Document:

Exhibit 4.22

                   R.V.I. GUARANTY CO., LTD.,
                           as Insurer

               SRI RECEIVABLES PURCHASE CO., INC.,
                          as Transferor

                   SPECIALTY RETAILERS, INC.,
                   as Originator and Servicer

                               and

                    BANKERS TRUST (DELAWARE),
                           as Trustee

                INSURANCE AND INDEMNITY AGREEMENT

                  SRI Receivables Master Trust
                           $18,375,000
 Class D Floating Rate Asset Backed Certificates, Series 1999-1
                  Dated as of December 9, 1999

                INSURANCE AND INDEMNITY AGREEMENT

     THIS  INSURANCE  AND  INDEMNITY AGREEMENT  (this  "Insurance
Agreement"),  dated as of December 9, 1999 by  and  among  R.V.I.
GUARANTY CO., LTD. (the "Insurer"), SRI RECEIVABLES PURCHASE CO.,
INC.  (together  with its permitted successors and  assigns,  the
"Transferor"), SPECIALTY RETAILERS, INC. as Originator  (together
with its permitted successors and assigns, the "Originator")  and
as  Servicer  under the Agreement described below (together  with
its permitted successors and assigns, the "Servicer") and BANKERS
TRUST  (DELAWARE) not in its individual capacity  but  solely  as
Trustee (together with its permitted successors and assigns,  the
"Trustee").

     WHEREAS,  the Series 1999-1 Supplement dated as of  November
9, 1999 by and among the Transferor, the Servicer and the Trustee
(the  "Supplement") relating to the SRI Receivables Master Trust,
$18,375,000  Class  D  Floating Rate Asset  Backed  Certificates,
Series  1999-1  (the  "Securities")  provides  for,  among  other
things,  the  issuance of the Securities,  and  the  Insurer  has
issued  its certificate guaranty insurance policy (the  "Policy")
that guarantees certain payments due on the Securities; and

     WHEREAS,  the  Insurer  shall be paid an  insurance  premium
pursuant  to the Supplement, and the details of such premium  are
set forth herein; and

     WHEREAS, the Transferor, the Trustee, the Originator and the
Servicer have undertaken certain obligations in consideration for
the Insurer's issuance of the Policy.

     NOW,  THEREFORE,  in consideration of the premises  and  the
mutual  agreements herein contained, the parties hereto agree  as
follows:

                            ARTICLE I

                           DEFINITIONS

     The  terms defined in this Article I shall have the meanings
provided  herein  for  all purposes of this Insurance  Agreement,
unless  the context clearly requires otherwise, in both  singular
and  plural  form,  as appropriate.  Unless the  context  clearly
requires  otherwise, all capitalized terms used  herein  and  not
otherwise  defined  in  this Article I shall  have  the  meanings
assigned to them in the Supplement.  All words used herein  shall
be  construed to be of such gender or number as the circumstances
require.   This  "Insurance Agreement" shall mean this  Insurance
Agreement  as  a  whole and as the same may, from  time  to  time
hereafter,  be  amended,  supplemented or  modified.   The  words
"herein,"   "hereby,"  "hereof,"  "hereto,"   "hereinabove"   and
"hereinbelow,"  and  words  of  similar  import,  refer  to  this
Insurance  Agreement  as  a  whole  and  not  to  any  particular
paragraph,  clause or other subdivision hereof, unless  otherwise
specifically noted.

     "Agreement"  means the Second Amended and  Restated  Pooling
and  Servicing Agreement among the Transferor, SRI, as  servicer,
and Bankers Trust (Delaware), as Trustee, dated as of November 1,
1999.

     "Amendment"  means  the  Amendment  and  Consent  among  the
Transferor, the Servicer and the Trustee, dated as of December 9,
1999.

     "Business Day" means any day other than a Saturday, a Sunday
or a day on which the Insurer is closed or a day on which banking
institutions  or trust companies in Bermuda, the  States  of  New
York,  Delaware  or Texas or in the city in which  the  corporate
trust  office of the Trustee under the Supplement is located  are
authorized or obligated by law, regulation or executive order  to
remain closed.

     "Code"  means the Internal Revenue Code of 1986,  including,
unless  the context otherwise requires, the rules and regulations
thereunder, as amended from time to time.

     "Commission" means the Securities and Exchange Commission.

     "Consolidation Facts" means the facts set forth on  Schedule
I hereto.

     "Credit Agreement" means the Credit Agreement, dated  as  of
June  16,  1997,  among Specialty Retailers, Inc.,  as  borrower,
Stage  Stores,  Inc.,  as parent, the banks  named  therein,  and
Credit Suisse First Boston, as administrative agent.

     "Date  of  Issuance" means the date on which the  Policy  is
issued as specified therein.

     "Default" means any event which results, or which  with  the
giving of notice or the lapse of time or both would result, in an
Event of Default.

     "Distribution  Date"  means  December  15,  1999,  and   the
fifteenth day of each calendar month thereafter, or if  such  day
is not a Business Day, the next succeeding Business Day.

     "Duff  & Phelps" means Duff & Phelps Credit Rating Co.,  and
any  successor  thereto, and, if such corporation shall  for  any
reason  no  longer  perform the functions of a securities  rating
agency,  "Duff & Phelps" shall be deemed to refer  to  any  other
nationally recognized rating agency designated by the Insurer.

     "Enhancement  Supplement" means the  Enhancement  Supplement
among  the Transferor, the Servicer and the Trustee dated  as  of
December 9, 1999.

     "Event  of Default" means any event of default specified  in
Section 5.01 hereof.

     "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

      Financial Statements" means, with respect to the Transferor
or  Stage  the  balance  sheets and  the  statements  of  income,
retained earnings and cash flows and the notes thereto.

     "Fitch"  means Fitch IBCA, Inc., and any successor  thereto,
and,  if  such corporation shall for any reason no longer perform
the  functions  of a securities rating agency, "Fitch"  shall  be
deemed  to refer to any other nationally recognized rating agency
designated by the Insurer.

     "Initial   Purchaser"  means  Credit  Suisse  First   Boston
Corporation.

     "Insurer Information" means the information contained in the
Offering Memorandum as of the date thereof under the caption "The
Policy  and  The  Insurer" and the financial  statements  of  the
Insurer contained in Exhibit C to the Offering Memorandum.

     "Investment Company Act" means the Investment Company Act of
1940, including, unless the context otherwise requires, the rules
and regulations thereunder, as amended.

     "Late  Payment  Rate" means, for any date of  determination,
the  higher  of  (i) the base commercial lending rate  per  annum
announced  from  time  to  time by  Credit  Suisse  First  Boston
Corporation  in New York in effect on such day, plus two  percent
(2.00%)  or  (ii)  the interest rate per annum quoted  by  Credit
Suisse First Boston Corporation at approximately 11:00 a.m.,  New
York  City time, on such day, to dealers in the New York  Federal
funds  market  for  the overnight offering of dollars  by  Credit
Suisse  First  Boston Corporation plus two and  one-half  percent
(2.50%).  The Late Payment Rate shall be computed on the basis of
a  year  of  365  days,  calculating the actual  number  of  days
elapsed.   In  no  event shall the Late Payment Rate  exceed  the
maximum  rate  permissible  under  any  applicable  law  limiting
interest rates.

     "Liabilities" shall have the meaning ascribed to  such  term
in Section 3.04(a) hereof.

     "Losses" means (a) any actual out-of-pocket loss paid by the
Insurer or its respective parents, subsidiaries and affiliates or
any  shareholder,  director,  officer,  employee,  agent  or  any
"controlling person" (as such term is used in the Securities Act)
of  any of the foregoing, and (b) any actual out-of-pocket  costs
and  expenses paid by such party, including reasonable  fees  and
expenses  of  its counsel, to the extent not paid,  satisfied  or
reimbursed from funds provided by any other Person (provided that
the  foregoing shall not create or imply any obligation to pursue
recourse against any such other Person).

     "Material Adverse Change" means, in respect of any Person, a
material adverse change in (a) the business, financial condition,
results  of  operations or properties of such Person or  (b)  the
ability  of such Person to perform its obligations under  any  of
the Transaction Documents.

     "Obligor"  means the original obligor under each Receivable,
including  any  guarantor of such obligor  and  their  respective
successors.

     "Offering  Documents" means the Offering Memorandum  of  the
Transferor  in  respect of the Securities (and any  amendment  or
supplement  thereto) and any other offering documents in  respect
of the Securities prepared by the Transferor that makes reference
to the Policy.

     "Offering  Memorandum" means the Offering Memorandum,  dated
December  9, 1999, of the Transferor in respect of the Securities
(and any amendment or supplement thereto).

     "Opinion  Facts and Assumptions" means with respect  to  the
opinions  delivered  by Kirkland & Ellis in connection  with  the
Transaction,   the  facts  and  assumptions  contained   in   the
insolvency  opinion dated November 9, 1999 by  Kirkland  &  Ellis
insofar as they relate to the Transferor and the Originator.

     "Owners" means registered holders of Securities.

     "Person"  means  an individual, joint stock company,  trust,
unincorporated association, joint venture, corporation,  business
or  owner trust, limited liability company, partnership or  other
organization or entity (whether governmental or private).

     "Premium"  means  the  premium payable  in  accordance  with
Section  3.02 hereof which, with respect to any Payment Date,  is
equal to the product of (a) 1/12th the Premium Percentage and (b)
the  Class  D  Investor Principal Amount for  such  Payment  Date
(prior  to giving effect to payments of principal on such Payment
Date).

     "Premium Percentage" shall mean 3.80% per annum.

     "Purchase  Agreement"  means the  Purchase  Agreement  dated
November  9,  1999  among the Initial Purchaser,  Stage  and  the
Transferor  with respect to the offer and sale of the Securities,
as the same may be amended from time to time.

     "Receivables" shall have the meaning assigned such  term  in
the Agreement.

     "Receivables  Purchase  Agreement"  means  the   Receivables
Purchase  Agreement  dated as of May 30,  1996  between  SRI,  as
Originator,  and  the  Transferor,  as  amended  by  the   second
amendment thereto dated as of November 9, 1999.

     "Securities   Act"  means  the  Securities  Act   of   1933,
including, unless the context otherwise requires, the  rules  and
regulations thereunder, as amended from time to time.

     "SRI" means Specialty Retailers, Inc., a Texas corporation.

     "Stage" means Stage Stores, Inc., a Delaware corporation.

     "Term  of  the  Insurance Agreement" shall be determined  as
provided in Section 4.01 hereof.

     "Transaction"  means  the transactions contemplated  by  the
Transaction  Documents, including the transactions  described  in
the Offering Documents.

     "Transaction Documents" means this Insurance Agreement,  the
Agreement,   the   Supplement,  the  Offering   Memorandum,   the
Securities,  the Receivables Purchase Agreement, the  Enhancement
Supplement, the Amendment and the Purchase Agreement.

     "Trust"  has  the  meaning assigned  to  such  term  in  the
Agreement.

     "Trust Indenture Act" means the Trust Indenture Act of 1939,
including, unless the context otherwise requires, the  rules  and
regulations thereunder, as amended from time to time.

     "Trust Property" shall have the meaning assigned thereto  in
the Agreement.

     "Trustee"  means  Bankers  Trust  (Delaware),  not  in   its
individual capacity but solely as Trustee under the Agreement and
the  Supplement,  and  any successor to  the  Trustee  under  the
Agreement and the Supplement.

                           ARTICLE II

            REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 2.01.  Representation and Warranties of the Transferor
and  the  Originator.  Each of the Transferor (as to itself)  and
the Originator (as to itself and as to the Transferor) represent,
warrant and covenant as of the Date of Issuance, as follows:

          (a)  Due Organization and Qualification.  Each of the Transferor
     and  the Originator is a corporation duly organized, validly
     existing and in good standing under the laws of its respective
     jurisdiction of formation.  Each of the Transferor  and  the
     Originator is duly qualified to do business, is in good standing
     and has obtained all licenses, permits, charters, registrations
     and approvals (together, "approvals") necessary for the conduct
     of its business as currently conducted and as described in the
     Offering Documents and the performance of its obligations under
     the  Transaction Documents in each jurisdiction in which the
     failure to be so qualified or to obtain such approvals would
     render any Transaction Document unenforceable in any respect or
     would have a material adverse effect upon the Transaction, the
     Owners or the Insurer.

(b)  Power and Authority.  Each of the Transferor and the
Originator has all necessary corporate power and authority to
conduct its business as currently conducted and, as described in
the Transaction Documents, to execute, deliver and perform its
obligations under the Transaction Documents and to consummate the
Transaction.
(c)  Due Authorization.  The execution, delivery and performance
by the Transferor and the Originator of the Transaction Documents
to which they are parties have been duly authorized by all
necessary corporate action and do not require any additional
approvals or consents of, or other action by or any notice to or
filing with, any Person, including, without limitation, any
governmental entity or the Transferor's or the Originator's
equityholders, which have not been previously obtained or given.
(d)  Noncontravention.  None of the execution and delivery of the
Transaction Documents by the Transferor or the Originator, the
consummation of the transactions contemplated thereby or the
satisfaction of the terms and conditions of the Transaction
Documents:
               (i)  conflicts with or results in any breach or violation of any
          provision of the organizational documents of the Transferor or
          the Originator or any law, rule, regulation, order, writ,
          judgment, injunction, decree, determination or award currently in
          effect having applicability to the Transferor or the Originator
          or any of their material properties, including regulations issued
          by an administrative agency or other governmental authority
          having supervisory powers over the Transferor or the Originator;

(ii) constitutes a default by the Transferor or the Originator
under or a breach of any provision of any loan agreement,
mortgage, indenture or other agreement or instrument to which the
Transferor or the Originator is a party or by which any of its or
their respective properties, which are individually or in the
aggregate material to the Transferor or the Originator, is or may
be bound or affected; or
(iii)     results in or requires the creation of any lien upon or
in respect of any assets of the Transferor or the Originator,
except as contemplated by the Transaction Documents.
          (e)  Legal Proceedings.  There is no action, proceeding or
     investigation  by  or  before  any  court,  governmental  or
     administrative agency or arbitrator against or affecting the
     Transferor or the Originator or any of its or their subsidiaries,
     or any properties or rights of the Transferor or the Originator
     or  any  of  its or their subsidiaries, pending or,  to  the
     Transferor's or the Originator's knowledge after  reasonable
     inquiry,  threatened, which in any case could reasonably  be
     expected to result in a Material Adverse Change with respect to
     the  Transferor or the Originator, other than those (if any)
     disclosed  in the Transferor's or Stage's filings  with  the
     Commission pursuant to the Exchange Act.

(f)  Valid and Binding Obligations.  The Securities, when
executed, authenticated and issued in accordance with the
Supplement, and the Transaction Documents (other than the
Securities), when executed and delivered by the Transferor, the
Originator or the Trustee, as applicable, will constitute the
legal, valid and binding obligations of the Transferor and the
Originator, as applicable, enforceable in accordance with their
respective terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors' rights generally and general
equitable principles.  Neither the Transferor nor the Originator
will at any time in the future deny that the Transaction
Documents constitute the legal, valid and binding obligations of
the parties thereto.
(g)  Financial Statements.  The Financial Statements of the
Transferor and Stage (i) are, as of the dates and for the periods
referred to therein, complete and correct in all material
respects, (ii) present fairly the financial condition and results
of operations of the Transferor and Stage as of the dates and for
the periods indicated and (iii) have been prepared in accordance
with generally accepted accounting principles consistently
applied, except as noted therein (subject as to interim
statements to normal year-end adjustments).  Since the date of
the most recent Financial Statements, there has been no Material
Adverse Change in respect of the Transferor or Stage, other than
changes (if any) disclosed in the Transferor's or Stage's filings
with the Commission pursuant to the Exchange Act.
(h)  Compliance With Law, Etc.  No practice, procedure or policy
employed, or proposed to be employed, by the Transferor or the
Originator in the conduct of its business violates any law,
regulation, judgment, agreement, order or decree applicable to
any of them that, if enforced, could reasonably be expected to
result in a Material Adverse Change with respect to the
Transferor or the Originator.  Neither the Transferor nor the
Originator is in breach of or in default under any applicable law
or administrative regulation of its respective jurisdiction of
formation, or any department, division, agency or instrumentality
thereof or of the United States or any applicable judgment or
decree or any loan agreement, note, resolution, certificate,
agreement or other instrument to which the Transferor or the
Originator is a party or is otherwise subject which, if enforced,
would have a material adverse effect on the ability of the
Transferor or the Originator, as the case may be, to perform its
respective obligations under the Transaction Documents.
(i)  Taxes.  The Transferor and the Originator and the
Transferor's and the Originator's parent company or companies
have filed prior to the date hereof all federal and state tax
returns that are required to be filed and paid all taxes,
including any assessments received by them that are not being
contested in good faith, to the extent that such taxes have
become due, except for any failures to file or pay that,
individually or in the aggregate, would not result in a Material
Adverse Change with respect to the Transferor or the Originator.
(j)  Accuracy of Information. None of (i) the Transaction
Documents or (ii) the information furnished by the Transferor and
the Originator to the Insurer regarding the Transferor, SRI,
Stage or the Transaction, contains any statement of a material
fact which was untrue or misleading in any material adverse
respect when made.  Except as described in its filings with the
Commission pursuant to the Exchange Act, neither the Transferor
nor the Originator has any knowledge of circumstances that it
reasonably expects to cause a Material Adverse Change with
respect to the Transferor, Stage or SRI.  Since the furnishing of
the Transaction Documents, there has been no change or any
development or event involving a prospective change known to the
Transferor and the Originator that would render any of the
Transaction Documents untrue or misleading in any material
respect.
(k)  Compliance With Securities Laws.  The offer and sale of the
Securities complied in all material respects with all
requirements of law, including all applicable securities laws.
Without limitation of the foregoing, the Offering Memorandum does
not contain any untrue statement of a material fact and does not
omit to state a material fact necessary to make the statements
made therein, in light of the circumstances under which they were
made, not misleading; provided, however, that no representation
is made with respect to the Insurer Information.  Assuming the
accuracy of the representations and warranties of the Initial
Purchaser in the Purchase Agreement, neither the offer nor the
sale of the Securities to the Initial Purchaser has been or will
be in violation of the Securities Act or any other federal or
state securities laws.  The Agreement and the Supplement are not
required to be qualified under the Trust Indenture Act of 1939.
The Transferor is not required to be registered as an "investment
company" under the Investment Company Act.
(l)  Documents.  Each of the representations and warranties of
the Transferor and the Originator contained in the Transaction
Documents is true and correct in all material respects when made
and as of the date hereof, and the Transferor and the Originator
hereby makes each such representation and warranty to, and for
the benefit of, the Insurer as if the same were set forth in full
herein.
(m)   Solvency; Fraudulent Conveyance.  Each of the Transferor
and the Originator is solvent and will not be rendered insolvent
by the Transaction and, after giving effect to the Transaction,
neither the Transferor nor the Originator will be left with an
unreasonably small amount of capital with which to engage in its
business, nor does the Transferor intend to incur, or believe
that it has incurred, debts beyond its ability to pay as they
mature.  Neither the Transferor nor the Originator contemplates
the commencement of insolvency, bankruptcy, liquidation or
consolidation proceedings or the appointment of a receiver,
liquidator, conservator, trustee or similar official in respect
of the Transferor, the Originator or any of their respective
assets.  The amount of consideration being received by the
Originator upon the transfer of the Receivables to the Transferor
constitutes reasonably equivalent value and fair consideration
for the Receivables. The amount of consideration being received
by the Transferor upon the sale of the Receivables to the Trust
constitutes reasonably equivalent value and fair consideration
for the Receivables.  Neither the Originator nor the Transferor
is transferring the Receivables, as provided in the Transaction
Documents, with any intent to hinder, delay or defraud any of
their respective creditors.
(n)  Principal Place of Business.  The principal place of
business of the Transferor and the Originator is located in
Houston, Texas.
(o)  Opinion Facts and Assumptions.  The Opinion Facts and
Assumptions insofar as they relate to the Transferor and the
Originator are true and correct in all material respects as of
the Date of Issuance.
     Section 2.02.  Affirmative Covenants of the Transferor and the
Originator.  The Transferor and the Originator hereby agree  that
during  the  Term of the Insurance Agreement, unless the  Insurer
shall otherwise expressly consent in writing:

          (a)  Compliance With Agreements and Applicable Laws.  The
     Transferor and the Originator shall not be in default in any
     material respect under the Transaction Documents and shall comply
     with all material requirements of any law, rule or regulation
     applicable to them.  Neither the Transferor nor the Originator
     shall agree to any amendment to or modification of the terms of
     any Transaction Documents except in accordance with their terms.

(b)  Corporate Existence.  Except as otherwise provided in the
Transaction Documents, each of the Transferor, the Originator,
and each successor and assign of the Transferor or the
Originator, shall maintain, except as permitted by the
Transaction Documents, its respective existence and shall at all
times continue to be duly organized under the laws of its
respective jurisdictions of organization and duly qualified and
duly authorized (as described in Section 2.01 (a), (b) and (c)
hereof) and shall conduct its respective business in accordance
with the terms of its respective organizational documents in a
manner that does not materially adversely affect its ability to
perform its respective obligations under the Transaction
Documents or materially adversely affect (i) the Trustee's
security interest in the Trust Property or (ii) the Insurer's
interest under the Transaction Documents.
(c)  Financial Statements; Accountants' Reports; Other
Information.  The Transferor and the Originator shall keep or
cause to be kept in reasonable detail books and records of
account of their assets and business, including, but not limited
to, books and records relating to the Transaction.  The
Transferor and the Originator shall furnish or cause to be
furnished to the Insurer:
               (i)  Annual Financial Statements.  Upon the request of the
          Insurer, as soon as available, and in any event within 120 days
          after the close of each fiscal year of the Transferor and Stage,
          the audited consolidated balance sheets of the Transferor, Stage
          and their subsidiaries as of the end of such fiscal year and the
          related audited consolidated statements of income, changes in
          member's equity and cash flows for such fiscal year, all in
          reasonable detail and stating in comparative form the respective
          figures for the corresponding date and period in the preceding
          fiscal year, prepared in accordance with generally accepted
          accounting principles consistently applied and accompanied by the
          audit opinion of the Transferor's and Stage's independent
          accountants (which shall be nationally recognized independent
          public accounting firms) and by the certificates specified in
          Section 2.02(d) hereof.

(ii) Certain Information.  Upon the reasonable request of the
Insurer, the Transferor and the Originator shall promptly provide
copies of any requested proxy statements, if any, financial
statements, reports and registration statements which the
Transferor or the Originator files with, or delivers to, the
Commission or any national securities exchange relating to the
Securities.
(iii)     Other Information.  Promptly upon receipt thereof,
copies of all schedules, financial statements or other similar
reports delivered to or by the Transferor or the Originator
pursuant to the terms of the Transaction Documents and, promptly
upon request, such other data relating to the Securities as the
Insurer may reasonably request.
     The  Insurer agrees that it and its agents, accountants  and
attorneys  shall  keep  confidential  all  financial  statements,
reports and other information delivered by the Transferor or  the
Originator  pursuant  to  this  Section  2.02(c)  to  the  extent
provided in Section 2.02(e) hereof.

          (d)  Compliance Certificate.  The Transferor and the Originator
     shall deliver to the Insurer, concurrently with the delivery of
     the financial statements required pursuant to Section 2.02(c)(i)
     and (ii) hereof, one or more certificates signed by an officer of
     the Transferor or the Originator, as applicable, authorized to
     execute such certificates on behalf of the Transferor or the
     Originator, as applicable, stating that:

               (i)  to the best of such individual's knowledge following
          reasonable inquiry, no Default or Event of Default has occurred
          or, if a Default or Event of Default has occurred, specifying the
          nature thereof; and

(ii) the attached financial statements submitted in accordance
with Section 2.02(c)(i) or (ii) hereof, as the case may be, are
complete and correct in all material respects and present fairly
the financial condition and results of operations of the
Transferor or Stage, as applicable, as of the dates and for the
periods indicated, in accordance with generally accepted
accounting principles consistently applied.
          (e)   Access to Records; Discussions With Officers  and
     Accountants.  On a quarterly basis, or upon the occurrence of a
     Material Adverse Change, the Transferor and the Originator shall,
     upon the reasonable request of the Insurer, permit the Insurer or
     its authorized agents:

               (i)  to inspect the books and records of the Transferor and the
          Originator as they may relate to the Securities, or the
          obligations of the Transferor and the Originator under the
          Transaction Documents, and the Transaction;

(ii) to discuss the affairs, finances and accounts of the
Transferor and the Originator with a senior officer of the
Transferor and the Originator; and
(iii)     with the Transferor's or the Originator's consent, as
applicable, which consent shall not be unreasonably withheld, to
discuss the affairs, finances and accounts of the Transferor or
the Originator with the Transferor's or the Originator's
independent accountants, provided that an officer of the
Transferor or the Originator shall have the right to be present
during such discussions.
     Such  inspections and discussions shall be conducted  during
normal  business  hours  and shall not unreasonably  disrupt  the
business  of  the Transferor or the Originator.   The  books  and
records  of the Transferor and the Originator shall be maintained
at  the  address of the Transferor and the Originator  designated
herein  for  receipt  of notices, unless the  Transferor  or  the
Originator shall otherwise advise the parties hereto in  writing.
Annual  discussions with the independent accountants referred  to
in  clause (iii) above shall be without cost to the Insurer.  The
reasonable  expenses relating to discussions with the independent
accountants referred to in clause (iii) above made on a quarterly
basis  (other than an annual discussion or a discussion upon  the
occurrence of a Material Adverse Change) shall be payable by  the
Insurer.

     The  Insurer agrees that it and its shareholders, directors,
agents,  accountants  and attorneys shall keep  confidential  any
matter  of  which  it becomes aware through such  inspections  or
discussions  (unless  readily  available  from  public  sources),
except  as may be otherwise required by regulation, law or  court
order or requested by appropriate governmental authorities or  as
necessary to preserve its rights or security under or to  enforce
the  Transaction Documents, provided that the foregoing shall not
limit the right of the Insurer to make such information available
to its regulators, securities rating agencies, reinsurers, credit
and liquidity providers, counsel and accountants.

          (f)  Notice of Material Events.  The Transferor and the
     Originator shall be obligated promptly to inform the Insurer in
     writing of the occurrence of any of the following:

               (i)  the submission of any claim or the initiation or threat of
          any legal process, litigation or administrative or judicial
          investigation or rule making or disciplinary proceeding by or
          against the Transferor or the Originator that (A) is required to
          be disclosed to the Commission or to the Transferor's or the
          Originator's shareholders or (B) in the reasonable judgment of
          the Transferor or the Originator is reasonably likely to result
          in a Material Adverse Change with respect to the Transferor or
          the Originator, or the promulgation of any proceeding or any
          proposed or final rule which would result in a Material Adverse
          Change with respect to the Transferor or the Originator;

(ii) the institution or threat of any legal process, litigation
or administrative or judicial investigation in any federal, state
or local court or before any arbitration board, or any such
proceeding threatened by any government agency, against the
Transferor or the Originator or in which the Transferor or the
Originator becomes a party which, if adversely determined, would
have a material adverse effect on the Transferor, the Owners, the
Originator, or the Insurer; provided, however, that the
Transferor and the Originator are required to give notice to the
Insurer of any threatened legal process, litigation or
administrative or judicial investigation only if, in the
Transferor's or the Originator's reasonable judgment, such
threatened legal process, litigation or administrative or
judicial investigation is reasonably likely to have a material
adverse effect on the Transferor, the Owners, the Originator or
the Insurer;
(iii)     any change in the location of the Transferor's or the
Originator's principal office or any change in the location of
the Transferor's or the Originator's books and records;
(iv) the occurrence of any material Default or Event of Default
or of any event which, in the judgment of the Transferor or the
Originator, would reasonably be expected to constitute a Material
Adverse Change;
(v)  the commencement of any proceedings by or against the
Transferor or the Originator under any applicable bankruptcy,
reorganization, liquidation, rehabilitation, insolvency or other
similar law now or hereafter in effect or of any proceeding in
which a receiver, liquidator, conservator, trustee or similar
official shall have been, or may be, appointed or requested for
the Transferor or the Originator or any of its assets;
(vi) the receipt of notice that (A) the Transferor or the
Originator is being placed under regulatory supervision, (B) any
license, permit, charter, registration or approval necessary for
the conduct of the Transferor's or the Originator's business is
to be or may be suspended or revoked, or (C) the Transferor or
the Originator is to cease and desist any practice, procedure or
policy employed by the Transferor or the Originator in the
conduct of its business, and such cessation may result in a
Material Adverse Change with respect to the Transferor or the
Originator as it relates to the Transaction and its ability to
perform their obligations under the Transaction Documents; or
(vii)     The Originator shall deliver to the Insurer a copy of
each amendment to the Credit Agreement entered into on or after
the date hereof no later than the earlier of (i) two Business
Days after making any filing with the Commission under the
Exchange Act which discloses such amendment and (ii) the 30th day
following the execution thereof.
          (g)  Financing Statements and Further Assurances.  The Transferor
     and  the  Originator shall cause to be filed  all  necessary
     financing statements or other instruments, and any amendments or
     continuation statements relating thereto, necessary to be kept
     and filed in such manner and in such places as may be required by
     law to preserve and protect fully the interest of the Trustee in
     the Trust Property.  The Transferor and the Originator shall,
     upon the request of the Insurer, from time to time, execute,
     acknowledge and deliver, or cause to be executed, acknowledged
     and delivered, within 10 days of such request, such amendments
     hereto and such further instruments and take such further action
     as may be reasonably necessary to effectuate such interest of the
     Trustee.  In addition, the Transferor and the Originator agree to
     cooperate with Rating Agencies in connection with any review of
     the Transaction that may be undertaken by Rating Agencies after
     the  date  hereof and to provide all information  reasonably
     requested by Rating Agencies.

(h)  Maintenance of Licenses.  The Transferor and the Originator
or any successors thereof shall maintain or cause to be
maintained all licenses, permits, charters and registrations
which are material to the conduct of its business which could
affect its obligations under the Transaction Documents.
(i)  Redemption of Securities.  The Transferor and the Originator
shall instruct the Trustee in writing, upon payment in full of
all of the Securities pursuant to the Supplement or otherwise, to
furnish to the Insurer a notice of such payment in full and, upon
a payment in full of all of the Securities, to surrender the
Policy to the Insurer for cancellation.
(j)  Closing Documents.  The Transferor and the Originator shall
provide or cause to be provided to the Insurer a velobound volume
or volumes of the Transaction Documents and an executed original
copy, if available, or a copy of each document executed in
connection with the Transaction within 60 days after the date of
closing.
(k)  Compliance.  Each of the Transferor and the Originator shall
comply with all terms and provisions of its organizational
documents.
(l)  Maintenance of Trust.  On or before each March 31st
beginning in 2001, so long as any of the Securities are
outstanding, the Transferor and the Originator shall furnish to
the Insurer and the Trustee the opinion of counsel required to be
delivered pursuant to Section 13.2(d)(ii) of the Agreement.  The
Transferor will use its best efforts to cause any necessary
recordings or filings to be made with respect to the Trust
Property.
(m)  Consolidation Facts.  Each of the Transferor and the
Originator shall comply with, or maintain the adequacy of, the
Consolidation Facts during the term of this Insurance Agreement.
     Section  2.03.   Negative Covenants of the Transferor.   The
Transferor and the Originator hereby agree that during  the  Term
of  the  Insurance Agreement, unless the Insurer shall  otherwise
expressly consent in writing:

          (a)  Impairment of Rights.  Neither the Transferor nor the
     Originator shall take any action, or fail to take any action, if
     such  action  or failure to take action would reasonably  be
     expected to result in a Material Adverse Change as described in
     clause (b) of the definition of Material Adverse Change with
     respect to the Transferor or the Originator, or would reasonably
     be expected to interfere with the enforcement of any rights of
     the Insurer under or with respect to the Transaction Documents.
     The Transferor and the Originator shall give the Insurer written
     notice of any such action or failure to act on the earlier of
     (i) the date upon which any publicly available filing or release
     is  made  with respect to such action or failure to  act  or
     (ii) promptly after the date of consummation of such action or
     failure to act.  The Transferor and the Originator shall furnish
     to the Insurer all information requested by it that is reasonably
     necessary to determine compliance with this subsection (a).

(b)  Waiver, Amendments, Etc.  Neither the Transferor nor the
Originator shall waive, modify or amend, or consent to any
waiver, modification or amendment of, any of the terms,
provisions or conditions of any of the Transaction Documents
except in accordance with Section 13.1 of the Agreement.  Except
upon the prior written consent of the Insurer, neither the
Transferor nor the Originator shall transfer, modify or amend, or
consent to any transfer, modification or amendment of the
Insurer's interest in the Trust Property.
(c)  Restrictions on Liens.  Neither the Transferor nor the
Originator shall, except as contemplated by the Transaction
Documents, (i) create, incur or suffer to exist, or agree to
create, incur or suffer to exist, or consent to cause or permit
in the future (upon the happening of a contingency or otherwise)
the creation, incurrence, or existence of any lien or restriction
on the Trust Property or (ii) sign or file under the Uniform
Commercial Code of any jurisdiction any financing statement which
names the Transferor or the Originator as a debtor, or sign any
security agreement authorizing any secured party thereunder to
file such financing statement, with respect to the Trust
Property.
(d)  Successors.  Neither the Transferor nor the Originator shall
remove or replace, or cause to be removed or replaced the Trustee
without the prior approval of the Insurer.
(e)  No Mergers.  Neither the Transferor nor the Originator shall
consolidate with or merge into any Person or transfer all or any
material amount of its assets to any Person, liquidate or
dissolve except as permitted by or as contemplated by the
Agreement.
(f)  Other Activities.  Neither the Transferor nor the Originator
shall (i) sell, pledge, transfer, exchange or otherwise dispose
of any of its assets in violation of the Transaction Documents or
(ii) engage in any business or activity in violation of the
Transaction Documents.
(g)  Other Activities.  Neither the Transferor nor the Originator
shall engage in any business or activity except as permitted by
its certificate or articles of incorporation.
     Section 2.04.  Representations, Warranties and Covenants  of
Trustee.   (A)  Representations  and  Warranties.   The   Trustee
represents and warrants, as of the Date of Issuance, and covenant
with the other parties hereto as follows:

          (a)  Due Organization and Qualification.  The Trustee is a
     Delaware banking corporation, and is duly organized, validly
     existing and in good standing under the laws of its jurisdiction
     of incorporation.

(b)  Due Authorization.  The execution, delivery and performance
of the Agreement, the Supplement and the Insurance Agreement by
the Trustee have been duly authorized by all necessary corporate
action and do not require any additional approvals or consents
of, or other action by or any notice to or filing with, any
Person, including, without limitation, any governmental entity or
the Trustee's stockholders, which have not previously been
obtained or given by the Trustee.
(c)  Valid and Binding Obligations.  The Transaction Documents
(other than the Securities) to which it is a party, when executed
and delivered by the Trustee, will constitute the legal, valid
and binding obligations of the Trustee, enforceable in accordance
with their respective terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors' rights generally and
general equitable principles.
(d)  Transaction Documents.  Each of the representations and
warranties of the Trustee contained in the Transaction Documents
is true and correct in all material respects, and the Trustee
hereby makes each such representation and warranty to, and for
the benefit of, the Insurer as if the same were set forth in full
herein.
     (B).   Covenants.   The Trustee shall comply in all material
respects  with  the  terms  and  conditions  of  the  Transaction
Documents to which it is a party.

     Section 2.05.  Representations and Warranties of the Servicer.
The Servicer represents, warrants and covenants as of the Date of
Issuance, each as to those matters relating to itself and  as  to
the Transaction Documents only as to the Transaction Documents to
which  it  is  a party and not to the Securities or the  Offering
Memorandum, as follows:

          (a)  Due Organization and Qualification.  The Servicer is a
     corporation duly organized, validly existing and in good standing
     under the laws of its respective jurisdiction of incorporation.
     The  Servicer is duly qualified to do business, is  in  good
     standing  and has obtained all licenses, permits,  charters,
     registrations and approvals (together, "approvals") necessary for
     the  conduct of its business as currently conducted  and  as
     described in the Offering Documents and the performance of its
     obligations under the Transaction Documents in each jurisdiction
     in  which  the failure to be so qualified or to obtain  such
     approvals would render any Transaction Document unenforceable in
     any respect or would have a material adverse effect upon the
     Transaction, the Owners or the Insurer.

(b)  Power and Authority.  The Servicer has all necessary
corporate power and authority to conduct its business as
currently conducted and, as described in the Transaction
Documents, and to execute, deliver and perform its obligations
under the Transaction Documents and to consummate the
Transaction.
(c)  Due Authorization.  The execution, delivery and performance
of the Transaction Documents by the Servicer have been duly
authorized by all necessary corporate action and do not require
any additional approvals or consents of, or other action by or
any notice to or filing with, any Person, including, without
limitation, any governmental entity or the Servicer's
stockholders, which have not previously been obtained or given by
the Servicer.
(d)  Noncontravention.  None of the execution and delivery of the
Transaction Documents by the Servicer, the consummation of the
transactions contemplated thereby or the satisfaction of the
terms and conditions of the Transaction Documents:
               (i)  conflicts with or results in any breach or violation of any
          provision of the certificate of incorporation or bylaws of the
          Servicer or any law, rule, regulation, order, writ, judgment,
          injunction, decree, determination or award currently in effect
          having applicability to the Servicer or any of their material
          properties, including regulations issued by an administrative
          agency or other governmental authority having supervisory powers
          over the Servicer;

(ii) constitutes a default by the Servicer under or a breach of
any provision of any receivables agreement, indenture or other
agreement or instrument to which the Servicer is a party or by
which any of its or their respective properties, which are
individually or in the aggregate material to the Servicer, is or
may be bound or affected; or
(iii)     results in or requires the creation of any lien upon or
in respect of any assets of the Servicer, except as contemplated
by the Transaction Documents.
          (e)  Legal Proceedings.  There is no action, proceeding or
     investigation  by  or  before  any  court,  governmental  or
     administrative agency or arbitrator against or affecting, the
     Servicer or any of its subsidiaries, or any properties or rights
     of the Servicer or any of its subsidiaries, pending or, to the
     Servicer's knowledge after reasonable inquiry, threatened, which
     in any case could reasonably be expected to result in a Material
     Adverse Change with respect to the Servicer other than those (if
     any) disclosed in Stage's filings with the Commission pursuant to
     the Exchange Act.

(f)  Valid and Binding Obligations.  This Insurance Agreement and
the Transaction Documents, when executed and delivered by the
Servicer will constitute the legal, valid and binding obligations
of the Servicer, enforceable in accordance with their respective
terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors' rights generally and general
equitable principles. The Servicer will not at any time in the
future deny that the Transaction Documents constitute the legal,
valid and binding obligations of the Servicer.
(g)  Financial Statements.  The Financial Statements of Stage
(i) are, as of the dates and for the periods referred to therein,
complete and correct in all material respects, (ii) present
fairly the financial condition and results of operations of Stage
as of the dates and for the periods indicated and (iii) have been
prepared in accordance with generally accepted accounting
principles consistently applied, except as noted therein (subject
as to interim statements to normal year-end adjustments).  Since
the date of the most recent Financial Statements of Stage, there
has not been any Material Adverse Change in the condition of
Stage, other than changes (if any) disclosed in Stage's filings
with the Commission pursuant to the Exchange Act.
(h)  Compliance With Law, Etc.  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 any of them that, if
enforced, could reasonably be expected to result in a Material
Adverse Change with respect to the Servicer.  The Servicer is not
in breach of or in default under any applicable law or
administrative regulation of its respective jurisdiction of
incorporation, or any department, division, agency or
instrumentality thereof or of the United States or any applicable
judgment or decree or any receivables agreement, note,
resolution, certificate, agreement or other instrument to which
the Servicer is a party or is otherwise subject which, if
enforced, would have a material adverse effect on the ability of
the Servicer, as the case may be, to perform its respective
obligations under the Transaction Documents.
(i)  Taxes.  The Servicer and its parent company or companies
have filed prior to the date hereof all federal and state tax
returns that are required to be filed and paid all taxes,
including any assessments received by them that are not being
contested in good faith, to the extent that such taxes have
become due, except for any failures to file or pay that,
individually or in the aggregate, would not result in a Material
Adverse Change with respect to the Servicer.
(j)  Accuracy of Information. None of (i) the Transaction
Documents or (ii) the information relating to the Receivables,
contains any statement of a material fact by the Servicer which
was untrue or misleading in any material adverse respect when
made. Except as described in its filings with the Commission
under the Exchange Act, the Servicer has no knowledge of
circumstances that it reasonably be expects to cause a Material
Adverse Change with respect to the Servicer.  Since the
furnishing of the information in clauses (i) and (ii) of the
preceding sentence, there has been no change or any development
or event involving a prospective change known to the Servicer
that would render any of the such documents untrue or misleading
in any material respect.
(k)  Compliance With Securities Laws.  The Offering Memorandum
(excluding any Insurer Information contained therein) does not
contain any untrue statement of a material fact and does not omit
to state a material fact necessary to make the statements made
therein, in light of the circumstances under which they were
made, not misleading.
(l)  Documents.  Each of the representations and warranties of
the Servicer contained in the Transaction Documents is true and
correct in all material respects, and the Servicer hereby makes
each such representation and warranty to, and for the benefit of,
the Insurer as if the same were set forth in full herein.
(m)  Solvency; Fraudulent Conveyance.  The Servicer is solvent
and will not be rendered insolvent by the Transaction and, after
giving effect to the Transaction, the Servicer will not be left
with an unreasonably small amount of capital with which to engage
in its business, nor does the Servicer intend to incur, or
believe that it has incurred, debts beyond its ability to pay as
they mature. The Servicer does not contemplate the commencement
of insolvency, bankruptcy, liquidation or consolidation
proceedings or the appointment of a receiver, liquidator,
conservator, trustee or similar official in respect of the
Servicer or any of its assets.
(n)  Principal Place of Business.  The principal place of
business of the Servicer is located in Houston, Texas.
     Section  2.06.  Affirmative Covenants of the Servicer.   The
Servicer  hereby  agrees that during the Term  of  the  Insurance
Agreement,  unless the Insurer shall otherwise expressly  consent
in writing:

          (a)  Compliance With Agreements and Applicable Laws.  The
     Servicer shall not be in default under the Transaction Documents
     and shall comply with all material requirements of any law, rule
     or regulation applicable to it. The Servicer shall not agree to
     any amendment to or modification of the terms of any Transaction
     Documents except in accordance with the terms thereof.

