Indenture Trustee by any Holder of the Series 2000-_ Notes;

                  (b) any representation or warranty made by the Transferor in
the Transfer and Servicing Agreement, or any information contained in a computer
file or microfiche list required to be delivered by the Transferor pursuant to
Section 2.01 or subsection 2.09(h) of the Transfer and Servicing Agreement shall
prove to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period
of sixty (60) days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Transferor by
the Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Holder of the Series 2000-_ Notes and as a result of which the interests of the
Series 2000-_ Noteholders are materially and adversely affected for such period;
provided, however, that a Series 2000-_ Pay Out Event pursuant to this
subsection 6.01(b) shall not be deemed to have occurred hereunder if the
Transferor has accepted reassignment of the related Receivable, or all of such
Receivables, if applicable, during such period in accordance with the provisions
of the Transfer and Servicing Agreement;

                  (c) a failure by the Transferor to convey Receivables in
Additional Accounts or Participation Interests to the Trust within five (5)
Business Days after the day on which it is required to convey such Receivables
or Participation Interests pursuant to subsection 2.09(a) of the Transfer and
Servicing Agreement;

                  (d) any Servicer Default shall occur;

                  (e) the average of the Portfolio Yields for any three
consecutive Monthly Periods is reduced to a rate which is less than the average
of the Base Rates for such period;

                  (f) the Class A Note Principal Balance or the Class B Note
Principal Balance or the Class C Note Principal Balance shall not be paid in
full on the Expected Final Principal Payment Date; or

                                       33
<PAGE>   38

                  (g) without limiting the foregoing, the occurrence of an Event
of Default with respect to Series 2000-_ and acceleration of the maturity of the
Series 2000-_ Notes pursuant to Section 5.03 of the Indenture;

then, in the case of any event described in subparagraph (a), (b) or (d), after
the applicable grace period, if any, set forth in such subparagraphs, either the
Indenture Trustee or the Holders of Series 2000-_ Notes evidencing more than 50%
of the aggregate unpaid principal amount of Series 2000-_ Notes by notice then
given in writing to the Transferor and the Servicer (and to the Indenture
Trustee if given by the Series 2000-_ Noteholders) may declare that a "Series
Pay Out Event" with respect to Series 2000-_ (a "SERIES 2000-_ PAY OUT EVENT")
has occurred as of the date of such notice, and, in the case of any event
described in subparagraph (c), (e), (f) or (g), a Series 2000-_ Pay Out Event
shall occur without any notice or other action on the part of the Indenture
Trustee or the Series 2000-_ Noteholders immediately upon the occurrence of such
event.

                               [END OF ARTICLE VI]

                                       34
<PAGE>   39

                                  ARTICLE VII

   Redemption of Series 2000-_ Notes; Final Distributions; Series Termination

         Section 7.01. Optional Redemption of Series 2000-_ Notes; Final
Distributions.

                  (a) On any day occurring on or after the date on which the
outstanding principal balance of the Series 2000-_ Notes is reduced to 5% or
less of the initial outstanding principal balance of Series 2000-_ Notes, the
Issuer shall have the option to redeem the Series 2000-_ Notes, at a purchase
price equal to (i) if such day is a Distribution Date, the Reassignment Amount
for such Distribution Date or (ii) if such day is not a Distribution Date, the
Reassignment Amount for the Distribution Date following such day.

                  (b) The Issuer shall give the Servicer and the Indenture
Trustee at least thirty (30) days prior written notice of the date on which the
Issuer intends to exercise such optional redemption. Not later than 12:00 noon,
New York City time, on such day the Issuer shall deposit into the Collection
Account in immediately available funds the excess of the Reassignment Amount
over the amount, if any, on deposit in the Principal Funding Account. Such
redemption option is subject to payment in full of the Reassignment Amount.
Following such deposit into the Collection Account in accordance with the
foregoing, the Invested Amount for Series 2000-_ shall be reduced to zero and
the Series 2000-_ Noteholders shall have no further security interest in the
Receivables. The Reassignment Amount shall be distributed as set forth in
subsection 7.01(d).

                  (c) (i) The amount to be paid by the Transferor with respect
         to Series 2000-_ in connection with a reassignment of Receivables to
         the Transferor pursuant to Section 2.06 of the Transfer and Servicing
         Agreement shall equal the Reassignment Amount for the first
         Distribution Date following the Monthly Period in which the
         reassignment obligation arises under the Transfer and Servicing
         Agreement.

                           (ii) The amount to be paid by the Transferor with
         respect to Series 2000-_ in connection with a repurchase of the Notes
         pursuant to Section 7.01 of the Transfer and Servicing Agreement shall
         equal the Reassignment Amount for the Distribution Date of such
         repurchase.

                  (d) With respect to the Reassignment Amount deposited into the
Collection Account pursuant to Section 7.01, the Indenture Trustee shall, in
accordance with the written direction of the Servicer, not later than 12:00
noon, New York City time, on the related Distribution Date, make deposits or
distributions of the following amounts (in the priority set forth below and, in
each case, after giving effect to any deposits and distributions otherwise to be
made on such date) in immediately available funds: (i) (x) the Class A Note
Principal Balance on such Distribution Date will be distributed to the Paying
Agent for payment to the Class A Noteholders and (y) an amount equal to the sum
of (A) Class A Monthly Interest for such Distribution Date, (B) any Class A
Monthly Interest previously due but not distributed to the Class A Noteholders
on a prior Distribution Date and (C) the amount of Class A Additional

                                       35
<PAGE>   40

Interest, if any, for such Distribution Date and any Class A Additional Interest
previously due but not distributed to the Class A Noteholders on any prior
Distribution Date, will be distributed to the Paying Agent for payment to the
Class A Noteholders, (ii) (x) the Class B Note Principal Balance on such
Distribution Date will be distributed to the Paying Agent for payment to the
Class B Noteholders and (y) an amount equal to the sum of (A) Class B Monthly
Interest for such Distribution Date, (B) any Class B Monthly Interest previously
due but not distributed to the Class B Noteholders on a prior Distribution Date
and (C) the amount of Class B Additional Interest, if any, for such Distribution
Date and any Class B Additional Interest previously due but not distributed to
the Class B Noteholders on any prior Distribution Date, will be distributed to
the Paying Agent for payment to the Class B Noteholders, (iii) (x) the Class C
Note Principal Balance on such Distribution Date will be distributed to the
Paying Agent for payment to the Class C Noteholders and (y) an amount equal to
the sum of (A) Class C Monthly Interest for such Distribution Date, (B) any
Class C Monthly Interest previously due but not distributed to the Class C
Noteholders on a prior Distribution Date and (C) the amount of Class C
Additional Interest, if any, for such Distribution Date and any Class C
Additional Interest previously due but not distributed to the Class C
Noteholders on any prior Distribution Date, will be distributed to the Paying
Agent for payment to the Class C Noteholders and (iv) any excess shall be
released to the Issuer.

                  (e) Notwithstanding anything to the contrary in this Indenture
Supplement, the Indenture or the Transfer and Servicing Agreement, all amounts
distributed to the Paying Agent pursuant to subsection 7.01(d) for payment to
the Series 2000-_ Noteholders shall be deemed distributed in full to the Series
2000-_ Noteholders on the date on which such funds are distributed to the Paying
Agent pursuant to this Section 7.01 and shall be deemed to be a final
distribution pursuant to Section 11.02 of the Indenture.

         Section 7.02. Series Termination.

                  On the Series 2000-_ Final Maturity Date, the right of the
Series 2000-_ Noteholders to receive payments from the Issuer will be limited
solely to the right to receive payments pursuant to Section 5.05 of the
Indenture.

                              [END OF ARTICLE VII]

                                       36
<PAGE>   41

                                  ARTICLE VIII

                            Miscellaneous Provisions

         Section 8.01. Ratification of Indenture. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read,
taken and construed as one and the same instrument.

         Section 8.02. Form of Delivery of the Series 2000-_ Notes.

                  The Series 2000-_ Notes shall be Book-Entry Notes and shall be
delivered as Registered Notes as provided in Section 2.01 of the Indenture.

         Section 8.03. Counterparts. This Indenture Supplement may be executed
in two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

         Section 8.04. GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

         Section 8.05. Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Agreement has been executed and delivered by
Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust
Company in its individual capacity have any liability in respect of the
representations, warranties, or obligations of the Trust hereunder or under any
other document, as to all of which recourse shall be had solely to the assets of
the Trust, and for all purposes of this Agreement and each other document, the
Owner Trustee (as such or in its individual capacity) shall be subject to, and
entitled to the benefits of, the terms and provisions of the Trust Agreement.

                              [END OF ARTICLE VIII]

                            [SIGNATURE PAGE FOLLOWS]

                                       37
<PAGE>   42

IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be
duly executed and delivered by their respective duly authorized officers on the
day and year first above written.

                                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST,
                                     as Issuer

                                    By:   Wilmington Trust Company,
                                          not in its individual capacity,
                                          but solely as Owner Trustee

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

                                    THE BANK OF NEW YORK,
                                     as Indenture Trustee

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

             [Signature Page to Series 2000-_ Indenture Supplement]

                                       38
<PAGE>   43

Acknowledged and Accepted:

ASSOCIATES NATIONAL BANK (DELAWARE),
   as Servicer

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

Acknowledged and Accepted:

ASSOCIATES CREDIT CARD RECEIVABLES CORP.,
   as Transferor

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

             [Signature Page to Series 2000-_ Indenture Supplement]

<PAGE>   44

STATE OF NEW YORK       )
                        ) ss.:
COUNTY OF               )

         BEFORE ME, the undersigned authority, a Notary Public in and for said
County and State, on this day personally appeared ____________________ known to
me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of the said New York
banking corporation and that she/he executed the same as the corporation for the
purpose and consideration therein stated.

         GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ____ day of __________,
2000.

                                  ------------------------------
                                  Notary Public

                                  [Seal]

My commission expires:

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

<PAGE>   45

STATE OF DELAWARE           )
                            ) ss.:
COUNTY OF                   )

         BEFORE ME, the undersigned authority, a Notary Public in and for said
County and State, on this day personally appeared _____________________ known to
me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of the said Delaware
statutory business trust and that she/he executed the same as the corporation
for the purpose and consideration therein stated.

         GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ____ day of __________,
2000.

                                  ------------------------------
                                  Notary Public

                                  [Seal]

My commission expires:

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

<PAGE>   46

                                                                     EXHIBIT A-1

                                     FORM OF
                 CLASS A [FLOATING RATE] [ %] ASSET BACKED NOTE

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

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

                                     A-1-1
<PAGE>   47

                                           INITIAL OUTSTANDING PRINCIPAL BALANCE
REGISTERED                                                       $__________(1/)

No. R-__                                                    CUSIP NO. __________

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-_

                 CLASS A [FLOATING RATE] [ %] ASSET BACKED NOTE

         Associates Credit Card Master Note Trust (herein referred to as the
"ISSUER" or the "TRUST"), a Delaware statutory business trust governed by a
Trust Agreement dated as of April 1, 2000, for value received, hereby promises
to pay to _________________, or registered assigns, subject to the following
provisions, the principal sum of __________________ DOLLARS, or such greater or
lesser amount as determined in accordance with the Indenture, on the Series
2000-_ Final Maturity Date (which is the earlier to occur of (a) the
Distribution Date on which the Note Principal Balance is paid in full and (b)
the ___________ ____ Distribution Date), except as otherwise provided below or
in the Indenture. The Issuer will pay interest on the unpaid principal amount of
this Note at the Class A Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue
for each Distribution Date from and including the most recent Distribution Date
on which interest has been paid to but excluding such Distribution Date or, for
the initial Distribution Date, from and including the Closing Date to but
excluding such Distribution Date. [Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.] Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Indenture Trustee, by manual signature, this Note shall not be
entitled to any benefit under the Indenture or the Indenture Supplement referred
to on the reverse hereof, or be valid for any purpose.

------------------------
(1/) Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                     A-1-2
<PAGE>   48

                  IN WITNESS WHEREOF, the Issuer has caused this Class A Note to
be duly executed.

                                  ASSOCIATES CREDIT CARD MASTER NOTE TRUST,
                                  as Issuer

                                  By:  WILMINGTON TRUST COMPANY, not in its
                                       individual capacity but solely as Owner
                                       Trustee under the Trust Agreement

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

Dated:         ,
       --------  -----

                                     A-1-3
<PAGE>   49

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the within-mentioned Indenture.

                                        THE BANK OF NEW YORK,
                                        as Indenture Trustee

                                        By:
                                              -----------------------------
                                              Authorized Signatory

                                     A-1-4
<PAGE>   50

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-_

                 CLASS A [FLOATING RATE] [ %] ASSET BACKED NOTE

                         Summary of Terms and Conditions

                  This Class A Note is one of a duly authorized issue of Notes
of the Issuer, designated as Associates Credit Card Master Note Trust, Series
2000-_ (the "SERIES 2000-_ NOTES"), issued under a Master Indenture dated as of
__________ __, 2000 (the "MASTER INDENTURE"), between the Issuer and The Bank of
New York, as indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the
Indenture Supplement dated as of __________ __, 2000 (the "INDENTURE
SUPPLEMENT"), and representing the right to receive certain payments from the
Issuer. The term "Indenture," unless the context otherwise requires, refers to
the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that
are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

                  The Class B Notes and the Class C Notes will also be issued
under the Indenture.

                  The Noteholder, by its acceptance of this Note, agrees that it
will look solely to the property of the Trust allocated to the payment of this
Note for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

                  This Note does not purport to summarize the Indenture and
reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Indenture Trustee.

                  The Class A Note Initial Principal Balance is
$[_____________]. The Class A Note Principal Balance on any date of
determination will be an amount equal to (a) the Class A Note Initial Principal
Balance, minus (b) the aggregate amount of principal payments made to the Class
A Noteholders on or prior to such date.

                  The Expected Final Principal Payment Date is the [________
________] Distribution Date, but principal with respect to the Class A Notes may
be paid earlier or later under certain circumstances described in the Indenture.
If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit into the Principal Funding Account the
Controlled Deposit Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled
Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes will occur later than the Expected Final Principal
Payment Date. Payments of principal of the Notes shall be payable in accordance
with the provisions of the Indenture.

                                     A-1-5
<PAGE>   51

                  Subject to the terms and conditions of the Indenture, the
Transferor may, from time to time, direct the Owner Trustee, on behalf of the
Trust, to issue one or more new Series of Notes.

                  On each Distribution Date, the Paying Agent shall distribute
to each Class A Noteholder of record on the related Record Date (except for the
final distribution in respect of this Class A Note) such Class A Noteholder's
pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay interest and principal on the Class A
Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series 2000-_ Noteholders
shall be made by (i) check mailed to each Series 2000-_ Noteholder (at such
Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2000-_ Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2000-_ Note or the
making of any notation thereon. Final payment of this Class A Note will be made
only upon presentation and surrender of this Class A Note at the office or
agency specified in the notice of final distribution delivered by the Indenture
Trustee to the Series 2000-_ Noteholders in accordance with the Indenture.

                  On any day occurring on or after the date on which the
outstanding principal balance of the Series 2000-_ Notes is reduced to 5% or
less of the initial outstanding principal balance of the Series 2000-_ Notes,
the Issuer shall have the option to redeem the Series 2000-_ Notes, at a
purchase price equal to (i) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (ii) if such day is not a Distribution
Date, the Reassignment Amount for the Distribution Date following such day.

                  THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, THE TRANSFEROR, ACCS, ANB OR ANY AFFILIATE OF ANY OF THEM AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

                  Each Noteholder, by accepting a Note, hereby covenants and
agrees that it will not at any time institute against the Issuer or the
Transferor, or join in instituting against the Issuer or the Transferor, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law.

                  Except as otherwise provided in the Indenture Supplement, the
Class A Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class A Note shall be registered in
the Note Register upon surrender of this Class A Note 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
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class A Noteholder or such Class A Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class A
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

                                     A-1-6
<PAGE>   52

                  As provided in the Indenture and subject to certain
limitations therein set forth, Class A Notes are exchangeable for new Class A
Notes in any authorized denominations and of like aggregate principal amount,
upon surrender of such Notes to be exchanged at the office or agency of the
Transfer Agent and Registrar. No service charge may be imposed for any such
exchange but the Issuer 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 Issuer, the Transferor, the Indenture Trustee and any
agent of the Issuer, Transferor or the Indenture Trustee shall treat the person
in whose name this Class A Note is registered as the owner hereof for all
purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any
agent of the Issuer, Transferor or the Indenture Trustee shall be affected by
notice to the contrary.

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

                                     A-1-7
<PAGE>   53

                                   ASSIGNMENT

Social Security or other identifying number of assignee ________________________

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

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

Dated:                                                                    (2)
      -------------                               ------------------------

                                                  Signature Guaranteed:

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

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

                                     A-1-8
<PAGE>   54

                                                                     EXHIBIT A-2

                                     FORM OF
                 CLASS B [FLOATING RATE] [ %] ASSET BACKED NOTE

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

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS B NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

                                     A-2-1
<PAGE>   55

REGISTERED                                                        $          (3)
                                                                   ----------

No. R-                                                      CUSIP NO.
      ---                                                             ----------

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-___

                 CLASS B [FLOATING RATE] [ %] ASSET BACKED NOTE

         Associates Credit Card Master Note Trust (herein referred to as the
"ISSUER" or the "TRUST"), a Delaware statutory business trust governed by a
Trust Agreement dated as of April 1, 2000, for value received, hereby promises
to pay to _________________, or registered assigns, subject to the following
provisions, the principal sum of __________________ DOLLARS, or such greater or
lesser amount as determined in accordance with the Indenture, on the Series
2000-_ Final Maturity Date (which is the earlier to occur of (a) the
Distribution Date on which the Note Principal Balance is paid in full and (b)
the ___________ ____ Distribution Date), except as otherwise provided below or
in the Indenture. The Issuer will pay interest on the unpaid principal amount of
this Note at the Class B Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue
for each Distribution Date from and including the most recent Distribution Date
on which interest has been paid to but excluding such Distribution Date or, for
the initial Distribution Date, from and including the Closing Date to but
excluding such Distribution Date. [Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.] Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by or on behalf of the Indenture Trustee, by manual signature, this
Note shall not be entitled to any benefit under the Indenture or the Indenture
Supplement referred to on the reverse hereof, or be valid for any purpose.

                  THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO
FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

--------------------
(3)  Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                     A-2-2
<PAGE>   56

                  IN WITNESS WHEREOF, the Issuer has caused this Class B Note to
be duly executed.

                                   ASSOCIATES CREDIT CARD MASTER NOTE TRUST,
                                   as Issuer

                                   By:  WILMINGTON TRUST COMPANY, not in
                                        its individual capacity but solely
                                        as Owner Trustee under the Trust
                                        Agreement

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

Dated:         ,
       --------  ----

                                     A-2-3
<PAGE>   57

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B Notes described in the within-mentioned Indenture.

                                            THE BANK OF NEW YORK,
                                            as Indenture Trustee

                                            By:
                                                -----------------------------
                                                Authorized Signatory

                                     A-2-4
<PAGE>   58

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-
                                              --

                 CLASS B [FLOATING RATE] [ %] ASSET BACKED NOTE

                         Summary of Terms and Conditions

                  This Class B Note is one of a duly authorized issue of Notes
of the Issuer, designated as Associates Credit Card Master Note Trust, Series
2000-_ (the "SERIES 2000-_ NOTES"), issued under a Master Indenture dated as of
April 1, 2000 (the "MASTER INDENTURE"), between the Issuer and The Bank of New
York, as indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the
Indenture Supplement dated as of __________ __, 2000 (the "INDENTURE
SUPPLEMENT"), and representing the right to receive certain payments from the
Issuer. The term "Indenture," unless the context otherwise requires, refers to
the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that
are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

                  The Class A Notes and the Class C Notes will also be issued
under the Indenture.

                  The Noteholder, by its acceptance of this Note, agrees that it
will look solely to the property of the Trust allocated to the payment of this
Note for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

                  This Note does not purport to summarize the Indenture and
reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Indenture Trustee.

                  The Class B Note Initial Principal Balance is $[___________].
The Class B Note Principal Balance on any date of determination will be an
amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class B Noteholders on or
prior to such date.

                  The Expected Final Principal Payment Date is the [________
________] Distribution Date, but principal with respect to the Class B Notes may
be paid earlier or later under certain circumstances described in the Indenture.
If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit into the Principal Funding Account the
Controlled Deposit Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled
Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes will occur later than the Expected Final Principal
Payment Date. Payments of principal of the Notes shall be payable in accordance
with the provisions of the Indenture.

                                     A-2-5
<PAGE>   59

                  Subject to the terms and conditions of the Indenture, the
Transferor may, from time to time, direct the Owner Trustee, on behalf of the
Trust, to issue one or more new Series of Notes.

                  On each Distribution Date, the Paying Agent shall distribute
to each Class B Noteholder of record on the related Record Date (except for the
final distribution in respect of this Class B Note) such Class B Noteholder's
pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay interest and principal on the Class B
Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series 2000-_ Noteholders
shall be made by (i) check mailed to each Series 2000-_ Noteholder (at such
Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2000-_ Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2000-_ Note or the
making of any notation thereon. Final payment of this Class B Note will be made
only upon presentation and surrender of this Class B Note at the office or
agency specified in the notice of final distribution delivered by the Indenture
Trustee to the Series 2000-_ Noteholders in accordance with the Indenture.

                  On any day occurring on or after the date on which the
outstanding principal balance of the Series 2000-_ Notes is reduced to 5% or
less of the initial outstanding principal balance of the Series 2000-_ Notes,
the Issuer shall have the option to redeem the Series 2000-_ Notes, at a
purchase price equal to (i) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (ii) if such day is not a Distribution
Date, the Reassignment Amount for the Distribution Date following such day.

                  THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, THE TRANSFEROR, ACCS, ANB OR ANY AFFILIATE OF ANY OF THEM AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

                  Each Noteholder, by accepting a Note, hereby covenants and
agrees that it will not at any time institute against the Issuer or the
Transferor, or join in instituting against the Issuer or the Transferor, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law.

                  Except as otherwise provided in the Indenture Supplement, the
Class B Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class B Note shall be registered in
the Note Register upon surrender of this Class B Note 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
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class B Noteholder or such Class B Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class B
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

                                     A-2-6
<PAGE>   60

                  As provided in the Indenture and subject to certain
limitations therein set forth, Class B Notes are exchangeable for new Class B
Notes in any authorized denominations and of like aggregate principal amount,
upon surrender of such Notes to be exchanged at the office or agency of the
Transfer Agent and Registrar. No service charge may be imposed for any such
exchange but the Issuer 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 Issuer, the Transferor, the Indenture Trustee and any
agent of the Issuer, the Transferor or the Indenture Trustee shall treat the
person in whose name this Class B Note is registered as the owner hereof for all
purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any
agent of the Issuer, the Transferor or the Indenture Trustee shall be affected
by notice to the contrary.

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

                                     A-2-7
<PAGE>   61

                                   ASSIGNMENT

Social Security or other identifying number of assignee
                                                        --------------------

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

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

Dated:                                                                       (4)
                                                            -----------------

                                                           Signature Guaranteed:

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

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

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

                                     A-2-8
<PAGE>   62

                                                                     EXHIBIT A-3

                                     FORM OF
                 CLASS C [FLOATING RATE] [ %] ASSET BACKED NOTE

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

         THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR THE TRANSFEROR, OR
JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS, OR OTHER
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

         THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS C NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY,
INCOME.

                                     A-3-1
<PAGE>   63

REGISTERED                                                        $          (5)
                                                                   ----------

No. R-                                                      CUSIP NO.
      ---                                                             ----------

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-
                                              --

                 CLASS C [FLOATING RATE] [ %] ASSET BACKED NOTE

         Associates Credit Card Master Note Trust (herein referred to as the
"ISSUER" or the "TRUST"), a Delaware statutory business trust governed by a
Trust Agreement dated as of April 1, 2000, for value received, hereby promises
to pay to _________________, or registered assigns, subject to the following
provisions, the principal sum of __________________ DOLLARS, or such greater or
lesser amount as determined in accordance with the Indenture, on the Series
2000-_ Final Maturity Date (which is the earlier to occur of (a) the
Distribution Date on which the Note Principal Balance is paid in full and (b)
the __________ ____ Distribution Date), except as otherwise provided below or in
the Indenture. The Issuer will pay interest on the unpaid principal amount of
this Note at the Class C Note Interest Rate on each Distribution Date until the
principal amount of this Note is paid in full. Interest on this Note will accrue
for each Distribution Date from and including the most recent Distribution Date
on which interest has been paid to but excluding such Distribution Date or, for
the initial Distribution Date, from and including the Closing Date to but
excluding such Distribution Date. [Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.] Principal of this Note
shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by or on behalf of the Indenture Trustee, by manual signature, this
Note shall not be entitled to any benefit under the Indenture or the Indenture
Supplement referred to on the reverse hereof, or be valid for any purpose.

                  THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO
FUND PAYMENTS ON THE CLASS A AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

-------------------
(5)  Denominations of $1,000 and integral multiples of $1,000 in excess thereof.

                                     A-3-2
<PAGE>   64

                  IN WITNESS WHEREOF, the Issuer has caused this Class C Note to
be duly executed.

                                   ASSOCIATES CREDIT CARD MASTER NOTE TRUST,
                                   as Issuer

                                   By:   WILMINGTON TRUST COMPANY, not in its
                                         individual capacity but solely as
                                         Owner Trustee under the Trust Agreement

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

Dated:         ,
       --------  -----

                                     A-3-3
<PAGE>   65

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class C Notes described in the within-mentioned Indenture.

                                             THE BANK OF NEW YORK,
                                             as Indenture Trustee

                                             By:
                                                  -----------------------------
                                                       Authorized Signatory

                                     A-3-4
<PAGE>   66

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                  SERIES 2000-
                                              --

                 CLASS C [FLOATING RATE] [ %] ASSET BACKED NOTE

                         Summary of Terms and Conditions

                  This Class C Note is one of a duly authorized issue of Notes
of the Issuer, designated as Associates Credit Card Master Note Trust, Series
2000-_ (the "SERIES 2000-_ NOTES"), issued under a Master Indenture dated as of
April 1, 2000 (the "MASTER INDENTURE"), between the Issuer and The Bank of New
York, as indenture trustee (the "INDENTURE TRUSTEE"), as supplemented by the
Indenture Supplement dated as of __________ __, 2000 (the "INDENTURE
SUPPLEMENT"), and representing the right to receive certain payments from the
Issuer. The term "Indenture," unless the context otherwise requires, refers to
the Master Indenture as supplemented by the Indenture Supplement. The Notes are
subject to all of the terms of the Indenture. All terms used in this Note that
are defined in the Indenture shall have the meanings assigned to them in or
pursuant to the Indenture. In the event of any conflict or inconsistency between
the Indenture and this Note, the Indenture shall control.

                  The Class A Notes and the Class B Notes will also be issued
under the Indenture.

                  The Noteholder, by its acceptance of this Note, agrees that it
will look solely to the property of the Trust allocated to the payment of this
Note for payment hereunder and that the Indenture Trustee is not liable to the
Noteholders for any amount payable under the Note or the Indenture or, except as
expressly provided in the Indenture, subject to any liability under the
Indenture.

                  This Note does not purport to summarize the Indenture and
reference is made to the Indenture for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Indenture Trustee.

                  The Class C Note Initial Principal Balance is $[___________].
The Class C Note Principal Balance on any date of determination will be an
amount equal to (a) the Class C Note Initial Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.

                  The Expected Final Principal Payment Date is the [_________
________] Distribution Date, but principal with respect to the Class C Notes may
be paid earlier or later under certain circumstances described in the Indenture.
If for one or more months during the Controlled Accumulation Period there are
not sufficient funds to deposit into the Principal Funding Account the
Controlled Deposit Amount, then to the extent that excess funds are not
available on subsequent Distribution Dates with respect to the Controlled
Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes will occur later than the Expected Final Principal
Payment Date. Payments of principal of the Notes shall be payable in accordance
with the provisions of the Indenture.

