Document:

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                                                                   EXHIBIT 10.11

                                                                  Execution Copy

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                            MASTER LEASE RECEIVABLES
                    ASSET-BACKED FINANCING FACILITY AGREEMENT

                                  by and among

                           MARLIN LEASING CORPORATION

                                as the Servicer,

                       MARLIN LEASING RECEIVABLES CORP. II

                             as the Obligors' Agent,

                                       and

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,

                        as Trustee and Back-up Servicer,

                            Dated as of April 1, 2002

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                                                                  Execution Copy

                                TABLE OF CONTENTS

<TABLE>
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Article I DEFINITIONS...................................................................................    1

     Section 1.01.    Definitions.......................................................................    1
     Section 1.02.    Acts of Holders...................................................................   20
     Section 1.03.    Notice to Holders; Waiver.........................................................   21
     Section 1.04.    Alternate Payment and Notice Provisions...........................................   22
     Section 1.05.    Conflict with Trust Indenture Act.................................................   22
     Section 1.06.    Effect of Headings and Table of Contents..........................................   22
     Section 1.07.    Successors and Assigns............................................................   22
     Section 1.08.    Benefits of Agreement.............................................................   22
     Section 1.09.    Allocation of Series to Groups....................................................   23
     Section 1.10.    Status of Obligors' Agent.........................................................   23

Article II REPRESENTATIONS, WARRANTIES AND COVENANTS....................................................   23

     Section 2.01.    Representations, Warranties and Covenants of Obligors.............................   23
     Section 2.02.    Representations, Warranties and Covenants of Servicer.............................   27
     Section 2.03.    Representations and Warranties of Trustee.........................................   30

Article III PLEDGING THE TRUST ESTATE...................................................................   31

     Section 3.01.    Series Trust Estates..............................................................   31
     Section 3.02.    Preservation of Series Collateral.................................................   31
     Section 3.03.    Waiver of Stay or Extension Laws; Marshalling of Assets...........................   32
     Section 3.04.    Noninterference, Etc..............................................................   32
     Section 3.05.    Obligor Changes...................................................................   32
     Section 3.06.    Limited Recourse to Obligors......................................................   33
     Section 3.07.    Authorization of Actions to Be Taken by the Trustee...............................   33
     Section 3.08.    Termination of Security Interests.................................................   34
     Section 3.09.    Filing; Maintenance of Contract Files.............................................   34
     Section 3.10.    Costs and Expenses................................................................   34

Article IV NOTE FORMS...................................................................................   34

     Section 4.01.    Forms Generally...................................................................   34
     Section 4.02.    Form of Trustee's Certificate of Authentication...................................   35
     Section 4.03.    Securities Legend.................................................................   35

Article V THE NOTES.....................................................................................   36

     Section 5.01.    Amount Limited; Issuable in Series................................................   36
     Section 5.02.    Execution, Authentication, Delivery and Dating....................................   37
     Section 5.03.    Temporary Notes...................................................................   37
     Section 5.04.    Registration, Registration of Transfer and Exchange, Transfer Restrictions........   38
     Section 5.05.    Mutilated, Destroyed, Lost and Stolen Notes.......................................   40
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<S>                                                                                                        <C>
     Section 5.06.    Final Distribution................................................................   40
     Section 5.07.    Persons Deemed Owners.............................................................   42
     Section 5.08.    Cancellation......................................................................   42
     Section 5.09.    Book-Entry Notes..................................................................   42
     Section 5.10.    Notices to Clearing Agency........................................................   43
     Section 5.11.    Definitive Notes..................................................................   43

Article VI ADMINISTRATION AND SERVICING OF THE TRUST ESTATE.............................................   44

     Section 6.01.    Retention of Servicer; Responsibilities of Servicer...............................   44
     Section 6.02.    Standard of Care..................................................................   46
     Section 6.03.    Credit and Collection Policy......................................................   46
     Section 6.04.    Maintenance of Interest in the Trust Estate.......................................   46
     Section 6.05.    Servicing Compensation; Payment of Certain Expenses by Servicer...................   47
     Section 6.06.    Servicer's Certificate............................................................   47
     Section 6.07.    Annual Statement as to Compliance.................................................   47
     Section 6.08.    Financial Statements and Independent Accountant's Servicing Certificate Review....   48
     Section 6.09.    Access to Certain Documentation and Information Regarding the Pledged Property....   49
     Section 6.10.    Other Necessary Data..............................................................   50
     Section 6.11.    Release of Contracts..............................................................   51
     Section 6.12.    Removal Related to Upgrades or Trade-ins and Delinquent Contracts.................   52
     Section 6.13.    Notification to Noteholders of Defaults and Events of Default.....................   52
     Section 6.14.    Security Deposits.................................................................   52
     Section 6.15.    Removal of Nonconforming Pledged Property.........................................   53
     Section 6.16.    Substitution of Contracts.........................................................   53

Article VII ACCOUNTS AND ALLOCATIONS....................................................................   54

     Section 7.01.    Establishment of Facility Accounts; Establishment of Advance Payment Accounts.....   54
     Section 7.02.    Collections and Allocations.......................................................   55
     Section 7.03.    Investment of Funds in each Facility Account and the Advance Payment Account......   55

Article VIII THE SERVICER AND THE OBLIGORS..............................................................   56

     Section 8.01.    Liability of Servicer; Indemnities................................................   56
     Section 8.02.    Merger, Consolidation, or Assumption of the Obligations of Servicer...............   57
     Section 8.03.    Limitation on Liability of Servicer and Others....................................   57
     Section 8.04.    Servicer Not to Resign............................................................   58
     Section 8.05.    Reserved..........................................................................   58
     Section 8.06.    Indemnities of the Obligors.......................................................   58
     Section 8.07.    Limitation on Liability of the Obligors...........................................   59
</TABLE>

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<S>                                                                                                        <C>
Article IX SERVICER TERMINATION.........................................................................   59

     Section 9.01.    Events of Servicer Termination....................................................   59
     Section 9.02.    Back-up Servicer to Act; Taking of Bids; Appointment of Successor Servicer........   60
     Section 9.03.    Notification of Event of Servicer Termination.....................................   62
     Section 9.04.    Waiver of Past Defaults...........................................................   62
     Section 9.05.    Effects of Servicer Termination...................................................   62
     Section 9.06.    Responsibilities of Back-up Servicer..............................................   63
     Section 9.07.    Back-up Servicer Compensation.....................................................   65
     Section 9.08.    Merger or Consolidation of, or Assumption of the Obligation of Back-up Servicer...   66
     Section 9.09.    Back-up Servicer Termination or Resignation.......................................   66
     Section 9.10.    Limitation on Liability of Back-up Servicer and Others............................   67
     Section 9.11.    Representations and Warranties of the Back-up Servicer............................   68

Article X EVENTS OF DEFAULT AND REMEDIES................................................................   69

     Section 10.01.   Events of Default.................................................................   69
     Section 10.02.   Collection of Indebtedness and Suits for Enforcement by
                      Trustee; Authority of Series Controlling Party....................................   69
     Section 10.03.   Limitation on Suits...............................................................   71
     Section 10.04.   Unconditional Right of Holders to Receive Principal and Interest..................   72
     Section 10.05.   Restoration of Rights and Remedies................................................   72
     Section 10.06.   Rights and Remedies Cumulative....................................................   72
     Section 10.07.   Delay or Omission Not Waiver......................................................   72
     Section 10.08.   Control by Holders................................................................   73
     Section 10.09.   Waiver of Past Defaults...........................................................   73
     Section 10.10.   Undertaking for Costs.............................................................   74
     Section 10.11.   Action on Notes...................................................................   74

Article XI THE TRUSTEE..................................................................................   74

     Section 11.01.   Certain Duties and Responsibilities...............................................   74
     Section 11.02.   Notice of Defaults................................................................   76
     Section 11.03.   Certain Rights of Trustee.........................................................   77
     Section 11.04.   Not Responsible for Recitals or Issuance of Notes.................................   78
     Section 11.05.   May Hold Notes....................................................................   78
     Section 11.06.   Compensation and Indemnity........................................................   78
     Section 11.07.   Disqualification; Conflicting Interests...........................................   78
     Section 11.08.   Corporate Trustee Required; Eligibility...........................................   79
     Section 11.09.   Resignation and Removal; Appointment of Successor.................................   79
     Section 11.10.   Acceptance of Appointment by Successor............................................   80
     Section 11.11.   Merger, Conversion, Consolidation or Succession to Business.......................   80
     Section 11.12.   Preferential Collection of Claims Against Obligors................................   81
     Section 11.13.   Appointment of Authenticating Agent...............................................   81
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<S>                                                                                                       <C>
     Section 11.14.   Paying Agent......................................................................   83
     Section 11.15.   Appointment of Co-Trustee or Separate Trustee.....................................   84

Article XII HOLDERS' LISTS AND REPORTS BY TRUSTEE AND OBLIGORS' AGENT...................................   85

     Section 12.01.   Obligors' Agent to Furnish Trustee Names and Addresses of Holders.................   85
     Section 12.02.   Preservation of Information; Communications to Holders............................   86
     Section 12.03.   Reports by Trustee................................................................   87
     Section 12.04.   Reports by Obligors' Agent........................................................   87
     Section 12.05.   Trustee Internet Website..........................................................   87

Article XIII MASTER AGREEMENT SUPPLEMENTS...............................................................   88

     Section 13.01.   Supplements Affecting All Series, or the Master Agreement Generally...............   88
     Section 13.02.   Supplements Authorizing a Series of Notes.........................................   91
     Section 13.03.   Execution of Master Agreement Supplements.........................................   91
     Section 13.04.   Effect of Master Agreement Supplements............................................   92
     Section 13.05.   Reference in Notes to Master Agreement Supplements................................   92

Article XIV COVENANTS...................................................................................   92

     Section 14.01.   Payment of Principal and Interest.................................................   92
     Section 14.02.   Maintenance of Non-U.S. Office or Agency..........................................   92
     Section 14.03.   Consolidation, Merger, Sale of Assets.............................................   93
     Section 14.04.   Negative Covenants................................................................   94
     Section 14.05.   Performance of Obligations; Servicing of Each Series Trust Estate.................   95
     Section 14.06.   Money for Note Payments to Be Held in Trust.......................................   96
     Section 14.07.   Corporate Existence...............................................................   97
     Section 14.08.   Payment of Taxes and Other Claims.................................................   98
     Section 14.09.   Amendment of Organizational Documents.............................................   98
     Section 14.10.   Rule 144A Information.............................................................   98
     Section 14.11.   Further Instruments and Acts......................................................   99
     Section 14.12.   Compliance with Laws..............................................................   99
     Section 14.13.   Income Tax Characterization.......................................................   99

Article XV MISCELLANEOUS PROVISIONS.....................................................................   99

     Section 15.01.   Counterparts......................................................................   99
     Section 15.02.   Governing Law.....................................................................   99
     Section 15.03.   Notices...........................................................................   99
     Section 15.04.   Severability of Provisions........................................................  100
     Section 15.05.   Binding Effect....................................................................  100
     Section 15.06.   Exhibits..........................................................................  100
     Section 15.07.   Calculations......................................................................  100
     Section 15.08.   Further Assurances................................................................  101
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<S>                                                                                                       <C>
     Section 15.09.   Nonpetition Covenant..............................................................  101
</TABLE>

Exhibit A         Form of Back-up Servicer Verification Certificate

Exhibit B         Form of Trustee Website Investor Certification

Schedule 1        Required Fields for List of Contracts

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                                                                  Execution Copy

                  This MASTER LEASE RECEIVABLES ASSET-BACKED FINANCING FACILITY
AGREEMENT, dated as of April 1, 2002, with respect to the Marlin Leasing
Receivables Master Facility, by and among Marlin Leasing Corporation, a Delaware
corporation, as Servicer, Marlin Leasing Receivables Corp. II, a Nevada
corporation, as the Obligors' Agent and Wells Fargo Bank Minnesota, National
Association, a national banking association, as Trustee.

                                   WITNESSETH:

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

                                    Article I

                                   DEFINITIONS

                  Section 1.01. Definitions.

                  Whenever used in this Master Agreement, the following words
and phrases shall have the following meanings:

                  (i)      the terms defined in this Article have the meanings
         assigned to them in this Article and include the plural as well as the
         singular;

                  (ii)     all other terms used herein which are defined in the
         Trust Indenture Act (as hereinafter defined), either directly or by
         reference therein, have the meanings assigned to them therein;

                  (iii)    all accounting terms not otherwise defined herein
         have the meanings assigned to them in accordance with generally
         accepted accounting principles, and, except as otherwise herein
         expressly provided, the term "generally accepted accounting principles"
         with respect to any computation required or permitted hereunder shall
         mean such accounting principles as are generally accepted at the date
         of such computation;

                  (iv)     the words "herein," "hereof" and "hereunder" and
         other words of similar import refer to this Master Agreement as a whole
         and not to any particular Article, Section or other subdivision, "or"
         is not exclusive and "including" means including without limitation;
         and

                  (v)      any references contained herein to agreements,
         documents and instruments are to the same as they may be amended or
         modified from time to time.

                  Act. When used with respect to any Holder, has the meaning
specified in Section 1.02 hereof.

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                  Actuarial Method. The method of allocating a Scheduled Payment
with respect to any Contract between principal and interest, pursuant to which
(i) the portion of such payment that is allocated to interest is the product of
(a) one-twelfth of the Applicable Discount Rate with respect to such Contract
multiplied by (b) the applicable Contract Principal Balance (before giving
effect to such principal payment) and (ii) the remainder of such payment is
allocated to principal.

                  Advance Payment. Means, with respect to any Contract, any
Scheduled Payment or a portion thereof made by or on behalf of a User which does
not become due until a subsequent Collection Period. Advance Payments shall be
applied as "Collections" with respect to the Collection Period(s) in which such
Scheduled Payments are due.

                  Advance Payment Account. Has the meaning ascribed in Section
7.01(c) hereof.

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

                  Agreement or Master Agreement. This Master Lease Receivables
Asset-Backed Financing Facility Agreement, as the same may be amended, restated
or otherwise modified from time to time.

                  Applicable Discount Rate. With respect to any Contract shall
have the meaning set forth in the Series Supplement under which such Contract is
pledged to the Trustee.

                  Authenticating Agent. Means any Person authorized by the
Trustee to act on behalf of the Trustee to authenticate Notes.

                  Authorized Officer. Means, with respect to any Obligor or the
Obligors' Agent, any President, Vice President or Director of Securitization of
such Obligor or of the Obligors' Agent.

                  Back-up Servicer. Means Wells Fargo Bank Minnesota, National
Association and any successor thereto.

                  Back-up Servicer Fee: With respect to a Series, has the
meaning specified in the related Series Supplement.

                  Back-up Servicer Resignation Notice. Has the meaning specified
in Section 9.09(b) hereof.

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                  Back-up Servicer Termination Notice. Has the meaning specified
in Section 9.09(a) hereof.

                  Bearer Notes. Shall have the meaning specified in Section 4.01
hereof.

                  Book-Entry Notes. Shall mean Notes registered in the name of a
Clearing Agency or its nominee as described in Section 5.09 hereof.

                  Booked Residual. Means, with respect to any Contract on any
date of determination, the residual value of the Equipment subject to such
Contract, as reflected in Marlin's servicing system.

                  Borrowing Base. Has the meaning specified therefor in the
related Series Supplement.

                  Broker. The Person (including any broker, vendor or other
Person, but excluding the Transferor that arranges for the lease of an item of
Equipment to a User pursuant to a Contract between the Transferor and the User
of such Equipment, or any Person from whom the Transferor purchased a Contract
in respect of which the Transferor is not an original party.

                  Broker Agreement. Any agreement between the Transferor and a
Broker pursuant to which the Transferor has acquired Contracts.

                  Business Day. Any day other than a Saturday, a Sunday or a day
on which banking institutions in New York, New York, Mt. Laurel, New Jersey,
Minneapolis, Minnesota or Reno, Nevada are authorized or obligated by law,
executive order or governmental decree to be closed.

                  Calculation Date. The last day of a Collection Period. Amounts
calculated from Calculation Date balances shall be calculated from such balances
as of the close of business on the Calculation Date.

                  Charged-Off Contract. Means a Contract (i) as to which a
notice of acceleration has been sent to the relevant User, (ii) as to which an
Insolvency Event has occurred with respect to the User, (iii) all or any portion
of which has been or should have been, in accordance with the Credit and
Collection Policy, written off the related Obligor's books as uncollectible,
(iv) with respect to which the Servicer has elected not to make a Servicer
Advance, or (v) as to which any Scheduled Payment, or part thereof, remains
unpaid for 121 days (as of the 20th calendar day of the month) or more from the
original due date for such payment.

                  Class. With respect to any Series, all the Notes of such
Series having the same specified payment terms and priorities in payment.

                  Clearing Agency. Shall mean The Depository Trust Company, or
any other organization registered as a "clearing agency" pursuant to Section 17A
of the Securities Exchange Act of 1934, as amended.

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

                  Clearstream Bank. Shall mean Centrale de Livraison de Valeurs
Mobilieres S.A.

                  Closing Date. With respect to a Series, has the meaning
specified therefor in the relevant Series Supplement.

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

                  Collection Period. With respect to any Settlement Date, the
immediately preceding calendar month; provided, that if, with respect to any
Contract, the Cut-Off Date applicable thereto is a day other than the first day
of a calendar month, then the initial Collection Period with respect to such
Contract shall be the period commencing on such Cut-Off Date and ending at the
end of the calendar month in which such Cut-Off Date occurs.

                  Collections. With respect to a Series Trust Estate and any
Collection Period, all cash collections and other cash proceeds of the Contracts
and the Related Security, including without limitation, Scheduled Payments,
Prepayments, Residual Receipts, Recoveries, Investment Earnings and Insurance
Proceeds received from such Series Trust Estate by the Servicer, the Trustee,
the Transferor or the Obligors and Servicer Advances made in respect thereof, in
each case, during such Collection Period (or, if the related Cut-Off Date is
later than the first day of such Collection Period, from such Cut-Off Date
through the end of such Collection Period); provided, that "Collections" shall
not include (i) Advance Payments until (and only to the extent that) such
amounts are deposited in the applicable Series Account for distribution to the
related Noteholders in accordance with Section 7.02, and (ii) Servicing Charges
and provided, further, that any amounts paid under any Series Support in
reduction of the principal amount of any Note, any interest thereon or any other
amount in connection therewith shall not constitute Collections.

                  Commission. Means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934, as amended, or, if at anytime after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

                  Commonly Controlled Entity. Means each Obligor and each
entity, whether or not incorporated, which is affiliated with any of the
foregoing pursuant to Section 414(b), (c), (m) or (o) of the Code.

                  Companion Series. Shall mean (i) each Series which has been
paired with one or more other Series (which Series may be prefunded or partially
prefunded), such that the reduction of the Outstanding Amount of such Series
results in the increase of the

                                       4

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Outstanding Amount of such other Series, as described in the related Series
Supplements, and (ii) such other Series.

                  Computer Tape. Collectively, the computer tapes generated by
the Transferor which provide information relating to the Contracts and which
were, or will be, used by the Transferor in selecting the Contracts sold or
contributed to the Obligors pursuant to a Transfer Agreement Supplement.

                  Contract. Each of the agreements conveyed by the Transferor to
an Obligor pursuant to the Master Transfer Agreement and subsequently pledged by
such Obligor to the Trustee pursuant hereto and any Series Supplement,
including, as applicable, schedules, supplements and amendments thereto,
pursuant to which specified Equipment is leased to, or loans are made to, a User
or which are identified on the List of Contracts delivered on the related Pledge
Date.

                  Contract Balance Remaining. Means, with respect to any
Contract (or other lease in the Servicer's servicing portfolio), as of any date,
the aggregate (undiscounted) amount of all unpaid Scheduled Payments due under
such Contract (or other lease).

                  Contract File. With respect to each Contract, the following
documents:

                  (i)      The executed original counterparts of the Contract
         that constitutes "chattel paper" for purposes of Sections 9-102(11) and
         9-102 (78) of the UCC (bearing the original signature of an employee of
         Marlin, together with the facsimile copy of the signature of the User
         or the original signature of the User) or an "instrument" for purposes
         of Section 9-102(47) of the UCC;

                  (ii)     A copy of any related Broker Agreement;

                  (iii)    Copies of all documents (which may be in microfiche
         or imaged form or on the Servicer's computerized information system),
         if any, that the Transferor or the Servicer keeps on file for benefit
         of the Transferor in accordance with the Transferor's or Servicer's
         customary procedures indicating that the Equipment is owned by the
         Transferor and copies of any and all other material documents
         (including, if any, delivery and acceptance notices, guaranties, and
         vendor recourse agreements) that the Transferor or the Servicer keeps
         on file for the benefit of the Transferor in accordance with the
         Transferor's or Servicer's customary procedures relating to any
         individual Contract, Broker, User or Equipment (including, without
         limitation, any documents providing or relating to any credit support
         of or for the User of such Contract); and

                  (iv)     Copies (together with all amendments, assignments,
         and continuations thereof and including evidence of filing with the
         appropriate office) of all UCC financing statements filed with respect
         to the Contracts, identifying the User as debtor and the Transferor as
         secured party, if any.

                                       5

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                  Contract Principal. With respect to any Contract for any
Collection Period, an amount equal to the excess of (i) the Scheduled Payment
due on such Contract during such Collection Period over (ii) the product of (x)
the Contract Principal Balance as of the opening of business on the first day of
such Collection Period and (y) one-twelfth of the Applicable Discount Rate for
such Contract.

                  Contract Principal Balance. As of any date in the case of a
Contract, the present value of the Scheduled Payments to become due on and after
the date of calculation (excluding all Scheduled Payments due on or prior to,
but not received as of such date of calculation), discounted monthly in arrears
at one-twelfth of the Applicable Discount Rate.

                  Corporate Trust Office. The principal office of the Trustee at
which at any particular time its corporate trust business shall be administered,
which office at the date of this Master Agreement is specified in Section 15.03
hereof.

                  Coupons. Any interest or other coupons attached to a Note.

                  Credit and Collection Policy. The credit and collection
policies and practices of the Transferor, as the same may be modified from time
to time in accordance with the terms of this Master Agreement.

                  Crossover Amounts. Any amounts designated as "Crossover
Amounts" in a Series Supplement.

                  Cut-Off Date. With respect to any Contract, the close of
business on the day prior to the related Pledge Date or the related Transfer
Date, as appropriate.

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

                  Definitive Notes. Has the meaning specified in Section 5.09
hereof.

                  Delinquent Contract. A Contract, other than a Charged-Off
Contract, as to which any Scheduled Payment, or part thereof in excess of 10% of
such Scheduled Payment, remains unpaid for more than 30 days from the original
due date for such payment.

                  Depositaries. Shall mean the Person(s), if any, specified in
the applicable Supplement, in its capacity as depositary for the respective
accounts of any Clearing Agency or any Foreign Clearing Agencies.

                  Depository Agreement. Shall mean, if applicable with respect
to any Series or Tranche, the agreement among the Obligors' Agent, the Trustee
and a Clearing Agency, or as otherwise provided in the related Series
Supplement.

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                  Determination Date. With respect to a Collection Period, the
date which is three Business Days prior to the earliest Settlement Date relating
to such Collection Period.

                  Dollars or $. The lawful money of the United States.

                  Eligible Contract. With respect to any Series, as defined in
the related Series Supplement.

                  Eligible Investments. Any of the following:

                  (b)      marketable obligations of the United States of
America which are backed by the full faith and credit of the United States of
America;

                  (c)      marketable obligations directly and fully guaranteed
by the full faith and credit of the United States of America;

                  (d)      bankers' acceptances and certificates of deposit and
other interest bearing obligations denominated in Dollars and issued by any
commercial bank with capital, surplus and undivided profits aggregating at least
$100,000,000, the short term unsecured and unguaranteed securities of which are
rated at least "A-1+" by S&P and "P-1" by Moody's;

                  (e)      repurchase obligations for underlying securities of
the types described in clauses (a), (b) and (c) above entered into with any
commercial bank of the type described in clause (c) above;

                  (f)      commercial paper rated at least "A-1+" by S&P and
"P-1" by Moody's;

                  (g)      freely redeemable shares in money market funds
(including funds for which the Trustee, any Noteholder or any affiliates of
either of the foregoing may act as sponsor or advisor or for which any of the
foregoing Persons may receive fee income) which invest solely in obligations,
bankers' acceptances, certificates of deposit, repurchase agreements and
commercial paper of the types described in clauses (a) through (e), which money
market funds are rated at least "AAAm" or "AAAm-g" by S&P and "Aa1" by Moody's;
and

                  (h)      demand deposits, time deposits or certificates of
deposit (having original maturities of no more than 365 days) of depository
institutions or trust companies incorporated under the laws of the United States
of America or any state thereof (or domestic branches of any foreign bank) and
subject to supervision and examination by federal or state banking or depository
institution authorities; provided, that at the time such investment, or the
commitment to make such investment, is entered into, the short-term unsecured
and unguaranteed debt rating of such depository institution or trust company
shall be at least "P-1" by Moody's and the long-term unsecured and unguaranteed
debt rating of such depositary institution or trust company shall be at least
"AA-" by S&P.

                                       7

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                  Each of the Eligible Investments may be purchased by the
Trustee through an Affiliate of the Trustee.

                  Notwithstanding anything set forth in clauses (a)-(g) above,
any Eligible Investment purchased with funds on deposit in any Facility Account,
Advance Payment Account or Series Account must mature no later than the Business
Day prior to the next Settlement Date for the applicable Series.

                  ERISA. Shall mean the Employee Retirement Income Security Act
of 1974, including, unless the context otherwise requires, the rules and
regulations thereunder, as amended from time to time.

                  Equipment. The equipment leased to a User pursuant to any
Contract.

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

                  Event of Default. Has the meaning specified in Section 10.01
hereof.

                  Event of Servicer Termination. An Event described in Section
9.01 hereof.

                  Exchange Act. Means the Securities Exchange Act of 1934, as
amended, and the applicable rules and regulations thereunder.

                  Facility Account. Shall have the meaning ascribed in Section
7.01(a) hereof.

                  Facility Shadow Rating. Means the rating which would be
assigned to the Outstanding Notes with respect to any Series, if such
Outstanding Notes were not provided insurance or other credit support by any
Series Support Provider.

                  Final Date. With respect to any Series, the date on which all
amounts due to the related Series Secured Parties have been indefeasibly paid in
full.

                  Foreign Clearing Agency. Shall mean Clearstream Bank and the
Euroclear Operator.

                  Government Contract. Means a Contract of Equipment under which
the User is a federal, state or local government or government agency (or any
agency or instrumentality thereof).

                  Governmental Authority. The United States of America, any
State or other political subdivision of either of the foregoing and any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

                                       8

<PAGE>

                  Group. Shall mean, with respect to any Series, the group of
Series, if any, in which the related Series Supplement specifies such Series is
to be included.

                  Holder or Noteholder. Shall mean, (i) with respect to a
Book-Entry Note, the Person who is the owner of such Book-Entry Note, as
reflected on the books of the Clearing Agency, or on the books of a Person
maintaining an account with such Clearing Agency (directly or as an indirect
participant, in accordance with the rules of such Clearing Agency) or (ii) with
respect to a Definitive Note, the Person who is the owner of such Definitive
Note, as reflected in the books of the Note Registrar.

                  Increased Servicer Fee. With respect to any Series, the
amount, if any, of the fee payable in accordance with Section 9.02(b) hereof to
a successor Servicer appointed pursuant to Section 9.02(b) hereof and the
related Series Supplement that is in excess of the Servicer Fee.

                  Indebtedness. Means, with respect to any Person at any time,
(a) indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (excluding trade obligations and accrued
expenses incurred in the ordinary course of business and not overdue); (b)
obligations of such Person as lessee under leases which are, should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (c) current liabilities of such Person in respect of unfunded
vested benefits under plans covered by Title IV of ERISA; (d) obligations issued
for or liabilities incurred on the account of such Person; (e) obligations or
liabilities of such Person arising under acceptance facilities; (f)
reimbursement obligations with respect to letters of credit; (g) obligations of
such Person under any guarantees, endorsements (other than for collection or
deposit in the ordinary course of business) and other contingent obligations to
purchase, to provide funds for payment, to supply funds to invest in any Person
or otherwise to assure a creditor against loss; (h) obligations of such Person
secured by any lien on property or assets of such Person, whether or not the
obligations have been assumed by such Person; or (i) obligations of such Person
under any interest rate or currency exchange agreement.

                  Indemnified Amounts. Has the meaning set forth in Section
8.01(b) hereof.

                  Indemnified Party. Has the meaning set forth in Section
8.01(b) hereof.

                  Independent Accountant. A firm of nationally recognized
independent certified public accountants appointed by Marlin and/or the Servicer
(if other than Marlin), as applicable, within the meaning of the Securities Act.

                  Initial Unpaid Amounts. Shall mean with respect to a Contract,
the excess of the aggregate amount of all Scheduled Payments due prior to the
related Cut-Off Date over the aggregate of all Scheduled Payments made prior to
the related Cut-Off Date with respect to such Contract.

                                       9

<PAGE>

                  Insolvency Event. Means, with respect to a specified Person,
either of the following events:

                  (i)      a case or proceeding shall have been commenced
         against such Person seeking a decree or order in respect of such Person
         (a) under Title 11 of the United States Code, as now constituted or
         hereafter amended or any other applicable federal, state or foreign
         bankruptcy, insolvency or other similar law, (b) appointing a
         custodian, receiver, liquidator, assignee, trustee or sequestrator (or
         similar official) for such Person or of any substantial part of such
         Person's assets, or (c) ordering the winding-up or liquidation of the
         affairs of such Person, and such case or proceeding shall remain
         undismissed or unstayed for sixty (60) days or more or such court shall
         enter a decree or order granting the relief sought in such case or
         proceeding; or

                  (ii)     the commencement by such Person of a voluntary case
         under Title 11 of the United States Code, as now constituted or
         hereafter amended, or any other applicable federal, state or foreign
         bankruptcy, insolvency or other similar law, or the consent by such
         Person to the entry of an order for relief in an involuntary case under
         any such law, or the consent by such Person to the appointment or
         taking possession by a receiver, liquidator, assignee, custodian,
         trustee, sequestrator or similar official of such Person for any
         substantial part of such Person's assets, or the making by such Person
         of any general assignment for the benefit of creditors, or the failure
         by such Person generally to pay its debts as such debts become due, or
         the taking of action by such Person in furtherance of any of the
         foregoing.

                  Insurance Policy. With respect to an item of Equipment and the
related Contract, any insurance policy or similar agreement required to be
maintained by the User pursuant to such Contract that covers physical damage to
the Equipment and loss or theft of the Equipment (including policies procured by
the Transferor or the Servicer (including those from an affiliate of the
Transferor or Servicer) on behalf of the User) or covering any liabilities
arising from such item of Equipment or the use thereof by the User.

                  Insurance Proceeds. With respect to an item of Equipment and
the related Contract, any amount received during a Collection Period pursuant to
an Insurance Policy issued with respect to such item of Equipment and the
related Contract.

                  Investment Earnings. Any income earned from the investment of
funds from time to time on deposit in any Facility Account, Advance Payment
Account or Series Account in accordance with Section 7.03 hereof and the Series
Supplements, net of any investment expenses and losses on any such investments.

                  Lien. Any security interest, mortgage, deed of trust, lien
(statutory or otherwise), charge, pledge, equity, hypothecation, assignment,
deposit arrangement, encumbrance, preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional sale or

                                       10

<PAGE>

other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing and the filing of any financing
statement under the UCC (other than any such financing statement filed for
informational purposes only) or comparable law of any jurisdiction to evidence
any of the foregoing.

                  List of Contracts. With respect to any specified group of
Contracts, a printed or electronic list of such Contracts, certified by an
Authorized Officer of the Obligors' Agent. Each List of Contracts shall include
for each Contract listed thereon (a) a number identifying such Contract, (b) the
Contract Principal Balance, (c) the User, (d) the State in which the User's
billing address is located, (e) the scheduled maturity date of the Contract, (f)
the Scheduled Payment amount for such Contract, (g) the stated amount of the
Booked Residual, if any, on such Contract, and (h) the Applicable Discount Rate
for such Contract.

                  Majority Control Parties. Shall mean those Series Controlling
Parties for the outstanding Series, the Maximum Series Limit of which represent,
in the aggregate, 66 2/3% or more of the aggregate Maximum Series Limit for all
outstanding Series.

                  Marlin. Shall mean Marlin Leasing Corporation, a Delaware
corporation.

                  Master Agreement Supplements. Shall have the meaning ascribed
in Section 13.01(a) hereof.

                  Master Transfer Agreement. That certain Master Lease
Acquisition and Sale Agreement, dated as of April 1, 2002, by and between the
Transferor and the Obligors' Agent.

                  Maturity Date. When used with respect to any Note, means the
date on which the principal of such Note becomes due and payable in full as
therein or herein provided, whether on the final scheduled Settlement Date or by
declaration of acceleration, prepayment or otherwise.

                  Maximum Series Limit. Means, with respect to any Series, the
aggregate principal amount of all Notes of such Series which have been committed
to at the date of determination as set forth in the related Series Supplement.

                  Moody's. Moody's Investors Service and its successors.

                  Multiemployer Plan. Means a multiemployer plan (within the
meaning of Section 4001(a)(3) of ERISA) in respect of which a Commonly
Controlled Entity makes contributions or has liability.

                  Non-Monthly Payment Contracts. Means any Contract that does
not require the User to make monthly payments.

                  Note Register and Note Registrar. Have the respective meanings
specified in Section 5.04 hereof.

                                       11

<PAGE>

                  Noteholders' Agent. Means any Person designated by one or more
Noteholders to be their "agent".

                  Notes. Any Note authenticated and delivered under this Master
Agreement.

                  Obligors. Means each Person designated as an "Obligor" in this
Master Agreement or in a Series Supplement with respect to the related Series of
Notes, or any successor thereto.

                  Obligors' Agent. Marlin Leasing Receivables Corp. II, a Nevada
corporation, and its successors and permitted assigns.

                  Obligors' Order or Obligors' Request. Means a written request
or order signed by an Authorized Officer of the Obligors' Agent and delivered to
the Trustee.

                  Officer's Certificate. Means a certificate signed by an
Authorized Officer of an Obligor or the Obligors' Agent.

                  Offset Amount. The meaning ascribed to such term in Section
6.14 hereof.

                  Opinion of Counsel. A written opinion of counsel, who may be
counsel employed by the Servicer or other counsel, in each case acceptable to
the named recipients thereof.

                  Organizational Documents. With respect to any Obligor, such
Obligor's articles of incorporation and by-laws, partnership agreement, trust
agreement, limited liability company agreement, or other charter-type governing
instruments.

                  Original Equipment Cost. With respect to any piece of
Equipment, the cost thereof as set forth in the related purchase invoice.

                  Original Issue Date. Means, for any Series, Class or Tranche
of Notes, the date of original issue of such Series, Class or Tranche of Notes,
as specified in the related Series Supplement.

                  Original Servicer Fee Rate. With respect to any Series, the
rate at which the Servicing Fee is calculated, as specified on the related
Series Supplement.

                  Outstanding. When used with respect to Notes, means, as of the
date of determination, all Notes theretofore authenticated and delivered under
this Master Agreement except,

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

                                       12

<PAGE>

                  (ii)     Notes for whose payment or prepayment money in the
         necessary amount has been theretofore deposited with the Trustee or any
         Paying Agent for the Holders of such Notes in connection with a
         proposed termination and for which termination notice has been
         provided; and

                  (iii)    Lost, destroyed or stolen Notes in lieu of which
         other Notes have been authenticated and delivered pursuant to Section
         5.05 hereof, other than any such Notes in respect of which there shall
         have been presented to the Trustee proof satisfactory to it that such
         Notes are held by a bona fide purchaser in whose hands such Notes are
         valid obligations of the Obligors;

provided, however, that any Notes which have been paid with proceeds of the
related Series Support shall continue to remain Outstanding for purposes of this
Master Agreement until the related Series Support Provider has been paid as
subrogee hereunder or reimbursed as evidenced by a written notice from the
related Series Support Provider delivered to the Trustee, and the related Series
Support Provider shall be deemed to be the Holder thereof to the extent of any
payments thereon made by the related Series Support Provider; provided, further,
however, that in determining whether the Holders of the requisite principal
amount of the Outstanding Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any related document,
Notes owned by the Obligors or any other obligor upon the Notes, the Transferor
or any Affiliate of any of the foregoing shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the Trustee
knows to be so owned shall be so disregarded. Notes so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee's right so to act with respect to
such Notes and that the pledgee is not an Obligor, any other obligor upon the
Notes, the Transferor or any Affiliate of any of the foregoing Persons.

                  Outstanding Amount. Means, with respect to any Series the
aggregate principal amount of all Notes of such Series which are Outstanding at
the date of determination after giving effect to all distributions of principal
on such date of determination.

                  Overdue Payment. Any Scheduled Payment due on a Contract and
not received during the Collection Period in which such Scheduled Payment was
due.

                  Paying Agent. Means the Paying Agent appointed pursuant to
Section 11.14 hereof.

                  PBGC. Means the Pension Benefit Guaranty Corporation or any
successor agency, corporation or instrumentality of the United States to which
the duties and powers of the Pension Benefit Guaranty Corporation are
transferred.

                                       13

<PAGE>

                  Person. Any legal person, including any individual,
corporation, limited liability company, partnership, joint venture, association,
joint stock company, trust, unincorporated organization, Governmental Authority
or any other entity.

                  Plan. Means any pension plan (other than a Multiemployer Plan)
covered by Title IV of ERISA, which is maintained by a Commonly Controlled
Entity or in respect of which a Commonly Controlled Entity has liability.

                  Pledge. Means each pledge by the related Obligors of all or
any portion of the related Series Trust Estate to the Trustee for the benefit of
the related Noteholders in accordance with Section 3.01 hereof.

                  Pledge Date. Shall have the meaning specified therefor in the
related Series Supplement.

                  Pledge Notice. A written notice pursuant to which the Obligors
with respect to a Series pledge property to the Trustee as part of the related
Series Trust Estate.

                  Pledged Property. With respect to any Series Trust Estate, the
property described as Pledged Property in the related Series Supplement.

                  Predecessor Note. With respect to any particular Note means
every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any
Note authenticated and delivered under Section 5.05 hereof in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note.

                  Prepayment. With respect to a Collection Period and a Contract
(except a Charged-Off Contract), the payment by the related User of all
remaining Scheduled Payments due on such Contract, including, without
limitation, by way of application of any Security Deposit for such Contract, so
long as such amount is designated by the User as a prepayment and the Servicer
has consented to such prepayment. Advance Payments and Residual Receipts are not
"Prepayments."

                  Prepayment Amount. Means, with respect to any Contract and
without duplication: (a) the Contract Principal Balance of such Contract
(without any deduction for any Security Deposit paid by the related User, unless
such Security Deposit has been applied to the Contract Principal Balance
pursuant to the Credit and Collection Policy and deposited into the applicable
Facility Account as a Collection) as of the date of reconveyance of such
Contract to the related Obligor by the Trustee, plus (b) the product of (i) the
Contract Principal Balance as of the date of reconveyance, and (ii) one-twelfth
of the Applicable Discount Rate, plus (c) the Booked Residual for such Contract,
plus (d) the amount of all Scheduled Payments due and payable thereon and not
made.

                  Principal Terms. Shall mean, with respect to any Series, (i)
the name or designation; (ii) the initial Outstanding Amount and the maximum
Outstanding Amount (or method for calculating such amounts); (iii) the interest
rate or rates (or method for the

                                       14

<PAGE>

determination thereof); (iv) the Settlement Date or dates and the date or dates
from which interest shall accrue; (v) the method for allocating Collections to
Noteholders of such Series; (vi) the designation of any Series Accounts and the
terms governing the operation of any such Series Accounts; (vii) the method of
calculating the Servicing Fee with respect thereto; (viii) the terms of any form
of Series Support with respect thereto; (ix) the Series Termination Date; (x)
the number of Classes of Notes of such Series and, if such Series consists of
more than one Class, the rights and priorities of each such Class; (xi) whether
the Notes of such Series may be issued as Bearer Notes and any limitations
imposed thereon; (xii) the priority of such Series with respect to any other
Series; (xiii) the Group, if any, to which such Series belongs; (xiv) whether
such Series is a Companion Series to one or more other Series; and (xv) any
other terms of such Series.

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

                  Property. Shall mean any right or interest in or to property
of any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible.

                  Rating Agencies. S&P and Moody's or any other nationally
recognized statistical rating agency then rating any Notes.

                  Record Date. Means, with respect to any Series, as specified
in the related Series Supplement.

                  Records. Means, with respect to any Contract, such Contract,
all contracts and other documents, books, records and other information
(including, without limitation, Contract Files, computer programs, tapes, disks,
punch cards, data processing software and related property and rights) relating
to such Contract, any Related Security therefor and the related User.

                  Recoveries. Means all amounts received in respect of a
Charged-Off Contract, including, without limitation, amounts received in
connection with the sale or other disposition of the related Equipment,
Insurance Proceeds with respect to the related Equipment, or any other payments
made by or on behalf of the related User, including any amounts paid by the
Transferor relating to a Security Deposit, net of costs of collection, in
connection with such Charged-Off Contract; provided, that in no event may
Recoveries in respect of a Charged-Off Contract be less than zero.

                  Refinance Proceeds. Shall mean with respect to any Collection
Period, (i) any proceeds of the issuance of a new series of notes or the
issuance of certificates in connection with a securitization of leases and
loans, remitted by the Obligors to the Trustee on the Settlement Date following
such Collection Period for deposit into the related Series Account and
application in accordance with the related Series Supplement, and (ii) any
amounts remitted to the Trustee by the Obligors in accordance with the related
Series Supplement for deposit into the related Series Account and application in
accordance with the related Series Supplement.

                                       15

<PAGE>

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

                  Registered Notes. Has the meaning set forth in Section 4.01
hereof.

                  Related Security. With respect to any Contract:

                  (i)      the related Transfer Agreement Supplement (including,
         without limitation, all rights, remedies, powers and privileges
         thereunder), pursuant to which, among other things, the Contract, the
         Contract Files and the related Equipment have been contributed to the
         related Obligor or Obligors by the Transferor, and the Broker
         Agreements, if any, relating to such Contracts;

                  (ii)     such Obligor's or Obligors' interest in the related
         Equipment, together with all security interests and/or liens and all
         property subject thereto from time to time securing or purporting to
         secure payment of such Contract, whether pursuant to such Contract or
         otherwise, together with all UCC financing statements covering any such
         property filed by or otherwise filed in favor of the Transferor and/or
         such Obligors;

                  (iii)    all guarantees, letters of credit, indemnities,
         warranties, insurance policies (including, without limitation, the
         Insurance Policies), and proceeds and premium refunds thereof and other
         agreements or arrangements of whatever character from time to time
         supporting or securing payment of such Contract whether pursuant to the
         Contract or otherwise (including, without limitation, the Security
         Deposits);

                  (iv)     the Residual Receipts and Recoveries related to such
         Contract;

                  (v)      the Contract Files and other instruments, documents,
         agreements, Computer Tapes, books and Records relating to such
         Contract; and

                  (vi)     all proceeds of the foregoing.

                  Release Events. Has the meaning ascribed in Section 6.11
hereof.

                  Replaced Contract. Has the meaning set forth in Section 6.16.

                  Requirements of Law. Any law, treaty, rule or regulation, or
final determination of an arbitrator or Governmental Authority, and, when used
with respect to any Person, the certificate of incorporation and by-laws or
other organizational or governing documents of such Person.

                  Residual Receipts. All amounts in respect of Booked Residuals
received by the Servicer, all proceeds of the sale of Equipment received by the
Servicer in the event the related User does not purchase the Equipment at the
end of the related Contract, any amounts collected by the Servicer as judgments
against a User or others related to the failure of such User to pay any required
amounts relating to the Booked Residual under

                                       16

<PAGE>

the related Contract or to return the Equipment, including any amounts paid by
the Transferor relating to a Security Deposit, plus any amounts not otherwise
described above which are received by the Servicer and applied against the
Booked Residual of such Contract in accordance with the Servicer's servicing
standards, in each case as reduced by any reasonably incurred out-of-pocket
expenses incurred by the Servicer in enforcing such Contract or in liquidating
such Equipment; provided, that in no event may Residual Receipts in respect of a
Contract or any Equipment be less than zero.

                  Responsible Officer. When used with respect to the Trustee,
any officer assigned to its Corporate Trust Office (or any successor thereto),
including any managing director, principal, vice president, assistant vice
president, assistant treasurer, assistant secretary, trust officer or any other
officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and having direct
responsibility for the administration of this Master Agreement, and also, with
respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject.

                  Rule 144A Information. Has the meaning specified in Section
14.10 hereof.

                  S&P. Standard & Poor's Ratings Group and its successors.

                  Scheduled Payments. With respect to a Settlement Date and a
Contract, the stated contractually-required periodic rental payments or payments
of principal and interest (exclusive of any amounts in respect of insurance or
taxes but inclusive of any "balloon" payment due from such User) set forth in
such Contract due from the User in the related Collection Period.

                  Securities Act. The Securities Act of 1933, as amended, and
the applicable published rules and regulations thereunder.

                  Security Deposit. Any amount paid to the Transferor by a User
as a security deposit or as a payment in advance of any amounts to become due on
a Contract, which has not previously been refunded to such User or applied
toward such User's obligations under such Contract.

                  Series. With respect to any Notes means those Notes issued
pursuant to the same Series Supplement.

                  Series Accounts. Any deposit, trust, escrow, collateral,
reserve or similar account established and maintained by the Trustee for the
benefit of the Noteholders of any Series or Class as specified in any Series
Supplement.

                  Series Closing Date. With respect to any Series, the date
designated in the related Series Supplement as the closing date for such Series.

                  Series Controlling Party. With respect to any Series on any
date the Person or Persons designated as such in the related Series Supplement.

                                       17

<PAGE>

                  Series Event of Default. Shall have the meaning specified
therefor in the related Series Supplement.

                  Series Related Documents. With respect to a Series, has the
meaning specified therefor in the related Supplement.

                  Series Secured Obligations. Has the meaning specified therefor
in the related Series Supplement.

                  Series Secured Parties. Has the meaning specified therefor in
the related Series Supplement.

                  Series Supplement. With respect to any Series, a supplement to
this Master Agreement, executed and delivered in connection with the original
issuance of the Notes of such Series, and all amendments thereof and supplements
thereto.

                  Series Support. The rights and benefits provided to the
Trustee or the Noteholders of any Series or Class pursuant to any letter of
credit, financial guaranty insurance policy, surety bond, cash collateral
account, spread account, guaranteed rate agreement, maturity liquidity facility,
interest rate swap agreement, tax protection agreement, derivative contract or
other similar arrangement. The subordination of any Series or Class to another
Series or Class shall be deemed to be a Series Support. Notwithstanding that
such Series Support may be held by or in favor of the Trustee for the benefit of
any Series or Class, only those Series or Classes to which such Series Support
relates shall have any rights with respect thereto and all payments thereunder
received by the Trustee shall be distributed exclusively as prescribed in the
Series Supplement relating to such Series or Class.

                  Series Support Provider. The Person providing any Series
Support, other than the Noteholders of any Series or Class which is subordinated
to another Class or Series.

                  Series Support Provider Default. Has the meaning specified
therefor in the relevant Series Supplement.

                  Series Termination Date. Has the meaning ascribed in the
relevant Series Supplement.

                  Series Trust Estate. With respect to a Series, has the meaning
specified therefor in the related Series Supplement.

                  Series Trustee Secured Obligations. With respect to a Series,
has the meaning specified therefor in the related Series Supplement.

                  Servicer. The Person performing the duties of the Servicer
hereunder, initially, Marlin.

                                       18

<PAGE>

                  Servicer Advance. With respect to any Series, any amount which
the Servicer elects to advance with respect to Overdue Payments, in accordance
with the related Series Supplement.

                  Servicer Fee. With respect to each Series, the fee payable to
the Servicer on each Settlement Date in consideration of the Servicer's
performance of its duties pursuant to Article VI with respect to the Series
Trust Estate related to such Series, payable as provided in the related Series
Supplement.

                  Servicer Termination Notice. The notice described in Section
9.01(a) hereof.

                  Servicer's Certificate. With respect to each Series Trust
Estate, a written informational statement, substantially in the form prescribed
by the related Series Supplement, to be provided by the Servicer in accordance
with the related Series Supplement and signed by a Servicing Officer and
furnished to the Trustee by the Servicer.

                  Servicing Charges. The sum of (i) any late payment charges
paid by a User on a Delinquent Contract after application of any such charges to
amounts then due under such Contract and (ii) any other incidental charges,
security deposits or fees received from a User, including (x) insurance premium
payments and tax payments, and (y) prepayment charges paid by a User in
connection with a Prepayment.

                  Servicing Officer. Those officers of the Servicer involved in,
or responsible for, the administration and servicing of the Contracts, as
identified on the list of Servicing Officers furnished by the Servicer to the
Trustee, the Noteholders and each Series Support Provider from time to time.

                  Settlement Date. With respect to a Series, has the meaning
specified therefor in the related Series Supplement.

                  Solvent. Means, with respect to any Person on a particular
date, that on such date (a) the fair value of the property of such Person is
greater than the total amount of liabilities, including contingent liabilities,
of such Person; (b) the present fair salable value of the assets of such Person
is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured; (c) such Person
does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person's ability to pay as such debts and liabilities
mature; and (d) such Person is not engaged in a business or transaction, and is
not about to engage in a business or transaction, for which such Person's
property would constitute an unreasonably small capital. The amount of
contingent liabilities (such as litigation, guarantees and pension plan
liabilities) at any time shall be computed as the amount which, in light of all
the facts and circumstances existing at the time, represents the amount which
can be reasonably expected to become an actual or matured liability.

                  State. Any state of the United States of America and, in
addition, its territories and possession and the District of Columbia.

                                       19

<PAGE>

                  Substitute Contract. Has the meaning set forth in Section 6.16
hereof.

                  Tranche. All the Notes of a Series (or of a Class within a
Series) having the same date of authentication.