(b)  Corporate Existence. The Servicer or its successors and
assigns shall maintain its respective existence and shall at all
times continue to be duly organized under the laws of its
respective jurisdictions of incorporation and duly qualified and
duly authorized (as described in Section 2.05 (a), (b) and (c)
hereof) and shall conduct its respective business in accordance
with the terms of its respective certificate or articles of
incorporation and bylaws.
(c)  Financial Statements; Accountants' Reports; Other
Information.  The Servicer shall keep or cause to be kept in
reasonable detail books and records of account of their assets
and business, including, but not limited to, books and records
relating to the Transaction.  The Servicer shall furnish or cause
to be furnished to the Insurer:
               (i)  Annual Financial Statements.  As soon as available, and in
          any event within 120 days after the close of each fiscal year of
          Stage, the audited consolidated balance sheets of Stage and its
          subsidiaries as of the end of such fiscal year and the related
          audited  consolidated statements of income, changes  in
          shareholders' equity and cash flows for such fiscal year, all in
          reasonable detail and stating in comparative form the respective
          figures for the corresponding date and period in the preceding
          fiscal year, prepared in accordance with generally accepted
          accounting principles consistently applied and accompanied by the
          audit opinion of Stage's independent accountants (which shall be
          nationally recognized independent public accounting firms) and by
          the certificates specified in Section 2.06(d) hereof.

(ii) Quarterly Financial Statements.  As soon as available, and
in any event within 120 days after each of the first three fiscal
quarters of each fiscal year of Stage, the unaudited consolidated
balance sheets of Stage, and its subsidiaries as of the end of
such fiscal quarter and the related unaudited consolidated
statements of income, changes in shareholders' equity and cash
flows for such fiscal quarter, all in reasonable detail and
stating in comparative form the respective figures for the
corresponding date and period in the preceding fiscal year,
prepared in a manner consistent with generally accepted
accounting principles, excluding notes to the consolidated
financial statements, consistently applied and accompanied by the
certificates specified in Section 2.06(d) hereof.
(iii)     Certain Information.  Upon the reasonable request of
the Insurer, Stage shall promptly provide copies of any requested
proxy statements, financial statements, reports and registration
statements which Stage files with, or delivers to, the Commission
or any national securities exchange.
(iv) Other Information.  Promptly upon receipt thereof, copies of
all schedules, financial statements or other similar reports
delivered to or by the Servicer pursuant to the terms of the
Transaction Documents and, promptly upon request, such other data
as the Insurer may reasonably request.
     The  Insurer agrees that it and its agents, accountants  and
attorneys  shall  keep  confidential  all  financial  statements,
reports   and  other  information  delivered  by  the  Transferor
pursuant  to  this  Section 2.06(c) to  the  extent  provided  in
Section 2.06(f) hereof.

          (d)  Compliance Certificate.  The Servicer shall deliver to the
     Insurer,  concurrently with the delivery  of  the  financial
     statements required pursuant to Section 2.06(c)(i) and  (ii)
     hereof, one or more certificates signed by an officer of the
     Servicer authorized to execute such certificates on behalf of the
     Servicer stating that:

               (i)  to the best of such individual's knowledge following
          reasonable inquiry, no Default or Event of Default has occurred
          or, if a Default or Event of Default has occurred, specifying the
          nature thereof; and

(ii) the attached financial statements submitted in accordance
with Section 2.06(c)(i) or (ii) hereof, as the case may be, are
complete and correct in all material respects and present fairly
the financial condition and results of operations of the Servicer
as of the dates and for the periods indicated, in accordance with
generally accepted accounting principles consistently applied.
          (e)   Access to Records; Discussions With Officers  and
     Accountants.  On a quarterly basis, or upon the occurrence of a
     Material Adverse Change, the Servicer shall, upon the reasonable
     request   of  the  Insurer  and  upon  receiving  reasonable
     notification, permit the Insurer or its authorized agents:

               (i)  to inspect the books and records of the Servicer as they may
          relate to the Receivables or the obligations of the Servicer
          under the Transaction Documents, and the Transaction;

(ii) to discuss the affairs, finances and accounts of the
Servicer with the chief executive officer and the chief financial
officer of the Servicer; and
(iii)     with the Servicer's consent, which consent shall not be
unreasonably withheld, to discuss the affairs, finances and
accounts of the Servicer with the Servicer's independent
accountants, provided that the chief financial officer of the
Servicer shall have the right to be present during such
discussions.
     Such  inspections and discussions shall be conducted  during
normal  business  hours  and shall not unreasonably  disrupt  the
business  of the Servicer.  The books and records of the Servicer
shall  be  maintained  at the address of the Servicer  designated
herein  for  receipt  of  notices,  unless  the  Servicer   shall
otherwise   advise   the  parties  hereto  in   writing.   Annual
discussions  with  the  independent accountants  referred  to  in
clause  (iii)  above shall be without cost to  the  Insurer.  The
reasonable  expenses relating to discussions with the independent
accountants referred to in clause (iii) above made on a quarterly
basis  (other than an annual discussion or a discussion upon  the
occurrence of a Material Adverse Change) shall be payable by  the
Insurer.

     The  Insurer agrees that it and its shareholders, directors,
agents,  accountants  and attorneys shall keep  confidential  any
matter  of  which  it becomes aware through such  inspections  or
discussions  (unless  readily  available  from  public  sources),
except  as may be otherwise required by regulation, law or  court
order or requested by appropriate governmental authorities or  as
necessary to preserve its rights or security under or to  enforce
the  Transaction Documents, provided that the foregoing shall not
limit the right of the Insurer to make such information available
to its regulators, securities rating agencies, reinsurers, credit
and liquidity providers, counsel and accountants.

          (f)  Notice of Material Events.  The Servicer shall be obligated
     promptly to inform the Insurer in writing of the occurrence of
     any of the following:

               (i)  the submission of any claim or the initiation or threat of
          any legal process, litigation or administrative or judicial
          investigation or rule making or disciplinary proceeding by or
          against the Servicer that (A) is required to be disclosed to the
          Commission or to the Servicer's shareholders or (B) in the
          reasonable judgment of the Servicer is reasonably likely to
          result in a Material Adverse Change with respect to the Servicer,
          or the promulgation of any proceeding or any proposed or final
          rule which would result in a Material Adverse Change with respect
          to the Servicer;

(ii) the institution or threat of any legal process, litigation
or administrative or judicial investigation in any federal, state
or local court or before any arbitration board, or any such
proceeding threatened by any government agency, against the
Servicer or in which the Servicer becomes a party which, if
adversely determined, would have a material adverse effect on the
Servicer, the Owners or the Insurer; provided, however, that the
Servicer is  required to give notice to the Insurer of any
threatened legal process, litigation or administrative or
judicial investigation only if, in the Servicer's reasonable
judgment, such threatened legal process, litigation or
administrative or judicial investigation is reasonably likely to
have a material adverse effect on the Servicer, the Owners or the
Insurer;
(iii)     any change in the location of the Servicer's principal
office or any change in the location of the Servicer's books and
records;
(iv) the occurrence of any material Default or Event of Default
or of any event which in the judgment of the Servicer, would be
expected to constitute a Material Adverse Change;
(v)  the commencement of any proceedings by or against the
Servicer under any applicable bankruptcy, reorganization,
liquidation, rehabilitation, insolvency or other similar law now
or hereafter in effect or of any proceeding in which a receiver,
liquidator, conservator, trustee or similar official shall have
been, or may be, appointed or requested for the Servicer or any
of its assets;
(vi) the receipt of notice that (A) the Servicer is being placed
under regulatory supervision, (B) any license, permit, charter,
registration or approval necessary for the conduct of the
Servicer's business is to be or may be suspended or revoked, or
(C) the Servicer is to cease and desist any practice, procedure
or policy employed by the Servicer in the conduct of its
business, and such cessation is reasonably likely to result in a
Material Adverse Change with respect to the Servicer as it
relates to the Transaction and their ability to perform their
obligations under the Transaction Documents; or
(vii)     The Servicer shall deliver to the Insurer a copy of
each amendment to the Credit Agreement entered into on or after
the date hereof no later than the earlier of (i) two Business
Days after making any filing with the Commission under the
Exchange Act which discloses such amendment and (ii) the 30th day
following the execution thereof..
          (g)  Financing Statements and Further Assurances.  The Servicer
     shall cause to be filed all necessary financing statements or
     other instruments, and any amendments or continuation statements
     relating thereto, necessary to be kept and filed in such manner
     and in such places as may be required by law to preserve and
     protect fully the interest of the Trustee in the Trust Property.
     The Servicer shall, upon the request of the Insurer, from time to
     time, execute, acknowledge and deliver, or cause to be executed,
     acknowledged and delivered, within 10 days of such request, such
     amendments thereto and such further instruments and take such
     further action as may be reasonably necessary to effectuate the
     intention,  performance and provisions  of  the  Transaction
     Documents.  In addition, the Servicer agrees to cooperate with
     Rating Agencies in connection with any review of the Transaction
     that may be undertaken by Rating Agencies after the date hereof
     and to provide all information reasonably requested by Rating
     Agencies.

(h)  Maintenance of Licenses.  The Servicer or any successors
thereof shall maintain or cause to be maintained all licenses,
permits, charters and registrations which are material to the
conduct of its business which could reasonably be expected to
affect its obligations under the Transaction Documents.
(i)  Servicing of the Receivables.  The Servicer shall perform
such actions with respect to the Receivables as are required by
the Agreement.
(j)  Year 2000 Program.  The description of the Servicer's
current status with respect to Year 2000 compliance in the
Offering Memorandum and the filings of Stage with the Commission
pursuant to the Exchange Act is true and correct in all material
respects and does not omit a statement necessary in order to make
the statements therein, in the light of the circumstances under
which they were made, not misleading.
(k)  Consolidation Facts.  The Servicer shall comply with, or
maintain the adequacy of, the Consolidation Facts during the term
of this Insurance Agreement.
     Section 2.07.  Negative Covenants of the Servicer.  The Servicer
hereby  agrees that during the Term of this Insurance  Agreement,
unless  the Insurer shall otherwise expressly consent in  writing
and  as  to  the Transaction Documents only with respect  to  the
Transaction  Documents  to  which it  is  a  party  and  not  the
Securities:

          (a)  Impairment of Rights. The Servicer shall not take any
     action, or fail to take any action, if such action or failure to
     take action would reasonably be expected to result in a Material
     Adverse Change as described in clause (b) of the definition of
     Material Adverse Change with respect to the Servicer, or would
     reasonably be expected to interfere with the enforcement of any
     rights of the Insurer under or with respect to the Transaction
     Documents.  The Servicer shall give the Insurer written notice of
     any such action or failure to act on the earlier of (i) the date
     upon which any publicly available filing or release is made with
     respect to such action or failure to act or (ii) promptly after
     the date of consummation of such action or failure to act.  The
     Servicer shall furnish to the Insurer all information requested
     by it that is reasonably necessary to determine compliance with
     this subsection (a).

(b)  Waiver, Amendments, Etc.  The Servicer shall not waive,
modify or amend, or consent to any waiver, modification or
amendment of, any of the terms, provisions or conditions of any
of the Transaction Documents without the prior written consent of
the Insurer.
(c)  Credit Card Receivable Agreements; Charge-off Policy. The
Servicer will comply with all covenants in the Agreement with
respect to its collection policies and its charge-off policies.
                           ARTICLE III

                    THE POLICY; REIMBURSEMENT

     Section 3.01.  Issuance of the Policy.  The Insurer agrees to
issue  the Policy on the Closing Date subject to satisfaction  of
the conditions precedent set forth below:

          (a)  Payment of Expenses. The Transferor and the Originator shall
     agree  to  reimburse or pay directly other fees and expenses
     identified in Section 3.02 hereof as payable.

(b)  Documents.  The Insurer shall have received a copy of each
of the Transaction Documents, duly authorized, executed and
delivered by each of the parties thereto.
(c)  Certified Documents and Resolutions.  The Insurer shall have
received a copy of (i) the certificate or articles of
incorporation and bylaws of the Transferor, (ii) the resolutions
of the Transferor's Board of Directors authorizing the sale of
the Securities and the execution, delivery and performance by the
Transferor of the Transaction Documents and the transactions
contemplated thereby, certified by the Secretary or an Assistant
Secretary of the Transferor (which certificate shall state that
such certificate of incorporation, bylaws and resolutions are in
full force and effect without modification on the Date of
Issuance), (iii) the certificate or articles of incorporation and
bylaws of the Originator and Servicer and (iv) the resolutions of
the Servicer's and Originator's Board of Directors authorizing
the sale of the Receivables and the execution, delivery and
performance by the Servicer and Originator of the Transaction
Documents and the transactions contemplated thereby, certified by
the Secretary or an Assistant Secretary of the Servicer and the
Originator (which certificate shall state that such certificate
or articles of incorporation, bylaws and resolutions are in full
force and effect without modification on the Date of Issuance).
(d)  Incumbency Certificate.  The Insurer shall have received a
certificate of the Secretary or an Assistant Secretary of the
Transferor certifying the names and signatures of the officers of
the Transferor authorized to execute and deliver the Transaction
Documents.  The Insurer shall have received a certificate of the
Secretary or an Assistant Secretary of the Originator and
Servicer certifying the names and signatures of the officers of
the Servicer authorized to execute and deliver the Transaction
Documents.
(e)  Representations and Warranties; Certificate.  The
representations and warranties of the Transferor, the Originator
and the Servicer set forth or incorporated by reference in this
Insurance Agreement shall be true and correct as of the Date of
Issuance as if made on the Date of Issuance, and the Insurer
shall have received a certificate of appropriate officers of the
Transferor, the Originator and the Servicer to that effect.
(f)  Representations and Warranties of the Originator,
Certificate.  The Originator shall have agreed in the Receivables
Purchase Agreement that the Insurer shall be a third party
beneficiary in respect of the Receivables Purchase Agreement.
          (g)  Opinions of Counsel.

               (i)  The law firm of Kirkland & Ellis or internal counsel shall
          have issued its favorable opinion, in form and substance
          acceptable to the Insurer and its counsel, regarding the
          corporate existence and authority of the Transferor, the
          Originator and the Servicer and the validity and enforceability
          of the Transaction Documents against such parties.

(ii) The law firm of Kirkland & Ellis shall have furnished its
opinions, in form and substance acceptable to the Insurer and its
counsel, regarding the tax treatment of payments on the
Securities under federal tax laws.
(iii)     The law firm of Kirkland & Ellis shall have furnished
its opinions, in form and substance acceptable to the Insurer and
its counsel, regarding the transfer of the Receivables.
(iv) The Insurer shall have been furnished with all of the
opinions of counsel delivered in connection with the Transaction
and such opinions shall either be addressed to the Insurer or
state therein that the Insurer may rely thereon.
(v)  The Insurer shall have received such other opinions of
counsel, in form and substance acceptable to the Insurer and its
counsel, addressing such other matters as the Insurer may
reasonably request.  Each opinion of counsel delivered in
connection with the Transaction shall be addressed to and
delivered to the Insurer.
          (h)  Approvals, Etc.  The Insurer shall have received true and
     correct copies of all approvals, licenses and consents, if any,
     including, without limitation, any required approval of  the
     shareholders of the Transferor, the Originator and the Servicer,
     required in connection with the Transaction.

(i)  No Litigation, Etc.  No suit, action or other proceeding,
investigation or injunction, or final judgment relating thereto,
shall be pending or threatened before any court or governmental
agency in which it is sought to restrain or prohibit or to obtain
damages or other relief in connection with the Transaction
Documents or the consummation of the Transaction.
(j)  Legality.  No statute, rule, regulation or order shall have
been enacted, entered or deemed applicable by any government or
governmental or administrative agency or court that would make
the transactions contemplated by any of the Transaction Documents
illegal or otherwise prevent the consummation thereof.
(k)  Issuance of Ratings.  The Insurer shall have received
confirmation that the Securities are currently rated at least
"BBB-" by each of Fitch and Duff & Phelps.
(l)  No Default.  No Default or Event of Default shall have
occurred.
(m)  Additional Items. The Insurer shall have received such other
documents, instruments, approvals or opinions requested by the
Insurer or its counsel as may be reasonably necessary to effect
the Transaction, including, but not limited to, evidence
satisfactory to the Insurer and its counsel that the conditions
precedent, if any, in the Transaction Documents have been
satisfied.
(n)  Conform to Documents.  The Insurer and its counsel shall
have determined that all documents, certificates and opinions to
be delivered in connection with the Securities conform to the
terms of the Transaction Documents.
(o)  Satisfaction of Conditions of the Purchase Agreement.  All
conditions in the Purchase Agreement relating to the Initial
Purchaser's obligation to purchase the Securities shall have been
satisfied.
(p)  Purchase Agreement.  The Insurer shall have received copies
of each of the documents, and shall be entitled to rely on each
of the documents, required to be delivered to the Initial
Purchaser pursuant to the Purchase Agreement.
     Section 3.02.  Payment of Fees and Premium.

          (a)  Legal and Accounting Fees.  The Transferor shall pay or
     cause  to  be paid, on the Date of Issuance, legal fees  and
     disbursements incurred by the Insurer in connection with the
     issuance of the Policy for which invoices have been provided at
     least one Business Day prior thereto.

(b)  Premium.  In consideration of the issuance by the Insurer of
the Policy, the Insurer shall be entitled to receive the Premium
as and when due in accordance with the terms of this Insurance
Agreement and the Agreement monthly pursuant to the Agreement;
provided, however, that the Premium payable on the Policy from
the Date of Issuance shall be offset against the payment of
$100,000 paid to the Insurer prior to the Date of Issuance until
such offset has reduced such amount to zero. The Premium paid
hereunder or under the Agreement shall be nonrefundable without
regard to whether the Insurer makes any payment under the Policy
or any other circumstances relating to the Securities or
provision being made for payment of the Securities prior to
maturity.  The Trustee shall make all payments of Premium to be
made by it by wire transfer to an account designated from time to
time by the Insurer by written notice to the Trustee.
     Section 3.03.  Reimbursement and Additional Payment Obligation.

          (a)  In accordance with the priorities and at the times
     established  in the Supplement and payable only as  provided
     therein the Insurer shall be entitled to reimbursement for any
     payment made by the Insurer under the Policy with respect to
     Insured Payments, which reimbursement shall be due and payable on
     the date that any amount is to be paid pursuant to a Notice (as
     defined in the Policy), in an amount equal to the amount to be so
     paid and all amounts previously paid that remain unreimbursed,
     together  with  interest on any and  all  amounts  remaining
     unreimbursed (to the extent permitted by law, if in respect of
     any unreimbursed amounts representing interest) from the date
     such amounts became due until paid in full (after as well as
     before judgment), at a rate of interest equal to the Late Payment
     Rate.

(b)  The Insurer shall be entitled to reimbursement for any and
all charges and expenses which the Insurer may pay or incur in
connection with the enforcement of this Insurance Agreement, the
Transaction Documents or any other agreement between the
Transferor and the Insurer or upon foreclosure upon, sale or
other disposition of the Trust Property, including but not
limited to the fees and expenses of counsel, plus interest on any
such amounts at the Late Payment Rate from the date of payment by
the Insurer until the payment thereof in full; and
(c)  The Insurer shall be entitled to reimbursement for all other
payments made by the Insurer on behalf of the Transferor, plus
interest on any such amounts at the Late Payment Rate from the
date of payment by the Insurer until the payment thereof in full.
     All  amounts payable pursuant to clause (a) above are to  be
immediately due and payable without demand and in accordance with
the  Transaction  Documents and all amounts payable  pursuant  to
clauses (b) and (c) above are payable on demand.

     Section 3.04.  Indemnification; Limitation of Liability.

          (a)  In addition to any and all rights of indemnification or any
     other rights of the Insurer pursuant hereto or under law  or
     equity, the Transferor (as to itself) and the Servicer and the
     Originator, jointly and severally, and any successors thereto
     agree to pay, and to protect, indemnify and save harmless, the
     Insurer and its officers, directors, shareholders, employees,
     agents and each person, if any, who controls the Insurer within
     the meaning of either Section 15 of the Securities Act or Section
     20  of the Exchange Act from and against any and all claims,
     Losses,  liabilities (including penalties), actions,  suits,
     judgments,  demands,  damages, costs or reasonable  expenses
     (including  penalties), actions, suits, judgments,  demands,
     damages,  costs  or reasonable expenses (including,  without
     limitation,  reasonable  fees  and  expenses  of  attorneys,
     consultants and auditors and reasonable costs of investigations)
     or  obligations  whatsoever  paid  by  the  Insurer  (herein
     collectively referred to as "Liabilities") of any nature arising
     out of or relating to the Transaction by reason of:

               (i)  any untrue statement or alleged untrue statement of a
          material fact contained in the Offering Memorandum (other than
          the Insurer Information) or in any amendment or supplement
          thereto or arising out of or based upon any omission or alleged
          omission to state therein a material fact necessary to make the
          statements therein not misleading;

(ii) to the extent not covered by clause (i) above any act or
omission of the Transferor, the Originator or the Servicer, or
the allegation thereof, in connection with the offering, issuance
or sale or delivery of the Securities other than by reason of
false or misleading information in the Insurer Information;
(iii)     the misfeasance or malfeasance of, or negligence or
theft committed by, any director, officer, employee or agent of
the Transferor, the Originator or the Servicer;
(iv) the violation by the Transferor, the Originator or the
Servicer of any federal or state laws, rules or regulations
relating to the Transaction, including without limitation, the
maximum amount of interest permitted to be received on account of
any loan of money;
(v)  the breach by the Transferor, the Originator or the Servicer
of any of its respective obligations under this Insurance
Agreement or any of the other Transaction Documents; and
(vi) the breach by the Transferor, the Originator or the Servicer
of any representation or warranty on its part contained in the
Transaction Documents or in any certificate or report furnished
or delivered to the Insurer thereunder.
     This  indemnity  provision shall  not  be  affected  by  any
limitations  with respect to remedies of any party in  any  other
Transaction Document.  This indemnity provision shall survive the
termination  of this Insurance Agreement and shall survive  until
the  statute of limitations has run on any causes of action which
arise  from one of these reasons and until all suits filed  as  a
result thereof have been finally concluded.

          (b)  Any party which proposes to assert the right to be
     indemnified under this Section 3.04 will, promptly after receipt
     of  notice of commencement of any action, suit or proceeding
     against such party in respect of which a claim is to be made
     against the Transferor, the Originator or the Servicer under this
     Section 3.04, notify the Transferor, the Originator  or  the
     Servicer of the commencement of such action, suit or proceeding,
     enclosing a copy of all papers served.  In case any action, suit
     or proceeding shall be brought against any indemnified party and
     it shall notify the Transferor, the Originator or the Servicer of
     the commencement thereof, the Transferor, the Originator or the
     Servicer shall be entitled to participate in, and, to the extent
     that it shall wish, to assume the defense thereof, with counsel
     satisfactory to such indemnified party, and after notice from the
     Transferor, the Originator or the Servicer to such indemnified
     party of its election so to assume the defense thereof,  the
     Transferor, the Originator or the Servicer shall not be liable to
     such indemnified party for any legal or other expenses other than
     reasonable costs of investigation subsequently incurred by such
     indemnified party in connection with the defense thereof.  The
     indemnified party shall have the right to employ its counsel in
     any  such  action  the defense of which is  assumed  by  the
     Transferor, the Originator or the Servicer in accordance with the
     terms of this subsection (b), but the fees and expenses of such
     counsel shall be at the expense of such indemnified party unless
     (i) such party has agreed to pay such fees and expenses or (ii)
     the named parties to such action or proceeding include both the
     indemnified party and the Transferor, the Originator or  the
     Servicer, and the indemnified party has been advised by counsel
     that there may be one or more defenses available to it that are
     different  from  or  additional to those  available  to  the
     Transferor, the Originator or  the Servicer.  All Indemnified
     Parties  are  limited  to  one counsel  in  each  applicable
     jurisdiction.  The Transferor, the Originator or the Servicer
     shall not be liable for any settlement of any action or claim
     effected without its consent but if settled with their written
     consent, or if there be a final judgment for the plaintiff in any
     such action or proceeding, the Transferor, the Originator or the
     Servicer agrees to indemnify and hold harmless the indemnified
     party harmless from and against any loss or liability by reasons
     of such judgment or settlement.

     This indemnity in this section shall survive the termination
of  this  Insurance Agreement and shall survive until the statute
of  limitations has run on any causes of action which arise  from
one  of  these  reasons and until all suits  filed  as  a  result
thereof have been finally concluded.

     Section 3.05.  Payment Procedure.  In the event of any payment by
the  Insurer, the Trustee, the Transferor, the Originator and the
Servicer agree to accept the voucher or other evidence of payment
as  prima  facie  evidence  of  the  propriety  thereof  and  the
liability  therefor to the Insurer, subject to the terms  of  the
Transaction  Documents.  All payments to be made to  the  Insurer
under  this  Insurance Agreement shall be made to the Insurer  in
lawful  currency of the United States of America  in  immediately
available  funds  at  the  notice  address  for  the  Insurer  as
specified in Section 6.02 hereof on the date when due or  as  the
Insurer  shall otherwise direct by written notice  to  the  other
parties hereto.  In the event that the date of any payment to the
Insurer or the expiration of any time period hereunder occurs  on
a  day  which  is  not  a  Business Day,  then  such  payment  or
expiration  of  time period shall be made or occur  on  the  next
succeeding Business Day with the same force and effect as if such
payment was made or time period expired on the scheduled date  of
payment  or expiration date.  Payments to be made to the  Insurer
under  this Insurance Agreement shall bear interest at  the  Late
Payment Rate from the date when due to the date paid.

                           ARTICLE IV

                       FURTHER AGREEMENTS

     Section 4.01.  Effective Date; Term of the Insurance Agreement.
This  Insurance  Agreement  shall take  effect  on  the  Date  of
Issuance  and shall remain in effect until the later of (a)  such
time  as  the Insurer is no longer subject to a claim  under  the
Policy  and the Policy shall have been surrendered to the Insurer
for  cancellation and (b) all amounts payable to the  Insurer  by
the  Trustee, the Transferor, the Originator and the Servicer and
from  any  other source under the Transaction Documents  and  all
amounts  payable  under the Securities have been  paid  in  full;
provided,  however, that the provisions of Sections  3.02,  3.03,
3.04  and  4.06  hereof  shall survive any  termination  of  this
Insurance Agreement.

     Section 4.02.  Further Assurances and Corrective Instruments.

          (a)  Except during the time when an Insurer Default shall exist,
     none  of the Transferor, the Trustee, the Originator or  the
     Servicer shall grant any waiver of rights under any  of  the
     Transaction Documents except in accordance with the terms of such
     documents, and any such waiver not in accordance with such terms
     shall be null and void and of no force or effect.

(b)  To the extent permitted by law and the Transaction
Documents, the Transferor, the Trustee, the Originator and the
Servicer agree that they will, from time to time, execute,
acknowledge and deliver, or cause to be executed, acknowledged
and delivered, such supplements hereto and such further
instruments as the Insurer may request and as may be required in
the Insurer's reasonable judgment to effectuate the intention of
or facilitate the performance of this Insurance Agreement.
     Section 4.03.  Obligations Absolute.

          (a)  The obligations of the Transferor, the Trustee, the
     Originator and the Servicer hereunder shall be absolute  and
     unconditional  and  shall be paid or performed  strictly  in
     accordance with this Insurance Agreement under all circumstances
     irrespective of:

               (i)  any lack of validity or enforceability of, or any amendment
          or other modifications of, or waiver with respect to any of the
          Transaction Documents, the Securities or the Policy;

(ii) any exchange or release of any other obligations hereunder;
(iii)     the existence of any claim, setoff, defense, reduction,
abatement or other right that the Transferor, the Trustee, the
Originator or the Servicer may have at any time against the
Insurer or any other Person;
(iv) any document presented in connection with the Policy proving
to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any
respect;
(v)  any payment by the Insurer under the Policy against
presentation of a certificate or other document that does not
strictly comply with terms of the Policy;
(vi) any failure of the Transferor, the Trustee, the Originator
or the Servicer to receive the proceeds from the sale of the
Securities; or
(vii)     any breach by the Transferor, the Trustee, the
Originator or the Servicer of any representation, warranty or
covenant contained in any of the Transaction Documents.
          (b)  the Transferor, the Trustee, the Servicer, the Originator
     and any and all others who are now or may become liable for all
     or part of the obligations of the Transferor, the Trustee, the
     Originator or the Servicer under this Insurance Agreement agree
     to be bound by this Insurance Agreement and waive all rights of
     abatement, diminution, postponement or deduction, or any defense
     other than payment, or any right of setoff or recoupment arising
     out of any breach under any of the Transaction Documents by any
     party  thereto  or any beneficiary thereof, or  out  of  any
     obligation at any time owing to the Transferor, the Trustee, the
     Originator or the Servicer.

(c)  Nothing herein shall be construed as prohibiting the
Transferor, the Trustee, the Originator or the Servicer from
pursuing any rights or remedies it may have against any other
Person in a separate legal proceeding.
     Section 4.04.  Assignments; Reinsurance; Third Party Rights.

          (a)  This Insurance Agreement shall be a continuing obligation of
     the parties hereto and shall be binding upon and inure to the
     benefit of the parties hereto and their respective successors and
     permitted assigns.  None of the Transferor, the Trustee, the
     Originator or the Servicer may assign its rights under  this
     Insurance Agreement, or delegate any of its duties hereunder,
     without the prior written consent of the Insurer.  Any assignment
     made in violation of this Insurance Agreement shall be null and
     void.

(b)  The Insurer shall have the right to give participations in
its rights under this Insurance Agreement and to enter into
contracts of reinsurance with respect to the Policy upon such
terms and conditions as the Insurer may in its discretion
determine; provided, however, that no such participation or
reinsurance agreement or arrangement shall relieve the Insurer of
any of its obligations hereunder or under the Policy.
(c)  In addition, the Insurer shall be entitled to assign or
pledge to any bank or other lender providing liquidity or credit
with respect to the Transaction or the obligations of the Insurer
in connection therewith any rights of the Insurer under the
Transaction Documents or with respect to any real or personal
property or other interests pledged to the Insurer, or in which
the Insurer has a security interest, in connection with the
Transaction.
(d)  Except as provided herein with respect to participants and
reinsurers, nothing in this Insurance Agreement shall confer any
right, remedy or claim, express or implied, upon any Person,
including, particularly, any Owner, other than the Insurer
against the Transferor, or the Servicer, pursuant to
Section 3.02, 3.03 or 3.04 hereof, the Trustee, and all the
terms, covenants, conditions, promises and agreements contained
herein shall be for the sole and exclusive benefit of the parties
hereto and their successors and permitted assigns.  Neither the
Trustee nor any Owner shall have any right to payment from any
Premiums paid or payable hereunder or under the Agreement or from
any amounts paid by the Transferor, the Trustee, the Originator
or the Servicer pursuant to Section 3.02, 3.03 or 3.04 hereof.
(e)  The Transferor, the Trustee, the Originator and the Servicer
agree that the Insurer shall have all rights of a third-party
beneficiary in respect of the Agreement and each other
Transaction Document to which the Insurer is not a signing party
and hereby incorporate and restate their representations,
warranties and covenants as set forth therein for the benefit of
the Insurer.
     Section 4.05.  Liability of the Insurer.  Neither the Insurer nor
any  of  its officers, directors or employees shall be liable  or
responsible for (a) the use that may be made of the Policy by the
Trustee or for any acts or omissions of the Trustee in connection
therewith   or  (b)  the  validity,  sufficiency,   accuracy   or
genuineness  of documents delivered to the Insurer in  connection
with  any  claim under the Policy, or of any signatures  thereon,
even  if such documents or signatures should in fact prove to  be
in  any  or  all  respects invalid, insufficient,  fraudulent  or
forged  (unless the Insurer shall have actual knowledge thereof).
In  furtherance  and  not in limitation  of  the  foregoing,  the
Insurer may accept documents that appear on their face to  be  in
order, without responsibility for further investigation.

Section 4.06.  Parties Will Not Institute Insolvency Proceedings.
So long as this Insurance Agreement is in effect, and for one
year and one day following the last day on which any rated
security of the Transferor or the Trust is outstanding, none of
the parties hereto will file any involuntary petition or
otherwise institute any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding or other proceedings under
any federal or state bankruptcy or similar law against the
Transferor.
Section 4.07.  Trustee, Transferor, Originator and Servicer to
Join in Enforcement Action.  To the extent necessary to enforce
any right of the Insurer in or remedy of the Insurer under any
Document, the Trustee on behalf of the Trust, the Transferor, the
Originator and the Servicer agree to join in any action initiated
by the Trust or the Insurer for the protection of such right or
exercise of such remedy.  The foregoing sentence shall apply with
respect to the Servicer only to the extent that the Servicer is a
party to the applicable Transaction Document.
Section 4.08.  Subrogation.  To the extent of any payments under
the Policy, the Insurer shall be fully subrogated to any remedies
available to the Trustee under the Agreement or other Transaction
Documents against the Transferor and the Originator or in respect
of the Transaction Documents.  The Trustee acknowledges such
subrogation and, further, agrees to execute such instruments
prepared by the Insurer and to take such reasonable actions as,
in the sole judgment of the Insurer, are necessary to evidence
such subrogation and to perfect the rights of the Insurer to
receive any moneys paid or payable under the Supplement in
respect of such subrogated amounts.
                            ARTICLE V

                       DEFAULTS; REMEDIES

     Section 5.01.  Defaults.  The occurrence of any of the following
events  shall  constitute  an Event of  Default  hereunder  (with
respect to the defaulting party or parties only):

          (a)  any representation or warranty made by the Transferor, the
     Originator, or the Servicer hereunder or under the Transaction
     Documents, or in any certificate furnished hereunder or under the
     Transaction  Documents, shall prove to be incorrect  in  any
     material respect as of the time when the same shall have been
     made and the incorrectness of such representation, warranty or
     statement could reasonably be expected to result in a Material
     Adverse Change in any such Person or the Trust or the interest of
     the Insurer and such representation, warranty or statement shall
     not have been eliminated or otherwise cured within 60 days of the
     date on which any such Person shall have been given notice of
     such failure by the Insurer;

          (b)  (i)  The Transferor, the Originator, or the Servicer shall
     fail to pay when due any amount payable by the Transferor, the
     Originator, or the Servicer hereunder or under any Transaction
     Document on or before the date occurring five (5) Business Days
     after the date such amount is required to be paid hereunder or
     (ii) a legislative body has enacted any law that declares or a
     court of competent jurisdiction shall find or rule that  any
     Transaction Document is not valid and binding on the Transferor,
     the Originator, or the Servicer;

          (c)  the occurrence and continuance of an "Event of Default"
     under the Agreement (as defined therein);

(d)  any failure on the part of the Transferor, the Originator,
or the Servicer duly to observe or perform in any material
respect any other of the covenants or agreements on the part of
the Transferor, the Originator, or the Servicer contained in this
Insurance Agreement or in any other Transaction Document which
continues unremedied for a period of 60 days with respect to this
Insurance Agreement, or, with respect to any other Transaction
Document, beyond any cure period provided for therein, after the
date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Transferor, the
Originator or the Servicer, as applicable, by the Insurer (with a
copy to the Trustee) or by the Trustee (with a copy to the
Insurer);
(e)  a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises in an involuntary
case under any present or future federal or state bankruptcy,
insolvency or similar law or the appointment of a conservator or
receiver or liquidator or other similar official in any
insolvency, readjustment of debt, marshalling of assets and
liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the
Transferor, the Originator or the Servicer and such decree or
order shall have remained in force undischarged or unstayed for a
period of 90 consecutive days;
(f)  the Transferor, the Originator or the Servicer shall consent
to the appointment of a conservator or receiver or liquidator or
other similar official in any insolvency, readjustment of debt,
marshalling of assets and liabilities or similar proceedings of
or relating to the Transferor, the Originator or the Servicer or
of or relating to all or substantially all of the property of
either;
(g)  the Transferor, the Originator or the Servicer shall admit
in writing its inability to pay its debts generally as they
become due, file a petition to take advantage of or otherwise
voluntarily commence a case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar statute,
make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations; or
(h)  the failure of the Transferor, the Originator or the
Servicer to comply with, or maintain the adequacy of, the
Consolidation Facts, which failure continues for a period of 15
days after the date on which notice of such failure, requiring
the same to be remedied, shall have been given to the Transferor,
the Originator or the Servicer, as applicable, by the Insurer
(with a copy to the Trustee) or by the Trustee (with a copy to
the Insurer) and which failure is reasonably likely, in the
judgment of the Insurer, to have a material adverse effect on the
conclusions contained in the opinion of Kirkland & Ellis referred
to in Section 3.01(g)(iii) hereof.
          Notwithstanding the foregoing, a failure  under  clause
     (h)   above  shall  not  be  an  Event  of  Default  if  the
     Transferor, the Originator or the Servicer shall provide  to
     the  Insurer  an  opinion of counsel  of  Kirkland  &  Ellis
     affirming  its conclusions in the creditors' rights  opinion
     referred  to in Section 3.01(g)(iii) hereof, notwithstanding
     such failure.

     Section 5.02.  Remedies; No Remedy Exclusive.

          (a)  Upon the occurrence of an Event of Default, the Insurer may
     exercise any one or more of the rights and remedies set forth
     below:

               (i)  exercise any rights and remedies accorded to the Insurer
          under the related Transaction Documents in accordance with the
          terms of the related Transaction Documents or direct the Trustee
          to exercise such remedies in accordance with the terms of the
          related Transaction Documents; or

(ii) take whatever action at law or in equity as may appear
necessary or desirable in its judgment to collect the amounts
then due to it under the related Transaction Documents or to
enforce performance and observance of any obligation, agreement
or covenant of the Transferor, the Trustee, or the Servicer under
the related Transaction Documents.
          (b)  Unless otherwise expressly provided, no remedy herein
     conferred upon or reserved is intended to be exclusive of any
     other available remedy, but each remedy shall be cumulative and
     shall  be  in  addition to other remedies  given  under  the
     Transaction Documents or existing at law or in equity.  No delay
     or omission to exercise any right or power accruing under the
     Transaction Documents upon the happening of any event set forth
     in Section 5.01 hereof shall impair any such right or power or
     shall be construed to be a waiver thereof, but any such right and
     power may be exercised from time to time and as often as may be
     deemed expedient.  In order to entitle the Insurer to exercise
     any remedy reserved to the Insurer in this Article, it shall not
     be necessary to give any notice other than such notice as may be
     required in this Article V.

