Document:

FIRST AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT

      THIS FIRST AMENDMENT TO RECEIVABLES  PURCHASE  AGREEMENT is made effective
as of August 1, 2006 (this  "Amendment"),  is among CONN  FUNDING II,  L.P.,  as
Purchaser  ( the  "Purchaser")  and CONN  APPLIANCES,  INC.  and CAI,  L.P.,  as
originators and sellers (collectively, the "Originator").

                                   BACKGROUND

A.    Reference is made to (i) the  Receivables  Purchase  Agreement dated as of
      September 1, 2002 (the "Agreement"),  among the Purchaser,  the Originator
      and Conn Funding II, L.P., as initial seller (the "Initial Seller"),  (ii)
      the Base Indenture  dated as of September 1, 2002,  between the Issuer and
      the Trustee (the "Base  Indenture"),  (iii) the Series  2002-A  Supplement
      dated as of  September  1, 2002,  between the Issuer and the Trustee  (the
      "2002-A  Supplement")  and (iv) the Series 2002-B  Supplement  dated as of
      September  1,  2002,  between  the  Issuer and the  Trustee  (the  "2002-B
      Supplement")  (each of the Base Indenture,  the 2002-A  Supplement and the
      2002-B  Supplement,  as  amended,  restated,   supplemented  or  otherwise
      modified  through the date hereof,  and  collectively,  the  "Indenture").
      Capitalized  terms used herein but not otherwise  defined  herein have the
      meanings assigned thereto in the Agreement or the Indenture.

B.    The Initial Seller dissolved as a limited  partnership  under Texas law on
      July 28, 2006.

C.    The  Originator  and the  Purchaser  desire to amend the  Agreement as set
      forth in this Amendment (the "Amending Parties").

D.    Section 7.3 of the Note  Purchase  Agreement,  dated as of  September  13,
      2002,  among the  Purchaser,  the  Originator,  Three Pillars  Funding LLC
      (f/k/a Three Pillars Funding  Corporation)  and SunTrust  Capital Markets,
      Inc.,  requires  the  consent of at least  66-2/3% of the  aggregate  Note
      Principal  of all of the  Purchaser's  Series  2002-A  Notes (the  "Series
      2002-A  Required  Persons")  and the Notice  Person for the Series  2002-A
      Notes for the execution of this Amendment;

E.    Section 10.1 of the Agreement  requires that this Amendment be executed by
      the Purchaser, the Notice Persons of each Series and the Trustee (together
      with the Series 2002-A Required Persons, the "Consenting Parties").

      NOW,  THEREFORE,  for good and  valuable  consideration,  the  receipt and
adequacy of which are hereby acknowledged,  the Amending Parties hereto agree as
follows:

SECTION 1. Amendments to Article V.

      (a) Amendment to Section 5.1.  Section 5.1 is hereby  amended by replacing
each  reference to "the  Originator"  in  subsection  (a),  clauses (i) and (ii)
thereof with "Consolidated Parent".

<PAGE>

      (b)  Amendments  to  Section  5.2.  Section  5.2(h) is hereby  amended  by
replacing (i) the first use of the word "its" in such Section with "Consolidated
Parent's"  and (ii) the word  "Originator"  in such Section  with  "Consolidated
Parent".

SECTION 2. Amendment to Section 6.8.  Section 6.8 is hereby amended by replacing
      the reference to "Charged-off Receivables" in such Section with "Defaulted
      Receivables".

SECTION 3. Conditions to Effectiveness. This Amendment shall become effective as
      of August 1, 2006 upon (i) the  execution  and  delivery to the Trustee of
      this Amendment by (a) the Amending Parties and (b) the Consenting  Parties
      (which in the case of the Notice Persons for the Purchaser's Series 2002-B
      Notes shall be satisfied  upon delivery of the  confirmation  described in
      clause (ii)) and (ii) delivery to the Trustee of written  confirmation  by
      the Rating  Agencies that this  Amendment will not cause the rating of the
      Notes to be downgraded or withdrawn.