                  Transfer Agreement Supplement. Means each Supplement to the
Master Lease Acquisition and Sale Agreement executed and delivered pursuant to
the Master Transfer Agreement.

                  Transfer Date. Means any date on which a Substitute Contract
is pledged pursuant to Section 6.16 hereof.

                  Transferor. Marlin in its capacity as the Transferor under the
Master Transfer Agreement, and its successors and permitted assigns.

                  Transferor Breach. Has the meaning set forth in Section 6.15
hereof.

                  Transition Cost. Any documented expenses reasonably incurred
by a successor Servicer or the Trustee in connection with a transfer of
servicing from the Servicer to a successor Servicer as successor Servicer
pursuant to Section 6.05 hereof, but not to exceed $50,000 per Series.

                  Trust Indenture Act. Means the Trust Indenture Act of 1939, as
amended from time to time.

                  Trustee. Means the Person named as the "Trustee" in the first
paragraph of this Master Agreement until a successor Trustee shall have become
such pursuant to the applicable provisions of this Master Agreement, and
thereafter "Trustee" shall mean or include the Person who is then the Trustee
hereunder.

                  UCC. The Uniform Commercial Code as in effect in the
applicable jurisdiction.

                  Unregistered Note. Any Note which is not a Bearer Note and
which is part of a Series or Class of Notes which has been designated in the
related Series Supplement as being a Series or Class of Unregistered Notes.

                  User. Any obligor under any Contract, whose obligations
thereunder constitute the principal source of payments under any Contract,
including any guarantor (excluding the Servicer) of such obligations.

                  User Termination Event. Has the meaning set forth in Section
6.12 hereof.

                  Section 1.02. Acts of Holders.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Master Agreement to be
given or taken by the

                                       20

<PAGE>

Holders of the related Notes may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agents duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the
Obligors' Agent. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Master Agreement and (subject to Section 11.01) conclusive in
favor of the Trustee and the Obligors, if made in the manner provided in this
Section.

                  (b)      The fact and date of the execution by any Person of
any such instrument or writing may be proved in any manner that the Trustee
deems sufficient.

                  (c)      The ownership of Notes shall be proved by the Note
Register.

                  (d)      Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every
future Holder of the same Note and the Holder of every Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the
Obligors' Agent or the Obligors in reliance thereon, whether or not notation of
such action is made upon such Note.

                  Section 1.03. Notice to Holders; Waiver.

                  Where this Master Agreement or any Series Supplement provides
for notice to the Holders of the related Notes of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first class postage prepaid, to each Holder affected by such event,
at such Holder's address as it appears in the Note Register, or if in writing
and by facsimile, to the facsimile number provided by a Holder to the Person
giving such notice, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. In any case where
notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders, and any notice that is
mailed in the manner herein provided shall conclusively be presumed to have been
duly given. Where this Master Agreement or any Series Supplement provides for
notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

                  In case by reason of the suspension of regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee
shall constitute a sufficient notification for every purpose hereunder.

                                       21

<PAGE>

                  Where any Series Supplement provides for notice to the Rating
Agencies, failure to give such notice shall not affect any rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

                  Section 1.04. Alternate Payment and Notice Provisions.

                  Notwithstanding any provision of this Master Agreement, any
Series Supplement or any of the Notes to the contrary, the Obligors' Agent may
enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Master Agreement or the related
Series Supplement for such payments or notices. The Obligors' Agent will furnish
to the Trustee a copy of each such agreement and the Trustee will cause payments
to be made and notices to be given in accordance with such agreements provided
the Trustee is not adversely affected thereby.

                  Section 1.05. Conflict with Trust Indenture Act.

                  If this Master Agreement is qualified under the Trust
Indenture Act and any provision hereof limits, qualifies or conflicts with
another provision hereof that is deemed to be included in and to govern this
Master Agreement by any of the provisions of the Trust Indenture Act, such
provision deemed to be included herein shall control.

                  Section 1.06. Effect of Headings and Table of Contents.

                  The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

                  Section 1.07. Successors and Assigns.

                  All covenants and agreements in this Master Agreement or any
Series Supplement by the Obligors or by the Obligors' Agent, on behalf of the
Obligors or in its or their individual capacity, shall bind its or their
successors and assigns, whether so expressed or not.

                  All agreements by the Trustee and the Servicer in this Master
Agreement or any Series Supplement shall bind its successors and assigns.

                  Section 1.08. Benefits of Agreement.

                  To the extent specified in the related Series Supplement, each
of the related Series Support Providers and their successors and assigns shall
be a third-party beneficiary to the provisions of this Master Agreement and such
Series Supplement, insofar as such provisions apply to the related Notes, and
shall be entitled to rely upon and, so long as no Series Support Provider
Default shall have occurred and be continuing with respect to such Series
Support Provider, directly to enforce such provisions of this Master Agreement
and such Series Supplement. Except as aforesaid, nothing in this Master
Agreement or any Series Supplement or in the Notes, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder
and the

                                       22

<PAGE>

Holders of the related Notes, and any other party secured hereunder, and any
other Person with an ownership interest in any part of the related Series Trust
Estate, any benefit or any legal or equitable right, remedy or claim under this
Master Agreement. The related Series Support Provider may disclaim any of its
rights and powers under this Master Agreement (in which case the Trustee may
exercise such right or power hereunder), but not its duties and obligations
under the related Series Support, upon delivery of a written notice to the
Trustee and to the Obligors' Agent.

                  Section 1.09. Allocation of Series to Groups.

                  To the extent so provided in the Series Supplement for any
Series or in an amendment to this Master Agreement executed pursuant to
subsection 13.01(a), specified Series may be allocated in whole or in part to
one or more Groups as may be provided in such Series Supplement or amendment for
the purpose of receiving Crossover Amounts with respect to the Series Trust
Estate(s) of such other Series in such Group.

                  Any such Series Supplement or amendment may provide that (i)
such allocation to one or more particular Series or Groups may terminate upon
the occurrence of certain events specified therein and (ii) that upon the
occurrence of any such event, the related Crossover Amounts may be reallocated
to other Series or Groups or to all Series, all as shall be provided in such
Series Supplement or amendment.

                  Section 1.10. Status of Obligors' Agent.

                  By its execution and delivery of a Series Supplement, each
Obligor shall be deemed to have designated and appointed Marlin Leasing
Receivables Corp. II to act as its agent hereunder, under the Master Transfer
Agreement and each Transfer Agreement Supplement and under each other related
Series Related Document. The Obligors' Agent is responsible for executing and
fulfilling all other duties expressly assigned to it in this Master Agreement,
the Master Transfer Agreement and each Transfer Agreement Supplement and the
Series Related Documents. The Obligors may, at any time in their discretion,
remove the Obligors' Agent and appoint a new Obligors' Agent, which shall have
duties described in this Section 1.10.

                                   Article II

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

                  Section 2.01. Representations, Warranties and Covenants of
Obligors.

                  By its execution and delivery of a Series Supplement, each
Obligor will be deemed to have made each of the following representations,
warranties and covenants to the Trustee, the Noteholders of the related Series
and any Series Support Provider for the related Series on which representations,
warranties and covenants the Trustee relies in accepting the related Series
Trust Estate in trust, on which the Noteholders of the related Series have
relied in agreeing to purchase the related Notes and on which such Series
Support Provider, if any, relies in agreeing to issue the related Series
Support. Such representations, warranties and covenants are deemed to be made
and affirmed on the

                                       23

<PAGE>

Series Closing Date for the related Series, and shall survive the date of the
making or remaking of such representations and warranties. The covenants of each
of the Obligors with respect to a Series shall continue until the Final Date of
such Series.

                  (a)      Each Obligor represents and warrants, as to itself,
that:

                  (i)      Existence and Power. Such Obligor is a legal entity
         duly organized, validly existing and in good standing under the laws of
         the State of its incorporation or formation (as set forth on Exhibit F
         to the related Series Supplement), and has all power and all
         governmental licenses, authorizations, consents and approvals required
         to carry on its business in each jurisdiction in which its business is
         conducted.

                  (ii)     No Conflict. The execution, delivery and performance
         by such Obligor of this Master Agreement and the other Series Related
         Documents to which it is a party, are within its powers, have been duly
         authorized by all necessary action, do not contravene or violate (i)
         its Organizational Documents, (ii) any law, rule or regulation
         applicable to it, (iii) any restrictions under any agreement, contract
         or instrument to which it is a party or by which it or any of its
         property is bound, or (iv) any order, writ, judgment, award, injunction
         or decree binding on or affecting it or its property, and do not result
         in the creation or imposition of any Lien on assets of such Obligor or
         its Subsidiaries (except the interest conveyed to the Trustee); and no
         transaction contemplated hereby requires compliance with any bulk sales
         act or similar law. Each of the Series Related Documents to which such
         Obligor is a party has been duly executed and delivered by such
         Obligor.

                  (iii)    Governmental Authorization. Other than the filing of
         the financing statements required hereunder, no authorization or
         approval or other action by, and no notice to or filing with, any
         governmental authority or regulatory body is required for the due
         execution, delivery and performance by such Obligor of this Master
         Agreement and the other Series Related Documents to which such Obligor
         is a party, except for such authorizations, approvals, actions, notices
         and filings as have already been obtained, taken or made in connection
         with Government Contracts.

                  (iv)     Binding Effect. Each of this Master Agreement and the
         other Series Related Documents to which such Obligor is a party
         constitutes the legal, valid and binding obligation of such Obligor,
         enforceable against each Obligor, jointly and severally, in accordance
         with its terms, except as such enforcement may be limited by applicable
         bankruptcy, insolvency, reorganization or other similar laws relating
         to or limiting creditors' rights generally or general equitable
         principles.

                  (v)      Compliance with Law. No practice, procedure or policy
         employed or proposed to be employed by such Obligor in the conduct of
         its business violates any law, regulation, judgment, agreement, order
         or decree applicable to

                                       24

<PAGE>

         such Obligor which, if enforced, would have a material adverse effect
         on such Obligor, any Pledged Property or the collectibility or value
         thereof, or the ability of such Obligor to perform its obligations
         hereunder or under any Series Related Documents.

                  (vi)     Accuracy of Information. All information furnished in
         writing by such Obligor to the Trustee on or prior to the related
         Series Closing Date for purposes of or in connection with the Series
         Related Documents or any Pledge is true, accurate and complete in every
         material respect on the date such information is stated or certified,
         and all such information thereafter furnished by such Obligor to the
         Trustee will be, true, accurate and complete in every material respect,
         on the date such information is stated or certified.

                  (vii)    Creation of Security Interest. This Master Agreement
         and the Series Related Documents shall create a valid and continuing
         security interest (as defined in the applicable UCC) in the Series
         Trust Estate in favor of the Series Secured Parties, which security
         interest is prior to all other Liens (except as created by this Master
         Agreement and the other Series Related Documents), and is enforceable
         as such as against creditors of and purchasers from the Obligor.

                  (viii)   Good Title. Immediately prior to each Pledge
         hereunder, such Obligor shall own and shall have good and marketable
         title to the Series Trust Estate free and clear of any Lien, claim or
         encumbrance of any Person.

                  (ix)     Perfection of Security Interests. Such Obligor has
         caused or will have caused, within ten days, the filing of all
         appropriate financing statements in the proper filing office in the
         appropriate jurisdictions under applicable law in order to perfect the
         security interest granted to the Series Secured Parties hereunder in
         the Series Trust Estate.

                  (x)      Goods. The Equipment constitutes "goods" within the
         meaning of the applicable UCC.

                  (xi)     General Intangibles. The Obligor has received all
         consents and approvals required by the terms of the Series Related
         Documents to the sale and/or pledge of the Series Trust Estate
         hereunder to the Series Secured Parties.

                  (xii)    Tangible Chattel Paper. The Contracts constitute
         "tangible chattel paper" within the meaning of the applicable UCC.

                  (xiii)   Perfection of Security Interests. Marlin has taken
         all steps necessary to perfect its security interest against the
         related Users in any related Equipment which acts as security for a
         Contract and has an Original Equipment cost of greater than $25,000.

                  (xiv)    Perfection by Filing. Such Obligor has in its
         possession all original copies of the leases that constitute or
         evidence the Contracts (each such original copy of the leases bears the
         original signature of an employee of Marlin,

                                       25

<PAGE>

         together with the facsimile copy of the signature of the User or the
         original signature of the User). The leases that constitute or evidence
         the Contracts do not have any marks or notations indicating that they
         have been pledged, assigned or otherwise conveyed to any Person other
         than the Series Secured Parties. All financing statements filed or to
         be filed against such Obligor in favor of the Series Secured Parties in
         connection herewith describing the Contracts contain a statement to the
         following effect: "A purchase of or security interest in any collateral
         described in this financing statement will violate the rights of the
         Series Secured Parties."

                  (xv)     Priority. Other than the security interest granted to
         the Series Secured Parties pursuant to this Master Agreement, such
         Obligor has not pledged, assigned, sold, granted a security interest
         in, or otherwise conveyed any of the assets comprising the Series Trust
         Estate. Such Obligor has not authorized the filing of and is not aware
         of any financing statements against such Obligor that include a
         description of collateral covering the Series Trust Estate other than
         any financing statement relating to the security interest granted to
         the Series Secured Parties hereunder or under the Series Related
         Documents or that has been terminated. Such Obligor is not aware of any
         judgment or tax lien filings against such Obligor.

                  (xvi)    Priority. No creditor of such Obligor other than the
         Series Secured Parties has in its possession any goods that constitute
         or evidence the Series Trust Estate.

                  (xvii)   Financing Statements. Such Obligor has not filed any
         financing statements with respect to the interests of the Obligors'
         Agent, Marlin Leasing Receivables II LLC ("MLR II LLC") or the
         Transferor in the Contracts under any names other than "Marlin Leasing
         Receivables Corp. II," "Marlin Leasing Receivables II LLC" or "Marlin
         Leasing Corporation"

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

                  (xix)    Investment Company Act. Such Obligor is not an
         "investment company" or an "affiliated person" of, or a "promoter" or
         "principal underwriter" for, an "investment company," in each case
         within the meaning of the Investment Company Act of 1940, as amended.

                                       26

<PAGE>

                  (xx)     Solvency. Such Obligor is Solvent and is not in
         default under any mortgage, borrowing agreement or other instrument or
         agreement pertaining to indebtedness for borrowed money.

                  (xxi)    Taxes. Such Obligor has filed all federal, state and
         local tax returns which are required to be filed by it and has paid all
         taxes and other governmental charges, including any assessments
         received by it, to the extent that such taxes have become due.

                  (xxii)   ERISA. Such Obligor is in compliance with ERISA and
         has not incurred and does not reasonably expect to incur any
         liabilities to the PBGC under ERISA in connection with any Plan or
         Multiemployer Plan or to contribute now or in the future in respect of
         any Plan or Multiemployer Plan.

                  (b)      Each Obligor covenants, as to itself, that:

                  (i)      Use of Proceeds. No proceeds of any sale of the Notes
         will be used (i) for a purpose which violates, or would be inconsistent
         with, Regulation T, U or X promulgated by the Board of Governors of the
         Federal Reserve System from time to time or (ii) to acquire any
         security in any transaction which is subject to Section 13 or Section
         14 of the Securities Exchange Act of 1934, as amended.

                  (ii)     Places of Business; State of Incorporation. Except in
         accordance with Section 3.05(b), such Obligor will not (x) move its
         chief executive office from 639 Isbell Road, Suite 390, Reno, Nevada
         89509 to another location and/or maintain any Records at any other
         locations and (y) change its state and jurisdiction of incorporation or
         formation from the jurisdiction set forth on Exhibit F to the related
         Series Supplement.

                  (iii)    ERISA. Such Obligor shall not, and shall not cause or
         permit any Commonly Controlled Entity to, cause or permit to occur an
         event that could result in the imposition of a Lien under Section 412
         of the IRC or Section 302 or 4068 of ERISA.

                  (c)      Each party hereto agrees that the representations and
warranties contained in Section 2.01(a)(vii)-(xiii) may not be waived.

                  Section 2.02. Representations, Warranties and Covenants of
Servicer.

                  The Servicer hereby makes the following representations,
warranties and covenants to the Trustee, the Noteholders of the related Series
and any Series Support Provider for the related Series on which representations,
warranties and covenants the Trustee relies in accepting the related Series
Trust Estate in trust and in authenticating the related Notes, on which the
Noteholders of such Series have relied in purchasing their Notes and on which
such Series Support Provider, if any, relies in agreeing to issue the related
Series Support. Such representations, warranties and covenants shall be deemed
to be made and affirmed on each Series Closing Date and shall survive the date
of the

                                       27

<PAGE>

making or remaking of such representations and warranties. Each of the
Servicer's covenants shall continue until the Final Date of the last Outstanding
Series.

                  (a)      The Servicer represents and warrants, as to itself
and its responsibilities, that:

                  (i)      Organization and Good Standing. The Servicer is a
         corporation duly organized, validly existing in good standing under the
         laws of the State of Delaware (or, if other than Marlin, in the
         applicable state of its incorporation), has the power to own its assets
         and to transact the business in which it is presently engaged, and had
         at all relevant times and now has the power, authority and legal right
         to service the related Series Trust Estate.

                  (ii)     Power and Authority. The Servicer has the power,
         authority and legal right to execute, deliver and perform this Master
         Agreement and the other Series Related Documents to which it is a party
         and the execution, delivery and performance of this Master Agreement
         and the other Series Related Documents to which it is a party have been
         duly authorized by the Servicer by all necessary corporate action.

                  (iii)    Binding Obligation. This Master Agreement and the
         other Series Related Documents to which the Servicer is a party
         (assuming due authorization, execution and delivery by each of the
         other parties hereto and thereto), constitute legal, valid and binding
         obligations of the Servicer, enforceable against the Servicer in
         accordance with their respective terms, except that (A) such
         enforcement may be subject to bankruptcy, insolvency, reorganization,
         moratorium or other similar laws (whether statutory, regulatory or
         decisional) now or hereafter in effect relating to creditors' rights
         generally and (B) the remedy of specific performance and injunctive and
         other forms of equitable relief may be subject to certain equitable
         defenses and to the discretion of the court before which any proceeding
         therefor may be brought, whether in a proceeding at law or in equity.

                  (iv)     No Conflict. The execution, delivery and performance
         by the Servicer of this Master Agreement and the other Series Related
         Documents to which it is a party, are within its corporate powers, have
         been duly authorized by all necessary corporate action, do not
         contravene or violate (i) its Organizational Documents, (ii) any law,
         rule or regulation applicable to it, (iii) any restrictions under any
         material agreement, contract or instrument to which it is a party or by
         which it or any of its property is bound, or (iv) any order, writ,
         judgment, award, injunction or decree binding on or affecting it or its
         property, and do not result in the creation or imposition of any Lien
         on any assets of the Servicer or its Subsidiaries, other than as
         contemplated by the Master Transfer Agreement (if Marlin is the
         Servicer making such representation and warranty) and this Master
         Agreement.

                                       28

<PAGE>

                  (v)      No Proceedings. There are no proceedings or
         investigations to which the Servicer, or any of the Servicer's
         Affiliates, is a party pending or, to the best of the Servicer's
         knowledge, threatened before any court or other Governmental Authority
         (A) asserting the invalidity of this Master Agreement or any of the
         other Series Related Documents, (B) seeking to prevent the consummation
         of any of the transactions contemplated by this Master Agreement or any
         of the other Series Related Documents or (C) seeking any determination
         or ruling that might materially and adversely affect the performance by
         the Servicer of its obligations under, or the validity or
         enforceability of, this Master Agreement or any of the other Series
         Related Documents to which it is a party.

                  (vi)     Approvals. All approvals, authorizations, consents,
         orders or other actions of any Governmental Authority or any other
         Person required to be obtained or taken by, or on the part of, the
         Servicer in connection with the execution and delivery of this Master
         Agreement or any of the other Series Related Documents to which it is a
         party have been or will be taken or obtained on or prior to the date so
         required to be taken or obtained.

                  (vii)    Compliance with Law. No practice, procedure or policy
         employed or proposed to be employed by the Servicer in the conduct of
         its business violates any law, regulation, judgment, agreement, order
         or decree applicable to the Servicer which, if enforced, would have a
         material adverse effect on the Servicer or the ability of the Servicer
         to perform its obligations hereunder or under any Series Related
         Document.

                  (viii)   Information. Each certificate, information, exhibit,
         financial statement, document, book or record or report furnished by
         the Servicer to the Trustee, the Obligors, the Rating Agencies, any
         Noteholder or any Series Support Provider in connection with this
         Master Agreement, any Series Supplement, any Series Related Document or
         the transactions contemplated hereby is accurate in all material
         respects as of its date, when considered as a whole with other such
         documents, and no such document contains any material misstatement of
         fact or omits to state a material fact or any fact necessary to make
         the statements contained therein, in light of the circumstances under
         which they were made, not materially misleading as of its date.

                  (ix)     Place of Business. The chief executive office of the
         Servicer is, as of the date hereof, and has been for the four months
         prior to the date hereof, at 124 Gaither Drive, Suite 170, Mount
         Laurel, NJ 08054.

                  (x)      Financing Statements. The Servicer has not filed any
         financing statements with respect to the interests of the Obligors'
         Agent, MLR II LLC or the Transferor in the Contracts under any names
         other than "Marlin Leasing Receivables Corp. II," "Marlin Leasing
         Receivables II LLC" or "Marlin Leasing Corporation"

                                       29

<PAGE>

                  (xi)     Event of Servicer Termination. To the best knowledge
         of the Servicer, there has not been an Event of Servicer Termination.

                  (b)      The Servicer, for itself and on behalf of each
related Series Obligor, covenants as to the Pledged Property comprising each
Series Trust Estate:

                  (i)      Lien in Force. The Servicer shall not release or
         assign any Lien in favor of the Trustee on any Contract, item of
         Equipment or other Related Security related to any Contract in whole or
         in part, except as expressly permitted hereunder.

                  (ii)     Fulfill Obligation. The Servicer will duly fulfill
         and comply, in all material respects, with all obligations on the part
         of the "lessor" to be performed and fulfilled under or in connection
         with each Contract and all of the Servicer's other obligations to be
         fulfilled under or in connection with each Series Trust Estate. The
         Servicer will not amend, rescind, cancel or modify any Contract or any
         term or provision thereof, except as contemplated herein, and the
         Servicer will not do anything that would materially impair the rights
         of the Noteholders or any Series Support Provider with respect to any
         Series Trust Estate, except as contemplated herein.

                  (iii)    Books and Records. The Servicer (1) will (A) maintain
         its books and records separate from the books and records of any
         Obligor, (B) maintain bank accounts separate from those of any Obligor
         and (C) conduct its business in an office separate from that of any
         Obligor and (2) will not (X) take any action that would cause the
         dissolution or liquidation of any Obligor, (Y) guarantee (directly or
         indirectly), endorse or otherwise become contingently liable (directly
         or indirectly) for the obligations of any Obligor (except as expressly
         permitted hereunder) or (Z) institute against any Obligor, or join any
         other person in instituting against any Obligor, any case, proceeding
         or other action under any existing or future bankruptcy, insolvency or
         similar laws.

                  Section 2.03. Representations and Warranties of Trustee.

                  On the Closing Date, the Trustee represents and warrants to
the Noteholders of the related Series, the Servicer, the Obligors and any Series
Support Provider for the related Series as to itself and its responsibilities:

                  (a)      Organization and Good Standing. The Trustee is a
national banking association duly organized, validly existing and in good
standing under the laws of the United States of America;

                  (b)      Authorization. The Trustee has the power, authority
and legal right to execute, deliver and perform this Master Agreement and the
other Series Related Documents, and the execution, delivery and performance of
this Master Agreement and the other Series Related Documents has been duly
authorized by the Trustee by all necessary corporate action;

                                       30

<PAGE>

                  (c)      No Violation. The execution, delivery and performance
by the Trustee of this Master Agreement and the other Series Related Documents
(a) does not violate any provision of any law or any order, writ, judgment, or
decree of any court, arbitrator, or governmental authority applicable to the
Trustee or any of its assets, (b) does not violate any provision of the
corporate charter or by-laws of the Trustee, (c) does not result in the creation
or imposition of any Lien on any properties included in the Series Trust Estate
(other than the Lien created hereby) and (d) does not violate any provision of,
or constitute, with or without notice or lapse of time, a default under, the
provisions of any mortgage, indenture, contract, agreement, or other undertaking
to which the Trustee is a party, which violation or default could reasonably be
expected to materially and adversely affect the Trustee's performance or ability
to perform its duties under this Master Agreement the other Series Related
Documents or the transactions contemplated in this Master Agreement or the other
Series Related Documents;

                  (d)      Governmental Authority. The execution, delivery and
performance by the Trustee of this Master Agreement and the other Series Related
Documents does not require the authorization, consent, or approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Trustee; and

                  (e)      Due Execution and Enforceability. This Master
Agreement and the other Series Related Documents have been duly executed and
delivered by the Trustee and constitutes the legal, valid, and binding agreement
of the Trustee, enforceable in accordance with its and their respective terms,
and the Trustee meets the requirements of Section 11.08 hereof.

                                  Article III

                            PLEDGING THE TRUST ESTATE

                  Section 3.01. Series Trust Estates.

                  In order to secure the due and punctual payment of the
principal of and interest on the Notes of the related Series and all other
Series Secured Obligations of the related Series when and as the same shall
become due and payable, whether as scheduled, by declaration of acceleration,
prepayment or otherwise, according to the terms of this Master Agreement, the
related Series Supplement and the related Notes, the related Series Obligors,
pursuant to the related Series Supplement, shall pledge the related Series Trust
Estate to the Trustee, all for the benefit of the Trustee for the benefit of the
Holders of the Notes of the related Series and the other Series Secured Parties.

                  Section 3.02. Preservation of Series Collateral.

                  Subject to the rights, powers and authorities granted to the
Trustee and the related Series Controlling Party herein and in the related
Series Supplement, the related Series Obligors shall take all such action as is
necessary and proper with respect to the

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<PAGE>

related Series Trust Estate in order to preserve and maintain such Series Trust
Estate. The Obligors will do, execute, acknowledge and deliver, or cause to be
done, executed, acknowledged and delivered, such instruments of transfer or take
such other steps or actions as may be necessary, or required by the Series
Controlling Party, to perfect the security interests granted hereunder in the
Series Trust Estate, to ensure that such security interests rank prior to all
other Liens and to preserve the priority of such security interests and the
validity and enforceability thereof. Upon any delivery of any portion of any
Series Trust Estate to the Trustee, the Obligors shall be obligated to execute
such documents and perform such actions as are necessary to create in the
Trustee for the benefit of the related Series Secured Parties a valid first Lien
on, and valid and perfected first priority security interest in, such Series
Trust Estate so delivered, free and clear of any other Lien, together with
satisfactory assurances thereof, and to pay any reasonable costs incurred by any
of the Series Secured Parties or otherwise in connection with such delivery.

                  Section 3.03. Waiver of Stay or Extension Laws; Marshalling of
Assets.

                  Each Obligor covenants, to the fullest extent permitted by
applicable law, that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any appraisement,
valuation, stay, extension or redemption law wherever enacted, now or at any
time hereafter in force, in order to prevent or hinder the enforcement of this
Master Agreement, any Series Supplement or any part hereof or thereof, to the
fullest extent permitted by applicable law, for itself and all who may claim
under it, hereby waives the benefit of all such laws, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted. Each Obligor, for itself and all who may claim
under it, waives, to the fullest extent permitted by applicable law, all right
to have any Series Trust Estate or any portion thereof marshaled upon any
foreclosure or other disposition thereof.

                  Section 3.04. Noninterference, Etc.

                  No Obligor shall (i) waive or alter any of its rights under
any portion of any Series Trust Estate (or any agreement or instrument relating
thereto) without the prior written consent of the Series Controlling Party; or
(ii) take any action, or fail to take any action, if such action or failure to
take action will interfere with the enforcement of any rights under the Series
Related Documents.

                  Section 3.05. Obligor Changes.

                  (a)      Change in Name, Structure, Jurisdiction of Formation,
Etc. No Obligor shall change its name, identity, jurisdiction of formation or
incorporation or corporate structure unless it shall have given the Trustee at
least 30 days' prior written notice thereof and shall have effected any
necessary or appropriate filings of financing statements or amendments thereto
in order to maintain the Trustee's first priority perfected security interest in
each Series Trust Estate.

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<PAGE>

                  (b)      Relocation of the Obligors. No Obligor shall change
its principal executive office or its jurisdiction of formation or incorporation
unless it gives the Trustee at least 30 days' prior written notice of any
relocation of its principal executive office or its jurisdiction of formation or
incorporation. If any Obligor so relocates its principal executive office or
principal place of business, such Obligor shall give prior written notice
thereof to the Trustee and shall effect whatever appropriate recordations and
filings are necessary in order to maintain the Trustee's first priority,
perfected security interest in each related Series Trust Estate.

                  Section 3.06. Limited Recourse to Obligors.

                  (a)      Notwithstanding anything to the contrary contained
herein, the Trustee and each Holder by such Holder's acceptance of a Note
hereunder agree that the obligations of the related Obligors hereunder,
including, without limitation, the obligations of the related Obligors in
respect of the Notes shall be payable solely from the related Series Trust
Estate (including any Crossover Amounts included in such Series Trust Estate),
and that neither the Trustee nor any Holder shall look to any other Property or
assets of such Obligors, or to the Property or assets of any other Obligor,
including, specifically but without limitation, the Series Trust Estate with
respect to any other Series. No recourse shall be had for the payment of any
amount owing in respect of any Obligors' obligations hereunder or for any
payment obligation or claim arising out of or based on this Master Agreement
against any Affiliate, agent, stockholder, employee, officer, director or
incorporator of such Obligor.

                  (b)      The Obligors' obligation to pay certain fees or
expenses under, or claims arising out of, this Master Agreement shall be limited
to moneys available to such Obligors from the related Series Trust Estate in
accordance with the payment priority set forth in the related Series Supplement,
and to the extent such funds are insufficient to pay such fees or expenses, it
shall not constitute a claim against the Obligors.

                  Section 3.07. Authorization of Actions to Be Taken by the
Trustee.

                  (a)      The Trustee may take all actions it deems necessary
or appropriate in order to enforce or exercise its rights under each Series
Supplement in accordance with and subject to the provisions thereof. Subject to
the provisions thereof, the Trustee shall have power to institute and to
maintain suits and proceedings to prevent any impairment of the related Series
Trust Estate by any acts which may be unlawful or in violation of the related
Series Supplement or this Master Agreement, and suits and proceedings to
preserve or protect its interests and the interests of the Holders of the
related Notes and any Series Support Provider in the related Series Trust Estate
(including power to institute and maintain suits or proceedings to restrain the
enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with, such enactment, rule or order would
impair the security hereunder or be prejudicial to the interests of such
Holders, any such Series Support Provider or the Trustee).

                                       33

<PAGE>

                  (b)      The Trustee is authorized to receive any funds for
the benefit of the Holders and any Series Support Provider distributed under the
related Series Supplement and to make further distributions of such funds to the
Holders of the related Notes and any Series Support Providers according to the
provisions of such Series Supplement.

                  Section 3.08. Termination of Security Interests.

                  Upon the payment in full of all Series Secured Obligations,
the Trustee shall, at the written request of the related Obligors and with the
written consent of the Series Support Provider, if any, deliver such
certificates, notices, and instruments stating that all Series Secured
Obligations have been paid in full, and releasing the Trustee's Lien on the
related Series Trust Estate with respect to such Series Secured Obligations.

                  Section 3.09. Filing; Maintenance of Contract Files.

                  On or prior to the initial Pledge Date with respect to a
Series, the related Series Obligors shall, and shall cause the Transferor to,
file blanket UCC-1 financing statements with respect to the related Series Trust
Estate (which, in the case of any UCC-1 Financing Statement filed by such
Obligors against the Transferor, shall be assigned by such Obligors to the
Trustee). Notwithstanding the foregoing, it is expressly agreed that no such
UCC-1 Financing Statement shall be filed with respect to any particular piece of
Equipment, except to the extent then required by the Credit and Collection
Policy, or as may otherwise be required in the related Transfer Agreement
Supplement or any applicable Series Supplement. On or prior to each Pledge Date
the related Obligors shall, and shall cause the Transferor to, mark their
respective internal records (including, in the case of the Contractor, its
electronic ledger) to reflect (x) the sale and conveyance of the related Pledged
Property from the Transferor to the related Obligors and (y) the Pledge of the
related Pledged Property to the Trustee.

                  Section 3.10. Costs and Expenses.

                  The related Obligors agree to pay all reasonable costs and
disbursements (and in the event the related Obligors are unable to pay such
costs and disbursements, the Servicer shall pay such amounts) in connection with
the perfection and the maintenance of perfection and priority, as against all
third parties, of the Trustee's rights, title and interests in and to each
Series Trust Estate (other than the Equipment, except as otherwise expressly
agreed to herein).

                                   Article IV

                                   NOTE FORMS

                  Section 4.01. Forms Generally.

                  The Notes of each Series shall be in substantially the form
set forth in the related Series Supplement, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Master Agreement or the related Series Supplement, and may have such
letters, numbers or other marks of identification

                                       34

<PAGE>

and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the officers executing such Notes, as evidenced by their execution
of the Notes.

                  The Notes of any Series or Class may be issued in bearer form
("Bearer Notes") with attached interest coupons and any other applicable coupon
(collectively, the "Coupons") or in fully registered form (but which may be
uncertificated) ("Registered Notes") and shall, to the extent represented by
physical certificates, be substantially in the form of the exhibits with respect
thereto attached to the applicable Series Supplement.

                  The Trustee's certificate of authentication shall be in
substantially the form set forth in this Article.

                  The Notes shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner (provided that if any
Notes are to be listed on any securities exchange, then in any such manner as
may be permitted by the rules of any such securities exchange, all as determined
by the officers executing such Notes, as evidenced by their execution of such
Notes).

                  Section 4.02. Form of Trustee's Certificate of Authentication.

                  Except as provided in Section 11.13, the Trustee shall
authenticate each Note with a certificate of authentication in substantially the
following form:

                  "This is one of the Notes designated herein referred to in the
within-mentioned Master Agreement and the within-mentioned Series Supplement
thereto.

                                       WELLS FARGO BANK MINNESOTA,
                                         NATIONAL ASSOCIATION,
                                         as Trustee

                                       By_________________________
                                         Authorized Signatory"

                  Section 4.03. Securities Legend.

                  Each Unregistered Note issued hereunder will contain the
following legend limiting sales to "Qualified Institutional Buyers" within the
meaning of Rule 144A under the Securities Act and to "Qualified Purchasers" as
defined in Section 3(c)(7) of the Investment Company Act of 1940:

                  THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
                  UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
                  "SECURITIES ACT"), AND HAS NOT BEEN APPROVED OR DISAPPROVED
                  BY THE SECURITIES AND EXCHANGE COMMISSION OR REGULATORY

                                       35

<PAGE>

                  AUTHORITY OF ANY STATE. THIS NOTE HAS BEEN OFFERED AND SOLD
                  PRIVATELY. THE HOLDER HEREOF ACKNOWLEDGES THAT THESE
                  SECURITIES ARE "RESTRICTED SECURITIES" THAT HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT
                  OF THE OBLIGORS AND THEIR AFFILIATES THAT THESE SECURITIES MAY
                  NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT
                  TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS (A)(1) A
                  QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
                  UNDER THE SECURITIES ACT IN A TRANSACTION MEETING THE
                  REQUIREMENTS OF RULE 144A OR (2) PURSUANT TO AN EXEMPTION FROM
                  REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
                  AVAILABLE), IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
                  SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
                  JURISDICTION AND (B) A QUALIFIED PURCHASER WITHIN THE MEANING
                  OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED.

                                   Article V

                                    THE NOTES

                  Section 5.01. Amount Limited; Issuable in Series.

                  The aggregate principal amount of Notes which may be
authenticated and delivered and Outstanding at any time under this Master
Agreement is not limited; provided that any Series Supplement may so limit the
aggregate principal amount of Notes of the related Series. The Notes shall be
issued in one or more Series, and may be issued in Classes and/or Tranches
within a Series (and Tranches within a Class).

                  No Series of Notes shall be issued under this Master Agreement
unless (i) such Notes have been authorized pursuant to a Series Supplement, (ii)
all conditions precedent to the issuance thereof, as specified in the related
Series Supplement, shall have been satisfied and (iii) confirmation is obtained
from the Rating Agencies that such issuance will not result in a change in any
Facility Shadow Rating.

                  All Notes of each Series issued under this Master Agreement
shall be in all respects equally and ratably entitled to the benefits hereof and
secured by the related Series Trust Estate without preference, priority or
distinction on account of the actual time or times of authentication and
delivery, all in accordance with the terms and provisions of this Master
Agreement and the related Series Supplement.

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<PAGE>

                  Section 5.02. Execution, Authentication, Delivery and Dating.

                  The Notes shall be executed on behalf of the related Obligors
or the Obligors' Agent by any of its Authorized Officers. The signature of any
of these officers on the Notes may be manual or facsimile.

                  Notes bearing the manual or facsimile signatures of
individuals who were at the time of execution of such Notes the proper officers
of the Obligors or the Obligors' Agent shall bind the related Obligors,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes.

                  At any time and from time to time after the execution and
delivery of this Master Agreement and the related Series Supplement, and upon
satisfaction of all the conditions set forth in the related Series Supplement,
the Obligors' Agent may deliver Notes of the related Series (including Notes of
any Class or Tranche within such Series) executed by the Obligors' Agent to the
Trustee or Authenticating Agent for authentication, together with an Obligors'
Order for the authentication and delivery of such Notes and an Officer's
Certificate that all conditions precedent for such issuance have been satisfied,
and the Trustee in accordance with the Obligors' Order shall authenticate and
make available for delivery such Notes.

                  Each Note shall be dated the date of its authentication.

                  No Note shall be entitled to any benefit under this Master
Agreement or any Series Supplement or be valid or obligatory for any purpose
unless there appears on such Note a certificate of authentication substantially
in the form provided for herein executed by the Trustee or the Authenticating
Agent by manual signature, and such certificate upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Master Agreement and the related Series Supplement. Notwithstanding the
foregoing, if any Note shall have been authenticated and delivered hereunder but
never issued and sold by the Obligors' Agent, and the Obligors' Agent shall
deliver such Note to the Trustee or the Authenticating Agent for cancellation as
provided in Section 5.08 together with a written statement (which need not
comply with Section 1.02 and need not be accompanied by an Opinion of Counsel)
stating that such Note has never been issued and sold by the Obligors' Agent,
for all purposes of this Master Agreement such Note shall be deemed never to
have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Master Agreement.

                  Section 5.03. Temporary Notes.

                  Pending the preparation of definitive Notes of any Series (or
of any Class or Tranche within a Series), the Obligors' Agent may execute, and
upon receipt of an Obligors' Order the Trustee or the Authenticating Agent shall
authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, reproduced or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive

                                       37

<PAGE>

Notes in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

                  If temporary Notes of any Series (or of any Class or Tranche
within a Series) are issued, the Obligors' Agent will cause definitive Notes of
that Series (or Class or Tranche) to be prepared without unreasonable delay.
After the preparation of definitive Notes of such Series (or Class or Tranche),
such temporary Notes shall be exchangeable for definitive Notes of such Series
(or Class or Tranche) upon surrender of the temporary Notes at the office or
agency of the Obligors. Upon surrender for cancellation of any one or more
temporary Notes the Obligors' Agent shall execute, and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery, in
exchange therefor a like principal amount of definitive Notes of the same Series
(or Class or Tranche) and tenor of authorized denominations. Until so exchanged,
the temporary Notes of any Series (or Class or Tranche) shall in all respects be
entitled to the same benefits under this Master Agreement and the related Series
Supplement as definitive Notes of such Series (or Class or Tranche).

                  Section 5.04. Registration, Registration of Transfer and
Exchange, Transfer Restrictions.

                  The Obligors' Agent shall cause to be kept a register (the
"Note Register") in which, subject to such reasonable regulations as it may
prescribe, the Obligors' Agent shall provide for the registration of Notes and
of transfers of the Notes. The Trustee is hereby initially appointed "Note
Registrar" for the purpose of registering Notes and transfers of the Notes as
herein provided. Upon any resignation of any Note Registrar, the Obligors' Agent
shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of the Note Registrar.

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

                  Upon surrender for registration of transfer of any Note at the
office or agency of the Obligors, the Obligors' Agent shall execute, and the
Trustee or the Authenticating Agent shall authenticate and make available for
delivery, in the name of the designated transferee or transferees, one or more
new Notes of any authorized denominations and of a like tenor and aggregate
principal amount. At the option of a Registered Noteholder, Registered Notes (of
the same Series and Class) may be exchanged for other Registered Notes of
authorized denominations upon surrender of the Registered Notes to be exchanged
at any such office or agency; Registered Notes, including Registered Notes
received in exchange for Bearer Notes, may not be exchanged

                                       38

<PAGE>

for Bearer Notes. At the option of the Holder of a Bearer Note, subject to
applicable laws and regulations, Bearer Notes may be exchanged for other Bearer
Notes or Registered Notes (of the same Series and Class) of authorized
denominations upon surrender of the Bearer Notes to be exchanged at an office or
agency of the Note Registrar located outside the United States. Each Bearer Note
surrendered pursuant to this Section shall have attached thereto all unmatured
Coupons; provided that any Bearer Note so surrendered after the close of
business on the Record Date preceding the relevant payment date after the
expected final payment date need not have attached the Coupon relating to such
payment date (in each case, as specified in the applicable Series Supplement).
Whenever any Notes are so surrendered for exchange, the Obligors' Agent shall
execute, and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery, the Notes which the Holder making the exchange is
entitled to receive.

                  All Notes issued upon any registration of transfer or exchange
of Notes shall be the valid obligations of the related Obligors, evidencing the
same debt, and entitled to the same benefits under this Master Agreement and the
related Series Supplement, as the Notes surrendered upon such registration of
transfer or exchange.

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

                  No service charge shall be made for any registration of
transfer or exchange of Notes, but the Obligors' Agent or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 5.03 or 5.05 not
involving any transfer.

                  No Holder of an Unregistered Note shall transfer its Note,
unless such transfer is made (x) (i) in accordance with Rule 144A of the
Securities Act or (ii) pursuant to an exemption from registration provided by
Rule 144 under the Securities Act (if available) and the registration and
qualification requirements under applicable state securities laws and (y) to a
qualified purchaser within the meaning of to Section 3(c)(7) of the Investment
Company Act of 1940.

                  The preceding provisions of this Section 5.04 notwithstanding,
the Obligors' Agent shall not be required to make, and the Note Registrar need
not register transfers or exchanges of Notes selected for redemption or of any
Note for a period of 15 days preceding the due date for any payment with respect
to such Note.

                                       39

<PAGE>

                  Section 5.05. Mutilated, Destroyed, Lost and Stolen Notes.

                  If any mutilated Note (together, in the case of Bearer Notes,
with all unmatured Coupons (if any) appertaining thereto) is surrendered to the
Trustee, the Obligors' Agent shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Note of the same Series and Tranche, of
like tenor and principal amount and bearing a number not contemporaneously
outstanding. If there shall be delivered to the Obligors' Agent and the Trustee
and the related Series Support Provider, if any (unless a Series Support
Provider Default shall have occurred and be continuing) (i) evidence to their
satisfaction of the destruction, loss or theft of any Note and (ii) such
security or indemnity as may be required by them to hold each of them and any
agent of any of them harmless, then, in the absence of notice to the Obligors'
Agent, the Trustee or the related Series Support Provider that such Note has
been acquired by a bona fide purchaser, the Obligors' Agent shall execute and
upon its request the Trustee shall authenticate and make available for delivery
(in the case of Bearer Notes, outside the United States), in exchange for or in
lieu of any such destroyed, lost or stolen Note, a new Note (of the same Series
and Class) of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

                  In case any such mutilated, destroyed, lost or stolen Note has
become or is about to become due and payable in full, the Obligors' Agent in its
discretion may, instead of issuing a new Note, cause the related Obligors to pay
such Note.

                  Upon the issuance of any new Note under this Section, the
Obligors' Agent or the Trustee 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 reasonable fees and expenses of
the Trustee and its counsel) connected therewith.

                  Every new Note of any Series issued pursuant to this Section
in lieu of any destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the related Obligors, whether or not the
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Master Agreement and the related
Series Supplement equally and proportionately with any and all other Notes of
the same Series duly issued hereunder and under the related Series Supplement.

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

                  Section 5.06. Final Distribution.

                  (a)      The Servicer shall give the Trustee and the Series
Support Provider, if any, at least 30 days prior notice of the Settlement Date
on which the Noteholders of any Series or Class may surrender their Notes for
payment of the final distribution on and cancellation of such Notes. Not later
than the fifth Business Day of

                                       40

<PAGE>

the month in which the final distribution in respect of such Series or Class is
payable to Noteholders, the Trustee (based solely on the information provided to
the Trustee by the Servicer) shall provide notice to the Noteholders of such
Series or Class specifying (i) the date upon which final payment of such Series
or Class will be made upon presentation and surrender of Notes of such Series or
Class at the office or offices therein designated, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
payment date is not applicable, payments being made only upon presentation and
surrender of such Notes at the office or offices therein specified (which, in
the case of Bearer Notes, shall be outside the United States). The Trustee shall
give such notice to the Note Registrar and the Paying Agent (if it is not acting
in either capacity) at the time such notice is given to Noteholders.

                  (b)      Notwithstanding a final distribution to the
Noteholders of any Series or Class, except as otherwise provided in this
paragraph, all funds then on deposit in the applicable Facility Account and any
Series Account allocated to such Noteholders shall continue to be held in trust
for the benefit of such Noteholders and the Paying Agent or the Trustee shall
pay such funds to such Noteholders upon surrender of their Notes. In the event
that all such Noteholders shall not surrender their Notes for cancellation
within six months after the date specified in the notice from the Trustee
described in paragraph (a), the Trustee shall give a second notice to the
remaining such Noteholders to surrender their Notes for cancellation and receive
the final distribution with respect thereto (which surrender and payment, in the
case of Bearer Notes, shall be outside the United States). If within one year
after the second notice all such Notes shall not have been surrendered for
cancellation, the Trustee may take appropriate steps, or may appoint an agent to
take appropriate steps, to contact the remaining such Noteholders concerning
surrender of their Notes, and the cost thereof shall be paid out of the funds in
the Series Account held for the benefit of the Noteholders. The Trustee and the
Paying Agent shall upon written request pay to the related Obligors any moneys
held by them for the payment of principal or interest that remains unclaimed for
two years. After payment to the related Obligors, Noteholders entitled to the
money must look to the related Obligors for payment as general creditors unless
an applicable abandoned property law designates another Person.

                  (c)      Any notice required or permitted to be given to a
Holder of Registered Notes shall be given by first-class mail, postage prepaid,
at the address of such Holder as shown in the Note Register. No notice shall be
required to be mailed to a Holder of Bearer Notes or Coupons but shall be given
as provided below. Any notice so mailed within the time prescribed in this
Master Agreement shall be conclusively presumed to have been duly given, whether
or not the Noteholder receives such notice. In addition, (a) if and so long as
any Series or Class is listed on the Luxembourg Stock Exchange and such Exchange
shall so require, any notice to Noteholders shall be published in a newspaper of
general circulation in Luxembourg within the time period prescribed in this
Master Agreement and (b) in the case of any Series or Class with respect to
which any Bearer Notes are outstanding, any notice required or permitted to be
given to Noteholders of such Series or Class shall be published in an authorized
newspaper within the time period prescribed in this Master Agreement.

                                       41

<PAGE>

                  Section 5.07. Persons Deemed Owners.

                  Prior to due presentment of a Note for registration of
transfer, the related Obligors, the Obligors' Agent, the related Series Support
Provider, the Trustee and any agent of any of them may treat (a) the Person in
whose name any Registered Note is registered as the owner of such Registered
Note for the purpose of receiving distributions pursuant to the terms of the
applicable Series Supplement and for all other purposes whatsoever, and (b) the
bearer of a Bearer Note or Coupon as the owner of such Bearer Note or Coupon for
the purpose of receiving distributions pursuant to the terms of the applicable
Series Supplement and for all other purposes whatsoever; and none of the
Obligors, the Obligors' Agent, the related Series Support Provider, the Trustee
nor any agent of any of them, shall be affected by notice to the contrary.

                  Section 5.08. Cancellation.

                  All Notes surrendered for payment, prepayment in whole or
registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly cancelled by
the Trustee. The Obligors' Agent may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which
the Obligors' Agent may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Notes previously authenticated hereunder which the Obligors'
Agent has not issued and sold, and all Notes so delivered shall be promptly
cancelled by the Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Master Agreement. All cancelled Notes held by the
Trustee shall be held or destroyed by the Trustee in accordance with its
standard retention or disposal policy as in effect at the time.

                  Section 5.09. Book-Entry Notes.

                  Unless otherwise specified in the related Series Supplement
for any Series or Class, the Notes of each Series, upon original issuance, shall
be issued in the form of one or more typewritten Notes representing the
Book-Entry Notes, to be delivered to the Clearing Agency specified in the
applicable Series Supplement, by, or on behalf of, the related Obligors. The
Notes shall initially be registered on the Note Register in the name of the
Clearing Agency or its nominee, and no Noteholder will receive a definitive
certificate representing such Noteholder's interest in the Notes, except as
provided in Section 5.11. Unless and until definitive, fully registered Notes
("Definitive Notes") have been issued to the applicable Noteholders pursuant to
Section 5.11 or as otherwise specified in any such Series Supplement:

                  (a)      the provisions of this Section shall be in full force
and effect;

                  (b)      the related Obligors, the Servicer and the Trustee
may deal with the Clearing Agency and the Clearing Agency Participants for all
purposes (including the making of distributions) as the authorized
representatives of the respective Noteholders;

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<PAGE>

                  (c)      to the extent that the provisions of this Section
conflict with any other provisions of this Master Agreement, the provisions of
this Section shall control; and

                  (d)      the rights of the respective Noteholders shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Noteholders and the Clearing
Agency or the Clearing Agency Participants. Pursuant to the Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section
5.11, the Clearing Agency will make book-entry transfers among the Clearing
Agency Participants and receive and transmit distributions of principal and
interest on the related Notes to such Clearing Agency Participants.