     Section 5.03.  Waivers.

          (a)  No failure by the Insurer to exercise, and no delay by the
     Insurer in exercising, any right hereunder shall operate as a
     waiver  thereof.  The exercise by the Insurer of  any  right
     hereunder shall not preclude the exercise of any other right, and
     the remedies provided herein to the Insurer are declared in every
     case to be cumulative and not exclusive of any remedies provided
     by law or equity.

(b)  The Insurer shall have the right, to be exercised in its
complete discretion, to waive any Event of Default hereunder, by
a writing setting forth the terms, conditions and extent of such
waiver signed by the Insurer and delivered to the Transferor, the
Trustee, the Originator or the Servicer.  Unless such writing
expressly provides to the contrary, any waiver so granted shall
extend only to the specific event or occurrence which gave rise
to the Event of Default so waived and not to any other similar
event or occurrence which occurs subsequent to the date of such
waiver.
                           ARTICLE VI

                          MISCELLANEOUS

     Section 6.01.  Amendments, Etc.  This Insurance Agreement may be
amended,  modified  or terminated only by written  instrument  or
written instruments signed by the parties hereto.  The Transferor
agrees  to  promptly  provide a copy of  any  amendment  to  this
Insurance  Agreement to the Trustee and the Rating Agencies.   No
act  or  course  of  dealing shall be  deemed  to  constitute  an
amendment, modification or termination hereof.

Section 6.02.  Notices.  All demands, notices and other
communications to be given hereunder shall be in writing (except
as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to the
recipient as follows:
          (a)  To the Insurer:

               R.V.I. Guaranty Co., Ltd.
               20 Reid Street, 3rd Floor
               Williams House
               Hamilton HM HX, Bermuda
               Attention: Adrienne Hintz
               Telecopy No.:  (441) 292-8062
               Confirmation:  (441) 295-1646

               with  a  copy  to in all situations other  than  a
               Notice of Claim under the Policy to:

               CNA Guaranty & Credit
               40 Wall Street, 8th Floor
               New York, New York 10005
               Attention:  John P. Verel
               Telecopy No.:       (212) 440-3880
               Confirmation:  (212) 440-7669

          (b)  To the Transferor:

               SRI Receivables Purchase Co., Inc.
               10201 Main Street
               Houston, Texas 77025
               Attention: President
               Telecopy No.:  (713) 669-2709
               Confirmation:  (713) 669-2832

          (c)  To the Trustee:

               Bankers Trust (Delaware)
               1011 Centre Road, Suite 200
               Wilmington, Delaware 19805
               Attention: []
               Telecopy No.:  []
               Confirmation:  []

               With a copy to:

               Bankers Trust Company
               4 Albany Street, 10th Floor
               New York, New York 10006
               Attention:  Patricia Russo

          (d)  To the Servicer or the Originator:

               Specialty Retailers, Inc.
               10201 Main Street
               Houston, Texas 77025
               Attention: Chief Financial Officer
               Telecopy No.:  (713) 669-2709
               Confirmation:  (713) 669-2832

     A  party  may specify an additional or different address  or
addresses by writing mailed or delivered to the other parties  as
aforesaid.   All such notices and other communications  shall  be
effective upon receipt.

     Section 6.03.  [Reserved.]

Section 6.04.  Agreement with respect to Section 1213(c)(1) of
the New York Insurance Law.  Each of the parties hereto agrees
that it will not seek to require the Insurer to have to post a
bond, securities or cash in order to enforce its rights or to
respond to an action in the New York courts as described in
Section 1213(c)(1) of the New York Insurance Law and similar
laws.
Section 6.05.  Severability.  In the event that any provision of
this Insurance Agreement shall be held invalid or unenforceable
by any court of competent jurisdiction, the parties hereto agree
that such holding shall not invalidate or render unenforceable
any other provision hereof.  The parties hereto further agree
that the holding by any court of competent jurisdiction that any
remedy pursued by any party hereto is unavailable or
unenforceable shall not affect in any way the ability of such
party to pursue any other remedy available to it.
Section 6.06.  Governing Law.  THIS INSURANCE AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW PROVISIONS.
     Section 6.07.  Consent to Jurisdiction.

          (a)  The parties hereto hereby irrevocably submit to the
     jurisdiction of the United States District Court for the Southern
     District of New York and any court in the State of New  York
     located in the City and County of New York, and any appellate
     court from any thereof, in any action, suit or proceeding brought
     against it and to or in connection with any of the Transaction
     Documents or the transactions contemplated thereunder or for
     recognition or enforcement of any judgment, and the  parties
     hereto hereby irrevocably and unconditionally agree that all
     claims in respect of any such action or proceeding may be heard
     or determined in such New York state court or, to the extent
     permitted by law, in such federal court.  The parties hereto
     agree  that  a  final judgment in any such action,  suit  or
     proceeding shall be conclusive and may be enforced in  other
     jurisdictions by suit on the judgment or in any other manner
     provided by law.  To the extent permitted by applicable law, the
     parties hereto hereby waive and agree not to assert by way of
     motion, as a defense or otherwise in any such suit, action or
     proceeding, any claim that it is not personally subject to the
     jurisdiction of such courts, that the suit, action or proceeding
     is brought in an inconvenient forum, that the venue of the suit,
     action or proceeding is improper or that the related documents or
     the subject matter thereof may not be litigated in or by such
     courts.

(b)  To the extent permitted by applicable law, the parties
hereto shall not seek and hereby waive the right to any review of
the judgment of any such court by any court of any other nation
or jurisdiction which may be called upon to grant an enforcement
of such judgment.
(c)  Except as provided in Section 4.06 herein, nothing contained
in this Insurance Agreement shall limit or affect the Insurer's
right to serve process in any other manner permitted by law or to
start legal proceedings relating to any of the Transaction
Documents against any party hereto or its or their property in
the courts of any jurisdiction.
     Section 6.08.  Consent of the Insurer.  In the event that the
consent  of  the Insurer is required under any of the Transaction
Documents,  the determination whether to grant or  withhold  such
consent  shall  be  made by the Insurer in  its  sole  discretion
without any implied duty towards any other Person.

Section 6.09.  Counterparts.  This Insurance Agreement may be
executed in counterparts by the parties hereto, and all such
counterparts shall constitute one and the same instrument.
Section 6.10.  Headings.  The headings of Articles and Sections
and the Table of Contents contained in this Insurance Agreement
are provided for convenience only.  They form no part of this
Insurance Agreement and shall not affect its construction or
interpretation.  Unless otherwise indicated, all references to
Articles and Sections in this Insurance Agreement refer to the
corresponding Articles and Sections of this Insurance Agreement.
Section 6.11.  Trial by Jury Waived.  Each party hereto hereby
waives, to the fullest extent permitted by law, any right to a
trial by jury in respect of any litigation arising directly or
indirectly out of, under or in connection with any of the
Transaction Documents or any of the transactions contemplated
thereunder.  Each party hereto (a) certifies that no
representative, agent or attorney of any party hereto has
represented, expressly or otherwise, that it would not, in the
event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it has been induced to enter into the
Transaction Documents to which it is a party by, among other
things, this waiver.
Section 6.12.  Limited Liability.  No recourse under any
Transaction Document shall be had against, and no personal
liability shall attach to, any officer, employee, director,
affiliate or shareholder of any party hereto, as such, by the
enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise in respect of
any of the Transaction Documents, the Securities or the Policy,
it being expressly agreed and understood that each Transaction
Document is solely a corporate obligation of each party hereto,
and that any and all personal liability, either at common law or
in equity, or by statute or constitution, of every such officer,
employee, director, affiliate or shareholder for breaches by any
party hereto of any obligations under any Transaction Document is
hereby expressly waived as a condition of and in consideration
for the execution and delivery of this Insurance Agreement.
     With respect to the Trustee, it is expressly understood  and
agreed  by  the parties hereto that this Insurance  Agreement  is
executed   and   delivered  by  Bankers  Trust  (Delaware),   not
individually  or  personally but solely  as  Trustee  under  this
Insurance  Agreement, in the exercise of the powers and authority
conferred and vested in it under the Agreement, (b) each  of  the
representations, undertakings and agreements herein made  on  the
part  of  the  Trustee  is  made and  intended  not  as  personal
representations,  undertakings and agreements  by  Bankers  Trust
(Delaware)  but is made and intended for the purpose for  binding
only  the  Trustee and (c) under no circumstances  shall  Bankers
Trust  (Delaware)  be personally liable for the  payment  of  any
indebtedness  or  expenses of the Trustee or be  liable  for  the
breach or failure of any obligation, representation, warranty  or
covenant  made or undertaken by the Trustee under this  Insurance
Agreement or the other related documents.

     Section 6.13.  Entire Agreement.  The Transaction Documents and
the  Policy  set forth the entire agreement between  the  parties
with  respect  to the subject matter thereof, and this  Insurance
Agreement  supersedes and replaces any agreement or understanding
that  may  have  existed between the parties prior  to  the  date
hereof in respect of such subject matter.

            [Remainder of page intentionally blank.]

     IN  WITNESS  WHEREOF, the parties hereto have executed  this
Insurance  Agreement,  all as of the day  and  year  first  above
mentioned.

                                 R.V.I. GUARANTY CO., LTD., as
                                 Insurer

                                 By:    /s/ Peter Strong
                                 Title: Authorized Representative

                                 SRI RECEIVABLES PURCHASE CO.,
                                 INC., as Transferor

                                 By:    /s/ Charles M. Sledge
                                 Title: SVP Finance and Treasurer

                                 SPECIALTY RETAILERS, INC.,
                                 as Servicer and Originator

                                 By: /s/ Charles M. Sledge
                                 Title: SVP Finance and Treasurer

                                 BANKERS TRUST (DELAWARE), not
                                 in its individual capacity but
                                 solely as Trustee

                                 By: /s/ Francisco B. Talavera
                                 Title: AVP

                                 Facts Relating to Consolidation

     1.   The Transferor will not amend its Certificate of
       Incorporation in any manner which would affect its restricted
       activities.
     2.   The Transferor's Certificate of Incorporate provides that
       its Board of Directors shall at all times include at least one
       "Independent Director."  The Independent Director must be an
       individual who, except in his or her capacity as an Independent
       Director, (a) is not at such time, and shall not have been at any
       time during the preceding five years a director, officer or
       employee of the Originator or any of its subsidiaries or
       affiliates (other than the Transferor); (b) is not (and is not
       affiliated with a company or a firm that is) a significant
       advisor or consultant to the Originator or any of its
       subsidiaries and affiliates; (c) is not a affiliated with a
       significant customer or supplier of the Originator or any of its
       subsidiaries or affiliates; (d) is not affiliated with a company
       of which the Originator or any of its subsidiaries is a
       significant customer or supplier; (e) does not have any
       significant personal services contract(s) with the Originator or
       any of its subsidiaries and affiliates; (f) is not affiliated
       with a tax-exempt entity that receives significant contributions
       from the Originator or any of its subsidiaries or affiliates; (g)
       is not at such time (or at any time thereafter while serving as
       an Independent Director) the beneficial owner of shares of common
       stock of the Originator or any affiliate of the Originator; and
       (h) is not a spouse, parent, sibling or child of any person
       described by (a) through (g) above.  Each Independent Director
       has been and shall be paid director's fees by the Transferor in
       amounts mutually acceptable to such Independent Director and to
       the Transferor.  Whenever necessary, the Transferor will observe
       all requirements of the Delaware General Corporation Law, its
       Certificate of Incorporation and its by-laws.
3.   The Transferor's books and records have been and will be
maintained separately from those of the Originator.  Any
consolidated financial statements of the Originator which include
the Transferor have contained and will contain detailed notes
clearly stating that the Receivables have been sold to a third
party and that collections under the Receivables are available
only to the holders of the Certificates.  Each of the Transferor
and the Originator will conduct its business solely in its
respective corporate name and in such a separate manner so as not
to mislead others with whom it is dealing.
4.   Neither the Originator nor the Transferor has concealed or
will conceal from any interested party any transfers contemplated
by the Transaction Documents.  Neither the Transferor nor the
Originator has itself removed or concealed, and will not itself
remove or conceal, from creditors any of its assets and has not
participated and will not participate in removing or concealing
the assets of any other entity.  The Obligors on the Receivables
will not be notified of the transfer of the Receivables to the
Transferor, in part, because such notification could cause
confusion that could disrupt collections on the Receivables to
the detriment of the holders of the investor certificates.  The
Originator will indicated in its computer files that the
Receivables have been sold to the Transferor.  The Transferor's
books and records shall indicate that such Receivables have
further been sold by the Transferor to the Trust.  In addition,
the Originator will provide to the Transferor a true and complete
list of all the accounts relating to such Receivables, identified
by number.
5.   The Transferor does and will maintain its own books of
account and corporate records separate from those of the
Originator or any of their subsidiaries or affiliates, including
separate audited financial statements.
6.   The Transferor does and will at all times cause the
Independent Director(s) to be elected and compensated as
described above.
7.   Any allocations of direct, indirect or overhead expenses for
items shared between the Transferor and the Originator have been
and will be made to the extent practical on the basis of actual
use or value of services rendered and otherwise on a basis
reasonably related to actual use or the value of services
rendered.
8.   The Transferor has paid and will pay (or the Originator will
pay and the Transferor will reimburse the Originator for) its own
operating expenses and liabilities from its own funds, except the
Originator paid the organizational expenses of the Transferor and
will pay a portion of the expenses incurred in connection with
the Transactions.  The Transferor also has paid and will pay a
portion of the expense related to the Transactions.
9.   The Transferor prepares and has made available to holders of
the investor certificates its separate audited financial
statements, and the Transferor's separate financial statements
have and will disclose that the Receivables have been sold.
10.  The Transferor does and will maintain its assets in such a
manner that it is not costly or difficult to segregate, ascertain
or otherwise identify its individual assets from or as against
those of the Originator or any of their subsidiaries or
affiliates.
11.  The Transferor does not and will not commingle or pool its
funds or other assets with those of the Originator or any other
subsidiaries or affiliates of the Originator, except as
specifically provided in the Agreement.  The Transferor does not
and will not maintain any joint bank account or other depository
account to which the Originator or any of their other
subsidiaries or affiliates, other than the Originator in its
capacity as Servicer, has independent access.
12.  The Transferor does and will maintain arm's length
relationships with the Originator and all their other affiliates.
Neither the Transferor, on the one hand, nor the Originator or
any of their other affiliates, on the other hand, is or will be,
or holds or will hold itself out to be, responsible for the debts
of the other or the decisions or actions respecting the daily
business and affairs of the other.
13.  The Transferor is not named, and has not entered into any
agreement to be named, directly or indirectly, as a direct or
contingent beneficiary or loss payee on any insurance policy
covering the property of the Originator.
14.  Each officer and director of the Transferor shall discharge
his or her respective fiduciary duties and obligations to the
Transferor in accordance with all applicable laws.
15.  All of the Transferor's transactions with the Originator and
any of their subsidiaries and affiliates will be fully documented
and will reflect arm's-length transactions undertaken in good
faith for bona fide business purposes.C-77

                                                     Exhibit 4.23

EXECUTION COPY

            CLASS A-1 CERTIFICATE PURCHASE AGREEMENT

                  Dated as of November 9, 1999

                              among

               SRI RECEIVABLES PURCHASE CO., INC.,
                 individually and as Transferor,

                   SPECIALTY RETAILERS, INC.,
          individually and as Originator and Servicer,

            THE CLASS A-1 PURCHASERS PARTIES HERETO,

                               and

          CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH,
                         Facility Agent

                      ____________________

                           Relating to
                  SRI Receivables Master Trust
     Class A-1 Variable Funding Certificates, Series 1999-1
                      ____________________

                       TABLE OF CONTENTS

                                                             Page

SECTION 1.  DEFINITIONS                                         2
     1.1  Definitions                                           2
     1.2  Other Definitional Provisions                        10

SECTION 2.  AMOUNT AND TERMS OF COMMITMENTS                    10
     2.1  Purchases                                            10
     2.2  Reductions, Increases and Extensions of Commitments  13
     2.3  Calculation of Interest, Fees, Expenses,
          Payments, Etc                                        16
     2.4  Requirements of Law                                  18
     2.5  Taxes                                                20
     2.6  Indemnification                                      22

SECTION 3.  CONDITIONS PRECEDENT                               26
     3.1  Condition to Initial Purchase                        26
     3.2  Condition to Additional Purchase                     28

SECTION 4.  REPRESENTATIONS AND WARRANTIES                     29
     4.1  Representations and Warranties of SRPC               29
     4.2  Representations and Warranties of SRI                32
     4.3  Representations and Warranties of the Agents, the
          Facility Agent and the Class A-1 Purchasers          34

SECTION 5.  COVENANTS                                          35
     5.1  Covenants of SRPC and SRI                            35

SECTION 6.      MUTUAL COVENANTS REGARDING CONFIDENTIALITY     40
     6.1  Covenants of SRPC, Etc.                              40
     6.2  Covenants of Class A-1 Purchasers                    40

SECTION 7.  THE AGENTS                                         41
     7.1  Appointment                                          41
     7.2  Delegation of Duties                                 41
     7.3  Exculpatory Provisions                               41
     7.4  Reliance by Agent                                    42
     7.5  Notices                                              42
     7.6  Non-Reliance on Agent and Other Class A-1 Purchasers 42
     7.7  Indemnification                                      43
     7.8  Agents in Their Individual Capacities                43
     7.9  Successor Agent                                      44

SECTION 8.       SECURITIES LAWS; TRANSFERS; TAX TREATMENT     45
     8.1  Transfers of Class A-1 Certificates                  45
     8.2  Tax Characterization                                 49

SECTION 9.  MISCELLANEOUS                                      49
     9.1  Amendments and Waivers                               49
     9.2  Notices                                              50
     9.3  No Waiver; Cumulative Remedies                       52
     9.4  Successors and Assigns                               52
     9.5  Successors to Servicer                               52
     9.6  Counterparts                                         53
     9.7  Severability                                         53
     9.8  Integration                                          53
     9.9  Governing Law                                        54
     9.10  Termination                                         54
     9.11  Limited Recourse; No Proceedings                    54
     9.12  Survival of Representations and Warranties          55
     9.13  Submission to Jurisdiction; Waivers                 55
     9.14  WAIVERS OF JURY TRIAL                               56

                        LIST OF EXHIBITS

EXHIBIT A      Form of Investment Letter
EXHIBIT B      Form of Joinder Supplement
EXHIBIT C      Form of Transfer Supplement

          CLASS  A-1 CERTIFICATE PURCHASE AGREEMENT, dated as  of
November  9,  1999,  by and among SRI RECEIVABLES  PURCHASE  CO.,
INC.,  a  Delaware  corporation  ("SRPC"),  individually  and  as
Transferor  (as  defined  in  the Master  Pooling  and  Servicing
Agreement referred to below), SPECIALTY RETAILERS, INC., a  Texas
corporation ("SRI"),  individually and as Servicer (as defined in
the  Master  Pooling and Servicing Agreement referred to  below),
the  CLASS A-1 PURCHASERS (as hereinafter defined) from  time  to
time  parties  hereto, the AGENTS for the Purchaser  Groups  from
time to time parties hereto (each such party, together with their
respective  successors in such capacity, an "Agent"), and  CREDIT
SUISSE  FIRST BOSTON, a Swiss banking corporation acting  through
its New York Branch ("CSFB"), as facility agent for the Class A-1
Purchasers  and  for the Class A-2 Purchasers  and  the  Class  B
Purchasers,  each as defined below (together with its  successors
in such capacity, the "Facility Agent").

                      W I T N E S S E T H:

          WHEREAS,  SRPC,  as Transferor, SRI, as  Servicer,  and
Bankers  Trust  (Delaware), a Delaware  banking  corporation,  as
trustee  (together  with its successors  in  such  capacity,  the
"Trustee"), are parties to a certain Second Amended and  Restated
Pooling and Servicing Agreement dated as of November 1, 1999  (as
the  same may from time to time be amended or otherwise modified,
the  "Master Pooling and Servicing Agreement"), pursuant to which
the  Transferor has created the SRI Receivables Master Trust (the
"Trust");

          WHEREAS, pursuant to a Series 1999-1 Supplement to  the
Master  Pooling and Servicing Agreement, dated as of November  9,
1999  (as the same may from time to time be amended, supplemented
or otherwise modified, the "Supplement") the Trust has issued its
Class  C Floating Rate Certificates, Series 1999-1 (the "Class  C
Certificates"),  having  a Class C Initial  Invested  Amount  (as
defined  in  the Supplement) equal to $28,000,000,  its  Class  D
Floating   Rate  Certificates,  Series  1999-1  (the   "Class   D
Certificates"),  having  a Class D Initial  Invested  Amount  (as
defined  in the Supplement) equal to $18,375,000 and its Class  E
Certificates, Series 1999-1 (the "Class E Certificates"),  having
a  Class E Initial Invested Amount (as defined in the Supplement)
equal to $20,125,000;

          WHEREAS, pursuant to the Supplement, as supplemented by
the Issuance Supplement thereto, dated as of November 9, 1999 (as
the  same may from time to time be amended or otherwise modified,
the "Issuance Supplement"; and the Supplement, as supplemented by
the  Issuance  Supplement, together with the Master  Pooling  and
Servicing  Agreement, the "Pooling and Servicing Agreement")  the
Trust   proposes   to  issue  its  Class  A-1  Variable   Funding
Certificates,  Series 1999-1 (the "Class A-1 Certificates"),  its
Class  A-2  Variable  Funding Certificates,  Series  1999-1  (the
"Class  A-2  Certificates")  and its  Class  B  Variable  Funding
Certificates, Series 1999-1 (the "Class B Certificates"); and

          WHEREAS,  the  Class  A-1  Purchasers  are  willing  to
purchase the Class A-1 Certificates on the Closing Date and  from
time to time thereafter to purchase Additional Class A-1 Invested
Amounts  (as defined in the Supplement) thereunder on  the  terms
and conditions provided for herein;

          NOW THEREFORE, in consideration of the mutual covenants
herein contained, and other good and valuable consideration,  the
receipt  and adequacy of which are hereby expressly acknowledged,
the parties hereto agree as follows:

          SECTION 1.  DEFINITIONS

          1.1  Definitions.  All capitalized terms used herein as
defined  terms  and  not defined herein shall have  the  meanings
given  to  them  in  the Pooling and Servicing  Agreement.   Each
capitalized  term  defined  herein  shall  relate  only  to   the
Series  1999-1  and  to no other Series of Investor  Certificates
issued by the Trust.

          "Adjusted  Commitment"  shall  mean  on  any  date   of
determination,  with  respect  to a  Liquidity  Purchaser  for  a
Conduit  Purchaser, such Liquidity Purchaser's  Commitment  minus
the   aggregate  outstanding  principal  amount  of  its  Support
Advances to such Conduit Purchaser (excluding any portion thereof
advanced  to  such Conduit Purchaser to fund interest,  discount,
fees,  expenses or similar amounts in respect of Commercial Paper
Notes  or  other  indebtedness of such Conduit  Purchaser  or  in
respect of the Class A-1 Certificates).

          "Affected  Party"  shall  mean,  with  respect  to  any
Conduit Purchaser, any Support Party of such Conduit Purchaser.

          "Agent"  has  the meaning specified in the preamble  to
this Agreement.

          "Agreement"  shall  mean  this  Class  A-1  Certificate
Purchase   Agreement,  as  amended,  supplemented  or   otherwise
modified from time to time.

          "Alternative Rate" has the meaning specified in Exhibit
B-1 of the Issuance Supplement.

          "Assignee"   and   "Assignment"  have  the   respective
meanings specified in subsection 8.1(e) of this Agreement.

          "Certificate Rate Determination Date"  shall mean,  for
any Interest Accrual Period, the Second Business Day prior to the
Distribution Date with respect to such Interest Accrual Period.

          "Class  A-1 Certificates" has the meaning specified  in
the recitals to this Agreement.

          "Class A-1 Exiting Purchaser Amortization Amount" shall
mean, with respect to a Purchase Termination Date, the sum of (i)
the  aggregate  Percentage Interests of all Committed  Purchasers
and  Liquidity Purchasers which became Exiting Purchasers on such
date,  times the Class A-1 Principal Balance on such date,  plus,
with  respect to each of the Conduit Purchasers, (ii) the product
of  (A)  the  aggregate Liquidity Percentages  of  all  Liquidity
Purchasers  with respect to such Conduit Purchaser  which  became
Exiting  Purchasers  on  such  date,  times  (B)  the  Percentage
Interest  of such Conduit Purchaser times the Class A-1 Principal
Balance on such date, in each case determined after giving effect
to  any  purchases  of  Additional  Class  A-1  Invested  Amounts
occurring, any Assignments which became effective and any Support
Advances made on such date.

          "Class  A-1 Fee Letter" shall mean that certain  letter
agreement, designated therein as the Series 1999-1 Class A-1  Fee
Letter and dated as of the date hereof, among the Agent for  each
Purchaser Group, the Facility Agent, SRPC and SRI, as such letter
agreement may be amended or otherwise modified from time to time.

          "Class  A-1 Owners" shall mean the Class A-1 Purchasers
that  are owners of record of the Class A-1 Certificates or, with
respect  to  any  Class  A-1 Certificate held  by  the  an  Agent
hereunder  as  nominee on behalf of Class  A-1  Purchasers  in  a
Purchaser Group, the Class A-1 Purchasers that are owners of  the
Class   A-1  Invested  Amount  represented  by  such  Class   A-1
Certificate  as  reflected on the books  of  the  such  Agent  in
accordance with this Agreement.

          "Class A-1 Program Fees" shall mean the ongoing program
fees payable to Class A-1 Purchasers in respect of the Class  A-1
Purchase Limit, in the amounts and on the dates set forth in  the
Class A-1 Fee Letter.

          "Class  A-1  Purchasers" shall mean, collectively,  the
Conduit  Purchasers, the Liquidity Purchasers and  the  Committed
Purchasers.

          "Class  A-1 Purchase Limit" shall mean, on any date  of
determination,  the  aggregate  Commitments  of   the   Committed
Purchasers and the Liquidity Purchasers.

          "Class  A-1  Utilization Fees" shall mean  the  ongoing
utilization  fees payable to Class A-1 Purchasers in  respect  of
the  Class A-1 Principal Balance, in the amounts and on the dates
set forth in the Class A-1 Fee Letter.

          "Class  A-2 Certificates" has the meaning specified  in
the recitals to this Agreement.

          "Class A-2 Purchase Agreement" shall mean the Class A-2
Certificate  Purchase Agreement, dated as  of  the  date  hereof,
among SRPC, individually and as Transferor, SRI, individually and
as Servicer, the Class A-2 Purchasers parties thereto, the agents
for  the  purchaser groups referred to therein and  the  Facility
Agent,  as amended, modified or otherwise supplemented from  time
to time.

          "Class A-2 Purchasers" has the meaning specified in the
Class A-2 Purchase Agreement.

          "Class B Certificates" has the meaning specified in the
recitals to this Agreement.

          "Class  B  Purchase Agreement" shall mean the  Class  B
Certificate  Purchase Agreement, dated as  of  the  date  hereof,
among SRPC, individually and as Transferor, SRI, individually and
as  Servicer, the Class B Purchasers parties thereto, the  agents
for  the  purchaser groups referred to therein and  the  Facility
Agent  referred  to  therein, as amended, modified  or  otherwise
supplemented from time to time.

          "Class  B Purchasers" has the meaning specified in  the
Class B Purchase Agreement.

          "Class C Certificates" has the meaning specified in the
recitals to this Agreement.

          "Class D Certificates" has the meaning specified in the
recitals to this Agreement.

          "Class E Certificates" has the meaning specified in the
recitals to this Agreement.

          "Closing Date" shall mean November 9, 1999.

          "Code" shall mean the Internal Revenue Code of 1986, as
amended.

          "Commercial Paper Notes" shall mean, with respect to  a
Conduit Purchaser, the short-term promissory notes issued by such
Conduit  Purchaser which are allocated by such Conduit  Purchaser
as  its  funding for its purchasing or maintaining its Percentage
Interest of the Class A-1 Principal Balance hereunder.

          "Commercial  Paper Rate" has the meaning  specified  in
Exhibit B-1 of the Issuance Supplement.

          "Commitment" shall mean, for any Committed Purchaser or
Liquidity  Purchaser,  the  maximum  amount  of  such  Class  A-1
Purchaser's  commitment to purchase a portion of  the  Class  A-1
Initial Invested Amount or Additional Class A-1 Invested Amounts,
as  set  forth opposite such Class A-1 Purchaser's  name  in  the
Joinder Supplement or Transfer Supplement by which such Committed
Purchaser  became  a  party  to this  Agreement  or  assumed  the
Commitment (or a portion thereof) of another Class A-1 Purchaser,
as  such  amount  may be adjusted from time to time  pursuant  to
Transfer  Supplement(s) executed by such Class A-1 Purchaser  and
its  Assignee(s) and delivered pursuant to Section  2.2  of  this
Agreement or pursuant to Section 8.1 of this Agreement.   In  the
event  that  a Class A-1 Purchaser is both a Committed  Purchaser
and  a  Liquidity  Purchaser, or is a Liquidity  Purchaser  which
maintains  a  portion of its Commitment hereunder in relation  to
more  than one Conduit Purchaser, such Class A-1 Purchaser  shall
be  deemed  to hold separate Commitments hereunder in  each  such
capacity.

          "Commitment  Expiration Date" shall mean, with  respect
to  a  Committed  Purchaser or Liquidity Purchaser,  November  7,
2000, as such date may be extended from time to time with respect
to  such Class A-1 Purchaser in accordance with subsection 2.2(e)
hereof.

          "Committed   Purchaser"  shall  mean  any   Class   A-1
Purchaser  which  is designated as a Committed Purchaser  in  the
Joinder  Supplement or Transfer Supplement pursuant to  which  it
became  a  party  to  this Agreement, and any  Assignee  of  such
Class  A-1  Purchaser  to  the extent  of  the  portion  of  such
Commitment  assumed by such Assignee pursuant to  its  respective
Transfer Supplement.

          "Conduit Purchaser" shall mean shall mean any Class A-1
Purchaser  which  is  designated as a Conduit  Purchaser  in  the
Joinder  Supplement or Transfer Supplement pursuant to  which  it
became a party to this Agreement.

          "Consented   Assignee"  shall  mean  each   Class   A-1
Purchaser and each Agent (in its individual capacity) which is  a
party  to any Joinder Supplement, each Class A-2 Purchaser,  each
Class  B  Purchaser, each Person listed in the Consented Assignee
Letter  as  in effect on the date on which such Person became  or
agreed  to become an Assignee, a Participant or a Support  Party,
and each other Person who has been consented to as an Assignee or
potential   Assignee  by  SRPC,  which  consent  shall   not   be
unreasonably withheld in the case of an assignment by  a  Conduit
Purchaser of its interest in the Class A-1 Certificates  and  its
rights  and obligations under this Agreement and the Pooling  and
Servicing  Agreement  to  any other Conduit  Purchaser  which  is
administered   by  the  same  Person  as  the  assignor   Conduit
Purchaser.

          "Corporate  Base  Rate" shall mean, for  any  day,  the
higher  of  (i)  the  base  commercial  lending  rate  per  annum
announced from time to time by Credit Suisse First Boston in  New
York  in effect on such day, or (ii) the interest rate per  annum
quoted by Credit Suisse First Boston at approximately 11:00 a.m.,
New  York  City  time, on such day, to dealers in  the  New  York
Federal funds market for the overnight offering of United  States
dollars  by  Credit  Suisse First Boston  plus  one-half  of  one
percent  (0.50%).  (The Corporate Base Rate is  not  intended  to
represent  the  lowest rate charged by the  Credit  Suisse  First
Boston for extensions of credit.)

          "Dissenting  Purchaser" has the  meaning  specified  in
subsection 2.2(e) of this Agreement.

          "Downgraded  Purchaser" has the  meaning  specified  in
subsection 8.1(j) of this Agreement.

          "Estimated   Interest  Adjustment"  has   the   meaning
specified in Exhibit B-1 to the Issuance Supplement.

          "Excluded   Taxes"   has  the  meaning   specified   in
subsection 2.5(a) of this Agreement.

          "Exiting  Purchaser"  has  the  meaning  specified   in
subsection 2.2(e) of this Agreement.

          "Extension   Date"   has  the  meaning   specified   in
subsection 2.2(e) hereof.

          "Extension  Notice Deadline" has the meaning  specified
in subsection 2.2(e) of this Agreement.

          "Granite"  shall mean Granite National  Bank,  N.A.,  a
national banking association, which is a subsidiary of Stage.

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

          "Indemnitee"  has the meaning specified  in  subsection
2.6(a) of this Agreement.

          "Indemnitor"  has the meaning specified  in  subsection
2.6(a) of this Agreement.

          "Intended  Characterization" has the meaning  specified
in Section 8.2 of this Agreement.

          "Investing Office" shall mean initially, the office  of
any  Class  A-1  Purchaser (if any) designated  as  such  in  the
Joinder  Supplement or Transfer Supplement by which it  became  a
party hereto, and thereafter, such other office of such Class A-1
Purchaser as may be designated in writing to the Class A-1 Agent,
the  Transferor, the Servicer and the Trustee by such  Class  A-1
Purchaser.

          "Investment  Letter"  has  the  meaning  specified   in
subsection 8.1(a) of this Agreement.

          "Joinder  Supplement"  has  the  meaning  specified  in
subsection 2.2(d) of this Agreement.

          "Liquidity  Percentage" shall  mean,  for  a  Liquidity
Purchaser  for  a  Conduit Purchaser, such Liquidity  Purchaser's
Adjusted Commitment with respect to such Conduit Purchaser  as  a
percentage of the aggregate Adjusted Commitments of all Liquidity
Purchasers for such Conduit Purchaser.

          "Liquidity  Purchaser" shall mean, with  respect  to  a
Conduit  Purchaser,  each  Class A-1 Purchaser  identified  as  a
Liquidity  Purchaser for such Conduit Purchaser  in  the  Joinder
Supplement or Transfer Supplement pursuant to which such  Conduit
Purchaser  became  a  party  hereto, and  any  Assignee  of  such
Class  A-1  Purchaser  to the extent such Assignee  has  assumed,
pursuant  to  a  Transfer  Supplement,  the  Commitment  of  such
Class A-1 Purchaser.

          "Master  Pooling  and  Servicing  Agreement"  has   the
meaning specified in the recitals to this Agreement.

          "Maximum  Purchase Amount" shall mean, for any  Conduit
Purchaser, the aggregate Commitments of its Liquidity Purchasers.

          "New  Issuance" has the meaning specified in subsection
5.1(p) of this Agreement.

          "Notes" has the meaning specified in subsection 9.11(b)
of this Agreement.

          "Parity Class" shall mean, with respect to the Class  A
Certificates or the Class B Certificates, a class or subclass  of
Series 1999-1 Certificates which are on a parity with the Class A
Certificates or the Class B Certificates, as the case may be,  as
to   allocations  of  Available  Series  1999-1  Finance   Charge
Collections, Excess Finance Charge Collections, Series Transferor
Finance Charge Collections, Reallocated Principal Collections  or
Available Principal Collections.

          "Partial Expiration Date" shall mean any date on  which
the  Commitment  Expiration  Date  for  some,  but  not  all,  of
Committed Purchasers and Liquidity Purchasers occurs.

          "Participant"  has the meaning specified in  subsection
8.1(d) of this Agreement.

          "Participation" has the meaning specified in subsection
8.1(d) of the Agreement.

          "Percentage  Interest"  shall mean,  for  a  Class  A-1
Purchaser on any day, the percentage equivalent of (a) the sum of
(i) the portion of the Class A-1 Initial Invested Amount (if any)
purchased  by  such Class A-1 Purchaser, plus (ii) the  aggregate
Additional Class A-1 Invested Amounts (if any) purchased by  such
Class A-1 Purchaser prior to such day pursuant to Section 6.15 of
the  Pooling and Servicing Agreement, plus (iii) any  portion  of
the  Class  A-1  Principal Balance acquired  by  such  Class  A-1
Purchaser  as  an  Assignee  from  another  Class  A-1  Purchaser
pursuant to a Transfer Supplement executed and delivered pursuant
to Section 8.1 of this Agreement, minus (iv) the aggregate amount
of  principal payments made to such Class A-1 Purchaser prior  to
such  day,  minus  (v)  any portion of the  Class  A-1  Principal
Balance  assigned  by  such Class A-1 Purchaser  to  an  Assignee
pursuant to a Transfer Supplement executed and delivered pursuant
to  Section  8.1 of this Agreement, divided by (b) the  aggregate
Class A-1 Principal Balance on such day.

          "Person"   shall   mean  an  individual,   partnership,
corporation,   business  trust,  joint  stock   company,   trust,
unincorporated association, joint venture, governmental authority
or other entity of whatever nature.

          "Pooling  and  Servicing  Agreement"  has  the  meaning
specified in the recitals to this Agreement.

          "Purchase  Date" shall mean the Closing Date  and  each
Business  Day  on which the purchase of an Additional  Class  A-1
Invested  Amount is to occur in accordance with Section  6.15  of
the Pooling and Servicing Agreement and Section 2.1 hereof.

          "Purchase Termination Date" shall mean, for a Class A-1
Purchaser,  the first to occur of (i) in the case of a  Committed
Purchaser or Liquidity Purchaser, the Commitment Expiration  Date
for  such  Class  A-1  Purchaser or, in the  case  of  a  Conduit
Purchaser, the latest Commitment Expiration Date for any  of  its
Liquidity  Purchasers, (ii) the Amortization Period  Commencement
Date,   or   (iii)   the  date  on  which  a  Mandatory   Partial
Amortization Event is deemed to have occurred.

          "Purchaser  Group" shall mean each group of  Class  A-1
Purchasers  consisting  of  (i) a  Conduit  Purchaser,  (ii)  the
Liquidity Purchasers with respect to such Conduit Purchaser,  and
(iii)  any  Committed  Purchasers which  are  assignees  of  such
Conduit Purchaser or any such Liquidity Providers.

          "Purchaser  Percentage" shall mean, with respect  to  a
Committed  Purchaser  or  Conduit Purchaser,  its  Commitment  or
Maximum  Purchase Amount, as the case may be, as a percentage  of
the Class A-1 Purchase Limit.

          "Receivables   Transfer  Agreement"  shall   mean   the
Receivables  Transfer  Agreement, dated as  of  August  1,  1998,
between  SRI,  as purchaser, and Granite, as transferor,  as  the
same may from time to time be amended or otherwise modified.

          "Regulatory  Change" shall mean, as to each  Class  A-1
Purchaser,  any change occurring after the date of the  execution
and delivery of the Joinder Supplement or the Transfer Supplement
by  which  it became party to this Agreement; in the  case  of  a
Participant,  any change occurring after the date  on  which  its
Participation  became effective, or in the case  of  an  Affected
Party,  any  change occurring after the date it  became  such  an
Affected  Party, in any (or the adoption after such date  of  any
new):

          (i)  United States Federal or state law or foreign  law
     applicable  to such Class A-1 Purchaser, Affected  Party  or
     Participant  or  any  entity  controlling  such  Class   A-1
     Purchaser, Affected Party or Participant; or

          (ii)  regulation, interpretation, directive,  guideline
     or  request  (whether  or  not  having  the  force  of  law)
     applicable  to such Class A-1 Purchaser, Affected  Party  or
     Participant  or  any  entity  controlling  such  Class   A-1
     Purchaser,  Affected Party or Participant of  any  court  or
     other  judicial  authority  or  any  Governmental  Authority
     charged with the interpretation or administration of any law
     referred  to  in  clause (i) or of any fiscal,  monetary  or
     other   Governmental  Authority  or  central   bank   having
     jurisdiction  over such Class A-1 Purchaser, Affected  Party
     or  Participant  or any entity controlling  such  Class  A-1
     Purchaser, Affected Party or Participant.

          "Related  Documents"  shall  mean,  collectively,  this
Agreement  (including the Class A-1 Fee Letter  and  all  Joinder
Supplements  and  Transfer Supplements), the Class  A-2  Purchase
Agreement  (including  each fee letter,  joinder  supplement  and
transfer  supplement thereunder), the Class B Purchase  Agreement
(including  each  fee  letter, joinder  supplement  and  transfer
supplement   thereunder),  the  Master  Pooling   and   Servicing
Agreement,   the   Supplement,  the  Issuance   Supplement,   the
Series  1999-1  Certificates, the Receivables Purchase  Agreement
and the Receivables Transfer Agreement.

          "Required  Class A-1 Owners" shall mean, at  any  time,
Class  A-1 Owners having Percentage Interests aggregating greater
than 50%.

