Document:

<PAGE>

                                                                     Exhibit 4.8

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                        SPIEGEL CREDIT CORPORATION III,
                                    Seller,

                        FIRST CONSUMERS NATIONAL BANK,
                                   Servicer,

                                      and

                        HARRIS TRUST AND SAVINGS BANK,
                                    Trustee

               on behalf of the Series 1995-A Certificateholders

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

                           SERIES 1995-A SUPPLEMENT

                          Dated as of March 16, 1995

                                      to

             AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT

                         Dated as of December 13, 1994

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

                                 $350,000,000

                             SPIEGEL MASTER TRUST

                                 Series 1995-A

--------------------------------------------------------------------------------
<PAGE>

<TABLE>
<CAPTION>
                               TABLE OF CONTENTS

                                                                                                      Page

<S>                                                                                                   <C>
SECTION 1.     Designation...........................................................................    1

SECTION 2.     Definitions...........................................................................    1

SECTION 3.     Reassignment and Transfer Terms.......................................................   11

SECTION 4.     Delivery and Payment for the Series 1995-A Certificates...............................   11

SECTION 5.     Form of Delivery of Series 1995-A Certificates........................................   11

SECTION 6.     Article IV of Agreement...............................................................   12

SECTION 7.     Article V of the Agreement............................................................   23

SECTION 8.     Series Pay Out Events.................................................................   26

SECTION 9.     Article I of Agreement................................................................   28

SECTION 10.    Article VI of Agreement...............................................................   29

SECTION 11.    Exhibits to Agreement.................................................................   36

SECTION 12.    Terms Change Condition................................................................   36

SECTION 13.    Permitted Successor Servicer..........................................................   37

SECTION 14.    Successors and Assigns................................................................   37

SECTION 15.    Final Distribution....................................................................   37

SECTION 16.    Constituent Class C Certificates......................................................   37

SECTION 17.    Amendments............................................................................   38

SECTION 18.    Effectiveness.........................................................................   38

SECTION 19.    Ratification of Agreement.............................................................   39

SECTION 20.    Counterparts..........................................................................   39
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                     <C>
SECTION 21.    Governing Law.........................................................................   39

EXHIBITS

Exhibit A      Form of Class A Certificate
Exhibit B      Form of Class B Certificate
Exhibit C      Form of Class C Certificate
Exhibit D      Form of Monthly Payment Instructions and Notification to Trustee
Exhibit E      Form of Monthly Certificateholders' Statement
Exhibit F-1    Exhibit I-1 to Amended and Restated Pooling and Servicing Agreement
Exhibit F-2    Exhibit I-2 to Amended and Restated Pooling and Servicing Agreement
Exhibit G-1    Exhibit J-1 to Amended and Restated Pooling and Servicing Agreement
Exhibit G-2    Exhibit J-2 to Amended and Restated Pooling and Servicing Agreement
Exhibit G-3    Exhibit J-3 to Amended and Restated Pooling and Servicing Agreement
</TABLE>

                                     -ii-
<PAGE>

          SERIES 1995-A SUPPLEMENT AND AMENDMENT NO. 1, dated as of March 16,
1995 (this "Series Supplement"), among Spiegel Credit Corporation III, a
Delaware corporation, as Seller, First Consumers National Bank, a national
banking association, as Servicer, and Harris Trust and Savings Bank, as Trustee
under the Amended and Restated Pooling and Servicing Agreement dated as of
December 13, 1994 among Seller, the Servicer and the Trustee (the "Agreement").

          Section 13.1 of the Agreement provides that the Agreement may be
amended from time to time by the Servicer, the Seller and the Trustee, without
the consent of any of the Certificateholders, to cure any ambiguity, to correct
or supplement any provisions therein which may be inconsistent with any other
provisions therein, or to add any other provisions with respect to matters or
questions arising under the Agreement which shall not be inconsistent with the
provisions of the Agreement, provided, that such action shall not, as evidenced
by an Opinion of Counsel reasonably acceptable to the Rating Agencies, adversely
affect in any material respect the interests of the Certificateholders.

          Section 6.12 of the Agreement provides, among other things, that
Seller and the Trustee may at any time and from time to time enter into a
supplement to the Agreement for the purpose of authorizing the delivery by
Seller to the Trustee for execution and authentication of one or more Series of
Certificates.

          Pursuant to this Series Supplement, Seller shall create a new Series
of Investor Certificates and shall specify the Principal Terms thereof and add
and amend certain provisions of the Agreement.

          SECTION 1. Designation.  There is hereby created a Series of
                     -----------
Investor Certificates to be issued pursuant to the Agreement and this Series
Supplement to be known as the "Series 1995-A Certificates".  The Series 1995-A
Certificates shall be issued in three Classes, which shall respectively be known
as the "Series 1995-A Class A Certificates" (the "Class A Certificates"), the
"Series 1995-A Class B Certificates" (the "Class B Certificates") and the
"Series 1995-A Class C Certificates" (the "Class C Certificates").

          SECTION 2. Definitions.
                     -----------

          In the event that any term or provision contained herein shall
conflict with or be inconsistent with any provision contained in the Agreement,
the terms and provisions of this Series Supplement shall govern.  All Article,
Section or subsection references herein shall mean Article, Section or
subsections of the Agreement, as amended or supplemented by this Series
Supplement, except as otherwise provided herein.  All capitalized terms not
otherwise defined herein are used herein as defined in the Agreement.  Each
capitalized term defined herein shall relate only to the Series 1995-A
Certificates and no other Series of Certificates issued by the Trust.
<PAGE>

     "Accrual Period" shall mean the period from and including a Distribution
Date (or in the case of the initial Accrual Period, the Closing Date) to but
excluding the succeeding Distribution Date.

     "Additional Accounts Enhancement Increase Condition" shall mean the
condition that, after giving effect to the inclusion of any Additional Accounts
in the Trust to which subsection 2.6(f)(ii) is applicable and with respect to
which the Rating Agency Condition has not been satisfied, the Required Class C
Percentage shall equal or exceed the applicable amount specified in the
definition of Enhancement Increase Amount.  Such condition shall be deemed to be
continuing until the Rating Agency Condition has been satisfied subsequent to
and taking into consideration the addition of Additional Accounts that gave rise
to such condition.

     "Aggregate Class C Increase Amount" shall mean the cumulative amount of
Class C Increase Amounts.

     "Amortization Period" shall mean the period following the Revolving Period
which shall be either the Controlled Amortization Period or the Rapid
Amortization Period.

     "Base Class C Percentage" shall mean, with respect to any date of
determination, 26%; provided that the Seller may reduce such percentage from
time to time so long as (i) the Rating Agency Condition has been satisfied with
respect to such reduction and (ii) the Trustee and the Seller shall have
received an opinion of Rooks, Pitts and Poust or other outside tax counsel to
the effect that such reduction will not cause outstanding Class A Certificates
and Class B Certificates to be characterized as other than indebtedness for
federal income tax purposes.

     "Base Rate" shall mean, with respect to any Monthly Period, (i) the sum of
(a) the amount of interest accrued or to accrue on the Class A Certificates, the
Class B Certificates and (at any time after the Class C Certificates have been
assigned an interest rate pursuant to Section 16(a) of this Series Supplement)
the Class C Certificates for the Accrual Period ending in the month following
the end of such Monthly Period and (b) the amount of the Investor Monthly
Servicing Fee allocable to the Series 1995-A Certificates in respect of such
Monthly Period divided by (ii) the Investor Amount as of the last day of the
preceding Monthly Period times (iii) 12.

     "Certificateholder" shall mean the holder of record of any Certificate.

     "Certificate Interest" shall mean the Class A Certificate Interest and the
Class B Certificate Interest.

     "Certificates" shall mean the Class A Certificates, the Class B
Certificates and the Class C Certificates.

     "Class A Certificateholder" shall mean the holder of record of any Class A
Certificate.

                                      -2-
<PAGE>

     "Class A Certificate Interest" shall have the meaning specified in
subsection 4.6(a)(ii).

     "Class A Certificate Rate" shall mean 7.50% per annum, calculated based
upon a year consisting of twelve 30 day months.

     "Class A Deficiency Amount" shall have the meaning specified in subsection
4.6(a).

     "Class A Expected Payment Date" shall mean the Distribution Date that
occurs in September, 2000.

     "Class A Investor Amount" shall mean, on any date of determination, an
amount equal to (a) the Initial Class A Investor Amount, minus (b) the aggregate
amount of payments of Certificate Principal paid to the Class A
Certificateholders pursuant to Section 4.8 prior to such date of determination,
minus (c) the excess, if any, of the aggregate amount of Class A Investor Charge
Offs over Class A Investor Charge Offs reimbursed pursuant to subsection 4.6(e)
prior to such date of determination.

     "Class A Investor Charge Off" shall have the meaning specified in Section
4.5.

     "Class A Investor Percentage" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class A Investor Amount determined as of the last day of the Monthly
Period immediately preceding such date of determination and the denominator of
which is the Investor Amount determined as of such last day.

     "Class A Monthly Total Principal Allocation" shall have the meaning
specified in subsection 4.4(b)(ii).

     "Class A Principal Allocation" shall have the meaning specified in
subsection 4.4(b)(ii).

     "Class A Pool Factor" as of any Record Date, shall mean a number rounded to
seven decimals representing the ratio of the Class A Investor Amount as of such
Record Date (determined after taking into account any reduction in such Class A
Investor Amount which will occur on the following Distribution Date) to the
Initial Class A Investor Amount.

     "Class B Certificateholder" shall mean the holder of record of any Class B
Certificate.

     "Class B Certificate Interest" shall have the meaning specified in
subsection 4.6(b)(ii).

     "Class B Certificate Rate" shall mean 7.75% per annum, calculated based
upon a year consisting of twelve 30 day months.

     "Class B Deficiency Amount" shall have the meaning specified in subsection
4.6(b).

                                      -3-
<PAGE>

     "Class B Investor Amount" shall mean, on any date of determination, an
amount equal to (a) the Initial Class B Investor Amount, minus (b) the aggregate
amount of payments of Certificate Principal paid to the Class B
Certificateholders pursuant to Section 4.8 prior to such date of determination,
minus (c) the excess, if any, of the sum of the aggregate amount of Class B
Investor Charge Offs and Class B Reallocated Amounts over Class B Investor
Charge Offs and Class B Reallocated Amounts reimbursed pursuant to subsection
4.6(e) or Class B Reallocated Amounts allocated to the Class C Investor Amount
pursuant to Section 4.11 prior to such date of determination.

     "Class B Investor Charge Off" shall have the meaning specified in Section
4.5.

     "Class B Investor Percentage" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class B Investor Amount determined as of the end of the preceding
Business Day and the denominator of which is the Investor Amount determined as
of the end of such Business Day.

     "Class B Pool Factor" as of any Record Date, shall mean a number rounded to
seven decimals representing the ratio of the Class B Investor Amount as of such
Record Date (determined after taking into account any reduction in such Class B
Investor Amount which will occur on the following Distribution Date) to the
Initial Class B Investor Amount.

     "Class B Principal Payment Commencement Date" shall mean the earlier of (a)
the first Distribution Date in an Amortization Period on which the Class A
Investor Amount equals or is reduced to zero or, if there are no Collections in
respect of Principal Receivables allocable to the Series 1995-A Certificates
remaining after payments have been made to the Class A Certificateholders on
such Distribution Date, the Distribution Date following the Distribution Date on
which the Class A Investor Amount is paid in full and (b) the Distribution Date
following a sale or repurchase of the Receivables as set forth in Section
2.4(e), 9.2, 10.2, 12.1 or 12.2 of the Agreement or Section 3 of this Series
Supplement.

     "Class B Reallocated Amounts" shall have the meaning specified in Section
4.11.

     "Class C Certificateholder" shall mean the holder of record of any Class C
Certificate.

     "Class C Increase Amount" shall mean any increase in the Class C Investor
Amount as provided in Section 4.9.

     "Class C Investor Amount" shall mean, on any date of determination, an
amount equal to (a) the sum of (i) the Initial Class C Investor Amount and (ii)
the Aggregate Class C Increase Amount, minus (b) the aggregate amount of
payments of Certificate Principal paid to the Class C Certificateholders
pursuant to Section 4.8 prior to such date of determination, minus (c) the
excess, if any, of the sum of the aggregate amount of Class C Investor Charge
Offs and Class C Reallocated Amounts over Class C Investor Charge Offs and Class
C Reallocated Amounts reimbursed pursuant to subsection 4.6(e) prior to such
date of determination.

                                      -4-
<PAGE>

     "Class C Investor Charge Off" shall have the meaning specified in Section
4.5.

     "Class C Investor Percentage" shall mean, with respect to any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Class C Investor Amount determined as of the end of the preceding
Business Day and the denominator of which is the Investor Amount determined as
of the end of such Business Day.

     "Class C Pool Factor" as of any Record Date, shall mean a number rounded to
seven decimals representing the ratio of the Class C Investor Amount as of such
Record Date (determined after taking into account any reduction in such Class C
Investor Amount which will occur on the following Distribution Date) to the
Initial Class C Investor Amount.

     "Class C Reallocated Amounts" shall have the meaning specified in Section
4.11.

     "Closing Date" shall mean March 16, 1995.

     "Controlled Amortization Period" shall mean an Amortization Period
commencing on the day following the last day of the Revolving Period and
continuing (i) to, but not including, the commencement of the Rapid Amortization
Period or (ii) to, and including, the earlier of (a) the Trust Termination Date
or (b) the Series Termination Date.

     "Controlled Distribution Amount" shall mean, for each Monthly Period which
commences during the Controlled Amortization Period, $24,083,334 plus the
Deficit Controlled Distribution Amount for the preceding Monthly Period.

     "Deficit Controlled Distribution Amount" shall mean, for each Monthly
Period during the Controlled Amortization Period, the excess, if any, of the
Controlled Distribution Amount for such Monthly Period over the Class A Monthly
Total Principal Allocation for such period.

     "Distribution Account" shall have the meaning specified in subsection
4.2A(b).

     "Distribution Date" shall mean the fifteenth day of each month commencing
April 17, 1995 or, if such fifteenth day is not a Business Day, the next
succeeding Business Day.

     "Enhancement Increase Amount" shall mean, with respect to any Additional
Accounts Enhancement Increase Condition:

     if the Annual Quotient exceeds 1.20 but is less than or equal to 1.25, the
     amount, if any, that when added to the Class C Investor Amount will cause
     the Class C Investor Percentage (after giving effect to such increase) to
     equal the sum of 2% and the Base Class C Percentage then in effect; if the
     Annual Quotient is greater than 1.25, the amount, if any, that when added
     to the Class C Investor Amount will cause the Class C Investor Percentage
     (after giving effect to such increase) to equal the sum of 4% and the Base
     Class C Percentage then in effect; and

                                      -5-
<PAGE>

with respect to any Terms Change Enhancement Increase Condition:

     if the resulting minimum payment is less than $15 but greater than or equal
     to $12.50, the amount, if any, that when added to the Class C Investor
     Amount will cause the Class C Investor Percentage (after giving effect to
     such increase) to equal the sum of 1.5% and the Base Class C Investor
     Percentage then in effect; if the resulting minimum payment is less than
     $12.50, the amount, if any, that when added to the Class C Investor Amount
     will cause the Class C Investor Percentage (after giving effect to such
     increase) to equal the sum of 3% and the Base Class C Percentage then in
     effect.

     "Enhancement Increase Condition" shall mean either an Additional Accounts
Enhancement Increase Condition or a Terms Change Enhancement Increase Condition
to the extent then continuing in accordance with the terms thereof.

     "Excess Spread" shall have the meaning specified in subsection 4.6(f ).

     "Finance Charge Sub-subaccount" shall have the meaning specified in
subsection 4.2A(a).

     "Initial Class A Investor Amount" shall mean $289,000,000.

     "Initial Class B Investor Amount" shall mean $61,000,000.

     "Initial Class C Investor Amount" shall mean $124,000,000.

     "Initial Investor Amount" shall mean the sum of the Initial Class A
Investor Amount, the Initial Class B Investor Amount and the Initial Class C
Investor Amount.

     "Investor Amount" shall mean, on any date of determination, the sum of the
Class A Investor Amount, the Class B Investor Amount and the Class C Investor
Amount on such date of determination.

     "Investor Charge Off" shall mean a Class A Investor Charge Off, a Class B
Investor Charge Off or a Class C Investor Charge Off.

     "Investor Default Amount" shall mean, for any Monthly Period, an amount
equal to the product of (a) the Default Amount with respect to such Monthly
Period and (b) the Investor Percentage on the first day of such Monthly Period.

     "Investor Percentage" shall mean, on any date of determination:

          (a) when used with respect to Principal Receivables during the
Revolving Period, the percentage equivalent of a fraction the numerator of which
shall be the Investor Amount on the preceding Business Day and the denominator
of which shall be the greater of

                                      -6-
<PAGE>

(x) the Aggregate Principal Receivables at the end of such day and (y) the sum
of the numerators used to calculate the Investor Percentages with respect to
Principal Receivables on such day for all Series outstanding;

          (b) when used with respect to Principal Receivables during the
Amortization Period, the percentage equivalent of a fraction the numerator of
which shall be the Investor Amount as of the end of the day on the last day of
the Revolving Period and the denominator of which shall be the greater of (x)
the Aggregate Principal Receivables at the end of the Business Day preceding
such date of determination and (y) the sum of the numerators used to calculate
the Investor Percentages for allocations with respect to Principal Receivables
for all outstanding Series on such date of determination, provided, however, (A)
that during the Controlled Amortization Period, the Investor Percentage of
Principal Receivables may be reset by and at the option of the Servicer (and any
such reset Investor Percentage will apply in any Rapid Amortization Period
following the Controlled Amortization Period) for each Monthly Period to a fixed
percentage equivalent of a fraction which shall not be greater than the fraction
described above and shall not be less than the greater of (i) a fraction, the
numerator of which is the Investor Amount, determined as of the close of
business on the last day of the preceding Monthly Period, and the denominator of
which is the greater of (a) the Aggregate Principal Receivables, determined as
of the end of the last day of the preceding Monthly Period and (b) the sum of
the numerators used to calculate the Investor Percentages for allocations with
respect to Principal Receivables for all outstanding Series on such date of
determination and (ii) a fraction that when multiplied by the amount of
Collections allocable to Principal Receivables for the preceding Monthly Period
will equal 110% of the Controlled Distribution Amount for the Monthly Period to
which such allocation fraction will be applicable, and (B) if Series 1995-A is
paired with a Paired Series and a Rapid Amortization Period commences for such
Paired Series, the Seller may, by written notice to the Trustee, the Servicer
and the Rating Agency, designate a different numerator for such fraction;

          (c) when used with respect to Finance Charge Receivables during the
Revolving Period and the Controlled Amortization Period and with respect to
Receivables in Defaulted Accounts at any time, the percentage equivalent of a
fraction the numerator of which shall be the Investor Amount at the end of the
last day of the prior Monthly Period (or, in the case of the monthly Period in
which the Closing Date occurs, on the Closing Date) and the denominator of which
shall be the greater of (x) the Aggregate Principal Receivables as of the end of
the Business Day preceding such date of determination and (y) the Aggregate
Investor Amount at the end of such day; and

          (d) when used with respect to Finance Charge Receivables during the
Rapid Amortization Period, the percentage equivalent of a fraction the numerator
of which shall be the Investor Amount as of the end of the day on the last day
of the Revolving Period and the denominator of which shall be the greater of (x)
the Aggregate Principal Receivables at the end of Business Day preceding such
date of determination and (y) the sum of the numerators used to calculate the
Investor Percentages for allocations with respect to Finance Charge Receivables
for all outstanding Series on such date of determination.

                                      -7-
<PAGE>

     "Minimum Seller Percentage" shall mean 0%.

     "Monthly Period Finance Charge Sub-subaccount Allocation" shall have the
meaning specified in Section 4.6.

     "Paired Series" shall mean any series of Investor Certificates that is
paired with Series 1995-A in the related Supplement.

     "Pay Out Commencement Date" shall mean the date on which a Trust Pay Out
Event is deemed to occur pursuant to Section 9.1 of the Agreement or a Series
Pay Out Event is deemed to occur pursuant to Section 8 of this Series
Supplement.

     "Pool Factor" with respect to each Class, as of any Record Date, shall mean
a number rounded to seven decimals representing the ratio of the Investor Amount
of such Class as of such Record Date (determined after taking into account any
reduction in such Investor Amount which will occur on the following Distribution
Date) to the Initial Investor Amount of such Class.

     "Portfolio Yield" shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is an
amount equal to the amount of Finance Charge Collections allocated to the Series
1995-A Certificates and deposited in the Finance Charge Sub-subaccount pursuant
to Section 4.4 for such Monthly Period, such sum to be calculated on a cash
basis after subtracting an amount equal to the sum of the Investor Default
Amount for such Monthly Period, and the denominator of which is the Investor
Amount as of the last day of the preceding Monthly Period.

     "Principal Collections Sub-subaccount" shall have the meaning specified in
subsection 4.2A(a).

     "Principal Shortfall" shall mean, with respect to the Series 1995-A
Certificates, on any Date of Processing during a Monthly Period, the excess of
the applicable Controlled Distribution Amount over the Class A Principal
Allocation for such Date of Processing and for each prior Date of Processing
during such Monthly Period.

     "Rapid Amortization Period" shall mean an Amortization Period commencing on
the Pay Out Commencement Date or on the first day of the Monthly Period during
which the Servicer expects the Class B Principal Payment Commencement Date to
occur or on the first day of the Monthly Period in which the Class A Expected
Payment Date occurs and ending on the earlier to occur of (i) the Trust
Termination Date or (ii) the Series Termination Date.

     "Rating Agencies" shall mean, collectively, each nationally recognized
statistical rating agency which, at the request of Seller or the Servicer, has
assigned a rating to one or more classes of Certificates; provided that, solely
for the purpose of satisfying the Rating Agency Condition in subsection 2.8(a),
Moody's shall not be a Rating Agency.

                                      -8-
<PAGE>

     "Reallocated Principal Collections" shall have the meaning specified in
subsection 4.11(a).

     "Record Date" shall mean, with respect to any Distribution Date, the close
of business on the last Business Day of the preceding month.

     "Required Class C Percentage" shall mean, with respect to any date of
determination other than during the continuance of an Enhancement Increase
Condition, the Base Class C Percentage, and during the continuance of an
Enhancement Increase Condition, the highest then applicable percentage specified
in the definition of Enhancement Increase Amount.

     "Revolving Period" shall mean the period from and including the Closing
Date to and including the earliest of the close of business on the last day of
the August, 1999 Monthly Period or the Pay Out Commencement Date or the close of
business on the last day of the Monthly Period preceding the Monthly Period in
which the Servicer expects the Class B Principal Payment Commencement Date to
occur.

     "Scheduled Series 1995-A Termination Date" shall mean the Distribution Date
which occurs in September, 2004.

     "Series Accounts" shall mean the Finance Charge Sub-subaccount, the
Principal Collections Sub-subaccount and the Distribution Account with respect
to Series 1995-A.

     "Series 1995-A" shall mean the Series of the Spiegel Master Trust
represented by the Series 1995-A Certificates.

     "Series Pay Out Event" shall have the meaning specified in Section 8 of
this Series Supplement.

     "Series Servicing Fee Percentage" shall mean two percent per annum.

     "Series Termination Date" shall mean the earlier to occur of (i) the day
after the Distribution Date on which the Series 1995-A Certificates are paid in
full, or (ii) the Scheduled Series 1995-A Termination Date.

     "Shared Finance Charge Collections" shall mean the amounts allocated to the
Investor Certificates (which are not retained by the Seller) of other Series
which the applicable Supplements for such Series specify are to be treated as
"Shared Finance Charge Collections" and which may be applied to cover the Total
Deficiency Amount with respect to the Series 1995-A Certificates.

     "Shared Principal Collections" shall mean, as the context requires, either
(a) the amounts allocated to the Series 1995-A Certificates which, in accordance
with subsection 4.4(b), are allocated to the Holder of the Exchangeable Seller
Certificate or which, in accordance with

                                      -9-
<PAGE>

subsection 4.4(c), are to be applied in accordance with subsection 4.3(g) or (b)
the amounts allocated to the Investor Certificates (which are not retained by
the Seller) of other Series which the applicable Supplements for such Series
specify are to be treated as "Shared Principal Collections" and which may be
applied to cover Principal Shortfalls with respect to the Series 1995-A
Certificates.

     "Terms Change Condition" shall have the meaning specified in Section 12 of
this Series Supplement.

     "Terms Change Enhancement Increase Condition" shall mean the condition
that, after giving effect to any terms change that is restricted by Section 12
of this Series Supplement and with respect to which the Rating Agency Condition
has not been satisfied, the Class C Investor Percentage shall equal or exceed
the applicable amount specified in the definition of Enhancement Increase
Amount.  Such condition shall be deemed to be continuing until the Rating Agency
Condition has been satisfied subsequent to and taking into consideration the
terms change that gave rise to such condition.

     "Total Deficiency Amount" shall have the meaning specified in Section 4.6.

          SECTION 3. Reassignment and Transfer Terms.
                     -------------------------------

          The Series 1995-A Certificates shall be subject to repurchase by
Seller at its option, in accordance with the terms specified in subsection
12.2(a), on any Distribution Date on or after the Distribution Date on which the
sum of the Class A Investor Amount, the Class B Investor Amount and the amount
of the Class C Investor Amount held by Persons other than Spiegel or any of its
Affiliates is reduced to an amount less than or equal to 10% of the sum of the
Initial Class A Investor Amount, the Initial Class B Investor Amount and the
highest amount of the Class C Investor Amount held by Persons other than Spiegel
or any of its Affiliates since the Closing Date.  The deposit required in
connection with any such repurchase shall be equal to (a) the Investor Amount,
plus (b) accrued and unpaid interest on the Series 1995-A Certificates through
and including the day preceding the day on which such repurchase occurs, less
(c) the amount on deposit in the Finance Charge Sub-subaccount which will be
transferred to the Distribution Account pursuant to subsections 4.6(a), (b), (d)
and (e) on the related Transfer Date, less (d) the amount on deposit in the
Principal Account which will be transferred to the Distribution Account pursuant
to the second paragraph of subsection 4.8(a) on the related Transfer Date.

          SECTION 4. Delivery and Payment for the Series 1995-A Certificates.
                     -------------------------------------------------------
          The Trustee shall deliver the Series 1995-A Certificates when
authenticated in accordance with Section 6.2.

          SECTION 5. Form of Delivery of Series 1995-A Certificates.
                     ----------------------------------------------

                                      -10-
<PAGE>

          (a) The Class A Certificates and Class B Certificates shall be
delivered as Book-Entry Certificates as provided in Sections 6.1, 6.2, 6.9 and
6.11 of the Agreement.  The Class C Certificates shall not be delivered as Book-
Entry Certificates.  The Series 1995-A Certificates shall be delivered as
Registered Certificates as provided in Section 6.1 of the Agreement.  The Class
A Certificates, the Class B Certificates, and the Class C Certificates shall be
substantially in the form of Exhibit A, Exhibit B and Exhibit C, respectively.

          (b) The Clearing Agency for Class A Certificates and Class B
Certificates shall be The Depository Trust Company, and the Class A Certificates
and the Class B Certificates shall be initially registered in the name of CEDE &
Co., its nominee.  The Class C Certificates shall be initially registered in the
names of such Persons as Seller shall advise the Trustee.

          (c) For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of
Series 1995-A Certificates having Undivided Interests aggregating a specified
percentage, such direction or consent may be given, in the case of the Class A
Certificates and the Class B Certificates, by the relevant Certificate Owners
having interests in the requisite percentage of Series 1995-A Certificates,
acting through the Clearing Agency and the Clearing Agency Participants;
provided, however, that the Trustee shall only be obligated to follow such
directions or consents from the Clearing Agency.

          SECTION 6. Article IV of Agreement.  (a)  Sections 4.1 and 4.2 and
                     -----------------------
subsections 4.3(b) through (j) of the Agreement shall read in their entirety as
provided in the Agreement.  Subsection 4.3(a) of the Agreement shall read in its
entirety as follows:

          (a) Collections.  The Servicer shall, subject to subsections 4.2(d),
              -----------
4.3(c) and 4.3(f) and, with respect to any Series, the provisions of the related
Supplement, deposit all Collections in the Collection Account as promptly as
possible after the Date of Processing of such Collections, but in no event later
than the second Business Day following such Date of Processing.

          (b) The remainder of Article IV of the Agreement shall read in its
entirety as follows and shall be applicable only to the Series 1995-A
Certificates:

                                   ARTICLE IV

                        RIGHTS OF CERTIFICATEHOLDERS AND
                   ALLOCATION AND APPLICATION OF COLLECTIONS

          Section 4.1A   Rights of Investor Certificateholders.  The Series
                         -------------------------------------
1995-A Certificates shall represent Undivided Interests in the Trust, consisting
of the right to receive, to the extent necessary to make the required payments
with respect to such Series 1995-A Certificates at the times and in the amounts
specified in this Agreement, (a) the related Investor Percentage of Collections,
(b) funds on deposit in the Collection Account and the Excess

                                      -11-
<PAGE>

Funding Account allocable to the Series 1995-A Certificates, (c) Shared
Principal Collections allocated to the Series 1995-A Certificates in accordance
with subsection 4.3(g) and (d) funds on deposit in the Finance Charge Sub-
subaccount, the Principal Collections Sub-subaccount and the Distribution
Account. The Exchangeable Seller Certificate shall represent the ownership
interest in the Trust Assets not allocated to the Series 1995-A Certificates or
any other Series outstanding; provided, however, the ownership interest
represented by the Exchangeable Seller Certificate and any other Series
outstanding shall not represent any interest in the Collection Account or any
other Series Account, except as specifically provided in this Article IV.