                  For purposes of any provision of this Master Agreement
requiring or permitting actions with the consent of, or at the direction of,
Noteholders evidencing a specified percentage of the aggregate Maximum Series
Limit of Notes, such direction or consent may be given by Noteholders (acting
through the Clearing Agency and the Clearing Agency Participants) owning Notes
evidencing the requisite percentage of the Maximum Series Limits.

                  Section 5.10. Notices to Clearing Agency.

                  Whenever any notice or other communication is required to be
given to Noteholders of any Series or Class with respect to which Book-Entry
Notes have been issued, unless and until Definitive Notes shall have been issued
to the related Noteholders, the Trustee shall give all such notices and
communications to the applicable Clearing Agency.

                  Section 5.11. Definitive Notes.

                  (a)      If Book-Entry Notes have been issued with respect to
any Series or Class and (i) the Obligors' Agent advises the Trustee that the
Clearing Agency is no longer willing or able to discharge properly its
responsibilities under the Depository Agreement with respect to such Series or
Class and the Trustee or the Obligors' Agent is unable to locate a qualified
successor or (ii) the Obligors' Agent, at its option, advises the Trustee that
it elects to terminate the book-entry system with respect to such Series or
Class through the Clearing Agency, then upon surrender to the Trustee of any
such Notes by the Clearing Agency, accompanied by registration instructions from
the Clearing Agency for registration of Definitive Notes, the Obligors' Agent
shall execute and the Trustee shall authenticate and the Note Registrar shall
deliver such Definitive Notes. Neither the Obligors' Agent 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. The Trustee
shall recognize the Holders of such Definitive Notes as Noteholders hereunder.

                  (b)      If a Series Supplement so provides, the Notes of such
Series or any Class thereof will be evidenced by Definitive Notes.

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<PAGE>

                  (c)      The holding of Bearer Notes shall be proved by the
production of such Bearer Notes or by a certificate, satisfactory to the
Obligors' Agent, executed by any bank, trust company or recognized securities
dealer, wherever situated, satisfactory to the Obligors' Agent. Each such
certificate shall be dated and shall state that on the date thereof a Bearer
Note bearing a specified serial number was deposited with or exhibited to such
bank, trust company or recognized securities dealer by the Person named in such
certificate. Any such certificate may be issued in respect of one or more Bearer
Notes specified therein. The holding by the Person named in any such certificate
of any Bearer Note specified therein shall be presumed to continue for a period
of one year from the date of such certificate unless at the time of any
determination of such holding (i) another certificate bearing a later date
issued in respect of the same Bearer Note shall be produced, (ii) the Bearer
Note specified in such certificate shall be produced by some other Person or
(iii) the Bearer Note specified in such certificate shall have ceased to be
outstanding. The appointment of any proxy shall be proved by having the
signature of the Person executing the proxy guaranteed by any bank, trust
company or recognized securities dealer satisfactory to the Trustee.

                                   Article VI

                          ADMINISTRATION AND SERVICING
                               OF THE TRUST ESTATE

                  Section 6.01. Retention of Servicer; Responsibilities of
Servicer.

                  (a)      The Obligors hereby appoint the Servicer, and the
Servicer hereby accepts such appointment, for the purpose of administering and
servicing each Series Trust Estate; provided, however, that the Servicer shall
administer and service each Series Trust Estate materially and only in
conformance with the terms of this Master Agreement and shall take no action to
affect adversely the interests of the Trustee, the Noteholders or any Series
Support Provider in any Series Trust Estate. In consideration of such retention,
the Obligors hereby agree to pay to the Servicer the Servicer Fee, such Servicer
Fee to be paid as provided in each Series Supplement and none of the Trustee,
any Noteholder or any Series Support Provider shall have any responsibility for
the payment of such fee.

                  (b)      The Servicer, for the benefit of the Trustee, the
Noteholders and any Series Support Provider, shall be responsible for managing,
servicing and administering each Series Trust Estate, enforcing and making
collections on the Contracts, any Insurance Policies and any Related Security
and enforcing any security interest in each item of Equipment, each in
accordance with the standards and procedures set forth in this Master Agreement.
The Servicer's responsibilities shall include collecting and posting of all
payments, responding to inquiries of Users, investigating delinquencies,
applying the Security Deposits, accounting for collections and furnishing
monthly and annual statements to the Trustee with respect to each Series Trust
Estate and distributions to be made hereunder, making Servicer Advances to the
extent required by a Series Supplement, providing appropriate Federal income tax
information to the Trustee for use in providing information to the Noteholders,
collecting and remitting sales and

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<PAGE>

property taxes on behalf of taxing authorities and maintaining the perfected
first priority security interest of the Trustee in each Series Trust Estate.

                  Subject to the terms of this Section 6.01 and Section 6.02 of
this Master Agreement, the Servicer shall have full power and authority, acting
at its sole discretion, to do any and all things in connection with such
managing, servicing, administration, enforcement and collection of the Contracts
and the other property comprising each Series Trust Estate that it may deem
necessary or desirable, including the prudent delegation of such
responsibilities. Without limiting the generality of the foregoing, the Servicer
shall, and is hereby authorized and empowered by the Obligors and the Trustee,
subject to Section 6.02 hereof, to execute and deliver (on behalf of itself, the
Noteholders, the Trustee or any of them) any and all instruments of satisfaction
or cancellation, or of release or discharge and all other comparable
instruments, with respect to the Contracts and the other property comprising
each Series Trust Estate in accordance with (and to the extent permitted
pursuant to) Section 6.11. The Servicer may also, for itself and on behalf of
the Obligors, in the Servicer's sole discretion, waive any prepayment charge,
late payment charge or penalty, or any other Servicing Charges that may become
due from any User in the ordinary course of servicing any Contract. The Trustee
shall execute and deliver any powers of attorney and other documents reasonably
necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder as may be prepared by the Servicer, at the
Servicer's expense, and delivered to the Trustee for execution and delivery. The
Trustee is not responsible for any legal insufficiencies in any such powers of
attorney or other documents.

                  (c)      The Servicer shall conduct the management, servicing,
administration, collection or enforcement actions of or in connection with each
Series Trust Estate in the following manner:

                  (i)      The Servicer may sue to enforce or collect upon
         Contracts as agent for the Obligors and the Trustee. If the Servicer
         elects to commence a legal proceeding to enforce a Contract, the act of
         commencement shall be deemed to be an automatic assignment of the
         Contract to the Servicer for purposes of collection only. If, however,
         in any enforcement suit or legal proceeding, it is held that the
         Servicer may not enforce a Contract on the ground that it is not a real
         party in interest or a holder entitled to enforce the Contract, then
         the related Obligor(s) and/or the Trustee shall, at the Servicer's
         written request and upon receipt from the Servicer of satisfactory
         indemnity, take such steps as the Servicer deems necessary to enforce
         the Contract, including bringing suit in its name or the names of the
         related Obligor(s) and/or the Trustee and/or the related Noteholders;

                  (ii)     The Servicer shall exercise any rights of recourse
         against third parties that exist with respect to any Contract in
         accordance with the Servicer's usual practice. In exercising recourse
         rights, the Servicer is authorized on the Trustee's behalf to reassign
         the Contract to the person against whom recourse exists to the extent
         necessary, and at the price set forth in the document creating the
         recourse. The Servicer will not reduce or diminish such recourse
         rights, except to the extent that it exercises such rights;

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<PAGE>

                  (iii)    The Servicer may grant to the User under any Contract
         any rebate, refund or adjustment that the Servicer in good faith
         believes is required because of the Prepayment in full of such
         Contract; provided, however, that the Servicer will not permit any
         rescission or cancellation of any Contract or take any action with
         respect to any Contract which would materially impair the rights of the
         Trustee in the Contract or the proceeds thereof;

                  (iv)     In the event that the Servicer acquires title to any
         item of Equipment in the enforcement of any Contract, the Servicer
         shall use its best efforts to sell or otherwise dispose promptly of
         such item of Equipment, consistent with the standard of care set forth
         in Section 6.02 hereof; and

                  (v)      The Servicer may not allow an offset of the amount of
         any Security Deposit against any Scheduled Payment or Booked Residual
         under such Contract, except as expressly permitted in Section 6.14
         hereof.

                  Section 6.02. Standard of Care.

                  In managing, administering and servicing each Series Trust
Estate and enforcing and making collections on the Contracts and any Related
Security and Insurance Policies related to the Contracts pursuant to this Master
Agreement, the Servicer will exercise that degree of skill and care consistent
with that which the Servicer customarily exercises with respect to similar
contracts owned or serviced by it. The Servicer shall comply with the Credit and
Collection Policy and with all applicable Federal and State laws and
regulations; shall maintain all State and Federal licenses and franchises
necessary for it to perform its servicing responsibilities hereunder and
thereunder; and shall not materially impair the rights of the Trustee, the
Noteholders or any Series Support Provider in any Contracts or payments
thereunder.

                  The Servicer shall comply with all applicable Requirements of
Law, the noncompliance with which would, individually or in the aggregate,
materially and adversely affect the ability of the Servicer to perform its
obligations under this Master Agreement, the related Series Supplements or the
related Series Related Documents.

                  Section 6.03. Credit and Collection Policy.

                  The Servicer shall not amend or modify the provisions of the
Credit and Collection Policy if such amendment or modification would, in the
reasonable good faith business judgment of the Servicer, materially and
adversely affect the interests of any Noteholder, the Trustee, or any Series
Support Provider, without first obtaining the prior written consent of the
Series Controlling Party of each affected Series.

                  Section 6.04. Maintenance of Interest in the Trust Estate.

                  The Servicer shall, in accordance with customary servicing
procedures and at its own expense, use its best efforts to maintain perfection
and priority of the Trustee's interest in each Series Trust Estate (other than
with respect to the Equipment (unless otherwise required herein) and other than
with respect to the Pledged Property removed

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<PAGE>

from the Trust Estate pursuant to Section 6.11, 6.12 or 6.15 hereof). In
connection with enforcing a Charged-Off Contract, the Servicer shall prepare,
the related Obligor shall (and, to the extent necessary, shall cause the
Transferor to) execute and deliver to the Servicer, and the Servicer shall file
any necessary UCC financing statements and/or amendments naming the Trustee as
secured party with respect to the related Equipment.

                  Section 6.05. Servicing Compensation; Payment of Certain
Expenses by Servicer.

                  (a)      As compensation for its activities, the Servicer
shall be entitled to receive the Servicer Fee in accordance with this Section
6.05 and the Series Supplements. The monthly Servicer Fee shall be payable to
the Servicer, in arrears for each Collection Period, on the Settlement Date in
respect of such Collection Period. The Servicer Fees shall be payable to the
Servicer solely to the extent amounts are available for distribution pursuant to
Section 7.02 hereof and the Series Supplements; provided, that in accordance
with such provisions, any such Servicer Fees not paid when due as a result of
there not being sufficient available funds therefor shall be payable on any
future Settlement Dates to the extent amounts are then available for the payment
thereof.

                  (b)      The Servicer shall be required to pay all expenses
incurred by the Servicer in connection with its activities hereunder, including,
without limitation, fees and disbursements of the Independent Accountants, taxes
imposed on the Servicer (but excluding any sales taxes or other taxes imposed on
any User, any Broker, the Obligors, the Transferor, the Trustee, any Noteholder,
or any other Person), expenses incurred in connection with distributions and
reports to Noteholders and all other fees and expenses not expressly stated
hereunder to be for the account of the Obligors.

                  (c)      In connection with any transfer of the servicing
obligations to a successor Servicer in accordance with Section 9.02 hereof, the
Back-up Servicer shall be entitled to reimbursement of Transition Costs as
provided in each Series Supplement.

                  Section 6.06. Servicer's Certificate.

                  Not later than the time specified in the related Series
Supplement, the Servicer shall deliver to the Obligors' Agent, the Trustee and
any Series Support Provider a Servicer's Certificate containing the information
required by the related Series Supplement, with respect to the related Series
Trust Estate, Collection Period and Settlement Date. Two Business Days prior to
each Determination Date, the Servicer shall deliver to the Back-up Servicer and
any Series Support Provider a Computer Tape in a format acceptable to the
Back-up Servicer and any Series Support Provider containing the information from
which the Servicer prepared the Servicer's Certificate, as well as any
additional information reasonably requested by the Back-up Servicer prior to
such Determination Date.

                  Section 6.07. Annual Statement as to Compliance.

                  The Servicer will deliver to the Obligors' Agent, the Trustee
and each Series Support Provider, not later than 90 days after the end of each
fiscal year, an

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<PAGE>

Officer's Certificate signed by a Servicing Officer, dated as of the last day of
such fiscal year, stating that (a) a review of the activities of the Servicer
during the preceding 12-month period and of the Servicer's performance under
this Master Agreement has been made under such Servicing Officer's supervision
and (b) nothing has come to such Servicing Officer's attention to indicate that
an Event of Servicer Termination (or an event which with the giving of notice
(other than pursuant to Section 9.01(a)(iv)) or passage of time, or both, would
constitute an Event of Servicer Termination) hereunder has occurred and is
continuing on such last day of such fiscal year or, if an Event of Servicer
Termination or such other event has so occurred and is continuing, specifying
each such Event of Servicer Termination or such other event known to such
Servicing Officer and the nature and status thereof, and the steps, if any,
necessary to remedy such Event of Servicer Termination or such other event.

                  Section 6.08. Financial Statements and Independent
Accountant's Servicing Certificate Review.

                  (a)      The Servicer shall, not later than 90 days after the
end of each fiscal year, deliver to the Trustee, the Obligors' Agent and each
Series Support Provider, a copy of the Servicer's annual audited financial
statements for such fiscal year, audited by a firm of nationally recognized
independent certified public accountants (within the meaning of the Securities
Act) (which, in the case of Marlin, shall be the Independent Accountant).

                  (b)      The Servicer shall, within 45 days after the end of
each of the first three calendar quarters of the Servicer's fiscal year, deliver
to the Obligors' Agent, the Trustee and each Series Support Provider, quarterly,
unaudited financial statements of the Servicer for such calendar quarter.

                  (c)      The Servicer shall inform the Obligors' Agent, the
Trustee and each Series Support Provider in writing of the Servicer's fiscal
year and any change in such fiscal year.

                  (d)      On or before March 31 of each calendar year,
beginning with March 31, 2003, the Servicer shall cause a firm of nationally
recognized independent certified public accountants (who may also render other
services to the Servicer) to furnish a report (addressed to the Trustee) to the
Trustee, the Servicer and each Series Support Provider to the effect that they
have, for the one-year period ending on the preceding December 31, applied
certain procedures agreed upon with the Servicer to compare the mathematical
calculations of certain amounts set forth in the Servicer's Certificates
delivered pursuant to Section 6.06 hereof during the period covered by such
report with the Servicer's computer reports which were the source of such
amounts and that on the basis of such agreed-upon procedures and comparison,
such accountants are of the opinion that such amounts are in agreement, except
for such exceptions as they believe to be immaterial and such other exceptions
as shall be set forth in such statement.

In the event such independent certified public accountants require the Trustee
to agree to the procedures to be performed by such firm in any of the reports
required to be prepared

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<PAGE>

pursuant to this Section 6.08, the Servicer shall direct the Trustee in writing
to so agree; it being understood and agreed that the Trustee will deliver such
letter of agreement in conclusive reliance upon the direction of the Servicer,
and the Trustee has not made any independent inquiry or investigation as to, and
shall have no obligation or liability in respect of, the sufficiency, validity
or correctness of such procedures.

                  Section 6.09. Access to Certain Documentation and Information
Regarding the Pledged Property.

                  (a)      The Servicer and the Obligors shall each provide the
Trustee, and/or any of the Trustee's duly authorized representatives, attorneys
or accountants access to any and all documentation regarding each Series Trust
Estate (including the List of Contracts) that the Servicer or the Obligors, as
the case may be, may possess, such access being afforded without charge but only
upon reasonable request and during normal business hours, so as not to interfere
unreasonably with the Servicer's or any Obligor's, as the case may be, normal
operations or customer or employee relations, at such offices of the Servicer or
such Obligor, as the case may be, designated by the Servicer or an Obligor,
respectively.

                  (b)      The Servicer shall at all times during the term
hereof either (x) keep available in physical form for inspection by the Trustee,
or any of the Trustee's duly authorized representatives, attorneys or
accountants a list of all Contracts then held as a part of each Series Trust
Estate, together with a reconciliation of such list to the List of Contracts and
each of the Servicer's Certificates, indicating the cumulative removals and
additions of Contracts from such Series Trust Estate or (y) maintain electronic
facilities which allow such a list of leases and reconciliation to be generated.

                  (c)      The Servicer will maintain accounts and records as to
each respective Contract serviced by the Servicer that are accurate and
sufficiently detailed so as to permit (i) the reader thereof to know as of the
most recent Calculation Date the status of such Contract, including payments and
recoveries made and payments owing (and the nature of each), and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Contract and the amounts from time to time deposited in the applicable Facility
Account in respect of such Contract.

                  (d)      The Servicer will maintain its computerized accounts
and records so that (i) from and after the time of Pledge hereunder of each
Contract to the Trustee, the Servicer's accounts and records (including any
backup computer archives) that refer to any Contract indicate clearly that the
Contract is part of a separate and distinct Series Trust Estate and (ii) the
information relating to such Contracts can be recreated in the event of the
destruction of the originals. Indication of a Contract being part of a Series
Trust Estate will be deleted from or modified on the Servicer's accounts and
records when, and only when, a Release Event has occurred with respect to such
Contract.

                  (e)      Nothing in this Section 6.09 shall derogate from the
obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Brokers or Users, and the failure, as a result of
such obligation of the

                                       49

<PAGE>

Servicer, to provide access as provided in this Section 6.09 shall not
constitute a breach of this Section 6.09.

                  (f)      No person entitled to receive copies of such reports
or tapes shall disclose the information therein to any Person, except such
disclosures as are required upon appointment of a successor Servicer or by law
and except that the Servicer consents to the disclosure of any material
nonpublic information with respect to it (i) to any other such party, (ii) to
any prospective or actual assignee or participant of any of them, (iii) by the
Trustee to any Rating Agency, commercial paper dealer or Series Support
Provider, or any entity organized for the purpose of purchasing, or making loans
secured by, financial assets for which any Noteholders' Agent provides
managerial services or acts as the administrative agent and (iv) to any
officers, directors, employees, outside accountants and attorneys of any of the
foregoing.

                  Notwithstanding anything herein to the contrary, the foregoing
shall not be construed to prohibit (i) disclosure of any and all information
that is or becomes publicly known, other than as the result of a disclosure by a
party hereto in violation of the foregoing, or information obtained by the
Trustee from sources other than the Servicer or an Obligor provided that the
source of such information was not bound hereunder or by a confidentiality
agreement or other contractual, legal or fiduciary obligation with respect to
such information, (ii) disclosure of any and all information after prompt
written notice to the Servicer (A) if, in the written opinion of counsel,
required to do so by any applicable statute, law, rule or regulation, (B) to any
government agency or regulatory body having authority to regulate or oversee any
respects of the Trustee's business or that of its affiliates, (C) if, in the
written opinion of counsel, required pursuant to any subpoena, civil
investigative demand or similar demand or request of any court, regulatory
authority, arbitrator or arbitration to which the Trustee or an affiliate or an
officer, director, employer or shareholder thereof is a party, (D) in any
preliminary or final offering circular, registration statement or contract or
other document pertaining to the transactions contemplated herein approved in
advance by the Servicer or an Obligor or (E) to any affiliate, independent or
internal auditor, agent, employee or attorney of Trustee having a need to know
the same, provided that the Trustee advises such recipient of the confidential
nature of the information being disclosed and such recipient agrees to comply
with the terms of the foregoing, or (iii) any other disclosure authorized in
writing by the Servicer or any Obligor.

                  Section 6.10. Other Necessary Data.

                  The Servicer shall, on request of the Trustee, furnish the
Trustee such data necessary for the Trustee to discharge its obligations with
respect to each Series Trust Estate and the related Notes as can be generated by
the Servicer's existing data processing systems; provided, that to the extent
that the Servicer's existing data processing systems cannot generate such data,
the Servicer will cooperate with the Trustee in finding a method of furnishing
such data. The Servicer will cooperate in generating additional data reasonably
requested by the Trustee.

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<PAGE>

                  Section 6.11. Release of Contracts.

                  (a)      Upon (i) payment in full of any Contract by the User
or by any Person on behalf of such User, (ii) any removal of a Contract by the
Transferor pursuant to Section 6.15 hereof, (iii) the Servicer's reasonable
determination that all Residual Receipts with respect to any Charged-Off
Contract have been received, (iv) any removal of a Contract by the Servicer
pursuant to Section 6.12(b) hereof, (v) any removal of a Contract by the
Obligors pursuant to Section 6.12(a) hereof or (vi) any removal of a Contract by
the Transferor or the Obligors pursuant to Section 6.16 hereof (the events
described in clauses (i) through (vi) being "Release Events"), the Servicer will
so notify the Trustee of the occurrence thereof on the next succeeding
Determination Date by certification (in the form set forth in the Series Related
Documents for each Series) to the Trustee from a Servicing Officer, which
certification shall include a statement to the effect that all amounts received
in connection with such Release Event have been remitted to the applicable
Facility Account and may request delivery of the Contract to the Servicer or
other Person designated by the Servicer.

                  Upon the Trustee's receipt of such certification and request
(subject to its confirmation of the receipt of the required funds in the
applicable Facility Account), such Contract and the related Pledged Property
appurtenant thereto shall be deemed to be released from the related Series Trust
Estate. Upon release of such Contract, the Servicer is authorized to execute an
instrument in satisfaction of such Contract and to do such other acts and
execute such other documents as it deems necessary to discharge the User
thereunder and release the related Equipment: (u) to the related User in the
event of a Release Event described in clause (i) of the immediately preceding
paragraph; (v) to the Transferor in the event of a Release Event described in
clause (ii) of the immediately preceding paragraph; (w) to the Person, if any,
purchasing the related Equipment in the event of a Release Event described in
clause (iii) of the immediately preceding paragraph, or, if no person is
purchasing such Equipment, to the related Obligor; (x) to itself in the event of
a Release Event described in clause (iv) of the immediately preceding paragraph;
(y) to the related Obligor in the event of a Release Event described in clause
(v) of the immediately preceding paragraph or (z) to the related Obligor or the
Transferor, as applicable, in the event of Release Event described in clause
(vi) of the immediately preceding paragraph.

                  (b)      With respect to all Contracts so released from any
Series Trust Estate, the Trustee shall assign, without recourse, representation
or warranty, to the appropriate Person as directed by the Servicer, all of the
Trustee's right, title and interest in and to such Contract and Pledged Property
appurtenant thereto, such assignment being an assignment outright and not for
security. Such Person will thereupon own such Contract and related Pledged
Property appurtenant thereto free of any further obligation to the Trustee or
the Noteholders with respect thereto. The Trustee shall also execute and deliver
all such other instruments or documents as shall be reasonably requested by any
such Person to be required or appropriate to effect a valid transfer of title to
a Contract and the Pledged Property appurtenant thereto. Any instrument or
documents required to be executed by the Trustee pursuant to this Section
6.11(b) shall be prepared by the Servicer (or such Person) at the Servicer's (or
such Person's) expense; provided, that if the

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Servicer is not Marlin or any of its Affiliates, then any such expenses to be
paid by the Servicer pursuant to this Section 6.11(b) shall be paid by the
Obligors.

                  Section 6.12. Removal Related to Upgrades or Trade-ins and
Delinquent Contracts.

                  (a)      In the event that a User requests (i) a termination
of such User's Contract prior to the end of the scheduled original term of such
Contract or (ii) an upgrade or trade-in of Equipment relating to such User's
Contract (either of events (i) or (ii), a "User Termination Event"), then the
related Obligor may remove the Contract and the related Equipment from the
related Series Trust Estate during any Collection Period by remitting to the
Trustee the applicable Prepayment Amount in the applicable Facility Account on
or prior to the Determination Date relating to such Collection Period.

                  (b)      The Servicer may during any Collection Period remove
any Delinquent Contract and the Related Security from the related Series Trust
Estate with respect to which Contract the User is in default or such default is,
in the Servicer's judgment, imminent, by deposit by the Servicer of the
applicable Prepayment Amount in the applicable Facility Account on or prior to
the Determination Date relating to such Collection Period.

                  (c)      Notwithstanding the foregoing provisions of Sections
6.12(a) and (b), no such removal of a Contract and Related Security shall be
permitted if the cumulative aggregate balance of the Contract Balance Remaining
for (i) such Contract and all other removed Contracts, plus (ii) all Substitute
Contracts, plus (iii) Replaced Contracts, exceeds, or would, upon such removal,
exceed ten percent (10%) of the Maximum Series Limit for such Series.

                  Section 6.13. Notification to Noteholders of Defaults and
Events of Default.

                  The Servicer shall promptly notify the Trustee of any Default
or any Event of Default upon the receipt of actual knowledge thereof by a
Servicing Officer, and the Trustee shall promptly thereupon give written notice
thereof to each of the Series Controlling Parties and each of the Series Support
Providers.

                  Section 6.14. Security Deposits.

                  The Servicer acknowledges that the Security Deposits are held
by the Transferor on behalf of the Users and the Trustee. In the event that (i)
any User requests that a Security Deposit be applied as an offset against such
User's payment obligations or Booked Residual under a Contract or (ii) any
Contract becomes a Charged-Off Contract, the Servicer shall deliver to the
Transferor written demand that the Transferor remit to the Servicer, on the next
Business Day, out of the applicable User's Security Deposit an amount (the
"Offset Amount") equal to the lesser of (a) the amount of such Security Deposit
and (b) the amount of all unpaid and remaining Scheduled Payments and Booked
Residuals as payment in respect of, first, any unpaid Scheduled Payments under
the related Contract, and second, any unpaid Booked Residual under the related
Contract.

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<PAGE>

The Servicer shall deposit any Offset Amount so delivered to it into the
applicable Facility Account within two Business Days after its receipt thereof.

                  The Servicer shall notify the Transferor in writing of any
demand it receives from a User for refund of such User's Security Deposit at the
end of the term of the related Contract.

                  In no event shall the Trustee, the Obligors, any Noteholder or
any Series Support Provider be liable to any User with respect to the Security
Deposits. The Servicer shall indemnify and hold harmless the Trustee, the
Noteholders and the Series Support Providers for any loss, cost and expense
(including legal fees and expenses incurred by such parties in connection with
the prosecution of claims made in connection therewith) suffered as a result of
the Servicer's misappropriation or misapplication of any Security Deposit. This
right of indemnification shall survive the termination of this Master Agreement.

                  Section 6.15. Removal of Nonconforming Pledged Property.

                  Upon discovery by an Obligor, the Trustee, the Servicer or any
Series Support Provider of a breach of any of the representations or warranties
of the Transferor set forth in the related Transfer Agreement Supplement with
respect to any Contract (such breach, a "Transferor Breach"), the related
Equipment or the related Contract File, as the case may be, the party
discovering such breach shall give prompt written notice to the other parties.
Except as specifically provided herein, the Trustee has no obligation to review
or monitor the Pledged Property for compliance with such representations and
warranties. As of the last day of the calendar month in which such breach was
discovered or, if later, the last day of the calendar month in which the
Servicer received the notice thereof (or, at the Servicer's and such Obligor's
election, any earlier date), the Servicer, unless such breach shall have been
waived or cured in all material respects prior to such time, shall cause the
Transferor to remove such Contract and the related Pledged Property from the
related Series Trust Estate. In consideration for the removal of such Pledged
Property, the Transferor shall, no later than the Determination Date prior to
the Settlement Date next following such date, pay the Prepayment Amount to the
Servicer for deposit into the applicable Facility Account. Without limiting the
foregoing in any way, in the event of a breach of any representation or warranty
of the Transferor contained in any Transfer Agreement Supplement that materially
and adversely affects any Contract or the related Contract File, unless the
breach shall have been cured on or before the last day of the calendar month in
which such breach was discovered or, if later, the last day of the calendar
month in which the Servicer received the notice thereof, the Servicer shall
enforce the obligation of the Transferor under the Master Transfer Agreement to
repurchase such Contract.

                  Section 6.16. Substitution of Contracts.

                  (a)      In lieu of removing a Contract as required under the
provisions of Section 6.12(a), 6.12(b) or 6.15 hereof and subject to the
provisions of Sections 6.16(b) and 6.16(c) below, either of the Obligors or the
Transferor, as applicable, in their sole

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discretion, may substitute one or more Contracts (each a "Substitute Contract")
and the related Equipment for and replace Contracts (each, a "Replaced
Contract") and the related Equipment of a Series Trust Estate that (i) have
become Charged-Off Contracts or Delinquent Contracts, (ii) are subject to a User
Termination Event or (iii) were subject to a Transferor Breach.

                  (b)      Each Substitute Contract must be an Eligible Contract
as of the applicable Transfer Date.

                  (c)      No such substitution under this Section 6.16 shall be
permitted on any Transfer Date if:

                  (i)      the cumulative aggregate balance of the Contract
         Balance Remaining for all Substitute Contracts outstanding at the
         Transfer Date that were substituted in the applicable Series Trust
         Estate exceeds, or would upon such substitution cause the cumulative
         aggregate balances of the items described in clause (i), (ii) and (iii)
         of Section 6.12(c) hereof to exceed ten percent (10%); or

                  (ii)     such substitution results in a reduction of the
         aggregate Borrowing Base for the relevant Series Trust Estate.

                                  Article VII

                            ACCOUNTS AND ALLOCATIONS

                  Section 7.01. Establishment of Facility Accounts;
Establishment of Advance Payment Accounts.

                  (a)      With respect to each Series of Notes, on or prior to
the related Closing Date, the Servicer, for the benefit of the Trustee, shall
establish and maintain or cause to be established and maintained in the name of
the Trustee, a segregated trust account in the Trustee's corporate trust
department for the related Series, identified as the "Facility Account for
Marlin Leasing Lease Receivables Facility, in trust for the Registered Holders
of Series [Applicable Series] Notes and other Series [Applicable Series] Secured
Parties" (each such account, a " Facility Account"). The Trustee shall make or
permit withdrawals from each Facility Account only as provided in this Master
Agreement and in the relevant Series Supplement. The Trustee shall possess all
right, title and interest in and to all funds from time to time on deposit in
each Facility Account and in all proceeds thereof.

                  (b)      The Servicer, the Trustee, each Obligor, and the
Transferor shall deposit to the applicable Facility Account any Collections
received directly (rather than through any lockbox account) by any of them as
soon as practicable (and, in any event, within two Business Days) after their
respective receipt thereof.

                  (c)      With respect to each Series of Notes, the Trustee,
for the benefit of the related Noteholders, shall establish and maintain an
account (each such account, an "Advance Payment Account") as a segregated trust
account in the Trustee's corporate

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<PAGE>

trust department, identified as the "Advance Payment Account for the Marlin
Leasing Lease Receivables Facility, in trust for the Registered Holders of the
Series [Applicable Series] Notes and other Series [Applicable Series] Secured
Parties." The Trustee shall make or permit withdrawals from the applicable
Advance Payment Account only as provided in this Master Agreement and in the
relevant Series Supplement. The Trustee shall possess all right, title and
interest in and to all funds from time to time on deposit in each Advance
Payment Account and in all proceeds thereof.

                  (d)      All Advance Payments received by the Servicer, the
Trustee, any Obligor, or the Transferor shall be deposited to the applicable
Advance Payment Account in the same manner as Collections are deposited to the
related Facility Account.

                  (e)      Notwithstanding the foregoing, the Trustee and/or the
Servicer may deduct from amounts otherwise specified for deposit to each
Facility Account or Advance Payment Account, as applicable, any amounts
previously deposited by the Trustee or the Servicer into such Facility Account
or Advance Payment Account, as the case may be, but which are (i) subsequently
uncollectible as a result of dishonor of the instrument of payment for or on
behalf of the User or (ii) later determined to have resulted from mistaken
deposits.

                  (f)      Each Facility Account and Advance Payment Account
shall be under the sole dominion and control of the Trustee for the benefit of
the related Series Secured Parties; provided, however, that the Trustee may rely
on the information and instructions provided by the Servicer in determining the
amount of any withdrawals or payments to be made from either such account for
the purposes of carrying out the Trustee's or the Servicer's duties hereunder or
under any Series Supplement. Neither the Trustee nor the Servicer shall have any
right of setoff or banker's lien against, and no right to otherwise deduct from,
any funds held in any Facility Account or Advance Payment Account for any amount
owed to it by the Servicer, any Obligor, the Transferor, the Trustee, any
Noteholder or any Series Support Provider.

                  Section 7.02. Collections and Allocations.

                  On each Settlement Date, and as further set forth in the
related Series Supplement, the Trustee shall distribute amounts on deposit in
the related Series Accounts as described in the Servicer's Certificates relating
to such Settlement Date.

                  Section 7.03. Investment of Funds in each Facility Account and
the Advance Payment Account.

                  The Trustee, at the Obligors' Agent's written instruction,
shall invest the amounts from time to time on deposit in each Facility Account
and Advance Payment Account in Eligible Investments. In the absence of such a
written instruction, the Trustee shall invest funds in each Facility Account and
Advance Payment Account in Eligible Investments described in clause (f) of the
definition thereof. Any funds in the Advance Payment Accounts and Facility
Accounts which are not so invested must be insured by the Federal Deposit
Insurance Corporation to the limits established by such corporation.

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<PAGE>

                                  Article VIII

                          THE SERVICER AND THE OBLIGORS

                  Section 8.01. Liability of Servicer; Indemnities.

                  (a)      The Servicer shall be liable in accordance herewith
only to the extent of the obligations specifically undertaken by the Servicer
herein and in the Series Supplements.

                  (b)      Without in any way limiting the foregoing, the
Servicer shall indemnify and hold harmless the Trustee, the Back-up Servicer,
the Obligors, the Noteholders, any Series Support Provider (including their
respective officers, directors, employees and agents) and any permitted assignee
of any of the foregoing (each an "Indemnified Party" and collectively, the
"Indemnified Parties") from and against any claims, expenses, losses, damages or
liabilities (including, without limitation, attorneys' fees and expenses and
court costs) suffered or incurred by any Indemnified Party (collectively,
"Indemnified Amounts") arising out of or resulting in connection with (i) any
breach by the Servicer of its representations and warranties or of its
obligations under this Master Agreement or under any Series Supplement or (ii)
from the use, repossession or operation of the Equipment by the Servicer or any
of its Affiliates; provided, however, that the foregoing indemnity described in
the immediately preceding clause (ii) shall not include any Indemnified Amounts
to the extent resulting from willful misconduct or gross negligence of such
Indemnified Party in the performance of any of his, her or its obligations and
duties. Indemnification pursuant to this Section shall not be payable from any
Series Trust Estate.

                  (c)      The Servicer shall pay any amounts owing pursuant to
Section 8.01(b) hereof directly to the applicable Indemnified Parties entitled
to the receipt thereof, and such amounts shall not be deposited in the
applicable Facility Account, Advance Payment Account or the Series Accounts. Any
request by any Indemnified Party for indemnity pursuant to this Section 8.01
shall be made in writing delivered to the Servicer and the Trustee describing in
reasonable detail the amount thereof and the circumstances giving rise thereto.
The Servicer shall pay any such Indemnified Amounts within 30 days after its
receipt of any such request therefor, it being understood and agreed, however,
that payment of such amount shall not constitute a waiver of the Servicer's
right to contest the basis for such indemnity so long as the Servicer provides
written notice to the applicable Indemnified Party at the time of the Servicer's
payment of the respective Indemnified Amounts, which written notice shall state
the basis, in reasonable detail, for the Servicer's dispute of the requested
Indemnified Amount.

                  (d)      Indemnification under this Section 8.01 shall
include, without limitation, reasonable fees and expenses of counsel and
expenses of litigation reasonably incurred. If the Servicer has made any
indemnity payments to any of the Indemnified Parties pursuant to this Section
8.01 and such party thereafter collects any of such amounts from others, such
party will promptly repay such amounts collected to the Servicer, without
interest.

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<PAGE>

                  (e)      Notwithstanding anything contained herein to the
contrary, if and to the extent that the Servicer is the Trustee or any successor
Servicer appointed by the Trustee then such Servicer shall only be responsible
pursuant to this Section 8.01 for any such amounts suffered or incurred by any
such indemnified party hereunder as a result of the Trustee's or such other
successor Servicer's gross negligence or willful misconduct.

                  (f)      The agreements contained in this Section 8.01 shall
survive the Final Date of the last Outstanding Series and the termination of
this Master Agreement and any applicable Series Supplement.

                  Section 8.02. Merger, Consolidation, or Assumption of the
Obligations of Servicer.

                  Any corporation (i) into which the Servicer may be merged or
consolidated, (ii) resulting from any merger or consolidation to which the
Servicer shall be a party or (iii) succeeding to the business of the Servicer,
shall be the successor to the Servicer hereunder without the execution or filing
of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided that, such corporation
in any of the foregoing cases shall execute an agreement of assumption, in a
form reasonably satisfactory to the Trustee, agreeing to perform every
obligation of the Servicer hereunder and under each Series Supplement and shall
notify the Rating Agencies prior to such succession. Any corporation succeeding
to the business of the Servicer by merger, consolidation or otherwise shall be a
corporation organized and existing under the laws of the United States or any
State and have a tangible net worth of at least $20,000,000. The Servicer shall
provide prompt written notice of the effectiveness of any such event to the
Obligors' Agent, the Trustee, each Series Controlling Party and each Series
Support Provider.

                  Section 8.03. Limitation on Liability of Servicer and Others.

                  No directors, officers, employees or agents of the Servicer
shall be under any personal liability to the Trustee, the Obligors or any of the
Noteholders, for any action taken or for refraining from the taking of any
action pursuant to this Master Agreement or for errors in judgment. The Servicer
and any director or officer or employee or agent of the Servicer may rely in
good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising hereunder. Except as
provided herein, the Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its duties to
service each Series Trust Estate in accordance with this Master Agreement and
each Series Supplement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may take any such action that is
reasonable and that may be necessary or desirable in respect of this Master
Agreement and each Series Supplement and the rights and duties of the parties
hereto and thereto and the interests of the Trustee hereunder and thereunder. In
the event the Servicer takes such action, the reasonably incurred legal expenses
and costs of such action and any liabilities resulting therefrom shall be
expenses, costs and liabilities of the related Series Trust Estate, and the
Servicer shall be entitled to be reimbursed therefor in accordance with the
terms hereof.

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<PAGE>

                  Section 8.04. Servicer Not to Resign.

                  Subject to the provisions of Section 8.02 hereof, the Servicer
shall not resign from the obligations and duties hereby imposed on it as
Servicer except upon determination that the performance of its duties hereunder
is no longer permissible under applicable law. No such resignation shall become
effective until a successor Servicer shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 9.02 hereof.

                  Section 8.05. Reserved.

                  Section 8.06. Indemnities of the Obligors.

                  (a)      Without limiting any other rights which any of the
Indemnified Parties may have hereunder, under any Series Supplement or under
applicable law, each Obligor hereby agrees to indemnify each Indemnified Party
from and against any and all Indemnified Amounts arising out of

                  (i)      reliance on any representation or warranty or
         statement of such Obligor made or deemed made by such Obligor under or
         in connection with this Master Agreement or in any of the other Series
         Related Documents to which such Person is a party or in any certificate
         or report delivered in connection with any of the foregoing which shall
         have been incorrect in any material respect when made;

                  (ii)     the failure by such Obligor to comply with this
         Master Agreement or any of the other Series Related Documents to which
         any such Person is a party, or the failure by such Obligor or the
         Transferor, to comply with any applicable law, rule or regulation with
         respect to any Contract, or the nonconformity of any Contract with any
         such applicable law, rule or regulation;

                  (iii)    the failure to vest in the Trustee a first priority
         perfected security interest in the property pledged by such Obligor
         with respect to the related Series Trust Estate, free and clear of any
         Lien;

                  (iv)     the failure of such Obligor to pay when due any
         taxes, including without limitation, sales, excise or personal property
         taxes payable in connection with any of the Contracts or any of the
         Equipment, to the extent required by Section 14.08 hereof.

                  (b)      Any request by any Indemnified Party for indemnity
pursuant to this Section 8.06 shall be made in writing delivered to the
Obligors' Agent describing in reasonable detail the amount thereof and the
circumstances giving rise thereto. The Obligors' Agent on behalf of the related
Obligor(s) shall pay any such Indemnified Amounts within 30 days after its
receipt of any such request therefor; it being understood and agreed, however,
that payment of such amount shall not constitute a waiver of the Obligors' Agent
right to contest the basis for such indemnity so long as the Obligors' Agent
provides written notice to the applicable Indemnified Party at the time of the
Obligors' Agent payment of the respective Indemnified Amounts, which written
notice

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<PAGE>

shall state the basis, in reasonable detail, for the Obligors' Agent's dispute
of the requested Indemnified Amount.

                  (c)      The agreement contained in this Section 8.06 shall
survive the Final Date of the last Outstanding Series and the termination of
this Master Agreement and each Series Supplement.

                  Section 8.07. Limitation on Liability of the Obligors.

                  The directors, officers, employees or agents of any Obligor
shall not be under any liability to the Trustee, the Noteholders, the
Transferor, the Servicer, any Series Support Provider or any other Person
hereunder or pursuant to any document delivered hereunder, it being expressly
understood that all such liability is expressly waived and released as a
condition of, and as consideration for, the Obligors' execution and delivery of
this Master Agreement and the issuance of the Notes. The Obligors may rely in
good faith on any document of any kind prima facie properly executed and
submitted by any other Person respecting any matters arising hereunder.

                                   Article IX

                              SERVICER TERMINATION

                  Section 9.01. Events of Servicer Termination.

                  (a)      If any of the following events (each an "Event of
Servicer Termination") shall occur and be continuing:

                  (i)      any failure by the Servicer to make any payment,
         transfer or deposit, or, if applicable, to give instructions or notice
         to the Trustee to make such payment, transfer or deposit, relating to
         the payment of the interest or principal balance of any Note or the
         payment of any amount payable to a Series Support Provider, in either
         case, on or before the first Business Day following the date such
         payment, transfer or deposit or such instruction or notice is required
         to be made or given, as the case may be, under the terms of this Master
         Agreement or any applicable Series Supplement; or

                  (ii)     the Servicer shall fail to perform or observe any
         other material term, covenant or agreement hereunder or in any Series
         Related Document (other than as described in clause (i) above), and
         such failure shall remain unremedied for 30 calendar days after the
         receipt by the Servicer of written notice of such failure from the
         Trustee;

                  (iii)    any representation, warranty, certification or
         statement made by the Servicer in this Master Agreement, in any Series
         Related Document or in any other document delivered pursuant hereto or
         thereto shall prove to have been incorrect in any material respect when
         made (or deemed made), and such situation, if susceptible to cure, is
         not remedied within 30 calendar days after receipt by the Servicer of
         written notice of such situation from the Trustee;

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<PAGE>

                  (iv)     an Insolvency Event shall occur with respect to the
         Servicer; or

                  (v)      a Series Event of Default shall occur.

then, and in each and every case, so long as an Event of Servicer Termination
shall be continuing, the Trustee may, and, at the direction of the Majority
Control Parties, shall, by notice (the "Servicer Termination Notice") then given
in writing to the Servicer, terminate all, but not less than all, of the rights
and obligations of the Servicer under this Master Agreement and each Series
Related Document.

                  (b)      On and after the time the Servicer receives a
Servicer Termination Notice pursuant to this Section 9.01, all authority and
power of the Servicer under this Master Agreement and each Series Related
Document, whether with respect to the Notes or each Series Trust Estate or
otherwise, shall pass to and be vested in the successor Servicer appointed
pursuant to Section 9.02 hereof and, without limitation, such successor Servicer
is hereby authorized and empowered to execute and deliver, on behalf of the
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such Servicer Termination Notice, whether
to complete the transfer of each Series Trust Estate and related documents or
otherwise.

                  The Servicer agrees to cooperate with the Trustee and the
successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer hereunder, including, without limitation, the transfer to
the successor Servicer for administration by it of all cash amounts that shall
at the time be held by the Servicer for deposit, or have been deposited by the
Servicer, in any Advance Payment Account or Facility Account or thereafter
received with respect to the related Series Trust Estate. To assist the
successor Servicer in enforcing all rights with respect to any Related Security
or under Broker Agreements and Insurance Policies to the extent that they relate
to the Contracts, the Servicer, at its own expense, shall transfer its
electronic records relating to such Contracts to the successor Servicer in such
electronic form as the successor Servicer may reasonably request and shall
transfer the related Contract Files and all other records, correspondence and
documents relating to the Contracts that it may possess to the successor
Servicer in the manner and at such times as the successor Servicer shall
reasonably request. In addition to any other amounts that are then payable to
the Servicer under this Master Agreement or any Series Related Document, the
Servicer shall be entitled to receive reimbursement for any unreimbursed
Servicer Advances made during the period prior to the delivery of a Servicer
Termination Notice pursuant to this Section 9.01.

                  Section 9.02. Back-up Servicer to Act; Taking of Bids;
Appointment of Successor Servicer.

                  (a)      (i)      Except as provided in Section 9.01(b)
         hereof, on and after the time the Servicer delivers its notice of
         resignation to the Trustee pursuant to Section 8.04 hereof or receives
         a Servicer Termination Notice pursuant to Section 9.01(a) hereof, the
         Back-up Servicer shall, unless prevented by law, automatically

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         and without further action be the successor Servicer. If the Back-up
         Servicer cannot serve as successor Servicer, the Trustee shall appoint
         as successor Servicer another firm acceptable to it, each Series
         Support Provider, the Majority Control Parties and the Obligors' Agent.

                  (ii)     The successor Servicer shall be the successor in all
         respects to the Servicer in its capacity as Servicer under this Master
         Agreement and the transactions set forth or provided for herein, and
         shall be subject to all the responsibilities, duties and liabilities
         relating thereto placed on the Servicer by the terms and provisions
         hereof; provided, however, that the successor Servicer (x) shall not be
         required to make any Servicer Advance and (y) shall not be liable for
         any acts or omissions of the outgoing Servicer or for any breach by the
         outgoing Servicer of any of its representations and warranties
         contained herein or in any related document or agreement. With the
         prior written consent of each Series Support Provider (which consent
         shall not be unreasonably withheld), the successor Servicer may
         subcontract with another firm to act as subservicer so long as the
         successor Servicer remains fully responsible and accountable for
         performance of all obligations of the Servicer on and after the time
         the Servicer receives the Servicer Termination Notice. The successor
         Servicer shall be entitled to the Servicer Fee and any Increased
         Servicer Fee, subject to the taking of bids as described in subsection
         (b) below.

                  (b)      Solely for purposes of establishing the fee to be
paid to the successor Servicer upon receipt of a Servicer Termination Notice,
the Back-up Servicer shall solicit written bids, with a copy to each Series
Support Provider and the Trustee, if the Back-up Servicer is not also acting in
the capacity of Trustee (such bids to include a proposed servicer fee and
servicing transfer costs) from not less than three entities experienced in the
servicing of contracts similar to the Contracts and that are not Affiliates of
the Trustee, the Back-up Servicer, the Servicer or the Transferor and are
reasonably acceptable to each Series Controlling Party. Any such written
solicitation shall prominently indicate that bids should specify any applicable
subservicing fees required to be paid from the Servicer Fee and that any fees
and transfer costs in excess of the Servicer Fee shall be paid only in
accordance with the relevant Series Supplement, as the Increased Servicer Fee.
The successor Servicer shall act as Servicer hereunder and shall, subject to the
availability of sufficient funds in the applicable Facility Account, receive as
compensation therefor a fee equal to the fee proposed in the bids so solicited
which provides for the lowest combination of servicer fee and transition costs,
as reasonably determined by the Series Controlling Parties.

                  (c)      The Servicer, the Back-up Servicer, the Transferor,
the Trustee and such successor Servicer shall take such action, consistent with
this Master Agreement, as shall be necessary to effectuate any such succession.
The Back-up Servicer (or the Trustee, any Series Support Provider or the
Noteholders if such Series Support Provider or such Noteholders have previously
reimbursed the Back-up Servicer and the Trustee therefor) shall be reimbursed
for Transition Costs, if any, incurred in connection with the assumption of
responsibilities of the successor Servicer, upon receipt of documentation of
such costs and expenses. The Back-up Servicer shall have no claim against the
Servicer,

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Transferor, any Noteholder, any Series Support Provider, the Trust Estate or any
other Party to the Series Related Documents for any costs and expenses incurred
in effecting such succession in excess of the amount specified in the definition
of "Transition Costs."

                  Section 9.03. Notification of Event of Servicer Termination.

                  The Servicer shall promptly (and in no event more than two
Business Days later) notify the Trustee and the Obligors' Agent in writing of
any Event of Servicer Termination upon actual knowledge thereof by a Servicing
Officer and the Trustee shall promptly (and in no event more than two Business
Days later) thereupon give written notice thereof to each of the Series
Controlling Parties and each of the Series Support Providers. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to this
Article IX, the Trustee shall give prompt written notice thereof to each of the
Noteholders, each of the Series Support Providers and the Transferor.

                  Section 9.04. Waiver of Past Defaults.

                  The Majority Control Parties, on behalf of all Noteholders,
may waive any default by the Servicer in the performance of its obligations
hereunder and its consequences. Any such waiver must be in writing and be signed
by the Majority Control Parties or the Trustee acting on behalf (and at the
direction) of the Majority Control Parties. Upon any such waiver of a past
default, such default shall cease to exist, and any Event of Servicer
Termination arising therefrom shall be deemed to have been remedied for every
purpose of this Master Agreement, any Series Related Document or otherwise. No
such waiver shall extend to any subsequent similar or dissimilar default or
impair any right consequent thereon except to the extent expressly waived in
accordance with this Section 9.04.

                  Section 9.05. Effects of Servicer Termination.