          "Required  Class  A-1 Purchasers" shall  mean,  at  any
time,   Committed  Purchasers  and  Liquidity  Purchasers  having
Commitments  aggregating  greater  than  50%  of  the  Class  A-1
Purchase Limit.

          "Requirement of Law" shall mean, as to any Person,  any
law,   treaty,  rule  or  regulation,  or  determination  of   an
arbitrator or Governmental Authority, in each case applicable  to
or  binding upon such Person or to which such Person is  subject,
whether  federal,  state  or  local (including  usury  laws,  the
Federal Truth in Lending Act and Regulation Z and Regulation B of
the Board of Governors of the Federal Reserve System).

          "Risk  Rate" shall mean, for any day, a rate per  annum
equal  to  the sum of (i) the Corporate Base Rate in  effect  for
such day, plus (ii) 2.00%.

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

          "Series  1999-1 Certificates" has the meaning specified
in the recitals to this Agreement.

          "SRI" has the meaning specified in the preamble to this
Agreement  and,  as used herein (except to the  extent  that  the
context  otherwise  requires), shall mean SRI in  its  individual
capacity (including its capacity as Originator).

          "Stage"  shall  mean  Stage Stores,  Inc.,  a  Delaware
corporation which is the parent of SRI.

          "Supplement" has the meaning specified in the  recitals
to this Agreement.

          "Support  Facility" shall mean any liquidity or  credit
support  agreement  or other facility with  a  Conduit  Purchaser
which   relates,  either  generally  or  specifically,  to   this
Agreement  (including any agreement to purchase an assignment  of
or  participation  in,  or to make loans  or  other  advances  in
respect of, Class A-1 Certificates).

          "Support Party" shall mean any bank, insurance  company
or  other entity extending or having a commitment to extend funds
to  or  for  the  account  of a Conduit Purchaser  (including  by
agreement to purchase an assignment of or participation in, or to
make   loans  or  other  advances  in  respect  of,   Class   A-1
Certificates) under a Support Facility.  Each Liquidity Purchaser
for a Conduit Purchaser shall be deemed to be a Support Party for
such Conduit Purchaser.

          "Taxes" has the meaning specified in subsection  2.5(a)
of this Agreement.

          "Termination  Event"  shall mean the  occurrence  of  a
Trust  Pay  Out  Event, a Series 1999-1 Pay Out Event,  Mandatory
Partial  Amortization  Event  or  a  Servicer  Default,  or   the
occurrence  of an event or condition which would be a  Trust  Pay
Out  Event,  a  Series  1999-1 Pay Out Event,  Mandatory  Partial
Amortization Event or a Servicer Default but for a waiver  of  or
failure   to   declare   or   determine   such   event   by   the
Certificateholders or the Trustee.

          "Transfer"  has  the  meaning specified  in  subsection
8.1(c) of this Agreement.

          "Transferee"  has the meaning specified  in  subsection
8.1(c) of this Agreement.

          "Transfer  Supplement"  has the  meaning  specified  in
subsection 8.1(e) of this Agreement.

          "Trust"  has  the meaning specified in the recitals  to
this Agreement.

          "Trustee" has the meaning specified in the recitals  to
this Agreement.

          "written"   or  "in  writing"  (and  other   variations
thereof)  shall  mean  any  form of written  communication  or  a
communication by means of telex, telecopier device, telegraph  or
cable.

          1.2   Other  Definitional Provisions.   (a)      Unless
otherwise  specified therein, all terms defined in this Agreement
shall  have the defined meanings when used in any certificate  or
other document made or delivered pursuant hereto.

          (b)   The words "hereof", "herein", and "hereunder" and
words  of similar import when used in this Agreement shall  refer
to  this Agreement as a whole and not to any particular provision
of this Agreement; and Section, subsection and Exhibit references
are  to  this Agreement, unless otherwise specified.   The  words
"including" and "include" shall be deemed to be followed  by  the
words "without limitation".

          SECTION 2.  AMOUNT AND TERMS OF COMMITMENTS

          2.1   Purchases.  (a)     On and subject to  the  terms
and  conditions of this Agreement, (i) each Conduit Purchaser may
purchase  its  Purchaser Percentage of the Class A-1 Certificates
on  the  Closing Date for a purchase price equal to its Purchaser
Percentage  of  the Class A-1 Initial Invested Amount,  and  (ii)
each  Liquidity  Purchaser for each Purchaser  Group,  severally,
agrees  to  purchase on the Closing Date its Liquidity Percentage
of  the  portion  of  the Class A-1 Initial Invested  Amount  not
purchased  by  the  Conduit Purchaser  in  such  Purchaser  Group
pursuant  to clause (i), in each case for a purchase price  equal
to  the  portion  of  the Class A-1 Initial  Invested  Amount  so
purchased.

          (b)  On and subject to the terms and conditions of this
Agreement  and prior to its Purchase Termination Date,  (i)  each
Conduit  Purchaser may purchase its Purchaser Percentage  of  any
Additional  Class  A-1  Invested  Amount  offered  for   purchase
pursuant  to Section 6.15 of the Pooling and Servicing Agreement,
and (ii) each Committed Purchaser (if any), severally, agrees  to
purchase  its  Purchaser Percentage of the Additional  Class  A-1
Invested  Amount  so offered for purchase, in  each  case  for  a
purchase price equal to the Additional Class A-1 Invested  Amount
so purchased.

          (c)   The  purchase  of the Class A-1 Initial  Invested
Amount  shall be made on prior notice from the Transferor to  the
Facility  Agent and each Agent received not later than 4:00  p.m.
New  York  City  time on the Business Day preceding  the  Closing
Date.   Each purchase of any Additional Class A-1 Invested Amount
on  the  applicable Purchase Date shall be made on  prior  notice
from the Transferor received by the Facility Agent and each Agent
not  later than 2:00 p.m. New York City time on the Business  Day
immediately preceding such Purchase Date.  Each such notice shall
be  irrevocable  and  shall specify (i) the aggregate  Class  A-1
Initial  Invested Amount or Additional Class A-1 Invested  Amount
to  be  purchased, (ii) the applicable Purchase Date (which shall
be  a Business Day), and (iii) instructions as to the deposit  of
the  proceeds of the purchase.  Each Agent shall promptly forward
a  copy  of  each  such notice received by it to each  Class  A-1
Purchaser in its Purchaser Group.

          (d)   Each Conduit Purchaser shall notify the Agent for
its  Purchaser  Group by 9:30 a.m., New York City  time,  on  the
applicable  Purchase Date whether it has determined to  make  the
purchase  offered to it pursuant to subsection 2.1(a) or  2.1(b),
as  applicable.  In the event that a Conduit Purchaser shall  not
have timely provided such notice such Conduit Purchaser shall  be
deemed to have determined not to make such purchase.  Such  Agent
shall  notify  the  Transferor, the Servicer and  each  Liquidity
Purchaser  for such Conduit Purchaser on or prior to 10:00  a.m.,
New  York  City  time, on the applicable Purchase  Date  if  such
Conduit Purchaser has not determined to purchase its entire share
of  the  Class  A-1  Initial Invested Amount  or  the  Additional
Class  A-1 Invested Amount, as the case may be, and shall specify
in  such  notice  (i)  the  identity of such  Conduit  Purchaser,
(ii) the portion of the Class A-1 Initial Invested Amount or  the
Additional Class A-1 Invested Amount, as the case may  be,  which
such  Conduit Purchaser has not elected to purchase  as  provided
above,  and  (iii) the respective Liquidity Percentages  of  such
Liquidity Purchasers on such Purchase Date (as determined by such
Agent  in  good  faith; for purposes of such determination,  such
Agent  shall be entitled to rely conclusively on the most  recent
information provided by such Conduit Purchaser or its agent or by
the  agent  for its Support Parties).  Subject to receiving  such
notice  and to the satisfaction of the applicable conditions  set
forth  in  Article  3  hereof, each of such  Conduit  Purchaser's
Liquidity  Purchasers  shall  on  the  applicable  Purchase  Date
purchase  a portion of the Class A-1 Initial Invested  Amount  or
the  Additional Class A-1 Invested Amount, as the  case  may  be,
which  such Conduit Purchaser has not elected to purchase  in  an
amount  equal to its Liquidity Percentage thereof, for a purchase
price  equal  to the a portion of the Class A-1 Initial  Invested
Amount  or the Additional Class A-1 Invested Amount, as the  case
may be, so purchased.

          (e)   Each Class A-1 Purchaser's purchase price payable
pursuant to subsection 2.1(a), 2.1(b) or 2.1(d) of this Agreement
shall  be  made  available to the Agent for its Purchaser  Group,
subject to the fulfillment of the applicable conditions set forth
in  Article  3  hereof, at or prior to 2:00 p.m., New  York  City
time,  on the applicable Purchase Date, by deposit of immediately
available  funds  to  an  account  of  such  Agent  specified  in
subsection  9.2(b) of this Agreement.  Such Agent shall  promptly
notify  the Transferor in the event that any Class A-1  Purchaser
either  fails  to make such funds available to such Agent  before
such time or notifies such Agent that it will not make such funds
available  to such Agent before such time.  Subject to  (i)  such
Agent's  receipt  of such funds and (ii) the fulfillment  of  the
applicable   conditions  set  forth  in  Article  3  hereof,   as
determined  by  such Agent, such Agent will not later  than  3:00
p.m.,  New York City time, on such Purchase Date make such  funds
available,  in the same type of funds received, by wire  transfer
thereof  to  the  account  of Transferor  in  the  United  States
specified  in  the applicable purchase notice given  pursuant  to
subsection 2.1(c) or, in the case of the purchase on the  Closing
Date,  specified in writing by the Transferor to such  Agent  not
later than the Business Day prior to the Closing Date.

          (f)   In the event that notwithstanding the fulfillment
of  the applicable conditions set forth in Article 3 hereof  with
respect  to  a purchase, a Conduit Purchaser elected  to  make  a
purchase on a Purchase Date but failed to make its purchase price
available  to the Agent for its Purchaser Group when required  by
subsection 2.1(e) of this Agreement, such Conduit Purchaser shall
be  deemed  to have rescinded its election to make such purchase,
and  neither  the Transferor nor any other party shall  have  any
claim against such Conduit Purchaser by reason for its failure to
timely  make  such purchase.  In any such case, such Agent  shall
give  notice  of  such  failure not later  than  noon,  New  York
City  time, on the Purchase Date to each Liquidity Purchaser  for
such  Conduit  Purchaser,  which notice  shall  specify  (i)  the
identity  of  such  Conduit Purchaser, (ii)  the  amount  of  the
purchase  which it had elected but failed to make and  (iii)  the
respective Liquidity Percentages of such Liquidity Purchasers  on
such  Purchase Date (as determined by such Agent in  good  faith;
for  purposes of such determination, such Agent shall be entitled
to  rely conclusively on the most recent information provided  by
such  Conduit  Purchaser or its agent or by  the  agent  for  its
Support Parties).  Subject to receiving such notice, each of such
Conduit Purchaser's Liquidity Purchasers shall purchase a portion
of  the  Class  A-1  Invested Amount in an amount  equal  to  its
Liquidity Percentage of the amount described in clause (ii) above
at or before 4:00 p.m., New York City time, on such Purchase Date
and  otherwise  in  accordance with  subsection  2.1(d)  of  this
Agreement.   Subject to such Agent's receipt of such funds,  such
Agent will not later than 5:00 p.m., New York City time, on  such
Purchase  Date  make such funds available, in the  same  type  of
funds  received, by wire transfer thereof to the account  of  the
Transferor  described  in subsection 2.1(e)  of  this  Agreement,
which  payment shall be deemed to be timely for purposes of  this
Agreement.

          (g)   The  Agent for each Purchaser Group shall  notify
the  Transferor, the Servicer and each Class A-1 Purchaser in its
Purchaser Group on the Closing Date (in the case of the  purchase
of  the Class A-1 Initial Invested Amount) or not later than  the
Business Day following the applicable Increase Date (in the  case
of any purchases of Additional Class A-1 Invested Amounts) of the
identity  of  each  Class A-1 Purchaser in such  Purchaser  Group
which  purchased  any portion of the Class A-1  Initial  Invested
Amount  or  any  Additional Class A-1  Invested  Amount  on  such
Purchase  Date, whether such Class A-1 Purchaser  was  a  Conduit
Purchaser, a Committed Purchaser or a Liquidity Purchaser and the
portion  of  the Class A-1 Initial Invested Amount or  Additional
Class A-1 Invested Amount purchased by such Class A-1 Purchaser.

          (h)   In  no  event  shall  a  Committed  Purchaser  be
required on any date to purchase an Additional Class A-1 Invested
Amount  which  would  result in its Percentage  Interest  of  the
Class  A-1  Principal Balance, determined after giving effect  to
such purchase, exceeding its Commitment, and in no event shall  a
Liquidity  Purchaser  be  required on any  date  to  purchase  an
Additional  Class A-1 Invested Amount which would result  in  its
Percentage   Interest  of  the  Class  A-1   Principal   Balance,
determined  after giving effect to such purchase,  exceeding  its
Adjusted  Commitment.  In no event may any Additional  Class  A-1
Invested  Amount  be  offered  for purchase  hereunder  or  under
Section 6.15 of the Supplement, nor shall any Class A-1 Purchaser
be  obligated  to  purchase  any Additional  Class  A-1  Invested
Amounts,  to  the  extent  that,  after  giving  effect  to  such
purchase,  the  Class  A-1  Principal Balance  would  exceed  the
Class A-1 Purchase Limit.

          (i)   The Class A-1 Purchasers in each Purchaser  Group
hereby  direct  that the Class A-1 Certificates be registered  in
the  name  of the Agent for such Purchaser Group, as  nominee  on
behalf  of the Class A-1 Purchasers in such Purchaser Group  from
time to time hereunder.

          (j)   The  Class A-1 Certificates and interest  thereon
shall be paid as provided in the Pooling and Servicing Agreement,
and  each  Agent shall allocate to the Class A-1  Owners  in  its
Purchaser  Group  each  payment  in  respect  of  the  Class  A-1
Certificates received by such Agent in its capacity as Class  A-1
Certificateholder as provided herein.  Payments in  reduction  of
the  Class A-1 Invested Amount shall be allocated and applied  to
Class  A-1  Owners pro rata based on their respective  Percentage
Interests of the Class A-1 Principal Balance, or in any such case
in  such  other proportions as each affected Class A-1  Purchaser
may  agree upon in writing from time to time with such Agent  and
the Transferor; provided that from and after a Partial Expiration
Date  until  the earlier to occur of (i) the Purchase Termination
Date for all Class A-1 Purchasers and (ii) the date on which  (A)
the  aggregate amount of payments in reduction of the  Class  A-1
Principal Balance made after such Partial Expiration Date  equals
(B)  the  aggregate  Class  A-1 Exiting  Purchaser   Amortization
Amount for such Partial Expiration Date, payments on a Class  A-1
Certificate  in  reduction  of  the  portion  of  the  Class  A-1
Principal  Balance evidenced by such Class A-1 Certificate  shall
be  allocated and applied to Class A-1 Owners of such  Class  A-1
Certificate which are Exiting Purchasers pro rata based on  their
respective  Percentage  Interests  of  the  Class  A-1  Principal
Balance.  Payments of interest in respect of the portion  of  the
Class  A-1 Principal Balance evidenced by a Class A-1 Certificate
shall  be  allocated  and applied to Class  A-1  Owners  of  such
Class  A-1 Certificate pro rata based upon the respective amounts
of  interest owed to them, determined as provided in Section  2.3
and  the  Issuance Supplement.  For purposes of  this  Agreement,
amounts  distributed  from the Interest Funding  Account  to  the
Class  A-1  Certificateholders shall first be  allocated  to  the
accrued and unpaid Class A-1 Program Fee.

          2.2     Reductions,   Increases   and   Extensions   of
Commitments.  (a)  At any time the Transferor may, upon at  least
10  Business  Days' prior written notice to each  Agent  and  the
Facility  Agent, reduce the Class A-1 Purchase Limit.  Each  such
partial  reduction shall be in an aggregate amount of  $5,000,000
or  integral multiples thereof (or such other amount requested by
the  Transferor  to  which  each Agent  and  the  Facility  Agent
consents).   Reductions of the Class A-1 Purchase Limit  pursuant
to this subsection 2.2(a) shall be allocated to the Commitment of
each  Committed Purchaser and the Maximum Purchase Amount of each
Conduit  Purchaser,  pro rata based on the  Purchaser  Percentage
represented  by such Commitment or Maximum Purchase Amount.   Any
such  reduction  in the Maximum Purchase Amount  of  the  Conduit
Purchaser  in a Purchaser Group shall automatically result  in  a
reduction of the aggregate Commitments of the Liquidity Providers
in  such  Purchaser  Group, which shall be allocated  among  such
Liquidity Purchasers pro rata based on their respective Liquidity
Percentages.

          (b)   On  the Purchase Termination Date for a Committed
Purchaser  or  Liquidity  Purchaser,  the  Commitment   of   such
Class A-1 Purchaser shall be automatically reduced to zero.

          (c)  The Class A-1 Purchase Limit may be increased from
time  to  time through the increase of the Commitment of  one  or
more  Committed  Purchasers  or Liquidity  Purchasers;  provided,
however, that no such increase shall have become effective unless
(i)  the  Agent for each applicable Purchaser Group, the Facility
Agent  and the Transferor shall have given their written  consent
thereto, (ii) in the case of an increase in the Commitment  of  a
Liquidity  Purchaser in a Purchaser Group, the Conduit  Purchaser
in  such Purchaser Group shall have consented thereto and  agreed
to  increase  its Maximum Purchase Amount, (iii) such  increasing
Committed  Purchaser or Liquidity Purchaser  shall  have  entered
into  an  appropriate amendment or supplement to  this  Agreement
reflecting such increased Commitment and (iv) such conditions, if
any,  as  the  Agent  for such Purchaser Group  or  such  Conduit
Purchaser  shall  have required in connection  with  its  consent
(including  the delivery of legal opinions with respect  to  such
Class  A-1  Purchaser and, in the case of a Liquidity  Purchaser,
the  agreement  of such Liquidity Purchaser to become  a  Support
Party  for  the  Conduit  Purchaser in its  Purchaser  Group  and
approvals  from  rating agencies which rate debt issued  by  such
Conduit Purchaser) shall have been satisfied.  The Transferor may
also  increase the Class A-1 Purchase Limit from time to time  by
adding additional Committed Purchasers or Liquidity Purchasers in
accordance with subsection 2.2(d).

          (d)        Subject  to  the provisions  of  subsections
8.1(a)  and 8.1(b) applicable to initial purchasers of Class  A-1
Certificates, any Person may from time to time with  the  consent
of  the  Facility Agent, each Agent and the Transferor  become  a
party  to  this Agreement as an initial or an additional  Conduit
Purchaser or an initial or an additional Committed  Purchaser  or
Liquidity  Purchaser  by  (i) delivering  to  the  Transferor  an
Investment   Letter   and  (ii)  entering   into   an   agreement
substantially in the form attached hereto as Exhibit B hereto  (a
"Joinder Supplement"), with the Transferor, acknowledged  by  the
Servicer,  which shall specify (A) the name and address  of  such
Person  for  purposes  of Section 9.2 hereof,  (B)  whether  such
Person  will be a Conduit Purchaser, a Liquidity Purchaser  or  a
Committed  Purchaser,  (C) if such Person  will  be  a  Liquidity
Purchaser or a Committed Purchaser, its Commitment and Commitment
Expiration  Date, (D) if such Person is a Conduit Purchaser,  its
Maximum  Purchase  Amount  and  the  identity  of  the  Liquidity
Purchasers  in  its Purchaser Group and their respective  initial
Liquidity   Percentages,  (E)  if  such  Person  is  a  Liquidity
Purchaser, the Conduit Purchaser for which it is acting as  such,
(F)  the applicable Purchaser Group for such Person, (G) if  such
Purchaser  Group is a new Purchaser Group, the name of the  Agent
therefor (which shall be a party to such Joinder Supplement), and
(H)  the  other information provided for in such form of  Joinder
Supplement.   Upon  its  receipt  of  a  duly  executed   Joinder
Supplement,  the  Facility  Agent shall  on  the  effective  date
determined pursuant thereto give notice of such effectiveness  to
each Agent, the Transferor, the Servicer and the Trustee, and the
Servicer  will provide notice thereof to each Rating  Agency  (if
required).   It shall be a condition to the effectiveness of  any
Joinder  Supplement for an additional Class A-1  Purchaser  after
the  Closing Date that each existing Class A-1 Purchaser sell  to
the  additional  Class  A-1 Purchaser  and  that  the  additional
Class  A-1  Purchaser  purchase  from  each  applicable  existing
Class A-1 Purchaser an interest in the Class A-1 Certificates for
a  purchase price equal to the portion of the Class A-1 Principal
Balance  purchased, so that, after giving effect to such purchase
and sale, (i) the aggregate Percentage Interest of the members of
each  Purchaser  Group shall be proportionate  to  the  aggregate
Commitments  of  members of each Purchaser Group,  and  (ii)  the
Percentage  Interest of each Committed Purchaser in  a  Purchaser
Group  and of the Conduit Purchaser in such Purchaser Group shall
be  proportionate  to  their respective  Commitments  or  Maximum
Purchase  Amount, as applicable (the Percentage Interest  of  any
Liquidity Purchaser in such Purchaser Group being deemed for such
purpose to be held by such Conduit Purchaser).

          (e)   The  Commitment Expiration Date for any Committed
Purchaser  or  Liquidity Purchaser may be extended from  time  to
time  to  time  at  the request of the Transferor  and  with  the
consent  of  such  Class A-1 Purchaser, the Facility  Agent,  the
Agent  for the applicable Purchaser Group and, in the case  of  a
Liquidity Purchaser, the related Conduit Purchaser; provided that
no  such  extension  shall  become effective  if,  prior  to  the
effective  date thereof, a Termination Event shall have occurred.
Any  Committed Purchaser or Liquidity Purchaser shall  become  an
"Exiting  Purchaser"  after its scheduled  Commitment  Expiration
Date  unless such date has been extended.  If (i) the Transferor,
not  more than 180 and no less than 90 days prior to a Commitment
Expiration Date for a Committed Purchaser or Liquidity Purchaser,
has  requested  such  Class A-1 Purchaser   (by  notice  to  such
Class  A-1  Purchaser with a copy to the Agent for its  Purchaser
Group,  the  Facility  Agent and, in  the  case  of  a  Liquidity
Purchaser,  to  its related Conduit Purchaser),  to  extend  such
Commitment  Expiration Date to the date which is 364  days  after
the  effective  date requested by the Transferor (the  "Extension
Date"), which shall not be earlier than 60 days after the date of
such  request nor later than the Commitment Expiration Date  then
in  effect, (ii) such Committed Purchaser or Liquidity Purchaser,
as  applicable, shall not have notified the Transferor, the Agent
for its Purchaser Group, the Facility Agent and, in the case of a
Liquidity  Purchaser,  its  related  Conduit  Purchaser  of   its
willingness  in  its sole discretion to so extend its  Commitment
Expiration  Date at least 30 days (such 30th day, the  "Extension
Notice  Deadline")  prior  to the proposed  Extension  Date,  and
(iii)  no  Termination Event shall have occurred, such  Committed
Purchaser  or  Liquidity  Purchaser, as applicable,  shall  be  a
"Dissenting  Purchaser"  from  and after  such  Extension  Notice
Deadline.

          (f)   Promptly after an Extension Notice Deadline,  the
Agent  for  a  Purchaser Group containing a Dissenting  Purchaser
shall  promptly  notify each other Class A-1  Purchaser  in  such
Purchaser  Group, each other Agent (which shall thereupon  notify
each  Class  A-1 Purchaser in its Purchaser Group), the  Facility
Agent,  the Transferor and the Servicer of the identity  of  each
Dissenting  Purchaser  in such Agent's Purchaser  Group  and  the
amount  of  its Commitment.  Either such Agent or the Transferor,
with  the  consent of such Agent and, if the Dissenting Purchaser
is  a  Liquidity Purchaser, each affected Conduit Purchaser,  may
(but  shall  not be required to) request that one or  more  other
Class  A-1 Purchasers, or another entity acceptable to such Agent
and  the Facility Agent in their  reasonable discretion, and,  if
the  Dissenting Purchaser is a Liquidity Purchaser, each affected
Conduit  Purchaser  in  its sole discretion,  acquire  all  or  a
portion  of  the Commitment of the Dissenting Purchaser  and  all
amounts  payable  to  it  hereunder and  under  the  Pooling  and
Servicing  Agreement  in  accordance  with  Section  8.1.    Each
Dissenting Purchaser hereby agrees to assign all or a portion  of
its  Commitment and the amounts payable to it hereunder and under
the  Pooling  and  Servicing Agreement to a replacement  investor
identified  by  the  applicable  Agent  in  accordance  with  the
preceding  sentence, subject to ratable payment  such  Dissenting
Purchaser's  Percentage  Interest  of  the  Class  A-1  Principal
Balance,  together with all accrued and unpaid interest  thereon,
and  a  ratable portion of all fees and other amounts due  to  it
hereunder.

          2.3  Calculation of Interest, Fees, Expenses, Payments,
Etc.  (a) SRPC agrees to pay to each Agent for the account of the
Class A-1 Purchasers in its Purchaser Group the Class A-1 Program
Fees,  the Class A-1 Utilization Fees and other amounts set forth
in the Class A-1 Fee Letter at the times specified therein.

          (b)    SRPC  further  agrees  to  pay  within  30  days
following  receipt of an invoice therefor to the  initial  Agent,
the  Facility  Agent  and the initial Class  A-1  Purchasers  all
reasonable costs and expenses in connection with the preparation,
execution,  delivery and initial syndication, of  this  Agreement
and each related Support Facility, and the other documents to  be
delivered  hereunder  or  in connection herewith,  including  the
reasonable  fees  and out-of-pocket expenses of counsel  for  the
initial  Agent,  the  Facility Agent  and  each  of  the  initial
Class A-1 Purchasers with respect thereto.  SRI further agrees to
pay  to  each  Agent,  the  Facility Agent  and  each  Class  A-1
Purchaser,   promptly  following  presentation  of   an   invoice
therefor, all reasonable costs and expenses (including reasonable
fees  and  expenses of counsel), if any, in connection  with  the
administration  (including any requested amendments,  waivers  or
consents  of  any of the Related Documents or Support Facilities)
hereof  or  of any of the Related Documents or Support Facilities
and  the  other  documents delivered thereunder or in  connection
therewith.

          (c)   SRI  agrees  to pay to each Agent,  the  Facility
Agent   and   each   Class  A-1  Purchaser,  promptly   following
presentation  of  an invoice therefor, all reasonable  costs  and
expenses (including reasonable fees and expenses of counsel),  if
any,  in connection with the enforcement hereof or of any of  the
Related  Documents or Support Facilities and the other  documents
delivered thereunder or in connection therewith.

          (d)   SRI  further agrees to pay on demand any and  all
stamp,  transfer  and other taxes (other than  Taxes  covered  by
Section 2.5) and governmental fees payable in connection with the
execution,  delivery, filing and recording of any of the  Related
Documents  and  each  related  Support  Facility  or  the   other
documents and agreements to be delivered hereunder and thereunder
or  otherwise  in connection with the issuance of Series  1999-1,
and  agrees  to save each Class A-1 Purchaser and Agent  and  the
Facility  Agent  harmless from and against any  liabilities  with
respect  to or resulting from any delay in paying or any omission
to pay such taxes and fees.

          (e)   Periodic  fees or other periodic amounts  payable
hereunder shall be calculated, unless otherwise specified in  the
Class A-1 Fee Letter, on the basis of a 360-day year and for  the
actual  days  elapsed.  Interest calculated by reference  to  the
Corporate Base Rate shall be calculated on the basis of a 365- or
366-day year, as applicable, for the actual days elapsed.

          (f)   Each  Class A-1 Purchaser shall be allocated  the
share  of  interest on the Class A-1 Principal Balance  for  each
Interest  Accrual Period which is determined for  its  Percentage
Interest thereof pursuant to Section 4(a) of and Exhibit  B-1  to
the Issuance Supplement.

               At  or  before 5:00 p.m., New York City  time,  on
each  Certificate Rate Determination Date, each Conduit Purchaser
shall  notify  the  Agent  for its Purchaser  Group  of  (i)  the
Commercial  Paper Rate, if applicable, in effect for the  related
Interest  Accrual  Period,  and  (ii)  the  date  on  which   the
Alternative Rate became applicable to its Invested Percentage  of
the  Covered  Portion  of the Class A-1 Principal  Balance  or  a
portion  thereof  pursuant  to  the  Issuance  Supplement.   Such
notification may be based on such Conduit Purchaser's estimate of
the Commercial Paper Rate if the actual rate is not then known to
such  Conduit Purchaser, and in such case, such Conduit Purchaser
shall  notify such Agent at or before 12:00 noon, New  York  City
time, on the following Certificate Rate Determination Date of the
amount  of any variation between interest payable to such Conduit
Purchaser  for  the applicable Interest Accrual Period  based  on
such estimate and interest which should have been payable to such
Conduit Purchaser for such Interest Accrual Period based  on  its
final determination of the applicable Commercial Paper Rate.  The
amount of any shortfall in interest based on such variation shall
be  deferred  (without interest thereon) and be included  in  the
portion  of Class A-1 Interest payable to such Conduit  Purchaser
for  the following Interest Accrual Period, and the amount of any
overpayment of interest to such Conduit Purchaser based  on  such
variation  shall  be credited (without interest thereon),  dollar
for  dollar, against the portion of Class A-1 Interest  otherwise
payable  to  such  Conduit Purchaser for the  following  Interest
Accrual  Period.  Each determination by the Conduit Purchaser  of
its  applicable Commercial Paper Rate pursuant to this  Agreement
shall be conclusive and binding on the Class A-1 Purchasers,  the
Agents,  the  Transferor, the Servicer and  the  Trustee  in  the
absence of manifest error.  In the event that a Conduit Purchaser
issues  Commercial Paper Notes in good faith in order to  prefund
the  purchasing or maintaining of its Percentage Interest of  the
Class A-1 Principal Balance hereunder, it is understood that  the
portion  of  the  Commercial  Paper  Rate  attributable  to  such
Commercial  Paper  Notes, as otherwise determined  in  accordance
with the Issuance Supplement, shall be reduced to give effect  to
any earnings (net of any investment losses and expenses) received
on  a  cash  basis by such Conduit Purchaser from  the  temporary
investment  of  the proceeds thereof prior to the application  of
such   proceeds  to  fund  its  purchasing  or  maintaining  such
Percentage Interest.

               Each  Agent  shall  notify the  Servicer  on  each
Certificate Rate Determination Date of the Commercial Paper Rate,
the  Alternative Rate and the Risk Rate, as applicable,  and  the
Class  A-1  Interest  for  the related  Interest  Accrual  Period
substantially  in  the  form  of Exhibit  B-1A  to  the  Issuance
supplement  (or such other form which may be mutually  acceptable
to the applicable Agent and the Servicer from time to time).  For
such  purposes, each Agent may rely conclusively on notices  from
the  Conduit  Purchasers pursuant to this subsection  as  to  the
interest  rate  or  rates  from time to time  applicable  to  its
Percentage  Interest  of the Class A-1 Principal  Balance.   Such
notification  from  an  Agent  may  be  based  on   the   Conduit
Purchaser's estimate of the Commercial Paper Rate as provided  to
such  Agent and upon estimates of the Class A-1 Interest  if  the
actual amount is not then known to such Agent.  In any such case,
such  Agent shall notify the Servicer on or before the  following
Certificate  Rate  Determination  Date  of  the  amount  of   any
variation between the estimated Class A-1 Interest and the actual
Class  A-1  Interest for the preceding Interest  Accrual  Period.
Subject  to any Estimated Interest Adjustment, each determination
of the Commercial Paper Rate, the Alternative Rate, the Risk Rate
and  the Class A-1 Interest by any Agent shall be conclusive  and
binding on the Class A-1 Purchasers, the Transferor, the Servicer
and the Trustee in the absence of manifest error.

          (g)   All  payments to be made hereunder or  under  the
Pooling and Servicing Agreement, whether on account of principal,
interest,  fees  or  otherwise, shall be made without  setoff  or
counterclaim and shall be made prior to 2:30 p.m., New York  City
time,  on  the due date thereof in United States dollars  and  in
immediately  available funds (i) in the case of payments  to  the
Facility  Agent,  to its account specified in  subsection  9.2(b)
hereof  or  (ii) in the case of payments to a Class A-1 Purchaser
or  an  Agent  in  a  Purchaser Group, to  such  Agent's  account
specified in subsection 9.2(b) hereof.  Any such payment received
after  2:30 p.m. New York City time shall be deemed to have  been
made on the next Business Day. Notwithstanding anything herein to
the  contrary,  if  any  payment due hereunder  becomes  due  and
payable  on  a  day other than a Business Day, the  payment  date
thereof shall be extended to the next succeeding Business Day and
interest shall accrue thereon at the applicable rate during  such
extension.   To the extent that (i) the Trustee, SRPC,  SRI,  the
Transferor  or  the Servicer makes a payment  to  an  Agent,  the
Facility  Agent or a Class A-1 Purchaser or (ii) such Agent,  the
Facility Agent or such Class A-1 Purchaser receives or is  deemed
to  have received any payment or proceeds for application  to  an
obligation,  which payment or proceeds or any  part  thereof  are
subsequently   invalidated,  declared   to   be   fraudulent   or
preferential,  set aside or required to be repaid to  a  trustee,
receiver  or  any other party under any bankruptcy or  insolvency
law,  state  or federal law, common law, or for equitable  cause,
then,  to the extent such payment or proceeds are set aside,  the
obligation  or  part  thereof intended to be satisfied  shall  be
revived and continue in full force and effect, as if such payment
or  proceeds  had  not been received or deemed received  by  such
Agent,  the  Facility Agent or such Class A-1 Purchaser,  as  the
case may be.

          (h)        The  obligations of SRPC under this  Section
2.3 are subject to subsection 9.11(a) hereof.

          2.4   Requirements of Law.  (a)  In the event that  any
Class  A-1  Purchaser shall have reasonably determined  that  any
Regulatory Change shall:

               (i)   subject such Class A-1 Purchaser to any  tax
     of  any kind whatsoever with respect to this Agreement,  its
     Commitment  or  its beneficial interest  in  the  Class  A-1
     Certificates, or change the basis of taxation of payments in
     respect thereof (except for Taxes covered by Section 2.5 and
     taxes  included  in  the definition  of  Excluded  Taxes  in
     subsection  2.5(a) and changes in the rate  of  tax  on  the
     overall net income of such Class A-1 Purchaser); or

               (ii)       impose,  modify or hold applicable  any
     reserve,   special  deposit,  compulsory  loan  or   similar
     requirement  against  assets  held  by,  deposits  or  other
     liabilities  in  or for the account of, advances,  loans  or
     other  extensions of credit by, or any other acquisition  of
     funds by, such Class A-1 Purchaser;

and the result of any of the foregoing is to increase the cost to
such  Class  A-1  Purchaser, by an amount which  such  Class  A-1
Purchaser deems to be material, of maintaining its Commitment  or
its  interest  in  the Class A-1 Certificates or  to  reduce  any
amount  receivable in respect thereof, then, in  any  such  case,
after submission by such Class A-1 Purchaser to the Agent in  its
Purchaser  Group of a written request therefor and the submission
by  such Agent to the Transferor and the Servicer of such written
request  therefor  (with  a  copy to  the  Facility  Agent),  the
Transferor  (subject to subsection 9.11(a) hereof) shall  pay  to
the  such  Agent for the account of such Class A-1 Purchaser  any
additional  amounts  necessary  to  compensate  such  Class   A-1
Purchaser  for such increased cost or reduced amount  receivable,
together  with interest on each such amount from the Distribution
Date  following  receipt by the Transferor of  such  request  for
compensation  under this subsection 2.4(a), if  such  request  is
received  by the Transferor at least five Business Days prior  to
the  Determination  Date related to such Distribution  Date,  and
otherwise from the following Distribution Date, until payment  in
full  thereof (after as well as before judgment) at the Risk Rate
in effect from time to time.

          (bi   In  the event that any Class A-1 Purchaser  shall
have  determined  that  any Regulatory Change  regarding  capital
adequacy  has the effect of reducing the rate of return  on  such
Class  A-1  Purchaser's capital or on the capital of  any  entity
controlling  such  Class A-1 Purchaser as a  consequence  of  its
obligations hereunder or its maintenance of its Commitment or its
interest  in  the  Class A-1 Certificates to a level  below  that
which such Class A-1 Purchaser or such entity could have achieved
but  for  such Regulatory Change (taking into consideration  such
Class  A-1 Purchaser's or such entity's policies with respect  to
capital adequacy) by an amount deemed by such Class A-1 Purchaser
to be material, then, from time to time, after submission by such
Class  A-1  Purchaser to the Agent in its Purchaser  Group  of  a
written  request  therefor and submission by such  Agent  to  the
Transferor  and  the  Servicer of such written  request  therefor
(with  a copy to the Facility Agent), the Transferor (subject  to
subsection  9.11(a) hereof) shall pay to the such Agent  for  the
account  of  such Class A-1 Purchaser such additional  amount  or
amounts  as  will  compensate such Class A-1  Purchaser  or  such
entity  for such reduction, together with interest on  each  such
amount  from  the  Distribution Date  following  receipt  by  the
Transferor of such request for compensation under this subsection
2.4(b),  if such request is received by the Transferor  at  least
five  Business  Days prior to the Determination Date  related  to
such   Distribution  Date,  and  otherwise  from  the   following
Distribution Date, until payment in full thereof (after  as  well
as before judgment) at the Risk Rate in effect from time to time.

          (ci   Each Class A-1 Purchaser agrees that it shall use
its  reasonable  efforts  to reduce or eliminate  any  claim  for
compensation pursuant to subsections 2.4(a) and 2.4(b), including
but  not limited to designating a different Investing Office  for
its  Class  A-1  Certificates (or any interest therein)  if  such
designation will avoid the need for, or reduce the amount of, any
increased amounts referred to in subsection 2.4(a) or 2.4(b)  and
will  not, in the reasonable opinion of such Class A-1 Purchaser,
be  unlawful  or  otherwise disadvantageous  to  such  Class  A-1
Purchaser  or  inconsistent with its policies  or  result  in  an
unreimbursed cost or expense to such Class A-1 Purchaser or in an
increase  in  the aggregate amount payable under both subsections
2.4(a) and 2.4(b).

          (di    Each  Class  A-1  Purchaser  claiming  increased
amounts described in subsection 2.4(a) or 2.4(b) will furnish  to
the  Agent for its Purchaser Group (together with its request for
compensation) a certificate prepared in good faith setting  forth
the  basis  and  the  calculation of the  amount  (in  reasonable
detail) of each request by such Class A-1 Purchaser for any  such
increased  amounts  referred to in subsection 2.4(a)  or  2.4(b).
Any  such certificate shall be conclusive absent manifest  error,
and  such  Agent shall deliver a copy thereof to the  Transferor,
the  Servicer and the Facility Agent.  Failure on the part of any
Class  A-1  Purchaser  to  demand  compensation  for  any  amount
pursuant  to  subsection 2.4(a) or 2.4(b)  with  respect  to  any
period   shall  not  constitute  a  waiver  of  such  Class   A-1
Purchaser's  right to demand compensation with  respect  to  such
period.