          Section 4.2A   The Series 1995-A Collection Sub-subaccount;
                         --------------------------------------------
Establishment of Distribution Account.  (a)  Pursuant to subsection 4.2(a), the
-------------------------------------
Servicer, on behalf of the Trustee, shall establish and maintain for
administrative purposes only, a Principal Collections Sub-subaccount as a
subaccount of the Principal Collections Subaccount and a Finance Charge Sub-
subaccount as a subaccount of the Finance Charge Subaccount, in each case for
the benefit of the Series 1995-A Certificateholders, bearing a designation
clearly indicating that the funds allocated thereto are held in trust for the
benefit of such Certificateholders.  The Servicer on behalf of the Trustee at
all times shall maintain accurate records reflecting each transaction in such
sub-subaccounts.  Pursuant to the authority granted to it pursuant to subsection
3.1(b), the Servicer shall have the power, revocable by the Trustee, to withdraw
funds, and to instruct the Trustee to withdraw funds, from such sub-subaccounts
for the purpose of carrying out its duties hereunder.  All such instructions
from the Servicer to the Trustee shall be in writing; provided, however, that
the Servicer is entitled to give instructions to the Trustee by facsimile.
Funds allocated to such sub-subaccounts shall at all times be invested by the
Trustee, at the direction of the Servicer, in Permitted Investments.  Any such
investment shall mature and such funds shall be available for withdrawal on the
Transfer Date following the Monthly Period in which such funds were processed
for collection; provided, however, that any Permitted Investment in short term
U.S. treasury securities may mature one day after such Transfer Date and may be
sold on such Transfer Date.  Subject to the restrictions set forth above, the
Servicer, or a Person designated in writing by the Servicer, shall instruct the
applicable Qualified Institution in writing with respect to the investment of
funds allocated to such sub-subaccounts.  For purposes of determining the
availability of funds or the balances in the Principal Collections Sub-
subaccount or the Finance Charge Sub-subaccount for any reason under this
Agreement, all investment earnings on such funds (net of losses and expenses)
shall be deemed not to be available or on deposit.  Permitted Investments shall
not be disposed of prior to their maturity other than as provided above with
respect to short term U.S. treasury securities.

          (b) The Servicer, for the benefit of the Series 1995-A
Certificateholders, shall cause to be established and maintained in the name of
the Trustee, on behalf of the Trust, with an office or branch of a Qualified
Institution a non-interest bearing segregated demand deposit account maintained
in the corporate trust department of such Qualified Institution, and held in
trust by such Qualified Institution (the "Distribution Account") bearing a
designation clearly indicating that the funds deposited therein are held in
trust for the benefit of the Series 1995-A Certificateholders.  The Paying Agent
shall have the revocable authority to make withdrawals

                                      -12-
<PAGE>

from the Distribution Account. Funds on deposit in the Distribution Account
shall not be invested.

          Section 4.4  Allocations.
                       -----------

          (a)  Daily Allocations During the Revolving Period.  During the
               ---------------------------------------------
Revolving Period, the Servicer shall, prior to the close of business on the day
any Collections are deposited in the Collection Account, allocate from the
applicable subaccount of the Collection Account the following amounts as set
forth below:

          (i)  Allocate to the Finance Charge Sub-subaccount an amount equal to
     the product of (A) the Investor Percentage on the Date of Processing of
     such Collections and (B) the aggregate amount of Finance Charge Collections
     for such Date of Processing; provided, however, that, with respect to each
     Monthly Period, such amount shall only be deposited in the Collection
     Account and allocated to the Finance Charge Sub-subaccount until such time
     as the amount retained in the Finance Charge Sub-subaccount equals the
     aggregate amount of Certificate Interest payable on the next succeeding
     Distribution Date plus, at any time that FCNB is not the Servicer, the
     Investor Monthly Servicing Fee payable on the next succeeding Transfer Date
     plus all accrued and unpaid Investor Monthly Servicing Fees in respect of
     previous Monthly Periods.

          (ii) Pay to the Holder of the Exchangeable Seller Certificate an
     amount equal to the excess of (1) the product of (A) the Investor
     Percentage on the Date of Processing of such Collections and (B) the
     aggregate amount of such Collections processed in respect of Principal
     Receivables on such Date of Processing over (2) the amount allocated to the
     Principal Collections Sub-subaccount pursuant to subsection 4.9(b);
     provided, however, that in the event that the amount to be paid to the
     Holder of the Exchangeable Seller Certificate pursuant to this subsection
     4.4(a)(ii) with respect to any Date of Processing would result in a
     Shortfall Amount on such Date of Processing, after giving effect to the
     inclusion in the Trust of all Receivables created on or prior to such Date
     of Processing and the application of payments referred to in subsection
     4.3(e) and any reallocation of the Seller Amount as provided in Section
     4.9, the Shortfall Amount shall be deposited into the Excess Funding
     Account.

          (b)  Daily Allocations During the Controlled Amortization Period.
               -----------------------------------------------------------
During the Controlled Amortization Period, the Servicer shall, prior to the
close of business on each day any Collections are deposited in the Collection
Account, allocate to the Certificateholders or the Holder of the Exchangeable
Seller Certificate and pay or deposit from the applicable subaccount of the
Collection Account the following amounts as set forth below:

          (i)  Allocate to the Finance Charge Sub-subaccount an amount equal to
     the product of (A) the Investor Percentage on the Date of Processing of
     such Collections and (B) the aggregate amount of Finance Charge Collections
     for such Date of Processing; provided, however, that, with respect to each
     Monthly Period, such amount shall only be

                                      -13-
<PAGE>

     deposited in the Collection Account and allocated to the Finance Charge
     Sub-subaccount until such time as the amount retained in the Finance
     Charge Sub-subaccount equals the aggregate amount of Certificate Interest
     payable on the next succeeding Distribution Date plus, at any time that
     FCNB is not the Servicer, the Investor Monthly Servicing Fee payable on the
     next succeeding Transfer Date plus all accrued and unpaid Investor Monthly
     Servicing Fees in respect of previous Monthly Periods.

          (ii)  Allocate to the Principal Collections Sub-subaccount an amount
     equal to the excess of (1) the product of (A) the Investor Percentage on
     the Date of Processing of such Collections and (B) the aggregate amount of
     such Collections processed in respect of Principal Receivables on such Date
     of Processing over (2) the amount allocated to the Principal Collections
     Sub-subaccount pursuant to subsection 4.9(b) (for any such Date of
     Processing, a "Class A Principal Allocation"); provided, however, that if
     the sum of such Class A Principal Allocation and all preceding Class A
     Principal Allocations with respect to the same Monthly Period (the "Class A
     Monthly Total Principal Allocation") exceeds the Controlled Distribution
     Amount, then such excess shall not be treated as a Class A Principal
     Allocation and shall be paid as provided in subsection 4.4(b)(iii).

          (iii) Pay to the Holder of the Exchangeable Seller Certificate an
     amount equal to the excess of (1) the product of (A) the Investor
     Percentage on the Date of Processing of such Collections and (B) the
     aggregate amount of such Collections processed in respect of Principal
     Receivables on such Date of Processing over (2) the amount allocated to the
     Principal Collections Sub-subaccount pursuant to subsection 4.4(b)(ii) or
     4.9(b); provided, however, that in the event that the amount to be paid to
     the Holder of the Exchangeable Seller Certificate pursuant to this
     subsection 4.4(b)(iii) with respect to any Date of Processing would result
     in a Shortfall Amount, the Shortfall Amount shall be deposited into the
     Excess Funding Account.

          (c)   Allocations During the Rapid Amortization Period.  During the
                ------------------------------------------------
Rapid Amortization Period, the Servicer shall, prior to the close of business on
each day any Collections are deposited in the Collection Account, allocate to
the Certificateholders or the Holder of the Exchangeable Seller Certificate and
pay or deposit from the applicable subaccount of the Collection Account the
following amounts as set forth below:

          (i)   Allocate to the Finance Charge Sub-subaccount an amount equal to
     the product of (A) the Investor Percentage on the Date of Processing of
     such Collections and (B) the aggregate amount of Finance Charge Collections
     for such Date of Processing.

          (ii)  Allocate to the Principal Collections Sub-subaccount an amount
     equal to the product of (A) the Investor Percentage on the Date of
     Processing of such Collections and (B) the aggregate amount of such
     Collections processed in respect of Principal Receivables on such Date of
     Processing; provided, however, that after the date on which the Investor
     Amount minus the amount on deposit in the Principal Collections Sub-
     subaccount equals zero, the amount determined in accordance with this

                                      -14-
<PAGE>

     subparagraph (ii) shall be treated as Shared Principal Collections and
     applied in accordance with subsection 4.3(g); provided, further, that if on
     any Date of Processing after giving effect to the allocation set forth in
     this subsection 4.4(c)(ii) for such Date of Processing in such Monthly
     Period the amount credited to the Principal Collections Sub-subaccount is
     less than the Investor Amount, then Shared Principal Collections from other
     Series, if any, allocable to the Series 1995-A Certificates pursuant to
     subsection 4.3(g) will be deposited in the Principal Collections Sub-
     subaccount to the extent of such shortfall.

          (d)  Monthly Allocations During the Revolving Period and Controlled
               --------------------------------------------------------------
Amortization Period.  Prior to the commencement of the Rapid Amortization
-------------------
Period, on each Determination Date with respect to a Monthly Period, the
Servicer shall deposit in the Collection Account and allocate to the Finance
Charge Sub-subaccount an amount equal to the excess, if any, of the aggregate
amount of Collections allocated to the Finance Charge Sub-subaccount pursuant to
subsection 4.4(a)(i) or 4.4(b)(i) during such Monthly Period over the aggregate
amount of Collections that would have been allocated to the Finance Charge Sub-
subaccount pursuant to subsection 4.4(a)(i) or 4.4(b)(i), as the case may be,
but for the proviso thereto (the "Monthly Finance Charge Allocation"); provided,
however, that, so long as FCNB is the Servicer, FCNB, as Servicer, and as agent
for the Holder of the Exchangeable Seller Certificate, may make a net deposit to
the Collection Account on each Determination Date in an amount equal to the
Monthly Finance Charge Allocation minus all amounts payable or distributable to
FCNB, as Servicer, or the Holder of the Exchangeable Seller Certificate pursuant
to Section 4.6 on the next succeeding Transfer Date.

          Section 4.5  Defaulted Accounts.  On each Determination Date, the
                       ------------------
Servicer shall calculate the Investor Default Amount for the preceding Monthly
Period and the Total Deficiency Amount for the related Distribution Date.  If on
such date the Total Deficiency Amount exceeds zero (such deficiency, the
"Shortfall"), the Class C Investor Amount will be reduced by the lesser of (i)
the sum of (x) the Investor Default Amount and (y) the applicable Series Share
of the amount of any unpaid Deposit Obligation in respect of the preceding
Monthly Period and (ii) such Shortfall (together with any amount allocated to
the Class C Investor Amount in accordance with the last sentence of Section
4.11, a "Class C Investor Charge Off"). In the event that such reduction would
cause the Class C Investor Amount to be a negative number, the Class C Investor
Amount shall be zero, and the Class B Investor Amount will be reduced by an
amount equal to the excess of such reduction over the Class C Investor Amount
prior to the reduction (a "Class B Investor Charge Off").  In the event that
such reduction would cause the Class B Investor Amount to be a negative number,
the Class B Investor Amount shall be zero, and the Class A Investor Amount will
be reduced by an amount equal to the excess of such reduction over the sum of
the Class B Investor Amount and the Class C Investor Amount prior to such
reduction (a "Class A Investor Charge Off").

          Section 4.6  Monthly Payments.  On each Determination Date, the
                       ----------------
Servicer, pursuant to a Monthly Payment Instructions and Notification
substantially in the form of Exhibit D to this Series Supplement, shall instruct
the Trustee to withdraw, and on the succeeding

                                      -15-
<PAGE>

Transfer Date the Trustee acting in accordance with such instructions shall
withdraw, the amounts required to be withdrawn from the Finance Charge Sub-
subaccount pursuant to subsections 4.6(a), (b), (c), (d), (e) and (f) and the
amounts required to be withdrawn from the Principal Collection Sub-subaccount
pursuant to Section 4.11. On each Determination Date, the Servicer shall also
determine the amount (the "Total Deficiency Amount"), if any, by which the sum
of (a) Class A Certificate Interest and Class B Certificate Interest, calculated
as set forth below, for the following Transfer Date, plus (b) the Investor
Monthly Servicing Fee accrued in respect of the preceding Monthly Period plus
(c) the Investor Default Amount, if any, for the preceding Monthly Period, plus
(d) the applicable Series Share of any unpaid Deposit Obligation for the
preceding Monthly Period exceeds the aggregate of (i) amounts allocated to the
Finance Charge Sub-subaccount in respect of the preceding Monthly Period plus
any amount deposited in the Collection Account and allocated to the Finance
Charge Sub-subaccount pursuant to 4.4(d) on the immediately preceding
Determination Date, (ii) any amounts deposited or to be deposited in the Finance
Charge Sub-subaccount for the prior Monthly Period, with respect to the portion
of Ineligible Receivables constituting Finance Charge Receivables reassigned
pursuant to subsection 2.4(d), (iii) any amounts deposited or to be deposited in
the Finance Charge Sub-subaccount for the prior Monthly Period, with respect to
Investor Net Recoveries and (iv) any amounts allocable to the Series 1995-A
Certificates in respect of Shared Finance Charge Collections in respect of the
preceding Monthly Period (such sum, the "Monthly Period Finance Charge Sub-
subaccount Allocation").

          (a)  Class A Certificate Interest.  On each Transfer Date, the
               ----------------------------
Trustee, acting in accordance with instructions from the Servicer, shall
withdraw from the Finance Charge Sub-subaccount and deposit to the Distribution
Account an amount equal to the Monthly Period Finance Charge Sub-subaccount
Allocation, to the extent necessary to pay interest on the Class A Certificates
as follows:

          (i)  in the case of the Transfer Date preceding the first Distribution
     Date in an amount equal to the product of  (I) one-twelfth of the Class A
     Certificate Rate and (II) the Class A Investor Amount on the Closing Date
     multiplied by a fraction the numerator of which is the number of days in
     the related Accrual Period and the denominator of which is 30, and

          (ii) in the case of subsequent Transfer Dates in an amount equal to
     (1) the product of (I) one-twelfth of the Class A Certificate Rate and (II)
     the Class A Investor Amount on the preceding Distribution Date (after
     giving effect to any reduction therein that occurs on such preceding
     Distribution Date) plus (2) an amount equal to the amount of any unpaid
     Class A Deficiency Amounts, as defined below (the "Class A Certificate
     Interest").

If the amounts described in this subsection 4.6(a) are insufficient to pay such
amounts in respect of any Monthly Period, payments to the Class A
Certificateholders will be reduced by the amount of such deficiency.  The
amount, if any, of such deficiency for any month shall be referred to as the
"Class A Deficiency Amount".  Interest shall accrue on Class A Deficiency

                                      -16-
<PAGE>

Amount for each Accrual Period at one-twelfth of the Class A Certificate Rate
and such interest shall be included in the Class A Deficiency Amount. Amount for
each Accrual Period at one-twelfth of the Class A Certificate Rate and such
interest shall be included in the Class A Deficiency Amount.

          (b)  Class B Certificate Interest. On each Transfer Date, the Trustee,
               ----------------------------
acting in accordance with instructions from the Servicer, shall withdraw from
the Finance Charge Sub-subaccount and deposit to the Distribution Account an
amount equal to the Monthly Period Finance Charge Sub-subaccount Allocation less
any amounts withdrawn from the Finance Charge Sub-subaccount pursuant to
subsection 4.6(a), to the extent necessary to pay interest on the Class B
Certificates as follows:

          (i)  in the case of the Transfer Date preceding the first Distribution
     Date in an amount equal to the product of (I) one-twelfth of the Class B
     Certificate Rate and (II) the Class B Investor Amount on the Closing Date
     multiplied by a fraction the numerator of which is the number of days in
     the related Accrual Period and the denominator of which is 30, and

          (ii) in the case of subsequent Transfer Dates in an amount equal to
     (1) the product of (I) one-twelfth of the Class B Certificate Rate and (II)
     the Class B Investor Amount on the preceding Distribution Date (after
     giving effect to any reduction therein that occurs on such preceding
     Distribution Date) plus (2) an amount equal to the amount of any unpaid
     Class B Deficiency Amounts, as defined below (the "Class B Certificate
     Interest").

If the amounts described in this subsection 4.6(b) are insufficient to pay such
amounts in respect of any Monthly Period, payments to the Class B
Certificateholders will be reduced by the amount of such deficiency.  The
amount, if any, of such deficiency for any month shall be referred to as the
"Class B Deficiency Amount". Interest shall accrue on Class B Deficiency Amount
for each Accrual Period at one-twelfth of the Class B Certificate Rate and such
interest shall be included in the Class B Deficiency Amount.

          (c)  Servicing Fee. On each Transfer Date, the Trustee, acting in
               -------------
accordance with instructions from the Servicer, shall withdraw from the Finance
Charge Sub-subaccount an amount equal to the lesser of (i) the Monthly Period
Finance Charge Sub-subaccount Allocation less any amounts withdrawn from the
Finance Charge Sub-subaccount pursuant to subsections 4.6(a) and (b), and (ii)
the Investor Monthly Servicing Fee accrued in respect of the preceding Monthly
Period plus all accrued and unpaid Investor Monthly Servicing Fees in respect of
previous Monthly Periods, and the Trustee shall pay such amount to the Servicer.

          (d)  Defaults. On each Transfer Date, the Trustee, acting in
               --------
accordance with instructions from the Servicer, shall withdraw from the Finance
Charge Sub-subaccount an amount equal to the lesser of (i) the Monthly Period
Finance Charge Sub-subaccount Allocation less any amounts withdrawn from the
Finance Charge Sub-subaccount pursuant to subsections 4.6(a), (b) and (c) and
(ii) the Investor Default Amount, if any, for the preceding Monthly Period, and
the Trustee shall (A) during the Revolving Period, apply such amount in
accordance

                                      -17-
<PAGE>

with subsection 4.4(a)(ii), (B) during the Controlled Amortization Period,
deposit such amount in accordance with subsection 4.4(b)(ii) or (iii) and (C)
during the Rapid Amortization Period, deposit such amount in accordance with
subsection 4.4(c)(ii), respectively, in each case as if such amounts were
Collections of Principal Receivables.

          (e)  Reimbursement of Investor Charge Offs, Class B Reallocated
               ----------------------------------------------------------
Amounts, and Class C Reallocated Amounts.  On each Transfer Date, the Trustee,
----------------------------------------
acting in accordance with instructions of the Servicer, shall withdraw from the
Finance Charge Sub-subaccount an amount equal to the lesser of (i) the Monthly
Period Finance Charge Sub-subaccount Allocation less any amounts withdrawn from
the Finance Charge Sub-subaccount pursuant to subsections 4.6(a), (b), (c) and
(d) and (ii) an amount equal to the aggregate amount of Investor Charge Offs, if
any, Class B Reallocated Amounts, if any, and Class C Reallocated Amounts, if
any, which have not theretofore been reimbursed pursuant to this subsection
4.6(e), and shall (A) during the Controlled Amortization Period, deposit such
amounts in accordance with subsection 4.4(b)(ii) or (iii) and (B) during the
Rapid Amortization Period, deposit such amounts in accordance with subsection
4.4(c)(ii), respectively, in each case, as if such amounts were Collections of
Principal Receivables. On the date of any such reimbursement, the Investor
Amount shall be increased by the amount of such reimbursement of Investor Charge
Offs, Class B Reallocated Amounts and Class C Reallocated Amounts.

          Reimbursements pursuant to this subsection 4.6(e) shall be applied
first to reimburse the Class A Certificates for Class A Investor Charge Offs,
-----
second, to the extent amounts are available following the reimbursement of the
------
Class A Certificates, to reimburse the Class B Certificates for Class B
Reallocated Amounts, third, to the extent amounts are available following the
                     -----
reimbursement of the Class B Certificates for Class B Reallocated Amounts, to
reimburse the Class B Certificates for Class B Investor Charge Offs, fourth, to
                                                                     ------
the extent amounts are available following the reimbursement of the Class B
Certificates for Class B Investor Charge Offs, to reimburse the Class C
Certificates for Class C Reallocated Amounts and fifth, to the extent amounts
                                                 -----
are available following the reimbursement of the Class C Certificates for Class
C Reallocated Amounts, to reimburse the Class C Certificates for Class C
Investor Charge Offs.

          (f)  Excess Spread. On each Transfer Date, the Trustee, acting in
               -------------
accordance with instructions from the Servicer, shall withdraw from the Finance
Charge Sub-subaccount and deposit to the Distribution Account an amount equal to
excess, if any, of (i) the Monthly Period Finance Charge Sub-subaccount
Allocation over (ii) all amounts withdrawn from the Finance Charge Sub-
subaccount pursuant to subsections 4.6(a), (b), (c), (d) and (e) (such excess,
the "Excess Spread").

          Section 4.7  Payment of Certificate Interest.  On each Distribution
                       -------------------------------
Date, the Paying Agent shall pay in accordance with Section 5.1:  (i) to the
Class A Certificateholders from the Distribution Account the amount deposited
into the Distribution Account pursuant to subsection 4.6(a) on the related
Transfer Date; (ii) to the Class B Certificateholders from the Distribution
Account the amount deposited into the Distribution Account pursuant to

                                      -18-
<PAGE>

subsection 4.6(b) on the related Transfer Date; and (iii) to the Class C
Certificateholders from the Distribution Account the amount deposited into the
Distribution Account pursuant to subsection 4.6(f) on the related Transfer Date.

          Section 4.8  Payment of Certificate Principal.
                       --------------------------------

          (a)  On the Determination Date in the calendar month following the
Monthly Period in which the Amortization Period commences, and on each
Determination Date thereafter, the Servicer shall instruct the Trustee to
withdraw, and on the next succeeding Transfer Date the Trustee shall, subject to
the following paragraph, withdraw, from the Principal Collections Sub-subaccount
and deposit in the Distribution Account (1) the amount deposited in the
Principal Collection Sub-subaccount pursuant to subsection 4.4(b)(ii) and
4.4(c)(ii) (and not reallocated pursuant to Section 4.11) during the preceding
Monthly Period, (2) any Shared Principal Collections from other Series allocated
to the Series 1995-A Certificates in accordance with subsection 4.3(g) and (3)
the amount to be deposited in the Principal Collection Sub-subaccount on such
Transfer Date pursuant to subsections 4.6(d) or 4.6(e) in each case after giving
effect to any reallocation of Collections pursuant to Section 4.11; provided,
however, that on each Transfer Date in the Amortization Period, the Servicer
shall withdraw, or instruct the Trustee to withdraw, and on such Transfer Date
the Trustee shall withdraw, from the Excess Funding Account and deposit to the
Distribution Account, an amount equal to the lowest of (x) the amount on deposit
therein (exclusive of investment earnings), (y) during the Controlled
Amortization Period, the amount by which the applicable Controlled Distribution
Amount exceeds the Class A Monthly Total Principal Allocation for the preceding
Monthly Period, and during the Rapid Amortization Period, the Investor Amount
(after giving effect to the application of the amounts already allocated to the
Distribution Account on such date) and (z) the amount of Shared Principal
Collections available to be withdrawn from the Excess Funding Account pursuant
to subsection 4.3(g).

          On the Determination Date preceding the final Transfer Date, the
Servicer shall determine the amounts to be deposited pursuant to this sentence
and on the final Transfer Date: (x) the Servicer shall, or shall instruct the
Trustee to, and the Trustee shall, withdraw from the Principal Collection Sub-
subaccount and deposit into the Distribution Account, an amount which is no
greater than the Investor Amount as of the end of the day on the preceding
Record Date; and (y) the Servicer shall, or shall instruct the Trustee to, and
the Trustee shall, withdraw from the Principal Collection Sub-subaccount and
deposit into the Collection Account, for allocation as Principal Receivables
pursuant to Article IV, the amount, if any, remaining in the Principal
Collection Sub-subaccount after giving effect to the withdrawals made pursuant
to clause (x).

          (b)  On each Distribution Date occurring after a deposit is made
pursuant to subsection 4.8(a) or Section 3 of this Series Supplement, the Paying
Agent shall pay in accordance with Section 5.1, (i) to the Class A
Certificateholders from the Distribution Account the lesser of (a) the amount
deposited into the Distribution Account pursuant to subsection 4.8(a) or Section
3 of this Series Supplement on the related Transfer Date and (b) the Class A
Investor Amount on such date, (ii) to the Class B Certificateholders from the
Distribution Account the

                                      -19-
<PAGE>

lesser of (r) the amount deposited into the Distribution Account pursuant to
subsection 4.8(a) or Section 3 of this Series Supplement on the related Transfer
Date less any amounts withdrawn from the Distribution Account pursuant to clause
(i) of this subsection 4.8(b) and (s) the Class B Investor Amount on such date
and (iii) to the Class C Certificateholders from the Distribution Account the
lesser of (y) the amount deposited into the Distribution Account pursuant to
subsection 4.8(a) or Section 3 of this Series Supplement on the related Transfer
Date less any amounts withdrawn from the Distribution Account pursuant to
clauses (i) and (ii) of this subsection 4.8(b) and (z) the Class C Investor
Amount on such date.

          (c)  On each Determination Date in respect of any Monthly Period in
respect of which amounts have been deposited in the Principal Collections Sub-
subaccount pursuant to subsection 4.9(b), the Servicer shall instruct the
Trustee to withdraw, and on the next succeeding Transfer Date the Trustee shall
withdraw, from the Principal Collections Sub-subaccount and deposit in the
Distribution Account the amount deposited in the Principal Collection Sub-
subaccount pursuant to subsection 4.9(b) during the preceding Monthly Period.
On each Distribution Date occurring after a deposit is made pursuant to this
subsection 4.8(c), the Paying Agent shall pay in accordance with Section 5.1, to
the Class C Certificateholders from the Distribution Account the amount
deposited into the Distribution Account pursuant to this subsection 4.8(c) on
the related Transfer Date.

          Section 4.9  Increase and Decrease of Class C Investor Amount.
                       ------------------------------------------------

          (a)  Whenever the Seller is required to satisfy an Enhancement
Increase Condition and the Class C Investor Percentage is less than the Required
Class C Percentage, the Seller shall increase the Class C Investor Amount by the
applicable Enhancement Increase Amount. Such increase shall be effected by
reducing the Seller Amount, if any, by the lesser of such Enhancement Increase
Amount and the amount, if any, by which the Seller Amount exceeds the Minimum
Seller Amount immediately prior to such increase and by reallocating such amount
to the Class C Investor Amount. If, after giving effect to the preceding
sentence, the Class C Investor Percentage is less than the Required Class C
Percentage the Seller shall immediately make a deposit in the Excess Funding
Account in immediately available funds in the amount of such deficiency.
Concurrently with the decrease in the Seller Amount and any required deposit to
the Excess Funding Account, the Class C Investor Amount shall be increased by
the aggregate amount of such decrease and of such deposit.

          (b)  Unless the Pay-Out Commencement Date shall have occurred, at any
time when the Class C Investor Percentage exceeds the Required Class C
Percentage (giving effect to any permitted reduction thereof) (including,
without limitation, when an Enhancement Increase Condition is no longer
continuing), the Servicer shall, prior to the close of business on the day any
Collections are deposited in the Collection Account, allocate to the Principal
Collections Sub-subaccount an amount equal to the lesser of (i) the product of
(A) the Class C Investor Percentage on the Date of Processing of such
Collections and (B) the aggregate amount of such Collections processed in
respect of Principal Receivables on such Date of Processing and (ii) the amount
that when subtracted from the Class C Investor Amount (after giving effect to
amounts

                                      -20-
<PAGE>

previously allocated to the Principal Collections Sub-subaccount pursuant to
this subsection 4.9(b)) will cause the Class C Investor Percentage to equal the
Required Class C Percentage (taking into account any other Enhancement Increase
Condition that is still continuing); provided, however, that in no event shall
the Class C Investor Amount be reduced below $14,220,000 pursuant to this
subsection 4.9(b).

          Section 4.10  Seller's or Servicer's Failure to Make a Deposit or
                        ---------------------------------------------------
Payment.  If the Servicer or Seller fails to make, or give instructions to make,
-------
any payment or deposit (other than as required by subsection 2.4(d), 2.4(e),
8.4, 9.2 or 12.2 of the Agreement) required to be made or given by the Servicer
or Seller, respectively, at the time specified in the Agreement (including
applicable grace periods), the Trustee shall make such payment or deposit from
the applicable Series Account or from amounts otherwise owing to the Seller or
the Servicer pursuant hereto without instruction from the Servicer or Seller.
The Trustee shall be required to make any such payment, deposit or withdrawal
hereunder only to the extent that the Trustee has sufficient information to
allow it to determine the amount thereof; provided, however, that the Trustee
shall in all cases be deemed to have sufficient information to determine the
amount of interest payable to the Series 1995-A Certificateholders on each
Distribution Date. The Servicer shall, upon request of the Trustee, promptly
provide the Trustee with all information necessary to allow the Trustee to make
such payment, deposit or withdrawal. Such funds or the proceeds of such
withdrawal shall be applied by the Trustee in the manner in which such payment
or deposit should have been made by Seller or the Servicer, as the case may be.

          Section 4.11  Reallocated Principal Collections.  The Servicer shall
                        ---------------------------------
apply or shall cause the Trustee to apply on each Distribution Date a portion of
the Collections in respect of the preceding Monthly Period allocated pursuant to
subsection 4.4(c)(ii) equal to the lesser of (i) the Class C Investor Percentage
thereof and (ii) the excess, if any, of the Total Deficiency Amount over the
Investor Default Amount for such Monthly Period (such amounts, the "Class C
Reallocated Amounts") to pay the amounts specified in subsections 4.6(a), (b)
and (c) in the order of priority specified in subsection 4.6. If such Class C
Reallocated Amounts are insufficient to pay the amounts required pursuant to
subsections 4.6(a), (b) and (c), the Servicer shall apply or shall cause the
Trustee to apply on such Distribution Date a portion of the Collections in
respect of the preceding Monthly Period allocated pursuant to subsection
4.4(c)(ii) equal to the lowest of (i) the Class B Investor Percentage thereof,
(ii) the excess, if any, of the Total Deficiency Amount over the Investor
Default Amount for such Monthly Period and (iii) the amount of such
insufficiency (such amounts, the "Class B Reallocated Amounts"; collectively
with the Class C Reallocated Amounts, "Reallocated Principal Collections") to
pay the amounts specified in subsections 4.6(a), (b) and (c) in the order of
priority specified in Section 4.6. If there are Class B Reallocated Amounts and,
after giving effect to such Reallocated Principal Collections, the Class C
Investor Amount exceeds zero, the Class C Investor Amount shall be reduced by
the lesser of the Class B Reallocated Amounts and such remaining Class C
Investor Amount.

