Document:

Exhibit 4.3

                                                                 EXECUTION COPY

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

                        WACHOVIA AUTO OWNER TRUST 2004-B,
                                   as Issuer,

                                       and

                         U.S. BANK NATIONAL ASSOCIATION,
                              as Indenture Trustee

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

                                    INDENTURE

                          Dated as of September 1, 2004

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

                $252,000,000 1.8125% Class A-1 Asset Backed Notes
                 $248,000,000 2.40% Class A-2 Asset Backed Notes
                 $305,000,000 2.91% Class A-3 Asset Backed Notes
                 $130,000,000 3.44% Class A-4 Asset Backed Notes
                  $40,000,000 2.86% Class B Asset Backed Notes
                  $25,000,000 3.17% Class C Asset Backed Notes

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

<PAGE>

                             CROSS REFERENCE TABLE*

   TIA                                                         Indenture
Section                                                         Section

310    (a)(1)...............................................      6.11
       (a)(2)...............................................      6.11
       (a)(3)...............................................  6.10; 6.11
       (a)(4)...............................................      N.A.**
       (a)(5)...............................................      6.11
       (b)..................................................  6.08; 6.11
       (c)..................................................      N.A.
311    (a)..................................................      6.12
       (b)..................................................      6.12
       (c)..................................................      N.A.
312    (a)..................................................      7.01
       (b)..................................................      7.02
       (c)..................................................      7.02
313    (a)..................................................      7.04
       (b)(1)...............................................      7.04
       (b)(2)...............................................      7.04
       (c)..................................................  7.04; 11.05
       (d)..................................................      7.04
314    (a)..................................................  3.09; 7.03
       (b)..................................................  3.06; 11.15
       (c)(1)...............................................     11.01
       (c)(2)...............................................     11.01
       (c)(3)...............................................     11.01
       (d)..................................................     11.01
       (e)..................................................     11.01
       (f)..................................................     11.01
315    (a)..................................................      6.01
       (b)..................................................  6.05; 11.01
       (c)..................................................      6.01
       (d)..................................................      6.01
       (e)..................................................      5.13
316    (a)..................................................      1.01
       (a)(1)(A)............................................      5.11
       (a)(1)(B)............................................      5.12
       (a)(2)...............................................      N.A.
       (b)..................................................      5.07
       (c)..................................................      N.A.

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

*   This Cross Reference Table shall not, for any purpose, be deemed to be part
    of this Indenture.

**  N.A. means Not Applicable.

<PAGE>

   TIA                                                         Indenture
Section                                                         Section

317    (a)(1)...............................................      5.03
       (a)(2)...............................................      5.03
       (b)..................................................      3.03
318    (a)..................................................     11.07

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                                               Page

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

<S>               <C>                                                                                           <C>
Section 1.01.     Definitions...............................................................................      2
Section 1.02.     Incorporation by Reference of Trust Indenture Act.........................................     15
Section 1.03.     Interpretive Provisions...................................................................     16

                                   ARTICLE TWO

                                    THE NOTES

Section 2.01.     Form......................................................................................     17
Section 2.02.     Execution, Authentication and Delivery....................................................     17
Section 2.03.     Temporary Notes...........................................................................     18
Section 2.04.     Tax Treatment.............................................................................     18
Section 2.05.     Registration; Registration of Transfer and Exchange.......................................     18
Section 2.06.     Mutilated, Destroyed, Lost or Stolen Notes................................................     20
Section 2.07.     Persons Deemed Owner......................................................................     20
Section 2.08.     Payment of Principal and Interest.........................................................     21
Section 2.09.     Cancellation..............................................................................     25
Section 2.10.     Book-Entry Notes..........................................................................     26
Section 2.11.     Notices to Clearing Agency................................................................     26
Section 2.12.     Definitive Notes..........................................................................     27
Section 2.13.     Release of Collateral.....................................................................     27
Section 2.14.     Employee Benefit Plans....................................................................     27
Section 2.15.     Authenticating Agents.....................................................................     28

                                  ARTICLE THREE

                                    COVENANTS

Section 3.01.     Payment of Principal and Interest.........................................................     29
Section 3.02.     Maintenance of Office or Agency...........................................................     29
Section 3.03.     Money for Payments to be Held in Trust....................................................     29
Section 3.04.     Existence.................................................................................     30
Section 3.05.     Protection of Trust Estate................................................................     31
Section 3.06.     Opinions as to Trust Estate...............................................................     31
Section 3.07.     Performance of Obligations; Servicing of Receivables......................................     32
Section 3.08.     Negative Covenants........................................................................     34
Section 3.09.     Annual Statement as to Compliance.........................................................     34
Section 3.10.     Issuer May Consolidate, etc., Only on Certain Terms.......................................     35
Section 3.11.     Successor or Transferee...................................................................     36

                                       i

<PAGE>
                                                                                                               Page

Section 3.12.     No Other Business.........................................................................     36
Section 3.13.     No Borrowing..............................................................................     37
Section 3.14.     Servicer's Obligations....................................................................     37
Section 3.15.     Guarantees, Loans, Advances and Other Liabilities.........................................     37
Section 3.16.     Capital Expenditures......................................................................     37
Section 3.17.     Removal of Administrator..................................................................     37
Section 3.18.     Restricted Payments.......................................................................     37
Section 3.19.     Notice of Events of Default...............................................................     37
Section 3.20.     Further Instruments and Acts..............................................................     37
Section 3.21.     Compliance with Laws......................................................................     38
Section 3.22.     Amendments of Sale and Servicing Agreement and Trust Agreement............................     38

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.     Satisfaction and Discharge of Indenture...................................................     39
Section 4.02.     Satisfaction, Discharge and Defeasance of the Notes.......................................     40
Section 4.03.     Application of Trust Money................................................................     41
Section 4.04.     Repayment of Monies Held by Paying Agent..................................................     41

                                  ARTICLE FIVE

                           EVENTS OF DEFAULT; REMEDIES

Section 5.01.     Events of Default.........................................................................     42
Section 5.02.     Acceleration of Maturity; Rescission and Annulment........................................     43
Section 5.03.     Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.................     44
Section 5.04.     Remedies..................................................................................     46
Section 5.05.     Optional Preservation of the Receivables..................................................     47
Section 5.06.     Limitation of Suits.......................................................................     47
Section 5.07.     Unconditional Rights of Noteholders to Receive Principal and Interest.....................     48
Section 5.08.     Restoration of Rights and Remedies........................................................     48
Section 5.09.     Rights and Remedies Cumulative............................................................     48
Section 5.10.     Delay or Omission Not a Waiver............................................................     48
Section 5.11.     Control by Noteholders of the Controlling Class...........................................     48
Section 5.12.     Waiver of Past Defaults...................................................................     49
Section 5.13.     Undertaking for Costs.....................................................................     49
Section 5.14.     Waiver of Stay or Extension Laws..........................................................     49
Section 5.15.     Action on Notes...........................................................................     50
Section 5.16.     Performance and Enforcement of Certain Obligations........................................     50

                                       ii

<PAGE>
                                                                                                               Page

                                   ARTICLE SIX

                              THE INDENTURE TRUSTEE

Section 6.01.     Duties of Indenture Trustee...............................................................     52
Section 6.02.     Rights of Indenture Trustee...............................................................     53
Section 6.03.     Individual Rights of Indenture Trustee....................................................     54
Section 6.04.     Indenture Trustee's Disclaimer............................................................     54
Section 6.05.     Notice of Defaults........................................................................     54
Section 6.06.     Reports by Indenture Trustee to Noteholders...............................................     54
Section 6.07.     Compensation and Indemnity................................................................     54
Section 6.08.     Replacement of Indenture Trustee..........................................................     55
Section 6.09.     Successor Indenture Trustee by Merger.....................................................     56
Section 6.10.     Appointment of Co-Trustee or Separate Trustee.............................................     56
Section 6.11.     Eligibility; Disqualification.............................................................     58
Section 6.12.     Preferential Collection of Claims Against Issuer..........................................     58
Section 6.13.     Representations and Warranties of Indenture Trustee.......................................     58

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.     Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders....................     60
Section 7.02.     Preservation of Information; Communications, Reports and Certain Documents to
                  Noteholders...............................................................................     60
Section 7.03.     Reports by Issuer.........................................................................     60
Section 7.04.     Reports by Indenture Trustee..............................................................     61

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.     Collection of Money.......................................................................     62
Section 8.02.     Accounts..................................................................................     62
Section 8.03.     General Provisions Regarding Accounts.....................................................     63
Section 8.04.     Release of Trust Estate...................................................................     63
Section 8.05.     Opinion of Counsel........................................................................     64

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

Section 9.01.     Supplemental Indentures Without Consent of Noteholders....................................     65
Section 9.02.     Supplemental Indentures With Consent of Noteholders.......................................     66

                                       iii

<PAGE>
                                                                                                               Page

Section 9.03.     Execution of Supplemental Indentures......................................................     67
Section 9.04.     Effect of Supplemental Indenture..........................................................     68
Section 9.05.     Conformity with Trust Indenture Act.......................................................     68
Section 9.06.     Reference in Notes to Supplemental Indentures.............................................     68

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

Section 10.01.    Redemption................................................................................     69
Section 10.02.    Form of Redemption Notice.................................................................     69
Section 10.03.    Notes Payable on Redemption Date..........................................................     70

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

Section 11.01.    Compliance Certificates and Opinions, etc.................................................     71
Section 11.02.    Form of Documents Delivered to Indenture Trustee..........................................     72
Section 11.03.    Acts of Noteholders.......................................................................     73
Section 11.04.    Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies................     74
Section 11.05.    Notices to Noteholders; Waiver............................................................     74
Section 11.06.    Alternate Payment and Notice Provisions...................................................     75
Section 11.07.    Conflict with Trust Indenture Act.........................................................     75
Section 11.08.    Effect of Headings and Table of Contents..................................................     75
Section 11.09.    Successors and Assigns....................................................................     75
Section 11.10.    Severability..............................................................................     76
Section 11.11.    Benefits of Indenture; Third Party Beneficiaries..........................................     76
Section 11.12.    Legal Holidays............................................................................     76
Section 11.13.    Governing Law.............................................................................     76
Section 11.14.    Counterparts..............................................................................     76
Section 11.15.    Recording of Indenture....................................................................     76
Section 11.16.    Trust Obligation..........................................................................     76
Section 11.17.    No Petition...............................................................................     77
Section 11.18.    Inspection................................................................................     77

                                    EXHIBITS

Exhibit A - Form of Notes.................................................................................      A-1
</TABLE>

<PAGE>

         This Indenture, dated as of September 1, 2004, is between Wachovia Auto
Owner Trust 2004-B, a Delaware statutory trust (the "Issuer"), and U.S. Bank
National Association, a national banking association, not in its individual
capacity but solely as trustee (the "Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the holders of the Issuer's 1.8125% Class A-1
Asset Backed Notes (the "Class A-1 Notes"), 2.40% Class A-2 Asset Backed Notes
(the "Class A-2 Notes"), 2.91% Class A-3 Asset Backed Notes (the "Class A-3
Notes"), 3.44% Class A-4 Asset Backed Notes (the "Class A-4 Notes"), 2.86% Class
B Asset Backed Notes (the "Class B Notes") and 3.17% Class C Asset Backed Notes
(the "Class C Notes" and, together with the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the
"Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee on the Closing Date,
as Indenture Trustee for the benefit of the Noteholders, without recourse, all
of the Issuer's right, title and interest in, to and under, whether now owned or
existing or hereafter acquired or arising, (i) the Receivables, (ii) all amounts
due and collected on or in respect of the Receivables (including proceeds of the
repurchase of Receivables by the Seller pursuant to the Receivables Purchase
Agreement) after the Cutoff Date, (iii) the security interests in the Financed
Vehicles granted by the Obligors pursuant to the Receivables, (iv) all proceeds
from claims on or refunds of premiums of any physical damage or theft insurance
policies and extended warranties covering the Financed Vehicles and any proceeds
or refunds of premiums of any credit life or credit disability insurance
policies relating to the Receivables, the Financed Vehicles or the Obligors, (v)
the Receivable Files, (vi) the Collection Account, the Note Payment Account and
the Reserve Fund and all amounts, securities, Financial Assets, investments and
other property deposited in or credited to any of the foregoing and all proceeds
thereof, (vii) all rights of the Depositor under the Receivables Purchase
Agreement, including the right to require the Seller to repurchase Receivables
from the Depositor, (viii) any proceeds of Dealer Recourse, (ix) all rights of
the Issuer under the Sale and Servicing Agreement, including the right to
require the Seller to repurchase or the Servicer to purchase Receivables from
the Issuer, (x) the right to realize upon any property (including the right to
receive future Liquidation Proceeds and Recoveries) that shall have secured a
Receivable and have been repossessed by or on behalf of the Issuer and (xi) all
present and future claims, demands, causes of action and choses in action in
respect of any or all of the foregoing, and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivables, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, obligations and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the "Collateral").

         The foregoing Grant is made in trust to secure the payment of principal
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

<PAGE>

         The Indenture Trustee, as Indenture Trustee on behalf of the
Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties as required in this Indenture to the best of its ability to the end that
the interests of the Noteholders may be adequately and effectively protected.

                                  ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01. Definitions.

         (a) Whenever used in this Indenture, the following words and phrases,
unless the context otherwise requires, shall have the following meanings.

         "Accounts" has the meaning specified in the Sale and Servicing
Agreement.

         "Act" has the meaning specified in Section 11.03(a).

         "Additional Servicing Fee" means, for any Collection Period, if a
Successor Servicer is appointed pursuant to Section 7.02 of the Sale and
Servicing Agreement, the amount, if any, by which (i) the compensation payable
to such Successor Servicer for such Collection Period exceeds (ii) the Monthly
Servicing Fee for such Collection Period.

         "Administration Agreement" means the administration agreement, dated as
of September 1, 2004, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

         "Administrator" means Wachovia Bank, in its capacity as administrator
under the Administration Agreement, and its successors in such capacity.

         "Affiliate" has the meaning specified in the Sale and Servicing
Agreement.

         "Aggregate Principal Distributable Amount" means, with respect to any
Distribution Date, the Priority Principal Distributable Amount, the Secondary
Principal Distributable Amount, the Tertiary Principal Distributable Amount and
the Regular Principal Distributable Amount.

         "Amount Financed" has the meaning specified in the Sale and Servicing
Agreement.

         "Authenticating Agent" has the meaning specified in Section 2.15.

         "Authorized Officer" means, with respect to the Issuer, any officer of
the Owner Trustee who is authorized to act for or on behalf of the Owner Trustee
in matters relating to the Issuer and who is identified on the list of
Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on
the Closing Date (as such list may be modified or supplemented from time to time
thereafter) and, for so long as the Administration Agreement is in effect, any
Vice President or more senior officer of the Administrator who is authorized to
act for the Administrator in matters relating to the Issuer and to be acted upon
by the Administrator

                                       2

<PAGE>

pursuant to the Administration Agreement and who is identified on the list of
Authorized Officers delivered by the Administrator to the Indenture Trustee on
the Closing Date (as such list may be modified or supplemented from time to time
thereafter).

         "Available Collections" has the meaning specified in the Sale and
Servicing Agreement.

         "Available Funds" has the meaning specified in the Sale and Servicing
Agreement.

         "Basic Documents" has the meaning specified in the Sale and Servicing
Agreement.

         "Benefit Plan" means (i) employee benefit plans (as defined in Section
3(3) of ERISA) that are subject to Title I of ERISA, (ii) plans described in
Section 4975(e)(1) of the Code, including individual retirement accounts or
Keogh Plans that are not exempt under Section 4975(g) of the Code, and (iii) any
entities whose underlying assets include plan assets by reason of a plan's
investment in such entities.

         "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.10.

         "Business Day" has the meaning specified in the Sale and Servicing
Agreement.

         "Certificate Payment Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Certificateholder" has the meaning specified in the Trust Agreement.

         "Class" means a class of Notes, which may be the Class A Notes, the
Class B Notes or the Class C Notes.

         "Class A Notes" means the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes.

         "Class A Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class A-2 Notes,
the Class A-3 Notes or the Class A-4 Notes, as applicable, on such Distribution
Date, which amount shall equal the excess of (i) the principal amount of the
Class A Notes as of the day preceding such Distribution Date over (ii) an amount
equal to 93.38422% of the amount by which the Pool Balance as of the last day of
the preceding Collection Period exceeds the Overcollateralization Target Amount
for that Distribution Date; provided, however, that on (a) any Distribution Date
that the Cumulative Net Loss Percentage exceeds the related Sequential Payment
Trigger, the Class A Principal Distributable Amount shall equal the lesser of
(1) the Aggregate Principal Distributable Amount and (2) the Note Balance of the
Class A Notes and (b) the Final Scheduled Distribution Date of any one or more
of the Class A-2 Notes, the Class A-3 Notes or the Class A-4 Notes, as
applicable, the Class A Principal Distributable Amount for such Distribution
Date (and any subsequent Distribution Date until the principal amount of each
such Class of Class A Notes has been paid in full) will not be less than the
amount that is necessary to pay the outstanding principal amount of each such
Class of Class A Notes (which amount shall be applied first to

                                       3

<PAGE>

each such Class of Class A Notes sequentially in order of numerical designation
until the principal amount of such Classes of Class A Notes have been paid in
full).

         "Class A-1 Final Scheduled Distribution Date" means the September 2005
Distribution Date.

         "Class A-1 Interest Rate" means 1.8125% per annum (computed on the
basis of the actual number of days in the related Interest Period divided by
360).

         "Class A-1 Noteholder" means the Person in whose name a Class A-1 Note
is registered in the Note Register.

         "Class A-1 Notes" means the 1.8125% Class A-1 Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-2 Final Scheduled Distribution Date" means the May 2007
Distribution Date.

         "Class A-2 Interest Rate" means 2.40% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-2 Noteholder" means the Person in whose name a Class A-2 Note
is registered in the Note Register.

         "Class A-2 Notes" means the 2.40% Class A-2 Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-3 Final Scheduled Distribution Date" means the April 2009
Distribution Date.

         "Class A-3 Interest Rate" means 2.91% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-3 Noteholder" means the Person in whose name a Class A-3 Note
is registered in the Note Register.

         "Class A-3 Notes" means the 2.91% Class A-3 Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class A-4 Final Scheduled Distribution Date" means the March 2011
Distribution Date.

         "Class A-4 Interest Rate" means 3.44% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-4 Noteholder" means the Person in whose name a Class A-4 Note
is registered in the Note Register.

         "Class A-4 Notes" means the 3.44% Class A-4 Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class B Final Scheduled Distribution Date" means the March 2011
Distribution Date.

                                       4

<PAGE>

         "Class B Interest Rate" means 2.86% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

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

         "Class B Notes" means the 2.86% Class B Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class B Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class B Notes on
such Distribution Date, which amount shall equal the excess of (i) the principal
amount of the Class B Notes as of the day preceding such Distribution Date over
(ii) an amount equal to 4.07125% of the amount by which the Pool Balance as of
the last day of the preceding Collection Period exceeds the
Overcollateralization Target Amount for that Distribution Date; provided,
however, that on (a) any Distribution Date that the Cumulative Net Loss
Percentage exceeds the related Sequential Payment Trigger, the Class B Principal
Distributable Amount shall equal the lesser of (1) the excess of the Aggregate
Principal Distributable Amount over the Class A Principal Distributable Amount
and (2) the Note Balance of the Class B Notes and (b) the Class B Final
Scheduled Distribution Date, the Class B Principal Distributable Amount for such
Distribution Date (and any subsequent Distribution Date until the principal
amount of the Class B Notes has been paid in full) will not be less than the
amount that is necessary to pay the outstanding principal amount of the Class B
Notes.

         "Class C Final Scheduled Distribution Date" means the March 2011
Distribution Date.

         "Class C Interest Rate" means 3.17% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

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

         "Class C Notes" means the 3.17% Class C Asset Backed Notes,
substantially in the form of Exhibit A.

         "Class C Principal Distributable Amount" means, for any Distribution
Date, the amount distributable in respect of principal of the Class C Notes on
such Distribution Date, which amount shall equal the excess of (i) the principal
amount of the Class C Notes as of the day preceding such Distribution Date over
(ii) an amount equal to 2.54453% of the amount by which the Pool Balance as of
the last day of the preceding Collection Period exceeds the
Overcollateralization Target Amount for that Distribution Date; provided,
however, that on (a) any Distribution Date that the Cumulative Net Loss
Percentage exceeds the related Sequential Payment Trigger, the Class C Principal
Distributable Amount shall equal the lesser of (1) the excess of the Aggregate
Principal Distributable Amount over the sum of the Class A Principal
Distributable Amount and the Class B Principal Distributable Amount and (2) the
Note Balance of the Class C Notes and (b) the Class C Final Scheduled
Distribution Date, the Class C Principal Distributable Amount for such
Distribution Date (and any subsequent Distribution Date until the

                                       5

<PAGE>

principal amount of the Class C Notes has been paid in full) will not be less
than the amount that is necessary to pay the outstanding principal amount of the
Class C Notes.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act, which initially shall be
The Depository Trust Company.

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

         "Closing Date" means September 9, 2004.

         "Code" means the Internal Revenue Code of 1986 and the Treasury
Regulations promulgated thereunder.

         "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

         "Collection Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Collection Period" means, with respect to any Distribution Date, the
immediately preceding calendar month (or, in the case of the first Collection
Period, the period from but excluding the Cutoff Date to and including the last
day of the month immediately preceding the month in which the first Distribution
Date occurs).

         "Commission" has the meaning specified in the Sale and Servicing
Agreement.

         "Controlling Class" means the Class A Notes so long as any Class A
Notes are outstanding, thereafter the Class B Notes so long as any Class B Notes
are outstanding and thereafter the Class C Notes so long as any Class C Notes
are outstanding.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Indenture is located
at 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Structured
Finance - Wachovia 2004-B, facsimile: (651) 495-8090, or at such other address
as the Indenture Trustee may designate from time to time by written notice to
the Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor
Indenture Trustee by written notice to the Noteholders and the Issuer.

         "Cumulative Net Loss Percentage" means, with respect to any
Distribution Date and the related Collection Period, the percentage equivalent
of a fraction, (i) the numerator of which is equal to the excess, if any, of (a)
the aggregate Principal Balance of all Receivables that became Defaulted
Receivables during such Collection Period and all prior Collection Periods (in
each case as of the day that each such Receivable became a Defaulted Receivable)
over (b) the aggregate Liquidation Proceeds and Recoveries received by the
Servicer during such Collection Period and all prior Collection Periods and (ii)
the denominator of which is the Pool Balance as of the Cutoff Date.

                                       6

<PAGE>

         "Cutoff Date" has the meaning specified in the Sale and Servicing
Agreement.

         "Dealer Recourse" has the meaning specified in the Sale and Servicing
Agreement.

         "Default" means any event that with notice or the lapse of time or both
would become an Event of Default.

         "Defaulted Receivable" has the meaning specified in the Sale and
Servicing Agreement.

         "Definitive Notes" has the meaning specified in Section 2.10.

         "Depositor" has the meaning specified in the Trust Agreement.

         "Distribution Date" means the 20th day of each month, or if such 20th
day is not a Business Day, the following business day, commencing on October 20,
2004.

         "ERISA" means the Employee Retirement Income Security Act of 1974.

         "Event of Default" has the meaning specified in Section 5.01.

         "Excess Collections" has the meaning specified in Section
2.08(a)(xiii).

         "Exchange Act" means the Securities Exchange Act of 1934.

         "Executive Officer" means, with respect to any (i) corporation, limited
liability company or depository institution, the chief executive officer, the
chief operating officer, the chief financial officer, the president, any Vice
President, the secretary or the treasurer of such corporation, limited liability
company or depository institution and (ii) partnership, any general partner
thereof.

         "Final Scheduled Distribution Date" means the Class A-1 Final Scheduled
Distribution Date, the Class A-2 Final Scheduled Distribution Date, the Class
A-3 Final Scheduled Distribution Date, the Class A-4 Final Scheduled
Distribution Date, the Class B Final Scheduled Distribution Date or the Class C
Final Scheduled Distribution Date, as the context may require.

         "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

         "Financial Asset" has the meaning specified in the Sale and Servicing
Agreement.

         "Grant" means to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create and grant a lien upon and a
security interest in and a right of set-off against, deposit, set over and
confirm pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none
of the obligations) of the granting party thereunder, including the immediate
and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other
monies payable thereunder, to give and receive notices and other communications,
to make waivers or other agreements, to exercise all rights and options, to
bring Pro-

                                       7

<PAGE>

ceedings in the name of the granting party or otherwise, and generally
to do and receive anything that the granting party is or may be entitled to do
or receive thereunder or with respect thereto.

         "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

         "Indenture" means this Indenture.

         "Indenture Trustee" means U.S. Bank National Association, a national
banking association, as Indenture Trustee under this Indenture, and any
successor in such capacity.

         "Independent" means, when used with respect to any specified Person,
that the Person (i) is in fact independent of the Issuer, any other obligor on
the Notes, the Depositor, the Seller, the Servicer and any of their respective
Affiliates, (ii) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the
Depositor, the Seller, the Servicer or any of their respective Affiliates and
(iii) is not connected with the Issuer, any such other obligor, the Depositor,
the Seller, the Servicer or any of their respective Affiliates as an officer,
employee, promoter, underwriter, trustee, partner, director or person performing
similar functions.

         "Independent Certificate" means a certificate or opinion to be
delivered to the Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, made by
an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

         "Interest Carryover Shortfall Amount" means, with respect to any
Distribution Date and a class of Notes, the excess, if any, of the Interest
Distributable Amount for that Class of Notes on the immediately preceding
Distribution Date over the amount in respect of interest that is actually
deposited in the Note Payment Account with respect to that Class of Notes on
that preceding Distribution Date, plus, to the extent permitted by applicable
law, interest on the amount of interest due but not paid to such Noteholders on
that preceding Distribution Date at the applicable Interest Rate.

         "Interest Distributable Amount" means, with respect to any Distribution
Date and a Class of Notes, the sum of the Monthly Interest Distributable Amount
and the Interest Carryover Shortfall Amount for that Class of Notes for that
Distribution Date.

         "Interest Period" means, with respect to any Distribution Date and the
(i) Class A-1 Notes, the period from, and including, the prior Distribution Date
(or from, and including, the Closing Date with respect to the first Distribution
Date) to, but excluding, the current Distribution Date and (ii) Class A-2 Notes,
the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C
Notes, the period from, and including the 20th day of the month of the prior
Distribution Date (or from, and including, the Closing Date with respect to the
first Distribution Date) to, but excluding, the 20th day of the month of the
current Distribution Date (assuming each month has 30 days).

                                       8

<PAGE>

         "Interest Rate" means the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the
Class B Interest Rate and the Class C Interest Rate, as applicable.

         "Issuer" means Wachovia Auto Owner Trust 2004-B until a successor
replaces it and, thereafter, means the successor and, for purposes of any
provision contained herein and required by the TIA, each other obligor on the
Notes.

         "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Issuer by any Authorized Officer of the Issuer and
delivered to the Indenture Trustee by the Administrator, if signed by an officer
of the Administrator, or at the written direction of the Depositor, if signed by
an officer of the Owner Trustee.

         "Liquidation Proceeds" has the meaning specified in the Sale and
Servicing Agreement.

         "Maryland Vehicle Sales Finance Act" means Maryland Code Annotated,
Financial Institutions ss.11-401 et seq.

         "Monthly Interest Distributable Amount" means, with respect to any
Distribution Date and any Class of Notes, the interest due on that Class of
Notes for the related Interest Period calculated based on the principal amount
of that Class of Notes on the preceding Distribution Date, after giving effect
to all payments of principal to such Noteholders on or prior to that
Distribution Date, or, in the case of the first Distribution Date, on the
original principal amount of that Class of Notes.

         "Monthly Servicing Fee" has the meaning specified in the Sale and
Servicing Agreement.

         "Monthly Trustee Fees" means the monthly fees payable to each of the
Trustees and the Paying Agent on each Distribution Date for the related
Collection Period for performing their respective obligations under the Basic
Documents.

         "Moody's" means Moody's Investors Service, Inc.

         "Note Balance" means, at any time, the aggregate principal amount of
all Notes that are Outstanding at such time or the aggregate principal amount of
all Notes of the Controlling Class or a particular Class that are Outstanding at
such time, as the context requires.

         "Note Depository Agreement" means the agreement, dated the Closing
Date, among the Issuer, the Indenture Trustee, the Paying Agent and The
Depository Trust Company, as the initial Clearing Agency, relating to the Notes.

         "Note Owner" means, with respect to any Book-Entry Note, the Person who
is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency or on the books of a Person maintaining an account with such
Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing Agency).

                                       9

<PAGE>

         "Note Payment Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.05(a).

         "Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes.

         "Obligor" has the meaning specified in the Sale and Servicing
Agreement.

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of 11.01, and delivered to the
Indenture Trustee. Unless otherwise specified, any reference in this Indenture
to an Officer's Certificate shall be to an Officer's Certificate of the Issuer.

         "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee
of, or outside counsel to, the Issuer, the Depositor, the Seller or the Servicer
and who shall be acceptable to the Indenture Trustee, and which opinion or
opinions shall be addressed to the Indenture Trustee, shall comply with any
applicable requirements of Section 11.01 and shall be in form and substance
satisfactory to the Indenture Trustee.

         "Outstanding" means, as of the date of determination, all
Notes theretofore authenticated and delivered under this Indenture except:

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

                  (ii) Notes or portions thereof the payment for which money in
         the necessary amount has been theretofore deposited with the Indenture
         Trustee or any Paying Agent in trust for the Noteholders; provided,
         however, that if such Notes are to be redeemed, notice of such
         redemption must have been duly given pursuant to this Indenture or
         provision for such notice must have been made in a manner satisfactory
         to the Indenture Trustee; and

                  (iii) Notes in exchange for or in lieu of which other Notes
         have been authenticated and delivered pursuant to this Indenture unless
         proof satisfactory to the Indenture Trustee is presented that any such
         Notes are held by a Protected Purchaser;

provided, however, that in determining whether the Noteholders of the requisite
principal amount of the Notes Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any other
Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the
Depositor, the Seller, the Servicer or any of their respective Affiliates shall
be disregarded and deemed not to be Outstanding unless all of the Notes of the
related Class or Classes are owned by the Issuer, any other obligor upon the
Notes, the Depositor, the Seller, the Servicer or any of their respective
Affiliates, except that, in determining whether the Indenture Trustee shall be
protected in relying on any such request,

                                       10

<PAGE>

demand, authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Indenture Trustee knows to be so owned shall be so
disregarded. Notes so owned that have been pledged in good faith may be regarded
as Outstanding if the pledgee establishes to the satisfaction of the Indenture
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Depositor, the
Seller, the Servicer or any of their respective Affiliates.

         "Overcollateralization Target Amount" means, with respect to any
Distribution Date, an amount equal to the greater of (i) 1.75% of the aggregate
Principal Balance of the Receivables as of the last day of the related
Collection Period and (ii) $7,556,675.06.

         "Owner Trustee" has the meaning specified in the Trust Agreement.

         "PASS" has the meaning specified in the Receivables Purchase Agreement.

         "Paying Agent" means the Indenture Trustee or any other Person that
meets the eligibility standards specified in Section 6.11 and is authorized by
the Issuer to make payments to and distributions from the Collection Account,
the Note Payment Account, the Certificate Payment Account and the Reserve Fund,
including payments of principal or interest on the Notes on behalf of the
Issuer. The initial Paying Agent shall be Wachovia Bank.

         "Pennsylvania Motor Vehicle Sales Finance Act" means 69 P.S. ss. 601 et
seq.

         "Permitted Investments" has the meaning specified in the Sale and
Servicing Agreement.

         "Person" has the meaning specified in the Sale and Servicing Agreement.

         "Pool Balance" has the meaning specified in the Sale and Servicing
Agreement.

         "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

         "Principal Balance" has the meaning specified in the Sale and Servicing
Agreement.

         "Priority Principal Distributable Amount" means, with respect to any
Distribution Date, the excess, if any, of the Note Balance of the Class A Notes
as of the day preceding such Distribution Date over the Pool Balance as of the
last day of the preceding Collection Period; provided, however, that the
Priority Principal Distributable Amount for each Distribution Date on or after
the Final Scheduled Distribution Date for any Class of Class A Notes shall equal
the greater of (i) the amount otherwise calculated pursuant to this definition
and (ii) the outstanding principal balance of the Class A Notes of such Class as
of the day preceding such Distribution Date.

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

                                       11

<PAGE>

         "Protected Purchaser" has the meaning specified in Section 8-303 of the
UCC.

         "Purchased Receivable" has the meaning specified in the Sale and
Servicing Agreement.

         "Rating Agency" means Moody's or Standard & Poor's; provided, however,
that if Moody's and Standard & Poor's cease to exist, Rating Agency shall mean
any nationally recognized statistical rating organization or other comparable
Person designated by the Issuer, written notice of which designation shall have
been given to the Depositor, the Servicer and the Trustees.

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given ten days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Depositor, the Servicer and the Trustees in
writing that such action will not result in a qualification, reduction or
withdrawal of the then-current rating assigned by such Rating Agency to any
Class of Notes.

         "Receivable" has the meaning specified in the Receivables Purchase
Agreement.

         "Receivable Files" has the meaning specified in the Sale and Servicing
Agreement.

         "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of September 1, 2004, between the Seller and PASS, as
purchaser.

         "Record Date" shall mean, with respect to the Notes and any
Distribution Date or Redemption Date, the close of business on the Business Day
preceding such Distribution Date or Redemption Date, provided, however, that if
Definitive Notes have been issued pursuant to Section 2.12, Record Date shall
mean, with respect to any Distribution Date or Redemption Date, the last day of
the preceding Collection Period.

         "Recoveries" has the meaning specified in the Sale and Servicing
Agreement.

         "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.01, the Distribution Date specified by the Servicer
pursuant to such Section.

         "Redemption Price" means, in the case of a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of the
Notes redeemed plus accrued and unpaid interest thereon through the related
Interest Period at the related Interest Rates.

         "Regular Principal Distributable Amount" means, with respect to any
Distribution Date, an amount equal to the lesser of (i) the Note Balance as of
the day preceding such Distribution Date and (ii) the excess, if any, of (a) the
sum of the Note Balance as of the day preceding such Distribution Date and the
Overcollateralization Target Amount over the Pool Balance as of the last day of
the related Collection Period minus (b) the sum of the Priority Principal
Distributable Amount, the Secondary Principal Distributable Amount and the
Tertiary Principal Distributable Amount, if any.

         "Reserve Fund" has the meaning specified in the Sale and Servicing
Agreement.

                                       12

<PAGE>

         "Reserve Fund Deficiency" has the meaning specified in the Sale and
Servicing Agreement.

         "Reserve Fund Draw Amount" has the meaning specified in the Sale and
Servicing Agreement.

         "Responsible Officer" has the meaning specified in the Sale and
Servicing Agreement.

         "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of September 1, 2004, among the Issuer, the Depositor, the Seller and
the Servicer.

         "Secondary Principal Distributable Amount" means, with respect to any
Distribution Date, (i) the excess, if any, of the sum of the Note Balance of the
Class A Notes and the Note Balance of the Class B Notes, in each case as of the
day preceding such Distribution Date, over the Pool Balance as of the last day
of the preceding Collection Period minus (ii) the Priority Principal
Distributable Amount, if any, for such Distribution Date; provided, however,
that the Secondary Principal Distributable Amount for each Distribution Date on
or after the Class B Final Scheduled Distribution Date shall equal the greater
of (i) the amount otherwise calculated pursuant to this definition and (ii) the
Note Balance of the Class B Notes as of the day preceding such Distribution
Date.

         "Securities Act" means the Securities Act of 1933.

         "Seller" has the meaning specified in the Receivables Purchase
Agreement.

         "Sequential Payment Trigger" means, with respect to a Distribution
Date, the percentage listed below for that Distribution Date.

                                       13

<PAGE>

<TABLE>
<CAPTION>
                               Sequential                                         Sequential
  Distribution Date         Payment Trigger         Distribution Date          Payment Trigger
----------------------    ------------------     ----------------------     -------------------
<S>     <C>                    <C>                        <C>                        <C>
October 2004                   0.50%             February 2006                       1.00%
November 2004                  0.50%             March 2006                          1.00%
December 2004                  0.50%             April 2006                          1.50%
January 2005                   0.50%             May 2006                            1.50%
February 2005                  0.50%             June 2006                           1.50%
March 2005                     0.50%             July 2006                           1.50%
April 2005                     0.75%             August 2006                         1.50%
May 2005                       0.75%             September 2006                      1.50%
June 2005                      0.75%             October 2006                        2.10%
July 2005                      0.75%             November 2006                       2.10%
August 2005                    0.75%             December 2006                       2.10%
September 2005                 0.75%             January 2007                        2.10%
October 2005                   1.00%             February 2007                       2.10%
November 2005                  1.00%             March 2007                          2.10%
December 2005                  1.00%             On and after April 2007             2.50%
January 2006                   1.00%

</TABLE>

         "Servicer" has the meaning specified in the Sale and Servicing
Agreement.

         "Servicer Termination Event" has the meaning specified in the Sale and
Servicing Agreement.

         "Standard & Poor's" means Standard & Poor's Ratings Services, a
Division of The McGraw-Hill Companies, Inc.

         "State" means any of the 50 states of the United States or the District
of Columbia.

         "Successor Servicer" has the meaning specified in the Sale and
Servicing Agreement.

         "Tertiary Principal Distributable Amount" shall mean, with respect to
any Distribution Date, (i) the excess, if any, of the sum of the Note Balance of
the Class A Notes, the Note Balance of the Class B Notes and the Note Balance of
the Class C Notes, in each case as of the day preceding such Distribution Date,
over the Pool Balance as of the last day of the preceding Collection Period
minus (ii) the sum of the Priority Principal Distributable Amount, if any, and
the Secondary Principal Distributable Amount, if any, in each case for such
Distribution Date; provided, however, that the Tertiary Principal Distributable
Amount for each Distribution Date on or after the Class C Final Scheduled
Distribution Date shall equal the greater of (i) the amount otherwise calculated
pursuant to this definition and (ii) the Note Balance of the Class C Notes as of
the day preceding such Distribution Date.

         "Total Servicing Fee" has the meaning specified in the Sale and
Servicing Agreement.

         "Total Trustee Fees" means, for any Collection Period and the related
Distribution Date, with respect to each of the Trustees, the sum of (i) the
Monthly Trustee Fees for such Collection Period and (ii) all accrued but unpaid
Monthly Trustee Fees for the previous Collection Period.

                                       14

<PAGE>

         "Transition Costs" has the meaning specified in the Sale and Servicing
Agreement.

         "Treasury Regulations" has the meaning specified in the Trust
Agreement.

         "Trust Agreement" means the amended and restated trust agreement, dated
as of September 1, 2004, between the Depositor and the Owner Trustee.

         "Trust Estate" means all money, instruments, rights, and other property
that are subject or intended to be subject to the lien and security interest of
this Indenture for the benefit of the Noteholders (including all property and
interests Granted to the Indenture Trustee), including all proceeds thereof.

         "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939 as
in force on the date hereof, unless otherwise specifically provided.

         "Trustees" means the Owner Trustee and the Indenture Trustee.

         "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction.

         "United States" means the United States of America.

         "Vice President" has the meaning specified in the Sale and Servicing
Agreement.

         "Wachovia Bank" has the meaning specified in the Sale and Servicing
Agreement.

         (b) Except as otherwise specified herein or as the context may
otherwise require, for all purposes of this Indenture, capitalized terms used
herein that are not otherwise defined shall have the meanings ascribed thereto
in the Sale and Servicing Agreement or the Trust Agreement, as the case may be.