          2.5   Taxes.  (a)  All payments made to the  Class  A-1
Purchasers, the Facility Agent or the Agents under this Agreement
and  the  Pooling and Servicing Agreement (including all  amounts
payable with respect to the Class A-1 Certificates) shall, to the
extent  allowed  by law, be made free and clear of,  and  without
deduction  or  withholding for or on account of, any  present  or
future  income,  stamp or other taxes, levies,  imposts,  duties,
charges,  fees,  deductions  or withholdings,  now  or  hereafter
imposed,   levied,  collected,  withheld  or  assessed   by   any
Governmental  Authority  (collectively, "Taxes"),  excluding  (i)
income  taxes (including branch profit taxes, minimum  taxes  and
taxes  computed under alternative methods, at least one of  which
is  based on or measured by net income), franchise taxes (imposed
in lieu of income taxes), or any other taxes based on or measured
by  the net income of the Class A-1 Purchaser, the Facility Agent
or the Agent (as the case may be) or the gross receipts or income
of  the Class A-1 Purchaser, the Facility Agent or the Agent  (as
the case may be); (ii) any Taxes that would not have been imposed
but  for  the  failure of such Class A-1 Purchaser, the  Facility
Agent  or  the Agent, as applicable, to provide and keep  current
(to   the  extent  legally  able)  any  certification  or   other
documentation  required  to qualify for  an  exemption  from,  or
reduced rate of, any such Taxes or required by this Agreement  to
be  furnished by such Class A-1 Purchaser, the Facility Agent  or
such  Agent,  as  applicable; and (iii) any Taxes  imposed  as  a
result  of  a change by any Class A-1 Purchaser of the  Investing
Office  (other than changes mandated by this Agreement, including
subsection 2.4(c) hereof, or required by law) (all such  excluded
taxes  being hereinafter called "Excluded Taxes").  If any Taxes,
other  than Excluded Taxes, are required to be withheld from  any
amounts  payable to a Class A-1 Purchaser, the Facility Agent  or
an  Agent hereunder or under the Pooling and Servicing Agreement,
then after submission by any Class A-1 Purchaser to the Agent for
its  Purchaser  Group  (in the case of an  amount  payable  to  a
Class  A-1  Purchaser) and such Agent to the Transferor  and  the
Servicer  of a written request therefor (with a copy  thereof  to
the Facility Agent), or after submission by the Facility Agent or
any  Agent to the Transferor or the Servicer of a written request
therefor  with a copy thereof to the Facility Agent (in the  case
of an Agent), the amounts so payable to such Class A-1 Purchaser,
the  Facility  Agent  or   such Agent, as  applicable,  shall  be
increased  and  the Transferor shall be liable  to  pay  to  such
Class  A-1  Purchaser or for its own account, as applicable,  the
amount of such increase) to the extent necessary to yield to such
Class  A-1  Purchaser,  the Facility  Agent  or  such  Agent,  as
applicable (after payment of all such Taxes) interest or any such
other amounts payable hereunder or thereunder at the rates or  in
the  amounts  specified in this Agreement  and  the  Pooling  and
Servicing  Agreement;  provided, however,  that  the  amounts  so
payable to such Class A-1 Purchaser, the Facility Agent or   such
Agent  shall not be increased pursuant to this subsection  2.5(a)
if  such requirement to withhold results from the failure of such
Person  to  comply with subsection 2.5(c) hereof.   Whenever  any
Taxes are payable on or with respect to amounts distributed to  a
Class  A-1 Purchaser, the Facility Agent or an Agent, as promptly
as  possible thereafter the Servicer shall send to the applicable
Agent, on behalf of such Class A-1 Purchaser (if applicable),  or
to  the  Facility Agent, a certified copy of an original official
receipt  showing  payment  thereof.  If  the  Trustee,  upon  the
direction of the Servicer, fails to pay any Taxes when due to the
appropriate  taxing authority or fails to remit to  the  Facility
Agent  or  to the applicable Agent, on behalf of itself  or  such
Class  A-1  Purchaser (as applicable), the required  receipts  or
other   required  documentary  evidence,  subject  to  subsection
9.11(a), the Transferor shall pay to such Agent on behalf of such
Class  A-1  Purchaser or for its own account, as applicable,  any
incremental taxes, interest or penalties that may become  payable
by the Facility Agent or by such Class A-1 Purchaser or Agent, as
applicable, as a result of any such failure.  In addition to  the
foregoing,  the Transferor hereby agrees, subject  to  subsection
9.11(a),  to indemnify and hold harmless, on an after-tax  basis,
each  Class  A-1 Purchaser and Agent and the Facility Agent  from
and  against any and all Taxes (including Excluded Taxes) imposed
on  such  party  solely  by reason of any tax  treatment  of  the
Class   A-1   Certificates   that  is   inconsistent   with   the
characterization thereof as indebtedness for federal,  state  and
local  income  tax purposes or by reason of the  failure  of  the
Transferor   or   the   owner  of  the  Exchangeable   Transferor
Certificate  to  file  any federal, state  or  local  income  tax
returns  or reports on the basis that Class A-1 Certificates  are
indebtedness for federal, state and local income tax purposes.

          (b0   A  Class  A-1 Purchaser or Agent or the  Facility
Agent  claiming  increased amounts under  subsection  2.5(a)  for
Taxes paid or payable by such Class A-1 Purchaser or Agent or the
Facility Agent, as applicable, will furnish to the Transferor and
the  Servicer a certificate prepared in good faith setting  forth
the  basis and amount of each request by such Class A-1 Purchaser
or  the Facility Agent, as applicable, for such Taxes.  Any  such
certificate  of a Class A-1 Purchaser, the Facility Agent  or  an
Agent shall be conclusive absent manifest error.  Failure on  the
part  of any Class A-1 Purchaser, the Facility Agent or any Agent
to  demand additional amounts pursuant to subsection 2.5(a)  with
respect to any period shall not constitute a waiver of the  right
of such Class A-1 Purchaser, the Facility Agent or such Agent, as
the  case  may  be, to demand compensation with respect  to  such
period. All such amounts shall be due and payable to the Facility
Agent  or to such Agent on behalf of such Class A-1 Purchaser  or
for its own account, as the case may be, on the Distribution Date
following receipt by the Transferor of such certificate, if  such
certificate is received by the Transferor at least five  Business
Days prior to the Determination Date related to such Distribution
Date  and  otherwise shall be due and payable  on  the  following
Distribution   Date  (or,  if  earlier,  on  the  Series   1999-1
Termination Date).

          (c0   Each  Class  A-1 Purchaser and  each  Participant
holding  an interest in Class A-1 Certificates agrees that  prior
to  the date on which the first interest or fee payment hereunder
is  due thereto, it will deliver to the Transferor, the Servicer,
the  Trustee  and the Agent for its Purchaser Group (i)  if  such
Class A-1 Purchaser or Participant is not incorporated under  the
laws  of  the  United  States  or any  State  thereof,  two  duly
completed  copies of the U.S. Internal Revenue Service Form  4224
or  successor  applicable forms required  to  evidence  that  the
Class A-1 Purchaser's or Participant's income from this Agreement
or the Class A-1 Certificates is "effectively connected" with the
conduct of a trade or business in the United States, and  (ii)  a
duly  completed U.S. Internal Revenue Service Form W-8 or W-9  or
successor applicable or required forms.  Each Class A-1 Purchaser
or Participant holding an interest in Class A-1 Certificates also
agrees  to  deliver to the Transferor, the Servicer, the  Trustee
and  the Agent for its Purchaser Group two further copies of such
Form 4224 and Form W-8 or W-9, or such successor applicable forms
or  other  manner of certification, as the case  may  be,  on  or
before the date that any such form expires or becomes obsolete or
after the occurrence of any event requiring a change in the  most
recent  form  previously  delivered by  it  hereunder,  and  such
extensions or renewals thereof as may reasonably be requested  by
the  Servicer or the applicable Agent, unless in any  such  case,
solely  as  a  result of a change in treaty,  law  or  regulation
occurring  prior  to  the date on which any such  delivery  would
otherwise be required, and assuming that Section 1446 of the Code
does not apply, the Class A-1 Purchaser is no longer eligible  to
deliver  the then-applicable form set forth above and so  advises
the  Servicer and the applicable Agent.  Each Class A-1 Purchaser
which  is  a  party to a Joinder Supplement certifies, represents
and warrants as of the effective date of such Joinder Supplement,
each  Assignee and each Participant (in either case other than  a
Support  Party)  shall  certify,  represent  and  warrant  as   a
condition of acquiring its Assignment or Participation as of  the
effect date of the Transfer Supplement to which it is a party  or
of such Participation, as the case may be, and each Support Party
shall certify, represent and warrant as of the effective date  of
its  becoming a Support Party, that (x) in the case of Form  4224
(if  applicable), its income from this Agreement or the Class A-1
Certificates is effectively connected with a United States  trade
or  business  and  (y) that it is entitled to an  exemption  from
United  States backup withholding tax.  Further, each  Class  A-1
Purchaser  and  each  Participant  acquiring  an  interest  in  a
Class A-1 Certificate covenants that for so long as it shall  own
Class  A-1  Certificates or such Participation,  such  Class  A-1
Certificates or Participation shall be held in such  manner  that
the  income  therefrom shall be effectively  connected  with  the
conduct of a United States trade or business.

          2.6   Indemnification.  (a)  SRI and  SRPC  (each  such
Person  being  referred  to  as  an  "Indemnitor"),  jointly  and
severally,  agree to indemnify and hold harmless each Agent,  the
Facility  Agent  and each Class A-1 Purchaser and any  directors,
officers,  employees, agents, attorneys, auditors or  accountants
of  each  Agent, the Facility Agent or Class A-1 Purchaser  (each
such  Person  being  referred to as  an  "Indemnitee")  from  and
against  any and all claims, damages, losses, liabilities,  costs
or expenses whatsoever (including reasonable fees and expenses of
legal  counsel) which such Indemnitee may incur (or which may  be
claimed against such Indemnitee) arising out of, by reason of  or
in  connection with the execution and delivery of, or payment  or
other  performance  under, or the failure  to  make  payments  or
perform  under,  any  Related Document or  the  issuance  of  the
Series  1999-1  Certificates (including in  connection  with  the
preparation  for  defense  of  any investigation,  litigation  or
proceeding arising out of, related to or in connection with  such
execution,  delivery, payment, performance or  issuance),  except
(i)  to  the extent that any such claim, damage, loss, liability,
cost or expense is shall be caused by the willful misconduct, bad
faith, recklessness or gross negligence of such Indemnitee,  (ii)
to  the extent that any such claim, damage, loss, liability, cost
or  expense is covered by subsection 2.3(c) or Section 2.4 or 2.5
hereof or relates to any Excluded Taxes, (iii) to the extent that
any  such claim, damage, loss, liability, cost or expense relates
to  disclosure  made  by  an Agent or a Class  A-1  Purchaser  in
connection  with  an  Assignment  or  Participation  pursuant  to
Section  8.1 of this Agreement which disclosure is not  based  on
information given to such Agent or such Class A-1 Purchaser by or
on  behalf  of SRPC, SRI, the Transferor or the Servicer  or  any
affiliate  thereof or by or on behalf of the Trustee or  (iv)  to
the  extent  that  such claim, damage, loss, liability,  cost  or
expense  shall  be  caused by a charge off of  Receivables.   The
foregoing  indemnity shall include any claims,  damages,  losses,
liabilities,  costs or expenses to which any such Indemnitee  may
become subject under Securities Act, the Securities Exchange  Act
of  1934,  as  amended, the Investment Company Act  of  1940,  as
amended, or other federal or state law or regulation arising  out
of or based upon any untrue statement or alleged untrue statement
of  a  material fact in any disclosure document relating  to  the
Series   1999-1  Certificates  or  any  amendments   thereof   or
supplements  thereto  (other  than  statements  provided  by  the
Indemnitee expressly for inclusion therein) or arising out of, or
based  upon,  the  omission or the alleged omission  to  state  a
material  fact  necessary to make the statements therein  or  any
amendment  thereof  or  supplement  thereto,  in  light  of   the
circumstances in which they were made, not misleading (other than
with  respect to statements provided by the Indemnitee  expressly
for inclusion therein).

          (bi   Promptly after the receipt by an Indemnitee of  a
notice  of  the commencement of any action against an Indemnitee,
such Indemnitee will notify the Agent for its Purchaser Group and
such  Agent  will, if a claim in respect thereof is  to  be  made
against an Indemnitor pursuant to subsection 2.6(a), notify  such
Indemnitor  in  writing  of  the commencement  thereof;  but  the
omission so to notify such party will not relieve such party from
any  liability which it may have to such Indemnitee  pursuant  to
the  preceding paragraph.  If any such action is brought  against
an  Indemnitee and it notifies an Indemnitor of its commencement,
such  Indemnitor will be entitled to participate in and,  to  the
extent  that  it so elects by delivering written  notice  to  the
Indemnitee promptly after receiving notice of the commencement of
the  action from the Indemnitee to assume the defense of any such
action, with counsel mutually satisfactory to such Indemnitor and
each  affected Indemnitee.  After receipt of such  notice  by  an
Indemnitor from an Indemnitee, such Indemnitor will not be liable
to  such  Indemnitee  for any legal or other expenses  except  as
provided   below   and  except  for  the  reasonable   costs   of
investigation   subsequently  incurred  by  the   Indemnitee   in
connection with the defense of such action.  Each Indemnitee will
have the right to employ its own counsel in any such action,  but
the  fees, expenses and other charges of such counsel will be  at
the  expense of the such Indemnitee unless (i) the employment  of
such counsel by such Indemnitee has been authorized in writing by
such Indemnitor, (ii) such Indemnitor shall have failed to assume
the defense and employ counsel, or (iii) the named parties to any
such  action  or  proceeding (including  any  impleaded  parties)
include  both such Indemnitee and either an Indemnitor or another
person or entity that may be entitled to indemnification from  an
Indemnitor (by virtue of this Section 2.6 or otherwise) and  such
Indemnitee shall have been advised by counsel that there  may  be
one or more legal defenses available to such Indemnitee which are
different  from or additional to those available to an Indemnitor
or such other party or shall otherwise have reasonably determined
that  the  co-representation would present such  counsel  with  a
conflict of interest (in which case the Indemnitor will not  have
the  right to direct the defense of such action on behalf of  the
Indemnitee).    In   any   such  case,   the   reasonable   fees,
disbursements and other charges of counsel will be at the expense
of the Indemnitor; it being understood that in no event shall the
Indemnitors  be  liable  for the fees,  disbursements  and  other
charges  of  more  than  two counsel (in addition  to  any  local
counsel) for all Indemnitees in connection with any one action or
separate  but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances.  An
Indemnitor  shall not be liable for any settlement  of  any  such
action,  suit or proceeding effected without its written consent,
which shall not be unreasonably withheld, but if settled with the
written  consent of an Indemnitor or if there shall  be  a  final
judgment  for  the  plaintiff  in  any  such  action,   suit   or
proceeding, such Indemnitor agrees to indemnify and hold harmless
any  Indemnitee to the extent set forth in this letter  from  and
against  any loss, claim, damage, liability or expense by  reason
of such settlement or judgement.  Notwithstanding the immediately
preceding sentence, if in any case where the fees and expenses of
counsel  are  at the expense of an Indemnitor and  an  Indemnitee
shall have requested such Indemnitor to reimburse such Indemnitee
for   such  fees  and  expenses  of  counsel  as  incurred,  such
Indemnitor  agrees that it shall be liable for any settlement  of
any  action  effected  without its written consent  if  (i)  such
settlement is entered into more than ten business days after  the
receipt by such Indemnitor of the aforesaid request and (ii) such
Indemnitor  shall  have  failed to reimburse  the  Indemnitee  in
accordance with such request for reimbursement prior to the  date
of  such  settlement.   No Indemnitor shall,  without  the  prior
written consent of an Indemnitee, settle or compromise or consent
to  the entry of any judgment in any pending or threatened claim,
action,  suit  or  proceeding in respect of which indemnification
may  be  sought  hereunder,  if such  settlement,  compromise  or
consent  includes an admission of culpability or  wrong-doing  on
the  part of such Indemnitee or the entry or an order, injunction
or   other   equitable  or  nonmonetary  relief  (including   any
administrative  or other sanctions or disqualifications)  against
such Indemnitee or if such settlement, compromise or consent does
not  include an unconditional release of such Indemnitee from all
liability arising out of such claim, action, suit or proceeding.

          (ci   Subject to the limitations on liability set forth
in  Section  8.3  of  the  Pooling and Servicing  Agreement,  the
Servicer  shall indemnify and hold harmless each Indemnitee  from
and  against  any  and all claims, damages, losses,  liabilities,
costs or expenses whatsoever which such Indemnitee may incur  (or
which  may be claimed against such Indemnitee) by reason  of  any
acts  or  omissions or alleged acts or omissions of the  Servicer
hereunder  or  with respect to activities of  the  Trust  or  the
Trustee  for which the Servicer is responsible under the  Pooling
and  Servicing Agreement or hereunder, subject, with  respect  to
the  obligations of the Servicer in respect of activities of  the
Trust  or the Trustee for which the Servicer is responsible under
the Pooling and Servicing Agreement, to the provisos set forth in
Section  8.4 of the Pooling and Servicing Agreement.  Subject  to
Section 9.5, any Successor Servicer, by accepting its appointment
pursuant to the Pooling and Servicing Agreement, (i) shall  agree
to  be  bound  by  the terms, covenants and conditions  contained
herein applicable to the Servicer and to be subject to the duties
and obligations of the Servicer hereunder, (ii) as of the date of
its  acceptance,  shall be deemed to have made  with  respect  to
itself  the  representations and warranties made by  the  SRI  in
subsections 4.2(a) through (f) (in the case of subsection 4.2(a),
with  appropriate  factual  changes) and  (iii)  shall  agree  to
indemnify  and hold harmless any Indemnitee from and against  any
and  all  claims, damages, losses, liabilities, costs or expenses
(including  reasonable fees and expenses of  counsel)  whatsoever
which  any  such  Indemnitee may incur (or which may  be  claimed
against  such  Indemnitee) by reason of any acts or omissions  or
alleged  acts  or  omissions of the Servicer  hereunder  or  with
respect  to activities of the Trust or the Trustee for which  the
Servicer is responsible under the Pooling and Servicing Agreement
or hereunder.

          (di       (i) In the event that for any reason, (A) the
basis  for  calculation  of interest on any  Conduit  Purchaser's
Percentage  Interest  of  the Class A-1 Principal  Balance  shall
change from the Commercial Paper Rate to the Alternative Rate, or
(B) any Conduit Purchaser receives any repayment of its share  of
the  Class A-1 Principal Balance, and the date of such change  or
of  such  repayment is not the maturity date for  all  Commercial
Paper  Notes  allocated by such Conduit Purchaser to funding  its
purchase or maintenance of the affected portion of its Percentage
Interest of the Class A-1 Principal Balance, or (ii) in the event
that for any reason, (A) the basis for calculation of interest on
any  Class  A-1 Purchaser's Percentage Interest of the Class  A-1
Principal Balance shall change from the Alternative Rate  to  the
Risk  Rate, (B) the basis for calculation of the Alternative Rate
shall  change from the Class A-1 Adjusted Eurodollar Rate to  the
Corporate Base Rate, or (C) any Class A-1 Purchaser receives  any
repayment  of its share of the Class A-1 Principal Balance  which
bears  interest calculated by reference to the Class A-1 Adjusted
Eurodollar  Rate  and  the  date  of  such  repayment  is  not  a
Distribution Date, then in any such case the Transferor agrees to
indemnify  each  affected  Class A-1 Purchaser  against,  and  to
promptly  pay on demand directly to such Class A-1 Purchaser  the
amount  equal  to  any  loss or reasonable out-of-pocket  expense
suffered  by such Class A-1 Purchaser as a result of such  change
or  such  repayment, including any loss, cost or expense suffered
by  reason of its issuance of Commercial Paper Notes (in the case
of  a  Conduit Purchaser) or the incurrence of other  obligations
allocated  by  such  Class A-1 Purchaser to its  funding  or  the
maintenance  of  its  funding  of its  share  of  the  Class  A-1
Principal  Balance, or deploying the funds prepaid or  repaid  in
amounts  which correspond to its share of the Class A-1 Principal
Balance.  In the event that for any reason (other than a  default
by  a  Committed Purchaser or Liquidity Purchaser hereunder)  the
purchase of the entire Class A-1 Initial Invested Amount does not
occur  on the Closing Date or, after notice of a purchase  of  an
Additional  Class A-1 Invested Amount has been given pursuant  to
subsection  2.1(c),  the purchase of the entire  amount  of  such
Additional  Class  A-1  Invested Amount does  not  occur  on  the
applicable  Purchase Date, then in any such case  SRI  agrees  to
indemnify  each  affected  Class A-1 Purchaser  against,  and  to
promptly  pay on demand directly to such Class A-1 Purchaser  the
amount  equal  to  any  loss or reasonable out-of-pocket  expense
suffered  by such Class A-1 Purchaser as a result of such  change
or  such  repayment, including any loss, cost or expense suffered
by  reason of its issuance of Commercial Paper Notes (in the case
of  a  Conduit Purchaser) or the incurrence of other  obligations
allocated  by  such  Class A-1 Purchaser to its  funding  or  the
maintenance  of  its  funding  of its  share  of  the  Class  A-1
Principal Balance (including in liquidating or employing deposits
acquired  to  fund or maintain the funding of  its share  of  the
Class  A-1  Principal Balance which would have borne interest  by
reference to the Adjusted Eurodollar Rate).  A statement  setting
forth  in  reasonable detail the calculations of  any  additional
amounts payable pursuant to this Section submitted by a Class A-1
Purchaser  or Agent on its behalf, to the Transferor or  SRI,  as
applicable,  and  the  Servicer and shall  be  conclusive  absent
manifest  error.   The obligations of the Transferor  under  this
subsection 2.6(d) are subject to subsection 9.11(a) hereof.

          (ei    Subject to subsection 9.11(a) hereof in the case
of  the  Transferor, the obligations of SRPC, SRI, the Transferor
and   the  Servicer  under  this  Agreement  shall  be  absolute,
unconditional and irrevocable and shall be performed strictly  in
accordance  with  the terms of this Agreement.  Without  limiting
the foregoing, neither the lack of validity or enforceability of,
or any modification to, any Related Document nor the existence of
any  claim, setoff, defense or other right which SRPC,  SRI,  the
Trust,  the  Trustee, on behalf of the Trust, the Transferor  and
the  Servicer may have at any time against each other, any Agent,
the Facility Agent, any Class A-1 Purchaser, any Support Party or
any other Person, whether in connection with any Related Document
or any unrelated transactions, shall constitute a defense to such
obligations.

          SECTION 3.  CONDITIONS PRECEDENT

          3.1   Condition  to  Initial Purchase.   The  following
shall  be  conditions precedent to the initial  purchase  by  any
Class A-1 Purchasers of the Class A-1 Certificates:

          (ai  the representations and warranties of SRPC and SRI
set  forth or referred to in Section 4.1 and 4.2 hereof shall  be
true  and  correct in all material respects on  Closing  Date  as
though made on and as of the Closing Date, and no event which  of
itself  or with the giving of notice or lapse of time,  or  both,
would  constitute a Termination Event shall have occurred and  be
continuing on the Closing Date;

          (bi   the  Master Pooling and Servicing Agreement,  the
Supplement  and  the  Issuance Supplement shall  have  been  duly
executed  and delivered by all parties thereto and  shall  be  in
form and substance satisfactory to the Class A-1 Purchasers;

          (ci    the  Receivables  Purchase  Agreement  and   the
Receivables  Transfer Agreement shall not have  been  amended  or
otherwise  modified, other than as disclosed  to  the  Class  A-1
Purchasers in writing prior to the Closing Date;

          (di    Class  B  Certificates,  Class  C  Certificates,
Class  D  Certificates and Class E Certificates shall  have  been
duly   issued  in  accordance  with  the  Pooling  and  Servicing
Agreement which have a Class B Initial Invested Amount,  Class  C
Initial  Invested  Amount, Class D Initial  Invested  Amount  and
Class E Initial Invested Amount which aggregates at least 38%  of
the Initial Invested Amount;

          (ei    arrangements  satisfactory  to  the  Class   A-1
Purchasers  shall have been made for the repayment and defeasance
in  full of the Trust's Series 1993-1 Certificates, Series 1995-1
Certificates  and Series 1997-1 Certificates and the Transferor's
12.5% Series B Trust Certificate-Backed Notes;

          (fi    all  up  front  fees  and  expenses  agreed  and
specified  in  the Class A-1 Fee Letter shall have been  paid  by
SRPC  on the Closing Date, and arrangements satisfactory  to  the
initial  Class  A-1 Purchasers and the initial Agent  shall  have
been  made for the payment of amounts required to be paid by SRPC
pursuant  to  subsection 2.3(b) with respect to the  preparation,
execution, delivery and initial syndication of this Agreement and
each  related  Support  Facility and the other  documents  to  be
delivered hereunder or in connection herewith;

          (gi   with  respect  to  each  Conduit  Purchaser,  its
Support Facilities shall be in full force and effect; and

          (hi   the  initial  Agent on behalf of  the  Class  A-1
Purchasers shall have received on the Closing Date the  following
items,  each of which shall be in form and substance satisfactory
to such Agent:

               (i0   an Officer's Certificate of SRPC or SRI,  as
     applicable,  confirming the satisfaction of  the  conditions
     set  forth  in  clause  (a)  and clauses  (c)  through  (f),
     inclusive, above;

               (ii0   a  copy of (A) the charter and  by-laws  of
     SRPC,  SRI and Granite, certified by its authorized officer,
     (B)  an  incumbency certificate with respect to its officers
     executing  any of the Related Documents on the Closing  Date
     on  behalf  of,  part  of  SRPC and  SRI  certified  by  its
     authorized officer, (C) good standing certificates from  the
     appropriate Governmental Authority as of a recent date  with
     respect to each of SRPC, SRI and Granite and (D) resolutions
     of  the  Board  of  Directors (or  an  authorized  committee
     thereof)  of each of SRPC, SRI and Granite with  respect  to
     the Related Documents to which it is party, certified by its
     authorized officer;

               (iii0   the favorable written opinions of  counsel
     for  SRPC,  SRI  and Granite addressed to  the  Agents,  the
     Facility  Agent,  the Class A-1 Purchasers and  the  Support
     Parties,  or  accompanied  by a letter  providing  that  the
     Agents, the Facility Agent, the Class A-1 Purchasers and the
     Support  Parties may rely on such opinions as if  they  were
     addressed  to  them,  and dated the Closing  Date,  covering
     general  corporate matters, the due execution  and  delivery
     of, and the enforceability of, each of the Related Documents
     to  which  SRPC  and SRI (individually or as  Transferor  or
     Servicer)    is    party,   sale/security   interest     and
     nonconsolidation matters, tax matters and such other matters
     as the initial Agent may request;

               (iv0  [reserved];

               (v0  evidence of the due execution and delivery by
     the Trustee of the Related Documents to which it is party;

               (vi0   an executed copy of the Supplement and  the
     Issuance  Supplement  and a conformed  copy  of  the  Master
     Pooling  and  Servicing Agreement, the Receivables  Purchase
     Agreement and the Receivables Transfer Agreement;

               (vii0  executed copies of all opinions required by
     Article VI of the Pooling and Servicing Agreement or by  any
     Rating  Agency  in  connection with the  issuance,  sale  or
     rating  of  the  Series  1999-1 (each such  opinion,  unless
     otherwise agreed to by the initial Agent, to be addressed to
     such Agent, on behalf of itself and the Class A-1 Purchasers
     in  its  Purchaser  Group,  and to  the  Facility  Agent  or
     accompanied by a letter providing that such Agent, on behalf
     of  itself  and  the Class A-1 Purchasers in  its  Purchaser
     Group,  the Facility Agent and the Support Parties may  rely
     on  such  opinion as if it were addressed to it),  and  such
     additional  documents, instruments, certificates or  letters
     as such Agent may reasonably request;

               (viii0  the duly executed Class A-1 Certificate(s)
     registered  in the name of the initial Agent as  nominee  on
     behalf of the Class A-1 Owners;

               (ix0  evidence  satisfactory to the initial  Agent
     that   the   Class  A-1  Certificates  and  the  Class   A-2
     Certificates are rated Aaa by Moody's and AAA by Fitch IBCA,
     Inc.  and  that the Class B Certificates are rated not  less
     than  A1 by Moody's and not less than A by Fitch IBCA, Inc.;
     and

               (x0   evidence   satisfactory  to   each   Conduit
     Purchaser  that Moody's and Standard & Poor's has  confirmed
     in writing that the purchase by it of Class A-1 Certificates
     (including Additional Class A-1 Invested Amounts thereunder)
     would not result in a reduction or withdrawal of such rating
     agency's  then applicable rating of the commercial paper  of
     such  Conduit  Purchaser,  without  giving  effect  to   any
     increase  in  any  letter  of credit  or  other  enhancement
     provided  to  such Conduit Purchaser (other  than  liquidity
     support  provided  to  such Conduit Purchaser  by  Liquidity
     Providers).

          3.2   Condition to Additional Purchases.  The following
shall  be conditions precedent to each purchase by any Class  A-1
Purchasers of Additional Class A-1 Invested Amounts hereunder:

          (ai   the  Transferor  shall have  timely  delivered  a
notice  of  purchase  pursuant  to  subsection  2.1(c)  of   this
Agreement;

          (bi  the representations and warranties of SRPC and SRI
set  forth or referred to in Section 4.1 and 4.2 hereof shall  be
true  and  correct in all material respects on the date  of  such
purchase as though made on and as of such date;

          (ci   (i)  all interest, fees, expenses and  all  other
amounts  then due and payable to any Agent or Class A-1 Purchaser
or  to  the Facility Agent hereunder (including any amounts  owed
under Sections 2.3, 2.4, 2.5 or 2.6, but excluding the Class  A-1
Principal Balance) shall have been paid, and (ii) no event  which
of itself or with the giving of notice or lapse of time, or both,
would  constitute a Termination Event shall have occurred and  be
continuing on such date;

          (di  after giving effect to such purchase of Additional
Class  A-1  Invested Amount, (i) the Class A-1 Principal  Balance
shall  not  exceed  the Class A-1 Purchase Limit,  and  (ii)  the
aggregate Class A-1 Principal Balance, minus the aggregate unpaid
portion  of all Class A-1 Exiting Purchaser Amortization Amounts,
shall  not  exceed  the aggregate Commitments  of  the  Committed
Purchasers and Liquidity Purchasers;

          (ei   after giving effect to such purchase, (i) the sum
of  the Class B Invested Amount, the Class C Invested Amount, the
Class  D  Invested Amount and the Class E Invested  Amount  shall
equal  not less than 38% of the Invested Amount on the applicable
Purchase  Date, and (ii) the sum of the Class C Invested  Amount,
the Class D Invested Amount and the Class E Invested Amount shall
equal  not less than 19% of the Invested Amount on the applicable
Purchase Date;

          (fi  there shall exist no unreimbursed Class E Investor
Charge-Offs;

          (gi   the  Class  A-1 Certificates and  the  Class  A-2
Certificates remain rated Aaa by Moody's and AAA by  Fitch  IBCA,
Inc.  and the Class B Certificates remain rated not less than  A1
by Moody's and not less than A by Fitch IBCA, Inc;

          (hi   the conditions set forth in Section 6.15  of  the
Pooling   and  Servicing  Agreement  to  the  issuance  of   such
Additional Class A-1 Invested Amount shall have been satisfied;

          (ii   the  Additional Class A-1 Invested  Amount,  when
aggregated  with additional invested amounts being  purchased  on
such  Purchase Date pursuant to the Class A-2 Purchase  Agreement
and  the Class B Purchase Agreement, shall equal a minimum amount
of  $1,000,000  and  be  shall  be in  an  integral  multiple  of
$250,000;

          (ji  after giving effect to such purchase of Additional
Class  A-1  Invested  Amount, no more than  two  changes  in  the
Class A Invested Amount or the Class B Invested Amount shall have
occurred in any calendar week;

          (ki   with  respect  to  each  Conduit  Purchaser,  its
Support Facilities shall be in full force and effect; and

          (li   in the case of each Increase Date, the Transferor
shall  have  delivered to the Facility Agent and  each  Agent  an
Officer's  Certificate dated such Purchase  Date  certifying  (i)
that  the  conditions described in clauses (a) through (j)  above
have been satisfied and (ii) that based on the facts known to the
officer signing such Officer's Certificate at such time,  in  the
reasonable  belief  of  the  Transferor,  the  purchases  of  the
Additional  Class  A-1 Invested Amounts and any  other  purchases
with respect to the Series 1999-1 Certificates to be purchased on
such  Purchase  Date  will not cause a Pay Out  Event,  a  Series
1999-1 Pay Out Event or a Mandatory Partial Amortization Event or
an  event that, after the giving of notice or the lapse of  time,
would  constitute an Pay Out Event, a Series 1999-1 Pay Out Event
or a Mandatory Partial Amortization Event to occur.

          SECTION 4.  REPRESENTATIONS AND WARRANTIES

          4.1   Representations  and Warranties  of  SRPC.   SRPC
repeats and reaffirms to the Class A-1 Purchasers, the Agents and
the  Facility  Agent the representations and  warranties  of  the
Transferor set forth in Sections 2.3 of the Pooling and Servicing
Agreement,  and represents and warrants that such representations
and  warranties are true and correct as of the date hereof.  SRPC
further  represents and warrants to, and agrees with, each  Agent
and  Class A-1 Purchaser and the Facility Agent that, as  of  the
date hereof:

          (ai   SRPC  is  a  duly organized and validly  existing
corporation  in  good standing under the laws  of  the  State  of
Delaware,  with  corporate  power  and  authority  to   own   its
properties  and  to  transact the business in  which  it  is  now
engaged.   SRPC  is duly qualified to do business (or  is  exempt
from such qualification) and is in good standing in each State of
the United States where the nature of its business requires it to
be so qualified.

          (bi   SRPC has the full corporate power, authority  and
legal  right  to make, execute, deliver and perform  the  Related
Documents  to  which it is party (individually or as  Transferor)
and all of the transactions contemplated thereby and to issue the
Series  1999-1  Certificates from the Trust  and  has  taken  all
necessary  corporate action to authorize the execution,  delivery
and performance of the Related Documents to which it is party and
such  issuance.  Each of the Related Documents to which  SRPC  is
party  (individually  or  as Transferor) constitutes  its  legal,
valid  and binding agreement enforceable in accordance  with  its
terms    (subject    to   applicable   bankruptcy,    insolvency,
reorganization,  moratorium or other similar laws  affecting  the
enforcement  of the rights of creditors generally and  except  as
such  enforceability  may  be limited by  general  principles  of
equity, whether considered in a proceeding at law or in equity).

          (ci   SRPC is not required to obtain the consent of any
other  party  or any consent, license, approval or  authorization
of,   or   registration  with,  any  Governmental  Authority   in
connection with the execution, delivery or performance of each of
the  Related Documents to which it is party (individually  or  as
Transferor) that has not been duly obtained and which is not  and
will not be in full force and effect on the Closing Date.

          (di   SRPC's execution, delivery and performance of the
Related  Documents  to  which it is  party  (individually  or  as
Transferor) do not violate or conflict with any provision of  any
existing  law  or regulation applicable to SRPC or any  order  or
decree  of  any court to which SRPC is subject or the Certificate
of  Incorporation  or Bylaws of SRPC, or any  mortgage,  security
agreement,  indenture, contract or other agreement to which  SRPC
is  a  party or by which SRPC or any significant portion  of  its
properties is bound.

          (ei    There   is   no  litigation,  investigation   or
administrative proceeding before any court, tribunal,  regulatory
body or governmental body presently pending, or, to the knowledge
of   SRPC,  threatened,  with  respect  to  any  of  the  Related
Documents, the transactions contemplated thereby, or the issuance
of the Series 1999-1 Certificates and there is no such litigation
or  proceeding  against SRPC or any significant  portion  of  its
properties which would, individually or in the aggregate, have  a
material adverse effect on the transactions contemplated  by  any
of  the  Related Documents or the ability of SRPC to perform  its
obligations thereunder.

          (fi    SRPC  is  not insolvent or the  subject  of  any
insolvency  or liquidation proceeding.  The financial  statements
of  SRPC delivered to each Agent are complete and correct in  all
material  respects and fairly present the financial condition  of
SRPC  as of date of such statements and the results of operations
of  SRPC for the period then ended, all in accordance with United
States  generally  accepted  accounting  principles  consistently
applied.   Since  the date of the most recent  audited  financial
statements  of SRPC delivered to each Agent, there has  not  been
any  material  adverse  change  in the  condition  (financial  or
otherwise) of SRPC.

          (gi   There are no outstanding comments from  the  most
recent report prepared by the independent public accountants  for
SRPC   (individually  or  in  its  capacity  as  Transferor)   in
connection with its credit card receivables.

          (hi   No  Trust  Pay Out Event, Series 1999-1  Pay  Out
Event, Mandatory Partial Amortization Event, Servicer Default  or
Termination Event has occurred and is continuing, and  no  event,
act  or  omission has occurred and is continuing which, with  the
lapse  of  time, the giving of notice, or both, would  constitute
such an event or default.

          (ii    The  Pooling  and  Servicing  Agreement  is  not
required  to be qualified under the Trust Indenture Act of  1939,
as  amended,  and neither the Trust nor SRPC is  required  to  be
registered under the Investment Company Act of 1940, as amended.

          (ji   The  Receivables conveyed by SRPC  to  the  Trust
under  the  Pooling and Servicing Agreement are in  an  aggregate
amount,  determined  as  of November 9,  1999,  of  $340,005,003,
consisting   of   $319,054,670  of  Principal   Receivables   and
$20,950,333  of  Finance  Charge  Receivables.   The  Receivables
Purchase Agreement is in full force and effect on the date hereof
and  no material default by any party exists thereunder.   As  of
the  Closing  Date,  after  giving effect  to  the  payments  and
defeasances contemplated by subsection 3.1(e), there will  be  no
Investor Certificates of the Trust, other than the Series  1999-1
Certificates, outstanding.

          (ki   The Trust is duly created and existing under  the
laws  of  the  State of New York.  Simultaneous with the  closing
hereunder,  all  conditions  to the  issuance  and  sale  of  the
Series 1999-1 Certificates set forth in the Pooling and Servicing
Agreement  have been satisfied and the Series 1999-1 Certificates
have been duly issued by the Trust.

          (li   Neither  SRPC  nor  any  of  its  Affiliates  has
directly,  or  through  any agent, (i) sold,  offered  for  sale,
solicited  offers to buy or otherwise negotiated in  respect  of,
any "security" (as defined in the Securities Act) that is or will
be integrated with the sale of the any Series 1999-1 Certificates
in  a  manner  that  would  require the  registration  under  the
Securities  Act of the offering of the Series 1999-1 Certificates
or  (ii)  engaged in any form of general solicitation or  general
advertising  (as those terms are used in Regulation D  under  the
Securities   Act)  in  connection  with  the  offering   of   the
Series  1999-1 Certificates or in any manner involving  a  public
offering  thereof  within the meaning  of  Section  4(2)  of  the
Securities Act.  Assuming the accuracy of the representations and
warranties  of each Class A-1 Purchaser in its Investment  Letter
and  of  each  purchaser  of  Class  A-2  Certificates,  Class  B
Certificates,  Class C Certificates and Class D  Certificates  in
their  respective investment letters, the offer and sale  of  the
Series 1999-1 Certificates are transactions which are exempt from
the registration requirements of the Securities Act.

          (mi   All   written   factual  information   heretofore
furnished by SRPC to, or for delivery to, any Agent or Class  A-1
Purchaser  for purposes of or in connection with this  Agreement,
including  information relating to the Accounts, the Receivables,
and  SRI's  credit  card business, was true and  correct  in  all
material  respects on the date as of which such  information  was
stated  or certified and remains true and correct in all material
respects  (unless  such information specifically  relates  to  an
earlier date in which case such information shall have been  true
and correct in all material respects on such earlier date).

          4.2   Representations  and  Warranties  of  SRI.    SRI
repeats and reaffirms to the Class A-1 Purchasers, the Agents and
the  Facility  Agent the representations and  warranties  of  the
Servicer  set  forth in Section 3.3 of the Pooling and  Servicing
Agreement,  and represents and warrants that such representations
and  warranties are true and correct as of the date hereof.   SRI
further  represents and warrants to, and agree with,  each  Agent
and  Class A-1 Purchaser and the Facility Agent that, as  of  the
date hereof:

          (a)  SRI  is  a  duly  organized and  validly  existing
corporation  in  good standing under the laws  of  the  State  of
Texas,  with corporate power and authority to own its  properties
and  to transact the business in which it is now engaged. SRI  is
duly   qualified  to  do  business  (or  is  exempt   from   such
qualification)  and  is in good standing in  each  State  of  the
United States where the nature of its business requires it to  be
so qualified.

          (b)  SRI  has  the full corporate power, authority  and
legal  right  to make, execute, deliver and perform  the  Related
Documents to which it is party (individually or as Servicer)  and
all  of  the transactions contemplated thereby and has taken  all
necessary  corporate action to authorize the execution,  delivery
and performance of the Related Documents to which it is party and
such  issuance.  Each of the Related Documents to  which  SRI  is
party  (individually or as Servicer) constitutes its legal, valid
and  binding agreement enforceable in accordance with  its  terms
(subject  to  applicable bankruptcy, insolvency,  reorganization,
moratorium or other similar laws affecting the enforcement of the
rights  of  creditors of national banking associations  generally
and  except  as  such  enforceability may be limited  by  general
principles of equity, whether considered in a proceeding  at  law
or in equity).