                  (a)      Upon the appointment of the successor Servicer, the
terminated Servicer shall hold in trust for the Trustee and immediately remit
any Scheduled Payments, Residual Receipts, Overdue Payments, Security Deposit,
Insurance Proceeds, Advance Payments, Prepayments, and proceeds of any Related
Security that it may receive pursuant to any Contract, any Broker Agreement,
Insurance Policy or otherwise to the successor Servicer for the benefit of the
Trustee; provided, that amounts representing Security Deposits shall be remitted
as required by paragraph (b) below.

                  (b)      After the delivery of a Servicer Termination Notice,
the terminated Servicer shall have no further obligations with respect to the
management, administration or servicing of any Series Trust Estate or the
enforcement, custody or collection of the Contracts, and the successor Servicer
shall have all of such obligations, except that the terminated Servicer will
transmit or cause to be transmitted directly to the successor Servicer for the
benefit of the Trustee (i) promptly upon receipt and in the same form in which
received, any amounts held or received by the former Servicer (properly endorsed
where required for the successor Servicer to collect them) as payments upon or
otherwise in connection with Contracts or any Series Trust Estate and (ii) when
and as required by

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Section 6.14 hereof, amounts representing Security Deposits. The terminated
Servicer's indemnification obligations pursuant to Section 8.01 hereof will
survive its termination as the Servicer hereunder but will not extend to any
acts or omissions of any successor Servicer.

                  (c)      Notwithstanding Section 9.05(b) hereof, it is hereby
agreed by the parties hereto that in the event that Marlin or any of its
Affiliates no longer continues to perform as Servicer hereunder, the Obligors,
upon the request of the Trustee, shall instruct the Transferor pursuant to the
Master Transfer Agreement to exercise any rights under any Contract, any
guaranty thereof, or Insurance Policy for the benefit of the Trustee and the
related Series Secured Parties.

                  (d)      An Event of Servicer Termination shall not affect the
rights and duties of the parties hereunder other than those relating to the
management, administration, servicing, custody or collection of the Contracts or
the payment of certain expenses by the successor Servicer, in each case, as
expressly set forth herein.

                  (e)      The parties expressly acknowledge and consent to
Wells Fargo Bank Minnesota, National Association acting in the possible dual
capacity of Back-up Servicer or successor Servicer and in the capacity as
Trustee. Wells Fargo Bank Minnesota, National Association may, in such dual
capacity, discharge its separate functions fully, without hindrance or regard to
conflict of interest principles, duty of loyalty principles or other breach of
fiduciary duties to the extent that any such conflict or breach arises from the
performance by Wells Fargo Bank Minnesota, National Association of express
duties set forth in this Master Agreement in any of such capacities, all of
which defenses, claims or assertions are hereby expressly waived by the other
parties hereto except in the case of negligence (other than errors in judgment)
and willful misconduct by Wells Fargo Bank Minnesota, National Association.

                  Section 9.06. Responsibilities of Back-up Servicer.

                  (a)      On or before the first Original Issue Date until the
receipt by the Servicer of a Servicer Termination Notice from the Trustee in
accordance with Section 9.02 hereof, the Back-up Servicer shall perform, on
behalf of the Series Secured Parties of each Series and the Trustee, the
following duties and obligations:

                  (i)      On or before the Original Issue Date, the Back-up
         Servicer shall accept from the Servicer delivery of the information
         required to be set forth in the Servicer's Certificate in hard copy and
         on tape (including, without limitation, the Computer Tape); provided,
         however, the computer tape is in a format to be agreed upon by the
         Back-up Servicer and the Servicer.

                  (ii)     The Servicer will provide the Servicer's Certificate
         signed by a Servicing Officer, setting forth the information as of the
         last day of the Collection Period immediately preceding the related
         Settlement Date and after giving effect to any withdrawals, deposits
         and transfers to occur on or before the related Settlement Date, to the
         Back-up Servicer by 12:00 noon New York time two (2)

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         Business Days prior to the Determination Date preceding each Settlement
         Date, and the Trustee will furnish or cause to be furnished such
         Servicer's Certificate to the Noteholders on or immediately following
         receipt thereof. In addition, the Servicer shall provide to the Back-up
         Servicer simultaneously with the delivery of such Servicer's
         Certificate a tape or other electronic media (in a format acceptable to
         the Back-up Servicer) containing the detailed account and payment
         information utilized to prepare such Servicer's Certificate. To enable
         the Servicer to prepare the Servicer's Certificate, the Trustee shall
         provide to the Servicer, on or before the fifth (5th) Business Day
         following the last day of each Collection Period, a statement as to the
         balances and total amount of investment income earned on funds on
         deposit in each Facility Account during the preceding Collection Period
         if held by the Trustee. The Trustee shall not have any duty or
         obligation to recalculate, recompute or verify the information
         contained on the Servicer's Certificate.

                  (b)      During the period from the Original Issue Date until
the Series Termination Date for the related Series Supplement or until the
receipt by the Servicer of a Servicer Termination Notice, the Back-up Servicer
shall perform, on behalf of the Series Secured Parties of each Series and the
Trustee, the following duties and obligations:

                  (i)      Prior to the related Settlement Date, the Back-up
         Servicer shall review the Servicer's Certificate to ensure that it is
         complete on its face.

                  (ii)     Prior to becoming the successor Servicer, the Back-up
         Servicer shall be responsible for reviewing the Servicer's Certificate
         each month no later than the end of the month in which such Servicer's
         Certificate was delivered (assuming such Servicer's Certificate is
         delivered in accordance with the requirements of this Master
         Agreement). In performing such review of the Servicer's Certificate,
         the Back-up Servicer shall recalculate and verify the following
         information, based solely on information provided by the Servicer, with
         any discrepancies reported to the Series Controlling Parties and the
         Series Support Providers: (i) aggregate Contract Balance Remaining,
         (ii) aggregate Contract Principal Balance, (iii) note outstanding for
         each series, (iv) Servicing Fee for related Collection Period, (v)
         confirm number of Contracts, Delinquency Rate and Delinquency Ratio for
         31-60, 61-90, 90+ day delinquent Contracts, (vi) confirm annualized
         Charged-Off Ratio, (vii) confirm concentrations by Broker/Vendor,
         Equipment, State, and largest User. After performing its review, the
         Back-up Servicer will provide to the Trustee, the Obligors' Agent, the
         Servicer and the Series Support Providers by the last day of the
         calendar month in which the Servicer's Certificate is received a
         verification certificate, a form of which is attached hereto as Exhibit
         A. Except as otherwise expressly provided herein, the Back-up Servicer
         shall have no obligation to supervise, verify, monitor or administer
         the performance of the Servicer and shall have no liability for any
         action taken or omitted by the Servicer. The Back-up Servicer shall not
         be required to expend or risk its own funds or otherwise incur
         financial liability in the performance of any of its duties hereunder,
         or in exercise of any of its rights

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         or powers, if there is reasonable ground for believing that the
         repayment of such funds or adequate indemnity against such risk or
         liability is not reasonably assured to it.

                  (c)      Neither the Back-up Servicer nor any of its
directors, officers, employees or agents shall be under any liability to any of
the parties of this Master Agreement or the Noteholders, for any action taken or
for refraining from the taking of any action pursuant to this Master Agreement;
provided, however, that this provision shall not protect the Back-up Servicer or
any such person against any liability that would otherwise be imposed by reason
of willful misfeasance, bad faith or negligence in the performance of its
duties. The Back-up Servicer and any such person may rely in good faith on the
written advice of counsel or on any documents or any kind prima facie properly
executed and submitted by any person respecting any matters arising under this
Master Agreement.

                  (d)      After the receipt of an effective Servicer
Termination Notice by the Servicer in accordance with this Master Agreement or
any Series Supplement, all authority, power, rights and responsibilities of the
Servicer, under this Master Agreement and each Series Supplement, whether with
respect to the Contracts or otherwise shall pass to and be vested in the Back-up
Servicer as long as the Back-up Servicer is not prohibited by an applicable
provision of law from fulfilling the same, as evidenced by an Opinion of
Counsel. The successor Servicer, if Wells Fargo Bank Minnesota, National
Association, its successors or assigns, shall have (i) no liability with respect
to any obligation which was required to be performed by the terminated Servicer
prior to the date that the successor Servicer becomes the Servicer or any claim
of a third party based on any alleged action or inaction of the terminated
Servicer, (ii) no obligation to perform any repurchase or advancing obligations,
if any, of the Servicer, (iii) no obligation to pay any taxes required to be
paid by the Servicer, (iv) no obligation to pay any of the fees and expenses of
any other party involved in this transaction and (v) no liability or obligation
with respect to any Servicer indemnification obligations of any prior Servicer
including the original Servicer other than those due to the gross negligence,
willful misfeasance or bad faith of the successor Servicer in the performance of
its duties under this Master Agreement.

                  Section 9.07. Back-up Servicer Compensation.

                  (a)      As compensation for its performance under Section
9.06(a) and Section 9.06(b) the Back-up Servicer shall be paid the Back-up
Servicer Fee and any amount set forth in the related Series Supplement.

                  (b)      As compensation for its performance under Section
9.02 above, the Back-up Servicer shall be entitled to such Servicer Fee and any
Increased Servicer Fee pursuant to Section 9.02 hereof and other amounts
(whether payable out of the applicable Facility Account or otherwise).

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<PAGE>

                  Section 9.08. Merger or Consolidation of, or Assumption of the
Obligation of Back-up Servicer.

                  (a)      Any Person (i) into which the Back-up Servicer may be
merged or consolidated, (ii) which may result from any merger or consolidation
to which the Back-up Servicer shall be a party, or (iii) which may succeed to
the properties and assets of the Back-up Servicer substantially as a whole,
which Person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Back-up Servicer hereunder, shall be the
successor to the Back-up Servicer under this Master Agreement or any Series
Supplement without further act on the party of any of the parties this Master
Agreement or any Series Supplement.

                  (b)      The Back-up Servicer, solely in its capacity as
Back-up Servicer hereunder, hereby irrevocably and unconditionally waives all
right of set-off that it may have under contract (including this Master
Agreement or any Series Supplement), applicable law or otherwise with respect to
any funds or monies of Marlin or any Obligor, at any time held by or in the
possession of the Back-up Servicer.

                  (c)      Upon the Back-up Servicer's resignation or
termination pursuant to Section 9.09 hereof, the Back-up Servicer shall comply
with the provisions of this Master Agreement and any Series Supplement until the
acceptance of appointment by a successor Back-up Servicer. Any such successor
Back-up Servicer shall be appointed by the Trustee subject to the approval of
the Majority Control Parties.

                  Section 9.09. Back-up Servicer Termination or Resignation.

                  (a)      The Trustee shall, at the direction of the Majority
Control Parties, on behalf of all Noteholders, by notice in their sole
discretion (the "Back-up Servicer Termination Notice") then given in writing to
the Back-up Servicer, terminate all, but not less than all, of the rights and
obligations of the Back-up Servicer under this Master Agreement and all Series
Supplements with respect to the Series Trust Estate. Such notice shall state the
effective date of the termination, which shall not be prior to the acceptance of
the appointment by the successor Back-up Servicer which is reasonably acceptable
to the Majority Control Parties.

                  (b)      Provided that an Event of Servicer Termination has
not occurred and is continuing, the Back-up Servicer may by notice in its sole
discretion (the "Back-up Servicer Resignation Notice") then given in writing to
the Trustee resign as the Back-up Servicer under this Master Agreement and all
Series Supplements with respect to the Series Trust Estate and the Trustee shall
promptly (and in any event within 2 Business Days) give notice thereof to each
Series Controlling Party. Such notice shall state the effective date of the
resignation, which shall not be prior to the acceptance of the appointment by
the successor Back-up Servicer which is reasonably acceptable to the Majority
Control Parties.

                  (c)      If a Back-up Servicer Termination Notice is received
by the Back-up Servicer or a Back-up Servicer Resignation Notice is given while
it is performing

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under Sections 9.06(a) and 9.06(b) above, the Back-up Servicer agrees to
cooperate with the Trustee, the Series Controlling Parties, the successor
Servicer and the successor Back-up Servicer in effecting the termination of the
Back-up Servicer's responsibilities and rights hereunder, including, without
limitation, the transfer to the successor Servicer or the successor Back-up
Servicer of all data then in the possession of the Back-up Servicer.

                  (d)      If a Back-up Servicer Termination Notice is received
by the Back-up Servicer or a Back-up Servicer Resignation Notice is given while
it is performing under Section 9.02(a) above, the Back-up Servicer agrees to
perform the obligations of the outgoing Servicer in accordance with this Master
Agreement and each Series Supplement.

                  Section 9.10. Limitation on Liability of Back-up Servicer and
Others.

                  (a)      Neither the Back-up Servicer nor any of the
directors, officers or employees or agents of the Back-up Servicer shall be
under any liability to the Servicer, the Trustee, or the related Noteholders
except as provided herein, for any action taken or for refraining from the
taking of any action in good faith pursuant to this Master Agreement and any
Series Supplement or for errors in judgment not involving willful misconduct,
bad faith or negligence; provided, however, that this provision shall not
protect the Back-up Servicer against any liability resulting from its breach of
any representation or warranty made herein, nor shall this provision protect the
Back-up Servicer against any liability that would otherwise be imposed by reason
of willful misconduct, bad faith or gross negligence in the performance of its
duties hereunder. Neither the Back-up Servicer nor any of its directors,
officers or employees or agents shall be under any liability of any kind or type
to any Person arising from the incomplete or inaccurate contents of any Computer
Tape provided by the Servicer. The Back-up Servicer and any director, officer,
employee or agent of the Back-up Servicer may conclusively rely in good faith on
any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder or in connection with the
transactions contemplated herein.

                  (b)      The Servicer shall indemnify the Back-up Servicer,
its officers, directors, employees and agents for, and to hold it harmless
against, any loss, liability or expense incurred, except to the extent that such
loss, liability or expense was incurred through gross negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of the Series Estate Trust and the performance of its duties hereunder,
including the costs and expenses of defending against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder.

                  (c)      The Back-up Servicer shall perform such duties and
only such duties as are specifically set forth in this Master Agreement, and no
implied covenants or obligations shall be read into this Master Agreement
against the Back-up Servicer.

                  (d)      The Back-up Servicer shall be entitled to the
benefits and immunities afforded the Trustee pursuant to the provisions of
Sections 11.01, 11.03 and 11.04 of this Master Agreement.

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<PAGE>

                  Section 9.11. Representations and Warranties of the Back-up
Servicer.

                  The Back-up Servicer hereby makes the following
representations and warranties for the benefit of the Trustee, the Series
Support Providers and the related Noteholders:

                  (a)      The Back-up Servicer is a national banking
association duly organized, validly existing and in good standing under the laws
of the United States of America;

                  (b)      The Back-up Servicer has the power, authority and
legal right to execute, deliver and perform this Master Agreement and any Series
Supplement, and the execution, delivery and performance of this Master Agreement
and any Series Supplement has been duly authorized by the Back-up Servicer by
all necessary corporate action;

                  (c)      The execution, delivery and performance by the
Back-up Servicer of this Master Agreement and the other Series Related Documents
(a) does not violate any provision of any law or any order, writ, judgment, or
decree of any court, arbitrator, or governmental authority applicable to the
Back-up Servicer or any of its assets, (b) does not violate any provision of the
corporate charter or by-laws of the Back-up Servicer, (c) does not result in the
creation or imposition of any Lien on any properties included in the Series
Trust Estate and (d) does not violate any provision of, or constitute, with or
without notice or lapse of time, a default under, the provisions of any
mortgage, indenture, contract, agreement, or other undertaking to which the
Back-up Servicer is a party, which violation or default could reasonably be
expected to materially and adversely affect the Back-up Servicer 's performance
or ability to perform its duties under this Master Agreement the other Series
Related Documents or the transactions contemplated in this Master Agreement or
the other Series Related Documents;

                  (d)      The execution, delivery and performance by the
Back-up Servicer of this Master Agreement and the other Series Related Documents
does not require the authorization, consent, or approval of, the giving of
notice to, the filing or registration with, or the taking of any other action in
respect of, any governmental authority or agency regulating the banking and
corporate trust activities of the Back-up Servicer; and

                  (e)      This Master Agreement and the other Series Related
Documents have been duly executed and delivered by the Back-up Servicer and
constitutes the legal, valid, and binding agreement of the Back-up Servicer,
enforceable in accordance with its and their respective terms.

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<PAGE>

                                   Article X

                         EVENTS OF DEFAULT AND REMEDIES

                  Section 10.01. Events of Default.

                  The "Events of Default," with respect to a Series, shall be
set forth in the related Series Supplement.

                  Section 10.02. Collection of Indebtedness and Suits for
Enforcement by Trustee; Authority of Series Controlling Party.

                  (a)      Subject to the provisions of the related Series
Supplement, if the Notes of any Series are accelerated following the occurrence
of an Event of Default with respect to such Series, there shall be due and
payable (but only from the funds available from the related Series Trust
Estate), the whole amount then due and payable on such Notes for principal and
interest, with interest upon the overdue principal, and, to the extent payment
of such interest shall be legally enforceable, upon overdue installments of
interest, at the interest rate applicable to the Notes of such Series and in
addition thereto such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel.

                  (b)      If an Event of Default occurs and is continuing with
respect to a Series, the Trustee shall at the direction of the related Series
Controlling Party, proceed to protect and enforce its rights and the rights of
the related Series Secured Parties by such appropriate Proceedings as such
Series Controlling Party shall deem most effective to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Master Agreement or the related Series Supplement or in aid of the
exercise of any power granted herein or therein, or to enforce any other proper
remedy or legal or equitable right vested in the Trustee by this Master
Agreement, the related Series Supplement, or by law.

                  (c)      In case there shall be pending, relative to any
Obligor or any other obligor upon the Notes of the related Series or any Person
having or claiming an ownership interest in the related Series Trust Estate,
Proceedings under Title 11 of the United States Code or any other applicable
Federal or state bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken
possession of any related Obligor or its property or such other obligor or
Person, or in case of any other comparable judicial Proceedings relative to such
Obligor or other obligor upon the Notes of such Series, or to the creditors or
property of such Obligor or such other obligor, the Trustee, irrespective of
whether the principal of any Notes of such Series shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

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<PAGE>

                  (i)      to file and prove a claim or claims for the whole
         amount of principal and interest owing and unpaid in respect of such
         Notes or for other obligations owing and unpaid to the related Series
         Secured Parties and to file such other papers or documents as may be
         necessary or advisable in order to have the claims of the Trustee
         against the related Series Trust Estate (including any claim for
         reasonable compensation to the Trustee and each predecessor Trustee,
         and their respective agents, attorneys and counsel, and for
         reimbursement of all expenses and liabilities incurred, and all
         advances made, by the Trustee and each predecessor Trustee, except as a
         result of gross negligence or bad faith) and of the Noteholders of such
         Series and the other related Series Secured Parties allowed in such
         Proceedings;

                  (ii)     unless prohibited by applicable law and regulations,
         to vote on behalf of the Holders of Notes of such Series in any
         election of a trustee, a standby trustee or person performing similar
         functions in any such Proceedings;

                  (iii)    to collect and receive any moneys or other property
         payable or deliverable on such claims and received with respect to the
         related Series Trust Estate and to distribute all amounts received with
         respect to the claims of the Noteholders of such Series and the other
         related Series Secured Parties on their behalf; and

                  (iv)     to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Trustee or the Holders of Notes of such Series and the other
         related Series Secured Parties, in each case against the related Series
         Trust Estate, allowed in any judicial proceedings relative to the
         Obligors, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Trustee, and, in the event that the Trustee shall consent to the
making of payments directly to such Noteholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of gross negligence or
bad faith.

                  (d)      Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder or other related Series Secured Party any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof or other related Series Secured Party or to
authorize the Trustee to vote in respect of the claim of any Noteholder or other
Series Secured Party in any such proceeding except, as aforesaid, to vote for
the election of a trustee in bankruptcy or similar Person.

                  (e)      All rights of action and of asserting claims under
this Master Agreement, the related Series Supplement, any other Series Related
Document or under

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any of the Notes, may be enforced by the Trustee without the possession of any
of the Notes or the production thereof in any trial or other Proceedings
relative thereto, and any such action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
related Notes and the other Series Secured Parties in accordance with the
related Series Supplement.

                  (f)      In any Proceedings brought by the Trustee (including
any Proceedings involving the interpretation of any provision of this Master
Agreement or the related Series Supplement), the Trustee shall be held to
represent all the Holders of the related Notes, and it shall not be necessary to
make any Noteholder a party to any such Proceedings.

                  Section 10.03. Limitation on Suits.

                  No Holder of any Note shall have any right to institute any
Proceeding, judicial or otherwise, with respect to this Master Agreement or the
related Series Supplement, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless:

                  (i)      such Holder has previously given written notice to
         the Trustee of a continuing Event of Default with respect to the Notes
         of the related Series;

                  (ii)     the Holders of not less than 50% of the Maximum
         Series Limit of the Notes of the related Series shall have made written
         request to the Trustee to institute such Proceeding in respect of such
         Event of Default in its own name as Trustee hereunder;

                  (iii)    such Holder or Holders have offered to the Trustee
         reasonable indemnity against the costs, expenses and liabilities to be
         incurred in compliance with such request;

                  (iv)     the Trustee for 60 days after its receipt of such
         notice, request and offer of indemnity has failed to institute any such
         Proceeding;

                  (v)      no direction inconsistent with such written request
         has been given to the Trustee during such 60-day period by the Holders
         of a majority of the Maximum Series Amount of the Notes of the related
         Series; and

                  (vi)     if any Series Support secures such Series, a Series
         Support Provider Default shall have occurred and be continuing.

                  It is understood and intended that no one or more of the
Holders shall have any right in any manner whatever hereunder or under the Notes
to (i) affect, disturb or prejudice the rights of the Holders of any other
Notes, (ii) obtain or seek to obtain priority or preference over any other such
Holder or (iii) enforce any right under this Master

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Agreement, except in the manner herein provided and for the equal, ratable and
common benefit of all such Holders.

                  Section 10.04. Unconditional Right of Holders to Receive
Principal and Interest.

                  Subject to the provisions of Section 3.06 hereof, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note, in this Master Agreement or
the related Series Supplement and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such
Holder; provided, however, that (x) if such Series is secured by any Series
Support, then, so long as no Series Support Provider Default shall have occurred
and be continuing, no such suit shall be instituted and (y) in no event shall
such right entitle any Holder to a payment from a source of funds other than the
related Series Trust Estate.

                  Section 10.05. Restoration of Rights and Remedies.

                  If any of the Trustee, the related Series Support Provider or
any Holder has instituted any Proceeding to enforce any right or remedy under
this Master Agreement (or the related Series Supplement) and such Proceeding has
been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee, the related Series Support Provider or to such Holder, then and
in every such case, subject to any determination in such Proceeding, the
Obligors, the Trustee, the related Series Support Provider and the related
Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee, the related
Series Support Provider and the related Holders shall continue as though no such
Proceeding had been instituted.

                  Section 10.06. Rights and Remedies Cumulative.

                  Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph
of section 5.05, no right or remedy herein conferred upon or reserved to any of
the Trustee, the related Series Controlling Party, the related Series Support
Provider or to the related Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

                  Section 10.07. Delay or Omission Not Waiver.

                  No delay or omission of any of the Trustee, the related Series
Controlling Party, any Series Support Provider or any Holder of any related Note
to exercise any right or remedy accruing upon any related Default or related
Event of Default shall impair any such right or remedy or constitute a waiver of
any such related Default or related Event of

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<PAGE>

Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee, any Series Support Provider or to the related Holders
may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee, any Series Support Provider or by the related Holders, as the case
may be.

                  Section 10.08. Control by Holders.

                  If the Trustee is the Series Controlling Party with respect to
a Series, the Holders of a majority of the Maximum Series Limit of the Notes
with respect to such Series shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Notes; provided, that

                  (i)      such direction shall not be in conflict with any rule
         of law, with this Master Agreement or with the related Series
         Supplement, and

                  (ii)     the Trustee may take any other action deemed proper
         by the Trustee which is not inconsistent with such direction.

                  Section 10.09. Waiver of Past Defaults.

                  The Series Controlling Party with respect to a Series may, on
behalf of the Holders of all the Notes of the related Series waive any past
Default relating to such Series or Event of Default relating to such Series
hereunder and its consequences, except a Default relating to such Series:

                  (i)      in the payment of the principal of or interest, if
         any, on any Note of the related Series, or

                  (ii)     in respect of a covenant or provision hereof which
         cannot be modified or amended without the consent of the Holder of each
         Outstanding Note of the related Series affected.

                  If the Trustee is the Series Controlling Party with respect to
a Series the Trustee may, but shall not be obligated to, fix a record date for
the purpose of determining the Persons entitled to waive any past Default or
Event of Default of the related Series. If a record date is fixed, the Holders
of the related Series on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to waive any such Default or Event of
Default, whether or not such Holders remain Holders after such record date; and
unless such majority in principal amount shall have been obtained prior to the
date which is 90 days after such record date, any such waiver previously given
shall automatically and without further action by any Holder be cancelled and of
no further effect.

                  Upon any such waiver, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Master Agreement and each applicable Series Supplement;
but no such waiver shall

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<PAGE>

extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon.

                  Section 10.10. Undertaking for Costs.

                  All parties to this Master Agreement and each Series
Supplement agree, and each Holder of any Note by such Holder's acceptance
thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this
Master Agreement or the related Series Supplement, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing
by any party litigant in such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Obligors, to any suit instituted by the Trustee or any
Series Support Provider, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% of the Maximum Series Limit of
the Notes of the related Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Note on or
after the respective due dates expressed in such Note and the related Series
Supplement.

                  Section 10.11. Action on Notes.

                  The Trustee's right to seek and recover judgment on the Notes
or under this Master Agreement or any Series Supplement shall not be affected by
the seeking, obtaining or application for any other relief under or with respect
to this Master Agreement or such Series Supplement. Neither the lien hereof, the
related Series Supplement nor any rights or remedies of the Trustee or the
Noteholders shall be impaired by the recovery of any judgment by the Trustee
against the Obligors or by the levy of any execution under such judgment upon
any portion of the related Series Trust Estate or upon any of the assets of the
Obligors.

                                   Article XI

                                   THE TRUSTEE

                  Section 11.01. Certain Duties and Responsibilities.

                  (a)      Except during the continuance of an Event of Default
with respect to a Series:

                  (i)      the Trustee undertakes to perform with respect to
         such Series such duties and only such duties as are specifically set
         forth in this Master Agreement and/or the related Series Supplement,
         and no implied covenants or obligations shall be read into this Master
         Agreement or the related Series Supplement against the Trustee; and

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<PAGE>

                  (ii)     in the absence of bad faith on its part, the Trustee
         may conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Master Agreement and/or the related Series Supplement; but in the
         case of any such certificates or opinions which by any provision hereof
         are specifically required to be furnished to the Trustee, the Trustee
         shall be under a duty to examine the same to determine whether or not
         they conform to the requirements of this Master Agreement and/or the
         related Series Supplement.

                  (b)      If an Event of Default with respect to a Series has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers with respect to such Series vested in it by this Master Agreement and/or
the related Series Supplement, and use the same degree of care and skill in
their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

                  (c)      No provision of this Master Agreement or any Series
Supplement shall be construed to relieve the Trustee from liability for its own
grossly negligent action, its own grossly negligent failure to act, or its own
willful misconduct; provided, that

                  (i)      this subsection shall not be construed to limit the
         effect of subsection (a) of this Section;

                  (ii)     the Trustee shall not be liable for any error of
         judgment made in good faith by a Responsible Officer, unless it shall
         be proved that the Trustee was negligent in ascertaining the pertinent
         facts;

                  (iii)    the Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in good faith in accordance
         with the direction of the related Series Support Provider or, if the
         related Series Support Provider is not a Series Controlling Party or if
         there is no Series Support Provider for such Series, the Holders of a
         majority of the Maximum Series Limit of the Notes of the related
         Series, relating to the time, method and place of conducting any
         proceeding for any remedy available to the Trustee, or exercising any
         trust or power conferred upon the Trustee, under this Master Agreement,
         the related Series Supplement or the related Series Support with
         respect to the Notes of the related Series; and

                  (iv)     no provision of this Master Agreement or the related
         Series Supplement shall require the Trustee to expend or risk its own
         funds or otherwise incur any financial liability in the performance of
         any of its duties hereunder or thereunder, or in the exercise of any of
         its rights or powers, if it shall have reasonable grounds for believing
         that repayment of such funds or adequate indemnity against such risk or
         liability is not reasonably assured to it.

                  (d)      Whether or not herein or therein expressly so
provided, every provision of this Master Agreement and the related Series
Supplement relating to the

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conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of paragraphs (a), (b) and (c) of this
Section.

                  (e)      The Trustee shall not be liable for interest on any
money received by it.

                  (f)      Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this Master Agreement or the related Series Supplement.

                  (g)      The Trustee shall, upon one Business Day's prior
notice received by the Trustee, permit any representative of the related Series
Controlling Party or any representative of the related Series Support Provider,
if any, during the Trustee's normal business hours, to examine all books of
account, records, reports and other papers of the Trustee relating to the Notes
of the related Series, to make copies and extracts therefrom and to discuss the
Trustee's affairs and actions, as such affairs and actions relate to the
Trustee's duties with respect to such Notes, with the Trustee's officers and
employees responsible for carrying out the Trustee's duties with respect to such
Notes.

                  (h)      In no event shall the Trustee be required to perform,
or be responsible for the manner of performance of, any of the obligations of
any Servicer, with respect to any Series except during such time, if any, as the
Trustee, in its capacity as successor Servicer for such Series shall be the
successor to, and be vested with the rights, powers, duties and privileges of
the Servicer in accordance with the provisions of Section 9.02 hereof.

                  (i)      The Trustee shall maintain or cause to be maintained,
in the Borough of Manhattan in the City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange (except that
Bearer Notes may not be surrendered for exchange at any such office or agency in
the United States) and where notices and demands to or upon the Obligors in
respect of the Notes, this Master Agreement and the related Series Supplement
may be served.

                  Section 11.02. Notice of Defaults.

                  If a Default or Event of Default occurs and is continuing with
respect to a Series and if it is known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Noteholder of the related Series notice of such
Default or Event of Default promptly after it occurs and shall notify the
Obligors, the Obligors' Agent, the Transferor, the Servicer, the Agent and the
related Series Support Provider, if any, of any such Default or Event of Default
promptly after it occurs. Except in the case of a Default in payment of
principal of or interest on any Note, the Trustee may withhold the notice (but
not to the related Series Support Provider, if any, or the Obligors) if and so
long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interest of the Noteholders of the related
Series.

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                  Section 11.03. Certain Rights of Trustee.

                  Subject to the provisions of Section 11.01:

                  (a)      the Trustee may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

                  (b)      any request or direction of the Obligors mentioned
herein shall be sufficiently evidenced by an Obligors' Order;

                  (c)      whenever in the administration of this Master
Agreement and/or any Series Supplement the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officer's Certificate;

                  (d)      the Trustee may consult with counsel and the advice
of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon;

                  (e)      the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Master Agreement and/or any
Series Supplement at the request or direction of any of the related Series
Support Provider, if any, or the Holders of the related Series pursuant to this
Master Agreement, unless such Series Support Provider or such Holders shall have
offered to the Trustee reasonable security or indemnity to its satisfaction
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

                  (f)      the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the related Obligors,
personally or by agent or attorney; and

                  (g)      the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct
or negligence on the part of any agent or attorney appointed with due care by it
hereunder.

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                  (h)      The protective provisions and remedial provisions set
forth in this Master Agreement benefiting the Trustee shall also benefit the
Note Registrar, Paying Agent and Authenticating Agent to the extent the Trustee
is also performing such roles.

                  Section 11.04. Not Responsible for Recitals or Issuance of
Notes.

                  The recitals contained herein, in any Series Supplement and in
the Notes, except the Trustee's certificates of authentication, shall be taken
as the statements of the Obligors, and the Trustee or any Authenticating Agent
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Master Agreement, any
Series Supplement or of the Notes, or any Series Trust Estate. The Trustee or
any Authenticating Agent shall not be accountable for the use or application by
the Obligors of Notes or the proceeds thereof.

                  Section 11.05. May Hold Notes.

                  The Trustee, any Authenticating Agent, any Paying Agent, any
Note Registrar or any other agent of the Obligors, in its individual or any
other capacity, may become the owner or pledgee of Notes and, subject to
Sections 11.07 and 11.12, may otherwise deal with the Obligors with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Note Registrar or such other agent.

                  Section 11.06. Compensation and Indemnity.

                  (a)      As provided in each Series Supplement, the Trustee
will be paid, and the Trustee shall be entitled to, certain annual fees with
respect to its administration of the related Notes and the related Series Trust
Estate, which shall not be limited by any law on compensation of a Trustee of an
express trust, and certain reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services as more further set forth in the related Series Supplement. The
Obligors' Agent agrees to cause to be provided to the Trustee indemnity against
any and all loss, liability or expense (including reasonable attorneys' fees and
expenses) incurred by it in connection with the administration of this trust and
the performance of their duties hereunder.

                  (b)      When the Trustee incurs expenses after the occurrence
of an Insolvency Event with respect to any Obligor, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable Federal or state bankruptcy, insolvency or similar law.

                  Section 11.07. Disqualification; Conflicting Interests.

                  If this Master Agreement is qualified under the Trust
Indenture Act and if the Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Master
Agreement.

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                  Section 11.08. Corporate Trustee Required; Eligibility.

                  There shall at all times be a Trustee hereunder, which shall
(a) be a commercial bank or trust company organized and doing business under the
laws of the United States of America or any State thereof, (b) have a combined
capital and surplus of at least $50,000,000, (c) have a long-term deposit rating
of at least A3 from Moody's or otherwise be acceptable to Moody's and a
long-term deposit rating of at least A- from S&P or otherwise be acceptable to
S&P and (d) be authorized to exercise corporate trust powers and be subject to
supervision or examination by Federal or State authority. If such commercial
bank or trust company publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
commercial bank or trust company shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

                  Section 11.09. Resignation and Removal; Appointment of
Successor.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 11.10.

                  (b)      The Trustee may resign at any time with respect to
the Notes by giving written notice thereof to the Obligors' Agent. If the
instrument of acceptance by a successor Trustee required by Section 11.10 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Notes.

                  (c)      The Trustee may be removed at any time with respect
to the Notes by Act of the Majority Control Parties, delivered to the Trustee
and to the Obligors' Agent.

                  (d)      If at any time:

                           (1)      The Trustee shall fail to comply with
                                    Section 11.07 after written request therefor
                                    by the Obligors, by any Holder or by any
                                    Series Support Provider, or

                           (2)      the Trustee shall cease to be eligible under
                                    Section 11.08 and shall fail to resign after
                                    written request therefor by the Obligors, by
                                    any such Holder or by any Series Support
                                    Provider, or

                           (3)      the Trustee shall become incapable of acting
                                    or shall be adjudged a bankrupt or insolvent
                                    or a receiver of the

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                                    Trustee or of its property shall be
                                    appointed or any public officer shall take
                                    charge or control of the Trustee or of its
                                    property or affairs for the purpose of
                                    rehabilitation, conservation or liquidation,

then, in any such case, the Obligors' Agent (with the consent of each Series
Support Provider as to which a Series Support Provider Default has not occurred
and is continuing) may remove the Trustee.

                  (e)      If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Notes, the Obligors' Agent (with the consent of
each Series Support Provider as to which a Series Support Provider Default has
not occurred and is continuing) shall promptly appoint a successor Trustee and
shall comply with the applicable requirements of Section 11.10.

                  (f)      The Obligors' Agent shall give notice of each
resignation and each removal of the Trustee with respect to the Notes and each
appointment of a successor Trustee with respect to the Notes by mailing written
notice of such event by first-class mail, postage prepaid, to all holders of
Notes as their names and addresses appear in the Note Register. Each notice
shall include the name of the successor Trustee with respect to the Notes and
the address of its Corporate Trust Office.

                  Section 11.10. Acceptance of Appointment by Successor.

                  (a)      In case of the appointment hereunder of a successor
Trustee with respect to the Notes, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Obligors' Agent, each Series
Support Provider, if any and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on the request of the Obligors' Agent,
the related Series Support Provider, if any, or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the Trustee and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee
hereunder.

                  (b)      Upon request of any such successor Trustee, the
Obligors' Agent and each Obligor shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in paragraph (a) of this Section.

                  Section 11.11. Merger, Conversion, Consolidation or Succession
to Business.

                  Any corporation or other entity into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation or
other entity

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resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation or other entity succeeding to all or
substantially all the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such corporation or other entity
shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. The Trustee shall provide the Obligors' Agent and each Series
Support Provider prompt notice of any such transaction after the completion
thereof. In case any Notes shall have been authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the
Notes so authenticated with the same effect as if such successor Trustee had
itself authenticated such Notes.

                  Section 11.12. Preferential Collection of Claims Against
Obligors.

                  If this Master Agreement is ever qualified under the Trust
Indenture Act, then the provisions of Section 311 of the Trust Indenture Act
shall govern.

                  Section 11.13. Appointment of Authenticating Agent.

                  As of the date of the Master Agreement and at any time when
any of the Notes remain Outstanding the Trustee may appoint an Authenticating
Agent or agents with respect to one or more Series, Classes or Tranches of Notes
which shall be authorized to act on behalf of the Trustee to authenticate Notes
of such Series, Class or Tranche issued upon exchange, registration of transfer
or partial prepayment thereof, or pursuant to Section 5.05, and Notes so
authenticated shall be entitled to the benefits of this Master Agreement and
shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Master Agreement or any
Series Supplement to the authentication and delivery of Notes by the Trustee
upon exchange, registration of transfer or partial prepayment thereof or the
Trustee's certificate of authentication in connection therewith, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee
by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent
shall be acceptable to the Obligors' Agent, shall be authorized under law and
shall meet the eligibility criteria established for the Trustee, as set forth in
Section 11.08 hereof. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in
this Section.

                  Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the
corporate agency or corporate trust business of an

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<PAGE>

Authenticating Agent, shall continue to be an Authenticating Agent, provided
such corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

                  An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and to the Obligors' Agent. The Trustee
may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the Obligors' Agent.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a
successor Authenticating Agent which shall be reasonably acceptable to the
Obligors' Agent and shall mail written notice of such appointment by first-class
mail, postage prepaid, to all Holders of the related Notes, as their names and
addresses appear in the Note Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section. No
resignation or termination of an Authenticating Agent shall become effective
until a successor Authenticating Agent shall be appointed and qualified
hereunder or the Trustee assumes the duties of Authenticating Agent hereunder.

                  The Obligors' Agent agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under this Section.

                  In the event an Authenticating Agent is appointed under this
Master Agreement, the Trustee shall incur no liability for such appointment or
for any misconduct or negligence of such Authenticating Agent, including without
limitation, its authentication of the Notes upon original issuance or pursuant
to Sections 5.03, 5.04 or 5.05. In the event the Trustee does incur liability
for any such misconduct or negligence of the Authenticating Agent, the Obligors'
Agent agrees to indemnify the Trustee for, and hold it harmless against, any
such liability, including the costs and expenses of defending itself against any
liability in connection with such misconduct or negligence of the Authenticating
Agent.

                  If an appointment with respect to one or more Series, Classes
or Tranches is made pursuant to this Section, the Notes of such Series, Classes
or Tranches may have endorsed thereon, in lieu of the Trustee's certificate of
authentication, an alternate certificate of authentication in the following
form:

                  This is one of the Notes referred to in the within-mentioned
Master Agreement and the within-mentioned Supplement thereto.

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<PAGE>

                                    Wells Fargo Bank Minnesota, National
                                      Association,
                                      As Trustee

                                    By:_________________________________________
                                       As Authenticating Agent

                                    By:_________________________________________
                                       Authorized Officer

                  The provisions of Sections 11.01, 11.03 and 11.04 shall apply
to the Trustee also in its role as Authenticating Agent for so long as the
Trustee shall act as Authenticating Agent.

                  Section 11.14. Paying Agent.

                  (a)      The payment responsibilities for the Notes shall be
performed by a Paying Agent, appointed by the Obligors' Agent which shall be
authorized to exercise corporate trust powers and shall meet the eligibility
criteria established for the Trustee, as set forth in Section 11.08 hereof. The
Trustee is hereby initially appointed Paying Agent for the purpose of making
payments on the Notes as herein provided.

                  (b)      Each Paying Agent shall be reasonably acceptable to
the Obligors' Agent, shall be authorized under law and shall meet the
eligibility criteria established for the Trustee, as set forth in Section 11.08
hereof. If such Paying Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and
surplus of such Paying Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time a Paying Agent shall cease to be eligible in accordance with the
provisions of this Section, such Paying Agent shall resign immediately in the
manner and with the effect specified in this Section.

                  Any corporation into which a Paying Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Paying Agent shall be
a party, or any corporation succeeding to the corporate agency or corporate
trust business of a Paying Agent, shall continue to be a Paying Agent, provided
such corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Paying Agent.

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<PAGE>

                  A Paying Agent may resign at any time by giving written notice
thereof to the Trustee and to the Obligors' Agent. The Trustee may at any time
terminate the agency of a Paying Agent by giving written notice thereof to such
Paying Agent and to the Obligors' Agent. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Paying Agent
shall cease to be eligible in accordance with the provisions of this Section,
the Trustee may appoint a successor Paying Agent which shall be reasonably
acceptable to the Obligors' Agent and shall mail written notice of such
appointment by first-class mail, postage prepaid, to all Holders of the related
Notes, as their names and addresses appear in the Note Register. Any successor
Paying Agent upon acceptance of its appointment hereunder shall become vested
with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as a Paying Agent. No successor Paying Agent shall
be appointed unless eligible under the provisions of this Section. No
resignation or termination of a Paying Agent shall become effective until a
successor Paying Agent shall be appointed and qualified hereunder or the Trustee
assumes the duties of Paying Agent hereunder.

                  The Obligors' Agent agrees to pay to each Paying Agent from
time to time reasonable compensation for its services under this Section.

                  In the event a Paying Agent is appointed under this Master
Agreement, the Trustee shall incur no liability for such appointment or for any
misconduct or negligence of such Paying Agent. In the event the Trustee does
incur liability for any such misconduct or negligence of the Paying Agent, the
Obligors' Agent agrees to indemnify the Trustee for, and hold it harmless
against, any such liability, including the costs and expenses of defending
itself against any liability in connection with such misconduct or negligence of
the Paying Agent.

                  The provisions of Sections 11.01, 11.03 and 11.04 shall apply
to the Trustee also in its role as Paying Agent for so long as the Trustee shall
act as Paying Agent.

                  Section 11.15. Appointment of Co-Trustee or Separate Trustee.

                  (a)      Notwithstanding any other provisions of this Master
Agreement, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Series Trust Estate may at the time be
located, the Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
related Series Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the related Noteholders and other Series Secured
Parties, such title to the related Series Trust Estate, or any part thereof, and
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor Trustee under Section 11.08 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 11.09 hereof.

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<PAGE>

                  (b)      Every separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                  (i)      all rights, powers, duties and obligations conferred
         or imposed upon the Trustee shall be conferred or imposed upon and
         exercised or performed by the Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Trustee
         joining in such act), except to the extent that under any law of any
         jurisdiction in which any particular act or acts are to be performed
         the Trustee shall be incompetent or unqualified to perform such act or
         acts, in which event such rights, powers, duties and obligations
         (including the holding of title to the Trust or any portion thereof in
         any such jurisdiction) shall be exercised and performed singly by such
         separate trustee or co-trustee, but solely at the direction of the
         Trustee;

                  (ii)     no trustee hereunder shall be personally liable by
         reason of any act or omission of any other trustee hereunder, and

                  (iii)    the Trustee may at any time accept the resignation of
         or remove any separate trustee or co-trustee

                  (c)      Any notice, request or other writing given to the
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Each instrument
appointing any separate trustee or co-trustee shall refer to this Master
Agreement and the conditions of this Article. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Master Agreement and the related Series
Supplement(s), specifically including every provision of this Master Agreement
and the related Series Supplement(s) relating to the conduct of, affecting the
liability of, or affording protection to, the Trustee. Every such instrument
shall be filed with the Trustee.

                  (d)      If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new
successor trustee.

                                   Article XII

            HOLDERS' LISTS AND REPORTS BY TRUSTEE AND OBLIGORS' AGENT

                  Section 12.01. Obligors' Agent to Furnish Trustee Names and
Addresses of Holders.

                  The Obligors' Agent will furnish or cause to be furnished to
the Trustee with respect to each Series of Notes (a) not more than five days
after the earlier of (i) each Record Date with respect to such Series and (ii)
three months after the last Record

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<PAGE>

Date with respect to such Series, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Notes of such
Series as of such Record Date, (b) at such other times as the Trustee may
request in writing, within 30 days after receipt by the Obligors' Agent of any
such request, a list of similar form and content as of a date not more than 10
days prior to the time such list is furnished; provided, however, that so long
as the Trustee is the Note Registrar, no such list shall be required to be
furnished. The Trustee or, if the Trustee is not the Note Registrar, the
Obligors' Agent, shall furnish or cause to be furnished to the related Series
Support Provider, if any, in writing on an annual basis and at such other times
as such Series Support Provider may request in writing a copy of such list with
respect to the related Series.

                  Section 12.02. Preservation of Information; Communications to
Holders.

                  (a)      The Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 12.01 and the
names and addresses of Holders received by the Trustee in its capacity as Note
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 12.01 upon receipt of a new list so furnished.

                  (b)      If three or more Holders of Notes of any particular
Series (herein referred to as "applicants") apply in writing to the Trustee, and
furnish to the Trustee reasonable proof that each such applicant has owned a
Note for a period of at least six months preceding the date of such application,
and such application states that the applicants desire to communicate with other
Holders of Notes of such Series with respect to their rights under this Master
Agreement, the related Series Supplement or under such Notes and is accompanied
by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall, within five business days after the
receipt of such application, at its election, either

                  (i)      afford such applicants access to the information
         preserved at the time by the Trustee in accordance with Section
         12.02(a), or

                  (ii)     inform such applicants as to the approximate number
         of Holders whose names and addresses appear in the information
         preserved at the time by the Trustee in accordance with Section
         12.02(a), and as to the approximate cost of mailing to such Holders the
         form of proxy or other communication, if any, specified in such
         application.

Every Holder of Notes, by receiving and holding the same, agrees with the
Obligors and the Trustee that neither the Obligors nor the Trustee nor any agent
of either of them shall be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Holders in accordance with
Section 12.01 or 12.02(b), regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under Section 12.01 or 12.02(b).

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                  Section 12.03. Reports by Trustee.

                  If this Master Agreement is ever qualified under the Trust
Indenture Act, then the Trustee shall comply with the provisions of Section 313
of the Trust Indenture Act.

                  Section 12.04. Reports by Obligors' Agent.

                  If this Master Agreement is qualified under the Trust
Indenture Act, the Obligors' Agent on behalf of the Obligors shall:

                  (1)      file or cause to be filed with the Trustee, within 15
days after the Obligors are required to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports
(or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Obligors may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934; or, if the Obligors are not required to
file information, documents or reports pursuant to either of said Sections, then
it shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Securities Exchange Act of 1934 in
respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations;

                  (2)      file or cause to be filed with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such additional information, documents and reports with
respect to compliance by the Obligors with the conditions and covenants of this
Master Agreement as may be required from time to time by such rules and
regulations;

                  (3)      transmit or cause to be transmitted by mail to all
Holders, as their names and addresses appear in the Note Register, and to each
Series Support Provider within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to be
filed by the Obligors pursuant to paragraphs (1) and (2) of this Section as may
be required by rules and regulations prescribed from time to time by the
Commission; and

                  (4)      furnish any other periodic reports as required by the
Trust Indenture Act.

                  Section 12.05. Trustee Internet Website.

                  The Trustee may make available to the related Series
Controlling Party, the related Series Support Provider and the related
Noteholders, via the Trustee's Internet Website, all reports or notices required
to be provided by the Trustee with respect to a Series of Notes under the terms
of this Master Agreement (including, but not limited to Sections 6.07 and 6.08)
and the related Series Supplement available and, with the consent

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or at the direction of the Servicer and the Obligor's Agent, such other
information regarding the Notes and/or the Contracts as the Trustee may have in
its possession, but only with the use of a password provided by the Trustee or
its agent to such Person upon receipt by the Trustee from such Person of a
certification in the form of Exhibit B hereto; provided, however, that the
Trustee or its agent shall provide such password to the parties to this Master
Agreement and the designee of such parties (the parties to each Series
Supplement and the related Series Controlling Party and related Series Support
Provider shall be deemed to be designees) without requiring such certification.
The Trustee will make no representation or warranties as to the accuracy or
completeness of such documents and will assume no responsibility therefor.

                  The Trustee's Internet Website shall be initially located at
"www.ABSNet.net" or at such other address as shall be specified by the Trustee
from time to time in writing to each Series Controlling Party. In connection
with providing access to the Trustee's Internet Website, the Trustee may require
registration and the acceptance of a disclaimer. The Trustee shall not be liable
for the dissemination of information in accordance with this Master Agreement.

                                  Article XIII

                          MASTER AGREEMENT SUPPLEMENTS

                  Section 13.01. Supplements Affecting All Series, or the Master
Agreement Generally.