         Section 1.02. Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, that provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

         "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

         "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

                                       15

<PAGE>

         All other TIA terms used in this Indenture that are defined in the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

         Section 1.03. Interpretive Provisions. With respect to all terms in
this Indenture, unless the context otherwise requires: (i) a term has the
meaning assigned to it; (ii) an accounting term not otherwise defined has the
meaning assigned to it in accordance with generally accepted accounting
principles as in effect from time to time in the United States; (iii) "or" is
not exclusive; (iv) "including" means including without limitation; (v) words in
the singular include the plural and words in the plural include the singular;
(vi) any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; (vii)
references to a Person are also to its successors and permitted assigns; (viii)
the words "hereof", "herein" and "hereunder" and words of similar import when
used in this Indenture shall refer to this Indenture as a whole and not to any
particular provision of this Indenture; (ix) references contained in this
Indenture to Section, Schedule and Exhibit, as applicable, are references to
Sections, Schedules and Exhibits in or to this Indenture unless otherwise
specified; (x) references to "writing" include printing, typing, lithography and
other means of reproducing words in a visible form; and (xi) the term "proceeds"
has the meaning set forth in the applicable UCC.

                                       16

<PAGE>

                                  ARTICLE TWO

                                    THE NOTES

         Section 2.01. Form.

         (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes and the Class C Notes, in each case together
with the Indenture Trustee's certificate of authentication, shall be in
substantially the form set forth in Exhibit A, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

         (b) Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the Authorized Officers executing such
Notes, as evidenced by their execution of such Notes.

         (c) Each Note shall be dated the date of its authentication. The terms
of the Notes as set forth in Exhibit A are part of the terms of this Indenture
and are incorporated herein by reference.

         Section 2.02. Execution, Authentication and Delivery.

         (a) The Notes shall be executed on behalf of the Issuer by any of its
Authorized Officers. The signature of any such Authorized Officer on the Notes
may be manual or facsimile. Notes bearing the manual or facsimile signature of
individuals who were at any time Authorized Officers of the Issuer shall bind
the Issuer, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Notes or did
not hold such offices on the date of such Notes.

         (b) The Indenture Trustee shall, upon Issuer Order, authenticate and
deliver for original issue the following aggregate principal amounts of Notes:
(i) $252,000,000 of Class A-1 Notes, (ii) $248,000,000 of Class A-2 Notes, (iii)
$305,000,000 of Class A-3 Notes, (iv) $130,000,000 of Class A-4 Notes, (v)
$40,000,000 of Class B Notes and (vi) $25,000,000 of Class C Notes. The
aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes, Class B Notes and Class C Notes Outstanding at any time may not
exceed such respective amounts except as provided in Section 2.06.

         (c) Each Note shall be dated the date of its authentication. The Notes
shall be issuable as registered Notes in minimum denominations of $1,000 and in
integral multiples of $1,000 in excess thereof.

         (d) No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication

                                       17

<PAGE>

substantially in the form provided for herein executed by the Indenture Trustee
by the manual signature of one of its authorized signatories, and such
certificate upon any Note shall be conclusive evidence, and the only evidence,
that such Note has been duly authenticated and delivered hereunder.

         Section 2.03. Temporary Notes.

         (a) Pending the preparation of Definitive Notes pursuant to Section
2.12, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

         (b) If temporary Notes are issued pursuant to this Section, the Issuer
shall cause Definitive Notes to be prepared without unreasonable delay. After
the preparation of Definitive Notes, the temporary Notes shall be exchangeable
for Definitive Notes upon surrender of the temporary Notes at the office or
agency of the Note Registrar to be maintained as provided in Section 3.02,
without charge to the related Noteholder. Upon surrender for cancellation of any
one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee
shall authenticate and deliver in exchange therefor, a like tenor and principal
amount of Definitive Notes of authorized denominations. Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes.

         Section 2.04. Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, State and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes as indebtedness of the Issuer for all purposes, including federal, State
and local income, single business and franchise tax purposes.

         Section 2.05. Registration; Registration of Transfer and Exchange.

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

         (b) If a Person other than the Indenture Trustee or Wachovia Bank is
appointed by the Issuer as Note Registrar, the Issuer will give the Indenture
Trustee prompt written notice of the appointment of such Note Registrar and of
the location, and any change in the location, of the Note Register, and the
Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof

                                       18

<PAGE>

as to the names and addresses of the Holders of the Notes and the principal
amounts and number of such Notes.

         (c) Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.02;
provided that the requirements of Section 8-401 of the UCC are met, the Issuer
shall execute, and the Indenture Trustee shall authenticate and deliver to the
Noteholder making such surrender and the Noteholder shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees, one
or more new Notes of the same Class in any authorized denomination and a like
aggregate principal amount. The Indenture Trustee may rely upon the
Administrator with respect to the determination of whether the requirements of
Section 8-401 of the UCC are met.

         (d) At the option of the related Holder, Notes may be exchanged for
other Notes of the same Class in any authorized denominations, of a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such
office or agency. Whenever any Notes are so surrendered for exchange, provided
that the requirements of Section 8-401 of the UCC are met (as determined by the
Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate
and deliver to the Noteholder making such exchange, the Notes which such
Noteholder is entitled to receive. The Indenture Trustee may rely upon the
Administrator with respect to the determination of whether the requirements of
Section 8-401 of the UCC are met.

         (e) All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

         (f) Each Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar.

         (g) No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Indenture Trustee may
require payment by such Noteholder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or
9.06 not involving any transfer.

         (h) The preceding provisions of this Section notwithstanding, the
Issuer shall not be required to make, and the Note Registrar need not register,
transfers or exchanges of Notes with respect to which the due date for any
payment will occur within 15 days.

         (i) Each Person to whom a Note is transferred will be required to
represent, in the case of a Definitive Note, or deemed to represent, in the case
of a Book-Entry Note, that (i) such Person is not a Benefit Plan or (ii) such
Person is acquiring a Class A Notes or a Class B Note and the Person's
acquisition, holding and disposition of the Note are and will be eligible for
relief under prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or
96-23.

                                       19

<PAGE>

Section 2.06.     Mutilated, Destroyed, Lost or Stolen Notes.

         (a) If (i) any mutilated Note is surrendered to the Indenture Trustee,
or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, (ii) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuer
and the Indenture Trustee harmless and (iii) the requirements of Section 8-405
of the UCC are met, then, in the absence of notice to the Issuer, the Note
Registrar or the Indenture Trustee that such Note has been acquired by a
Protected Purchaser, the Issuer shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however, that if any such destroyed, lost or stolen Note,
but not a mutilated Note, shall have become or within seven days of the
Indenture Trustee's receipt of evidence to its satisfaction of such destruction,
loss or theft shall be due and payable, or shall have been called for redemption
pursuant to Section 10.01, instead of issuing a replacement Note, the Issuer may
pay such destroyed, lost or stolen Note when so due or payable or upon the
Redemption Date without surrender thereof. The Indenture Trustee may rely upon
the Administrator with respect to the determination of whether the requirements
of Section 8-405 of the UCC are met. If, after the delivery of such replacement
Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to
the preceding sentence, a Protected Purchaser of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note,
the Issuer and the Indenture Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom such replacement Note
was delivered or any Person taking such replacement Note from such Person to
whom such replacement Note was delivered or any assignee of such Person, except
a Protected Purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

         (b) Upon the issuance of any replacement Note under this Section, the
Issuer or the Indenture Trustee may require the payment by the Holder of such
Note of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee or the Note Registrar) connected
therewith.

         (c) Every replacement Note issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

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

         Section 2.07. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
of their respective agents may, subject to Section 2.06, treat the Person in
whose name such Note is registered in the Note Register (as of the day of
determination) as the owner of such Note for the purpose of receiving

                                       20

<PAGE>

payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note shall be overdue, and none of the
Issuer, the Indenture Trustee or any of their respective agents shall be
affected by any notice to the contrary.

         Section 2.08. Payment of Principal and Interest.

         (a) On each Distribution Date, upon receipt of written instructions
from the Servicer pursuant to Section 4.06(c) of the Sale and Servicing
Agreement, the Indenture Trustee or the Paying Agent shall apply the Available
Funds to make the following payments and deposits in the following order of
priority:

                  (i) to the Servicer, the Total Servicing Fee and any
         Nonrecoverable Advances for the related Collection Period;

                  (ii) to the Trustees and the Paying Agent pro rata, the Total
         Trustee Fees, provided; however, that the aggregate amount to be paid
         to the Trustees and the Paying Agent for such fees and expenses
         pursuant to this clause shall not exceed $100,000 in any given calendar
         year;

                  (iii) to the Note Payment Account, for payment of interest on
         each Class of Class A Notes, the Interest Distributable Amount for each
         Class of Class A Notes;

                  (iv) to the Note Payment Account, for payment of principal on
         the Notes in the priority set forth in Section 2.08(b), the Priority
         Principal Distributable Amount, if any;

                  (v) to the Note Payment Account, for payment of interest on
         the Class B Notes, the Interest Distributable Amount for the Class B
         Notes;

                  (vi) to the Note Payment Account, for payment of principal on
         the Notes in the priority set forth in Section 2.08(b), the Secondary
         Principal Distributable Amount, if any;

                  (vii) to the Note Payment Account, for payment of interest on
         the Class C Notes, the Interest Distributable Amount for the Class C
         Notes;

                  (viii) to the Note Payment Account, for payment of principal
         on the Notes in the priority set forth in Section 2.08(b), the Tertiary
         Principal Distributable Amount, if any; (ix) to the Note Payment
         Account, for payment of principal on the Notes, the Regular Principal
         Distributable Amount, if any;

                  (x) to the Reserve Fund, the Reserve Fund Deficiency, if any;

                  (xi) if a Successor Servicer has been appointed pursuant to
         Section 7.02 of the Sale and Servicing Agreement, to such Successor
         Servicer, any Transition Costs due in connection with such transfer of
         servicing and not paid pursuant to Section 7.01 of the Sale and
         Servicing Agreement, plus the Additional Servicing Fee, if any, for the
         related Collection Period;

                                       21

<PAGE>

                  (xii) to the Trustees and the Paying Agent pro rata, the Total
         Trustee Fees, to the extent that they have not previously been paid;
         and

                  (xiii) unless the Notes have been declared immediately due and
         payable following an Event of Default, to the Certificate Payment
         Account, for payment to the Certificateholders, or if the Notes have
         been declared immediately due and payable following an Event of
         Default, to the Note Payment Account, for payment to the Noteholders,
         any remaining Available Funds (the "Excess Collections").

         Notwithstanding the foregoing, following the occurrence and during the
continuation of an Event of Default which has resulted in an acceleration of the
Notes, all Available Funds shall be deposited into the Note Payment Account and
applied in accordance with Section 2.08(f). Any distributions to be made by the
Indenture Trustee under the Basic Documents may be made by the Paying Agent.

         If the amount on deposit in the Note Payment Account (including any
portion of the Reserve Fund Draw Amount) on any Distribution Date is less than
the amount described in clause (iii) above for such Distribution Date, the
Indenture Trustee, either directly or through the Paying Agent, shall pay the
available amount to the Noteholders of each Class of Class A Notes pro rata
based on the Interest Distributable Amount payable to such Class on such
Distribution Date.

         If on any Distribution Date, the aggregate amount on deposit in the
Collection Account and the Reserve Fund equals or exceeds the Note Balance of
all Notes Outstanding as of the last day of the related Collection Period, the
accrued and unpaid interest thereon and all amounts due to the Servicer, the
Trustees and the Paying Agent, all such amounts will be applied to retire the
Notes and pay all such amounts due to the Servicer, the Trustees and the Paying
Agent in accordance with the provisions of this Section.

         (b) The principal of each Note shall be payable in installments on each
Distribution Date in an aggregate amount (unless the Notes have been declared
immediately due and payable following an Event of Default) for all Classes of
Notes equal to the Aggregate Principal Distributable Amount. On each
Distribution Date, upon receipt of instructions from the Servicer pursuant to
Section 4.06(c) of the Sale and Servicing Agreement and subject to Section
2.08(f), the Indenture Trustee shall either directly or through a Paying Agent
apply or cause to be applied the amount on deposit in the Note Payment Account
on such Distribution Date in respect of the Aggregate Principal Distributable
Amount to make the following payments in the following order of priority:

                  (i) to the Class A-1 Noteholders, until the principal amount
         of the Class A-1 Notes has been paid in full;

                  (ii) following payment in full of the Class A-1 Notes,
         sequentially to the remaining Class A Noteholders, the Class A
         Principal Distributable Amount (applying such Class A Principal
         Distributable Amount first to the Class A-2 Noteholders until the
         principal amount of the Class A-2 Notes has been paid in full, then to
         the Class A-3 Noteholders until the principal amount of the Class A-3
         Notes has been paid in full and

                                       22

<PAGE>

         then to the Class A-4 Noteholders until the principal amount of the
         Class A-4 Notes has been paid in full) until the principal amount of
         the Class A Notes has been paid in full;

                  (iii) following payment in full of the Class A Principal
         Distributable Amount to the Class A Noteholders, to the Class B
         Noteholders, the Class B Principal Distributable Amount until the
         principal amount of the Class B Notes has been paid in full; and

                  (iv) following payment in full of the Class B Principal
         Distributable Amount to the Class B Noteholders, to the Class C
         Noteholders, the Class C Principal Distributable Amount until the
         principal amount of the Class C Notes has been paid in full.

         (c) If on any Distribution Date, the Cumulative Net Loss Percentage
exceeds the related Sequential Payment Trigger, then on such Distribution Date
and on each following Distribution Date until the Cumulative Net Loss Percentage
is less than or equal to the related Sequential Payment Trigger for three
consecutive Distribution Dates, all principal payments on the Notes will be
allocated sequentially, starting with the Class of Notes with the highest
alphabetical designation then outstanding (and, with respect to the Class A
Notes, sequentially, beginning with the Class A-1 Notes or the Class of Class A
Notes at that time with the lowest numerical designation) until that Class of
Notes has been paid in full. Further, the unpaid principal amount, to the extent
not previously paid of the (i) Class A-1 Notes shall be due and payable on the
Class A-1 Final Scheduled Distribution Date, (ii) Class A-2 Notes shall be due
and payable on the Class A-2 Final Scheduled Distribution Date, (iii) Class A-3
Notes shall be due and payable on the Class A-3 Final Scheduled Distribution
Date, (iv) Class A-4 Notes shall be due and payable on the Class A-4 Final
Scheduled Distribution Date, (v) Class B Notes shall be due and payable on the
Class B Final Scheduled Distribution Date and (vi) Class C Notes shall be due
and payable on the Class C Final Scheduled Distribution Date.

         (d) Each Class of Notes shall accrue interest during each Interest
Period at the related Interest Rate, and such interest shall be due and payable
on each Distribution Date. Interest on the Class A-1 Notes shall be calculated
on the basis of the actual number of days elapsed and a 360-day year. Interest
on the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B
Notes and the Class C Notes shall be calculated on the basis of a 360-day year
of twelve 30-day months. Subject to Section 3.01, any installment of interest or
principal, if any, payable on any Note that is punctually paid or duly provided
for on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the related
Record Date by check mailed first-class postage prepaid to such Person's address
as it appears on the Note Register on such Record Date; provided, however, that,
unless Definitive Notes have been issued pursuant to Section 2.12, with respect
to Notes registered on the Record Date in the name of the nominee of the
Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be
made by wire transfer in immediately available funds to the account designated
by such nominee, and except for the final installment of principal payable with
respect to such Note on a Distribution Date or on the related Final Scheduled
Distribution Date (and except for the Redemption Price for any Note called for
redemption in whole pursuant to Section 10.01), which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03. The Indenture

                                       23

<PAGE>

Trustee, either directly or through the Paying Agent, shall pay all Interest
Distributable Amounts for any Distribution Date to the Noteholders on the
related Record Date even if a portion of such Interest Distributable Amount
relates to an earlier Distribution Date.

         (e) All principal and interest payments on a Class of Notes shall be
made pro rata to the Noteholders of such Class. Except as otherwise provided
herein, the Indenture Trustee shall, before the Distribution Date on which the
Issuer expects to pay the final installment of principal of and interest on any
Note, notify the Holder of such Note as of the related Record Date of such final
installment. Such notice shall be mailed or transmitted by facsimile and shall
specify that such final installment shall be payable only upon presentation and
surrender of such Note and shall specify the place where such Note may be
presented and surrendered for payment of such installment. Notices in connection
with redemption of Notes shall be sent by mail to Noteholders as provided in
Section 10.02.

         (f) Notwithstanding the foregoing, the unpaid principal amount of the
Notes shall be due and payable, to the extent not previously paid, on the date
on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class have declared the Notes to be immediately
due and payable in the manner provided in Section 5.02(a). On each Distribution
Date following acceleration of the Notes, upon receipt of instructions from the
Servicer pursuant to Section 4.06(c) of the Sale and Servicing Agreement, the
Indenture Trustee or the Paying Agent shall deposit all Available Funds into the
Note Payment Account and shall apply or cause to be applied all such amounts to
make the following payments and deposits in the following order of priority:

                  (i) first, to the Servicer, the Total Servicing Fee and any
         Nonrecoverable Advances for the related Collection Period;

                  (ii) second, to the Trustees and the Paying Agent, the Total
         Trustee Fees;

                  (iii) third, on a pro rata basis, to the Class A Noteholders,
         the Interest Distributable Amount for each Class of the Class A Notes;

                  (iv) fourth, if an Event of Default described in Section
         5.01(i), (ii), (v) or (vi) has occurred, in the following order of
         priority:

                           (A) to the Class A-1 Noteholders until the principal
                  amount of the Class A-1 Notes has been paid in full;

                           (B) to the Holders of each Class of remaining Class A
                  Notes, pro rata based on the outstanding principal amount of
                  each such Class of Class A Notes as of such Distribution Date,
                  until the principal amount of each such Class of remaining
                  Class A Notes has been paid in full;

                           (C) to the Class B Noteholders, the Interest
                  Distributable Amount for the Class B Notes;

                                       24

<PAGE>

                           (D) to the Class B Noteholders, until the principal
                  amount of the Class B Notes has been paid in full;

                           (E) to the Class C Noteholders, the Interest
                  Distributable Amount for the Class C Notes; and

                           (F) to the Class C Noteholders, until the principal
                  amount of the Class C Notes has been paid in full;

                  (v) fourth, if an Event of Default described in Section
         5.01(iii) or (iv) has occurred, in the following order of priority:

                           (A) to the Class B Noteholders, the Interest
                  Distributable Amount for the Class B Notes;

                           (B) to the Class C Noteholders, the Interest
                  Distributable Amount for the Class C Notes;

                           (C) to the Class A-1 Noteholders until the principal
                  amount of the Class A-1 Notes has been paid in full;

                           (D) to the Holders of each Class of remaining Class A
                  Notes, pro rata based on the outstanding principal amount of
                  each such Class of Class A Notes as of such Distribution Date,
                  until the principal amount of each such Class of remaining
                  Class A Notes has been paid in full;

                           (E) to the Class B Noteholders, until the principal
                  amount of the Class B Notes has been paid in full; and

                           (F) to the Class C Noteholders, until the principal
                  amount of the Class C Notes has been paid in full;

                  (vi) fifth, if a Successor Servicer has been appointed
         pursuant to Section 7.02 of the Sale and Servicing Agreement, to such
         Successor Servicer, any Transition Costs due in connection with such
         transfer of servicing and not paid pursuant to Section 7.01 of the Sale
         and Servicing Agreement plus the Additional Servicing Fee, if any, for
         the related Collection Period; and

                  (vii) sixth, to the Certificateholders, any remaining amounts.

         (g) The Indenture Trustee or the Paying Agent shall transfer amounts
from the Reserve Fund and deposit amounts transferred from the Reserve Fund at
the written direction of the Servicer in accordance with the Sale and Servicing
Agreement.

         Section 2.09. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption in whole pursuant to Section
10.01 shall, if surrendered to any Person other than the Indenture Trustee, be
delivered to the Indenture Trustee and shall be promptly cancelled by the
Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee

                                       25

<PAGE>

for cancellation any Notes previously authenticated and delivered hereunder
which the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall
be authenticated in lieu of or in exchange for any Notes cancelled as provided
in this Section, except as expressly permitted by this Indenture. All cancelled
Notes may be held or disposed of by the Indenture Trustee in accordance with its
standard retention or disposal policy as in effect at the time unless the Issuer
shall direct by an Issuer Order that they be destroyed or returned to it;
provided, that such Issuer Order is timely and the Notes have not been
previously disposed of by the Indenture Trustee.

         Section 2.10. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be
registered initially on the Note Register in the name of Cede & Co., the nominee
of the initial Clearing Agency, and no Note Owner will receive a definitive Note
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.12:

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

                  (ii) the Note Registrar and the Indenture Trustee shall be
         entitled to deal with the Clearing Agency for all purposes of this
         Indenture (including the payment of principal of and interest on the
         Notes and the giving of instructions or directions hereunder) as the
         sole Holder of the Notes, and shall have no obligation to the Note
         Owners;

                  (iii) to the extent that the provisions of this Section
         conflict with any other provisions of this Indenture, the provisions of
         this Section shall control;

                  (iv) the rights of Note Owners shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Note Owners and the Clearing Agency or the
         Clearing Agency Participants; pursuant to the Note Depository
         Agreement, unless and until Definitive Notes are issued pursuant to
         Section 2.12, the Clearing Agency will make book-entry transfers among
         the Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and (v) whenever this Indenture requires or permits
         actions to be taken based upon instructions or directions of the
         Holders of Notes (or Holders of Notes of any Class, including the
         Controlling Class) evidencing a specified percentage of the Note
         Balance, the Clearing Agency shall be deemed to represent such
         percentage only to the extent that it has received instructions to such
         effect from Note Owners and/or Clearing Agency Participants owning or
         representing, respectively, such required percentage of the beneficial
         interest in the Notes or such Class of Notes and has delivered such
         instructions to the Indenture Trustee.

         Section 2.11. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have

                                       26

<PAGE>

been issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee
shall give all such notices and communications specified herein to be given to
the Noteholders to the Clearing Agency, and shall have no obligation to such
Note Owners.

         Section 2.12. Definitive Notes. If (i)(a) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and (b) neither the Indenture Trustee nor the Administrator is able to
locate a qualified successor or (ii) after the occurrence of an Event of Default
or a Servicer Termination Event, Owners of Book-Entry Notes representing
beneficial interests aggregating not less than 51% of the principal amount of a
Class of Notes advise the Indenture Trustee and the Clearing Agency Participant
through the Clearing Agency, in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interests of such
Note Owners, then, in each case, the Indenture Trustee shall notify such Note
Owners of the related Class of Notes through the Clearing Agency of the
occurrence of any such event and of the availability of Definitive Notes of the
related Class of Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the Note or Notes representing the Book-Entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer at its own
expense shall execute and deliver the Definitive Notes to the Indenture Trustee
and the Indenture Trustee shall authenticate the Definitive Notes in accordance
with the instructions of the Clearing Agency. None of the Issuer, the Note
Registrar or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Notes of a Class,
the Indenture Trustee shall recognize the Noteholders of the Definitive Notes as
Noteholders hereunder.

         Section 2.13. Release of Collateral. Subject to Section 11.01 and the
terms of the other Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an
Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates. If the Commission
shall issue an exemptive order under TIA Section 304(d) modifying the Indenture
Trustee's obligations under TIA Sections 314(c) and 314(d)(1), the Indenture
Trustee shall release property from the lien of this Indenture in accordance
with the conditions and procedures set forth in such exemptive order.

         Section 2.14. Employee Benefit Plans. The Class C Notes may not be
acquired by a Benefit Plan. Each Person acquiring a Class C Note is deemed to
represent that such Person is not a Benefit Plan. A fiduciary of a Benefit Plan
purchasing the Notes, or a beneficial interest in Notes, with the assets of a
Benefit Plan is deemed to represent that the purchase of one or more Notes or a
beneficial interest therein is consistent with its fiduciary duties under ERISA
and does not result in a nonexempt prohibited transaction as defined in Section
406 of ERISA or Section 4975 of the Code. If the Depositor, the Seller, the
Servicer, the Indenture Trustee, the Owner Trustee or any of their respective
Affiliates (i) has investment or administrative discretion with respect to the
assets of a Benefit Plan, (ii) has authority or responsibility to give, or
regularly gives, investment advice with respect to such Benefit Plan assets, for
a fee and pursuant to an agreement or understanding that such advice will (a)
serve as a primary basis for investment decisions with respect to such Benefit
Plan assets and (b) be based on the particular

                                       27

<PAGE>

investment needs for such Benefit Plan or (iii) is an employer maintaining or
contributing to such Benefit Plan, then a purchase of the Notes by such a
Benefit Plan may represent a conflict of interest or act of self-dealing by the
fiduciary.

         Section 2.15. Authenticating Agents. The Indenture Trustee may appoint
one or more Persons (each, an "Authenticating Agent") with power to act on its
behalf and subject to its direction in the authentication of Notes in connection
with issuance, transfers and exchanges under Sections 2.02, 2.03, 2.05 and 2.06,
as fully to all intents and purposes as though each such Authenticating Agent
had been expressly authorized by those Sections to authenticate such Notes. For
all purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section shall be deemed to be the authentication of Notes
"by the Indenture Trustee".

         Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any entity resulting from any
merger, consolidation or conversion to which any Authenticating Agent shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of any Authenticating Agent, shall be the successor of
such Authenticating Agent hereunder, without the execution or filing of any
document or any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation.

         Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustees. The Indenture Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and the Owner Trustee. Upon receiving
such notice of resignation or upon such a termination, the Indenture Trustee may
appoint a successor Authenticating Agent and shall give written notice of any
such appointment to the Owner Trustee.

         The Administrator agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services. The provisions of Sections
2.09 and 6.04 shall be applicable to any Authenticating Agent.

                                       28

<PAGE>

                                 ARTICLE THREE

                                    COVENANTS

         Section 3.01. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest or principal shall be considered as having been paid by the Issuer to
such Noteholder for all purposes of this Indenture.

         Section 3.02. Maintenance of Office or Agency. The Issuer will maintain
in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where
notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Paying Agent
to serve as its agent for the foregoing purposes. The Issuer shall give prompt
written notice to the Depositor and the Indenture Trustee of the location, and
of any change in the location, of any such office or agency. If at any time the
Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and
demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Paying Agent as its agent to receive all such surrenders,
notices and demands.

         Section 3.03. Money for Payments to be Held in Trust.

         (a) As provided in Section 8.02, all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn
from the Accounts shall be made on behalf of the Issuer by the Indenture Trustee
or by the Paying Agent, and no amounts so withdrawn from the Accounts for
payments of Notes shall be paid over to the Issuer except as provided in this
Section.

         (b) On or before each Distribution Date and Redemption Date, the Issuer
shall deposit or cause to be deposited in the Note Payment Account an aggregate
sum sufficient to pay the amounts then becoming due under the Notes, such sum to
be held in trust for the benefit of the Persons entitled thereto, and (unless
the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee in writing of its action or failure so to act.

         (c) The Issuer will cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture
Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of
this Section, that such Paying Agent will:

                  (i) hold all sums held by it for the payment of amounts due
         with respect to the Notes in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as herein provided and pay such sums to such
         Persons as herein provided;

                                       29

<PAGE>

                  (ii) give the Indenture Trustee notice of any default by the
         Issuer (or any other obligor upon the Notes) of which it has actual
         knowledge in the making of any payment required to be made with respect
         to the Notes;

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

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

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

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

         (e) Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request; and such Noteholder shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture
Trustee or such Paying Agent, before being required to make any such repayment,
shall at the expense and written direction of the Issuer cause to be published
once, in a newspaper published in the English language, customarily published on
each Business Day and of general circulation in The City of New York, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Indenture Trustee shall also adopt and employ, at the
expense and written direction of the Issuer, any other reasonable means of
notification of such repayment (including mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption in whole pursuant to Section 10.01 or whose right to or interest in
monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or of any Paying Agent, at the last address of record for each
such Holder).

         Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any

                                       30

<PAGE>

successor Issuer hereunder is or becomes, organized under the laws of any other
State or of the United States, in which case the Issuer will keep in full effect
its existence, rights and franchises under the laws of such other jurisdiction)
and will obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes, the Collateral and
each other instrument or agreement included in the Trust Estate, including all
licenses required under (i) the Maryland Vehicle Sales Finance Act or (ii) the
Pennsylvania Motor Vehicle Sales Finance Act in connection with this Indenture
and the other Basic Documents and the transactions contemplated hereby and
thereby until such time as the Issuer shall terminate in accordance with the
terms hereof.

         Section 3.05. Protection of Trust Estate. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Indenture
Trustee on behalf of the Noteholders to be prior to all other liens in respect
of the Trust Estate, and the Issuer shall take all actions necessary to obtain
and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first lien on and a first priority, perfected security interest
in the Trust Estate. The Issuer will from time to time authorize, execute and
deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, all as prepared by the Administrator and delivered to the Issuer,
and will take such other action necessary or advisable to:

                  (i) Grant more effectively any portion of the Trust Estate;

                  (ii) maintain or preserve the lien and security interest (and
         the priority thereof) created by this Indenture or carry out more
         effectively the purposes hereof;

                  (iii) perfect, publish notice of or protect the validity of
         any Grant made or to be made by this Indenture;

                  (iv) enforce any of the Collateral; or

                  (v) preserve and defend title to the Trust Estate and the
         rights of the Indenture Trustee and the Noteholders in such Trust
         Estate against the claims of all Persons.

The Issuer hereby authorizes the Indenture Trustee to file any financing
statement or continuation statement required pursuant to this Section and
designates the Indenture Trustee as its agent and attorney-in-fact to execute
any other instrument required under this Section.

                  Section 3.06. Opinions as to Trust Estate.

         (a) On the Closing Date, the Issuer shall furnish to the Indenture
Trustee an Opinion of Counsel to the effect that, in the opinion of such
counsel, either (i) all financing statements and continuation statements have
been executed and filed that are necessary to create and continue the Indenture
Trustee's first priority perfected security interest in the Collateral for the
benefit of the Noteholders, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given or (ii)
no such action shall be necessary to perfect such security interest.

                                       31

<PAGE>

         (b) Within 90 days after the beginning of each fiscal year of the
Issuer beginning with the first fiscal year beginning more than three months
after the Cutoff Date, the Issuer shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the authorization and filing of any
financing statements and continuation statements as is necessary to maintain the
lien and security interest created by this Indenture and reciting the details of
such action or stating that in the opinion of such counsel no such action is
necessary to maintain such lien an security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this
Indenture, any indentures supplemental hereto and any other requisite documents
and the authorization and filing of any financing statements and continuation
statements that shall, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until March 31 in the following
calendar year.

         Section 3.07. Performance of Obligations; Servicing of Receivables.

         (a) The Issuer will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person
from any of such Person's material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture or the other Basic Documents.

         (b) The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties
by a Person identified to the Indenture Trustee in an Officer's Certificate of
the Issuer shall be deemed to be action taken by the Issuer. Initially, the
Issuer has contracted with the Servicer and the Administrator to assist the
Issuer in performing its duties under this Indenture.

         (c) The Issuer will and will cause the Administrator to, punctually
perform and observe all of its obligations and agreements contained in this
Indenture, the other Basic Documents and in the instruments and agreements
included in the Trust Estate, including filing or causing to be filed all UCC
financing statements and continuation statements required to be filed by the
terms of this Indenture and the other Basic Documents in accordance with and
within the time periods provided for herein and therein.

         (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Termination Event, the Issuer shall promptly notify the Depositor, the Indenture
Trustee and each Rating Agency in writing of such event, and shall specify in
such notice the action, if any, the Issuer is taking in respect of such default.
If a Servicer Termination Event shall arise from the failure of the Servicer to
perform any of its duties or obligations under the Sale and Servicing Agreement
with respect to the Receivables, the Issuer shall take all reasonable steps
available to it to remedy such failure.

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 7.01 of
the Sale and Servicing Agreement, the Issuer may (subject to the rights of the
Indenture Trustee to direct such appointment pursuant

                                       32

<PAGE>

to Section 7.02 of the Sale and Servicing Agreement) appoint a Successor
Servicer, and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a
Successor Servicer has not been appointed and has not accepted its appointment
at the time when the Servicer ceases to act as Servicer, the Indenture Trustee
without further action shall be the successor to the Servicer in all respects in
accordance with Section 7.02 of the Sale and Servicing Agreement. The Indenture
Trustee may resign as the Successor Servicer by giving written notice of such
resignation to the Issuer and in such event will be released from such duties
and obligations, such release not to be effective until the date a new Servicer
enters into a servicing agreement as provided below. Upon delivery of any such
notice to the Issuer, the Issuer shall obtain a new Servicer as the Successor
Servicer. Any Successor Servicer other than the Indenture Trustee shall (i) be
an established financial institution having a net worth of not less than
$50,000,000 and whose regular business includes the servicing of retail motor
vehicle installment sale contracts and (ii) enter into a servicing agreement
with the Issuer and the Depositor having substantially the same provisions as
the provisions of the Sale and Servicing Agreement applicable to the Servicer.
If within 30 days after the delivery of the notice referred to above, the Issuer
shall not have obtained such a new Servicer, the Indenture Trustee may appoint,
or may petition a court of competent jurisdiction to appoint, a Successor
Servicer. In connection with any such appointment, the Indenture Trustee may
make such arrangements for the compensation of such successor as it and such
successor shall agree with, subject to the limitations set forth below and in
the Sale and Servicing Agreement, and in accordance with Section 7.02 of the
Sale and Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form and
substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall
succeed to the duties of the Servicer as provided herein, it shall do so in its
individual capacity and not in its capacity as Indenture Trustee and,
accordingly, except as otherwise provided in the proviso to Section 6.01(a), the
provisions of Article Six shall be inapplicable to the Indenture Trustee in its
duties as the successor to the Servicer and the servicing of the Receivables. In
case the Indenture Trustee shall become successor to the Servicer under the Sale
and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its Affiliates or agents; provided that the Indenture
Trustee, in its capacity as Servicer, shall be fully liable for the actions and
omissions of such Affiliate or agent in such capacity as Successor Servicer.
Notwithstanding any other provisions of this Indenture to the contrary, in no
event shall the Indenture Trustee be liable for any servicing fee or for any
differential in the amount of the servicing fee paid under the Sale and
Servicing Agreement and the amount necessary to induce any Successor Servicer to
act as Successor Servicer under the Sale and Servicing Agreement.

         (f) The Issuer shall promptly notify the Depositor, the Trustees and
the Rating Agencies in writing of (i) any termination of the Servicer pursuant
to the Sale and Servicing Agreement and (ii) the appointment of each Successor
Servicer, including the name and address of such Successor Servicer.

         (g) The Issuer shall not waive timely performance or observance by the
Depositor, the Servicer or the Seller of their respective duties or obligations
under the Basic Documents if such waiver would reasonably be expected to
materially adversely affect the Noteholders.

                                       33

<PAGE>

         Section 3.08. Negative Covenants. For so long as any Notes are
Outstanding, the Issuer shall not:

                  (i) except as expressly permitted by Section 3.10(b) and the
         Basic Documents, sell, transfer, exchange or otherwise dispose of any
         of the properties or assets of the Issuer, including those included in
         the Trust Estate, unless directed to do so in writing by the Indenture
         Trustee;

                  (ii) claim any credit on, or make any deduction from the
         principal or interest payable in respect of, the Notes (other than
         amounts properly withheld from such payments under the Code or
         applicable state law) or assert any claim against any present or former
         Noteholder by reason of the payment of the taxes levied or assessed
         upon the Issuer;

                  (iii) (a) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien created by this Indenture
         to be amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or obligations with
         respect to the Notes under this Indenture except as may be expressly
         permitted hereby, (b) permit any lien, charge, excise, claim, security
         interest, mortgage or other encumbrance (other than the lien of this
         Indenture) to be created on or extend to or otherwise arise upon or
         burden the Trust Estate or any part thereof or any interest therein or
         the proceeds thereof (other than tax liens, mechanics' liens and other
         liens that arise by operation of law, in each case on any of the
         Financed Vehicles and arising solely as a result of an action or
         omission of the related Obligor) or (c) permit the lien created by this
         Indenture not to constitute a valid first priority (other than with
         respect to any such tax, mechanics' or other lien) security interest in
         the Trust Estate;

                  (iv) dissolve or liquidate in whole or in part;

                  (v) engage in any activities other than those permitted by
         Section 2.03 of the Trust Agreement and financing, acquiring, owning,
         pledging and managing the Receivables as contemplated by the Basic
         Documents and activities incidental to such activities; or

                  (vi) incur, assume or guarantee any indebtedness other than
         the indebtedness evidenced by the Notes or indebtedness otherwise
         permitted by the Basic Documents.

         Section 3.09. Annual Statement as to Compliance. The Issuer will
deliver to the Depositor and the Indenture Trustee, on or before June 30 of each
year (commencing with the June 30 that is at least six months after the Closing
Date), an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that:

                  (a) a review of the activities of the Issuer during the
         preceding year (or such shorter period in the case of the first such
         Officer's Certificate) and of its performance under this Indenture has
         been made under such Authorized Officer's supervision; and

                  (b) to the best of such Authorized Officer's knowledge, based
         on such review, the Issuer has complied with all conditions and
         covenants under this Indenture throughout

                                       34

<PAGE>

         the preceding year (or such shorter period in the case of the first
         such Officer's Certificate) or, if there has been a default in its
         compliance with any such condition or covenant, specifying each such
         default known to such Authorized Officer and the nature and status
         thereof.

         Section 3.10. Issuer May Consolidate, etc., Only on Certain Terms.

         (a) The Issuer shall not consolidate or merge with or into any other
Person, unless:

                  (i) the Person formed by or surviving such consolidation or
         merger shall be a Person organized and existing under the laws of the
         United States or any State and shall expressly assume, by an indenture
         supplemental hereto, executed and delivered to the Indenture Trustee,
         in form satisfactory to the Depositor and the Indenture Trustee, the
         due and punctual payment of the principal of and interest on all Notes
         and the performance or observance of every agreement and covenant of
         this Indenture, and each other Basic Document, on the part of the
         Issuer to be performed or observed;

                  (ii) immediately after giving effect to such transaction, no
         Default or Event of Default shall have occurred and be continuing;

                  (iii) the Rating Agency Condition shall have been satisfied
         with respect to such transaction;

                  (iv) the Issuer shall have received an Opinion of Counsel (and
         shall have delivered copies thereof to the Indenture Trustee) to the
         effect that such transaction will not have any material adverse tax
         consequence to the Issuer, any Noteholder or any Certificateholder;

                  (v) any action that is necessary to maintain the lien and
         security interest created by this Indenture shall have been taken; and

                  (vi) the Issuer shall have delivered to the Indenture Trustee
         an Officer's Certificate and an Opinion of Counsel each stating that
         such consolidation or merger and such supplemental indenture comply
         with this Article and that all conditions precedent provided for in
         this Indenture relating to such transaction have been complied with
         (including any filing required by the Exchange Act).

         (b) Other than as specifically contemplated by the Basic Documents, the
Issuer shall not convey or transfer all or substantially all of its properties
or assets, including those included in the Trust Estate, to any other Person,
unless:

                  (i) the Person that acquires by conveyance or transfer the
         properties or assets of the Issuer shall (A) be a United States citizen
         or a Person organized and existing under the laws of the United States
         or any State, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Indenture Trustee, in form
         satisfactory to the Indenture Trustee, the due and punctual payment of
         the principal of and interest on all Notes and the performance or
         observance of every agreement and covenant of this Indenture and each
         other Basic Document on the part of the Issuer to be performed or

                                       35

<PAGE>

         observed, all as provided herein, (C) expressly agree by means of such
         supplemental indenture that all right, title and interest so conveyed
         or transferred shall be subject and subordinate to the rights of
         Noteholders, (D) unless otherwise provided in such supplemental
         indenture, expressly agree to indemnify, defend and hold harmless the
         Issuer against and from any loss, liability or expense arising under or
         related to this Indenture and the Notes and (E) expressly agree by
         means of such supplemental indenture that such Person (or if a group of
         Persons, then one specified Person) shall make all filings with the
         Commission (and any other appropriate Person) required by the Exchange
         Act in connection with the Notes;

                  (ii) immediately after giving effect to such transaction, no
         Default or Event of Default shall have occurred and be continuing;

                  (iii) the Rating Agency Condition shall have been satisfied
         with respect to such transaction;

                  (iv) the Issuer shall have received an Opinion of Counsel (and
         shall have delivered copies thereof to the Depositor and the Indenture
         Trustee) to the effect that such transaction will not have any material
         adverse federal tax consequence to the Issuer, any Noteholder or any
         Certificateholder;

                  (v) any action that is necessary to maintain the lien and
         security interest created by this Indenture shall have been taken; and

                  (vi) the Issuer shall have delivered to the Indenture Trustee
         an Officer's Certificate and an Opinion of Counsel each stating that
         such conveyance or transfer and such supplemental indenture comply with
         this Article and that all conditions precedent provided for in this
         Indenture relating to such transaction have been complied with
         (including any filing required by the Exchange Act).