          (c)   SRI is not required to obtain the consent of  any
other  party  or any consent, license, approval or  authorization
of,   or   registration  with,  any  Governmental  Authority   in
connection with the execution, delivery or performance of each of
the  Related Documents to which it is party (individually  or  as
Servicer)  that has not been duly obtained and which is  not  and
will not be in full force and effect on the Closing Date.

          (d)  The execution, delivery and performance by SRI  of
the  Related Documents to which it is party (individually  or  as
Servicer)  do not violate or conflict with any provision  of  any
existing  law  or regulation applicable to SRI or  any  order  or
decree of any court to which SRI is subject or the Certificate of
Incorporation  or  Bylaws  of  SRI,  or  any  mortgage,  security
agreement, indenture, contract or other agreement to which SRI is
a  party  or  by  which  SRI or any significant  portion  of  its
properties is bound.

          (e)    There   is   no  litigation,  investigation   or
administrative proceeding before any court, tribunal,  regulatory
body or governmental body presently pending, or, to the knowledge
of SRI, threatened, with respect to any of the Related Documents,
the  transactions contemplated thereby, or the  issuance  of  the
Series  1999-1  Certificates, and there is no such litigation  or
proceeding  against  SRI  or  any  significant  portion  of   its
properties which would, individually or in the aggregate, have  a
material adverse effect on the transactions contemplated  by  any
of  the  Related Documents or the ability of SRI to  perform  its
obligations thereunder.

          (f)   SRI  is  not  insolvent or  the  subject  of  any
insolvency  or liquidation proceeding.  The financial  statements
of SRI delivered to any Agent or Class A-1 Purchaser are complete
and  correct  in  all  material respects and fairly  present  the
financial condition of SRI as of date of such statements and  its
results  of  operations  for  the  period  then  ended,  all   in
accordance  with  United  States  generally  accepted  accounting
principles  consistently applied.  Since the  date  of  the  most
recent  audited  financial statements of  SRI  delivered  to  the
Agents  and  the Class A-1 Purchasers through the  Closing  Date,
there  has  not been any material adverse change in the condition
(financial  or  otherwise) of SRI, other than  changes  (if  any)
disclosed  in  Stage's  filings with  the  SEC  pursuant  to  the
Securities  Exchange Act of 1934, as amended, or disclosed  in  a
writing addressed to the Facility Agent and the initial Agent.

          (g)   There are no outstanding comments from  the  most
recent report prepared by the independent public accountants  for
SRI  (individually or in its capacity as Servicer) in  connection
with its credit card receivables.

          (h)   No  Trust  Pay Out Event, Series 1999-1  Pay  Out
Event, Mandatory Partial Amortization Event, Servicer Default  or
Termination Event has occurred and is continuing, and  no  event,
act  or  omission has occurred and is continuing which, with  the
lapse  of  time, the giving of notice, or both, would  constitute
such an event or default.

          (i)    The  Pooling  and  Servicing  Agreement  is  not
required  to be qualified under the Trust Indenture Act of  1939,
as amended, and neither the Trust, SRPC nor SRI is required to be
registered under the Investment Company Act of 1940, as amended.

          (j) The Receivables Purchase Agreement is in full force
and  effect  on  the date hereof and no material default  by  any
party exists thereunder.

          (k)   The Trust is duly created and existing under  the
laws  of  the  State of New York.  Simultaneous with the  closing
hereunder,  all  conditions  to the  issuance  and  sale  of  the
Series 1999-1 Certificates set forth in the Pooling and Servicing
Agreement  have been satisfied and the Series 1999-1 Certificates
have been duly issued by the Trust.

          (l)   To the knowledge of SRI, the representations  and
warranties  of SRPC set forth in Section 4.1 above are  true  and
correct in all material respects.

          (m)   The representations and warranties of Granite set
forth  in  Section  4.02  and 4.03 of  the  Receivables  Transfer
Agreement are true and correct in all material respects.

          (n)   The  Servicer and the Transferor  have  each  (i)
initiated  a  review  and  assessment of  all  areas  within  its
business  and operations (including those affected by  suppliers,
vendors  and customers) that could be adversely affected  by  the
risk  that  computer  applications used by the  Servicer  or  the
Transferor (or suppliers, vendors and customers) may be unable to
recognize and perform properly date-sensitive functions involving
certain dates prior to and any date after December 31, 1999  (the
"Year  2000  Problem"), (ii) developed a plan  and  timeline  for
addressing the Year 2000 Problem on a timely basis, and (iii)  to
date,  implemented that plan in accordance with  that  timetable.
Based  on  the  foregoing, the Servicer and the  Transferor  each
believe  that all computer applications (including those  of  its
suppliers,  vendors  and  customers) that  are  material  to  its
business and operations are reasonably expected on a timely basis
to  be able to perform properly date-sensitive functions for  all
dates  before and after January 1, 2000 (that is, be  "Year  2000
Compliant"), except to the extent that a failure to do  so  could
not  reasonably be expected (a) to have a material adverse effect
on  the financial condition or operations of the Servicer or  the
Transferor or on the transactions documented under this Agreement
or any Related Document, or (b) to result in a Termination Event.
Each  of  the  Transferor and the Servicer (i)  has  completed  a
review  and  assessment of all computer applications  (including,
but not limited to those of its suppliers, vendors, customers and
any  third party servicers), which are related to or involved  in
the  origination,  collection, management  or  servicing  of  the
Accounts  and the Receivables (the "Contract Systems")  and  (ii)
has   determined  that  such  Contract  Systems  are  Year   2000
Compliant.  The costs of all assessment, remediation, testing and
integration  related  to  the  plans  of  the  Servicer  and  the
Transferor  for  becoming Year 2000 Compliant  will  not  have  a
material  adverse effect on the financial condition or operations
of the Servicer or the Transferor.

          (o)    All   written  factual  information   heretofore
furnished by SRPC, SRI, Granite or Stage to, or for delivery  to,
any Agent or Class A-1 Purchaser for purposes of or in connection
with  this  Agreement,  including  information  relating  to  the
Accounts, the Receivables and the credit card business  of  SRPC,
Granite or SRI, was true and correct in all material respects  on
the date as of which such information was stated or certified and
remains  true  and correct in all material respects (unless  such
information specifically relates to an earlier date in which case
such information shall have been true and correct in all material
respects on such earlier date).

          4.3   Representations and Warranties of the Agents, the
Facility  Agent  and the Class A-1 Purchasers.  Each  Agent,  the
Facility  Agent  and each Committed Purchaser and  the  Liquidity
Purchaser severally (each with respect to itself only) represents
and  warrants  to,  and  agrees  with,  the  Transferor  and  the
Servicer, that:

          (a)   It  is duly authorized to enter into and  perform
this  Agreement and, in the case of the Class A-1 Purchasers,  to
purchase  its  Purchaser Percentage or Liquidity  Percentage  (if
any)  of  the  Class A-1 Certificates, and has duly executed  and
delivered  this Agreement; and the person signing this  Agreement
on  behalf  of such Agent, the Facility Agent or such  Class  A-1
Purchaser, as the case may be, has been duly authorized to do so.

          (b)   This  Agreement constitutes the legal, valid  and
binding  obligation  of such Agent, the Facility  Agent  or  such
Class  A-1  Purchaser, enforceable in accordance with its  terms,
except  as  such  enforceability may  be  limited  by  applicable
bankruptcy,      insolvency,     reorganization,      moratorium,
conservatorship or other similar laws now or hereafter in  effect
affecting  the enforcement of creditors' rights in  general,  and
except   as  such  enforceability  may  be  limited  by   general
principles of equity (whether considered in a proceeding  at  law
or in equity).

          (c)  No registration with or consent or approval of  or
other  action  by  any state or local governmental  authority  or
regulatory body having jurisdiction over such Agent, the Facility
Agent or such Class A-1 Purchaser is required in connection  with
its  execution, delivery or performance of this Agreement,  other
than as may be required under the blue sky laws of any state.

          (d)  The  execution,  delivery or performance  by  such
Agent,  the  Facility Agent or such Class A-1 Purchaser  of  this
Agreement  do not violate or conflict with any provision  of  any
existing  law  or  regulation applicable to it or  any  order  or
decree  of  any  court  to which it is subject,  its  charter  or
bylaws,  or any mortgage, security agreement, indenture, contract
or  other agreement to which such it is a party or by which it or
any  significant portion of its properties is bound, in any  such
case  if such violation or conflict would have an adverse  affect
on  its  right  or  ability to execute, deliver  or  perform  its
obligations under this Agreement.

          SECTION 5.  COVENANTS

          5.1  Covenants of SRPC and SRI.  SRPC (individually or,
as set forth below, as the Transferor) and SRI (individually and,
as  set forth below, as the Servicer), each as to itself in  such
capacity or capacities, and subject to subsection 9.11(a) in  the
case  of  the  Transferor,  covenants  and  agrees,  through  the
Purchase  Termination  Date  for all  Class  A-1  Purchasers  and
thereafter  so  long  as any amount of the  Class  A-1  Principal
Balance  shall  remain  outstanding or  any  monetary  obligation
arising  hereunder  shall  remain  unpaid,  unless  the  Required
Class  A-1  Owners  and the Required Class A-1  Purchasers  shall
otherwise consent in writing, that:

          (a)  each of SRPC, SRI, the Transferor and the Servicer
shall  perform  in all material respects each of  the  respective
agreements,  warranties  and indemnities  applicable  to  it  and
comply in all material respects with each of the respective terms
and provisions applicable to it under the other Related Documents
to   which   it  is  party,  which  agreements,  warranties   and
indemnities  are  hereby  incorporated  by  reference  into  this
Agreement as if set forth herein in full; and each of SRPC,  SRI,
the  Transferor and the Servicer shall take all reasonable action
to  enforce the obligations of each of the other parties to  such
Related Documents which are contained therein;

          (b)   the Transferor and the Servicer shall furnish  to
each  Agent  (i)  a  copy of each opinion,  certificate,  report,
statement,  notice or other communication (other than  investment
instructions) relating to the Series 1999-1 Certificates which is
furnished   by   or   on   behalf   of   either   of   them    to
Certificateholders, to any Rating Agency or  to  the  Trustee,  a
copy  of  each notice, demand or other communication relating  to
the Series 1999-1 Certificates, this Agreement or the Pooling and
Servicing  Agreement received by the Transferor or  the  Servicer
from  the  Trustee,  any Rating Agency or  10%  or  more  of  the
Series  1999-1  Certificateholders (to the  extent  such  notice,
demand or communication relates to the Accounts, the Receivables,
any  Servicer Default, any Trust Pay Out Event, any Series 1999-1
Pay  Out Event or any Mandatory Partial Amortization Event);  and
(ii)   such  other  information,  documents  records  or  reports
respecting   the  Trust,  the  Accounts,  the  Receivables,   the
Transferor  or the Servicer as any Agent may from  time  to  time
reasonably request without unreasonable expense to the Transferor
or the Servicer;

          (c)   the  Servicer shall furnish to each Agent  on  or
before  the  date  such  reports are due under  the  Pooling  and
Servicing   Agreement  copies  of  each  of   the   reports   and
certificates required by subsection 3.4(c) or Section 3.5 or  3.6
of the Pooling and Servicing Agreement (which, in the case of the
reports  pursuant  to  Section 3.6, shall  be  addressed  to  the
Facility Agent and each Agent);

          (d)   the Servicer shall promptly furnish to each Agent
a  copy,  addressed  to such Agent, of each  opinion  of  counsel
delivered  to the Trustee pursuant to subsection 13.2(d)  of  the
Pooling and Servicing Agreement;

          (e)   SRI shall furnish to each Agent (i) promptly when
publicly   available,   the   annual  (audited)   and   quarterly
(unaudited)  consolidated and consolidating financial  statements
of  each  of  Stage and SRPC, the publicly available portions  of
Granite's  quarterly and annual consolidated reports of condition
and   income   and   such  other  publicly  available   financial
information,  if any, as to Stage, SRI, Granite or SRPC  as  such
Agent  may  request,  and  (ii)  promptly  after  known  to  SRI,
information  with  respect  to any  action,  suit  or  proceeding
involving SRI or any of its Affiliates by or before any court  or
any  Governmental Authority which, if adversely determined, would
materially adversely affect the business, results of operation or
financial condition of SRPC, SRI or Granite;

          (f)   the  Servicer  shall  furnish  to  each  Agent  a
certificate  concurrently  with  its  delivery  of   its   annual
certificate pursuant to Section 3.5 of the Pooling and  Servicing
Agreement stating that no Termination Event or event or condition
which  with the passage of time or the giving of notice, or both,
would  constitute a Termination Event has occurred or, if such  a
Termination  Event, event or condition has occurred,  identifying
the same in reasonable detail;

          (g)   the  Transferor shall not exercise its  right  to
accept optional reassignment of the Receivables or repurchase the
Series  1999-1  Certificates pursuant  to  Section  12.2  of  the
Pooling and Servicing Agreement, unless the Class A-1 Purchasers,
each Agent and the Facility Agent have been paid, or will be paid
upon   such  repurchase  or  in  connection  with  such  optional
reassignment,  the  Class  A-1 Principal  Balance,  all  interest
thereon and all other amounts owing hereunder in full;

          (h)   the Transferor and the Servicer shall at any time
from  time  to time during regular business hours, on  reasonable
notice  to  the Transferor or the Servicer, as the case  may  be,
permit  each  Agent  and the Facility Agent,  or  its  agents  or
representatives to:

                    (i)  examine all books, records and documents
     (including  computer tapes and disks) in its  possession  or
     under its control relating to the Receivables, and

                    (ii)  visit its offices and property for  the
     purpose of examining such materials described in clause  (i)
     above.

The  information obtained by any Agent, the Facility Agent or any
Class A-1 Purchaser pursuant to this subsection shall be held  in
confidence in accordance with Section 6.2 hereof;

          (i)    the  Transferor  and  the  Servicer  shall   use
reasonable  efforts  to  cooperate  with  each  Agent  (including
affording   reasonable  inspection  rights,  assisting   in   the
preparation of syndication material, attending investor  meetings
providing  access to its officers and providing reliance  letters
with  respect  to  opinions  delivered  in  connection  with  the
issuance  of the Series 1999-1 Certificates on the Closing  Date)
in its effort to syndicate the Commitments;

          (j)  the Servicer shall furnish to each Agent, promptly
after  the occurrence of any Servicer Default, Termination Event,
Trust  Pay  Out  Event, Mandatory Partial Amortization  Event  or
Series  1999-1  Pay  Out Event, a certificate of  an  appropriate
officer  of the Servicer setting forth the circumstances of  such
Servicer  Default,  Termination  Event,  Trust  Pay  Out   Event,
Mandatory  Partial Amortization Event or Series  1999-1  Pay  Out
Event  and  any  action taken or proposed  to  be  taken  by  the
Servicer or the Transferor with respect thereto;

          (k)   the Transferor and the Servicer shall timely make
all payments, deposits or transfers and give all instructions  to
transfer  required by this Agreement, the Pooling  and  Servicing
Agreement and the Receivables Purchase Agreement;

          (l)   neither  the  Transferor, the  Servicer  nor  the
Originator shall terminate (except in accordance with  the  terms
thereof), amend, waive or otherwise modify the Master Pooling and
Servicing  Agreement, the Supplement or the Issuance  Supplement,
unless  (i) such amendment, waiver or modification shall not,  as
evidenced by an Officer's Certificate of the Transferor delivered
to  each  Agent,  adversely affect in any  material  respect  the
interests  of  any  Agent, the Facility Agent or  the  Class  A-1
Purchasers under any Related Document, and will not result  in  a
reduction or withdrawal of the then current rating by any  Rating
Agency  of  any  commercial paper notes  issued  by  any  Conduit
Purchaser without giving effect to any increase in any letter  of
credit  or  other enhancement provided to such Conduit Purchaser;
and  (ii) all of the applicable provisions of Section 13.1 of the
Pooling and Servicing Agreement have been complied with;

          (m)   the Transferor and the Servicer shall execute and
deliver to each Agent, the Facility Agent or the Trustee all such
documents  and instruments and do all such other acts and  things
as  may  be  necessary or reasonably required by any  Agent,  the
Facility  Agent or the Trustee to enable any of them to  exercise
and  enforce their respective rights under the Related  Documents
and  to  realize  thereon, and record and file and  rerecord  and
refile all such documents and instruments, at such time or times,
in  such  manner  and  at such place or places,  all  as  may  be
necessary or required by the Trustee, the Facility Agent  or  any
Agent to validate, preserve, perfect and protect the position  of
the Trustee under the Pooling and Servicing Agreement;

          (n)   neither  the  Transferor nor  the  Servicer  will
consolidate  with  or merge into any other Person  or  convey  or
transfer  its properties and assets substantially as an  entirety
to  any Person, except (i) in accordance with Section 7.2 or  8.2
of  the Pooling and Servicing Agreement, and (ii) with the  prior
written consent of the Required Class A-1 Owners and the Required
Class A-1 Purchasers;

          (o)   SRI  will not (i) resign as Servicer, unless  (A)
the  performance  of its duties under the Pooling  and  Servicing
Agreement  is  no longer permissible pursuant to Requirements  of
Law and there is no reasonable action which it could take to make
the   performance   of   such  duties  permissible   under   such
Requirements of Law, or (B) the Required Class A-1 Owners and the
Required Class A-1 Purchasers shall have consented thereto,  (ii)
delegate  any  of  its  material duties  under  the  Pooling  and
Servicing  Agreement except as permitted by Section  8.7  of  the
Pooling  and Servicing Agreement and unless the Person  to  which
such delegation is made is a wholly owned subsidiary (directly or
indirectly) of Stage, is legally qualified and licensed  (to  the
extent  required) to perform the duties delegated to it, owns  or
holds  under  valid leases or (in the case of software)  licenses
all  computer  equipment  and software and  other  equipment  and
rights which are required for such Person to perform such duties,
and  employs  sufficient  and  adequately  trained  personnel  to
perform  such duties, or (iii) appoint or permit the  appointment
of  a  Successor  Servicer  other  than  the  Trustee  under  the
provisions  of  the  Pooling  and  Servicing  Agreement   without
consultation with the Facility Agent;

          (p)   The Transferor and the Servicer shall not  permit
any  newly  issued  Series  of Investor  Certificates  (or,  with
respect  to  a  prefunded Series, interests therein)  other  than
Series  1999-1 to be issued by the Trust or the terms of any  new
class  or  subclass of Series 1999-1 Certificates other than  the
Class   A-1  Certificates,  Class  A-2  Certificates,   Class   B
Certificates,  Class  C Certificates, Class  D  Certificates  and
Class E Certificates to be specified pursuant to any amendment or
modification  to  the  Issuance  Supplement  or  any   additional
issuance supplement, the proceeds of which newly issued Series or
such  new  class will be applied to reduce the Class  A  Invested
Amount  or  the Class B Invested Amount (each, a "New Issuance"),
unless

               (i)  [reserved];

               (ii)       such proceeds are applied in accordance
     with subsection 5(b)(iii) of the Issuance Supplement;

               (iii)      in  the case of the issuance of  a  new
     class or subclass which does not consist of Variable Funding
     Certificates and which is a Parity Class in relation to  the
     Class  A Certificates, there shall be concurrently issued  a
     new class or subclass which (A) does not consist of Variable
     Funding Certificates, (B) is a Parity Class with respect  to
     the  Class  B  Certificates and (C) has an initial  invested
     amount  equal  to 19/81st of the aggregate initial  invested
     amount of such two Parity Classes;

               (iv)  the  Transferor shall have a  delivered  (A)
     notice of the estimated date and amount of such New Issuance
     to  the  Facility Agent and each Agent (which shall promptly
     forward a copy of such notice to each Class A-1 Purchaser in
     its  Purchaser  Group) not less than 20 days prior  to  such
     estimated date, and (B) notice of the actual date and amount
     of  such  New Issuance to the Facility Agent and each  Agent
     (which shall promptly forward a copy of such notice to  each
     Class  A-1  Purchaser in its Purchaser Group) not less  than
     three Business Days prior to such date;

               (v)   on the date on which the Transferor has sold
     such  New  Issuance, all interest, fees,  expenses  and  all
     other amounts then due and payable to any Agent or Class A-1
     Purchaser or to the Facility Agent hereunder (including  any
     amounts  owed  under  Sections 2.3, 2.4,  2.5  or  2.6,  but
     excluding  the Class A-1 Principal Balance) shall have  been
     paid;

               (vi)  on the date on which the Transferor has sold
     such  New Issuance, no Termination Event shall have occurred
     and  be  continuing, and there shall exist  no  unreimbursed
     Class E Investor Charge-Offs;

               (vii)      the Facility Agent shall have  received
     confirmation that, after giving effect to such New Issuance,
     the  Class  A-1 Certificates and the Class A-2  Certificates
     remain rated Aaa by Moody's and AAA by Fitch IBCA, Inc.  and
     the  Class B Certificates remain rated not less than  A1  by
     Moody's and not less than A by Fitch IBCA, Inc;

               (viii)    the conditions set forth in Section 6.15
     of  the  Pooling and Servicing Agreement or in the  Issuance
     Supplement  to  the New Issuance shall have been  satisfied;
     and

               (ix)  on the date on which the Transferor has sold
     such  New  Issuance, the Transferor shall have delivered  to
     the  Facility Agent and each Agent an Officer's  Certificate
     dated such date certifying (A) that the conditions described
     in  clauses (i) through (viii) above have been satisfied and
     (B)  that  based  on the facts known to the officer  signing
     such  Officer's Certificate at such time, in the  reasonable
     belief of the Transferor, the New Issuance will not cause  a
     Pay  Out Event, a Series 1999-1 Pay Out Event or a Mandatory
     Partial  Amortization  Event or an  event  that,  after  the
     giving  of notice or the lapse of time, would constitute  an
     Pay  Out Event, a Series 1999-1 Pay Out Event or a Mandatory
     Partial Amortization Event to occur.

The Transferor and the Servicer shall not permit any newly issued
Series  of Investor Certificates (or, with respect to a prefunded
Series, interests therein) other than Series 1999-1 to be  issued
by  the  Trust  or  the  terms of any new class  or  subclass  of
Series 1999-1 Certificates other than the Class A-1 Certificates,
Class   A-2   Certificates,  Class  B   Certificates,   Class   C
Certificates, Class D Certificates and Class E Certificates to be
specified  pursuant  to  any amendment  or  modification  to  the
Issuance  Supplement  or any additional issuance  supplement,  if
such newly issued Series or new class or subclass would be senior
to the Class A Certificates as to allocations of Available Series
1999-1   Finance   Charge  Collections,  Excess  Finance   Charge
Collections,   Series  Transferor  Finance  Charge   Collections,
Reallocated   Principal   Collections  or   Available   Principal
Collections without the consent of the Facility Agent, each Agent
and  each  Class  A-1  Purchaser.  If, as the  result  of  a  New
Issuance,  the Class A-2 Invested Amount is reduced to zero,  the
Transferor  agrees  to  terminate  all  commitments   under   the
Class A-2 Purchase Agreement at the request of the Facility Agent
in its discretion.

          SECTION 6.          MUTUAL      COVENANTS     REGARDING
                    CONFIDENTIALITY

          6.1  Covenants of SRPC, Etc.  SRPC, SRI, the Transferor
and  the  Servicer shall hold in confidence, and not disclose  to
any Person, the terms of any fees payable in connection with this
Agreement except they may disclose such information (i) to  their
officers,  directors,  employees, agents,  counsel,  accountants,
auditors,  advisors or representatives, (ii) with the consent  of
the Required Class A-1 Purchasers and each Agent, or (iii) to the
extent SRPC, SRI, Granite, the Transferor or the Servicer or  any
Affiliate  of  either of them should be required by  any  law  or
regulation  applicable  to it or requested  by  any  Governmental
Authority  to disclose such information; provided, that,  in  the
case  of  clause  (iii),  SRPC, Granite, the  Transferor  or  the
Servicer, as the case may be, will use all reasonable efforts  to
maintain confidentiality and will (unless otherwise prohibited by
law)  notify  each  Agent  of  its intention  to  make  any  such
disclosure prior to making such disclosure.

          6.2   Covenants of Class A-1 Purchasers.   Each  Agent,
the  Facility  Agent and each Class A-1 Purchaser, severally  and
with  respect  to  itself only, covenants  and  agrees  that  any
information  obtained by such Agent, the Facility Agent  or  such
Class  A-1 Purchaser pursuant to this Agreement shall be held  in
confidence  (it  being understood that documents provided  to  an
Agent hereunder may in all cases be distributed by such Agent  or
the Facility Agent to the Class A-1 Purchasers), except that such
Agent,  the  Facility  Agent  or such  Class  A-1  Purchaser  may
disclose   such  information  (i)  to  its  officers,  directors,
employees,  agents, counsel, accountants, auditors,  advisors  or
representatives, (ii) to the extent such information  has  become
available to the public other than as a result of a disclosure by
or  through  such  Agent, the Facility Agent or  such  Class  A-1
Purchaser, (iii) to the extent such information was available  to
such  Agent, the Facility Agent or such Class A-1 Purchaser on  a
nonconfidential basis prior to its disclosure to such Agent,  the
Facility  Agent or such Class A-1 Purchaser hereunder, (iv)  with
the  consent  of the Transferor, (v) to the extent  permitted  by
Section 8.1, (vi) to the extent such Agent, the Facility Agent or
such  Class  A-1 Purchaser should be (A) required  in  connection
with  any legal or regulatory proceeding or (B) requested by  any
Governmental Authority to disclose such information or  (vii)  in
the  case of any Class A-1 Purchaser that is a Conduit Purchaser,
to placement agents and providers of liquidity and credit support
who  agree  to hold such information in confidence and to  rating
agencies; provided, that, in the case of clause (vi) above,  such
Agent,  the  Facility  Agent  or such  Class  A-1  Purchaser,  as
applicable,   will  use  all  reasonable  efforts   to   maintain
confidentiality  and, in the case of clause (vi)(A)  above,  will
(unless otherwise prohibited by law) notify the Transferor of its
intention  to make any such disclosure prior to making  any  such
disclosure.

          SECTION 7.  THE AGENTS

          7.1  Appointment.  (a)  Each Class A-1 Purchaser hereby
irrevocably  designates and appoints the Agent for its  Purchaser
Group  as  the  agent  of  such Class A-1  Purchaser  under  this
Agreement,   and  each  such  Class  A-1  Purchaser   irrevocably
authorizes such Agent, as the agent for such Class A-1 Purchaser,
to  take  such action on its behalf under the provisions  of  the
Related  Documents and to exercise such powers and  perform  such
duties thereunder as are expressly delegated to such by the terms
of  the Related Documents, together with such other powers as are
reasonably incidental thereto.  Notwithstanding any provision  to
the contrary elsewhere in this Agreement, no Agent shall have any
duties  or  responsibilities, except those  expressly  set  forth
herein,  or  any  fiduciary  relationship  with  any  Class   A-1
Purchaser, and no implied covenants, functions, responsibilities,
duties,  obligations  or  liabilities shall  be  read  into  this
Agreement or otherwise exist against any Agent.

          (b)    Each  Class  A-1  Purchaser  hereby  irrevocably
designates and appoints the Facility Agent as the agent  of  such
Class A-1 Purchaser under the Pooling and Servicing Agreement and
hereunder,   and  each  such  Class  A-1  Purchaser   irrevocably
authorizes  the Facility Agent, as the agent for such  Class  A-1
Purchaser, to take such action on its behalf under the provisions
of  the  Pooling  and Servicing Agreement and  hereunder  and  to
exercise  such  powers  and perform such  duties  thereunder  and
hereunder as are expressly granted to the Facility Agent  by  the
terms  of the Pooling and Servicing Agreement or hereby,  subject
to the terms and conditions of this Agreement, together with such
other    powers    as   are   reasonably   incidental    thereto.
Notwithstanding any provision to the contrary elsewhere  in  this
Agreement,  the  Facility Agent shall  not  have  any  duties  or
responsibilities, except those expressly set forth herein  or  in
the  Pooling and Servicing Agreement or herein, or any  fiduciary
relationship  with  any  Class  A-1  Purchaser,  and  no  implied
covenants,  functions, responsibilities, duties,  obligations  or
liabilities shall be read into this Agreement or otherwise  exist
against the Facility Agent.

          7.2  Delegation of Duties.  Each Agent and the Facility
Agent  may  execute any of its duties under any  of  the  Related
Documents by or through agents or attorneys-in-fact and shall  be
entitled  to advice of counsel concerning all matters  pertaining
to  such duties.  Neither any Agent nor the Facility Agent  shall
be  responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care.

          7.3  Exculpatory Provisions.  Neither any Agent nor the
Facility  Agent nor any of their respective officers,  directors,
employees, agents, attorneys-in-fact or Affiliates shall  be  (a)
liable to any of the Class A-1 Purchasers for any action lawfully
taken  or  omitted to be taken by it or such Person under  or  in
connection  with any of the other Related Documents  (except  for
its  or such Person's own gross negligence or willful misconduct)
or  (b)  responsible  in  any manner to  any  of  the  Class  A-1
Purchasers  for  any  recitals,  statements,  representations  or
warranties made by SRPC, SRI, Stage, Granite, the Transferor, the
Servicer or the Trustee or any officer thereof contained  in  any
of  the  other  Related Documents or in any certificate,  report,
statement  or other document referred to or provided for  in,  or
received  by  any  Agent  or  the  Facility  Agent  under  or  in
connection  with, any of the other Related Documents or  for  the
value,  validity,  effectiveness, genuineness, enforceability  or
sufficiency  of  this  Agreement or  any  of  the  other  Related
Documents  or  for any failure of SRPC, SRI, Stage, Granite,  the
Transferor,   the  Servicer  or  the  Trustee  to   perform   its
obligations thereunder.  Neither any Agent nor the Facility Agent
shall  be  under  any obligation to any Class  A-1  Purchaser  to
ascertain  or  to inquire as to the observance or performance  of
any  of the agreements contained in, or conditions of, any of the
other  Related Documents, or to inspect the properties, books  or
records  of  SRPC,  SRI,  Stage,  Granite,  the  Transferor,  the
Servicer, the Trustee or the Trust.

          7.4   Reliance  by Agent.  Each Agent and the  Facility
Agent shall be entitled to rely, and shall be fully protected  in
relying,   upon   any  writing,  resolution,   notice,   consent,
certificate,  affidavit, letter, cablegram,  telegram,  telecopy,
telex  or  teletype message, written statement,  order  or  other
document or conversation believed by it to be genuine and correct
and  to  have been signed, sent or made by the proper  Person  or
Persons   and  upon  advice  and  statements  of  legal   counsel
(including   counsel  to  any  Agent  or  the  Facility   Agent),
independent accountants and other experts selected by  any  Agent
or  the Facility Agent.  Each Agent and the Facility Agent  shall
be  fully  justified in failing or refusing to  take  any  action
under  any of the Related Documents unless it shall first receive
such  advice or concurrence of the Required Class A-1 Owners  and
the  Required Class A-1 Purchasers as it deems appropriate or  it
shall  first be indemnified to its satisfaction by the Class  A-1
Purchasers  or by the Committed Class A-1 Purchasers against  any
and  all  liability and expense which may be incurred  by  it  by
reason  of  taking or continuing to take any such  action.   Each
Agent  and  the  Facility  Agent shall  in  all  cases  be  fully
protected in acting, or in refraining from acting, under  any  of
the  Related  Documents  in accordance  with  a  request  of  the
Required  Class A-1 Owners and the Required Class A-1  Purchasers
and  such request and any action taken or failure to act pursuant
thereto  shall be binding upon all present and future  Class  A-1
Purchasers.

          7.5   Notices.   No  Agent  shall  be  deemed  to  have
knowledge  or  notice of the occurrence of  any  breach  of  this
Agreement  or  the  occurrence  of  any  Trust  Pay  Out   Event,
Series 1999-1 Pay Out Event, Mandatory Partial Amortization Event
or  Termination Event unless such Agent has received notice  from
the  Transferor,  the  Servicer, the Trustee  or  any  Class  A-1
Purchaser referring to this Agreement, describing such event.  In
the  event  that  an  Agent receives such a  notice,  such  Agent
promptly shall give notice thereof to the Class A-1 Purchasers in
its  Purchaser  Group.  Such Agent shall take  such  action  with
respect  to  such  event as shall be reasonably directed  by  the
Required  Class A-1 Owners and the Required Class A-1 Purchasers;
provided that unless and until an Agent shall have received  such
directions, such Agent may (but shall not be obligated  to)  take
such action, or refrain from taking such action, with respect  to
such  event  as it shall deem advisable in the best interests  of
the Class A-1 Purchasers.

          7.6    Non-Reliance  on  Agent  and  Other  Class   A-1
Purchasers.  Each Class A-1 Purchaser expressly acknowledges that
neither  any  Agent  nor  the Facility Agent  nor  any  of  their
respective  officers, directors, employees, agents, attorneys-in-
fact or Affiliates has made any representations or warranties  to
it  and  that no act by any Agent or the Facility Agent hereafter
taken,  including any review of the affairs of SRPC, SRI,  Stage,
Granite,  the Transferor, the Servicer, the Trustee or the  Trust
shall  be deemed to constitute any representation or warranty  by
any Agent or the Facility Agent to any Class A-1 Purchaser.  Each
Class  A-1  Purchaser represents to each Agent and  the  Facility
Agent  that it has, independently and without reliance  upon  any
Agent,  the Facility Agent or any other Class A-1 Purchaser,  and
based  on  such  documents  and  information  as  it  has  deemed
appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and
creditworthiness  of the Trust, the Trustee,  SRPC,  SRI,  Stage,
Granite,  the  Transferor  and the  Servicer  and  made  its  own
decision  to  purchase its interest in the Class A-1 Certificates
hereunder  and  enter  into  this  Agreement.   Each  Class   A-1
Purchaser also represents that it will, independently and without
reliance  upon  any  Agent or the Facility  Agent  or  any  other
Class  A-1 Purchaser, and based on such documents and information
as  it  shall deem appropriate at the time, continue to make  its
own  analysis, appraisals and decisions in taking or  not  taking
action  under  any  of the Related Documents, and  to  make  such
investigation as it deems necessary to inform itself  as  to  the
business, operations, property, financial and other condition and
creditworthiness  of the Trust, the Trustee,  SRPC,  SRI,  Stage,
Granite, the Transferor and the Servicer.  Except, in the case of
an  Agent,  for notices, reports and other documents received  by
such  Agent  under Section 5 hereof, neither any  Agent  nor  the
Facility  Agent shall have any duty or responsibility to  provide
any  Class  A-1  Purchaser with any credit or  other  information
concerning   the   business,  operations,   property,   condition
(financial  or otherwise), prospects or creditworthiness  of  the
Trust, the Trustee, SRPC, SRI, Stage, Granite, the Transferor  or
the  Servicer which may come into the possession of any Agent  or
the  Facility Agent or any of its respective officers, directors,
employees, agents, attorneys-in-fact or Affiliates.

          7.7   Indemnification.   (i)  The Committed  Purchasers
and  the  Liquidity  Purchasers agree to indemnify  the  Facility
Agent  in  its capacity as such (without limiting the  obligation
(if any) of  SRPC, SRI, the Transferor, the Trust or the Servicer
to  reimburse  the Facility Agent for any such amounts),  ratably
according to their respective Commitments (or, if the Commitments
have  terminated, Percentage Interests), and (ii)  the  Committed
Purchasers  and the Liquidity Purchasers in each Purchaser  Group
agree  to  indemnify the Agent for such Purchaser  Group  in  its
capacity  as  such (without limiting the obligation (if  any)  of
SRPC, SRI, the Transferor, the Trust or the Servicer to reimburse
such  Agent  for  any such amounts), ratably according  to  their
respective  Commitments (or, if the Commitments have  terminated,
Percentage Interests), in each case from and against any and  all
liabilities,  obligations, losses, damages,  penalties,  actions,
judgments,  suits, costs, expenses or disbursements of  any  kind
whatsoever which may at any time (including at any time following
the  payment  of the obligations under this Agreement,  including
the  Class A-1 Principal Balance) be imposed on, incurred  by  or
asserted against such Agent in any way relating to or arising out
of  this  Agreement, or any documents contemplated by or referred
to  herein or the transactions contemplated hereby or any  action
taken or omitted by the Agent under or in connection with any  of
the  foregoing;  provided that no Class A-1  Purchaser  shall  be
liable  for  the  payment  of any portion  of  such  liabilities,
obligations,  losses,  damages,  penalties,  actions,  judgments,
suits,  costs,  expenses or disbursements  of  an  Agent  or  the
Facility Agent resulting from its own gross negligence or willful
misconduct.  The agreements in this subsection shall survive  the
payment  of  the obligations under this Agreement, including  the
Class A-1 Principal Balance.

          7.8   Agents  in  Their  Individual  Capacities.   Each
Agent, the Facility Agent and their Affiliates may make loans to,
accept deposits from and generally engage in any kind of business
with  the  Trust,  the  Trustee, SRPC, SRI, Stage,  Granite,  the
Servicer and the Transferor as though such Agent and the Facility
Agent  were  not the agents hereunder. Each Class  A-1  Purchaser
acknowledges  that  Credit Suisse First Boston  may  act  (i)  as
administrator and agent for one or more Conduit Purchasers and in
such capacity acts and may continue to act on behalf of each such
Conduit  Purchaser in connection with its business, (ii)  as  the
agent for certain financial institutions under the liquidity  and
credit enhancement agreements relating to this Agreement to which
any  such  Conduit  Purchaser  is  party  and  in  various  other
capacities relating to the business of any such Conduit Purchaser
under various agreements, and (iii) as agent for other Classes of
Series  1999-1 Certificates.  Credit Suisse First Boston  in  its
capacity  as an Agent or the Facility Agent shall not, by  virtue
of  its  acting in any such other capacities, be deemed  to  have
duties or responsibilities hereunder or be held to a standard  of
care in connection with the performance of its duties as an Agent
or  the  Facility Agent other than as expressly provided in  this
Agreement.   Credit Suisse First Boston may act as an  Agent  and
the  Facility  Agent  without regard to  and  without  additional
duties or liabilities arising from its role as such administrator
or agent or arising from its acting in any such other capacity.

          7.9  Successor Agent.  (a) An Agent may resign as Agent
upon  ten  days'  notice  to  the Class  A-1  Purchasers  in  its
Purchaser  Group,  the  Facility Agent,  each  other  Agent,  the
Trustee,  the  Transferor and the Servicer with such  resignation
becoming  effective  upon  a successor agent  succeeding  to  the
rights,  powers  and  duties  of  such  Agent  pursuant  to  this
subsection 7.9(a).  Any Agent may resign as Agent upon ten  days'
notice  to  the Class A-1 Purchasers in its Purchaser Group,  the
Facility Agent and each other Agent, the Transferor, the Servicer
and  the Trustee with such resignation becoming effective upon  a
successor  agent succeeding to the rights, powers and  duties  of
the Agent pursuant to this Section 7.9.  If an Agent shall resign
as  Agent under this Agreement, then (i) Class A-1 Owners in  its
Purchaser  Group having Percentage Interests aggregating  greater
than  50% of the aggregate Percentage Interests of all Class  A-1
Owners in such Purchaser Group, and (ii) Committed Purchasers and
Liquidity  Purchasers in its Purchaser Group  having  Commitments
aggregating greater than 50% of the aggregate Commitments of  all
Committed  Purchasers and Liquidity Purchasers in such  Purchaser
Group  shall appoint from among the Committed Purchasers in  such
Purchaser Group a successor agent for such Purchaser Group.   Any
successor  administrative agent or agent  shall  succeed  to  the
rights,  powers  and  duties of resigning  Agent,  and  the  term
"Agent," as applicable, shall mean such successor agent effective
upon  its appointment, and the former Agent's rights, powers  and
duties as Agent shall be terminated, without any other or further
act  or  deed  on the part of such former Agent  or  any  of  the
parties to this Agreement. After the retiring Agent's resignation
as  Agent,  the provisions of this Section 7 shall inure  to  its
benefit  as  to any actions taken or omitted to be  taken  by  it
while it was Agent under this Agreement.