SECTION 4.  Representations  and  Warranties.  Each  of the  Originator  and the
      Purchaser represents and warrants upon and as of the effectiveness of this
      Amendment that:

      (a) no event or  condition  has  occurred  and is  continuing  which would
constitute a Purchase Termination Event or Incipient Purchase Termination Event;
and

      (b)  after  giving  effect  to this  Amendment,  its  representations  and
warranties  set forth in the  Agreement and the other  Transaction  Documents to
which it is a party are true and correct as of the date thereof,  as though made
on and as of such date (except to the extent such representations and warranties
relate  solely to an earlier  date and then as of such earlier  date),  and such
representations  and  warranties  shall continue to be true and correct (to such
extent) after giving effect to the transactions contemplated hereby.

SECTION 5. Effect of Amendment;  Ratification.  Except as  specifically  amended
      hereby,  the  Agreement is hereby  ratified and confirmed in all respects,
      and all of its  provisions  shall  remain in full force and effect.  After
      this Amendment becomes  effective,  all references in the Agreement (or in
      any  other  Transaction  Document)  to  "the  Purchase  Agreement",  "this
      Agreement",  "hereof",  "herein", or words of similar effect, in each case
      referring  to the  Agreement,  shall be  deemed  to be  references  to the
      Agreement  as  amended  hereby.  This  Amendment  shall  not be  deemed to
      expressly or impliedly  waive,  amend,  or supplement any provision of the
      Agreement other than as specifically set forth herein.

SECTION 6.  Counterparts.  This  Amendment  may be  executed  in any  number  of
      counterparts and by different parties on separate  counterparts,  and each
      counterpart  shall be deemed to be an original,  and all such counterparts
      shall together constitute but one and the same agreement.

SECTION 7. Governing Law. This Amendment  shall be governed by, and construed in
      accordance with, the internal laws of the State of New York without regard
      to any  otherwise  applicable  conflict  of laws  principles  (other  than
      Section 5-1401 of the New York General Obligations Law).

                                       2
<PAGE>

SECTION 8.  Successors  and Assigns.  This  Amendment  shall be binding upon and
      shall  inure to the  benefit of the  parties  hereto and their  respective
      successors and assigns.

SECTION 9. Section Headings. The various headings of this Amendment are inserted
      for convenience only and shall not affect the meaning or interpretation of
      this Amendment or the Agreement or any provision hereof or thereof.

         [REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGES FOLLOW]

                                       3
<PAGE>

      IN WITNESS  WHEREOF,  the parties have  entered into this  Amendment to be
effective as of the date first written above.

                                        CONN FUNDING II, L.P., as Purchaser

                                        By:    Conn Funding II GP, L.L.C.,
                                               its general partner

                                               By:    /s/ David R. Atnip
                                                      --------------------------
                                               Name:  David R. Atnip
                                               Title: Treasurer

                                        CONN APPLIANCES, INC., as Originator

                                        By:    /s/ David R. Atnip
                                               ---------------------------------
                                        Name:  David R. Atnip
                                        Title: Treasurer

                                        CAI, L.P., as Originator

                                        By:    Conn Appliances, Inc.,
                                               its general partner

                                               By:    /s/ David R. Atnip
                                                      --------------------------
                                               Name:  David R. Atnip
                                               Title: Treasurer

                                       4
<PAGE>

Consented to by:

WELLS FARGO BANK,
 NATIONAL ASSOCIATION,
 not in its individual capacity,
 but solely as Trustee

By:    /s/ Jason Van Vleet
       ------------------------------------
Name:  Jason Van Vleet
Title: Assistant Vice President

SUNTRUST CAPITAL MARKETS, INC.,
 as Administrator and Notice Person for the
 Series 2002-A Notes

By:    /s/ James R. Bennison
       ------------------------------------
Name:  James R. Bennison
Title: Managing Director

THREE PILLARS FUNDING LLC, as Series 2002-A
Required Person

By:    /s/ Doris J. Hearn
       ------------------------------------
Name:  Doris J. Hearn
Title: Vice PresidentAMENDMENT
      NO. 3 TO SERIES 2002-A SUPPLEMENT

     

    

    This
      AMENDMENT NO. 3 TO SERIES 2002-A SUPPLEMENT, dated as of August 1, 2006 (this
      “Amendment”)
      is
      made between CONN FUNDING II, L.P. (the “Issuer”)
      and
      WELLS FARGO BANK, NATIONAL ASSOCIATION (successor by merger to Wells Fargo
      Bank
      Minnesota, National Association), as Trustee (the “Trustee”).
      Capitalized terms used and not otherwise defined in this Amendment are used
      as
      defined in that certain Base Indenture, dated as of September 1, 2002 (as
      amended from time to time, the “Base
      Indenture”),
      between the Issuer and the Trustee or, if not defined therein, in the that
      certain Series 2002-A Supplement, dated as of September 1, 2002 (as amended
      from
      time to time, the “Series
      Supplement”),
      between the Issuer and the Trustee. 