          SECTION 7.  Article V of the Agreement.  Article V of the Agreement
                      --------------------------
shall read in its entirety as follows and shall be applicable only to the Series
1995-A Certificates:

                                      -21-
<PAGE>

                                   ARTICLE V

                     DISTRIBUTIONS AND REPORTS TO INVESTOR
                              CERTIFICATEHOLDERS

          Section 5.1  Distributions.
                       -------------

          (a)  On each Distribution Date, the Paying Agent shall distribute (in
accordance with the certificate delivered by the Servicer to the Trustee
pursuant to subsection 3.4(b)) to each Class A Certificateholder of record on
the immediately preceding Record Date (other than as provided in subsection
2.4(e) or Section 12.3 respecting a final distribution) such Class A
Certificateholder's pro rata share (based on the aggregate Undivided Interests
represented by the Class A Certificates held by such Class A Certificateholder)
of amounts on deposit in the Distribution Account as are payable to the Class A
Certificates pursuant to Sections 4.7 and 4.8 on such Distribution Date by check
mailed to each Class A Certificateholder except that, with respect to Class A
Certificates registered in the name of the nominee of a Clearing Agency, such
distribution shall be made in immediately available funds.

          (b)  On each Distribution Date, the Paying Agent shall distribute (in
accordance with the certificate delivered by the Servicer to the Trustee
pursuant to subsection 3.4(b)) to each Class B Certificateholder of record on
the immediately preceding Record Date (other than as provided in subsection
2.4(e) or Section 12.3 respecting a final distribution) such Class B
Certificateholder's pro rata share (based on the aggregate Undivided Interests
represented by the Class B Certificates held by such Class B Certificateholder)
of amounts on deposit in the Distribution Account as are payable to the Class B
Certificates pursuant to Sections 4.7 and 4.8 by check mailed to each Class B
Certificateholder except that, with respect to Class B Certificates registered
in the name of the nominee of a Clearing Agency, such distribution shall be made
in immediately available funds.

          (c)  On each Distribution Date, the Paying Agent shall distribute (in
accordance with the certificate delivered by the Servicer to the Trustee
pursuant to subsection 3.4(b)) to each Class C Certificateholder of record on
the immediately preceding Record Date (other than as provided in subsection
2.4(e) or Section 12.3 respecting a final distribution) such Class C
Certificateholder's pro rata share (based on the aggregate Undivided Interests
represented by the Class C Certificates held by such Class C Certificateholder)
of amounts on deposit in the Distribution Account as are payable to the Class C
Certificates pursuant to Sections 4.7 and 4.8 by wire transfer to each Class C
Certificateholder.

          Section 5.2  Monthly Certificateholders' Statement.
                       -------------------------------------

          (a)  On or before each Distribution Date, the Paying Agent shall
forward to each Series 1995-A Certificateholder and each Rating Agency a
statement substantially in the form of Exhibit E to this Series Supplement
prepared by the Servicer setting forth among other

                                      -22-
<PAGE>

things the following information (which, in the case of subclauses (i), (ii) and
(iii) below, shall be stated on the basis of an original principal amount of
$1,000 per Series 1995-A Certificate and, in the case of subclause (viii) shall
be stated on an aggregate basis and on the basis of an original principal amount
of $1,000 per Series 1995-A Certificate):

          (i)     the total amount distributed;

          (ii)    the amount of such distribution allocable to Certificate
     Principal;

          (iii)   the amount of such distribution allocable to Certificate
     Interest;

          (iv)    the amount of Collections of Principal Receivables processed
     during the preceding Monthly Period and allocated in respect of the Series
     1995-A Certificates;

          (v)     the aggregate amount of Principal Receivables, the Class A
     Investor Amount, the Class B Investor Amount, the Class C Investor Amount,
     the Investor Amount and the Investor Amount as a percentage of the
     aggregate amount of Principal Receivables in the Trust as of the end of the
     day on the last day of the preceding Monthly Period;

          (vi)    the aggregate outstanding balance of Accounts which were one,
     two, three, four, five and six or more months delinquent as of the most
     recent Aging Date occurring on or before the last day of the preceding
     Monthly Period;

          (vii)   the Monthly Period Finance Charge Sub-subaccount Allocation
     for the preceding Monthly Period;

          (viii)  the Investor Default Amount for the preceding Monthly Period;

          (ix)    the Investor Net Recoveries for the preceding Monthly Period;

          (x)     Certificate Interest, for each class for such Distribution
     Date;

          (xi)    the amount of the Investor Monthly Servicing Fee for the
     preceding Monthly Period;

          (xii)   the Required Class C Percentage and the Class C Investor
     Percentage as of the last day of the preceding Monthly Period;

          (xiii)  the Total Deficiency Amount for such Distribution Date;

          (xiv)   the aggregate amount of Class A Investor Charge Offs, Class B
     Investor Charge Offs, Class C Investor Charge Offs, Class B Reallocated
     Amounts and Class C Reallocated Amounts for the preceding Monthly Period;

                                      -23-
<PAGE>

          (xv)    the aggregate amount of Class A Investor Charge Offs, Class B
     Investor Charge Offs, Class C Investor Charge Offs, Class B Reallocated
     Amounts and Class C Reallocated Amounts reimbursed on the Transfer Date
     relating to such Distribution Date;

          (xvi)   the calculation of the Pay Out Event described in clause (c)
     of Section 8 of the Series Supplement;

          (xvii)  the Class A Pool Factor, Class B Pool Factor and Class C Pool
     Factor as of the preceding Record Date;

          (xviii) the Portfolio Yield in respect of the preceding Monthly
     Period;

          (xix)   the Base Rate in respect of the preceding Monthly Period;

          (xx)    the Excess Spread in respect of such Distribution Date; and

          (xxi)   the number of Additional Accounts which have been added to the
     Trust pursuant to Section 2.6, and the number of Accounts which have been
     removed from the Trust pursuant to Section 2.7, during the preceding
     Monthly Period.

          (b)  Annual Certificateholders' Tax Statement. On or before January 31
               ----------------------------------------
of each calendar year, beginning with calendar year 1996, the Trustee shall
distribute on behalf of the Seller, to each Person who at any time during the
preceding calendar year was a Series 1995-A Certificateholder, a statement
prepared by the Seller and delivered to the Trustee on or before January 31 of
each calendar year containing the information required to be contained in the
regular monthly report to Series 1995-A Certificateholders, as set forth in
subclauses (i), (ii) and (iii) above, aggregated for such calendar year or the
applicable portion thereof during which such Person was a Series 1995-A
Certificateholder, together with such other customary information (consistent
with the treatment of the Series 1995-A Certificates as debt) as the Seller
deems necessary or desirable to enable the Series 1995-A Certificateholders to
prepare their tax returns consistent with the treatment of the Series 1995-A
Certificates as debt instruments. Such obligations of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Internal Revenue Code as from time to time in effect.

          SECTION 8.  Series Pay Out Events.  If any one of the following
                      ---------------------
events shall occur with respect to the Series 1995-A Certificates:

          (a)  failure on the part of Seller or the Servicer (i) to make any
payment or deposit required by the terms of (A) the Agreement, or (B) this
Series Supplement, on or before the date occurring five Business Days after the
date such payment or deposit is required to be made or (ii) duly to observe or
perform in any material respect any covenants or agreements applicable to it set
forth in the Agreement or this Series Supplement, which failure has a material

                                      -24-
<PAGE>

adverse effect on the Series 1995-A Certificateholders and which continues
unremedied for a period of 60 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Seller by the Trustee, or to the Seller and the Trustee by the Holders of Series
1995-A Certificates evidencing Undivided Interests aggregating not less than 50%
of the Investor Amount, and continues to affect materially and adversely the
interests of the Series 1995-A Certificateholders for such period; or

          (b)  any representation or warranty made by Seller in the Agreement or
this Series Supplement, or any information contained in a computer file or
microfiche list required to be delivered by Seller pursuant to Section 2.1 or
2.6 of the 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 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the Seller
by the Trustee, or to the Seller and the Trustee by the Holders of the Series
1995-A Certificates evidencing Undivided Interests aggregating not less than 50%
of the Investor Amount, and as a result of which the interests of the Series
1995-A Certificateholders are materially and adversely affected and continue to
be materially and adversely affected for such period; provided, however, that a
Series Pay Out Event pursuant to this subsection 8(b) shall not be deemed to
have occurred hereunder if the Seller has accepted reassignment of the related
Receivable, or all of such Receivables, if applicable, during such period in
accordance with the provisions of the Agreement; or

          (c)  the average of the Portfolio Yields for any three consecutive
Monthly Periods is a rate which is less than the Base Rate; or

          (d)  the Seller shall fail to designate Additional Accounts the
Receivables of which will be Eligible Receivables, as required by subsection
2.6(a), and such failure shall continue for a period of five Business Days; or

          (e)  any Servicer Default shall occur which would have a material
adverse effect on the Holders of the Series 1995-A Certificates;

then, and in any such event described in subparagraph (a), (b) or (e), after the
applicable grace period set forth in such subparagraphs, either the Trustee or
the Holders of Series 1995-A Certificates evidencing Undivided Interests
aggregating more than 50% of the Investor Amount by notice then given in writing
to the Seller and the Servicer (and to the Trustee if given by the
Certificateholders) may declare that a pay out event (a "Series Pay Out Event")
has occurred as of the date of such notice and in the case of any event
described in subparagraph (c) or (d) a Series Pay Out Event shall occur without
any notice or other action on the part of the Trustee or the Certificateholders
immediately upon the occurrence of such event.  Notwithstanding the foregoing,
any failure of performance under subsection 8(a)(i) for a period of up to 60
calendar days with respect to an event described in clause (i) below or up to 15
calendar days with respect to an event described in clause (ii) below (in
addition to the five Business Days provided above) shall not constitute a Series
Pay Out Event for purposes of this sentence until the expiration of

                                      -25-
<PAGE>

such period, if such failure could not be prevented by the exercise of
reasonable diligence by the Seller and such failure was caused by (i) 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 or (ii) computer malfunction,
communication malfunction or other electronic system malfunction. The preceding
proviso shall not relieve the Seller or the Servicer from using all reasonable
efforts to perform its respective obligations in a timely manner in accordance
with the terms of this Agreement and any Supplement and the Seller shall provide
the Trustee and each Rating Agency with an Officer's Certificate giving prompt
notice of such failure, together with a description of its efforts to so perform
its obligations. Notice of any such Series Pay Out Event shall be given by the
Servicer to the Rating Agencies.

          SECTION 9.  Article I of Agreement. Article I of the Agreement shall
                      ----------------------
be amended (i) by inserting the following new definitions to Section 1.1 in
alphabetical order:

          "Bearer Certificate" shall have the meaning specified in Section 6.1.

          "Cedel" shall mean CEDEL societe anonyme.

          "Coupon" shall have the meaning specified in Section 6.1.

          "Definitive Euro-Certificates" shall have the meaning specified in
     Section 6.13.

          "Depositary" shall mean, with respect to any Series, the Person
     specified in the related Supplement in its capacity as depositary for the
     respective accounts of any Clearing Agency or any Foreign Clearing
     Agencies.

          "ERISA" shall mean the Employment Retirement Income Security Act of
     1974, as amended.

          "Euroclear Operator" shall mean Morgan Guaranty Trust Company of New
     York, Brussels office, as the operator of the Euroclear System.

          "Euro-Exchange Date" shall mean, with respect to any Series, any date
     that is after the Closing Date with respect to such Series, in the case of
     Definitive Euro-Certificates in registered form, or upon presentation of
     certification of non-United States beneficial ownership (as described in
     Section 6.13), in the case of Definitive Euro-Certificates in bearer form.

          "Foreign Clearing Agency" shall mean Cedel and the Euroclear Operator.

          "Global Certificate" shall have the meaning specified in Section 6.13.

                                      -26-
<PAGE>

          "Manager" shall mean lead manager, manager or co-manager or person
     performing a similar function with respect to an offering of Definitive
     Euro-Certificates.

          "Registered Certificate" shall have the meaning specified in Section
     6.1.

          "Registered Certificateholder" shall have the meaning specified in
     Section 6.3.

          "Securities Act" shall mean the Securities Act of 1933, as amended.

          "United States" shall mean the United States of America (including the
     States and the District of Columbia), its territories, its possessions and
     other areas subject to its jurisdiction.

          "U.S. Person" shall mean a citizen or resident of the United States, a
     corporation, partnership or other entity created or organized in or under
     the laws of the United States, or an estate or trust the income of which is
     subject to United States federal income taxation regardless of its source;
     and

          (ii) by deleting the definitions of "Certificate Register" and
"Investor Certificateholder" from Section 1.1 and inserting in lieu thereof the
following new definitions:

          "Certificate Register" shall mean the register maintained pursuant to
     Section 6.3, providing for the registration of the Registered Certificates
     and transfers and exchanges thereof.

          "Investor Certificateholder" shall mean the Holder of record of a
     Registered Certificate or the holder of any Bearer Certificate (or the
     Global Certificate, as the case may be) or Coupon.

Article I of the Agreement as so amended shall be applicable to Series 95-A and
to each other Series issued on or after the date hereof.

          SECTION 10. Article VI of Agreement. (a) Sections 6.1, 6.2, 6.3, 6.4,
                      -----------------------
6.5, 6.7 and 6.11 of the Agreement shall be amended and restated in their
entirety as follows and as amended and restated shall be applicable to Series
95-A and to each other Series issued on or after the date hereof:

          Section 6.1  The Certificates.  The Investor Certificates of each
                       ----------------
Series and any Class thereof may be issued in bearer form ("Bearer
Certificates") with attached interest coupons and any other coupon
(collectively, the "Coupons") or in fully registered form ("Registered
Certificates") and shall be substantially in the form of the exhibits with
respect thereto attached to the related Supplement.  The Exchangeable Seller
Certificate shall be substantially in the form of Exhibit A.  The Investor
                                                  ---------
Certificates and the Exchangeable Seller Certificate shall, upon issue, be
executed and delivered by the Trustee.  Except as otherwise

                                      -27-
<PAGE>

provided in any Supplement, Bearer Certificates shall be issuable in a minimum
denomination of $5,000 Undivided Interest and Registered Certificates shall be
issuable in a minimum denomination of $1,000 Undivided Interest and integral
multiples thereof, and the Investor Certificates of each Series shall be issued
upon initial issuance in an aggregate original principal amount equal to the
Initial Investor Amount of such Series. The Exchangeable Seller Certificate
shall be issued in one Certificate. Each Certificate shall be executed by manual
or facsimile signature on behalf of the Trustee by an authorized officer of the
Trustee. Certificates bearing the manual or facsimile signature of the
individual who was, at the time when such signature was affixed, authorized to
sign on behalf of the Trustee shall not be rendered invalid, notwithstanding
that such individual has ceased to be so authorized prior to the authentication
and delivery of such Certificates or does not hold such office at the date of
such Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication substantially in the form provided for herein
executed by or on behalf of the Trustee by the manual or facsimile signature of
a duly authorized signatory, and such certificate upon any Certificate shall be
conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. Bearer Certificates shall be dated the
related Closing Date. All Certificates (other than Bearer Certificates) shall be
dated the date of their authentication.

          Section 6.2  Authentication of Certificates.  Contemporaneously with
                       ------------------------------
the initial transfer of the Receivables, whether now existing or hereafter
acquired (other than Receivables in Additional Accounts) and the other
components to the Trust, the Trustee shall authenticate and deliver the initial
Series of Investor Certificates.  The Trustee shall deliver the Exchangeable
Seller Certificate to Seller simultaneously with its delivery to or upon the
order of Seller of the initial Series of Investor Certificates.  The
Certificates shall be duly authenticated by or on behalf of the Trustee, and
together shall evidence the entire ownership of the Trust.  If specified in the
related Supplement for any Series, the Trustee shall authenticate the Global
Certificate that is issued upon original issuance of such Series and deliver it
outside of the United States.

          Section 6.3  Registration of Transfer and Exchange of Certificates.
                       -----------------------------------------------------
(a) The Trustee shall cause to be kept at the office or agent to be maintained
by a transfer agent and registrar (the "Transfer Agent and Registrar") in
accordance with the provisions of Section 11.16 a register (the "Certificate
Register") in which, subject to such reasonable regulations as it may prescribe,
the Transfer Agent and Registrar shall provide for the registration of the
Registered Certificates and of transfers and exchanges of the Registered
Certificates as herein provided.  The Trustee is hereby initially appointed
Transfer Agent and Registrar for the purpose of registering the Registered
Certificates and transfers and exchanges of the Registered Certificates as
herein provided.  The Trustee shall be permitted to resign as Transfer Agent and
Registrar upon 30 days written notice to Seller.  In the event that the Trustee
shall no longer be the Transfer Agent and Registrar, the Trustee shall appoint a
successor Transfer Agent and Registrar.  The Seller may appoint any co-transfer
agent and co-registrar acceptable to the Trustee.  Any reference in this
Agreement to the Transfer Agent and Registrar shall include any co-transfer
agent and co-registrar unless the context requires otherwise.

                                      -28-
<PAGE>

          Upon surrender for registration of transfer of any Registered
Certificate of any Series at any office or agency of the Transfer Agent and
Registrar maintained for such purpose, the Trustee shall execute, authenticate
and deliver, in the name of the designated transferee or transferees, one or
more new Registered Certificates of such Series in authorized denominations of
like aggregate Undivided Interests.

          At the option of a holder of a Registered Certificate (a "Registered
Certificateholder"), Registered Certificates of any Series may be exchanged for
other Registered Certificates of the same series and authorized denominations of
like Undivided Interests, upon surrender of the Registered Certificates to be
exchanged at any such office or agency. Registered Certificates, including
Registered Certificates received in exchange for Bearer Certificates, may not be
exchanged for Bearer Certificates. At the option of the Holder of a Bearer
Certificate, subject to applicable laws and regulations, Bearer Certificates may
be exchanged for other Bearer Certificates or Registered Certificates of the
same Series and authorized denominations of like Undivided Interests, upon
surrender of the Bearer Certificates to be exchanged at an office or agency of
the Transfer Agent and Registrar located outside the United States. Each Bearer
Certificate surrendered pursuant to this Section shall have attached thereto all
unmatured Coupons; provided that any Bearer Certificate so surrendered after the
close of business on the Record Date preceding the relevant payment date or
distribution date after the expected final payment date need not have attached
the Coupon relating to such payment date or distribution date (in each case, as
specified in the related Supplement).

          Whenever any Investor Certificates are so surrendered for exchange the
Trustee shall execute and authenticate and the Transfer Agent and Registrar
shall deliver (in the case of Bearer Certificates, outside the United States)
the Investor Certificates which the Certificateholder making the exchange is
entitled to receive. Every Investor Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in a form satisfactory to the Trustee and the Transfer
Agent and Registrar duly executed by the Certificateholder thereof or his
attorney duly authorized in writing.

          No service charge shall be made for any registration of transfer or
exchange of Investor Certificates, but the Transfer Agent and Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange of Investor
Certificates.

          All Investor Certificates (together with any Coupons) surrendered for
registration of transfer and exchange shall be canceled and disposed of in a
manner satisfactory to Seller and the Trustee.  The Trustee shall cancel and
destroy any Global Certificate upon its exchange in full for Definitive Euro-
Certificates and shall deliver a certificate of destruction to the Seller. Such
certificate shall also state that a certificate or certificates of a Foreign
Clearing Agency to the effect referred to in Section 6.13 was received with
respect to each portion of the Global Certificate exchanged for Definitive Euro-
Certificates.

                                      -29-
<PAGE>

          (b)  It is the understanding of the parties to this Agreement that
FCNB has particular expertise in performing the functions given by this
Agreement to the Servicer and that the Investor Certificateholders will be
purchasing Certificates relying on its exercising such expertise in performing
such functions. As provided in Sections 8.5 and 8.7, the Servicer is not
permitted to resign, except as otherwise permitted in such sections. Except as
provided in Section 7.2, the Exchangeable Seller Certificate, or any interest
therein, shall not be transferred, assigned, exchanged, or otherwise transferred
other than from Seller to any of its Affiliates.

          (c)  The Transfer Agent and Registrar will maintain its expense in the
Borough of Manhattan, The City of New York, and, if and so long as any Series or
Class is listed on the Luxembourg Stock Exchange, Luxembourg, an office or
offices or agency or agencies where Investor Certificates may be surrendered for
registration of transfer or exchange (except that Bearer Certificates may not be
surrendered for exchange at any such office or agency in the United States).

          (d)  Registration of transfer of Investor Certificates containing the
legend substantially to the effect set forth on Exhibit I-1 shall be effected
only if such transfer (x) is made pursuant to an effective registration
statement under the Securities Act, or is exempt from the registration
requirements under the Securities Act, and (y) is made to a Person which is not
an employee benefit plan, trust or account, including an individual retirement
account, that is subject to ERISA or that is described in Section 4975(e)(1) of
the Internal Revenue Code or an entity whose underlying assets include plan
assets by reason of a plan's investment in such entity (a "Benefit Plan").  In
the event that registration of a transfer is made in reliance upon an exemption
from the registration requirements under the Securities Act, the transferor or
the transferee shall deliver, at its expense, to the Seller, the Servicer and
the Trustee an investment letter substantially in the form of the investment and
ERISA representation letter attached hereto as Exhibit I-2, and no registration
of transfer shall be made until such letter is so delivered.

          Investor Certificates issued upon registration or transfer of, or
Investor Certificates issued in exchange for, Investor Certificates bearing the
legend referred to above shall also bear such legend unless the Seller, the
Servicer, the Trustee and the Transfer Agent and Registrar receive an opinion of
counsel satisfactory to each of them, to the effect that such legend may be
removed.

          Whenever an Investor Certificate containing the legend referred to
above is presented to the Transfer Agent and Registrar for registration of
transfer, the Transfer Agent and Registrar shall promptly seek instructions from
the Servicer regarding such transfer and shall be entitled to receive
instructions from the Servicer prior to registering any such transfer.

          Section 6.4  Mutilated, Destroyed, Lost or Stolen Certificates.  If
                       -------------------------------------------------
(a) any mutilated Certificate (together, in the case of Bearer Certificates,
with all unmatured Coupons (if any) appertaining thereto) is surrendered to the
Transfer Agent and Registrar, and the Transfer Agent and Registrar receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the Transfer Agent and Registrar and
the Trustee such

                                      -30-
<PAGE>

security or indemnity as may be required by them (which unsecured agreement of
indemnity by an institutional Certificateholder shall be sufficient for such
purposes) to save each of them harmless, then, in the absence of notice to the
Trustee that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute and the Transfer Agent and Registrar shall deliver (in the
case of Bearer Certificates, outside the United States), in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and aggregate Undivided Interest. In connection with
the issuance of any new Certificate under this Section 6.4, the Trustee or the
Transfer Agent and Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee
and the Transfer Agent and Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section 6.4 shall constitute complete and
indefeasible evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

          Section 6.5  Persons Deemed Owners.  The Trustee and the Paying
                       ---------------------
Agent, the Transfer Agent and Registrar and any agent of any of them may (a)
prior to due presentation of a Registered Certificate for registration of
transfer, treat the person in whose name any Registered Certificate is
registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Article V (as described in any Supplement) and for all
other purposes whatsoever, and (b) treat the bearer of a Bearer Certificate or
Coupon as the owner of such Bearer for the purpose of receiving distributions
pursuant to the terms of the related Supplement and for all other purposes
whatsoever; and, in any such case, neither the Trustee and the Paying Agent, the
Transfer Agent and Registrar nor any agent of any of them shall be affected by
any notice to the contrary; provided, however, that in determining whether the
holders of Investor Certificates evidencing the requisite Undivided Interests
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Investor Certificates owned by Seller, the Servicer or any
Affiliate thereof shall be disregarded and deemed not to be outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Investor Certificates which a Responsible Officer in the Corporate Trust Office
of the Trustee knows to be so owned shall be so disregarded. Investor
Certificates so owned which have been pledged in good faith shall not be
disregarded and may be regarded as outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Investor Certificates and that the pledgee is not Seller, the Servicer or an
Affiliate thereof.

          Section 6.7  Access to List of Certificateholders' Names and
                       -----------------------------------------------
Addresses.  The Trustee will furnish or cause to be furnished by the Transfer
---------
Agent and Registrar to the Servicer or the Paying Agent, within five Business
Days after receipt by the Trustee of a request therefor from the Servicer or the
Paying Agent, respectively, in writing, a list in such form as the servicer or
the Paying Agent may reasonably require, of the names and addresses of the
Registered Certificateholders as of the most recent Record Date for payment of
distributions to Investor Certificateholders.  If Holders of Investor
Certificates (the "Applicants") evidencing Undivided Interests aggregating not
less than 10% of the Investor Amount of the Investor Certificates of any Series
apply in writing to the Trustee, and such application states that the Applicants
desire

                                      -31-
<PAGE>

to communicate with other Investor Certificateholders of any Series with respect
to their rights under this Agreement or under the Investor Certificates and is
accompanied by a copy of the communication which such Applicants propose to
transmit, then the Trustee, after having been adequately indemnified by the
Seller for its costs and expenses, shall afford or shall cause the Transfer
Agent and Registrar to afford such Applicants access during normal business
hours to the most recent list of Registered Certificateholders held by the
Trustee and shall give the Servicer notice that such request has been made,
within five Business Days after the receipt of such application. Such list shall
be as of a date no more than 45 days prior to the date of receipt of such
Applicants' request. Every Registered Certificateholder, by receiving and
holding a Registered Certificate, agrees with the Trustee that neither the
Trustee, the Transfer Agent and Registrar, nor any of their respective agents
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Registered Certificateholders hereunder,
regardless of the source from which such information was obtained.

          Section 6.11  Definitive Certificates Initially Issued as Book-Entry
                        ------------------------------------------------------
Certificates. If Book-Entry Certificates have been issued with respect to any
------------
Series and (i)(A) Seller advises the Trustee in writing that the Clearing Agency
is no longer willing or able properly to discharge its responsibilities under
the related Depository Agreement, and (B) the Trustee or Seller is unable to
locate a qualified successor, (ii) Seller, at its option, advises the Trustee in
writing that it elects to terminate the book-entry system through such Clearing
Agency or (iii) after the occurrence of a Servicer Default, Certificate Owners
of a Series representing beneficial interests aggregating not less than 50% of
the Investor Amount of a Series advise the Trustee and the related Clearing
Agency through the related Clearing Agency Participants in writing that the
continuation of a book-entry system through such Clearing Agency is no longer in
the best interests of the Certificate Owners, the Trustee shall notify all
Certificate Owners of such Series through such Clearing Agency, of the
occurrence of any such event and of the availability of Definitive Certificates
to Certificate Owners requesting the same. Upon surrender to the Trustee of the
Investor Certificates of such Series by the related Clearing Agency, accompanied
by registration instructions from the related Clearing Agency for registration,
the Trustee shall issue the Definitive Certificates of such Series. Neither
Seller nor the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates of such Series
all references herein to obligations imposed upon or to be performed by the
Clearing Agency shall be deemed to be imposed upon and performed by the Trustee,
to the extent applicable with respect to such Definitive Certificates and the
Trustee shall recognize the Holders of the Definitive Certificates of such
Series as Certificateholders of such Series hereunder.

          (b)  Article VI of the Agreement shall be amended by adding the
following new Section 6.13 and as amended shall be applicable to Series 95-A and
to each other Series issued on or after the date hereof:

          Section 6.13  Global Certificate; Exchange Date.  (a)  If specified in
                        ---------------------------------
the related Supplement for any Series, the Investor Certificates for such Series
or any Class thereof will initially be issued in the form of a single temporary
global Certificate (the "Global Certificate")

                                      -32-
<PAGE>

in bearer form, without interest coupons, in the denomination of the Initial
Investor Amount of such Series or initial investor amount of such Class, as the
case may be, substantially in the form of the exhibits with respect thereto
attached to the related Supplement. The Global Certificate will be executed and
authenticated by the Trustee upon the same conditions, in substantially the same
manner and with the same effect as the Definitive Certificates. The Global
Certificate may be exchanged as described below for Bearer or Registered
Certificates in definitive form (the "Definitive Euro-Certificates").

          (b) The Manager shall upon its determination of the date of completion
of the distribution of Investor Certificates of any Series or Class initially
issued in the form of a Global Certificate so advise the Trustee, the Seller,
the Depositories, and each Foreign Clearing Agency. Without unnecessary delay,
but in any event not prior to the Euro-Exchange Date, the Trustee will execute
and authenticate and the Transfer Agent and Registrar will deliver at its London
office or its designated agent outside the United States definitive Bearer
Certificates in an aggregate principal amount equal to the Initial Investor
Amount of such Series or initial investor amount of such Class, as the case may
be. All Bearer Certificates so issued and delivered will have Coupons attached.
The Global Certificate may be exchanged for any equal aggregate principal amount
of Definitive Euro-Certificates only on or after the Euro-Exchange Date. An
institutional investor that is a U.S. Person may exchange the portion of the
Global Certificate beneficially owned by it only for any equal aggregate
principal amount of Registered Certificates bearing the applicable legend set
forth in the form of the Registered Certificate attached to the related
Supplement and having a minimum denomination of $500,000, which may be in
temporary form if the Seller so elects. The Seller may waive the $500,000
minimum denomination required if it so elects. Upon any demand for exchange for
Definitive Euro-Certificates in accordance with this paragraph, the Seller shall
cause the Trustee to authenticate and deliver the Definitive Euro-Certificates
to the Holder (x) outside the United States, in the case of Bearer Certificates,
and (y) according to the instructions of the Holder, in the case of Registered
Certificates, but, in either case, only upon presentation to the Trustee of a
written statement substantially in the form of Exhibit J-1 with respect to the
Global Certificate or portion thereof being exchanged by a Foreign Clearing
Agency and dated on the Euro-Exchange Date or a subsequent date, to the effect
that it has received in writing or by tested telex a certification substantially
in the form of (i) in the case of beneficial ownership of the Global Certificate
or a portion thereof being exchanged by a United States institutional investor
pursuant to the second preceding sentence, the certificate in the form of
Exhibit J-2 signed by the Manager which sold the relevant Certificates or (ii)
in all other cases, the certificate in the form of Exhibit J-3, the certificate
referred to in this clause (ii) being dated on the earlier of the first actual
payment of interest in respect of such Certificates and the date of the delivery
of such Certificates in definitive form. Upon receipt of such certification, the
Trustee shall cause the Global Certificate to be endorsed in accordance with
paragraph (d) below. Any exchange as provided in this Section shall be made free
of charge to the holders and beneficial owners of the Definitive Euro-
Certificates issued in exchange, except that a person receiving Definitive Euro-
Certificates must bear the cost of insurance, postage, transportation and the
like in the event that such person does not receive such Definitive Euro-
Certificates in person at the offices of a Foreign Clearing Agency.