                                     A-3-5
<PAGE>   67

                  Subject to the terms and conditions of the Indenture, the
Transferor may, from time to time, direct the Owner Trustee, on behalf of the
Trust, to issue one or more new Series of Notes.

                  On each Distribution Date, the Paying Agent shall distribute
to each Class C Noteholder of record on the related Record Date (except for the
final distribution in respect of this Class C Note) such Class C Noteholder's
pro rata share of the amounts held by the Paying Agent that are allocated and
available on such Distribution Date to pay interest and principal on the Class C
Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series 2000-_ Noteholders
shall be made by (i) check mailed to each Series 2000-_ Noteholder (at such
Noteholder's address as it appears in the Note Register), except that with
respect to any Series 2000-_ Notes registered in the name of the nominee of a
Clearing Agency, such distribution shall be made in immediately available funds
and (ii) without presentation or surrender of any Series 2000-_ Note or the
making of any notation thereon. Final payment of this Class C Note will be made
only upon presentation and surrender of this Class C Note at the office or
agency specified in the notice of final distribution delivered by the Indenture
Trustee to the Series 2000-_ Noteholders in accordance with the Indenture.

                  On any day occurring on or after the date on which the
outstanding principal balance of the Series 2000-_ Notes is reduced to 5% or
less of the initial outstanding principal balance of the Series 2000-_ Notes,
the Issuer shall have the option to redeem the Series 2000-_ Notes, at a
purchase price equal to (i) if such day is a Distribution Date, the Reassignment
Amount for such Distribution Date or (ii) if such day is not a Distribution
Date, the Reassignment Amount for the Distribution Date following such day.

                  THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, THE TRANSFEROR, ACCS, ANB OR ANY AFFILIATE OF ANY OF THEM AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

                  Each Noteholder, by accepting a Note, hereby covenants and
agrees that it will not at any time institute against the Issuer or the
Transferor, or join in instituting against the Issuer or the Transferor, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law.

                  Except as otherwise provided in the Indenture Supplement, the
Class C Notes are issuable only in minimum denominations of $1,000 and integral
multiples of $1,000. The transfer of this Class C Note shall be registered in
the Note Register upon surrender of this Class C Note 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
Indenture Trustee or the Transfer Agent and Registrar, duly executed by the
Class C Noteholder or such Class C Noteholder's attorney, and duly authorized in
writing with such signature guaranteed, and thereupon one or more new Class C
Notes in any authorized denominations of like aggregate principal amount will be
issued to the designated transferee or transferees.

                                     A-3-6
<PAGE>   68

                  As provided in the Indenture and subject to certain
limitations therein set forth, Class C Notes are exchangeable for new Class C
Notes in any authorized denominations and of like aggregate principal amount,
upon surrender of such Notes to be exchanged at the office or agency of the
Transfer Agent and Registrar. No service charge may be imposed for any such
exchange but the Issuer 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 Issuer, the Transferor, the Indenture Trustee and any
agent of the Issuer, the Transferor or the Indenture Trustee shall treat the
person in whose name this Class C Note is registered as the owner hereof for all
purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any
agent of the Issuer, the Transferor or the Indenture Trustee shall be affected
by notice to the contrary.

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

                                     A-3-7
<PAGE>   69

                                   ASSIGNMENT

Social Security or other identifying number of assignee
                                                        ------------------------

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

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

Dated:                                                                       (6)
                                                          --------------------

                                                           Signature Guaranteed:

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

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

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

                                     A-3-8
<PAGE>   70

                                                                       EXHIBIT B

                    FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                      NOTIFICATION TO THE INDENTURE TRUSTEE

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

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

                                 SERIES 2000-
                                             --

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

                  The undersigned, a duly authorized representative of
Associates National Bank (Delaware) ("ANB"), as Servicer pursuant to the
Transfer and Servicing Agreement, dated as of April 1, 2000 (as amended and
supplemented, the "TRANSFER AND SERVICING AGREEMENT"), among ANB, Associates
Credit Card Receivables Corp. ("ACCR"), as Transferor and Associates Credit Card
Master Note Trust (the "TRUST"), does hereby certify as follows:

                  1. Capitalized terms used in this Certificate have their
respective meanings set forth in the Transfer and Servicing Agreement or the
Master Indenture, dated as of April 1, 2000 (as amended or supplemented, the
"MASTER INDENTURE"), between the Trust and The Bank of New York, as indenture
trustee (the "INDENTURE TRUSTEE") as supplemented by the Series 2000-_ Indenture
Supplement, dated as of __________ __, 2000, between the Trust and the Indenture
Trustee (as amended and supplemented, the "INDENTURE SUPPLEMENT"), as
applicable.

                  2. ANB is the Servicer.

                  3. The undersigned is an Authorized Officer of the Servicer.

I        INSTRUCTION TO MAKE A WITHDRAWAL

                  Pursuant to subsection 4.04(a), the Servicer does hereby
instruct the Indenture Trustee (i) to make withdrawals from the Collection
Account on ___________, ____, which date is a Distribution Date under the
Indenture Supplement, in the aggregate amounts (equal to the Available Finance
Charge Collections) as set forth below in respect of the following amounts and
(ii) to apply the proceeds of such withdrawals in accordance with subsections
3.01(a) and 4.04(a):

                  A) Pursuant to subsection 3.01(a):

                           (1) Servicer Interchange.................... $_______

                  B) Pursuant to subsection 4.04(a)(i):

                           (1) Interest at the Class A Note Interest
                  Rate for the related Interest Period on the
                  outstanding principal balance of the Class A Notes... $_______

                                B-1
<PAGE>   71

                           (2) Class A Monthly Interest previously
                  due but not paid....................................  $_______

                           (3) Class A Additional Interest and any
                  Class A Additional Interest previously due but not
                  paid................................................  $_______

                  C) Pursuant to subsection 4.04(a)(ii):

                           (1) Interest at the Class B Note Interest
                  Rate for the related Interest Period on the
                  outstanding principal balance of the Class B Notes..  $_______

                           (2) Class B Monthly Interest previously
                  due but not paid....................................  $_______

                           (3) Class B Additional Interest and any
                  Class B Additional Interest previously due but not
                  paid................................................  $_______

                  D) Pursuant to subsection 4.04(a)(iii):

                           (1) The Noteholder Servicing Fee for such
                  Distribution Date...................................  $_______

                           (2) Accrued and unpaid Noteholder
                  Servicing Fees......................................  $_______

                  E) Pursuant to subsection 4.04(a)(iv):

                           (1) Interest at the Class C Note Interest
                  Rate for the related Interest Period on the
                  outstanding principal balance of the Class C Notes..  $_______

                           (2) Class C Monthly Interest previously
                  due but not paid....................................  $_______

                           (3) Class C Additional Interest and any
                  Class C Additional Interest previously due but not
                  paid................................................  $_______

                  F) Pursuant to subsection 4.04(a)(v):

                           (1) Investor Default Amount for such
                  Distribution Date to be treated as Available
                  Principal Collections...............................  $_______

                  G) Pursuant to subsection 4.04(a)(vi):

                           (1) Aggregate amount of Investor
                  Charge-Offs and Reallocated Principal Collections
                  not previously reimbursed to be treated as
                  Available Principal Collections.....................  $_______

                  H) Pursuant to subsection 4.04(a)(vii):

                           (1) An amount equal to the amounts to be
                  deposited in the Reserve Account to be deposited
                  in the Reserve Account..............................  $_______

                                B-2
<PAGE>   72

                  I) Pursuant to subsection 4.04(a)(viii):

                           (1) An amount equal to the amounts to be
                  deposited in the Spread Account to be deposited in
                  the Spread Account..................................  $_______

                  Pursuant to subsections 4.04(b) and (c), the Servicer hereby
instructs the Indenture Trustee (i) to make withdrawals from the Collection
Account on ____________, which date is a Distribution Date under the Indenture
Supplement, in the aggregate amounts (equal to the Available Principal
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawals in accordance with subsections 4.04(b)
and (c):

                  A) Pursuant to subsection 4.04(b):

                           (1) Amount equal to Available Principal
                  Collections to be treated as Shared Principal
                  Collections........................................   $_______

                  B) Pursuant to subsection 4.04(c)(i):

                           (1) During Controlled Accumulation
                  Period, Monthly Principal for such Distribution
                  Date deposited into the Principal Funding Account..   $_______

                  C) Pursuant to subsection 4.04(c)(ii):

                           (1) During Early Amortization Period,
                  Monthly Principal for such Distribution Date to
                  Class A Notes until Class A Notes paid in full.....   $_______

                  D) Pursuant to subsection 4.04(c)(iii):

                           (1) After giving effect to clause (C)
                  above, during Early Amortization Period, if any
                  remaining Monthly Principal, to Class B Notes
                  until Class B Notes paid in full...................   $_______

                  E) Pursuant to subsection 4.04(c)(iv):

                           (1) After giving effect to clauses (C)
                  and (D) above, during Early Amortization Period,
                  if any remaining Monthly Principal, to Class C
                  Notes until Class C Notes paid in full.............   $_______

                  F) Pursuant to subsection 4.04(c)(v):

                           (1) Amount, if any, remaining after
                  giving effect to clauses (B) or (E) above, to be
                  treated as Shared Principal Collections............   $_______

                  Pursuant to Section 4.06, the Servicer does hereby instruct
the Indenture Trustee to apply on __________, which is a Distribution Date under
the Indenture Supplement, any Reallocated Principal Collections for such
Distribution Date in amount equal

                                      B-3
<PAGE>   73

to excess of (i) the sum of (a) the Class A Required Amount, (b) the Class B
Required Amount and (c) the Servicing Fee Required Amount over (ii) Available
Finance Charge Collections for related Monthly Period.

II.      INSTRUCTION TO MAKE CERTAIN PAYMENTS

                  Pursuant to Section 5.02, the Servicer does hereby instruct
the Indenture Trustee or the Paying Agent, as the case may be, to pay in
accordance with Section 5.02 from the Collection Account or the Principal
Funding Account, as applicable, on __________, which date is a Distribution Date
under the Indenture Supplement, the following amounts as set forth below:

         A)       Pursuant to subsection 5.02(a):

               Interest to be distributed to Class A Noteholders...   $_________

         B)       Pursuant to subsection 5.02(b):

               Principal to be distributed to Class A Noteholders..   $_________

         C)       Pursuant to subsection 5.02(c):

               Interest to be distributed to Class B Noteholders...   $_________

         D)       Pursuant to subsection 5.02(d):

               Principal to be distributed to Class B Noteholders..   $_________

         E)       Pursuant to subsection 5.02(e):

               Interest to be distributed to Class C Noteholders
               (including amounts from the Spread Account).........   $_________

         F)       Pursuant to subsection 5.02(f):

               Principal to be distributed to Class C Noteholders..   $_________

                                      B-4
<PAGE>   74

                  IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this ____ day of _________, ____.

                                        ASSOCIATES NATIONAL BANK (DELAWARE)

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

                                      B-5
<PAGE>   75

                                                                       EXHIBIT C

                            FORM OF MONTHLY STATEMENT

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST
                                  SERIES 2000-
                                              --

                  Pursuant to the Master Indenture, dated as of April 1, 2000
(as amended and supplemented, the "MASTER INDENTURE"), between Associates Credit
Card Master Note Trust (the "TRUST") and The Bank of New York, as indenture
trustee (the "INDENTURE TRUSTEE"), as supplemented by the Series 2000-_
Indenture Supplement, dated as of __________ __, 2000 (the "INDENTURE
SUPPLEMENT"), between the Trust and the Indenture Trustee, Associates National
Bank (Delaware), as Servicer (the "SERVICER") under the Transfer and Servicing
Agreement, dated as of April 1, 2000 (the "TRANSFER AND SERVICING AGREEMENT")
among Associates Credit Card Receivables Corp., as Transferor, the Servicer and
the Trust, is required to prepare certain information each month regarding
current distributions to the Series 2000-_ Noteholders and the performance of
the Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date of __________, and with respect
to the performance of the Trust during the month of __________ is set forth
below. Capitalized terms used in this Monthly Statement have their respective
meanings set forth in the Master Indenture and the Indenture Supplement.

         A)       Information regarding distributions in
                  respect of the Class A Notes

                  (1) The total amount of the distribution
                  in respect of Class A Notes....................... $__________

                  (2) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  interest on the Class A Notes..................... $__________

                  (3) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  principal of the Class A Notes.................... $__________

         B)       Information regarding distributions in
                  respect of the Class B Notes

                  (1) The total amount of the distribution
                  in respect of Class B Notes....................... $__________

                  (2) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  interest on the Class B Notes..................... $__________

                  (3) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  principal of the Class B Notes.................... $__________

                                       C-1
<PAGE>   76

         C)       Information regarding distributions in
                  respect of the Class C Notes

                  (1) The total amount of the distribution
                  in respect of Class C Notes....................... $__________

                  (2) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  interest on the Class C Notes..................... $__________

                  (3) The amount of the distribution set
                  forth in paragraph 1 above in respect of
                  principal of the Class C Notes.................... $__________

RECEIVABLES --

<TABLE>
<S>                                                                        <C>
Beginning of the Month Principal Receivables:                              $_________
Beginning of the Month Finance Charge Receivables:                         $_________
Beginning of the Month Discounted Receivables:                             $_________
Beginning of the Month Total Receivables:                                  $_________

Removed Principal Receivables:                                             $_________
Removed Finance Charge Receivables:                                        $_________
Removed Total Receivables:                                                 $_________

Additional Principal Receivables:                                          $_________
Additional Finance Charge Receivables:                                     $_________
Additional Total Receivables:                                              $_________

Discounted Receivables Generated this Period:                              $_________
End of the Month Principal Receivables:                                    $_________
End of the Month Finance Charge Receivables:                               $_________
End of the Month Discounted Receivables:                                   $_________
End of the Month Total Receivables:                                        $_________

Special Funding Account Balance:                                           $_________
Aggregate Principal Balance (all Series):                                  $_________
End of the Month Transferor Interest:                                      $_________
</TABLE>

                                       C-2
<PAGE>   77

DELINQUENCIES AND LOSSES --

<TABLE>
<CAPTION>
End of the Month Delinquencies:                                                              RECEIVABLES
                                                                                             -----------

<S>                                                                      <C>                 <C>
    31-60 Days Delinquent                                                                    $_________
    61-90 Days Delinquent                                                                    $_________
    91+ Days Delinquent                                                                      $_________

    Total 31+ Days Delinquent                                                                $_________

Defaulted Receivables During the Month                                                       $_________

NOTE PRINCIPAL BALANCES --

    Class A Note Principal Balance                                         $_________
    Class B Note Principal Balance                                         $_________
    Class C Note Principal Balance                                         $_________

INITIAL INVESTED AMOUNT                                                                      $_________

NOTEHOLDER SERVICING FEE                                                                     $_________

INVESTOR DEFAULT AMOUNT                                                                      $_________

INVESTOR CHARGE-OFFS                                                                         $_________

SERIES 2000-_ INFORMATION
    FLOATING INVESTOR PERCENTAGE                                                             _________%
    FIXED INVESTOR PERCENTAGE                                                                _________%
    AVAILABLE FINANCE CHARGE COLLECTIONS                                                     $_________
    INVESTOR DEFAULT AMOUNT                                                                  $_________
    NOTEHOLDER SERVICING FEES                                                                $_________
    AVAILABLE PRINCIPAL COLLECTIONS                                                          $_________
</TABLE>

                                       C-3
<PAGE>   78

<TABLE>
<S>                                                                                          <C>
    REQUIRED TRANSFEROR INTEREST                                                             $_________
    EXCESS FINANCE CHARGE COLLECTIONS                                                        $_________
    SHARED PRINCIPAL COLLECTIONS                                                             $_________

APPLICATION OF COLLECTIONS --
CLASS A MONTHLY INTEREST                                                                     $__________
CLASS B MONTHLY INTEREST                                                                     $__________
NOTEHOLDER SERVICING FEE                                                                     $__________
CLASS C MONTHLY INTEREST                                                                     $__________
INVESTOR DEFAULT AMOUNT                                                                      $__________
INVESTOR CHARGE OFFS AND
   REALLOCATED PRINCIPAL COLLECTIONS
   NOT PREVIOUSLY REIMBURSED                                                                 $__________
AMOUNTS TO BE DEPOSITED IN THE
   RESERVE ACCOUNT                                                                           $__________
AMOUNTS TO BE DEPOSITED IN THE
   SPREAD ACCOUNT                                                                            $__________

EXCESS FINANCE CHARGES COLLECTIONS

TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL ALLOCATION SERIES                            $__________
</TABLE>

<TABLE>
<S>                                                                        <C>               <C>
YIELD AND BASE RATE --

    Base Rate (Current Month)                                              _________%
    Base Rate (Prior Month)                                                _________%
    Base Rate (Two Months Ago)                                             _________%
THREE MONTH AVERAGE BASE RATE                                                                _________%

    Portfolio Yield (Current Month)                                        _________%
    Portfolio Yield (Prior Month)                                          _________%
    Portfolio Yield (Two Months Ago)                                       _________%
THREE MONTH AVERAGE PORTFOLIO YIELD                                                          _________%
</TABLE>

                                       C-4
<PAGE>   79

<TABLE>
<S>                                                                                          <C>
PRINCIPAL COLLECTIONS --

MONTHLY PRINCIPAL                                                                            _________%

SERIES 2000-_ PRINCIPAL SHORTFALL                                                            $_________

SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER PRINCIPAL SHARING SERIES                   $_________

INVESTOR CHARGE OFFS AND REDUCTIONS

INVESTOR CHARGE OFFS                                                                         $_________

REDUCTIONS IN INVESTED AMOUNT (OTHER THAN BY PRINCIPAL PAYMENTS)                             $_________

PREVIOUS REDUCTIONS IN INVESTED AMOUNT REIMBURSED                                            $_________
</TABLE>

                                            ------------------------------------
                                            as Paying Agent

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

                                       C-5
<PAGE>   80

                                                                       EXHIBIT D

                     FORM OF MONTHLY SERVICER'S CERTIFICATE

                       ASSOCIATES NATIONAL BANK (DELAWARE)

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST
                                  SERIES 2000-
                                              --

                  The undersigned, a duly authorized representative of
Associates National Bank (Delaware) ("ANB"), as Servicer pursuant to the
Transfer and Servicing Agreement, dated as of April 1, 2000 (as amended and
supplemented, the "TRANSFER AND SERVICING AGREEMENT"), among ANB, Associates
Credit Card Receivables Corp. ("ACCR"), as Transferor and Associates Credit Card
Master Note Trust (the "TRUST"), does hereby certify as follows:

                   Capitalized terms used in this Certificate have their
         respective meanings set forth in the Transfer and Servicing Agreement
         or the Master Indenture, dated as of April 1, 2000 (as amended or
         supplemented, the "MASTER INDENTURE"), between the Trust and The Bank
         of New York, as indenture trustee (the "INDENTURE TRUSTEE") as
         supplemented by the Series 2000-_ Indenture Supplement, dated as of
         __________ __, 2000, between the Trust and the Indenture Trustee (as
         amended and supplemented, the "INDENTURE SUPPLEMENT" and together with
         the Master Indenture, the "INDENTURE"), as applicable.

                  ANB is, as of the date hereof, the Servicer under the Transfer
         and Servicing Agreement.

                  The undersigned is an Authorized Officer of the Servicer.

                  This Certificate relates to the Distribution Date occurring on
         __________ ____, 200_.

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

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

<PAGE>   81

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

                                            ASSOCIATES NATIONAL BANK (DELAWARE),
                                              Servicer

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

                                      D-2<PAGE>   1
                                                                     Exhibit 4.3

                                                                  EXECUTION COPY

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

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

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

                        TRANSFER AND SERVICING AGREEMENT

                                      among

                    ASSOCIATES CREDIT CARD RECEIVABLES CORP.,
                                   Transferor,

                      ASSOCIATES NATIONAL BANK (DELAWARE),
                                    Servicer,

                                       and

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST,
                                     Issuer

                            Dated as of April 1, 2000

<PAGE>   2

<TABLE>
         <S>                  <C>                                                                               <C>
                                    ARTICLE I

                                   DEFINITIONS

         Section 1.02.        Other Definitional Provisions.....................................................14

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

         Section 2.01.        Conveyance of Receivables.........................................................16

         Section 2.02.        Acceptance by Trust...............................................................17

         Section 2.03.        Representations and Warranties of Each Transferor Relating to Such
                              Transferor........................................................................18

         Section 2.04.        Representations and Warranties of each Transferor Relating to the
                              Agreement and Any Participation Interest Supplement and the Receivables...........19

         Section 2.05.        Reassignment of Ineligible Receivables............................................21

         Section 2.06.        Reassignment of Trust Portfolio...................................................22

         Section 2.07.        Covenants of each Transferor......................................................23

         Section 2.08.        Covenants of each Transferor with Respect to the Applicable Transferor
                              Purchase Agreement................................................................26

         Section 2.09.        Addition of Accounts..............................................................27

         Section 2.10.        Removal of Accounts and Participation Interests...................................31

         Section 2.11.        Account Allocations...............................................................33

         Section 2.12.        Discount Option...................................................................34

                                   ARTICLE III

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 3.01.        Acceptance of Appointment and Other Matters Relating to the Servicer..............35

         Section 3.02.        Servicing Compensation............................................................36

         Section 3.03.        Representations, Warranties and Covenants of the Servicer.........................36

         Section 3.04.        Reports and Records for the Owner Trustee and the Indenture Trustee...............39

         Section 3.05.        Annual Certificate of Servicer....................................................39

         Section 3.06.        Annual Servicing Report of Independent Public Accountants; Copies of
                              Reports Available.................................................................39

         Section 3.07.        Tax Treatment.....................................................................40
</TABLE>

<PAGE>   3

<TABLE>
         <S>                  <C>                                                                               <C>
         Section 3.08.        Notices to ANB....................................................................40

         Section 3.09.        Adjustments.......................................................................40

         Section 3.10.        Reports to the Commission.........................................................41

                                   ARTICLE IV

                    OTHER MATTERS RELATING TO EACH TRANSFEROR

         Section 4.01.        Liability of each Transferor......................................................42

         Section 4.02.        Merger or Consolidation of, or Assumption of the Obligations of, a
                              Transferor........................................................................42

         Section 4.03.        Limitations on Liability of Each Transferor.......................................43

                                    ARTICLE V

                     OTHER MATTERS RELATING TO THE SERVICER

         Section 5.01.        Liability of the Servicer.........................................................44

         Section 5.02.        Merger or Consolidation of, or Assumption of the Obligations of, the
                              Servicer..........................................................................44

         Section 5.03.        Limitation on Liability of the Servicer and Others................................44

         Section 5.04.        Servicer Indemnification of the Trust, the Owner Trustee and the Indenture
                              Trustee...........................................................................45

         Section 5.05.        Resignation of the Servicer.......................................................45

         Section 5.06.        Access to Certain Documentation and Information Regarding the Receivables.........46

         Section 5.07.        Delegation of Duties..............................................................46

         Section 5.08.        Examination of Records............................................................46

                                   ARTICLE VI

                                INSOLVENCY EVENTS

         Section 6.01.        Rights upon the Occurrence of an Insolvency Event.................................47

                                   ARTICLE VII

                                SERVICER DEFAULTS

         Section 7.01.        Servicer Defaults.................................................................48

         Section 7.02.        Indenture Trustee To Act; Appointment of Successor................................50

         Section 7.03.        Notification to Noteholders.......................................................51
</TABLE>

                                       ii
<PAGE>   4

<TABLE>
         <S>                  <C>                                                                               <C>
                                  ARTICLE VIII

                                   TERMINATION

         Section 8.01.        Termination of Agreement..........................................................52

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

         Section 9.01.        Amendment; Waiver of Past Defaults................................................53

         Section 9.02.        Protection of Right, Title and Interest to Trust..................................54

         Section 9.03.        Governing Law.....................................................................55

         Section 9.04.        Notices; Payments.................................................................56

         Section 9.05.        Severability of Provisions........................................................56

         Section 9.06.        Further Assurances................................................................56

         Section 9.07.        No Waiver; Cumulative Remedies....................................................56

         Section 9.08.        Counterparts......................................................................57

         Section 9.09.        Third-Party Beneficiaries.........................................................57

         Section 9.10.        Actions by Noteholders............................................................57

         Section 9.11.        Rule 144A Information.............................................................57

         Section 9.12.        Merger and Integration............................................................57

         Section 9.13.        Headings..........................................................................57

         Section 9.14.        Limitation of Liability...........................................................57
</TABLE>

                                      iii
<PAGE>   5

<TABLE>
<S>                   <C>                                                                                     <C>
                                    EXHIBITS

EXHIBIT A             Form of Assignment of Receivables in Additional Accounts..................................A-1

EXHIBIT B             Form of Reassignment of Receivables in Removed Accounts...................................B-1

EXHIBIT C             Form of Annual Servicer's Certificate.....................................................C-1

EXHIBIT D-1           Form of Opinion of Counsel with Respect to Amendments...................................D-1-1

EXHIBIT D-2           Form of Opinion of Counsel with Respect to Accounts.....................................D-2-1

EXHIBIT D-3           Provisions to be Included in Annual Opinion of Counsel..................................D-3-1

                                    SCHEDULES

SCHEDULE 1            List of Accounts..........................................................................S-1
</TABLE>

                                       iv
<PAGE>   6

                  TRANSFER AND SERVICING AGREEMENT, dated as of April 1, 2000
among ASSOCIATES CREDIT CARD RECEIVABLES CORP., a Delaware corporation, as
Transferor; ASSOCIATES NATIONAL BANK (DELAWARE), a national banking association,
as Servicer; and ASSOCIATES CREDIT CARD MASTER NOTE TRUST, a Delaware business
trust, as Issuer.

                  In consideration of the mutual agreements herein contained,
each party agrees as follows for the benefit of the other parties, the
Noteholders and any Series Enhancer (as defined below) to the extent provided
herein, in the Indenture and in any Indenture Supplement:

                                    ARTICLE I

                                   DEFINITIONS

                  Section 1.01. Definitions. Whenever used in this Agreement,
the following words and phrases shall have the following meanings, and the
definitions of such terms are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter
genders of such terms.

                  "Account" shall mean (a) each Initial Account, (b) each
Additional Account (but only from and after the Addition Date with respect
thereto), (c) each Related Account, and (d) each Transferred Account, but shall
exclude (e) any Account all the Receivables in which are either: (i) after the
Removal Date, removed by the Transferor pursuant to Section 2.10, (ii)
reassigned to the Transferor pursuant to Section 2.05 or (iii) assigned and
transferred to the Servicer pursuant to Section 3.03.

                  "Account Owner" shall mean ANB or any Affiliate which is the
issuer of the credit card relating to an Account pursuant to a Credit Card
Agreement.

                  "ACCR" shall mean Associates Credit Card Receivables Corp., a
Delaware corporation, and its successors and permitted assigns.

                  "ACCS" shall mean Associates Credit Card Services, Inc., a
Delaware corporation, and its successors and permitted assigns.

                  "ACCS Receivables Purchase Agreement" shall mean the
receivables purchase agreement, dated as of April 1, 2000, between ACCS and
ACCR, as amended from time to time.

                  "Addition Date" shall mean (i) with respect to Aggregate
Addition Accounts, the date from and after which such Aggregate Addition
Accounts are to be included as Accounts pursuant to subsection 2.09(a) or (b),
(ii) with respect to Participation Interests, the date from and after which such
Participation Interests are to be included as assets of the Trust pursuant to
subsection 2.09(a) or (b), and (iii) with respect to New Accounts, the first
Distribution Date following the later of the dates on which such New Accounts
are originated or designated pursuant to subsection 2.09(d).