         Section 3.11. Successor or Transferee.

         (a) Upon any consolidation or merger of the Issuer in accordance with
Section 3.10(a), the Person formed by or surviving such consolidation or merger
(if other than the Issuer) shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein.

         (b) Upon any conveyance or transfer of all the properties and assets of
the Issuer in accordance with Section 3.10(b), the Issuer will be released from
every covenant and agreement of this Indenture to be observed or performed on
the part of the Issuer with respect to the Notes immediately upon the delivery
of written notice to the Indenture Trustee and the Depositor stating that the
Issuer is to be so released.

         Section 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, acquiring, owning and pledging the Receivables in
the manner contemplated by this Indenture and the other Basic Documents and
activities incidental thereto.

                                       36

<PAGE>

         Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness permitted
by or arising under the Basic Documents.

         Section 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with the Sale and Servicing Agreement.

         Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as contemplated by the Basic Documents, the Issuer shall not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another's payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person.

         Section 3.16. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

         Section 3.17. Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied with respect to such
removal.

         Section 3.18. Restricted Payments. Except as expressly permitted by the
Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (a) distributions as contemplated by,
and to the extent funds are available for such purpose under, the Sale and
Servicing Agreement or the Trust Agreement and (b) payments to the Indenture
Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement. The
Issuer will not, directly or indirectly, make payments to or distributions from
the Collection Account, the Note Payment Account, the Certificate Payment
Account or the Reserve Fund except in accordance with this Indenture and the
Basic Documents.

         Section 3.19. Notice of Events of Default. The Issuer shall give each
Rating Agency, a Responsible Officer of the Indenture Trustee and the Depositor
prompt written notice of each Event of Default hereunder and each default on the
part of the Seller, the Servicer or the Depositor of its obligations under the
Sale and Servicing Agreement and each default on the part of the Seller or the
Depositor of its obligations under the Receivables Purchase Agreement.

         Section 3.20. Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

                                       37

<PAGE>

         Section 3.21. Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
Basic Document.

         Section 3.22. Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer shall not agree to any amendment to Section 9.01 of the
Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to
eliminate the requirements thereunder that the Indenture Trustee or the
Noteholders consent to amendments thereto as provided therein.

                                       38

<PAGE>

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12, 3.13, 3.16 and 3.17, (v) the rights, obligations and immunities of
the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.07 and the obligations of the Indenture Trustee under Section
4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect to
the property so deposited with the Indenture Trustee payable to all or any of
them, and the Indenture Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to the Notes, when

         (a) either

                  (i) all Notes theretofore authenticated and delivered (other
         than Notes (1) that have been destroyed, lost or stolen and that have
         been replaced or paid as provided in Section 2.06 and (2) for whose
         payment money has theretofore been deposited in trust or segregated and
         held in trust by the Issuer and thereafter repaid to the Issuer or
         discharged from such trust, as provided in Section 3.03) have been
         delivered to the Indenture Trustee for cancellation; or

                  (ii) all Notes not theretofore delivered to the Indenture
         Trustee for cancellation

                           (A) have become due and payable,

                           (B) will become due and payable at the Class C Final
                  Scheduled Distribution Date within one year or

                           (C) are to be called for redemption within one year
                  under arrangements satisfactory to the Indenture Trustee for
                  the giving of notice of redemption by the Indenture Trustee in
                  the name, and at the expense, of the Issuer,

         and the Issuer, in the case of clauses (A), (B) or (C) above, has
         irrevocably deposited or caused to be irrevocably deposited with the
         Indenture Trustee, in trust, cash or direct obligations of or
         obligations guaranteed by the United States (which will mature prior to
         the date such amounts are payable), in trust for such purpose, in an
         amount sufficient to pay and discharge the entire indebtedness on such
         Notes not theretofore delivered to the Indenture Trustee for
         cancellation when due to the related Final Scheduled Distribution Date
         or Redemption Date (if Notes shall have been called for redemption
         pursuant to Section 10.01), as the case may be;

                                       39

<PAGE>

         (b) the Issuer has paid or caused to be paid all other sums payable by
the Issuer hereunder and under this Indenture, the other Basic Documents;

                  (i) the Issuer has delivered to the Depositor and the
         Indenture Trustee an Officer's Certificate, an Opinion of Counsel and
         (if required by the TIA or the Indenture Trustee) an Independent
         Certificate from a firm of certified public accountants, each meeting
         the applicable requirements of Section 11.01(a) and, subject to Section
         11.02, each stating that all conditions precedent provided for in this
         Indenture relating to the satisfaction and discharge of this Indenture
         have been complied with; and

                  (ii) the Issuer has delivered to the Depositor and the
         Indenture Trustee an Opinion of Counsel to the effect that the
         satisfaction and discharge of this Indenture pursuant to this Section
         will not cause any Noteholder to be treated as having sold or exchanged
         any of its Notes for purposes of Section 1001 of the Code.

         Section 4.02. Satisfaction, Discharge and Defeasance of the Notes.

         (a) Upon satisfaction of the conditions set forth in Section 4.02(b),
the Issuer shall be deemed to have paid and discharged the entire indebtedness
on all the Notes Outstanding, and the provisions of this Indenture, as it
relates to such Notes, shall no longer be in effect (and the Indenture Trustee,
at the expense of the Issuer, shall execute proper instruments acknowledging the
same), except as to:

                  (i) the rights of the Noteholders to receive, from the trust
         funds described in Section 4.02(b)(i), payment of the principal of and
         interest on the Notes Outstanding at maturity of such principal or
         interest;

                  (ii) the obligations of the Issuer with respect to the Notes
         under Sections 2.05, 2.06, 3.02 and 3.03;

                  (iii) the obligations of the Administrator to the Indenture
         Trustee under Section 6.07; and

                  (iv) the rights, powers, trusts and immunities of the
         Indenture Trustee hereunder and the duties of the Indenture Trustee
         hereunder.

         (b) The satisfaction, discharge and defeasance of the Notes pursuant to
Section 4.02(a) is subject to the satisfaction of all of the following
conditions:

                  (i) the Issuer has deposited or caused to be deposited
         irrevocably (except as provided in Section 4.04) with the Indenture
         Trustee as trust funds in trust, specifically pledged as security for,
         and dedicated solely to, the benefit of the Noteholders, which, through
         the payment of interest and principal in respect thereof in accordance
         with their terms will provide, not later than one day prior to the due
         date of any payment referred to below, money in an amount sufficient,
         in the opinion of a nationally recognized firm of Independent certified
         public accountants expressed in a written certification thereof

                                       40

<PAGE>

         delivered to the Indenture Trustee, to pay and discharge the entire
         indebtedness on the Notes Outstanding, for principal thereof and
         interest thereon to the date of such deposit (in the case of Notes that
         have become due and payable) or to the maturity of such principal and
         interest, as the case may be;

                  (ii) such deposit will not result in a breach or violation of,
         or constitute an event of default under, any Basic Document or other
         agreement or instrument to which the Issuer is bound;

                  (iii) no Event of Default has occurred and is continuing on
         the date of such deposit or on the 91st day after such date;

                  (iv) the Issuer has delivered to the Depositor and the
         Indenture Trustee an Opinion of Counsel to the effect that the
         satisfaction, discharge and defeasance of the Notes pursuant to this
         Section will not cause any Noteholder to be treated as having sold or
         exchanged any of its Notes for purposes of Section 1001 of the Code;
         and

                  (v) the Issuer has delivered to the Depositor and the
         Indenture Trustee an Officer's Certificate and an Opinion of Counsel,
         each stating that all conditions precedent provided for in this
         Indenture relating to the defeasance contemplated by this Section have
         been complied with.

         Section 4.03. Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to this Article shall be held in and applied by the
Indenture Trustee, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, to the
Holders of the Notes for the payment or redemption of which such monies have
been deposited with the Indenture Trustee, of all sums due and to become due
thereon for principal and interest; but such monies need not be segregated from
other funds except to the extent required herein or in the Sale and Servicing
Agreement or required by law.

         Section 4.04. Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

                                       41

<PAGE>

                                  ARTICLE FIVE

                           EVENTS OF DEFAULT; REMEDIES

         Section 5.01. Events of Default. Wherever used herein, "Event of
Default" means the occurrence of any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                  (i) default in the payment of any interest on any Note of the
         Controlling Class when the same becomes due and payable, and such
         default shall continue for a period of five days;

                  (ii) default in the payment of the principal of any Note on
         its related Final Scheduled Distribution Date;

                  (iii) default in the observance or performance of any material
         covenant or agreement of the Issuer made in this Indenture (other than
         a covenant or agreement, a default in the observance or performance of
         which is specifically dealt with elsewhere in this Section) and such
         default shall continue or not be cured for a period of 60 days after
         there shall have been given, by registered or certified mail, to the
         Issuer by the Depositor or the Indenture Trustee or to the Issuer, the
         Depositor and the Indenture Trustee, by the Holders of Notes evidencing
         not less than 25% of the Note Balance of the Controlling Class, a
         written notice specifying such default and requiring it to be remedied
         and stating that such notice is a "Notice of Default" hereunder;

                  (iv) any representation or warranty of the Issuer made in this
         Indenture or in any certificate or other writing delivered pursuant
         hereto or in connection herewith proving to have been incorrect in any
         material respect as of the time when the same shall have been made, and
         the circumstance or condition in respect of which such representation
         or warranty was incorrect shall not have been eliminated or otherwise
         cured for a period of 30 days after there shall have been given, by
         registered or certified mail, to the Issuer by the Depositor or the
         Indenture Trustee or to the Issuer, the Depositor and the Indenture
         Trustee by the Holders of Notes evidencing not less than 25% of the
         Note Balance of the Controlling Class, a written notice specifying such
         incorrect representation or warranty and requiring it to be remedied
         and stating that such notice is a notice of Default hereunder;

                  (v) the filing of a decree or order for relief by a court
         having jurisdiction in the premises in respect of the Issuer or any
         substantial part of the Trust Estate in an involuntary case under any
         applicable federal or State bankruptcy, insolvency or other similar law
         now or hereafter in effect, or appointing a receiver, liquidator,
         assignee, custodian, trustee, sequestrator or similar official of the
         Issuer or for any substantial part of the Trust Estate, or ordering the
         winding-up or liquidation of the Issuer's affairs, and such decree or
         order shall remain unstayed and in effect for a period of 60
         consecutive days; or

                                       42

<PAGE>

                  (vi) the commencement by the Issuer of a voluntary case under
         any applicable federal or State bankruptcy, insolvency or other similar
         law now or hereafter in effect, or the consent by the Issuer to the
         entry of an order for relief in an involuntary case under any such law,
         or the consent by the Issuer to the appointment or taking possession by
         a receiver, liquidator, assignee, custodian, trustee, sequestrator or
         similar official of the Issuer or for any substantial part of the Trust
         Estate, or the making by the Issuer of any general assignment for the
         benefit of creditors, or the failure by the Issuer generally to pay its
         debts as such debts become due, or the taking of any action by the
         Issuer in furtherance of any of the foregoing.

         The Issuer shall deliver to the Depositor and the Indenture Trustee,
within five days after the occurrence thereof, written notice in the form of an
Officer's Certificate of any event which with the giving of notice or the lapse
of time or both would become an Event of Default under clause (iii) or (iv)
above, its status and what action the Issuer is taking or proposes to take with
respect thereto.

         Section 5.02. Acceleration of Maturity; Rescission and Annulment.

         (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee or the Holders of Notes evidencing not less than 51% of the
Note Balance of the Controlling Class may, upon prior written notice to each
Rating Agency, declare the Notes to be immediately due and payable by written
notice to the Issuer (and to the Indenture Trustee if given by Noteholders), the
Depositor and the Servicer, and upon any such declaration the unpaid principal
amount of the Notes, together with accrued and unpaid interest thereon through
the date of acceleration, shall become immediately due and payable.

         (b) If the Notes have been declared immediately due and payable
following an Event of Default, before a judgment or decree for payment of the
amount due has been obtained by the Indenture Trustee as hereinafter provided in
this Article, the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class, by written notice to the Issuer, the Depositor
and the Indenture Trustee, may rescind and annul such declaration of
acceleration and its consequences if:

                  (i) the Issuer has paid or deposited with the Indenture
         Trustee a sum sufficient to pay all payments of principal of and
         interest on the Notes and all other amounts that would then be due
         hereunder or upon the Notes if the Event of Default giving rise to such
         acceleration had not occurred; and

                  (ii) all Events of Default, other than the nonpayment of the
         principal of the Notes that has become due solely by such acceleration,
         have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

                                       43

<PAGE>

         Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

         (a) If a default is made in the payment of (i) any interest on any Note
of the Controlling Class when the same becomes due and payable, and such default
continues for a period of five days, or (ii) the principal of any Note on the
related Final Scheduled Distribution Date, the Issuer will, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Noteholders, the entire
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal at the applicable Interest Rate and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest at the applicable Interest Rate and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel
and other amounts due and owing to the Indenture Trustee pursuant to Section
6.07.

         (b) If the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or any other obligor upon the Notes and
collect in the manner provided by law out of the property of the Issuer or other
obligor upon such Notes, wherever situated, the monies adjudged or decreed to be
payable.

         (c) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, as more particularly provided in Section 5.04, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders by such appropriate Proceedings as the Indenture Trustee shall deem
most effective to protect and enforce such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Indenture Trustee by this Indenture or by
law.

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

                  (i) to file and prove a claim or claims for the whole amount
         of principal and interest owing and unpaid in respect of the Notes and
         to file such other papers or documents as may be necessary or advisable
         in order to have the claims of the Indenture Trustee (including any
         claim for reasonable compensation to the Indenture Trustee and

                                       44

<PAGE>

         each predecessor Indenture Trustee, and their respective agents and
         attorneys, and for all expenses and other amounts due and owing to the
         Indenture Trustee pursuant to Section 6.07 and of the Noteholders
         allowed in such Proceedings;

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

                  (iii) to collect and receive any monies or other property
         payable or deliverable on any such claims and to pay all amounts
         received with respect to the claims of the Noteholders and of the
         Indenture Trustee on their behalf; and

                  (iv) to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Indenture Trustee or the Noteholders allowed in any Proceedings
         relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of the Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to the Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, and all other expenses and amounts due
and owing to the Indenture Trustee pursuant to Section 6.07.

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

         (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Noteholders.

         (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings.

                                       45

<PAGE>

         Section 5.04. Remedies.

         (a) If the Notes have been declared to be immediately due and payable
following an Event of Default, the Indenture Trustee may, or at the written
direction of the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class shall, take one or more of the following
actions as so directed (subject to Sections 5.02 and 5.05):

                  (i) institute Proceedings in its own name and as trustee of an
         express trust for the collection of all amounts then payable on the
         Notes or under this Indenture with respect thereto, whether by
         declaration or otherwise, enforce any judgment obtained and collect
         from the Issuer and any other obligor upon the Notes monies adjudged
         due;

                  (ii) institute Proceedings from time to time for the complete
         or partial foreclosure of this Indenture with respect to the Trust
         Estate;

                  (iii) exercise any remedies of a secured party under the UCC
         and take any other appropriate action to protect and enforce the rights
         and remedies of the Indenture Trustee and the Noteholders; and

                  (iv) sell the Trust Estate or any portion thereof or rights or
         interest therein, at one or more public or private sales called and
         conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate at the direction of the Noteholders following an
Event of Default, other than an Event of Default described in Section 5.01(i) or
(ii), unless (A) the Holders of Notes evidencing 100% of the Note Balance
consent thereto, (B) the proceeds of such sale or liquidation will be sufficient
to pay in full the Note Balance and all accrued but unpaid interest on the
Outstanding Notes or (C) the Indenture Trustee determines that the Trust Estate
will not continue to provide sufficient funds for the payment of principal of
and interest on the Notes as they would have become due if the Notes had not
been declared immediately due and payable, and the Indenture Trustee obtains the
consent of the Holders of Notes evidencing not less than 66 2/3% of the Note
Balance of the Controlling Class. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C), the Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.

         (b) If the Indenture Trustee collects any money or property pursuant to
this Section as a result of selling or liquidating the Trust Estate, it shall
pay out such money or property (together with all Available Collections and all
amounts on deposit in the Reserve Fund) on the related Distribution Date or
other date fixed pursuant to Section 5.04(c) in the order of priority set forth
in Section 2.08(f).

         (c) The Indenture Trustee may fix a record date and distribution date
for any payment to Noteholders pursuant to this Section. At least five days
before such record date, the Indenture Trustee on behalf of the Issuer shall
mail to each Noteholder and the Indenture Trustee a notice that states the
record date, the distribution date and the amount to be paid.

                                       46

<PAGE>

         Section 5.05. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Trust Estate and apply proceeds as if there had been no declaration of
acceleration; provided however, that the Available Funds shall be applied in
accordance with such declaration of acceleration in the manner specified in
Section 2.08(f). It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Trust
Estate. In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

         Section 5.06. Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

                  (a) such Holder has previously given written notice to the
         Indenture Trustee of a continuing Event of Default;

                  (b) the Holders of Notes evidencing not less than 25% of the
         Note Balance of the Controlling Class have made written request to the
         Indenture Trustee to institute such Proceeding in respect of such Event
         of Default in its own name as Indenture Trustee hereunder;

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

                  (d) the Indenture Trustee for 60 days after its receipt of
         such notice, request and offer of indemnity has failed to institute
         such Proceedings; and

                  (e) no direction inconsistent with such written request has
         been given to the Indenture Trustee during such 60-day period by the
         Holders of Notes evidencing not less than 51% of the Note Balance of
         the Controlling Class.

         It is understood and intended that no one or more Noteholders shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholders or to enforce any right under this Indenture, except in
the manner herein provided.

         In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each evidencing less than 51% of the Note Balance of the Controlling Class, the
Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.

                                       47

<PAGE>

         Section 5.07. Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions of this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.

         Section 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.

         Section 5.09. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         Section 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Noteholder to exercise any right or remedy accruing
upon any Default or Event of Default shall impair any such right or remedy or
constitute a waiver of any such Default or Event of Default or any acquiescence
therein. Every right and remedy given by this Article or by law to the Indenture
Trustee or the Noteholders may be exercised from time to time, and as often as
may be deemed expedient, by the Indenture Trustee or the Noteholders, as the
case may be.

         Section 5.11. Control by Noteholders of the Controlling Class. The
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class shall have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture
Trustee; provided, however, that:

                  (i) such direction shall not be in conflict with any rule of
         law or with this Indenture;

                  (ii) subject to the terms of Section 5.04, any direction to
         the Indenture Trustee to sell or liquidate the Trust Estate shall be by
         the Holders of Notes evidencing not less than 100% of the Note Balance;

                  (iii) if the conditions set forth in Section 5.05 have been
         satisfied and the Indenture Trustee elects to retain the Trust Estate
         pursuant to such Section, then any written direction to the Indenture
         Trustee by the Holders of Notes evidencing less than

                                       48

<PAGE>

         100% of the Note Balance to sell or liquidate the Trust Estate shall be
         of no force and effect; and

                  (iv) the Indenture Trustee may take any other action deemed
         proper by the Indenture Trustee that is not inconsistent with such
         direction.

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it reasonably
believes might involve it in costs, expenses and liabilities for which it will
not be adequately indemnified or might materially adversely affect the rights of
any Noteholders not consenting to such action.

         Section 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class may, on behalf of all Noteholders, waive any past Default or
Event of Default and its consequences except a Default or Event of Default (i)
in payment of principal of or interest on any of the Notes or (ii) in respect of
a covenant or provision hereof that cannot be amended, supplemented or modified
without the consent of all the Noteholders. Upon any such waiver, the Issuer,
the Indenture Trustee and the Noteholders shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right
consequent thereto. Upon any such waiver, such Default or Event of Default shall
cease to exist and be deemed to have been cured and not to have occurred, and
any Event of Default arising therefrom shall be deemed to have been cured and
not to have occurred, for every purpose of this Indenture, but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair
any right consequent thereto.

         Section 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant;
provided, however, that the provisions of this Section shall not apply to any
suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of
Noteholders, in each case holding Notes evidencing in the aggregate more than
10% of the Note Balance (or, in the case of any suit which is instituted by
the Controlling Class, more than 10% of the Note Balance of the Controlling
Class) or (iii) any Noteholder for the enforcement of the payment of principal
of or interest on any Note on or after the respective due dates expressed in
such Note and in this Indenture (or, in the case of redemption, on or after
the Redemption Date).

         Section 5.14. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly

                                       49

<PAGE>

waives all benefit or advantage of any such law, and covenants that it
shall not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

         Section 5.15. Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the
levy of any execution under such judgment upon any portion of the Trust Estate
or upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.04(b).

         Section 5.16. Performance and Enforcement of Certain Obligations.

         (a) Promptly following a request from the Indenture Trustee to do so
and at the Administrator's expense, the Issuer shall take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and
observance by the Depositor, the Seller and the Servicer of their respective
obligations to the Issuer under or in connection with the Sale and Servicing
Agreement or by the Seller of its obligations under or in connection with the
Receivables Purchase Agreement, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Indenture Trustee, including the transmission of notices of default on
the part of the Depositor, the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Depositor, the Seller and the Servicer of their
respective obligations under the Sale and Servicing Agreement.

         (b) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone (confirmed in writing promptly thereafter)) of Holders of Notes
evidencing not less than 66 2/3% of the Note Balance of the Controlling Class
shall, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Depositor, the Seller or the Servicer under or in connection
with the Sale and Servicing Agreement or against the Seller under or in
connection with the Receivables Purchase Agreement, including the right or power
to take any action to compel or secure performance or observance by the
Depositor, the Seller or the Servicer, as the case may be, of its obligations to
the Issuer thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Sale and Servicing Agreement or the
Receivables Purchase Agreement, as the case may be, and any right of the Issuer
to take such action shall be suspended.

         (c) Promptly following a request from the Indenture Trustee to do so
and at the Administrator's expense, the Issuer agrees to take all such lawful
action as the Indenture Trustee may request to compel or secure the performance
and observance by the Seller of its obligations to the Depositor under or in
connection with the Receivables Purchase Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges
lawfully available to the Depositor or the Issuer under or in connection with
the Receivables

                                       50

<PAGE>

Purchase Agreement to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Depositor or the Seller thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller of its obligations under the Receivables Purchase Agreement.

         (d) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone (confirmed in writing promptly thereafter)) of the Holders of
Notes evidencing not less than 66 2/3% of the Note Balance of the Controlling
Class shall, exercise all rights, remedies, powers, privileges and claims of the
Depositor against the Seller under or in connection with the Receivables
Purchase Agreement, including the right or power to take any action to compel or
secure performance or observance by the Seller of its obligations to the
Depositor thereunder and to give any consent, request, notice, direction,
approval, extension or waiver under the Receivables Purchase Agreement, and any
right of the Depositor to take such action shall be suspended.

                                       51

<PAGE>

                                  ARTICLE SIX

                              THE INDENTURE TRUSTEE

         Section 6.01. Duties of Indenture Trustee.

         (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such Person's own affairs; provided, however, that if the Indenture Trustee
shall assume the duties of the Servicer, pursuant to Section 3.07(e), the
Indenture Trustee in performing such duties shall use the degree of care and
skill customarily exercised by a prudent institutional Servicer, with respect to
retail motor vehicle installment sale contracts that it administers or services,
as the case may be, for itself or others.

         (b) Except during the continuance of an Event of Default:

                  (i) the Indenture Trustee undertakes to perform such duties
         and only such duties as are specifically set forth in this Indenture
         and no implied covenants or obligations shall be read into this
         Indenture against the Indenture Trustee; and

                  (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Indenture Trustee and, if required by the
         terms of this Indenture, conforming to the requirements of this
         Indenture; provided, however, that the Indenture Trustee shall examine
         the certificates and opinions to determine whether or not they conform
         to the requirements of this Indenture.

         (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

                  (i) this paragraph does not limit the effect of Section
         6.01(b);

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

                  (iii) the Indenture Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 5.11.

         (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b) and (c) of this Section.

         (e) The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the
Issuer.

                                       52

<PAGE>

         (f) Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

         (g) No provision of this Indenture shall require the Indenture Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers hereunder, if the Indenture Trustee shall have reasonable
grounds to believe that repayment of such funds or indemnity satisfactory to it
against such risk or liability is not assured to it.

         (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the
TIA.

         (i) The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (i) a Responsible Officer of the Indenture
Trustee shall have actual knowledge of such Event of Default or (ii) written
notice of such Event of Default shall have been given to the Indenture Trustee
in accordance with the provisions of this Indenture.

         Section 6.02. Rights of Indenture Trustee.

         (a) The Indenture Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Indenture
Trustee need not investigate any fact, calculation or matter stated in any such
document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of
all resolutions, certificates, statements, opinions, reports, documents, orders
or other instruments furnished to the Indenture Trustee that shall be
specifically required to be furnished pursuant to any provision of this
Indenture, shall examine them to determine whether they comply as to form to the
requirements of this Indenture.

         (b) Before the Indenture Trustee acts or refrains from acting, it may
request and be entitled to receive an Officer's Certificate or an Opinion of
Counsel. The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on an Officer's Certificate or Opinion
of Counsel unless it is proved that the Indenture Trustee was negligent in such
reliance.

         (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

         (d) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that such action or omission by the
Indenture Trustee does not constitute willful misconduct, negligence or bad
faith.

         (e) The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Notes shall be full and

                                       53

<PAGE>

complete authorization and protection from liability in respect to any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

         (f) The Indenture Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or
direction of any of the Noteholders pursuant to this Indenture, unless such
Noteholders shall have offered to the Indenture Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction.

         Section 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.

         Section 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be (i) responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, (ii) accountable for the Issuer's
use of the proceeds from the Notes and (iii) responsible for any statement of
the Issuer in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Indenture Trustee's certificate
of authentication.

         Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Indenture Trustee, the
Indenture Trustee shall mail to each Noteholder notice of such Default within 30
days after it occurs. Except in the case of a Default in payment of principal of
or interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

         Section 6.06. Reports by Indenture Trustee to Noteholders. The
Indenture Trustee shall deliver, within a reasonable period of time after the
end of each calendar year, to each Person who at any time during such calendar
year was a Noteholder, such information furnished to the Indenture Trustee as
may be required to enable such Person to prepare its federal and State income
tax returns.

         Section 6.07. Compensation and Indemnity.

         (a) The Administrator, on behalf of the Issuer, shall pay to the
Indenture Trustee from time to time reasonable compensation for its services.
The Indenture Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Administrator, on behalf of
the Issuer, shall reimburse the Indenture Trustee for all expenses, advances and
disbursements reasonably incurred or made by it, including costs of collection,
in addition to the compensation for its services; provided, however, that the
Administrator need not reimburse the Indenture Trustee for any expense incurred
through the Indenture Trustee's willful misconduct, negligence, or bad faith.
Such expenses shall include the reasonable compensation

                                       54

<PAGE>

and expenses, disbursements and advances of the Indenture Trustee's agents,
counsel, accountants and experts. The Administrator, on behalf of the Issuer,
shall indemnify the Indenture Trustee for, and hold it and its officers,
directors, employees, representatives and agents, harmless against, any and all
loss, liability or expense (including reasonable attorneys' fees and expenses)
incurred by it in connection with the administration of this trust and the
performance of its duties hereunder; provided, however, that the Administrator
need not indemnify the Indenture Trustee for, or hold it harmless against, any
such loss, liability or expense incurred through the Indenture Trustee's willful
misconduct, negligence, or bad faith. The Indenture Trustee shall notify the
Issuer and the Administrator promptly of any claim for which it may seek
indemnity. Any failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not, however, relieve the Administrator of its obligations
hereunder. The Administrator, on behalf of the Issuer, shall defend any such
claim. The Indenture Trustee may have separate counsel in connection with the
defense of any such claim, and the Administrator, on behalf of the Issuer, shall
pay the fees and expenses of such counsel. Neither the Issuer nor the
Administrator need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

         (b) The payment obligations to the Indenture Trustee pursuant to this
Section shall survive the resignation or removal of the Indenture Trustee and
the discharge of this Indenture. When the Indenture Trustee incurs fees or
expenses after the occurrence of a Default specified in Section 5.01(v) or (vi)
with respect to the Issuer, such fees and expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other
applicable federal or State bankruptcy, insolvency or similar law.

         Section 6.08. Replacement of Indenture Trustee.

         (a) No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee shall become effective until the
acceptance of appointment by the successor Indenture Trustee pursuant to this
Section. The Indenture Trustee may resign at any time by so notifying the
Issuer, the Depositor and the Noteholders. The Holders of Notes evidencing not
less than 51% of the Note Balance of the Notes may remove the Indenture Trustee
without cause by notifying the Indenture Trustee (with a copy to the Issuer, the
Depositor and the Rating Agencies) of such removal and, following such removal,
may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

                  (i) the Indenture Trustee fails to comply with Section 6.11;

                  (ii) the Indenture Trustee is adjudged to be bankrupt or
         insolvent;

                  (iii) a receiver or other public officer takes charge of the
         Indenture Trustee or its property; or

                  (iv) the Indenture Trustee otherwise becomes incapable of
         acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of the Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the

                                       55

<PAGE>

retiring Indenture Trustee), the Administrator shall promptly appoint a
successor Indenture Trustee.

         (b) Any successor Indenture Trustee shall deliver a written acceptance
of its appointment to the retiring Indenture Trustee, the Issuer and the
Depositor. Upon delivery of such written acceptance, the resignation or removal
of the retiring Indenture Trustee shall become effective, and the successor
Indenture Trustee shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture. The successor Indenture Trustee shall mail a
notice of its succession to the Noteholders. The retiring Indenture Trustee
shall promptly transfer all property held by it as Indenture Trustee to the
successor Indenture Trustee.

         (c) If a successor Indenture Trustee does not take office within 60
days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of Notes evidencing not less than
51% of the Note Balance of the Controlling Class may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee. If
the Indenture Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

         (d) Notwithstanding the replacement of the Indenture Trustee pursuant
to this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

         Section 6.09. Successor Indenture Trustee by Merger.

         (a) If the Indenture Trustee consolidates with, merges or converts
into, or transfers all or substantially all its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving
or transferee corporation or banking association, without any further act, shall
be the successor Indenture Trustee; provided, however, that such corporation or
banking association must be otherwise qualified and eligible under Section 6.11.
The Indenture Trustee shall provide the Rating Agencies with prior written
notice of any such transaction.

         (b) If at the time such successor or successors by consolidation,
merger or conversion to the Indenture Trustee shall succeed to the trusts
created by this Indenture any of the Notes shall have been authenticated but not
delivered, any such successor to the Indenture Trustee may adopt the certificate
of authentication of any predecessor trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any such successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor trustee or in the name of the
successor to the Indenture Trustee. In all such cases such certificates shall
have the full force which the Notes or this Indenture provide that the
certificate of the Indenture Trustee shall have.

         Section 6.10. Appointment of Co-Trustee or Separate Trustee.

         (a) Notwithstanding any other provision of this Indenture, at any time,
for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee
and the Administrator, acting jointly, shall have the power and may execute and
deliver an instrument to appoint one or more Persons

                                       56

<PAGE>

to act as a co-trustee or co-trustees, jointly with the Indenture Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person or Persons, in such capacity and for the benefit of
the Noteholders, such title to the Trust Estate or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee under this Indenture shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

                  (ii) no trustee under this Indenture shall be personally
         liable by reason of any act or omission of any other trustee under this
         Indenture; and

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

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

         (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent permitted by law, to do any lawful act under or in respect of this
Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

                                       57

<PAGE>

         Section 6.11. Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee or its parent shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition
and shall have a long term debt rating of investment grade by each of the Rating
Agencies or shall otherwise be acceptable to each Rating Agency. The Indenture
Trustee shall comply with TIA Section 310(b).

         Within 90 days after ascertaining the occurrence of an Event of Default
which shall not have been cured or waived, unless authorized by the Commission,
the Indenture Trustee shall resign with respect to the Class A Notes, the Class
B Notes or the Class C Notes in accordance with Section 6.08, and the Issuer
shall appoint a successor Indenture Trustee for one or more of such Classes, as
applicable, so that there will be separate Indenture Trustees for the Class A
Notes, the Class B Notes or the Class C Notes. In the event the Indenture
Trustee fails to comply with the terms of the preceding sentence, the Indenture
Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b).

         In the case of the appointment pursuant to this Section of a successor
Indenture Trustee with respect to any Class of Notes, the Issuer, the retiring
Indenture Trustee and the successor Indenture Trustee with respect to such Class
of Notes shall execute and deliver an indenture supplemental hereto wherein each
successor Indenture Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, the successor Indenture Trustee all the rights,
powers, trusts and duties of the retiring Indenture Trustee with respect to the
Notes of the Class to which the appointment of such successor Indenture Trustee
relates, (ii) if the retiring Indenture Trustee is not retiring with respect to
all Classes of Notes, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all rights, powers, trusts and duties of the
retiring Indenture Trustee with respect to the Notes of each Class as to which
the retiring Indenture Trustee is not retiring shall continue to be vested in
the Indenture Trustee and (iii) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be a trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Indenture Trustee; and upon the removal of the retiring Indenture Trustee
shall become effective to the extent provided herein.

         Section 6.12. Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

         Section 6.13. Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on
which the Issuer and the Noteholders shall rely:

                  (a) it is a national banking association duly organized,
         validly existing and in good standing under the laws of the United
         States;

                                       58

<PAGE>

                  (b) it has full power, authority and legal right to execute,
         deliver, and perform its obligations under this Indenture and has taken
         all necessary action to authorize the execution, delivery and
         performance by it of this Indenture; and

                  (c) this Indenture is an enforceable obligation of the
         Indenture Trustee.

                                       59

<PAGE>

                                 ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

         Section 7.01. Issuer to Furnish Indenture Trustee Names and Addresses
of Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (i) not more than five days after each Record Date, a list, in
such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Noteholders as of such Record Date and (ii) at such other times
as the Indenture Trustee may request in writing, within 30 days after receipt by
the Issuer of any such request, a list of similar form and content as of a date
not more than ten days prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar or the
Notes are issued as Book-Entry Notes, no such list shall be required to be
furnished.

         Section 7.02. Preservation of Information; Communications, Reports and
Certain Documents to Noteholders.

         (a) The Indenture Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Noteholders contained in
the most recent list furnished to the Indenture Trustee as provided in Section
7.01 and the names and addresses of Noteholders received by the Indenture
Trustee from the Paying Agent in its capacity as Note Registrar. The Indenture
Trustee may destroy any list furnished to it as provided in such Section 7.01
upon receipt of a new list so furnished.

         (b) Noteholders may communicate pursuant to TIA Section 312(b) with
other Noteholders with respect to their rights under this Indenture or under the
Notes.

         (c) The Issuer, the Indenture Trustee and the Note Registrar shall have
the protection of TIA Section 312(c).

         (d) The Indenture Trustee will provide to Securityholders the reports,
certificates, opinions and documents specified in Section 3.15 of the Sale and
Servicing Agreement, upon written request to the Indenture Trustee.

         Section 7.03. Reports by Issuer.

         (a) The Issuer shall:

                  (i) file with the Indenture Trustee, within 15 days after the
         Issuer is required to file the same with the Commission, copies of the
         annual reports and the information, documents and other reports (or
         copies of such portions of any of the foregoing as the Commission may
         from time to time by rules and regulations prescribe) that the Issuer
         may be required to file with the Commission pursuant to Section 13 or
         15(d) of the Exchange Act;

                  (ii) file with the Indenture Trustee, the Commission, in
         accordance with rules and regulations prescribed from time to time by
         the Commission, such additional information, documents and reports with
         respect to compliance by the Issuer with

                                       60

<PAGE>

         the conditions and covenants of this Indenture as may be required from
         time to time by such rules and regulations; and

                  (iii) supply to the Indenture Trustee (and the Indenture
         Trustee shall mail to all Noteholders described in TIA Section
         313(c)) such summaries of any information, documents and reports
         required to be filed by the Issuer pursuant to clauses (i) and (ii)
         of this Section 7.03(a) and by the rules and regulations prescribed
         from time to time by the Commission.

         (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

         Section 7.04. Reports by Indenture Trustee.

         (a) If required by TIA Section 313(a), within 60 days after each
December 15 beginning with December 15, 2004, the Indenture Trustee shall mail
to each Noteholder as required by TIA Section 313(c) a brief report dated as of
such date that complies with TIA Section 313(a). The Indenture Trustee shall
also comply with TIA Section 313(b).

         (b) The Indenture Trustee shall file with the Commission and each stock
exchange, if any, on which the Notes are listed a copy of each report mailed to
Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                       61

<PAGE>

                                 ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         Section 8.01. Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture and the Sale
and Servicing Agreement. The Indenture Trustee shall apply all such money
received by it as provided in this Indenture and the Sale and Servicing
Agreement. Except as otherwise expressly provided in this Indenture, if any
default occurs in the making of any payment or performance under any agreement
or instrument that is part of the Trust Estate, the Indenture Trustee may take
such action as may be appropriate to enforce such payment or performance,
including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of
Default under this Indenture and any right to proceed thereafter as provided in
Article Five.

         Section 8.02. Accounts.

         (a) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Securityholders, the Servicer, the Trustees and
the Paying Agent, the Collection Account as provided in Section 4.01(a) of the
Sale and Servicing Agreement. On or before each Distribution Date, the Servicer
shall deposit in the Collection Account all amounts required to be deposited
therein with respect to the preceding Collection Period as provided in Section
4.02 of the Sale and Servicing Agreement. On each Distribution Date, the
Indenture Trustee shall, directly or through the Paying Agent, apply or cause to
be applied the amount on deposit in the Collection Account on such Distribution
Date in accordance with Section 2.08(a).

         (b) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Securityholders, the Reserve Fund as provided in
Section 4.07 of the Sale and Servicing Agreement. On each Distribution Date,
upon receipt of instructions from the Servicer pursuant to Section 4.06(b) of
the Sale and Servicing Agreement, the Indenture Trustee, directly or through the
Paying Agent, shall withdraw from the Reserve Fund (up to the amount on deposit
in the Reserve Fund) and deposit in the Collection Account the amount, if any,
by which the Required Payment Amount for such Distribution Date exceeds the
Available Collections for such Distribution Date.

         (c) On or before the Closing Date, the Issuer shall cause the Servicer
to establish and maintain, at Wachovia Bank in the name of the Indenture
Trustee, for the benefit of the Noteholders, the Servicer, the Trustees and the
Paying Agent, the Note Payment Account as provided in Section 4.01(a) of the
Sale and Servicing Agreement. On each Distribution Date, the Indenture Trustee
shall, directly or through the Paying Agent, apply or cause to be applied the
amount on deposit in the Note Payment Account on such Distribution Date in
accordance with Section 2.08.

                                       62

<PAGE>

         Section 8.03. General Provisions Regarding Accounts.

         (a) So long as no Default or Event of Default shall have occurred and
be continuing, all or a portion of the funds in the Accounts shall be invested
by the Indenture Trustee at the written direction of the Servicer in Permitted
Investments as provided in Sections 4.01 and 4.07 of the Sale and Servicing
Agreement. All income or other gain (net of losses and investment expenses) from
investments of monies deposited in the Accounts shall be withdrawn by the
Indenture Trustee, either directly or through the Paying Agent, from such
accounts and distributed (but only under the circumstances set forth in the Sale
and Servicing Agreement) as provided in Section 4.01 or 4.06 of the Sale and
Servicing Agreement. The Servicer shall not direct the Indenture Trustee to make
any investment of any funds or to sell any investment held in any of the
Accounts unless the security interest granted and perfected in such account will
continue to be perfected in such investment or the proceeds of such sale, in
either case without any further action by any Person, and, in connection with
any direction to the Indenture Trustee to make any such investment or sale, if
requested by the Indenture Trustee, the Issuer shall deliver to the Indenture
Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such
effect.

