Document:

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EXHIBIT 4.6
INDENTURE

                                    INDENTURE

                            DATED AS OF MARCH 1, 2002

                                     BETWEEN

                  CPS AUTO RECEIVABLES TRUST 2002-A, AS ISSUER

                                       AND

                    BANK ONE TRUST COMPANY, N.A., AS TRUSTEE

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         INDENTURE dated as of March 1, 2002, between CPS AUTO RECEIVABLES TRUST
2002-A, a Delaware business trust (the "Issuer"), and BANK ONE TRUST COMPANY,
N.A, a national banking association, as trustee (the "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 Class A-1 3.741%
Asset-Backed Notes (the "Class A-1 Notes") and Class A-2 4.814% Asset-Backed
Notes (the "Class A-2 Notes" and, together with the Class A-1 Notes, the "Class
A Notes" or "Notes"):

         As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to assign
the Collateral (as defined below) as collateral to the Trustee for the benefit
of the Noteholders.

         Financial Security Assurance Inc. (the "Note Insurer") has issued and
delivered a financial guaranty insurance policy, dated the Closing Date (with
endorsements, the "Note Policy"), pursuant to which the Note Insurer guarantees
Scheduled Payments, as defined in the Note Policy.

         As an inducement to the Note Insurer to issue and deliver the Note
Policy, the Issuer and the Note Insurer have executed and delivered the
Insurance and Indemnity Agreement, dated as of March 1, 2002 (as amended from
time to time, in accordance with the terms thereof, the "Insurance Agreement")
among the Note Insurer, the Issuer, Consumer Portfolio Services, Inc., CPS
Receivables Funding Trust and CPS Receivables Corp.

         As an additional inducement to the Note Insurer to issue the Note
Policy, and as security for the performance by the Issuer of the Insurer Secured
Obligations (as defined below) and as security for the performance by the Issuer
of the Trustee Secured Obligations, the Issuer has agreed to assign the
Collateral (as defined below) as collateral to the Trustee for the benefit of
the Issuer Secured Parties, as their respective interests may appear.

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Trustee at the Closing Date, for the
benefit of the Issuer Secured Parties,

                           (i) all right, title and interest of the Issuer in
                  and to the Initial Receivables listed in Schedule A to the
                  Sale and Servicing Agreement and all monies received
                  thereunder after the Initial Cutoff Date and all Net
                  Liquidation Proceeds and Recoveries received with respect to
                  such Initial Receivables after the Initial Cutoff Date;

                           (ii) all right, title and interest of the Seller now
                  existing or hereafter arising or acquired in and to the
                  Subsequent Receivables listed in Schedule A to the related
                  Subsequent Transfer Agreement and all monies received
                  thereunder after the related Subsequent Cutoff Date and all
                  Net Liquidation Proceeds and Recoveries received with respect
                  to such Subsequent Receivables on or after the related
                  Subsequent Cutoff Date.

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                           (iii) all right, title and interest of the Issuer in
                  and to the security interests in the Financed Vehicles granted
                  by Obligors pursuant to the Receivables and any other interest
                  of the Issuer in such Financed Vehicles, including, without
                  limitation, the certificates of title or, with respect to such
                  Financed Vehicles in the State of Michigan, all other evidence
                  of ownership with respect to such Financed Vehicles;

                           (iv) all right, title and interest of the Issuer in
                  and to any proceeds from claims on any physical damage, credit
                  life and credit accident and health insurance policies or
                  certificates relating to the Financed Vehicles securing the
                  Receivables or the Obligors thereunder;

                           (v) all right, title and interest of the Issuer in
                  and to the Purchase Agreements, including a direct right to
                  cause CPS to purchase Receivables from the Trust and to
                  indemnify the Seller pursuant to the Purchase Agreements under
                  the circumstances specified therein;

                           (vi) the Issuer's rights and benefits, but none of
                  its obligations or burdens, under the Sale and Servicing
                  Agreement (including all rights of the Seller under the
                  Purchase Agreements);

                           (vii) all right, title and interest of the Issuer in
                  and to refunds for the costs of extended service contracts
                  with respect to Financed Vehicles securing Receivables,
                  refunds of unearned premiums with respect to credit life and
                  credit accident and health insurance policies or certificates
                  covering an Obligor or Financed Vehicle or his or her
                  obligations with respect to a Financed Vehicle and any
                  recourse to Dealers for any of the foregoing;

                           (viii) the Receivable File related to each
                  Receivable;

                           (ix) all amounts and property from time to time held
                  in or credited to the Collection Account, the Note
                  Distribution Account, the Pre-Funding Account, the Lockbox
                  Account, or the Interest Reserve Account; and

                           (x) all present and future claims, demands, causes
                  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, voluntary
                  or involuntary, into cash or other liquid property, all cash
                  proceeds, accounts, accounts receivable, 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, instruments 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").

         In addition, the Issuer shall cause the Note Policy to be issued for
the benefit of the Noteholders.

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         The foregoing Grant is made in trust to the Trustee, for the benefit of
the Holders of the Notes and for the benefit of the Note Insurer. The Trustee
hereby 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 such parties, recognizing the priorities of their respective
interests may be adequately and effectively protected.