                                      -33-
<PAGE>

          (c)  The delivery to the Trustee by a Foreign Clearing Agency of any
written statement referred to above may be relied upon by the Seller and the
Trustee as conclusive evidence that a corresponding certification or
certifications has or have been delivered to such Foreign Clearing Agency
pursuant to the terms of this Agreement.

          (d)  Upon any such exchange of all or a portion of the Global
Certificate for a Definitive Euro-Certificate or Certificates, such Global
Certificate shall be endorsed by or on behalf of the Trustee to reflect the
reduction of its principal amount by an amount equal to the aggregate principal
amount of such Definitive Euro-Certificate or Certificates.  Until so exchanged
in full, such Global Certificate shall in all respects be entitled to the same
benefits under this Agreement as Definitive Euro-Certificates authenticated and
delivered hereunder except that the beneficial owners of such Global Certificate
shall not be entitled to receive payments of interest on the Certificates until
they have exchanged their beneficial interests in such Global Certificate for
Definitive Euro-Certificates.

          SECTION 11.  Exhibits to Agreement. The Agreement shall be amended
                       ---------------------
by adding Exhibits I and J thereto in the forms of Exhibits F and G hereto.

          SECTION 12.  Terms Change Condition.  FCNB will not make any change
                       ----------------------
in the basic terms of the Charge Account Agreements in respect of the Accounts
that would cause the minimum monthly payment specified therein (i) to be less
than $10 (or the remaining balance, if less) unless the Rating Agency Condition
is satisfied with respect thereto or (ii) to be less than $15 (or the remaining
balance, if less) unless either the Rating Agency Condition is satisfied with
respect thereto or the Terms Change Enhancement Increase Condition is satisfied
with respect thereto (the "Terms Change Condition").  For purposes of this
Section 12, credit based promotions, including, without limitation, deferred
billing arrangements, skip payment programs and payment holidays shall not be
deemed to be a change in the basic terms of the Charge Account Agreements so
long as (i) the terms on which FCNB provides such promotions to the relevant
merchant are at least as favorable to FCNB (as determined in good faith by FCNB)
as FCNB would obtain in a comparable arm's length transaction with a merchant
that is not an Affiliate of FCNB and (ii) the allocable share of any related
merchant subsidy payments for any Monthly Period are paid by FCNB to the Trust
on an "as earned" basis. For purposes of the preceding sentence, the share of
such subsidy payments allocable to the Trust during any Monthly Period shall be
based upon FCNB's good faith estimate (which shall be final and binding for all
purposes of the Agreement) of the portion thereof allocable to the Accounts for
such period. Any such payment shall be made by FCNB on the Determination Date
following the Monthly Period in which such payments are earned and shall be
treated for all purposes of the Agreement (including, without limitation, for
purposes of calculating Portfolio Yield) as Finance Charge Collections for such
Monthly Period.

          SECTION 13.  Permitted Successor Servicer.  With respect to Series
                       ----------------------------
1995-A, any financial institution which does not qualify as a permitted
Successor Servicer under Section 10.2 of the Agreement shall qualify as a
permitted Successor Servicer if approved by the Holders of

                                      -34-
<PAGE>

Certificates evidencing Undivided Interests aggregating more than 50% of the sum
of the Class A Investor Amount and the Class B Investor Amount.

          SECTION 14. Successors and Assigns. This Series Supplement shall be
                      ----------------------
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that the Seller may not assign or transfer any of
its rights under this Series Supplement without the prior written consent of the
Holders of Certificates evidencing Undivided Interests aggregating more than 50%
of the sum of the Class A Investor Amount and the Class B Investor Amount.

          SECTION 15. Final Distribution.  Written notice of any termination,
                      ------------------
specifying the Distribution Date upon which the Series 1995-A Certificateholders
may surrender their Series 1995-A Certificates for payment of the final
distribution and cancellation shall be given by the Trustee not later than the
60th day immediately preceding the Distribution Date on which final payment of
the Series 1995-A Certificates shall be made.

          SECTION 16. Constituent Class C Certificates. (a) Subject to the
                      --------------------------------
satisfaction of the conditions set forth in subsection 16(c), the Class C
Certificateholders may at any time and from time to time (i) subdivide the Class
C Certificates into two or more subsidiary certificates, or (ii) reallocate all
or any portion of the amounts distributable to the Class C Certificateholders
pursuant to Article IV and Section 5.1 to any other Certificateholder.  In
connection with such subdivision, the Seller may assign an interest rate to
Class C Certificates or a portion thereof. Upon presentation to the Trustee and
the Paying Agent of documentation satisfactory to the Trustee (to which the
Trustee may be a party, if requested by the Seller) reallocating payments with
respect to the Class C Certificates, the Trustee shall pay amounts due hereunder
to the Class C Certificateholders to the holders of such constituent
certificates or such other Certificateholder, as the case may be, pursuant to
the terms of such documentation.

          (b) The documentation referred to in subsection (a) of this Section 16
shall set forth the rights of the holders of the certificates or other interests
issued thereby with respect to the approval of amendments and waivers pursuant
to Section 17.

          (c) As a condition precedent to the subdivision of any Class C
Certificates pursuant to this Section 16, (A) the Trustee and the Seller shall
have received an opinion of Rooks, Pitts and Poust or other outside tax counsel
to the effect that (i) the certificates issued and sold to third parties will be
characterized as indebtedness or an interest in a partnership (not taxable as a
corporation) for federal income tax purposes, (ii) the subdivision will not
cause outstanding Class A Certificates and Class B Certificates to be
characterized as other than indebtedness for federal income tax purposes and
(iii) the subdivision will not be treated as a taxable sale, exchange or other
disposition for federal income tax purposes, (B) in the reasonable belief of the
Seller, as evidenced by an Officer's Certificate, such subdivision would not
cause a Pay Out Event with respect to the Series 1995-A to occur, or an event
which, with notice or lapse of time or both, would constitute a Pay Out Event
with respect to the Series 1995-A, and (C) the Rating Agency Condition shall
have been satisfied.

                                      -35-
<PAGE>

          SECTION 17.  Amendments.  Solely with respect to any amendment
                       ----------
pursuant to subsection 13.1(b) of the Agreement and any consent required
pursuant thereto from the Holders of Series 1995-A Certificates, this Series
Supplement and the Agreement may be amended from time to time by the Servicer,
the Seller and the Trustee with the consent of the Holders of Series 1995-A
Certificates evidencing Undivided Interests aggregating (x) more than 50% of the
Investor Amount (excluding any portion of the Investor Amount held by Spiegel or
any of its Affiliates) and (y) more than 50% of each of the Class A Investor
Amount, the Class B Investor Amount and the Class C Investor Amount to the
extent that such classes would be adversely affected, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Series Supplement or the Agreement or of modifying in any manner the
rights of the Certificateholders of any class of the Series 1995-A Certificates
then issued and outstanding; provided, however, that no such amendment under
this Section 17 shall (i) reduce in any manner the amount of, or delay the
timing of, distributions which are required to be made on any Certificate of any
class without the consent of all of the related Certificateholders; (ii) change
the definition of or the manner of calculating the interest of any Certificate
of any class without the consent of the related Certificateholders or (iii)
reduce the aforesaid percentage required to consent to any such amendment, in
each case without the consent of all such Certificateholders.

          SECTION 18.  Effectiveness.  This Series Supplement shall become
                       -------------
effective as of the day and year first above written.

          SECTION 19.  Ratification of Agreement.  As amended and supplemented
                       -------------------------
by this Series Supplement, the Agreement is in all respects ratified and
confirmed and the Agreement as so amended and supplemented by this Series
Supplement shall be read, taken and construed as one and the same instrument.

          SECTION 20.  Counterparts.  This Series Supplement may be executed
                       ------------
in any number of counterparts, each of which so executed shall be deemed to be
an original, but all of such counterparts shall together constitute but one and
the same instrument.

          SECTION 21.  Governing Law.  This Series Supplement shall be
                       -------------
construed in accordance with the laws of the State of Illinois, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

                                      -36-
<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Series 1995-A
Supplement to be duly executed by their respective officers as of the day and
year first above written.

                                       SPIEGEL CREDIT CORPORATION III

                                       By: /s/ John R. Steele
                                          ------------------------------------

                                       Title:  Treasurer
                                             ---------------------------------

                                       FIRST CONSUMERS NATIONAL BANK

                                       By: /s/ John R. Steele
                                          ------------------------------------

                                       Title: Treasurer
                                             ---------------------------------

                                       HARRIS TRUST AND SAVINGS BANK

                                       By: /s/ J. Bartol
                                          ------------------------------------

                                       Title:  Vice President
                                             ---------------------------------

                                      -37-
<PAGE>

                                   EXHIBIT A
                                      to
                           SERIES 1995-A SUPPLEMENT

                   FORM OF SERIES 1995-A CLASS A CERTIFICATE

No._________                                                     $______________

                             SPIEGEL MASTER TRUST
                       SERIES 1995-A CLASS A CERTIFICATE

Evidencing an undivided interest in a trust originated by Spiegel Credit
Corporation III ("SCC"), the corpus of which consists of a portfolio of
receivables created under charge accounts originated by First Consumers National
Bank ("FCNB") or Spiegel, Inc. ("Spiegel") and other assets and interests
constituting the trust under the Pooling and Servicing Agreement described
below.

                     (Not an interest in or obligation of
                             FCNB, SCC or Spiegel)

          This certifies that ________________________ (the "Class A
Certificateholder") is the registered owner of an undivided interest in a trust
(the "Trust"), the corpus of which consists of a portfolio of receivables (the
"Receivables") now existing or hereafter created under selected charge accounts
originated by FCNB or Spiegel and acquired by SCC from FCNB and Spiegel
Acceptance Corporation ("SAC") pursuant to a Receivables Purchase Agreement,
dated as of September 20, 1994, among SCC, FCNB and SAC, as amended, and
transferred by SCC to the Trust, all monies due or to become due with respect
thereto and the other assets and interests constituting the Trust pursuant to an
Amended and Restated Pooling and Servicing Agreement, dated as of December 13,
1994, as amended and supplemented by the Series 1995-A Supplement thereto and
the Transfer Agreement No. 1 of Receivables in Additional Accounts, dated March
16, 1995 (collectively, the "Pooling and Servicing Agreement"), among SCC, FCNB
and Harris Trust and Savings Bank, as trustee.

          THIS CLASS A CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, FCNB, SCC OR SPIEGEL, AND NONE OF THIS CERTIFICATE, THE RECEIVABLES
AND THE ACCOUNTS IS INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL
AGENCY. THIS CLASS A CERTIFICATE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN
COLLECTIONS RESPECTING THE RECEIVABLES, ALL AS MORE SPECIFICALLY SET FORTH IN
THE POOLING AND SERVICING AGREEMENT.
<PAGE>

          SCC has structured the Pooling and Servicing Agreement and the Series
1995-A Certificates with the intention that the Series 1995-A Class A
Certificates will qualify under applicable tax law as indebtedness, and each
Class A Certificateholder by acceptance of its Series 1995-A Certificate agrees
to treat, and to take no action inconsistent with the treatment of, the Class A
Certificates for purposes of federal, state and local income or franchise taxes
and any other tax imposed on or measured by income, as indebtedness.

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

          This Certificate is one of a series of Certificates entitled "Spiegel
Master Trust Series 1995-A Certificates" (the "Series 1995-A Certificates"),
consisting of three classes, the Series 1995-A Class A Certificates (the "Class
A Certificates"), the Series 1995-A Class B Certificates (the "Class B
Certificates") and the Series 1995-A Class C Certificates (the "Class C
Certificates"), each of which represents an undivided interest in the Trust,
including the right to receive the Collections and other amounts at the times
and in the amounts specified in the Pooling and Servicing Agreement to be
deposited in the Collection Account or the Series Accounts maintained for the
benefit of such Investor Certificates or paid to the Series 1995-A
Certificateholders. This Certificate is one of the Class A Certificates. The
Class B Certificates and Class C Certificates are subordinated in right of
payment to the Class A Certificates. The Exchangeable Seller Certificate
represents the interest in the remaining undivided interest in the Trust not
represented by all Series of Investor Certificates issued by the Trust. The
Exchangeable Seller Certificate may be exchanged by SCC pursuant to the Pooling
and Servicing Agreement for a newly issued Series of Investor Certificates and a
reissued Exchangeable Seller Certificate upon the conditions set forth in the
Pooling and Servicing Agreement.

          Class A Certificate Interest will be distributed monthly on the
fifteenth Business Day of each calendar month (a "Distribution Date"). In the
case of the first interest payment, interest will accrue from the date of
issuance and in the case of subsequent interest payments, interest will accrue
from the preceding Distribution Date, in each case to but excluding the date of
payment thereof (an "Accrual Period"). Class A Certificate Interest accrued
during the Accrual Period will be distributed to the Class A Certificateholder
of record as of the close of business on the last Business Day of the month
preceding the related Distribution Date. During the Amortization Period,
Certificate Principal will be distributed to the Class A Certificateholder on
the Distribution Date of each calendar month commencing on the October, 1999
Distribution Date or earlier in the event of the occurrence of a Pay Out
Commencement Date.

          The transfer of this Class A Certificate shall be registered in the
Certificate Register upon surrender of this Class A Certificate for registration
of transfer at any office or

                                      -2-
<PAGE>

agency maintained by the Transfer Agent and Registrar accompanied by a written
instrument of transfer in a form satisfactory to the Trustee and the Transfer
Agent and Registrar duly executed by the Class A Certificateholder or such Class
A Certificateholder's attorney duly authorized in writing, and thereupon one or
more new Class A Certificates of authorized denominations and for the same
aggregate Undivided Interests will be issued to the designated transferee or
transferees.

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

          The obligations in favor of this Class A Certificate created by the
Pooling and Servicing Agreement shall terminate on the earlier of (i) the date
after which funds shall have been deposited in the Distribution Account
sufficient to pay the Class A Investor Amount plus Class A Certificate Interest
accrued through the date of distribution thereof and (ii) the day on which final
payment is made on the Class A Certificates, but in no event later than the
September, 2004 Distribution Date.

          Upon the termination of the Trust pursuant to Section 12.1 of the
Pooling and Servicing Agreement and the surrender of the Exchangeable Seller
Certificate, the Trustee shall return to the holder of the Exchangeable Seller
Certificate (without recourse, representation or warranty) all right, title and
interest of the Trust in, to and under the Receivables, whether then existing or
thereafter created, and all monies due or to become due with respect thereto
(including all accrued interest theretofore posted as Finance Charge
Receivables), all proceeds thereof and Insurance Proceeds relating thereto
except for amounts held by the Trustee pursuant to Section 12.3(b) of the
Pooling and Servicing Agreement. The Trustee shall execute and deliver such
instruments of transfer and assignment, in each case without recourse, as shall
be reasonably requested by the holder of the Exchangeable Seller Certificate to
vest in it all right, title and interest which the Trust had in the Receivables.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual or facsimile signature of a duly
authorized signatory, this Class A Certificate shall not be entitled to any
benefit under the Pooling and Servicing Agreement or be valid for any purpose.

                                      -3-
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Class A Certificate to
be duly executed under its official seal.

                                        HARRIS TRUST AND SAVINGS BANK,
                                             as Trustee

                                        By:__________________________________
                                             Vice President

[Seal]

Attested to:

By:________________________________
     Assistant Secretary

Date:

                                      -4-
<PAGE>

                    Trustee's Certificate of Authentication

          This is one of the Series 1995-A Class A Certificates referred to in
the within-mentioned Pooling and Servicing Agreement.

                                       HARRIS TRUST AND SAVINGS BANK,
                                            as Trustee

                                       By:_____________________________________
                                                 Authorized Officer
<PAGE>

                                   EXHIBIT B
                                      to
                           SERIES 1995-A SUPPLEMENT

                   FORM OF SERIES 1995-A CLASS B CERTIFICATE

No._____________                                       $____________________

                              SPIEGEL MASTER TRUST
                       SERIES 1995-A CLASS B CERTIFICATE

Evidencing a subordinated undivided interest in a trust originated by Spiegel
Credit Corporation III ("SCC"), the corpus of which consists of a portfolio of
receivables created under charge accounts originated by First Consumers National
Bank ("FCNB") or Spiegel, Inc. ("Spiegel") and other assets and interests
constituting the trust under the Pooling and Servicing Agreement described
below.

                     (Not an interest in or obligation of
                             FCNB, SCC or Spiegel)

          This certifies that __________________ (the "Class B
Certificateholder") is the registered owner of an undivided interest in a trust
(the "Trust"), the corpus of which consists of a portfolio of receivables (the
"Receivables") now existing or hereafter created under selected charge accounts
originated by FCNB or Spiegel and acquired by SCC from FCNB and Spiegel
Acceptance Corporation ("SAC") pursuant to a Receivables Purchase Agreement,
dated as of September 20, 1994, among SCC, FCNB and SAC, as amended, and
transferred by SCC to the Trust, all monies due or to become due with respect
thereto and the other assets and interests constituting the Trust pursuant to an
Amended and Restated Pooling and Servicing Agreement, dated as of December 13,
1994, as amended and supplemented by the Series 1995-A Supplement thereto and
the Transfer Agreement No. 1 of Receivables in Additional Accounts, dated March
16, 1995 (collectively, the "Pooling and Servicing Agreement"), among SCC, FCNB
and Harris Trust and Savings Bank, as trustee.

          THIS CLASS B CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, FCNB, SCC OR SPIEGEL, AND NONE OF THIS CERTIFICATE, THE RECEIVABLES
AND THE ACCOUNTS IS INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL
AGENCY.  THIS CLASS B CERTIFICATE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN
COLLECTIONS RESPECTING THE RECEIVABLES AND IS EXPRESSLY
<PAGE>

SUBORDINATED TO THE CLASS A CERTIFICATES, ALL AS MORE SPECIFICALLY SET FORTH IN
THE POOLING AND SERVICING AGREEMENT.

          SCC has structured the Pooling and Servicing Agreement and the Series
1995-A Certificates with the intention that the Series 1995-A Class B
Certificates will qualify under applicable tax law as indebtedness, and each
Class B Certificateholder by acceptance of its Series 1995-A Certificate agrees
to treat, and to take no action inconsistent with the treatment of, the Series
1995-A Class B Certificates for purposes of federal, state and local income or
franchise taxes and any other tax imposed on or measured by income, as
indebtedness.

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

          This Certificate is one of a series of Certificates entitled "Spiegel
Master Trust Series 1995-A Certificates" (the "Series 1995-A Certificates"),
consisting of three classes, the Series 1995-A Class A Certificates (the "Class
A Certificates"), the Series 1995-A Class B Certificates (the "Class B
Certificates") and the Series 1995-A Class C Certificates (the "Class C
Certificates"), each of which represents an undivided interest in the Trust,
including the right to receive the Collections and other amounts at the times
and in the amounts specified in the Pooling and Servicing Agreement to be
deposited in the Collection Account or the Series Accounts maintained for the
benefit of such Investor Certificates or paid to the Series 1995-A
Certificateholders. This Certificate is one of the Class B Certificates. The
Class B Certificates are subordinate in right of payment to the Class A
Certificates. The Exchangeable Seller Certificate represents the interest in the
remaining undivided interest in the Trust not represented by all Series of
Investor Certificates issued by the Trust. The Exchangeable Seller Certificate
may be exchanged by SCC pursuant to the Pooling and Servicing Agreement for a
newly issued Series of Investor Certificates and a reissued Exchangeable Seller
Certificate upon the conditions set forth in the Pooling and Servicing
Agreement.

     Class B Certificate Interest will be distributed monthly on the fifteenth
Business Day of each calendar month (a "Distribution Date"). In the case of the
first interest payment, interest will accrue from the date of issuance and in
the case of subsequent interest payments, interest will accrue from the
preceding Distribution Date, in each case to but excluding the date of payment
thereof (an "Accrual Period"). Class B Certificate Interest accrued during the
Accrual Period will be distributed to the Class B Certificateholder of record as
of the close of business on the last Business Day of the month preceding the
related Distribution Date. Certificate Principal will be distributed to the
Class B Certificateholder on the Distribution Date of each calendar month
commencing with the first Distribution Date occurring on or after the Class B
Principal Payment Commencement Date.

                                      -2-
<PAGE>

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

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

          The obligations in favor of this Class B Certificate created by the
Pooling and Servicing Agreement shall terminate on the earlier of (i) the date
after which funds shall have been deposited in the Distribution Account
sufficient to pay the Class B Investor Amount plus Class B Certificate Interest
accrued through the date of distribution thereof and (ii) the day on which final
payment is made on the Class B Certificates, but in no event later than the
September, 2004 Distribution Date.

          Upon the termination of the Trust pursuant to Section 12.1 of the
Pooling and Servicing Agreement and the surrender of the Exchangeable Seller
Certificate, the Trustee shall return to the holder of the Exchangeable Seller
Certificate (without recourse, representation or warranty) all right, title and
interest of the Trust in, to and under the Receivables, whether then existing or
thereafter created, and all monies due or to become due with respect thereto
(including all accrued interest theretofore posted as Finance Charge
Receivables), all proceeds thereof and Insurance Proceeds relating thereto
except for amounts held by the Trustee pursuant to Section 12.3(b) of the
Pooling and Servicing Agreement. The Trustee shall execute and deliver such
instruments of transfer and assignment, in each case without recourse, as shall
be reasonably requested by the holder of the Exchangeable Seller Certificate to
vest in it all right, title and interest which the Trust had in the Receivables.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual or facsimile signature of a duly
authorized signatory, this Class B Certificate shall not be entitled to any
benefit under the Pooling and Servicing Agreement or be valid for any purpose.

                                      -3-
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Class B Certificate to
be duly executed under its official seal.

                                       HARRIS TRUST AND SAVINGS BANK,
                                            as Trustee

                                       By:____________________________________
                                            Vice President

[Seal]

Attested to:

By:_____________________________
     Assistant Secretary

Date:

                                      -4-
<PAGE>

                    Trustee's Certificate of Authentication

          This is one of the Series 1995-A Class B Certificates referred to in
the within-mentioned Pooling and Servicing Agreement.

                                       HARRIS TRUST AND SAVINGS BANK,
                                            as Trustee

                                       By:_____________________________________
                                             Authorized Officer
<PAGE>

                                   EXHIBIT C
                                      to
                           SERIES 1995-A SUPPLEMENT

                   FORM OF SERIES 1995-A CLASS C CERTIFICATE

THIS CERTIFICATE WAS ISSUED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND FROM APPLICABLE
STATE SECURITIES LAWS, AND IS NOT TRANSFERRABLE WITHOUT COMPLIANCE WITH THE
REGISTRATION REQUIREMENTS OF ALL APPLICABLE SECURITIES LAWS OR THE AVAILABILITY
OF EXEMPTIONS THEREFROM.

No______________                                            $_________________

                             SPIEGEL MASTER TRUST
                       SERIES 1995-A CLASS C CERTIFICATE

Evidencing a subordinated undivided interest in a trust originated by Spiegel
Credit Corporation III ("SCC"), the corpus of which consists of a portfolio of
receivables created under charge accounts originated by First Consumers National
Bank ("FCNB") or Spiegel, Inc. ("Spiegel") and other assets and interests
constituting the trust under the Pooling and Servicing Agreement described
below.

                     (Not an interest in or obligation of
                             FCNB, SCC or Spiegel)

          This certifies that ________________________ (the "Class C
Certificateholder") is the registered owner of an undivided interest in a trust
(the "Trust") , the corpus of which consists of a portfolio of receivables (the
"Receivables") now existing or hereafter created under selected charge accounts
originated by FCNB or Spiegel and acquired by SCC from FCNB and Spiegel
Acceptance Corporation ("SAC") pursuant to a Receivables Purchase Agreement,
dated as of September 20, 1994, among SCC, FCNB and SAC, as amended, and
transferred by SCC to the Trust, all monies due or to become due with respect
thereto and the other assets and interests constituting the Trust pursuant to an
Amended and Restated Pooling and Servicing Agreement, dated as of December 13,
1994, as amended and supplemented by the Series 1995-A Supplement thereto and
the Transfer Agreement No. 1 of Receivables in Additional Accounts, dated March
16, 1995 (collectively, the "Pooling and Servicing Agreement"), among SCC, FCNB
and Harris Trust and Savings Bank, as trustee.

<PAGE>

          THIS CLASS C CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF, OR AN
INTEREST IN, FCNB, SCC OR SPIEGEL, AND NONE OF THIS CERTIFICATE, THE RECEIVABLES
AND THE ACCOUNTS IS INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL
AGENCY. THIS CLASS C CERTIFICATE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN
COLLECTIONS RESPECTING THE RECEIVABLES AND IS EXPRESSLY SUBORDINATED TO THE
CLASS A CERTIFICATES AND THE CLASS B CERTIFICATES, ALL AS MORE SPECIFICALLY SET
FORTH IN THE POOLING AND SERVICING AGREEMENT.

          SCC has structured the Pooling and Servicing Agreement and the Series
1995-A Certificates with the intention that the Series 1995-A Class C
Certificates will qualify under applicable tax law as indebtedness, and the
Class C Certificateholder by acceptance of its Series 1995-A Certificate agrees
to treat, and to take no action inconsistent with the treatment of, the Series
1995-A Class C Certificates for purposes of federal, state and local income or
franchise taxes and any other tax imposed on or measured by income, as
indebtedness.

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

          This Certificate is one of a series of Certificates entitled "Spiegel
Master Trust Series 1995-A Certificates" (the "Series 1995-A Certificates"),
consisting of three classes, the Series 1995-A Class A Certificates (the "Class
A Certificates"), the Series 1995-A Class B Certificates (the "Class B
Certificates") and the Series 1995-A Class C Certificates (the "Class C
Certificates"), each of which represents an undivided interest in the Trust,
including the right to receive the Collections and other amounts at the times
and in the amounts specified in the Pooling and Servicing Agreement to be
deposited in the Collection Account or the Series Accounts maintained for the
benefit of such Investor Certificates or paid to the Series 1995-A
Certificateholders. This Certificate is one of the Class C Certificates. The
Class C Certificate is subordinated in right of payment to the Class A
Certificates and the Class B Certificates. The Exchangeable Seller Certificate
represents the interest in the remaining undivided interest in the Trust not
represented by all Series of Investor Certificates issued by the Trust. The
Exchangeable Seller Certificate may be exchanged by SCC pursuant to the Pooling
and Servicing Agreement for a newly issued Series of Investor Certificates and a
reissued Exchangeable Seller Certificate upon the conditions set forth in the
Pooling and Servicing Agreement.

          SCC from time to time may subdivide the Class C Certificates and may
sell or otherwise transfer all or a portion thereof to other investors.  The
aggregate principal amount of the Class C Certificates may increase and decrease
upon the occurrence of certain events defined in the Pooling and Servicing
Agreement.

                                      -2-
<PAGE>

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

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

          The obligations in favor of this Class C Certificate created by the
Pooling and Servicing Agreement shall terminate on the day on which final
payment is made on the Series 1995-A Certificates, but in no event later than
the September, 2004 Distribution Date.

          Upon the termination of the Trust pursuant to Section 12.1 of the
Pooling and Servicing Agreement and the surrender of the Exchangeable Seller
Certificate, the Trustee shall return to the holder of the Exchangeable Seller
Certificate (without recourse, representation or warranty) all right, title and
interest of the Trust in, to and under the Receivables, whether then existing or
thereafter created, and all monies due or to become due with respect thereto
(including all accrued interest theretofore posted as Finance Charge
Receivables), all proceeds thereof and Insurance Proceeds relating thereto
except for amounts held by Trustee pursuant to Section 12.3(b) of the Pooling
and Servicing Agreement. The Trustee shall execute and deliver such instruments
of transfer and assignment, in each case without recourse, as shall be
reasonably requested by the holder of the Exchangeable Seller Certificate to
vest in it all right, title and interest which the Trust had in the Receivables.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual or facsimile signature of a duly
authorized signature, this Class C Certificate shall not be entitled to any
benefit under the Pooling and Servicing Agreement or be valid for any purpose.

                                      -3-
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Class C Certificate to
be duly executed under its official seal.

                                       HARRIS TRUST AND SAVINGS BANK,
                                            as Trustee

                                       By:____________________________________
                                            Vice President

[Seal]

Attested to:

By:_____________________________
     Assistant Secretary

Date:

                                      -4-
<PAGE>

                    Trustee's Certificate of Authentication

          This is one of the Series 1995-A Class C Certificates referred to in
the within-mentioned Pooling and Servicing Agreement.

                                       HARRIS TRUST AND SAVINGS BANK,
                                            as Trustee

                                       By:_________________________________
                                                 Authorized Officer
<PAGE>

                                   EXHIBIT D
                                      to
                           SERIES 1995-A SUPPLEMENT

                   FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
                            NOTIFICATION TO TRUSTEE

                             SPIEGEL MASTER TRUST
                                 SERIES 1995-A

          The undersigned, a duly authorized representative of First Consumers
National Bank ("FCNB"), as Servicer pursuant to the Amended and Restated Pooling
and Servicing Agreement dated as of December 13, 1994, as amended and
supplemented by the Series 1995-A Supplement thereto (the "Pooling and Servicing
Agreement") among Spiegel Credit Corporation III ("SCC"), FCNB and Harris Trust
and Savings Bank, as trustee (the "Trustee"), does hereby certify as follows:

          A.  Capitalized terms used in this Certificate have their respective
     meanings set forth in the Pooling and Servicing Agreement, as amended by
     the Series 1995-A Supplement thereto; provided, that the "preceding Monthly
     Period" shall mean the Monthly Period immediately preceding the calendar
     month in which this Certificate is delivered.  References herein to certain
     sections and subsections are references to the respective sections and
     subsections of the Pooling and Servicing Agreement.  This Certificate is
     delivered pursuant to Section 4.6 of the Pooling and Servicing Agreement.