     

    Background

     

    A.
        The
      parties hereto have entered into the Base Indenture and the Series Supplement
      to
      finance the purchase of Receivables by the Issuer from each of Conn Appliances,
      Inc. and CAI, L.P.

     

    B.
        The
      parties hereto wish to amend the Series Supplement.

     

    C.
        The
      parties hereto are willing to agree to such an amendment, all as set out in
      this
      Amendment.

     

    Agreement

     

    1.
        Amendment
      of the Series Supplement.
      (a) Section
      1
      of the
      Series Supplement is hereby amended as follows:

     

    (i) The
      definition of “Available Funds” is hereby amended and restated in its entirety
      as follows:

     

    “Available
      Funds”
means,
      with respect to any Monthly Period, an amount equal to the Investor Percentage
      of Collections of Finance Charges, Recoveries and Investment Earnings deposited
      in the Finance Charge Account for such Monthly Period (or to be deposited in
      the
      Finance Charge Account on the related Series Transfer Date with respect to
      the
      preceding Monthly Period pursuant to the third paragraph of subsection 5.4(a)
      of the
      Base Indenture).

     

    (ii) The
      definitions of “Enhancement Agreement,” “Enhancement Provider,” “Enhancement
      Provider Default” and “Qualifying Enhancement Agreement” are hereby deleted in
      their entirety.

     

    (iii) The
      definition of “Finance Charge Collections” is hereby amended by removing the
      entire clause
      (iii)
      and
      inserting “and” before clause (ii).

     

    (iv) The
      definition of “Investor Interest” is hereby amended by removing the reference to
      Enhancement Providers in last sentence of the definition.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (v) The
      definition of “Required Reserve Amount” is hereby amended and restated in its
      entirety as follows:

     

    "Required
      Reserve Amount"
      shall
      mean, at any time, the greater of (a) $7,500,000 and (b) an amount equal to
      (i)
      the Note Principal at such time, multiplied by (ii)(A) the Required Reserve
      Percentage at such time, divided by (B) 100% minus the Required Reserve
      Percentage at such time; provided,
      however,
      that
      the Required Reserve Amount shall be fixed during the Rapid Amortization Period
      as of the Rapid Pay Out Commencement Date; provided,
      further,
      that
      the Required Reserve Amount may only increase from time to time to the extent
      of
      the Investor Percentage (determined with regard to only (and only to the extent
      of) those Series with respect to which the "Required Reserve Amount" is
      increasing at such time) of the Available Issuer Interest (after giving effect
      to any reductions pursuant to Section
      5.16
      but
      prior to any reductions with respect to Principal Reallocation Amounts on such
      day, or pursuant to any comparable provisions of any other Series Supplement
      for
      any Series on such day) at such time.

     

    (vi) The
      definition of “Series 2002-A Termination Date” is hereby amended by removing the
      reference to Enhancement Providers in clause (a).

     

    (b)  Section
      4(b)
      of the
      Series Supplement is hereby amended by removing clause (iv) and the word “plus”
immediately preceding it, and renumbering clause (v) as clause
      (iv).

     

    (c)  Section
      5.14(a)
      of
Section
      7
      of the
      Series Supplement is hereby amended by removing clause (viii) and the word
      “plus” immediately preceding it.

     

    (d)  Section
      5.15(a)
      of
Section
      7
      of the
      Series Supplement is hereby amended by replacing the language in clause (iv)
      with “Reserved.”

     

    (e)  Section
      5.15(e)
      of
Section
      7
      of the
      Series Supplement is hereby amended by replacing the language in clause (iii)
      with “Reserved.”