         (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any of the Accounts
resulting from any loss on any Permitted Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Permitted Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

         (c) If (i) the Servicer shall have failed to give written investment
directions for any funds on deposit in the Accounts to the Indenture Trustee by
11:00 A.M., New York City time (or such other time as may be agreed upon by the
Issuer and the Indenture Trustee), on the related Deposit Date or (ii) a Default
or Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.02 or (iii) if the Notes shall have been declared due and payable
following an Event of Default but amounts collected or receivable from the Trust
Estate are being applied in accordance with Section 5.05 as if there had not
been such a declaration, then the Indenture Trustee upon actual knowledge by a
Responsible Officer of the Indenture Trustee of such event shall, to the fullest
extent practicable, invest and reinvest funds in the Accounts in the one or more
Permitted Investments listed in clause (vii) of the definition of the term
"Permitted Investments".

         Section 8.04. Release of Trust Estate.

         (a) Subject to the payment of its fees and expenses pursuant to Section
6.07, the Indenture Trustee may, and when required by the provisions of this
Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee's interest in the same, in a manner
and under circumstances that are not inconsistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article shall be bound to ascertain the Indenture Trustee's
authority, inquire into the satisfaction of any conditions precedent or see to
the application of any monies.

                                       63

<PAGE>

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid in full, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section only upon receipt of an Issuer Request accompanied by
an Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.01.

         Section 8.05. Opinion of Counsel. The Indenture Trustee shall receive
at least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, except in connection with any
action contemplated by Section 8.04(b), as a condition to such action, an
Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to
complete such action, and concluding that all conditions precedent to the taking
of such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                                       64

<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Noteholders.

         (a) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, without the consent of any Holders of any Notes but with the consent
of the Rating Agencies, with prior written notice to the Rating Agencies at any
time and from time to time, enter into one or more indentures supplemental
hereto, in form satisfactory to the Indenture Trustee, for any of the following
purposes:

                  (i) to correct or amplify the description of any property at
         any time subject to the lien of this Indenture, or better to assure,
         convey and confirm unto the Indenture Trustee any property subject or
         required to be subjected to the lien of this Indenture, or to subject
         to the lien of this Indenture additional property;

                  (ii) to evidence the succession, in compliance with the
         applicable provisions hereof, of another Person to the Issuer, and the
         assumption by any such successor of the covenants of the Issuer herein
         and in the Notes contained;

                  (iii) to add to the covenants of the Issuer, for the benefit
         of the Noteholders, or to surrender any right or power herein conferred
         upon the Issuer;

                  (iv) to convey, transfer, assign, mortgage or pledge any
         property to or with the Indenture Trustee;

                  (v) to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture that may be
         inconsistent with any other provision herein or in any supplemental
         indenture or in any (i) offering document used in connection with the
         initial offer and sale of the Notes or to add any provisions to or
         change in any manner or eliminate any of the provisions of this
         Indenture which will not be inconsistent with other provisions of this
         Indenture or (ii) other Basic Document with respect to matters or
         questions arising under this Indenture or in any supplemental
         indenture;

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

                  (vii) to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the TIA or under any similar
         federal statute hereafter enacted and to add to this Indenture such
         other provisions as may be expressly required by the TIA;

provided, however, that no such supplemental indenture (i) may materially
adversely affect the interests of any Noteholder and (ii) will be permitted
unless an Opinion of Counsel is delivered to the Indenture Trustee to the effect
that such supplemental indenture will not cause the Issuer to

                                       65

<PAGE>

be characterized for federal income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the federal income
taxation of any Notes Outstanding or any Noteholder. A supplemental indenture
shall be deemed not to materially adversely affect the interests of any
Noteholder if (i) the Person requesting such supplemental indenture obtains and
delivers to the Indenture Trustee an Opinion of Counsel to that effect or (ii)
the Rating Agency Condition is satisfied. The Indenture Trustee is hereby
authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations that may be therein
contained.

         Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with
the consent of the Holders of Notes evidencing not less than 51% of the Note
Balance of the Controlling Class and with prior notice to the Rating Agencies,
by Act of such Holders delivered to the Issuer and the Indenture Trustee, at any
time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or modifying in any manner
the rights of the Holders of the Notes under this Indenture; provided, however,
that no such supplemental indenture (i) may materially adversely affect the
interests of any Noteholder and (ii) will be permitted unless an Opinion of
Counsel is delivered to the Indenture Trustee to the effect that such
supplemental indenture will not cause the Issuer to be characterized for federal
income tax purposes as an association taxable as a corporation or otherwise have
any material adverse impact on the federal income taxation of any Notes
Outstanding or any Noteholder; and, provided further, that no such supplemental
indenture may, without the consent of the Holder of each Outstanding Note
affected by such supplemental indenture:

                  (a) change any Final Scheduled Distribution Date or the date
         of payment of any installment of principal of or interest on any Note,
         or reduce the principal amount thereof, the Interest Rate applicable
         thereto or the Redemption Price with respect thereto, change the
         provisions of this Indenture relating to the application of collections
         on, or the proceeds of the sale of, the Trust Estate to payment of
         principal of or interest on the Notes, or change any place of payment
         where, or the coin or currency in which, any Note or the interest
         thereon is payable;

                  (b) impair the right to institute suit for the enforcement of
         the provisions of this Indenture requiring the application of available
         funds, as provided in Article Five, to the payment of any amount due on
         the Notes on or after the respective due dates thereof (or, in the case
         of redemption, on or after the Redemption Date);

                  (c) reduce the percentage of the Note Balance or the Note
         Balance of the Controlling Class, the consent of the Holders of Notes
         of which is required for any such supplemental indenture, or the
         consent of the Holders of Notes of which is required for any waiver of
         compliance with the provisions of this Indenture or of defaults
         hereunder and their consequences as provided in this Indenture;

                  (d) modify or alter (A) the provisions of the proviso to the
         definition of the term "Outstanding", (B) the definition of the term
         "Note Balance" or (C) the definition of the term "Controlling Class";

                                       66

<PAGE>

                  (e) reduce the percentage of the Note Balance required to
         direct the Indenture Trustee to sell or liquidate the Trust Estate
         pursuant to Section 5.04 if the proceeds of such sale would be
         insufficient to pay in full the principal amount of and accrued but
         unpaid interest on the Notes;

                  (f) reduce the percentage of the Note Balance of the
         Controlling Class the consent of the Holders of Notes of which is
         required for any such supplemental indenture amending the provisions of
         this Indenture which specify the applicable percentage of the Note
         Balance of the Controlling Class the consent of which is required for
         such supplemental indenture or the amendment of any other Basic
         Document;

                  (g) affect the calculation of the amount of any interest on or
         principal of the Notes payable on any Distribution Date (including the
         calculation of any of the individual components of such calculation);

                  (h) modify any of the provisions of this Indenture in such a
         manner as to affect the rights of the Holders of the Notes to the
         benefit of any provisions for the mandatory redemption of the Notes; or

                  (i) permit the creation of any lien ranking prior to or on a
         parity with the lien of this Indenture with respect to any part of the
         Trust Estate or, except as otherwise permitted or contemplated herein,
         terminate the lien of this Indenture on any such collateral at any time
         subject hereto or deprive the Noteholders of the security provided by
         the lien of this Indenture.

         The Administrator shall certify to the Indenture Trustee whether or not
any Notes would be affected by any supplemental indenture and any such
certification shall be conclusive upon the Holders of all Notes, whether
theretofore or thereafter authenticated and delivered hereunder.

         It shall not be necessary for any Act of Noteholders under this Section
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

         Promptly after the execution by the Issuer and the Indenture Trustee of
any supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Noteholders to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

         Section 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modification thereby of the trusts created by
this Indenture, the Indenture Trustee shall be entitled to receive, and subject
to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent in
this Indenture to the execution and delivery of such supplemental indenture have
been satisfied. The Indenture Trustee may, but

                                       67

<PAGE>

shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or immunities
under this Indenture or otherwise.

         Section 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

         Section 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the TIA as then in effect so long
as this Indenture shall then be qualified under the TIA.

         Section 9.06. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                       68

<PAGE>

                                  ARTICLE TEN

                               REDEMPTION OF NOTES

         Section 10.01. Redemption.

         (a) The Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 8.01 of the Sale and Servicing
Agreement, on any Distribution Date on which the Servicer exercises its option
to purchase the assets of the Issuer pursuant to said Section, and the amount
paid by the Servicer shall be treated as collections in respect of the
Receivables and applied to pay all amounts due to the Servicer under the Sale
and Servicing Agreement, all amounts due to the Trustees and the Paying Agent,
and the unpaid principal amount of the Notes plus accrued and unpaid interest
thereon. The Servicer or the Issuer shall furnish each Rating Agency notice of
such redemption. If the Notes are to be redeemed pursuant to this Section, the
Servicer shall furnish notice of such redemption to the Seller, the Indenture
Trustee, the Depositor and the Rating Agencies not later than 30 days prior to
the Redemption Date and the Issuer shall deposit by 10:00 A.M., New York City
time, on the Redemption Date with the Indenture Trustee in the Note Payment
Account the Redemption Price of the Notes to be redeemed, whereupon all such
Notes shall be due and payable on the Redemption Date upon the furnishing of a
notice complying with Section 10.02 to each Noteholder.

         (b) In the event that the assets of the Issuer are purchased by the
Servicer pursuant to Section 8.01(a) of the Sale and Servicing Agreement, all
amounts on deposit in the Note Payment Account shall be paid to the Noteholders
up to the unpaid principal amount of the Notes and all accrued and unpaid
interest thereon. If such amounts are to be paid to Noteholders pursuant to this
Section, the Issuer shall, to the extent practicable, furnish or cause the
Servicer to furnish notice of such event to the Depositor, the Indenture Trustee
and the Rating Agencies not later than 30 days prior to the Redemption Date,
whereupon all such amounts shall be payable on the Redemption Date.

         Section 10.02. Form of Redemption Notice. Notice of redemption of the
Notes under Section 10.01 shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile transmitted promptly following receipt of
notice from the Issuer or the Servicer pursuant to Section 10.01(a), but not
later than ten days prior to the applicable Redemption Date to each Noteholder,
as of the close of business on the Record Date preceding the applicable
Redemption Date, at such Noteholder's address or facsimile number appearing in
the Note Register.

         All notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

                  (iii) the place where such Notes are to be surrendered for
         payment of the Redemption Price (which shall be the office or agency of
         the Issuer to be maintained as provided in Section 3.02); and

                                       69

<PAGE>

                  (iv) that on the Redemption Date, the Redemption Price will
         become due and payable upon each Note and that interest thereon shall
         cease to accrue from and after the Redemption Date.

         Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Noteholder shall not impair or affect
the validity of the redemption of any other Note.

         Section 10.03. Notes Payable on Redemption Date. The Notes to be
redeemed shall, following notice of redemption as required by Section 10.02, on
the Redemption Date become due and payable at the Redemption Price and (unless
the Issuer shall default in the payment of the Redemption Price) no interest
shall accrue on the Redemption Price for any period after the date to which
accrued interest is calculated for purposes of calculating the Redemption Price.

                                       70

<PAGE>

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Compliance Certificates and Opinions, etc.

         (a) Upon any application or request by the Issuer to the Indenture
Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that
all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) if required by the TIA, an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                  (i) a statement that each signatory of such certificate or
         opinion has read or has caused to be read such covenant or condition
         and the definitions herein relating thereto;

                  (ii) a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (iii) a statement that, in the opinion of each signatory, such
         signatory has made such examination or investigation as is necessary to
         enable such signatory to express an informed opinion as to whether or
         not such covenant or condition has been complied with; and

                  (iv) a statement as to whether, in the opinion of each
         signatory, such condition or covenant has been complied with.

         (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, deliver to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each individual signing such
certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

                  (ii) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause (i)
         above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters, if the fair value to
         the Issuer of the

                                       71

<PAGE>

         property or securities to be so deposited and of all other such
         securities made the basis of any such withdrawal or release since the
         commencement of the then-current fiscal year of the Issuer, as set
         forth in the certificates furnished pursuant to clause (i) above and
         this clause (ii), is 10% or more of the Note Balance, but such a
         certificate need not be furnished with respect to any property or
         securities so deposited, if the fair value thereof to the Issuer as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than 1% of the Note Balance.

                  (iii) Other than with respect to any release described in
         clause (A) or (B) of Section 11.01(b)(v), whenever any property or
         securities are to be released from the lien of this Indenture, the
         Issuer shall also furnish to the Indenture Trustee an Officer's
         Certificate certifying or stating the opinion of each person signing
         such certificate as to the fair value (within 90 days of such release)
         of the property or securities proposed to be released and stating that
         in the opinion of such person the proposed release will not impair the
         security under this Indenture in contravention of the provisions
         hereof.

                  (iv) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property (other than property
         described in clauses (A) or (B) of Section 11.01(b)(v)) released from
         the lien of this Indenture since the commencement of the then-current
         calendar year, as set forth in the certificates required by clause
         (iii) above and this clause (iv), equals 10% or more of the Note
         Balance, but such certificate need not be furnished in the case of any
         release of property or securities if the fair value thereof as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the then Note Balance.

                  (v) Notwithstanding Section 2.13 or any other provision of
         this Section, the Issuer may, without compliance with the requirements
         of the other provisions of this Section, (A) collect, liquidate, sell
         or otherwise dispose of Receivables and Financed Vehicles as and to the
         extent permitted or required by the Basic Documents and (B) make cash
         payments out of the Accounts as and to the extent permitted or required
         by the Basic Documents.

         Section 11.02. Form of Documents Delivered to Indenture Trustee.

         (a) In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         (b) Any certificate or opinion of an Authorized Officer of the Issuer
may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the

                                       72

<PAGE>

certificate or opinion or representations with respect to the matters upon
which such officer's certificate or opinion is based are erroneous. Any such
certificate of an Authorized Officer or Opinion of Counsel may be based, insofar
as it relates to factual matters, upon a certificate or opinion of, or
representations by, one or more officers of the Seller, the Servicer, the
Depositor, the Issuer or the Administrator, stating that the information with
respect to such factual matters is in the possession of the Seller, the
Servicer, the Depositor, the Issuer or the Administrator, unless such Authorized
Officer or counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters
are erroneous.

         (c) Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         (d) Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article Six.

         Section 11.03. Acts of Noteholders.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

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

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

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Note shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered

                                       73

<PAGE>

to be done by the Indenture Trustee or the Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.

         Section 11.04. Notices, etc., to Indenture Trustee, Issuer, Depositor
and Rating Agencies. Any request, demand, authorization, direction, notice,
consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be
made upon, given or furnished to or filed with:

                  (a) the Indenture Trustee by any Noteholder or the Issuer
         shall be sufficient for every purpose hereunder if made, given,
         furnished or filed in writing and sent by first-class mail, postage
         prepaid, overnight courier or facsimile (followed by original) to or
         with the Indenture Trustee at its Corporate Trust Office;

                  (b) the Issuer by the Indenture Trustee or any Noteholder
         shall be sufficient for every purpose hereunder if in writing and sent
         by first-class mail, postage prepaid, overnight courier or facsimile
         (followed by original) to the Issuer addressed to: Wachovia Auto Owner
         Trust 2004-B, in care of Wilmington Trust Company, Rodney Square North,
         1100 North Market Street, Wilmington, Delaware 19890-1605, Attention:
         Corporate Trust Administration (with a copy to the Administrator, 401
         South Tryon Street, 12th Floor, Mailcode NC 1179, Charlotte, North
         Carolina 28288, Attention: ABS Trust Services Manager), or at any other
         address previously furnished in writing to the Indenture Trustee by the
         Issuer or the Administrator; the Issuer shall promptly transmit any
         notice received by it from the Noteholders to the Indenture Trustee; or

                  (c) the Depositor by the Indenture Trustee, the Servicer or
         any Noteholder, shall be sufficient for every purpose hereunder if in
         writing and sent by first-class mail, postage prepaid, overnight
         courier or facsimile (followed by original) to the Depositor addressed
         to Pooled Auto Securities Shelf LLC, One Wachovia Center, 301 South
         College Street, Suite E, Charlotte, North Carolina 28288-5578,
         Attention: General Counsel or at any other address previously furnished
         in writing to the Indenture Trustee by the Depositor.

         Notices required to be given to each Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, telecopied or mailed by certified mail, return receipt requested, in
the case of (i) Moody's, at Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007 or (ii) Standard &
Poor's, at Standard & Poor's Ratings Services, a Division of The McGraw-Hill
Companies, Inc., 55 Water Street, New York, New York 10041, Attention of Asset
Backed Surveillance Department; or at such other address as shall be designated
by written notice to the other parties.

         Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and sent by first-class mail, postage prepaid to each Noteholder affected by
such event, at such Noteholder's address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Noteholders is given
by mail, neither the failure to mail such notice

                                       74

<PAGE>

nor any defect in any notice so mailed to any particular Noteholder shall affect
the sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

         Where this Indenture provides for notice to each Rating Agency, failure
to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of
Default.

         Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Noteholder providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such
Noteholder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a
copy of each such agreement and the Indenture Trustee will cause payments to be
made and notices to be given in accordance with such agreements.

         Section 11.07. Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

         The provisions of TIA Sections 310 through 317 that impose duties on
any Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

         Section 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the meaning or interpretation of the terms or provisions
hereof.

         Section 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents.

                                       75

<PAGE>

         Section 11.10. Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions of this Indenture and the Notes
shall not in any way be affected or impaired thereby.

         Section 11.11. Benefits of Indenture; Third Party Beneficiaries.
Nothing in this Indenture or in the Notes, express or implied, shall give to any
Person, other than the parties hereto and their successors hereunder and the
Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or
equitable right, remedy or claim under this Indenture. Notwithstanding the
foregoing, this Indenture shall inure to the benefit of and be binding upon the
parties hereto, and the Owner Trustee, the Noteholders, the Certificateholders
and their respective successors and permitted assigns shall be third party
beneficiaries. Except as otherwise provided in this Article, no other Person
shall have any right or obligation hereunder.

         Section 11.12. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

         Section 11.13. Governing Law. This Indenture shall be construed in
accordance with the laws of the State of NEW YORK, without reference to its
conflict of law provisions (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW), and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.

         Section 11.14. Counterparts. This Indenture may be executed in any
number of counterparts, each of which when so executed shall be deemed to be an
original, but all of which counterparts shall together constitute but one and
the same instrument.

         Section 11.15. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording shall be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

         Section 11.16. Trust Obligation. Except as otherwise provided in
Section 3.07(e), no recourse may be taken, directly or indirectly, with respect
to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on
the Notes or under this Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of

                                       76

<PAGE>

the Indenture Trustee or the Owner Trustee in its individual capacity, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee, except as otherwise provided in Section 3.07(e), and the
Owner Trustee have no such obligations in their individual capacities) and
except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

         Section 11.17. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder or Note Owner, by accepting a Note or a
beneficial interest therein, as the case may be, hereby covenant and agree that
they will not at any time institute against the Issuer or the Depositor, or join
in any institution against the Issuer or the Depositor of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or State bankruptcy or similar law
in connection with any obligations relating to the Notes, this Indenture or any
of the other Basic Documents.

         Section 11.18. Inspection. The Issuer shall, with reasonable prior
notice, permit any representative of the Indenture Trustee, during the Issuer's
normal business hours, to examine the books of account, records, reports and
other papers of the Issuer, to make copies and extracts therefrom, to cause such
books to be audited by Independent certified public accountants, and to discuss
the Issuer's affairs, finances and accounts with the Issuer's officers,
employees, and Independent certified public accountants, all at such reasonable
times and as often as may be reasonably requested. The Indenture Trustee shall
and shall cause its representatives to hold in confidence all such information
except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent
that the Indenture Trustee may reasonably determine that such disclosure is
consistent with its obligations hereunder.

                                       77

<PAGE>

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

                                   WACHOVIA AUTO OWNER TRUST 2004-B,

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

                                   By:   /s/ James P. Lawler
                                         -------------------------------------
                                         James P. Lawler
                                         Vice President

                                   U.S. BANK NATIONAL ASSOCIATION,
                                   not in its individual capacity but
                                   solely as Indenture Trustee

                                   By:   /s/ Shannon M. Rantz
                                         Shannon M. Rantz
                                         -------------------------------------
                                         Vice President

                                                                Indenture

<PAGE>

                                                                EXHIBIT A

                FORM OF CLASS A-1 [A-2] [A-3] [A-4] [B] [C] NOTE

         [For Class A-2, A-3 and A-4 Notes: This Note is subordinated in right
of payment to the Class A-1 Notes [, the Class A-2 Notes] [and the Class A-3
Notes] as described in the Indenture referred to herein.]

         [For Class B NOTES and CLASS C Notes: This Note is subordinated in
right of payment to the Class A Notes [and Class B Notes] as described in the
Indenture referred to herein.]

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

         THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

         THIS NOTE IS NOT A DEPOSIT OR OBLIGATION OF OR AN INTEREST IN WACHOVIA
BANK, NATIONAL ASSOCIATION OR ANY OF ITS AFFILIATES. THIS NOTE IS NOT GUARANTEED
OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL
ENTITY OR FUND OF THE UNITED STATES.

         [FOR CLASS A NOTES AND CLASS B NOTES: ANY INVESTOR THAT IS AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT TO SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE, BY ITS ACCEPTANCE OF AN INTEREST IN THIS
NOTE, WILL BE DEEMED TO MAKE CERTAIN REPRESENTATIONS.]

         [FOR CLASS C NOTES: THIS NOTE MAY NOT BE ACQUIRED BY OR WITH PLAN
ASSETS OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT THAT IS SUBJECT
TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.]

REGISTERED                                                           $_________
No. R-A1-1 [R-A2-1] [R-A3-1] [R-A4-1] [R-B-1] [R-C-1]       CUSIP NO. _________

                                       A-1

<PAGE>

                        WACHOVIA AUTO OWNER TRUST 2004-B
          _____% CLASS A-1 [A-2] [A-3] [A-4] [B] [C] ASSET BACKED NOTE

         Wachovia Auto Owner Trust 2004-B, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of ___________________ DOLLARS ($___________), payable to the
extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of _______________, 200__ (the "Class
A-1 [A-2] [A-3] [A-4] [B] [C] Final Scheduled Distribution Date") and the
Redemption Date, if any, selected pursuant to the Indenture.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on such preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the most recent
Distribution Date on which interest has been paid (or, in the case of the first
Distribution Date or if no interest has yet been paid, from and including the
Closing Date), to but excluding such current Distribution Date. Interest will be
computed on the basis of the actual number of days during the related Interest
Period divided by 360. [For Class A-2, A-3, A-4, B and C Notes: Interest on this
Note will accrue for each Distribution Date from and including the 20th day of
the prior month (or from and including the Closing Date, in the case of the
first Distribution Date or if no interest has yet been paid) to but excluding
the 20th day of the current month. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.] The Issuer shall pay interest
on overdue installments of interest at the interest rate shown above to the
extent lawful. Such principal and interest on this Note shall be paid in the
manner specified on the reverse hereof.

         The principal and interest on this Note are payable in such coin or
currency of the United States as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with
respect to this Note shall be applied first to interest due and payable on this
Note as provided above and then to the unpaid principal of this Note.

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

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual or facsimile signature,
this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

                                       A-2

<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as of the date set forth
below.

         Date:  September __, 2004        WACHOVIA AUTO OWNER TRUST 2004-B

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

                                          By:___________________________________
                                                    Authorized Signatory

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

         Date:  September __, 2004        U.S. BANK NATIONAL ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Indenture Trustee

                                          By:___________________________________
                                                    Authorized Signatory

                                       A-3

<PAGE>

              [REVERSE OF CLASS A-1 [A-2] [A-3] [A-4] [B] [C] NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Class A-1 [A-2] [A-3] [A-4] [B] [C] Asset Backed Notes
(the "Class A-1 Notes"), all issued under the Indenture, dated as of September
1, 2004 (the "Indenture"), between the Issuer and U.S. Bank National
Association, as trustee (the "Indenture Trustee"), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the
Indenture. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Indenture, which also contains rules
as to construction that shall be applicable hereto.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes and the Class C Notes (collectively, the
"Notes") are, except as otherwise provided in the Indenture or in the Sale and
Servicing Agreement, equally and ratably secured by the Collateral pledged as
security therefor as provided in the Indenture.

         Principal payable on the Class A-1 [A-2] [A-3] [A-4] [B] [C] Notes will
be paid on each Distribution Date in the amount specified in the Indenture and
in the Sale and Servicing Agreement. As described above, the entire unpaid
principal amount of this Note will be payable on the earlier of the Class A-1
[A-2] [A-3] [A-4] [B] [C] Final Scheduled Distribution Date and the Redemption
Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing,
under certain circumstances, the entire unpaid principal amount of the Class A-1
[A-2] [A-3] [A-4] [B] [C] Notes shall be due and payable following the
occurrence and continuance of an Event of Default, if the Indenture Trustee or
the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class A-1 [A-2] [A-3] [A-4] [B] [C] Notes shall be made pro rata to the
Class A-1 [A-2] [A-3] [A-4] [B] [C] Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Noteholder (or one or more Predecessor
Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the
name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee. Such checks shall be mailed to the
Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date or Redemption Date shall be binding upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the remaining unpaid principal amount of this Note on a
Distribution Date or Redemption Date, then the Indenture Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Noteholder as of the Record Date preceding such

                                       A-4

<PAGE>

Distribution Date or Redemption Date by notice mailed within 30 days of such
Distribution Date or Redemption Date and the amount then due and payable shall
be payable only upon presentation and surrender of this Note at the Corporate
Trust Office of the Indenture Trustee or at the office of the Indenture
Trustee's agent appointed for such purposes located in the City of New York.

         As provided in the Indenture, the Notes may be redeemed, in whole but
not in part, in the manner and to the extent described in the Indenture and the
Sale and Servicing Agreement.

         As provided in the Indenture and subject to the limitations set forth
therein and on the face hereof, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Noteholder or such
Noteholder's attorney duly authorized in writing, with such signature guaranteed
by an "eligible guarantor institution" meeting the requirements of the Note
Registrar, all in accordance with the Exchange Act, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or a beneficial
interest therein, as the case may be, covenants and agrees that no recourse may
be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture
or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Owner Trustee, each in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Owner Trustee, each in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee, each
in its individual capacity, except as any such Person may have expressly agreed
and except that any such partner, owner or beneficiary shall be fully liable, to
the extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or a beneficial
interest therein, as the case may be, covenants and agrees by accepting the
benefits of the Indenture and such Note that such Noteholder or Note Owner will
not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Certificates, the Indenture or the other
Basic Documents.

         [For Class A-1, A-2, A-3, A-4 and B Notes: A fiduciary of a Benefit
Plan purchasing the Class A-1, A-2, A-3, A-4 or B Notes with the assets of a
Benefit Plan is deemed to represent that the purchase of one or more Notes is
consistent with its fiduciary duties under ERISA and does

                                       A-5

<PAGE>

not result in a nonexempt prohibited transaction as defined in Section 406 of
ERISA or Section 4975 of the Code.]

         [For the Class C Notes: Each person acquiring a Class C Note is deemed
to represent that such person is not an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
or ERISA, a plan described in Section 4975(e)(1) of the Code and that is not
exempt under Section 4975(g) of the Code, any entity whose underlying assets
include plan assets by reason of a plan's investment in the entity or a person
investing on behalf of, or with, plan assets of such a plan.]

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, State and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, State and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall
be overdue, and none of the Issuer, the Indenture Trustee or any such agent
shall be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer with the consent of the Holders of Notes representing at least 51% of the
Note Balance of the Controlling Class. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Note
Balance of the Controlling Class, on behalf of all Noteholders, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such Noteholder and upon all future
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note. The Indenture also permits the
Issuer and the Indenture Trustee to amend or waive certain terms and conditions
set forth in the Indenture without the consent of the Noteholders.

         The Indenture permits the Issuer, under certain circumstances, to
consolidate or merge with or into another Person, subject to the rights of the
Indenture Trustee and the Noteholders under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the

                                       A-6

<PAGE>

General Obligations Law), and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                       A-7

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

_______________________________________________________________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

_______________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: _____________________________    ______________________________________*

                                        Signature Guaranteed:

                                        _______________________________________*

_______________________

*    NOTICE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatsoever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar.

                                      A-8Exhibit 10.1

                                                                  EXECUTION COPY

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

                        WACHOVIA AUTO OWNER TRUST 2004-B,
                                   as Issuer,

                        POOLED AUTO SECURITIES SHELF LLC,
                                  as Depositor,

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                             as Seller and Servicer

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

                          SALE AND SERVICING AGREEMENT

                          Dated as of September 1, 2004

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

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

<PAGE>

<TABLE>
<CAPTION>

                                Table of Contents

                                                                                                               Page

                                   ARTICLE ONE

                                   DEFINITIONS

<S>            <C>                                                                                              <C>
Section 1.01.  General Definitions...........................................................................     1
Section 1.02.  Other Definitional Provisions................................................................     14
Section 1.03.  Interpretive Provisions......................................................................     14

                                   ARTICLE TWO

                          CONVEYANCE OF TRUST PROPERTY

Section 2.01.  Conveyance of Trust Property.................................................................     15
Section 2.02.  Representations and Warranties of the Seller as to the Receivables...........................     16
Section 2.03.  Representations and Warranties of the Depositor as to the Receivables........................     17
Section 2.04.  Repurchase of Receivables Upon Breach........................................................     18
Section 2.05.  Custody of Receivable Files..................................................................     18
Section 2.06.  Duties of Servicer as Custodian..............................................................     19
Section 2.07.  Instructions; Authority to Act...............................................................     20
Section 2.08.  Indemnification by Custodian.................................................................     20
Section 2.09.  Effective Period and Termination.............................................................     20

                                  ARTICLE THREE

               ADMINISTRATION AND SERVICING OF THE TRUST PROPERTY

Section 3.01.  Duties of Servicer...........................................................................     22
Section 3.02.  Subservicers.................................................................................     23
Section 3.03.  Collection of Receivable Payments; Modification of Receivables...............................     24
Section 3.04.  Realization Upon Receivables.................................................................     25
Section 3.05.  Maintenance of Physical Damage Insurance Policies............................................     26
Section 3.06.  Maintenance of Security Interests in Financed Vehicles.......................................     26
Section 3.07.  Covenants of Servicer........................................................................     26
Section 3.08.  Purchase of Receivables Upon Breach..........................................................     26
Section 3.09.  Servicing Compensation; Payment of Certain Expenses by Servicer..............................     27
Section 3.10.  Servicer's Certificate.......................................................................     27
Section 3.11.  Annual Statement as to Compliance; Notice of Default.........................................     27
Section 3.12.  Annual Accountants' Report...................................................................     28
Section 3.13.  Access to Certain Documentation and Information Regarding Receivables........................     28
Section 3.14.  Reports to the Commission....................................................................     29

                                       i

<PAGE>

                                                                                                               Page

Section 3.15.  Reports to Rating Agencies...................................................................     29

                                  ARTICLE FOUR

           DISTRIBUTIONS; RESERVE FUND; STATEMENTS TO SECURITYHOLDERS

Section 4.01.  Establishment of Accounts....................................................................     30
Section 4.02.  Collections..................................................................................     31
Section 4.03.  Application of Collections...................................................................     31
Section 4.04.  Advances.....................................................................................     32
Section 4.05.  Additional Deposits..........................................................................     32
Section 4.06.  Determination Date Calculations; Application of Available Funds..............................     33
Section 4.07.  Reserve Fund.................................................................................     34
Section 4.08.  Net Deposits.................................................................................     35
Section 4.09.  Statements to Securityholders................................................................     35
Section 4.10.  Control of Accounts..........................................................................     37

                                  ARTICLE FIVE

                                  THE DEPOSITOR

Section 5.01.  Representations and Warranties of Depositor..................................................     38
Section 5.02.  Liability of Depositor; Indemnities..........................................................     39
Section 5.03.  Merger, Consolidation or Assumption of the Obligations of Depositor; Certain Limitations.....     40
Section 5.04.  Limitation on Liability of Depositor and Others..............................................     43
Section 5.05.  Depositor Not to Resign......................................................................     43
Section 5.06.  Depositor May Own Securities.................................................................     43

                                   ARTICLE SIX

                                  THE SERVICER

Section 6.01.  Representations and Warranties of Servicer...................................................     44
Section 6.02.  Liability of Servicer; Indemnities...........................................................     45
Section 6.03.  Merger, Consolidation or Assumption of the Obligations of Servicer...........................     47
Section 6.04.  Limitation on Liability of Servicer and Others...............................................     47
Section 6.05.  Wachovia Bank Not to Resign as Servicer......................................................     48
Section 6.06.  Servicer May Own Securities..................................................................     48

                                       ii

<PAGE>

                                                                                                               Page

                                  ARTICLE SEVEN

                           SERVICER TERMINATION EVENTS

Section 7.01.  Servicer Termination Events..................................................................     49
Section 7.02.  Appointment of Successor Servicer............................................................     50
Section 7.03.  Effect of Servicing Transfer.................................................................     51
Section 7.04.  Notification to Noteholders, Certificateholders and Rating Agencies..........................     52
Section 7.05.  Waiver of Past Servicer Termination Events...................................................     52
Section 7.06.  Repayment of Advances........................................................................     52

                                  ARTICLE EIGHT

                                   TERMINATION

Section 8.01.  Optional Purchase of All Receivables.........................................................     53

                                  ARTICLE NINE

                                  MISCELLANEOUS

Section 9.01.  Amendment....................................................................................     54
Section 9.02.  Protection of Title to Issuer................................................................     55
Section 9.03.  Notices......................................................................................     57
Section 9.04.  Assignment...................................................................................     57
Section 9.05.  Severability.................................................................................     58
Section 9.06.  Further Assurances...........................................................................     58
Section 9.07.  No Waiver; Cumulative Remedies...............................................................     58
Section 9.08.  Third-Party Beneficiaries....................................................................     58
Section 9.09.  Actions by Noteholder or Certificateholders..................................................     58
Section 9.10.  Separate Counterparts........................................................................     59
Section 9.11.  Headings.....................................................................................     59
Section 9.12.  GOVERNING LAW................................................................................     59
Section 9.13.  Nonpetition Covenants........................................................................     59
Section 9.14.  Limitation of Liability of Owner Trustee and Indenture Trustee...............................     59

                                    SCHEDULES

Schedule A      -   Location of Receivable Files............................................................  SA-1

                                       iii

<PAGE>

                                                                                                               Page

                                    EXHIBITS

Exhibit A - Representations and Warranties as to the Receivables............................................   A-1
Exhibit B - Form of Distribution Statement..................................................................   B-1
Exhibit C - Form of Servicer's Certificate..................................................................   C-1
</TABLE>

                                       iv

<PAGE>

         This Sale and Servicing Agreement, dated as of September 1, 2004, is
among Pooled Auto Securities Shelf LLC, a Delaware limited liability company
("PASS"), as depositor (the "Depositor"), Wachovia Bank, National Association, a
national banking association ("Wachovia Bank"), as seller (in such capacity, the
"Seller") and as servicer (in such capacity, the "Servicer"), and Wachovia Auto
Owner Trust 2004-B, a Delaware statutory trust, as issuer (the "Issuer").

         WHEREAS, the Issuer desires to purchase from the Depositor a portfolio
of receivables arising in connection with motor vehicle retail installment sale
contracts (the "Receivables") purchased by Wachovia Bank in the ordinary course
of its business, which Receivables have been sold by Wachovia Bank to the
Depositor as of the date hereof;

         WHEREAS, the Depositor is willing to sell the Receivables to the Issuer
pursuant to the terms hereof; and

         WHEREAS, the Servicer is willing to service the Receivables pursuant to
the terms hereof.

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

                                  ARTICLE ONE

                                   DEFINITIONS

         Section 1.01. General Definitions. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

         "Account Collateral" means, with respect to each Account, such Account,
together with all cash, securities, Financial Assets and investments and other
property from time to time deposited or credited to such Account and all
proceeds thereof, including, with respect to the Reserve Fund, the Reserve Fund
Initial Deposit.

         "Accounts" means the Collection Account, the Note Payment Account and
the Reserve Fund.

         "Administration Agreement" means the administration agreement, dated as
of September 1, 2004, among the Administrator, the Issuer, the Depositor and the
Indenture Trustee.

         "Administrator" means Wachovia Bank, in its capacity as administrator
under the Administration Agreement, and its successors in such capacity.

         "Advance" means, with respect to a Receivable, the amount which is
being advanced with respect to such Receivable as of the last day of a
Collection Period by the Servicer pursuant to Section 4.04.

<PAGE>

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

         "Agreement" means this Sale and Servicing Agreement.

         "Amount Financed" means, with respect to any Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the related
Financed Vehicle and any related costs, including accessories, insurance
premiums, service and warranty contracts and other items customarily financed as
part of a motor vehicle retail installment sale contract.

         "Available Collections" means, for any Distribution Date and the
related Collection Period, (i) all payments received on or in respect of the
Receivables during such Collection Period (other than amounts comprising the
Supplemental Servicing Fee), (ii) all Liquidation Proceeds, Recoveries and
Dealer Recourse received with respect to the Receivables during such Collection
Period, (iii) in the event that collections on or in respect of the Receivables
are required to be deposited by the Servicer into the Collection Account on a
daily basis pursuant to Section 4.02, all investment earnings on funds on
deposit in the Collection Account, (iv) the aggregate Purchase Amount deposited
in the Collection Account on the related Deposit Date, (v) all Prepayments
received with respect to the Receivables during such Collection Period
attributable to any refunded item included in the Amount Financed (including
amounts received as a result of rebates of extended warranty contract costs and
insurance premiums and proceeds received under physical damage, theft, credit
life and credit disability insurance policies) and (vi) all Advances deposited
into the Collection Account by the Servicer on the related Deposit Date;
provided, however, that Available Collections shall not include any payments or
other amounts (including Liquidation Proceeds) received with respect to any (a)
Purchased Receivable, the Purchase Amount for which was included in Available
Collections for a previous Distribution Date and (b) Receivable to the extent
that the Servicer has made an unreimbursed Advance with respect to such
Receivable and is entitled to reimbursement from payments in respect of such
Receivables or other Receivables or other amounts pursuant to Section 4.04.

         "Available Funds" means, with respect to any Distribution Date, the sum
of (i) Available Collections and (ii) the Reserve Fund Draw Amount, if any.

         "Basic Documents" means this Agreement, the Administration Agreement,
the Indenture, the Note Depository Agreement, the Control Agreement, the
Receivables Purchase Agreement, the Trust Agreement and any other documents or
certificates delivered in connection herewith or therewith including, the Power
of Attorney pursuant to Section 1.02(c) of the Administration Agreement.

         "Bankruptcy Code" means Title 11 of the United States Code, 11 U.S.C.
ss. 101 et seq.

         "Business Day" means any day other than a Saturday, a Sunday or a day
on which banking institutions or trust companies in New York, New York,
Wilmington, Delaware,

                                        2

<PAGE>

St. Paul, Minnesota or Charlotte, North Carolina are authorized by law,
regulation or executive order to be closed.

         "Certificate" has the meaning specified in the Trust Agreement.

         "Certificate Payment Account" means the account established and
maintained pursuant to Section 4.01.

         "Certificate Percentage Interest" means, with respect to a Certificate,
the percentage specified on such Certificate as the Certificate Percentage
Interest, which percentage represents the beneficial interest of the holder of
such Certificate in the Issuer. The initial Certificate Percentage Interest held
by PASS Holding LLC shall be 100%.

         "Certificateholder" has the meaning specified in the Trust Agreement.