          B.  FCNB is the Servicer under the Pooling and Servicing Agreement.

          C.  The undersigned is a Servicing Officer.

          D.  The date of this notice is a Determination Date under the Pooling
     and Servicing Agreement.

I.   INSTRUCTION TO MAKE A WITHDRAWAL

          Pursuant to Section 4.6, the Servicer does hereby instruct the Trustee
(i) to make a withdrawal from the Finance Charge Sub-subaccount on ____________,
199_, which date is a Transfer Date under the Pooling and Servicing Agreement,
in an aggregate amount as set forth below [, including $_______________ to be
withdrawn from the Principal Collection Sub-subaccount pursuant to Section
4.11,] in respect of the following amounts and (ii) to apply the proceeds of
such withdrawal in accordance with Section 4.6:

     A.   Pursuant to Subsection 4.6(a):
          -----------------------------
<PAGE>

          Class A Certificate Interest for the
          preceding Accrual Period............................$______________

     B.   Pursuant to Subsection 4.6(b):
          -----------------------------

          Class B Certificate Interest for the
          preceding Accrual Period............................$______________

     C.   Pursuant to Subsection 4.6(c):
          -----------------------------

          Investor Monthly Servicing Fee
          for the preceding Monthly Period....................$______________

     D.   Pursuant to Subsection 4.6(d):
          -----------------------------

          Investor Default Amount for the preceding
          Monthly Period (less the aggregate amount
          of Investor Charge Offs in respect of such
          Monthly Period).....................................$______________

     E.   Pursuant to Subsection 4.6(e):
          -----------------------------

          Aggregate reimbursed Investor Charge
          Offs, Class B Reallocated Amounts and
          Class C Reallocated Amounts.........................$______________

     F.   Pursuant to Subsection 4.6(f):
          -----------------------------

          Excess Spread payable to the holder of
          the Class C Certificate.............................$______________

II.  INSTRUCTION TO MAKE A WITHDRAWAL

          Pursuant to Section 4.8, the Servicer does hereby instruct the Trustee
(i) to make a withdrawal from the Principal Collection Sub-subaccount on
_____________, 199_, which date is a Transfer Date under the Pooling and
Servicing Agreement, and (ii) apply such amount in accordance with Section 4.8:

     A.  Amounts to be distributed to the Series
         1995-A Class A Certificateholders in accordance
         with Subsection 4.8(b)(i) and Section 5.1............$_____________

     B.  Amounts to be distributed to the Series 1995-A Class B
         Certificateholders in accordance with Subsection

                                      -2-
<PAGE>

         4.8(b)(ii) and Section 5.1...........................$_____________

     C.  Amounts to be distributed to the Series 1995-A Class C
         Certificateholders in accordance with Subsection
         4.8(b)(iii) and Section 5.1..........................$____________

     D.  Amount to be distributed to the Holder of
         the Exchangeable Seller Certificate..................$____________

                                      -3-
<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed this certificate
this ___________day of________________, 199__.

                                       FIRST CONSUMERS NATIONAL BANK,
                                            as Servicer

                                       By: ___________________________________
                                           Title:

                                      -4-
<PAGE>

                                   EXHIBIT E
                                      to
                           SERIES 1995-A SUPPLEMENT

                 FORM OF MONTHLY CERTIFICATEHOLDERS' STATEMENT

                             SPIEGEL MASTER TRUST
                                 SERIES 1995-A

          Under Section 5.2 of the Amended and Restated Pooling and Servicing
Agreement dated as of December 13, 1994, as amended by the Series 1995-A
Supplement thereto (the "Pooling and Servicing Agreement"), among Spiegel Credit
Corporation III, First Consumers National Bank ("FCNB") and Harris Trust and
Savings Bank, as trustee (the "Trustee"), FCNB, as Servicer, is required to
prepare certain information each month regarding current distributions to Series
1995-A Certificateholders and the performance of the Spiegel Master Trust (the
"Trust") during the previous month. The information which is required to be
prepared with respect to the Distribution Date of _____________, 199__ and with
respect to the performance of the Trust during the month of _______________
199__ is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Series 1995-A Certificate (a
"Certificate"). Certain other information is presented based on the aggregate
basis and on the basis of an original principal amount of $1,000 per Series
1995-A Certificate. Capitalized terms used in this certificate have their
respective meanings set forth in the Pooling and Servicing Agreement.

A.   Information Regarding the Current Monthly Distribution
     (stated on the basis of $1,000 original certificate
     principal amount)

     1.  The total amount of the distribution to
         Certificateholders on ____________ 199__, per
         $1,000 original certificate principal
         amount...............................................$________________

     2.  The amount of the distribution set forth in
         paragraph 1 above in respect of principal of the
         Certificates, per $1,000 original certificate
         principal amount.....................................$________________

     3.  The amount of the distribution set forth in
         paragraph 1 above in respect of interest on
         the Certificates, per $1,000 original
         certificate principal amount.........................$________________

B.   Information Regarding the Performance of the Trust
<PAGE>

     1.  The aggregate amount of Collections on Principal
         Receivables processed during the month of
         _____________,199__ which were allocated in
         respect of the Certificates..........................$_______________

     2.  Principal Receivables in the Trust

     (a) The aggregate amount of Principal Receivables
         in the Trust as of end of the day on
         _____________, 199__ the last day of
         the month............................................$______________

     (b) The Class A Investor Amount as of
         ___________, 199__ (the last day of the
         month)...............................................$______________

     (c) The Class B Investor Amount as of
         ______________, 199__ (the last day of the
         month)...............................................$______________

     (d) The Class C Investor Amount as of
         ____________, 199__ (the last day of the
         month)...............................................$_____________

     (e) The Investor Amount as of__________, 199__
         (the last day of the month)..........................$_____________

     (f) The Investor Amount set forth in paragraph 2(e)
         above as a percentage of the aggregate amount
         of Principal Receivables set forth in paragraph
         2(a) above...........................................$_____________

                                      -2-
<PAGE>

     3.   Delinquent Balances

          The aggregate amount of outstanding balances in the
          Accounts which were delinquent as of the date such
          delinquency was determined for the month of _________,
          199__:

                                                               Aggregate Account
                                                                   Balance
                                                                   -------
          (a)    one month:                                    $_______________
          (b)    two months:                                   $_______________
          (c)    three months:                                 $_______________
          (d)    four months:                                  $_______________
          (e)    five months:                                  $_______________
          (f)    six or more months:                           $_______________
          Total:                                               $_______________

     4.   Monthly Period Finance Charge
          Sub-subaccount Allocation for the month
          of ______________, 199___.................................$__________

     5.   Investor Default Amount

          The aggregate amount of all defaulted
          Receivables written off as uncollectible
          during the month of __________, 199__
          allocable to the Investor Amount (the
          "Aggregate Investor Default Amount")......................$__________

     6.   Investor Net Recoveries for the month
          of ____________, 199__ ...................................$__________

     7.   Class A Certificate Interest for the
          month of ____________, 199__ .............................$__________

     8.   Class B Certificate Interest for the
          month of __________, 199___ ..............................$__________

     9.   Investor Monthly Servicing Fee for the
          month of ____________, 199__ .............................$__________

     10.  The Required Class C Percentage and the
          Class C Investor Percentage as of the last day of

                                      -3-
<PAGE>

          the month of_____________, 199___.........................$__________

     11.  Total Deficiency Amount, Investor Charge
          Offs and Reimbursement of Charge Offs

          (a)  The excess, if any, of the sum of
               the amounts set forth in paragraphs
               5, 7, 8 and 9 above over the amount set
               forth in paragraph 4 above (the
               "Total Deficiency Amount")...........................$_________

          (b)  The lesser of the Total Deficiency
               Amount and the Class C Investor Amount
               (the "Class C Investor Charge Off")..................$_________

          (c)  The excess, if any, of the Total
               Deficiency Amount over the Class C
               Investor Amount (the "Class B
               Investor Charge Off")................................$_________

          (d)  The excess, if any, of the Total
               Deficiency Amount over the sum of the
               Class C Investor Amount and the Class
               B Investor Amount (the "Class A Investor
               Charge Off") ........................................$_________

          (e) The least of (i) the excess, if any,
               of the Total Deficiency Amount
               over the Investor Default Amount,
               (ii) the Class C Investor Amount
               and, (iii) the amount of principal collections
               available (plus any amounts allocated to Class C
               pursuant to (f), the "Class C Reallocated
               Amounts")............................................$_________

          (f)  The least of (i) the Total Deficiency
               Amount after giving effect to (e),
               (ii) the Class B Investor Amount,
               and (iii) the amount of principal
               collections available (such amount less
               any remaining Class C Investors
               Amount, the "Class B Reallocated
               Amounts")............................................$_________

                                      -4-
<PAGE>

          (g)  The total amount reimbursed to the
               Trust in the current month in
               respect of Class A Investor Charge
               Offs in prior months ................................$_________

          (h)  The total amount reimbursed to the
               Trust in the current month in respect of
               Class B Investor Charge Offs in prior months ........$_________

          (i)  The total amount reimbursed to the
               Trust in the current month in respect of
               Class C Investor Charge Offs in prior months ........$_________

          (j)  The total amount reimbursed to the
               Trust in the current month in respect of
               Class B Reallocated Amounts in prior months..........$_________

          (k)  The total amount reimbursed to the
               Trust in the current month in respect of
               Class C Reallocated Amounts in prior months .........$_________

     12.  The average of the Portfolio Yield for the prior three
          Monthly Periods ..........................................$_________

     13.  The Pool Factor

          (a)  The Class A Pool Factor (which represents the ratio of the amount
               of the Class A Investor Amount on the last day of the month of
               _____________, 199__ (adjusted for the Class A Charge Offs set
               forth in 10(d) above and the amount of the reimbursement set
               forth in 10(g) above) to the amount of the Class A Investor
               Amount as of the Initial Closing Date). The amount of a
               Certificateholder's pro rata share of the Investor Amount can be
               determined by multiplying the original denomination of the
               holder's Certificate by the relevant Pool Factor.....$_________

          (b)  The Class B Pool Factor (which represents the ratio of the amount
               of the Class B Investor Amount on the last day of the month of
               ______________, 199__ (adjusted for the Class B Charge Offs set
               forth in 10(c) above and the amount of the reimbursement set
               forth in 10(h) above) to the amount of the Class B Investor
               Amount as of the Initial Closing Date). The amount of a
               Certificateholder's pro rata share of the Investor Amount can be
               determined by

                                      -5-
<PAGE>

               multiplying the original denomination of the holder's Certificate
               by the relevant Pool Factor..........................$_________

          (c)  The Class C Pool Factor (which represents the ratio of the amount
               of the Class C Investor Amount on the last day of the month of
               ___________, 199__ (adjusted for the Class C Charge Offs set
               forth in 10(b) above and the amount of the reimbursement set
               forth in 10(i) above) to the amount of the Class C Investor
               Amount as of the Initial Closing Date). The amount of a
               Certificateholder's pro rata share of the Investor Amount can be
               determined by multiplying the original denomination of the
               holder's Certificate by the relevant Pool Factor.....$_________

     14.  Portfolio Yield

          The Portfolio Yield for the month of ____________________, 199__
          ..........................................................$_________

     15.  Base Rate

          The Base Rate for the Accrual Period ending ________________, 19__
          ..........................................................$_________

     16.  Excess Spread

          The Excess Spread in respect of such Distribution Date....$_________

C.   Accounts Added/Removed

     The number of Additional Accounts which have been added to the Trust
     pursuant to subsection 2.6 of the Pooling and Servicing Agreement, and the
     number of Accounts which have been removed from the Trust pursuant to
     Section 2.7, during the month of ________________, 19__ .........$_________

                                               FIRST CONSUMERS NATIONAL BANK,
                                                     as Servicer

                                               By:_____________________________
                                               Title:__________________________

                                      -6-
<PAGE>

                                  EXHIBIT F-1
                                      to
                                 SERIES 1995-A
                                  SUPPLEMENT

                                  EXHIBIT I-1
                                      to
                         AMENDED AND RESTATED POOLING
                            AND SERVICING AGREEMENT

                           PRIVATE PLACEMENT LEGEND

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS CERTIFICATE NOR ANY PORTION
HEREOF MAY BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY
APPLICABLE PROVISIONS OF ANY STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS CERTIFICATE IS
SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

     THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF ANY EMPLOYEE
BENEFIT PLAN, TRUST OR ACCOUNT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT, THAT
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED,
OR THAT IS DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN'S INVESTMENT IN SUCH ENTITY.
<PAGE>

                                  EXHIBIT F-2
                                      to
                                 SERIES 1995-A
                                  SUPPLEMENT

                                  EXHIBIT I-2
                                      to
                         AMENDED AND RESTATED POOLING
                            AND SERVICING AGREEMENT

                          FORM OF UNDERTAKING LETTER

                                                            [Date]
First Consumers National Bank
P.O. Box 5280
Portland, Oregon 97208
Attention:  President

Harris Trust and Savings Bank
311 West Monroe Street, 12th Floor
Chicago, Illinois 60606
Attention:  Indenture Trust Division

Spiegel Credit Corporation III
400 West 9th Street, Suite 101B
Wilmington, Delaware 19801
Attention:  President

          Re:  Purchase of $___________ 1/ principal amount of
                                        -
               Spiegel Master Trust, Series [ ] Class [ ]
               Certificates

Dear Sirs:

     In connection with our purchase of the above-referenced Certificates (the
"Certificates") we confirm that:

          (i) We understand that the certificates are not being registered under
     the Securities Act Of 1933, as amended (the "Securities Act"), and are
     being sold to us in a transaction that is exempt from the registration
     requirements of the Securities Act;

_______________________

1/  Not less than $250,000 minimum principal amount.
-
<PAGE>

          (ii)   any information we desire concerning the Certificates or any
     other matter relevant to our decision to purchase the Certificates is or
     has been made available to us;

          (iii)  we have such knowledge and experience in financial and business
     matters as to be capable of evaluating the merits and risks of an
     investment in the Certificates, and we (and any account for which we are
     purchasing under paragraph (iv) below) are able to bear the economic risk
     of an investment in the Certificates; we (and any account for which we are
     purchasing under paragraph (iv) below) are an "accredited investor" (as
     such term is defined in Rule 501(a)(1), (2) or (3) of Regulation D under
     the Securities Act); and we are not and none of such accounts is, a Benefit
     Plan;

          (iv)   we are acquiring the Certificates for our own account or for
     accounts as to which we exercise sole investment discretion and not with a
     view to any distribution of the Certificates, subject, nevertheless, to the
     understanding that the disposition of our property shall at all times be
     and remain within our control;

          (v)    we agree that the Certificates must be held indefinitely by us
     unless the Certificates are subsequently registered under the Securities
     Act or an exemption from any registration requirements of that Act and any
     applicable state securities laws is available;

          (vi)   we agree that in the event that at some future time we wish to
     dispose of or exchange any of the Certificates (such disposition or
     exchange not being currently foreseen or contemplated), we will not
     transfer or exchange any of the Certificates unless

                 (A)  (1)  the sale is of at least U.S. $250,000 principal
          amount of Certificates to an Eligible Purchaser (as defined below),
          (2) a letter substantially to the same effect as paragraphs (i), (ii),
          (iii), (iv), (v) and (vi) of this letter is executed promptly by
          such purchaser and (3) all offers or solicitations in connection with
          the sale, whether directly or through any agent acting on our behalf,
          are limited only to Eligible Purchasers and are not made by means of
          any form of general solicitation or general advertising whatsoever;

                 (B) the Certificates are transferred pursuant to Rule 144
          promulgated under the Securities Act by us after we have held them for
          more than three years; or

                 (C) the Certificates are sold in any other transaction that
          does not require registration under the Securities Act and, if the
          Seller, the Servicer, the Trustee or the Transfer Agent and Registrar
          so requests, we theretofore have furnished to such party an opinion of
          counsel satisfactory to such party, in form and substance satisfactory
          to such party, to such effect; or

                 (D) the Certificates are transferred pursuant to Rule 144A
          promulgated under the Securities Act; and

                                      -2-
<PAGE>

          (vii)  we understand that the Certificates will bear a legend to
     substantially the following effect:

     "THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"). NEITHER THIS CERTIFICATE NOR ANY PORTION
HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY
APPLICABLE PROVISIONS OF ANY STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS.  THE TRANSFER OF THIS CERTIFICATE
IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN."

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

The first paragraph of this legend may be removed if the Seller, the Servicer,
the Trustee and the Transfer Agent and Registrar have received an opinion of
counsel satisfactory to them, in form and substance satisfactory to them, to the
effect that such paragraph may be removed.

     "Eligible Purchaser" means either an Eligible Dealer or a corporation,
      ------------------
partnership or other entity which we have reasonable grounds to believe and do
believe can make representations with respect to itself to substantially the
same effect as the representations set forth herein.  "Eligible Dealer" means
                                                       ---------------
any corporation or other entity the principal business of which is acting as a
broker and/or dealer in securities.  "Benefit Plan" means any employee benefit
                                      ------------
plan, trust or account, including an individual retirement account, that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or
that is described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as
amended, or an entity whose underlying assets include plan assets by reason of a
plan's investment in such entity.  Capitalized terms used but not defined herein
shall have the meanings given to such terms in the Amended and Restated Pooling
and Servicing Agreement, dated as of December 13, 1994, among Spiegel Credit
Corporation III, First Consumers National Bank and Harris Trust and Savings
Bank, as amended by Series 1995-A Supplement dated as of March ___, 1995.

                                 Very truly yours,

                                  _______________________________
                                 (Name of Purchaser)

                                 By:_____________________________
                                    (Authorized Officer)

                                      -3-
<PAGE>

                                  EXHIBIT G-1
                                      to
                                 SERIES 1995-A
                                  SUPPLEMENT

                                  EXHIBIT J-1
                                      to
                         AMENDED AND RESTATED POOLING
                            AND SERVICING AGREEMENT

                     FORM OF CLEARANCE SYSTEM CERTIFICATE
                         TO BE GIVEN TO THE TRUSTEE BY
                            EUROCLEAR OR CEDEL FOR
                      DELIVERY OF DEFINITIVE CERTIFICATES
                        IN EXCHANGE FOR A PORTION OF A
                           TEMPORARY GLOBAL SECURITY

                             SPIEGEL MASTER TRUST,
                       Series [ ] Class [ ] Certificates
                       ---------------------------------

                  [Insert title or sufficient description of
                         Certificates to be delivered]

     We refer to that portion of the temporary Global Certificate in respect of
the above-captioned issue which is herewith submitted to be exchanged for
definitive Certificates (the "Submitted Portion") as provided in the Amended and
Restated Pooling and Servicing Agreement, dated as of December 13, 1994, among
Spiegel Credit Corporation III, First Consumers National Bank and Harris Trust
and Savings Bank, as amended by Series 1995-A Supplement dated as of March _,
1995 (as further amended and supplemented from time to time, the "Agreement") in
respect of such issue.  This is to certify that (i) we have received a
certificate or certificates, in writing or by tested telex, with respect to each
of the persons appearing in our records as being entitled to a beneficial
interest in the Submitted Portion and with respect to such person's beneficial
interest either (a) from such person on behalf of an institutional investor
qualifying as a "Qualified Institutional Buyer," substantially in the form of
Exhibit J-2 to the Agreement, or (b) from any other person, substantially in the
form of Exhibit J-3 to the Agreement, and (ii) the Submitted Portion includes no
part of the temporary Global Certificate excepted in such certificates.

     We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion
are no longer true and cannot be relied on as of the date hereof.
<PAGE>

     We understand that this certificate is required in connection with certain
securities and tax laws in the United States of America.  If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in
such proceedings.

Dated:1/
      -

                                 [Morgan Guaranty Trust, Company of New
                                    York, Brussels office, as operator of the
                                    Euroclear Systems]2/
                                                      -
                                 [CEDEL societe anonyme]2/
                                                           -
                                 By: ____________________________
___________________

1/  To be dated on the Euro-Exchange Date.
-
2/  Delete the inappropriate reference.
-

                                      -2-
<PAGE>

                                  EXHIBIT G-2
                                      to
                                 SERIES 1995-A
                                  SUPPLEMENT

                                  EXHIBIT J-2
                                      to
                         AMENDED AND RESTATED POOLING
                            AND SERVICING AGREEMENT

                      FORM OF CERTIFICATE TO BE DELIVERED
                             TO EUROCLEAR OR CEDEL
                          BY [INSERT NAME OF MANAGER]
                WITH RESPECT TO REGISTERED CERTIFICATES SOLD TO
                        QUALIFIED INSTITUTIONAL BUYERS

                             SPIEGEL MASTER TRUST,
                      Series [ ] Class [ ]  Certificates
                      ----------------------------------

     In connection with the initial issuance and placement of the above
referenced Certificates (the "Certificates") issued pursuant to the Amended and
Restated Pooling and Servicing Agreement, dated as of December 13, 1994, among
Spiegel Credit Corporation III, First Consumers National Bank and Harris Trust
and Savings Bank, as amended by Series 1995-A Supplement dated as of March __,
1995 (as further amended and supplemented from time to time, the "Agreement"),
an institutional investor in the United States ("institutional investor") is
purchasing U.S. $_____________ aggregate principal amount of the Certificates
held in our account at [Morgan Guaranty Trust Company of New York, Brussels
office, as operator of the Euroclear System] [Cedel societe anonyme) on behalf
of such investor.

     We reasonably believe that such institutional investor is a qualified
institutional buyer as such term is defined under Rule 144A promulgated under
the Securities Act of 1933, as amended.

     The Definitive Certificates in respect of this certificate are to be issued
in registered form in the minimum denomination of U.S. $500,000 and such
Definitive Certificates (and, unless the Agreement otherwise provides, any
Certificates issued in exchange or substitution for or on registration of
transfer of Certificates) shall bear the following legend:

    "THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
     SECURITIES ACT OF 1933.  NEITHER THIS CERTIFICATE NOR ANY PORTION HEREOF
     MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO
     U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE
     REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN
<PAGE>

     AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS
     CERTIFICATE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE POOLING AND
     SERVICING AGREEMENT REFERRED TO HEREIN. THIS CERTIFICATE CANNOT BE
     EXCHANGED FOR A BEARER CERTIFICATE."

Dated:

                                 [                                    ]

                                 By:___________________________________
                                    Authorized Officer

                                      -2-
<PAGE>

                                  EXHIBIT G-3
                                      to
                                 SERIES 1995-A
                                  SUPPLEMENT

                                  EXHIBIT J-3
                                      to
                         AMENDED AND RESTATED POOLING
                            AND SERVICING AGREEMENT

                      FORM OF CERTIFICATE TO BE DELIVERED
                          TO EUROCLEAR OR CEDEL BY A
                    BENEFICIAL OWNER OF CERTIFICATES, OTHER
                     THAN A QUALIFIED INSTITUTIONAL BUYER

                             SPIEGEL MASTER TRUST,
                       Series [ ] Class [ ] Certificates
                       ---------------------------------

     This is to certify that as of the date hereof and except as provided in the
third paragraph hereof, the above-captioned Certificates held by you for our
account (i) are owned by a person that is not a U.S. Person, or (ii) are owned
by & U.S. Person that is (A) the foreign branch of a United States financial
institution (as defined in U.S. Treasury Regulations Section 1.165-12(c) (1)(v)
(a "financial institution@) purchasing for its own account or for resale, or (B)
a U.S. Person who acquired the Certificates through the foreign branch of a
financial institution and who holds the Certificates through the financial
institution on the date hereof (and in either case (A) or (B), the financial
institution hereby agrees to comply with the requirements of Section 165 (j) (3)
(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the
regulations thereunder), or (iii) are owned by a financial institution for
purposes of resale during the Restricted Period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions
described in clause (iii) of the preceding sentence (whether or not also
described in clause (i) or (ii)) certify that they have not acquired the
Certificates for purposes of resale directly or indirectly to a U.S. Person or
to a person within the United States or its possessions.

     We undertake to advise you by tested telex if the above statement as to
beneficial ownership is not correct on the date of delivery of the above-
captioned Certificates in bearer form with respect to such of said Certificates
as then appear in your books as being held for our account.

     This certificate excepts and does not relate to U.S. $_______________
principal amount of Certificates held by you for our account, as to which we are
not yet able to certify beneficial ownership.  We understand that delivery of
Definitive Certificates in such principal amount cannot be made until we are
able to so certify.
<PAGE>

     We understand that this certificate is required in connection with certain
securities and tax laws in the United States of America. If administrative or
legal proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.
As used herein, "United States" means the United States of America (including
the States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction; and "U.S. Person" means a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States, or any political
subdivision thereof, or an estate or trust the income of which is subject to
United States federal income taxation regardless of its source.

Dated:/1/

                                            By:___________________________
                                               As, or an agent for, the
                                               beneficial owner(s) of the
                                               interest in the Certificates to
                                               which this certificate relates.

___________________

/1/   This Certificate must be dated on the earlier of the date of the first
      actual payment of interest in respect of the Certificates and the date of
      the delivery of the Certificates in definitive form.<PAGE>

                                                                     Exhibit 4.9

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

                        SPIEGEL CREDIT CORPORATION III
                                     Buyer

                                      and

                         FIRST CONSUMERS NATIONAL BANK

                                      and

                        SPIEGEL ACCEPTANCE CORPORATION

                                    Sellers

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

                        RECEIVABLES PURCHASE AGREEMENT

                        Dated as of September 20, 1994
<PAGE>

                               TABLE OF CONTENTS
                               -----------------
<TABLE>
<CAPTION>
                                                                                                     Page
                                                                                                     ----
<S>                                                                                                  <C>
                                   ARTICLE I

                         DEFINITIONS............................................................        1
Section 1.1    Definitions......................................................................        1
Section 1.2    Other Definitional Provisions....................................................        3

                                  ARTICLE II

                         PURCHASE AND CONVEYANCE OF RECEIVABLES.................................        4
Section 2.1    Purchase.........................................................................        4
Section 2.2    Addition of Additional Accounts..................................................        5
Section 2.3    Sellers of Receivables...........................................................        6

                                  ARTICLE III

                         CONSIDERATION AND PAYMENT..............................................        6
Section 3.1    Purchase Price...................................................................        6
Section 3.2    Capital Contribution.............................................................        6
Section 3.3    Payment of Purchase Price........................................................        7
Section 3.4    Adjustments to Purchase Price....................................................        7
Section 3.5    Settlement.......................................................................        7

                                  ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES.........................................        8
Section 4.1    Seller's Representations and Warranties..........................................        8
Section 4.2    Sellers' Representations and Warranties Regarding Additional Accounts............       11
Section 4.3    Representations and Warranties of Buyer..........................................       12
Section 4.4    Other Matters....................................................................       13

                                   ARTICLE V

                         COVENANTS OF SELLERS AND BUYER.........................................       13

Section 5.1    Seller Covenants.................................................................       13
Section 5.2    Buyer Covenants Regarding Nondisclosure; Inspection..............................       17
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
                                  ARTICLE VI

                        REPURCHASE OBLIGATION...........................................     17

Section 6.1    Mandatory Repurchase.....................................................     17
Section 6.2    Optional Repurchases.....................................................     18
Section 6.3    Conveyance of Repurchased Receivables....................................     19
Section 6.4    Sole Remedy..............................................................     19
Section 6.5    Selection of Removed Accounts............................................     20
Section 6.6    Assignment of Repurchase Rights and Obligations..........................     20

                                  ARTICLE VII

                        CONDITIONS PRECEDENT............................................     20

Section 7.1    Conditions to Buyer's Obligations Regarding Initial Receivables..........     20
Section 7.2    Conditions to Buyer's Obligations Regarding Supplemental Conveyances.....     21
Section 7.3    Conditions Precedent to Sellers' Obligations.............................     22

                                 ARTICLE VIII

                        TERM & TERMINATION..............................................     22

Section 8.1    Term.....................................................................     22
Section 8.2    Effect of Termination....................................................     23

                                  ARTICLE IX

                        MISCELLANEOUS PROVISIONS........................................     23

Section 9.1    Amendment................................................................     23
Section 9.2    Governing Law............................................................     24
Section 9.3    Notices..................................................................     24
Section 9.4    Severability of Provisions...............................................     24
Section 9.5    Assignment...............................................................     24
Section 9.6    Acknowledgment and Agreement of Sellers..................................     24
Section 9.7    Further Assurances.......................................................     24
Section 9.8    No Waiver; Cumulative Remedies...........................................     25
Section 9.9    Counterparts.............................................................     25
Section 9.10   Binding Effect; Third-Party Beneficiaries................................     25
Section 9.11   Merger and Integration...................................................     25
Section 9.12   Headings.................................................................     25
</TABLE>
                                      ii
<PAGE>

<TABLE>
<S>                                                                                   <C>
Section 9.13   Schedules and Exhibits.........................................        25
Section 9.14   Estimation and Calculation of Finance Charge Receivables.......        25
Section 9.15   FCNB Records...................................................        25
</TABLE>
                                      SCHEDULES

Schedule One     Initial Accounts

Schedule Two     Locations

                                        EXHIBITS

Exhibit A:       Form of Supplemental Conveyance

Exhibit B:       Form of Reconveyance

Exhibit C:       Form of Settlement Statement

Exhibit D:       Charge Account Agreement

                                      iii
<PAGE>

                        RECEIVABLES PURCHASE AGREEMENT
                        ------------------------------

          RECEIVABLES PURCHASE AGREEMENT, dated as of September 20, 1994, among
FIRST CONSUMERS NATIONAL BANK, a national banking association ("FCNB"), SPIEGEL
ACCEPTANCE CORPORATION, a Delaware corporation ("SAC"; FCNB and SAC are
collectively referred to herein as the "Sellers"), and SPIEGEL CREDIT
CORPORATION III, a Delaware corporation ("Buyer").