                  (a)      Without the consent of any Holders, the Obligors, the
Trustee when authorized by an Obligors' Order, the Servicer and each Series
Support Provider, at any time and from time to time, may enter into one or more
written supplements to this Master Agreement (the "Master Agreement
Supplements"), in form satisfactory to the Trustee, for any of the following
purposes:

                  (i)      to authorize the issuance of one or more series of
         Notes; provided, that the consent of each Series Controlling Party is
         obtained in advance of such issuance and confirmation is obtained from
         the Rating Agencies that the issuance of such notes will not result in
         a change in any Facility Shadow Rating; or

                  (ii)     to evidence the succession, in compliance with the
         applicable provisions hereof, of another corporation to any Obligor or
         to the Obligors' Agent and the assumption by any such successor of the
         covenants of the Obligors or the Obligors' Agent herein, in any Series
         Supplement and in the Notes; or

                  (iii)    to add to the covenants of the Obligors or the
         Obligors' Agent for the benefit the Holders of the Notes or to
         surrender any right or power herein conferred upon the Obligors or the
         Obligors' Agent; or

                  (iv)     to add to or change any of the provisions of this
         Master Agreement to such extent as shall be necessary to permit or
         facilitate the issuance of Notes in bearer form, registrable or not
         registrable as to principal, and with or without

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         interest coupons, or to permit or facilitate the issuance of Notes in
         uncertificated form, or to facilitate the issuance of Notes in global
         form through the facilities of a Depository; or

                  (v)      to modify the restrictions on and procedures for
         resale and other transfers of the Notes to reflect any change in
         applicable law or regulation (or the interpretation thereof) or in
         practices relating to the resale or transfer of restricted securities
         generally; or

                  (vi)     to evidence and provide for the acceptance of
         appointment hereunder by a successor Trustee with respect to the Notes
         and to add to or change any of the provisions of this Master Agreement
         as shall be necessary to provide for or facilitate the administration
         of the trusts hereunder by more than one Trustee, pursuant to the
         requirements of Section 11.15; or

                  (vii)    to modify, eliminate or add to the provisions of this
         Master Agreement to such extent as shall be necessary to qualify,
         requalify or continue the qualification of this Master Agreement
         (including any supplement) under the Trust Indenture Act, or under any
         similar Federal statute hereafter enacted, and to add to this Master
         Agreement such other provisions as may be expressly permitted by the
         Trust Indenture Act, excluding, however, the provisions referred to in
         Section 316(a)(2) of the Trust Indenture Act as in effect at the date
         as of which this instrument was executed or any corresponding provision
         in any similar Federal statute hereinafter enacted; or

                  (viii)   to cure any ambiguity, to correct or supplement any
         provision herein which may be inconsistent with any other provision
         herein, or to make any other provisions with respect to matters or
         questions arising under this Master Agreement, as long as such action
         shall not adversely affect the interests of the Holders of Notes of any
         Series affected thereby in any material respect.

                  (b)      Subject to the provisions of paragraph (c) below, the
Obligors' Agent on behalf of the Obligors, the Servicer, each Series Support
Provider and the Trustee, when authorized by an Obligors' Order, may, also
without the consent of any of the Holders of the Notes, enter into a Master
Agreement Supplement or Supplements for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this Master
Agreement or of modifying in any manner the rights of the Holders of the Notes
under this Master Agreement; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect the
interests of any Noteholder, and prior notification of such action shall be
provided to the Rating Agencies.

                  (c)      The Obligors' Agent on behalf of the Obligors, the
Servicer, each Series Support Provider and the Trustee, when authorized by an
Obligors' Order and upon prior notification of the Rating Agencies, also may,
with the consent of the Holders of not less than a majority of the Maximum
Series Limit of the Notes of each affected Series, by Act of said Holders
delivered to the Obligors' Agent and the Trustee, enter into

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a Master Agreement Supplement or Supplements hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Master Agreement or of modifying in any manner the rights of the Holders
of Notes under this Master Agreement; provided, that, subject to the express
rights of the related Series Support Provider under the related Series Related
Documents, no such Master Agreement Supplement shall, without the consent of the
Holder of each Outstanding Note of each affected Series affected thereby,

                  (i)      change the date of payment of any installment of
         principal of or interest on any Note, or reduce the principal amount
         thereof or the rate of, or method of computation of the rate of,
         interest thereon or any prepayment or redemption price with respect
         thereto, change the provision of this Master Agreement relating to the
         application or collections on, or the proceeds of the sale of, the
         related Series Trust Estate to payment of principal of or interest on
         the Notes, or change any place of payment where, or the coin or
         currency in which, any Note or the interest thereon is payable, or
         impair the right to institute suit for the enforcement of any such
         payment on or after the respective due dates thereof, or

                  (ii)     reduce the percentage of the Maximum Series Limit of
         the Notes, the consent of whose Holders is required for any such Master
         Agreement Supplement, or the consent of whose Holders is required for
         any waiver (of compliance with certain provisions of this Master
         Agreement or certain defaults hereunder and their consequences)
         provided for in this Master Agreement, or

                  (iii)    permit the creation of any lien prior to the lien
         created by the related Series Supplement with respect to any part of
         the related Series Trust Estate, or terminate the lien created by the
         related Series Supplement on any Pledged Property subject hereto or
         deprive any related Holder of the security afforded by the lien of the
         related Series Supplement, except to the extent expressly permitted by
         this Master Agreement, the related Series Supplement or any other
         related Series Related Document, or

                  (iv)     modify any of the provisions of this Section except
         to increase any such percentage or to provide that certain other
         provisions of this Master Agreement, the related Series Supplement or
         the related Series Related Documents cannot be modified or waived
         without the consent of the Holder of each Outstanding Note affected
         thereby, or

                  (v)      modify or alter the provisions of the second proviso
         to the definition of the term "Outstanding."

                  The Trustee may, but shall not be obligated to, fix a record
date for the purpose of determining the Persons entitled to consent to any
Master Agreement Supplement described in this Section 13.01. If a record date is
fixed, the applicable Holders on such record date or their duly designated
proxies, and only such Persons, shall be entitled to consent to such Master
Agreement Supplement, whether or not such

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Holders remain Holders after such record date; provided, that, unless such
consent shall have become effective by virtue of the requisite percentage having
been obtained prior to the date which is 90 days after such record date, any
such consent previously given shall automatically and without further action by
any Holder be cancelled and of no further effect.

                  It shall not be necessary for any Act of Holders under this
Section to approve the particular form of any proposed Master Agreement
Supplement, but it shall be sufficient if such Act shall approve the substance
thereof.

                  The Obligors' Agent shall in its discretion (which may be
based on an Opinion of Counsel) determine whether or not any Notes would be
affected by any Master Agreement Supplement and any such determination shall be
conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Trustee shall not be liable for any
such determination made in good faith.

                  Promptly after the execution by the parties hereto of any
Master Agreement Supplement pursuant to this Section, the Trustee shall mail to
the Holders of the Notes of the affected Series a notice setting forth in
general terms the substance of such Master Agreement Supplement. Any failure of
the Trustee to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such Master Agreement Supplement.

                  Section 13.02. Supplements Authorizing a Series of Notes.

                  (a)      Each Series of Notes issued hereunder shall be issued
pursuant to a Series Supplement, which shall set forth the terms and provisions
of such Series.

                  (b)      Amendments to Series Supplements shall be governed by
the provisions of Section 13.01 hereof, which for such purpose shall be deemed
to refer only to the related Series Supplement and to the related Series Support
Provider. The Trustee may conclusively rely on an Opinion of Counsel as to which
Series Supplements relate to which Series, or to this Master Agreement (and thus
all Series) as a whole.

                  Section 13.03. Execution of Master Agreement Supplements.

                  In executing, or accepting the additional trusts created by,
any Master Agreement Supplement permitted by this Article or the modifications
thereby of the trusts created by this Master Agreement, the Trustee shall
receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such Master Agreement Supplement is authorized or
permitted by this Master Agreement. The Trustee may, but shall not be obligated
to, enter into any such Master Agreement Supplement which affects the Trustee's
own rights, duties or immunities under this Master Agreement or otherwise.

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                  Section 13.04. Effect of Master Agreement Supplements.

                  Upon the execution of any Master Agreement Supplement under
this Article, this Master Agreement shall be modified in accordance therewith,
and such Master Agreement Supplement shall form a part of this Master Agreement
for all purposes, and every Holder of Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

                  Section 13.05. Reference in Notes to Master Agreement
Supplements.

                  Notes authenticated and delivered after the execution of any
Master Agreement Supplement pursuant to this Article may, and shall if required
by the Obligors, bear a notation as to any matter provided for in such Master
Agreement Supplement. If the Obligors' Agent shall so determine, new Notes so
modified as to conform, in the opinion of the Obligors' Agent, to any such
Master Agreement Supplement may be prepared and executed by the Obligors' Agent
and authenticated and delivered by the Trustee in exchange for Outstanding
Notes.

                                   Article XIV

                                    COVENANTS

                  The Obligors hereby covenant and agree that so long as this
Master Agreement is in effect and (i) any Notes remain Outstanding or (ii) any
obligation owed to a Series Support Provider or Series Secured Party remains
unpaid or unperformed:

                  Section 14.01. Payment of Principal and Interest.

                  The related Obligors will duly and punctually pay or cause to
be paid, on a nonrecourse basis and solely from the funds available from the
related Series Trust Estate, the principal of and interest on the Notes of the
related Series in accordance with the terms of such Notes, this Master Agreement
and the related Series Supplement. Amounts on deposit in the related Series
Account (other than amounts representing payments under any related Series
Support) in respect of principal and interest on a Settlement Date shall
constitute full satisfaction of the related Obligors' obligation with respect to
the payment of such principal and interest on the related Notes. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder
of interest or principal shall be considered as having been paid by the related
Obligors to such Noteholder for all purposes of this Master Agreement.

                  Section 14.02. Maintenance of Non-U.S. Office or Agency.

                  The Obligors will maintain or cause to be maintained (a) if
and so long as any Series or Class is listed on the Luxembourg Stock Exchange,
in Luxembourg, and (b) in London, in the case of Bearer Notes and Holders
thereof, if any for so long as any Bearer Notes are outstanding, an office or
agency where Notes may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Obligors in respect of the Notes,
this Master Agreement and the related Series

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Supplement may be served. The Obligors will give or cause to be given prompt
written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Obligors shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Obligors hereby
appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

                  Section 14.03. Consolidation, Merger, Sale of Assets.

                  (a)      No Obligor shall consolidate or merge with or into
any other Person, unless

                  (i)      the Person (if other than such Obligor) formed by or
         surviving such consolidation or merger shall be a Person organized and
         existing under the laws of the United States of America or any State
         and shall expressly assume, by a Master Agreement Supplement, executed
         and delivered to the Trustee, the Obligors' Agent, the Servicer, each
         Series Controlling Party and each Series Support Provider, the due and
         punctual payment of the principal of and interest on all Notes
         previously issued and having such Obligor as an Obligor with respect
         thereto and the performance or observance of every agreement and
         covenant of this Master Agreement and the related Series Supplement and
         each other related Series Related Document on the part of such Obligor
         to be performed or observed, all as provided herein and therein;

                  (ii)     immediately after giving effect to such transaction,
         no Default with respect to any Series or Event of Default with respect
         to any Series previously issued and having such Obligor as a Series
         Obligor with respect thereto shall have occurred and be continuing;

                  (iii)    each Series Support Provider and each Series
         Controlling Party relating to each Series previously issued and having
         such Obligor as a Series Obligor with respect thereto, if any, shall
         have consented in writing to such transaction;

                  (iv)     any action as is necessary to maintain the validity
         and first priority, perfected nature of the lien and security interest
         created in favor of the Trustee by each related Series Supplement shall
         have been taken; and

                  (v)      prior notification shall have been provided to the
         Rating Agencies.

                  (b)      No Obligor shall convey or transfer all or
substantially all of its properties or assets or any Series Trust Estate to any
Person (except as expressly permitted by this Master Agreement, the related
Series Supplement or the related Series Related Documents), unless

                  (i)      the Person that acquires by conveyance or transfer
         such Series Trust Estate shall (A) be a United States citizen or a
         Person organized and

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         existing under the laws of the United States of America or any State,
         (B) expressly assume, by a Master Agreement Supplement, executed and
         delivered to the Trustee and each Series Support Provider, the due and
         punctual payment of the principal of and interest on all Notes
         previously issued and having such Obligor as a Series Obligor with
         respect thereto and the performance or observance of every agreement
         and covenant of this Master Agreement, the related Series Supplement or
         the related Series Related Documents on the part of such Obligor to be
         performed or observed, all as provided herein and therein, (C)
         expressly agree by means of such Master Agreement Supplement that all
         right, title and interest so conveyed or transferred shall be subject
         and subordinate to the rights of Holders of the related Notes, (D)
         unless otherwise provided in such Master Agreement Supplement,
         expressly agree to indemnify, defend and hold harmless such Obligor
         against and from any loss, liability or expense arising under or
         related to this Master Agreement, the related Series Supplement and the
         Notes previously issued and having such Obligor as a Series Obligor
         with respect thereto and (E) expressly agree by means of such Master
         Agreement Supplement that such Person (or if a group of Persons, then
         one specified Person) shall make all filings with the Commission (and
         any other appropriate Person) required by the Exchange Act in
         connection with the related Notes;

                  (ii)     immediately after giving effect to such transaction,
         no Default with respect to the affected Series or Event of Default with
         respect to any Series previously issued and having such Obligor as a
         Series Obligor with respect thereto shall have occurred and be
         continuing;

                  (iii)    each Series Support Provider and each Series
         Controlling Party relating to each Series previously issued and having
         such Obligor as a Series Obligor with respect thereto, if any, shall
         have consented in writing to such transaction; and

                  (iv)     any action as is necessary to maintain the validity
         and first priority, perfected nature of the lien and security interest
         created in favor of the Trustee by each related Series Supplement(s)
         shall have been taken.

                  Section 14.04. Negative Covenants.

                  The Obligors hereby covenant and agree that so long as this
Master Agreement is in effect and (i) any Notes remain Outstanding or (ii) any
obligation (other than any contingent liability or indemnity) owed to a Series
Support Provider, a Series Secured Party or any Noteholder remains unpaid or
unperformed:

                  (i)      except as expressly permitted by this Master
         Agreement, each related Series Supplement and each related Series
         Related Document, sell, transfer, exchange or otherwise dispose of any
         of the properties or assets constituting any Series Trust Estate,
         unless directed to do so by the related Series Controlling Party;

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                  (ii)     claim any credit on, or make any deduction from the
         principal or interest in respect of, the Notes (other than amounts
         properly withheld from such payments under the Code) or assert any
         claim against any present or former Noteholder or any Series Support
         Provider by reason of the payment of the taxes levied or assessed upon
         any part of any Series Trust Estate; or

                  (iii)    (A) except as permitted by this Master Agreement, any
         related Series Supplement or any related Series Related Documents,
         permit the validity or effectiveness of the related Series Supplement
         to be impaired, or permit the lien in favor of the Trustee created by
         the related Series Supplement to be amended, hypothecated,
         subordinated, terminated or discharged, or permit any Person to be
         released from any covenants or obligations with respect to any Notes
         under this Master Agreement or any Series Supplement except as may be
         expressly permitted hereby, (B) permit any Lien (other than the Lien in
         favor of the Trustee created by the related Series Supplement) to be
         created on or extend to or otherwise arise upon or burden any Series
         Trust Estate or any part thereof or any interest therein or the
         proceeds thereof (other than tax liens, mechanics' liens, storage liens
         and other liens that arise by operation of law, in each case on any
         Pledged Property and arising solely as a result of an action or
         omission of the related Users), (C) permit the lien in favor of the
         Trustee created by the related Series Supplement not to constitute a
         valid first priority (other than with respect to any such tax,
         mechanics', storage or other lien) and perfected security interest in
         the related Series Trust Estate, or (D) amend, modify or fail to comply
         with the provisions of the related Series Related Documents without the
         prior written consent of the related Series Controlling Party; or

                  (iv)     contribute or incur any obligation to contribute to,
         or incur any liability in respect of, any Plan or Multiemployer Plan.

                  Section 14.05. Performance of Obligations; Servicing of Each
Series Trust Estate.

                  (a)      No Obligor will take any action and will use its best
efforts not to permit any action to be taken by others that would release any
Person from any of such Person's material covenants or obligations under any
instrument or agreement included in any Series Trust Estate or that would result
in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement,
except as expressly provided in this Master Agreement, the related Series
Supplement or related Series Related Document or such other instrument or
agreement.

                  (b)      Any Obligor may contract with other Persons
(including the Obligors' Agent) to assist it in performing its duties under this
Master Agreement, and any performance of such duties by a Person identified to
the Trustee and each related Series Support Provider in an Officer's Certificate
of such Obligor shall be deemed to be action taken by such Obligor.

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                  (c)      Each Obligor will punctually perform and observe or
cause to be performed and observed all of its obligations and agreements
contained in this Master Agreement, each related Series Supplement, its
Organizational Documents and each related Series Related Document and in the
instruments and agreements included in each Series Trust Estate, including but
not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Master
Agreement, each related Series Supplement and each related Series Related
Document in accordance with and within the time periods provided for herein and
therein.

                  (d)      If any Obligor or the Obligors' Agent shall have
knowledge of the occurrence of an Event of Servicer Termination under any Series
Related Document, the Obligors shall promptly notify the Trustee, the related
Series Controlling Party and the related Series Support Provider, if any, and
shall specify in such notice the action, if any, such Obligor and the Obligors'
Agent is taking with respect of such default. If such Servicer Termination Event
shall arise from the failure of the Servicer to perform any of its duties or
obligations hereunder with respect to the related Series Trust Estate, the
Obligors and the Obligors' Agent shall take all reasonable steps available to it
to remedy such failure.

                  (e)      Upon any termination of any Servicer's rights and
powers pursuant to this Master Agreement or any Series Related Document, the
Obligors' Agent shall promptly notify the Trustee in writing.

                  Section 14.06. Money for Note Payments to Be Held in Trust.

                  All payments of amounts due and payable with respect to any
Notes that are to be made from amounts withdrawn from the related Series Account
shall be made on behalf of the related Obligors by the Trustee or by another
Paying Agent, and no amounts so withdrawn from any Series Account for payments
of Notes shall be paid over to any Obligor, except as provided in the related
Series Supplement.

                  The related Obligors will cause each Paying Agent other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will, with respect to each related Series of
Notes:

                  (i)      hold all sums held by it for the payment of the
         principal of or interest on the related Notes in trust for the benefit
         of the Persons entitled thereto until such sums shall be paid to such
         Persons or otherwise disposed of as herein provided;

                  (ii)     give the Trustee notice of any default by the related
         Obligors in the making of any payment of principal or interest on such
         Notes;

                  (iii)    at any time during the continuance of any such
         default, upon the written request of the Trustee, forthwith pay to the
         Trustee all sums so held in trust by such Paying Agent;

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                  (iv)     immediately resign as a Paying Agent and forthwith
         pay to the Trustee all sums held by it in trust for the payment of the
         related Notes if at any time it ceases to meet the standards required
         to be met by a Paying Agent at the time of its appointment; and

                  (v)      comply with all requirements of the Code with respect
         to the withholding from any payments made by it on any Notes of any
         applicable withholding taxes imposed thereon and with respect to any
         applicable reporting requirements in connection therewith.

                  The related Obligors may at any time, for the purpose of
obtaining the satisfaction and discharge of any Series Supplement or for any
other purpose, pay, or by Obligors' Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

                  Any money deposited with the Trustee or any Paying Agent, in
trust for the payment of the principal of or interest on any Note and remaining
unclaimed for two years after such principal or interest has become due and
payable shall be paid to the Obligors' Agent, as specified in an Obligors'
Order; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Obligors' Agent for payment thereof, and all
liability of the Trustee, such Paying Agent or any Series Support Provider with
respect to such trust money, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Obligors' Agent cause to be published once, in a
newspaper published in the English language, customarily published on each
Business Day and of general circulation in the Borough of Manhattan, The City of
New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
to the Obligors' Agent.

                  Section 14.07. Corporate Existence.

                  Except as provided in Section 14.03, each Obligor will do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence and material rights (charter and statutory) and
material franchises of such Obligor; provided, however, that the Obligors, with
the prior written consent of each Series Support Provider and each Series
Controlling Party, shall not be required to preserve any such right or franchise
if such Obligor shall determine that the preservation thereof is no longer
desirable in the conduct of the business of such Obligor, and that the loss
thereof is not disadvantageous in any material respect to the Holders of the
related Notes.

                                       97

<PAGE>

                  Section 14.08. Payment of Taxes and Other Claims.

                  Each Obligor will pay or discharge or cause to be paid or
discharged, before the same shall become delinquent, (1) all taxes, assessments
and governmental charges levied or imposed upon such Obligor on any portion of
any Series Trust Estate, or upon the income, profits or property of such
Obligor, and (2) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a Lien upon the Property of such Obligor or on any
portion of any Series Trust Estate; provided, however, that such Obligor shall
not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings and such Obligor shall
have set aside on its books adequate reserves with respect thereto.

                  Section 14.09. Amendment of Organizational Documents.

                  (a)      No Obligor will amend its Organizational Documents
without the prior written consent of the related Series Controlling Parties and
the prior notification of the Rating Agencies, and shall not amend its
Organizational Documents in any manner that materially and adversely affects the
Holders of the Notes or any Series Support Provider.

                  (b)      No Obligor shall take any action which would
adversely impact the corporate separateness of such Obligor with Marlin, or
which would adversely impact its status as a "bankruptcy remote" entity. Each
Obligor shall strictly abide by the restrictive provisions of its Organizational
Documents in furtherance of the foregoing.

                  Section 14.10. Rule 144A Information.

                  With respect to the Holder of any Unregistered Note, the
Obligors shall promptly furnish or cause to be furnished to such Holder or to a
prospective purchaser of such an Unregistered Note designated by such Holder, as
the case may be, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act ("Rule 144A Information") in order to permit
compliance by such Holder with Rule 144A in connection with the resale of such
Unregistered Note by such Holder; provided, however, that the Obligors shall not
be required to furnish Rule 144A Information in connection with any request made
on or after the date which is three years from the later of (i) the date such
Note (or any predecessor Note) was acquired from the Obligors or (ii) the date
such Note (or any predecessor Note) was last acquired from an "affiliate" of the
Obligors within the meaning of Rule 144 under the Securities Act; and provided,
further, that the Obligors shall not be required to furnish such information at
any time to a prospective purchaser located outside the United States who is not
a "United States Person" within the meaning of Regulation S under the Securities
Act if such Note may then be sold to such prospective purchaser in accordance
with Rule 904 under the Securities Act (or any successor provision thereto).

                                       98

<PAGE>

                  Section 14.11. Further Instruments and Acts.

                  Upon request of the Trustee, any Series Support Provider or
any Series Controlling Party, each Obligor and the Obligors' Agent will execute
and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this
Master Agreement, any related Series Supplement and any related Series Related
Document.

                  Section 14.12. Compliance with Laws.

                  Each Obligor shall comply with all applicable Requirements of
Law, the noncompliance with which would, individually or in the aggregate,
materially and adversely affect any portion of any Series Trust Estate or the
ability of such Obligor to perform its obligations under the related Notes, this
Master Agreement, the related Series Supplements or the related Series Related
Document.

                  Section 14.13. Income Tax Characterization.

                  For purposes of Federal income, state and local income and
franchise and any other income taxes, each Obligor will treat the related Notes
as debt of such Obligor.

                                   Article XV

                            MISCELLANEOUS PROVISIONS

                  Section 15.01. Counterparts.

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

                  Section 15.02. Governing Law.

                  This Master Agreement, each Series Supplement and each Note
shall be governed by, and construed in accordance with, the laws of the State of
New York and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws, including Section 5-1401 of the
General Obligation Laws of New York, but otherwise without regard to the
conflicts of law provisions of any State.

                  Section 15.03. Notices.

                  All demands, notices and communications (other than periodic
communications of a routine nature made in connection with the dissemination of
information regarding the Pledged Property and the Servicer required to be
delivered hereunder, which shall be delivered or mailed by first class mail)
hereunder shall be in writing, personally delivered or mailed by overnight
courier, and shall be deemed to have been duly given upon receipt (a) in the
case of Transferor and the Servicer, at the

                                       99

<PAGE>

following address: Marlin Leasing Corporation, 124 Gaither Drive, Suite 170, Mt.
Laurel, New Jersey 08054, Attention: Treasurer, (b) in the case of the Trustee,
at the following address: Sixth Street and Marquette Avenue, MAC N9311-161,
Minneapolis, Minnesota 55479, Attention: Corporate Trust Services - Asset Backed
Administration, (c) in the case of the Obligors' Agent, at the following
address: Marlin Leasing Receivables Corp. II, 639 Isbell Road, Suite 390, Reno,
Nevada 89509, Attention: Treasurer, and (d) in the case of any Series Support
Party, at the address specified for such notice in the applicable Series
Supplement, or, in each of the foregoing cases (a) through (d), at such other
address as shall be designated by such party in a written notice to the other
parties. Any notice required or permitted to be mailed to a Noteholder shall be
given by first class mail, postage prepaid, at the address of such Holder as
shown in the Note Register or the related Series Supplement. Any notice to a
Noteholder which is so mailed within the time prescribed in this Master
Agreement shall be conclusively presumed to have been duly given on the fifth
Business Day following mailing, whether or not the Noteholder receives such
notice.

                  Section 15.04. Severability of Provisions.

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

                  Section 15.05. Binding Effect.

                  This Master Agreement shall inure to the benefit of, and shall
be binding upon, (i) the Servicer, (ii) the Obligors' Agent and each Obligor,
(iii) the Trustee, (iv) the Noteholders, (v) the Series Support Providers, if
any, (vi) to the extent expressly provided hereunder, the Affiliates of the
Trustee, the Noteholders and the Series Support Providers, if any, and (vii) the
respective successors and permitted assigns of each of the foregoing, subject,
in each of the foregoing cases, to the limitations contained in this Master
Agreement.

                  Section 15.06. Exhibits.

                  The exhibits to this Master Agreement are hereby incorporated
herein and made a part hereof and are an integral part of this Master Agreement.

                  Section 15.07. Calculations.

                  All interest rate calculations under this Master Agreement
will be carried out to at least seven decimal places. All payments on the
Contracts shall be calculated on the Actuarial Method.

                                      100

<PAGE>

                  Section 15.08. Further Assurances.

                  The Obligors, the Obligors' Agent and the Servicer agree to do
and perform, from time to time, any and all acts and to execute any and all
further instruments and documents required or reasonably requested by the
Trustee to effect more fully the purposes of this Master Agreement, including,
without limitation, the execution of any financing statements or continuation
statements relating to any Series Trust Estate for filing under the provisions
of the UCC of any applicable jurisdiction.

                  Section 15.09. Nonpetition Covenant.

                  Notwithstanding any prior termination of this Master
Agreement, none of the parties hereto, any Noteholder, any Series Support
Provider, the Transferor, the Obligors' Agent nor any Obligor shall, prior to
the date which is one year and one day after the payment in full of the Notes of
all Series, acquiesce, petition or otherwise invoke or cause any Obligor to
invoke the process of any Governmental Authority for the purpose of commencing
or sustaining a case against any Obligor under any Federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of or for any Obligor
or any substantial part of its property or ordering the winding up or
liquidation of the affairs of any Obligor.

                                      101

<PAGE>

                  IN WITNESS WHEREOF, the Servicer, the Obligors' Agent and the
Trustee have caused this Master Agreement to be duly executed by their
respective officers, all as of the day and year first above written.

                                    MARLIN LEASING CORPORATION, as Servicer

                                    By:_________________________________________
                                       Name:
                                       Title:

                                    MARLIN LEASING RECEIVABLES CORP. II,
                                    Obligors' Agent

                                    By:_________________________________________
                                       Name:
                                       Title:

                                    WELLS FARGO BANK MINNESOTA, NATIONAL
                                    ASSOCIATION, as Trustee and Back-up
                                    Servicer

                                    By:_________________________________________
                                       Name:
                                       Title:

                  [Signature Page to Master Facility Agreement]

                                      102

<PAGE>

                                                                  Execution Copy

                                    EXHIBIT A

                FORM OF BACK-UP SERVICER VERIFICATION CERTIFICATE

                                     [DATE]

<PAGE>

                                                                  Execution Copy

                                    EXHIBIT B

                 FORM OF TRUSTEE WEBSITE INVESTOR CERTIFICATION

                                      Date:

Wells Fargo Bank Minnesota,
   National Association
Sixth Street and Marquette Avenue
MAC N9311-161
Minneapolis, MN 55479

Attention:        Corporate Trust Services -- Asset-Backed Administration
                  Marlin Notes

                  In accordance with Section 12.05 of the Master Lease
Receivables Asset-Backed Financing Facility Agreement dated as of April 1, 2002
by and among Marlin Leasing Corporation, Marlin Leasing Receivables Corp. II and
Wells Fargo Bank Minnesota, National Association (the "Agreement"), with respect
to Series _____ Notes (the "Notes"), the undersigned hereby certifies and agrees
as follows:

                  1.       The undersigned is a beneficial owner of $__________
         in principal balance of the Notes.

                  2.       The undersigned is requesting a password pursuant to
         Section 12.05 of the Agreement for access to certain information (the
         "Information") on the Trustee's website.

                  3.       In consideration of the Trustee's disclosure to the
         undersigned of the Information, or the password in connection
         therewith, the undersigned will keep the Information confidential
         (except from such outside persons as are assisting it in connection
         with the related Notes, from its accountants and attorneys, and
         otherwise from such governmental or banking authorities or agencies to
         which the undersigned is subject), and such Information will not,
         without the prior written consent of the Trustee, be otherwise
         disclosed by the undersigned or by its officers, directors, partners,
         employees, agents or representatives (collectively, the
         "Representatives") in any manner whatsoever, in whole or in part.

                  4.       The undersigned will not use or disclose the
         Information in any manner which could result in a violation of any
         provision of the Securities Act of 1933, as amended (the "Securities
         Act"), or the Securities Exchange Act of 1934, as amended, or would
         require registration of any Certificate pursuant to Section 5 of the
         Securities Act.

                  5.       The undersigned shall be fully liable for any breach
         of this agreement by itself or any of its Representative and shall
         indemnify the Servicer

<PAGE>

         and the Trustee for any loss, liability or expense incurred thereby
         with respect to any such breach by the undersigned or any of its
         Representatives.

                  6.       Capitalized terms used but not defined herein shall
         have the respective meanings assigned thereto in the Agreement.

                  IN WITNESS WHEREOF, the undersigned has caused its name to be
signed hereby by its duly authorized officer, as of the day and year written
above.

                                    ____________________________________________
                                    Beneficial Owner

                                    By:_________________________________________
                                    Title:______________________________________
                                    Company:____________________________________
                                    Phone:______________________________________

                                       B-2<PAGE>

                                                                   EXHIBIT 10.12

                                                                  Execution Copy

================================================================================

                           MARLIN LEASING CORPORATION,
                       Individually, and as the Servicer,

                      MARLIN LEASING RECEIVABLES CORP. II,
                             as the Obligors' Agent,

                       MARLIN LEASING RECEIVABLES II LLC,
                                 as the Obligor,

                               NATIONAL CITY BANK,
                                  as the Agent

                                       and

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION,
                                 as the Trustee

================================================================================

                            SERIES 2002-A SUPPLEMENT

                            Dated as of April 1, 2002

                                     to the

            MASTER LEASE RECEIVABLES ASSET-BACKED FINANCING FACILITY
                                    AGREEMENT

                            Dated as of April 1, 2002

================================================================================

                                        1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   Page
                                                                                                                   ----
<S>                                                                                                                <C>
ARTICLE I CREATION OF THE SERIES 2002-A NOTES....................................................................    1

         Section 1.01 Designation................................................................................    1
         Section 1.02 Pledge of Series 2002-A Trust Estate.......................................................    1
         Section 1.03 Payments...................................................................................    2
         Section 1.04 Assignment to a Group; Crossover Amounts...................................................    2
         Section 1.05 Authorizations to File Financing Statements................................................    2

ARTICLE II DEFINITIONS...........................................................................................    2

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

ARTICLE III DISTRIBUTIONS AND STATEMENTS TO SERIES 2002-A NOTEHOLDER; SERIES SPECIFIC COVENANTS..................   26

         Section 3.01 Series 2002-A Accounts.....................................................................   26
         Section 3.02 Agent to Send Notice of Amounts Due........................................................   27
         Section 3.03 Distributions from Series 2002-A Facility Account..........................................   27
         Section 3.04 Reporting and Review Requirements..........................................................   35
         Section 3.05 Compliance With Withholding Requirements...................................................   37
         Section 3.06 Servicer Advances..........................................................................   38
         Section 3.07 Special Representations, Covenants and Acknowledgements....................................   38
         Section 3.08 Hedging Arrangements.......................................................................   42
         Section 3.09 Lockbox Account............................................................................   43

ARTICLE IV SERIES PRINCIPAL AMOUNT FOR SERIES 2002-A.............................................................   44

         Section 4.01 Advances...................................................................................   44

ARTICLE V SERIES EVENTS OF DEFAULT...............................................................................   47

         Section 5.01 Series Events of Default...................................................................   47
         Section 5.02 Events of Servicer Termination.............................................................   51
         Section 5.03 Waiver of Past Defaults....................................................................   52
         Section 5.04 Effects of Servicer Termination............................................................   52
         Section 5.05 Back-up Servicer to Act; Representations and Warranties; Compensation of Back-up Servicer..   52
         Section 5.06 Additional Provisions with Respect to the Back-up Servicer.................................   53
         Section 5.07 Certain Matters Relating to the Trustee....................................................   54
         Section 5.08 Resignation and Removal of Trustee.........................................................   54
         Section 5.09 Control by Holders.........................................................................   55
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                                                                 <C>
ARTICLE VI PREPAYMENT AND REDEMPTION.............................................................................   55

         Section 6.01 Mandatory Prepayment.......................................................................   55
         Section 6.02 Optional Redemption........................................................................   56
         Section 6.03 Tender of Series 2002-A Note...............................................................   56

ARTICLE VII MISCELLANEOUS........................................................................................   57

         Section 7.01 Agent Authorized to Act for the Purchasers; Notices........................................   57
         Section 7.02 Ratification of Master Agreement...........................................................   57
         Section 7.03 Counterparts...............................................................................   57
         Section 7.04 GOVERNING LAW..............................................................................   57
         Section 7.05 Amendments and Waivers.....................................................................   58
         Section 7.06 Non-petition Clause........................................................................   58
         Section 7.07 Certain Information........................................................................   58
         Section 7.08 Series Support Provider as Third Party Beneficiary.........................................   58
         Section 7.09 Termination................................................................................   59
</TABLE>

                                       ii

<PAGE>

<TABLE>
<CAPTION>
EXHIBITS
<S>               <C>
Schedule 1        Hedge Counterparties
Exhibit A         Form of Series 2002-A Note
Exhibit B         [Reserved]
Exhibit C         Wire Instructions for Agent
Exhibit D         Form of Servicer's Certificate
Exhibit E         Forms of Contracts
Exhibit F         Certain Information
Exhibit G         Form of Pledge Notice
</TABLE>

                                       iii

<PAGE>

                  This Series 2002-A Supplement, (the "Series 2002-A
Supplement") dated as of April 1, 2002, is by and among Marlin Leasing
Corporation, a Delaware corporation, individually (in such capacity "Marlin"),
and as initial servicer (in such capacity, the "Servicer"), Marlin Leasing
Receivables Corp. II, a Nevada corporation ("MLR II"), as the Obligors' Agent,
Marlin Leasing Receivables II LLC, a Nevada limited liability company ("MLR II
LLC"), as the Obligor, National City Bank, a national banking association, as
Agent ("National City", in such capacity, the "Agent"), and Wells Fargo Bank
Minnesota, National Association, a national banking association (the "Trustee").

                                    RECITALS

                  This Series 2002-A is being executed and delivered pursuant to
Section 13.02 of the Master Lease Receivables Financing Facility Agreement dated
as of April 1, 2002 (as it may be amended, supplemented and otherwise modified
from time to time, the "Master Agreement") among the Servicer, the Obligors'
Agent and the Trustee. In the event that any term or provision contained herein
shall conflict with or be inconsistent with any term or provision contained in
the Master Agreement, the terms and provisions of this Series 2002-A Supplement
shall govern with respect to the Series.

                                    ARTICLE I

                       CREATION OF THE SERIES 2002-A NOTES

                  Section 1.01 Designation. There is hereby created a Series of
Notes to be issued pursuant to the Master Agreement and this Series 2002-A
Supplement to be known as "Marlin Lease Receivables Master Asset-Backed
Financing Facility, Series 2002-A Notes." The Obligor with respect to the Series
2002-A Notes is MLR II LLC. The Notes shall be issued as Definitive Notes in
accordance with Sections 5.11 of the Master Agreement.

                  Section 1.02 Pledge of Series 2002-A Trust Estate. The Obligor
hereby pledges to the Trustee for the benefit of the Series 2002-A Secured
Parties, and the Trustee hereby accepts the pledge of, all right, title and
interest of such Obligor whether now owned and existing or hereafter acquired or
arising in and to (1) each and every Contract now or hereafter listed as a
Series 2002-A Contract on a Pledge Notice delivered to the Trustee, (2) all
Collections, Security Deposits and Related Security associated therewith, (3)
all Servicing Charges with respect thereto, (4) all balances, instruments,
monies, investment property and other securities and investments from time to
time in or acquired with amounts at any time on deposit in each Series 2002-A
Account, and in the Lockbox Account to the extent such amounts in the Lockbox
Account represent Collections or proceeds of Series 2002-A Contracts or earnings
with respect thereto, (5) each Series 2002-A Transfer Agreement Supplement and
all of the Obligor's rights (directly or through the Obligors' Agent) to enforce
the provisions of, and to benefit from the representations, warranties and
covenants made therein and in the Master Transfer Agreement, but only insofar as
such rights relate to the Series 2002-A Trust Estate, (6) all security interests
in the Equipment not owned by the Obligor, and all Equipment owned by the
Obligor, in each case associated with the Series 2002-A Contracts, (7) any
Crossover Amounts allocated to the Series 2002-A Trust Estate from another
Series, (8) all of the Obligor's right, title and interest, if any, in and to
each Hedge Agreement and (9) all proceeds of each of the foregoing, but
excluding the

                                        1

<PAGE>

following: any obligations of the Obligor, if any, under a Series 2002-A
Transfer Agreement Supplement and Initial Unpaid Amounts (such non-excluded
property, the "Series 2002-A Trust Estate").

                  Section 1.03 Payments. All amounts to be paid or deposited by
any Person hereunder shall be paid or deposited in accordance with the terms
hereof no later than 12:00 noon (New York City time) on the day when due in
immediately available funds, or by prior day ACH debit (so long as such funds
represent immediately available funds), and if such amounts are payable to the
Series 2002-A Noteholder, they shall be paid as specified in the Note Purchase
Agreement (as defined below), or, if the Series Support Provider is entitled to
such payments, as directed by the Series Support Provider.

                  Section 1.04 Assignment to a Group; Crossover Amounts. There
is hereby established a Group for purposes of the Master Agreement, which shall
be known as "Group A"; the Series 2002-A Notes are hereby assigned to Group A.
The amounts described in clause nineteenth of Section 3.03(a)(i) and in clause
twentieth of Section 3.03(a)(ii) are hereby designated as the "Crossover
Amounts" for the Series 2002-A Notes for purposes of the Master Agreement.

                  Section 1.05 Authorizations to File Financing Statements. The
Obligor hereby authorizes the filing of a UCC Financing Statement which
identifies the Obligor as the debtor and the Agent as the Secured Party and
which describes the collateral as "all assets" or "all personal property" of the
Obligor, other than the following: (1) any obligations of the debtor, if any,
under a Series 2002-A Transfer Agreement Supplement and (2) Initial Unpaid
Amounts the Series 2002-A Notes are hereby

                                   ARTICLE II

                                   DEFINITIONS

                  Section 2.01 Definitions. Whenever used in this Series 2002-A
Supplement and when used in the Master Agreement with respect to the Series
2002-A Notes, the following words and phrases shall have the following meanings,
and the definitions of such terms are applicable to the singular as well as the
plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such terms. Unless otherwise defined in this Series 2002-A
Supplement, terms defined in the Master Agreement are used herein as therein
defined. For purposes of the Master Agreement, certain definitions are set forth
in Section 3.07(b) hereof.

                  "31 to 60 Day Delinquency Ratio" means, as of the end of any
Collection Period, the percentage equivalent of a fraction, the numerator of
which is equal to the aggregate Contract Balance Remaining of all Series 2002-A
Contracts as to which any Scheduled Payment (or part thereof in excess of 10% of
such Scheduled Payment) is delinquent 31 or more days, but no Scheduled Payment
(nor part thereof in excess of 10% of such Scheduled Payment) is delinquent more
than 60 days and which is not a Charged-Off Contract as of the end of such
Collection Period, and the denominator of which is the aggregate Contract
Balance Remaining of all Series 2002-A Contracts as of the end of the Collection
Period immediately preceding such Collection Period.

                                        2

<PAGE>

                  "61 to 90 Day Delinquency Ratio" means, as of the end of any
Collection Period, the percentage equivalent of a fraction, the numerator of
which is equal to the sum of (x) the aggregate Contract Balance Remaining of all
Series 2002-A Contracts as to which any Scheduled Payment (or part thereof in
excess of 10% of such Scheduled Payment) is delinquent 61 or more days, but no
Scheduled Payment (nor part thereof in excess of 10% of such Scheduled Payment)
is delinquent more than 90 days, and which is not a Charged-Off Contract as of
the end of such Collection Period plus (y) the aggregate Contract Balance
Remaining of all Series 2002-A Contracts which were Restructured during such
Collection Period and the two preceding Collection Periods, and the denominator
of which is the aggregate Contract Balance Remaining of all Series 2002-A
Contracts as of (i) during the Revolving Period, the end of the second preceding
Collection Period and (ii) during the Amortization Period, the beginning of such
Collection Period.

                  "91 Plus Day Delinquency Ratio" means, as of the end of any
Collection Period, the percentage equivalent of a fraction, the numerator of
which is equal to the aggregate Contract Balance Remaining of all Series 2002-A
Contracts as to which any Scheduled Payment (or part thereof in excess of 10% of
such Scheduled Payment) is delinquent 91 or more days, and which is not a
Charged-Off Contract as of the end of such Collection Period, and the
denominator of which is the aggregate Contract Balance Remaining of all Series
2002-A Contracts (i) during the Revolving Period, as of the end of the third
preceding Collection Period and (ii) during the Amortization Period, as of the
beginning of such Collection Period.

                  "31 to 60 Day Portfolio Delinquency Rate" means, as of the end
of any Collection Period, the percentage equivalent of a fraction, the numerator
of which is equal to the aggregate Contract Balance Remaining of all leases
included in the Servicer's servicing portfolio as to which any Scheduled Payment
(or part thereof in excess of 10% of such Scheduled Payment) is delinquent 31 or
more days, but no Scheduled Payment (or part thereof in excess of 10% of such
Scheduled Payment) is more than 60 days delinquent (and which would not be
"Charged-Off Contracts" if treated as "Contracts") as of the end of such
Collection Period, and the denominator of which is the aggregate Contract
Balance Remaining of all leases included in the Servicer's servicing portfolio
as of the end of such Collection Period.

                  "61 to 90 Day Portfolio Delinquency Rate" means, as of the end
of any Collection Period, the percentage equivalent of a fraction, the numerator
of which is equal to the aggregate Contract Balance Remaining on all leases
included in the Servicer's servicing portfolio as to which any Scheduled Payment
(or part thereof in excess of 10% of such Scheduled Payment) is delinquent 61 or
more days, but no Scheduled Payment (or part thereof in excess of 10% of such
Scheduled Payment) is more than 90 days delinquent (and which would not be
Charged-Off Contracts if treated as "Contracts") as of the end of such
Collection Period, and the denominator of which is the aggregate Contract
Balance Remaining of all leases included in the Servicer's servicing portfolio
as of the end of such Collection Period.

                  "91 Plus Day Portfolio Delinquency Rate" means, as of the end
of any Collection Period, the percentage equivalent of a fraction, the numerator
of which is equal to the aggregate Contract Balance Remaining of all leases
included in the Servicer's servicing portfolio as to which any Scheduled Payment
(or part thereof in excess of 10% of such Scheduled Payment) is 91 or more days
delinquent (and which would not be "Charged-Off Contracts" if treated as

                                        3

<PAGE>

"Contracts"), as of the end of such Collection Period, and the denominator of
which is the aggregate Contract Balance Remaining of all leases included in the
Servicer's servicing portfolio as of the end of such Collection Period.

                  "Advance " has the meaning set forth in Section 4.01(b).

                  "Advance Amount" means, as of any Pledge Date:

                  (a)      with respect to any Pledge of any Series 2002-A
Contracts under Section 4.01(b) hereof, the excess, if any, of (x) the Pro Forma
Borrowing Base over (y) the Net Investment immediately prior to such Pledge;

                  (b)      with respect to any Pledge of any Series 2002-A
Contracts under Section 4.01(e) hereof, the excess, if any, of (x) the Pro Forma
Borrowing Base over (y) the Borrowing Base as of the immediately preceding
Calculation Date; and

                  (c)      with respect to any Pledge under Section 4.01(f)
hereof, $0.

                  "Agent" means National City, in its capacity as agent for the
Purchasers pursuant to Article VIII of the Note Purchase Agreement and any
successor Agent appointed pursuant thereto.

                  "Amortization Period" means the period commencing on the
Termination Date, and ending on the earlier to occur of (i) the final
disposition of, and application of the proceeds of, the Series 2002-A Trust
Estate and (ii) the payment in full of all Series Trustee Secured Obligations.

                  "Applicable Discount Rate" means with respect to any Series
2002-A Contract, the sum of:

                           (i)      the Fee Rate; and

                           (ii)     the Weighted Average Hedge Rates under the
                                    Hedge Agreements which apply to such Series
                                    2002-A Contract, determined as of the
                                    related Pledge Date.

                  "Applicable Hedge Agreement" means, with respect to any
Interest Period, any Hedge Agreement under which payment is scheduled to be made
(in the absence of any "netting") on the Settlement Date relating to such
Interest Period.

                  "Applicable Hedge Rate" means, for any Applicable Hedge
Agreement and Interest Period (i) if the Hedge Counterparty on such Applicable
Hedge Agreement is a Person other than National City, the Series 2002-A Base
Insured Note Interest Rate for the related Interest Period and (ii) if the Hedge
Counterparty on such Applicable Hedge Agreement is National City, the sum of (x)
Hedge Rate for such Applicable Hedge Agreement plus (y) the applicable LIBO
Margin.

                                        4

<PAGE>

                  "Applicable Trigger Charged-Off Ratio" means, as of any date
of determination:

                           (x)      if the Net Investment as of such date of
                                    determination is less than $25,000,000,
                                    8.0%;

                           (y)      if the Net Investment as of such date of
                                    determination is $25,000,000 or more but
                                    less than $50,000,000, 6.0%; and

                           (z)      if the Net Investment as of such date of
                                    determination is $50,000,000 or more, 4.0%.

                  "Average Charged-Off Ratio" means, as of any day of
determination, the arithmetic average of the Charged-Off Ratio as of the last
day of each of the three preceding Collection Periods (or such lesser number of
Collection Periods as shall have occurred since the Series Closing Date).

                  "Back-Up Servicer Fee" means the monthly fee payable to the
Back-Up Servicer on each Settlement Date, which shall be the greater of (a)
one-twelfth of four basis points per annum times the aggregate Contract
Principal Balance of the Series 2002-A Contracts as of the end of the preceding
Collection Period and (b) $1,500. This fee is only to be paid to the Back-up
Servicer for so long as it is acting as such and is not payable during such time
as the Back-up Servicer acts as the successor Servicer.

                  "Base LIBO Rate" for any Interest Period (or portion thereof
for which a Purchaser initially funds an investment in the Series 2002-A Notes
other than by issuing Commercial Paper) with respect to the Series 2002-A Notes
shall mean an interest rate per annum equal to:

                           (i)      the posted rate for 30-day deposits (or such
                                    lesser period of time as determined by the
                                    Agent to be appropriate, in the event that
                                    the LIBO Rate is to be determined for a
                                    portion of an Interest Period) in United
                                    States Dollars appearing on Telerate page
                                    3750 as of 11:00 a.m. (London time) on the
                                    Business Day which is the second Business
                                    Day immediately preceding the first day of
                                    the applicable Interest Period (or the first
                                    day of such portion of an Interest Period);
                                    or

                           (ii)     if no such rate appears on Telerate page
                                    3750 at such time and day, then the LIBO
                                    Rate shall be determined by National City at
                                    its office in Philadelphia, Pennsylvania as
                                    its rate (each such determination, absent
                                    manifest error, to be conclusive and binding
                                    on all parties hereto and their assignees)
                                    at which 30-day deposits (or such lessor
                                    period of time as determined by the Agent to
                                    be appropriate, in the event that the LIBO
                                    rate is to be determined for a portion of an
                                    Interest Period ) in United States Dollars
                                    are being, having been, or would be offered
                                    or quoted by National City to major banks in
                                    the applicable interbank market for
                                    Euordollar deposits at or about 11:00 a.m.
                                    (Philadelphia, Pennsylvania time)

                                        5

<PAGE>

                                    on such day for a period equal to such
                                    Interest Period (or portion thereof).

                  "Borrowing Base" means, as of any date of determination, the
sum of:

                  (x)      the lesser of:

                           (i)      the product of (a) the sum of (i) the
                                    aggregate Contract Principal Balance of all
                                    Series 2002-A Contracts which are Eligible
                                    Contracts and which are not Charged-Off
                                    Contracts as of such date plus (ii) the
                                    portion of Series 2002-A Available Funds
                                    then on deposit in the Series 2002-A
                                    Facility Account which represents funds
                                    required to be applied to the amortization
                                    of the Series 2002-A Note Balance for the
                                    related Collection Period minus (iii) the
                                    Overconcentration Amount as of such date
                                    times (b) the Purchase Price Percentage as
                                    of such date of determination; and

                           (ii)     the sum of (a) the aggregate Contract
                                    Principal Balance of all Series 2002-A
                                    Contracts which are Eligible Contracts and
                                    which are not Charged-Off Contracts as of
                                    such date plus (b) the portion of Series
                                    2002-A Available Funds then on deposit in
                                    the Series 2002-A Facility Account which
                                    represents funds required to be applied to
                                    the amortization of the Series 2002-A Note
                                    Balance for the related Collection Period,
                                    minus (c) the Overconcentration Amount as of
                                    such date minus (d) the Credit Support Floor
                                    Amount;

                           and

                  (y)      the aggregate Residual Advance Amount, if any, with
respect to such date of determination.

                  "Breakage Costs" means, for each Owner for each funding
period, to the extent that an Owner is funding the maintenance of its investment
in the Series 2002-A Notes during such funding period through the issuance of
Commercial Paper or at the LIBO Rate, during which such investment is reduced
(in whole or in part) prior to the end of the period for which it was originally
scheduled to remain outstanding (the amount of such reduction in such investment
being referred to as the "Allocated Amount"), the excess of (a) the discount or
interest that would have accrued on the Allocated Amount during the remainder of
such funding period if such reduction had not occurred over (b) the income, if
any, scheduled to be received by such Owner from investing the Allocated Amount
for the remainder of such funding period in a commercially reasonable manner.