         "Class" has the meaning specified in the Indenture.

         "Class A Notes" has the meaning specified in the Indenture.

         "Class A-1 Noteholder" has the meaning specified in the Indenture.

         "Class A-2 Noteholder" has the meaning specified in the Indenture.

         "Class A-3 Noteholder" has the meaning specified in the Indenture.

         "Class A-4 Noteholder" has the meaning specified in the Indenture.

         "Class B Noteholder" has the meaning specified in the Indenture.

         "Class B Notes" has the meaning specified in the Indenture.

         "Class C Final Scheduled Distribution Date" has the meaning specified
in the Indenture.

         "Class C Noteholder" has the meaning specified in the Indenture.

         "Class C Notes" has the meaning specified in the Indenture.

         "Closing Date" has the meaning specified in the Indenture.

         "Code" has the meaning specified in the Indenture.

         "Collection Account" means the account designated as such, and
established and maintained pursuant to Section 4.01.

         "Collection Period" has the meaning specified in the Indenture.

         "Commission" means the Securities and Exchange Commission.

                                        3

<PAGE>

         "Contract Rate" means, with respect to any Receivable, the annual
percentage rate of interest stated in such Receivable.

         "Control" has the meaning specified in Section 8-106 of the UCC.

         "Control Agreement" means the control agreement, dated as of September
1, 2004, among the Issuer, the Servicer, Wachovia Bank and the Indenture
Trustee, relating to the Accounts.

         "Controlling Class" has the meaning specified in the Indenture.

         "Corporate Trust Office" has the meaning specified in the Indenture or
the Trust Agreement, depending on whether reference is made to the Indenture
Trustee or the Owner Trustee.

         "Cumulative Net Loss Percentage" has the meaning specified in the
Indenture.

         "Cutoff Date" means the close of business on August 31, 2004.

         "Dealer" means the dealer of motor vehicles who sold a Financed Vehicle
and who originated and assigned the Receivable relating to such Financed Vehicle
to the Seller under an existing agreement between such dealer and the Seller.

         "Dealer Agreement" means an agreement between the Seller and a Dealer,
entered into by the Seller in the ordinary course of its business, providing for
the sale of Receivables by the Dealer to the Seller.

         "Dealer Recourse" means, with respect to a Receivable, all recourse
rights against the Dealer which originated the Receivable, and any successor to
such Dealer.

         "Defaulted Receivable" means a Receivable as to which, the earlier of
(i) any payment, or any part of any payment, due under such Receivable has
become 120 days or more delinquent (whether or not the Servicer has repossessed
the related Financed Vehicle), (ii) the Servicer has repossessed and sold the
related Financed Vehicle or (iii) the Servicer has determined in accordance with
its customary practices that such Receivable is uncollectible; provided,
however, that (a) a Receivable will not become a Defaulted Receivable until the
last day of the Collection Period during which one of the foregoing events first
occurs and (b) a Purchased Receivable will not be deemed to be a Defaulted
Receivable.

         "Deposit Date" means, with respect to any Distribution Date and the
related Collection Period, the Business Day immediately preceding such
Distribution Date.

         "Depositor" has the meaning specified in the Trust Agreement.

         "Determination Date" means, with respect to any Distribution Date, the
third Business Day preceding such Distribution Date, commencing on October 15,
2004.

         "Distribution Date" has the meaning specified in the Indenture.

                                        4

<PAGE>

         "Dollars" or "$" mean the lawful currency of the United States.

         "Eligible Account" means either (i) a segregated deposit account over
which the Indenture Trustee or the Owner Trustee, as the case may be, and the
Paying Agent have sole signature authority, maintained with an Eligible
Institution meeting the requirements of clause (i) of the definition of the term
"Eligible Institution" or (ii) a segregated trust account maintained with the
trust department of an Eligible Institution meeting the requirements of clause
(ii) of the definition of the term "Eligible Institution", in each case bearing
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Securityholders, the Noteholders or the Certificateholders,
as the case may be.

         "Eligible Institution" means (i) Wachovia Bank, the corporate trust
department of the Indenture Trustee or the corporate trust department of the
Owner Trustee or (ii) any other depository institution organized under the laws
of the United States or any State or incorporated under the laws of a foreign
jurisdiction with a branch or agency located in the United States or any State
qualified to take deposits and subject to supervision and examination by federal
or state banking authorities which at all times has either a long-term unsecured
debt rating of at least "Baa3" from Moody's or a long-term unsecured debt
rating, a short-term unsecured debt rating or a certificate of deposit rating
acceptable to Moody's and whose deposits are insured by the Federal Deposit
Insurance Corporation; provided, however, that (a) the commercial paper,
short-term debt obligations or other short-term deposits of the depository
institution described in clause (ii) above must be rated at least "Prime-1" by
Moody's and at least "A-1+" by Standard & Poor's if deposits are to be held in
an account maintained with such depository institution pursuant to this
Agreement for fewer than 30 days and (b) the long-term unsecured debt
obligations of the depository institution described in clause (ii) above must be
rated at least "AA-" by Standard & Poor's if deposits are to be held in an
account maintained with such depository institution pursuant to this Agreement
for more than 30 days.

         "Eligible Servicer" means a Person which, at the time of its
appointment as Servicer, (i) has a net worth of not less than $50,000,000, (ii)
is servicing a portfolio of motor vehicle retail installment sale contracts or
motor vehicle loans, (iii) is legally qualified, and has the capacity, to
service the Receivables, (iv) has demonstrated the ability to service a
portfolio of motor vehicle retail installment sale contracts or motor vehicle
loans similar to the Receivables professionally and competently in accordance
with standards of skill and care that are consistent with prudent industry
standards and (v) is qualified and entitled to use pursuant to a license or
other written agreement, and agrees to maintain the confidentiality of, the
software which the Servicer uses in connection with performing its duties and
responsibilities under this Agreement or obtains rights to use, or develops at
its own expense, software which is adequate to perform its duties and
responsibilities under this Agreement.

         "Entitlement Holder" has the meaning specified in Section 8-102 of the
UCC.

         "Entitlement Order" has the meaning specified in Section 8-102 of the
UCC.

         "Excess Collections" has the meaning specified in the Indenture.

         "Exchange Act" has the meaning specified in the Indenture.

                                        5

<PAGE>

         "FDIC Rule" has the meaning specified in the Receivables Purchase
Agreement.

         "Final Scheduled Distribution Date" means the Class C Final Scheduled
Distribution Date.

         "Financed Vehicle" means, with respect to any Receivable, the related
new or used motor vehicle, together with all accessions thereto, securing the
related Obligor's indebtedness under such Receivable.

         "Financial Asset" has the meaning specified in Section 8-102(a)(9) of
the UCC.

         "Holders" has the meaning specified in the Indenture.

         "Indenture" means the indenture, dated as of September 1, 2004, between
the Issuer and the Indenture Trustee.

         "Indenture Trustee" has the meaning specified in the Indenture.

         "Independent" has the meaning specified in the Indenture.

         "Initial Note Balance" means, as the context may require, with respect
to (i) all of the Notes, $1,000,000,000 or (ii) any Note, an amount equal to the
initial denomination of such Note.

         "Interest Distributable Amount" has the meaning specified in the
Indenture.

         "Interest Period" has the meaning specified in the Indenture.

         "Interest Rate" has the meaning specified in the Indenture.

         "Issuer" has the meaning specified in the Indenture.

         "Lien" means any security interest, lien, claim, charge, pledge, equity
or encumbrance of any kind other than tax liens, mechanics' or materialmen's
liens, judicial liens and any liens that may attach to a Financed Vehicle by
operation of law.

         "Liquidation Proceeds" means all amounts received by the Servicer with
respect to any Defaulted Receivable during the Collection Period in which such
Receivable became a Defaulted Receivable, net of the sum of (i) any amount
required by law to be remitted to the related Obligor and (ii) any expenses
incurred by the Servicer in connection with collection of such Receivable and
the disposition of the related Financed Vehicle (to the extent not previously
reimbursed).

         "Monthly Payment" means, with respect to any Receivable, the amount of
each fixed monthly payment payable to the obligee under such Receivable in
accordance with the terms thereof, net of any portion of such monthly payment
that represents late payment charges, extension fees or similar items.

                                        6

<PAGE>

         "Monthly Remittance Condition" means that (i) (a) Wachovia Bank is the
Servicer, (b) Wachovia Bank's short-term unsecured debt is rated at least
"Prime-1" by Moody's and "A-1" by Standard & Poor's and (c) no Servicer
Termination Event shall have occurred and be continuing or (ii) each Rating
Agency has agreed that the deposit of collections on or in respect of the
Receivables into the Collection Account may be made by the Servicer on a
monthly, rather than a daily, basis.

         "Monthly Servicing Fee" means, for any Collection Period, the fee
payable to the Servicer on the related Distribution Date for services rendered
during such Collection Period as determined pursuant to Section 3.09.

         "Monthly Trustee Fees" has the meaning specified in the Indenture.

         "Moody's" has the meaning specified in the Indenture.

         "Motor Vehicle Receivables" has the meaning specified in Section
5.03(b)(ii)(A).

         "Motor Vehicle Securities" has the meaning specified in Section
5.03(b)(ii)(B).

         "Net Losses" means, with respect to any Collection Period, the excess,
if any, of (i) the aggregate Principal Balance of all Receivables that became
Defaulted Receivables during such Collection Period over (ii) the aggregate
Liquidation Proceeds and Recoveries received by the Servicer during such
Collection Period.

         "Nonrecoverable Advance" means an Advance which the Servicer determines
in its sole discretion is not recoverable from payments made on or in respect of
the related Receivable.

         "Note Balance" has the meaning specified in the Indenture.

         "Note Depository Agreement" has the meaning specified in the Indenture.

         "Note Owner" has the meaning specified in the Indenture.

         "Note Payment Account" means the account designated as such, and
established and maintained pursuant to Section 4.01.

         "Note Pool Factor" means, with respect to each Class of Notes as of any
Distribution Date, a seven-digit decimal figure equal to the Note Balance of
such Class of Notes as of such Distribution Date (after giving effect to any
reductions thereof to be made on such Distribution Date) divided by the original
principal amount of such Class of Notes.

         "Noteholder" has the meaning specified in the Indenture.

         "Notes" has the meaning specified in the Indenture.

         "Obligor" means, with respect to any Receivable, the purchaser or
co-purchasers of the related Financed Vehicle purchased in part or in whole by
the execution and delivery of a Receivable or any other Person who owes or may
be liable for payments under a Receivable.

                                        7

<PAGE>

         "Officer's Certificate" means a certificate signed by the chairman, the
president, any Vice President, the treasurer or the secretary of the Depositor
or the Servicer, as the case may be, and delivered to the Indenture Trustee or
the Owner Trustee.

         "Opinion of Counsel" means a written opinion of counsel (who may be an
employee of or outside counsel to the Depositor or the Servicer), which counsel
shall be acceptable to the related Trustee or the Rating Agencies, as the case
may be.

         "Outstanding" has the meaning specified in the Indenture.

         "Overcollateralization Target Amount" has the meaning specified in the
Indenture.

         "Owner Trust Estate" has the meaning specified in the Trust Agreement.

         "Owner Trustee" has the meaning specified in the Trust Agreement.

         "PASS" has the meaning specified in the Receivables Purchase Agreement.

         "Paying Agent" has the meaning specified in the Indenture.

         "Permitted Investments" means, at any time, any one or more of the
following obligations, instruments, investments and securities:

                  (i) direct obligations of, and obligations fully guaranteed
         by, the United States or any agency or instrumentality thereof the
         obligations of which are backed by the full faith and credit of the
         United States;

                  (ii) demand deposits, time deposits, bankers' acceptances or
         certificates of deposit, having maturities of not more than 365 days,
         of any depository institution or trust company incorporated under the
         laws of the United States or any State (or any domestic branch of a
         foreign bank) and subject to supervision and examination by federal or
         State banking or depository institution authorities; provided, however,
         that (a) such investment shall not have an `r' highlighter affixed to
         its rating and its terms shall have a predetermined fixed dollar amount
         of principal due at maturity that cannot vary or change and (b) at the
         time of the investment, the commercial paper or other short-term
         unsecured debt obligations (other than such obligations the rating of
         which is based on the credit of a Person other than such depository
         institution or trust company) of such depository institution or trust
         company shall have a rating from Standard & Poor's of at least "A-1+"
         and from Moody's of at least "Prime-1";

                  (iii) repurchase obligations, having maturities of not more
         than 365 days, with respect to any security that is a direct obligation
         of, or fully guaranteed by, the United States or any agency or
         instrumentality thereof the obligations of which are backed by the full
         faith and credit of the United States, in either case entered into with
         a depository institution or trust company (acting as principal)
         described in clause (ii) above;

                  (iv) short-term corporate securities bearing interest or sold
         at a discount issued by any corporation incorporated under the laws of
         the United States or any State thereof;

                                        8

<PAGE>

         provided, however, that (a) such investment shall not have an `r'
         highlighter affixed to its rating and its terms shall have a
         predetermined fixed dollar amount of principal due at maturity that
         cannot vary or change and (b) at the time of the investment, the
         short-term unsecured debt obligations (other than such obligations the
         rating of which is based on the credit of a Person other than such
         corporation) of such corporation shall have a rating from Standard &
         Poor's of at least "AAA" and from Moody's of at least "Aaa";

                  (v) commercial paper having, maturities of not more than 365
         days, at the time of the investment, a rating from Standard & Poor's of
         at least "A-1+" and from Moody's of at least "Prime-1"; provided,
         however, that such investment shall not have an `r' highlighter affixed
         to its rating and its terms shall have a predetermined fixed dollar
         amount of principal due at maturity that cannot vary or change;

                  (vi) guaranteed investment contracts issued by an insurance
         company or other corporation as to which the Rating Agency Condition
         shall have been satisfied;

                  (vii) investments in money market funds having a rating from
         Standard & Poor's of at least "AAA-m" or "AAAm-G" and from Moody's of
         "Aaa" (including funds for which the Indenture Trustee, the Owner
         Trustee or the Paying Agent or any of their respective Affiliates is
         investment manager or advisor); and

                  (viii) any other investment as to which the Rating Agency
         Condition shall have been satisfied; provided, however, that in no
         event shall any such investment have a long-term rating of less than
         "AA" by Standard & Poor's or "Aa3" by Moody's or a short-term rating of
         less than "A-1" by Standard & Poor's or "Prime-1" by Moody's;

provided, that, except as otherwise provided in Section 4.07(b), each of the
foregoing investments shall mature no later than the Deposit Date immediately
following the Collection Period in which such investment was made (other than in
the case of the investment of monies in instruments of which the entity at which
the related Account, as the case may be, is located is the obligor, which may
mature on the related Distribution Date following the Collection Period in which
such investment was made), and shall be required to be held to such maturity.

         Notwithstanding anything to the contrary contained in this definition,
(a) no Permitted Investment may be purchased at a premium and (b) no obligation
or security shall be a "Permitted Investment" unless (i) the Indenture Trustee
has Control over such obligation or security and (ii) at the time such
obligation or security was delivered to the Indenture Trustee or the Indenture
Trustee became the related Entitlement Holder, the Indenture Trustee did not
have notice of any adverse claim with respect thereto within the meaning of
Section 8-102 of the UCC.

         For purposes of this definition, any reference to the highest available
credit rating of an obligation means the highest available credit rating for
such obligation, or such lower credit rating (as approved in writing by each
Rating Agency) as will not result in the qualification, downgrading or
withdrawal of the rating then assigned to any Securities by such Rating Agency.

         "Person" means any legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, limited

                                        9

<PAGE>

liability partnership, trust, unincorporated organization or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

         "Pool Balance" means, as of the first or last day of any Collection
Period, the aggregate Principal Balance of the Receivables as of such first or
last day, as the case may be; provided, however, that if the Receivables are
purchased by the Servicer pursuant to Section 8.01(a) or are sold or otherwise
liquidated by the Indenture Trustee following an Event of Default pursuant to
Section 5.04 of the Indenture, the Pool Balance shall be deemed to be zero as of
the last day of the Collection Period during which such purchase, sale or other
liquidation occurs.

         "Prepayment" means any prepayment, whether in part or in full, in
respect of such Receivable.

         "Principal Balance" means, with respect to any Receivable as of any
date, the Amount Financed under such Receivable minus the sum of (i) that
portion of all Monthly Payments actually received on or prior to such date
allocable to principal using the Simple Interest Method, (ii) any rebates of
extended warranty contract costs or physical damage, theft, credit life or
credit disability insurance premiums included in the Amount Financed and (iii)
any Prepayment applied to reduce the unpaid principal balance of such
Receivable; provided, however, that the Principal Balance of a (a) Defaulted
Receivable shall be zero as of the last day of the Collection Period during
which it became a Defaulted Receivable and (b) Purchased Receivable shall be
zero as of the last day of the Collection Period during which it became a
Purchased Receivable.

         "Priority Principal Distributable Amount" has the meaning specified in
the Indenture.

         "Purchase Amount" means the price at which the Seller must repurchase
or the Servicer must purchase a Receivable in an amount equal to the sum of (i)
the Principal Balance of such Receivable plus (ii) the amount of accrued but
unpaid interest on such Principal Balance at the related Contract Rate to the
last day of the month of repurchase.

         "Purchased Receivable" means a Receivable repurchased as of the last
day of a Collection Period as to which payment of the Purchase Amount has been
made by the Seller pursuant to Section 2.04 or by the Servicer pursuant to
Section 3.08 or 8.01.

         "Rating Agency" has the meaning specified in the Indenture.

         "Rating Agency Condition" has the meaning specified in the Indenture.

         "Receivable" has the meaning specified in the Receivables Purchase
Agreement.

         "Receivable Files" has the meaning specified in Section 2.05.

         "Receivables Purchase Agreement" means the receivables purchase
agreement, dated as of September 1, 2004, between the Seller and PASS.

         "Receivables Schedule" means the schedule of Receivables attached as
Schedule A to the Receivables Purchase Agreement.

                                        10

<PAGE>

         "Recoveries" means, with respect to any Collection Period following the
Collection Period in which a Receivable became a Defaulted Receivable, all
amounts received by the Servicer with respect to such Defaulted Receivable
during such Collection Period, net of the sum of (i) any amount required by law
to be remitted to the related Obligor and (ii) any expenses incurred by the
Servicer in connection with collection of such Receivable and the disposition of
the related Financed Vehicle (to the extent not previously reimbursed).

         "Registrar of Titles" means the agency, department or office having the
responsibility for maintaining records of titles to motor vehicles and issuing
documents evidencing such titles in the jurisdiction in which a particular
Financed Vehicle is registered.

         "Regular Principal Distributable Amount" has the meaning specified in
the Indenture.

         "Representative" means Wachovia Capital Markets, LLC, as representative
of the Underwriters.

         "Required Payment Amount" has, with respect to each Distribution Date,
the meaning specified in Section 4.06(a)(x).

         "Required Rating" means, with respect to any entity, the short-term
credit rating of the related entity is at least equal to "Prime-1" by Moody's
and "A-1+" by Standard & Poor's.

         "Required Reserve Fund Amount" means, for any Distribution Date,
$5,037,783.38; provided, however, that the Required Reserve Fund Amount (i) may
not exceed the Note Balance and (ii) will be zero if the Pool Balance as of the
last day of the related Collection Period is zero.

         "Reserve Fund" means the account designated as such, and established
and maintained pursuant to Section 4.07.

         "Reserve Fund Amount" means, with respect to any Distribution Date, the
amount on deposit in and available for withdrawal from the Reserve Fund on such
Distribution Date (after giving effect to all deposits to and withdrawals from
the Reserve Fund on such Distribution Date), including all interest and other
investment earnings (net of losses and investment expenses) earned on such
amount during the related Collection Period.

         "Reserve Fund Deficiency" has the meaning specified in Section
4.06(b)(iii).

         "Reserve Fund Draw Amount" has the meaning specified in Section
4.06(b)(i).

         "Reserve Fund Initial Deposit" means $5,037,783.38.

         "Reserve Fund Property" has the meaning specified in Section 4.07(a).

         "Responsible Officer" means, in the case of (i) the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any principal, managing director, president, Vice President, assistant
treasurer, assistant secretary or any other officer of the Indenture Trustee
customarily performing functions similar to those performed by any of the

                                        11

<PAGE>

above-designated officers and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject and (ii) the Owner
Trustee, any officer in the Corporate Trust Administration department of the
Owner Trustee with direct responsibility for the administration of the Issuer
and, with respect to a particular corporate trust matter, any other officer of
the Owner Trustee to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

         "Secondary Principal Distributable Amount" has the meaning specified in
the Indenture.

         "Securitization Trust" has the meaning specified in Section
5.03(b)(ii).

         "Security" means a Note or a Certificate, as the case may be.

         "Security Entitlement" has the meaning specified in Section
8-102(a)(17) of the UCC.

         "Securityholders" means the Noteholders and the Certificateholders.

         "Seller" has the meaning specified in the Receivables Purchase
Agreement.

         "Sequential Payment Trigger" has the meaning specified in the
Indenture.

         "Servicer" means Wachovia Bank, in its capacity as servicer of the
Receivables under this Agreement, and its successors in such capacity.

         "Servicer's Certificate" means an Officer's Certificate signed by a
Servicing Officer of the Servicer delivered pursuant to Section 3.10,
substantially in the form of Exhibit C.

         "Servicer Termination Event" has the meaning specified in Section 7.01.

         "Servicer Termination Notice" has the meaning specified in Section
7.01.

         "Servicing Officer" means any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Receivables whose name
appears on a list of servicing officers attached to an Officer's Certificate
furnished on the Closing Date to the Trustees by the Servicer, as such list may
be amended from time to time by the Servicer in writing.

         "Servicing Rate" means 1.00% per annum.

         "Simple Interest Method" means the method of allocating a fixed level
payment between principal and interest, pursuant to which a portion of such
payment is allocated to interest in an amount equal to the product of the
Contract Rate of the related Receivable multiplied by the unpaid Principal
Balance of such Receivable multiplied by the period of time (expressed as a
fraction of a year, based on the actual number of days in the applicable
calendar month and a 365-day year) elapsed since the preceding payment was made
and the remainder of such payment is allocated to principal.

                                        12

<PAGE>

         "Simple Interest Receivable" means any Receivable under which each
payment is allocated between principal and interest in accordance with the
Simple Interest Method.

         "Standard & Poor's" has the meaning specified in the Indenture.

         "State" has the meaning specified in the Indenture.

         "Statistical Calculation Date" has the meaning specified in the
Receivables Purchase Agreement.

         "Statistical Calculation Date Principal Balance" has the meaning
specified in the Receivables Purchase Agreement.

         "Successor Servicer" means any entity appointed as a successor to the
Servicer pursuant to Section 7.02.

         "Supplemental Servicing Fee" means the sum of (i) all extension fees
charged in connection with extensions of Receivables, (ii) any administration
fees and charges and all late payment fees actually collected (from whatever
source) on the Receivables and (iii) in the event that collections on or in
respect of the Receivable are permitted to be deposited by the Servicer into the
Collection Account on a monthly basis pursuant to Section 4.02, all investment
earnings on funds on deposit in the Collection Account.

         "Tertiary Principal Distributable Amount" has the meaning specified in
the Indenture.

         "Total Servicing Fee" means, for any Collection Period and the related
Distribution Date, the sum of (i) the Monthly Servicing Fee for such Collection
Period and (ii) all accrued but unpaid Monthly Servicing Fees for one or more
prior Collection Periods.

         "Total Trustee Fees" has the meaning specified in the Indenture.

         "Transition Costs" means the reasonable costs and expenses (including
reasonable attorneys' fees) incurred or payable by the Successor Servicer in
connection with the transfer of servicing (whether due to termination,
resignation or otherwise), including allowable compensation of employees and
overhead costs incurred or payable in connection with the transfer of the
Receivable Files or any amendment to this Agreement required in connection with
the transfer of servicing.

         "Trust Agreement" means the amended and restated trust agreement, dated
as of September 1, 2004, between the Depositor and the Owner Trustee.

         "Trust Fees and Expenses" means all accrued and unpaid fees of the
Trustees and the Paying Agent, any amounts due to the Trustees or the Paying
Agent for reimbursement of expenses or in respect of indemnification and other
administrative fees of the Issuer.

         "Trust Property" has the meaning specified in Section 2.01(a).

         "Trustees" has the meaning specified in the Indenture.

                                        13

<PAGE>

         "UCC" has the meaning specified in the Indenture.

         "Underwriters" means the underwriters named in Schedule A to the
Underwriting Agreement.

         "Underwriting Agreement" means the underwriting agreement, dated August
24, 2004, between PASS and the Representative, relating to the purchase of the
Class A Notes by the Underwriters from PASS.

         "United States" has the meaning specified in the Indenture.

         "Vice President" of any Person means any vice president of such Person,
whether or not designated by a number or words before or after the title "Vice
President", who is a duly elected officer of such Person.

         "Wachovia Bank" means Wachovia Bank, National Association.

         Section 1.02. Other Definitional Provisions.

         (a) Capitalized terms used herein that are not otherwise defined
herein shall have the meanings ascribed thereto in the Indenture.

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

         Section 1.03. Interpretive Provisions. With respect to all terms in
this Agreement, unless the context otherwise requires: (i) a term has the
meaning assigned to it; (ii) an accounting term not otherwise defined has the
meaning assigned to it in accordance with generally accepted accounting
principles as in effect from time to time in the United States; (iii) "or" is
not exclusive; (iv) "including" means including without limitation; (v) words in
the singular include the plural and words in the plural include the singular;
(vi) any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; (vii)
references to a Person are also to its successors and permitted assigns; (viii)
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; (ix) Section, subsection, Schedule and
Exhibit references in this Agreement are references to Sections, subsections,
Schedules and Exhibits in or to this Agreement unless otherwise specified; (x)
references to "writing" include printing, typing, lithography and other means of
reproducing words in a visible form; and (xi) the term "proceeds" has the
meaning set forth in the applicable UCC.

                                        14

<PAGE>

                                  ARTICLE TWO

                          CONVEYANCE OF TRUST PROPERTY

         Section 2.01. Conveyance of Trust Property.

         (a) In consideration of the Issuer's delivery to or upon the order of
the Depositor on the Closing Date of authenticated Notes, in authorized
denominations in an aggregate principal amount equal to the Initial Note
Balance, and authenticated Certificates, the Depositor hereby irrevocably sells,
transfers, assigns and otherwise conveys to the Issuer, without recourse
(subject to the obligations of the Depositor set forth herein), all right, title
and interest of the Depositor, whether now owned or hereafter acquired or
arising in, to and under the following (collectively, the "Trust Property"):

                  (i) the Receivables and all amounts due and collected on or in
         respect of the Receivables (including proceeds of the repurchase of
         Receivables by the Seller pursuant to Section 2.04 or the purchase of
         Receivables by the Servicer pursuant to Section 3.08 or 8.01) after the
         Cutoff Date;

                  (ii) the security interests in the Financed Vehicles granted
         by the Obligors pursuant to the Receivables;

                  (iii) all proceeds from claims on or refunds of premiums with
         respect to any physical damage or theft insurance policies and extended
         warranties covering the Financed Vehicles and any proceeds of or
         refunds of premiums of any credit life or credit disability insurance
         policies relating to the Receivables, the Financed Vehicles or the
         Obligors;

                  (iv) the Receivable Files;

                  (v) any proceeds of Dealer Recourse;

                  (vi) the Collection Account, the Note Payment Account, the
         Certificate Payment Account and the Reserve Fund and all amounts,
         securities, Financial Assets, investments and other property deposited
         in or credited to any of the foregoing and all proceeds thereof;

                  (vii) all rights of the Depositor, but none of the
         obligations, under the Receivables Purchase Agreement, including the
         right to require the Seller to repurchase Receivables from the
         Depositor;

                  (viii) the right to realize upon any property (including the
         right to receive future Liquidation Proceeds and Recoveries) that shall
         have secured a Receivable and have been repossessed by or on behalf of
         the Issuer; and

                  (ix) all present and future claims, demands, causes of action
         or choses in action in respect of any or all of the foregoing and all
         payments on or under and all proceeds of every kind and nature
         whatsoever in respect of any or all of the foregoing, including all

                                        15

<PAGE>

         proceeds of the conversion thereof, voluntary or involuntary, into cash
         or other liquid property, all accounts, general intangibles, chattel
         paper, instruments, documents, money, investment property, deposit
         accounts, letters of credit, letter of credit rights, insurance
         proceeds, condemnation awards, rights to payment of any and every kind
         and other forms of obligations and all other property which at any time
         constitutes all or part of, or is included in, the proceeds of any of
         the foregoing.

         (b) The Depositor and the Issuer intend that the transfer of the Trust
Property contemplated by Section 2.01(a) constitute a sale of the Trust Property
from the Depositor to the Issuer, conveying good title to the Trust Property
free and clear of any Liens and, in the event of the filing of a bankruptcy
petition by or against the Depositor under any bankruptcy or similar law, that
the Trust Property shall not be part of the Depositor's estate. However, in the
event that such transfer is deemed to be a pledge, the Depositor hereby grants
to the Issuer a first priority security interest in all of the Depositor's
right, title and interest in, to and under the Trust Property, and all proceeds
thereof, to secure the payment of the Notes, and in such event, this Agreement
shall constitute a security agreement under applicable law.

         (c) The sale, transfer, assignment and conveyance of the Trust Property
made under Section 2.01(a) shall not constitute, and is not intended to result
in, an assumption by the Issuer of any obligation of the Depositor or the Seller
to the Obligors or any other Person in connection with the Receivables and the
other Trust Property or any obligation of the Depositor or the Seller under any
agreement, document or instrument related thereto.

         (d) Each of the parties hereto intend that the (i) FDIC Rule shall
apply to the transactions contemplated by this Agreement and the other Basic
Documents and (ii) transactions contemplated by this Agreement and the other
Basic Documents, taken as a whole, constitute a "securitization" within the
meaning of the FDIC Rule.

         Section 2.02. Representations and Warranties of the Seller as to the
Receivables. The Seller has made, under the Receivables Purchase Agreement, each
of the representations and warranties as to the Receivables set forth in Exhibit
A. The Issuer shall be deemed to have relied on such representations and
warranties in accepting the Receivables. The representations and warranties set
forth in Exhibit A speak as of the execution and delivery of this Agreement and
as of the Closing Date, except to the extent otherwise provided, but shall
survive the sale, transfer, assignment and conveyance of the Receivables to the
Issuer pursuant to this Agreement and the pledge of the Receivables to the
Indenture Trustee pursuant to the Indenture. Pursuant to Section 2.01(a), the
Depositor has sold, transferred, assigned and otherwise conveyed to the Issuer,
as part of the Trust Property, its rights under the Receivables Purchase
Agreement, including its right to require the Seller to repurchase Receivables
in accordance with the Receivables Purchase Agreement upon a breach of the
representations and warranties set forth in Exhibit A.

         The Seller hereby agrees that the Issuer shall have the right to
enforce any and all rights under the Receivables Purchase Agreement assigned to
the Issuer under this Agreement, including the right to require the Seller to
repurchase Receivables in accordance with the Receivables Purchase Agreement
upon a breach of the representations and warranties set forth in Exhibit A,
directly against the Seller as though the Issuer were a party to the Receivables

                                        16

<PAGE>

Purchase Agreement and that the Issuer shall not be obligated to enforce any
such right indirectly through the Depositor.

         Section 2.03. Representations and Warranties of the Depositor as to the
Receivables. The Depositor makes the following representations and warranties as
to the Receivables on which the Issuer shall be deemed to have relied in
accepting the Receivables. The representations and warranties speak as of the
execution and delivery of this Agreement and as of the Closing Date, except to
the extent otherwise provided, but shall survive the sale, transfer, assignment
and conveyance of the Receivables to the Issuer pursuant to this Agreement and
the pledge of the Receivables to the Indenture Trustee pursuant to the
Indenture.

         (a) Title. The Depositor has purchased the Receivables from the Seller.
The Depositor intends that the transfer of the Receivables contemplated by
Section 2.01(a) constitute a sale of the Receivables from the Depositor to the
Issuer and that the beneficial interest in, and title to, the Receivables not be
part of the Depositor's estate in the event of the filing of a bankruptcy
petition by or against the Depositor under any bankruptcy law. The Depositor has
not sold, transferred, assigned or pledged any Receivable to any Person other
than the Issuer. The Depositor has not created, incurred or suffered to exist
any Lien on any Receivable except for the Lien of (i) this Agreement and (ii)
Indenture.

         (b) Security Interest Matters. This Agreement creates a valid and
continuing "security interest" (as defined in the UCC) in the Receivables in
favor of the Issuer, which security interest is prior to all other Liens and is
enforceable as such as against creditors of and purchasers from the Depositor.
The Receivables constitute "tangible chattel paper" (as defined in the UCC). The
Depositor owns and has good and marketable title to the Receivables free and
clear of any Lien of any Person. The Depositor has caused or will cause prior to
the Closing Date the filing of all appropriate financing statements in the
proper filing offices in the appropriate jurisdictions under applicable law
necessary to perfect the security interest in the Receivables granted to the
Issuer under this Agreement. Other than the security interest granted to the
Issuer under this Agreement, the Depositor has not pledged, assigned, sold,
granted a security interest in or otherwise conveyed any of the Receivables. The
Depositor has not authorized the filing of and is not aware of any financing
statements against the Depositor that include a description of collateral
covering the Receivables other than any financing statement relating to the
security interest granted to the Issuer under this Agreement or that has been
terminated. The Depositor is not aware of any judgment or tax lien filings
against the Depositor. The security interest of the Seller in each Financed
Vehicle has been validly assigned by the Depositor to the Issuer.

         (c) Financing Statements. All financing statements filed or to be filed
against the Depositor in favor of the Indenture Trustee (as assignee of the
Issuer) contain a statement substantially to the following effect: "A purchase
of or security interest in any collateral described in this financing statement
will violate the rights of the Indenture Trustee".

         (d) No Transfer Restrictions. The Depositor has not created, incurred
or suffered to exist any restriction on transferability of the Receivables
except for the restrictions on transferability imposed by this Agreement. The
transfer of the Receivables

                                        17

<PAGE>

and the Receivable Files by the Depositor to the Issuer pursuant to this
Agreement is not subject to the bulk transfer laws or any similar statutory
provisions in effect in any applicable jurisdiction.

         Section 2.04. Repurchase of Receivables Upon Breach. The Depositor, the
Seller, the Servicer or the Owner Trustee, as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach or failure to be true of the representations
and warranties set forth in Exhibit A. If such breach or failure shall not have
been cured by the close of business on the last day of the Collection Period
which includes the 30th day after the date on which the Seller becomes aware of,
or receives written notice from the Depositor, the Servicer or the Owner Trustee
of, such breach or failure, and such breach or failure materially and adversely
affects the interest of the Issuer in a Receivable, the Seller shall repurchase
such Receivable from the Issuer on the Distribution Date immediately following
such Collection Period. In consideration of the repurchase of a Receivable
hereunder, the Seller shall remit the Purchase Amount of such Receivable in the
manner specified in Section 4.05. The sole remedy of the Issuer, the Owner
Trustee, the Indenture Trustee, the Noteholders and the Certificateholders with
respect to a breach or failure to be true of the representations and warranties
set forth in Exhibit A shall be to require the Seller to repurchase Receivables
pursuant to this Section or Section 3.03(c) of the Receivables Purchase
Agreement. Neither the Owner Trustee nor the Indenture Trustee shall have any
duty to conduct an affirmative investigation as to the occurrence of any
condition requiring the repurchase of any Receivable pursuant to this Section or
the eligibility of any Receivable for purposes of this Agreement.

         Section 2.05. Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer hereby
revocably appoints the Servicer as its agent, and the Servicer hereby accepts
such appointment, to act as custodian on behalf of the Issuer and the Indenture
Trustee of the following documents or instruments which are hereby
constructively delivered to the Indenture Trustee, as pledgee of the Trust
Property pursuant to the Indenture with respect to each Receivable
(collectively, a "Receivable File"):

                  (i) the fully executed original of the Receivable;

                  (ii) the original (or image of the original) credit
         application with respect to such Receivable fully executed by the
         related Obligor or a photocopy thereof or a record thereof on a
         computer file or disc or on microfiche;

                  (iii) the original certificate of title for the related
         Financed Vehicle (or evidence that such certificate of title has been
         applied for) or such other documents that the Seller or the Servicer
         shall keep on file, in accordance with its customary practices and
         procedures, evidencing the security interest of the Seller in such
         Financed Vehicle;

                  (iv) documents evidencing the commitment of the related
         Obligor to maintain physical damage insurance covering the related
         Financed Vehicle; and

                  (v) any and all other documents (including any computer file
         or disc or microfiche) that the Seller or the Servicer shall keep on
         file, in accordance with its

                                        18

<PAGE>

         customary practices and procedures, relating to the Receivable, the
         related Obligor or the related Financed Vehicle.

         On the Closing Date, the Servicer shall deliver an Officer's
Certificate to the Issuer and the Indenture Trustee confirming that the Servicer
has received, on behalf of the Issuer and the Indenture Trustee, all the
documents and instruments necessary for the Servicer to act as the agent of the
Issuer and the Indenture Trustee for the purposes set forth in this Section,
including the documents referred to herein, and the Issuer and the Trustees are
hereby authorized to rely on such Officer's Certificate. In addition, within 180
days after the Closing Date, the Servicer shall deliver to the Issuer and the
Indenture Trustee an Officer's Certificate certifying that the Servicer has
received the original certificate of title for each Financed Vehicle except each
Financed Vehicle securing an outstanding Receivable for which the Servicer has
not received the original certificate of title as shall be identified in such
Officer's Certificate (and indicating whether such Financed Vehicle is subject
to a certificate of title statute or motor vehicle registration law that
requires that the original certificate of title for such Financed Vehicle be
delivered to the Seller).

                  Section 2.06. Duties of Servicer as Custodian.

         (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold
the Receivable Files for the benefit of the Issuer and the Indenture Trustee and
maintain such accurate and complete accounts, records and computer systems
pertaining to each Receivable File as shall enable the Servicer and the Issuer
to comply with this Agreement and the Indenture Trustee to comply with the
Indenture. In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that it exercises with
respect to the files of comparable motor vehicle installment sale contracts that
the Servicer services for itself or others. The Servicer shall conduct, or cause
to be conducted, in accordance with its customary practices and procedures,
periodic examinations of the files of all receivables owned or serviced by it
which shall include the Receivable Files held by it under this Agreement, and of
the related accounts, records and computer systems, in such a manner as shall
enable the Issuer or the Indenture Trustee to verify the accuracy of the
Servicer's record keeping. The Servicer shall promptly report to the Trustees
any failure on its part to hold the Receivable Files and to maintain its
accounts, records and computer systems as herein provided and promptly take
appropriate action to remedy any such failure. Nothing herein shall be deemed to
require an initial review or any periodic review of the Receivable Files by the
Issuer or the Trustees, and none of the Issuer or either Trustee shall be liable
or responsible for any action or failure to act by the Servicer in its capacity
as custodian hereunder.

         (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of the locations specified in Schedule A or at such
other location as shall be specified to the Issuer and the Indenture Trustee by
30 days' prior written notice. The Servicer may temporarily move individual
Receivable Files or any portion thereof without notice as necessary to conduct
collection and other servicing activities in accordance with its customary
practices and procedures. The Servicer shall make available to the Issuer and
the Indenture Trustee or its duly authorized representatives, attorneys or
auditors a list of locations of the Receivable Files, the Receivable Files and
the related accounts, records and computer systems maintained by the Servicer at
such times during normal business hours as the Issuer and the Indenture Trustee
shall reasonably request.

                                        19

<PAGE>

         (c) Release of Documents. As soon as practicable after receiving
written instructions from the Indenture Trustee, the Servicer shall release any
document in the Receivable Files to the Indenture Trustee or its agent or
designee, as the case may be, at such place or places as the Indenture Trustee
may reasonably designate. The Servicer shall not be responsible for any loss
occasioned by the failure of the Indenture Trustee to return any document or any
delay in so doing.