          (b)   The  Facility Agent may resign as Facility  Agent
upon ten days' notice to the Class A-1 Purchasers, the Class  A-2
Purchasers,  the Class B Purchasers, the Trustee, the Transferor,
the  Servicer  and  each  Agent with  such  resignation  becoming
effective upon a successor agent succeeding to the rights, powers
and  duties  of  the Facility Agent pursuant to  this  subsection
7.9(b).   If  the  Facility Agent shall resign as Facility  Agent
under this Agreement, then the Required Class A-1 Purchasers  and
the  Required  Class  A-1  Owners shall appoint  from  among  the
Committed  Purchasers or Liquidity Purchasers  hereunder  or  the
committed purchasers or liquidity purchasers under the Class  A-2
Certificate   Purchase  Agreement  or  the  Class  B  Certificate
Purchase  Agreement a successor Facility Agent of the  Class  A-1
Certificateholders,  the  Class A-2  Certificateholders  and  the
Class  B  Certificateholders; provided that no  such  appointment
shall  be  effective unless such successor is also  appointed  as
successor Facility Agent under the Class A-2 Certificate Purchase
Agreement  and  the Class B Certificate Purchase Agreement.   The
successor agent shall succeed to the rights, powers and duties of
the Facility Agent, and the term "Facility Agent" shall mean such
successor  agent effective upon its appointment, and  the  former
Facility  Agent's  rights, powers and duties  as  Facility  Agent
shall be terminated, without any other or further act or deed  on
the  part of such former Facility Agent or any of the parties  to
this  Agreement. After the retiring Facility Agent's  resignation
as  Facility Agent, the provisions of this Section 7 shall  inure
to  its benefit as to any actions taken or omitted to be taken by
it while it was Facility Agent under this Agreement.

          SECTION 8.        SECURITIES   LAWS;   TRANSFERS;   TAX
                    TREATMENT

          8.1   Transfers of Class A-1 Certificates.   (a)   Each
Class  A-1  Owner  agrees  that the beneficial  interest  in  the
Class  A-1  Certificates purchased by it  will  be  acquired  for
investment  only  and not with a view to any public  distribution
thereof, and that such Class A-1 Owner will not offer to sell  or
otherwise dispose of any Class A-1 Certificate acquired by it (or
any  interest  therein) in violation of any of  the  registration
requirements  of  the Securities Act or any applicable  state  or
other securities laws.  Each Class A-1 Owner acknowledges that it
has  no  right to require the Transferor to register,  under  the
Securities  Act  or  any  other securities  law,  the  Class  A-1
Certificates (or the beneficial interest therein) acquired by  it
pursuant  to  this  Agreement or any Transfer  Supplement.   Each
Class  A-1  Owner hereby confirms and agrees that  in  connection
with  any  transfer or syndication by it of an  interest  in  the
Class A-1 Certificates, such Class A-1 Owner has not engaged  and
will  not engage in a general solicitation or general advertising
including    advertisements,   articles,   notices    or    other
communications  published in any newspaper, magazine  or  similar
media  or  broadcast over radio or television, or any seminar  or
meeting   whose  attendees  have  been  invited  by  any  general
solicitation  or general advertising.  Each Class  A-1  Purchaser
which  executes a Joinder Agreement agrees that it  will  execute
and  deliver to the Transferor, the Servicer, the Trustee and the
applicable  Agent on or before the effective date of its  Joinder
Agreement a letter in the form attached hereto as Exhibit  A  (an
"Investment  Letter")  with  respect  to  the  purchase  by  such
Class A-1 Purchaser of an interest in the Class A-1 Certificates.

          (b)   Each initial purchaser of a Class A-1 Certificate
or  any  interest therein and any Assignee thereof or Participant
therein  shall  certify  to  the Transferor,  the  Servicer,  the
Trustee  and the Agent for its Purchaser Group that it is  either
(A)(i)  a  citizen  or  resident of the  United  States,  (ii)  a
corporation or other entity organized in or under the laws of the
United States or any political subdivision thereof which, if such
entity  is  a  tax-exempt entity, recognizes that  payments  with
respect  to  the Class A-1 Certificates may constitute  unrelated
business taxable income or (iii) a person not described in (i) or
(ii) whose income from the Class A-1 Certificates is and will  be
effectively  connected with the conduct of a  trade  or  business
within  the  United States (within the meaning of the  Code)  and
whose  ownership of any interest in a Class A-1 Certificate  will
not  result  in  any withholding obligation with respect  to  any
payments with respect to the Class A-1 Certificates by any Person
(other than withholding, if any, under Section 1446 of the  Code)
and  who  will furnish to the Agent for its Purchaser Group,  the
Servicer  and the Trustee, and to the Class A-1 Owner making  the
Transfer  a properly executed U.S. Internal Revenue Service  Form
4224 (and to agree (to the extent legally able) to provide a  new
Form  4224  upon the expiration or obsolescence of any previously
delivered  form  and  comparable statements  in  accordance  with
applicable  United  States laws) or (B) an estate  or  trust  the
income  of which is includible in gross income for United  States
federal income tax purposes.

          (c)   Any  sale,  transfer, assignment,  participation,
pledge,  hypothecation or other disposition (a "Transfer")  of  a
Class A-1 Certificate or any interest therein may be made only in
accordance with this Section 8.1.  Any Transfer of an interest in
a  Class A-1 Certificate otherwise permitted by this Section  8.1
will  be  permitted only if it consists of a pro rata  percentage
interest  in  all  payments made with respect to  the  Class  A-1
Purchaser's  beneficial interest in such Class  A-1  Certificate.
No   Class  A-1  Certificate  or  any  interest  therein  may  be
Transferred by Assignment or Participation to any Person (each, a
"Transferee")  unless prior to the transfer the Transferee  shall
have  executed  and  delivered to the applicable  Agent  and  the
Transferor an Investment Letter.

               Each  of  SRPC and SRI authorizes each  Class  A-1
Purchaser to disclose to any Transferee and Support Party and any
prospective  Transferee or Support Party any  and  all  financial
information  in  the Class A-1 Purchaser's possession  concerning
the  Trust, SRPC, SRI, Granite and Stage which has been delivered
to  any  Agent,  the Facility Agent or such Class  A-1  Purchaser
pursuant to the Related Documents (including information obtained
pursuant to rights of inspection granted hereunder) or which  has
been delivered to such Class A-1 Purchaser by or on behalf of the
Trust,  SRPC, SRI, Granite, Stage, the Transferor or the Servicer
in  connection with such Class A-1 Purchaser's credit  evaluation
of  the  Trust, SRPC, SRI, Granite, Stage, the Transferor or  the
Servicer  prior to becoming a party to, or purchasing an interest
in  this  Agreement or the Class A-1 Certificates; provided  that
prior to any such disclosure, such Transferee or Support Party or
prospective  Transferee or Support Party shall have  executed  an
agreement  agreeing to be bound by the provisions of Section  6.2
hereof.

          (d)   Each Class A-1 Purchaser may, in accordance  with
applicable law, at any time grant participations in all  or  part
of  its Commitment or its interest in the Class A-1 Certificates,
including  the  payments due to it under this Agreement  and  the
Pooling and Servicing Agreement (each, a "Participation"), to any
Person  (each,  a  "Participant");  provided,  however,  that  no
Participation shall be granted to any Person unless and until the
Agent  for such Class A-1 Purchaser's Purchaser Group shall  have
consented  thereto  and the conditions to Transfer  specified  in
this Agreement, including in subsection 8.1(c) hereof, shall have
been satisfied and that such Participation consists of a pro rata
percentage  interest in all payments made with  respect  to  such
Class  A-1  Purchaser's  beneficial  interest  (if  any)  in  the
Class   A-1   Certificates.    In  connection   with   any   such
Participation, the Agent for each Purchaser Group shall  maintain
a  register of each Participant of Class A-1 Purchasers  or  such
Purchaser  Group  and the amount of each of their  Participation.
Each Class A-1 Purchaser hereby acknowledges and agrees that  (A)
any  such  Participation will not alter or affect such Class  A-1
Purchaser's  direct obligations hereunder, and  (B)  neither  the
Trustee,   the  Transferor  nor  the  Servicer  shall  have   any
obligation  to  have any communication or relationship  with  any
Participant.  Each Class A-1 Purchaser and each Participant shall
comply  with the provisions of subsection 2.5(c).  No Participant
shall  be  entitled  to  Transfer  all  or  any  portion  of  its
Participation, without the prior written consent of the Agent for
the  applicable  Purchaser  Group.   Each  Participant  shall  be
entitled   to  receive  additional  amounts  and  indemnification
pursuant to Sections 2.4, 2.5 and 2.6 as if such Participant were
a   Class  A-1  Purchaser  and  such  Sections  applied  to   its
Participation;  provided, in the case of Section 2.5,  that  such
Participant has complied with the provisions of subsection 2.5(c)
as  if  it  were a Class A-1 Purchaser.  Each Class A-1 Purchaser
shall  give  the  Agent for its Purchaser  Group  notice  of  the
consummation of any sale by it of a Participation and such  Agent
(upon  receipt  of notice from the related Class  A-1  Purchaser)
shall  promptly  notify  the Transferor,  the  Servicer  and  the
Trustee.

          (e)  Each Class A-1 Purchaser may, with the consent  of
the  Agent  for  its  Purchaser  Group  and  in  accordance  with
applicable  law, sell or assign (each, an "Assignment"),  to  any
Consented Assignee  (each, an "Assignee") all or any part of  its
Commitment or its interest in the Class A-1 Certificates and  its
rights  and obligations under this Agreement and the Pooling  and
Servicing Agreement pursuant to an agreement substantially in the
form   attached   hereto  as  Exhibit  C  hereto   (a   "Transfer
Supplement"),  executed  by  such  Assignee  and  the  Class  A-1
Purchaser and delivered to the Agent for its Purchaser Group  for
its  acceptance  and  consent; provided, however,  that  no  such
assignment  or  sale  shall be effective  unless  and  until  the
conditions to Transfer specified in this Agreement, including  in
subsection  8.1(c) hereof, shall have been satisfied.   From  and
after  the  effective date determined pursuant to  such  Transfer
Supplement,  (x) the Assignee thereunder shall be a party  hereto
and, to the extent provided in such Transfer Supplement, have the
rights and obligations of a Class A-1 Purchaser hereunder as  set
forth  therein and (y) the transferor Class A-1 Purchaser  shall,
to  the  extent provided in such Transfer Supplement, be released
from  its  Commitment and other obligations under this Agreement;
provided,  however,  that  after  giving  effect  to  each   such
Assignment,  the  obligations released  by  any  such  Class  A-1
Purchaser  shall have been assumed by an Assignee  or  Assignees.
Such  Transfer Supplement shall be deemed to amend this Agreement
to  the extent, and only to the extent, necessary to reflect  the
addition  of  such  Assignee  and  the  resulting  adjustment  of
Percentage  Interests,  Purchaser  Percentages,  Commitments  and
Maximum  Purchase Amounts arising from the Assignment.  Upon  its
receipt  and  acceptance of a duly executed Transfer  Supplement,
such  Agent  shall  on  the  effective date  determined  pursuant
thereto  give  notice of such acceptance to the  Transferor,  the
Servicer  and  the Trustee and the Servicer will  provide  notice
thereof to each Rating Agency (if required).

               Upon  instruction  to register  a  transfer  of  a
Class  A-1  Purchaser's  beneficial interest  in  the  Class  A-1
Certificates  (or portion thereof) and surrender for registration
of  transfer  such Class A-1 Purchaser's Class A-1 Certificate(s)
(if applicable) and delivery to the Transferor and the Trustee of
an  Investment Letter, executed by the registered owner (and  the
beneficial  owner  if  it is a Person other than  the  registered
owner), and receipt by the Trustee of a copy of the duly executed
related  Transfer Supplement and such other documents as  may  be
required  under this Agreement, such beneficial interest  in  the
Class  A-1 Certificates (or portion thereof) shall be transferred
in  the  records of the Trustee and the Agent for the  applicable
Purchaser Group and, if requested by the Assignee, new Class  A-1
Certificates shall be issued to the Assignee and, if  applicable,
the  transferor  Class A-1 Purchaser in amounts  reflecting  such
Transfer  as  provided  in the Pooling and  Servicing  Agreement.
Such  Transfers of Class A-1 Certificates (and interests therein)
shall  be  subject to this Section 8.1 in lieu of any regulations
which  may  be  prescribed under Section 6.3 of the  Pooling  and
Servicing  Agreement.  Successive registrations of  Transfers  as
aforesaid may be made from time to time as desired, and each such
registration  of a transfer to a new registered  owner  shall  be
noted on the Certificate Register.

          (f)   Each  Class A-1 Purchaser may pledge its interest
in  the  Class  A-1 Certificates to any Federal Reserve  Bank  as
collateral in accordance with applicable law.

          (g)  Any  Class A-1 Purchaser shall have the option  to
change  its  Investing  Office,  provided  that  such  Class  A-1
Purchaser shall have prior to such change in office complied with
the  provisions  of subsection 2.5(c) and provided  further  that
such  Class  A-1 Purchaser shall not be entitled to  any  amounts
otherwise payable under Section 2.4 or 2.5 resulting solely  from
such  change in office unless such change in office was  mandated
by  applicable  law  or by such Class A-1 Purchaser's  compliance
with the provisions of this Agreement.

          (h)  Each  Affected Party shall be entitled to  receive
additional payments and indemnification pursuant to Sections 2.4,
2.5  and  2.6 hereof as though it were a Class A-1 Purchaser  and
such  Section applied to its interest in or commitment to acquire
an  interest  in the Class A-1 Certificates; provided  that  such
Affected  Party  shall  not be entitled  to  additional  payments
pursuant to (i) Section 2.4 by reason of Regulatory Changes which
occurred  prior to the date it became an Affected Party  or  (ii)
Section   2.5   attributable  to  its  failure  to  satisfy   the
requirements  of  subsection 2.5(c) as if it  were  a  Class  A-1
Purchaser.

          (i)   Each  Affected  Party claiming increased  amounts
described  in  Sections  2.4 or 2.5 shall  furnish,  through  its
related  Conduit  Purchaser, to the Trustee, the  Agent  for  the
applicable Purchaser Group, the Facility Agent, the Servicer  and
the  Transferor a certificate setting forth the basis and  amount
of  each  request  by such Affected Party for  any  such  amounts
referred  to  in  Sections 2.4 or 2.5,  such  certificate  to  be
conclusive  with  respect to the factual  information  set  forth
therein absent manifest error.

          (j)   In  the  event that a Liquidity  Purchaser  is  a
Downgraded  Purchaser, the related Conduit Purchaser  shall  have
the  right to replace such Liquidity Purchaser with a replacement
Liquidity Purchaser, which replacement purchaser shall succeed to
the  rights  of such Liquidity Purchaser under this Agreement  in
respect  of  its  Commitment as a Liquidity Purchaser,  and  such
Liquidity Purchaser shall assign such Commitment and its interest
in  the  Class  A-1  Certificates to such  replacement  Liquidity
Purchaser in accordance with the provisions of this Section  8.1;
provided, that (A) such Liquidity Purchaser shall not be replaced
hereunder with a new investor until such Liquidity Purchaser  has
been  paid  in  full its Percentage Interest  of  the  Class  A-1
Principal Balance and all accrued and unpaid interest thereon  by
such  new  investor and all other amounts (including all  amounts
owing  under  Sections  2.4  and 2.5)  owed  to  it  and  to  all
Participants with respect to such Liquidity Purchaser pursuant to
this  Agreement,  and  (ii)  if the  Liquidity  Purchaser  to  be
replaced  is an Agent or the Facility Agent, a replacement  Agent
or  Facility Agent, as the case may be, shall have been appointed
in  accordance with Section 7.9, and the Agent or Facility Agent,
as  the  case  may be, to be replaced shall have  been  paid  all
amounts owing to it as  Agent or Facility Agent, as the case  may
be, pursuant to this Agreement.  For purposes of this subsection,
a Liquidity Purchaser shall be a "Downgraded Purchaser" if and so
long  as the credit rating assigned to its short-term obligations
by Moody's or Standard & Poor's on the date on which it became  a
party  to  this  Agreement shall have been reduced or  withdrawn,
unless otherwise agreed between such Liquidity Purchaser and  the
Conduit Purchaser in its Purchaser Group.

          (k)   In  the  event  that a Class  A-1  Purchaser  has
requested payment of additional amounts referred to in subsection
2.4(a), 2.4(b) or 2.5 and payment thereof hereunder shall not  be
waived  by  such Class A-1 Purchaser within 30 days  following  a
request for such waiver from the Transferor, the Transferor shall
have  the right to replace such Class A-1 Purchaser and, if  such
Class A-1 Purchaser is a Conduit Purchaser, each of its Liquidity
Purchasers  hereunder  with replacement purchaser  or  purchasers
which shall succeed to the rights of such Class A-1 Purchaser  or
Class  A-1 Purchasers under this Agreement.  Any such replacement
purchaser shall be (i) reasonably acceptable to the Agent for the
applicable Purchaser Group, (ii) if such Class A-1 Purchaser is a
Liquidity  Purchaser, acceptable to the related Conduit Purchaser
in  its sole discretion, and (iii) if such Class A-1 Purchaser is
a  Conduit  Purchaser, each Liquidity Purchaser in its  Purchaser
Group  shall  be  concurrently  replaced  as  provided  in   this
subsection unless such Liquidity Purchaser otherwise consents  in
its  sole discretion.  Such Class A-1 Purchaser shall assign  its
Commitment hereunder and its beneficial interest in the Class A-1
Certificates to such replacement purchaser in accordance with the
provisions  of  Section 8.1; provided, that (A)  such  Class  A-1
Purchaser  shall  not be replaced hereunder  with  a  replacement
purchaser  until such Class A-1 Purchaser has been paid  in  full
its  Percentage Interest of the Class A-1 Principal  Balance  and
all  accrued  and  unpaid interest thereon  by  such  replacement
purchaser  and  all  other amounts (including all  amounts  owing
under  Section 2.4 and 2.5) owed to it pursuant to this Agreement
and (B) if the Class A-1 Purchaser to be replaced is an Agent  or
the  Facility  Agent  or,  unless the Agent  for  the  Applicable
Purchaser Group and the Facility Agent otherwise agree, a Conduit
Purchaser sponsored or administered by such Agent or the Facility
Agent  (in its individual capacity), a replacement such Agent  or
the Facility Agent, as the case may be, shall have been appointed
in  accordance  with Section 7.9 and the Agent  or  the  Facility
Agent,  as  the case may be, to be replaced shall have been  paid
all  amounts owing to it as Agent or the Facility Agent,  as  the
case  may be, pursuant to this Agreement; provided, further, that
such  Class A-1 Purchaser shall not be replaced hereunder with  a
replacement  purchaser unless the Transferor shall have  provided
to  such  Class  A-1 Purchaser and the Agent for  the  applicable
Purchaser  Group with an Officer's Certificate stating that  such
replacement  purchaser is not subject to, or has  agreed  not  to
seek,  the additional amounts which Class A-1 Purchaser requested
pursuant to subsection 2.4(a), 2.4(b) or 2.5, as the case may be.

          8.2   Tax Characterization.  It is the intention of the
parties hereto that the Class A-1 Certificates be treated for tax
purposes as indebtedness.

          SECTION 9.  MISCELLANEOUS

          9.1  Amendments and Waivers.  This Agreement may not be
amended, supplemented or modified nor may any provision hereof be
waived  except in accordance with the provisions of this  Section
9.1.   With the written consent of the Required Class A-1  Owners
and  the Required Class A-1 Purchasers, the Facility Agent,  SRPC
and  SRI  may, from time to time, enter into written  amendments,
supplements, waivers or modifications hereto for the  purpose  of
adding any provisions to this Agreement or changing in any manner
the  rights  of  any party hereto or waiving, on such  terms  and
conditions  as may be specified in such instrument,  any  of  the
requirements of this Agreement; provided, however, that  no  such
amendment,  supplement, waiver or modification shall  (i)  reduce
the amount of or extend the maturity of any Class A-1 Certificate
or  reduce  the  rate or extend the time of payment  of  interest
thereon,  or  reduce  or alter the timing  of  any  other  amount
payable to any Class A-1 Purchaser hereunder or under the Pooling
and  Servicing Agreement, in each case without the consent of the
Class A-1 Purchaser affected thereby, (ii) amend, modify or waive
any  provision  of this Section 9.1, or, if such amendment  would
have  a material adverse effect on the Class A-1 Purchasers,  the
definition of "Class A-1 Invested Amount" or "Class A-1 Principal
Balance", or reduce the percentage specified in the definition of
Required  Class  A-1 Owners or Required Class A-1 Purchasers,  in
each case without the written consent of all Class A-1 Purchasers
or  (iii)  amend, modify or waive any provision of Section  7  of
this Agreement or any other provision of this Agreement affecting
the  Agents or the Facility Agent without the written consent  of
each  Agent  adversely affected thereby and the  Facility  Agent.
Any waiver of any provision of this Agreement shall be limited to
the  provisions specifically set forth therein for the period  of
time  set forth therein and shall not be construed to be a waiver
of any other provision of this Agreement.

          Each  party  hereto agrees that, on  a  one-time  basis
following the initial review of the Related Documents by Standard
&  Poor's  on  behalf of Class A-1 Purchasers which  are  Conduit
Purchasers,  it  will at the request of its related  Agent  enter
into  or  to consent to, as applicable, any amendments  or  other
modifications  to  the  Related  Documents,  other   than   those
requiring  the  consent of all Class A-1 Purchasers  as  provided
above in this subsection and other than those which would have an
adverse  effect on any other Class or Series of Certificates,  as
shall  reasonably  be  determined by such Agent  to  be  required
(i)  for the Class A-1 Certificate to be rated AAA by Standard  &
Poor's  or  (ii) for any initial Class A-1 Purchaser which  is  a
Conduit Purchaser to obtain or maintain a rating of the Class A-1
Certificate which will permit such Conduit Purchaser's commercial
paper  notes  to  maintain at least the rating  from  Standard  &
Poor's as in effect immediately prior to such Conduit Purchaser's
becoming a Class A-1 Purchaser after giving effect to its initial
purchase of the Class A-1 Certificates and to purchases from time
to  time  by  such  Conduit  Purchaser of  Additional  Class  A-1
Invested  Amounts  as  contemplated by  this  Agreement,  without
giving  effect to any increase in any letter of credit  or  other
enhancement  provided to such Conduit Purchaser (other  than  the
liquidity support provided to such Conduit Purchaser by Liquidity
Providers).

               The  Facility Agent may cast any vote or give  any
direction under the Pooling and Servicing Agreement on behalf  of
the  Class A Certificateholders if it has been directed to do  so
by  (i)  the  Required  Class  A-1 Purchasers  and  the  Required
Class  A-1  Owners, (ii) the Class A-2 Purchasers required  under
the  terms  of Section 9.1 of the Class A-2 Certificate  Purchase
Agreement  Purchasers, and (iii) the Class B Purchasers  required
under  the  terms  of  Section 9.1 of  the  Class  B  Certificate
Purchase Agreement.

          9.2   Notices.  (a)  All notices, requests and  demands
to or upon the respective parties hereto to be effective shall be
in   writing  (including  by  telecopy),  and,  unless  otherwise
expressly  provided herein, shall be deemed  to  have  been  duly
given or made when delivered by hand, or, in the case of mail  or
telecopy  notice,  when received, addressed as follows  or,  with
respect  to a Class A-1 Purchaser, as set forth in its respective
Joinder  Supplement  or Transfer Supplement,  or  to  such  other
address  as  may be hereafter notified by the respective  parties
hereto:

     SRPC:          SRI Receivables Purchase Co., Inc.
                    10201 Main Street
                    Houston, Texas 77025
                    Attention: Treasurer
                    Telephone:     (713) 669-2601
                    Telecopy: (713) 669-2621

     SRI:           Specialty Retailers, Inc.
                    10201 Main Street
                    Houston, Texas 77025
                    Attention: Treasurer
                    Telephone:     (713) 669-2601
                    Telecopy: (713) 669-2621

     The Trustee:   Bankers Trust (Delaware)
                    1011 Centre Road, Suite 200
                    Wilmington, Delaware 19805-1266
                    Attention:  Corporate Trust and Agency Group
                    Telephone:     (302) 636-3300
                    Telefax:  (302) 636-3222
                    Mailing Address:
                    P.O. Box 8795
                    Wilmington, Delaware 19899-8795

    with a copy to: 4 Albany Street - 10th Floor
                    New York, New York 10006
                    Attention:  Corporate Trust and Agency Group
                    Telephone:     (212) 250-2500
                    Telefax:  (212) 250-6439

     The  Facility  Credit Suisse First Boston,  New  York Branch
       Agent:       Eleven Madison Avenue
                    New York, New York  10010
                    Attention:  Asset Finance Department
                    Telephone:  (212) 325-9076
                    Telefax:  (212) 325-6677

          (b)   All  payments  to be made  to  an  Agent  or  any
Class A-1 Purchaser in a Purchaser Group hereunder shall be  made
in  United  States  dollars, and, unless  otherwise  specifically
provided  herein, shall be made to such Agent for the account  of
one  or  more of the Class A-1 Purchasers or for its own account,
as  the  case may be.  Unless otherwise directed by an  Agent  or
Class  A-1 Purchaser, all payments to it shall be made by federal
wire  to  the  account  specified in the  Joinder  Supplement  or
Transfer  Supplement  by which it became  a  party  hereto.   All
payments to be made to the Facility Agent hereunder shall be made
in  United States dollars, and, unless otherwise directed by  the
Facility Agent all such payments shall be made by federal wire to
The  Bank  of  New York (BONY), ABA #021-000-018, for  credit  to
Credit  Suisse  First  Boston  CSFBNY --  Loan  Clearing  Account
#8900329262,    reference    SRI   Receivables    Master    Trust
Series  1999-1,  with  telephone notice (including  federal  wire
number) to the Asset Finance Department of CSFB (212-325-9070).

          (c)  Any notices permitted or required hereunder to  be
given  by SRPC shall be effective if given on behalf of  SRPC  by
the Servicer.

          9.3   No  Waiver; Cumulative Remedies.  No  failure  to
exercise  and no delay in exercising, on the part of  any  Agent,
the Facility Agent or any Class A-1 Purchaser, any right, remedy,
power  or  privilege  under any of the  Related  Documents  shall
operate  as  a  waiver thereof; nor shall any single  or  partial
exercise  of any right, remedy, power or privilege under  any  of
the  Related  Documents preclude any other  or  further  exercise
thereof  or  the  exercise of any other right, remedy,  power  or
privilege.  The rights, remedies, powers and privileges  provided
in  the Related Documents are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

          9.4   Successors and Assigns.  This Agreement shall  be
binding  upon  and  inure  to  the  benefit  of  SRPC,  SRI,  the
Transferor,  the  Servicer, each Agent, the Facility  Agent,  the
Class   A-1   Purchasers,  any  Assignee  and  their   respective
successors and assigns, except that SRPC, SRI, the Transferor and
the  Servicer may not assign or transfer any of their  respective
rights  or  obligations under this Agreement except  as  provided
herein  and  in the Pooling and Servicing Agreement, without  the
prior  written consent of the Required Class A-1 Owners  and  the
Required  Class A-1 Purchasers.  This Agreement is also  intended
to  benefit  the Support Parties, Affected Parties,  Participants
and Indemnities, and their respective successors and assigns,  to
the extent provided herein.

          9.5  Successors to Servicer.  (a)  In the event that  a
transfer of servicing occurs under Article VIII or Article  X  of
the  Pooling  and  Servicing Agreement, (i) from  and  after  the
effective date of such transfer, the Successor Servicer shall  be
the  successor  in  all  respects to the Servicer  and  shall  be
responsible for the performance of all functions to be  performed
by  the Servicer from and after such date, except as provided  in
the  Pooling and Servicing Agreement, and shall be subject to all
the  responsibilities,  duties and liabilities  relating  thereto
placed  on  the Servicer by the terms and provisions hereof,  and
all  references in this Agreement to the Servicer shall be deemed
to  refer to the Successor Servicer, and (ii) as of the  date  of
such  transfer,  the Successor Servicer shall be deemed  to  have
made  with  respect to itself the representations and  warranties
made  in  Section  4.2  (in the case of  subsection  4.2(a)  with
appropriate  factual  changes);  provided,  however,   that   the
references  to  the  Servicer contained in Section  5.1  of  this
Agreement  shall be deemed to refer to the Servicer with  respect
to responsibilities, duties and liabilities arising out of an act
or  acts, or omission, or an event or events giving rise to  such
responsibilities,  duties and liabilities  and  occurring  during
such time that the Servicer was Servicer under this Agreement and
shall  be deemed to refer to the Successor Servicer with  respect
to responsibilities, duties and liabilities arising out of an act
or  acts, or omission, or an event or events giving rise to  such
responsibilities,  duties and liabilities  and  occurring  during
such time that the Successor Servicer acts as Servicer under this
Agreement; provided, however, to the extent that an obligation to
indemnify the Class A-1 Purchasers under Section 2.6 arises as  a
result of any act or failure to act of any Successor Servicer  in
the  performance of servicing obligations under the  Pooling  and
Servicing Agreement, such indemnification obligation shall be  of
the  Successor  Servicer  and  not  its  predecessor.   Upon  the
transfer  of  servicing to a Successor Servicer,  such  Successor
Servicer shall furnish to each Agent copies of its audited annual
financial statements for each of the three preceding fiscal years
or  if  the Trustee or any other banking institution becomes  the
Successor  Servicer, such Successor Servicer  shall  provide,  in
lieu  of  the  audited  financial  statements  required  in   the
immediately preceding clause, complete and correct copies of  the
publicly  available  portions  of  its  Consolidated  Reports  of
Condition  and Income as submitted to the FDIC for the  two  most
recent year end periods.

          (b)  In the event that any Person becomes the successor
to  the  Transferor pursuant to Article VII of  the  Pooling  and
Servicing  Agreement, from and after the effective date  of  such
transfer, such successor to the Transferor shall be the successor
in  all  respects to the Transferor and shall be responsible  for
the   performance  of  all  functions  to  be  performed  by  the
Transferor  from and after such date, except as provided  in  the
Pooling and Servicing Agreement, and shall be subject to all  the
responsibilities, duties and liabilities relating thereto  placed
on  the  Transferor by the terms and provisions hereof,  and  all
references in this Agreement to the Transferor shall be deemed to
refer to the successor to the Transferor; provided, however, that
the  references to the Transferor contained in Sections 2.5,  2.6
and  5.1 of this Agreement shall be deemed to refer to SRPC  with
respect  to responsibilities, duties and liabilities arising  out
of an act or acts, or omission, or an event or events giving rise
to  such  responsibilities, duties and liabilities and  occurring
during  such  time that SRPC was Transferor under this  Agreement
and  shall  be  deemed  to  refer to the  successor  to  SRPC  as
Transferor   with   respect  to  responsibilities,   duties   and
liabilities  arising out of an act or acts, or  omission,  or  an
event or events giving rise to such responsibilities, duties  and
liabilities and occurring during such time that the successor  to
SRPC acts as Transferor under this Agreement.

          9.6   Counterparts.  This Agreement may be executed  by
one  or  more of the parties to this Agreement on any  number  of
separate  counterparts,  and  all  of  said  counterparts   taken
together  shall  be  deemed  to  constitute  one  and  the   same
instrument.

          9.7   Severability.  Any provisions of  this  Agreement
which  are prohibited or unenforceable in any jurisdiction shall,
as  to  such jurisdiction, be ineffective to the extent  of  such
prohibition   or   unenforceability  without   invalidating   the
remaining   provisions  hereof,  and  any  such  prohibition   or
unenforceability  in  any jurisdiction shall  not  invalidate  or
render unenforceable such provisions in any other jurisdiction.

          9.8  Integration.  This Agreement and the Class A-1 Fee
Letter represent the agreement of each Agent, the Facility Agent,
SRPC,  SRI,  the  Transferor,  the Servicer  and  the  Class  A-1
Purchasers with respect to the subject matter hereof,  and  there
are  no promises, undertakings, representations or warranties  by
any Class A-1 Purchaser, any Agent or the Facility Agent relative
to  subject matter hereof not expressly set forth or referred  to
herein or therein.

          9.9   Governing Law.  THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW  OF
THE STATE OF NEW YORK.

          9.10  Termination.  This Agreement shall remain in full
force  and  effect until the earlier to occur of (a)  payment  in
full  of the Class A-1 Principal Balance, all accrued and  unpaid
Class  A-1  Interest,  Class  A-1  Program  Fees  and  Class  A-1
Utilization  Fees,  all amounts payable by pursuant  to  Sections
2.3, 2.4, 2.5 or 2.6 hereof and all other amounts payable to  the
Class A-1 Purchasers, the Agents and the Facility Agent hereunder
and  the  termination  of  all Commitments  and  (b)  the  Series
Termination  Date;  provided, however,  that  the  provisions  of
Sections  2.4, 2.5, 2.6, 6.1, 6.2, 7.7, 8.2, 9.11, 9.13 and  9.14
shall  survive  termination  of this Agreement  and  any  amounts
payable  to  the Facility Agent, the Agents, Class A-1 Purchasers
or any Affected Party thereunder shall remain payable thereto.

          9.11   Limited  Recourse;  No  Proceedings.   (a)   The
obligations  of SRPC, SRI, the Transferor and the Servicer  under
this  Agreement  are  several (except  as  specifically  provided
herein)  and are solely the corporate obligations of  SRPC,  SRI,
the Transferor or the Servicer, as applicable.  No recourse shall
be  had  for the payment of any fee or other obligation or  claim
arising  out  of  or  relating to this  Agreement  or  any  other
agreement,  instrument,  document  or  certificate  executed  and
delivered or issued by SRPC, SRI, the Transferor and the Servicer
or  any  officer of any of them in connection therewith,  against
any  stockholder, employee, officer, director or incorporator  of
SRPC,  SRI,  the  Transferor or the Servicer.   With  respect  to
obligations  of the Transferor, neither any Agent,  the  Facility
Agent  nor any Class A-1 Purchaser shall look to any property  or
assets of the Transferor, other than to (a) amounts payable to an
Agent,  the  Facility Agent or a Class A-1 Purchaser  or  to  the
Transferor  under  the  Receivables  Purchase  Agreement  or  the
Pooling and Servicing Agreement and (b) any other assets  of  the
Transferor  not pledged to third parties or otherwise  encumbered
in  any  manner  permitted  by  the Transferor's  Certificate  of
Incorporation.  Each Class A-1 Purchaser, the Facility Agent  and
each  Agent  hereby  agrees that to the  extent  such  funds  are
insufficient or unavailable to pay any amounts owing to it by the
Transferor  pursuant to this Agreement, prior to the  earlier  of
the Trust Termination Date or the commencement of a bankruptcy or
insolvency proceeding by or against the Transferor, it shall  not
constitute  a  claim  against the Transferor.   Nothing  in  this
paragraph  shall limit or otherwise affect the liability  of  the
Servicer with respect to any amounts owing by it hereunder or the
right of any Agent, the Facility Agent or any Class A-1 Purchaser
to  enforce  such liability against the Servicer or  any  of  its
assets.

          (b)   Each  of SRPC, SRI, the Transferor, the Servicer,
each  Agent,  the  Facility Agent and each  Class  A-1  Purchaser
hereby  agrees  that it shall not institute or join  against  any
Conduit  Purchaser  any bankruptcy, reorganization,  arrangement,
insolvency  or liquidation proceeding, or other proceeding  under
any  federal or state bankruptcy or similar law, for one year and
a  day  after  the latest maturing commercial paper note,  medium
term note or other debt security issued by such Conduit Purchaser
(collectively, "Notes") is paid.

          (c)   Notwithstanding any provisions contained in  this
Agreement to the contrary, no Conduit Purchaser shall pay, or  be
obligated  to  pay, any amount pursuant to this Agreement  unless
(i)  such Conduit Purchaser has received funds which may be  used
to  make  such payment and which funds are not required to  repay
its  Notes when due and (ii) after giving effect to such payment,
either  (A) Conduit Purchaser could issue Notes to refinance  all
its outstanding Notes (assuming such outstanding Notes matured at
such  time)  in  accordance with the program documents  governing
such  Conduit Purchaser's Note issuance program or (B) all  Notes
of  such  Conduit  Purchaser are paid in  full.   Payments  by  a
Conduit  Purchaser hereunder are expressly limited to the  amount
available  therefor in accordance with the terms of such  Conduit
Purchaser's  program  documents, and no  recourse  shall  be  had
against such Conduit Purchaser or any other Person in respect  of
any  deficiency  in  such amounts.  Any amount  which  a  Conduit
Purchaser  does  not  pay  pursuant  to  the  operation  of  this
subsection  shall not constitute a claim (as defined  in  101  of
the  Bankruptcy  Code) against or corporate  obligation  of  such
Conduit  Purchaser for any such insufficiency  unless  and  until
such  Conduit Purchaser satisfies the provisions of  clauses  (i)
and (ii) above.  This subsection shall survive for one year and a
day  after  the  latest  maturing Note  issued  by  such  Conduit
Purchaser is paid.

          9.12  Survival of Representations and Warranties.   All
representations  and  warranties  made  hereunder  and   in   any
document,  certificate or statement delivered pursuant hereto  or
in  connection herewith shall survive the execution and  delivery
of  this  Agreement, the purchase of the Class  A-1  Certificates
hereunder and the termination of this Agreement.

          9.13   Submission  to Jurisdiction; Waivers.   EACH  OF
SRPC, SRI, THE TRANSFEROR, THE SERVICER, THE FACILITY AGENT, EACH
AGENT  AND  EACH  CLASS  A-1  PURCHASER  HEREBY  IRREVOCABLY  AND
UNCONDITIONALLY:

          (A)   SUBMITS FOR ITSELF AND ITS PROPERTY  IN
          ANY  LEGAL  ACTION OR PROCEEDING RELATING  TO
          THIS AGREEMENT TO WHICH IT IS A PARTY, OR FOR
          RECOGNITION  AND ENFORCEMENT OF ANY  JUDGMENT
          IN  RESPECT  THEREOF,  TO  THE  NON-EXCLUSIVE
          GENERAL  JURISDICTION OF THE  COURTS  OF  THE
          STATE  OF  NEW YORK AND THE UNITED STATES  OF
          AMERICA  FOR  THE  SOUTHERN DISTRICT  OF  NEW
          YORK, AND APPELLATE COURTS FROM ANY THEREOF;

          (B)    CONSENTS  THAT  ANY  SUCH  ACTION   OR
          PROCEEDING MAY BE BROUGHT IN SUCH COURTS  AND
          WAIVES  ANY  OBJECTION THAT  IT  MAY  NOW  OR
          HEREAFTER  HAVE  TO  THE VENUE  OF  ANY  SUCH
          ACTION  OR  PROCEEDING IN ANY SUCH  COURT  OR
          THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN
          AN INCONVENIENT COURT AND AGREES NOT TO PLEAD
          OR CLAIM THE SAME;

          (C)   AGREES THAT SERVICE OF PROCESS  IN  ANY
          SUCH ACTION OR PROCEEDING MAY BE EFFECTED  BY
          MAILING  A  COPY  THEREOF  BY  REGISTERED  OR
          CERTIFIED MAIL (OR ANY SUBSTANTIALLY  SIMILAR
          FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY
          AT ITS ADDRESS SET FORTH IN SECTION 9.2 OR AT
          SUCH  OTHER ADDRESS OF WHICH THE AGENT  SHALL
          HAVE BEEN NOTIFIED PURSUANT THERETO; AND

          (D)   AGREES THAT NOTHING HEREIN SHALL AFFECT
          THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY
          OTHER  MANNER PERMITTED BY LAW OR SHALL LIMIT
          THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

          9.14   WAIVERS OF JURY TRIAL.  EACH OF SRPC,  SRI,  THE
TRANSFEROR, THE SERVICER, THE FACILITY AGENT, THE AGENTS AND  THE
CLASS  A-1  PURCHASERS  HEREBY  IRREVOCABLY  AND  UNCONDITIONALLY
WAIVE,  TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY  RIGHT  IT
MAY  HAVE  TO  TRIAL  BY JURY IN ANY LEGAL ACTION  OR  PROCEEDING
RELATING  DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR  ANY  OTHER
DOCUMENT  OR  INSTRUMENT RELATED HERETO AND FOR ANY  COUNTERCLAIM
THEREIN.