                  "Broker" means (i) the Person (excluding the Transferor and
any equipment vendor) that arranges for the lease of an item of Equipment to a
User pursuant to a Contract between the Transferor and the User of such
Equipment, or (ii) any Person from whom the Transferor purchased a Contract in
respect of which the Transferor is not an original party (other than pursuant to
a vendor program); provided, however, that the term "Broker" shall not include

                                        6

<PAGE>

any Person who serves as an intermediary between the Transferor and any vendor
or manufacturer with whom the Transferor has a program agreement and Marlin has
made the credit decision and is the initial lessor (except with respect to the
Provident Capital Group programs, where Provident Capital Group or an Affiliate
thereof may be the initial lessor).

                  "Broker Concentration Amount" means, as of any date of
determination, the excess, if any, of (x) the aggregate Contract Principal
Balance of all Series 2002-A Contracts originated by, or purchased from Brokers
over (y) thirty percent (30%) of the aggregate Contract Principal Balance of all
Series 2002-A Contracts which are Eligible Contracts at such time.

                  "Broker/Vendor Concentration Amount" means, as of any date of
determination, for each Broker or vendor (including Provident Capital Group)
that has originated or sold any Series 2002-A Contracts for or to the
Transferor, the excess, if any, of (x) the aggregate Contract Principal Balance
of all Series 2002-A Contracts originated by, or purchased from such Broker or
vendor over (y) five percent (5%) of the Net Investment at such time.

                  "Business Day" shall mean any day that is a Business Day under
the Master Agreement which is also a day on which banks are not authorized or
required to close in New York, New York, Philadelphia, Pennsylvania, Cleveland,
Ohio or in Minneapolis, Minnesota and on which The Depository Trust Company of
New York is open for business.

                  "Cap Agreement" means a Hedge Agreement under which the Hedge
Counterparty will only make payments when and if the Base LIBO Rate exceeds a
specified level, and which provides for no payment by the Trustee other than a
single upfront payment to be paid for by a party not to be the Trustee.

                  "Charged-Off Ratio" means, as of the end of any Collection
Period, twelve (12) times the percentage equivalent of a fraction the numerator
of which is equal to the excess of (x) the aggregate Contract Principal Balance
as of the end of such Collection Period of, plus any related Servicer Advances
made with respect to, all Series 2002-A Contracts which became Charged-Off
Contracts during such Collection Period, plus the aggregate Contract Principal
Balance of any Delinquent Contracts which were removed from the Series 2002-A
Trust Estate in exchange for Substitute Contracts during such Collection Period,
over (y) the sum of all Recoveries received during such Collection Period with
respect to the Series 2002-A Contracts, and the denominator of which is equal to
the aggregate Contract Principal Balance of all Series 2002-A Contracts as of
(i) during the Revolving Period, the end of the third preceding Collection
Period and (ii) during the Amortization Period, the beginning of such Collection
Period.

                  "Collateral Administration Agreement" shall mean the
Collateral Administration Agreement, dated as of April 1, 2002, among the
Obligor, the Obligors' Agent, the Transferor, the Servicer, the Trustee and the
Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time hereafter.

                  "Commercial Paper" means any note, draft, bill of exchange, or
bankers' acceptance which has a maturity at the time of issuance not exceeding
nine months, exclusive of days of grace, or any renewal thereof the maturity of
which is likewise limited.

                                        7

<PAGE>

                  "Committed Financing Facility" means any committed financing
available to Marlin or its affiliates which may be drawn upon (subject to any
conditions specified thereon) from time to time for the warehousing or financing
of collateral or for general corporate purposes, but excluding any subordinated
debt.

                  "CP Margin" has the meaning ascribed thereto in the Fee
Letter.

                  "Credit Support Amount" means, as of any date of
determination, the excess of (x) the aggregate Contract Principal Balance of all
Series 2002-A Contracts which are not Charged-Off Contracts as of such date of
determination, minus the Overconcentration Amount as of such date over (y) the
Net Investment as of such date.

                  "Credit Support Floor Amount" means, as of any date of
determination, the greater of (x) $2,500,000 and (y) 25% of the Maximum
Applicable Credit Support.

                  "Crossover Amounts" has the meaning set forth in Section 1.04
hereof.

                  "Debt-to-Equity Ratio" means, as of any date of determination,
and with respect to Marlin and its consolidated subsidiaries, Total Debt as a
multiple of Tangible Net Worth; "Total Debt" shall reflect all liabilities
(excluding deferred taxes) under GAAP, provided that "Total Debt" shall include
all liabilities (other than deferred taxes), whether "on-balance sheet" or
"off-balance sheet" for GAAP, as well as (a) the principal portion of any
subordinated debt which is payable within six months of such date of
determination and (b) all preferred stock which has a put right or other similar
right within six months of such date of determination.

                  "EBITDA" means for any period, for Marlin and its consolidated
subsidiaries, the sum of net income for such period plus (i) income taxes, (ii)
Interest Expense and (iii) depreciation and amortization, all of which is to be
computed over the previous twelve calendar months.

                  "Eligible Bank Account" means a segregated account, which may
be an account maintained with the Trustee, which is either (a) maintained with a
depository institution or trust company whose long-term unsecured debt
obligations are rated at least BBB+ by S&P and Baa1 by Moody's and whose
short-term unsecured obligations are rated at least A-1 by S&P and P-1 by
Moody's; or (b) a trust account or similar account maintained with a federally
or state chartered depository institution subject to regulations regarding
fiduciary funds on deposit substantially similar to 12 C.F.R. 9.10(b).

                  "Eligible Contract" means a Series 2002-A Contract which:

                  (a)      (i) is with a User whose billing address is in the
         United States or its territories and possessions and requires (A) all
         payments under such Contract to be made in United States dollars and
         (B) all Equipment relating to such Contract be held in the United
         States and (ii) is with a User who, if a natural person, is a resident
         of the United States with legal capacity to contract or, if a
         corporation or other business organization, is organized under the laws
         of the United States, or any political subdivision thereof and has its
         chief executive office in the United States;

                                        8

<PAGE>

                  (b)      has not had any of its terms, conditions or
         provisions amended, modified or waived other than in compliance with
         the Credit and Collection Policy and has not been Restructured at any
         time;

                  (c)      constitutes "chattel paper" within the meaning of
         Sections 9-102(11) and 9-102(78) of the UCC of all applicable
         jurisdictions and there is only one original of such Contract (bearing
         the original signature of an employee of Marlin, together with the
         facsimile copy of the signature of the User or the original signature
         of the User) that constitutes "chattel paper" for purposes of the
         Delaware, New York, New Jersey and Nevada UCC;

                  (d)      was originated in accordance with, and does not
         contravene, any applicable federal, state and local laws, and
         regulations thereunder (including, without limitation, any law, rule
         and regulation relating to truth in lending, fair credit billing, fair
         credit reporting, equal credit opportunity, fair debt collection
         practices and privacy) and with respect to which no part of such
         Contract is in violation of any applicable law, rule or regulation;

                  (e)      was originated or purchased without recourse in
         compliance with, and satisfies in all material respects all applicable
         requirements of the Credit and Collection Policy;

                  (f)      is not a Government Contract which has the United
         States or any of its agencies or instrumentalities as the User;

                  (g)      as of the related Pledge Date, is not a Delinquent
         Contract;

                  (h)      (i) contains "hell or high water" provisions
         requiring the related User to assume all risk of loss or malfunction of
         the related Equipment, (ii) requires the related User to pay all
         expenses in connection with the maintenance, repair, insurance and
         taxes, together with all other ancillary costs with respect to the
         related Equipment and (iii) makes the related User absolutely and
         unconditionally liable for all payments required to be made thereunder,
         without any right of set-off, counterclaim, or other defense (other
         than the discharge in bankruptcy of such related User) and without any
         right to prepay the Contract or any contingencies tied to the Obligor;

                  (i)      is payable in substantially level monthly or
         quarterly rental payments calculated at a fixed yield;

                  (j)      creates a valid and enforceable security interest
         (or, in the case of a "true lease", a valid ownership interest) in
         favor of the Transferor in the related Equipment, and such Equipment
         has not been the subject of loss or damage;

                  (k)      together with the Equipment relating thereto, was the
         subject of a valid sale and assignment from the Transferor with good
         title transferred to the Obligor thereby and is free and clear of any
         Liens, other than the claims arising pursuant to this Series 2002-A
         Supplement and Master Agreement and the other documents relating to
         this transaction; provided, however, that nothing in this paragraph (k)
         shall prevent or be

                                        9

<PAGE>

         deemed to prohibit the Transferor from suffering to exist upon such
         Contract any Lien for federal, state, municipal or other local taxes if
         such taxes shall not at the time be due and payable or if the
         Transferor shall concurrently be contesting the validity thereof in
         good faith by appropriate proceedings that have stayed enforcement
         thereof and shall have set aside on its books adequate reserves with
         respect thereto,

                  (l)      is in full force and effect in accordance with its
         terms and contains enforceable provisions such that the right and
         remedies of the holder thereof shall be adequate for realization
         against the Equipment, if any, thereunder and of the benefits of any
         security granted thereunder;

                  (m)      does not provide for the substitution, exchange, or
         addition of any other items of Equipment pursuant to such Contract
         which would result in any reduction or extension of payments due
         thereunder;

                  (n)      by its terms is due and payable in full on or within
         72 months of the applicable Pledge Date;

                  (o)      arises under a Contract in substantially the form of
         one of the form contracts set forth in Exhibit E hereto or otherwise
         approved by the Agent and the Series Support Provider in writing, which
         is in full force and effect and constitutes the legal, valid and
         binding obligation of the related User enforceable against such User in
         accordance with its terms subject to no offset, counterclaim or other
         defense (other than the discharge in bankruptcy of such User);

                  (p)      (i) does not preclude the pledge, transfer or
         assignment thereof, (ii) does not require the consent of the User to
         the pledge, assignment or transfer thereof, and (iii) does not contain
         a confidentiality provision that purports to restrict the ability of
         the Trustee to exercise its rights under the Series 2002-A Related
         Documents with respect thereto, including, without limitation, its
         right to review the Contract;

                  (q)      was (i) originated or purchased by the Transferor in
         the ordinary course of its business, (ii) approved and purchased or
         funded in the ordinary course of the Transferor's business, and (iii)
         originated by an Originator eligible under the Credit and Collection
         Policy;

                  (r)      is with a User that, as of the Contract's Pledge
         Date, is not the User with respect to any Charged-Off Contract, and is
         not and has never been a Charged-Off Contract;

                  (s)      the inclusion of which in the Series 2002-A Trust
         Estate would not require the registration of the Obligor or of the
         Series 2002-A Trust Estate as an "investment company" under the
         Investment Company Act of 1940, as amended;

                  (t)      the addition of which to the Series 2002-A Trust
         Estate would not result in the Weighted Average Life to exceed 2.5
         years;

                                       10

<PAGE>

                  (u)      if the Original Equipment Cost of the Equipment
         related to such Contract is valued at greater than $25,000, is secured
         by a first priority perfected security interest in such Equipment in
         favor of Marlin;

                  (v)      relates to Equipment which (i) is not a vehicle or
         other type of equipment which is subject to a certificate of title or
         other similar titling statute and (ii) to the best of the Servicer's
         knowledge, has not suffered any damage or loss;

                  (w)      had a Contract Principal Balance upon origination
         which was less than or equal to $150,000;

                  (x)      was not selected by the Transferor from the
         Transferor's pool of leases in a manner adverse to the Series 2002-A
         Noteholders or the Series Support Provider;

                  (y)      arises under a lease or financing contract, is not
         currently under any sub-lease agreement, and does not permit any
         sub-leasing of the related Equipment;

                  (z)      is one as to which all parties to the Contract have
         satisfied all obligations to be required to be fulfilled by such
         parties as of the related Pledge Date;

                  (aa)     is, and has been, at all times, a legal, valid and
         binding payment obligation of the User, enforceable in accordance with
         its terms;

                  (bb)     the User of which is not an Affiliate of the
         Transferor, the Servicer or any Obligor;

                  (cc)     has been accounted for on the Transferor's books as
         sold to the Obligor;

                  (dd)     is not subject to, nor with respect to which has
         there been asserted, any litigation or any right to rescission, set
         off, counterclaim or other defense of the User;

                  (ee)     as to which the related User has been directed to
         make payment only to the Lockbox Account at the Lockbox Bank;

                  (ff)     as to which the related Equipment has been delivered
         to, and accepted by, the related User;

                  (gg)     if such Contract is a "true lease", the Equipment is
         owned by the Obligor free and clear of all other liens; and

                  (hh)     if such Contract was originated by a third party and
         acquired by the Transferor, and if the Original Equipment cost related
         thereto exceeded $25,000, a UCC-1 financing statement was filed against
         the related User in the appropriate jurisdiction by the originator
         thereof and a UCC-3 assignment was filed assigning the original UCC-1
         to the Transferor.

                  "Equipment Concentration Amount" means, as of any date of
determination, the sum of:

                                       11

<PAGE>

                  (i)      for the Equipment Type "Computers and Peripherals",
                           the excess, if any, of (x) the aggregate Contract
                           Principal Balance of all Series 2002-A Contracts with
                           respect to which the related Equipment is such
                           Equipment Type over (y) twenty-five percent (25%) of
                           the Net Investment at such time;

                  (ii)     for the Equipment Type "Software", the excess, if
                           any, of (x) the aggregate Contract Principal Balance
                           of all Series 2002-A Contracts with respect to which
                           the related Equipment is such Equipment Type over (y)
                           ten percent (10%) of the Net Investment at such time;

                  (iii)    for the Equipment Type "Surveillance Systems", the
                           excess, if any, of (x) the aggregate Contract
                           Principal Balance of all Series 2002-A Contracts with
                           respect to which the related Equipment is such
                           Equipment Type over (y) ten percent (10%) of the Net
                           Investment at such time;

                  (iv)     for the Equipment Type "Telecommunications
                           Equipment", the excess, if any, of (x) the aggregate
                           Contract Principal Balance of all Series 2002-A
                           Contracts with respect to which the related Equipment
                           is such Equipment Type over (y) twenty percent (20%)
                           of the Net Investment at such time;

                  (v)      for the Equipment Type "Office Equipment", the
                           excess, if any, of (x) the aggregate Contract
                           Principal Balance of all Series 2002-A Contracts with
                           respect to which the related Equipment is such
                           Equipment Type over (y) thirty percent (30%) of the
                           Net Investment at such time; and

                  (vi)     for each other Equipment Type, the excess, if any, of
                           (x) the aggregate Contract Principal Balance of all
                           Series 2002-A Contracts with respect to which the
                           related Equipment is such Equipment Type, over (y)
                           fifteen percent (15%) of the Net Investment at such
                           time.

                  "Equipment Type" means, with respect to each Series 2002-A
Contract, the related Equipment "type", as indicated on the Servicer's servicing
system with respect to such Series 2002-A Contract.

                  "Federal Funds Rate" means for any period, a fluctuating
interest rate per annum equal for each day during such period to the weighted
average of the overnight federal funds rates as quoted by National City and
confirmed in Federal Reserve Board Statistical Release H.15(519) or any
successor or substitute publication selected by National City (or, if such day
is not a Business Day, for the next preceding Business Day), or, if, for any
reason, such rate is not available on any day, the rate determined, in the sole
opinion of National City, to be the rate at which federal funds are being
offered for sale in the national federal funds market at 9:00 a.m. Philadelphia,
Pennsylvania time.

                  "Fee Letter" means that certain letter agreement dated as of
April 1, 2002 by and among the Obligor, the Obligors' Agent and the Agent, as it
may be amended or modified and in effect from time to time.

                                       12

<PAGE>

                  "Fee Rate" means the aggregate of the rates at which fees are
payable in connection with Series 2002-A (i.e., LIBO Margin (as set forth in the
Fee Letter), the Servicing Fee of 1.00%, the Trustee's Fee of 0.02%, the Back-Up
Servicer's Fee of 0.04%, and the rate at which the premiums due to the Series
Support Provider are calculated, as set forth in the Premium Letter).

                  "Floor Shortfall Amount" means, as of any date of
determination, the excess, if any, of (x) the Credit Support Floor Amount over
(y) the Credit Support Amount, in each case as of such date.

                  "Government Concentration Amount" means, as of any date of
determination, the excess of (x) the aggregate Contract Principal Balance of all
Series 2002-A Contracts which are Government Contracts having a state,
municipality or agency or instrumental of a state or a municipality as the User
over (y) two percent (2.0%) of the Net Investment at such time.

                  "Hedge Agreement" means an interest rate cap or swap agreement
between the Trustee and a Hedge Counterparty satisfying the conditions specified
in Section 3.08 hereof.

                  "Hedge Counterparty" means either (i) a Person reasonably
acceptable to the Agent and the Series Support Provider (it being stipulated
that each party listed on Schedule 1 hereto is acceptable) and having long term
unsecured debt obligations rated at least AA- by S&P and Aa3 by Moody's, (ii)
National City for so long as its long term unsecured debt obligations are rated
at least A by S&P and A1 by Moody's.

                  "Hedge Rate" means, with respect to any Hedge Agreement and
the Series 2002-A Contracts assigned thereto, (a) if such Hedge Agreement is a
Cap Agreement, the fixed rate per annum which the Base LIBO Rate must exceed to
result in payments made thereunder by the Hedge Counterparty to the Series
2002-A Facility Account, and (b) if such Hedge Agreement is an interest rate
swap agreement, the fixed rate per annum which is applied to the notional amount
of such Hedge Agreement to calculate the payments to be made by the Trustee
thereunder to the Hedge Counterparty.

                  "Increased Servicer Fee" means as of any Settlement Date, an
amount not to exceed 0.25% of the aggregate Contract Principal Balance of the
Series 2002-A Contracts as of the first day of the prior Collection Period,
payable on each Settlement Date to any successor Servicer in accordance with
Section 9.02(b) of the Master Agreement as additional compensation in excess of
the Servicing Fee for the performance of its duties hereunder and under the
Master Agreement.

                  "Independent Public Accountants" shall mean, with respect to
Marlin, any "Big 4" accounting firm, or other accounting firm reasonably
acceptable to the Series Controlling Party.

                  "Insurance Agreement" means the Insurance and Indemnity
Agreement dated April 1, 2002, among Marlin, the Obligor, the Obligors' Agent,
the Agent, the Series Support Provider and the Trustee.

                                       13

<PAGE>

                  "Insured Monthly Interest" means, with respect to any
Settlement Date, interest due in respect of the Series 2002-A Notes calculated
at the Series 2002-A Insured Note Interest Rate for the preceding Interest
Period.

                  "Interest Coverage Ratio" means, as of any date of
determination, and with respect to Marlin and its consolidated subsidiaries,
EBITDA as a multiple of Interest Expense.

                  "Interest Expense" means for any period, for Marlin and its
         consolidated subsidiaries, the sum (without duplication) of all
         interest in respect of Indebtedness (including interest on the Series
         2002-A Notes and all similar transactions, and the interest component
         of any payments in respect of capitalized lease obligations) accrued or
         capitalized during such period (whether or not actually paid during
         such period); plus the net amount payable under Hedge Agreements
         (whether or not actually paid or received during such period, all of
         which is to be computed over the previous twelve months).

                  "Interest Period" means, with respect to any Settlement Date,
the period from and including the prior Settlement Date (or, in the case of the
first Settlement Date, from and including the Series Closing Date) to but
excluding such Settlement Date.

                  "LIBO Margin" has the meaning ascribed thereto in the Fee
Letter.

                  "LIBO Rate" for any Interest Period (or portion thereof for
which an Owner initially funds an investment in the Series 2002-A Notes other
than by issuing Commercial Paper) with respect to the Series 2002-A Notes shall
mean the applicable Base LIBO Rate divided by the percentage equal to the
difference of one minus the LIBOR Reserve Percentage applicable during such
Interest Period (or portion thereof), if any.

                  "LIBO Rate Disruption Event" shall mean, for any Owner with
respect to any Series 2002-A Note, for any Interest Period or portion thereof,
any of the following: (a) a determination by such Owner that it would be
contrary to law or to the directive of any central bank or other governmental
authority to obtain United States dollars in the London interbank market to fund
its investment in such Series 2002-A Note for such Interest Period or portion
thereof, (b) prime banks in the London interbank market are not then generally
quoting a Base LIBO Rate or not then quoting a Base LIBO Rate to Persons such as
such Owner, or (c) the inability of such Owner by reason of circumstances
affecting the London interbank market generally, to obtain U.S. Dollars in such
market to fund its investment in such Series 2002-A Note for such Interest
Period or portion thereof.

                  "LIBOR Reserve Percentage" shall mean, relative to each
Interest Period or portion thereof, a percentage (expressed as a decimal) equal
to the daily average during such Interest Period or portion thereof of the
percentages in effect on each day of such Interest Period or portion thereof, as
prescribed by the Board of Governors of the Federal Reserve System (or any
successor), for determining the maximum reserve requirements applicable to
"Eurocurrency liabilities" pursuant to Regulation D or any other applicable
regulation of the Board of Governors of the Federal Reserve System which
prescribes reserve requirements applicable to "Eurocurrency liabilities" as
currently defined in Regulation D.

                                       14

<PAGE>

                  "Liquidity Agreement" shall mean the liquidity agreement dated
as of April 1, 2002 among North Coast Funding LLC, the liquidity banks named
therein, and National City, as the liquidity agent, as amended from time to
time.

                  "Liquidity Provider" shall mean a financial institution to
whom the Obligors' Agent shall have consented (which consent shall not be
unreasonably withheld) providing liquidity support to or for the account of any
Purchaser, whether by an extension of credit, the acquisition of an interest in
the Series 2002-A Notes, or otherwise, or having a commitment to provide such
support under a liquidity agreement which relates to this Supplement.

                  "Lockbox Account" means the account no. 2000004737584
established and maintained by the Lockbox Bank for the purpose of receiving
payments on the Series 2002-A Contracts.

                  "Lockbox Bank" means First Union National Bank or any other
commercial bank acceptable to the Series Support Provider.

                  "London Banking Day" means a day on which commercial banks are
open for business (including dealers in foreign exchange and foreign currency
deposits) in London, England.

                  "Market Disruption Event" means, with respect to any calendar
month, an increase in the level of spreads to the applicable United States
Treasury Obligation for "AAA"- rated small ticket lease asset-backed securities
which are insured by the Series Support Provider by more than 75% over such
spreads prevailing during the prior calendar month, as reasonably determined by
the Series Support Provider at the request of Marlin.

                  "Marlin" means Marlin Leasing Corporation, a Delaware
corporation.

                  "Master Agreement" has the meaning set forth in the Recitals
hereto.

                  "Master Transfer Agreement" means that certain Master Lease
Acquisition and Sale Agreement dated as of April 1, 2002 among Marlin, the
Obligors' Agent and the Obligors set forth therein as parties thereto from time
to time, as such agreement may be amended, supplemented or modified from time to
time.

                  "Maximum Applicable Credit Support" means:

                           (i)      prior to the date of the first Take-Out, the
                                    largest Credit Support Amount on any day
                                    occurring since the Series Closing Date; and

                           (ii)     on and after the date of the first Take-Out,
                                    the largest Credit Support Amount on any day
                                    occurring since the most recent Take-Out.

                  "Maximum Series Limit" means:

                                       15

<PAGE>

                  (i)      during the period from the Series Closing Date to
April 9, 2003, $75,000,000; and

                  (ii)     during the period from April 10, 2003 to April 9,
2004, upon the prior written consent of the Series Support Provider and the
Agent, $100,000,000 (or, if such consent is not forthcoming, then $75,000,000).

                  "Monthly Interest" means, with respect to any Settlement Date,
interest due in respect of the Series 2002-A Notes calculated at the Series
2002-A Note Interest Rate for the preceding Interest Period (which amount shall
include, in the event the aggregate principal portion of the respective
investments of each Purchaser exceeded the Series 2002-A Note Balance after
giving effect to all distributions on the prior Settlement Date, an amount equal
to interest accrued on such excess at the rate described in paragraph (a) of the
definition of Series 2002-A Note Interest Rate).

                  "National City" means National City Bank, a national banking
association.

                  "Net Investment" means as of any date of determination the sum
of (i) the Series 2002-A Note Balance as of such date plus (ii) accrued and
unpaid interest at the Series 2002-A Note Interest Rate through such date plus
(iii) any Noteholder's Carryover Interest as of such date.

                  "Note Purchase Agreement" shall mean the Note Purchase
Agreement dated as of April 1, 2002, among the Obligor, the Obligors' Agent, the
Purchasers and the Agent, as the same may be amended, restated, supplemented or
otherwise modified from time to time hereafter.

                  "Noteholder's Carryover Interest" means, as of any date of
determination, the amount of Monthly Interest due on any prior Settlement Date
but not paid, plus interest thereon through such date from such prior Settlement
Date, calculated using the Series 2002-A Note Interest Rate applicable for the
next Settlement Date, all as determined by the Agent.

                  "Noteholder's Insured Carryover Interest" means, as of any
date of determination, the amount of Insured Monthly Interest due on any prior
Settlement Date but not paid, plus interest thereon through such date from such
prior Settlement Date, calculated using the Series 2002-A Insured Note Interest
Rate applicable for the next Settlement Date, all as determined by the Agent.

                  "Obligor" means MLR II LLC.

                  "Original Issue Date" has the meaning specified in Section
3.07(b)(x) hereof.

                  "Original Servicer Fee Rate" has the meaning specified in
Section 3.07(b)(ix) hereof.

                  "Overconcentration Amount" means an amount, at any time, equal
to the sum of (i) the aggregate User Concentration Amount for all Users, (ii)
the aggregate State Concentration Amount for all States, (iii) the Equipment
Concentration Amount, (iv) the aggregate

                                       16

<PAGE>

Broker/Vendor Concentration Amounts for all Brokers and vendors, (v) the
Government Concentration Amount, (vi) the Quarterly Payment Concentration Amount
and (vii) the Broker Concentration Amount.

                  "Owner" means each Purchaser, each Liquidity Provider and each
other Person that has purchased, or has entered into a commitment to purchase, a
Series 2002-A Note, or an interest therein.

                  "Pledge" means the pledge by the Obligor hereunder of its
right, title and interest in and to specified Pledged Property related thereto
to the Trustee for the benefit of the Series 2002-A Noteholders in accordance
with Section 1.02 hereof.

                  "Pledge Date" has the meaning set forth in Section 4.01(b)
hereof.

                  "Pledge Notice" has the meaning specified in Section 4.01(b)
hereof.

                  "Pledged Property" means, with respect to the Series 2002-A
Trust Estate, each Series 2002-A Contract, together with all associated property
and rights with respect thereto described in clauses (2) through (7) of Section
1.02 hereof.

                  "Portfolio Charged-Off Ratio" means, as of the last day of any
Collection Period, the percentage equivalent of a fraction, the numerator of
which is equal to the product of (i) 12 and (ii) the excess of (x) the sum of
the aggregate of Marlin's net investment (calculated in accordance with GAAP) in
all leases included in the Servicer's servicing portfolio which would have first
satisfied the definition of Charged-Off Contracts (assuming that such definition
applied to such leases) during such Collection Period, over (y) the sum of all
recoveries during such Collection Period for leases included in the Servicer's
servicing portfolio, and the denominator of which is equal to the aggregate
undiscounted scheduled periodic payments on all leases included in the
Servicer's servicing portfolio as of the beginning of the related Collection
Period.

                  "Premium Amount" means, as of any Settlement Date, the
premiums due to the Series Support Provider for such Settlement Date, as
calculated pursuant to the Premium Letter.

                  "Premium Letter" means that certain letter agreement dated as
of April 1, 2002 by and among the Obligor, the Obligors' Agent, Marlin and the
Series Support Provider, as it may be amended or modified and in effect from
time to time.

                  "Prime Rate" means the rate announced by National City from
time to time as its prime rate in the United States, such rate to change as and
when such designated rate changes. The Prime Rate is not intended to be the
lowest rate of interest charged by National City in connection with extensions
of credit to debtors.

                  "Pro Forma Borrowing Base" means, (x) as of any Pledge Date,
the Borrowing Base (including the various components thereof) as calculated
assuming that all Series 2002-A Contracts to be Pledged on such Pledge Date have
in fact been so Pledged and (y) as of any day which is not a Pledge Date, the
Borrowing Base as of such day.

                                       17

<PAGE>

                  "Purchase Price Percentage" means as of any date of
determination the lesser of (i) .87 and (ii) 1 minus the product of a times b
times c, where:

                  a = the Average Charged-Off Ratio as of such date of
determination;

                  b = the Weighted Average Life, rounded to the second decimal
place; and

                  c = 2.75

                  "Purchaser" has the meaning specified in the Note Purchase
Agreement.

                  "Quarterly Payment Concentration Amount" means, as of any date
of determination, the excess of (x) the aggregate Contract Principal Balance of
all Series 2002-A Contracts which are payable on a quarterly basis over (y) four
percent (4%) of the aggregate Contract Principal Balance of all Series 2002-A
Contracts which are Eligible Contracts at such time.

                  "Record Date" means, with respect to any Settlement Date, the
close of business on the Business Day preceding such Settlement Date.

                  "Redemption Price" has the meaning specified in Section 6.02
hereof.

                  "Refinance Proceeds" means with respect to any Collection
Period, proceeds of the issuance of a new series of notes or the issuance of
certificates in connection with a Take-Out of Series 2002-A Contracts, which
proceeds shall be remitted to the Trustee immediately upon receipt for deposit
into the Series 2002-A Facility Account for application in accordance with
Section 3.03 hereof.

                  "Required Reserve Amount" means, as to any Settlement Date,
the Reserve Percentage times the Net Investment (after giving effect to
distributions in reduction of the Net Investment on such Settlement Date).

                  "Reserve Percentage" means zero, unless and until the
Obligors' Agent notifies the Trustee in writing, countersigned by the Agent and
by the Series Support Provider, of a different percentage.

                  "Residual Advance Amount" shall have the meaning set forth in
any notice delivered to the Trustee by the Obligors' Agent, countersigned by the
Agent and the Series Support Provider. Prior to the delivery of such notice and
confirmation by Standard & Poor's and Moody's that their respective facility
shadow ratings will not be affected, the Residual Advance Amount shall be
considered to be zero.

                  "Restructured" means, with respect to any Series 2002-A
Contract, any deferral of Scheduled Payments, reduction of the Scheduled
Payments, or extension of the term of such Series 2002-A Contract, in each case
by the Servicer for credit reasons.

                  "Revolving Period" means the period from and including the
Series Closing Date to but excluding the Termination Date.

                                       18

<PAGE>

                  "Series Closing Date" means, with respect to the Series 2002-A
Notes, April 9, 2002.

                  "Series Controlling Party" has the meaning specified in
Section 3.07(b)(vi) hereof.

                  "Series Event of Default" has the meaning specified in Section
5.01 hereof.

                  "Series Support" means the financial guaranty insurance policy
No. 37833 issued by the Series Support Provider.

                  "Series Support Provider" means MBIA Insurance Corporation, a
New York stock insurance company, or any successor thereto, as issuer of the
Series Support.

                  "Series Support Provider Default" means the occurrence and
continuance of any of the following:

                  (a) the Series Support Provider shall have failed to make a
         payment in the amount when or as required under the Series Support when
         due; or

                   (b)(i) the Series Support Provider (A) files any petition or
         commences any case or proceeding under any provision or chapter of the
         United States Bankruptcy Code, the New York State Insurance Law, or any
         other similar federal or state law relating to its insolvency,
         bankruptcy, rehabilitation, liquidation or reorganization, (B) makes a
         general assignment for the benefit of its creditors, or (C) has an
         order for relief entered against it under the United States Bankruptcy
         Code, the New York State Insurance Law, or any other similar federal or
         state law relating to insolvency, bankruptcy, rehabilitation,
         liquidation or reorganization which is final and nonappealable; or (ii)
         a court of competent jurisdiction, the New York Department of Insurance
         or other competent regulatory authority enters a final and
         nonappealable order, judgment or decree (A) appointing a custodian,
         trustee, agent or receiver for the Series Support Provider or for all
         or any material portion of its property or (B) authorizing the taking
         of possession by a custodian, trustee, agent or receiver of the Series
         Support Provider (or the taking of possession of all or any material
         portion of the property of the Series Support Provider); or

                  (c) a court of competent jurisdiction shall have determined in
         a final, nonappealable order that the Series Support is no longer in
         full force and effect.

                  "Series Trust Estate" means, with respect to the Series 2002-A
         Notes, the Series 2002-A Trust Estate.

                  "Series Trustee Secured Obligations" has the meaning set forth
         in Section 3.07(b)(vii).

                  "Series 2002-A Account" means each of the Series 2002-A
Facility Account and the Series 2002-A Reserve Account.

                                       19

<PAGE>

                  "Series 2002-A Alternative Rate" means, for any Interest
Period (or portion thereof) for which a Purchaser initially funds an investment
in the Series 2002-A Notes other than by issuing Commercial Paper, an interest
rate per annum equal to the LIBO Rate for such Interest Period (or such portion
thereof); provided, however, that:

                  (a) if a Purchaser shall notify the Agent that a LIBO Rate
         Disruption Event has occurred and is continuing, then, in any such
         case, the "Series 2002-A Alternative Rate" for the Series 2002-A Notes
         for such Interest Period or portion thereof shall be an interest rate
         per annum equal to the Series 2002-A Base Rate from time to time in
         effect unless the Agent, the Series Support Provider and the Obligors'
         Agent agree in writing to a different rate; and

                  (b) without limiting the foregoing, if with respect to any
         Interest Period or portion thereof any Purchaser shall have notified
         the Agent that the rate at which deposits of the United States dollars
         are being offered to such Purchaser in the London interbank market does
         not accurately reflect the cost to such Purchaser of funding its
         investment in the Series 2002-A Notes for such Interest Period or
         portion thereof, the Obligors' Agent, the Series Support Provider and
         the Agent shall negotiate in good faith to determine a mutually
         agreeable different rate as the Series 2002-A Alternative Rate
         sufficient to meet such Purchaser's costs and, pending the conclusion
         of those negotiations, the Series 2002-A Alternative Rate for each
         Interest Period shall be the LIBO Rate; provided, however, that if the
         Obligors' Agent, the Series Support Provider and the Agent have not
         agreed upon a rate before the end of the second full Interest Period
         following the date of such Purchaser's notice to the Agent, the Series
         2002-A Alternative Rate for each successive Interest Period for so long
         as the condition giving rise to such notice shall be continuing shall
         be the Series 2002-A Base Rate.

                  "Series 2002-A Available Funds" means, with respect to any
Settlement Date, the aggregate amount of Collections received by the Servicer
during the prior Collection Period with respect to the Series 2002-A Trust
Estate (other than Collections representing Advance Payments until such Advance
Payments are applied as Collections in accordance with Section 7.01 of the
Master Agreement), plus any net payments under a Hedge Agreement received since
the previous Settlement Date (or the Series 2002-A Series Closing Date in the
case of the first Settlement Date), plus any Prepayment Amounts deposited in the
Series 2002-A Facility Account pursuant to Section 6.01 hereof. "Series 2002-A
Available Funds" do not include any proceeds of the Series Support or other
funds received from or on account of the Series Support Provider.

                  "Series 2002-A Alternative Insured Note Interest Rate" means,
with respect to any Interest Period, the weighted average (weighted based on the
related notional balances, as well as the number of days during such Interest
Period for which the related Applicable Hedge Agreement was in effect) of the
Applicable Hedge Rates applicable to all Applicable Hedge Agreements during such
interest period.

                  "Series 2002-A Base Insured Note Interest Rate" means for any
Interest Period for the Series 2002-A Notes, the weighted average of the
following rates determined for each

                                       20

<PAGE>

Purchaser (based on the respective investments of each Purchaser in the Series
2002-A Notes and the time period for which applicable rates are in effect):

                  (a)      to the extent that a Purchaser funds its investments
         in the Series 2002-A Notes for such Interest Period or portion thereof
         by issuing Commercial Paper, the sum of (i) the CP Margin, (ii) the
         weighted average of the rates at which Commercial Paper issued by such
         Purchaser to fund the purchase or maintenance of its investments in the
         Series 2002-A Notes during such Interest Period or portion thereof has
         been sold by any placement agent or commercial paper dealer selected by
         such Purchaser; provided, that, for purposes of calculating such
         weighted average, if any such rate is a discount rate, such discount
         rate shall be converted to an interest-bearing equivalent rate per
         annum for a 360-day year and (iii) .05 percent per annum, and

                  (b)      to the extent that a Purchaser funds its investment
         in the Series 2002-A Notes for such Interest Period or portion thereof
         other than by issuing Commercial Paper, a rate equal to the sum of (i)
         the applicable LIBO Margin and (ii) the Base LIBO Rate for such
         Interest Period or portion thereof or such other rate as the Agent, the
         Series Support Provider and the Obligors' Agent shall agree to in
         writing.

                  "Series 2002-A Base Rate" means, on any date, a fluctuating
rate per annum equal to the higher of (a) the Prime Rate or (b) the Federal
Funds Rate plus 0.5%.

                  "Series 2002-A Contract" means each Contract listed on a List
of Contracts attached to a Pledge Notice which is delivered in connection with a
Pledge of Pledged Property with respect to the Series 2002-A Trust Estate, and
which Contract has not been released from the Series 2002-A Trust Estate as
provided herein or in the Master Agreement.

                  "Series 2002-A Advance Payment Account" has the meaning set
forth in Section 3.01(c) hereof.

                  "Series 2002-A Facility Account" has the meaning set forth in
Section 3.01(a) hereof.

                  "Series 2002-A Insured Note Interest Rate" means for any
Interest Period for the Series 2002-A Notes, the lesser of:

                  (i)      the Series 2002-A Base Insured Note Interest Rate for
such Interest Period; and

                  (ii)     the Series 2002-A Alternative Insured Note Interest
Rate for such Interest Period.

                  "Series 2002-A Note" means any one of the Series 2002-A Notes
executed by the Obligor in favor of the Agent and authenticated by or on behalf
of the Trustee, substantially in the form of Exhibit A hereto, and any
replacement therefor.

                  "Series 2002-A Note Balance" means, as of any time of
determination, the aggregate, cumulative amount of the Advance Amounts funded
pursuant to Section 4.01(b) hereof since the Series Closing Date, reduced by the
aggregate, cumulative amounts described in

                                       21

<PAGE>

Sections 3.03(a)(i) tenth, 3.03(a)(ii) eleventh and 3.03(a)(ii) sixteenth and
actually paid to the Series 2002-A Noteholders on all prior Settlement Dates.

                  "Series 2002-A Noteholder" shall mean any Owner, as defined
herein.

                  "Series 2002-A Note Interest Rate" means for any Interest
Period for the Series 2002-A Notes, the weighted average of the following rates
determined for each Purchaser (based on the respective investments of each
Purchaser in the Series 2002-A Notes and the time period for which applicable
rates are in effect):

                           (a)      to the extent that a Purchaser funds its
                  investments in the Series 2002-A Notes for such Interest
                  Period or portion thereof by issuing Commercial Paper, the sum
                  of (i) the CP Margin, (ii) the weighted average of the rates
                  at which Commercial Paper issued by such Purchaser to fund the
                  purchase or maintenance of their investments in the Series
                  2002-A Notes during such Interest Period or portion thereof
                  has been sold by any placement agent or commercial paper
                  dealer selected by such Purchaser; provided, that, for
                  purposes of calculating such weighted average, if any such
                  rate is a discount rate, such discount rate shall be converted
                  to an interest-bearing equivalent rate per annum for a 360-day
                  year, and (iii) 0.05 percent per annum; and

                           (b)      to the extent that a Purchaser funds its
                  investments in the Series 2002-A Notes for such Interest
                  Period or portion thereof other than by issuing Commercial
                  Paper, a rate equal to the sum of (i) the applicable LIBO
                  Margin and (ii) the Series 2002-A Alternative Rate for such
                  Interest Period or portion thereof or such other rate as the
                  Agent, the Series Support Provider and the Obligors' Agent
                  shall agree to in writing.

The Series 2002-A Note Interest Rate for any Interest Period shall be adjusted
to yield, when applied to the outstanding principal balance of the Series 2002-A
Notes, an amount sufficient to pay interest on the incremental effective
principal balance of any funding resulting from the capitalization of interest,
if any, during such Interest Period.

As used in paragraph (a) of this definition, each Purchaser's weighted average
of the Commercial Paper rates shall include (x) any incremental carrying costs
incurred with respect to Commercial Paper maturing on dates other than those on
which corresponding funds are received by such Purchaser, and (y) other
borrowings by such Purchaser to fund the Net Investment (other than under any
liquidity agreement or other program support agreement), including borrowings to
fund small or odd dollar amounts that are not easily accommodated in the
commercial paper market.

                  "Series 2002-A Related Documents" means, collectively, this
Series 2002-A Supplement, the Fee Letter, the Premium Letter, the Hedge
Agreement(s), the Master Agreement, the Master Transfer Agreement, the Insurance
Agreement, the Collateral Administration Agreement, the Note Purchase Agreement,
the Series Support, the Series 2002-A Notes and all other instruments,
documents, financing statements and agreements executed and delivered by the
Obligor, the Obligors' Agent or the Servicer in connection herewith or therewith

                                       22
<PAGE>

and each Series 2002-A Transfer Agreement Supplement executed pursuant thereto
with respect to the Series 2002-A Trust Estate.

                  "Series 2002-A Reserve Account" shall have the meaning set
forth in Section 3.01(b) hereof.

                  "Series 2002-A Secured Parties" shall have the meaning set
forth in Section 3.07(b)(viii) hereof.

                  "Series 2002-A Transfer Agreement Supplement" means each
Transfer Agreement Supplement entered into pursuant to the Master Transfer
Agreement which transfers Series 2002-A Contracts to the Obligor for inclusion
in the Series 2002-A Trust Estate.

                  "Series 2002-A Trust Estate" shall have the meaning set forth
in Section 1.02 hereof.

                  "Servicer's Certificate" means a report with respect to Series
2002-A, in substantially the form of Exhibit D hereto (appropriately completed),
furnished by the Servicer to the Obligors' Agent, the Trustee, the Series
Support Provider and the Agent pursuant to Section 6.06 of the Master Agreement.

                  "Servicing Fee" means as of any Settlement Date, an amount
equal to one-twelfth of 1.00% of the daily average Contract Principal Balance of
the Series 2002-A Contracts during the prior Collection Period, payable on each
Settlement Date to the Servicer pursuant to Section 3.03 hereof as compensation
for the performance of its duties hereunder and under the Master Agreement.

                  "Settlement Date" means the 15th of each month (or if the 15th
of any month is not a Business Day, then on the next succeeding Business Day)
commencing with May 15, 2002.

                  "State Concentration Amount" means:

                           (i)      for any State other than New Jersey,
                                    Florida, Texas or California, the excess, if
                                    any, of (x) the aggregate Contract Principal
                                    Balance of all Series 2002-A Contracts with
                                    respect to which any User is domiciled in
                                    such State, over (y) ten percent (10%) of
                                    the Net Investment at such time; plus

                           (ii)     for each of Florida, Texas and California,
                                    individually, the excess, if any, of (x) the
                                    aggregate Contract Principal Balance of all
                                    Series 2002-A Contracts with respect to
                                    which any User is domiciled in such State
                                    over fifteen percent (15%) of the Net
                                    Investment at such time; plus

                           (iii)    for New Jersey, the excess, if any of (x)
                                    the aggregate Contract Principal Balance of
                                    all Series 2002-A Contracts with respect to
                                    which any User is domiciled in such State
                                    over seventeen and one-half percent (17.50%)
                                    of the Net Investment at such time.

                                       23

<PAGE>

                  "Support Interest Funding" means any drawing under the Series
Support, or any advance or other payment by the Series Support Provider in lieu
of funding a drawing under the Series Support, in either case made with respect
to (a) a shortfall in amounts available to pay the Noteholder's Insured
Carryover Interest, as described in Section 3.03(e)(i) hereof or (b) the
avoidance of any payment in respect of Insured Monthly Interest, as described in
Section 3.03(e)(iii) hereof.

                  "Support Principal Funding" means any drawing under the Series
Support, or any advance or other payment by the Series Support Provider in lieu
of funding a drawing under the Series Support, in either case made with respect
to (a) a shortfall in amounts available to pay the Series 2002-A Note Balance to
zero, as described in Section 3.03(e)(ii) hereof or (b) the avoidance of any
payment in respect of the Series 2002-A Note Balance as a preference, as
described in Section 3.03(e)(iii) hereof.

                  "Swap Agreement" means a Hedging Agreement other than a Cap
Agreement.

                  "Take Out" means the refinancing of all of the Series 2002-A
Contracts (whether through the issuance of asset-backed securities, funding
through other Committed Financing Facilities, whole loan sales or otherwise).

                  "Tangible Net Worth" means, as of any date of determination
with respect to Marlin, its shareholders' equity, less any intangible assets,
all determined in accordance with GAAP; provided that neither (a) the principal
portion of any subordinated debt which is payable within six months of such date
of determination nor (b) any preferred stock which has a put right or other
similar right within six months of such date of determination shall be
considered equity.

                  "Termination Date" means the earliest to occur of: (i) the two
(2) year anniversary of the Series Closing Date, or such later date as the
parties (with the express written consent of the Agent and Series Support
Provider) may hereafter agree in accordance with Section 4.01(i), (ii) the day
designated as the Termination Date by the Obligor on sixty (60) days' prior
written notice to the Agent and the Series Support Provider, (iii) the day on
which the Series Controlling Party declares the occurrence of the Termination
Date or on which the Termination Date automatically occurs pursuant to Section
5.01, (iv) the date on which the Series Support Provider's claims paying ability
or financial strength rating is rated below "A" by Standard & Poor's or A2 by
Moody's, (v) the 90th day following the date on which the Series Support
Provider has delivered a written notice to the Transferor and the Agent to the
effect that the most recent audit completed by the Series Support Provider or
its designee of the Transferor's origination, servicing and documentation
procedures has revealed to the Series Support Provider deficiencies which it
reasonably believes creates a material adverse effect on the facility, (vi) a
Hedge Counterparty fails to satisfy the definition thereof and is not replaced
within fifteen (15) Business Days by a Person satisfying the definition thereof
and (vii) the date on which the Liquidity Agreement is no longer in full force
and effect. The Agent shall notify the Obligors' Agent and the Series Support
Provider immediately upon receipt of notice of, but in any event at least 10
days prior to the date referenced in clause (vii), of the up-coming occurrence
of such event described in clause (vii). In addition, no later than 45 days
before the scheduled termination of the Liquidity Agreement, the Agent shall
notify the Obligors' Agent and the Series

                                       24

<PAGE>

Support Provider as to whether the Company has submitted a renewal request under
the Liquidity Agreement.

                  "Three-Month Rolling Average" means, with respect to any pool
performance ratio, the sum of the applicable ratio for the most recently ended
Collection Period and two immediately preceding Collection Periods (or such
fewer Collection Periods as have previously occurred) divided by three (or such
smaller number).

                  "Trustee Fee" means the monthly fee payable to the Trustee on
each Settlement Date, which shall be the greater of (x) one-twelfth of two basis
points (0.02%) per annum times the aggregate Contract Principal Balance of the
Series 2002-A Contracts as of the end of the preceding Collection Period and (y)
$1,000.

                  "Unused Fee" shall have the meaning set forth in the Fee
Letter.

                  "User Concentration Amount" means, for any User, the excess,
if any, of (x) the aggregate Contract Principal Balance of all Series 2002-A
Contracts with respect to which such User or any Affiliate of such User is the
User, over (y) one percent (1.0%) of the Net Investment at such time.

                  "Weighted Average Hedge Rate" means, with respect to any
Interest Period, the weighted average (weighted based on the related notional
balances, as well as the number of days during such Interest Period for which
the related Hedge Agreement was in effect) of Hedge Rates applicable to all
Hedge Agreements under which payment will be received on the Settlement Date
relating to such Interest Period.

                  "Weighted Average Life" means, as of any date of
determination, a term in years equal to the sum of:

                                  (summation) (Pn X Tn)
                                              ---------
                                                 PB

                  where:

                  (summation) = The mathematical symbol for summation. The
                  summation is computed from 1 to n, where n is the number of
                  months from the date of determination until the date of the
                  last Scheduled Payment under the last Series 2002-A Contract
                  scheduled to be outstanding;

                  Pn = The sum of the principal portions of the Scheduled
                  Payments for all Series 2002-A Contracts in the nth month
                  after the date of determination;

                  Tn = The remaining period, in months, from the time of
                  calculation until such nth month; and

                  PB = The aggregate Contract Principal Balance of all Series
                  2002-A Contracts at the time of calculation, divided by 12 and
                  rounded to the second decimal place.

                                       25

<PAGE>

                                  ARTICLE III

                         DISTRIBUTIONS AND STATEMENTS TO
               SERIES 2002-A NOTEHOLDER; SERIES SPECIFIC COVENANTS

                  Section 3.01 Series 2002-A Accounts.