                                    ARTICLE I

                   Definitions and Incorporation by Reference

         SECTION 1.1. DEFINITIONS. Except as otherwise specified herein, the
following terms have the respective meanings set forth below for all purposes of
this Indenture and the definitions of such terms are equally applicable to both
the singular and plural forms of such terms and to each gender.

         Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to them in the Sale and Servicing Agreement or, if
not defined therein, in the Trust Agreement.

         "Act" has the meaning specified in Section 11.3(a).

         "Affiliate" of any Person means any Person who directly or indirectly
controls, is controlled by, or is under direct or indirect common control with
such Person. For purposes of this definition of "Affiliate", the term "control"
(including the terms "controlling", "controlled by" and "under common control
with") means the possession, directly or indirectly, of the power to direct or
cause a direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise.

         "Amount Financed" with respect to a Receivable shall have the meaning
specified in the Sale and Servicing Agreement.

         "Annual Percentage Rate" or "APR" of a Receivable means the annual rate
of finance charges stated in the Receivable.

         "Authorized Officer" means, with respect to the Issuer and the
Servicer, any officer or agent acting pursuant to a power of attorney of the
Owner Trustee or the Servicer, as applicable, who is authorized to act for the
Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer
and who is identified on the list of Authorized Officers delivered by each of
the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter).

         "Basic Documents" means this Indenture, the Certificate of Trust, the
Trust Agreement, the Sale and Servicing Agreement, the Master Spread Account
Agreement, the Spread Account Supplement, the Insurance Agreement, the
Indemnification Agreement, the Lockbox Agreement, the Purchase Agreements, the
Placement Agency Agreement, the Notes, the Class B Certificates, the Residual
Certificates and other documents and certificates delivered in connection
therewith.

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         "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" means (i) with respect to the Note Policy, any day other
than a Saturday, Sunday, legal holiday or other day on which commercial banking
institutions in Wilmington, Delaware, the City of New York, Phoenix, Arizona, or
the state in which the principal Corporate Trust Office of the Trustee is
located or any other location of any successor Servicer, successor Owner Trustee
or successor Trustee are authorized or obligated by law, executive order or
governmental decree to be closed and (ii) otherwise, a day other than a
Saturday, a Sunday or other day on which commercial banks located in the states
of Delaware, Arizona, California or New York are authorized or obligated to be
closed.

         "Certificate of Trust" means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

         "Class A-1 Interest Rate" means 3.741% per annum.

         "Class A-1 Notes" means the Class A-1 3.741% Asset-Backed Notes,
substantially in the form of Exhibit A-1.

         "Class A-2 Interest Rate" means 4.814% per annum.

         "Class A-2 Notes" means the Class A-2 4.814% Asset-Backed Notes,
substantially in the form of Exhibit A-2.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act, or any successor provision
thereto. The initial Clearing Agency 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 March 7, 2002.

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

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

         "Commission" means the United State Securities and Exchange Commission.

         "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered
which office at date of the execution of this Agreement is located at 201 North
Central Avenue, 26th Floor, Phoenix, AZ 85004, Attention: Structured Finance CPS
2002-A, or at such other address as the Trustee may designate from time to time
by notice to the Noteholders, the Note Insurer, the Servicer and the Issuer, or
the principal corporate trust office of any successor Trustee (the address of
which the successor Trustee will notify the Noteholders and the Issuer).

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

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

         "Depositor" means the Seller, in its capacity as such under the Trust
Agreement.

         "Event of Default" has the meaning specified in Section 5.1.

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

         "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; with respect to any limited liability company, the manager;
and with respect to any partnership, any general partner thereof.

         "Grant" means to mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and 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 moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings 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.

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

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         "Indenture" means this Indenture as amended, supplemented or otherwise
modified from time to time in accordance with its terms.

         "Independent" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obliger, the Seller or any Affiliate of any of the foregoing Persons as an
officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

          "Insurance Agreement Indenture Cross Default" has the meaning
specified therefor in the Insurance Agreement.

         "Insurer Secured Obligations" means all amounts and obligations which
the Issuer may at any time owe to or on behalf of the Note Insurer under this
Indenture, the Insurance Agreement or any other Basic Document.

         "Interest Rate" means, with respect to the (i) Class A-1 Notes, the
Class A-1 Interest Rate and (ii) Class A-2 Notes, the Class A-2 Interest Rate.

         "Issuer" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein, each other obligor on the Notes.

         "Issuer Order" and "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Trustee.

         "Issuer Secured Obligations" means the Insurer Secured Obligations and
the Trustee Secured Obligations.

         "Issuer Secured Parties" means each of the Trustee, in respect of the
Trustee Secured Obligations, and the Note Insurer, in respect of the Insurer
Secured Obligations.

         "Note" means a Class A-1 Note or a Class A-2 Note.

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

         "Note Paying Agent" means the Trustee or any other Person that meets
the eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

         "Note Policy" means the guaranty insurance policy (No. 51259-N) issued
by the Note Insurer with respect to the Notes, including any endorsements
thereto.

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         "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.4.