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

                         SRI RECEIVABLES PURCHASE CO., INC.,
                           individually and as Transferor

                         By:   /s/Charles M. Sledge
                               Name: Charles M. Sledge
                               Title: Senior Vice President

                         SPECIALTY RETAILERS, INC.,
                           individually and as Servicer

                         By:  /s/James A. Marcum
                               Name: James A. Marcum
                               Title: Vice Chairman, CFO

                         CREDIT SUISSE FIRST BOSTON,
                         NEW YORK BRANCH,
                            as Facility Agent

                         By: /s/Alberto Zonca
                               Name: Alberto Zonca
                               Title: Vice President

                         By: /s/Matthew J. Monaco
                               Name: Matthew J. Monaco
                               Title: Associate

                                                        EXHIBIT A

                    FORM OF INVESTMENT LETTER

                                               [Date]

SRI Receivables Purchase Co., Inc.
10201 Main Street
Houston, Texas 77025
Attention: Treasurer

     Re   SRI Receivables Master Trust Class A-1
          Variable Funding Certificates, Series 1999-1

Ladies and Gentlemen:

          This  letter (the "Investment Letter") is delivered  by
the  undersigned (the "Purchaser") pursuant to subsection  8.1(a)
of  the  Class  A-1 Certificate Purchase Agreement  dated  as  of
November  9,  1999  (as  in  effect,  the  "Certificate  Purchase
Agreement"),  among  SRI  Receivables  Purchase  Co.,  Inc.,   as
Transferor, Specialty Retailers, Inc., as Servicer, the Class A-1
Purchasers  and  Agents parties thereto and Credit  Suisse  First
Boston,   New   York  Branch,  as  Agent  and   Facility   Agent.
Capitalized terms used herein without definition shall  have  the
meanings  set  forth in the Certificate Purchase Agreement.   The
Purchaser  represents  to  and  agrees  with  the  Transferor  as
follows:

          (a)   The  Purchaser is authorized [to enter  into  the
     Certificate   Purchase  Agreement   and   to   perform   its
     obligations  thereunder and to consummate  the  transactions
     contemplated  thereby]  [to  purchase  a  participation   in
     obligations under the Certificate Purchase Agreement].

          (b)  The Purchaser has such knowledge and experience in
     financial   and  business  matters  as  to  be  capable   of
     evaluating  the  merits and risks of its investment  in  the
     Class A-1 Certificates and is able to bear the economic risk
     of  such  investment.  The Purchaser has been  afforded  the
     opportunity  to ask such questions as it deems necessary  to
     make   an   investment  decision,  and  has   received   all
     information it has requested in connection with making  such
     investment  decision.  The Purchaser has, independently  and
     without reliance upon any Agent, the Facility Agent  or  any
     other  Class A-1 Purchaser, and based on such documents  and
     information  as  it  has deemed appropriate,  made  its  own
     appraisal   of   and   investigation  into   the   business,
     operations,  property,  financial and  other  condition  and
     creditworthiness  of  the  Trust,  SRPC,  SRI,  Stage,   the
     Transferor  and  the Servicer and made its own  decision  to
     purchase  its  interest in the Class A-1  Certificates,  and
     will, independently and without reliance upon any Agent, the
     Facility  Agent or any other Class A-1 Purchaser, and  based
     on   such  documents  and  information  as  it  shall   deem
     appropriate at the time, continue to make its own  analysis,
     appraisals  and  decisions in taking or  not  taking  action
     under  the Certificate Purchase Agreement, and to make  such
     investigation as it deems necessary to inform itself  as  to
     the  business,  operations, property,  financial  and  other
     condition  and  creditworthiness of the  Trust,  SRPC,  SRI,
     Stage, Granite, the Transferor and the Servicer.

          (c)   The  Purchaser  is an "accredited  investor",  as
     defined  in  Rule  501, promulgated by  the  Securities  and
     Exchange  Commission (the "Commission") under the Securities
     Act  of  1933, as amended (the "Securities Act"),  or  is  a
     sophisticated   institutional   investor.    The   Purchaser
     understands  that  the offering and sale of  the  Class  A-1
     Certificates  has not been and will not be registered  under
     the Securities Act and has not and will not be registered or
     qualified under any applicable "Blue Sky" law, and that  the
     offering and sale of the Class A-1 Certificate has not  been
     reviewed by, passed on or submitted to any federal or  state
     agency   or   commission,  securities  exchange   or   other
     regulatory body.

          (d)    The  Purchaser  is  acquiring  an  interest   in
     Class  A-1  Certificates without a view to any distribution,
     resale or other transfer thereof except, with respect to any
     Class   A-1   Purchaser  Interest   or   any   interest   or
     participation  therein,  as contemplated  in  the  following
     sentence.   The  Purchaser  will  not  resell  or  otherwise
     transfer  any  interest or participation in  the  Class  A-1
     Purchaser Interest, except in accordance with Section 8.1 of
     the  Certificate Purchase Agreement and (i) in a transaction
     exempt  from the registration requirements of the Securities
     Act of 1933, as amended, and applicable state securities  or
     "blue sky" laws; (ii) to the Transferor or any affiliate  of
     the  Transferor;  or  (iii) to a person  who  the  Purchaser
     reasonably  believes  is  a  qualified  institutional  buyer
     (within   the  meaning  thereof  in  Rule  144A  under   the
     Securities  Act)  that is aware that  the  resale  or  other
     transfer  is  being  made in reliance upon  Rule  144A.   In
     connection  therewith, the Purchaser hereby agrees  that  it
     will  not  resell  or  otherwise  transfer  the  Class   A-1
     Certificates  or any interest therein unless  the  purchaser
     thereof   provides  to  the  addressee   hereof   a   letter
     substantially in the form hereof.

     (e)   This  Investment  Letter has been  duly  executed  and
delivered and constitutes the legal, valid and binding obligation
of the Purchaser, enforceable against the Purchaser in accordance
with  its terms, except as such enforceability may be limited  by
bankruptcy,  insolvency, reorganization,  moratorium  or  similar
laws  or  equitable  principles  affecting  the  enforcement   of
creditors' rights generally and general principles of equity.

                                   Very truly yours,

                                   [NAME OF PURCHASER]

                                   By:___________________________
                                      Name:
                                      Title:

                                                        EXHIBIT B

                   FORM OF JOINDER SUPPLEMENT

          JOINDER  SUPPLEMENT, dated as of the date set forth  in
Item  1 of Schedule I hereto, among SRI Receivables Purchase Co.,
Inc.  (the "Transferor"), Specialty Retailers, Inc., as  Servicer
(the "Servicer"), the Class A-1 Purchaser set forth in Item 2  of
Schedule  I  hereto (the "Additional Class A-1  Purchaser"),  the
Agent set forth in Item 3 of Schedule I hereto for the Class  A-1
Purchasers in the Purchaser Group set forth in Item 4 of Schedule
I hereto (in such capacity, the "Agent"), and Credit Suisse First
Boston,  New  York Branch, as Facility Agent for  the  Class  A-1
Purchasers  under,  and as defined in, the  Certificate  Purchase
Agreement  described  below  (in  such  capacity,  the  "Facility
Agent").

                      W I T N E S S E T H

          WHEREAS,   this  Supplement  is  being   executed   and
delivered  in accordance with subsection 2.2(d) of the Class  A-1
Certificate  Purchase Agreement, dated as of  November  9,  1999,
among   SRI   Receivables  Purchase  Co.,  Inc.,  as  Transferor,
Specialty  Retailers, Inc., as Servicer, the Class A-1 Purchasers
and  Agents  parties thereto and Credit Suisse First Boston,  New
York  Branch,  as Facility Agent (as from time to  time  amended,
supplemented or otherwise modified in accordance with  the  terms
thereof,  the "Certificate Purchase Agreement"; unless  otherwise
defined   herein,  terms  defined  in  the  Certificate  Purchase
Agreement are used herein as therein defined); and

          WHEREAS, the Additional Class A-1 Purchaser (if  it  is
not  already  a  Class  A-1 Purchaser party  to  the  Certificate
Purchase Agreement) wishes to become a Class A-1 Purchaser  party
to the Certificate Purchase Agreement and the Agent (if it is not
already  the  Agent party to the Certificate Purchase  Agreement)
wishes  to  become  an  Agent party to the  Certificate  Purchase
Agreement;

          NOW,  THEREFORE,  the parties hereto  hereby  agree  as
follows:

          (a)  Upon receipt by the Agent of five counterparts  of
this  Supplement, to each of which is attached a fully  completed
Schedule  I  and Schedule II, each of which has been executed  by
the Additional Class A-1 Purchaser, the Agent, the Transferor and
the  Facility Agent, the Agent will transmit to the Servicer, the
Transferor,  the Trustee, the Facility Agent and  the  Additional
Class A-1 Purchaser a Joinder Effective Notice, substantially  in
the form of Schedule III to this Supplement (a "Joinder Effective
Notice").  Such Joinder Effective Notice shall be executed by the
Agent  and  shall set forth, inter alia, the date  on  which  the
transfer effected by this Supplement shall become effective  (the
"Joinder Effective Date").   From and after the Joinder Effective
Date,  the  Additional Class A-1 Purchaser shall be a  Class  A-1
Purchaser  party  to the Certificate Purchase Agreement  for  all
purposes  thereof  and  shall be a Conduit  Purchaser,  Liquidity
Purchaser  or Committed Purchaser, as specified on such  Schedule
II, having an initial Maximum Purchase Amount  or Commitment,  as
applicable,  as  set forth in such Schedule II.   The  Additional
Class A-1 Purchaser shall be a member of the Purchaser Group  set
forth  in  Item  4  of  Schedule I  hereto.   If  the  Additional
Class  A-1  Purchaser  is  a  Conduit Purchaser,  then  (i)  such
Schedule II identifies its related Liquidity Purchasers and  (ii)
each  such Liquidity Purchaser has executed and delivered (or  is
concurrently herewith executing and delivering) its  own  Joinder
Supplement  with respect to such Additional Class A-1  Purchaser.
If  the  Additional Class A-1 Purchaser is a Liquidity Purchaser,
such  Schedule II identifies its related Conduit Purchaser.  From
and  after  the Joinder Effective Date, the Agent, if it  is  not
already  an  "Agent"  under the Certificate  Purchase  Agreement,
shall be an Agent thereunder for the Purchaser Group set forth in
Item 4 of Schedule I hereto.

          (b)   Concurrently  with  the  execution  and  delivery
hereof,  the Additional Class A-1 Purchaser will deliver  to  the
Transferor and the Trustee an executed Investment Letter  in  the
form of Exhibit A to the Certificate Purchase Agreement.

          (c)   Each of the parties to this Supplement agrees and
acknowledges  that at any time and from time  to  time  upon  the
written  request of any other party, it will execute and  deliver
such  further  documents and do such further acts and  things  as
such  other  party may reasonably request in order to effect  the
purposes of this Supplement.

          (d)   By executing and delivering this Supplement,  the
Additional Class A-1 Purchaser confirms to and agrees  with  each
Agent,  the  Facility  Agent  and each  Class  A-1  Purchaser  as
follows:  (i) neither the Agent, the Facility Agent nor any other
Class  A-1  Purchaser  makes any representation  or  warranty  or
assumes  any  responsibility  with  respect  to  any  statements,
warranties or representations made in or in connection  with  the
Certificate  Purchase  Agreement (other then  representations  or
warranties  made  by such respective parties) or  the  execution,
legality,  validity, enforceability, genuineness, sufficiency  or
value   of  the  Certificate  Purchase  Agreement  or  any  other
instrument  or  document  furnished  pursuant  thereto,  or  with
respect  to  the  Trust, the financial condition  of  SRPC,  SRI,
Granite,  Stage, the Servicer, the Transferor or the Trustee,  or
the  performance or observance by SRPC, SRI, Granite, Stage,  the
Servicer,  the  Transferor  or  the  Trustee  of  any  of   their
respective  obligations under the Certificate Purchase  Agreement
or the Pooling and Servicing Agreement or any other instrument or
document furnished pursuant hereto; (ii) the Additional Class A-1
Purchaser  confirms that it has received a copy of such documents
and  information  as it has deemed appropriate to  make  its  own
credit  analysis  and  decision to enter  into  this  Supplement;
(iii) the Additional Class A-1 Purchaser will, independently  and
without reliance upon any Agent, the Facility Agent or any  other
Class  A-1  Purchaser and based on such documents and information
as  it  shall deem appropriate at the time, continue to make  its
own  credit  decisions in taking or not taking action  under  the
Certificate  Purchase Agreement; (iv) each Purchasing  Class  A-1
Purchaser  appoints  and authorizes the Agent  and  the  Facility
Agent  to take such action as agent on its behalf and to exercise
such  powers  under  the Certificate Purchase Agreement  and  the
Pooling and Servicing Agreement as are delegated to such Agent or
the Facility Agent, as applicable, by the terms thereof, together
with  such  powers as are reasonably incidental thereto,  all  in
accordance  with Section 7 of the Certificate Purchase Agreement;
and  (v)  the  Additional  Class A-1 Purchaser  agrees  (for  the
benefit  of each Agent, the Facility Agent, each other Class  A-1
Purchaser, the Servicer and the Transferor) that (A) if it  is  a
Conduit Purchaser, it will perform in accordance with their terms
all  of  the  obligations which by the terms of  the  Certificate
Purchase  Agreement  are required to be  performed  by  it  as  a
Class A-1 Purchaser which is a Conduit Purchaser, (B) if it is  a
Committed  Purchaser,  it will perform in accordance  with  their
terms  all  of  the  obligations  which  by  the  terms  of   the
Certificate Purchase Agreement are required to be performed by it
as  a Class A-1 Purchaser which is a Committed Purchaser, and (C)
if  it  is  a  Liquidity Purchaser, it will perform in accordance
with their terms all of the obligations which by the terms of the
Certificate Purchase Agreement are required to be performed by it
as  a  Class  A-1 Purchaser which is a Liquidity  Purchaser.   By
executing  and delivering this Supplement, the Agent, if  it  not
already  an  "Agent"  under the Certificate  Purchase  Agreement,
agrees  (for the benefit of each other Agent, the Facility Agent,
each  Class A-1 Purchaser, the Servicer and the Transferor)  that
it  will  perform  in  accordance with their  terms  all  of  the
obligations  which  by  the  terms of  the  Certificate  Purchase
Agreement are required to be performed by it as an Agent for  its
Purchaser Group.

          (e)  Schedule II hereto sets forth the Maximum Purchase
Amount   or   the  Commitment,  as  applicable,  the   Commitment
Expiration Date, if applicable, and the initial Investing  Office
of  the Additional Class A-1 Purchaser, as well as administrative
information  with respect to the Additional Class A-1  Purchaser,
including  the  address  of Additional Class  A-1  Purchaser  for
purposes   of   notices,  requests  and   demands   pursuant   to
subsection 9.2(a) of the Certificate Purchase Agreement  and  the
identification  of  the  account  for  certain  payments  to  the
Additional Class A-1 Purchaser for purposes of subsection  9.2(b)
of the Certificate Purchase Agreement.

          (f)  Schedule II hereto also sets forth the address  of
the  Agent for purposes of notices, requests and demands pursuant
to  subsection  9.2(a) of the Certificate Purchase Agreement  and
the  identification of the account for certain  payments  to  the
Agent  for  purposes  of  subsection 9.2(b)  of  the  Certificate
Purchase Agreement.

          (g)    THIS  SUPPLEMENT  SHALL  BE  GOVERNED  BY,   AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          IN WITNESS WHEREOF, the parties hereto have caused this
Supplement  to  be executed by their respective  duly  authorized
officers on Schedule I hereto as of the date set forth in Item  1
of Schedule I hereto.

                                                    SCHEDULE I TO
                                               JOINDER SUPPLEMENT

                  Completion of Information And
                Signatures For Joinder Supplement

     Re:  Class A-1 Certificate Purchase Agreement, dated as
          of   November   9,  1999,  among  SRI  Receivables
          Purchase   Co.,  Inc.,  as  Transferor,  Specialty
          Retailers,  Inc.,  as  Servicer,  the  Class   A-1
          Purchasers  and Agent to party thereto and  Credit
          Suisse First Boston, New York Branch, as Agent and
          as Facility Agent.

Item 1:   Date of Joinder Supplement:

Item 2:   Additional Class A-1 Purchaser:

Item 3:   Agent:

Item 4.:  Purchaser Group:

Item 5:   Signatures of Parties to Agreement:

                              as Additional Class A-1 Purchaser

                              By:
                                    Name:
                                    Title:

                              as Agent

                              By:
                                    Name:
                                         Title:

                              SRI RECEIVABLES PURCHASE CO., INC.
                                as Transferor

                              By:
                                    Name:
                                    Title:

ACCEPTED BY:

CREDIT SUISSE FIRST BOSTON,
   NEW YORK BRANCH, as Facility Agent

By:
      Name:
      Title:

By:
      Name:
      Title:

                                                   SCHEDULE II TO
                                               JOINDER SUPPLEMENT

          List of Percentages, Maximum Purchase Amount
       or Commitment, Commitment Expiration Date, Addresses
   For Notices and Payment Instructions and Investing Offices

[NAME OF CLASS A-1 PURCHASER], as Class A-1 Purchaser

     Type of Purchaser: [Conduit/Liquidity/Committed Purchaser]

          For Conduit Purchaser: (if applicable)

          Initial Purchaser Percentage:                  _______%
          Maximum Purchase Amount:                  $____________
          Related  Liquidity  Purchasers,  Commitment  Expiration
Dates and
               Initial Liquidity Percentages:

               ______________________      ____________,     ____
_______%

               ______________________      ____________,     ____
_______%

               ______________________      ____________,     ____
_______%

          For Liquidity Purchaser: (if applicable)

          Initial Liquidity Percentage:                  _______%
          Commitment:                               $____________
          Commitment Expiration Date:          ____________, ____
          Related Conduit Purchaser:      _______________________

          For Committed Purchaser: (if applicable)

          Initial Purchaser Percentage:                  _______%
          Commitment:                                                 $_______
          Commitment Expiration Date:                                 ________,
____

     Address for Notices:

     Payment Instructions:

     Investing Office:

[NAME OF AGENT], as Agent

     Address for Notices:

     Payment Instructions:

                                                  SCHEDULE III TO
                                               JOINDER SUPPLEMENT

                             Form of
                    Joinder Effective Notice

To:  [Name and address of
     Transferor, Servicer, Trustee, Facility
     Agent and Additional Class A-1 Purchaser]

          The   undersigned,  as  Agent  under  the   Class   A-1
Certificate  Purchase Agreement, dated as of  November  9,  1999,
among   SRI   Receivables  Purchase  Co.,  Inc.,  as  Transferor,
Specialty  Retailers, Inc., as Servicer, the Class A-1 Purchasers
and  Agents  parties thereto and Credit Suisse First Boston,  New
York  Branch, as Facility Agent thereunder, acknowledges  receipt
of  five executed counterparts of a completed Joinder Supplement.
[Note:  attach copies of Schedules I and II from such Agreement.]
Terms  defined  in  such Supplement are used  herein  as  therein
defined.

          Pursuant  to such Supplement, you are advised that  the
Joinder Effective Date will be _____________, 199_.

                                   Very truly yours,

                                   [NAME OF AGENT]

                                   By:_______________________
                                         Name:
                                         Title:

                                                        EXHIBIT C

                  FORM OF TRANSFER SUPPLEMENT

          TRANSFER SUPPLEMENT, dated as of the date set forth  in
Item  1  of  Schedule  I hereto, among the Transferor  Class  A-1
Purchaser  set  forth  in  Item  2  of  Schedule  I  hereto  (the
"Transferor  Class  A-1  Purchaser"), the  Purchasing  Class  A-1
Purchaser  set  forth  in  Item  3  of  Schedule  I  hereto  (the
"Purchasing Class A-1 Purchaser"), the Agent set forth in Item  4
of  Schedule  I  hereto  for  the Class  A-1  Purchasers  in  the
Purchaser Group set forth in Item 5 of Schedule I hereto (in such
capacity, the "Agent"), and Credit Suisse First Boston, New  York
Branch, as Facility Agent for the Class A-1 Purchasers under, and
as defined in, the Certificate Purchase Agreement described below
(in such capacity, the "Facility Agent").

                      W I T N E S S E T H:

          WHEREAS,   this  Supplement  is  being   executed   and
delivered  in accordance with subsection 8.1(e) of the Class  A-1
Certificate  Purchase Agreement, dated as of  November  9,  1999,
among   SRI   Receivables  Purchase  Co.,  Inc.,  as  Transferor,
Specialty  Retailers, Inc., as Servicer, the Class A-1 Purchasers
and  Agents  parties thereto and Credit Suisse First Boston,  New
York  Branch,  as Facility Agent (as from time to  time  amended,
supplemented or otherwise modified in accordance with  the  terms
thereof,  the "Certificate Purchase Agreement"; unless  otherwise
defined   herein,  terms  defined  in  the  Certificate  Purchase
Agreement are used herein as therein defined);

          WHEREAS, the Purchasing Class A-1 Purchaser (if  it  is
not  already  a  Class  A-1 Purchaser party  to  the  Certificate
Purchase Agreement) wishes to become a Class A-1 Purchaser  party
to   the   Certificate  Purchase  Agreement  and  the  Purchasing
Class  A-1  Purchaser  wishes  to acquire  and  assume  from  the
Transferor   Class  A-1  Purchaser,  certain   of   the   rights,
obligations  and  commitments  under  the  Certificate   Purchase
Agreement; and

          WHEREAS,  the Transferor Class A-1 Purchaser wishes  to
sell and assign to the Purchasing Class A-1 Purchaser, certain of
its  rights,  obligations and commitments under  the  Certificate
Purchase Agreement.

          NOW,  THEREFORE,  the parties hereto  hereby  agree  as
follows:

          (a)  Upon receipt by the Agent of five counterparts  of
this  Supplement, to each of which is attached a fully  completed
Schedule  I  and Schedule II, each of which has been executed  by
the  Transferor  Class  A-1 Purchaser, the Purchasing  Class  A-1
Purchaser and the Agent, the Agent will transmit to the Servicer,
the  Transferor, the Trustee, the Transferor Class A-1  Purchaser
and  the  Purchasing  Class A-1 Purchaser  a  Transfer  Effective
Notice,  substantially  in  the form  of  Schedule  III  to  this
Supplement  (a  "Transfer  Effective  Notice").   Such   Transfer
Effective  Notice shall be executed by the Agent  and  shall  set
forth,  inter  alia, the date on which the transfer  effected  by
this  Supplement shall become effective (the "Transfer  Effective
Date").    From  and  after  the  Transfer  Effective  Date   the
Purchasing  Class  A-1 Purchaser shall be a Class  A-1  Purchaser
party  to  the  Certificate Purchase Agreement for  all  purposes
thereof  as a Conduit Purchaser, Liquidity Purchaser or Committed
Purchaser,  as applicable, as specified on Schedule  II  to  this
Supplement,  and  shall be a member of the  Purchaser  Group  set
forth in Item 5 of Schedule I hereto.

          (b)   At  or  before  12:00 Noon,  local  time  of  the
Transferor  Class A-1 Purchaser, on the Transfer Effective  Date,
the  Purchasing  Class A-1 Purchaser shall pay to the  Transferor
Class  A-1  Purchaser, in immediately available funds, an  amount
equal  to  the  purchase price, as agreed between the  Transferor
Class A-1 Purchaser and such Purchasing Class A-1 Purchaser  (the
"Purchase Price"), of the portion set forth on Schedule II hereto
being  purchased  by such Purchasing Class A-1 Purchaser  of  the
outstanding  Class  A-1  Invested  Amount  under  the  Class  A-1
Certificate  owned  by the Transferor Class A-1  Purchaser  (such
Purchasing Class A-1 Purchaser's "Purchase Percentage") and other
amounts  owing  to the Transferor Class A-1 Purchaser  under  the
Certificate  Purchase Agreement or otherwise in  respect  of  the
Class A-1 Certificates.  Effective upon receipt by the Transferor
Class  A-1  Purchaser of the Purchase Price from  the  Purchasing
Class  A-1  Purchaser, the Transferor Class A-1 Purchaser  hereby
irrevocably  sells,  assigns  and  transfers  to  the  Purchasing
Class   A-1   Purchaser,  without  recourse,  representation   or
warranty,   and   the  Purchasing  Class  A-1  Purchaser   hereby
irrevocably  purchases,  takes and assumes  from  the  Transferor
Class   A-1  Purchaser,  the  Purchasing  Class  A-1  Purchaser's
Purchase  Percentage of (i) the presently outstanding  Class  A-1
Invested  Amount under the Class A-1 Certificates  owned  by  the
Transferor  Class A-1 Purchaser and other amounts  owing  to  the
Transferor  Class  A-1  Purchaser in respect  of  the  Class  A-1
Certificates,  together  with  all  instruments,  documents   and
collateral  security pertaining thereto, and (ii) the  Purchasing
Class   A-1  Purchaser's  Purchase  Percentage  of  (A)  if   the
Transferor  Class  A-1  Purchaser is  a  Conduit  Purchaser,  the
Purchaser  Percentage  and the Maximum Purchaser  Amount  of  the
Transferor Class A-1 Purchaser and the other rights and duties of
the Transferor Class A-1 Purchaser under the Certificate Purchase
Agreement,  (B)  if  the  Transferor Class  A-1  Purchaser  is  a
Committed  Purchaser, the Purchaser Percentage and the Commitment
of  the  Transferor Class A-1 Purchaser and other rights,  duties
and  obligations of the Transferor Class A-1 Purchaser under  the
Certificate   Purchase  Agreement,  or  (C)  if  the   Transferor
Class  A-1  Purchaser  is  a Liquidity Purchaser,  the  Liquidity
Percentage  and  the  Commitment  of  the  Transferor  Class  A-1
Purchaser  and  other  rights,  duties  and  obligations  of  the
Transferor  Class  A-1  Purchaser under the Certificate  Purchase
Agreement.  This Supplement is intended by the parties hereto  to
effect a purchase by the Purchasing Class A-1 Purchaser and  sale
by  the  Transferor  Class  A-1 Purchaser  of  interests  in  the
Class  A-1 Certificates, and it is not to be construed as a  loan
or  a  commitment  to  make a loan by the  Purchasing  Class  A-1
Purchaser  to the Transferor Class A-1 Purchaser.  The Transferor
Class  A-1  Purchaser  hereby confirms that  the  amount  of  the
Class  A-1  Invested  Amount is $___________ and  its  Percentage
Interest  thereof  is  ___%,  which  equals  $___________  as  of
_________,  ___.    Upon  and after the Transfer  Effective  Date
(until  further  modified  in  accordance  with  the  Certificate
Purchase   Agreement),  the  Purchaser  Percentage  or  Liquidity
Percentage, as applicable, of the Transferor Class A-1  Purchaser
and  the  Purchasing Class A-1 Purchaser, the  Maximum  Purchaser
Amount or Commitment, as applicable, of the Transferor Class  A-1
Purchaser  and  the  Purchasing  Class  A-1  Purchaser  and   the
Percentage Interest of the Transferor Class A-1 Purchaser and the
Purchasing Class A-1 Purchaser shall be as set forth in  Schedule
II to this Supplement.

          (c)   The  Transferor  Class  A-1  Purchaser  has  made
arrangements with the Purchasing Class A-1 Purchaser with respect
to (i) the portion, if any, to be paid, and the date or dates for
payment,  by the Transferor Class A-1 Purchaser to the Purchasing
Class  A-1  Purchaser  of  any fees heretofore  received  by  the
Transferor  Class  A-1  Purchaser  pursuant  to  the  Certificate
Purchase Agreement prior to the Transfer Effective Date and  (ii)
the  portion,  if  any, to be paid, and the  date  or  dates  for
payment,  by the Purchasing Class A-1 Purchaser to the Transferor
Class  A-1  Purchaser  of  fees  or  interest  received  by   the
Purchasing  Class  A-1  Purchaser  pursuant  to  the  Certificate
Purchase  Agreement  or otherwise in respect  of  the  Class  A-1
Certificates from and after the Transfer Effective Date.

          (d)  (i) All principal payments that would otherwise be
payable from and after the Transfer Effective Date to or for  the
account of the Transferor Class A-1 Purchaser in respect  of  the
Class  A-1 Certificates shall, instead, be payable to or for  the
account  of the Transferor Class A-1 Purchaser and the Purchasing
Class A-1 Purchaser, as the case may be, in accordance with their
respective interests as reflected in this Supplement.

               (ii)   All  interest, fees and other amounts  that
would   otherwise  accrue  for  the  account  of  the  Transferor
Class  A-1  Purchaser from and after the Transfer Effective  Date
pursuant  to the Certificate Purchase Agreement or in respect  of
the Class A-1 Certificates shall, instead, accrue for the account
of,  and  be  payable  to or for the account of,  the  Transferor
Class  A-1  Purchaser and the Purchasing Class A-1 Purchaser,  as
the case may be, in accordance with their respective interests as
reflected  in this Supplement.  In the event that any  amount  of
interest,  fees or other amounts accruing prior to  the  Transfer
Effective  Date was included in the Purchase Price  paid  by  the
Purchasing  Class  A-1  Purchaser,  the  Transferor   Class   A-1
Purchaser  and  the  Purchasing Class  A-1  Purchaser  will  make
appropriate arrangements for payment by the Transferor Class  A-1
Purchaser  to the Purchasing Class A-1 Purchaser of  such  amount
upon receipt thereof from the Agent.

          (e)   Concurrently  with  the  execution  and  delivery
hereof, the Purchasing Class A-1 Purchaser will deliver to Agent,
the  Transferor and the Trustee an executed Investment Letter  in
the  form of Exhibit A to the Certificate Purchase Agreement  and
the  forms,  if   any,  required  by  subsection  2.5(c)  of  the
Certificate Purchase Agreement.

          (f)   Each of the parties to this Supplement agrees and
acknowledges that (i) at any time and from time to time upon  the
written  request of any other party, it will execute and  deliver
such  further  documents and do such further acts and  things  as
such  other  party may reasonably request in order to effect  the
purposes of this Supplement, and (ii) the Agent shall apply  each
payment  made  to  it  under the Certificate Purchase  Agreement,
whether  in  its individual capacity or as Agent,  in  accordance
with  the  provisions of the Certificate Purchase  Agreement,  as
appropriate.

          (g)   By executing and delivering this Supplement,  the
Transferor  Class  A-1  Purchaser and the  Purchasing  Class  A-1
Purchaser  confirm  to and agree with each  other,  the  Facility
Agent,  each  Agent  and  each Class A-1  Purchaser  as  follows:
(i)  other  than the representation and warranty that it  is  the
legal  and beneficial owner of the interest being assigned hereby
free  and  clear of any adverse claim, the Transferor  Class  A-1
Purchaser  makes  no representation or warranty  and  assumes  no
responsibility  with  respect to any  statements,  warranties  or
representations  made  in or in connection with  the  Certificate
Purchase Agreement or the Pooling and Servicing Agreement or  the
execution,   legality,  validity,  enforceability,   genuineness,
sufficiency or value of the Certificate Purchase Agreement or any
other instrument or document furnished pursuant thereto; (ii) the
Transferor  Class  A-1  Purchaser  makes  no  representation   or
warranty and assumes no responsibility with respect to the Trust,
the  financial  condition  of  SRPC,  SRI,  Granite,  Stage,  the
Servicer,  the  Transferor or the Trustee, or the performance  or
observance  by  SRPC,  SRI,  Granite, Stage,  the  Servicer,  the
Transferor  or the Trustee of any of their respective obligations
under  the  Certificate  Purchase  Agreement,  the  Pooling   and
Servicing Agreement or any other instrument or document furnished
pursuant  hereto;  (iii)  each  Purchasing  Class  A-1  Purchaser
confirms  that  it  has  received a copy of  such  documents  and
information as it has deemed appropriate to make its  own  credit
analysis  and decision to enter into this Supplement;  (iv)  each
Purchasing  Class A-1 Purchaser will, independently  and  without
reliance  upon  the  Facility Agent, any  Agent,  the  Transferor
Class A-1 Purchaser or any other Class A-1 Purchaser and based on
such  documents  and information as it shall deem appropriate  at
the time, continue to make its own credit decisions in taking  or
not taking action under the Certificate Purchase Agreement or the
Pooling  and Servicing Agreement; (v) each Purchasing  Class  A-1
Purchaser  appoints  and authorizes the Agent  and  the  Facility
Agent  to take such action as agent on its behalf and to exercise
such  powers  under  the Certificate Purchase Agreement  and  the
Pooling and Servicing Agreement as are delegated to the Agent  or
the  Facility  Agent, as the case may be, by the  terms  thereof,
together  with such powers as are reasonably incidental  thereto,
all  in  accordance  with Section 7 of the  Certificate  Purchase
Agreement;  and  (vi) each Purchasing Class A-1 Purchaser  agrees
(for  the  benefit  of the Transferor Class A-1  Purchaser,  each
Agent, the Facility Agent, each Class A-1 Purchaser, the Servicer
and  the  Transferor) that (A) if it is a Conduit  Purchaser,  it
will   perform  in  accordance  with  their  terms  all  of   the
obligations  which  by  the  terms of  the  Certificate  Purchase
Agreement  are  required to be performed by it  as  a  Class  A-1
Purchaser which is a Conduit Purchaser, (B) if it is a  Committed
Purchaser, it will perform in accordance with their terms all  of
the  obligations  which by the terms of the Certificate  Purchase
Agreement  are  required to be performed by it  as  a  Class  A-1
Purchaser  which is a Committed Purchaser, and (C)  if  it  is  a
Liquidity  Purchaser,  it will perform in accordance  with  their
terms  all  of  the  obligations  which  by  the  terms  of   the
Certificate Purchase Agreement are required to be performed by it
as a Class A-1 Purchaser which is a Liquidity Purchaser.

          (h)   Schedule II hereto sets forth the revised Maximum
Purchase Amount or the revised Commitment, as applicable, and the
Commitment  Expiration  Date, if applicable,  of  the  Transferor
Class  A-1 Purchaser, as well as administrative information  with
respect  to  the  Transferor Class A-1 Purchaser,  including  the
address  of  Transferor  Class  A-1  Purchaser  for  purposes  of
notices,  requests and demands pursuant to subsection  9.2(a)  of
the  Certificate Purchase Agreement and the identification of the
account  for  certain  payments  to  the  Transferor  Class   A-1
Purchaser  for  purposes of subsection 9.2(b) of the  Certificate
Purchase  Agreement.  Schedule II  hereto  also  sets  forth  the
Maximum  Purchase  Amount or the Commitment, as  applicable,  the
Commitment  Expiration  Date,  if  applicable,  and  the  initial
Investing Office of the Purchasing Class A-1 Purchaser,  as  well
as  administrative  information with respect  to  the  Purchasing
Class   A-1   Purchaser,  including  the  address  of  Purchasing
Class A-1 Purchaser for purposes of notices, requests and demands
pursuant   to  subsection  9.2(a)  of  the  Certificate  Purchase
Agreement  and  the  identification of the  account  for  certain
payments  to  the Purchasing Class A-1 Purchaser for purposes  of
subsection 9.2(b) of the Certificate Purchase Agreement.

          (i)    THIS  SUPPLEMENT  SHALL  BE  GOVERNED  BY,   AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          IN WITNESS WHEREOF, the parties hereto have caused this
Supplement  to  be executed by their respective  duly  authorized
officers on Schedule I hereto as of the date set forth in Item  1
of Schedule I hereto.

                                                    SCHEDULE I TO
                                              TRANSFER SUPPLEMENT

                  Completion of Information and
               Signatures for Transfer Supplement

     Re:  Class A-1 Certificate Purchase Agreement, dated as
          of   November   9,  1999,  among  SRI  Receivables
          Purchase   Co.,  Inc.,  as  Transferor,  Specialty
          Retailers,  Inc.,  as  Servicer,  the  Class   A-1
          Purchasers  and  Agents party thereto  and  Credit
          Suisse  First Boston, New York Branch, as Facility
          Agent.

Item 1:   Date of Transfer Supplement:

Item 2:   Transferor Class A-1 Purchaser:

Item 3:   Purchasing Class A-1 Purchaser:

Item 4:   Agent:

Item 5:   Purchaser Group:

Item 6:   Signatures of Parties to Agreement:

                              as Transferor Class A-1 Purchaser

                              By:
                                    Name:
                                    Title:

                              as Purchasing Class A-1 Purchaser

                              By:
                                    Name:
                                    Title:

CONSENTED TO AND ACCEPTED BY:

CREDIT SUISSE FIRST BOSTON,
   NEW YORK BRANCH, as Facility Agent

By:
      Name:
      Title:

By:
      Name:
      Title:

                                                   SCHEDULE II TO
                                              TRANSFER SUPPLEMENT

          List of Percentages, Maximum Purchase Amount
       or Commitment, Commitment Expiration Date, Addresses
   For Notices and Payment Instructions and Investing Offices

[NAME OF TRANSFEROR CLASS A-1 PURCHASER]

     Type of Purchaser: [Conduit/Liquidity/Committed Purchaser]

          For Conduit Purchaser: (if applicable)

          Maximum Purchase Amount Prior to Sale:    $____________
          Maximum Purchase Amount Sold:             $____________
          Maximum Purchase Amount Retained:         $____________
          Purchaser Percentage Prior to Sale:            _______%
          Purchaser Percentage Sold:                     _______%
          Purchaser Percentage Retained:                 _______%
          Related  Liquidity  Purchasers,  Commitment  Expiration
Dates and
               Liquidity Percentages:
               ______________________      ____________,     ____
_______%
               ______________________      ____________,     ____
_______%
               ______________________      ____________,     ____
_______%

          For Liquidity Purchaser: (if applicable)

          Commitment Prior to Sale:                 $____________
          Commitment Sold:                          $____________
          Commitment Retained:                      $____________
          Liquidity Percentage Prior to Sale:            _______%
          Liquidity Percentage Sold:                     _______%
          Liquidity Percentage Retained:                 _______%
          Commitment Expiration Date:                                 ________,
____
          Related                Conduit               Purchaser:
_______________________

          For Committed Purchaser: (if applicable)

          Commitment Prior to Sale:                 $____________
          Commitment Sold:                          $____________

          Commitment Retained:                      $____________
          Purchaser Percentage Prior to Sale:            _______%
          Purchaser Percentage Sold:                     _______%
          Purchaser Percentage Retained:                 _______%
          Commitment Expiration Date:          ____________, ____

[NAME OF PURCHASING CLASS A-1 PURCHASER]

     Type of Purchaser: [Conduit/Liquidity/Committed Purchaser]

          For Conduit Purchaser: (if applicable)

          Maximum Purchase Amount Prior to Sale:    $____________
          Maximum Purchase Amount Purchased:        $____________
          Maximum Purchase Amount After Sale:       $____________
          Purchaser Percentage Prior to Sale:            _______%
          Purchaser Percentage Purchased:                _______%
          Purchaser Percentage After Sale:               _______%
          Related  Liquidity  Purchasers,  Commitment  Expiration
Dates and
               Liquidity Percentages:
               ______________________      ____________,     ____
_______%
               ______________________      ____________,     ____
_______%
               ______________________      ____________,     ____
_______%

          For Liquidity Purchaser: (if applicable)

          Commitment Prior to Sale:                 $____________
          Commitment Purchased:                     $____________
          Commitment After Sale:                    $____________
          Liquidity Percentage Prior to Sale:            _______%
          Liquidity Percentage Purchased:                _______%
          Liquidity Percentage After Sale:               _______%
          Commitment Expiration Date:          ____________, ____
          Related Conduit Purchaser:      _______________________

          For Committed Purchaser: (if applicable)

          Commitment Prior to Sale:                 $____________
          Commitment Purchased:                     $____________
          Commitment After Sale:                    $____________
          Purchaser Percentage Prior to Sale:            _______%

          Purchaser Percentage Purchased:                _______%
          Purchaser Percentage After Sale:               _______%
          Commitment Expiration Date:          ____________, ____

     Address for Notices:

     Payment Instructions:

     Investing Office:

                                                  SCHEDULE III TO
                                              TRANSFER SUPPLEMENT

                             Form of
                    Transfer Effective Notice

To:  [Name and address of Transferor, Servicer,
     Trustee, Facility Agent, Transferor Class A-1
     Purchaser and Purchasing Class A-1 Purchaser]

          The   undersigned,  as  Agent  under  the   Class   A-1
Certificate  Purchase Agreement, dated as of  November  9,  1999,
among   SRI   Receivables  Purchase  Co.,  Inc.,  as  Transferor,
Specialty  Retailers, Inc., as Servicer, the Class A-1 Purchasers
and  Agents  parties thereto and Credit Suisse First Boston,  New
York  Branch, as Facility Agent thereunder, acknowledges  receipt
of five executed counterparts of a completed Transfer Supplement.
[Note:  attach copies of Schedules I and II from such Agreement.]
Terms  defined  in  such Supplement are used  herein  as  therein
defined.

          Pursuant  to such Supplement, you are advised that  the
Transfer Effective Date will be _____________, 199_.

                                   Very truly yours,

                                   [NAME OF AGENT]

                                   By:_______________________
                                         Name:
                                         Title:

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