         (d) Title to Receivables. The Servicer shall not at any time have, or
in any way attempt to assert, any interest in any Receivable held by it as
custodian hereunder or in the related Receivable File, other than for collecting
or enforcing such Receivable for the benefit of the Issuer. The entire equitable
interest in such Receivable and the related Receivable File shall at all times
be vested in the Issuer.

         Section 2.07. Instructions; Authority to Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable Files
upon its receipt of written instructions signed by a Responsible Officer of the
Indenture Trustee. A certified copy of excerpts of authorizing resolutions of
the board of directors of the Indenture Trustee shall constitute conclusive
evidence of the authority of any such Responsible Officer to act and shall be
considered in full force and effect until receipt by the Servicer of written
notice to the contrary given by the Indenture Trustee.

         Section 2.08. Indemnification by Custodian. The Servicer, in its
capacity as custodian of the Receivable Files, shall indemnify and hold harmless
the Issuer, the Trustees and each of their respective officers, directors,
employees and agents from and against any and all liabilities, obligations,
losses, compensatory damages, payments, costs or expenses (including reasonable
legal fees, if any) of any kind whatsoever that may be imposed on, incurred or
asserted against the Issuer, the Trustees and each of their respective officers,
directors, employees and agents as the result of any improper act or omission in
any way relating to the maintenance and custody of the Receivable Files by the
Servicer, as custodian; provided, however, that the Servicer shall not be liable
for any portion of any such liabilities, obligations, losses, compensatory
damages, payments, costs or expenses resulting from the willful misfeasance, bad
faith or negligence of either Trustee.

         Section 2.09. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If
the Servicer shall resign as Servicer under Section 6.05, or if all of the
rights and obligations of the Servicer shall have been terminated under Section
7.01, the appointment of the Servicer as custodian hereunder may be terminated
by (i) the Issuer, with the consent of the Indenture Trustee, (ii) Holders of
Notes evidencing not less than 25% of the Note Balance of the Controlling Class
or, if the Notes have been paid in full, by Certificateholders evidencing not
less than 25% of the aggregate Certificate Percentage Interest or (iii) the
Owner Trustee, with the consent of Holders of Notes evidencing not less than 25%
of the Note Balance of the Controlling Class, in each case by notice then given
in writing to the Depositor and the Servicer (with a copy to the Trustees if
given by the Noteholders or the Certificateholders). As soon as practicable
after any termination of such appointment, the Servicer shall deliver, or cause
to be delivered, the Receivable Files and the related accounts and records
maintained by the Servicer to the Indenture Trustee, the Indenture Trustee's
agent or the

                                        20

<PAGE>

Indenture Trustee's designee, as the case may be, at such place as the Indenture
Trustee may reasonably designate or, if the Notes have been paid in full, at
such place as the Owner Trustee may reasonably designate.

                                        21

<PAGE>

                                 ARTICLE THREE

               ADMINISTRATION AND SERVICING OF THE TRUST PROPERTY

         Section 3.01. Duties of Servicer. The Servicer, acting alone or through
one or more subservicers to the extent permitted hereunder, for the benefit of
the Issuer, shall manage, service, administer and make collections on the
Receivables with reasonable care but in no event less than the care that the
Servicer exercises with respect to all comparable motor vehicle receivables that
it services for itself or others. The Servicer's duties shall include collection
and posting of all payments, responding to inquiries of Obligors or by federal,
State or local government authorities with respect to the Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting tax
information to Obligors in accordance with its customary practices, policing the
collateral, accounting for collections and furnishing monthly and annual
statements to the Trustees with respect to distributions, providing collection
and repossession services in the event of Obligor default, generating federal
income tax information and performing the other duties specified herein. The
Servicer shall have full power and authority to do any and all things in
connection with such managing, servicing, administration and collection that it
may deem necessary or desirable, it being understood, however, that the Servicer
shall at all times remain responsible to the Issuer, the Paying Agent and the
Indenture Trustee for the performance of its duties and obligations hereunder.
Subject to the foregoing and to Section 3.02, the Servicer shall follow its
customary standards, policies, practices and procedures in performing its duties
hereunder as Servicer. Without limiting the generality of the foregoing, the
Servicer shall be authorized and empowered to execute and deliver, on behalf of
itself, the Depositor, the Issuer, the Trustees, the Securityholders or any of
them, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to
the Receivables and the Financed Vehicles.

         The Servicer is hereby authorized to commence, in its own name or in
the name of the Issuer, a legal proceeding to enforce a Receivable pursuant to
Section 3.04 or to commence or participate in a legal proceeding (including a
bankruptcy proceeding) relating to or involving a Receivable, including a
Defaulted Receivable. If the Servicer commences or participates in such a legal
proceeding in its own name, the Issuer shall thereupon be deemed to have
automatically assigned, solely for the purpose of collection on behalf of the
party retaining an interest in such Receivable, such Receivable and the other
property conveyed to the Issuer pursuant to Section 2.01 with respect to such
Receivable to the Servicer for purposes of commencing or participating in any
such proceeding as a party or claimant, and the Servicer is authorized and
empowered by the Issuer to execute and deliver in the Servicer's name any
notices, demands, claims, complaints, responses, affidavits or other documents
or instruments in connection with any such proceeding. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a
Receivable on the grounds that it shall not be a real party in interest or a
holder entitled to enforce such Receivable, the Owner Trustee shall, at the
Servicer's expense and written direction, take steps to enforce such Receivable,
including bringing suit in the Servicer's or the Issuer's name or the name of
the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholders or any of them.

         The Owner Trustee, on behalf of the Issuer, shall furnish the Servicer
with any powers of attorney and other documents and take any other steps which
the Servicer may deem necessary

                                        22

<PAGE>

or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder. The Servicer, at its expense, shall obtain on
behalf of the Issuer or the Owner Trustee all licenses, if any, required by the
laws of any jurisdiction to be held by the Issuer or the Owner Trustee in
connection with ownership of the Receivables and shall make all filings and pay
all fees as may be required in connection therewith during the term of this
Agreement. The Servicer shall, or cause the Administrator to, prepare, execute
and deliver all certificates or other documents required to be delivered by the
Issuer pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations
promulgated thereunder.

         Section 3.02. Subservicers. The Servicer may enter into subservicing
agreements with one or more subservicers approved by the Indenture Trustee for
the servicing and administration of certain of the Receivables (including
holding the related Receivable Files as custodian). The Servicer shall notify
each Rating Agency promptly if a subservicer is hired. References herein to
actions taken or to be taken by the Servicer in servicing the Receivables
include actions taken or to be taken by a subservicer on behalf of the Servicer.
Each subservicing agreement will be upon such terms and conditions as are not
inconsistent with this Agreement and as the Servicer and the subservicer have
agreed. With the approval of the Servicer, a subservicer may delegate its
servicing obligations to third-party servicers, but such subservicer will remain
obligated under the related subservicing agreement. The Servicer and a
subservicer may enter into amendments thereto or different forms of subservicing
agreements; provided, however, that any such amendments or different forms shall
be consistent with and not violate the provisions of this Agreement or
materially adversely affect the rights of the Securityholders hereunder.

         The Servicer shall be entitled to terminate any subservicing agreement
that may exist in accordance with the terms and conditions of such subservicing
agreement and without any limitation by virtue of this Agreement; provided,
however, that in the event of termination of any subservicing agreement by the
Servicer or the related subservicer, the Servicer shall either act directly as
servicer of the related Receivable or enter into a subservicing agreement with a
successor subservicer approved by the Indenture Trustee which will be bound by
the terms of the related subservicing agreement.

         Notwithstanding any subservicing agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Servicer or a
subservicer or reference to actions taken through such Persons or otherwise, the
Servicer shall remain obligated and liable to the Indenture Trustee, the Owner
Trustee, the Issuer and the Securityholders for the servicing and administering
of the Receivables in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue of such subservicing
agreements or arrangements or by virtue of indemnification from a subservicer
and to the same extent and under the same terms and conditions as if the
Servicer alone were servicing and administering the Receivables. The Servicer
shall be entitled to enter into an agreement with a subservicer for
indemnification of the Servicer and nothing contained in this Agreement shall be
deemed to limit or modify such indemnification.

         Any subservicing agreement that may be entered into and any other
transactions or servicing arrangements relating to the Receivables involving a
subservicer or an Affiliate of the Servicer in its capacity as such, and not as
an originator of Receivables, shall be deemed to be between the subservicer or
such Affiliate, as the case may be, and the Servicer alone, and none of the

                                        23

<PAGE>

Indenture Trustee, the Owner Trustee, the Issuer, the Noteholders nor the
Certificateholders shall be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the subservicer
except as set forth in the immediately succeeding paragraph.

         In the event the Servicer shall for any reason no longer be acting as
servicer under this Agreement (including by reason of termination of the
Servicer following the occurrence of a Servicer Termination Event), the
Indenture Trustee or its designee may, at the sole discretion of the Indenture
Trustee, thereupon assume all of the rights and obligations of such Servicer
under each subservicing agreement selected by the Indenture Trustee in its sole
discretion. In such event, the Indenture Trustee, its designee or such other
Successor Servicer that is appointed pursuant to Section 7.02 and assumes the
obligations and duties of the Servicer under this Agreement shall be deemed to
have assumed all of the Servicer's interest therein and to have replaced the
Servicer as a party to each such subservicing agreement to the same extent as if
such subservicing agreement had been assigned to the assuming party except that
the Servicer shall not thereby be relieved of any liability or obligations under
the subservicing agreement. The Servicer shall, upon request of the Indenture
Trustee but at the expense of the Servicer, deliver to the assuming party all
documents and records relating to each such subservicing agreement and the
Receivables then being serviced and an accounting of amounts collected and held
by it and otherwise use its best efforts to effect the orderly and efficient
transfer of the subservicing agreement to the assuming party.

         The Servicer, each subservicer and any Successor Servicer shall at all
times comply with all applicable federal, State and local laws, rules,
regulations and ordinances governing or relating to the privacy rights of the
Obligors in connection with its performance of its duties under this Agreement,
including the Gramm-Leach-Bliley Act. The Servicer, each subservicer and any
Successor Servicer shall implement such physical and other security measures as
shall be necessary to (i) ensure the security and confidentiality of the
"nonpublic personal information" of each Obligor, (ii) protect against any
threats or hazards to the security and integrity of such nonpublic personal
information and (iii) protect against any unauthorized access to or use of such
nonpublic personal information.

         In those cases where a subservicer is servicing a Receivable pursuant
to a subservicing agreement, the Servicer shall cause the subservicer to remit
to the Servicer for deposit in the Collection Account, on a daily basis, within
two Business Days after receipt by the subservicer, all proceeds of the
Receivables and all Available Collections received by the subservicer.

         Section 3.03. Collection of Receivable Payments; Modification of
Receivables. The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Receivables as and when the
same shall become due and otherwise act with respect to the Receivables and the
other Trust Property in such manner as will, in the reasonable judgment of the
Servicer, maximize the amount to be received by the Issuer with respect thereto
and in accordance with the standard of care required by Section 3.01. The
Servicer shall allocate collections on or in respect of the Receivables between
principal and interest in accordance with the Simple Interest Method and the
customary servicing practices and procedures it follows with respect to all
comparable motor vehicle retail installment sale contracts that it services for
itself or others. The Servicer shall not increase or decrease the number or
amount of any Monthly Payment, the Amount Financed under any Receivable or the
Contract Rate of any Receivable, or

                                        24

<PAGE>

extend, rewrite or otherwise modify the payment terms of any Receivable;
provided, however, that the Servicer may extend the due date for one or more
payments due on any Receivable for credit-related reasons that would be
acceptable to the Servicer with respect to comparable motor vehicle retail
installment sale contracts that it services for itself or others and in
accordance with its customary standards, policies, practices and procedures if
the cumulative extensions with respect to any Receivable shall not cause the
term of such Receivable to extend beyond the last day of the Collection Period
relating to the Class C Final Scheduled Distribution Date. If the Servicer fails
to comply with the provisions of the preceding sentence, the Servicer shall be
required to purchase each Receivable affected thereby for the related Purchase
Amount, in the manner specified in Section 3.08, as of the close of business on
the last day of the Collection Period which includes the 30th day after the
Servicer becomes aware of such failure. The Servicer may, in its discretion (but
only in accordance with its customary standards, policies, practices and
procedures), waive any late payment charge or any other fee that may be
collected in the ordinary course of servicing a Receivable. In addition, in the
event that any such extension of a Receivable modifies the terms of such
Receivable in such a manner as to constitute a cancellation of such Receivable
and the creation of a new motor vehicle receivable that results in a deemed
exchange thereof within the meaning of Section 1001 of the Code, the Servicer
shall purchase such Receivable pursuant to Section 3.08, and the Receivable
created shall not be included in the Trust Property.

         Section 3.04. Realization Upon Receivables.

         (a) The Servicer shall use commercially reasonable efforts on behalf of
the Issuer, in accordance with the standard of care required under Section 3.01,
to repossess or otherwise convert the ownership of each Financed Vehicle
securing a Defaulted Receivable. In taking such action, the Servicer shall
follow such customary and usual practices and procedures as it shall deem
necessary or advisable in its servicing of comparable motor vehicle installment
sale contracts, and as are otherwise consistent with the standard of care
required under Section 3.01. The Servicer shall be entitled to recover all
reasonable expenses incurred by it with respect to realizing on a Defaulted
Receivable, including such expenses incurred in the course of repossessing and
liquidating a Financed Vehicle into cash proceeds, but only out of the cash
proceeds of such Financed Vehicle and any deficiency amount obtained from the
Obligor. The foregoing is subject to the proviso that, in any case in which the
Financed Vehicle shall have suffered damage, the Servicer shall not expend funds
in connection with any repair or towards the repossession of such Financed
Vehicle unless it shall determine in its discretion that such repair or
repossession shall increase the Liquidation Proceeds or Recoveries of the
related Receivable.

         (b) If the Servicer elects to commence a legal proceeding to enforce a
Dealer Agreement, the act of commencement shall be deemed to be an automatic
assignment from the Issuer to the Servicer of the rights of recourse under such
Dealer Agreement. If, however, in any enforcement suit or legal proceeding, it
is held that the Servicer may not enforce a Dealer Agreement on the grounds that
it is not a real party in interest or a Person entitled to enforce the Dealer
Agreement, the Owner Trustee, at the Servicer's expense and direction, shall
take such steps as the Servicer deems necessary to enforce the Dealer Agreement,
including bringing suit in its name or the names of the Indenture Trustee, the
Securityholders or any of them.

                                        25

<PAGE>

         Section 3.05. Maintenance of Physical Damage Insurance Policies. The
Servicer shall follow its customary practices and procedures to determine
whether or not each Obligor shall have maintained physical damage insurance
covering the related Financed Vehicle. In the event that the Servicer has
determined that an Obligor fails to maintain the required insurance, the
Servicer shall treat the Obligor as being in default under the related
Receivable.

         Section 3.06. Maintenance of Security Interests in Financed Vehicles.
The Servicer shall take such steps, in accordance with the standard of care
required under Section 3.01, as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle.
The Issuer hereby authorizes the Servicer, and the Servicer hereby agrees, to
take such steps as are necessary to re-perfect such security interest on behalf
of the Issuer and the Indenture Trustee in the event the Servicer receives
notice of, or otherwise has actual knowledge of, the fact that such security
interest is not perfected as a result of the relocation of a Financed Vehicle or
for any other reason. In the event that the assignment of a Receivable to the
Issuer is insufficient, without a notation on the related Financed Vehicle's
certificate of title, to grant to the Issuer a first priority perfected security
interest in the related Financed Vehicle, the Servicer hereby agrees to serve as
the agent of the Issuer for the purpose of perfecting the security interest of
the Issuer in such Financed Vehicle and agrees that the Servicer's listing as
the secured party on the certificate of title is solely in its capacity as agent
of the Issuer. The Servicer shall not release, in whole or in part, any security
interest in a Financed Vehicle created by the related Receivable except as
permitted herein or in accordance with its customary standards, policies,
practices and procedures.

         Section 3.07. Covenants of Servicer. The Servicer makes the following
covenants:

                  (a) Liens in Force. Except upon the payment in full of a
         Receivable or as otherwise contemplated by this Agreement or applicable
         law, the Servicer shall not release in whole or in part any Financed
         Vehicle from the security interest securing the related Receivable.

                  (b) No Impairment. The Servicer shall not impair in any
         material respect the rights of the Depositor, the Issuer, the Trustees
         or the Securityholders in the Receivables or, except as permitted under
         Section 3.03, otherwise amend or alter the terms of the Receivables and
         as a result of such amendment or modification or alteration, the
         interests of the Depositor, the Issuer, the Trustees or the
         Securityholder would be materially adversely affected.

         Section 3.08. Purchase of Receivables Upon Breach. The Depositor, the
Seller, the Servicer or the Owner Trustee, as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach of Section 3.03, 3.06 or 3.07. If such breach
shall not have been cured by the close of business on the last day of the
Collection Period which includes the 30th day after the date on which the
Servicer becomes aware of, or receives written notice from the Depositor, the
Seller, or the Owner Trustee of, such breach, and such breach materially and
adversely affects the interest of the Issuer in a Receivable, the Servicer shall
purchase such Receivable from the Issuer on the related Deposit Date; provided,
however, that, with respect to a breach of Section 3.03, the Servicer shall
purchase the affected Receivable from the Issuer at the end of the Collection

                                        26

<PAGE>

Period in which such breach occurs. In consideration of the purchase of a
Receivable hereunder, the Servicer shall remit the related Purchase Amount of
such Receivable to the Collection Account in the manner specified in Section
4.05. The sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee,
the Noteholders and the Certificateholders with respect to a breach of Section
3.03, 3.06 or 3.07 shall be to require the Servicer to purchase Receivables
pursuant to this Section. Neither the Owner Trustee nor the Indenture Trustee
shall have any duty to conduct an affirmative investigation as to the occurrence
of any condition requiring the purchase of any Receivable pursuant to this
Section.

         Section 3.09. Servicing Compensation; Payment of Certain Expenses by
Servicer. The Servicer shall receive the Monthly Servicing Fee for servicing the
Receivables. The Monthly Servicing Fee for any Collection Period shall equal the
product of one-twelfth of the Servicing Rate and the Pool Balance as of the
first day of such Collection Period (or, in the case of the initial Collection
Period, as of the Cutoff Date). As additional servicing compensation, the
Servicer shall be entitled to receive or retain the Supplemental Servicing Fee.
The Servicer shall pay all expenses incurred by it in connection with the
activities under this Agreement (including fees and expenses of the Trustees and
the Paying Agent, the independent accountants and any subservicer, taxes imposed
on the Servicer, expenses incurred in connection with distributions and reports
to Securityholders and all other fees and expenses not expressly stated under
this Agreement to be for the account of the Securityholders), except expenses
incurred in realizing upon Receivables under Section 3.04.

         Section 3.10. Servicer's Certificate. On or before each Determination
Date, the Servicer shall deliver to the Depositor, the Seller, the Trustees,
each Paying Agent and each Rating Agency a Servicer's Certificate containing all
information necessary to make the transfers and distributions required by
Sections 4.05, 4.06, 4.07 and 4.08 in respect of the related Collection Period
on the related Distribution Date and all information necessary for the Trustees
to send statements to Securityholders pursuant to Section 4.09 and pursuant to
Section 6.06 of the Indenture. The Servicer shall also specify to the Trustees,
no later than the Determination Date following the last day of a Collection
Period as of which the Seller shall separately identify (by account number) in a
written notice to the Depositor and the Trustees, the Receivables to be
repurchased by the Seller or purchased by the Servicer, as the case may be, on
the related Deposit Date and, upon request of one of the foregoing parties, each
Receivable that became a Defaulted Receivable during the related Collection
Period. The Servicer shall deliver to the Rating Agencies any information, to
the extent that it is available to the Servicer, that the Rating Agencies
reasonably request in order to monitor the Issuer.

         Section 3.11. Annual Statement as to Compliance; Notice of Default.

         (a) The Servicer shall deliver to the Depositor, the Trustees and each
Rating Agency, within 90 days after each year end, beginning with the first year
end that is at least four months after the Closing Date, an Officer's
Certificate of the Servicer, stating that (i) a review of the activities of the
Servicer during the preceding 12-month period ended December 31 (or, if
applicable, such shorter period in the case of the first such Officer's
Certificate) and of its performance under this Agreement has been made under
such officer's supervision and (ii) to such officer's knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement
throughout such period, or, if there has been a default in the fulfillment of

                                        27

<PAGE>

any such obligation, specifying each such default known to such officer and the
nature and status thereof. Notwithstanding the foregoing, to the extent that the
Commission adopts a rule requiring the delivery by the Servicer of an annual
report on an assessment of servicing compliance on the basis of detailed
servicing criteria or other report, the delivery of a copy of such report to the
Depositor, the Trustees and each Rating Agency shall be deemed to satisfy the
provisions of this subsection.

         (b) The Servicer shall deliver to the Depositor, the Trustees and each
Rating Agency, promptly after having obtained knowledge thereof, but in no event
later than five Business Days thereafter, an Officer's Certificate specifying
any event which constitutes or, with the giving of notice or lapse of time, or
both, would become, a Servicer Termination Event.

         Section 3.12. Annual Accountants' Report. The Servicer shall cause a
firm of independent certified public accountants (who may also render other
services to the Servicer or to the Depositor or their respective Affiliates) to
deliver to the Depositor and the Trustees within 90 days after each year end,
beginning with the first year end that is at least four months after the Closing
Date, a report with respect to the preceding 12-month period ended December 31
(or, if applicable, such shorter period in the case of the first such report) or
other report to the effect that such accountants have examined, on a test basis,
evidence of the Servicer's compliance with the covenants and conditions set
forth in this Agreement. The report will express an opinion on the Servicer's
assertion that the Servicer complied in all material respects with the
aforementioned covenants and conditions is fairly stated, in all material
respects or the reason why such an opinion cannot be expressed. Such report
shall also indicate that the firm is independent with respect to the Depositor
and the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants. Notwithstanding the
foregoing, to the extent the Commission adopts a rule requiring the delivery of
an annual attestation of a firm of independent public accountants with respect
to the assessment of servicing compliance with specified servicing criteria by
the Servicer stating, among other things, that the Servicer's assertion of
compliance with the specified servicing criteria is fairly stated in all
material respects, or the reason why such an opinion cannot be expressed, the
delivery of a copy of such attestation to the Depositor and the Trustees shall
be deemed to satisfy the provisions of this Section.

         Section 3.13. Access to Certain Documentation and Information Regarding
Receivables. Subject to Section 2.06(b), the Servicer shall provide the
Depositor, the Trustees and the Securityholders with access to the Receivables
Files in the cases where the related Trustee or such Securityholder is required
by applicable statutes or regulations to have access to such documentation. Such
access shall be afforded without charge but only upon reasonable request and
during normal business hours which does not unreasonably interfere with the
normal operations or customer or employee relations of the Servicer, at the
offices of the Servicer. Nothing in this Section shall affect the obligation of
the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access to
information as a result of such obligation shall not constitute a breach of this
Section. Each Securityholder, by its acceptance of the related Security or a
beneficial interest therein, shall be deemed to have agreed to keep any
information obtained by it pursuant to this Section confidential, except as may
be required by applicable law.

                                        28

<PAGE>

         Section 3.14. Reports to the Commission. The Servicer shall, on behalf
of the Issuer, cause to be filed with the Commission any periodic reports
required to be filed under the provisions of the Exchange Act, and the rules and
regulations of the Commission thereunder. The Depositor shall, at its expense,
cooperate in any reasonable request made by the Servicer in connection with such
filings.

         Section 3.15. Reports to Rating Agencies. The Servicer shall deliver to
each Rating Agency, at such address as such Rating Agency may request, a copy of
all reports or notices furnished or delivered pursuant to this Article and a
copy of any amendments, supplements or modifications to this Agreement and any
other information reasonably requested by such Rating Agency to monitor this
transaction.

                                        29

<PAGE>

                                  ARTICLE FOUR

                          DISTRIBUTIONS; RESERVE FUND;
                          STATEMENTS TO SECURITYHOLDERS

         Section 4.01. Establishment of Accounts.

         (a) The Servicer shall establish, on or before the Closing Date, and
maintain an Eligible Account with, and in the name of the Indenture Trustee, at
an Eligible Institution (which shall initially be Wachovia Bank) a segregated
trust account for the benefit of (i) the Securityholders, the Servicer, the
Trustees and the Paying Agent, designated as the "Wachovia Auto Owner Trust
2004-B Collection Account" (the "Collection Account") and (ii) the Noteholders,
the Servicer, the Trustees and the Paying Agent, designated as the "Wachovia
Auto Owner Trust 2004-B Note Payment Account" (the "Note Payment Account"), in
each case bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the related Persons. The Collection
Account and the Note Payment Account shall be under the sole dominion and
control of the Indenture Trustee; provided, however, that the Servicer may
direct the Paying Agent or the Indenture Trustee in writing to make deposits to
and withdrawals from the Collection Account and the Note Payment Account in
accordance with this Agreement and the other Basic Documents. All monies
deposited from time to time in the Collection Account and the Note Payment
Account shall be held by the Indenture Trustee or the Paying Agent as part of
the Trust Property, and all deposits to and withdrawals therefrom shall be made
only upon the terms and conditions of the Basic Documents.

         (b) If the Servicer is required to remit collections on a daily basis
pursuant to the first sentence of Section 4.02, all (i) amounts held in the
Accounts shall, to the extent permitted by applicable law, rules and
regulations, be either invested by the Indenture Trustee or the Paying Agent in
Permitted Investments selected in writing by the Servicer or maintained in cash
and (ii) interest and other income (net of losses and investment expenses) on
funds on deposit in the Accounts shall be retained on deposit in the related
Account. In the event that the Servicer is permitted to remit collections on a
monthly basis pursuant to Section 4.02, all interest and other income (net of
losses and investment expenses) on funds on deposit in (A) the Collection
Account shall be payable to the Servicer as part of the Supplemental Servicing
Fee and (B) the Note Payment Account shall be retained on deposit therein.

         (c) The Servicer shall establish, on or before the Closing Date, and
maintain in the name of the Owner Trustee at an Eligible Institution (which
shall initially be Wachovia Bank) a segregated trust account designated as the
"Wachovia Auto Owner Trust 2004-B Certificate Payment Account" (the "Certificate
Payment Account"). The Certificate Payment Account shall be held in trust for
the benefit of the Certificateholders. The Certificate Payment Account shall be
under the sole dominion and control of the Owner Trustee; provided, however,
that the Servicer may direct the Indenture Trustee or the Paying Agent in
writing to make deposits to and withdrawals from the Certificate Payment Account
in accordance with this Agreement and the other Basic Documents. All monies
deposited from time to time in the Certificate Payment Account shall be held by
the Owner Trustee as part of the Trust Property and shall be applied as provided
in the Basic Documents. The amounts on deposit in the Certificate Payment
Account shall not be invested.

                                        30

<PAGE>

         (d) In the event that the Paying Agent is no longer an Eligible
Institution, the Servicer shall, with the Paying Agent's assistance as
necessary, promptly (and in any case within ten days) cause the Collection
Account, the Note Payment Account and the Certificate Payment Account to be
moved to an Eligible Institution. The Servicer shall promptly notify the Rating
Agencies and the Trustees in writing of any change in the account number or
location of the Collection Account, the Note Payment Account and the Certificate
Payment Account.

         Section 4.02. Collections. The Servicer shall remit to the Collection
Account all amounts received by the Servicer on or in respect of the Receivables
(including Liquidation Proceeds and all amounts received by the Servicer in
connection with the repossession and sale of a Financed Vehicle (whether or not
the related Receivable has been classified as a Defaulted Receivable) but
excluding payments with respect to Purchased Receivables) as soon as practicable
and in no event after the close of business on the second Business Day after
such receipt; provided, however, that for so long as the Monthly Remittance
Condition shall be satisfied, the Servicer may remit all such amounts received
on or in respect of the Receivables during any Collection Period to the
Collection Account in immediately available funds on the related Deposit Date.
As of the Closing Date, the Servicer shall make remittances to the Collection
Account on a monthly basis. Neither Trustee shall be deemed to have knowledge of
any event or circumstance under clause (i) or (ii) of the definition of the term
"Monthly Remittance Condition" that would require daily remittances by the
Servicer to the Collection Account unless such Trustee has received notice of
such event or circumstance from the Depositor or the Servicer in an Officer's
Certificate or from the Holders of Notes evidencing not less than 25% of the
Note Balance of the Controlling Class or a Responsible Officer of such Trustee
has actual knowledge of such event or circumstance. If the Servicer shall fail
to satisfy the Monthly Remittance Condition, the Servicer shall remit to the
Collection Account on the Closing Date all amounts received by the Servicer on
or in respect of the Receivables (including Liquidation Proceeds and all amounts
received by the Servicer in connection with the repossession and sale of a
Financed Vehicle (whether or not the related Receivable has been classified as a
Defaulted Receivable)) during the period from but excluding the Cutoff Date to
and including the second Business Day preceding the Closing Date. If the
Servicer shall satisfy the Monthly Remittance Condition, the Servicer shall
remit to the Collection Account on the related Deposit Date for the initial
Collection Period, all amounts received by the Servicer on or in respect of the
Receivables (including Liquidation Proceeds and all amounts received by the
Servicer in connection with the repossession and sale of a Financed Vehicle
(whether or not the related Receivable has been classified as a Defaulted
Receivable)) during the period from but excluding the Cutoff Date to and
including the last day of the initial Collection Period.

         Section 4.03. Application of Collections. For purposes of this
Agreement, all amounts received on or in respect of a Receivable during any
Collection Period (including Liquidation Proceeds and all amounts received by
the Servicer in connection with the repossession and sale of a Financed Vehicle
(whether or not the related Receivable has been classified as a Defaulted
Receivable) but excluding payments with respect to Purchased Receivables) shall
be applied by the Servicer, as of the last day of such Collection Period, to
interest and principal on such Receivable in accordance with the Simple Interest
Method.

                                        31

<PAGE>

         Section 4.04. Advances.

         (a) If, as of the end of any Collection Period, the payments received
during such Collection Period by or on behalf of an Obligor in respect of a
Receivable (other than a Purchased Receivable) shall be less than the related
Monthly Payment, whether as a result of any extension granted to the Obligor or
otherwise, then an amount equal to the product of the Principal Balance of such
Receivable as of the first day of the related Collection Period and one-twelfth
of its Contract Rate minus the amount of interest actually received on such
Receivable during such Collection Period (each, an "Advance") may be deposited
by the Servicer, at its option, into the Collection Account on the related
Deposit Date. If such a calculation in respect of a Receivable results in a
negative number, an amount equal to such negative amount shall be paid to the
Servicer in reimbursement of any outstanding Advances. In addition, in the event
that a Receivable becomes a Defaulted Receivable, the amount of accrued and
unpaid interest thereon (but not including interest for the current Collection
Period) shall, up to the amount of outstanding Advances, be withdrawn from the
Collection Account and paid to the Servicer in reimbursement of such outstanding
Advances. No Advances will be made with respect to the Principal Balance of
Receivables. The Servicer shall not be required to make an Advance to the extent
that the Servicer, in its sole discretion, shall determine that such Advance is
likely to become a Nonrecoverable Advance.

         (b) Notwithstanding the provisions of Section 4.02, the Servicer shall
be entitled to reimbursement for an outstanding Advance made in respect of a
Receivable, without interest, from the following sources with respect to such
Receivable: (i) subsequent payments made by or on behalf of the related Obligor,
(ii) Liquidation Proceeds and Recoveries and (iii) the Purchase Amount. If the
Servicer determines that it has made a Nonrecoverable Advance, the Servicer
shall reimburse itself, without interest, from unrelated amounts received by the
Servicer on or in respect of the Receivables (including Liquidation Proceeds and
all amounts received by the Servicer in connection with the repossession and
sale of a Financed Vehicle (whether or not the related Receivable has been
classified as a Defaulted Receivable)) to the extent it shall, concurrently with
the withholding of any such amounts from deposit in or credit to the Collection
Account, furnish to the Trustees a certificate of a Servicing Officer setting
forth the basis for the Servicer's determination, the amount of, and Receivable
with respect to which, such Nonrecoverable Advance was made and the installment
or installments or other proceeds respecting which such reimbursement has been
taken.

         Section 4.05. Additional Deposits.

         (a) The following additional deposits shall be made to the Collection
Account: (i) the Seller shall remit the aggregate Purchase Amount with respect
to Purchased Receivables pursuant to Section 2.04, (ii) Servicer shall remit (A)
the aggregate Purchase Amount with respect to Purchased Receivables pursuant to
Section 3.08 and (B) the amount required upon the optional purchase of all
Receivables by the Servicer pursuant to Section 8.01 and (iii) the Indenture
Trustee, directly or through the Paying Agent, shall remit the Reserve Fund Draw
Amount pursuant to Sections 4.06 and 4.07.

         (b) All deposits required to be made in respect of a Collection Period
pursuant to this Section by the Servicer may be made

                                        32

<PAGE>

in the form of a single deposit and shall be made in immediately available
funds, no later than 5:00 p.m., New York City time, on the related Deposit Date.

         Section 4.06. Determination Date Calculations; Application of Available
Funds.

         (a) On each Determination Date, the Servicer shall calculate the
following amounts with respect to the related Distribution Date and Collection
Period

                  (i) the Available Collections;

                  (ii) the Total Servicing Fee;

                  (iii) the Total Trustee Fees;

                  (iv) the Interest Distributable Amount for each Class of Class
         A Notes;

                  (v) the Priority Principal Distributable Amount;

                  (vi) the Interest Distributable Amount for the Class B Notes;

                  (vii) the Secondary Principal Distributable Amount;

                  (viii) the Interest Distributable Amount for the Class C
         Notes;

                  (ix) the Tertiary Principal Distributable Amount;

                  (x) the sum of the amounts described in clauses (ii) through
         (ix) above (the "Required Payment Amount"); and

                  (xi) the Regular Principal Distributable Amount.

         (b) On each Determination Date, the Servicer shall calculate the
following amounts with respect to the related Distribution Date and Collection
Period:

                  (i) the lesser of (A) the amount, if any, by which the
         Required Payment Amount exceeds Available Collections and (B) the
         Reserve Fund Amount (before giving effect to any deposits to or
         withdrawals from the Reserve Fund on such Distribution Date) (such
         lesser amount, the "Reserve Fund Draw Amount"); provided, however, that
         the Reserve Fund Draw Amount will equal the Reserve Fund Amount if (1)
         Available Collections and the amount on deposit in the Reserve Fund
         Amount equals or exceeds the Note Balance, accrued and unpaid interest
         therein and all amounts on the related Distribution Date required to be
         paid to the Servicer, the Trustees and the Paying Agent or (2) on the
         last day of the related Collection Period the Pool Balance is zero;

                  (ii) the Required Reserve Fund Amount (after giving effect to
         the withdrawal of the Reserve Fund Draw Amount for such Distribution
         Date); and

                                        33

<PAGE>

                  (iii) the amount, if any, by which the Required Reserve Fund
         Amount exceeds the Reserve Fund Amount (after giving effect to the
         withdrawal of the Reserve Fund Draw Amount for such Distribution Date)
         (such excess, the "Reserve Fund Deficiency").

         On each Distribution Date, the Servicer shall instruct the Indenture
Trustee or the Paying Agent to transfer and deposit into the Collection Account,
the Reserve Fund Draw Amount, if any, from the Reserve Fund.

         (c) On each Distribution Date, the Servicer shall instruct the
Indenture Trustee and the Paying Agent in writing to apply the Available Funds
for such Distribution Date to make the related payments and deposits set forth
in Section 2.08 of the Indenture. Any distributions to be made by the Indenture
Trustee under the Basic Documents may be made by the Paying Agent.

         Section 4.07. Reserve Fund.

         (a) The Servicer shall establish, on or before the Closing Date, and
maintain in the name of the Indenture Trustee, at an Eligible Institution (which
shall initially be Wachovia Bank) a segregated trust account designated as the
"Wachovia Auto Owner Trust 2004-B Reserve Fund" (the "Reserve Fund"). The
Reserve Fund shall be held in trust for the benefit of the Securityholders. The
Reserve Fund shall be under the sole dominion and control of the Indenture
Trustee; provided, however, that the Servicer may direct the Indenture Trustee
or the Paying Agent in writing to make deposits to and withdrawals from the
Reserve Fund in accordance with this Agreement and the other Basic Documents. On
the Closing Date, the Seller shall deposit the Reserve Fund Initial Deposit into
the Reserve Fund from the net proceeds of the sale of the Receivables. The
Reserve Fund and all amounts, securities, investments, Financial Assets and
other property deposited in or credited to the Reserve Fund (the "Reserve Fund
Property") has been conveyed by the Depositor to the Issuer pursuant to Section
2.01(a). Pursuant to the Indenture, the Issuer will pledge all of its right,
title and interest in, to and under the Reserve Fund and the Reserve Fund
Property to the Indenture Trustee on behalf of the Securityholders to secure its
obligations under the Notes and the Indenture.

         (b) The Reserve Fund Property shall, to the extent permitted by
applicable law, rules and regulations, be invested, as directed in writing by
the Servicer, by the bank or trust company then maintaining the Reserve Fund in
Permitted Investments that mature not later than the Deposit Date following the
date of investment. All such Permitted Investments shall be held to maturity.
All interest and other income (net of losses and investment expenses) on funds
on deposit in the Reserve Fund shall be retained on deposit therein. If the
Reserve Fund is no longer to be maintained at the Paying Agent, the Servicer
shall, with the Paying Agent's assistance as necessary, promptly (and in any
case within ten calendar days) cause the Reserve Fund to be moved to an Eligible
Institution. The Servicer shall promptly notify the Rating Agencies and the
Trustees in writing of any change in the account number or location of the
Reserve Fund.

         (c) With respect to any Reserve Fund Property:

                  (i) any Reserve Fund Property that is a Financial Asset shall
         be physically delivered to, or credited to an account in the name of,
         the Eligible Institution maintaining

                                        34

<PAGE>

         the Reserve Fund, in accordance with such institution's customary
         procedures such that such institution establishes a Security
         Entitlement in favor of the Indenture Trustee with respect thereto;

                  (ii) any Reserve Fund Property that is held in deposit
         accounts shall be held solely in the name of the Indenture Trustee at
         one or more depository institutions having the Required Rating and each
         such deposit account shall be subject to the exclusive custody and
         control of the Indenture Trustee and the Indenture Trustee either
         directly or through the Paying Agent shall have sole signature
         authority with respect thereto; and

                  (iii) except for any deposit accounts specified in clause (ii)
         above, the Reserve Fund shall only be invested in securities or in
         other assets which the Eligible Institution maintaining the Reserve
         Fund agrees to treat as Financial Assets.

         (d) If any Class of Notes has not been paid in full on any Distribution
Date on and after its Final Scheduled Distribution Date (after giving effect to
the distribution of Available Funds on such Distribution Date), the Servicer
shall instruct the Indenture Trustee and the Paying Agent to distribute from
amounts on deposit in the Reserve Fund to the Noteholders of that Class of
Notes, an amount equal to the lesser of (i) the amount on deposit in the Reserve
Fund and (ii) the outstanding principal amount of that Class of Notes. If the
Reserve Fund Amount for any Distribution Date (after giving effect to the
withdrawal of the Reserve Fund Draw Amount for such Distribution Date and the
distribution described in the preceding sentence) exceeds the Required Reserve
Fund Amount for such Distribution Date, the Servicer shall instruct the
Indenture Trustee and the Paying Agent in writing to distribute the amount of
such excess to the Certificate Payment Account for payment to the
Certificateholders. The Trustees hereby release, on each Distribution Date,
their security interest in, to and under Reserve Fund Property distributed to
the Certificateholders.

         (e) If the Note Balance and all other amounts owing or to be
distributed hereunder or under the Indenture or the Trust Agreement to the
Noteholders or the Certificateholders have been paid in full and the Issuer has
been terminated, any remaining Reserve Fund Property shall be distributed to the
Certificateholders.