                  "Additional Account" shall mean each New Account and each
Aggregate Addition Account.

<PAGE>   7

                  "Additional Cut-Off Date" shall mean (i) with respect to
Aggregate Addition Accounts or Participation Interests, the date specified as
such in the notice delivered with respect thereto pursuant to subsection 2.09(c)
and (ii) with respect to New Accounts, the later of the dates on which such New
Accounts are originated or designated pursuant to subsection 2.09(d).

                  "Additional Transferors" shall have the meaning specified in
subsection 2.09(g).

                  "Adverse Effect" shall mean, with respect to any action, that
such action will (a) result in the occurrence of a Pay Out Event or an Event of
Default or (b) materially and adversely affect the amount or timing of
distributions to be made to the Noteholders of any Series or Class pursuant to
this Agreement, the Indenture or the related Indenture Supplement.

                  "AFCC" shall mean Associates First Capital Corporation, a
Delaware corporation, and its successors and permitted assigns.

                  "Affiliate" shall mean, with respect to any specified Person,
any other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "CONTROL" shall mean the
power to direct the management and policies of a Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "CONTROLLING" and "CONTROLLED" have meanings correlative to the
foregoing.

                  "Affinity Agreement" shall mean (a) a written agreement
between ANB or other Account Owner, as the case may be, and any merchant
pursuant to which such merchant sells, assigns or otherwise transfers to ANB or
other Account Owner, as the case may be, certain Credit Card Agreements between
such merchant and Obligors, including all such merchant's rights and interests
in the Accounts and Receivables arising under such Credit Card Agreements, or
(b) a written agreement between ANB or other Account Owner, as the case may be,
and any merchant or co-branding participant establishing co-branded credit card
programs pursuant to which ANB will enter into Credit Card Agreements with
Obligors.

                  "Aggregate Addition" shall mean the designation of additional
Eligible Accounts, other than New Accounts, to be included as Accounts or of
Participation Interests to be included as Trust Assets pursuant to subsection
2.09(a) or (b).

                  "Aggregate Addition Account" shall mean each Eligible Account
designated pursuant to subsection 2.09(a) or (b) to be included as an Account
and identified in the computer file or microfiche list delivered to the Owner
Trustee by the Transferor pursuant to Section 2.01 and subsection 2.09(h).

                  "Agreement" shall mean this Transfer and Servicing Agreement,
as the same may be amended, supplemented or otherwise modified from time to
time.

                  "ANB" shall mean Associates National Bank (Delaware), a
national banking association, and its successors and permitted assigns.

                  "Appointment Date" shall have the meaning specified in Section
6.01.

                                       2
<PAGE>   8

                  "Assignment" shall have the meaning specified in subsection
2.09(h).

                  "Authorized Newspaper" shall mean any newspaper or newspapers
of general circulation in the Borough of Manhattan, the City of New York,
printed in the English language (and, with respect to any Series or Class, if
and so long as the Notes of such Series are (i) listed on the Luxembourg Stock
Exchange and such Exchange shall so require, in Luxembourg, printed in any
language satisfying the requirements of such Exchange or (ii) Bearer Notes, in
such place as may be specified in the applicable Indenture Supplement) and
customarily published on each business day at such place, whether or not
published on Saturdays, Sundays or holidays.

                  "Average Principal Receivables" shall mean, for any period, an
amount equal to (a) the sum of the aggregate amount of Principal Receivables at
the end of each day during such period divided by (b) the number of days in such
period.

                  "Average Rate" shall mean, as of any date of determination and
with respect to any Group, the percentage equivalent of a decimal equal to the
sum of the amounts for each outstanding Series (or each Class within any Series
consisting of more than one Class) within such Group obtained by multiplying (a)
the Note Interest Rate (reduced to take into account the payments received
pursuant to any interest rate agreements net of any amounts payable under such
agreements, or, if such agreements result in a net amount payable, increased by
such net amount payable) for such Series or Class, by (b) a fraction, the
numerator of which is the aggregate unpaid principal amount of the Notes of such
Series or Class and the denominator of which is the aggregate unpaid principal
amount of all Notes within such Group.

                  "Bearer Notes" shall have the meaning specified in the
Indenture.

                  "Business Day" shall mean any day other than (a) a Saturday or
Sunday or (b) any other day on which national banking associations or state
banking institutions in New York, New York, Delaware or any other state in which
the principal executive offices of ANB, the Owner Trustee, the Indenture Trustee
or other Account Owner, as the case may be, are located, are authorized or
obligated by law, executive order or governmental decree to be closed or (c) for
purposes of any particular Series, any other day specified in the related
Indenture Supplement.

                  "Cash Advance Fees" shall mean cash advance transaction fees
and cash advance late fees, if any, as specified in the Credit Card Agreement
applicable to each Account.

                  "Class" shall have the meaning specified in the Indenture.

                  "Closing Date" shall mean, with respect to any Series, the
closing date specified in the related Indenture Supplement.

                  "Collections" shall mean all payments by or on behalf of
Obligors (including Insurance Proceeds) received in respect of the Receivables,
in the form of cash, checks, wire transfers, electronic transfers, ATM transfers
or any other form of payment in accordance with a Credit Card Agreement in
effect from time to time and all other amounts specified by this Agreement, the
Indenture or any Indenture Supplement as constituting Collections. As specified
in any Participation Interest Supplement or Indenture Supplement, Collections
shall include amounts received with respect to Participation Interests. All
Recoveries with respect to

                                       3
<PAGE>   9

Receivables previously charged off as uncollectible will be treated as
Collections of Finance Charge Receivables. Collections with respect to any
Monthly Period shall include a portion, calculated pursuant to subsection
2.07(i), of Interchange paid to the Trust with respect to such Monthly Period,
to be applied as if such amount were Collections of Finance Charge Receivables
for all purposes.

                  "Corporate Trust Office" shall have the meaning (a) when used
in respect of the Owner Trustee, specified in the Trust Agreement and (b) when
used in respect of the Indenture Trustee, specified in the Indenture.

                  "Coupon" shall have the meaning specified in the Indenture.

                  "Credit Card Agreement" shall mean, with respect to a
revolving credit card account, the agreements between an Account Owner and the
Obligor governing the terms and conditions of such account, as such agreements
may be amended, modified or otherwise changed from time to time and as
distributed (including any amendments and revisions thereto) to holders of such
account.

                  "Credit Card Guidelines" shall mean the respective policies
and procedures of ANB or any other Account Owner, as the case may be, as such
policies and procedures may be amended from time to time, (a) relating to the
operation of its credit card business, which generally are applicable to its
portfolio of revolving credit card accounts or, in the case of an Account Owner
that has only a portion of its portfolio subject to a Receivables Purchase
Agreement, applicable to such portion of its portfolio, and in each case which
are consistent with prudent practice, including the policies and procedures for
determining the creditworthiness of credit card customers and the extension of
credit to credit card customers, and (b) relating to the maintenance of credit
card accounts and collection of credit card receivables.

                  "Date of Processing" shall mean, with respect to any
transaction or receipt of Collections, the date on which such transaction is
first recorded on the Servicer's computer file of revolving credit card accounts
(without regard to the effective date of such recordation).

                  "Defaulted Amount" shall mean, with respect to any Monthly
Period, an amount (which shall not be less than zero) equal to (a) the amount of
Principal Receivables which became Defaulted Receivables in such Monthly Period,
minus (b) the amount of any Defaulted Receivables of which the Transferor or the
Servicer became obligated to accept reassignment or assignment in accordance
with the terms of this Agreement during such Monthly Period; provided, however,
that, if an Insolvency Event occurs with respect to the Transferor, the amount
of such Defaulted Receivables which are subject to reassignment to the
Transferor in accordance with the terms of this Agreement shall not be added to
the sum so subtracted and, if any of the events described in subsection 7.01(d)
occur with respect to the Servicer, the amount of such Defaulted Receivables
which are subject to reassignment or assignment to the Servicer in accordance
with the terms of this Agreement shall not be added to the sum so subtracted.

                  "Defaulted Receivables" shall mean, with respect to any
Monthly Period, all Principal Receivables which are charged off as uncollectible
in such Monthly Period in accordance with the Credit Card Guidelines and the
Servicer's customary and usual servicing

                                       4
<PAGE>   10

procedures for servicing revolving credit card accounts. A Principal Receivable
shall become a Defaulted Receivable on the day on which such Principal
Receivable is recorded as charged-off on the Servicer's computer file of
revolving credit card accounts.

                  "Discount Option Collections" shall have the meaning specified
in Section 2.12. The aggregate amount of Discount Option Collections on any Date
of Processing shall equal the product of (a) the amount of any Collections of
Principal Receivables received on such Date of Processing and (b) the Discount
Percentage, if any, in effect on such Date of Processing.

                  "Discount Option Date" shall have the meaning specified in
Section 2.12.

                  "Discount Percentage" shall have the meaning specified in
Section 2.12.

                  "Distribution Date" shall mean, with respect to any Series,
the date specified in the applicable Indenture Supplement.

                  "Document Delivery Date" shall have the meaning specified in
subsection 2.09(h).

                  "Dollars," "$" or "U.S. $" shall mean United States dollars.

                  "Early Accumulation Period" shall have the meaning, with
respect to any Series, specified in the related Indenture Supplement.

                  "Eligible Account" shall mean a consumer revolving credit card
account owned by ANB in the case of the Initial Accounts on the Initial Cut-Off
Date, or ANB or other Account Owner, in the case of Additional Accounts after
the Initial Cut-Off Date which, as of the Initial Cut-Off Date with respect to
an Initial Account or as of the Additional Cut-Off Date with respect to an
Additional Account meets the following requirements:

                  (a) is a revolving credit card account in existence and
maintained by ANB or other Account Owner, as the case may be;

                  (b) is payable in Dollars;

                  (c) has a cardholder who has provided, as his or her most
recent billing address, an address located in the United States or its
territories or possessions or a military address;

                  (d) except as provided below, has a cardholder who has not
been identified by the Servicer in its computer files as being involved in a
voluntary or involuntary bankruptcy proceeding;

                  (e) has not been identified as an account with respect to
which the related card has been lost or stolen;

                                       5
<PAGE>   11

                  (f) has not been sold or pledged to any other party except for
any sale to another Account Owner that has either entered into a Receivables
Purchase Agreement or is an Additional Transferor;

                  (g) does not have receivables which have been sold or pledged
by ANB or any other Account Owner, as the case may be, to any other party other
than ANB or ACCS pursuant to a Receivables Purchase Agreement;

                  (h) with respect to the Initial Accounts, is an account in
existence and maintained by ANB as of the Initial Cut-Off Date or the Additional
Cut-Off Date with respect to Additional Accounts;

                  (i) except as provided below, does not have any Receivables
that are Defaulted Receivables;

                  (j) does not have any Receivables that have been identified by
the Servicer or the relevant Obligor as having been incurred as a result of
fraudulent use of any related credit card; and

                  (k) except as provided below, does not have any Receivables
that are more than 180 days past due from the date of the initial billing
statement.

                  Eligible Accounts may include Accounts, the Receivables of
which have been charged off, or with respect to which the Servicer believes the
related Obligor is bankrupt, in each case as of the Initial Cut-Off Date, with
respect to the Initial Accounts, and as of the related Additional Cut-Off Date,
with respect to Additional Accounts; provided that (a) the balance of all
Receivables included in such Accounts is reflected on the books and records of
such Transferor (and is treated for purposes of this Agreement) as "zero" and
(b) charging privileges with respect to all such Accounts have been canceled in
accordance with the relevant Credit Card Guidelines.

                  "Eligible Receivable" shall mean each Receivable, including,
where applicable, the underlying receivable:

                  (a) which has arisen in an Eligible Account;

                  (b) which was created in compliance in all material respects
with all Requirements of Law applicable to the institution which owned such
Receivable at the time of its creation and pursuant to a Credit Card Agreement
which complies in all material respects with all Requirements of Law applicable
to ANB or other Account Owner, as the case may be;

                  (c) with respect to which all consents, licenses, approvals or
authorizations of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given in connection with the
creation of such Receivable or the execution, delivery and performance by ANB or
other Account Owner, as the case may be, of the Credit Card Agreement pursuant
to which such Receivable was created, have been duly obtained, effected or given
and are in full force and effect;

                                       6
<PAGE>   12

                  (d) as to which at the time of the transfer of such Receivable
to the Trust, the Transferor or the Trust will have good and marketable title
thereto and which itself is, and the underlying receivables are, free and clear
of all Liens (other than any Lien for municipal or other local taxes if such
taxes are not then due and payable or if the Transferor is then contesting the
validity thereof in good faith by appropriate proceedings and has set aside on
its books adequate reserves with respect thereto);

                  (e) which has been the subject of either a valid transfer and
assignment from the Transferor to the Trust of all the Transferor's right, title
and interest therein (including any proceeds thereof), or the grant of a first
priority perfected security interest therein (and in the proceeds thereof),
effective until the termination of the Trust;

                  (f) which at all times will be the legal, valid and binding
payment obligation of the Obligor thereon enforceable against such Obligor in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws, now or hereafter in effect, affecting the enforcement of creditors' rights
in general and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity);

                  (g) which, at the time of transfer to the Trust, has not been
waived or modified except as permitted in accordance with the Credit Card
Guidelines and which waiver or modification is reflected in the Servicer's
computer file of revolving credit card accounts;

                  (h) which, at the time of transfer to the Trust, is not
subject to any right of rescission, setoff, counterclaim or any other defense
(including defenses arising out of violations of usury laws) of the Obligor,
other than defenses arising out of applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of
creditors' rights in general;

                  (i) as to which, at the time of transfer to the Trust, ANB or
other Account Owner, as the case may be, has satisfied all of its obligations
required to be satisfied by such time;

                  (j) as to which, at the time of transfer to the Trust, none of
the Transferor, ACCS, ANB or any other Account Owner, as the case may be, has
taken any action which would impair, or omitted to take any action the omission
of which would impair, the rights of the Trust or the Noteholders therein; and

                  (k) which constitutes either an "account" or a "general
intangible" under and as defined in Article 9 of the UCC as then in effect in
the State of Delaware and any other state where the filing of a financing
statement is required to perfect the Trust's interest in the Receivables and the
proceeds thereof.

                  "Eligible Servicer" shall mean the Indenture Trustee or, if
the Indenture Trustee is not acting as Servicer, an entity which, at the time of
its appointment as Servicer, (a) is servicing a portfolio of revolving credit
card accounts, (b) is legally qualified and has the capacity to service the
Accounts, (c) in the sole determination of the Indenture Trustee, which
determination shall be conclusive and binding, has demonstrated the ability to
service professionally and

                                       7
<PAGE>   13

competently a portfolio of similar accounts in accordance with high standards of
skill and care, (d) is qualified to use the software that is then being used to
service the Accounts or obtains the right to use or has its own software which
is adequate to perform its duties under this Agreement and (e) has a net worth
of at least $50,000,000 as of the end of its most recent fiscal quarter.

                  "Event of Default" shall have the meaning specified in the
Indenture.

                  "FDIC" shall mean the Federal Deposit Insurance Corporation or
any successor.

                  "Finance Charge Receivables" shall mean all amounts billed to
the Obligors on any Account in respect of (a) all Periodic Rate Finance Charges,
(b) Cash Advance Fees, (c) annual membership fees and annual service charges,
(d) Late Fees, (e) Overlimit Fees, and (f) any other fees with respect to the
Accounts designated by the Transferor at any time and from time to time to be
included as Finance Charge Receivables. Finance Charge Receivables shall also
include the interest portion of Participation Interests as shall be determined
pursuant to, and only if so provided in, the applicable Participation Interest
Supplement or Indenture Supplement for any Series.

                  "Fitch" shall mean Fitch IBCA, Inc. or its successors.

                  "Governmental Authority" shall mean the United States of
America, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

                  "Indenture" shall mean the Master Indenture, dated as of April
1, 2000, between the Issuer and the Indenture Trustee, as the same may be
amended, supplemented or otherwise modified from time to time.

                  "Indenture Supplement" shall have the meaning specified in the
Indenture.

                  "Indenture Trustee" shall mean The Bank of New York, in its
capacity as trustee under the Indenture, its successors in interest and any
successor indenture trustee under the Indenture.

                  "Independent Director" shall have the meaning specified in
subsection 2.07(h)(vii).

                  "Ineligible Receivables" shall have the meaning specified in
subsection 2.05(a).

                  "Initial Account" shall mean each MasterCard(R) and VISA(R)(1)
consumer revolving credit card account established pursuant to a Credit Card
Agreement between ANB and any Person, which account is identified in the
computer file or microfiche list delivered to the Owner Trustee by the
Transferor pursuant to Section 2.01 on the Initial Issuance Date.

                  "Initial Cut-Off Date" shall mean April 5, 2000.

----------
(1) / MasterCard and VISA are registered trademarks of MasterCard International
Incorporated and VISA USA, Inc., respectively.

                                       8
<PAGE>   14

                  "Initial Issuance Date" shall mean April 7, 2000, the date the
Transferor's Certificate is delivered by the Trust to the Transferor pursuant to
the Trust Agreement.

                  "Insolvency Event" shall have the meaning specified in Section
6.01.

                  "Insurance Proceeds" shall mean any amounts received pursuant
to the payment of benefits under any credit life insurance policies, credit
disability or unemployment insurance policies covering any Obligor with respect
to Receivables under such Obligor's Account.

                  "Interchange" shall mean interchange fees payable to ANB or
any other Account Owner, in its capacity as credit card issuer, through
MasterCard or VISA in connection with cardholder charges for goods or services
with respect to the Accounts, as calculated pursuant to the related Indenture
Supplement for any Series. Any reference in this Agreement, the Indenture or any
Indenture Supplement to Interchange shall refer to only the fractional undivided
interest in the interchange fees that are transferred by ANB or another Account
Owner to ACCS pursuant to a Receivables Purchase Agreement that are thereafter
transferred by ACCS to a Transferor pursuant to a Transferor Purchase Agreement
(or if such other Account Owner is an Additional Transferor, transferred
directly to the Trust pursuant to this Agreement), which fractional undivided
interest may be less than a 100% interest therein.

                  "Invested Amount" shall mean, with respect to any Series and
for any date, an amount equal to the invested amount or adjusted invested
amount, as applicable, specified in the related Indenture Supplement.

                  "Issuer" shall mean the Trust.

                  "Late Fees" shall have the meaning specified in the Credit
Card Agreement applicable to each Account for late fees or similar terms.

                  "Lien" shall mean any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, equity interest, encumbrance,
lien (statutory or other), preference, participation interest, priority or other
security agreement or preferential arrangement of any kind or nature whatsoever,
including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and
the filing of any financing statement under the UCC or comparable law of any
jurisdiction to evidence any of the foregoing; provided, however, that any
assignment permitted by subsection 3.06(b) of the Trust Agreement or Section
4.02 of, and the lien created by, this Agreement shall not be deemed to
constitute a Lien.

                  "MasterCard" shall mean MasterCard International Incorporated,
and its successors in interest.

                  "Monthly Period" shall have the meaning specified in the
Indenture.

                  "Monthly Servicing Fee" shall have the meaning specified in
Section 3.02.

                  "Moody's" shall mean Moody's Investors Service, Inc., or its
successor.

                                       9
<PAGE>   15

                  "New Account" shall mean each MasterCard and VISA consumer
revolving credit card account established pursuant to a Credit Card Agreement,
which account is designated pursuant to subsection 2.09(d) to be included as an
Account and is identified in the computer file or microfiche list delivered to
the Owner Trustee by the Transferor pursuant to Section 2.01 and subsection
2.09(h).

                  "Note Interest Rate" shall have the meaning specified in the
Indenture.

                  "Note Owner" shall have the meaning specified in the
Indenture.

                  "Note Register" shall have the meaning specified in the
Indenture.

                  "Noteholder" or "Holder" shall have the meaning specified in
the Indenture.

                  "Notices" shall have the meaning specified in subsection
9.04(a).

                  "Obligor" shall mean, with respect to any Account, the Person
or Persons obligated to make payments with respect to such Account, including
any guarantor thereof, but excluding any merchant.

                  "Officer's Certificate" shall have the meaning specified in
the Indenture.

                  "Opinion of Counsel" shall have the meaning specified in the
Indenture.

                  "Overlimit Fees" shall have the meaning specified in the
Credit Card Agreement applicable to each Account for overlimit fees or similar
terms if such fees are provided for with respect to such Account.

                  "Owner Trustee" shall mean Wilmington Trust Company, not in
individual its capacity, but solely as owner trustee under the Trust Agreement,
its successors in interest and any successor owner trustee under the Trust
Agreement.

                  "Participation Interest Supplement" shall mean a supplement to
this Agreement entered into pursuant to subsection 2.09(a)(ii) or (b) in
connection with the conveyance of Participation Interests to the Trust.

                  "Participation Interests" shall have the meaning specified in
subsection 2.09(a)(ii).

                  "Pay Out Event" shall have the meaning specified in the
Indenture.

                  "Paying Agent" shall have the meaning specified in the
Indenture.

                  "Periodic Rate Finance Charges" shall have the meaning
specified in the Credit Card Agreement applicable to each Account for finance
charges (due to periodic rate) or any similar term.

                                       10
<PAGE>   16

                  "Person" shall mean any legal person, including any
individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization,
governmental entity or other entity of any nature.

                  "Portfolio Yield" shall have the meaning specified in the
Indenture Supplement.

                  "Principal Funding Account" shall have the meaning, with
respect to any Series, specified in the related Indenture Supplement.

                  "Principal Funding Account Balance" shall have the meaning,
with respect to any Series, specified in the related Indenture Supplement.

                  "Principal Receivables" shall mean all Receivables other than
Finance Charge Receivables or Defaulted Receivables. Principal Receivables shall
also include the principal portion of Participation Interests as shall be
determined pursuant to, and only if so provided in, the applicable Participation
Interest Supplement or Indenture Supplement for any Series. In calculating the
aggregate amount of Principal Receivables on any day, the amount of Principal
Receivables shall be reduced by the aggregate amount of credit balances in the
Accounts on such day. Any Principal Receivables which the Transferor is unable
to transfer as provided in Section 2.11 shall not be included in calculating the
amount of Principal Receivables.

                  "Rating Agency" shall have the meaning specified in the
Indenture.

                  "Rating Agency Condition" shall have the meaning specified in
the Indenture.

                  "Reassignment" shall have the meaning specified in Section
2.10.

                  "Receivables" shall mean all amounts shown on the Servicer's
records as amounts payable by Obligors on any Account from time to time,
including amounts payable for Principal Receivables and Finance Charge
Receivables. Receivables which become Defaulted Receivables will cease to be
included as Receivables as of the day on which they become Defaulted
Receivables. Unless the context otherwise requires (whether or not there is a
specific reference to the underlying receivable), any reference in this
Agreement, the Indenture or any Indenture Supplement to a Receivable (including
any Principal Receivable, Finance Charge Receivable or Defaulted Receivable) and
any Collections thereon or other amounts recoverable with respect thereto
(including any Insurance Proceeds or Recoveries with respect thereto) shall
refer to only the fractional undivided interest in the amounts paid or payable
by Obligors on the Accounts that are transferred by ANB or another Account Owner
to ACCS pursuant to a Receivables Purchase Agreement and that are thereafter
transferred by ACCS to a Transferor pursuant to a Transferor Purchase Agreement,
which undivided interest may be less than a 100% undivided interest therein. Any
reference in this Agreement, the Indenture or any Indenture Supplement to the
"underlying receivable" with respect to a Receivable shall refer to the
receivable in which such Receivable represents an undivided interest.

                  "Receivables Purchase Agreement" shall mean the receivables
purchase agreement, dated as of April 1, 2000, between ANB and ACCS, as amended
from time to time, and the receivables purchase agreements, substantially in the
form of such agreement, entered into between ACCS and another Account Owner in
the future, if any.

                                       11
<PAGE>   17

                  "Recoveries" shall mean all amounts received (net of
out-of-pocket costs of collection) including Insurance Proceeds, which is
reasonably estimated by the Servicer to be attributable to Defaulted
Receivables, including the net proceeds of any sale of such Defaulted
Receivables by the Transferor.

                  "Registered Notes" shall have the meaning specified in the
Indenture.

                  "Related Account" shall mean an Account with respect to which
a new credit account number has been issued by the applicable Account Owner or
Servicer or the applicable Transferor under circumstances resulting from a lost
or stolen credit card and not requiring standard application and credit
evaluation procedures under the Credit Card Guidelines.

                  "Removal Date" shall have the meaning specified in Section
2.10.

                  "Removed Accounts" shall have the meaning specified in Section
2.10.

                  "Removed Participation Interests" shall have the meaning
specified in Section 2.10.

                  "Required Designation Date" shall mean, for purposes of
subsection 2.09(a)(i)(A), the tenth Business Day following any period of thirty
consecutive days and, for purposes of subsection 2.09(a)(i)(B), the tenth
Business Day following any Monthly Period.

                  "Required Minimum Principal Balance" shall mean, unless
otherwise provided in an Indenture Supplement relating to any Series, as of any
date of determination, an amount equal to the sum of the numerators used in the
calculation of the Investor Percentages with respect to Principal Receivables
for all outstanding Series on such date; provided that with respect to any
Series in its Early Accumulation Period or such other period as designated in
the related Indenture Supplement with an Invested Amount as of such date of
determination equal to the Principal Funding Account Balance relating to such
Series taking into account any deposit to be made to the Principal Funding
Account on the Distribution Date following such date of determination, the
numerator used in the calculation of the Investor Percentage with respect to
Principal Receivables relating to such Series shall, solely for the purpose of
the definition of Required Minimum Principal Balance, be deemed to equal zero.

                  "Required Transferor Interest" shall have the meaning
specified in the Indenture.

                  "Requirements of Law" shall mean any law, treaty, rule or
regulation, or determination of an arbitrator or Governmental Authority, whether
Federal, state or local (including usury laws, the Federal Truth in Lending Act
and Regulation B and Regulation Z of the Board of Governors of the Federal
Reserve System), and, when used with respect to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of such
Person.

                  "Revolving Credit Agreement" shall mean the revolving credit
agreement by and between the Transferor and AFCC, dated as of April 1, 2000, as
such agreement may be amended from time to time in accordance therewith, and any
substantially similar agreement entered into between any lender and the
Transferor or any Additional Transferor in the future in

                                       12
<PAGE>   18

accordance with the provisions hereof; provided that with respect to any
amendment or new agreement, the Rating Agency Condition shall have been
satisfied with respect thereto.

                  "Series" shall have the meaning specified in the Indenture.

                  "Series Account" shall have the meaning specified in the
Indenture.

                  "Series Enhancement" shall have the meaning specified in the
Indenture.

                  "Series Enhancer" shall have the meaning specified in the
Indenture.

                  "Service Transfer" shall have the meaning specified in Section
7.01.

                  "Servicer" shall mean ANB, in its capacity as Servicer
pursuant to this Agreement, and, after any Service Transfer, the Successor
Servicer.

                  "Servicer Default" shall have the meaning specified in Section
7.01.

                  "Servicing Fee" shall have the meaning specified in Section
3.02.

                  "Servicing Fee Rate" shall mean, with respect to any Series,
the servicing fee rate specified in the related Indenture Supplement.

                  "Special Funding Account" shall have the meaning specified in
the Indenture.

                  "Special Funding Amount" shall have the meaning specified in
the Indenture.

                  "Standard & Poor's" shall mean Standard & Poor's Ratings
Services, or its successor.

                  "Successor Servicer" shall have the meaning specified in
subsection 7.02(a).

                  "Supplemental Certificate" shall have the meaning specified in
the Trust Agreement.

                  "Tax Opinion" shall have the meaning specified in the
Indenture.

                  "Termination Notice" shall have the meaning specified in
subsection 7.01(d).

                  "Transfer Agent and Registrar" shall have the meaning
specified in the Indenture.