                  (a)      The Trustee, for the benefit of the Series 2002-A
Secured Parties, shall establish and maintain an account (the "Series 2002-A
Facility Account") as a segregated trust account in the Trustee's corporate
trust department, identified as the "Wells Fargo Bank Minnesota, National
Association, as Trustee, Facility Account for Marlin Master Financing Facility
Agreement, in trust for the Series 2002-A Secured Parties." The Trustee shall
make or permit withdrawals from the Series 2002-A Facility Account only as
provided in this Series 2002-A Supplement;

                  (b)      The Trustee, for the benefit of the Series 2002-A
Secured Parties, shall establish and maintain an account (the "Series 2002-A
Reserve Account") as a segregated trust account in the Trustee's corporate trust
department, identified as the "Wells Fargo Bank Minnesota, National Association,
as Trustee, Reserve Account for Marlin Master Financing Facility Agreement, in
trust for the Series 2002-A Secured Parties." The Trustee shall make or permit
withdrawals from the Series 2002-A Reserve Account only as provided in this
Series 2002-A Supplement and in the Master Agreement;

                  (c)      The Trustee, for the benefit of the Series 2002-A
Secured Parties, shall establish and maintain an account (the "Series 2002-A
Advance Payment Account") as a segregated trust account in the Trustee's
corporate trust department, identified as the "Wells Fargo Bank Minnesota,
National Association, as Trustee, Advance Payment Account for Marlin Master
Financing Facility Agreement, in trust for the Series 2002-A Secured Parties."
The Trustee shall make or permit withdrawals from the Series 2002-A Advance
Payment Account only as provided in this Series 2002-A Supplement and in the
Master Agreement;

                  (d)      The Trustee shall deposit to the Series 2002-A
Facility Account all Refinance Proceeds remitted to it by the Obligor
immediately upon the Trustee's receipt thereof;

                  (e)      The Trustee shall deposit to the Series 2002-A
Facility Account any Crossover Amounts remitted to it from other Series assigned
to Group A, as provided in the Series Supplement(s) relating to such other
Series; and

                  (f)      Notwithstanding the foregoing or anything in the
Master Agreement to the contrary, upon written instruction from the Servicer,
the Trustee may deduct from amounts otherwise specified for deposit to the
Series 2002-A Facility Account any amounts previously deposited by the Trustee
into the Series 2002-A Facility Account but which (i) are subsequently
uncollectible as a result of dishonor of the instrument of payment for or on
behalf of the User, (ii) are later determined to have resulted from mistaken
deposits or (iii) constitute Servicing Charges.

                                       26

<PAGE>

                  Section 3.02 Agent to Send Notice of Amounts Due. On each
Determination Date, the Agent shall send to the Servicer (with a copy to the
Trustee and the Series Support Provider), a notice in the form of Exhibit C to
the Note Purchase Agreement.

                  Section 3.03 Distributions from Series 2002-A Facility
Account.

                  (a)      On each Settlement Date, the Trustee (based solely on
the information set forth in the related Servicer's Certificate) shall allocate
and distribute funds on deposit in the Series 2002-A Facility Account in the
following order of priority, without duplication:

                  (i)      if such Settlement Date occurs during the Revolving
Period:

                           first, from Series 2002-A Available Funds, to pay to
                           the Servicer and the Trustee, as applicable, any
                           amounts referred to in Section 3.01(f) and to pay to
                           any other Persons that mistakenly deposited funds
                           into the Series 2002-A Facility Account, such
                           mistakenly deposited funds;

                           second, from the remaining Series 2002-A Available
                           Funds, to the Servicer, an amount necessary to
                           reimburse the Servicer for any unreimbursed Servicer
                           Advances with respect to Series 2002-A Contracts;

                           third, from the remaining Series 2002-A Available
                           Funds, to the Trustee for payment to Hedge
                           Counterparties, amounts due under the related Hedge
                           Agreements, except amounts due as fees, expenses or
                           as the consequence of the occurrence of an event of
                           default or termination event under such Hedge
                           Agreement or otherwise due upon the termination of
                           such Hedge Agreement, which amounts shall be paid as
                           provided in clause sixteenth below;

                           fourth, from the remaining Series 2002-A Available
                           Funds to the Servicer, if the Servicer is not the
                           Obligor or an Affiliate of the Obligor, in payment of
                           any Servicing Fee then due;

                           fifth, from the remaining Series 2002-A Available
                           Funds, to the Trustee, the Trustee Fee, and to the
                           Back-up Servicer, the Back-Up Servicing Fee, any
                           out-of-pocket expenses of the Trustee and the Back-up
                           Servicer or successor Servicer reasonably incurred in
                           connection with the Series 2002-A transaction and,
                           subject to an aggregate, cumulative maximum
                           (including amounts paid under paragraph (a)(ii) fifth
                           below) of $50,000 (with respect to the above
                           described expenses) during the term of this facility,
                           any expenses in excess of such cumulative maximum
                           amount if such expenses are approved in writing by
                           the Series Support Provider and any servicing
                           Transition Cost due such Persons under this Series
                           Supplement;

                           sixth, from the remaining Series 2002-A Available
                           Funds, if no Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider (x) the Premium Amount due to the Series
                           Support

                                       27

<PAGE>

                           Provider on such Settlement Date in connection with
                           the Series Support and (y) any unpaid Premium Amount
                           due on prior Settlement Dates, together with (in the
                           case of any such unpaid Premium Amount) interest
                           thereon, calculated at the rate set forth in the
                           Insurance Agreement, all as certified by the Series
                           Support Provider to the Trustee, the Agent and the
                           Obligors' Agent;

                           seventh, from the remaining Series 2002-A Available
                           Funds, if no Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the aggregate amount necessary to reimburse
                           the Series Support Provider for prior unreimbursed
                           Support Interest Fundings, together with interest
                           thereon, calculated at the rate set forth in the
                           Insurance Agreement, all as certified by the Series
                           Support Provider to the Trustee, the Agent and the
                           Obligors' Agent;

                           eighth, from the remaining Series 2002-A Available
                           Funds, and amounts provided pursuant to the Series
                           Support, to the Series 2002-A Noteholders the
                           following amounts in the following order, without
                           duplication: (a) the Noteholder's Insured Carryover
                           Interest, if any, minus the amount of any such
                           Noteholder's Insured Carryover Interest arising as a
                           result of any payment default by National City under
                           any Hedge Agreement with respect to any prior
                           Settlement Date and (b) the Insured Monthly Interest
                           due on such Settlement Date minus the amount of any
                           payment default by National City under any Hedge
                           Agreement with respect to such Settlement Date;

                           ninth, from the remaining Series 2002-A Available
                           Funds, if a Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the amounts described in clauses sixth and
                           seventh above;

                           tenth, from the remaining Series 2002-A Available
                           Funds, to the Series 2002-A Noteholders in reduction
                           of the Series 2002-A Note Balance, the lesser of:

                                    (x)      such remaining Series 2002-A
                           Available Funds and

                                    (y)      the excess of (i) the Net
                           Investment, after taking into account any reduction
                           thereof on such Settlement Date pursuant to the
                           preceding clauses of this subsection (a)(i), over (2)
                           the Pro Forma Borrowing Base which, for purposes of
                           this clause (y), shall not include the portion of the
                           Series 2002-A Available Funds then on deposit in the
                           Series 2002-A Facility Account which represents funds
                           required to be applied to the amortization of the
                           Series 2002-A Note Balance for the related Collection
                           Period;

                                       28

<PAGE>

                           eleventh, from the remaining Series 2002-A Available
                           Funds, to the Series 2002-A Noteholders, the
                           following amounts in the following order: (a) the
                           excess, if any, of the Noteholder's Carryover
                           Interest over the Noteholder's Insured Carryover
                           Interest and (b) the excess, if any, of the Monthly
                           Interest over the Insured Monthly Interest, in each
                           case due on such Settlement Date;

                           twelfth, from the remaining Series 2002-A Available
                           Funds, ratably (and based upon the amounts owed to
                           each):

                                    (i) to the Series Support Provider, in
                                    payment of any other amounts owing to the
                                    Series Support Provider under the Series
                                    2002-A Related Documents, as certified by
                                    the Series Support Provider to the Trustee,
                                    the Agent and the Obligors' Agent; and

                                    (ii) to the Series 2002-A Noteholder, for
                                    the benefit of the applicable Owners, in
                                    payment of the Unused Fee, Breakage Costs
                                    and any other amounts owing to the Series
                                    2002-A Noteholders or the Agent under the
                                    Series 2002-A Related Documents for the
                                    current Collection Period and any prior
                                    Collection Period, as certified by the Agent
                                    to the Trustee, the Series Support Provider
                                    and the Obligors' Agent;

                           thirteenth, to the Servicer, if the Servicer is a
                           person other than Marlin or any Affiliate thereof, by
                           wire transfer of immediately available funds to the
                           account designated by such Servicer, the Increased
                           Servicer Fee, if any, then due, together with any
                           unpaid Increased Servicer Fees from prior Collection
                           Periods, if any;

                           fourteenth, from the remaining Series 2002-A
                           Available Funds, to the Series 2002-A Reserve
                           Account, an amount up to the amount, if any,
                           necessary to make the amounts on deposit in the
                           Series 2002-A Reserve Account equal the Required
                           Reserve Amount;

                           fifteenth, from the remaining Series 2002-A Available
                           Funds, to the Obligors, the lesser of:

                                    (i)      the Advance Amount for all Series
                           2002-A Contracts being Pledged on such Settlement
                           Date in accordance with Section 4.01(e) hereof; and

                                    (ii)     such remaining Series 2002-A
                           Available Funds;

                           sixteenth, from the remaining Series 2002-A Available
                           Funds, ratably, to each Hedge Counterparty (and based
                           upon the amounts owed to each) any amounts due to it
                           as fees, expenses or as the consequence of an event
                           of default or termination event under the related
                           Hedge Agreement or otherwise due upon the termination
                           of the related Hedge Agreement;

                                       29

<PAGE>

                           seventeenth, from the remaining Series 2002-A
                           Available Funds and from amounts, if any, on deposit
                           in the Series 2002-A Reserve Account in excess of the
                           Required Reserve Amount, to the Servicer, if the
                           Servicer is an Obligor or an Affiliate of an Obligor,
                           in payment of any accrued and unpaid Servicing Fee
                           then due;

                           eighteenth, from the remaining Series 2002-A
                           Available Funds, to the Series 2002-A Noteholders the
                           following amounts in the following order, without
                           duplication: (a) the amount of any Noteholder's
                           Insured Carryover Interest arising as a result of any
                           payment default by National City under any Hedge
                           Agreement with respect to any prior Settlement Date
                           which remains unpaid pursuant to clause eighth above
                           and (b) the amount of any Insured Monthly Interest
                           due on such Settlement Date which remains unpaid as a
                           result of payment default by National City under any
                           Hedge Agreement with respect to such Settlement Date
                           pursuant to clause eighth above; and

                           nineteenth, from the remaining Series 2002-A
                           Available Funds and from amounts, if any, on deposit
                           in the Series 2002-A Reserve Account in excess of the
                           Required Reserve Amount, the balance, if any, to
                           other Series in Group A, if any, and thereafter to
                           the Obligors' Agent for the benefit of the applicable
                           Obligor(s), or as otherwise directed by it in
                           writing.

                  (ii)     if such Settlement Date occurs during the
Amortization Period:

                           first, from Series 2002-A Available Funds to pay to
                           the Servicer and the Trustee, as applicable, any
                           amounts referred to in Section 3.01(f) and to pay to
                           any other Persons that mistakenly deposited funds
                           into the Series 2002-A Facility Account, such
                           mistakenly deposited funds;

                           second, from the remaining Series 2002-A Available
                           Funds, to the Servicer, an amount necessary to
                           reimburse the Servicer for any unreimbursed Servicer
                           Advances with respect to the Series 2002-A Contracts;

                           third, from the remaining Series 2002-A Available
                           Funds, to the Trustee for payment to Hedge
                           Counterparties, amounts due under the related Hedge
                           Agreements, except amounts due as fees, expenses or
                           as the consequence of the occurrence of an event of
                           default or termination event under such Hedge
                           Agreement or otherwise due upon the termination of
                           such Hedge Agreement, which amounts shall be paid as
                           provided in clause eighteenth below;

                           fourth, from the remaining Series 2002-A Available
                           Funds, to the Servicer, if the Servicer is not the
                           Obligor or an Affiliate of the Obligor, in payment of
                           any Servicing Fee then due;

                                       30

<PAGE>

                           fifth, from the remaining Series 2002-A Available
                           Funds, to the Trustee, the Trustee Fee, and to the
                           Back-up Servicer, the Back-Up Servicing Fee, any
                           out-of-pocket expenses of the Trustee and the Back-up
                           Servicer or successor Servicer reasonably incurred in
                           connection with the Series 2002-A transaction and,
                           subject to an aggregate, cumulative maximum
                           (including amounts paid under paragraph (a)(i) fifth
                           above) of $50,000 (with respect to the above
                           described expenses) during the term of this facility,
                           any expenses in excess of such cumulative maximum
                           amount if such expenses are approved in writing by
                           the Series Support Provider and any servicing
                           Transition Cost due such Persons under this Series
                           Supplement;

                           sixth, from the remaining Series 2002-A Available
                           Funds, if no Series Support Provider Default has
                           occurred and is continuing, (x) the Premium Amount
                           due the Series Support Provider on such Settlement
                           Date in connection with the Series Support and (y)
                           any unpaid Premium Amounts due on prior Settlement
                           Dates, together with (in the case of any such unpaid
                           Premium Amounts) interest thereon, calculated at the
                           rate set forth in the Insurance Agreement, all as
                           certified by the Series Support Provider to the
                           Trustee, the Agent and the Obligors' Agent;

                           seventh, from the remaining Series 2002-A Available
                           Funds, if no Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the aggregate amount necessary to reimburse
                           the Series Support Provider for prior unreimbursed
                           Support Interest Fundings, together with interest
                           thereon, calculated at the rate set forth in the
                           Insurance Agreement, all as certified by the Series
                           Support Provider to the Trustee, the Agent and the
                           Obligors' Agent;

                           eighth, from the remaining Series 2002-A Available
                           Funds, if no Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the aggregate amount necessary to reimburse
                           the Series Support Provider for prior unreimbursed
                           Support Principal Fundings, together with interest
                           thereon, calculated at the rate set forth in the
                           Insurance Agreement, all as certified by the Series
                           Support Provider to the Trustee, the Agent and the
                           Obligors' Agent;

                           ninth, from the remaining Series 2002-A Available
                           Funds, and amounts provided pursuant to the Series
                           Support, to the Series 2002-A Noteholders the
                           following amounts in the following order, without
                           duplication: (a) the Noteholder's Insured Carryover
                           Interest, if any, minus the amount of any such
                           Noteholder's Insured Carryover Interest arising as a
                           result of any payment default by National City under
                           any Hedge Agreement with respect to any prior
                           Settlement Date and (b) the Insured Monthly Interest
                           due on such Settlement Date minus the amount of any
                           payment default by National City under any Hedge
                           Agreement with respect to such Settlement Date;

                                       31

<PAGE>

                           tenth, from the remaining Series 2002-A Available
                           Funds, if a Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the amounts described in clauses sixth and
                           seventh above;

                           eleventh, from the remaining Series 2002-A Available
                           Funds (plus, on the first Settlement Date during the
                           Amortization Period, the amount on deposit in the
                           Series 2002-A Reserve Account), to the Series 2002-A
                           Noteholders, in reduction of the Series 2002-A Note
                           Balance, the sum of (1) the amount if any, by which
                           (x) the Borrowing Base as of the end of the second
                           preceding Collection Period exceeded (y) the
                           Borrowing Base as of the end of the immediately
                           preceding Collection Period plus (2) any unpaid
                           amounts due under this clause eleventh on prior
                           Settlement Dates;

                           twelfth, from the remaining Series 2002-A Available
                           Funds, if a Series Support Provider Default has
                           occurred and is continuing, to the Series Support
                           Provider, the amount described in clause eighth
                           above;

                           thirteenth, from the remaining Series 2002-A
                           Available Funds, to the Series 2002-A Noteholders,
                           the following amounts in the following order: (a) the
                           excess, if any, of the Noteholder's Carryover
                           Interest over the Noteholder's Insured Carryover
                           Interest and (b) the excess, if any, of the Monthly
                           Interest over the Insured Monthly Interest, in each
                           case due on such Settlement Date;

                           fourteenth, to the Servicer, if the Servicer is a
                           person other than Marlin or any Affiliate thereof, by
                           wire transfer of immediately available funds to the
                           account designated by such Servicer, the Increased
                           Servicer Fee, if any, then due, together with any
                           unpaid Increased Servicer Fees from prior Collection
                           Periods, if any;

                           fifteenth, from the remaining Series 2002-A Available
                           Funds, to the Servicer, if the Servicer is an Obligor
                           or an Affiliate of an Obligor, in payment of any
                           accrued and unpaid Servicing Fee then due;

                           sixteenth, from the remaining Series 2002-A Available
                           Funds (plus, on the first Settlement Date during the
                           Amortization Period, the amount on deposit in the
                           Reserve Account not applied under clause eleventh
                           above) to the Series 2002-A Noteholders in reduction
                           of the Series 2002-A Note Balance, the lesser of (i)
                           100% of such amount and (ii) the then-outstanding
                           Series 2002-A Note Balance (calculated after taking
                           into account any reduction therein under clause
                           eleventh above);

                           seventeenth, from the remaining Series 2002-A
                           Available Funds, ratably (and based upon the amounts
                           owed to each)

                                    (i)     Series Support Provider, in payment
                                            of any other amounts owing to the
                                            Series Support Provider under the
                                            Series

                                       32

<PAGE>

                                             2002-A Related Documents, as
                                             certified by the Series Support
                                             Provider to the Trustee, the Agent
                                             and the Obligors' Agent; and

                                    (ii)    to the Series 2002-A Noteholder, for
                                            the benefit of the applicable
                                            Owners, in payment of the Unused
                                            Fee, Breakage Costs and any other
                                            amounts owing to the Series 2002-A
                                            Noteholders or the Agent under the
                                            Series 2002-A Related Documents for
                                            the current Collection Period and
                                            any prior Collection Period, as
                                            certified by the Agent to the
                                            Trustee, the Series Support Provider
                                            and the Obligors' Agent;

                           eighteenth, from the remaining Series 2002-A
                           Available Funds, ratably, to each Hedge Counterparty
                           (and based upon the amounts owed to each) any amounts
                           due as fees, expenses or as the consequence of an
                           event of default or termination event under the
                           related Hedge Agreement or otherwise due upon the
                           termination of the related Hedge Agreement;

                           nineteenth, from the remaining Series 2002-A
                           Available Funds, to the Series 2002-A Noteholders the
                           following amounts in the following order, without
                           duplication: (a) the amount of any Noteholder's
                           Insured Carryover Interest arising as a result of any
                           payment default by National City under any Hedge
                           Agreement with respect to any prior Settlement Date
                           which remains unpaid pursuant to clause ninth above
                           and (b) the amount of any Insured Monthly Interest
                           due on such Settlement Date which remains unpaid as a
                           result of payment default by National City under any
                           Hedge Agreement with respect to such Settlement Date
                           pursuant to clause ninth above; and

                           twentieth, from the remaining Series 2002-A Available
                           Funds the balance, if any, to other Series in Group
                           A, if any, and thereafter to the Obligors' Agent for
                           the benefit of the applicable Obligor(s), or as
                           otherwise directed by it in writing.

                  (b)      All payments of interest, principal, fees, and other
amounts payable to the Series 2002-A Noteholders hereunder shall be made on each
Settlement Date to the Agent for the benefit of the applicable Purchaser(s) by
wire transfer of immediately available funds to an account designated in
writing, in the form of Exhibit C hereto delivered to the Trustee on or prior to
the related Determination Date without presentation or surrender of the Series
2002-A Note or the making of any notation thereon. All computations of interest,
including computations of Noteholder's Carryover Interest, Noteholder's Insured
Carryover Interest, Monthly Interest, and Insured Monthly Interest, and any fees
due to the Series 2002-A Noteholder hereunder shall be made on the basis of a
year consisting of 360 days for the actual number of days elapsed.

                  (c)      Any designation by the Agent of an account for
receipt of wire transfers pursuant to the preceding clause (b) shall be a
standing instruction, effective with respect to the

                                       33

<PAGE>

applicable Settlement Date and all subsequent Settlement Dates thereafter until
revoked. In the absence of such timely wire transfer instructions, payment will
be made by cashiers check sent by overnight courier to the Agent at the address
designated pursuant to Section 7.01. All reasonable costs and expenses incurred
by the Trustee in connection with the distribution of the payments to the Series
2002-A Noteholders or the Series Support Provider as set forth in this Section
3.03(c) shall be paid by the Servicer.

                  (d)      (i)      In the event that on any Determination Date
occurring during the Revolving Period, the Servicer's Certificate indicates that
Series 2002-A Available Funds will be insufficient to make the payments provided
for in clauses first through thirteenth of Section 3.03(a)(i) on the related
Settlement Date, the Trustee will on the related Settlement Date withdraw the
amount of such insufficiency from the Series 2002-A Reserve Account to the
extent of amounts available therein and apply the amount withdrawn in accordance
with the priorities specified in Section 3.03(a)(i) through such clause
thirteenth.

                           (ii)     On the first Settlement Date occurring
during the Amortization Period all amounts then on deposit in the Series 2002-A
Reserve Account shall be transferred to the Series 2002-A Facility Account for
application in accordance with priorities eleventh and sixteenth only of Section
3.03(a)(ii) hereof on such Settlement Date.

                  (e)      (i)      In the event that on any Determination Date,
the Servicer's Certificate indicates that Series 2002-A Available Funds together
with any amounts withdrawn from the Series 2002-A Reserve Account in accordance
with Section 3.03(d) will be insufficient when applied in accordance with the
priorities specified in Section 3.03(a)(i) eighth or Section 3.03(a)(ii) ninth
on the related Settlement Date, to make the distribution of the Noteholder's
Insured Carryover Interest described in such clauses and (ii) such Noteholder's
Insured Carryover Interest will, on such related Settlement Date, relate to
Insured Monthly Interest originally due on the second (or earlier) preceding
Settlement Date, the Trustee will deliver a Notice for Payment in the form set
forth as an exhibit to the Series Support in the amount of such shortfall to the
Series Support Provider on the second Business Day prior to such Settlement
Date. Upon receipt of funds from the Series Support Provider in respect of such
Notice for Payment, the Trustee shall pay such amount to the Series 2002-A
Noteholders in respect of the such Noteholder's Insured Carryover Interest
payable under such clauses.

                           (ii)     In addition, in the event that on the date
following the Termination Date that is 180 days after the last Scheduled Payment
of the last outstanding Series 2002-A Contract, the Series 2002-A Note Balance
has not been reduced to zero, the Trustee will deliver a Notice for Payment in
the form set forth as an exhibit to the Series Support in the amount of the
remaining Series 2002-A Note Balance to the Series Support Provider. Upon
receipt of funds from the Series Support Provider in respect of such Notice for
Payment, the Trustee will pay such amount to the Series 2002-A Noteholders in
reduction of the Series 2002-A Note Balance.

                           (iii)    If the payment of any amount which is
guaranteed pursuant to the Series Support is voided as a preference (an
"Avoidance Event") under any applicable bankruptcy, insolvency, receivership or
similar law in a bankruptcy, insolvency, readjustment of debt, reorganization or
similar proceeding (an "Insolvency Proceeding") and, as a result of such an
Avoidance Event, the Trustee or a Noteholder is required to return such payment,
the Trustee

                                       34

<PAGE>

will, upon obtaining knowledge of such Avoidance Event, deliver a Notice of
Payment in the form set forth as an Exhibit to the Series Support in the amount
of such payment to the Series Support Provider. Upon receipt of funds from the
Series Support Provider in respect of such Notice for Payment, the Trustee will
pay such amount to the applicable Series 2002-A Noteholders.

                  (f)      Notwithstanding the priority of payments set forth in
Section 3.03(a) above or any other term or provision of this Series 2002-A
Supplement or the Master Agreement to the contrary, payments made by the Series
Support Provider to the Trustee for the benefit of the Series 2002-A Noteholders
shall be applied solely to the obligations in respect of which the related
Notice for Payment was delivered. Amounts paid by the Series Support Provider to
the Trustee and paid to the Series 2002-A Noteholders shall not be considered
payment by the Obligors or otherwise with respect to the Series 2002-A Notes,
nor shall such payments discharge any obligations of the Obligors with respect
to the Series 2002-A Notes, and the Series Support Provider shall become the
owner of the portion of Insured Monthly Interest, the Noteholder's Insured
Carryover Interest and the Series 2002-A Note Balance, as the case may be, in
respect of which such payments were made as assignee and subrogee of the Series
2002-A Noteholders and shall be entitled to receive reimbursement in respect
thereof. The Trustee hereby agrees on behalf of each Series 2002-A Noteholder
for the benefit of the Series Support Provider that it recognizes that to the
extent the Series Support Provider makes payments to the Trustee for the benefit
of the Series 2002-A Noteholders, the Series Support Provider shall become the
owner of the applicable portion of the Series 2002-A Notes as assignee and
subrogee of the Series 2002-A Noteholders and shall be entitled to receive the
related reimbursement in accordance with the priority of distributions
referenced in Section 3.03(a)(i) and Section 3.03(a)(ii) (as appropriate) above.

                  (g)      The Trustee shall not have any duty or obligation to
recalculate, recompute or verify the information contained in the Servicer's
Certificate.

                  Section 3.04 Reporting and Review Requirements.

                  (a)      The Servicer shall send to the Agent, the Series
Support Provider and the Trustee a Servicer's Certificate with respect to each
Collection Period, such Servicer's Certificate to be in the form of that
attached hereto as Exhibit D, not later than three (3) Business Days prior to
the immediately succeeding Settlement Date. Such report shall also be sent to
the Trustee in an electronic format acceptable to the Trustee.

                  (b)      By January 31 of each calendar year, commencing
January 31, 2003, the Servicer shall prepare and distribute to the Agent a
statement containing such information as is required to be provided by an issuer
of indebtedness under the Code and such other customary information as is
necessary or may reasonably be requested by the Agent to enable the Purchasers
to prepare their tax returns.

                  (c)      The Series Support Provider or its designee shall, at
Marlin's expense (not to exceed $52,500 per annum plus out-of-pocket costs and
expenses) be permitted to conduct such audits of Marlin's origination, servicing
and documentation procedures as the Series Support Provider shall deem
necessary, but not more frequently than three times per year. In

                                       35

<PAGE>

addition, the Series Support Provider or its designee shall have the right (1)
as long as a Series Event of Default has not occurred and is not continuing, to
conduct additional audits at the Series Support Provider's (or its designee's)
expense, upon at least two Business Day's prior notice and (2) following the
occurrence of and during the continuance of a Series Event of Default, to
conduct audits as frequently as it deems necessary, at any time without prior
notice and at Marlin's expense.

                  (d)      Marlin shall provide the Agent and the Series Support
Provider with a covenant compliance certificate (as part of the Servicer's
Certificate), to the effect that, as of the end of each calendar quarter, Marlin
and each Obligor is in compliance with its respective covenants hereunder
(listing any exceptions) signed by the Servicing Officer of Marlin and delivered
within 45 days of the end of such calendar quarter.

                  (e)      Marlin shall provide the Agent and the Series Support
Provider with consolidated and consolidating financial statements (consolidating
financial statements to include, in columnar format, all wholly-owned
subsidiaries of Marlin, with the exception of subsidiaries that are
special-purpose entities), in each case prepared in accordance with GAAP (i)
unaudited, on a quarterly basis, within 45 days of the end of each calendar
quarter, certified by the Chief Financial Officer of Marlin and (ii) audited, on
an annual basis, within 120 days of the end of each fiscal year, audited by
Marlin's Independent Public Accountants.

                  (f)      Marlin shall provide the Agent and the Series Support
Provider with a copy of its "monthly business review" within 30 days of the end
of each month.

                  (g)      Marlin shall provide the Agent and the Series Support
Provider with a copy of its annual management/internal control report prepared
by Marlin's Independent Public Accountants, promptly following Marlin's receipt
thereof and in no event later than 120 days following the end of each fiscal
year.

                  (h)      Marlin shall provide the Agent and the Series Support
Provider with a copy of its annual budget for each upcoming fiscal year,
including statements of income and cash flows, and balance sheets, not later
than 30 days after the beginning of such fiscal year.

                  (i)      The Servicer and the Trustee shall furnish to the
Agent and the Series Support Provider during the term of this Series 2002-A
Supplement, such periodic, special or other reports or information not
specifically provided for herein, as shall be necessary, reasonable and
appropriate as shall be requested by the Agent or the Series Support Provider,
all such reports or information to be provided by and in accordance with
reasonable instructions and directions as the Agent or the Series Support
Provider may reasonably require and as the Servicer and the Trustee may
reasonably be able to produce. In furtherance of, and not in limitation of the
foregoing, there shall be delivered to the Agent and the Series Support Provider
by the Trustee, promptly following the Trustee's receipt thereof, copies of (i)
each Servicer's annual compliance statement delivered to the Trustee pursuant to
Section 6.07 of the Master Agreement, and (ii) each financial statement and
report delivered to the Trustee pursuant to Section 6.08 of the Master
Agreement. The Trustee's obligation under this Section 3.04(c) shall only
pertain to information provided by the Servicer to the Trustee or otherwise in
the Trustee's possession.

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<PAGE>

                  (j)      The Trustee shall promptly, after any Responsible
Officer's receipt of copies thereof, or any Responsible Officer acquiring actual
knowledge thereof, send to the Agent and the Series Support Provider (at the
Servicer's expense):

                  (i)      written notice of any breach by the Transferor, the
                           Obligor, the Obligors' Agent or the Servicer of any
                           of their respective representations, warranties or
                           covenants made in any of the Series 2002-A Related
                           Documents to which it is a party;

                  (ii)     a copy of each Servicer compliance statement
                           delivered to the Trustee pursuant to Section 6.07 of
                           the Master Agreement;

                  (iii)    a copy of each financial statement, Independent
                           Accountant's review, notice and report delivered to
                           the Trustee pursuant to Sections 6.08 and 12.04 of
                           the Master Agreement;

                  (iv)     written notice of the occurrence of any Series Event
                           of Default or Event of Servicer Termination;

                  (v)      written notice of any failure of the Trustee to
                           conform to the eligibility requirements for the
                           Trustee pursuant to Section 11.08 of the Master
                           Agreement;

                  (vi)     written notice of the appointment of any co-trustee
                           or separate trustee by the Trustee pursuant to
                           Section 11.15 of the Master Agreement; and

                  (vii)    copies of all other financial statements, reports,
                           information and/or notices as may be reasonably
                           requested by the Agent or the Series Support Provider
                           and, in each case, which has been received by or is
                           otherwise in the possession of the Trustee or to
                           which the Trustee would have access or would be
                           entitled to receive or request in accordance with the
                           terms of the Master Agreement;

provided, however, that in each case the Trustee shall only be required to send
such notices and other items to the Agent and the Series Support Provider to the
extent that the Trustee has itself received or has knowledge of the related
information. Except as may be specifically provided herein, the Trustee shall
have no obligation to seek to obtain any such information.

                  Section 3.05 Compliance With Withholding Requirements.
Notwithstanding any other provisions of this Series 2002-A Supplement or the
Master Agreement to the contrary, the Trustee, for and on behalf of, and at the
direction of the Servicer, shall comply with all federal withholding
requirements respecting payments (or advances thereof) to the Agent on behalf of
the Purchasers as may be applicable to instruments constituting indebtedness for
federal income tax purposes. Except as otherwise provided in the Note Purchase
Agreement, any amounts so withheld shall be treated as having been paid to the
Agent on behalf of the applicable Purchasers for all purposes of this Series
2002-A Supplement. In no event shall the consent of the Agent or any Purchasers
be required for any such withholding.

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<PAGE>

                  Section 3.06 Servicer Advances. No later than one Business Day
preceding each Settlement Date, if the Servicer determines that any Scheduled
Payment (or portion thereof), which was due and payable pursuant to a Series
2002-A Contract during the related Collection Period was not received by such
date, the Servicer may make a Servicer Advance in an amount up to the amount of
such delinquent Scheduled Payment (or portion thereof), to the extent that in
its sole discretion it determines it can recoup such amount from subsequent
Collections under the related Series 2002-A Contract. The Servicer shall remit
any Servicer Advances to the Series 2002-A Facility Account for application in
accordance with the terms of Section 3.03.

                  Section 3.07 Special Representations, Covenants and
Acknowledgements.

                  (a)      With respect to the Series 2002-A Notes, the Obligor
and the Obligors' Agent does hereby represent and warrant, as of each Pledge
Date:

                  (i)      Insolvency. Each of the Obligor and the Obligors'
                           Agent is Solvent and will remain Solvent after giving
                           effect to the issuance of the Series 2002-A Notes and
                           the transactions contemplated by this Series 2002-A
                           Supplement, the Master Facility Agreement and each
                           Series 2002-A Related Document to which it is a
                           party.

                  (ii)     Principal Place of Business. Exhibit F hereto sets
                           forth the principal place of business, state of
                           incorporation or organization, and chief executive
                           office and the location of the Contract Files for the
                           Obligor and the Obligors' Agent.

                  (iii)    Valid Pledge. Each Pledge constitutes the grant of a
                           perfected, first priority security interest in all
                           Pledged Property (other than any Equipment having an
                           Original Equipment Cost of $25,000 or less, with
                           respect to which such security interest is validly
                           granted, but may not be perfected or of first
                           priority) to the Trustee.

                  (iv)     Governmental Authorization. Other than the filing of
                           the financing statements required hereunder, no
                           authorization or approval or other action by, and no
                           notice to or filing with, any governmental authority
                           or regulatory body is required for the due execution,
                           delivery and performance by the Obligor and the
                           Obligors' Agent of this Agreement, the Master
                           Facility Agreement and each Series 2002-A Related
                           Document to which it is a party except for such
                           authorizations, approvals, actions, notices and
                           filings as have already been obtained, taken or made.

                  (v)      Accuracy of Information. All information heretofore
                           furnished in writing by the Obligor or the Obligors'
                           Agent to the Trustee, the Series Support Provider or
                           to the Agent for purposes of or in connection with
                           this Agreement, the Master Facility Agreement and
                           each Series 2002-A Related Document to which it is a
                           party or any Pledge is true, accurate and

                                       38

<PAGE>

                           complete in every material respect on the date such
                           information is stated or certified.

                  (vi)     Names. In the past two years, none of the Obligor nor
                           the Obligors' Agent has used any corporate names,
                           trade names or assumed names other than the name in
                           which it has executed this Agreement.

                  (vii)    No Adverse Selection. The Series 2002-A Contracts
                           have been, and will be, selected by the Obligors'
                           Agent in a manner that is not adverse to the
                           interests of the Trustee, the Series 2002-A
                           Noteholders or the Series Support Provider.

                  (viii)   Eligibility. Each Series 2002-A Contract being
                           Pledged on such Pledge Date is an Eligible Contract.

                  (ix)     No Event of Default. No Series Event of Default has
                           occurred and is continuing, nor does any situation
                           exist which, with the giving of notice and/or the
                           passage of time, would result in the occurrence of a
                           Series Event of Default.

                  (b)      The Obligor, the Obligors' Agent, Marlin and the
Servicer do hereby covenant, acknowledge and agree that:

                  (i)      Access to Documentation. The Agent, the Series
                           Support Provider and any of their duly authorized
                           representatives, attorneys or accountants shall have
                           the same access to the documentation relating to the
                           Series 2002-A Trust Estate as the Trustee is provided
                           pursuant to Section 6.09 of the Master Agreement.

                  (ii)     Servicer to Indemnify. The Servicer shall indemnify
                           the Agent, the Series Support Provider and the Series
                           2002-A Noteholders to the same extent and on the same
                           terms as the Trustee, pursuant to Section 8.01 of the
                           Master Agreement.

                  (iii)    Certain Consents Required. The prior written consent
                           of the Series Support Provider and the Agent shall be
                           required for the Obligor to take any action described
                           in Section 14.03(a) or 14.03(b) of the Master
                           Agreement.

                  (iv)     Notice of Return of Final Payment. The Servicer shall
                           give the Agent and the Series Support Provider notice
                           of any return of final payment given to the Trustee
                           pursuant to Section 5.06 of the Master Agreement, at
                           the same time such notice is given to the Trustee.

                  (v)      Acknowledgement of Obligor. The Obligor hereby
                           confirms and acknowledges that, by its execution
                           hereof, (a) it shall be deemed to be a party to the
                           Master Agreement and to the Master Transfer Agreement
                           for the purpose of making all representations,
                           warranties and covenants, and

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<PAGE>

                           being bound by all obligations, applicable to the
                           Obligor thereunder, to the extent (and only to the
                           extent) such representations, warranties, covenants
                           and obligations relate to the Series 2002-A Note
                           and/or the Series 2002-A Trust Estate and (b) it
                           confirms the right and ability of the Obligors' Agent
                           to execute any and all Series 2002-A Documents on
                           behalf of such Obligor, and that the Obligors'
                           Agent's signature thereon shall have the same force
                           and effect as if the Obligor were a direct signatory
                           thereto.

                  (vi)     Series Controlling Party. The parties hereto
                           acknowledge that so long as no Series Support
                           Provider Default shall have occurred and be
                           continuing, the Series Support Provider shall be the
                           "Series Controlling Party" with respect to the Series
                           2002-A Notes for purposes of the Master Agreement and
                           this Series 2002-A Supplement and that if a Series
                           Support Provider Default shall have occurred and be
                           continuing, the Agent shall be the "Series
                           Controlling Party" for purposes of the Master
                           Agreement and this Series 2002-A Supplement so long
                           as such Series Support Provider Default shall
                           continue.

                  (vii)    Series Trustee Secured Obligations. The "Series
                           Trustee Secured Obligations" and the "Series Secured
                           Obligations" with respect to the Series 2002-A Notes
                           shall mean, collectively (a) all amounts due to the
                           Series 2002-A Noteholders for principal and interest
                           and under the Note Purchase Agreement and any amounts
                           owing under the Series 2002-A Related Documents, (b)
                           any amounts due to the Agent hereunder and under the
                           Note Purchase Agreement, either in its individual
                           capacity or on behalf of the Purchasers, (c) any fees
                           and expenses due to the Trustee or the Back-up
                           Servicer with respect to the Series 2002-A Notes, (d)
                           amounts due to the Series Support Provider hereunder
                           and under the Insurance Agreement and (e) any
                           payments due to any Hedge Counterparty with respect
                           to the Series 2002-A Note.

                  (viii)   Series Secured Parties. The "Series Secured Parties"
                           with respect to the Series 2002-A Note are the
                           Trustee, the Series Support Provider, the Agent, the
                           Series 2002-A Noteholders, and each Hedge
                           Counterparty (the "Series 2002-A Secured Parties").

                  (ix)     Original Servicer Fee Rate. The "Original Servicer
                           Fee Rate" with respect to the Series 2002-A Note is
                           the percentage set forth in the definition of
                           "Servicing Fee" herein.

                  (x)      Original Issue Date. The "Original Issue Date" with
                           respect to the Series 2002-A Note is the Series
                           Closing Date.

                  (xi)     Limitation of Allowable Prepayments. The Servicer
                           shall not accept any Prepayment unless the amount
                           received in connection therewith is at least equal to
                           the related Prepayment Amount as of such date, or, if
                           less, unless the Servicer makes a non-recoverable
                           deposit to the Master Facility

                                       40

<PAGE>

                           Account in the amount of any shortfall (which
                           non-recoverable deposit shall be a "Collection" with
                           respect to the Series 2002-A Trust Estate).

                  (xii)    Limitation on Removals. Notwithstanding Section
                           6.12(b) of the Master Agreement, the Servicer may not
                           remove any Contract pursuant to such Section 6.12(b)
                           if the aggregate of the Contract Principal Balances
                           removed pursuant to such Section exceeds ten percent
                           (10%) of the Maximum Series Limit.

                  (xiii)   Series Controlling Party to Appoint Successor
                           Servicer with Respect to this Series. The Series
                           Controlling Party shall have the right to appoint a
                           successor Servicer with respect to the Series 2002-A
                           Contracts in the event of an Event of Servicer
                           Termination.

                  (xiv)    Terms of Take-Out. Immediately following each
                           Take-Out, the Net Investment shall be reduced to
                           zero.

                  (xv)     Equipment Type. The Servicer will not change the
                           Equipment Type classifications on its servicing
                           system without the prior written consent of the
                           Series Controlling Party.

                  (xvi)    Change in Credit and Collection Policy. There has
                           been no, nor shall there be any, material change in
                           the Credit and Collection Policy since April 9, 2002
                           without the prior written consent of the Agent and
                           the Series Support Provider.

                  (xvii)   Alternative Committed Financing Facilities. Marlin
                           shall at all times prior to the Termination Date
                           maintain one or more Committed Financing Facilities
                           in addition to this facility (none of which have any
                           credit support provided by the Series Support
                           Provider), providing for the committed financing, in
                           the aggregate, of not less than $32,500,000;

                  (xviii)  ERISA. Except as may otherwise be imposed by law,
                           Marlin has no obligation to provide, and will not
                           have any obligation to provide, post-retirement
                           medical or life insurance or other death benefits to
                           any person other than pursuant to the "Marlin Leasing
                           Corporation 401(k) Profit Sharing Plan" (the "401 (k)
                           Plan"). Except with respect to the 401(k) Plan,
                           Marlin, does not currently maintain, have an
                           obligation to contribute to or pay withdrawal
                           liability to, or have any other obligation with
                           respect to, any "pension plan" (within the meaning of
                           section 3(2) of ERISA) or any multiemployer plan
                           (within the meaning of section 3(37) of ERISA). For
                           purposes hereof, all references to "ERISA" shall be
                           deemed to refer to the Employee Retirement Income
                           Security Act of 1974 (and any sections of the Code),
                           as now in effect and as it may hereafter be amended
                           or modified, and all regulations promulgated
                           thereunder and all references to "Marlin" in this
                           paragraph (xix) shall be deemed to refer to Marlin
                           and all other entities with which Marlin is
                           affiliated within the meaning of Section

                                       41

<PAGE>

                           414(b) and 415(h) of the Code, as amended by ERISA,
                           and Sections 210(c) and 4001(a)(2) of ERISA.

                  (xix)    Substitute Contracts. Any Substitute Contract
                           delivered to the Series 2002-A Trust Estate shall, if
                           delivered during the Amortization Period, in addition
                           to being an Eligible Contract, have substantially
                           similar characteristics as the Replaced Contract.

                  Section 3.08 Hedging Arrangements.

                  (a)      Marlin shall provide for one or more Hedge
Agreement(s) with respect to the Series 2002-A Trust Estate with an aggregate
notional balance at least equal to the principal portion of the Net Investment.
Each Hedge Agreement shall:

                  (i)      provide for payments on each Settlement Date (x)
                           which, in the case of a Cap Agreement, are made only
                           by the Hedge Counterparty to the Trustee, in an
                           amount equal to the current notional amount of the
                           Hedge Agreement applied to the excess, if any, of the
                           Base LIBO Rate over the Hedge Rate with respect
                           thereto, and (y) in the case of a Swap Agreement, are
                           to be made (1) by the Hedge Counterparty to the
                           Trustee in an amount equal to the current notional
                           amount of the Swap Agreement applied to the Base LIBO
                           Rate, and (2) by the Trustee to the Hedge
                           Counterparty in an amount equal to such notional
                           amount applied to the Hedge Rate with respect thereto
                           (which amounts may be netted, with the net amount
                           paid by one party to the other);

                  (ii)     be satisfactory in form and substance to the Series
                           Support Provider and the Agent;

                  (iii)    provide that all payments made by the Hedge
                           Counterparty thereunder shall be made directly into
                           the Series 2002-A Facility Account;

                  (iv)     provide for termination at the option of the Trustee
                           upon release of the related Series 2002-A Contracts
                           from the Lien of the Indenture;

                  (v)      require the Hedge Counterparty to find a replacement
                           Hedge Counterparty to execute a new Hedge Agreement
                           satisfactory to the Series Support Provider and the
                           Agent within 10 Business Days of any downgrade of the
                           ratings of the Hedge Counterparty below the levels
                           set forth in the definition of "Hedge Counterparty",
                           which replacement must meet the qualifications set
                           forth in the definition of "Hedge Counterparty"; and

                  (vi)     be between the related Hedge Counterparty and the
                           Trustee;

                  (b)      In the event that a Hedge Counterparty no longer
satisfies the ratings requirement specified in the definition thereof and does
not itself find a replacement which has executed a Hedge Agreement as required
under clause (v) of Section 3.08(a), Marlin shall be required, within 15
Business Days following the failure of such Hedge Counterparty to satisfy

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<PAGE>

such ratings requirement, to provide a substitute Person satisfying the
requirements of the definition of Hedge Counterparty to be substituted as the
Hedge Counterparty under the applicable Hedge Agreement(s) or to enter into a
new Hedge Agreement satisfactory to the Series Support Provider and the Agent.

                  (c)      The Trustee shall not designate an "Early Termination
Date" under any Hedge Agreement following any "Event of Default" or "Termination
Event" thereunder without the prior written consent of the Series Controlling
Party, and must designate such an "Early Termination Event" at the Series
Controlling Party direction if the circumstances would permit the Trustee to
then make such a designation.

                  (d)      The Trustee shall promptly forward to the Series
Controlling Party a copy of any notice received from a Hedge Counterparty
relating to any downgrade, withdrawal or suspension of such Hedge Counterparty's
(or such Hedge Counterparty's guarantor's) ratings.

                  (e)      The Trustee shall not execute any assignment,
assumption, credit support annex, extension, amendment, modification, waiver,
confirmation, designation of "Reference Market Makers," schedule or other
agreement in connection with any Hedge Agreement without first obtaining the
prior written consent of the Series Controlling Party. A copy of any such item
received by the Trustee, together with a copy of any other notice or
communication received by the Trustee in connection with any Hedge Agreement
shall be forwarded to the Series Controlling Party promptly on receipt. Notice
of (i) any assignment or transfer by a Hedge Counterparty of any of its rights
or obligations under any Hedge Agreement (ii) any assumption, amendment,
extension, modification, waiver or event of default under any Hedge Agreement,
and (iii) the Hedge Counterparties entering into any new Hedge Agreement shall
be given by the Trustee to each Rating Agency.

                  Section 3.09 Lockbox Account.

                  (a)      The Servicer shall establish a Lockbox Account
identified as "the Lockbox Account for Marlin Master Facility Agreement, in
trust for the Series 2002-A Secured Parties" on behalf of, and in the name of,
MLR II LLC, which shall be an Eligible Bank Account. The Servicer shall direct
each User to make all payments with respect to the Series 2002-A Contracts which
are due after the related Pledge Date directly to the Lockbox Account. Any
notice delivered pursuant to the preceding sentence of this Section 3.09 after
the date hereof shall provide that (i) it is irrevocable except by, or a notice
accompanied by written consent of, the Series Controlling Party and (ii) the
User will only be discharged from its obligations under the Series 2002-A
Contract to the extent payments are sent to the Lockbox Account.

                  (b)      The Servicer shall issue and maintain a standing
instruction to the Lockbox Bank under the Lockbox Agreement to the effect that
(x) on each Business Day the Lockbox Bank shall (i) cause all items received in
the post-office box related to the Lockbox Account since the preceding Business
Day relating to the Series 2002-A Contracts to be deposited into the Lockbox
Account, and (ii) remit by electronic funds transfer, into the Series 2002-A
Facility Account all available funds on deposit in the Lockbox Account and (y)
if the Lockbox Bank receives a written notice from the Series Controlling Party
stating that a Series Event of Default has occurred hereunder, the Lockbox Bank
shall thereafter follow such

                                       43

<PAGE>

directions as it may thereafter receive from the Series Controlling Party with
respect to Collections on the Series 2002-A Contracts, and shall not thereafter
follow any directions of the Servicer (unless otherwise directed by the Series
Controlling Party). Such standing instruction shall be evidenced by an agreement
with the Lockbox Bank in form and substance acceptable to the Series Controlling
Party. The Servicer will transfer any payments it receives directly rather than
by payment to the Lockbox Account by or on behalf of the Users pursuant to the
Contracts and all Recoveries in respect thereof to the Series 2002-A Facility
Account immediately upon receipt thereof.

                  (c)      Neither the Servicer, any Obligor nor any Affiliate
thereof shall direct or shall have directed any payments to be remitted to the
Lockbox Account unless such payments relate to the Series 2002-A Contracts, or
to Contracts relating to other Series of Notes assigned to Group A.

                                   ARTICLE IV

                    SERIES PRINCIPAL AMOUNT FOR SERIES 2002-A

                  Section 4.01 Advances.

                  (a)      The Trustee shall deliver the Series 2002-A Note when
authenticated as directed in writing by the Obligor, and in accordance with
Section 5.01 of the Master Agreement.

                  (b)      The Agent on behalf of the Series 2002-A Noteholders
agrees, by its acceptance of the Series 2002-A Note, that the Obligors' Agent
may, during the Revolving Period, on any Business Day, but not more frequently
than weekly (a "Pledge Date"), request upon not less than three (3) Business
Days' prior written notice (to be delivered not later than 4:00 p.m. New York
time) in the form set forth in Exhibit G hereto (a "Pledge Notice") delivered to
the Agent, the Series Support Provider, the Servicer and the Trustee, and upon
satisfaction of the conditions set forth in the Note Purchase Agreement and in
this Section 4.01, that the Agent remit to the Obligors' Agent an amount, to the
extent received by the Agent from Purchasers under the Note Purchase Agreement,
representing an increase in the Series 2002-A Noteholders' investment in the
Series 2002-A Notes (each such increase in investment, an "Advance") in an
amount equal to the related Advance Amount, provided, however, that the
aggregate of the Advance Amounts which may be paid pursuant to this Section
4.01(b) and Section 4.01(e) shall not, in any calendar month, exceed a dollar
amount equal to 175% of Marlin's average monthly production (expressed in terms
of the aggregate Equipment cost relating to Marlin's lease originations and
purchases) during the immediately preceding six months; provided, further,
however, that if no amount is paid pursuant to this Section 4.01(b) in any
calendar month, then the maximum amount which may be paid pursuant to this
Section 4.01(b) during the immediately following calendar month shall be the sum
of the maximum Advance Amount for such calendar month and the immediately
preceding calendar month.

                  (c)      The Obligor shall Pledge the Pledged Property to the
Trustee to be held in trust as part of the Series 2002-A Trust Estate in
connection with the delivery of each Pledge Notice. Each Pledge Notice shall
specify:

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<PAGE>

                  (i)      the proposed Pledge Date,

                  (ii)     the related List of Contracts, which shall also
                           include for each Series 2002-A Contract and the
                           related discounted Booked Residual;

                  (iii)    the amount of the related Advance Amount, which shall
                           not be less than $1,000,000 except as provided in
                           paragraph (e) below;

                  (iv)     the Purchase Price Percentage for such Pledge;

                  (v)      the Hedge Rate applicable to such Series 2002-A
                           Contracts;

                  (vi)     the aggregate Contract Principal Balance of all
                           Series 2002-A Contracts being Pledged; and

                  (vii)    the Borrowing Base immediately prior to such Pledge
                           and the Pro Forma Borrowing Base.