                              W I T N E S S E T H:
                              - - - - - - - - - -

          WHEREAS, Buyer desires to purchase from time to time certain
Receivables (hereinafter defined) arising under certain specified preferred
charge accounts of FCNB; and

          WHEREAS, Sellers desire to sell from time to time and assign such
Receivables to Buyer upon the terms and conditions hereinafter set forth; and

          WHEREAS, it is contemplated that the Receivables purchased hereunder
will be transferred by Buyer to the Trust (hereinafter defined) in connection
with the issuance of certain Certificates (hereinafter defined); and

          WHEREAS, Buyer will grant to the Trustee (hereinafter defined) a
security interest in Buyer's rights relating to the Receivables under this
Agreement, and Sellers agree that the covenants and agreements made by Sellers
herein shall also be for the benefit of the Trustee and all holders of the
Certificates;

          NOW, THEREFORE, it is hereby agreed among the parties hereto as
follows:

                                   ARTICLE I

                                  DEFINITIONS

          Section 1.1      Definitions.  Whenever used in this Agreement, the
                           -----------
following words and phrases shall have the following meanings:

          "Account" shall mean each charge account established pursuant to a
     Charge Account Agreement, and which is identified in Schedule 1 hereto by
                                                          ----------
     account number and by Receivable balance as of the Cut Off Date, or
     identified as of each Addition Date in each computer file or microfiche
     list delivered to Buyer by FCNB pursuant to Section 2.2. The term "Account"
     shall also be deemed to refer to an Additional Account, but only from and
     after the Addition Date with respect thereto, and the term "Account" shall

<PAGE>

                                                                               2

     be deemed to refer to any Removed Account prior to but not after the
     Repurchase Date with respect thereto.

          "Additional Accounts" shall mean the Eligible Accounts designated
     after the Closing Date in accordance with Section 2.2.

          "Agreement" shall mean this Receivables Purchase Agreement and all
     amendments hereof and supplements hereto.

          "Assignee Seller"" shall have the meaning specified in section 6.6
     hereof.

          "Assignor Seller" shall have the meaning specified in Section 6.6
     hereof.

          "Buyer" shall have the mean Spiegel Credit Corporation III, a Delaware
     corporation.

          "Closing Date" shall mean September 20, 1994.

          "Conveyance Papers" shall have the meaning specified in subsection
     4.1(b).

          "Credit Adjustment" shall have the meaning specified in Section 3.4
     hereof.

          "FCNB" shall mean First Consumers National Bank, a national banking
     association.

          "Ineligible Receivable" shall have the meaning specified in Section
     6.1.

          "Initial Accounts" shall have the meaning specified in Section 2.1.

          "Notice Date" shall have the meaning specified in Section 2.2.

          "Purchase Price" shall have the meaning set forth in Section 3.1.

          "Reconveyance" shall mean an instrument substantially in the form and
     upon the terms of Exhibit B hereto.

          "Removed Accounts" shall have the meaning set forth in Section 6.2.

          "Repurchase Date" shall have the meaning set forth in Section 6.2.

          "Repurchase Notice Date" shall have the meaning set forth in Section
     6.2.
<PAGE>

                                                                               3

          "Repurchase Price" shall mean the Repurchase Price specified in
     subsection 6.1(c) or 6.2(a), as the case may be.

          "SAC" shall mean Spiegel Acceptance Corporation, a Delaware
     corporation.

          "Sellers" shall mean, collectively, FCNB and SAC, either one of which
     is sometimes referred to individually herein as a "Seller".

          "Servicing Agreement" shall mean the Pooling and Servicing Agreement,
     dated as September 20, 1994, among Buyer, FCNB, as Servicer, and Harris
     Trust and Savings Bank, as Trustee, and all amendments and supplements
     thereto.

          "Settlement Date" shall have the meaning specified in section 3.5.

          "Settlement Statement" shall mean a document substantially in the form
     of Exhibit C hereto.

          "Supplemental Conveyance" shall mean an instrument substantially in
     the form and upon the terms of Exhibit A hereto.

          Section 1.2     Other Definitional Provisions.
                          -----------------------------

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

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

          (c)   The words "hereof", "herein" and "hereunder" and words of
similar import when used in this Agreement or any other Conveyance Paper shall
refer to this Agreement or such other Conveyance Paper, as a whole and not to
any particular provision of this Agreement or such other Conveyance Paper; and
Section, subsection, Schedule and Exhibit references contained in this Agreement
are references to Sections, subsections, Schedules and Exhibits in or to this
Agreement unless otherwise specified.

          (d)   All determinations of the principal or finance charge balance of
Receivables, and of any collections thereof, shall be made in accordance with
Section 1.3 of the Servicing Agreement.
<PAGE>

                                                                               4

                                  ARTICLE II

                     PURCHASE AND CONVEYANCE OF RECEIVABLES

          Section 2.1     Purchase.  (a)  Subject to and upon the terms and
                          --------
conditions hereinafter set forth, each Seller (i) hereby sells, transfers,
conveys, and assigns to Buyer, without recourse, all of such Seller's right,
title, and interest in, to, and under the Receivables now existing (excluding
Receivables in respect of Defaulted Accounts) and hereafter created in respect
of each Account listed on Schedule 1 hereto identified by account number and by
                          ----------
Receivable balance as of the Cut Off Date (the "Initial Accounts"), together
with all monies due or to become due with respect thereto (including all Finance
Charge Receivables), all Collections, Recoveries and other proceeds thereof
(including without limitation, "Proceeds" as defined in the UCC as in effect in
the State of Illinois) and Insurance Proceeds relating thereto, and (ii) subject
to the provisions of Section 2.2, on each Addition Date each Seller shall sell,
transfer, convey and assign to Buyer, without recourse, all of such Seller's
rights, titles, and interests in, to, and under the Receivables then existing or
thereafter created in respect of each Additional Account designated in a
Supplemental Conveyance effective on the Addition Date therefor, together with
all monies due or to become due with respect thereto (including all Finance
Charge Receivables), all Collections, Recoveries and other proceeds thereof
(including, without limitation, "proceeds" as defined in the UCC as in effect in
the State of Illinois) and Insurance Proceeds relating thereto.

          (b)   In connection with such sale and conveyance, each Seller shall,
at its own expense, on or prior to the Closing Date (i) indicate or cause to be
indicated in its books and records and the computer files of the Receivables
that Receivables created in connection with the Initial Accounts have been sold
to Buyer in accordance with this Agreement and transferred to the Trust pursuant
to the Servicing Agreement for the benefit of the Certificateholders and (ii)
deliver or cause to be delivered to Buyer (or to the Trustee, if Buyer so
directs) a computer file or microfiche list containing a true and complete list
of all such Accounts, identified by account number and by the Receivables
balance as of the Cut Off Date.

          (c)   In connection with such sale and conveyance, each Seller agrees
(i) to record and file, at its own expense, any financing statement for the
purchase of accounts (as defined in Section 9-106 of the UCC as in effect in any
state where such Seller's chief executive offices or books and records relating
to the Receivables are located) with respect to the Receivables now existing and
hereafter created in respect of each Account (including but not limited to
Receivables in Additional Accounts), meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect
the sale of the Receivables from such Seller to Buyer, and (ii) to deliver a
file-stamped copy of such financing statements or other evidence of such filings
(which may, for purposes of this Section 2.1, consist of telephone confirmations
of such filings) to Buyer (or to the Trustee, if Buyer so directs) on or prior
to the Closing Date.
<PAGE>

                                                                               5

          (d)   On the Closing Date, Sellers shall deposit in the Collection
Account an amount equal to the amount that Buyer is required to deposit therein
pursuant to the second paragraph of Section 4.3(a) of the Servicing Agreement.

          Section 2.2     Addition of Additional Accounts.  (a) If from time to
                          -------------------------------
time, Buyer becomes obligated to designate Additional Accounts pursuant to
subsection 2.6(a) of the Servicing Agreement (or any other provision thereof
calling for compliance with the procedures set forth in such subsection 2.6(a)),
then Buyer shall give Sellers written notice thereof on or before the fifth
Business Day (the "Notice Date") prior to the Addition Date therefor and Sellers
shall on or before the Addition Date designate sufficient Eligible Accounts to
be included as Additional Accounts so that after the inclusion thereof Buyer
will be in compliance with the requirements of said subsection 2.6(a).
Additionally, subject to the limitations, if any, on Buyer's ability to add
Additional Accounts under subsection 2.6(b) of the Servicing Agreement, from
time to time Eligible Accounts may be designated to be included as Additional
Accounts, upon the mutual agreement of Buyer and Sellers. In either event,
Sellers shall have responsibility for selecting the Additional Accounts and
shall on or prior to the Addition Date therefor execute and deliver a
Supplemental Conveyance identifying the Additional Accounts by account number
and Receivables balance and Principal Receivables balance as of the Addition
Date, which Supplemental Conveyance shall be effective upon receipt by Buyer.

          (b)   On or before each Addition Date with respect to Additional
Accounts added pursuant to subsection 2.2(a) FCNB (i) shall indicate or cause to
be indicated in its books and records and in the computer files of the
Receivables that the Receivables created in connection with such Additional
Accounts have been sold to Buyer in accordance with this Agreement and
transferred by Buyer to the Trust pursuant to the Servicing Agreement, and (ii)
shall deliver or cause to be delivered to Buyer a computer file or microfiche
list containing a true and complete list of all Additional Accounts designated
in the respective Supplemental Conveyance or, if Buyer shall so direct such
computer file or microfiche list shall be delivered to the Trustee pursuant to
the Servicing Agreement.  FCNB's failure to deliver or cause to be delivered the
list prior to termination shall not be deemed to render such transfer executory
or uncompleted.

          (c)   At any time that Receivables in an Eligible Account are required
to be transferred to the Trust pursuant to subsection 2.6(e)of the Servicing
Agreement, such Eligible Account shall, until notice from FCNB or Buyer to the
other parties hereto to the contrary, automatically be designated to be included
as an Account effective as of the date specified in subsection 2.6(e) of the
Servicing Agreement.  FCNB shall on or before five Business Days after the first
day of each calendar month next succeeding the Monthly Period of such conveyance
execute a Supplemental Conveyance solely for the purposes of confirming the
transfer and assignment of such included Accounts under this subsection 2.2(c)
and identifying all such included Accounts so designated during the preceding
Monthly Period, by account number and
<PAGE>

                                                                               6

the aggregate amount of the Receivables and the aggregate amount of Principal
Receivables in such included Accounts as of such fifth Business Day.

          (d)   On or before five Business Days after the first day of the
Monthly Period next succeeding the calendar month in which Accounts were
included pursuant to subsection 2.2(c), FCNB (i) shall indicate or cause to be
indicated in its books and records and in the computer files of the Receivables
that the Receivables created in connection with such included Accounts have been
sold to Buyer in accordance with this Agreement and transferred by Buyer to the
Trust pursuant to the Servicing Agreement and (ii) shall deliver or cause to be
delivered to Buyer a computer file or microfiche list containing a true and
complete list of all such included Accounts identified in the respective
Supplemental Conveyance, or, if Buyer shall so direct, such computer file or
microfiche list shall be delivered to the Trustee pursuant to the Servicing
Agreement.

          Section 2.2     Sellers of Receivables.  (a) The parties acknowledge
                          ----------------------
and agree that (i) all Eligible Receivables arising prior to the Closing Date
under Accounts which were Eligible Accounts as of the Cut Off Date were
previously transferred by FCNB to SAC, and that accordingly all Receivables to
be transferred to Buyer hereunder on the Closing Date shall be so transferred to
Buyer by SAC; and (ii) Eligible Receivables arising on or after the Closing Date
under Eligible Accounts shall not be transferred to SAC by FCNB, and accordingly
all such Eligible Receivables to be transferred to Buyer hereunder shall be so
transferred to Buyer by FCNB.

          (b)   It is further agreed that Eligible Receivables arising under
Additional Accounts prior to the applicable Addition Date may on each Addition
Date be transferred to Buyer hereunder by either Seller, as the Sellers may
agree between themselves without the necessity of any consent or approval of any
other Person, but that in any event Eligible Receivables arising under
Additional Accounts on or after the applicable Addition Date and which are to be
transferred to Buyer hereunder shall be so transferred by FCNB.

                                  ARTICLE III

                           CONSIDERATION AND PAYMENT

          Section 3.1     Purchase Price.  Except as provided in Section 3.2,
                          --------------
the Purchase Price for all Receivables (including Receivables in Additional
Accounts) conveyed to the Buyer under this Agreement shall be a dollar amount
equal to the total recorded unpaid balance of such Receivables (including
Principal Receivables and Finance Charge Receivables) on the date conveyed to
Buyer hereunder.
<PAGE>

                                                                               7

          Section 3.2  Capital Contribution.  SAC intends to make an
                       --------------------
intercompany loan in the amount of $__________ to Spiegel on the Closing Date,
and Spiegel intends to make a capital contribution in like amount to Buyer on
the Closing Date. Accordingly, $__________ of the Receivables conveyed to
Buyer by SAC on the Closing Date shall constitute the funding of such
intercompany loan from SAC to Spiegel and shall be transferred by SAC (on
behalf of Spiegel) to Buyer as a capital contribution by Spiegel to Buyer.

          Section 3.3  Payment of Purchase Price.  The Purchase Price for
                       -------------------------
Receivables, other than those contributed to capital as set forth in Section
3.2, shall be paid or provided for on the Closing Date, each Addition Date and
each Settlement Date, as the case may be, in either of the following ways (or
any combination thereof) as Buyer and the appropriate Seller may mutually agree
from time to time: (i) by payment in cash in immediately available funds; or
(ii) by the sale, transfer, and assignment from Buyer to the appropriate Seller
of an undivided participation in the Exchangeable Seller Certificate, entitling
such Seller to receive a portion of all payments made to the holder of the
Exchangeable Seller Certificate in the proportion that the principal amount of
the purchased Receivables not paid for in cash as provided in clause (i) above
bears to the Principal Receivables evidenced by the Exchangeable Seller
Certificate. In the absence of any agreement to the contrary, any portion of the
Purchase Price not paid in cash on the Closing Date, any Addition Date (other
than Addition Dates arising under Section 2.2), or Settlement Date shall
automatically be deemed the purchase of a participation in the Exchangeable
Seller Certificate in accordance with the terms of this Section 3.3 in an amount
equal to the unpaid portion of the Purchase Price payable on such date, which
participation interest shall be evidenced by the Settlement Statement as
provided in Section 3.5 hereof.

          Section 3.4  Adjustments to Purchase Price.  The Purchase Price
                       -----------------------------
payable to each Seller shall be adjusted on a monthly basis (a "Credit
Adjustment") with respect to any Receivable purchased from such Seller (i) which
was created in respect of merchandise refused or returned by the Obligor
thereunder, (ii) which is reduced by the Servicer by any rebate, refund,
chargeback, or adjustment, (iii) as to which the Obligor thereunder has asserted
a counterclaim or defense and either (x) the Servicer has agreed such
counterclaim or defense is valid or (y) a final, nonappealable judgment or
decree has been entered in favor of such Obligor in respect of such counterclaim
or defense by a court or arbitral body having jurisdiction thereof, or (iv)
which the Servicer has determined was created as a result of a fraudulent or
counterfeit charge, but only if and to the extent such fraudulent or counterfeit
charges are not included as charge-offs under the Charge Account Guidelines.

          Section 3.5  Settlement.  On each Determination Date under the
                       ----------
Servicing Agreement (herein, a "Settlement Date"), FCNB shall deliver or cause
to be delivered to Buyer a Settlement Statement in substantially the form of
Exhibit C, showing the aggregate amount of Receivables conveyed by each Seller
---------
from the previous Settlement Date (or from the Closing Date in the case of the
first Settlement Date) to such date, the amount of all payments of the Purchase
Price received by each Seller prior to such Settlement Date in respect of such
<PAGE>

                                                                               8

Receivables, any Credit Adjustments to be made pursuant to Section 3.4 hereof,
and the settlements of the remaining Purchase Price for such Receivables to be
made as of such Settlement Date between Buyer and each Seller in accordance with
Section 3.3. The balance due, if any, from Buyer to a Seller as reflected on
such Settlement Statement shall be paid by Buyer to such Seller in immediately
available funds, or, unless otherwise agreed, shall automatically be deemed an
assignment of an interest in the Exchangeable Seller Certificate in accordance
with Section 3.3 in an amount equal to the unpaid portion of the Purchase Price
then due and payable, which participation shall be evidenced by the Settlement
Statement.
                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

          Section 4.1  Seller's Representations and Warranties.  Each Seller,
                       ---------------------------------------
but only as to itself and as to those Receivables, if any, transferred by it
hereunder, hereby severally (and not jointly) represents and warrants to, and
agrees with, Buyer as of the Closing Date that:

          (a)   Organization, Good Standing, and Qualification.  SAC is a
                ----------------------------------------------
     corporation duly organized and validly existing in good standing under the
     laws of the State of Delaware, and has full corporate power, authority, and
     right to own its properties and to conduct its business as such properties
     are presently owned and such business is presently conducted, and to
     execute, deliver and perform its obligations under this Agreement. FCNB is
     a national banking association duly organized and validly existing as such
     and in good standing under the laws of the United States of America, and
     has full corporate power, authority, and right to own its properties and to
     conduct its business as such properties are presently owned and such
     business is presently conducted, and to execute, deliver and perform its
     obligations under this Agreement.  Such Seller is duly qualified to do
     business and is in good standing in each State of the United States where
     the nature of its business requires it to be so qualified.

          (b)   Due Authorization.  The execution and delivery of this
                -----------------
     agreement, any Supplemental Conveyance, the Servicing Agreement, or any
     other document or instrument delivered pursuant hereto or thereto (the
     "Conveyance Papers"), to the extent that such Seller is a party thereto,
     and the consummation of the transactions provided for in this Agreement or
     any such other Conveyance Paper, have been duly authorized by all necessary
     corporate action on the part of such Seller.

          (c)   No Conflict.  The execution and delivery of the Conveyance
                -----------
     Papers, the performance of the transactions contemplated by the Conveyance
     Papers, and the fulfillment of the terms of the Conveyance Papers will not
     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,
<PAGE>

                                                                               9

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

          (d)   No Violation.  The execution and delivery of the Conveyance
                ------------
     Papers, the performance of the transactions contemplated by the Conveyance
     Papers, and the fulfillment of the terms of the Conveyance Papers will not
     conflict with or violate any material Requirements of Law applicable to
     such Seller.

          (e)   No Proceedings.  There are no proceedings or investigations
                --------------
     pending or, to the best knowledge of such Seller, threatened against such
     Seller, before any Governmental Authority (i) asserting the invalidity of
     the Conveyance Papers, (ii) seeking to prevent the consummation of any of
     the transactions contemplated by the Conveyance Papers , (iii) seeking any
     determination or ruling that, in the reasonable judgment of such Seller,
     would materially and adversely affect the performance by such Seller of its
     obligations under the Conveyance Papers, or (iv) seeking any determination
     or ruling that would materially and adversely affect the validity or
     enforceability of the Conveyance Papers.

          (f)   All Consents Required.  All approvals, licenses, authorizations,
                ---------------------
     consents, orders, or other actions of any Person or of any Governmental
     Authority required in connection with the execution and delivery of the
     Conveyance Papers by such Seller, the performance by such Seller of the
     transactions contemplated by the Conveyance Papers, and the fulfillment by
     such Seller of the terms of the Conveyance Papers, have been obtained.

          (g)   Identification of Accounts and Receivables.  As of the Closing
                ------------------------------------------
     Date, FCNB or SAC, as appropriate, has (i) indicated or caused to be
     indicated in its books and records and in the computer files of the
     Receivables that Receivables created in respect of the Initial Accounts
     have been sold to Buyer in accordance with this Agreement and transferred
     to the Trust pursuant to the Servicing Agreement for the benefit of the
     Certificateholders and (ii) has delivered or caused to be delivered to
     Buyer (or to the Trustee, if so directed by Buyer) a computer file or
     microfiche list containing a true and complete list of all such Accounts,
     identified by account number and by the Receivable balance as of the Cut
     Off Date.

          (h)   Existing Financing Statements.  There is no financing statement
                -----------------------------
     or similar statement or instrument of registration naming such Seller as
     "debtor," "transferor" or similar party (other than those, if any, which
     have been released or terminated or the scope of which has otherwise been
     effectively limited) under the law of any jurisdiction now on file or
     registered in any public office covering any interest of any kind in the
     Accounts or Receivables, or intended so to be, and such Seller will not
     execute or authorize there to be on file in any public office any financing
     statement or similar
<PAGE>

                                                                              10

     statement or instrument of registration under the laws of any jurisdiction
     relating to the Accounts or Receivables, except (i) any financing
     statements or assignments to be filed in respect of and covering any
     security or other interest of Buyer or the Trustee pursuant to this
     Agreement or the Servicing Agreement, and (ii) any financing statements
     filed against FCNB with respect to its regular transfers of receivables to
     SAC.

          (i)   Filings.  All filings and recordings required to perfect the
                -------
     title of Buyer to the Receivables purchased hereunder have been or will
     have been accomplished prior to the Closing Date and each Addition Date and
     are in full force and effect, and such Seller shall at its expense perform
     all acts and execute all documents reasonably requested by Buyer at any
     time to evidence, perfect, maintain, and enforce the title of Buyer in such
     Receivables and the transfer thereof to the Trust. Such Seller will, at the
     reasonable request of Borrower, execute and file additional financing
     statements reasonably satisfactory in form and substance to Buyer. All
     filings and recordings required to perfect the title of SAC to the
     Receivables to be transferred by it to Buyer pursuant to subsections
     2.3(a)(i) and 2.3(b) have been accomplished and are in full force and
     effect.

          (j)   Binding Obligation.  The Conveyance Papers to which such Seller
                ------------------
     is party constitute legal, valid and binding obligations of such Seller,
     enforceable against such Seller in accordance with their terms, except as
     such enforceability may be limited by Debtor Relief Laws and except as such
     enforceability may be limited by general principles of equity (whether
     considered in a suit at law or in equity).

          (k)   Valid Conveyance.  As of the Closing Date, the Conveyance Papers
                ----------------
     then in existence constitute a valid sale, assignment, and conveyance to
     Buyer of all right, title, and interest of such seller in, to, and under
     the Receivables then existing and thereafter created in the Accounts (other
     than Receivables in the Additional Accounts), all monies due or to become
     due with respect thereto (including all Finance Charge Receivables),
     together with all Collections, Recoveries and other proceeds (including,
     without limitation, "proceeds" as defined in the UCC as in effect in the
     State of Illinois ) of such Receivables and Insurance Proceeds relating
     thereto, and such property will be owned free and clear of any Lien of any
     Person claiming through or under such Seller and its Affiliates, except for
     Liens permitted under subsection 5.1(d).

          (l)   Eligibility of Receivables.  Such Seller hereby represents and
                --------------------------
     warrants to Buyer as of the Closing Date that (i) as of the Cut Off Date,
     Schedule 1 to this Agreement and the computer file or microfiche list
     delivered pursuant to subsection 2.1(b) is an accurate and complete listing
     in all material respects of all the Accounts as of the Cut-Off Date 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 Cut-Off Date, (ii) each Receivable then existing is an
     Eligible Receivable, (iii) each Receivable then existing has been conveyed
     to Buyer free and clear
<PAGE>

                                                                              11

     of any Lien of any Person and in compliance, in all material respects, with
     all Requirements of Law applicable to such Seller and (iv) with respect to
     each Receivable then existing, all consents, licenses, approvals, or
     authorizations of or registrations or declarations with any Governmental
     Authority required to be obtained, effected or given by such Seller in
     connection with the transfer of such Receivable to Buyer have been duly
     obtained, effected, or given and are in full force and effect. On each day
     on which any new Receivable is conveyed by such Seller to Buyer hereunder,
     such Seller shall be deemed to represent and warrant to Buyer that (i) each
     Receivable conveyed on such day is an Eligible Receivable, (ii) each
     Receivable conveyed on such day has been conveyed to Buyer free and clear
     of any Lien of any Person and in compliance, in all material respects, with
     all Requirements of Law applicable to such Seller, (iii) with respect to
     each such Receivable, all consents, licenses, approvals or authorizations
     of or registrations or declarations with, any Governmental Authority
     required to be obtained, effected, or given by such Seller in connection
     with the conveyance of such Receivable to the Trust have been duly
     obtained, effected or given and are in full force and effect, and (iv) the
     representations and warranties set forth in subsections 4.1(j) and (k) are
     true and correct with respect to each Receivable transferred on such day as
     if made on such day.

          (m)   Eligible Accounts.  As of the Cut Off Date, each Account (other
                -----------------
     than Additional Accounts) is an Eligible Account.

          (n)   Selection Procedures.  The Accounts were assigned randomly to
                --------------------
     Cycles by FCNB or Spiegel.  No selection procedures believed by such Seller
     to be materially adverse to the interests of Buyer or its successors and
     assigns were utilized by such Seller in selecting the Accounts.

          Section 4.2  Sellers' Representations and Warranties Regarding
                       -------------------------------------------------
Additional Accounts. Each Seller, but only as to itself and as to those
-------------------
Receivables, if any, transferred by it hereunder, hereby severally (and not
jointly) represents and warrants, and agrees with Buyer, as of each Addition
Date, that:

          (a)   Reconfirmation of Representations and Warranties.  All
                ------------------------------------------------
     representations and warranties made by such Seller pursuant to Section 4.1
     hereof remain true and correct in all respects as of such Addition Date as
     if made on such date.

          (b)   Identification of Accounts and Receivables.  FCNB has, as of the
                ------------------------------------------
     Addition Date with respect to Additional Accounts added pursuant subsection
     2.2(a), and will have, as of the fifth Business Day after the first day of
     the calendar month occurring after any Addition Date occurring under
     subsection 2.2(c), (i) indicated or caused to be indicated in its books and
     records and in the computer files of the Receivables that Receivables
     created in respect of the Additional Accounts have been sold to Buyer in

<PAGE>

                                                                              12

     accordance with this Agreement and transferred to the Trust pursuant to the
     Servicing Agreement for the benefit of the Certificateholders and (ii)
     delivered or caused to be delivered to Buyer (or to the Trustee, if so
     directed by Buyer) a computer file or microfiche list containing a true and
     correct list of all such Additional Accounts, identified by account number
     and by the Receivable balance as of the Addition Date for Additional
     Accounts added pursuant to subsection 2.2(a) hereof and as of such fifth
     Business Day of a calendar month with respect to Additional Accounts added
     pursuant to subsection 2.2(b) hereof and any such computer file or
     microfiche list is or will be an accurate and complete listing in all
     material respects of all the Additional Accounts as of the Addition Date or
     as of such fifth Business Day and the information contained therein with
     respect to the identity of such Additional Accounts and the Receivables
     existing thereunder is true and correct in all material respects as of such
     date.

          (c)   Eligibility of Accounts.  Each Additional Account is, as of the
                -----------------------
     Addition Date, an Eligible Account.

          (d)   Selection Procedures.  The Additional Accounts were assigned
                --------------------
     randomly to Cycles by FCNB.  No selection procedures believed by such
     Seller to be materially adverse to the interests of Buyer of its successors
     and assigns were utilized by such Seller in selecting the Additional
     Accounts from available Eligible Accounts.

          (e)   Insolvency.  Such Seller is not insolvent as of the Addition
                ----------
     Date.

          (f)   Bankruptcy Proceeding.  Such Seller has not filed a voluntary
                ---------------------
     proceeding under the Debtor Relief Laws and has no knowledge of the filing
     of any involuntary proceeding against it under such laws.

          (g)   Valid Conveyance.  As of each Addition Date, a valid sale,
                ----------------
     assignment and conveyance to Buyer of all right, title, and interest of
     such Seller in, to, and under the Receivables then existing and thereafter
     created in respect of the Additional Accounts, all monies due or to become
     due with respect thereto (including all Finance Charge Receivables),
     together with all proceeds (including, without limitation, "proceeds" as
     defined in the UCC as in effect in the State of Illinois) of such
     Receivables and Insurance Proceeds relating thereto, has been consummated
     and such property will be held free and clear or any Lien of any Person
     claiming through or under such Seller and its Affiliates, except for Liens
     permitted under subsection 5.1(d).

          Section 4.3  Representations and Warranties of Buyer.  As of the
                       ---------------------------------------
Initial Closing Date, and each Addition Date, Buyer hereby represents and
warrants to, and agrees with, the Sellers that:
<PAGE>

                                                                              13

          (a) Organization and Good Standing. Buyer is a corporation duly
              ------------------------------
     organized and validly existing in good standing under the laws of the State
     of Delaware and has full corporate power, authority, and right to own its
     properties and to conduct its business as such properties are presently
     owned and such business is presently conducted, and to execute, deliver,
     and perform its obligations under the Conveyance Papers.

          (b) Due Qualification. Buyer is neither required to qualify, nor to
              -----------------
     register, as a foreign corporation in any state in order to conduct its
     business, and has obtained all necessary licenses and approvals with
     respect to Buyer required under federal and Delaware law.

          (c) Due Authorization. The execution and delivery of the Conveyance
              -----------------
     Papers and the consummation of the transactions provided for in the
     Conveyance Papers have been duly authorized by Buyer by all necessary
     corporate action on the part of the Buyer.

          (d) No Conflict. The execution and delivery of the Conveyance Papers,
              -----------
     the performance of the transactions contemplated by the Conveyance Papers
     and the fulfillment of the terms of the Conveyance Papers will not 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, agreement, mortgage, deed of trust,
     or other instrument to which Buyer is a party or by which it or any of its
     properties are bound.

          (e) No Violation. The execution and delivery of the Conveyance
              ------------
     Papers, the performance of the transactions contemplated by the Conveyance
     Papers, and the fulfillment of the terms of the Conveyance Papers will not
     conflict with or violate any Requirements of Law applicable to Buyer.

          (f) No Proceedings. There are no proceeding or investigations pending
              --------------
     or, to the best knowledge of Buyer, threatened against Buyer, before any
     Governmental Authority (i) asserting the invalidity of the Conveyance
     Papers, (ii) seeking to prevent the consummation of any of the transactions
     contemplated by the Conveyance Papers, (iii) seeking in determination or
     ruling that, in the reasonable judgment of Buyer, would materially and
     adversely affect the performance by Buyer of its obligations under the
     Conveyance Papers, or (iv) seeking any determination or ruling that would
     materially and adversely affect the validity or enforceability of the
     Conveyance Papers.