         Section 4.08. Net Deposits. For so long as the Monthly Remittance
Condition is met, unless the Servicer is required to remit collections on a
daily basis pursuant to the first sentence of Section 4.02, the Depositor and
the Servicer may make any remittances pursuant to this Article with respect to a
Collection Period net of distributions or reimbursements to be made to the
Depositor or the Servicer with respect to such Collection Period; provided,
however, that such obligations shall remain separate obligations, no party shall
have a right of offset, and each such party shall account for all of the above
described remittances and distributions as if the amounts were deposited or
transferred separately.

         Section 4.09. Statements to Securityholders.

         (a) On each Distribution Date, the Servicer shall provide to the Owner
Trustee (with copies to the Depositor, the Rating Agencies and each Paying
Agent) to forward to each Certificateholder of record, and to the Indenture
Trustee, either directly or through a Paying

                                        35

<PAGE>

Agent, to forward to each Noteholder of record a statement, based on the related
Servicer's Certificate setting forth at least the following information as to
the Securities with respect to the related Distribution Date and Collection
Period, in substantially the form of Exhibit B, to the extent applicable:

                  (i) the amount of such distribution allocable to principal for
         each Class of Notes;

                  (ii) the Priority Principal Distributable Amount;

                  (iii) the Secondary Principal Distributable Amount;

                  (iv) the Tertiary Principal Distributable Amount;

                  (v) the Regular Principal Distributable Amount;

                  (vi) the amount of such distribution allocable to current and
         overdue interest (including any interest on overdue interest) for each
         Class of Notes;

                  (vii) the Total Servicing Fee;

                  (viii) the Total Trustee Fees;

                  (ix) the aggregate outstanding principal amount of each Class
         of Notes and the Note Pool Factor with respect to each Class of Notes
         (in each case after giving effect to payments allocated to principal
         reported under clause (i) above);

                  (x) the Pool Balance as of the close of business on the last
         day of the related Collection Period;

                  (xi) the Reserve Fund Amount on such Distribution Date (after
         giving effect to all deposits to or withdrawals from the Reserve Fund
         on such Distribution Date) and the Reserve Fund Draw Amount;

                  (xii) the aggregate Purchase Amount of Receivables repurchased
         by the Seller or purchased by the Servicer, if any, with respect to the
         related Collection Period;

                  (xiii) the number and aggregate Principal Balance of
         Receivables that were 30-59 days, 60-89 days or 90 days or more
         delinquent as of the last day of the related Collection Period;

                  (xiv) the Net Losses with respect to the related Collection
         Period;

                  (xv) the Overcollateralization Target Amount and the amount by
         which the Pool Balance exceeds the Note Balance (after giving effect to
         any payments made to the Noteholders on such Distribution Date);

                  (xvi) the amount of Available Collections;

                                        36

<PAGE>

                  (xvii) the Cumulative Net Loss Percentage and the Sequential
         Payment Trigger; and

                  (xviii) the amount of Excess Collections.

         (b) Within the prescribed period of time for tax reporting purposes
after the end of each calendar year during the term of the Issuer, but not later
than the latest date permitted by law, the related Trustee, upon receipt
thereof, shall mail to each Person who at any time during such calendar year
shall have been a Securityholder, a statement, prepared by the Servicer,
containing certain information for such calendar year or, in the event such
Person shall have been a Securityholder during a portion of such calendar year,
for the applicable portion of such year, for the purposes of such
Securityholder's preparation of federal income tax returns. In addition, the
Servicer shall furnish to the Trustees for distribution to such Person at such
time any other information necessary under applicable law for the preparation of
such income tax returns.

         Section 4.10. Control of Accounts. Notwithstanding anything to the
contrary contained herein, the Issuer agrees that each Account will be
established only with an Eligible Institution which agrees substantially as
follows: (i) it will comply with Entitlement Orders related to such account
issued by the Indenture Trustee, and as provided for in, and consistent with,
Section 5 of the Control Agreement, the Paying Agent, without further consent by
the Servicer, (ii) until termination of this Agreement, it will not enter into
any other agreement related to such account pursuant to which it agrees to
comply with Entitlement Orders of any Person other than the Indenture Trustee
(or the Paying Agent as provided for in clause (i) above), (iii) all Account
Collateral delivered or credited to it in connection with such account and all
proceeds thereof will be promptly credited to such account, (iv) it will treat
all Account Collateral as Financial Assets and (v) all Account Collateral will
be physically delivered (accompanied by any required endorsements) to, or
credited to an account in the name of, the Eligible Institution maintaining the
related Account in accordance with such Eligible Institution's customary
procedures such that such Eligible Institution establishes a Security
Entitlement in favor of the Indenture Trustee with respect thereto over which
the Indenture Trustee (or such other Eligible Institution) has Control.

                                        37

<PAGE>

                                  ARTICLE FIVE

                                  THE DEPOSITOR

         Section 5.01. Representations and Warranties of Depositor. The
Depositor makes the following representations and warranties on which the Issuer
is deemed to have relied in acquiring the Trust Property. The representations
and warranties speak as of the execution and delivery of this Agreement and as
of the Closing Date, and shall survive the sale, transfer, assignment and
conveyance of the Trust Property to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture.

                  (a) Organization and Good Standing. The Depositor has been
         duly organized and is validly existing as a limited liability company
         in good standing under the laws of the State of Delaware, with power
         and authority to own its properties and to conduct its business as such
         properties are currently owned and such business is presently
         conducted, and had at all relevant times, and has, power, authority and
         legal right to acquire, own and sell the Receivables.

                  (b) Due Qualification. The Depositor is duly qualified to do
         business as a foreign limited liability company in good standing and
         has obtained all necessary licenses and approvals in each jurisdiction
         in which the failure to so qualify or to obtain such licenses and
         approvals would, in the reasonable judgment of the Depositor,
         materially and adversely affect the performance by the Depositor of its
         obligations under, or the validity or enforceability of, this
         Agreement, each other Basic Document to which the Depositor is a party,
         the Receivables, the Notes or the Certificates.

                  (c) Power and Authority. The Depositor has the power and
         authority to execute, deliver and perform its obligations under this
         Agreement and each other Basic Document to which it is a party. The
         Depositor has the power and authority to sell, assign, transfer and
         convey the property to be transferred to and deposited with the Issuer
         and has duly authorized such sale, assignment, transfer and conveyance
         by all necessary limited liability company action; and the execution,
         delivery and performance of this Agreement and each other Basic
         Document to which the Depositor is a party has been duly authorized by
         the Depositor by all necessary limited liability company action.

                  (d) Valid Sale; Binding Obligation. This Agreement effects a
         valid sale, transfer, assignment and conveyance to the Issuer of the
         Receivables and the other Trust Property, enforceable against all
         creditors of and purchasers from the Depositor. Each of this Agreement
         and each other Basic Document to which the Depositor is a party
         constitutes a legal, valid and binding obligation of the Depositor
         enforceable against the Depositor in accordance with its terms, except
         as enforceability may be subject to or limited by bankruptcy,
         insolvency, reorganization, moratorium or other similar laws affecting
         the enforcement of creditors' rights in general and by general
         principles of equity, regardless of whether such enforceability shall
         be considered in a proceeding in equity or at law.

                                        38

<PAGE>

                  (e) No Violation. The execution, delivery and performance by
         the Depositor of this Agreement and the other Basic Documents to which
         the Depositor is a party and the consummation of the transactions
         contemplated hereby and thereby and the fulfillment of the terms hereof
         and thereof does not conflict with, result in any breach of any of the
         terms and provisions of, nor constitute (with or without notice or
         lapse of time, or both) a default under, the certificate of formation
         or limited liability company agreement of the Depositor, or conflict
         with or violate any of the material terms or provisions of, or
         constitute (with or without notice or lapse of time, or both) a default
         under, any indenture, agreement or other instrument to which the
         Depositor is a party or by which it shall be bound or to which any of
         its properties is subject; nor result in the creation or imposition of
         any Lien upon any of its properties pursuant to the terms of any such
         indenture, agreement or other instrument (other than this Agreement);
         nor violate any law or, to the Depositor's knowledge, any order, rule
         or regulation applicable to the Depositor or of any federal or State
         regulatory body, court, administrative agency or other governmental
         instrumentality having jurisdiction over the Depositor or its
         properties, which breach, default, conflict, Lien or violation would
         have a material adverse effect on the earnings, business affairs or
         business prospects of the Depositor.

                  (f) No Proceedings. There are no proceedings or investigations
         pending, or to the Depositor's knowledge, threatened against the
         Depositor, before any court, regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Depositor or its properties: (i) asserting the invalidity of this
         Agreement, any other Basic Document or the Securities, (ii) seeking to
         prevent the issuance of the Securities or the consummation of any of
         the transactions contemplated by the Basic Documents, (iii) seeking any
         determination or ruling that, in the reasonable judgment of the
         Depositor, would materially and adversely affect the performance by the
         Depositor of its obligations under, or the validity or enforceability
         of, the Basic Documents, the Receivables or the Securities or (iv)
         relating to the Depositor and which might adversely affect the federal
         income tax attributes of the Issuer or the Securities.

         Section 5.02. Liability of Depositor; Indemnities.

         (a) The Depositor shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Depositor under this
Agreement.

         (b) The Depositor shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee and the Indenture Trustee from and against any taxes that may
at any time be asserted against any such Person with respect to the transactions
contemplated by the Basic Documents, including any sales, gross receipts,
general corporation, tangible personal property, privilege or license taxes (but
not including any taxes asserted with respect to, and as of the date of the sale
of the Receivables to the Issuer or the issuance and original sale of the
Securities, or asserted with respect to ownership of the Receivables or federal
or State income taxes arising out of distributions on the Securities), and all
costs and expenses in defending against such taxes.

         (c) The Depositor shall indemnify, defend and hold harmless the Issuer,
the Trustees and the Securityholders from and against any loss, liability,
claim, damage or expense incurred by reason of the Depositor's willful
misfeasance, bad faith or negligence (other than errors in

                                        39

<PAGE>

judgment) in the performance of its duties under this Agreement or any other
Basic Document to which it is a party, or by reason of reckless disregard of its
obligations and duties under this Agreement or any other Basic Document to which
it is a party.

         (d) The Depositor shall indemnify, defend and hold harmless the
Trustees from and against all losses, liabilities, claims, damages or expenses
arising out of or incurred in connection with the acceptance or performance of
the trusts and duties contained herein, in the Trust Agreement (in the case of
the Owner Trustee) and in the Indenture (in the case of the Indenture Trustee),
except to the extent that such loss, liability, claim, damage or expense (i)
shall be due to the willful misfeasance, bad faith or negligence of the Owner
Trustee or the Indenture Trustee, as applicable, (ii) in the case of the Owner
Trustee, shall arise from the breach by the Owner Trustee of any of its
representations or warranties set forth in the Trust Agreement, (iii) in the
case of the Indenture Trustee, shall arise from the breach by the Indenture
Trustee of any of its representations and warranties set forth in the Indenture
or shall arise out of or be incurred in connection with the performance by the
Indenture Trustee of duties of a Successor Servicer hereunder, (iv) shall be one
as to which the Servicer is required to indemnify the Owner Trustee or the
Indenture Trustee, as the case may be, or (v) relates to any tax other than the
taxes with respect to which the Servicer shall be required to indemnify the
Owner Trustee or the Indenture Trustee, as the case may be.

         (e) The Depositor shall pay any and all taxes levied or assessed upon
all or any part of the Trust Property.

         (f) Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee, as the case may be, and
the termination of this Agreement and shall include reasonable fees and expenses
of counsel and expenses of litigation. If the Depositor shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such amounts from
others, such Person shall promptly repay such amounts to the Depositor, without
interest. Notwithstanding anything to the contrary contained herein, the
Depositor shall only be required to pay (i) any fees, expenses, indemnities or
other liabilities that it may incur under the Basic Documents from funds
available pursuant to, and in accordance with, the payment priorities set forth
in this Agreement and the other Basic Documents and (ii) to the extent the
Depositor has additional funds available (other than funds described in clause
(i)) that would be in excess of amounts that would be necessary to pay the debt
and other obligations of the Depositor in accordance with the Depositor's
certificate of formation, operating agreement and all financing documents to
which the Depositor is a party. The agreement set forth in the preceding
sentence shall constitute a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code. In addition, no amount owing by the Depositor
hereunder in excess of liabilities that it is required to pay in accordance with
the preceding sentence shall constitute a "claim" (as defined in Section 101(5)
of the Bankruptcy Code) against it.

ISection 5.03. Merger, Consolidation or Assumption of the Obligations of
Depositor; Certain Limitations.

         (a) Any Person (i) into which the Depositor shall be merged or
consolidated, (ii) resulting from any merger, conversion or consolidation to
which the Depositor shall be a

                                        40

<PAGE>

party or (iii) that shall succeed by purchase and assumption to all or
substantially all of the business of the Depositor, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation
of the Depositor under this Agreement, shall be the successor to the Depositor
under this Agreement without the execution or filing of any other document or
any further act on the part of any of the parties to this Agreement; provided,
however, that (A) the Depositor shall have delivered to the Trustees an
Officer's Certificate and an Opinion of Counsel each stating that such merger,
conversion, consolidation or succession and such agreement of assumption comply
with this Section, (B) the Depositor shall have delivered to the Trustees an
Opinion of Counsel stating that, in the opinion of such counsel, either (1) all
financing statements and continuation statements and amendments thereto have
been authorized and filed that are necessary to fully preserve and protect the
interest of the Issuer and the Indenture Trustee, respectively, in the
Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (2) no such action shall
be necessary to fully preserve and protect such interest and (C) the Rating
Agency Condition shall have been satisfied. Notwithstanding anything to the
contrary contained herein, the execution of the foregoing agreement of
assumption and compliance with clauses (A), (B) and (C) above shall be
conditions to the consummation of the transactions referred to in clauses (i),
(ii) and (iii) above.

         (b) (i) Subject to paragraph (ii) below, the purpose of the Depositor
shall be to engage in any lawful activity for which a limited liability company
may be organized under the general limited liability company law of Delaware
other than the banking business, the trust company business or the practice of a
profession permitted to be incorporated by the Delaware Limited Liability
Company Act.

                  (ii) Notwithstanding paragraph (b)(i) above, the purpose of
         the Depositor shall be limited to the conduct or promotion of the
         following activities: (A) to acquire retail installment sales
         contracts, purchase money notes or other notes between motor vehicle
         dealers or lenders and purchasers of new and used automobiles,
         minivans, sport utility vehicles, light-duty trucks, motorcycles or
         commercial vehicles (the "Motor Vehicle Receivables"); (B) to act as
         settlor or grantor of one or more trusts or special purpose entities
         (each, a "Securitization Trust") formed pursuant to a trust agreement
         or other agreement for the purpose of issuing one or more series or
         classes of certificates, bonds, notes or other evidences of interest or
         indebtedness (collectively, the "Motor Vehicle Securities") secured by
         or representing beneficial interests in the Motor Vehicle Receivables;
         (C) to acquire, lease, own, hold, sell, transfer, convey, dispose of,
         pledge, assign, borrow money against, finance, refinance or otherwise
         deal with, publicly or privately and whether with unrelated third
         parties or with affiliated entities, retail installment sales
         contracts, purchase money notes or other notes between motor vehicle
         dealers or lenders and purchasers of Motor Vehicle Receivables; (D) to
         acquire Motor Vehicle Securities or other property of a Securitization
         Trust (including remainder interests in collateral or reserve accounts)
         or any interest in any of the foregoing; (E) to issue, authorize, sell
         and deliver Motor Vehicle Securities or other instruments secured or
         collateralized by the Motor Vehicle Securities; (F) to own equity
         interests in other limited liability companies or partnerships whose
         purposes are substantially restricted to those described in clauses (A)
         through (E) above; (G) to borrow money other than pursuant to clause
         (C) above, but only to the extent that such borrowing is permitted by
         the terms of

                                        41

<PAGE>

         the transactions contemplated by clauses (A) through (F) above; and (H)
         to (1) negotiate, authorize, execute, deliver or assume or perform the
         obligations under any agreement, instrument or document relating to the
         activities set forth in clauses (A) through (G) above, including the
         Basic Documents and (2) engage in any lawful act or activity and to
         exercise any powers permitted to limited liability companies organized
         under the laws of the State of Delaware that are incidental to and
         necessary, convenient or advisable for the accomplishment of the
         above-mentioned purposes, including the entering into of interest rate
         or basis swap, cap, floor or collar agreements, currency exchange
         agreements or similar hedging transactions and referral, management,
         servicing and administration agreements. So long as any outstanding
         debt of the Depositor or securities are rated by any nationally
         recognized statistical rating organization, the Depositor shall not
         issue notes or otherwise borrow money unless (A) the Depositor has made
         a written request to the related nationally recognized statistical
         rating organization to issue notes or incur borrowings, which notes or
         borrowings are rated by the related nationally recognized statistical
         rating organization the same as or higher than the rating afforded any
         outstanding rated debt or securities, or (B) such notes or borrowings
         (1) are fully subordinated (and which shall provide for payment only
         after payment in respect of all outstanding rated debt or securities)
         or are nonrecourse against any assets of the Depositor other than the
         assets pledged to secure such notes or borrowings, (2) do not
         constitute a claim against the Depositor in the event such assets are
         insufficient to pay such notes or borrowings and (3) where such notes
         or borrowings are secured by the rated debt or securities, are fully
         subordinated (and which shall provide for payment only after payment in
         respect of all outstanding rated debt or securities) to such rated debt
         or securities.

         (c) Notwithstanding any other provision of this Section and any
provision of law, the Depositor shall not do any of the following:

                  (i) engage in any business or activity other than as set forth
         in Section 5.03(b);

                  (ii) without the unanimous written consent of the members of
         the Depositor and the members of the Board of Directors of the
         Depositor (including all independent directors of the Depositor), (A)
         consolidate or merge the Depositor with or into any Person or sell all
         or substantially all of the assets of the Depositor, (B) institute
         proceedings to have the Depositor be adjudicated bankrupt or insolvent,
         or consent to the institution of bankruptcy or insolvency proceedings
         against Depositor, (C) file a petition seeking, or consent to,
         reorganization or relief with respect to the Depositor under any
         applicable federal or state law relating to bankruptcy, (D) consent to
         the appointment of a receiver, liquidator, assignee, trustee,
         sequestrator or other similar official of the Depositor or a
         substantial part of its property, (E) make any assignment for the
         benefit of creditors of the Depositor, (F) admit in writing the
         Depositor's inability to pay its debts generally as they become due,
         (G) take any action in furtherance of any action set forth in clauses
         (A) through (F) above or (H) to the fullest extent permitted by law,
         dissolve or liquidate the Depositor; or

                                        42

<PAGE>

                  (iii) change the current number of independent special members
         under the limited liability company agreement of the Depositor.

         (d) The Depositor shall not amend its organizational documents except
in accordance with the provisions thereof.

         Section 5.04. Limitation on Liability of Depositor and Others. The
Depositor and any director or officer or employee or agent of the Depositor may
rely in good faith on any document of any kind, prima facie properly executed
and submitted by any Person respecting any matters arising hereunder. The
Depositor and any director or officer or employee or agent of the Depositor
shall be reimbursed by the Owner Trustee or the Indenture Trustee, as the case
may be, for any contractual damages, liability or expense incurred by reason of
the Owner Trustee's or the Indenture Trustee's willful misfeasance, bad faith or
negligence (except for errors in judgment) in the performance of their
respective duties hereunder, or by reason of reckless disregard of their
respective obligations and duties hereunder. The Depositor shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its obligations under this Agreement, and that in its opinion
may involve it in any expense or liability. The indemnities contained in this
Section shall survive the resignation or termination of the Owner Trustee or the
termination of this Agreement.

         Section 5.05. Depositor Not to Resign. Subject to the provisions of
Section 5.03, the Depositor shall not resign from the obligations and duties
hereby imposed on it as Depositor hereunder.

         Section 5.06. Depositor May Own Securities. The Depositor and any of
its Affiliates may, in its individual or any other capacity, become the owner or
pledgee of Securities with the same rights as it would have if it were not the
Depositor or an Affiliate of the Depositor, except as otherwise expressly
provided herein or in any other Basic Document (including in the definition of
the term "Note Balance"). Except as otherwise expressly provided herein or in
the other Basic Documents (including in the definition of the term "Note
Balance"), Securities so owned by or pledged to the Depositor or such Affiliate
shall have an equal and proportionate benefit under the provisions of this
Agreement and the other Basic Documents, without preference, priority or
distinction as among the Notes and the Certificates as the case may be.

                                        43

<PAGE>

                                  ARTICLE SIX

                                  THE SERVICER

         Section 6.01. Representations and Warranties of Servicer. The Servicer
makes the following representations and warranties on which the Issuer is deemed
to have relied in acquiring the Trust Property. The representations and
warranties speak as of the execution and delivery of this Agreement and as of
the Closing Date, and shall survive the sale, transfer, assignment and
conveyance of the Trust Property to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture:

                  (a) Organization and Good Standing. The Servicer is a national
         banking association duly organized and validly existing as a banking
         institution under the laws of the United States and continues to hold a
         valid certificate to do business as such. It is duly authorized to own
         its properties and transact its business and is in good standing in
         each jurisdiction in which the character of the business transacted by
         it or any properties owned or leased by it requires such authorization
         and in which the failure to be so authorized would have a material
         adverse effect on its business, properties, assets, or condition
         (financial or other) and those of its subsidiaries, considered as one
         enterprise. The Servicer has, and at all relevant times had, the power,
         authority and legal right to service the Receivables and to hold the
         Receivable Files as custodian on behalf of the Issuer.

                  (b) Due Qualification. The Servicer is duly qualified to do
         business in good standing and has obtained all necessary licenses and
         approvals in each jurisdiction in which the failure to so qualify or to
         obtain such licenses and approvals would, in the reasonable judgment of
         the Servicer, materially and adversely affect the performance by the
         Servicer of its obligations under, or the validity or enforceability
         of, this Agreement, each other Basic Document to which the Servicer is
         a party, the Receivables, the Notes or the Certificates.

                  (c) Power and Authority. The Servicer has the power and
         authority to execute, deliver and perform its obligations under this
         Agreement and each other Basic Document to which it is a party; and the
         execution, delivery and performance of this Agreement and each other
         Basic Document to which it is a party have been duly authorized by the
         Servicer by all necessary action.

                  (d) Binding Obligation. This Agreement and each other Basic
         Document to which the Servicer is a party constitute legal, valid and
         binding obligations of the Servicer, enforceable against the Servicer
         in accordance with their respective terms, except that such
         enforceability may be subject to bankruptcy, insolvency,
         reorganization, moratorium, fraudulent conveyance, fraudulent transfer
         and other similar laws relating to or affecting creditors' rights
         generally, and creditors of national banking associations and financial
         institutions the accounts of which are insured by the Federal Deposit
         Insurance Corporation in particular, and to general equitable
         principles (regardless of whether considered in a proceeding in equity
         or at law), including concepts of commercial

                                        44

<PAGE>

         reasonableness, good faith and fair dealing and the possible
         unavailability of specific performance or injunctive relief.

                  (e) No Violation. The execution, delivery and performance by
         the Servicer of this Agreement and each other Basic Document to which
         the Servicer is a party, the consummation of the transactions
         contemplated hereby and thereby and the fulfillment of their respective
         terms shall not conflict with, result in any breach of any of the terms
         and provisions of, or constitute (with or without notice or lapse of
         time or both) a default under, the articles of association or bylaws of
         the Servicer, or any material indenture, agreement, mortgage, deed of
         trust or other instrument to which the Servicer is a party, by which
         the Servicer is bound or to which any of its properties are subject; or
         result in the creation or imposition of any Lien upon any of its
         properties pursuant to the terms of any such indenture, agreement,
         mortgage, deed of trust or other instrument, other than this Agreement
         and the other Basic Documents, or violate any law, order, rule or
         regulation applicable to the Servicer or its properties of any federal
         or State regulatory body, court, administrative agency or other
         governmental instrumentality having jurisdiction over the Servicer or
         any of its properties.

                  (f) No Proceedings. There are no proceedings or investigations
         pending or, to the knowledge of the Servicer, threatened, against the
         Servicer before any court, regulatory body, administrative agency or
         other tribunal or governmental instrumentality having jurisdiction over
         the Servicer or its properties: (i) asserting the invalidity of this
         Agreement or any of the other Basic Documents, (ii) seeking to prevent
         the issuance of the Securities or the consummation of any of the
         transactions contemplated by this Agreement or any of the other Basic
         Documents, (iii) seeking any determination or ruling that, in the
         reasonable judgment of the Servicer, would materially and adversely
         affect the performance by it of its obligations under, or the validity
         or enforceability of, this Agreement or the Receivables or (iv) seeking
         to adversely affect the federal income tax or other federal, State or
         local tax attributes of the Securities.

         Section 6.02. Liability of Servicer; Indemnities. The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement. Such obligations shall include
the following:

                  (a) The Servicer shall indemnify, defend and hold harmless the
         Issuer, the Trustees, the Securityholders and the Depositor from and
         against all losses, liabilities, claims, damages and expenses arising
         out of or incurred in connection with the use, ownership or operation
         by the Servicer or any Affiliate of the Servicer of a Financed Vehicle.

                  (b) The Servicer shall indemnify, defend and hold harmless the
         Issuer, the Depositor and the Trustees from and against any taxes that
         may at any time be asserted against any such Person with respect to the
         transactions contemplated herein and in the other Basic Documents,
         including any sales, gross receipts, general corporation, tangible
         personal property, privilege or license taxes (but not including any
         taxes asserted with respect to, and as of the date of, the sale of the
         Receivables to the Issuer or the issuance and original sale of the
         Securities, or asserted with respect to ownership of the

                                        45

<PAGE>

         Receivables, or federal or State income taxes arising out of
         distributions on the Securities) and costs and expenses in defending
         against such taxes.

                  (c) The Servicer shall indemnify, defend and hold harmless the
         Issuer, the Trustees, the Securityholders and the Depositor from and
         against any loss, liability, claim, damage or expense incurred by
         reason of the Servicer's willful misfeasance, bad faith or negligence
         in the performance of its duties under this Agreement or any other
         Basic Document to which it is a party or by reason of a reckless
         disregard of its obligations and duties under this Agreement or any
         other Basic Document to which it is a party.

                  (d) The Servicer shall indemnify, defend and hold harmless the
         Trustees and their respective officers, directors, employees and agents
         from and against all losses, liabilities, claims, damages and expenses
         arising out of or incurred in connection with the acceptance or
         performance of the trusts and duties herein and contained in the Trust
         Agreement (in the case of the Owner Trustee) and contained in the
         Indenture (in the case of the Indenture Trustee), except to the extent
         that such loss, liability, claim, damage or expense: (i) shall be due
         to the willful misfeasance, bad faith or negligence (except for errors
         in judgment) of the Owner Trustee or the Indenture Trustee, as
         applicable, (ii) in the case of the Owner Trustee, shall arise from the
         breach by the Owner Trustee of any of its representations or warranties
         set forth in Section 7.03 of the Trust Agreement, (iii) in the case of
         the Indenture Trustee, shall arise from the breach by the Indenture
         Trustee of any of its representations and warranties set forth in the
         Indenture or shall arise out of or be incurred in connection with the
         performance by the Indenture Trustee of the duties of a Successor
         Servicer hereunder or (iv) relates to any tax other than to the taxes
         with respect to which either the Depositor or the Servicer shall be
         required to indemnify the Owner Trustee or the Indenture Trustee, as
         applicable.

                  (e) The Servicer shall pay the Owner Trustee compensation,
         reimbursement or other payments owed to it pursuant to Sections 8.01
         and 8.02 of the Trust Agreement.

         In addition to the foregoing indemnities, if the Owner Trustee or the
Indenture Trustee is entitled to indemnification by the Depositor pursuant to
Section 5.02 and the Depositor is unable for any reason to provide such
indemnification to the Owner Trustee or the Indenture Trustee, then the Servicer
shall be liable for any indemnification that the Owner Trustee or the Indenture
Trustee is entitled to under Section 5.02. For purposes of this Section, in the
event of a termination of the rights and obligations of the Servicer (or any
Successor Servicer) pursuant to Section 7.01 or a resignation by such Servicer
pursuant to Section 6.05, such Servicer shall be deemed to be the Servicer
pending appointment of a Successor Servicer (other than the Indenture Trustee)
pursuant to Section 7.02. Indemnification under this Section by the Servicer (or
any Successor Servicer), with respect to the period such Person was (or was
deemed to be) the Servicer, shall survive the termination of each Person as
Servicer or a resignation by such Person as Servicer, as well as the resignation
or removal of the Owner Trustee or the Indenture Trustee, as the case may be, or
the termination of this Agreement and shall include reasonable fees and expenses
of counsel and expenses of litigation. If the Servicer shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are

                                        46

<PAGE>

made thereafter collects any of such amounts from others, such Person shall
promptly repay such amounts to the Servicer, as the case may be, without
interest.

         Section 6.03. Merger, Consolidation or Assumption of the Obligations of
Servicer. Any Person (i) into which the Servicer shall be merged or
consolidated, (ii) which may result from any merger, conversion or consolidation
to which the Servicer shall be a party or (iii) which may succeed to all or
substantially all of the business of the Servicer, which Person in any of the
foregoing cases is an Eligible Servicer and executes an agreement of assumption
to perform every obligation of the Servicer under this Agreement, shall be the
successor to the Servicer under this Agreement without the execution or filing
of any other document or any further act on the part of any of the parties
hereto; provided, however, (a) the Servicer shall have delivered to the
Depositor and the Trustees an Officer's Certificate and an Opinion of Counsel
each stating that such merger, conversion or consolidation and such agreement of
assumption comply with this Section and (b) the Servicer shall have delivered to
the Depositor and the Trustees an Opinion of Counsel stating that, in the
opinion of such counsel, either (A) all financing statements and continuation
statements and amendments thereto have been authorized and filed that are
necessary to preserve and protect the interest of the Issuer and the Indenture
Trustee, respectively, in the assets of the Issuer and reciting the details of
such filings or referring to prior Opinions of Counsel in which such details are
given or (B) no such action shall be necessary to preserve and protect such
interest. Notwithstanding anything to the contrary contained herein, the
execution of the foregoing agreement of assumption and compliance with clauses
(a) and (b) above shall be conditions to the consummation of the transactions
referred to in clauses (i), (ii) and (iii) above. The Servicer shall provide
prior written notice of any merger, conversion, consolidation or succession
pursuant to this Section to the Trustees and the Rating Agencies.

         Section 6.04. Limitation on Liability of Servicer and Others.

         (a) Neither the Servicer nor any of its directors, officers, employees
or agents shall be under any liability to the Issuer or any Securityholders for
any action taken or for refraining from the taking of any action pursuant
hereto, or for errors in judgment; provided, however, that this provision shall
not protect the Servicer or any such Person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Servicer and any of its respective directors,
officers, employees or agents may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person in respect of any
matters arising under this Agreement.

         (b) Except as provided herein, the Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its duties to administer and service the Receivables in accordance
with this Agreement, and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of this Agreement and
the rights and duties of the parties to this Agreement and the interests of the
Noteholders and the Certificateholders under this Agreement. In such event, the
legal expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Servicer.

                                        47

<PAGE>

         Section 6.05. Wachovia Bank Not to Resign as Servicer. Subject to the
provisions of Section 6.03, Wachovia Bank shall not resign from the obligations
and duties imposed on it pursuant hereto as Servicer under this Agreement except
upon determination that the performance of its duties hereunder is no longer
permissible under applicable law. Any such determination permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered to the Depositor and the Trustees. No such resignation shall
become effective until the Indenture Trustee or a Successor Servicer shall have
(i) assumed the obligations and duties of the Servicer in accordance with
Section 7.02 and (ii) become the Administrator under the Administration
Agreement pursuant to Section 1.20 thereof.

         Section 6.06. Servicer May Own Securities. The Servicer and any of its
Affiliates may, in its individual or other capacity, become the owner or pledgee
of Securities with the same rights as it would have if it were not the Servicer
or an Affiliate of the Servicer, except as otherwise expressly provided herein
or in any other Basic Document (including in the definition of the term "Note
Balance"). Except as otherwise expressly provided herein or in the other Basic
Documents (including in the definition of the term "Note Balance"), Securities
so owned by or pledged to the Servicer or such Affiliate shall have an equal and
proportionate benefit under the provisions of this Agreement and the other Basic
Documents, without preference, priority or distinction as among the Notes and
the Certificates, as the case may be.

                                        48

<PAGE>

                                 ARTICLE SEVEN

                           SERVICER TERMINATION EVENTS

         Section 7.01. Servicer Termination Events. The occurrence of any one of
the following events shall constitute an event of servicing termination
hereunder (each, a "Servicer Termination Event"):

                  (a) any failure by the Servicer to deliver to the Owner
         Trustee or the Indenture Trustee the Servicer's Certificate for any
         Collection Period, which failure shall continue unremedied beyond the
         earlier of three Business Days following the date such Servicer's
         Certificate was required to be delivered and the related Deposit Date,
         or any failure by the Servicer to make any required payment or deposit
         under this Agreement, which failure shall continue unremedied beyond
         the earlier of five Business Days following the date such payment or
         deposit was due and, in the case of a payment or deposit to be made no
         later than a Distribution Date or the related Deposit Date, such
         Distribution Date or Deposit Date, as applicable;

                  (b) any failure by the Servicer to duly observe or to perform
         in any material respect any other covenant or agreement of the Servicer
         set forth in this Agreement, which failure shall materially and
         adversely affect the rights of the Depositor or the Noteholders and
         shall continue unremedied for a period of 60 days after the date on
         which written notice of such failure, requiring the same to be
         remedied, shall have been given (i) to the Servicer by the Depositor,
         the Owner Trustee or the Indenture Trustee or (ii) to the Depositor,
         the Servicer and the Trustees by the Holders of Notes evidencing not
         less than 25% of the Note Balance of the Controlling Class;

                  (c) any representation or warranty of the Servicer made in
         this Agreement, or in any certificate delivered pursuant hereto or in
         connection herewith, other than any representation or warranty relating
         to a Receivable that has been purchased by the Servicer, proving to
         have been incorrect in any material respect as of the time when the
         same shall have been made, and the circumstance or condition in respect
         of which such representation or warranty was incorrect shall not have
         been eliminated or otherwise cured for a period of 30 days after the
         date on which written notice of such circumstance or condition,
         requiring the same to be eliminated or cured, shall have been given (i)
         to the Servicer by the Depositor, the Owner Trustee or the Indenture
         Trustee or (ii) to the Depositor, the Servicer and the Trustees by the
         Holders of Notes evidencing not less than 25% of the Note Balance of
         the Controlling Class;

                  (d) the entry of a decree or order by a court or agency or
         supervisory authority of competent jurisdiction for the appointment of
         a conservator, receiver, liquidator or trustee for the Servicer in any
         insolvency, readjustment of debt, marshalling of assets and liabilities
         or similar proceeding, or for the winding up or liquidation of its
         affairs, which decree or order continues unstayed and in effect for a
         period of 60 consecutive days; or

                  (e) the consent by the Servicer to the appointment of a
         conservator, receiver, liquidator or trustee in any insolvency,
         readjustment of debt, marshalling of assets and

                                        49

<PAGE>

         liabilities or similar proceeding of or relating to the Servicer or
         relating to substantially all of its property, the admission in writing
         by the Servicer of its inability to pay its debts generally as they
         become due, the filing by the Servicer of a petition to take advantage
         of any applicable insolvency or reorganization statute, the making by
         the Servicer of an assignment for the benefit of its creditors or the
         voluntary suspension by the Servicer of payment of its obligations.

         If a Servicer Termination Event shall have occurred and not have been
remedied, either the Indenture Trustee or the Holders of Notes evidencing not
less than 51% of the Note Balance of the Controlling Class, in each case by
notice then given in writing to the Depositor, the Owner Trustee and the
Servicer (and to the Trustees if given by the Noteholders) (each, a "Servicer
Termination Notice") may terminate all the rights and obligations of the
Servicer under this Agreement; provided, however, that the indemnification
obligations of the Servicer under Section 6.02 shall survive such termination.
On or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the
Notes, the Certificates, the Trust Property or otherwise, shall, without further
action, pass to and be vested in the Indenture Trustee or such Successor
Servicer as may be appointed under Section 7.02; and, without limitation, the
Trustees are hereby authorized and empowered to execute and deliver, on behalf
of the outgoing Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the Receivable
Files or the certificates of title to the Financed Vehicles, or otherwise. The
outgoing Servicer shall cooperate with the Indenture Trustee, the Owner Trustee
and such Successor Servicer in effecting the termination of the responsibilities
and rights of the outgoing Servicer under this Agreement, including the transfer
to the Indenture Trustee or such Successor Servicer for administration by it of
all cash amounts that shall at the time be held by the outgoing Servicer for
deposit, or have been deposited by the outgoing Servicer, in the Accounts or
thereafter received with respect to the Receivables, all Receivable Files and
all information or documents that the Indenture Trustee or such Successor
Servicer may require. In addition, the Servicer shall transfer its electronic
records relating to the Receivables to the Successor Servicer in such electronic
form as the Successor Servicer may reasonably request. All Transition Costs
shall be paid by the outgoing Servicer (or by the initial Servicer if the
outgoing Servicer is the Indenture Trustee acting on an interim basis) upon
presentation of reasonable documentation of such costs and expenses.

         The Trustees shall have no obligation to notify the Noteholders, the
Certificateholders or any other Person of the occurrence of any event specified
in this Section prior to the continuance of such event through the end of any
cure period specified in this Section.

         Section 7.02. Appointment of Successor Servicer. Upon the resignation
of the Servicer pursuant to Section 6.05 or the termination of the Servicer
pursuant to Section 7.01, the Indenture Trustee shall be the successor in all
respects to the Servicer in its capacity as Servicer under this Agreement and
shall be subject to all the obligations and duties placed on the Servicer by the
terms and provisions of this Agreement; provided, however, that the Indenture
Trustee, as Successor Servicer, shall not, in any event, be required to make any
Advances pursuant to Section 4.04 and shall have no obligations pursuant to
Section 3.09 with respect to the fees and expenses of the Owner Trustee or the
Indenture Trustee, the fees and expenses of the Owner

                                        50

<PAGE>

Trustee's attorneys or the Indenture Trustee's attorneys, the fees and expenses
of any custodian appointed by the Trustees, the fees and expenses of independent
accountants or expenses incurred in connection with distributions and reports to
the Certificateholders and the Noteholders. As compensation therefor, the
Indenture Trustee shall be entitled to such compensation (whether payable out of
the Collection Account or otherwise) as the Servicer would have been entitled to
under this Agreement if no such resignation or termination had occurred, except
that all collections on or in respect of the Receivables shall be deposited in
the Collection Account within two Business Days of receipt and shall not be
retained by the Servicer. Notwithstanding the foregoing, the Indenture Trustee
may, if it shall be unwilling so to act, or shall, if it is legally unable so to
act, appoint, or petition a court of competent jurisdiction to appoint, an
Eligible Servicer as the successor to the terminated Servicer under this
Agreement. In connection with such appointment, the Indenture Trustee may make
such arrangements for the compensation of such Successor Servicer out of
collections on or in respect of the Receivables as it and such successor shall
agree; provided, however, that such compensation shall not be greater than that
payable to Wachovia Bank as initial Servicer hereunder without the prior consent
of the Holders of Notes evidencing not less than 51% of the Note Balance of the
Controlling Class. The Indenture Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession. The Indenture Trustee shall not be relieved of its duties as
Successor Servicer under this Section until a newly appointed Servicer shall
have assumed the obligations and duties of the terminated Servicer under this
Agreement. Notwithstanding anything to the contrary contained herein, in no
event shall the Indenture Trustee be liable for any servicing fee or for any
differential in the amount of the servicing fee paid hereunder and the amount
necessary to induce any Successor Servicer to act as Successor Servicer
hereunder.

         Section 7.03. Effect of Servicing Transfer.