                  "Transfer Restriction Event" shall have the meaning specified
in Section 2.11.

                  "Transferor" shall mean (a) ACCR, a wholly owned special
purpose subsidiary of ACCS and incorporated in the State of Delaware, or its
successor under this Agreement and (b) any Additional Transferor or Transferors.
References to "EACH TRANSFEROR" shall refer to each entity mentioned in the
preceding sentence and references to "THE TRANSFEROR" shall refer to all of such
entities.

                                       13
<PAGE>   19

                  "Transferor Certificates" shall have the meaning specified in
the Trust Agreement.

                  "Transferor Interest" shall have the meaning specified in the
Indenture.

                  "Transferor Purchase Agreement" shall mean the ACCS
Receivables Purchase Agreement and the receivables purchase agreements,
substantially in the form of such agreement, entered into between a Transferor
and ACCS in the future, if any.

                  "Transferred Account" shall mean each account into which an
Account shall be transferred; provided that (i) such transfer was made in
accordance with the Credit Card Guidelines and (ii) such account can be traced
or identified as an account into which an Account has been transferred.

                  "Trust" shall mean the Associates Credit Card Master Note
Trust.

                  "Trust Agreement" shall mean the Trust Agreement relating to
the Trust, dated as of April 1, 2000, between ACCR and the Owner Trustee, as the
same may be amended, supplemented or otherwise modified from time to time.

                  "Trust Assets" shall have the meaning specified in Section
2.01.

                  "UCC" shall mean the Uniform Commercial Code, as amended from
time to time, as in effect in any specified jurisdiction.

                  "VISA" shall mean VISA USA, Inc., and its successors in
interest.

                  Section 1.02. Other Definitional Provisions.

                  (a) With respect to any Series, all terms used herein and not
otherwise defined herein shall have meanings ascribed to them in the Trust
Agreement, the Indenture or the related Indenture Supplement, as applicable.

                  (b) All terms defined in this Agreement shall have the defined
meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

                  (c) As used in this Agreement and in any certificate or other
document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such certificate or other document, and
accounting terms partly defined in this Agreement or in any such certificate or
other document to the extent not defined, shall have the respective meanings
given to them under GAAP. To the extent that the definitions of accounting terms
in this Agreement or in any such certificate or other document are inconsistent
with the meanings of such terms under GAAP, the definitions contained in this
Agreement or in any such certificate or other document shall control.

                  (d) The agreements, representations and warranties of ACCR and
ACCS in this Agreement in each of their respective capacities as Transferor and
Servicer shall be deemed

                                       14
<PAGE>   20

to be the agreements, representations and warranties of ACCR and ACCS solely in
each such capacity for so long as ACCR and ACCS act in each such capacity under
this Agreement.

                  (e) Any reference to each Rating Agency shall only apply to
any specific rating agency if such rating agency is then rating any outstanding
Series.

                  (f) Unless otherwise specified, references to any amount as on
deposit or outstanding on any particular date shall mean such amount at the
close of business on such day.

                  (g) The words "HEREOF," "HEREIN," "HEREUNDER" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; references to any
subsection, Section, Schedule or Exhibit are references to subsections,
Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified; and the term "INCLUDING" means "INCLUDING WITHOUT LIMITATION."

                               [END OF ARTICLE I]

                                       15
<PAGE>   21

                                  ARTICLE II

                            CONVEYANCE OF RECEIVABLES

                  Section 2.01. Conveyance of Receivables. By execution of this
Agreement, each of ACCR and, in the case of Additional Accounts, ACCR or, if
applicable, any Additional Transferor does hereby transfer, assign, set over and
otherwise convey to the Trust, without recourse except as provided herein, all
its right, title and interest in, to and under the Receivables existing at the
close of business on the Initial Cut-Off Date, in the case of Receivables
arising in the Initial Accounts, and on each Additional Cut-Off Date, in the
case of Receivables arising in the Additional Accounts, and in each case
thereafter created from time to time until the termination of the Trust, all
Interchange and Recoveries allocable to the Trust as provided herein, all monies
due or to become due and all amounts received or receivable with respect thereto
and all proceeds (including "proceeds" as defined in the UCC) thereof. The
Transferor does hereby further transfer, assign, set over and otherwise convey
to the Trust all of its right, title and interest in and under the Transferor
Purchase Agreements. The property described in the two preceding sentences,
together with all monies and other property credited to the Collection Account,
the Series Accounts and the Special Funding Account (including any subaccounts
of such account), the rights of the Trust under this Agreement and the Trust
Agreement, the property conveyed to the Trust under any Participation Interest
Supplement and the right to receive Recoveries attributed to cardholder charges
for merchandise and services in the Accounts shall constitute the assets of the
Trust (the "TRUST ASSETS"). The foregoing does not constitute and is not
intended to result in the creation or assumption by the Trust, the Owner Trustee
(as such or in its individual capacity), the Indenture Trustee or any Noteholder
of any obligation of ANB or other Account Owner or the Transferor, any
Additional Transferor, the Servicer or any other Person in connection with the
Accounts or the Receivables or under any agreement or instrument relating
thereto, including any obligation to Obligors, merchant banks, merchants
clearance systems, VISA, MasterCard or insurers. The Obligors shall not be
notified in connection with the creation of the Trust of the transfer,
assignment, set-over and conveyance of the Receivables to the Trust.

                  Each Transferor agrees to record and file, at its own expense,
financing statements (and continuation statements when applicable) with respect
to the Receivables conveyed by such Transferor existing on the Initial Cut-Off
Date and thereafter created meeting the requirements of applicable state law in
such manner and in such jurisdictions as are necessary to perfect, and maintain
the perfection of, the transfer and assignment of its interest in such
Receivables to the Trust, and to deliver a file stamped copy of each such
financing statement or other evidence of such filing to the Owner Trustee as
soon as practicable after the first Closing Date, in the case of Receivables
arising in the Initial Accounts, and (if any additional filing is so necessary)
as soon as practicable after the applicable Addition Date, in the case of
Receivables arising in Additional Accounts. The Owner Trustee shall be under no
obligation whatsoever to file such financing or continuation statements or to
make any other filing under the UCC in connection with such transfer and
assignment.

                  Each Transferor further agrees, at its own expense, on or
prior to (x) the first Closing Date, in the case of the Initial Accounts, (y)
the applicable Addition Date, in the case of Additional Accounts with respect to
such Transferor, if any, and (z) the applicable Removal

                                       16
<PAGE>   22

Date, in the case of Removed Accounts with respect to such Transferor, (a) to
indicate in the appropriate computer files that Receivables created (or
reassigned, in the case of Removed Accounts) in connection with the Accounts
have been conveyed to the Trust pursuant to this Agreement (or conveyed to each
such Transferor or its designee in accordance with Section 2.10, in the case of
Removed Accounts) by including (or deleting in the case of Removed Accounts) in
such computer files the code "02" in the field "CHD-PORTFOLIO-NO" that
identifies each such Account and (b) to deliver to the Owner Trustee a computer
file or microfiche list containing a true and complete list of all such Accounts
specifying for each such Account, as of the Initial Cut-Off Date, in the case of
the Initial Accounts, the applicable Additional Cut-Off Date in the case of
Additional Accounts, and the applicable Removal Date in the case of Removed
Accounts, its account number and, other than in the case of New Accounts, the
aggregate amount outstanding in such Account and the aggregate amount of
Principal Receivables outstanding in such Account. Each such file or list, as
supplemented, from time to time, to reflect Additional Accounts and Removed
Accounts, shall be marked as SCHEDULE 1 to this Agreement and is hereby
incorporated into and made a part of this Agreement. Each Transferor further
agrees not to alter the code referenced in this paragraph with respect to any
Account during the term of this Agreement unless and until such Account becomes
a Removed Account.

                  If the arrangements with respect to the Receivables hereunder
shall constitute a loan and not a purchase and sale of such Receivables, it is
the intention of the parties hereto that this Agreement shall constitute a
security agreement under applicable law, and that each Transferor shall be
deemed to have granted to the Trust a first priority perfected security interest
in all of such Transferor's right, title and interest, whether owned on the
Initial Cut-Off Date or thereafter acquired, in, to and under the Receivables
and the other Trust Assets conveyed by such Transferor, and all money, accounts,
general intangibles, chattel paper, instruments, documents, goods, investment
property, deposit accounts, certificates of deposit, letters of credit, and
advices of credit consisting of, arising from or related to the Trust Assets,
and all proceeds thereof, to secure its obligations hereunder.

                  Section 2.02. Acceptance by Trust.

                  (a) The Trust hereby acknowledges its acceptance of all right,
title and interest to the property, now existing and hereafter created, conveyed
to the Trust pursuant to Section 2.01. The Trust further acknowledges that,
prior to or simultaneously with the execution and delivery of this Agreement,
the Transferor delivered to the Owner Trustee the computer file or microfiche
list relating to the Initial Accounts described in the penultimate paragraph of
Section 2.01. The Owner Trustee shall maintain a copy of SCHEDULE 1, as
delivered from time to time, at its Corporate Trust Office.

                  (b) The Owner Trustee and the Trust each hereby agrees not to
disclose to any Person any of the account numbers or other information contained
in the computer files or microfiche lists marked as SCHEDULE 1 and delivered to
the Owner Trustee or the Trust, from time to time, except (i) to a Successor
Servicer or as required by a Requirement of Law applicable to the Owner Trustee,
(ii) in connection with the performance of the Owner Trustee's or the Trust's
duties hereunder, (iii) to the Indenture Trustee in connection with its duties
in enforcing the rights of Noteholders or (iv) to bona fide creditors or
potential creditors of any Account Owner, ANB, ACCS or any Transferor for the
limited purpose of enabling any such

                                       17
<PAGE>   23

creditor to identify applicable Receivables or Accounts subject to this
Agreement, the Receivables Purchase Agreements or the Transferor Purchase
Agreements. The Owner Trustee and the Trust each agrees to take such measures as
shall be reasonably requested by any Transferor to protect and maintain the
security and confidentiality of such information and, in connection therewith,
shall allow each Transferor or its duly authorized representatives to inspect
the Owner Trustee's security and confidentiality arrangements as they
specifically relate to the administration of the Trust from time to time during
normal business hours upon prior written notice. The Owner Trustee and the Trust
shall provide the applicable Transferor with notice five (5) Business Days prior
to disclosure of any information of the type described in this subsection
2.02(b).

                  Section 2.03. Representations and Warranties of Each
Transferor Relating to Such Transferor. Each Transferor hereby severally
represents and warrants to the Trust (and agrees that the Owner Trustee and the
Indenture Trustee may conclusively rely on each such representation and warranty
in accepting the Receivables in trust and in authenticating the Notes,
respectively) as of each Closing Date (but only if it was a Transferor on such
date) that:

                  (a) Organization and Good Standing. Such Transferor is a
corporation validly existing under the laws of the jurisdiction of its
organization or incorporation and has, in all material respects, full power and
authority to own its properties and conduct its business as presently owned or
conducted, and to execute, deliver and perform its obligations under this
Agreement, the applicable Transferor Purchase Agreement and each applicable
Participation Interest Supplement.

                  (b) Due Qualification. Such Transferor is duly qualified to do
business and is in good standing as a foreign corporation and has obtained all
necessary licenses and approvals, in each jurisdiction in which failure to so
qualify or to obtain such licenses and approvals would (i) render any Credit
Card Agreement relating to any Receivable conveyed to the Trust by such
Transferor unenforceable by such Transferor or the Trust or (ii) have a material
adverse effect on the Noteholders.

                  (c) Due Authorization. The execution and delivery of this
Agreement, the applicable Transferor Purchase Agreement and each applicable
Participation Interest Supplement by such Transferor and the order to the Owner
Trustee to have the Notes authenticated and delivered and the consummation by
such Transferor of the transactions provided for in this Agreement, the
applicable Transferor Purchase Agreement and each applicable Participation
Interest Supplement have been duly authorized by such Transferor by all
necessary corporate action on the part of such Transferor.

                  (d) No Conflict. The execution and delivery by such Transferor
of this Agreement, the applicable Transferor Purchase Agreement and each
applicable Participation Interest Supplement, and the performance of the
transactions contemplated by this Agreement, the applicable Transferor Purchase
Agreement and each applicable Participation Interest Supplement and the
fulfillment of the terms hereof and thereof applicable to such Transferor, will
not conflict with or violate any Requirements of Law applicable to such
Transferor or conflict with, result in any breach of any of the material terms
and provisions of, or constitute (with or without notice or lapse of time or
both) a material default under, any indenture, contract,

                                       18
<PAGE>   24

agreement, mortgage, deed of trust or other instrument to which such Transferor
is a party or by which it or its properties are bound.

                  (e) No Proceedings. There are no proceedings or
investigations, pending or, to the best knowledge of such Transferor, threatened
against such Transferor before any Governmental Authority (i) asserting the
invalidity of this Agreement, the applicable Transferor Purchase Agreement or
each applicable Participation Interest Supplement, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement, the
applicable Transferor Purchase Agreement or each applicable Participation
Interest Supplement, (iii) seeking any determination or ruling that, in the
reasonable judgment of such Transferor, would materially and adversely affect
the performance by such Transferor of its obligations under this Agreement, the
applicable Transferor Purchase Agreement or each applicable Participation
Interest Supplement, (iv) seeking any determination or ruling that would
materially and adversely affect the validity or enforceability of this
Agreement, the applicable Transferor Purchase Agreement or each applicable
Participation Interest Supplement or (v) seeking to affect adversely the income
or franchise tax attributes of the Trust under the United States Federal or any
State income or franchise tax systems.

                  (f) All Consents. All authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority
required to be obtained, effected or given by such Transferor in connection with
the execution and delivery by such Transferor of this Agreement, the applicable
Transferor Purchase Agreement and each applicable Participation Interest
Supplement and the performance of the transactions contemplated by this
Agreement, the applicable Transferor Purchase Agreement and each applicable
Participation Interest Supplement by such Transferor have been duly obtained,
effected or given and are in full force and effect.

                  Section 2.04. Representations and Warranties of each
Transferor Relating to the Agreement and Any Participation Interest Supplement
and the Receivables.

                  (a) Representations and Warranties. Each Transferor hereby
severally represents and warrants to the Trust as of the Initial Issuance Date,
each Closing Date and, with respect to Additional Accounts, as of the related
Addition Date (but only if, in either case, it was a Transferor on such date and
only with respect to Accounts it has designated on such date and Receivables
arising therein) that:

                  (i) this Agreement, the applicable Transferor Purchase
         Agreement each applicable Participation Interest Supplement and, in the
         case of Additional Accounts, the related Assignment, each constitutes a
         legal, valid and binding obligation of such Transferor enforceable
         against such Transferor in accordance with its terms, except as such
         enforceability may be limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting creditors'
         rights generally from time to time in effect or general principles of
         equity;

                  (ii) as of the Initial Cut-Off Date with respect to the
         Initial Accounts (and the Receivables arising therein), and as of the
         related Additional Cut-Off Date with respect to Additional Accounts
         (and the Receivables arising therein), the portion of SCHEDULE 1 to

                                       19
<PAGE>   25

         this Agreement under such Transferor's name, as supplemented to such
         date, is an accurate and complete listing in all material respects of
         all the Accounts the Receivables in which were transferred by such
         Transferor as of the Initial Cut-Off Date or such Additional Cut-Off
         Date, as the case may be, and the information contained therein with
         respect to the identity of such Accounts and the Receivables existing
         thereunder is true and correct in all material respects as of the
         Initial Cut-Off Date or such Additional Cut-Off Date, as the case may
         be;

                  (iii) on the date each Receivable is conveyed to the Trust by
         such Transferor, such Receivable has been conveyed to the Trust free
         and clear of any Lien;

                  (iv) all authorizations, consents, orders or approvals of or
         registrations or declarations with any Governmental Authority required
         to be obtained, effected or given by such Transferor in connection with
         the conveyance by such Transferor of Receivables to the Trust have been
         duly obtained, effected or given and are in full force and effect;

                  (v) either this Agreement or, in the case of Additional
         Accounts, the related Assignment constitutes a valid sale, transfer and
         assignment to the Trust of all right, title and interest of such
         Transferor in the Receivables conveyed to the Trust by such Transferor
         and the proceeds thereof and Recoveries and Interchange identified as
         relating to the Receivables conveyed to the Trust by such Transferor
         which have become Defaulted Receivables or, if this Agreement or, in
         the case of Additional Accounts, the related Assignment does not
         constitute a sale of such property, it constitutes a grant of a first
         priority perfected "security interest" (as defined in the UCC) in such
         property to the Trust, which, in the case of existing Receivables and
         the proceeds thereof and said Recoveries and Interchange, is
         enforceable upon execution and delivery of this Agreement, or, with
         respect to then existing Receivables in Additional Accounts, as of the
         applicable Addition Date, and which will be enforceable with respect to
         such Receivables hereafter and thereafter created and the proceeds
         thereof upon such creation. Upon the filing of the financing statements
         and, in the case of Receivables hereafter created and the proceeds
         thereof, upon the creation thereof, the Trust shall have a first
         priority perfected security or ownership interest in such property and
         proceeds;

                  (vi) on the Initial Cut-Off Date, each Initial Account
         specified in SCHEDULE 1 with respect to such Transferor is an Eligible
         Account and, on the applicable Additional Cut-Off Date, each related
         Additional Account specified in SCHEDULE 1 with respect to such
         Transferor is an Eligible Account;

                  (vii) on the Initial Cut-Off Date, each Receivable then
         existing and conveyed to the Trust by such Transferor is an Eligible
         Receivable and, on the applicable Additional Cut-Off Date, each
         Receivable contained in the related Additional Accounts and conveyed to
         the Trust by such Transferor is an Eligible Receivable;

                  (viii) as of the date of the creation of any new Receivable
         transferred to the Trust by such Transferor, such Receivable is an
         Eligible Receivable; and

                                       20
<PAGE>   26

                  (ix) no selection procedures believed by such Transferor to be
         materially adverse to the interests of the Noteholders have been used
         in selecting such Accounts.

                  (b) Notice of Breach. The representations and warranties set
forth in Section 2.03, this Section 2.04 and subsection 2.09(f) shall survive
the transfers and assignments of the Receivables to the Trust, the pledge of the
Receivables to the Indenture Trustee pursuant to the Indenture, and the issuance
of the Notes. Upon discovery by any Transferor, the Servicer or the Owner
Trustee of a breach of any of the representations and warranties set forth in
Section 2.03, this Section 2.04 or subsection 2.09(f), the party discovering
such breach shall give notice to the other parties and to the Indenture Trustee
within three (3) Business Days following such discovery; provided that the
failure to give notice within three (3) Business Days does not preclude
subsequent notice.

                  Section 2.05. Reassignment of Ineligible Receivables.

                  (a) Reassignment of Receivables. In the event (i) any
representation or warranty contained in subsection 2.04(a)(ii), (iv), (vi),
(vii), (viii) or (ix) is not true and correct in any material respect as of the
date specified therein with respect to any Receivable or the related Account and
such breach has a material adverse effect on any Receivable (which determination
shall be made without regard to whether funds are then available pursuant to any
Series Enhancement) unless cured within sixty (60) days (or such longer period,
not in excess of 120 days, as may be agreed to by the Indenture Trustee and the
Servicer) after the earlier to occur of the discovery thereof by the Transferor
which conveyed such Receivables to the Trust or receipt by such Transferor of
written notice thereof given by the Owner Trustee, the Indenture Trustee or the
Servicer, (ii) any representation or warranty contained in subsection
2.04(a)(iii) is not true and correct in any material respect as of the date
specified therein with respect to any Receivable and such breach has a material
adverse effect on any Receivable (which determination shall be made without
regard to whether funds are then available pursuant to any Series Enhancement)
or (iii) it is so provided in subsection 2.07(a) or 2.09(d)(iii) with respect to
any Receivables conveyed to the Trust by such Transferor, then such Transferor
shall accept reassignment of all Receivables in the related Account ("INELIGIBLE
RECEIVABLES") on the terms and conditions set forth in paragraph (b) below.

                  (b) Price of Reassignment. The Servicer shall deduct the
portion of such Ineligible Receivables reassigned to each Transferor which are
Principal Receivables from the aggregate amount of the Principal Receivables
used to calculate the Transferor Interest. In the event that, following the
exclusion of such Principal Receivables from the calculation of the Transferor
Interest, the Transferor Interest would be less than the Required Transferor
Interest, not later than 1:00 p.m., New York City time, on the first
Distribution Date following the Monthly Period in which such reassignment
obligation arises, the applicable Transferor shall make a deposit into the
Special Funding Account in immediately available funds in an amount equal to the
amount by which the Transferor Interest would be below the Required Transferor
Interest (up to the amount of such Principal Receivables).

                  Upon reassignment of any Ineligible Receivable, the Trust
shall automatically and without further action be deemed to transfer, assign,
set over and otherwise convey to the applicable Transferor or its designee,
without recourse, representation or warranty, all the right,

                                       21
<PAGE>   27

title and interest of the Trust in and to such Ineligible Receivable, all
Interchange and Recoveries related thereto, all monies and amounts due or to
become due and all proceeds thereof and such reassigned Ineligible Receivable
shall be treated by the Trust as collected in full as of the date on which it
was transferred. The obligation of each Transferor to accept reassignment of any
Ineligible Receivables conveyed to the Trust by such Transferor, and to make the
deposits, if any, required to be made to the Special Funding Account as provided
in this Section, shall constitute the sole remedy respecting the event giving
rise to such obligation available to the Trust, the Noteholders (or the
Indenture Trustee on behalf of the Noteholders) or any Series Enhancer.
Notwithstanding any other provision of this subsection 2.05(b), a reassignment
of an Ineligible Receivable in excess of the amount that would cause the
Transferor Interest to be less than the Required Transferor Interest shall not
occur if the applicable Transferor fails to make any deposit required by this
subsection 2.05(b) with respect to such Ineligible Receivable. The Trust shall
execute such documents and instruments of transfer or assignment and take such
other actions as shall reasonably be requested and provided by the applicable
Transferor to effect the conveyance of such Ineligible Receivables pursuant to
this subsection 2.05(b), but only upon receipt of an Officer's Certificate from
such Transferor that states that all conditions set forth in this Section 2.05
have been satisfied.

                  Section 2.06. Reassignment of Trust Portfolio. In the event
any representation or warranty of a Transferor set forth in subsection 2.03(a)
or (c) or subsection 2.04(a)(i) or (v) is not true and correct in any material
respect and such breach has a material adverse effect on the Receivables or
Participation Interests conveyed to the Trust by such Transferor or the
availability of the proceeds thereof to the Trust (which determination shall be
made without regard to whether funds are then available pursuant to any Series
Enhancement), then either the Owner Trustee, the Indenture Trustee or the
Holders of Notes evidencing not less than 50% of the aggregate unpaid principal
amount of all outstanding Notes, by notice then given to such Transferor and the
Servicer (and to the Owner Trustee and Indenture Trustee if given by the
Noteholders), may direct such Transferor to accept a reassignment of the
Receivables and any Participation Interests conveyed to the Trust by such
Transferor if such breach and any material adverse effect caused by such breach
is not cured within sixty (60) days of such notice (or within such longer
period, not in excess of 120 days, as may be specified in such notice), and upon
those conditions such Transferor shall be obligated to accept such reassignment
on the terms set forth below; provided, however, that such Receivables and
Participation Interests will not be reassigned to such Transferor if, on any day
prior to the end of such 60-day or longer period (i) the relevant representation
and warranty shall be true and correct in all material respects as if made on
such day and (ii) such Transferor shall have delivered to the Owner Trustee a
certificate of an authorized officer describing the nature of such breach and
the manner in which the relevant representation and warranty has become true and
correct.

                  The applicable Transferor shall deposit in the Collection
Account in immediately available funds not later than 1:00 p.m., New York City
time, on the first Distribution Date following the Monthly Period in which such
reassignment obligation arises, in payment for such reassignment, an amount
equal to the sum of the amounts specified therefor with respect to each
outstanding Series in the related Indenture Supplement. Notwithstanding anything
to the contrary in this Agreement, such amounts shall be distributed to the
Noteholders on such Distribution Date in accordance with the terms of each
Indenture Supplement. If the Owner Trustee, the Indenture Trustee or the
Noteholders give notice directing the applicable Transferor

                                       22
<PAGE>   28

to accept a reassignment of the Receivables and Participation Interests as
provided above, the obligation of such Transferor to accept such reassignment
pursuant to this Section 2.06 and to make the deposit required to be made to the
Collection Account as provided in this paragraph shall constitute the sole
remedy respecting an event of the type specified in the first sentence of this
Section 2.06 available to the Noteholders (or the Indenture Trustee on behalf of
the Noteholders) or any Series Enhancer. Upon reassignment of the Receivables
and the Participation Interests on such Distribution Date, the Trust shall
automatically and without further action be deemed to transfer, assign, set-over
and otherwise convey to the applicable Transferor, without recourse,
representation or warranty, all the right, title and interest of the Trust in
and to the Receivables and the Participation Interests, all Interchange and
Recoveries allocable to the Trust, and all monies and amounts due or to become
due with respect thereto and all proceeds thereof. The Trust shall execute such
documents and instruments of transfer or assignment and take such other actions
as shall reasonably be requested by the applicable Transferor to effect the
conveyance of such property pursuant to this subsection.

                  Section 2.07. Covenants of each Transferor. Each Transferor
hereby severally covenants that:

                  (a) Receivables Not To Be Evidenced by Promissory Notes.
Except in connection with its enforcement or collection of an Account, such
Transferor will take no action to cause any Receivable conveyed by it to the
Trust to be evidenced by any instrument (as defined in the UCC) and if any such
Receivable (or any underlying receivable) is so evidenced it shall be deemed to
be an Ineligible Receivable in accordance with subsection 2.05(a) and shall be
reassigned to such Transferor in accordance with subsection 2.05(b).

                  (b) Security Interests. Except for the conveyances hereunder,
such Transferor will not sell, pledge, assign or transfer to any other Person,
or grant, create, incur, assume or suffer to exist any Lien on, any Receivable
(or any underlying receivable) or Participation Interest conveyed by it to the
Trust, whether now existing or hereafter created, or any interest therein, and
such Transferor shall defend the right, title and interest of the Trust and the
Indenture Trustee in, to and under the Receivables and any Participation
Interest, whether now existing or hereafter created, against all claims of third
parties claiming through or under such Transferor.

                  (c) Transferor Interest. Except for (i) the conveyances
hereunder, in connection with any transaction permitted by subsection 4.02(a)(i)
and as provided in subsection 2.09(g) of this Agreement or Section 2.12 of the
Indenture or (ii) conveyances with respect to which the Rating Agency Condition
shall have been satisfied and a Tax Opinion shall have been delivered, such
Transferor agrees not to transfer, sell, assign, exchange or otherwise convey or
pledge, hypothecate or otherwise grant a security interest in the Transferor
Interest, the Transferor Certificate or any Supplemental Certificate and any
such attempted transfer, assignment, exchange, conveyance, pledge,
hypothecation, grant or sale shall be void; provided, however, that nothing in
this subsection 2.07(c) shall prevent the owner of an interest in the Transferor
Interest from granting to an Affiliate a participation interest or other
beneficial interest in the rights to receive cash flows related to the
Transferor Interest, if (i) such interest does not grant such Affiliate any
rights hereunder or delegate to such Affiliate any obligations or duties
hereunder, (ii) the transferor of such interest obtains the prior written
consent of such

                                       23
<PAGE>   29

Transferor and (iii) after giving effect to such transfer, the interest in the
Transferor's Interest owned directly by such Transferor represents an undivided
ownership interest in two percent (2.0%) or more of the Trust Assets.

                  (d) Delivery of Collections or Recoveries. In the event that
such Transferor receives Collections or Recoveries, such Transferor agrees to
pay the Servicer all such Collections and Recoveries as soon as practicable
after receipt thereof.