          (g) All Consents Required. All approvals, authorizations, licenses,
              ---------------------
     consents, orders, or other actions of any Person or of any Governmental
     Authority required in connection with the execution and delivery of the
     Conveyance Papers, the performance of the transactions contemplated by the
     Conveyance Papers, and the fulfillment of the terms of the Conveyance
     Papers have been obtained.
<PAGE>

                                                                              14

          Section 4.4  Other Matters.
                       -------------

          (a) The representations and warranties set forth in this Article IV
shall survive the conveyance of the Receivables to Buyer, and termination of the
rights and obligations of the Buyer and Sellers under this Agreement.  Upon
discovery by Buyer or a Seller of a breach of any of the foregoing
representations and warranties, the party discovering such breach shall give
prompt written notice to the others.

          (b) In no event shall Buyer be liable to either Seller on account of
breach of any representation or warranty of Buyer set forth herein.

                                   ARTICLE V

                         COVENANTS OF SELLERS AND BUYER

          Section 5.1  Seller Covenants. Each Seller, but only as to itself and
                       ----------------
as to those Receivables, if any, transferred by it hereunder, hereby severally
(and not jointly) covenants and agrees with Buyer as follows:

          (a) Charge Account Agreements and Charge Account Guidelines.  FCNB
              -------------------------------------------------------
shall comply with and perform its obligations under the Charge Account
Agreements relating to the Accounts and the Charge Account Guidelines, except
insofar as any failure to so comply or conform would not materially and
adversely affect the rights of the Trustee and Certificateholders under the
Servicing Agreement or under the Certificates.  In that regard, except as
aforesaid, and so long as such changes are made applicable to comparable
segments of the charge accounts originated by FCNB which have characteristics
the same as, or substantially similar to, the Accounts pursuant to which the
Receivables were created, FCNB shall be free to change the terms and provisions
of such Charge Account Agreements or the Charge Account Guidelines in any
respect (including, without limitation, the calculation of the amount, the
timing, or charge-offs).

          (b) Finance Charges and Other Fees. Except (i) as otherwise required
              ------------------------------
by any Requirements of Law or (ii) as is consistent with the provisions of the
Servicing Agreement and all Supplements thereto and as is deemed by FCNB to be
advisable for the charge account program based on good faith assessment by FCNB
of the various factors impacting the use of FCNB charge accounts, FCNB shall not
reduce at any time (x) the Finance Charges assessed in respect of any Accounts
or (y) any other fees charged on any of the Accounts, if as a result of any such
reduction, FCNB's reasonable expectation of the Portfolio Yield (as defined in
the Servicing Agreement) as of such date would be less than the highest of the
Base Rates (as defined in the Servicing Agreement) for the Certificates then
outstanding.
<PAGE>

                                                                              15

          (c) Receivables Not to be Evidenced by Promissory Notes. FCNB will
              ---------------------------------------------------
take no action to cause any Receivable to be evidenced by any "instrument" (as
defined in the UCC as in effect in the State of Illinois.

          (d) Security Interests. Except for the conveyances hereunder, (i)
              ------------------
such Seller 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,
whether now existing or hereafter created, or any interest therein; (ii) such
Seller will immediately notify Buyer and the Trustee of the existence of any
Lien on any Receivable; (and (iii) such Seller shall defend the right, title,
and interest of Buyer and its successors and assigns in, to, and under the
Receivables, whether now existing or hereafter created, against all claims of
third parties claiming through or under such Seller; provided, however, that
nothing in this Section 5.1(d) shall prevent or be deemed to prohibit such
Seller from suffering to exist upon any of the Accounts or Receivables any Liens
for municipal or other local taxes if such taxes shall not at the time be due
and payable or if such Seller shall concurrently be contesting the validity
thereof in good faith by appropriate proceedings and shall have set aside on its
books adequate reserves with respect thereto.

          (e) Location of Books and Records. FCNB's copies of originals or
              -----------------------------
duplicates of all documents evidencing all Charge Account Agreements and
Accounts are kept by FCNB at, and only at, the locations specified on Schedule 2
                                                                      ----------
hereto.  Each Seller's chief executive office is identified on Schedule 2
                                                               ----------
hereto.  FCNB will not relocate such documents or related records and books, and
neither Seller will relocate its chief executive office, unless such Seller
shall have given to Buyer not less than 15 days' written notice of its intention
to do so, clearly describing the new location.  If as a result of such
relocation, the applicable provisions of the UCC or any other applicable law
require the filing of any amendment to any previously-filed financing or
continuation statement or the filing of a new financing statement, the
appropriate Seller shall file such financing statement or amendment as may be
necessary with respect to the transfer of Accounts (as defined in Section 9-106
of the UCC in effect in the State of Illinois).  Such Seller shall at all times
maintain each office in which it maintains records with respect to Receivables
and its chief executive office within the United States of America.
Additionally, FCNB shall clearly and unambiguously identify or cause to be
identified each Account (including any Additional Account designated pursuant to
Section 2.2 hereof) in its books and records, and in the computer records of the
Receivables, to reflect that the Receivables arising in such Account have been
sold to Buyer and transferred by Buyer to the Trust pursuant to the Servicing
Agreement.  Such Seller shall, prior to the sale or transfer to a third party of
any receivable owned by such Seller or held in its custody, examine its books
and records, including any computer records, to determine that such receivable
is not a Receivable.

          (f) Change of Name or Corporate Structure. Within 30 days after such
              -------------------------------------
Seller makes any change in its name, identity, or corporate structure which
would make any financing statement or continuation statement filed in accordance
with Section 2.1 above seriously
<PAGE>

                                                                              16

misleading within the meaning of Section 9-402(7) of the UCC as in effect in the
state where such financing statement or continuation statement was filed, such
Seller shall file such financing statements or amendments as may be necessary
with respect to the transfer of Accounts.

          (g) Further Assurances. Such Seller will make, execute or endorse,
              ------------------
acknowledge, and file or deliver to Buyer from time to time such schedules,
confirmatory assignments, conveyances, transfer endorsements, powers of
attorney, certificates, reports and other assurances or instruments and take
such further steps relating to the Receivables and other rights covered by this
Agreement, as Buyer may request and reasonably require.

          (h) Indemnification. Such Seller agrees to indemnify, defend and
              ---------------
hold Buyer harmless from and against any and all loss, liability, damage,
judgment, claim, deficiency, or expense (including interest, penalties,
reasonable attorneys' fees and amounts paid in settlement) to which Buyer may
become subject insofar as such loss, liability, damage, judgment, claim,
deficiency, or expense arises out of or is based upon (i) a breach by such
Seller of its warranties and covenants contained in Section 4.1 (provided,
however, with respect to the representations and warranties contained in
subsections 4.1(l) and (m) above the indemnification provided for herein shall
apply only to a breach involving a material amount of Accounts or Receivables)
or (ii) the representations of such Seller contained in Section 4.2, or any
information certified in any Schedule delivered by such Seller hereunder, being
untrue in any material respect at any time. The obligations of the Sellers under
this subsection 5.1(i) shall be considered to have been relied upon by Buyer and
shall survive the execution, delivery, and performance of this Agreement
regardless of any investigation made by Buyer or on its behalf.

          (i) Municipal and Local Taxes. FCNB or the Servicer shall be
              -------------------------
responsible for collecting all state, local, and municipal taxes associated with
the Accounts and Receivables and for remitting the same to the appropriate
Governmental Authority, together with all tax returns, reports, or affidavits
required by such Governmental Authority in connection therewith.

          (j) Conveyance of Accounts. Such Seller shall not convey, assign,
              ----------------------
exchange, or otherwise transfer the Accounts to any Person prior to termination
of this Agreement, and the Servicing Agreement.

          (k) Non-Petition. Each Seller hereby covenants and agrees that prior
              ------------
to the date which is one year and one day after the Trust Termination Date, it
will not institute against, or join any other person in instituting against,
Buyer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings under any federal or state bankruptcy or similar law; provided,
however, that, while the Certificates are outstanding, the agreement of the
Sellers set forth in this sentence will terminate and be of no force and effect
if the absence of such agreement would not in and of itself result in the
lowering, suspension or withdrawal by Standard and Poor's, if such
<PAGE>

                                                                              17

rating agency then rates the Certificates, or by Moody's, if such rating agency
then rates the Certificates, of their respective ratings of the Certificates.
Nothing in this subsection 5.1(1) shall preclude, or be deemed to estop, either
Seller (a) from taking or omitting to take any action prior to such date (i) in
any case or proceeding voluntarily filed or commenced by or on behalf of Buyer
under or pursuant to any such law or (ii) except for joining in the involuntary
petition, in any involuntary case or proceeding pertaining to Buyer which is
filed or commenced by or on behalf of a Person other than a Seller (or any
Person to which a Seller shall have assigned, transferred or otherwise conveyed
any part of its obligations hereunder) under or pursuant to any such law or (b)
from commencing or prosecuting any legal action which is not an involuntary case
or proceeding under or pursuant to any such law against Buyer or any of its
properties.

          (l) Merger; Consolidation.  FCNB shall not consolidate with or merge
              ---------------------
into any other Person or convey or transfer its properties and assets
substantially as an entirety to any Person, unless:

          (i) the Person formed by such consolidation or into which FCNB is
     merged or the Person which acquires by conveyance or transfer the
     properties and assets of FCNB substantially as an entirety shall be, if
     FCNB 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 national banking association, federal savings association, state
     banking corporation or state savings association which is not subject to
     the bankruptcy laws of the United States of America and shall expressly
     assume, by an agreement supplemental hereto, executed and delivered to the
     Buyer, in form satisfactory to the Buyer, the performance of every covenant
     and obligation of FCNB, as applicable hereunder, and shall benefit from all
     the rights granted to FCNB, as applicable hereunder. To the extent that any
     right, covenant or obligation of FCNB, as applicable hereunder, is
     inapplicable to the successor entity, such successor entity shall be
     subject to such covenant or obligation, or benefit from such right, as
     would apply, to the extent practicable, to such successor entity; and

          (ii) FCNB shall have delivered to the Buyer an Officer's Certificate
     and an Opinion of Counsel, each, in form and substance reasonably
     acceptable to the Buyer, stating that such consolidation, merger,
     conveyance or transfer and such supplemental agreement comply with this
     Agreement and that all conditions precedent herein provided for relating to
     such transaction have been complied with and, in the case of the Opinion of
     Counsel, that such supplemental agreement is legal, valid and binding with
     respect to FCNB.

          Section 5.2 Buyer Covenants Regarding Nondisclosure; Inspection.
                      ---------------------------------------------------
Buyer hereby covenants and agrees with the Sellers (and agrees to cause the
Trustee) not to disclose to any Person any of the account numbers or other
information contained in the computer files or microfiche lists delivered to
Buyer (or to Trustee if buyer so directs) pursuant to Sections 2.1 and
<PAGE>

                                                                              18

2.2, and subsection 4.2(b), 7.1(c) and 7.2(c) hereof, except (i) as is required
in connection with the performance of the Trustee's duties under the Servicing
Agreement or in enforcing the rights of the Certificateholders and (ii) such
disclosures as are required upon appointment of a successor Servicer under the
Servicing Agreement. Buyer agrees (and shall cause the Trustee) to take such
measures as shall be reasonably requested by either Seller to protect and
maintain the security and confidentiality of such information, and in connection
therewith, shall allow the Sellers to inspect the applicable security and
confidentiality arrangements from time to time in normal business hours. Buyer
shall (and shall cause the Trustee to) give the Sellers five days prior written
notice of any disclosure pursuant to this Section 5.2.

                                  ARTICLE VI

                             REPURCHASE OBLIGATION

         Section 6.1 Mandatory Repurchase.
                     --------------------

         (a) Ineligible Receivables. Except as hereinafter provided, in the
             ----------------------
event of a breach by a Seller of any representation and warranty of such Seller
set forth in subsection 4.1(1) hereof, within 60 days (or with the prior written
consent of Buyer, such longer period specified in such consent) of the earlier
to occur of the discovery of such breach by such Seller, or receipt by such
Seller of written notice of such breach given by Buyer, such Seller shall
repurchase and Buyer shall convey, without recourse, representation, or
warranty, all of Buyer's right, title, and interest in each Principal Receivable
to which such breach relates (an "Ineligible Receivable") on the terms and
conditions set forth below; provided, however, that no such repurchase shall be
required to be made with respect to such Ineligible Receivable if, on any day
within such 60 day period (or such longer period as may be specified in the
consent), either (i) the representations and warranties of such Seller in the
second sentence of subsection 4.1(l) with respect to such Ineligible Receivable
shall then be true and correct in all material respects with respect to such
Ineligible Receivable as if such Ineligible Receivable had been conveyed to
Buyer on such day, or (ii) the aggregate amount of Ineligible Receivables
outstanding at any time and with respect to which such representations and
warranties continue to be incorrect in any material respect does not in the sole
reasonable judgment of an officer of Buyer have a material adverse effect on the
interest of the Trust in the Receivables as a whole, including the ability of
the Servicer in its sole reasonable judgment to collect the Receivables.
Notwithstanding anything contained in this subsection 6.1(a) to the contrary, in
the event of breach of any representation and warranty of a Seller set forth in
subsection 4.1(l) hereof with respect to (x) each Receivable existing as of the
Closing Date or an Addition Date, as applicable, and (y) each new Receivable
acquired by Buyer hereunder, having been conveyed to Buyer free and clear of any
Lien of any Person claiming through or under such Seller and its Affiliates and
in compliance in all material respects with all Requirements of Law applicable
to such Seller, immediately upon the earlier to occur of the discovery of such
breach by such Seller, or receipt by such Seller of written notice of such
<PAGE>

                                                                              19

breach given by Buyer, such Seller shall repurchase and Buyer shall convey,
without recourse, representation or warranty, all of Buyer's right, title and
interest in each Ineligible Receivable affected by such breach.

         (b) In the event of a breach of the representations and warranties of
a Seller set forth in subsections 4.1(j) and (k) hereof, Buyer may give such
Seller written notice directing such Seller to repurchase all of the Principal
Receivables transferred by such Seller hereunder within 45 days after such
notice (or within such longer period as may be specified in such notice);
whereupon, such Seller shall repurchase and Buyer shall convey to such Seller,
without recourse, representation, or warranty, all of Buyer's right, title, and
interest in all of the Principal Receivables transferred by such Seller, on a
Settlement Date first occurring after such applicable period on the terms and
conditions set forth below; provided, however, that no such repurchase by a
Seller shall be required to be made if, at any time during such applicable
period the representations and warranties of such Seller contained in Sections
4.1(j) and (k) shall then be true and correct in all material respects.

         (c) The Repurchase Price for the Principal Receivables shall be an
amount equal to: (i) for Ineligible Receivables repurchased pursuant to Section
6.1(a) hereof, the aggregate face amount of each such Ineligible Receivable on
the date of repurchase, and (ii) for Principal Receivables repurchased pursuant
to Section 6.3(b) hereof, an amount equal to the "deposit amount" paid pursuant
to Section 2.4(e) of the Servicing Agreement.  Payment of the Repurchase Price
may be made, at the option of the repurchasing Seller: (i) in immediately
available funds; (ii) as a reduction in such Seller's interest in and to any
participation interest in the Exchangeable Seller Certificate in an amount equal
to the unpaid portion of the Repurchase Price; or (iii) any combination of the
foregoing; provided, however, that such Seller must make payment of a sufficient
portion of the Repurchase Price in immediately available funds to enable Buyer
to make any cash payment to the Trust then required under the Servicing
Agreement.

         Section 6.2 Optional Repurchases. (a) Buyer shall have the option to
                      --------------------
require either Seller to repurchase all of Buyer's rights, titles, and interests
in, to, and under all Receivables transferred by such Seller hereunder and
created pursuant to certain Accounts designated by Buyer (the "Removed
Accounts"); provided that, Buyer shall only be entitled to require such
repurchase (i) if Buyer is able to effect a retransfer of such Receivables from
the Trust in compliance with Section 2.7 or 10.2 of the Servicing Agreement,
(ii) if Buyer and both Sellers mutually agree as to the designation of the
Removed Accounts, and (iii) the repurchasing Seller shall deliver an Opinion of
Counsel reasonably acceptable to Buyer and the Trustee that such repurchase
would not constitute a fraudulent conveyance by such Seller. On or before the
fifth Business Day (the "Repurchase Notice Date") prior to the date on which the
Removed Accounts will be designated by Buyer, Buyer shall give the repurchasing
Seller or Sellers (as the case may be) written notice of its election to require
such Seller or Sellers to so repurchase the Receivables of the Removed Accounts
on the date specified in such notice (the "Repurchase Date"). The Repurchase
Price for an optional repurchase effected pursuant to this Section 6.2(a)
<PAGE>

                                                                              20

shall be: (i) for Receivables purchased pursuant to Section 2.7 of the Servicing
Agreement, an amount equal to the total recorded unpaid balance of such
repurchased Receivables (including Principal Receivables and Finance Charge
Receivables) on the Repurchase Date, and (ii) for Receivables purchased pursuant
to Section 10.2 of the Servicing Agreement, an amount equal to the "deposit
amount" paid in compliance with Section 10.2 of the Servicing Agreement. Upon
execution and delivery of any Reconveyance effecting any repurchase as
contemplated in this Section 6.2(a), Buyer shall have no further right, title,
or interest in any Receivables from the Removed Accounts.

          (b) Payment of the Repurchase Price as specified in Section 6.2(a)
above shall be made in any manner provided for in Section 6.1 hereof; provided,
however, that the repurchasing Seller must make payment of a sufficient portion
of the Repurchase Price in immediately available funds to enable Buyer to make
any cash payment to the Trust then required under the Servicing Agreement.

          Section 6.3 Conveyance of Repurchased Receivables. On or prior to
                      -------------------------------------
the date that a Seller is required to repurchase Receivables under Section 6.1,
or on the date a Seller is permitted to purchase any Receivables under Section
6.2, or on any Repurchase Date, as the case may be, Buyer shall execute and
deliver to the repurchasing Seller a Reconveyance substantially in the form and
upon the terms of Exhibit B hereto, pursuant to which Buyer conveys to such
Seller all of Buyer's right, title, and interest in the Receivables to be
repurchased by such seller and, with respect to repurchases effected pursuant to
Section 6.2 hereof, within three Business Days thereafter, a computer file or
microfiche list containing a true and complete list of all Removed Accounts
identified by account number and the aggregate Receivable balances to be
repurchased by such Seller in such Removed Accounts as of the Repurchase Notice
Date. Buyer shall (and shall cause the Trustee to) execute such other documents
or instruments of conveyance or take such other actions as the repurchasing
Seller may reasonably require to effect any repurchase of Receivables pursuant
to this Article VI.

          Section 6.4 Sole Remedy. The obligation of a Seller to repurchase
                      -----------
Ineligeble Receivables pursuant to Section 6.1 hereof shall constitute the sole
remedy available to Buyer, the Trustee, any Certificateholder, any Servicer, any
Enhancement Provider or any other Person respecting any breach of the
representations and warranties set forth in Sections 4.1(j), (k), (l) and (m)
with respect to such Receivables.

          Section 6.5 Selection of Removed Accounts.  By giving the written
                      -----------------------------
notice on the Repurchase Notice Date as required in Section 6.2 and by
acceptance of the Reconveyance, a Seller represents and warrants that no
selection procedures believed by such Seller to be materially adverse to the
interests of Buyer or the holders of the Certificates were utilized in selecting
the Removed Accounts.
<PAGE>

                                                                              21

          Section 6.6 Assignment of Repurchase Rights and Obligations.  The
                      -----------------------------------------------
Sellers elect (between themselves, and without the necessity of any consent or
approval of any other Person) that any repurchase of Receivables required or
permitted to be effected by a Seller (the "Assignor Seller") under Section 6.1
or Section 6.2 may be effected by the other Seller (the "Assignee Seller"), with
such election to be made by the Sellers' delivery to Buyer of notice, not more
than two Business Days prior to the date of such repurchase (or such later time
as to which Buyer may consent) of such election, which notice shall identify the
Receivables subject to such election. Upon delivery of such notice all rights
and obligations of the Assignor Seller in respect of such repurchase shall be
automatically assigned to the Assignee Seller, the Assignor Seller shall have no
rights, liabilities or obligations in respect of such repurchase, and such
repurchase shall thereupon be consummated by and in the name of the Assignee
Seller.

                                  ARTICLE VII

                              CONDITIONS PRECEDENT

          Section 7.1 Conditions to Buyer's Obligations Regarding Initial
                      ---------------------------------------------------
Receivables. The obligations of Buyer to purchase the Receivables in Initial
-----------
Accounts on the Closing Date shall be subject to the satisfaction of the
following conditions:

          (a) All representations and warranties of the Sellers contained in
     this Agreement shall be true and correct on the Closing Date with the same
     effect as though such representations and warranties had been made on such
     date;

          (b) All information concerning the Initial Accounts provided to
     Buyer shall be true and correct as of the Cut Off Date in all material
     respects;

          (c) FCNB shall have delivered or caused to be delivered to Buyer a
     computer file or microfiche list containing a true and complete list of all
     Initial Accounts identified by account number and by the Receivables
     balance as of the Cut Off Date, and the Sellers shall have substantially
     performed all other obligations required to be performed by the provisions
     of this Agreement;

          (d) Each Seller shall have recorded and filed, at its expense, any
     financing statement with respect to the Receivables (other than Receivables
     in Additional Accounts) now existing and hereafter created for the transfer
     of accounts (as defined in Section 9-106 of the UCC as in effect in the
     State of Illinois) meeting the requirements of applicable state law in such
     manner and in such jurisdictions as are necessary to perfect the sale of
     the Receivables to Buyer, and shall have delivered a file-stamped copy of
     such financing statements or other evidence of such filings (which may, for
     purposes of this paragraph, consist of telephone confirmations of such
     filings) to Buyer;
<PAGE>

                                                                              22

          (e) On or before the Closing Date, the Servicing Agreement shall
     have been duly executed and delivered by the parties thereto and the
     initial closing under the Servicing Agreement shall take place
     simultaneously with the initial closing hereunder; and

          (f) All corporate and legal proceedings and all instruments in
     connection with the transactions contemplated by this Agreement shall be
     satisfactory in form and substance to Buyer, and Buyer shall have received
     from the Sellers copies of all documents (including, without limitation,
     records of corporate proceedings) relevant to the transactions herein
     contemplated as Buyer may reasonably have requested.

          Section 7.2 Conditions to Buyer's Obligations Regarding Supplemental
                      --------------------------------------------------------
Conveyances. The obligations of Buyer to purchase any Receivables created under
-----------
any Additional Accounts shall be subject to the satisfaction of the following
conditions:

          (a) All representations and warranties of the Sellers contained in
     this Agreement shall be true and correct on the Addition Date with the same
     effect as though such representations and warranties had been made on such
     date;

          (b) All information concerning the Additional Accounts provided or
     to be provided to Buyer shall be true and correct in all material respects
     as of the Addition Date with respect to Additional Accounts added pursuant
     to subsection 2.2(a) and as of the fifth Business Day after the first day
     of the calendar month occurring after any Addition Date arising under
     Section 2.2(c);

          (c) On or before each Addition Date with respect to Additional
     Accounts added pursuant to subsection 2.2(a) and on or before the fifth
     Business Day after the first day of the Monthly Period occurring after any
     Addition Date arising under subsection 2.2(c): (i) FCNB shall have
     indicated or caused to be indicated in the computer files of the
     Receivables that Receivables created in respect of the Additional Accounts
     have been sold to Buyer in accordance with this Agreement and transferred
     to the Trust pursuant to the Servicing Agreement for the benefit of the
     Certificateholders; (ii) FCNB shall have delivered or caused to be
     delivered to Buyer (or to the Trustee, if so directed by Buyer) a computer
     file or microfiche list containing a true and correct list of all such
     Additional Accounts, identified by account number and by the Receivable
     balance as of the Addition Date for Additional Accounts added pursuant to
     subsection 2.2(a) or as of such fifth Business Day of a Monthly Period with
     respect to Additional Accounts added pursuant to subsection 2.2(c) hereof;
     and (iii) the Sellers shall have substantially performed all other
     obligations required to be performed by the provisions of this Agreement;
<PAGE>

                                                                              23

          (d) The appropriate Seller or Sellers shall have executed and
     delivered a Supplemental Conveyance in conformity with the requirement of
     Section 2.2 hereof; and

          (e) Each Seller shall have recorded and filed, at its expense, any
     financing statement with respect to the Receivables in such Additional
     Accounts now existing and hereafter created in connection with the transfer
     of accounts (as defined in Section 9-106 of the UCC as in effect in the
     State of Illinois) meeting the requirements of applicable state law in such
     manner and in such jurisdictions as are necessary to perfect the sale of
     the Receivables to Buyer, and shall have delivered a file-stamped copy of
     such financing statements or other evidence of such filings (which may, for
     purposes of this paragraph, consist of telephone confirmations of such
     filings) to Buyer.

          Section 7.3 Conditions Precedent to Sellers' Obligations. The
                      --------------------------------------------
obligations of a Seller to sell Receivables on the Closing Date and on any
Addition Date shall be subject to the satisfaction of the following conditions:

          (a) All representations and warranties of Buyer contained in this
     Agreement shall be true and correct with the same effect as though such
     representations and warranties had been made on such date;

          (b) Payment or provision for payment of the Purchase Price shall have
     been made in accordance with the provisions of Sections 3.3 and 3.4 hereof;
     and

          (c) All corporate and legal proceedings and all instruments in
     connection with the transactions contemplated by this Agreement shall be
     satisfactory in form and substance to the Sellers, and the Sellers shall
     have received from Buyer copies of all documents (including, without
     limitation, records of corporate proceedings) relevant to the transactions
     herein contemplated as the Sellers may reasonably have requested.

                                 ARTICLE VIII

                              TERM & TERMINATION

          Section 8.1 Term. This Agreement shall commence as of the date of
                      ----
execution and delivery hereof and shall continue in full force and effect until:
(a) the Trust terminates; or (b) upon the occurrence of any of the following
events: Buyer or either Seller shall (i) become insolvent, (ii) fail to pay its
debts generally as they become due, (iii) voluntarily seek, consent to, or
acquiesce in the benefit or benefits of any Debtor Relief Law, (iv) become a
party to (or be made the subject of) any proceeding provided for by any Debtor
Relief Law, other than as a creditor or claimant, and, in the event such
proceeding is involuntary, (1) within 10 Business Days after Buyer or such
Seller, as applicable, has knowledge of such proceeding or the filing
<PAGE>

                                                                              24

thereof either (x) the petition instituting same has not been dismissed or (y)
an order has not been entered by the court having jurisdiction which allows
continued transfer to the Trust or Buyer, as applicable, of Principal
Receivables, in the case of a Seller's involuntary petition with no adverse
effect to either Buyer, the Trust or the Investor Certificateholders, and in the
case of Buyer's involuntary petition with no adverse effect to either the Trust
or the Investor Certificateholders, or (2) an order as contemplated in (1)(y)
above having previously been entered, is no longer in effect other than by
reason of the termination of such proceeding; provided, however, that Buyer
shall have no duty to continue to purchase Receivables or accept designation of
Additional Accounts from and after the filing of an involuntary petition but
prior to dismissal; or (v) become unable for any reason to convey or reconvey
Receivables in accordance with the provisions of this Agreement; provided,
however, that the termination of this Agreement pursuant to this subsection
8.1(b) shall not discharge any Person from any obligations incurred prior to
such termination, including, without limitation, any obligations with respect to
Receivables sold prior to such termination. Notwithstanding anything contained
herein to the contrary, upon any termination of this Agreement, Buyer shall not
purchase Receivables created or accept Additional Accounts designated on or
after the date of such termination.

          Section 8.2 Effect of Termination. No termination or rejection or
                      ---------------------
failure to assume the executory obligations of this Agreement upon the
bankruptcy of either Seller or Buyer shall be deemed to impair or affect the
obligations pertaining to any executed sale or executed obligations, including
without limitation, pre-termination breaches of representations and warranties
by either Seller or Buyer. Without limiting the foregoing, prior to termination,
neither the failure of FCNB to deliver or cause to be delivered computer records
of Additional Accounts or Settlement Statements, nor the failure of Buyer to pay
a Settlement Statement shall render such transfer or obligation executory, nor
shall the continued duties of the parties pursuant to Section 5 or Section 9.1
of this Agreement render an executed sale executory.

                                  ARTICLE IX

                           MISCELLANEOUS PROVISIONS

          Section 9.1 Amendment. This Agreement and the other Conveyance
                      ---------
Papers and the rights and obligations of the parties hereunder may not be
changed orally, but only by an instrument in writing signed by Buyer and the
Sellers in accordance with this Section 9.1. This Agreement and any other
Conveyance Papers may be amended from time to time by Buyer and the Sellers to
correct or supplement any provisions herein or in any other Conveyance Papers
which may be inconsistent with any other provisions herein or to add any other
provisions with respect to matters or questions arising under this Agreement or
any other Conveyance Papers which shall not be inconsistent with the provisions
of this Agreement or any other Conveyance Papers; provided, however, that such
action shall not (as evidenced by an Opinion of Counsel
<PAGE>

                                                                              25

delivered to the Trustee and reasonably acceptable to the Rating Agencies)
adversely affect in any material respect the interests of the Trustee for the
benefit of the Certificates, unless the Trustee shall consent thereto. Any
Supplemental Conveyance or Reconveyance executed in accordance with the
provisions hereof shall not be considered amendments to this Agreement.