                  (d)      No Advance will be funded with respect to any Series
2002-A Contract unless:

                  (i)      the Trustee has previously delivered its
                           Certification (as defined in the Collateral
                           Administration Agreement) with respect thereto, which
                           Certification shall indicate that (1) the Trustee is
                           holding the related Series 2002-A Contracts pursuant
                           to the Collateral Administration Agreement and (2)
                           there is no Deficiency (as defined in the Collateral
                           Administration Agreement) with respect to such Series
                           2002-A Contract;

                  (ii)     no Series Event of Default or event which, with the
                           giving of notice and/or the passage of time, would
                           constitute a Series Event of Default, shall have
                           occurred and be continuing;

                  (iii)    after giving effect to the proposed Advance, the Net
                           Investment shall not exceed the lesser of (x) the
                           Borrowing Base and (y) the Maximum Series Limit as of
                           such date;

                  (iv)     the representations and warranties of the Obligor
                           under the Series 2002-A Related Documents are true
                           and correct in all material respects as of the
                           related Pledge Date, unless such representation and
                           warranty speaks only as of a particular date;

                  (v)      the Termination Date has not occurred; and

                  (vi)     the Agent and the Series Support Provider shall have
                           received all such other documents, opinions and other
                           information as it shall have reasonably requested not
                           fewer than ten Business Days in advance.

                                       45

<PAGE>

                  (e)      In addition to the provisions of paragraph (b) above,
in which a pledge of additional Series 2002-A Contracts results in an increase
in the Series 2002-A Note Balance, during the Revolving Period, a Pledge of
additional Series 2002-A Contracts may also be funded from the monthly cash
flow, as set forth in clause fifteenth of Section 3.03(a)(i). In connection with
such a Pledge, the Obligor, upon satisfaction of the applicable conditions set
forth in paragraphs (b), (c) and (d) above, may Pledge such additional Series
2002-A Contracts to the Trustee to hold in trust as part of the Series 2002-A
Trust Estate without receiving any additional Advance Amount from the
Purchasers, but in consideration of receiving the Advance Amount paid under
clause fifteenth of Section 3.03(a)(i) hereof, by delivering a Pledge Notice to
the Trustee, the Series Support Provider and the Agent, not less than three (3)
Business Days prior to the proposed Pledge Date (which shall be a Settlement
Date).

                  (f)      In addition to the provisions of paragraphs (b) and
(e) above, in which a Pledge of additional Series 2002-A Contracts is funded by
the Purchasers, or is made to sustain the revolving nature of the facility, the
Obligor, upon satisfaction of the applicable conditions set forth in paragraphs
(c) and (d) above, may Pledge Pledged Property to the Trustee to be held in
trust as part of the Series 2002-A Trust Estate without receiving any additional
Advance Amount, by delivering a Pledge Notice to the Trustee not less than three
(3) Business Days prior to the proposed Pledge Date (which shall be a Business
Day, but need not be a Settlement Date).

                  (g)      If a Purchaser makes an Advance in accordance with
paragraph (b) above, the Agent shall remit the related Advance Amount to the
Series 2002-A Facility Account or to such other account as the Obligors' Agent
may specify in writing, in same day funds, no later than 12:00 noon (New York
City time). The Servicer shall notify the Trustee and the Agent and the Series
Support Provider of the amount of such Advance Amount and shall appropriately
note such Advance Amount (and the increased Series 2002-A Note Balance) on the
next succeeding monthly Servicer's Certificate.

                  (h)      The Agent shall and is hereby authorized to record on
the grid attached to the Series 2002-A Note (or at the Agent's option, in its
internal books and records) the date and amount of any Advance Amount paid by it
on behalf of a Purchaser, and each repayment thereof; provided, that failure to
make any such recordation on such grid or any error in such grid shall not
adversely affect the Agent's rights with respect to the full Series 2002-A Note
Balance and its right to receive interest payments in respect of the Series
2002-A Note Balance.

                  (i)      The Obligors' Agent may, not earlier than one hundred
eighty (180) days prior to the expiration of the Termination Date, by written
notice to the Agent on behalf of the Purchasers and written notice to the Series
Support Provider, make request for Purchasers and the Series Support Provider to
extend the Termination Date for an additional period of two years. The Agent
shall give prompt written notice to the Purchasers of the Obligors' Agent's
request. Each Purchaser and the Series Support Provider shall make a
determination, in its sole and absolute discretion, not less than sixty (60)
days after receipt of such request as to whether or not it will agree to the
extension requested. The failure of each Purchaser to provide timely notice of
its decision to the Agent shall be deemed to constitute a refusal by such
Purchaser to extend the Termination Date. The Termination Date may only be
extended by 100% of the Purchasers and the Series Support Provider.

                                       46

<PAGE>

                                   ARTICLE V

                            SERIES EVENTS OF DEFAULT

                  Section 5.01 Series Events of Default. If any one of the
following shall occur:

                  (a)      the Obligor or the Servicer shall fail to make when
due and payable any payment or deposit required hereunder or under any other
Series 2002-A Related Document, in any case on or before the date occurring one
(1) Business Day after the date such payment or deposit shall become due; or

                  (b)      the Obligor or the Transferor shall fail to perform
or observe any covenant with respect to such Person set forth in any Series
2002-A Related Document, and such failure shall remain unremedied for ten (10)
Business Days after receipt by the Obligors' Agent of written notice thereof by
the Trustee, the Series Support Provider or the Agent; or

                  (c)      any representation or warranty made by the Obligor,
the Servicer or the Transferor in any Series 2002-A Related Document or in any
other document delivered pursuant thereto shall prove to have been incorrect
when made or deemed made and continues to be incorrect for a period of ten (10)
Business Days after the earlier to occur of (1) the discovery thereof by the
Obligor or (2) the receipt by the Obligors' Agent of written notice thereof from
the Trustee, the Series Support Provider or the Agent; or

                  (d)      an Insolvency Event shall occur with respect to the
Transferor, the Obligor, the Obligors' Agent, or the Servicer; or

                  (e)      the Net Investment exceeds the lesser of the Maximum
Series Limit and the Borrowing Base (x) for three consecutive Business Days or
(y) as of the close of business on any Settlement Date; or

                  (f)      the Trustee on behalf of the Series 2002-A Secured
Parties shall fail to have a valid and perfected first priority security
interest in either (x) the Series 2002-A Contracts or (y) items of Equipment
having an Original Equipment cost in excess of $25,000 and, in the case of this
clause (y), relating to a material portion of the Equipment in the Series 2002-A
Trust Estate;

                  (g)      (x) the Obligor shall fail to pay any principal of or
premium or interest on any indebtedness when the same becomes due and payable
(whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise) or (y) the Servicer or the Transferor shall fail to pay any principal
of or premium or interest on any indebtedness having a principal amount of
$1,000,000 or greater when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise) and,
with respect to both clauses (x) and (y), any such failure shall continue after
the applicable grace period, if any, specified in the agreement or instrument
relating to such indebtedness; or any other default under any agreement or
instrument relating to any such indebtedness of any Obligor, the Servicer or the
Transferor or any other event shall occur and shall continue after the
applicable grace period, if any, specified in such agreement or instrument if
the effect of such default or event is to accelerate, or to permit the
acceleration of, the maturity of such indebtedness; or any such

                                       47

<PAGE>

indebtedness shall be declared to be due and payable or required to be prepaid
(other than by a regularly scheduled required prepayment) prior to the stated
maturity thereof; or

                  (h)      the failure by Marlin to complete at least one
Take-Out during any "Take-Out Period"; where "Take-Out Period" shall mean (i)
for all such times that Marlin and its subsidiaries have in place an aggregate
of at least $75 million in Committed Financing Facilities (exclusive of the
credit facility contemplated herein and the current $32.5 million Marlin bank
facility), the fifteen month period commencing on the date on which the initial
Advance is funded under Section 4.01(b) hereof, and each fifteen month period
thereafter, or (ii) for all such times that Marlin and its subsidiaries do not
have in place an aggregate of at least $75 million in Committed Financing
Facilities (exclusive of the credit facility contemplated herein and the current
$32.5 million Marlin bank facility), the twelve month period commencing on the
date on which the initial Advance is funded under Section 4.01(b) hereof, and
each twelve month period thereafter; provided, that if a Market Disruption Event
is determined by the Series Controlling Party to have occurred during the last
calendar month of any Take-Out Period, such Take-Out Period shall be extended
for a period of ninety (90) calendar days, and the following Take-Out Period
shall commence at the end of such extended period;

                  (i)      an Event of Servicer Termination shall have occurred
and be continuing; or

                  (j)      a material adverse change shall occur in the
operations or financial condition of Marlin, the Servicer, the Obligor or the
Obligors' Agent or any other event shall occur the effect of which is to
materially and adversely affect the collectibility of the Contracts generally or
the ability of Marlin, the Servicer, the Obligor or the Obligors' Agent to
perform its respective duties under the Series 2002-A Related Documents; or

                  (k)      Marlin shall (i) default on a payment obligation (and
such default is not cured within any applicable cure period and which default is
not waived) or a termination event shall occur, in either case, with respect to
any on or off-balance sheet financing or (ii) default (in a manner other than a
payment default) on any debt obligation with an outstanding balance in excess of
$1,000,000; or

                  (l)      Marlin ceases to own (directly or indirectly) one
hundred percent of the capital stock or membership interests of the Obligor; or

                  (m)      the rating of the claims paying ability of the Series
Support Provider is reduced to below BBB- by S&P or below Baa3 by Moody's; or

                  (n)      a Series Support Provider Default shall have
occurred, and the Series Support Provider is not replaced within forty-five (45)
calendar days with a surety provider, the financial strength of which is rated
"AAA" by Standard & Poor's and "Aaa" by Moody's, and provides a surety bond
substantially identical to the Series Support in all respects (including the
level of the premiums with respect thereto);

                  (o)      Marlin, the Transferor, the Obligors' Agent, the
Servicer or the Obligor shall enter into any transaction or merger in which it
is not the surviving entity;

                                       48

<PAGE>

                  (p)      at any time, the Three-Month Rolling Average 31 to 60
Day Portfolio Delinquency Ratio exceeds 8.0%, or the Three-Month Rolling Average
61 to 90 Day Portfolio Delinquency Ratio exceeds 2.0%, or the Three-Month
Rolling Average 91 Plus Day Portfolio Delinquency Ratio exceeds 1.5% or the
Three-Month Rolling Average Portfolio Charged-Off Ratio is in excess of 3.0%;

                  (q)      during the Revolving Period only, the Three-Month
Rolling Average 31 to 60 Day Delinquency Ratio exceeds 8.0%, or the Three-Month
Rolling Average 61 to 90 Day Delinquency Ratio exceeds 2.0%, or the Three-Month
Rolling Average 91 Plus Day Delinquency Ratio exceeds 1.5%, in each case which
is calculated for the first time in the fourth month after the Series Closing
Date or after a Take-Out, as applicable;

                  (r)      during the Amortization Period only, the Three-Month
Rolling Average 31 to 60 Day Delinquency Ratio exceeds 8.0%, or the Three-Month
Rolling Average 61 to 90 Day Delinquency Ratio exceeds 2.0%, or the Three-Month
Rolling Average 91 Plus Day Delinquency Ratio exceeds 1.5%;

                  (s)      at any time, the Three-Month Rolling Average
Charged-Off Ratio exceeds 3.0%, or the Charged-Off Ratio exceeds the Applicable
Trigger Charged-Off Ratio;

                  (t)      Marlin's Tangible Net Worth as of the end of any
calendar quarter:

                  (i)      is less than the sum of (x) $29,100,000 plus (y) 50%
of all of Marlin's positive net income earned since December 31, 2001;

                  (u)      Marlin's Debt-to-Equity Ratio as of the end of any
calendar quarter exceeds 12.0;

                  (v)      Marlin's annual audited financial statements are
qualified in any material manner;

                  (w)      a Hedge Counterparty fails to satisfy the definition
thereof and is not replaced within forty-five (45) calendar days with a Person
satisfying the definition thereof;

                  (x)      two out of three of Daniel P. Dyer, Gary Shivers or
Gary Kester are no longer officers of Marlin, are no longer involved in the day
to day operations of Marlin, or are unable to work for six consecutive months
and are not replaced by new personnel reasonably acceptable to the Series
Support Provider within 90 days of the occurrence of such event;

                  (y)      as of any Settlement Date, the aggregate notional
balances applicable to all Hedging Agreements:

                  (i)      if all such Hedging Agreements are Cap Agreements,
                           are less than the Net Investment as of such
                           Settlement Date; and

                                       49

<PAGE>

                  (ii)     if not all such Hedging Agreements are Cap
                           Agreements:

                                    (a)      during the Revolving Period, are
                                             less than or greater than the Net
                                             Investment as of such Settlement
                                             Date by an amount in excess of the
                                             lesser of (x) one percent of the
                                             Net Investment as of such
                                             Settlement Date and (y) $250,000;
                                             and;

                                    (b)      during the Amortization Period, are
                                             less than or greater than the Net
                                             Investment as of such Settlement
                                             Date by an amount in excess of five
                                             percent of the Net Investment as of
                                             such Settlement Date;

                  (z)      any Series 2002-A Note or any other Note shall cease
to constitute debt of the Obligor for federal income tax purposes;

                  (aa)     any "Insurance Default" (as defined in the Insurance
Agreement) shall have occurred; or

                  (bb)     the Interest Coverage Ratio as at the end of any
calendar quarter is less than 1.30:1 for the second fiscal quarter of 2002 and
thereafter, measured quarterly on a rolling four quarter basis;

                  (cc)     the holders of a majority of Marlin's outstanding
preferred stock exercise any put rights or other similar rights such holders may
have in accordance with the terms and conditions of the Marlin Leasing
Corporation Third Amended and Restated Stockholders Agreement dated as of July
26, 2001 (as may be amended); or

then, and in any such event, a "Series Event of Default" shall be deemed to have
occurred.

                  At any time following the occurrence and during the
continuance of any Series Event of Default, the Series Controlling Party may, by
notice to the Obligors' Agent, declare the occurrence of the Termination Date,
except that, in the case of any event described in subparagraph (d) above, the
Termination Date shall be deemed to have occurred automatically upon the
occurrence of such event.

                  Upon the declaration or automatic occurrence of the
Termination Date, the Series 2002-A Note and all other indebtedness and
liabilities of the Obligor and the Transferor to the Series 2002-A Secured
Parties shall become immediately due and payable, without any further act or
notice by any Person. Upon any occurrence of a Series Event of Default, the
Trustee and the Series 2002-A Secured Parties shall have, in addition to all
other rights and remedies under this Agreement or otherwise, all other rights
and remedies provided under the UCC of the applicable jurisdiction and other
applicable laws, which rights shall be cumulative; provided, however, that in
the absence of material fraud on the part of the Transferor, the Obligor or the
Servicer, and so long as no Series Event of Default shall have occurred under
clause (d) above, the Series Controlling Party shall not direct the Trustee to
liquidate the Series 2002-A Trust Estate during the ninety (90) day period
immediately following the occurrence of such Series Event of Default.

                                       50

<PAGE>

                  Any Series Event of Default, once declared, or any declaration
of the Termination Date, may be rescinded by the Series Controlling Party, on
such terms and conditions as may be stipulated by the Series Controlling Party
at such time.

                  The Trustee shall promptly send a written notice to Moody's
and to Standard & Poor's of the occurrence of, and the waiver of, any Series
Event of Default, to the extent that the Trustee has actual knowledge of, or has
received notice of, any such occurrence or waiver.

                  Section 5.02 Events of Servicer Termination.

                  (a)      Upon the occurrence and continuation of Event of
Servicer Termination, the Trustee, at the direction of the Series Controlling
Party, shall, by notice (the "Servicer Termination Notice") then given in
writing to the Servicer, terminate all, but not less than all, of the rights of
the Servicer under this Series 2002-A Supplement; provided, further, that
notwithstanding Section 9.01 of the Master Agreement, in no event shall the
Servicer be terminated with respect to this Series 2002-A Supplement without the
prior consent of the Series Controlling Party.

                  (b)      On and after the time the Servicer receives a
Servicer Termination Notice pursuant to this Section 5.02, all authority and
power of the Servicer under this Series 2002-A Supplement, whether with respect
to the Series 2002-A Notes or the Series 2002-A Trust Estate or otherwise, shall
pass to and be vested in the successor Servicer appointed pursuant to Section
5.05(a) of this Series 2002-A Supplement and, without limitation, such successor
Servicer is hereby authorized and empowered to execute and deliver, on behalf of
the Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such Servicer Termination Notice, whether
to complete the transfer of Series 2002-A Trust Estate and related documents or
otherwise.

                  (c)      The Servicer agrees to cooperate with the Trustee and
the successor Servicer in effecting the termination of the responsibilities and
rights of the Servicer hereunder, including, without limitation, the transfer to
the successor Servicer for administration by it of all cash amounts that shall
at the time be held by the Servicer for deposit, or have been deposited by the
Servicer, in the Series 2002-A Accounts or thereafter received with respect to
the Series 2002-A Trust Estate. To assist the successor Servicer in enforcing
all rights with respect to any Related Security or under Broker Agreements and
Insurance Policies to the extent that they relate to the Contracts, the
Servicer, at its own expense, shall transfer its electronic records relating to
such Contracts to the successor Servicer in such electronic form as the
successor Servicer may reasonably request and shall transfer the related
Contract Files and all other records, correspondence and documents relating to
the Contracts that it may possess to the successor Servicer in the manner and at
such times as the successor Servicer shall reasonably request. In addition to
any other amounts that are then payable to the Servicer under this Series 2002-A
Supplement, the Servicer shall be entitled to receive reimbursement for any
unreimbursed Servicer Advances made during the period prior to the delivery of a
Servicer Termination Notice pursuant to this Section 5.02.

                                       51

<PAGE>

                  Section 5.03 Waiver of Past Defaults.

                  (a)      Notwithstanding Section 9.04 of the Master Agreement,
the Series Controlling Party, on behalf of all Series 2002-A Noteholders, may
waive any default by the Servicer in the performance of its obligations
hereunder and its consequences in any Event of Servicer Termination as may be
defined herein, in the Master Agreement or in any Series Supplement. Any such
waiver must be in writing and be signed by the Series Controlling Party or the
Trustee acting on behalf (and at the direction) of the Series Controlling Party.
Upon any such waiver of a past default, such default shall cease to exist, and
any Event of Servicer Termination arising therefrom shall be deemed to have been
remedied for every purpose of this Series 2002-A Supplement or otherwise. No
such waiver shall extend to any subsequent similar or dissimilar default or
impair any right consequent thereon except to the extent expressly waived in
accordance with this Section 5.03.

                  (b)      Notwithstanding Section 9.01 of the Master Agreement,
the Servicer shall not be terminated with respect to this Series 2002-A
Supplement and the Series 2002-A Trust Estate without the prior written consent
of the Series Controlling Party.

                  Section 5.04 Effects of Servicer Termination.

                  (a)      Upon the appointment of the successor Servicer, the
terminated Servicer shall hold in trust for the Trustee and immediately remit
any Scheduled Payments, Residual Receipts, Recoveries, Overdue Payments,
Security Deposit, Insurance Proceeds, Advance Payments, Prepayments, and
proceeds of any Related Security that it may receive pursuant to any Contract,
any Broker Agreement, Insurance Policy or otherwise to the successor Servicer
for the benefit of the Trustee.

                  (b)      After the delivery of a Servicer Termination Notice,
the terminated Servicer shall have no further obligations with respect to the
management, administration or servicing of the Series 2002-A Trust Estate or the
enforcement, custody or collection of the Contracts, and the successor Servicer
shall have all of such obligations, except (i) that the terminated Servicer will
transmit or cause to be transmitted directly to the successor Servicer for the
benefit of the Trustee promptly upon receipt and in the same form in which
received, any amounts held or received by the former Servicer (properly endorsed
where required for the successor Servicer to collect them) as payments upon or
otherwise in connection with Contracts or the Series 2002-A Trust Estate and
(ii) the terminated Servicer shall cooperate with the Trustee and the successor
Servicer in effecting the termination of its rights and responsibilities
hereunder and in assisting the successor Servicer in assuming the role of
Servicer and the transfer of the responsibility of Servicer hereunder. The
terminated Servicer's indemnification obligations pursuant to Section 8.01 of
the Master Agreement will survive its termination as the Servicer hereunder but
will not extend to any acts or omissions of any successor Servicer.

                  Section 5.05 Back-up Servicer to Act; Representations and
Warranties; Compensation of Back-up Servicer.

                  (a)      In the event the Servicer is terminated pursuant to
Section 5.02 hereof, the Back-up Servicer shall, unless prevented by law,
automatically and without further action, be the

                                       52

<PAGE>

successor Servicer with respect to this Series 2002-A Supplement and the Series
2002-A Trust Estate. If the Back-up Servicer cannot serve as successor Servicer,
the Trustee shall appoint as successor Servicer with respect to this Series
2002-A Supplement and the Series 2002-A Trust Estate another firm acceptable to
it and the Series Controlling Party.

                  (b)      The Back-up Servicer hereby confirms the accuracy, as
of the Series 2002-A Closing Date, of and hereby restates as of the Series
2002-A Closing Date the representations and warranties of the Back-up Servicer
set forth Section 9.11 of the Master Agreement.

                  (c)      As compensation for its performance under this Series
2002-A Supplement, the Back-up Servicer shall receive the Back-up Servicer Fee
plus Transition Costs, if any.

                  Section 5.06 Additional Provisions with Respect to the Back-up
Servicer.

                  (a)      The rights and obligations of the Back-up Servicer
under this Series 2002-A Supplement with respect to the Series 2002-A Trust
Estate shall not be terminated except at the written direction of the Series
Controlling Party and no Back-up Servicer Termination Notice may be delivered by
the Trustee to terminate the Back-up Servicer with respect to the Series 2002-A
Trust Estate without the prior written consent of the Series Controlling Party.

                  (b)      Notwithstanding Section 9.09 of the Master Agreement,
any successor Back-up Servicer under this Series 2002-A Supplement with respect
to the Series 2002-A Trust Estate must be approved by the Series Controlling
Party, such approval not to be unreasonably withheld.

                  (c)      The Back-up Servicer shall deliver to the Series
Support Provider a copy of any Back-up Servicer Resignation Notice delivered
with respect to this Series 2002-A Supplement and the Series 2002-A Trust Estate
pursuant to Section 9.09(b) of the Master Agreement.

                  (d)      Subject to Section 5.06(b) hereof, any Person (i)
into which the Back-up Servicer may be merged or consolidated, (ii) which may
result from any merger or consolidation to which the Back-up Servicer is a
party, or (iii) which may succeed to the properties and assets of the Back-up
Servicer substantially as a whole, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Back-up
Servicer hereunder, shall be the successor to the Back-up Servicer under this
Series 2002-A Supplement without further act on the part of any of the parties
to this Series 2002-A Supplement; provided, however, that any such Person who is
the successor to the Back-up Servicer shall have a positive net worth following
such succession.

                  (e)      The Back-up Servicer shall, upon reasonable prior
notice received by the Back-up Servicer, permit any representative of the Series
Support Provider, during the Back-up Servicer's normal business hours, to
examine all books of account, records, reports and other papers of the Back-up
Servicer relating to the Series 2002-A Notes, the Series 2002-A Trust Estate and
the Series 2002-A Related Documents, to make copies and extracts therefrom and
to discuss the Back-up Servicer's affairs and actions, as such affairs and
actions relate to the Back-up Servicer's duties with respect to the Series
2002-A Notes, the Series 2002-A Trust Estate and

                                       53

<PAGE>

the Series 2002-A Related Documents, with the Back-up Servicer's officers and
employees responsible for carrying out the Back-up Servicer's duties with
respect to the Series 2002-A Notes, the Series 2002-A Trust Estate and the
Series 2002-A Related Documents. All reasonable out-of-pocket expenses or costs
incurred by the Back-up Servicer in complying with this Section 5.06(e) shall be
borne by the party requesting such examination or discussion.

                  Section 5.07 Certain Matters Relating to the Trustee.

                  (a)      Section 11.01(e) of the Master Agreement shall not
apply to this Series 2002-A Supplement or the Series 2002-A Trust Estate.

                  (b)      The Trustee shall, upon reasonable prior notice
received by the Trustee, permit any representative of the Series Support
Provider, during the Trustee's normal business hours, to examine all books of
account, records, reports and other papers of the Trustee relating to the Series
2002-A Notes, the Series 2002-A Trust Estate and the Series 2002-A Related
Documents, to make copies and extracts therefrom and to discuss the Trustee's
affairs and actions, as such affairs and actions relate to the Trustee's duties
with respect to the Series 2002-A Notes, the Series 2002-A Trust Estate and the
Series 2002-A Related Documents, with the Trustee's officers and employees
responsible for carrying out the Trustee's duties with respect to the Series
2002-A Notes, the Series 2002-A Trust Estate and the Series 2002-A Related
Documents. All reasonable out-of-pocket expenses or costs incurred by the
Trustee in complying with this Section 5.07(b) shall be borne by the party
requesting such examination or discussion.

                  (c)      If a Default or Event of Default occurs and is
continuing with respect to this Series 2002-A Supplement and the Series 2002-A
Notes and if it is known to a Responsible Officer of the Trustee, the Trustee
shall mail to each Series 2002-A Noteholder notice of such Default or Event of
Default promptly after it occurs and shall notify the Obligor, the Obligor's
Agent, the Transferors, the Series Support Provider and the Servicer of any such
Default or Event of Default promptly after it occurs. Notwithstanding Section
11.02 of the Master Agreement, the Trustee may not withhold the notice for any
reason, including, without limitation, if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interest of the Series 2002-A Noteholders.

                  Section 5.08 Resignation and Removal of Trustee. The Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Obligor, the Servicer, the Rating Agencies,
the Agent and the Series Support Provider. Upon receiving such notice of
resignation, the Obligor shall promptly appoint a successor Trustee with the
prior written consent of the Series Controlling Party, such consent not to be
unreasonably withheld, by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor Trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 60 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee, which successor Trustee
must be approved by the Series Controlling Party, such approval not to be
unreasonably withheld.

                  If at any time the Trustee shall cease to be eligible in
accordance with the provisions of the Master Agreement or this Supplement and
shall fail to resign after written

                                       54

<PAGE>

request therefor by the Obligor, the Servicer or the Series Controlling Party,
or if at any time the Trustee shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, or at any other time as the Series Controlling
Party may determine, then the Obligor (with the consent of the Series
Controlling Party) may, or the Series Controlling Party may, remove the Trustee
and appoint a successor Trustee reasonably acceptable to the Series Controlling
Party by written instrument, in duplicate, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor Trustee.

                  Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant hereto shall become effective upon acceptance of
appointment by the successor Trustee as provided in Section 11.10 of the Master
Agreement.

                  Section 5.09 Control by Holders. The Series Controlling Party
shall have the right to direct the time, method and place of conducting any
Proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee, with respect to the Series 2002-A Trust Estate;
provided, that

                  (i)      such direction shall not be in conflict with any rule
                           of law, with the Master Agreement, the Series 2002-A
                           Supplement or the Series 2002-A Related Documents,
                           and

                  (ii)     the Trustee may take any other action deemed proper
                           by the Trustee which is not inconsistent with such
                           direction.

                                   ARTICLE VI

                            PREPAYMENT AND REDEMPTION

                  Section 6.01 Mandatory Prepayment. Notwithstanding any
limitation on recourse contained in this Series 2002-A Supplement or the Master
Agreement, if on any day, any Series 2002-A Contract is discovered not to have
been an Eligible Contract on its applicable Pledge Date, then the Obligor shall,
on or prior to the Business Day preceding the next following Settlement Date,
deliver to the Servicer for deposit in the Series 2002-A Facility Account, the
related Prepayment Amount. Upon payment in full by the Obligors' Agent to the
Servicer of the Prepayment Amount, the security interest of the Trustee in the
related Series 2002-A Contract and the Related Security shall be deemed
released, and the Trustee shall, upon written request, promptly deliver to the
Obligor any documents in the Trustee's possession evidencing the Series 2002-A
Contract and its interest in such Equipment related thereto and such Related
Security. The Trustee shall take all actions at the expense of and at the
request of the Servicer to ensure that such security interest is released,
including, at the Obligor's expense, execute such UCC-3 assignments, termination
statements and other documents as may reasonably be requested and prepared by
the Obligors' Agent.

                                       55

<PAGE>

                  Section 6.02 Optional Redemption.

                  (a)      "Clean-Up Call" Redemption. On any Settlement Date
occurring on or after the date upon which the Series 2002-A Note Balance shall
have been reduced to an amount which is less than or equal to 15% of the Maximum
Series Limit, the Obligor shall have the option to redeem the outstanding Series
2002-A Note at a redemption price (the "Redemption Price") equal to the
outstanding Series 2002-A Note Balance of the Series 2002-A Notes, plus all
accrued and unpaid interest thereon and all fees and other amounts owing to the
Agent on behalf of the Purchasers in connection therewith or under the Series
2002-A Related Documents, together with any amounts then due the Series Support
Provider with respect to unreimbursed drawings under the Policy, together with
interest thereon, calculated at the rate set forth in the Insurance Agreement,
plus any amounts owing to the Series Support Provider under this Series 2002-A
Supplement, the Insurance Agreement and the Premium Letter, all as certified by
the Series Support Provider to the Trustee, the Agent and the Obligor's Agent.
The Obligors' Agent shall give the Servicer, the Trustee, the Series Support
Provider and the Agent at least 30 days' irrevocable prior written notice of the
date on which the Obligor intends to exercise such option to purchase. Not later
than 12:00 P.M., New York City time, on such Settlement Date the Obligor shall
remit such amount to the Agent and the Series Support Provider (by wire transfer
to an account to be designated by the Agent and the Series Support Provider, as
applicable, which designation may be a standing wire direction) in immediately
available funds. Such purchase option is subject to payment in full of the
Redemption Price. The Agent shall promptly thereafter distribute the applicable
amounts to each of the applicable Purchasers in accordance with their respective
interests therein.

                  Section 6.03 Tender of Series 2002-A Note. The Obligors' Agent
may request the Agent to tender to the Trustee all or a portion of the Series
2002-A Note that it then holds, provided that such tender shall only take place
if:

                  (a)      (i) the Agent, the Series Support Provider and the
Trustee have received written and irrevocable notice on or before the last day
of the Collection Period most recently ended prior to, and in any event at least
30 days but no more than 40 days prior to any date set for such tender and the
Agent has consented to such tender (which consent shall not be unreasonably
withheld) and (ii) the Trustee shall have received written and irrevocable
notice of the election described in subsection (b)(i) and (b)(ii) below, and in
the event such election is that described in (b)(ii) such payment will be
deposited with the Trustee with instructions to pay the Agent;

                  (b)      upon the date set for tender, the Agent shall receive
either (i) if it so elects, in lieu of payment, a new Series of Notes or (ii)
payment in an amount equal to the then Series 2002-A Note Balance being
tendered, plus interest accrued but unpaid on such Series 2002-A Note to, but
not including, the date of tender, together with all other fees and amounts then
due and payable or relating to the Series 2002-A Note Balance being tendered, or
to the related Series 2002-A Noteholders pursuant to the terms hereof, or of the
Note Purchase Agreement;

                  (c)      there are no unreimbursed drawings then outstanding
under the Series Support nor are any amounts then due and payable to the Series
Support Provider hereunder or

                                       56

<PAGE>

under or in connection with the Series Support or the Insurance Agreement
(unless the Series Support Provider otherwise consents); and

                  (d)      the purchaser of any Series 2002-A Notes so tendered
shall not be the Obligor or any Affiliate of the Obligor;

                  The provisions of this Section 6.03 shall apply whether or not
a Series Event of Default shall have occurred and then be in effect.

                                  ARTICLE VII

                                  MISCELLANEOUS

                  Section 7.01 Agent Authorized to Act for the Purchasers;
Notices. The parties hereto acknowledge that the Agent is authorized, pursuant
to the terms of the Note Purchase Agreement, to act for the Purchasers,
including, without limitation, for purposes of receiving distributions as
described in this Series 2002-A Supplement on behalf of such Purchasers.
Notwithstanding anything to the contrary in the Master Agreement or this Series
2002-A Supplement, the Trustee and the Servicer shall deliver all notices and
distributions to be made to the Agent as the registered owner of a Series 2002-A
Note and such delivery shall be deemed to comply with all requirements of the
Master Agreement. All notices, demands and requests to the Agent pursuant to the
Master Agreement or this Series 2002-A Supplement, in each case, be in writing
and shall be deemed duly given if personally delivered at, mailed by overnight
courier to, or sent by facsimile transmission to National City Bank, Asset
Securitization Division, 1 South Broad Street, 13th Floor, Locator 01-5997,
Philadelphia, Pennsylvania, 19107, Fax 267.256.4001, or at such other address or
facsimile number as shall be designated by the Agent in a written notice to each
party hereto.

                  Section 7.02 Ratification of Master Agreement. As supplemented
by this Series 2002-A Supplement, the Master Agreement is in all respects
ratified and confirmed and the Master Agreement, as so supplemented by this
Series 2002-A Supplement shall be read, taken and construed as one and the same
instrument.

                  Section 7.03 Counterparts. This Series 2002-A Supplement may
be executed in one or more counterparts, each of which so executed shall be
deemed to be an original, but all of which shall together constitute but one and
the same instrument.

                  Section 7.04 GOVERNING LAW. THIS SERIES 2002-A SUPPLEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT TAKING INTO ACCOUNT THE
CONFLICT OF LAWS PRINCIPLES OF ANY JURISDICTION.

                                       57

<PAGE>

                  Section 7.05 Amendments and Waivers.

                  (a)      Notwithstanding anything contained in the Master
Agreement to the contrary, no term or condition of this Series 2002-A Supplement
shall be amended, modified, waived or terminated without the prior written
consent of the Obligor, the Obligor's Agent, the Agent, the Servicer, the
Trustee and the Series Support Provider.

                  (b)      No waiver with respect to any term or condition of
the Master Agreement or this Series 2002-A Supplement shall extend to any
subsequent or other event, circumstance or default or impair any right
consequent thereon except to the extent expressly so waived.

                  (c)      Notwithstanding anything contained in Section 13.01
of the Master Agreement, without the consent of the Agent and of the Series
Support Provider, no Master Agreement Supplement or Supplements may be entered
into for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, the Master Agreement or any of the Series
2002-A Related Documents which Master Agreement Supplement or Supplements would
have the effect of modifying in any manner the rights of the Series Support
Provider or the Series 2002-A Noteholders under the Master Agreement, the Series
2002-A Supplement or the Series 2002-A Related Documents.

                  (d)      Notice of any proposed amendment or waiver of this
Series 2002-A Supplement or of the Master Agreement or any of the Series 2002-A
Related Documents and a copy thereof shall be forwarded to the Series Support
Provider and each Series 2002-A Noteholder by the Servicer and the Series
Support Provider and each Series 2002-A Noteholder shall be provided with any
final executed amendment or waiver.

                  (e)      Notice of any amendment of this Series 2002-A
Supplement or of the Master Agreement shall be forwarded to Standard & Poor's
and Moody's by the Servicer.

                  Section 7.06 Non-petition Clause. By its acceptance of the
Series 2002-A Note on behalf of the Purchasers, the Agent on behalf of itself
and the Purchasers shall be deemed to have agreed that prior to the date which
is one year and one day after the termination of the Master Agreement, such
Person shall not acquiesce, petition or otherwise invoke or cause the Obligor or
the Obligors' Agent to invoke the process of any Governmental Authority for the
purpose of commencing or sustaining a case against the Obligor under any Federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of or for the Obligor or the Obligors' Agent or any substantial part of its
property or ordering the winding-up or liquidation of the affairs of the Obligor
or the Obligors' Agent.

                  Section 7.07 Certain Information. Certain information
concerning the Obligor or the Obligors' Agent and the Servicer is set forth in
Exhibit F hereto, which the Obligor or the Obligors' Agent and the Servicer
hereby represent and warrant to the Trustee, the Series Support Provider and the
Agent as being accurate.

                  Section 7.08 Series Support Provider as Third Party
Beneficiary. Each of the terms of this Series 2002-A Supplement and the Master
Agreement shall inure to the benefit of

                                       58

<PAGE>

the Series Support Provider, which shall be an express third party beneficiary
hereof and thereof, entitled to rely upon and directly enforce each of its
rights hereunder and thereunder.

                  Section 7.09 Termination. The obligations of the parties
hereto shall continue until all obligations owing to the Series 2002-A
Noteholders, the Series Support Provider and the Series 2002-A Secured Parties
herein and under the other Series 2002-A Related Documents have been
indefeasibly paid in full.

                                       59

<PAGE>

                  IN WITNESS WHEREOF, the Obligor, the Obligors' Agent, and
Marlin, in its individual capacity and as the Servicer, the Agent and the
Trustee have caused this Series 2002-A Supplement to be fully executed by their
respective officers as of the day and year first above written.

                                   MARLIN LEASING CORPORATION, in its individual
                                     capacity and as Servicer

                                   By:__________________________________________
                                      Name:  George D. Pelose
                                      Title: Vice President

                                   MARLIN LEASING RECEIVABLES CORP. II,
                                     as the Obligors' Agent

                                   By:__________________________________________
                                      Name:  George D. Pelose
                                      Title: Vice President

                                   MARLIN LEASING RECEIVABLES II LLC,
                                     as the Obligor

                                   By: MARLIN LEASING RECEIVABLES
                                       CORP. II,
                                       as Managing Member

                                   By:__________________________________________
                                      Name:  George D. Pelose
                                      Title: Vice President

                  [Signature Page to Series 2002-A Supplement]

<PAGE>

                                   NATIONAL CITY BANK,
                                     as Agent

                                   By:__________________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                                   WELLS FARGO BANK MINNESOTA, NATIONAL
                                     ASSOCIATION, as Trustee

                                   By:__________________________________________
                                      Name:_____________________________________
                                      Title:____________________________________

                  [Signature Page to Series 2002-A Supplement]

<PAGE>

                                   SCHEDULE 1

                              HEDGE COUNTERPARTIES

Barclays Bank PLC
ABN AMRO Bank N.V.

<PAGE>

                                    EXHIBIT A

                           FORM OF SERIES 2002-A NOTE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR REGULATORY
AUTHORITY OF ANY STATE. THIS NOTE HAS BEEN OFFERED AND SOLD PRIVATELY. THE
HOLDER HEREOF ACKNOWLEDGES THAT THESE SECURITIES ARE "RESTRICTED SECURITIES"
THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE
BENEFIT OF THE OBLIGORS AND THEIR AFFILIATES THAT THESE SECURITIES MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A (A)(1) A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A UNDER THE SECURITIES ACT IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A OR (2) PURSUANT TO AN EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER JURISDICTION AND (B) A QUALIFIED PURCHASER WITHIN THE MEANING OF
THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THE TRANSFER OF THIS NOTE IS
SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE MASTER FACILITY AGREEMENT AND THE
SERIES SUPPLEMENT REFERRED TO HEREIN.

NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED TO AN EMPLOYEE
BENEFIT PLAN, TRUST OR ACCOUNT SUBJECT TO TITLE I OF THE EMPLOYMENT RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, OR DESCRIBED IN SECTION 4975(e)(1) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, INCLUDING AN INDIVIDUAL
RETIREMENT ACCOUNT.

NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED, ASSIGNED,
EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED, EXCEPT IN ACCORDANCE WITH THE MASTER
FACILITY AGREEMENT AND SERIES SUPPLEMENT REFERRED TO HEREIN.

                                       A-1

<PAGE>

No. 1                                                                $75,000,000

       MARLIN LEASING RECEIVABLES MASTER ASSET-BACKED FINANCING FACILITY,

                               SERIES 2002-A NOTE

                           MARLIN LEASING CORPORATION,
                              as the Servicer, and

                       MARLIN LEASING RECEIVABLES II LLC,
                                 as the Obligor

(Not an interest in or obligation of Marlin Leasing Corporation, or its
affiliates, other than Marlin Leasing Receivables II LLC)

                  This certifies that NATIONAL CITY BANK, as agent for NORTH
COAST FUNDING LLC (the "Series 2002-A Noteholder") is the registered owner of
this Series 2002-A Note (the "Series Note") issued by Marlin Leasing Receivables
II LLC ("MLR II LLC"), (the "Obligor"), created pursuant to that certain Master
Lease Receivables Asset-Backed Financing Facility Agreement, dated as of April
1, 2002 (as the same may be further amended, restated, supplemented or otherwise
modified from time to time, the "Master Facility Agreement"), by and among
Marlin Leasing Corporation (the "Servicer"), MLR II LLC, Marlin Leasing
Receivables Corp. II ("MLR II"), as Obligors' Agent (in such capacity, the
"Obligors' Agent"), and Wells Fargo Bank Minnesota, National Association, as
trustee and back-up servicer (the "Trustee")

                  To the extent not otherwise defined herein, capitalized terms
used herein have the meanings assigned in the Master Facility Agreement or the
Series Supplement (as hereinafter defined), as applicable. This Series Note is
issued under and is subject to the terms, provisions and conditions of the
Series 2002-A Supplement to the Master Facility Agreement, dated as of April 1,
2002 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the "Series Supplement") among the Servicer, the Obligor, the
Obligors' Agent, the Trustee and National City Bank, as Agent (the "Agent"), to
which the Series 2002-A Noteholder, by virtue of its acceptance hereof, assents
and by which the Series 2002-A Noteholder is bound.

                  The Obligor has pledged to the Trustee for the benefit of the
Series 2002-A Secured Parties, and the Trustee has accepted the pledge of, all
of the Obligor's now owned and existing and hereafter acquired or arising right,
title and interest in and to the Series 2002-A Trust Estate described in the
Series 2002-A Supplement.

                  It is the intent of the Obligor and the Series 2002-A
Noteholder that, for federal, state and local income and franchise tax purposes,
the Series Note will be evidence of indebtedness of the Obligor. The Obligor and
the Series 2002-A Noteholder, by the acceptance of this Series Note, agree to
treat this Series Note for federal, state and local income and franchise tax
purposes as indebtedness of the Obligor secured by the Series 2002-A Trust
Estate.

                  Subject to, and in accordance with, the terms and conditions
of the Series Note and the Series Supplement, the Series 2002-A Note Balance
(the "Series Note Balance") may

                                      A-2

<PAGE>

from time to time be increased; provided that the outstanding principal balance
of this Series Note shall not exceed the dollar amount first above written.

                  The Agent, on behalf of the Purchasers, is authorized to
record, on the schedule annexed thereto and made a part hereof or on other
appropriate records of the Agent, the date and amount of each Advance made by
the Purchasers, each continuation thereof, the interest rate from time to time
on each Advance and the date and amount of each payment or repayment of
principal thereof. Any such recordation shall constitute prima facie evidence of
the accuracy of the information so recorded, provided that the failure of the
Agent to make any such recordation (or any error in such recordation) shall not
affect the obligations of the Obligor hereunder or under the Series Supplement
and Master Facility Agreement in respect of this Series Note.

                  The Master Facility Agreement and the Series Supplement
permit, with certain exceptions, the amendment thereof and the modification of
the rights and obligations of the Obligor, the Servicer and the Trustee and the
rights of the Series 2002-A Noteholder under the Master Facility Agreement or
the Series Supplement at any time by the Servicer, the Obligor and the Trustee
without, in certain cases, the consent of the Series 2002-A Noteholder, as more
particularly described in the Master Facility Agreement and the Series
Supplement.

                  The transfer of this Series Note is subject to certain
restrictions set forth in the Master Facility Agreement, the Series Supplement
and the Note Purchase Agreement.

                  The Servicer, the Trustee and any agent of the foregoing may
treat the person in whose name this Series Note is registered as the owner for
all purposes, and none of the foregoing shall be affected by any notice to the
contrary.

                  Unless the certificate of authentication attached hereto has
been executed by or on behalf of the Trustee, by manual or facsimile signature,
this Series Note shall not be entitled to any benefit under the Master Facility
Agreement or the Series Supplement or be valid for any purpose.

                                      A-3

<PAGE>

                  IN WITNESS WHEREOF, the Obligor has caused this Series Note to
be duly executed and authenticated.

Dated as of [_________]

                                   MARLIN LEASING RECEIVABLES II LLC

                                   By: MARLIN LEASING RECEIVABLES
                                       CORP. II, as Managing Member

                                   By: _________________________________________
                                      Title:

Attested:

By: _______________________________

Title:_____________________________

                                      A-4

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Series Notes designated herein referred to
in the within-mentioned Master Facility Agreement and the within-mentioned
Series Supplement thereto.

                                   [______________________________]
                                     as Trustee

                                   By:______________________________________
                                      Authorized Signatory

                                      A-5

<PAGE>

                         SCHEDULE TO SERIES 2002-A NOTE

<TABLE>
<CAPTION>
                            Amount                Amount of             Total Principal
      Date                of Advance           Principal Repaid           Outstanding
      ----                ----------           ----------------         ---------------
<S>                   <C>                     <C>                     <C>

________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
________________      $________________       __________________      __________________
</TABLE>

                                      A-6

<PAGE>

                                    EXHIBIT B

                                   [RESERVED]

                                      B-1

<PAGE>

                                    EXHIBIT C

Instructions for sending wires to the Agent on behalf of the Noteholders
pursuant to Section 3.03(b):

                  Bankers Trust Company
                  in the name of National City Bank
                  ABA: 021-001-0333
                  Acct No. 01419647
                                    Ref: CTOL 033471

                                      C-1

<PAGE>

                                    EXHIBIT D

                         FORM OF SERVICER'S CERTIFICATE

                                      D-1

<PAGE>

                                    EXHIBIT E

                                FORM OF CONTRACTS

                                      E-1

<PAGE>

                                    EXHIBIT F

PLACES OF BUSINESS OF THE OBLIGOR AND THE SERVICER; LOCATIONS OF RECORDS;
FEDERAL EMPLOYER IDENTIFICATION NUMBERS

A.       Obligor

         1.                Marlin Leasing Receivables II LLC

                  a.                Chief Executive Office and Principal Place
                                    of Business

                           639 Isbell Road, Suite 390
                           Reno, Nevada 89509

                  b.                Other Locations of Records

                           124 Gaither Drive, Suite 170
                           Mt. Laurel, New Jersey 08054

                  c.                FEIN: 52-2282213

                  d.                State of Organization: Nevada

B.       Servicer

         1.                Marlin Leasing Corporation
                                    Chief Executive Office and Principal Place
                                    of Business

                  124 Gaither Drive, Suite 170
                  Mt. Laurel, New Jersey 08054

         2.                Other Locations of Records

                  None

         3.                Servicer's FEIN:

                  22-3520555

         4.                State of Incorporation:

                  Delaware

                                      F-1

<PAGE>

                                    EXHIBIT G

                              FORM OF PLEDGE NOTICE

                                     [DATE]

TO:  National City Bank                        MBIA Insurance Corporation
     1 South Broad Street, 13th Floor          113 King Street
     Locator 01-5997                           Armonk, New York 10504
     Philadelphia, Pennsylvania 19107          Attention: Insured Portfolio
     Attention: Asset Securitization Division             Management Structured
                                                          Finance
                                                          Marlin Leasing

     Marlin Leasing Corporation
     124 Gaither Drive, Suite 170              Wells Fargo Bank Minnesota, N.A.
     Mt. Laurel, New Jersey 08054              Sixth Street and Marquette Avenue
     Attention: Dan Dyer                       MAC N9311-161
                                               Minneapolis, Minnesota 55479
                                               Attention: Corporate Trust
                                                          Services -
                                                          Asset Backed
                                                          Administration

                  Re:      Marlin Lease Receivables Master Facility, Series
2002-A Note

Ladies and Gentlemen:

                  Reference is made to that certain Series 2002-A Supplement,
dated as of April 1, 2002 (the "Series Supplement"), among Marlin Leasing
Corporation II ("MLR II") and Marlin Leasing Corporation (the "Servicer"),
Marlin Leasing Receivables II LLC ("MLR II LLC" or the "Series Obligor"),
National City Bank, as agent, and Wells Fargo Bank Minnesota, National
Association ("Wells Fargo"), as trustee, and to that certain Master Lease
Receivables Asset-Backed Financing Facility Agreement, dated as of April 1, 2002
(the "Master Facility Agreement"), among the Servicer, MLR II and Wells Fargo,
as trustee and back-up servicer. Capitalized terms used herein shall have the
meanings assigned to such terms in the Series Supplement and Master Facility
Agreement.

                  Pursuant to Section 4.01(b) of the Series Supplement, the
undersigned, a duly authorized representative of the Series Obligors, hereby
provide notice of an increase in the Series 2002-A Note Balance (each amount, an
"Advance Amount"), and in that connection sets forth below the information
relating to such proposed increase, as required by Section 4.01(c) of the Series
Supplement:

         (i)      The aggregate amount of the related Advance Amount is
$____________.

                                       G-1

<PAGE>

         (ii)     The date on which such Advance Amount shall occur is
_______________.

         (iii)    Attached hereto as Exhibit A is the related List of Contracts.

         (iv)     The Purchase Price Percentage applicable to the Pledge is
___%.

         (v)      The Hedge Rate applicable to such Series 2002-A Contracts
being Pledged is ____%.

         (vi)     The aggregate Contract Principal Balance of all Series 2002-A
Contracts being Pledged is $_____________.

         (vii)    The Borrowing Base immediately prior to such pledge is
$__________, and the Pro Forma Borrowing Base is $__________.

                  The undersigned certifies that as of the date hereof and on
the date of the proposed Advance Amount, all of the conditions precedent to the
proposed Advance Amount set forth in Section 4.01 of the Series Supplement have
been satisfied.

                                              Very truly yours,

                                              MARLIN LEASING RECEIVABLES
                                                CORP. II, as the Obligors' Agent

                                              By:_______________________________
                                                 Name:
                                                 Title:

                                              MARLIN LEASING RECEIVABLES LLC II

                                              By: MARLIN LEASING RECEIVABLES
                                                  CORP. II, as Managing Member

                                                  By:___________________________
                                                     Name:
                                                     Title:

                                       G-2

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