                  (e) Notice of Liens. Such Transferor shall notify the Owner
Trustee, the Indenture Trustee and each Series Enhancer promptly after becoming
aware of any Lien on any Receivable (or on the underlying receivable) or
Participation Interest conveyed by it to the Trust other than the conveyances
hereunder and under the applicable Receivables Purchase Agreement, the
applicable Transferor Purchase Agreement and the Indenture.

                  (f) Amendment of the Certificate of Incorporation. Such
Transferor will not amend in any material respect its certificate of
incorporation without providing the Rating Agency with notice no later than the
fifth Business Day prior to such amendment (unless the right to such notice is
waived by the Rating Agency) and satisfying the Rating Agency Condition.

                  (g) Other Indebtedness. Such Transferor shall not incur any
additional debt, unless (i) such debt is incurred pursuant to the Revolving
Credit Agreement, (ii) such debt is contemplated by the Transaction Documents or
(iii) the Rating Agency is provided with notice no later than the fifth Business
Day prior to the incurrence of such additional debt (unless the right to such
notice is waived by the Rating Agency) and the Rating Agency Condition is
satisfied with respect to the incurrence of such debt.

                  (h) Separate Corporate Existence. Such Transferor shall:

                  (i) Maintain in full effect its existence, rights and
         franchises as a corporation under the laws of the state of its
         incorporation and will obtain and preserve its qualification to do
         business in each jurisdiction in which such qualification is or shall
         be necessary to protect the validity and enforceability of this
         Agreement and the applicable Transferor Purchase Agreement and each
         other instrument or agreement necessary or appropriate to proper
         administration hereof and permit and effectuate the transactions
         contemplated hereby.

                  (ii) Except as provided herein, maintain its own deposit,
         securities and other account or accounts, separate from those of any
         Affiliate of such Transferor, with financial institutions. The funds of
         such Transferor will not be diverted to any other Person or for other
         than the corporate use of such Transferor, and, except as may be
         expressly permitted by this Agreement or the applicable Transferor
         Purchase Agreement, the funds of such Transferor shall not be
         commingled with those of any other person or entity.

                  (iii) Ensure that, to the extent that it shares the same
         officers or other employees as any of its stockholders or Affiliates,
         the salaries of and the expenses related to providing benefits to such
         officers and other employees shall be fairly allocated among

                                       24
<PAGE>   30

         such entities, and each such entity shall bear its fair share of the
         salary and benefit costs associated with all such common officers and
         employees.

                  (iv) Ensure that, to the extent that it jointly contracts with
         any of its stockholders or Affiliates to do business with vendors or
         service providers or to share overhead expenses, the costs incurred in
         so doing shall be allocated fairly among such entities, and each such
         entity shall bear its fair share of such costs. To the extent that such
         Transferor contracts or does business with vendors or service providers
         where the goods and services provided are partially for the benefit of
         any other Person, the costs incurred in so doing shall be fairly
         allocated to or among such entities for whose benefit the goods and
         services are provided, and each such entity shall bear its fair share
         of such costs. All material transactions between such Transferor and
         any of its Affiliates shall be only on an arm's-length basis and shall
         receive the approval of such Transferor's Board of Directors including
         at least one Independent Director (defined below).

                  (v) Maintain a principal executive and administrative office
         through which its business is conducted and a telephone number separate
         from those of its stockholders and Affiliates. To the extent that such
         Transferor and any of its stockholders or Affiliates have offices in
         contiguous space, there shall be fair and appropriate allocation of
         overhead costs (including rent) among them, and each such entity shall
         bear its fair share of such expenses.

                  (vi) Conduct its affairs strictly in accordance with its
         certificate of incorporation and observe all necessary, appropriate and
         customary corporate formalities, including, but not limited to, holding
         all regular and special stockholders' and directors' meetings
         appropriate to authorize all corporate action, keeping separate and
         accurate minutes of such meetings, passing all resolutions or consents
         necessary to authorize actions taken or to be taken, and maintaining
         accurate and separate books, records and accounts, including, but not
         limited to, intercompany transaction accounts. Regular stockholders'
         and directors' meetings shall be held at least annually.

                  (vii) Ensure that its board of directors shall at all times
         include at least two Independent Directors (for purposes hereof,
         "INDEPENDENT DIRECTOR" shall mean any member of the board of directors
         of such Transferor that is not and has not at any time been (x) an
         officer, agent, advisor, consultant, attorney, accountant, employee or
         shareholder of any Affiliate which is not a special purpose entity of
         such Transferor, (y) a director of any Affiliate of such Transferor
         other than an independent director of any Affiliate which is a special
         purpose entity or (z) a member of the immediate family of any of the
         foregoing.

                  (viii) Ensure that decisions with respect to its business and
         daily operations shall be independently made by such Transferor
         (although the officer making any particular decision may also be an
         officer or director of an Affiliate of such Transferor) and shall not
         be dictated by an Affiliate of such Transferor.

                  (ix) Act solely in its own corporate name and through its own
         authorized officers and agents, and no Affiliate of such Transferor
         shall be appointed to act as agent

                                       25
<PAGE>   31

         of such Transferor. Such Transferor shall at all times use its own
         stationery and business forms and describe itself as a separate legal
         entity.

                  (x) Other than as provided in the Revolving Credit Agreement,
         ensure that no Affiliate of such Transferor shall advance funds to such
         Transferor, and no Affiliate of such Transferor will otherwise guaranty
         debts of, such Transferor.

                  (xi) Other than organizational expenses and as expressly
         provided herein, pay all expenses, indebtedness and other obligations
         incurred by it using its own funds.

                  (xii) Not enter into any guaranty, or otherwise become liable,
         with respect to or hold its assets or creditworthiness out as being
         available for the payment of any obligation of any Affiliate of such
         Transferor nor shall such Transferor make any loans to any Person.

                  (xiii) Ensure that any financial reports required of such
         Transferor shall comply with generally accepted accounting principles
         and shall be issued separately from, but may be consolidated with, any
         reports prepared for any of its Affiliates so long as such consolidated
         reports contain footnotes describing the effect of the transactions
         between the Transferor and such Affiliate and also state that the
         assets of the Transferor are not available to pay creditors of the
         Affiliate.

                  (xiv) Ensure that at all times it is adequately capitalized to
         engage in the transactions contemplated in its Certificate of
         Incorporation.

                  (i) Interchange. With respect to any Distribution Date, on or
prior to the immediately preceding Determination Date, the Servicer shall notify
the Transferor of the amount of Interchange required to be included as
Collections of Finance Charge Receivables with respect to such Monthly Period,
which amount for any Series shall be specified in the related Indenture
Supplement. Not later than 1:00 p.m., New York City time, on the related
Distribution Date, the Servicer shall deposit, or cause to be deposited, into
the Collection Account, in immediately available funds, the amount of
Interchange to be so included as Collections of Finance Charge Receivables with
respect to such Monthly Period.

                  Section 2.08. Covenants of each Transferor with Respect to the
Applicable Transferor Purchase Agreement. Each Transferor, in its capacity as
purchaser of Receivables from ACCS pursuant to the applicable Transferor
Purchase Agreement, hereby covenants that such Transferor will at all times
enforce the covenants and agreements of ACCS in such Transferor Purchase
Agreement, including covenants that ACCS will at all times enforce the covenants
and agreements of ANB or any other Account Owner, as the case may be, in any
Receivables Purchase Agreement, including covenants substantially to the effect
set forth below:

                  (a) Periodic Rate Finance Charges. (i) Except (x) as otherwise
required by any Requirements of Law or (y) as is deemed by ANB or any other
Account Owner, as the case may be, to be necessary in order for it to maintain
its credit card business or a program operated by such credit card business on a
competitive basis based on a good faith assessment by it of the nature of the
competition with respect to the credit card business or such program, it shall
not at any time take any action which would have the effect of reducing the
Portfolio Yield to a level

                                       26
<PAGE>   32

that could be reasonably expected to cause any Series to experience any Pay Out
Event or Event of Default based on the insufficiency of the Portfolio Yield or
any similar test and (ii) except as otherwise required by any Requirements of
Law, it shall not take any action which would have the effect of reducing the
Portfolio Yield to be less than the highest current Average Rate for any Group.

                  (b) Credit Card Agreements and Guidelines. Subject to
compliance with all Requirements of Law and paragraph (a) above, ANB or other
Account Owner, as the case may be, may change the terms and provisions of the
applicable Credit Card Agreements or the applicable Credit Card Guidelines in
any respect (including the calculation of the amount or the timing of
charge-offs and the Periodic Rate Finance Charges to be assessed thereon).
Notwithstanding the above, unless required by Requirements of Law or as
permitted by paragraph (a) above, ANB or other Account Owner, as the case may
be, will not take any action unless (i) at the time of such action, ANB or other
Account Owner, as the case may be, reasonably believes that such action will not
cause a Pay Out Event or Event of Default to occur, and (ii) is made applicable
to the comparable segment of the revolving credit card accounts owned by ANB or
other Account Owner which have characteristics the same as, or substantially
similar to, the Accounts that are the subject of such change, except as
otherwise restricted by an endorsement, sponsorship, or other agreement between
ANB or other Account Owner, as the case may be, and an unrelated third party or
by the terms of the Credit Card Agreements.

                  Section 2.09. Addition of Accounts.

                  (a) Required Aggregate Additions

                           (i) Required Additional Accounts. If, (A) during any
         period of thirty (30) consecutive days, the Transferor Interest
         averaged over that period is less than the Required Transferor Interest
         for that period, the Transferor shall on or prior to the close of
         business on the Required Designation Date, unless on any day following
         such period of thirty consecutive days and prior to the Required
         Designation Date the Transferor Interest averaged over the then-prior
         thirty (30) consecutive days (inclusive of such date of determination)
         exceeds the Required Transferor Interest for such period, cause to be
         designated additional Eligible Accounts to be included as Accounts as
         of the Required Designation Date or any earlier date in a sufficient
         amount such that, after giving effect to such addition and the addition
         by each other Transferor, the average of the Transferor Interest as a
         percentage of the Average Principal Receivables for such 30-day period,
         computed by assuming that the amount of Principal Receivables of such
         additional Eligible Accounts shall be deemed to be outstanding in the
         Trust during each day of such 30-day period, is at least equal to the
         Required Transferor Percentage on such date, or (B) as of the close of
         business on the last Business Day of any calendar month, the sum of (x)
         the total amount of Principal Receivables plus (y) the then outstanding
         principal amount of any Participation Interests theretofore conveyed to
         the Trust is less than the Required Minimum Principal Balance (as
         adjusted for any Series having a Paired Series as described in the
         Indenture Supplement for such Series) on such date, the Transferor
         shall on or prior to the close of business on the Required Designation
         Date, unless the sum of (x) the total amount of Principal Receivables
         plus (y) the then outstanding principal amount of any Participation
         Interests theretofore conveyed to the Trust exceeds the

                                       27
<PAGE>   33

         Required Minimum Principal Balance as of the close of business on any
         day after the last Business Day of such calendar month and prior to the
         Required Designation Date, cause to be designated additional Eligible
         Accounts to be included as Accounts as of the Required Designation Date
         or any earlier date in a sufficient amount such that, after giving
         effect to such addition and the addition by each other Transferor, the
         sum of the aggregate principal balance of Principal Receivables plus
         the then outstanding principal amount of any Participation Interests
         conveyed to the Trust as of the close of business on the Addition Date
         is at least equal to the Required Minimum Principal Balance on such
         date. The failure of the Transferor to transfer Receivables to the
         Trust as provided in this clause (i) solely as a result of the
         unavailability to the Transferor of a sufficient amount of Eligible
         Receivables shall not constitute a breach of this Agreement; provided
         that any such failure which has not been timely cured may nevertheless
         result in the occurrence of a Pay Out Event.

                  (ii) Participation Interests. In lieu of, or in addition to,
         causing the designation of Additional Accounts pursuant to clause (i)
         above, the Transferor may (but shall not be required), subject to the
         conditions specified in paragraph (c) below, convey to the Trust
         participations (including 100% participations) representing undivided
         interests in a pool of assets primarily consisting of revolving credit
         card receivables and any interests in any of the foregoing, including
         securities representing or backed by such receivables and collections,
         together with all earnings, revenue, dividends, distributions, income,
         issues and profits thereon ("PARTICIPATION INTERESTS"). Receivables
         shall not be treated as a Participation Interest for purposes of this
         Agreement. The addition of Participation Interests in the Trust
         pursuant to this paragraph (a) or paragraph (b) below shall be effected
         by a Participation Interest Supplement, dated the applicable Addition
         Date and entered into pursuant to subsection 9.01(a).

                  (iii) Any Additional Accounts or Participation Interests
         designated to be included as Trust Assets pursuant to clause (i) or
         (ii) above may only be so included if the applicable conditions
         specified in paragraph (c) below have been satisfied.

                  (b) Permitted Aggregate Additions. Each Transferor may from
time to time, in its sole discretion, subject to the conditions specified in
paragraph (c) below, voluntarily cause the designation of additional Eligible
Accounts to be included as Accounts or Participation Interests to be included as
Trust Assets, in either case as of the applicable Addition Date.

                  (c) Conditions to Aggregate Additions. On the Addition Date
with respect to any Aggregate Additions, the Trust shall acquire the Receivables
in Aggregate Addition Accounts (and such Aggregate Addition Accounts shall be
deemed to be Accounts for purposes of this Agreement) or shall acquire such
Participation Interests existing as of the close of business on the applicable
Additional Cut-Off Date, subject to the satisfaction of the following
conditions:

                  (i) on or before the eighth Business Day immediately preceding
         the Addition Date, the applicable Transferor shall have given the Owner
         Trustee, the Indenture Trustee, the Servicer and each Rating Agency
         notice (unless such notice requirement is

                                       28
<PAGE>   34

         otherwise waived) that the Aggregate Addition Accounts or Participation
         Interests will be included and specifying the applicable Addition Date
         and Additional Cut-Off Date;

                  (ii) as of the applicable Additional Cut-Off Date, such
         Aggregate Addition Accounts shall be Eligible Accounts;

                  (iii) such Transferor shall have delivered to the Owner
         Trustee and Indenture Trustee copies of UCC-1 financing statements
         covering such Aggregate Addition Accounts or Participation Interests,
         if necessary to perfect the Trust's interest in the Receivables arising
         therein and a schedule of such Aggregate Addition Accounts;

                  (iv) to the extent required by Section 8.04 of the Indenture,
         such Transferor shall have deposited in the Collection Account all
         Collections with respect to such Aggregate Addition Accounts or
         Participation Interests since the Additional Cut-Off Date;

                  (v) as of each of the Additional Cut-Off Date and the Addition
         Date, no Insolvency Event with respect to ANB or any other Account
         Owner, as applicable, ACCS or such Transferor shall have occurred nor
         shall the transfer to the Trust of the Receivables arising in the
         Aggregate Addition Accounts or of the Participation Interests have been
         made in contemplation of the occurrence thereof;

                  (vi) solely with respect to Aggregate Additions designated
         pursuant to subsection 2.09(b) and with respect to any addition of
         Accounts not initially originated by an Account Owner, the Rating
         Agency Condition shall have been satisfied;

                  (vii) such Transferor shall have delivered to the Owner
         Trustee and the Indenture Trustee an Officer's Certificate, dated the
         Addition Date, confirming, to the extent applicable, the items set
         forth in clauses (ii) through (vi) above and clause (x) below;

                  (viii) the acquisition by the Trust of the Receivables arising
         in the Aggregate Addition Accounts or of the Participation Interests
         will not result in an Adverse Effect and such Transferor shall have
         delivered to the Owner Trustee and the Indenture Trustee an Officer's
         Certificate, dated the Addition Date, stating that such Transferor
         reasonably believes that the acquisition by the Trust of the
         Receivables arising in the Aggregate Addition Accounts or of the
         Participation Interests will not have an Adverse Effect; and

                  (ix) such Transferor shall have delivered to the Owner
         Trustee, the Indenture Trustee and each Rating Agency an Opinion of
         Counsel, dated the Addition Date, in accordance with subsection
         9.02(d)(ii) or (iv), as applicable.

                  (x) unless each Rating Agency otherwise consents, the number
         of Aggregate Addition Accounts designated pursuant to subsection
         2.09(a) with respect to any of the three (3) consecutive Monthly
         Periods commencing in December, March, June and September of each
         calendar year, commencing June 2000, shall not exceed 15% of the number
         of Accounts as of the first day of the calendar year during which such
         Monthly Periods commence and the number of Aggregate Addition Accounts
         designated pursuant

                                       29
<PAGE>   35

         to subsection 2.09(a) during any calendar year shall not exceed 20% of
         the number of Accounts as of the first day of such calendar year.

                  (d) New Accounts.

                  (i) Each Transferor may from time to time, at its sole
         discretion, subject to and in compliance with the limitations specified
         in clause (ii) below and the conditions specified in paragraph (e)
         below, voluntarily designate newly originated Eligible Accounts to be
         included as New Accounts. For purposes of this paragraph, Eligible
         Accounts shall be deemed to include only MasterCard and VISA revolving
         credit card accounts of the same nature as those included as Initial
         Accounts or which have previously been included in any Aggregate
         Addition if the Assignment related to such Aggregate Addition expressly
         provides that such type of revolving credit card account is permitted
         to be designated as a New Account.

                  (ii) Unless and until each Rating Agency otherwise consents in
         writing, the number of New Accounts designated with respect to any of
         the three (3) consecutive Monthly Periods commencing in December,
         March, June and September of each calendar year, commencing June 2000,
         shall not exceed 15% of the number of Accounts as of the first day of
         the calendar year during which such Monthly Periods commence and the
         number of New Accounts designated during any such calendar year shall
         not exceed 20% of the number of Accounts as of the first day of such
         calendar year.

                  (iii) With respect to each Distribution Date with respect to
         each Monthly Period in which New Accounts are added as Accounts, the
         failure of such Transferor to deliver an Opinion of Counsel
         substantially in the form of EXHIBIT D-2 with respect to the New
         Accounts included as Accounts shall result in all Receivables arising
         in the New Accounts to which such failure relates to be deemed to be
         Ineligible Receivables in accordance with subsection 2.05(a) and all
         such Receivables shall be reassigned to such Transferor in accordance
         with subsection 2.05(b). The opinion delivery requirement set forth in
         the immediately preceding sentence may be modified; provided that the
         Rating Agency Condition is satisfied.

                  (e) Conditions to Addition of New Accounts. On the Addition
Date with respect to any New Accounts, the Trust shall acquire the Receivables
in such New Accounts (and such New Accounts shall be deemed to be Accounts for
purposes of this Agreement) as of the close of business on the applicable
Addition Date, subject to the satisfaction of the following conditions:

                  (i) the New Accounts shall all be Eligible Accounts;

                  (ii) the applicable Transferor shall have delivered to the
         Owner Trustee and Indenture Trustee copies of UCC-1 financing
         statements covering such New Accounts, if necessary to perfect the
         Trust's interest in the Receivables arising therein and a schedule of
         such New Accounts;

                                       30
<PAGE>   36

                  (iii) to the extent required by Section 8.04 of the Indenture,
         the applicable Transferor shall have deposited in the Collection
         Account all Collections with respect to such New Accounts since the
         Additional Cut-Off Date;

                  (iv) as of each of the Additional Cut-Off Date and the
         Addition Date, no Insolvency Event with respect to ANB or any other
         Account Owner, as applicable, ACCS or such Transferor shall have
         occurred nor shall the transfer to the Trust of the Receivables arising
         in the New Accounts have been made in contemplation of the occurrence
         thereof; and

                  (v) the transfer of the Receivables arising in the New
         Accounts to the Trust will not result in the occurrence of a Pay Out
         Event or Event of Default.

                  (f) Representations and Warranties. Each Transferor conveying
Additional Accounts or Participation Interests hereby represents and warrants to
the Trust as of the related Addition Date as to the matters set forth in clauses
(v) and (viii) of subsection 2.09(c) above and that, in the case of Additional
Accounts, the list delivered pursuant to subsection 2.09(h) is, as of the
applicable Additional Cut-Off Date, true and complete in all material respects.

                  (g) Additional Transferors. The Transferor may designate
Affiliates of the Transferor to be included as Transferors ("ADDITIONAL
TRANSFERORS") under this Agreement in an amendment hereto pursuant to subsection
9.01(a) and, in connection with such designation, the Transferor shall surrender
the Transferor Certificate to the Owner Trustee in exchange for a newly issued
Transferor Certificate modified to reflect such Additional Transferor's interest
in the Transferor Interest; provided, however, that prior to any such
designation and exchange the conditions set forth in clauses (iii) and (v) of
subsection 3.06(b) of the Trust Agreement shall have been satisfied with respect
thereto.

                  (h) Delivery of Documents. In the case of the designation of
Additional Accounts, the Transferor designating such Accounts shall deliver to
the Owner Trustee (i) the computer file or microfiche list required to be
delivered pursuant to Section 2.01 with respect to such Additional Accounts on
the date such file or list is required to be delivered pursuant to Section 2.01
(the "DOCUMENT DELIVERY DATE") and (ii) a duly executed, written Assignment
(including an acceptance by the Trust), substantially in the form of EXHIBIT A
(the "ASSIGNMENT"), on the Document Delivery Date. In addition, in the case of
the designation of New Accounts, the Transferor designating such Accounts shall
deliver to the Owner Trustee on the Document Delivery Date an Officer's
Certificate confirming, to the extent applicable, the items set forth in clauses
(i) through (v) of subsection 2.09(e) above.

                  Section 2.10. Removal of Accounts and Participation Interests.
(a) On any day of any Monthly Period each Transferor shall have the right to
require the reassignment to it or its designee of all the Trust's right, title
and interest in, to and under the Receivables then existing and thereafter
created, all Interchange and Recoveries related thereto after the Removal Date,
all monies due or to become due and all amounts received or receivable with
respect thereto, and all proceeds thereof in or with respect to the Accounts
(the "REMOVED ACCOUNTS") or Participation Interests conveyed to the Trust by
such Transferor (the "REMOVED PARTICIPATION INTERESTS") (unless otherwise set
forth in the applicable Participation Interest Supplement or Indenture

                                       31
<PAGE>   37

Supplement) and designated for removal by the Transferor, upon satisfaction of
the conditions in clauses (i) through (vi) below; provided, however, that the
conditions listed in clauses (iv) and (v) below need not be satisfied if the
Removed Accounts relate to a terminated Affinity Agreement and the related
merchant or co-branding participant has elected to purchase the Receivables in
such Removed Accounts:

                  (i) on or before the eighth Business Day immediately preceding
         the Removal Date, such Transferor shall have given written notice to
         the Owner Trustee, the Indenture Trustee, the Servicer, the Rating
         Agency and each Series Enhancer (unless such notice requirement is
         otherwise waived) of such removal and specifying the date for removal
         of the Removed Accounts and removed Participation Interests (the
         "REMOVAL DATE");

                  (ii) on or prior to the date that is five (5) Business Days on
         or before the Removal Date, such Transferor shall amend SCHEDULE 1 by
         delivering to the Owner Trustee a computer file or microfiche list
         containing a true and complete list of the Removed Accounts specifying
         for each such Account, as of the date notice of the Removal Date is
         given, its account number, the aggregate amount outstanding in such
         Account and the aggregate amount of Principal Receivables outstanding
         in such Account;

                  (iii) such Transferor shall have represented and warranted as
         of the Removal Date that the list of Removed Accounts delivered
         pursuant to paragraph (ii) above, as of the Removal Date, is true and
         complete in all material respects;

                  (iv) the Rating Agency Condition shall have been satisfied
         with respect to the removal of the Removed Accounts and removed
         Participation Interests;

                  (v) such Transferor shall have delivered to the Owner Trustee
         and the Indenture Trustee an Officer's Certificate, dated the Removal
         Date, to the effect that such Transferor reasonably believes that (A)
         such removal will not have a material adverse effect on the
         Noteholders, (B) such removal will not result in the occurrence of a
         Pay Out Event or Event of Default, and (C) no selection procedures
         believed by such Transferor to be materially adverse to the interests
         of the Noteholders have been used in selecting the Removed Accounts;
         and

                  (vi) any other conditions specified in the related Indenture
         Supplement.

                  Upon satisfaction of the above conditions, the Trust shall
execute and deliver to such Transferor a written reassignment in substantially
the form of EXHIBIT B (the "REASSIGNMENT") and shall, without further action, be
deemed to transfer, assign, set over and otherwise convey to such Transferor or
its designee, effective as of the Removal Date, without recourse, representation
or warranty, all the right, title and interest of the Trust in and to the
Receivables arising in the Removed Accounts and Removed Participation Interests,
all Interchange and Recoveries related thereto, all monies due and to become due
and all amounts received or receivable with respect thereto after the Removal
Date and all proceeds thereof and any Insurance Proceeds relating thereto. The
Owner Trustee may conclusively rely on the Officer's Certificate delivered
pursuant to this Section 2.10 and shall have no duty to make

                                       32
<PAGE>   38

inquiries with regard to the matters set forth therein and shall incur no
personal liability in so relying.

                  In addition to the foregoing, on the date when any Receivable
in an Account becomes a Defaulted Receivable, the Trust shall automatically and
without further action or consideration be deemed to transfer, set over and
otherwise convey to the Transferor with respect to such Account, without
recourse, representation or warranty, all right, title and interest of the Trust
in and to the Defaulted Receivables in such Account, all Interchange related
thereto, all monies and amounts due or to become due with respect thereto and
all proceeds thereof; provided that Recoveries of such Account shall be applied
as provided herein.

                  (b) Anything to the contrary herein notwithstanding, the
Transferor shall be entitled to purchase all Receivables in Accounts designated
for purchase or re-purchase by a merchant or co-branding participant pursuant to
the termination of an Affinity Agreement to which such merchant or co-branding
participant is a party. Any repurchase of Receivables pursuant to this
subsection 2.10(b) shall be effected in the manner, and at a price determined in
accordance with subsection 2.05(b) as if the Receivables being repurchased were
Ineligible Receivables. Amounts deposited in the Collection Account in
connection therewith shall be deemed to be Collections of Principal Receivables
and shall be applied in accordance with Article VIII of the Indenture and the
terms of each Indenture Supplement.

                  Section 2.11. Account Allocations. In the event that any
Transferor is unable for any reason to transfer Receivables to the Trust in
accordance with the provisions of this Agreement, including by reason of the
application of the provisions of Section 6.01 or any order of any Governmental
Authority (a "TRANSFER RESTRICTION EVENT"), then, (a) such Transferor and the
Servicer agree (except as prohibited by any such order) to allocate and pay to
the Trust, after the date of such inability, all Collections, including
Collections of Receivables transferred to the Trust prior to the occurrence of
such event, and all amounts which would have constituted Collections but for
such Transferor's inability to transfer Receivables (up to an aggregate amount
equal to the amount of Receivables transferred to the Trust by such Transferor
in the Trust on such date), (b) such Transferor and the Servicer agree that such
amounts will be applied as Collections in accordance with Article VIII of the
Indenture and the terms of each Indenture Supplement and (c) for so long as the
allocation and application of all Collections and all amounts that would have
constituted Collections are made in accordance with clauses (a) and (b) above,
Principal Receivables and all amounts which would have constituted Principal
Receivables but for such Transferor's inability to transfer Receivables to the
Trust which are charged off as uncollectible in accordance with this Agreement
shall continue to be allocated in accordance with Article VIII of the Indenture
and the terms

                                       33
<PAGE>   39

of each Indenture Supplement. For the purpose of the immediately preceding
sentence, such Transferor and the Servicer shall treat the first received
Collections with respect to the Accounts as allocable to the Trust until the
Trust shall have been allocated and paid Collections in an amount equal to the
aggregate amount of Principal Receivables in the Trust as of the date of the
occurrence of such event. If such Transferor and the Servicer are unable
pursuant to any Requirements of Law to allocate Collections as described above,
such Transferor and the Servicer agree that, after the occurrence of such event,
payments on each Account with respect to the principal balance of such Account
shall be allocated first to the oldest principal balance of such Account and
shall have such payments applied as Collections in accordance with Article VIII
of the Indenture and the terms of each Indenture Supplement. The parties hereto
agree that Finance Charge Receivables, whenever created, accrued in respect of
Principal Receivables which have been conveyed to the Trust shall continue to be
a part of the Trust notwithstanding any cessation of the transfer of additional
Principal Receivables to the Trust and Collections with respect thereto shall
continue to be allocated and paid in accordance with Article VIII of the
Indenture and the terms of each Indenture Supplement.