          Section 9.2 Governing Law. This Agreement and the other Conveyance
                      -------------
Papers shall be construed in accordance with the laws of the State of Illinois,
without reference to its conflict of law provisions, and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

          Section 9.3 Notices. All demands, notices and communications
                      -------
hereunder shall be in writing and shall be deemed to have been duly given if
personally delivered at or mailed by registered mail, return receipt requested,
to (a) in the case of FCNB, First Consumers National Bank, 9300 S.W. Gemini
Drive, Beaverton, Oregon 97005, Attn: President, (b) in the case of SAC, Spiegel
Acceptance Corporation,, 400 West 9/th/ Street, Suite 101A, Wilmington, Delaware
19801, Attn: President, and (c) in the case of Buyer, Spiegel Credit Corporation
III, 400 West 9/th/ Street, Suite 101B, Wilmington, Delaware 19801, Attn: John
Steele Treasurer; or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

          Section 9.4 Severability of Provisions.  If any one or more of the
                      --------------------------
covenants, agreements, provisions or terms of this Agreement or any other
Conveyance Paper shall for any reason whatsoever be held invalid, then such
covenants, agreements, provisions, or terms shall be deemed severable from the
remaining covenants, agreements, provisions, or terms of this Agreement or any
other Conveyance Paper and shall in no way affect the validity or enforceability
of the other provisions of this Agreement or of any other Conveyance Paper.

          Section 9.5 Assignment. Notwithstanding anything to the contrary
                      ----------
contained herein, other than Buyer's assignment of its rights, titles and
interests in, to, and under this Agreement to the Trustee for the benefit of the
Certificateholders as contemplated by the Servicing Agreement and Section 9.6
hereof, and the Sellers' limited assignment rights set forth in Section 6.6
hereof, this Agreement and all other Conveyance Papers may not be assigned by
the parties hereto.

          Section 9.6 Acknowledgment and Agreement of Sellers. By execution
                      ---------------------------------------
below,the Sellers expressly acknowledge and agree that all of Buyer's rights,
titles and interests in, to and under this Agreement, including, without
limitation, all of Buyer's rights, titles and interests in and to the
Receivables purchased pursuant to this Agreement, shall be assigned by Buyer to
the Trustee for the benefit of the Certificateholders, and the Sellers consent
to such assent.

          Section 9.7 Further Assurances. Buyer and the Sellers agree to do
                      ------------------
and perform, from time to time, any and all acts and to execute any and all
further instruments
<PAGE>

                                                                              26

required or reasonably requested by the other party more fully to effect the
purposes of this Agreement and the other Conveyance Papers, including, without
limitation, the execution of any financing statements or continuation statements
or equivalent documents relating to the Receivables for filing under the
provisions of the UCC or other law of any applicable jurisdiction.

          Section 9.8 No Waiver; Cumulative Remedies. No failure to exercise
                      ------------------------------
and no delay in exercising, on the part of Buyer or either Seller, any right,
remedy, power or privilege hereunder, shall operate a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
right, remedy, power or privilege. The rights, remedies, powers and privileges
herein provided are cumulative and not exhaustive of any rights, remedies,
powers and privileges provided by law.

          Section 9.9 Counterparts. This Agreement and all other Conveyance
                      ------------
Papers 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 9.10 Binding Effect; Third-Party Beneficiaries. This
                       -----------------------------------------
Agreement and the other Conveyance Papers will inure to the benefit of and be
binding upon the parties hereto, and their respective successors and permitted
assigns. The Trustee shall be considered a third-party beneficiary of this
Agreement.

          Section 9.11 Merger and Integration. Except as specifically stated
                       ----------------------
otherwise herein, this Agreement and the other Conveyance Papers set 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 and
the other Conveyance Papers. This Agreement and the other Conveyance Papers may
not be modified, amended, waived or supplemented except as provided herein.

          Section 9.12 Headings. The headings herein are for purposes of
                       --------
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

          Section 9.13 Schedules and Exhibits. The schedules and exhibits
                       ----------------------
attached hereto and referred to herein shall constitute a part of this Agreement
and are incorporated into this Agreement for all purposes.

          Section 9.14 Estimation and Calculation of Finance Charge
                       --------------------------------------------
Receivables. At all times and for all purposes of this Agreement, the amount of
-----------
Finance Charge Receivables outstanding at any point in time shall be determined
in the manner described in Section 1.3 of the Servicing Agreement.
<PAGE>

                                                                              27

          Section 9.15 FCNB Records. FCNB covenants and agrees that this
                       ------------
Agreement is and shall remain continuously a part of FCNB's records, and that
all supplemental documentation to be delivered by FCNB under this Agreement
shall be and remain continuously a part of FCNB's records.
<PAGE>

                                                                              28

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

                              SPIEGEL CREDIT CORPORATION III

                                    /s/ John R. Steele
                              By:   --------------------------------------------
                                    Title: Treasurer

                              FIRST CONSUMERS NATIONAL BANK

                                    /s/ John R. Steele
                              By:   --------------------------------------------
                                    Title: Treasurer

                              SPIEGEL ACCEPTANCE CORPORATION

                                    /s/ John R. Steele
                              By:   --------------------------------------------
                                    Title: VP & Treasurer
<PAGE>

                                 SCHEDULE ONE
                                      to
                        RECEIVABLES PURCHASE AGREEMENT

                               Initial Accounts
                               ----------------

As contained on an Appropriately Labeled Computer Record Delivered
Contemporaneously with this Agreement.

Aggregate Receivables as of the Cut Off Date:                    $____________

Aggregate Principal Receivables as of the Cut Off Date:          $____________
<PAGE>

                                 SCHEDULE TWO
                                      to
                        RECEIVABLES PURCHASE AGREEMENT

SAC's Chief Executive Office:
-----------------------------

     400 West 9/th/ Street
     Suite 101A
     Wilmington, Delaware 19801

FCNB's Chief Executive Office:
------------------------------

     9300 S.W. Gemini Drive
     Beaverton, Oregon 97005

Locations Of Books and Records:
-------------------------------

     9300 S.W. Gemini Drive
     Beaverton, Oregon 97005

     800 Pasquinelli Drive
     Westmont, Illinois 60522

     3500 Lacey Road
     Downers Grove, Illinois 60515
<PAGE>

                                   EXHIBIT A
                                      to
                        RECEIVABLES PURCHASE AGREEMENT

                        FORM OF SUPPLEMENTAL CONVEYANCE
                        -------------------------------

          SUPPLEMENTAL CONVEYANCE No. __ OF RECEIVABLES IN ADDITIONAL ACCOUNTS
(the "Supplemental Conveyance"), dated as of _________, 199_, by and among FIRST
CONSUMERS NATIONAL BANK, a national banking association ("FCNB"), SPIEGEL
ACCEPTANCE CORPORATION, a Delaware corporation ("SAC"; FCNB and SAC are
collectively referred to herein as the "Sellers"), and SPIEGEL CREDIT
CORPORATION III, a Delaware corporation ("Buyer"), pursuant to the Receivables
Purchase Agreement referred to below.

                             W I T N E S S E T H :
                             -------------------

          WHEREAS, Buyer and Sellers are parties to the Receivables Purchase
Agreement, dated as of September 20, 1994 (as such agreement may have been, or
may from time to time be, amended, supplemented or otherwise modified, the
"Purchase Agreement");

          WHEREAS, pursuant to Section 2.2 of the Purchase Agreement, (i) under
certain conditions, Sellers are required to sell Receivables in Additional
Accounts; or (ii) Sellers may designate and sell Additional Accounts to be
included as Accounts; or (iii) under certain circumstances, an Eligible Account
of any Included Cycle is to be automatically included as an Additional Account;

          WHEREAS, Sellers now wish to sell the Receivables in the Additional
Accounts described on Schedule One hereto, whether now existing or hereafter
created, to Buyer; and

          WHEREAS, Buyer is willing to accept such sale and conveyance subject
to the terms and conditions hereof;

          NOW THEREFORE, Sellers and Buyer hereby agree as follows:

          1.   Defined Terms.  Capitalized terms used in this Supplemental
               -------------
Conveyance have their respective meanings set forth in the Purchase Agreement,
except that "Addition Date" shall mean, with respect to the Additional Accounts
added pursuant to Section 2.2(a) of the Purchase Agreement and designated
hereby, ____________, 199__.
<PAGE>

                                                                               2

          "Notice Date" shall mean, with respect to the Additional Accounts
added pursuant to Section 2.2 of the Purchase Agreement and designated hereby,
____________, 199__ (which shall be a date on or before the fifth Business Day
prior to the Addition Date).

          2.   Designation of Additional Accounts.  On or prior to the Addition
               ----------------------------------
Date, in respect of Additional Accounts added pursuant to Section 2.2 of the
Purchase Agreement and on or before five Business Days after the first day of
the calendar month next succeeding the calendar month in which Additional
Accounts were added pursuant to Section 2.2(c), FCNB shall have delivered or
caused to be delivered to Buyer (or to the Trustee, if Buyer so directs) a
computer file or microfiche list containing a true and complete list of all
charge accounts which as of the Addition Date shall be deemed to be Additional
Accounts, such Additional Accounts being identified by account number and by
Receivable balance as of the Addition Date in respect of Additional Accounts
added pursuant to Section 2.2(a) of the Purchase Agreement or as of such fifth
Business Day of the month in respect of Additional Accounts added during the
preceding month pursuant to Section 2.2(c) of the Purchase Agreement.  Such list
shall be marked as Schedule One to this Supplemental Conveyance, delivered to
                   ------------
Buyer as confidential and proprietary and, as of the Addition Date, shall be
incorporated into and made a part of this Supplemental Conveyance, the Purchase
Agreement, and any other Conveyance Paper.

          3.   Sale of Receivables.  (a)  For value received, each Seller does
               -------------------
hereby sell, transfer, convey and assign to Buyer, without recourse, on and
after the Addition Date, all of such Seller's right, title and interest in, to
and under the Receivables now existing or hereafter created in the Additional
Accounts designated on Schedule One hereto, all monies due or to become due with
respect thereto (including all Finance Charge Receivables), all Collections,
Recoveries and other proceeds thereof (including, without limitation, "proceeds"
as defined in the UCC as in effect in the State of Illinois) and Insurance
Proceeds relating thereto.

          (b) In connection with such sale and conveyance, Seller agrees (i) to
record and file at its own expense, any financing statement for the purchase of
accounts (as defined in Section 9-106 of the UCC as in effect in the State of
Illinois), with respect to the Receivables now existing and hereafter created in
the Additional Accounts designated hereby, meeting the requirements of
applicable state law and in such jurisdictions as are necessary to perfect the
sale of the Receivables from such Seller to Buyer and the transfer of such
Receivables from Buyer to the Trust, and (ii) to deliver a file-stamped copy of
such financing statements or other evidence of such filings (which may, for
purposes of this Section 3, consist of telephone confirmations of such filings)
to Buyer (or to the Trustee, if Buyer so directs) on or prior to the date of
this Supplemental Conveyance.

          (c) In connection with such sale and conveyance, FCNB agrees, at its
own expense, on or prior to the date of this Supplemental Conveyance to indicate
or cause to be indicated in its books and records and in the computer files of
the Receivables as required by the Purchase Agreement that Receivables created
in connection with the Additional Accounts
<PAGE>

                                                                               3

designated hereby have been sold to Buyer in accordance with the Purchase
Agreement and transferred by Buyer to the Trust for the benefit of the
Certificateholders.

          (d) The parties acknowledge and agree that, as contemplated by Section
2.3 of the Purchase Agreement, the Receivables to be transferred hereunder to
Buyer on the Addition Date shall be so transferred to Buyer by [FCNB] [SAC], and
that Receivables in the Additional Accounts designated hereby which are to be
transferred to Buyer after the Addition Date, shall be so transferred by FCNB.

          4.  Acceptance by Buyer.  Buyer hereby acknowledges its acceptance of
              -------------------
all right, title and interest previously held by Sellers in, to and under the
Receivables sold and conveyed hereby.  Buyer further acknowledges that, prior to
or simultaneously with the execution and delivery of this Supplemental
Conveyance, FCNB delivered or caused to be delivered to Buyer or to the Trustee
the computer file or microfiche list described in Section 2 of this Supplemental
Conveyance.

          5.  Representations and Warranties of Seller.  Each Seller, but only
              ----------------------------------------
as to itself and as to those Receivables, if any, transferred by it hereunder,
hereby severally (and not jointly) represents and warrants to Buyer as of the
Addition Date that:

          (a) Legal, Valid and Binding Obligation.  This Supplemental conveyance
              -----------------------------------
constitutes a legal, valid, and binding obligation of such Seller, enforceable
against such Seller in accordance with its terms, except as such enforceability
may be limited by Debtor Relief Laws and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or
in equity);

          (b) Schedule One.  Schedule One to this Supplemental Conveyance and
              ------------
the computer file or microfiche list delivered pursuant to Section 2 of this
Supplemental Conveyance is an accurate and complete listing in all material
respects of all the Additional Accounts as of the Addition Date and the
information contained therein with respect to the identity of such Additional
Accounts and the Receivables existing thereunder is true and correct in all
material respects as of the Addition Date;

          (c) Eligibility of Accounts.  Each Additional Account designated
              -----------------------
hereby is an Eligible Account;

          (d) Selection Procedures.  The Additional Accounts were assigned
              --------------------
randomly to Cycles by FCNB or, if applicable, by Spiegel, and no selection
procedures believed by such Seller to be materially adverse to the interests of
Buyer or its successors and assigns were utilized in selecting the Additional
Accounts designated hereby from available Eligible Accounts;
<PAGE>

                                                                               4

          (e)  Insolvency.  Such Seller is not insolvent; and, after giving
               ----------
effect to the conveyance set forth in Section 3 of this Supplemental Conveyance,
will not be insolvent;

          (f)  Security Interest.  This Supplemental Conveyance constitutes
               -----------------
either (i) a valid sale, assignment, and conveyance or, in the case of Accounts
added pursuant to Section 2.2(c) of the Purchase Agreement, confirmation of a
valid sale, assignment, and conveyance to Buyer of all right, title and interest
of such Seller in, to, and under the Receivables now existing and hereafter
created in respect of the Additional Accounts designated hereby, all monies due
or to become due with respect thereto (including all Finance Charge Receivables)
together with all Recoveries, Collections and other proceeds including, without
limitation, "proceeds" as defined in the UCC as in effect in the State of
Illinois) of such Receivables and Insurance Proceeds relating thereto, or (ii) a
grant of a security interest in such Receivables, and such property will be held
free and clear of any Lien of any Person claiming through or under such Seller
except for Liens permitted under Section 5.1(d) of the Purchase Agreement.

          (g)  Reconfirmation of Representations and Warranties.  All
               ------------------------------------------------
representations and warranties made by such Seller pursuant to Section 4.1 of
the Purchase Agreement remain true and correct in all respects as of the
Addition Date as if made on such date.

          6.   Conditions Precedent.  (a) The acceptance of Buyer set forth in
               --------------------
Section 4 above and the amendment of the Purchase Agreement set forth in Section
8 below are subject to the satisfaction by the Sellers, on or prior to the
Addition Date, of the following conditions precedent:

          (i)  All information concerning the Additional Accounts provided or to
     be provided to Buyer shall be true and correct in all material respects as
     of the Addition Date with respect to Additional Accounts added pursuant to
     Section 2.2(a) of the Purchase Agreement and as of the fifth Business Day
     after the first day of the calendar month occurring after any Addition Date
     arising under Section 2.2(c) of the Purchase Agreement;

          (ii) On or before each Addition Date with respect to Additional
     Accounts added pursuant to Section 2.2(a) of the Purchase Agreement: (i)
     FCNB shall have indicated or caused to be indicated in its books and
     records and in the computer files of the Receivables that Receivables
     created in respect of the Additional Accounts have been sold to Buyer in
     accordance with this Agreement for the benefit of the Certificateholders,
     (ii) FCNB shall have delivered or caused to be delivered to Buyer (or to
     the Trustee, if so directed by Buyer) a computer file or microfiche list
     containing a true and correct list of all such Additional Accounts,
     identified by account number and by Receivable balance as of the Addition
     Date, and (iii) the Sellers shall have substantially performed all other
     obligations required to be performed by the provisions of the Purchase
     Agreement and this Supplemental Conveyance; and
<PAGE>

                                                                               5

          (iii)  Each Seller shall have recorded and filed, at its expense,
     all financing statements required to comply with Section 3(b) of this
     Supplemental Conveyance.

          (b)    The sale by the Sellers set forth in Section 3 above and the
amendment of the Purchase Agreement set forth in Section 8 below are subject to
the satisfaction by Buyer, on or prior to the Addition Date, of the following:

          (i)    All representations and warranties of Buyer contained in the
     Purchase Agreement shall be true and correct with the same effect as though
     such representations and warranties had been made on such date;

          (ii)   Payment or provision for payment of the Purchase Price by
     Buyer in accordance with the provisions of Section 3 of the Purchase
     Agreement; and

          (iii)  All corporate and legal proceedings and all instruments in
     connection with the transactions contemplated by this Supplemental
     Conveyance shall be satisfactory in form and substance to the Sellers, and
     the Sellers shall have received from Buyer copies of all documents
     (including, without limitation, records of corporate proceedings) relevant
     to the transactions herein contemplated as the Sellers may reasonably have
     requested.

          7.     Additional Information.  Each Seller shall have delivered to
                 ----------------------
Buyer such information as was reasonably requested by Buyer to satisfy itself as
to the accuracy of the representation and warranty set forth in Section 5(e) of
this Supplemental Conveyance.

          8.     Amendment of the Purchase Agreement. The Purchase Agreement is
                    -----------------------------------
hereby amended to provide that all references therein to the "Receivables
Purchase Agreement", to "this Agreement", and "herein" shall be deemed from and
after the Addition Date to be a dual reference to the Purchase Agreement as
supplemented by this Supplemental Conveyance.  Except as expressly amended
hereby, all of the representations, warranties, terms, covenants, and conditions
of the Purchase Agreement shall remain unamended and shall continue to be, and
shall remain, in full force and effect in accordance with its terms and except
as expressly provided herein shall not constitute or be deemed to constitute a
waiver of compliance with or a consent to noncompliance with any term or
provision of the Purchase Agreement.

          9.     Counterparts.  This Supplemental Conveyance 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.

          10.    Governing Law.  This Supplemental Conveyance shall be construed
                 -------------
in accordance with the laws of the State of Illinois, without reference to its
conflict of law
<PAGE>

                                                                               6

provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.
<PAGE>

                                                                               7

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

                              FIRST CONSUMERS NATIONAL BANK

                              By:       _____________________________________
                              Title:    _____________________________________

                              SPIEGEL ACCEPTANCE CORPORATION

                              By:       _____________________________________
                              Title:    _____________________________________

                              SPIEGEL CREDIT CORPORATION III

                              By:       _____________________________________
                              Title:    _____________________________________
<PAGE>

                                  SCHEDULE ONE
                                  ------------

                              ADDITIONAL ACCOUNTS
                              -------------------
<PAGE>

                                   EXHIBIT B
                                       to
                         RECEIVABLES PURCHASE AGREEMENT

                              FORM OF RECONVEYANCE
                              --------------------

          RECONVEYANCE No. __ OF RECEIVABLES (this "Reconveyance"), dated as of
_________, 199_, by and between SPIEGEL CREDIT CORPORATION III, a Delaware
corporation ("SCCIII") and ______________, a _________________ ("Seller"),
pursuant to the Receivables Purchase Agreement referred to below.

                             W I T N E S S E T H :
                             -------------------

          WHEREAS, SCCIII, Seller and [First Consumers National Bank] [Spiegel
Acceptance Corporation] are parties to the Receivables Purchase Agreement, dated
as of September 20, 1994 (as such agreement may have been, or may from time to
time be, amended, supplemented or otherwise modified, the "Purchase Agreement");

          WHEREAS, pursuant to Section 6 of the Purchase Agreement (i) under
certain conditions, Seller is required to repurchase Receivables in certain
Accounts, or (ii) SCCIII may designate from time to time certain Accounts for
repurchase;

          WHEREAS, pursuant to Section 6 of the Purchase Agreement SCCIII wishes
to sell and convey to Seller the Receivables from the Accounts listed on
Schedule One hereto (the "Removed Accounts"); and

          WHEREAS, Seller is willing to repurchase Receivables under the Removed
Accounts by payment, or provision for the payment, of the Repurchase Price
therefor pursuant to Section 6 of the Purchase Agreement;

          NOW THEREFORE, SCCIII and Seller hereby agree as follows:

          1.   Defined Terms.  Capitalized terms used in this Reconveyance have
               -------------
their respective meanings set forth in the Purchase Agreement, except that
"Repurchase Date" shall mean, with respect to the Removed Accounts designated
hereby, ____________, 199__.

          2.   Designation of Removed Accounts.  Within three Business Days
               -------------------------------
after the Repurchase Date, Seller shall deliver or cause to be delivered to
SCCIII a computer file, microfiche or written list containing a true and
complete list of all Removed Accounts identified by account number and
Receivable balance of such Removed Accounts.  Such list shall be marked as

Schedule One to this Reconveyance and shall be incorporated into and made a part
------------
of
<PAGE>

this Reconveyance as of the Repurchase Date and of the Purchase Agreement and
other Conveyance Papers.

          3.   Conveyance of Receivables.  (a)  For value received, SCCIII does
               -------------------------
hereby sell, transfer, assign, and set-over to Seller, without recourse, on and
after the Repurchase Date, all right, title and interest of SCCIII in, to, and
under the Receivables now existing and hereafter created in the Removed Accounts
designated hereby, all monies due or to become due with respect thereto
(including all Finance Charge Receivables), all proceeds thereof (including,
without limitation, "proceeds" as defined in the UCC in any states where
Seller's or the Servicer's chief executive offices or books and records relating
to Receivables are located) and Insurance Proceeds relating thereto.

          (b) In connection with such transfer, SCCIII agrees to (and agrees to
cause Trustee to) execute and deliver to Seller on or prior to the date of this
Reconveyance, a termination statement or partial release with respect to the
Receivables now existing and hereafter created in the Removed Accounts
designated hereby evidencing the sale and conveyance of the Receivables in the
Removed Accounts and the release of all liens or security interests thereon,
which shall meet the requirements of applicable state law and shall be filed in
such manner and in such jurisdictions as are necessary to evidence such sale and
conveyance and remove such lien.

          4.   Acceptance by Seller.  Seller hereby acknowledges that, prior to
               --------------------
or simultaneously with the execution and delivery of this Reconveyance, SCCIII
delivered or caused to be delivered to Seller the computer file or microfiche
list described in Section 2 of this Reconveyance.

          5.   Representations and Warranties of SCCIII.  SCCIII hereby
               ----------------------------------------
represents and warrants to Seller as of the Repurchase Date:

          (a) Legal, Valid and Binding Obligation.  This Reconveyance
              -----------------------------------
constitutes a legal, valid, and binding obligation of SCCIII, enforceable
against SCCIII in accordance with its terms, except as such enforceability may
be limited by Debtor Relief Laws 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) Schedule One.  Schedule One to this Reconveyance and the computer
              ------------
file or microfiche list delivered pursuant to Section 2 of this Reconveyance is
an accurate and complete listing in all material respects of all the Removed
Accounts as of the Repurchase Date and the information contained therein with
respect to the identity of such Removed Accounts and the Receivables existing
thereunder is true and correct in all material respects as of the Repurchase
Date;
<PAGE>

                                                                               3

          (c) Compliance with Servicing Agreement.  SCCIII has effected a
              -----------------------------------
retransfer from the Trust of the Receivables now existing or hereafter arising
under the Removed Accounts in compliance with the provisions of the Servicing
Agreement.

          (d) Selection Procedures.  In respect of Removed Accounts designated
              --------------------
pursuant to Section 6.2 of the Purchase Agreement, SCCIII and Seller have
mutually agreed as to the designation of the Removed Accounts.

          (e) Insolvency.  As of the Repurchase Notice Date and as of the
              ----------
Repurchase Date, SCCIII is not insolvent and, after giving effect to the
conveyance set forth in Section 3 of this Reconveyance, SCCIII will not be
insolvent.

          6.   Conditions Precedent.  (a) The amendment of the Purchase
               --------------------
Agreement set forth in Section 7 hereof is subject to the satisfaction by
SCCIII, on or prior to the Repurchase Date, of the following conditions
precedent:

          (i)  All information concerning the Removed Accounts provided or to be
     provided to Seller shall be true and correct in all material respects as of
     the Repurchase Date;

          (ii)  SCCIII shall have, and on or before the third Business Day after
     the Repurchase Date: (i) delivered to Seller a computer file or microfiche
     list containing a true and correct list of all such Removed Accounts,
     identified by account number and by Receivable balance as of the Repurchase
     Date; and (ii) substantially performed all other obligations required to be
     performed by the provisions of this Reconveyance; and

          (iii)  SCCIII shall have delivered to Seller the termination
     statements and partial releases required to be delivered in Section 3(b) of
     this Reconveyance.

          (b) The amendment of the Purchase Agreement set forth in Section 7 is
subject to payment or provision for payment of the Repurchase Price in
accordance with the provisions of Section 6 of the Purchase Agreement on or
prior to the Repurchase Date.

          7.   Amendment of the Purchase Agreement.  The Purchase Agreement is
               -----------------------------------
hereby amended to provide that all references therein to the "Receivables
Purchase Agreement", to "this Agreement" and "herein" shall be deemed from and
after the Repurchase Date to be a dual reference to the Purchase Agreement as
supplemented by this Reconveyance.  Except as expressly amended hereby, all of
the representations, warranties, terms, covenants and conditions of the Purchase
Agreement shall remain unamended and shall continue to be, and shall remain, in
full force and effect in accordance with its terms and except as expressly
provided herein shall not constitute or be deemed to constitute a waiver of
compliance with or a consent to non-compliance with any term or provision of the
Purchase Agreement.
<PAGE>

                                                                               4

          8.   Counterparts.  This Reconveyance 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.

          9.   Governing Law.  This Reconveyance shall be construed in
               -------------
accordance with the laws of the State of Illinois, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

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

                              [FIRST CONSUMERS NATIONAL BANK]
                              [SPIEGEL ACCEPTANCE CORPORATION]

                              By:     _________________________________________
                              Title:  _________________________________________

                              SPIEGEL CREDIT CORPORATION III

                              By:     _________________________________________
                              Title:  _________________________________________
<PAGE>

                                 SCHEDULE ONE

                                REMOVED ACCOUNTS
                                ----------------
<PAGE>

                                   EXHIBIT C
                                       to
                         RECEIVABLES PURCHASE AGREEMENT

                          FORM OF SETTLEMENT STATEMENT

                         SPIEGEL CREDIT CORPORATION III

                         RECEIVABLES PURCHASE AGREEMENT

                Current Settlement Date: _______________, 199___

          First Consumers National Bank ("FCNB"), Spiegel Acceptance Corporation
("SAC") and Spiegel Credit Corporation III ("Buyer"), pursuant to the
Receivables Purchase Agreement (the "Purchase Agreement") dated as of September
20, 1994, by and among FCNB, SAC and Buyer, do hereby agree and certify as
follows:

               1.  Capitalized terms used in this Settlement Statement have
           their respective meanings in the Purchase Agreement. As used herein,
           the term "Subject Period"shall mean the Monthly Period immediately
           preceding the calendar month in which this Settlement Statement is
           delivered. This Settlement Statement is delivered pursuant to Section
           3.5 of the Purchase Agreement. References hereto to certain sections
           are references to the respective sections in the Purchase Agreement.

               2.  The date of this Settlement Statement is a
           Settlement Date under the Purchase Agreement.

A.         RECEIVABLES PURCHASED FROM FCNB AND PURCHASE PRICE FOR
           SUBJECT PERIOD

               3.  The aggregate unpaid balance of Receivables
           conveyed to Buyer by FCNB and balance of Receivables
           created in Accounts pursuant to the Purchase Agreement
           during the Subject Period was equal to                    $_________

               4.  The portion of the amount shown in item 3 paid
           in cash during the Subject Period was equal to            $_________

               5.  The portion of the amount shown in item 3 not
           paid in cash during the Subject Period (item 3 minus
           item 4) is equal to                                       $_________
<PAGE>

                                                                               2

B.         RECEIVABLES PURCHASED FROM SAC AND PURCHASE PRICE FOR
           SUBJECT PERIOD

               6.  The aggregate unpaid balance of Receivables
           conveyed to Buyer by SAC pursuant to the Purchase
           Agreement during the Subject Period was equal to .........   $_____

               7.  The portion of the amount shown in item 6 paid
           in cash during the Subject Period was equal to ...........   $_____

               8.  The portion of the amount shown in item 6 not
           paid in cash during the Subject Period (item 6 minus
           item 7) is equal to ......................................   $_____

C.         RECEIVABLES REPURCHASED BY FCNB AND REPURCHASE PRICE FOR
           SUBJECT PERIOD

               9.  The aggregate Repurchase Price of Receivables
           prepurchased by FCNB pursuant to Section 6.1 or 6.2 of the
           Purchase Agreement during the Subject Period (the "FCNB
           Repurchased Receivables") was equal to ....................  $______

               10.  The portion of the Repurchase Price for the
           FCNB Repurchased Receivables paid in cash during the Subject
           Period was equal to .......................................  $______

               11.  The portion of the Repurchase Price for the
           FCNB Repurchased Receivables not paid in cash during the
           Subject Period (item 9 minus item 10) is equal to ........   $______

D.         RECEIVABLES REPURCHASED BY SAC AND REPURCHASE PRICE FOR
           SUBJECT PERIOD

               12.  The aggregate Repurchase Price of Receivables
           repurchased by SAC pursuant to Section 6.1 or 6.2 of the
           Purchase Agreement during the Subject Period (the "SAC
           Repurchased Receivables") was equal to ....................  $_______

               13.  The portion of the Repurchase Price for the
           SAC Repurchased Receivables paid in cash during the Subject
           Period was equal to .......................................  $_______

               14.  The portion of the Repurchase Price for the
           SAC Repurchased Receivables not paid in cash during the
           Subject Period (item 12 minus item 13) is equal to ........  $_______

<PAGE>

                                                                               3

           In witness whereof, the undersigned have duly executed and
  delivered this Settlement Statement this _____ day of 199___.

                              FIRST CONSUMERS NATIONAL BANK

                              By:    __________________________________________
                              Title: __________________________________________

                              SPIEGEL ACCEPTANCE CORPORATION

                              By:    __________________________________________
                              Title: __________________________________________

                              SPIEGEL CREDIT CORPORATION III

                              By:    __________________________________________
                              Title: __________________________________________
<PAGE>

                                   EXHIBIT D

On file with First Consumers National Bank

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