     

    (f)  Section
      5.15(f)
      of
Section
      7
      of the
      Series Supplement is hereby amended and restated in its entirety as
      follows:

     

    On
      any
      Redemption Date, the amounts required to be on deposit in the Payment Account
      pursuant to Section 4
      or
Section
      11,
      shall
      be paid to the following Persons:

     

    (i) to
      the
      Noteholders, the Note Principal; and

     

    (ii) first,
      to the
      Noteholders, any other amounts (including, without limitation, accrued and
      unpaid interest) payable thereto pursuant to the Note Purchase Agreement and,
      second,
      to the
      Persons entitled thereto, any Additional Amounts payable thereto. 

     

    (g)  Section
      5.20
      of
Section
      7
      of the
      Series Supplement is hereby amended by replacing the language in such section
      with "Reserved."

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    (h)  Section
      8
      of the
      Series Supplement is hereby amended by removing the reference to Enhancement
      Providers in the first sentence.

     

    (i)  Section
      9(i)
      of the
      Series Supplement is hereby amended by removing the entire parenthetical.

     

    (j)  Section
      9(s)
      of the
      Series Supplement is hereby amended by replacing the language in such clause
      with “Reserved.”

     

    (k)  Section
      11(b)
      of the
      Series Supplement is hereby amended by removing clause (iv) and the word “plus”
immediately preceding it, and renumbering clause (v) as clause
      (iv).

     

    (l)  Section
      12
      of the
      Series Supplement is hereby amended by removing the reference to any Enhancement
      Agreement.

     

    2.
        Binding
      Effect; Ratification.
      (a)
      This
      Amendment shall become effective, as of the date first set forth above, when
      the
      Administrator shall have received counterparts hereof shall have been executed
      and delivered by the parties hereto and the Rating Agency Condition shall have
      been satisfied, and thereafter shall be binding on the parties hereto and their
      respective successors and assigns.

     

    (b)  On
      and
      after the execution and delivery hereof, this Amendment shall be a part of
      the
      Series Supplement and each reference in the Series Supplement to “this Series
      Supplement” or “hereof”, “hereunder” or words of like import, and each reference
      in any other Transaction Document to the Series Supplement shall mean and be
      a
      reference to such Series Supplement as amended hereby.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    (c)  Except
      as
      expressly amended hereby, the Series Supplement shall remain in full force
      and
      effect and is hereby ratified and confirmed by the parties hereto.

     

    3.
        Miscellaneous.
      (a)
      THIS
      AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
      RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
      WITH SUCH LAWS. EACH OF THE PARTIES TO THIS AMENDMENT AGREES TO THE
      NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
      DISTRICT OF NEW YORK AND ANY APPELLATE COURT HAVING JURISDICTION TO REVIEW
      THE
      JUDGMENTS THEREOF. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED
      ON FORUM
      NON CONVENIENS AND
      ANY
      OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
      AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
      RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

     

    (b)  Headings
      used herein are for convenience of reference only and shall not affect the
      meaning of this Amendment.

     

    (c)  This
      Amendment may be executed in any number of counterparts, and by the parties
      hereto on separate counterparts, each of which shall be an original and all
      of
      which taken together shall constitute one and the same agreement.

     

    [Signature
      Page Follows]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
      respective officers thereunto duly authorized, as of the date first above
      written.

     

    
      	 	 	 
	 	WELLS
              FARGO BANK,
              NATIONAL ASSOCIATION,
	 	not in its individual capacity, but
              solely as
              Trustee
	 
 	 
 	 
 
	 	By:  	/s/ Kristen
              L. Puttin
	 	
              
Name:
              Kristen L. Puttin
	 	Title:
              Assistant Vice President

    

     

    
      	 	 	 
	 	CONN
              FUNDING II,
              L.P., as
              Issuer
	 	 
	 	By: Conn Funding II GP, L.L.C., its
              general
              partner
	 
 	 
 	 
 
	 	By:  	/s/ David
              R.
              Atnip
	 	
              
Name:
              David R. Atnip
	 	Title:
              Treasurer

    

    
      
         

      

      
        S-1

        
          

        

      

      
         

      

    

     

    
      	 	 	 
	 	CONSENTED
              AND AGREED TO BY:
	 	 
	 	THREE PILLARS FUNDING LLC 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

      	 	 	 
	 	SUNTRUST
              CAPITAL
              MARKETS, INC.,
	 	as Administrator
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    
      
         

      

      
        S-2

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