                  Section 2.12. Discount Option.

                  (a) The Transferor shall have the option to designate at any
time and from time to time a percentage or percentages, which may be a fixed
percentage or a variable percentage based on a formula (the "DISCOUNT
PERCENTAGE"), of all or any specified portion of Collections of Principal
Receivables to be treated as Collections of Finance Charge Receivables
("DISCOUNT OPTION COLLECTIONS"). Subject to the conditions specified below, the
Transferor may, without notice to or the consent of any Noteholder, from time to
time, increase, reduce or eliminate the Discount Percentage for all or any
specified portion of Collections of Principal Receivables on or after a
specified date (each, a "DISCOUNT OPTION DATE"). The Transferor shall provide
thirty (30) days prior written notice of any such change in the Discount
Percentage and the related Discount Option Date to the Servicer, the Owner
Trustee, the Indenture Trustee and any Rating Agency and such change in the
Discount Percentage shall become effective on such Discount Option Date (i)
unless such designation in the reasonable belief of the Transferor would cause a
Pay Out Event or Event of Default with respect to any Series to occur, or an
event which, with notice or lapse of time or both, would constitute a Pay Out
Event or Event of Default with respect to any Series and (ii) only if the Rating
Agency Condition shall have been satisfied with respect to such designation.

                  (b) On each Date of Processing, Discount Option Collections,
if any, shall be treated as Collections of Finance Charge Receivables.

                               [END OF ARTICLE II]

                                       34
<PAGE>   40

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING
                                 OF RECEIVABLES

                  Section 3.01. Acceptance of Appointment and Other Matters
Relating to the Servicer.

                  (a) ANB agrees to act as the Servicer under this Agreement and
the Noteholders by their acceptance of Notes consent to ANB acting as Servicer.

                  (b) As agent for each Transferor and the Trust, the Servicer
shall service and administer the Receivables (including the underlying
receivables) and any Participation Interests, shall collect and deposit into the
Collection Account amounts received under the Receivables (including the
underlying receivables) and any Participation Interests and shall charge off as
uncollectible Receivables, all in accordance with its customary and usual
servicing procedures for servicing credit card receivables comparable to the
Receivables and in accordance with the Credit Card Guidelines. As agent for each
Transferor and the Trust, the Servicer shall have full power and authority,
acting alone or through any party properly designated by it hereunder, to do any
and all things in connection with such servicing and administration which it may
deem necessary or desirable; provided, however, that subject to the rights of
the Owner Trustee, the Indenture Trustee and the Noteholders hereunder, ACCR
shall have the absolute right to direct the Servicer with respect to any power
conferred on the Servicer hereunder in accordance with any such direction.
Without limiting the generality of the foregoing and subject to Section 7.01,
the Servicer or its designee is hereby authorized and empowered, unless such
power is revoked by the Indenture Trustee on account of the occurrence of a
Servicer Default pursuant to Section 7.01, (i) to instruct the Owner Trustee or
the Indenture Trustee to make withdrawals and payments from the Collection
Account, the Special Funding Account and any Series Account, as set forth in
this Agreement, the Indenture or any Indenture Supplement, (ii) to take any
action required or permitted under any Series Enhancement, as set forth in this
Agreement, the Indenture or any Indenture Supplement, (iii) to execute and
deliver, on behalf of the Trust, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Receivables and, after the
delinquency of any Receivable and to the extent permitted under and in
compliance with applicable Requirements of Law, to commence collection
proceedings with respect to such Receivable and (iv) to make any filings,
reports, notices, applications and registrations with, and to seek any consents
or authorizations from, the Commission and any state securities authority on
behalf of the Trust as may be necessary or advisable to comply with any Federal
or state securities or reporting requirements or other laws or regulations. The
Owner Trustee and the Indenture Trustee upon written request therefor shall
furnish the Servicer with any documents necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties hereunder.

                  (c) The Servicer shall not, and no Successor Servicer shall,
be obligated to use separate servicing procedures, offices, employees or
accounts for servicing the Receivables from the procedures, offices, employees
and accounts used by the Servicer or such Successor Servicer, as the case may
be, in connection with servicing other credit card receivables.

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<PAGE>   41

                  (d) The Servicer shall comply with and perform its servicing
obligations with respect to the Accounts and Receivables in accordance with the
Credit Card Agreements relating to the Accounts and the Credit Card Guidelines
and all applicable rules and regulations of MasterCard and VISA, except insofar
as any failure to so comply or perform would not materially and adversely affect
the Trust or the Noteholders.

                  (e) The Servicer shall pay out of its own funds, without
reimbursement, all expenses incurred in connection with the Trust and the
servicing activities hereunder including expenses related to enforcement of the
Receivables, fees and disbursements of the Owner Trustee (as such and in its
individual capacity), the Administrator and the Indenture Trustee (including the
reasonable fees and expenses of its outside counsel) and independent accountants
and all other fees and expenses, including the costs of filing UCC continuation
statements, the costs and expenses relating to obtaining and maintaining the
listing of any Notes on any stock exchange and any stamp, documentary, excise,
property (whether on real, personal or intangible property) or any similar tax
levied on the Trust or the Trust's assets that are not expressly stated in this
Agreement to be payable by the Trust or the Transferor (other than federal,
state, local and foreign income and franchise taxes, if any, or any interest or
penalties with respect thereto, assessed on the Trust).

                  Section 3.02. Servicing Compensation. As full compensation for
its servicing activities hereunder and as reimbursement for any expense incurred
by it in connection therewith, the Servicer shall be entitled to receive a
servicing fee (the "SERVICING FEE") with respect to each Monthly Period, payable
monthly on the related Distribution Date, in an amount equal to one-twelfth of
the product of (a) the weighted average of the Servicing Fee Rates with respect
to each outstanding Series (based upon the Servicing Fee Rate for each Series
and the Invested Amount (or such other amount as specified in the related
Indenture Supplement) of such Series, in each case as of the last day of the
prior Monthly Period) and (b) the amount of Principal Receivables on the last
day of the prior Monthly Period prior to the termination of the Trust pursuant
to Section 8.01 of the Trust Agreement. The share of the Servicing Fee allocable
to a Series of Notes with respect to any Monthly Period (the "MONTHLY SERVICING
FEE") shall be determined in accordance with the relevant Indenture Supplement.
The portion of the Servicing Fee with respect to any Monthly Period not paid
pursuant to the preceding sentence shall be paid by the Holders of the
Transferor Certificates on the related Distribution Date and in no event shall
the Trust, the Owner Trustee (as such or in its individual capacity), the
Indenture Trustee, the Noteholders of any Series or any Series Enhancer be
liable for the share of the Servicing Fee with respect to any Monthly Period to
be paid by the Holders of the Transferor Certificates.

                  Section 3.03. Representations, Warranties and Covenants of the
Servicer. ANB, as initial Servicer, hereby makes, and any Successor Servicer by
its appointment hereunder shall make, with respect to itself, on each Closing
Date (and on the date of any such appointment), the following representations,
warranties and covenants on which the Trust and the Indenture Trustee shall be
deemed to have relied in accepting the Receivables in trust and in entering into
the Indenture:

                  (a) Organization and Good Standing. The Servicer is a national
bank duly organized and validly existing in good standing under the laws of the
United States and has, in all material respects, full power and authority to own
its properties and conduct its credit card

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<PAGE>   42

servicing business as presently owned or conducted, and to execute, deliver and
perform its obligations under this Agreement.

                  (b) Due Qualification. The Servicer is duly qualified to do
business and is in good standing as a foreign corporation or other foreign
entity (or is exempt from such requirements) and has obtained all necessary
licenses and approvals in each jurisdiction in which the servicing of the
Receivables (including the underlying receivables) and any Participation
Interests as required by this Agreement requires such qualification except where
the failure to so qualify or obtain licenses or approvals would not have a
material adverse effect on its ability to perform its obligations as Servicer
under this Agreement.

                  (c) Due Authorization. The execution, delivery, and
performance of this Agreement and the other agreements and instruments executed
or to be executed by the Servicer as contemplated hereby, have been duly
authorized by the Servicer by all necessary action on the part of the Servicer.

                  (d) Binding Obligation. This Agreement constitutes a legal,
valid and binding obligation of the Servicer, enforceable in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors' rights generally from time to time in effect or by general principles
of equity.

                  (e) No Conflict. The execution and delivery of this Agreement
by the Servicer, and the performance of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof and thereof applicable to the
Servicer, will not conflict with, violate or result in any breach of any of the
material terms and provisions of, or constitute (with or without notice or lapse
of time or both) a material default under, any indenture, contract, agreement,
mortgage, deed of trust or other instrument to which the Servicer is a party or
by which it or its properties are bound.

                  (f) No Violation. The execution and delivery of this Agreement
by the Servicer, the performance of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof and thereof applicable to the
Servicer will not conflict with or violate any Requirements of Law applicable to
the Servicer.

                  (g) No Proceedings. There are no proceedings or investigations
pending or, to the best knowledge of the Servicer, threatened against the
Servicer before any Governmental Authority seeking to prevent the consummation
of any of the transactions contemplated by this Agreement or seeking any
determination or ruling that, in the reasonable judgment of the Servicer, would
materially and adversely affect the performance by the Servicer of its
obligations under this Agreement.

                  (h) Compliance with Requirements of Law. The Servicer shall
duly satisfy all obligations on its part to be fulfilled under or in connection
with each Receivable (and the underlying receivable) and the related Account, if
any, will maintain in effect all qualifications required under Requirements of
Law in order to service properly each Receivable and the related Account, if
any, and will comply in all material respects with all other Requirements of Law
in

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<PAGE>   43

connection with servicing each Receivable and the related Account the failure to
comply with which would have an Adverse Effect.

                  (i) No Rescission or Cancellation. The Servicer shall not
permit any rescission or cancellation of any Receivable (or the underlying
receivable) except in accordance with the Credit Card Guidelines or as ordered
by a court of competent jurisdiction or other Governmental Authority.

                  (j) Protection of Rights. The Servicer shall take no action
which, nor omit to take any action the omission of which, would impair the
rights of the Trust, the Indenture Trustee or the Noteholders in any Receivable
(or the underlying receivable) or the related Account, if any, nor shall it
reschedule, revise or defer payments due on any Receivable except in accordance
with the Credit Card Guidelines.

                  (k) Receivables Not To Be Evidenced by Promissory Notes.
Except in connection with its enforcement or collection of an Account, the
Servicer will take no action to cause any Receivable to be evidenced by any
instrument (as defined in the UCC) and if any Receivable is so evidenced it
shall be reassigned or assigned to the Servicer as provided in this Section.

                  (l) All Consents. All authorizations, consents, orders or
approvals of or registrations or declarations with any Governmental Authority
required to be obtained, effected or given by the Servicer in connection with
the execution and delivery of this Agreement by the Servicer and the performance
of the transactions contemplated by this Agreement by the Servicer, have been
duly obtained, effected or given and are in full force and effect.

                  In the event (x) any of the representations, warranties or
covenants of the Servicer contained in subsection 3.03(h), (i) or (j) with
respect to any Receivable or the related Account is breached, and such breach
has a material adverse effect on such Receivable (which determination shall be
made without regard to whether funds are then available to any Noteholders
pursuant to any Series Enhancement) and is not cured within sixty (60) days (or
such longer period, not in excess of 150 days, as may be agreed to by the
Indenture Trustee and the Transferor) of the earlier to occur of the discovery
of such event by the Servicer, or receipt by the Servicer of notice of such
event given by the Indenture Trustee or the Transferor, or (y) as provided in
subsection 3.03(k) with respect to any Receivable, all Receivables in the
Account or Accounts to which such event relates shall be assigned and
transferred to the Servicer on the terms and conditions set forth below.

                  The Servicer shall effect such assignment by making a deposit
into the Collection Account in immediately available funds on the Distribution
Date following the Monthly Period in which such assignment obligation arises in
an amount equal to the amount of such Receivables.

                  Upon each such reassignment or assignment to the Servicer, the
Trust shall automatically and without further action be deemed to sell,
transfer, assign, set over and otherwise convey to the Servicer, without
recourse, representation or warranty, all right, title and interest of the Trust
in and to such Receivables, all Interchange and Recoveries related thereto,

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<PAGE>   44

all monies due or to become due and all amounts received or receivable with
respect thereto and all proceeds thereof. The Trust shall execute such documents
and instruments of transfer or assignment and take such other actions as shall
be reasonably requested by the Servicer to effect the conveyance of any such
Receivables pursuant to this Section but only upon receipt of an Officer's
Certificate of the Servicer that states that all conditions set forth in this
section have been satisfied. The obligation of the Servicer to accept
reassignment or assignment of such Receivables, and to make the deposits, if
any, required to be made to the Collection Account as provided in the preceding
paragraph, shall constitute the sole remedy respecting the event giving rise to
such obligation available to Noteholders (or the Indenture Trustee on behalf of
Noteholders) or any Series Enhancer, except as provided in Section 5.04.

                  Section 3.04. Reports and Records for the Owner Trustee and
the Indenture Trustee.

                  (a) Daily Records. On each Business Day, the Servicer shall
make or cause to be made available at the office of the Servicer for inspection
by the Owner Trustee and the Indenture Trustee upon request a record setting
forth (i) the Collections in respect of Principal Receivables and in respect of
Finance Charge Receivables processed by the Servicer on the second preceding
Business Day in respect of each Account and (ii) the amount of Receivables as of
the close of business on the second preceding Business Day in each Account. The
Servicer shall, at all times, maintain its computer files with respect to the
Accounts in such a manner so that the Accounts may be specifically identified
and shall make available to the Owner Trustee and the Indenture Trustee at the
office of the Servicer on any Business Day any computer programs necessary to
make such identification. The Owner Trustee and the Indenture Trustee shall
enter into such reasonable confidentiality agreements as the Servicer shall deem
necessary to protect its interests and as are reasonably acceptable in form and
substance to the Owner Trustee and the Indenture Trustee.

                  (b) Monthly Servicer's Certificate. Not later than the second
Business Day preceding each Distribution Date, the Servicer shall, with respect
to each outstanding Series, deliver to the Owner Trustee, the Indenture Trustee
and each Rating Agency a certificate of an Authorized Officer in substantially
the form set forth in the related Indenture Supplement.

                  Section 3.05. Annual Certificate of Servicer. The Servicer
shall deliver to the Owner Trustee, the Indenture Trustee and each Rating Agency
on or before April 30 of each calendar year, beginning with April 30, 2001, an
Officer's Certificate substantially in the form of EXHIBIT C.

                  Section 3.06. Annual Servicing Report of Independent Public
Accountants; Copies of Reports Available.

                  (a) On or before April 30 of each calendar year, beginning
with April 30, 2001, the Servicer shall cause a firm of nationally recognized
independent public accountants (who may also render other services to the
Servicer or the Transferor) to furnish to the Indenture Trustee, the Servicer
and each Rating Agency an SAS No. 70 Report (addressed to the Indenture Trustee)
for the year ended on the preceding December 31 for each Person performing
obligations as "Servicer" hereunder.

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<PAGE>   45

                  (b) On or before April 30 of each calendar year, beginning
with April 30, 2001, the Servicer shall cause a firm of nationally recognized
independent public accountants (who may also render other services to the
Servicer or Transferor) to furnish a report to the Trustee, the Servicer and
each Rating Agency to the effect that they have applied certain procedures
agreed upon with the Servicer to compare the mathematical calculations of
certain amounts set forth in the Servicer's certificates delivered pursuant to
subsection 3.04(b) during the period covered by such report with the Servicer's
computer reports that were the source of such amounts and that on the basis of
such agreed-upon procedures and comparison, such accountants are of the opinion
that such amounts are in agreement, except for such exceptions as they believe
to be immaterial and such other exceptions as shall be set forth in such
statement. Such report shall set forth the agreed-upon procedures performed.

                  (c) A copy of each certificate and report provided pursuant to
subsection 3.04(b), or Section 3.05 or 3.06, may be obtained by any Noteholder
or Note Owner by a request in writing to the Owner Trustee addressed to the
Corporate Trust Office.

                  Section 3.07. Tax Treatment. Unless otherwise specified in the
Indenture or an Indenture Supplement with respect to a particular Series, the
Transferor has entered into this Agreement, and the Notes will be issued, with
the intention that, for federal, state and local income and franchise tax
purposes, (i) the Notes of each Series which are characterized as indebtedness
at the time of their issuance will qualify as indebtedness secured by the
Receivables and (ii) the Trust shall not be treated as an association or
publicly traded partnership taxable as a corporation. The Transferor, by
entering into this Agreement, and each Noteholder, by the acceptance of any such
Note (and each Note Owner, by its acceptance of an interest in the applicable
Note), agree to treat such Notes for federal, state and local income and
franchise tax purposes as indebtedness of the Transferor. Each Holder of such
Note agrees that it will cause any Note Owner acquiring an interest in a Note
through it to comply with this Agreement as to treatment as indebtedness under
applicable tax law, as described in this Section 3.07. The parties hereto agree
that they shall not cause or permit the making, as applicable, of any election
under Treasury Regulation Section 301.7701-3 whereby the Trust or any portion
thereof would be treated as a corporation for federal income tax purposes and,
except as required by Section 6.13 of the Indenture, shall not file tax returns
or obtain any federal employer identification number for the Trust but shall
treat the Trust as a security device for federal income tax purposes. The
provisions of this Agreement shall be construed in furtherance of the foregoing
intended tax treatment.

                  Section 3.08. Notices to ANB. In the event that ANB is no
longer acting as Servicer, any Successor Servicer shall deliver or make
available to ANB each certificate and report required to be provided thereafter
pursuant to subsection 3.04(b) and Sections 3.05 and 3.06.

                  Section 3.09. Adjustments.

                  (a) If the Servicer adjusts downward the amount of any
Receivable because of a rebate, refund, unauthorized charge or billing error to
a cardholder, or because such Receivable was created in respect of merchandise
which was refused or returned by a cardholder, then, in any such case, the
amount of Principal Receivables used to calculate the Transferor Interest, and

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<PAGE>   46

(unless otherwise specified) any other amount required herein or in the
Indenture or any Indenture Supplement to be calculated by reference to the
amount of Principal Receivables, will be reduced by the amount of the
adjustment. Similarly, the amount of Principal Receivables used to calculate the
Transferor Interest and (unless otherwise specified) any other amount required
herein or in any Indenture Supplement to be calculated by reference to the
amount of Principal Receivables will be reduced by the principal amount of any
Receivable which was discovered as having been created through a fraudulent or
counterfeit charge or with respect to which the covenant contained in subsection
2.07(b) was breached. Any adjustment required pursuant to either of the two
preceding sentences shall be made on or prior to the end of the Monthly Period
in which such adjustment obligation arises. In the event that, following the
exclusion of such Principal Receivables from the calculation of the Transferor
Interest, the Transferor Interest would be less than the Required Transferor
Interest, not later than 1:00 p.m., New York City time, on the Distribution Date
following the Monthly Period in which such adjustment obligation arises, the
Transferor shall make a deposit into the Special Funding Account in immediately
available funds in an amount equal to the amount by which the Transferor
Interest would be less than the Required Transferor Interest, due to adjustments
with respect to Receivables conveyed by such Transferor (up to the amount of
such Principal Receivables).

                  (b) If (i) the Servicer makes a deposit into the Collection
Account in respect of a Collection of a Receivable and such Collection was
received by the Servicer in the form of a check which is not honored for any
reason or (ii) the Servicer makes a mistake with respect to the amount of any
Collection and deposits an amount that is less than or more than the actual
amount of such Collection, the Servicer shall appropriately adjust the amount
subsequently deposited into the Collection Account to reflect such dishonored
check or mistake. Any Receivable in respect of which a dishonored check is
received shall be deemed not to have been paid. Notwithstanding the first two
sentences of this paragraph, adjustments made pursuant to this Section 3.09
shall not require any change in any report previously delivered pursuant to
subsection 3.04(a).

                  Section 3.10. Reports to the Commission. The Servicer shall,
on behalf of the Trust, cause to be filed with the Commission any periodic
reports required to be filed under the provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations of the Commission thereunder.
The Transferor shall, at its own expense, cooperate in any reasonable request of
the Servicer in connection with such filings.

                              [END OF ARTICLE III]

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<PAGE>   47

                                   ARTICLE IV

                    OTHER MATTERS RELATING TO EACH TRANSFEROR

                  Section 4.01. Liability of each Transferor. Each Transferor
shall be severally, and not jointly, liable for all obligations, covenants,
representations and warranties of such Transferor arising under or related to
this Agreement. Except as provided in the preceding sentence, each Transferor
shall be liable only to the extent of the obligations specifically undertaken by
it in its capacity as a Transferor.

                  Section 4.02. Merger or Consolidation of, or Assumption of the
Obligations of, a Transferor.

                  (a) No Transferor shall dissolve, liquidate, consolidate with
or merge into any other corporation or convey, transfer or sell its properties
and assets substantially as an entirety to any Person unless:

                  (i) (x) the corporation formed by such consolidation or into
         which such Transferor is merged or the Person which acquires by
         conveyance, transfer or sale the properties and assets of the
         Transferor substantially as an entirety shall be, if such Transferor is
         not the surviving entity, organized and existing under the laws of the
         United States of America or any state or the District of Columbia, and
         shall be a savings association, a national banking association, a bank
         or other entity which is not eligible to be a debtor in a case under
         Title 11 of the United States Code or is a special purpose corporation
         whose powers and activities are limited to substantially the same
         degree as provided in the certificate of incorporation of ACCR and, if
         such Transferor is not the surviving entity, shall expressly assume, by
         an agreement supplemental hereto, executed and delivered to the Owner
         Trustee and the Indenture Trustee, in form reasonably satisfactory to
         the Owner Trustee and the Indenture Trustee, the performance of every
         covenant and obligation of such Transferor hereunder; and (y) such
         Transferor or the surviving entity, as the case may be, has delivered
         to the Owner Trustee and the Indenture Trustee (with a copy to each
         Rating Agency) an Officer's Certificate and an Opinion of Counsel each
         stating that such consolidation, merger, conveyance, transfer or sale
         and such supplemental agreement comply with this Section, that such
         supplemental agreement is a valid and binding obligation of such
         surviving entity enforceable against such surviving entity in
         accordance with its terms, except as such enforceability may be limited
         by applicable bankruptcy, insolvency, reorganization, moratorium or
         other similar laws affecting creditors' rights generally from time to
         time in effect or general principles of equity, and that all conditions
         precedent herein provided for relating to such transaction have been
         complied with; and

                  (ii) the Rating Agency Condition shall have been satisfied
         with respect to such consolidation, merger, conveyance or transfer.

                  (b) Except as permitted by subsection 2.07(c), the
obligations, rights or any part thereof of each Transferor hereunder shall not
be assignable nor shall any Person succeed to such obligations or rights of any
Transferor hereunder except (i) for conveyances, mergers,

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<PAGE>   48

consolidations, assumptions, sales or transfers in accordance with the
provisions of the foregoing paragraph and (ii) for conveyances, mergers,
consolidations, assumptions, sales or transfers to other entities (1) which such
Transferor and the Servicer determine will not result in an Adverse Effect, (2)
which meet the requirements of clause (ii) of the preceding paragraph and (3)
for which such purchaser, transferee, pledgee or entity shall expressly assume,
in an agreement supplemental hereto, executed and delivered to the Owner Trustee
and the Indenture Trustee in writing in form satisfactory to the Owner Trustee
and the Indenture Trustee, the performance of every covenant and obligation of
such Transferor thereby conveyed.

                  Section 4.03. Limitations on Liability of Each Transferor.
Subject to Section 4.01, no Transferor nor any of the directors, officers,
employees, incorporators or agents of any Transferor acting in such capacities
shall be under any liability to the Trust, the Owner Trustee, the Indenture
Trustee, the Noteholders, any Series Enhancer or any other Person for any action
taken, or for refraining from the taking of any action, in good faith in such
capacities pursuant to this Agreement, it being expressly understood that such
liability is expressly waived and released as a condition of, and consideration
for, the execution of this Agreement, the Indenture and any Indenture Supplement
and the issuance of the Notes; provided, however, that this provision shall not
protect any Transferor or any such person against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. Each Transferor and any director, officer,
employee or agent of such Transferor may rely in good faith on any document of
any kind prima facie properly executed and submitted by any Person (other than
such Transferor) respecting any matters arising hereunder.

                               [END OF ARTICLE IV]

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                                   ARTICLE V

                     OTHER MATTERS RELATING TO THE SERVICER

                  Section 5.01. Liability of the Servicer. The Servicer shall be
liable under this Article V only to the extent of the obligations specifically
undertaken by the Servicer in its capacity as Servicer.

                  Section 5.02. Merger or Consolidation of, or Assumption of the
Obligations of, the Servicer. The Servicer shall not consolidate with or merge
into any other corporation or convey, transfer or sell its properties and assets
substantially as an entirety to any Person, unless:

                  (a) (i) the corporation formed by such consolidation or into
which the Servicer is merged or the Person which acquires by conveyance,
transfer or sale the properties and assets of the Servicer substantially as an
entirety shall be, if the Servicer is not the surviving entity, a corporation or
a national banking association organized and existing under the laws of the
United States of America or any state or the District of Columbia, and, if the
Servicer is not the surviving entity, such corporation shall expressly assume,
by an agreement supplemental hereto, executed and delivered to the Owner Trustee
and the Indenture Trustee, in form satisfactory to the Owner Trustee and the
Indenture Trustee, the performance of every covenant and obligation of the
Servicer hereunder;

                  (ii) the Servicer has delivered to the Owner Trustee and the
         Indenture Trustee an Officer's Certificate and an Opinion of Counsel
         each stating that such consolidation, merger, conveyance, transfer or
         sale comply with this Section 5.02 and that all conditions precedent
         herein provided for relating to such transaction have been complied
         with;

                  (iii) the Servicer shall have given the Rating Agencies notice
         of such consolidation, merger or transfer or assets; and

                  (b) the corporation formed by such consolidation or into which
the Servicer is merged or the Person which acquires by conveyance or transfer
the properties and assets of the Servicer substantially as an entirety shall be
an Eligible Servicer.

                  Section 5.03. Limitation on Liability of the Servicer and
Others. Except as provided in Section 5.04, neither the Servicer nor any of the
directors, officers, employees or agents of the Servicer in its capacity as
Servicer shall be under any liability to the Trust, the Owner Trustee, the
Indenture Trustee, the Noteholders, any Series Enhancer or any other Person for
any action taken, or for refraining from the taking of any action, in good faith
in its capacity as Servicer pursuant to this Agreement; provided, however, that
this provision shall not protect the Servicer or any such Person against any
liability which would otherwise be imposed by reason of willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any Person
(other than the Servicer) respecting any matters arising hereunder. The Servicer
shall not be under any obligation to appear in,

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<PAGE>   50

prosecute or defend any legal action which is not incidental to its duties as
Servicer in accordance with this Agreement and which in its reasonable judgment
may involve it in any expense or liability. The Servicer may, in its sole
discretion, undertake any such legal action which it may deem necessary or
desirable for the benefit of the Noteholders with respect to this Agreement and
the rights and duties of the parties hereto and the interests of the Noteholders
hereunder.