         (a) After a transfer of servicing hereunder, the Indenture Trustee or
Successor Servicer shall notify the Obligors to make directly to the Successor
Servicer payments that are due under the Receivables after the effective date of
such transfer.

         (b) Except as provided in Section 7.02, after a transfer of servicing
hereunder, the outgoing Servicer shall have no further obligations with respect
to the administration, servicing, custody or collection of the Receivables and
the Successor Servicer shall have all of such obligations, except that the
outgoing Servicer will transmit or cause to be transmitted directly to the
Successor Servicer for its own account, promptly on receipt and in the same form
in which received, any amounts or items held by the outgoing Servicer (properly
endorsed where required for the Successor Servicer to collect any such items)
received as payments upon or otherwise in connection with the Receivables.

         (c) Any Successor Servicer shall provide the Depositor with access to
the Receivable Files and to the Successor Servicer's records (whether written or
automated) with respect to the Receivable Files. Such access shall be afforded
without charge, but only upon reasonable request and during normal business
hours at the offices of the Successor Servicer. Nothing in this Section shall
affect the obligation of a Successor Servicer to observe any applicable law
prohibiting disclosure of information regarding the Obligors, and the failure of
the Servicer to

                                        51

<PAGE>

provide access to information as a result of such obligation shall not
constitute a breach of this Section.

         (d) Any transfer of servicing hereunder shall not constitute an
assumption by the related Successor Servicer of any liability of the related
outgoing Servicer arising out of any breach by such outgoing Servicer of such
outgoing Servicer's duties hereunder prior to such transfer of servicing.

         Section 7.04. Notification to Noteholders, Certificateholders and
Rating Agencies. Upon any notice of a Servicer Termination Event or upon any
termination of, or any appointment of a successor to, the Servicer pursuant to
this Article, the Indenture Trustee shall give prompt written notice thereof to
the Noteholders and the Owner Trustee shall give prompt written notice thereof
to the Certificateholders and to the Rating Agencies.

         Section 7.05. Waiver of Past Servicer Termination Events. The
Noteholders evidencing not less than 51% of the Note Balance of the Controlling
Class may, on behalf of all Noteholders, waive any Servicer Termination Event
and its consequences, except an event resulting from the failure to make any
required deposits to or payments from the Collection Account, the Note Payment
Account, the Certificate Payment Account or the Reserve Fund in accordance with
this Agreement. Upon any such waiver of a Servicer Termination Event, such event
shall cease to exist, and shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or
other event or impair any right arising therefrom, except to the extent
expressly so waived.

         Section 7.06. Repayment of Advances. If the identity of the Servicer
shall change, the outgoing Servicer shall be entitled to receive reimbursement
for outstanding and unreimbursed Advances made pursuant to Section 4.04 by the
outgoing Servicer.

                                        52

<PAGE>

                                 ARTICLE EIGHT

                                   TERMINATION

         Section 8.01. Optional Purchase of All Receivables.

         (a) If, as of the last day of any Collection Period, the Pool Balance
shall be less than or equal to 10% of the initial Pool Balance, the Servicer
shall have the option to purchase on the following Distribution Date the Owner
Trust Estate, other than the Collection Account, the Note Payment Account, the
Certificate Payment Account and the Reserve Fund. To exercise such option, the
Servicer shall notify the Depositor, the Seller, the Owner Trustee, the
Indenture Trustee and the Rating Agencies no later than 30 days prior to the
Distribution Date on which such repurchase is to be effected and shall deposit
into the Collection Account on the related Deposit Date an amount equal to the
lesser of the (i) fair market value of the Receivables and (ii) aggregate
Purchase Amount for the Receivables (including Receivables that became Defaulted
Receivables during the related Collection Period); provided, however, that the
Servicer shall not be permitted to exercise such option unless the amount to be
deposited in the Collection Account (together with amounts on deposit in the
Reserve Fund and the Collection Account) pursuant to this Section is at least
equal to the sum of all amounts due to the Servicer under this Agreement plus
the Note Balance plus all accrued but unpaid interest (including any overdue
interest) on the Notes plus all amounts due to the Servicer for any outstanding
and unreimbursed Advances and Nonrecoverable Advances plus all accrued but
unpaid Total Trustee Fees. Upon such payment, the Servicer shall succeed to and
own all interests in and to the Issuer. The aggregate amount so deposited in
respect of such Distribution Date, plus, to the extent necessary, all amounts in
the Reserve Fund, shall be used to make payments in full to the Noteholders in
the manner set forth in Article Four.

         (b) Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders shall succeed to the rights of the Noteholders hereunder and
the Indenture Trustee shall continue to carry out its obligations hereunder with
respect to the Certificateholders, including making distributions from the
Collection Account in accordance with Section 4.06(c) and making withdrawals
from the Reserve Fund in accordance with Sections 4.06(b) and 4.07.

                                        53

<PAGE>

                                  ARTICLE NINE

                                  MISCELLANEOUS

         Section 9.01. Amendment.

         (a) This Agreement may be amended from time to time by the Depositor,
the Seller, the Servicer and the Owner Trustee, on behalf of the Issuer, with
the consent of the Indenture Trustee, but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provision in
this Agreement that may be inconsistent with any other provisions in this
Agreement or any offering document used in connection with the initial offer and
sale of the Notes, to add, change or eliminate any other provisions with respect
to matters or questions arising under this Agreement that are not inconsistent
with the provisions of this Agreement; provided, however, that no such amendment
(i) may materially adversely affect the interests of any Noteholder and (ii)
will be permitted unless an Opinion of Counsel is delivered to the Depositor,
the Owner Trustee and the Indenture Trustee to the effect that such amendment
will not cause the Issuer to be characterized for federal income tax purposes as
an association taxable as a corporation or otherwise have any material adverse
impact on the federal income taxation of any Notes Outstanding or any
Noteholder.

         (b) This Agreement may also be amended from time to time by the
Depositor, the Seller, the Servicer and the Owner Trustee, on behalf of the
Issuer, with the consent of the Indenture Trustee and the consent of the Holders
of Notes evidencing at least 66 2/3% of the Note Balance of the Controlling
Class, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement, or of modifying in any
manner the rights of the Noteholders; provided, however, that no such amendment
(1) will be permitted unless an Opinion of Counsel is delivered to the Depositor
and the Trustees to the effect that such amendment will not cause the Issuer to
be characterized for federal income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the federal income
taxation of any Notes Outstanding or any Noteholder and (2) may:

                  (i) increase or reduce in any manner the amount of, or
         accelerate or delay the timing of, or change the allocation or priority
         of, collections of payments on or in respect of the Receivables or
         distributions that are required to be made for the benefit of the
         Noteholders or change any Interest Rate or the Required Reserve Fund
         Amount, without the consent of 100% of the Noteholders of Notes then
         Outstanding; or

                  (ii) reduce the percentage of the Note Balance of the
         Controlling Class, the consent of the Noteholders of which is required
         for any amendment to this Agreement without the consent of 100% of the
         Noteholders of Notes then Outstanding.

         (c) An amendment to this Agreement shall be deemed not to materially
adversely affect the interests of any Noteholder if (i) the Person requesting
such amendment obtains and delivers to the Trustees an Opinion of Counsel to
that effect or (ii) the Rating Agency Condition is satisfied.

                                        54

<PAGE>

         (d) Prior to the execution of any amendment or consent pursuant to this
Section, the Servicer shall provide written notification of the substance of
such amendment or consent to each Rating Agency.

         (e) Promptly after the execution of any amendment or consent pursuant
to Section 9.01(b), the Owner Trustee shall furnish written notification of the
substance of such amendment or consent to each Certificateholder. It shall not
be necessary for the consent of the Noteholders pursuant to Section 9.01(b) to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of the Noteholders provided for
in this Agreement) and of evidencing the authorization of the execution thereof
by the Noteholders shall be subject to such reasonable requirements as the
Trustees may prescribe.

         (f) Prior to the execution of any amendment pursuant to this Section,
the Depositor and the Trustees shall be entitled to receive and rely upon (i) an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by this Agreement and (ii) an Officer's Certificate of the Servicer
that all conditions precedent provided for in this Agreement to the execution of
such amendment have been complied with. The Owner Trustee or the Indenture
Trustee may, but shall not be obligated to, enter into any such amendment which
affects such Owner Trustee's or Indenture Trustee's own rights, duties or
immunities under this Agreement or otherwise.

         Section 9.02. Protection of Title to Issuer.

         (a) The Depositor or the Servicer, or both, shall authorize and file
such financing statements and cause to be authorized and filed such continuation
statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Issuer and of the
Indenture Trustee for the benefit of the Noteholders in the Receivables and in
the proceeds thereof. The Depositor or the Servicer, or both, shall deliver (or
cause to be delivered) to the Trustees file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

         (b) Neither the Depositor nor the Servicer shall change its name,
identity or organizational structure in any manner that would make any financing
statement or continuation statement filed in accordance with Section 9.02(a)
seriously misleading within the meaning of Section 9-506 of the UCC, unless it
shall have given the Trustees at least 60 days' prior written notice thereof and
shall have promptly filed such amendments to previously filed financing
statements or continuation statements or such new financing statements as may be
necessary to continue the perfection of the interest of the Issuer and the
Indenture Trustee for the benefit of the Noteholders in the Receivables and the
proceeds thereof.

         (c) Each of the Seller, the Depositor and the Servicer shall give the
Trustees at least 60 days' prior written notice of any change in its name,
identity, organizational structure or jurisdiction of organization or any
relocation of its principal place of business or chief executive office if, as a
result of such change or relocation, the applicable provisions of the UCC would
require the filing of any amendment to any previously filed financing statement
or continuation statement or of any new financing statement and shall promptly
file any such amendment,

                                        55

<PAGE>

continuation statement or new financing statement. The Depositor shall at all
times maintain its jurisdiction of organization, its principal place of business
and its chief executive office within the United States. The Servicer shall at
all times maintain each office from which it shall service Receivables, and each
office at which the Receivable Files are located, within the United States.

         (d) The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know at any time the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection Account
and held by the Reserve Fund in respect of such Receivable.

         (e) The Servicer shall maintain its computer systems so that, from and
after the time of transfer of the Receivables to the Issuer pursuant to this
Agreement, the Servicer's master computer records (including any back-up
archives) that refer to a Receivable shall indicate clearly and unambiguously
the interest of the Issuer and the Indenture Trustee in such Receivable and that
such Receivable is owned by the Issuer and has been pledged to the Indenture
Trustee pursuant to the Indenture. Indication of the Issuer's and the Indenture
Trustee's interest in a Receivable shall be deleted from or modified on the
Servicer's computer systems when, and only when, such Receivable shall have been
paid in full or repurchased by the Seller or purchased by the Servicer.

         (f) If at any time the Depositor or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in any motor
vehicle retail installment sale contract to any prospective purchaser, lender or
other transferee, the Servicer shall give to such prospective purchaser, lender
or other transferee computer tapes, CDs, records or printouts (including any
restored from back-up archives) that, if they shall refer in any manner
whatsoever to any Receivable, shall indicate clearly and unambiguously that such
Receivable has been sold and is owned by the Issuer and has been pledged to the
Indenture Trustee (unless such Receivable has been paid in full or repurchased
by the Seller or purchased by the Servicer).

         (g) The Servicer shall permit the Trustees and their respective agents
at any time during normal business hours to inspect, audit and make copies of
and abstracts from the Servicer's records regarding any Receivable.

         (h) If the Seller has repurchased one or more Receivables from the
Issuer pursuant to Section 2.04 or the Servicer has purchased one or more
Receivables from the Issuer pursuant to Section 3.08, the Servicer shall, upon
request, furnish to the Owner Trustee or to the Indenture Trustee, within ten
Business Days, a list of all Receivables (by contract number and name of
Obligor) then held as part of the Issuer, together with a reconciliation of such
list to the Receivables Schedule and to each of the Servicer's Certificates
furnished before such request indicating removal of Receivables from the Issuer.

         (i) The Servicer shall deliver to the Depositor and the Trustees:

                  (i) promptly after the authorization and delivery of each
         amendment to any financing statement delivered pursuant to this
         Agreement, an Opinion of Counsel stating

                                        56

<PAGE>

         that, in the opinion of such counsel, either (A) all financing
         statements and continuation statements have been authorized and filed
         that are necessary fully to preserve and protect the interest of the
         Depositor (in the case of an opinion delivered by the Servicer) or the
         Issuer and the Indenture Trustee (in the case of an opinion delivered
         by the Depositor) in the Receivables, and reciting the details of such
         filings or referring to prior Opinions of Counsel in which such details
         are given, or (B) no such action shall be necessary to preserve and
         protect such interest; and

                  (ii) within 90 days after the beginning of each calendar year
         (beginning with the first year beginning more than three months after
         the Cutoff Date) an Opinion of Counsel, dated as of a date during such
         90-day period, stating that, in the opinion of such counsel, either (A)
         all financing statements and continuation statements have been
         authorized and filed that are necessary fully to preserve and protect
         the interest of the Depositor (in the case of an opinion delivered by
         the Servicer) or the Issuer and the Indenture Trustee (in the case of
         an opinion delivered by the Depositor) in the Receivables, and reciting
         the details of such filings or referring to prior Opinions of Counsel
         in which such details are given, or (B) no such action shall be
         necessary to preserve and protect such interest.

         Each Opinion of Counsel referred to in clause (i) or (ii) above shall
specify any action necessary (as of the date of such opinion) to be taken on or
before March 31 of the following year to preserve and protect such interest.

         (j) The Depositor shall, to the extent required by applicable law,
cause the Notes to be registered with the Commission pursuant to Section 12(b)
or Section 12(g) of the Exchange Act within the time periods specified in such
sections.

         Section 9.03. Notices. All demands, notices and communications under
this Agreement shall be in writing, personally delivered, sent by telecopier,
overnight courier or mailed by certified mail, return receipt requested, and
shall be deemed to have been duly given upon receipt in the case of (i) the
Depositor, at One Wachovia Center, 301 South College Street, Suite E, Charlotte,
North Carolina 28288-5578, Attention: General Counsel, (ii) the Seller or the
Servicer, at 201 South College Street, 17th Floor, Charlotte, North Carolina
28244-0572, Attention: Treasury Department, (iii) the Issuer or the Owner
Trustee, at the Corporate Trust Office (as such term is defined in the Trust
Agreement), (iv) the Indenture Trustee, at the Corporate Trust Office, (v)
Moody's, to Moody's Investors Service, Inc., ABS Monitoring Department, 99
Church Street, New York, New York 10007, (vi) Standard & Poor's, to Standard &
Poor's Ratings Services, a Division of The McGraw-Hill Companies, Inc., 55 Water
Street, New York, New York 10041, Attention: Asset Backed Surveillance
Department or (vii) as to each of the foregoing, at such other address as shall
be designated by written notice to the other parties.

         Section 9.04. Assignment.

         (a) Notwithstanding anything to the contrary contained herein, except
as provided in the remainder of this Section or as provided in Sections 6.03 and
7.02, this Agreement may not

                                        57

<PAGE>

be assigned by the Depositor or the Servicer without the prior written consent
of the Trustees and the Holders of Notes evidencing at least 66 2/3% of the Note
Balance of the Controlling Class.

         (b) The Depositor hereby acknowledges and consents to the mortgage,
pledge, assignment and grant of a security interest by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders
of all right, title and interest of the Issuer in, to and under the Trust
Property and the assignment of any or all of the Issuer's rights and obligations
hereunder to the Indenture Trustee.

         Section 9.05. Severability. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements, provisions
and terms of this Agreement and shall in no way affect the validity or
enforceability of the other covenants, agreements, provisions and terms of this
Agreement.

         Section 9.06. Further Assurances. The Depositor, the Seller, the
Servicer and the Issuer agree to do and perform, from time to time, any and all
acts and to authorize or execute any and all further instruments required or
reasonably requested by the Owner Trustee or the Indenture Trustee more fully to
effect the purposes of this Agreement, including the authorization and execution
of any financing statements or continuation statements relating to the
Receivables for filing under the provisions of the UCC of any applicable
jurisdiction.

         Section 9.07. No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Depositor, the Owner Trustee, the
Indenture Trustee, the Noteholders or the Certificateholders, any right, remedy,
power or privilege hereunder, shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges
provided in this Agreement are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law.

         Section 9.08. Third-Party Beneficiaries. This Agreement shall inure to
the benefit of and be binding upon the parties hereto, the Owner Trustee, the
Noteholders, the Certificateholders and their respective successors and
permitted assigns. Except as otherwise provided in this Article, no other Person
shall have any right or obligation hereunder. The parties hereto hereby
acknowledge and consent to the pledge of this Agreement by the Issuer to the
Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture.

         Section 9.09. Actions by Noteholder or Certificateholders.

         (a) Wherever in this Agreement a provision is made that an action may
be taken or a notice, demand or instruction given by the Noteholders or the
Certificateholders, such action, notice or instruction may be taken or given by
any Noteholder or any Certificateholder, as applicable, unless such provision
requires a specific percentage of the Noteholders or the Certificateholders.

         (b) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Noteholder or a Certificateholder shall bind such
Noteholder or Certificateholder and every

                                        58

<PAGE>

subsequent Holder of the related Note or Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or omitted to be done by the Owner Trustee, the
Indenture Trustee or the Servicer in reliance thereon, whether or not notation
of such action is made upon such Note or Certificate.

         Section 9.10. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 9.11. Headings. The Article and Section headings herein and the
Table of Contents are for convenience of reference only and shall not affect the
meaning or interpretation of the terms or provisions hereof.

         Section 9.12. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of NEW YORK, without reference to its
conflict of law provisions (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW), and the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.

         Section 9.13. Nonpetition Covenants. The Owner Trustee, the Indenture
Trustee and the Servicer each covenants and agrees that it will not at any time
institute against, or join any other Person in instituting against, the
Depositor or the Issuer any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other proceedings under any federal or State
bankruptcy or similar law. This Section shall survive the resignation or removal
of the Owner Trustee under the Trust Agreement and the Indenture Trustee under
the Indenture and shall survive the termination of the Trust Agreement and the
Indenture.

         Section 9.14. Limitation of Liability of Owner Trustee and Indenture
Trustee.

         (a) Notwithstanding anything to the contrary contained herein, this
Agreement has been executed by the Owner Trustee not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall
the Owner Trustee in its individual capacity have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of its
duties or obligations hereunder or in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles Six, Seven and
Eight of the Trust Agreement.

         (b) Notwithstanding anything to the contrary contained herein, this
Agreement has been accepted by the Indenture Trustee, not in its individual
capacity but solely as Indenture Trustee and in no event shall the Indenture
Trustee in its individual capacity have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuer.

                                        59

<PAGE>

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

                                   WACHOVIA AUTO OWNER TRUST 2004-B

                                   By:   WILMINGTON TRUST COMPANY, not in
                                         its individual capacity but solely
                                         as Owner Trustee on behalf of the
                                         Issuer

                                   By:  /s/ James P. Lawler
                                        -----------------------------
                                         James P. Lawler
                                         Vice President

                                   POOLED AUTO SECURITIES SHELF LLC,
                                         as Depositor

                                   By:  /s/ Scott D. Weaver
                                        -----------------------------
                                         Scott D. Weaver
                                         Vice President

                                   WACHOVIA BANK, NATIONAL ASSOCIATION,
                                         as Seller and Servicer

                                   By:  /s/ April Hughey
                                        -----------------------------
                                         April Hughey
                                         Vice President

Acknowledged and accepted as
of the day and year first
above written:

U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity
but solely as Indenture Trustee

By:  /s/ Shannon M. Rantz
     ----------------------------
      Shannon M. Rantz
      Vice President

                                                  Sale and Servicing Agreement

<PAGE>

                                                                     SCHEDULE A

                          LOCATION OF RECEIVABLE FILES

Wachovia Bank, National Association
1628 Browning Road, SC8846
Columbia, South Carolina  29226-0002

Wachovia Bank, National Association
Dealer Service Center
1451 Thomas Langston Road
Winterville, North Carolina  28590

                                      SA-1

<PAGE>

                                                                      EXHIBIT A

              REPRESENTATIONS AND WARRANTIES AS TO THE RECEIVABLES

         (i) Characteristics of Receivables. Each Receivable (A) was originated
in the United States by a Dealer located in the United States for the retail
sale of a Financed Vehicle in the ordinary course of the applicable Dealer's
business in accordance with the Seller's credit policies as of the date of
origination or acquisition of the related Receivable, is payable in United
States dollars, has been fully and properly executed by the parties thereto, has
been purchased by the Seller from such Dealer under an existing Dealer Agreement
(or approved form of assignment) and has been validly assigned by such Dealer to
the Seller, (B) has created a valid, subsisting and enforceable first priority
security interest in favor of the Seller in the Financed Vehicle, which security
interest shall be perfected and prior to any other interest in such Financed
Vehicle, and which security interest is assignable by the Seller and
reassignable by the assignee, (C) contains customary and enforceable provisions
such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security, (D) shall,
except as otherwise provided in the Sale and Servicing Agreement, provide for
level Monthly Payments (provided that the payment in the first or last month in
the life of the Receivable may be minimally different from the level payment)
that fully amortize the Amount Financed over its original term and shall provide
for a finance charge or shall yield interest at its Contract Rate, (E) is a
Simple Interest Receivable, (F) is due from an Obligor with a mailing address
within the United States or its territories, (G) to the best of the Seller's
knowledge, is due from an Obligor who is a natural person and (H) to the best of
the Seller's knowledge, is not assumable by another person in a manner which
would release the Obligor thereof from such Obligor's obligations to the Seller
with respect to such Receivable.

         (ii) Receivables Schedule. The information set forth in the Receivables
Schedule shall be true and correct in all material respects as of the close of
business on the Cutoff Date, and the Receivables were selected (a) from those
motor vehicle receivables of the Seller which met the selection criteria set
forth in this Agreement and (b) using selection procedures, believed by the
Seller, not to be adverse to the Noteholders.

         (iii) Compliance with Law. Each Receivable complied at the time it was
originated or made, and at the Closing Date complies, in all material respects
with all requirements of applicable federal, State and, to the best knowledge of
the Seller, local laws, rulings and regulations thereunder (including usury
laws).

         (iv) Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation in writing of the related Obligor,
enforceable by the holder thereof in accordance with its terms, except as (A)
enforceability thereof may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the enforcement of creditors' rights generally and by
equitable limitations on the availability of specific remedies, regardless of
whether such enforceability is considered in a proceeding in equity or at law
and (B) such Receivable may be modified by the application after the Cutoff Date
of the Servicemembers Civil Relief Act or by any similar applicable State law.

                                      A-1

<PAGE>

         (v) No Government Obligor. No Receivable is due from the United States
or any State or any agency, department, subdivision or instrumentality thereof.

         (vi) Obligor Bankruptcy. To the best of the Seller's knowledge, at the
Cutoff Date, no Obligor is the subject of a bankruptcy proceeding.

         (vii) Security Interest in Financed Vehicles. Immediately prior to the
transfer of the Receivables by the Seller to the Depositor, each Receivable was
secured by a valid, binding and enforceable first priority perfected security
interest in favor of the Seller in the related Financed Vehicle, which security
interest has been validly assigned by the Seller to the Depositor. The Servicer
has received, or will receive within 180 days after the Closing Date, the
original certificate of title for each Financed Vehicle (other than any Financed
Vehicle that is subject to a certificate of title statute or motor vehicle
registration law that does not require that the original certificate of title
for such Financed Vehicle be delivered to the Seller).

         (viii) Receivables in Force. No Receivable shall have been satisfied,
subordinated or rescinded, nor shall any Financed Vehicle have been released in
whole or in part from the Lien granted by the related Receivable.

         (ix) No Waivers. No provision of a Receivable shall have been waived in
such a manner that such Receivable fails to meet all of the other
representations and warranties made by the Seller herein with respect thereto.

         (x) No Amendments. No Receivable shall have been amended or modified in
such a manner that the total number of Monthly Payments has been increased or
decreased or that the related Amount Financed has been increased or decreased or
that such Receivable fails to meet all of the other representations and
warranties made by the Seller herein with respect thereto.

         (xi) No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the
operation of any of the terms of any Receivable, or the exercise of any right
thereunder, will not render such Receivable unenforceable in whole or in part or
subject to any right of rescission, setoff, counterclaim or defense, including
the defense of usury, and the Seller has not received written notice of the
assertion with respect to any Receivable of any such right of rescission,
setoff, counterclaim or defense.

         (xii) No Liens. No Liens or claims shall have been filed, including
Liens for work, labor or materials or for unpaid local, State or federal taxes
relating to any Financed Vehicle that shall be prior to, or equal or coordinate
with, the security interest in such Financed Vehicle granted by the related
Receivable.

         (xiii) No Defaults; Repossessions. Except for payment defaults that, as
of the Cutoff Date, have been continuing for a period of not more than 30 days,
no default, breach or violation under the terms of any Receivable, permitting
acceleration, shall have occurred as of the Cutoff Date and no continuing
condition that with notice or the lapse of time or both would constitute a
default, breach or violation under the terms of any Receivable, permitting
acceleration, shall have arisen; and the Seller shall not have waived any of the
foregoing except as otherwise permitted hereunder. On or prior to the Cutoff
Date, no Financed Vehicle has been repossessed.

                                      A-2

<PAGE>

         (xiv) Insurance. Each Receivable requires the related Obligor to obtain
physical damage insurance covering the related Financed Vehicle and to maintain
such insurance.

         (xv) Title. It is the intention of the Seller that the transfers and
assignments herein contemplated constitute a sale of the Receivables from the
Seller to the Purchaser and that the beneficial interest in and title to the
Receivables not be part of the debtor's estate in the event of the appointment
of a receiver or conservator for the Seller under any receivership, bankruptcy
law, insolvency or banking law; no Receivable has been sold, transferred,
assigned or pledged by the Seller to any Person other than the Purchaser, and no
provision of a Receivable shall have been waived, except as provided in clause
(ix) above; immediately prior to the transfer and assignment herein
contemplated, the Seller had good and marketable title to each Receivable free
and clear of all Liens and rights of others, except for Liens that shall be
released on or before the Closing Date; immediately upon the transfer and
assignment thereof, the Purchaser shall have good and marketable title to each
Receivable, free and clear of all Liens and rights of others; and the transfer
and assignment herein contemplated has been perfected under the UCC.

         (xvi) Security Interest Matters. This Agreement creates a valid and
continuing "security interest" (as defined in the UCC) in the Receivables in
favor of the Depositor, which security interest is prior to all other Liens and
is enforceable as such as against creditors of and purchasers from the Seller.
With respect to each Receivable, the Seller has taken all steps necessary to
perfect its security interest against the related Obligor in the related
Financed Vehicle. The Receivables constitute "tangible chattel paper" (as
defined in the UCC). The Seller has caused or will cause prior to the Closing
Date the filing of all appropriate financing statements in the proper filing
offices in the appropriate jurisdictions under applicable law necessary to
perfect the security interest in the Receivables granted to the Depositor under
the Receivables Purchase Agreement. Other than the security interest granted to
the Depositor under the Receivables Purchase Agreement, the Seller has not
pledged, assigned, sold, granted a security interest in or otherwise conveyed
any of the Receivables. The Seller has not authorized the filing of and is not
aware of any financing statements against the Seller that include a description
of collateral covering the Receivables other than any financing statement
relating to the security interest granted to the Depositor under the Sale and
Servicing Agreement or that has been terminated. The motor vehicle retail
installment sale contracts that constitute or evidence the Receivables do not
have any marks or notations indicating that they have been pledged, assigned or
otherwise conveyed to any Person other than the Depositor, the Issuer or the
Indenture Trustee. The Seller is not aware of any judgment or tax lien filings
against the Seller.

         (xvii) Financing Statements. All financing statements filed or to be
filed against the Seller in favor of the Issuer (as assignee of the Depositor)
contain a statement substantially to the following effect: "A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Issuer". All financing statements filed or to be filed
against the Seller in favor of the Indenture Trustee (as assignee of the Issuer)
contain a statement substantially to the following effect: "A purchase of or
security interest in any collateral described in this financing statement will
violate the rights of the Indenture Trustee".

         (xviii) Lawful Assignment. No Receivable has been originated in, or is
subject to the laws of, any jurisdiction under which the sale, transfer,
assignment and conveyance of such Receivable under this Agreement or the Sale
and Servicing Agreement or the pledge of such

                                      A-3

<PAGE>

Receivables hereunder or under the Indenture is unlawful, void or voidable or
under which such Receivable would be rendered void or voidable as a result of
any such sale, transfer, assignment, conveyance or pledge. The Seller has not
entered into any agreement with any account debtor that prohibits, restricts or
conditions the assignment of the Receivables.

         (xix) All Filings Made. All filings (including UCC filings) necessary
in any jurisdiction to give the Purchaser, the Issuer and the Indenture Trustee
a first priority security interest in the Receivables shall have been made or
will be made on the Closing Date.

         (xx) One Original. There shall be only one original executed copy of
each Receivable.

         (xxi) Location of Receivable Files. Each Receivable File shall be kept
at one of the locations listed in Schedule A.

         (xxii) Custodial Agreements. Immediately prior to the transfer of the
Receivables by the Seller to the Purchaser, the Seller, an Affiliate of the
Seller or an agent on behalf of the Seller had possession of the Receivable
Files and there were no, and there will not be, any custodial agreements in
effect affecting the right or ability of the Seller to make, or cause to be
made, any delivery required under this Agreement.

         (xxiii) Bulk Transfer Laws. The transfer of the Receivables and the
Receivable Files by the Seller to the Purchaser pursuant to this Agreement is
not subject to the bulk transfer laws or any similar statutory provisions in
effect in any applicable jurisdiction.

         (xxiv) Principal Balance. Each Receivable had an original Principal
Balance of not more than $100,000.00 and a remaining Principal Balance, as of
the Cutoff Date, of not less than $500.00.

         (xxv) New and Used Vehicles. As of the Cutoff Date, approximately
67.41% of the Pool Balance was secured by new Financed Vehicles and
approximately 32.59% of the Pool Balance was secured by used Financed Vehicles.

         (xxvi) Origination. Each Receivable was originated after December 27,
1998.

         (xxvii) Original Term to Maturity. Each Receivable had an original term
to maturity of not more than 72 months and not less than 12 months and a
remaining term to maturity as of the Cutoff Date, of not more than 72 months and
not less than three months.

         (xxviii) Weighted Average Remaining Term to Maturity. As of the Cutoff
Date, the weighted average remaining term to maturity of the Receivables was
approximately 50.71 months.

         (xxix) Annual Percentage Rate. Each Receivable has an Contract Rate of
at least 2.39% and not more than 9.494%.

         (xxx) Simple Interest Method. All payments with respect to the
Receivables have been allocated consistently in accordance with the Simple
Interest Method.

                                      A-4

<PAGE>

         (xxxi) Marking Records. As of the Closing Date, the Seller will have
caused its computer and accounting records relating to each Receivable to be
marked to show that the Receivables have been sold to the Purchaser by the
Seller and transferred and assigned by the Purchaser to the Issuer in accordance
with the terms of the Sale and Servicing Agreement and pledged by the Issuer to
the Indenture Trustee in accordance with the terms of the Indenture.

         (xxxii) Chattel Paper. Each Receivable constitutes "tangible chattel
paper" within the meaning of the UCC as in effect in the State of origination;
provided, however, that upon satisfaction of the Rating Agency Condition, a
Receivable may constitute "electronic chattel paper" within the meaning of the
UCC as in effect in the State of origination.

         (xxxiii) Final Scheduled Distribution Date. No Receivable has a final
scheduled payment date later than six months prior to the Class C Final
Scheduled Distribution Date.

         (xxxiv) No Fleet Sales. None of the Receivables have been included in a
"fleet" sale (i.e., a sale to any single Obligor of more than eight Financed
Vehicles).

         (xxxv) No Fraud or Misrepresentation. Each Receivable that was
originated by a Dealer and was sold by the Dealer to the Seller, to the best of
the Seller's knowledge, was so originated and sold without fraud or
misrepresentation on the part of such Dealer in either case.

         (xxxvi) No Impairment. The Seller has not done anything to convey any
right to any Person that would result in such Person having a right to payments
due under a Receivable or otherwise to impair the rights of the Depositor in any
Receivable or the proceeds thereof.

         (xxxvii) Servicing. Each Receivable has been serviced in conformity
with all applicable laws, rules and regulation and in conformity with the
Seller's policies and procedures which are consistent with customary, prudent
industry standards.

         (xxxviii) No Consent. To the best of the Seller's knowledge, no notice
to or consent from any Obligor is necessary to effect the acquisition of the
Receivables by the Purchaser or the Issuer or the pledge of the Receivables by
the Issuer to the Indenture Trustee.

         (xxxix) Other Receivables. To the best of the Seller's knowledge,
neither the Obligor on any Receivable nor any of its Affiliates is the obligor
on Receivables with an aggregate principal amount representing more than 0.10%
of the aggregate Principal Balance of the Receivables as of the Cutoff Date.

                                      A-5

<PAGE>
                                                                     EXHIBIT B

<TABLE>
<CAPTION>

                         FORM OF DISTRIBUTION STATEMENT

                        Wachovia Auto Owner Trust 2004-B

<S>                                                                                     <C>
Priority Principal Distributable Amount                                                 $__________

Secondary Principal Distributable Amount                                                $__________

Tertiary Principal Distributable Amount                                                 $__________

Regular Principal Distributable Amount                                                  $__________

Interest Distributable Amount                                                           $__________
     Class A-1 Notes:      $         per $1,000 original principal amount
     Class A-2 Notes:      $         per $1,000 original principal amount
     Class A-3 Notes:      $         per $1,000 original principal amount
     Class A-4 Notes:      $         per $1,000 original principal amount
     Class B Notes:        $         per $1,000 original principal amount
     Class C Notes:        $         per $1,000 original principal amount

Available Collections                                                                   $__________

Available Funds                                                                         $__________

Pool Balance as of the close of business on the last day of the Collection Period       $__________
     (per $1,000 original principal amount)

Note Pool Factor                                                                        $__________
     Class A-1 Notes:                                                                   $__________
     Class A-2 Notes:                                                                   $__________
     Class A-3 Notes:                                                                   $__________
     Class A-4 Notes:                                                                   $__________
     Class B Notes:                                                                     $__________
     Class C Notes:                                                                     $__________

Note Balance                                                                            $__________
     Class A-1 Notes:                                                                   $__________
     Class A-2 Notes:                                                                   $__________
     Class A-3 Notes:                                                                   $__________
     Class A-4 Notes:                                                                   $__________
     Class B Notes:                                                                     $__________
     Class C Notes:                                                                     $__________
     Class D Notes:                                                                     $__________

Reserve Fund Amount                                                                     $__________
     change from immediately preceding Distribution Date                                $__________

Reserve Fund Draw Amount                                                                $__________

Total Servicing Fee                                                                     $__________

Total Trustee Fees                                                                      $__________

Required Payment Amount                                                                 $__________

                                      B-1

<PAGE>

Aggregate Amount of Defaulted Receivables                                               $__________

Aggregate Purchase Amount of Purchased Receivables                                      $__________

Purchase Amount                                                                         $__________

Net Losses on the Receivables                                                           $__________

Aggregate Principal Balance of Receivables                                              $__________
     30 to 59 days past due (No. of Receivables ____)                                   $__________
     60 to 89 days past due (No. of Receivables ____)                                   $__________
     90 or more days past due (No. of Receivables ____)                                 $__________
</TABLE>

                                      B-2

<PAGE>

                                                                      EXHIBIT C

<TABLE>
<CAPTION>

                         FORM OF SERVICER'S CERTIFICATE

                        Wachovia Auto Owner Trust 2004-B

Collection Period                                                                       ____________________
Determination Date                                                                      ____________________
Distribution Date                                                                       ____________________

<S>      <C>                                                                            <C>
1.       Pool Balance as of the close of business on the last day of the                $__________
         Collection Period (per $1,000 original principal amount)

2.       Note Balance
         a.       Class A-1 Notes                                                       $
         b.       Class A-2 Notes                                                       $
         c.       Class A-3 Notes                                                       $
         d.       Class A-4 Notes                                                       $
         e.       Class B Notes                                                         $
         f.       Class C Notes                                                         $

3.       Pool Factors
         a.       Class A-1 Notes
         b.       Class A-2 Notes
         c.       Class A-3 Notes
         d.       Class A-4 Notes
         e.       Class B Notes f. Class C Notes

4.       Available Funds                                                                $__________

5.       Available Collections                                                          $__________

6.       Total Servicing Fee                                                            $__________
         a.       Monthly Servicing Fee                                                 $__________
         b.       Amount Unpaid from prior months                                       $__________

7.       Total Trustee Fees                                                             $__________
         a.       Monthly Trustee Fees                                                  $__________
         b.       Amount Unpaid from prior months                                       $__________

8.       Priority Principal Distributable Amount                                        $__________

9.       Secondary Principal Distributable Amount                                       $__________

10.      Tertiary Principal Distributable Amount                                        $__________

11.      Regular Principal Distributable Amount                                         $__________

12.      Interest Distributable Amount (per $1,000 original principal amount)           $__________
         a.       Class A-1 Notes (per $1,000 original principal amount)                $__________
         b.       Class A-2 Notes (per $1,000 original principal amount)                $__________
         c.       Class A-3 Notes (per $1,000 original principal amount)                $__________
         d.       Class A-4 Notes (per $1,000 original principal amount)                $__________
         e.       Class B Notes (per $1,000 original principal amount)                  $__________
         f.       Class C Notes (per $1,000 original principal amount)                  $__________

                                      C-1

<PAGE>

13.      Required Payment Amount                                                        $__________

14.      Reserve Fund Amount                                                            $__________
         Change from immediately preceding Distribution Date                            $__________

15.      Reserve Fund Draw Amount                                                       $__________

16.     The lesser of: (a or b)
        a.        The amount, if any, by which the Required Payment Amount
                  for the Distribution Date exceeds Available Collections
                  for such Distribution Date                                            $__________
        b.        The Reserve Fund Amount for such Distribution Date (before
                  giving effect to any deposits to or withdrawals from the Reserve
                  Fun on the related Distribution Date)                                 $__________

17.      The amount by which the Required Payment Amount exceeds the sum of
         Available Collections plus the Reserve Fund Draw Amount:                       $__________

18.      Reserve Fund Amount                                                            $__________

19.      The amount by which the Required Reserve Fund Amount exceeds the
         Reserve Fund Amount                                                            $__________

20.      Aggregate Amount of Defaulted Receivables                                      $__________
         Account No. ___                                                                $__________

21.      Aggregate Purchase Amount of Purchased Receivables                             $__________
         Account No. ___                                                                $__________

22.      Trustee Fees and Expenses                                                      $__________

23.      Purchase Amount                                                                $__________

24.      Net Losses on the Receivables                                                  $__________

25.      Aggregate Principal Balance of Receivables                                     $__________
         a.       30 to 59 days past due (No. of Receivables ____)                      $__________
         b.       60 to 89 days past due (No. of Receivables ____)                      $__________
         c.       90 or more days past due (No. of Receivables ____)                    $__________

26.      Cumulative Losses and the Sequential Payment Trigger                           $__________

Instructions to the Indenture Trustee or Paying Agent

From the Collection Account:

1.      To the Servicer                                                                 $__________

2.      To the Trustees                                                                 $__________

3.      To the Note Payment Account                                                     $__________

4.      To the Reserve Fund                                                             $__________

5.      To the Certificate Payment Account                                              $__________

From the Note Payment Account:

1.      To the Class A-1 Noteholders                                                    $__________

                                      C-2

<PAGE>

2.      To the Class A-2 Noteholders                                                    $__________

3.      To the Class A-3 Noteholders                                                    $__________

4.      To the Class A-4 Noteholders                                                    $__________

5.      To the Class B Noteholders                                                      $__________

6.      To the Class C Noteholders                                                      $__________

From the Certificate Payment Account:

1.      To the Certificateholders                                                       $__________

From the Reserve Fund:

1.      To the Collection Account                                                       $__________

2.      To the Certificateholders                                                       $__________

                                      C-3
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]