                  Section 5.04. Servicer Indemnification of the Trust, the Owner
Trustee and the Indenture Trustee. The Servicer shall indemnify and hold
harmless each of the Trust, the Owner Trustee (as such and in its individual
capacity), the Indenture Trustee and any trustees predecessor thereto (including
the Indenture Trustee in its capacity as Transfer Agent and Registrar or as
Paying Agent) and their respective directors, officers, employees and agents
from and against any and all loss, liability, claim, expense, damage or injury
suffered or sustained by reason of (a) any acts or omissions of the Servicer
with respect to the Trust pursuant to this Agreement or (b) the administration
by the Owner Trustee of the Trust (in the case of clause (a) or (b), other than
such as may arise from the negligence or willful misconduct of the Owner Trustee
or the Indenture Trustee, as applicable), including any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any action, proceeding or claim. Indemnification
pursuant to this Section 5.04 shall not be payable from the Trust Assets. The
Servicer's obligations under this Section 5.04 shall survive the termination of
this Agreement or the Trust or the earlier removal or resignation of the Owner
Trustee or the Indenture Trustee, as applicable.

                  Section 5.05. Resignation of the Servicer. The Servicer shall
not resign from the obligations and duties hereby imposed on it except (a) upon
determination that (i) the performance of its duties hereunder is no longer
permissible under applicable law and (ii) there is no reasonable action which
the Servicer could take to make the performance of its duties hereunder
permissible under applicable law or (b) upon the assumption, by an agreement
supplemental hereto, executed and delivered to the Owner Trustee and the
Indenture Trustee, in form satisfactory to the Owner Trustee and the Indenture
Trustee, of the obligations and duties of the Servicer hereunder by any of its
Affiliates that is a direct or indirect wholly owned subsidiary of, and
guaranteed by, AFCC or by any entity the appointment of which shall have
satisfied the Rating Agency Condition and, in either case, qualifies as an
Eligible Servicer. Any determination permitting the resignation of the Servicer
shall be evidenced as to clause (a) above by an Opinion of Counsel to such
effect delivered to the Owner Trustee and the Indenture Trustee. No resignation
shall become effective until the Indenture Trustee or a Successor Servicer shall
have assumed the responsibilities and obligations of the Servicer in accordance
with Section 7.02 hereof. If within 120 days of the date of the determination
that the Servicer may no longer act as Servicer under clause (a) above the
Indenture Trustee is unable to appoint a Successor Servicer, the Indenture
Trustee shall serve as Successor Servicer. Notwithstanding the foregoing, the
Indenture Trustee shall, if it is legally unable so to act, petition a court of
competent jurisdiction to appoint any established institution qualifying as an
Eligible Servicer as the Successor Servicer hereunder. The Trust shall give
prompt notice to each Rating Agency and each Series Enhancer upon the
appointment of a Successor Servicer. Notwithstanding anything in this Agreement
to the contrary, ANB may assign part or all of its obligations and duties as
Servicer under this Agreement to an Affiliate of ANB so long as ANB shall have
fully guaranteed the performance of such obligations and duties under this
Agreement.

                                       45
<PAGE>   51

                  Section 5.06. Access to Certain Documentation and Information
Regarding the Receivables. The Servicer shall provide to the Owner Trustee or
the Indenture Trustee, as applicable, access to the documentation regarding the
Accounts and the Receivables in such cases where the Owner Trustee or the
Indenture Trustee, as applicable, is required in connection with the enforcement
of the rights of Noteholders or by applicable statutes or regulations to review
such documentation, such access being afforded without charge but only (a) upon
reasonable request, (b) during normal business hours, (c) subject to the
Servicer's normal security and confidentiality procedures and (d) at reasonably
accessible offices in the continental United States designated by the Servicer.
Nothing in this Section shall derogate from the obligation of the Transferor,
the Owner Trustee, the Indenture Trustee and the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors and
the failure of the Servicer to provide access as provided in this Section as a
result of such obligation shall not constitute a breach of this Section.

                  Section 5.07. Delegation of Duties. In the ordinary course of
business, the Servicer may at any time delegate its duties hereunder with
respect to the Accounts and the Receivables to any Person that agrees to conduct
such duties in accordance with the Credit Card Guidelines and this Agreement.
Such delegation shall not relieve the Servicer of its liability and
responsibility with respect to such duties, and shall not constitute a
resignation within the meaning of Section 5.05.

                  Section 5.08. Examination of Records. Each Transferor and the
Servicer shall indicate generally in their computer files or other records that
the Receivables arising in the Accounts have been conveyed to the Trust,
pursuant to this Agreement. Each Transferor and the Servicer shall, prior to the
sale or transfer to a third party of any receivable held in its custody, examine
its computer records and other records to determine that such receivable is not,
and does not include, a Receivable.

                               [END OF ARTICLE V]

                                       46
<PAGE>   52

                                   ARTICLE VI

                                INSOLVENCY EVENTS

                  Section 6.01. Rights upon the Occurrence of an Insolvency
Event. If any Transferor shall consent or fail to object to the appointment of a
bankruptcy trustee or conservator, receiver or liquidator in any bankruptcy
proceeding or other insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings of or relating to any Transferor or relating
to all or substantially all of such Transferor's property, or the commencement
of an action seeking a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
bankruptcy trustee or conservator, receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings, or for the winding-up, insolvency, bankruptcy, reorganization,
conservatorship, receivership or liquidation of such entity's affairs, or
notwithstanding an objection by such Transferor any such action shall have
remained undischarged or unstayed for a period of sixty (60) days or upon entry
of any order or decree providing for such relief; or such Transferor shall admit
in writing its inability to pay its debts generally as they become due, file, or
consent or fail to object (or object without dismissal of any such filing within
sixty (60) days of such filing) to the filing of, a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization, receivership or
conservatorship statute, make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations (any such act or occurrence with
respect to any Person being an "INSOLVENCY EVENT"), such Transferor shall on the
day any such Insolvency Event occurs (the "APPOINTMENT DATE"), immediately cease
to transfer Principal Receivables to the Trust and shall promptly give notice to
the Indenture Trustee and the Owner Trustee thereof. Notwithstanding any
cessation of the transfer to the Trust of additional Principal Receivables,
Principal Receivables transferred to the Trust prior to the occurrence of such
Insolvency Event, Collections in respect of such Principal Receivables and
Finance Charge Receivables (whenever created) accrued in respect of such
Principal Receivables shall continue to be a part of the Trust Assets and shall
be allocated and distributed to Noteholders in accordance with the terms of the
Indenture and each Indenture Supplement.

                               [END OF ARTICLE VI]

                                       47
<PAGE>   53

                                  ARTICLE VII

                                SERVICER DEFAULTS

                  Section 7.01. Servicer Defaults. If any one of the following
events (a "SERVICER DEFAULT") shall occur and be continuing:

                  (a) any failure by the Servicer to make any payment, transfer
or deposit or to give instructions or to give notice to the Indenture Trustee to
make such payment, transfer or deposit on or before the date occurring five (5)
Business Days after the date such payment, transfer or deposit or such
instruction or notice is required to be made or given, as the case may be, under
the terms of this Agreement, the Indenture or any Indenture Supplement;

                  (b) failure on the part of the Servicer duly to observe or
perform in any material respect any other covenants or agreements of the
Servicer set forth in this Agreement which has an Adverse Effect and which
continues unremedied for a period of sixty (60) days after the date on which
notice of such failure, requiring the same to be remedied, shall have been given
to the Servicer by the Owner Trustee or the Indenture Trustee, or to the
Servicer, the Owner Trustee and the Indenture Trustee by Holders of Notes
evidencing not less than 10% of the aggregate unpaid principal amount of all
Notes (or, with respect to any such failure that does not relate to all Series,
10% of the aggregate unpaid principal amount of all Series to which such failure
relates); or the Servicer shall assign or delegate its duties under this
Agreement, except as permitted by Sections 5.02 and 5.07;

                  (c) any representation, warranty or certification made by the
Servicer in this Agreement or in any certificate delivered pursuant to this
Agreement shall prove to have been incorrect when made, which has an Adverse
Effect on the rights of the Noteholders of any Series (which determination shall
be made without regard to whether funds are then available pursuant to any
Series Enhancement) and which Adverse Effect continues for a period of sixty
(60) days after the date on which notice thereof, requiring the same to be
remedied, shall have been given to the Servicer by the Owner Trustee or the
Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture
Trustee by the Holders of Notes evidencing not less than 10% of the aggregate
unpaid principal amount of all Notes (or, with respect to any such
representation, warranty or certification that does not relate to all Series,
10% of the aggregate unpaid principal amount of all Series to which such
representation, warranty or certification relates);

                  (d) the Servicer shall consent to the appointment of a
bankruptcy trustee or conservator or receiver or liquidator in any bankruptcy
proceeding or other insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings of or relating to the Servicer or of or
relating to all or substantially all its property, or a decree or order of a
court or agency or supervisory authority having jurisdiction in the premises for
the appointment of a bankruptcy trustee or a conservator or receiver or
liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings, or the winding-up or liquidation
of its affairs, shall have been entered against the Servicer and such decree or
order shall have remained in force undischarged or unstayed for a period of
sixty (60) days; or the Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of any
applicable bankruptcy, insolvency or reorganization statute,

                                       48
<PAGE>   54

make any assignment for the benefit of its creditors or voluntarily suspend
payment of its obligations; or

                  (e) any other Servicer Default described in the related
Indenture Supplement.

                  Then, in the event of any Servicer Default, so long as the
Servicer Default shall not have been remedied, either the Indenture Trustee or
the Holders of Notes evidencing more than 50% of the aggregate unpaid principal
amount of all Notes, by notice then given to the Servicer and the Owner Trustee
(and to the Indenture Trustee if given by the Noteholders) (a "TERMINATION
NOTICE"), may terminate all but not less than all the rights and obligations of
the Servicer as Servicer under this Agreement; provided, however, if within
sixty (60) days of receipt of a Termination Notice the Indenture Trustee does
not receive any bids from Eligible Servicers in accordance with subsection
7.02(c) to act as a Successor Servicer and receives an Officer's Certificate of
the Servicer to the effect that the Servicer cannot in good faith cure the
Servicer Default which gave rise to the Termination Notice, the Indenture
Trustee shall grant a right of first refusal to the Transferor which would
permit the Transferor at its option to acquire the Notes on the Distribution
Date in the next calendar month.

                  The price for the Notes shall be equal to the sum of the
amounts specified therefor with respect to each outstanding Series in the
related Indenture Supplement. The Transferor shall notify the Indenture Trustee
prior to the Record Date for the Distribution Date of the acquisition if it is
exercising such right of first refusal. If the Transferor exercises such right
of first refusal, the Transferor shall deposit the price into the Collection
Account not later than 1:00 p.m., New York City time, on such Distribution Date
in immediately available funds. The price shall be allocated and distributed to
Noteholders in accordance with the terms of the Indenture and each Indenture
Supplement.

                  After receipt by the Servicer of a Termination Notice, and on
the date that a Successor Servicer is appointed by the Indenture Trustee
pursuant to Section 7.02, all authority and power of the Servicer under this
Agreement shall pass to and be vested in the Successor Servicer (a "SERVICE
TRANSFER"); and, without limitation, the Indenture Trustee is hereby authorized
and empowered (upon the failure of the Servicer to cooperate) to execute and
deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or
deliver such documents or instruments, and to do and accomplish all other acts
or things necessary or appropriate to effect the purposes of such Service
Transfer. The Servicer agrees to cooperate with the Indenture Trustee and such
Successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing hereunder, including the transfer to
such Successor Servicer of all authority of the Servicer to service the
Receivables provided for under this Agreement, including all authority over all
Collections which shall on the date of transfer be held by the Servicer for
deposit, or which have been deposited by the Servicer, in the Collection
Account, or which shall thereafter be received with respect to the Receivables,
and in assisting the Successor Servicer. The Servicer shall within twenty (20)
Business Days transfer its electronic records relating to the Receivables to the
Successor Servicer in such electronic form as the Successor Servicer may
reasonably request and shall promptly transfer to the Successor Servicer all
other records, correspondence and documents necessary for the continued
servicing of the Receivables in the manner and at such times as the Successor
Servicer shall reasonably request. To the extent that compliance

                                       49
<PAGE>   55

with this Section shall require the Servicer to disclose to the Successor
Servicer information of any kind which the Servicer deems to be confidential,
the Successor Servicer shall be required to enter into such customary licensing
and confidentiality agreements as the Servicer shall deem reasonably necessary
to protect its interests.

                  Notwithstanding the foregoing, a delay in or failure of
performance referred to in paragraph (a) above for a period of ten (10) Business
Days after the applicable grace period or under paragraph (b) or (c) above for a
period of sixty (60) Business Days after the applicable grace period, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and such delay or failure
was caused by an act of God or the public enemy, acts of declared or undeclared
war, public disorder, rebellion or sabotage, epidemics, landslides, lightning,
fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence
shall not relieve the Servicer from using all commercially reasonable efforts to
perform its obligations in a timely manner in accordance with the terms of this
Agreement and the Servicer shall provide the Indenture Trustee, Owner Trustee,
each Transferor and any Series Enhancer with an Officer's Certificate giving
prompt notice of such failure or delay by it, together with a description of its
efforts so to perform its obligations.

                  Section 7.02. Indenture Trustee To Act; Appointment of
Successor.

                  (a) On and after the receipt by the Servicer of a Termination
Notice pursuant to Section 7.01, the Servicer shall continue to perform all
servicing functions under this Agreement until the date specified in the
Termination Notice or otherwise specified by the Indenture Trustee or until a
date mutually agreed upon by the Servicer and the Indenture Trustee. The
Indenture Trustee shall as promptly as possible after the giving of a
Termination Notice appoint an Eligible Servicer as a successor servicer (the
"SUCCESSOR SERVICER"), and such Successor Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed or has not accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer. The Indenture Trustee may delegate any of its servicing
obligations to an Affiliate or agent in accordance with subsection 3.01(b) and
Section 5.07. Notwithstanding the foregoing, the Indenture Trustee shall, if it
is legally unable so to act, petition at the expense of the Servicer a court of
competent jurisdiction to appoint any established institution qualifying as an
Eligible Servicer as the Successor Servicer hereunder. The Indenture Trustee
shall give prompt notice to each Rating Agency and each Series Enhancer upon the
appointment of a Successor Servicer.

                  (b) Upon its appointment, the Successor Servicer shall be the
successor in all respects to the Servicer with respect to servicing functions
under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Servicer by the terms and
provisions hereof, and all references in this Agreement to the Servicer shall be
deemed to refer to the Successor Servicer.

                  (c) In connection with any Termination Notice, the Indenture
Trustee will review any bids which it obtains from Eligible Servicers and shall
be permitted to appoint any Eligible Servicer submitting such a bid as a
Successor Servicer for servicing compensation not in excess of the aggregate
Servicing Fees for all Series plus the sum of the amounts with respect to

                                       50
<PAGE>   56

each Series and with respect to each Distribution Date equal to any Collections
of Finance Charge Receivables allocable to Noteholders of such Series which are
payable to the Holders of the Transferor Certificates after payment of all
amounts owing to the Noteholders of such Series with respect to such
Distribution Date or required to be deposited in the applicable Series Accounts
with respect to such Distribution Date and any amounts required to be paid to
any Series Enhancer for such Series with respect to such Distribution Date
pursuant to the terms of any Enhancement Agreement; provided, however, that the
Holders of the Transferor Certificates shall be responsible for payment of the
Transferor's portion of such aggregate Servicing Fees and all other such amounts
in excess of such aggregate Servicing Fees. Each Holder of the Transferor's
Certificates agrees that, if ANB (or any Successor Servicer) is terminated as
Servicer hereunder, the portion of the Collections in respect of Finance Charge
Receivables that the Transferor is entitled to receive pursuant to this
Agreement, the Indenture or any Indenture Supplement shall be reduced by an
amount sufficient to pay the Transferor's share of the compensation of the
Successor Servicer.

                  (d) All authority and power granted to the Servicer under this
Agreement shall automatically cease and terminate upon termination of the Trust
pursuant to Section 8.01 of the Trust Agreement, and shall pass to and be vested
in the Transferor and, without limitation, the Transferor is hereby authorized
and empowered to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, all documents and other instruments, and to do
and accomplish all other acts or things necessary or appropriate to effect the
purposes of such transfer of servicing rights. The Servicer agrees to cooperate
with the Transferor in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing of the Receivables. The Servicer
shall transfer its electronic records relating to the Receivables to the
Transferor or its designee in such electronic form as it may reasonably request
and shall transfer all other records, correspondence and documents to it in the
manner and at such times as it shall reasonably request. To the extent that
compliance with this Section shall require the Servicer to disclose to the
Transferor information of any kind which the Servicer deems to be confidential,
the Transferor shall be required to enter into such customary licensing and
confidentiality agreements as the Servicer shall deem necessary to protect its
interests.

                  Section 7.03. Notification to Noteholders. Within five (5)
Business Days after the Servicer becomes aware of any Servicer Default, the
Servicer shall give notice thereof to the Owner Trustee, the Indenture Trustee,
each Rating Agency and each Series Enhancer and the Indenture Trustee shall give
notice to the Noteholders. Upon any termination or appointment of a Successor
Servicer pursuant to this Article, the Indenture Trustee shall give prompt
notice thereof to the Noteholders.

                              [END OF ARTICLE VII]

                                       51
<PAGE>   57

                                  ARTICLE VIII

                                   TERMINATION

                  Section 8.01. Termination of Agreement. This Agreement and the
respective obligations and responsibilities of the Trust, the Transferor and the
Servicer under this Agreement shall terminate, except with respect to the duties
described in Section 5.04, on the Trust Termination Date.

                             [END OF ARTICLE VIII]

                                       52
<PAGE>   58

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

                  Section 9.01. Amendment; Waiver of Past Defaults.

                  (a) This Agreement may be amended by the parties hereto from
time to time prior to, or in connection with, the issuance of the first Series
of Notes hereunder without the requirement of any consents or the satisfaction
of any conditions set forth below. This Agreement may be amended from time to
time by the Servicer, the Transferor and the Trust, by a written instrument
signed by each of them, without the consent of the Indenture Trustee or any of
the Noteholders; provided that (i) the Transferor shall have delivered to the
Indenture Trustee and the Owner Trustee an Officer's Certificate, dated the date
of any such Amendment, stating that the Transferor reasonably believes that such
amendment will not have an Adverse Effect and (ii) the Rating Agency Condition
shall have been satisfied with respect to any such amendment. Additionally,
notwithstanding the preceding sentence, this Agreement will be amended by the
Servicer and the Trust at the direction of the Transferor without the consent of
the Indenture Trustee or any of the Noteholders or Series Enhancers to add,
modify or eliminate such provisions as may be necessary or advisable in order to
enable all or a portion of the Trust (i) to qualify as, and to permit an
election to be made to cause the Trust to be treated as, a "financial asset
securitization investment trust" as described in the provisions of Section 860L
of the Code, and (ii) to avoid the imposition of state or local income or
franchise taxes imposed on the Trust's property or its income; provided,
however, that (i) the Transferor delivers to the Indenture Trustee and the Owner
Trustee an Officer's Certificate to the effect that the proposed amendments meet
the requirements set forth in this subsection, (ii) each Rating Agency will have
notified the Transferor, the Servicer, the Indenture Trustee and the Owner
Trustee in writing that the amendment will not result in a reduction or
withdrawal of the rating of any outstanding Series or Class as to which it is a
Rating Agency and (iii) such amendment does not affect the rights, duties,
benefits, protections, privileges or immunities of the Indenture Trustee or the
Owner Trustee (as such or in its individual capacity) hereunder. The amendments
which the Transferor may make without the consent of Noteholders or Series
Enhancers pursuant to the preceding sentence may include, without limitation,
the addition of a sale of Receivables.

                  (b) This Agreement may also be amended from time to time by
the Servicer, the Transferor and the Trust, with the consent of the Holders of
Notes evidencing not less than 66-2/3% of the aggregate unpaid principal amount
of the Notes of all affected Series for which the Transferor has not delivered
an Officer's Certificate stating that there is no Adverse Effect, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders; provided, however, that no such amendment shall (i) reduce in
any manner the amount of or delay the timing of any distributions (changes in
Pay Out Events or Events of Default that decrease the likelihood of the
occurrence thereof shall not be considered delays in the timing of distributions
for purposes of this clause) to be made to Noteholders or deposits of amounts to
be so distributed or the amount available under any Series Enhancement without
the consent of each affected Noteholder, (ii) change the definition of or the
manner of calculating the interest of any Noteholder without the consent of each
affected Noteholder, (iii) reduce the aforesaid percentage required to consent
to any such amendment without the consent of each Noteholder or (iv)

                                       53
<PAGE>   59

adversely affect the rating of any Series or Class by each Rating Agency without
the consent of the Holders of Notes of such Series or Class evidencing not less
than 66-2/3% of the aggregate unpaid principal amount of the Notes of such
Series or Class.

                  (c) Promptly after the execution of any such amendment or
consent (other than an amendment pursuant to paragraph (a)), the Trust shall
furnish notification of the substance of such amendment to the Indenture Trustee
and each Noteholder, and the Servicer shall furnish notification of the
substance of such amendment to each Rating Agency and each Series Enhancer.

                  (d) It shall not be necessary for the consent of Noteholders
under this Section 9.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Noteholders shall be subject to such
reasonable requirements as the Indenture Trustee may prescribe.

                  (e) Notwithstanding anything in this Section 9.01 to the
contrary, no amendment may be made to this Agreement or any Participation
Interest Supplement which would adversely affect in any material respect the
interests of any Series Enhancer without the consent of such Series Enhancer.

                  (f) Any Indenture Supplement executed in accordance with the
provisions of Article X of the Indenture shall not be considered an amendment of
this Agreement for the purposes of this Section 9.01.

                  (g) The Holders of Notes evidencing more than 66-2/3% of the
aggregate unpaid principal amount of the Notes of each Series or, with respect
to any Series with two (2) or more Classes, of each Class (or, with respect to
any default that does not relate to all Series, 66-2/3% of the aggregate unpaid
principal amount of the Notes of each Series to which such default relates or,
with respect to any such Series with two or more Classes, of each Class) may, on
behalf of all Noteholders, waive any default by the Transferor or the Servicer
in the performance of their obligations hereunder and its consequences, except
the failure to make any distributions required to be made to Noteholders or to
make any required deposits of any amounts to be so distributed. Upon any such
waiver of a past default, such default shall cease to exist, and any default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereon except to the extent expressly so waived.

                  (h) The Owner Trustee may, but shall not be obligated to,
enter into any such amendment which affects the Owner Trustee's rights, duties,
benefits, protections, privileges or immunities under this Agreement or
otherwise. In connection with the execution of any amendment hereunder, the
Owner Trustee shall be entitled to receive the Opinion of Counsel described in
subsection 9.02(d).

                  Section 9.02. Protection of Right, Title and Interest to
Trust.

                  (a) The Transferor shall cause this Agreement, all amendments
and supplements hereto and all financing statements and continuation statements
and any other

                                       54
<PAGE>   60

necessary documents covering the Indenture Trustee's and the Trust's right,
title and interest to the Trust to be promptly recorded, registered and filed,
and at all times to be kept recorded, registered and filed, all in such manner
and in such places as may be required by law fully to preserve and protect the
right, title and interest of the Indenture Trustee, Noteholders and the Trust
hereunder to all property comprising the Trust. The Transferor shall deliver to
the Owner Trustee and Indenture Trustee file-stamped copies of, or filing
receipts for, any document recorded, registered or filed as provided above, as
soon as available following such recording, registration or filing. The
Transferor shall cooperate fully with the Servicer in connection with the
obligations set forth above and will execute any and all documents reasonably
required to fulfill the intent of this paragraph.

                  (b) Within thirty (30) days after any Transferor makes any
change in its name, identity or corporate structure which would make any
financing statement or continuation statement filed in accordance with paragraph
(a) seriously misleading within the meaning of Section 9-402(7) (or any
comparable provision) of the UCC, such Transferor shall give the Owner Trustee
and the Indenture Trustee notice of any such change and shall file such
financing statements or amendments as may be necessary to continue the
perfection of the Trust's security interest or ownership interest in the
Receivables and the proceeds thereof.

                  (c) Each Transferor shall give the Owner Trustee and the
Indenture Trustee prompt notice of any relocation of its chief executive office
or any change in the jurisdiction under whose laws it is organized and whether,
as a result of such relocation or change, the applicable provisions of the UCC
would require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement and shall file such
financing statements or amendments as may be necessary to perfect or to continue
the perfection of the Trust's security interest in the Receivables and the
proceeds thereof. Each Transferor shall at all times maintain its chief
executive offices within the United States and shall at all times be organized
under the laws of a jurisdiction located within the United States.

                  (d) The Transferor shall deliver to the Owner Trustee and the
Indenture Trustee (i) upon the execution and delivery of each amendment of this
Agreement, an Opinion of Counsel to the effect specified in EXHIBIT D-1; (ii) on
each date specified in subsection 2.09(c)(ix) with respect to Aggregate
Additions to be designated as Accounts, an Opinion of Counsel substantially in
the form of EXHIBIT D-2, (iii) on each date specified in subsection
2.09(d)(iii), with respect to any New Accounts included as Accounts, an Opinion
of Counsel substantially in the form of EXHIBIT D-2, (iv) on each Addition Date
on which any Participation Interests are to be included in the Trust pursuant to
subsection 2.09(a) or (b), an Opinion of Counsel covering the same substantive
legal issues addressed by EXHIBITS D-1 and D-2 but conformed to the extent
appropriate to relate to Participation Interests; and (v) on or before April 30
of each year, beginning with April 30, 2001, an Opinion of Counsel substantially
in the form of EXHIBIT D-3.

                  Section 9.03. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       55
<PAGE>   61

                  Section 9.04. Notices; Payments.

                  (a) All demands, notices, instructions, directions and
communications (collectively, "NOTICES") under this Agreement shall be in
writing and shall be deemed to have been duly given if personally delivered at,
mailed by registered mail, return receipt requested, or sent by facsimile
transmission (i) in the case of the Transferor, to Associates Credit Card
Receivables Corp., 290 East Carpenter Freeway, 7 Decker, Irving, Texas 75062,
Attention: General Counsel (facsimile no. (972) 652-5079), (ii) in the case of
the Servicer, to Associates National Bank (Delaware), at 250 East Carpenter
Freeway, Irving, Texas 75062, Attention: Senior Vice President-Capital Markets
(facsimile no. (972) 652-5445), (iii) in the case of the Trust or the Owner
Trustee, to Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration, (iv) in the case of the Rating Agency for a particular Series,
the address, if any, specified in the Indenture Supplement relating to such
Series, and (v) to any other Person as specified in the Indenture or any
Indenture Supplement; or, as to each party, at such other address or facsimile
number as shall be designated by such party in a written notice to each other
party.

                  (b) Any Notice required or permitted to be given to a Holder
of Registered Notes shall be given by first-class mail, postage prepaid, at the
address of such Holder as shown in the Note Register. No Notice shall be
required to be mailed to a Holder of Bearer Notes or Coupons but shall be given
as provided below. Any Notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Noteholder receives such Notice. In addition, (a) if and so long as any
Series or Class is listed on the Luxembourg Stock Exchange and such Exchange
shall so require, any Notice to Noteholders shall be published in an Authorized
Newspaper of general circulation in Luxembourg within the time period prescribed
in this Agreement and (b) in the case of any Series or Class with respect to
which any Bearer Notes are outstanding, any Notice required or permitted to be
given to Noteholders of such Series or Class shall be published in an Authorized
Newspaper within the time period prescribed in this Agreement.

                  Section 9.05. Severability of Provisions. If any one or more
of the covenants, agreements, provisions or terms of this Agreement shall for
any reason whatsoever be held invalid, then such provisions shall be deemed
severable from the remaining provisions of this Agreement and shall in no way
affect the validity or enforceability of the remaining provisions or of the
Notes or the rights of the Noteholders.

                  Section 9.06. Further Assurances. The Transferor and the
Servicer agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the
Owner Trustee and the Indenture Trustee more fully to effect the purposes of
this Agreement, including the execution of any financing statements or
continuation statements relating to the Receivables for filing under the
provisions of the UCC of any applicable jurisdiction.

                  Section 9.07. No Waiver; Cumulative Remedies. No failure to
exercise and no delay in exercising, on the part of the Trust, the Owner
Trustee, the Indenture Trustee or the Noteholders, any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege

                                       56
<PAGE>   62

under this Agreement preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges provided under this Agreement are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

                  Section 9.08. Counterparts. This Agreement may be executed in
two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

                  Section 9.09. Third-Party Beneficiaries. This Agreement will
inure to the benefit of and be binding upon the parties hereto, the Indenture
Trustee, the Noteholders, any holder of a Supplemental Certificate, any Series
Enhancer and their respective successors and permitted assigns. Except as
otherwise expressly provided in this Agreement, no other Person will have any
right or obligation hereunder.

                  Section 9.10. Actions by Noteholders.

                  (a) Wherever in this Agreement a provision is made that an
action may be taken or a Notice given by Noteholders, such action or Notice may
be taken or given by any Noteholder, unless such provision requires a specific
percentage of Noteholders.

                  (b) Any Notice, request, authorization, direction, consent,
waiver or other act by the Holder of a Note shall bind such Holder and every
subsequent Holder of such Note and of any Note issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or omitted to be done by the Owner Trustee, the Transferor or the
Servicer in reliance thereon, whether or not notation of such action is made
upon such Note.

                  Section 9.11. Rule 144A Information. For so long as any of the
Notes of any Series or Class are "restricted securities" within the meaning of
Rule 144(a)(3) under the Securities Act, each of the Transferor, the Owner
Trustee, the Indenture Trustee, the Servicer and any Series Enhancer agree to
cooperate with each other to provide to any Noteholders of such Series or Class
and to any prospective purchaser of Notes designated by such Noteholder, upon
the request of such Noteholder or prospective purchaser, any information
required to be provided to such holder or prospective purchaser to satisfy the
condition set forth in Rule 144A(d)(4) under the Securities Act.

                  Section 9.12. Merger and Integration. Except as specifically
stated otherwise herein, this Agreement sets forth the entire understanding of
the parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

                  Section 9.13. Headings. The headings herein are for purposes
of reference only and shall not otherwise affect the meaning or interpretation
of any provision hereof.

                  Section 9.14. Limitation of Liability. Notwithstanding any
other provision herein or elsewhere, this Agreement has been executed and
delivered by Wilmington Trust Company, not in its individual capacity, but
solely in its capacity as Owner Trustee of the Trust,

                                       57
<PAGE>   63

in no event shall Wilmington Trust Company in its individual capacity have any
liability in respect of the representations, warranties, or obligations of the
Trust hereunder or under any other document, as to all of which recourse shall
be had solely to the assets of the Trust, and for all purposes of this Agreement
and each other document, the Owner Trustee (as such or in its individual
capacity) shall be subject to, and entitled to the benefits of, the terms and
provisions of the Trust Agreement.

                               [END OF ARTICLE IX]

                                       58
<PAGE>   64

                  IN WITNESS WHEREOF, the Transferor, the Servicer and the Trust
have caused this Transfer and Servicing Agreement to be duly executed by their
respective officers as of the day and year first above written.

                                       ASSOCIATES CREDIT CARD RECEIVABLES
                                       CORP.,
                                       as Transferor

                                       By: /s/ SCOTT W. MCCARTHY
                                          --------------------------------------
                                          Name: Scott W. McCarthy
                                          Title: Senior Vice President

                                       ASSOCIATES NATIONAL BANK (DELAWARE),
                                       as Servicer

                                       By: /s/ SCOTT W. MCCARTHY
                                          --------------------------------------
                                          Name:  Scott W. McCarthy
                                          Title: Senior Vice President

                                       ASSOCIATES CREDIT CARD MASTER NOTE
                                       TRUST,

                                       By: Wilmington Trust Company,
                                           not in its individual capacity
                                           but solely as Owner Trustee
                                           on behalf of the Trust,

                                       By: /s/ DONALD G. MACKELCAN
                                          --------------------------------------
                                          Name: Donald G. Mackelcan
                                          Title: Vice President

              [Signature Page to Transfer and Servicing Agreement]

<PAGE>   65

Acknowledged and Accepted:

THE BANK OF NEW YORK,
not in its individual capacity but
solely as Indenture Trustee

By: /s/ CASSANDRA SHEDD
   -------------------------------
   Name:  Cassandra Shedd
   Title: Assistant Treasurer

<PAGE>   66

                                                                       EXHIBIT A

            FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS
                         (AS REQUIRED BY SECTION 2.09 OF
                      THE TRANSFER AND SERVICING AGREEMENT)

                  ASSIGNMENT No. __ OF RECEIVABLES IN ADDITIONAL ACCOUNTS dated
as of _____________,(2) by and among ASSOCIATES CREDIT CARD RECEIVABLES CORP., a
Delaware corporation, as Transferor (the "TRANSFEROR"), ASSOCIATES NATIONAL BANK
(DELAWARE), a national banking association, as Servicer (the "SERVICER"), and
ASSOCIATES CREDIT CARD MASTER NOTE TRUST (the "TRUST"), pursuant to the Transfer
and Servicing Agreement referred to below.

                                   WITNESSETH

                  WHEREAS, the Transferor, the Servicer and the Trust are
parties to the Transfer and Servicing Agreement, dated as of April 1, 2000 (as
amended and supplemented, the "AGREEMENT");

                  WHEREAS, pursuant to the Agreement, the Transferor wishes to
designate Additional Accounts to be included as Accounts and to convey the
Receivables of such Additional Accounts (as each such term is defined in the
Agreement), whether now existing or hereafter created, to the Trust; and

                  WHEREAS, the Trust is willing to accept such designation and
conveyance subject to the terms and conditions hereof;

                  NOW, THEREFORE, the Transferor, the Servicer and the Trust
hereby agree as follows:

                  1. Defined Terms. All capitalized terms used herein shall have
the meanings ascribed to them in the Agreement unless otherwise defined herein.

                  "ADDITION DATE" shall mean, with respect to the Additional
Accounts designated hereby, ____________, ____.

                  "ADDITIONAL CUT-OFF DATE" shall mean, with respect to the
Additional Accounts designated hereby, ____________, ____.

                  2. Designation of Additional Accounts. On or before the date
hereof, the Transferor will deliver to the Owner Trustee a computer file or
microfiche list containing a true and complete schedule identifying all such
Additional Accounts (the "ADDITIONAL ACCOUNTS") specifying for each such
Additional Account, as of the Additional Cut-Off Date, its account number, the
aggregate amount outstanding in such Account and the aggregate amount of
Principal Receivables outstanding in such Account, which computer file or
microfiche list shall supplement SCHEDULE 1 to the Agreement.

----------
(2) / To be dated as of the applicable Addition Date.

<PAGE>   67

                  3. Conveyance of Receivables. (a) The Transferor does hereby,
transfer, assign, set over and otherwise convey, without recourse except as set
forth in the Transfer and Servicing Agreement, to the Trust, all its right,
title and interest in, to and under the Receivables of such Additional Accounts
existing at the close of business on the Additional Cut-Off Date and thereafter
created from time to time until the termination of the Trust, all Interchange
and Recoveries related thereto, all monies due or to become due and all amounts
received or receivable with respect thereto and all proceeds (including
"proceeds" as defined in the UCC) thereof. The foregoing does not constitute and
is not intended to result in the creation or assumption by the Trust, the Owner
Trustee (as such or in its individual capacity), the Indenture Trustee, any
Noteholders or any Series Enhancer of any obligation of the Servicer, the
Transferor or any other Person in connection with the Accounts, the Receivables
or under any agreement or instrument relating thereto, including any obligation
to Obligors, merchant banks, merchants clearance systems, VISA, MasterCard or
insurers.

                  (b) If necessary, the Transferor agrees to record and file, at
its own expense, financing statements (and continuation statements when
applicable) with respect to the Receivables in Additional Accounts existing on
the Additional Cut-Off Date and thereafter created meeting the requirements of
applicable state law in such manner and in such jurisdictions as are necessary
to perfect, and maintain perfection of, the sale and assignment of its interest
in such Receivables to the Trust, and to deliver a file-stamped copy of each
such financing statement or other evidence of such filing to the Owner Trustee
on or prior to the Addition Date. The Owner Trustee shall be under no obligation
whatsoever to file such financing or continuation statements or to make any
other filing under the UCC in connection with such sale and assignment.

                  (c) In connection with such sale, the Transferor further
agrees, at its own expense, on or prior to the date of this Assignment, to
indicate in the appropriate computer files that Receivables created in
connection with the Additional Accounts and designated hereby have been conveyed
to the Trust pursuant to the Agreement and this Assignment.

                  (d) The Transferor does hereby grant to the Trust a security
interest in all of its right, title and interest, whether now owned or hereafter
acquired, in and to the Receivables in the Additional Accounts existing on the
Additional Cut-Off Date and thereafter created, all Interchange and Recoveries
related thereto, all monies due or to become due and all amounts received or
receivable with respect thereto, all money, accounts, general intangibles,
chattel paper, instruments, documents, goods, investment property, deposit
accounts, certificates of deposit, letters of credit, and advices of credit
consisting of, arising from or related to the foregoing, and all "proceeds"
(including "proceeds" as defined in the UCC) thereof. This Assignment
constitutes a security agreement under the UCC.

                  4. Acceptance by Trust. The Trust hereby acknowledges its
acceptance of all right, title and interest to the property, existing on the
Additional Cut-Off Date and thereafter created, conveyed to the Trust pursuant
to Section 3(a) of this Assignment. The Trust further acknowledges that, prior
to or simultaneously with the execution and delivery of this Assignment, the
Transferor delivered to the Owner Trustee the computer file or microfiche list
described in Section 2 of this Assignment.

                                      A-2
<PAGE>   68

                  5. Representations and Warranties of the Transferor. The
Transferor hereby represents and warrants to the Trust, as the Addition Date
that:

                  (a) Legal Valid and Binding Obligation. This Assignment
         constitutes a legal, valid and binding obligation of the Transferor
         enforceable against the Transferor in accordance with its terms, except
         as such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other similar laws now or
         hereafter in effect affecting the enforcement of creditors' rights in
         general and except as such enforceability may be limited by general
         principles of equity (whether considered in a suit at law or in
         equity);

                  (b) Eligibility of Accounts. As of the Additional Cut-Off
         Date, each Additional Account designated hereby is an Eligible Account;

                  (c) Insolvency. As of each of the Additional Cut-Off Date and
         the Addition Date, no Insolvency Event with respect to the Transferor
         has occurred and the transfer by the Transferor of Receivables arising
         in the Additional Accounts to the Trust has not been made in
         contemplation of the occurrence thereof;

                  (d) Pay Out Event; Event of Default. The Transferor reasonably
         believes that (A) the transfer of the Receivables arising in the
         Additional Accounts will not, based on the facts known to the
         Transferor, then or thereafter cause a Pay Out Event or Event of
         Default to occur with respect to any Series and (B) no selection
         procedure was utilized by the Transferor which would result in the
         selection of Additional Accounts (from among the available Eligible
         Accounts available to the Transferor) that would be materially adverse
         to the interests of the Noteholders of any Series as of the Addition
         Date;

                  (e) Security Interest. This Assignment constitutes a valid
         sale, transfer and assignment to the Trust of all right, title and
         interest, whether owned on the Additional Cut-Off Date or thereafter
         acquired, of the Transferor in the Receivables existing on the
         Additional Cut-Off Date or thereafter created in the Additional
         Accounts, all Interchange and Recoveries related thereto, all monies
         due or to become due and all amounts received or receivable with
         respect thereto and the "proceeds" (including "proceeds" as defined in
         the applicable UCC) thereof, or, if this Assignment does not constitute
         a sale of such property, it constitutes a grant of a "security
         interest" (as defined in the applicable UCC) in such property to the
         Trust, which, in the case of existing Receivables and the proceeds
         thereof, is enforceable upon execution and delivery of this Assignment,
         and which will be enforceable with respect to such Receivables
         hereafter created and the proceeds thereof upon such creation. Upon the
         filing of the financing statements described in Section 3 of this
         Assignment and, in the case of the Receivables hereafter created and
         the proceeds thereof, upon the creation thereof, the Trust shall have a
         first priority perfected security or ownership interest in such
         property;

                  (f) No Conflict. The execution and delivery by the Transferor
         of this Assignment, the performance of the transactions contemplated by
         this Assignment and the fulfillment of the terms hereof applicable to
         the Transferor, will not conflict with or violate any Requirements of
         Law applicable to the Transferor or conflict with, result in

                                      A-3
<PAGE>   69

         any breach of any of the material terms and provisions of, or
         constitute (with or without notice or lapse of time or both) a material
         default under, any indenture, contract, agreement, mortgage, deed of
         trust or other instrument to which the Transferor is a party or by
         which it or its properties are bound;

                  (g) No Proceedings. There are no proceedings or
         investigations, pending or, to the best knowledge of the Transferor,
         threatened against the Transferor before any court, regulatory body,
         administrative agency or other tribunal or governmental instrumentality
         (i) asserting the invalidity of this Assignment, (ii) seeking to
         prevent the consummation of any of the transactions contemplated by
         this Assignment, (iii) seeking any determination or ruling that, in the
         reasonable judgment of the Transferor, would materially and adversely
         affect the performance by the Transferor of its obligations under this
         Assignment or (iv) seeking any determination or ruling that would
         materially and adversely affect the validity or enforceability of this
         Assignment; and

                  (h) All Consents. All authorizations, consents, orders or
         approvals of any court or other governmental authority required to be
         obtained by the Transferor in connection with the execution and
         delivery of this Assignment by the Transferor and the performance of
         the transactions contemplated by this Assignment by the Transferor,
         have been obtained.

                  6. Ratification of Agreement. As supplemented by this
Assignment, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Assignment shall be read, taken and
construed as one and the same instrument.

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

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

                  9. Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Assignment has been executed and delivered
by Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust
Company in its individual capacity have any liability in respect of the
representations, warranties, or obligations of the Trust hereunder or under any
other document, as to all of which recourse shall be had solely to the assets of
the Trust, and for all purposes of this Assignment and each other document, the
Owner Trustee (as such or in its individual capacity) shall be subject to, and
entitled to the benefits of, the terms and provisions of of the Trust Agreement.

                                      A-4
<PAGE>   70

                  IN WITNESS WHEREOF, the Transferor, the Servicer and the Trust
have caused this Assignment to be duly executed by their respective officers as
of the day and year first above written.

                                       ASSOCIATES CREDIT CARD
                                       RECEIVABLES CORP.,
                                          Transferor,

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

                                       ASSOCIATES NATIONAL BANK
                                       (DELAWARE),
                                          Servicer

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

                                       ASSOCIATES CREDIT CARD MASTER
                                       NOTE TRUST

                                       By: Wilmington Trust Company,
                                           not in its individual capacity
                                           but solely as Owner Trustee,
                                           on behalf of the Trust

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

                                      A-5
<PAGE>   71

                                                                      SCHEDULE 1

                                List of Accounts

<PAGE>   72

                                                                       EXHIBIT B

             FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS
                         (AS REQUIRED BY SECTION 2.10 OF
                      THE TRANSFER AND SERVICING AGREEMENT)

                  REASSIGNMENT No. _______ OF RECEIVABLES dated as of
_________,(3) by and among ASSOCIATES CREDIT CARD RECEIVABLES CORP., a Delaware
corporation, as Transferor (the "TRANSFEROR"), ASSOCIATES NATIONAL BANK
(DELAWARE), a national banking association, as Servicer (the "SERVICER") and
ASSOCIATES CREDIT CARD MASTER NOTE TRUST, (the "TRUST"), pursuant to the
Transfer and Servicing Agreement referred to below.

                                   WITNESSETH:

                  WHEREAS the Transferor, the Servicer and the Trust are parties
to the Transfer and Servicing Agreement, dated as of April 1, 2000 (as amended
and supplemented, the "AGREEMENT");

                  WHEREAS pursuant to the Agreement, the Transferor wishes to
remove from the Trust all Receivables owned by the Trust in certain designated
Accounts (the "REMOVED ACCOUNTS") and to cause the Trust to reconvey the
Receivables of such Removed Accounts, whether now existing or hereafter created,
from the Trust to the Transferor; and

                  WHEREAS the Trust is willing to accept such designation and to
reconvey the Receivables in the Removed Accounts subject to the terms and
conditions hereof;

                  NOW, THEREFORE, the Transferor and the Trust hereby agree as
follows:

                  1. Defined Terms. All terms defined in the Agreement and used
herein shall have such defined meanings when used herein, unless otherwise
defined herein.

                  "REMOVAL DATE" shall mean, with respect to the Removed
Accounts designated hereby, ___________, ____

                  "REMOVAL NOTICE DATE" shall mean, with respect to the Removed
Accounts ______________, ____

                  2. Designation of Removed Accounts. On or before the Removal
Date, the Transferor will deliver to the Owner Trustee a computer file or
microfiche list containing a true and complete schedule identifying all Accounts
the Receivables of which are being removed from the Trust, specifying for each
such Account, as of the Removal Notice Date, its account number, the aggregate
amount outstanding in such Account and the aggregate amount of Principal
Receivables in such Account, which computer file or microfiche list shall
supplement Schedule 1 to the Agreement.

----------
(3) / To be dated as of the Removal Date.

<PAGE>   73

                  3. Conveyance of Receivables. (a) The Trust does hereby
transfer, assign, set over and otherwise convey to the Transferor, without
recourse, on and after the Removal Date, all right, title and interest of the
Trust in, to and under the Receivables existing at the close of business on the
Removal Notice Date and thereafter created from time to time in the Removed
Accounts designated hereby, all Interchange and Recoveries related thereto, all
monies due or to become due and all amounts received or receivable with respect
thereto and all proceeds thereof.

                  (b) In connection with such transfer, the Trust agrees to
execute and deliver to the Transferor on or prior to the date this Reassignment
is delivered, applicable termination statements prepared by the Transferor with
respect to the Receivables existing at the close of business on the Removal Date
and thereafter created from time to time in the Removed Accounts reassigned
hereby and the proceeds thereof evidencing the release by the Trust of its
interest in the Receivables in the Removed Accounts, and meeting the
requirements of applicable state law, in such manner and such jurisdictions as
are necessary to terminate such interest.

                  4. Representations and Warranties of the Transferor. The
Transferor hereby represents and warrants to the Trust as of the Removal Date:

                  (a) Legal Valid and Binding Obligation. This Reassignment
constitutes a legal, valid and binding obligation of the Transferor enforceable
against the Transferor, in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
affecting the enforcement of creditors' rights in general and except as such
enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity); and

                  (b) Pay Out Event; Event of Default. The Transferor reasonably
believes that (A) the removal of the Receivables existing in the Removed
Accounts will not, based on the facts known to the Transferor, then or
thereafter cause a Pay Out Event or Event of Default to occur with respect to
any Series and (B) no selection procedure was utilized by the Transferor which
would result in a selection of Removed Accounts that would be materially adverse
to the interests of the Noteholders of any Series as of the Removal Date.

                  (c) List of Removed Accounts. The list of Removed Accounts
delivered pursuant to subsection 2.09(c) of the Agreement, as of the Removal
Date, is true and complete in all material respects.

                  5. Ratification of Agreement. As supplemented by this
Reassignment, the Agreement is in all respects ratified and confirmed and the
Agreement as so supplemented by this Reassignment shall be read, taken and
construed as one and the same instrument.

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

                  7. GOVERNING LAW. THIS REASSIGNMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE

                                      B-2
<PAGE>   74

OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                  8. Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Reassignment has been executed and delivered
by Wilmington Trust Company, not in its individual capacity, but solely in its
capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust
Company in its individual capacity have any liability in respect of the
representations, warranties, or obligations of the Trust hereunder or under any
other document, as to all of which recourse shall be had solely to the assets of
the Trust, and for all purposes of this Reassignment and each other document,
the Owner Trustee (as such or in its individual capacity) shall be subject to,
and entitled to the benefits of, the terms and provisions of of the Trust
Agreement.

                                      B-3
<PAGE>   75

                  IN WITNESS WHEREOF, the Transferor, the Servicer and the Trust
have caused this Reassignment to be duly executed by their respective officers
as of the day and year first above written.

                                       ASSOCIATES CREDIT CARD
                                       RECEIVABLES CORP.,
                                          Transferor

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

                                       ASSOCIATES NATIONAL BANK (DELAWARE),
                                          Servicer

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

                                       ASSOCIATES CREDIT CARD MASTER
                                       NOTE TRUST

                                       By: Wilmington Trust Company,
                                           not in its individual capacity
                                           but solely as Owner Trustee,
                                           on behalf of the Trust

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

                                      B-4
<PAGE>   76

                                                                       EXHIBIT C

                      FORM OF ANNUAL SERVICER'S CERTIFICATE

                    (To be delivered on or before April 30 of
                each calendar year beginning with April 30, 2001,
                  pursuant to Section 3.05 of the Transfer and
                     Servicing Agreement referred to below)

                    ASSOCIATES CREDIT CARD MASTER NOTE TRUST

The undersigned, a duly authorized representative of Associates National Bank
(Delaware), as Servicer ("ANB"), pursuant to the Transfer and Servicing
Agreement, dated as of April 1, 2000 (as amended and supplemented, the
"AGREEMENT"), among Associates Credit Card Receivables Corp., as transferor,
ANB, and Associates Credit Card Master Note Trust, does hereby certify that:

                  1. ANB is, as of the date hereof, the Servicer under the
Agreement. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement.

                  2. The undersigned is an Authorized Officer who is duly
authorized pursuant to the Agreement to execute and deliver this Certificate to
the Trust.

                  3. A review of the activities of the Servicer during the year
ended December 31, ____, and of its performance under the Agreement was
conducted under my supervision.

                  4. Based on such review, the Servicer has, to the best of my
knowledge, performed in all material respects its obligations under the
Agreement throughout such year and no default in the performance of such
obligations has occurred or is continuing except as set forth in paragraph 5
below.

                  5. The following is a description of each default in the
performance of the Servicer's obligations under the provisions of the Agreement
known to me to have been made by the Servicer during the year ended December 31,
____ which sets forth in detail (i) the nature of each such default, (ii) the
action taken by the Servicer, if any, to remedy each such default and (iii) the
current status of each such default: [If applicable, insert "NONE."]

                  IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate this ____ day of __________________, 20__.

                                       ASSOCIATES NATIONAL BANK (DELAWARE),
                                       Servicer

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

                                      C-1
<PAGE>   77

                                                                     EXHIBIT D-1

                           FORM OF OPINION OF COUNSEL
                           WITH RESPECT TO AMENDMENTS

                          Provisions to be included in
                   Opinion of Counsel to be delivered pursuant
                            to subsection 9.02(d)(i)

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions Of Counsel delivered on any applicable Closing Date.

                  (i) The amendment to the Transfer and Servicing Agreement,
         attached hereto as Schedule 1 (the "AMENDMENT"), has been duly
         authorized, executed and delivered by the Transferor and constitutes
         the legal, valid and binding agreement of the Transferor, enforceable
         in accordance with its terms, except as such enforceability may be
         limited by applicable bankruptcy, insolvency, reorganization,
         moratorium or other laws from time to time in effect affecting
         creditors' rights generally. The enforceability of the Transferor's
         obligations is also subject to general principles of equity (regardless
         of whether such enforceability is considered in a proceeding in equity
         or at law)

                  (ii) The Amendment has been entered into in accordance with
         the terms and provisions of Section 9.01 of the Transfer and Servicing
         Agreement.

                                     D-1-1
<PAGE>   78

                                                                     EXHIBIT D-2

                           FORM OF OPINION OF COUNSEL
                            WITH RESPECT TO ACCOUNTS

                          Provisions to be included in
                            Opinion of Counsel to be
                              delivered pursuant to
                         subsection 9.02(d)(ii) or (iii)

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions of Counsel delivered on any applicable Closing Date.

                  1. The applicable Assignment creates in favor of the Trust a
security interest in the rights of the related Transferor in such of the
Receivables (arising in Accounts identified in Schedule 1 to such Assignment) as
constitute accounts. To the extent that such security interest is not an
interest of a buyer of accounts, then such Assignment creates in favor of the
Trust a security interest in the rights of such Transferor in the proceeds of
such Receivables.

                  2. To extent that transactions contemplated by the applicable
Assignment do not constitute a sale by the related Transferor to the Trust of
such of the Receivables (arising in Accounts identified in Schedule 1 to such
Assignment) as constitute general intangibles or the proceeds thereof, then such
Assignment creates in favor of the Trust a security interest in the rights of
such Transferor in such of the Receivables as constitute general intangibles and
the proceeds thereof.

                  3. The applicable Transferor Purchase Agreement or
Supplemental Conveyance creates in favor of the related Transferor a security
interest in the rights of ACCS in such of the Receivables (arising in Accounts
identified in Schedule 1 to such Transferor Purchase Agreement or Supplemental
Conveyance) as constitute accounts.

                  4. The applicable Receivables Purchase Agreement or
Supplemental Conveyance creates in favor of ACCS a security interest in the
rights of the related Account Owner in such of the Receivables (arising in
Accounts identified in Schedule 1 to such Receivables Purchase Agreement or
Supplemental Conveyance) as constitute accounts. To the extent that such
security interest is not an interest of a buyer of accounts, then such
Receivables Purchase Agreement or Supplemental Conveyance creates in favor of
ACCS a security interest in the rights of such Account Owner in the proceeds of
such Receivables.

                  5. To extent that transactions contemplated by the applicable
Receivables Purchase Agreement or Supplemental Conveyance do not constitute a
sale by the related Account Owner to ACCS of such of the Receivables (arising in
Accounts identified in Schedule 1 to such Receivables Purchase Agreement or
Supplemental Conveyance) as constitute general intangibles or the proceeds
thereof, then such Receivables Purchase Agreement or Supplemental Conveyance
creates in favor of ACCS a security interest in the rights of such Account Owner
in such of the Receivables as constitute general intangibles and the proceeds
thereof.

                  6. The security interests described in paragraphs 1 through 5
above are perfected and of first priority.

                                     D-2-1
<PAGE>   79

                                                                     EXHIBIT D-3

                          PROVISIONS TO BE INCLUDED IN
                            ANNUAL OPINION OF COUNSEL

                  The opinions set forth below may be subject to all the
qualifications, assumptions, limitations and exceptions taken or made in the
Opinions of Counsel delivered on any applicable Closing Date with respect to
similar matters. Unless otherwise indicated, all capitalized terms used herein
shall have the meanings ascribed to them in the Transfer and Servicing
Agreement.

                  1. No filing or other action, other than such filing or other
action described in such opinion, is necessary from the date of such opinion
through April 30 of the following year to continue the perfected status of the
security interest of the Trust in the Receivables described in the financing
statements referenced in such opinion.

                  2. No filing or other action, other than such filing or other
action described in such opinion, is necessary from the date of such opinion
through April 30 of the following year to continue the perfected status of the
security interest of the relevant Transferor in the Receivables described in the
financing statements referenced in such opinion.

                  3. No filing or other action, other than such filing or other
action described in such opinion, is necessary from the date of such opinion
through April 30 of the following year to continue the perfected status of the
security interest of ACCS in the Receivables described in the financing
statements referenced in such opinion.

                                     D-3-1
<PAGE>   80

                                                                      SCHEDULE 1

                                List of Accounts

                   [Original list delivered to Owner Trustee]

                                      S-1

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