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Owner Trustee, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.1, and
delivered to the Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate shall be to an Officer's Certificate of
any Authorized Officer 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 employees of
or counsel to the Issuer and who shall be satisfactory to the Trustee and, if
addressed to the Note Insurer, satisfactory to the Note Insurer, and which shall
comply with any applicable requirements of Section 11.1, and shall be in form
and substance satisfactory to the Trustee, and if addressed to the Note Insurer,
satisfactory to the Note Insurer.

         "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 Trustee or any Note Paying Agent in trust for the
                  Holders of such Notes (provided, however, that if such Notes
                  are to be redeemed, notice of such redemption has been duly
                  given pursuant to this Indenture, satisfactory to the
                  Trustee); and

                           (iii) Notes in exchange for or in lieu of other Notes
                  which have been authenticated and delivered pursuant to this
                  Indenture unless proof satisfactory to the Trustee is
                  presented that any such Notes are held by a bona fide
                  purchaser; provided, however, that Notes which have been paid
                  with proceeds of the Note Policy shall continue to remain
                  Outstanding for purposes of this Indenture until the Note
                  Insurer has been paid as subrogee hereunder or reimbursed
                  pursuant to the Insurance Agreement as evidenced by a written
                  notice from the Note Insurer delivered to the Trustee, and the
                  Note Insurer shall be deemed to be the Holder thereof to the
                  extent of any payments thereon made by the Note Insurer;
                  provided, further, that in determining whether the Holders of
                  the requisite Outstanding Amount of the Notes have given any
                  request, demand, authorization, direction, notice, consent or
                  waiver hereunder or under any Basic Document, Notes owned by
                  the Issuer, any other obliger upon the Notes, the Seller or
                  any Affiliate of any of the foregoing Persons shall be
                  disregarded and deemed not to be Outstanding, except that, in
                  determining whether the Trustee shall be protected in relying
                  upon any such request, demand, authorization, direction,
                  notice, consent or waiver, only Notes that a Responsible
                  Officer of the Trustee either actually knows to be so owned or
                  has received written notice thereof 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

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                  satisfaction of the Trustee the pledgees right so to act with
                  respect to such Notes and that the pledgee is not the Issuer,
                  any other obligor upon the Notes, the Seller or any Affiliate
                  of any of the foregoing Persons.

         "Outstanding Amount" means, with respect to any date of determination,
the aggregate principal amount of all Notes, or class of Notes, as applicable,
Outstanding at such date of determination.

         "Ownership Interest" means, as to any Note, any ownership or security
interest in such Note, including any interest in such Note as the Holder thereof
and any other interest therein, whether direct or indirect, legal or beneficial,
as owner or as pledgee.

         "Owner Trustee" means Wilmington Trust Company, and its successors.

         "Payment Date" has the meaning specified in the Notes.

         "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 2.5 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.

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

         "Purchase Agreements" means the Receivables Purchase Agreement and each
Subsequent Receivables Purchase Agreement, collectively.

         "Rating Agency" means each of Moody's and Standard & Poor's, so long as
such Persons maintain a rating on the Notes; and if either Moody's or Standard &
Poor's no longer maintains a rating on the Notes, such other nationally
recognized statistical rating organization selected by the Seller and (so long
as an Insurer Default shall not have occurred and be continuing) acceptable to
the Note Insurer.

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' (or such shorter period as shall be
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer, the Note Insurer,
the Trustee, the Owner Trustee and the Issuer in writing that such action will
not result in a reduction or withdrawal of the then current rating of the Notes.

         "Record Date" means, with respect to the first Payment Date, the
Closing Date, and with respect to any subsequent Payment Date or Redemption
Date, the last calendar day of the month preceding the month in which such
Payment Date or Redemption Date occurs.

         "Redemption Date" means, in the case of a redemption of the Notes
pursuant to Section 10.1, the Payment Date specified by the Servicer or the
Issuer pursuant to Section 10.1.

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         "Redemption Price" means, in the case of a redemption of the Notes
pursuant to Section 10.1, an amount equal to the unpaid principal amount of each
class of Notes being redeemed plus accrued and unpaid interest thereon to but
excluding the Redemption Date.

         "Responsible Officer" means, with respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other
officer of the Trustee customarily performing functions similar to those
performed by any of the 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.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement
dated as of March 1, 2002, among the Issuer, the Seller, the Servicer, the
Backup Servicer and the Trustee as Standby Servicer and Trustee, as the same may
be amended or supplemented from time to time.

         "Scheduled Payments" has the meaning specified in the Note Policy.

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

         "Termination Date" means the latest of (i) the expiration of the Note
Policy and the return of the Note Policy to the Note Insurer for cancellation,
(ii) the date on which the Note Insurer shall have received payment and
performance of all Insurer Secured Obligations and (iii) the date on which the
Trustee shall have received payment and performance of all Trustee Secured
Obligations and disbursed such payments in accordance with the Basic Documents.

         "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 Issuer Secured Parties (including the
Collateral Granted to the Trustee hereunder), including all proceeds thereof.

          "Trustee" means Bank One Trust Company, N.A., a national banking
association, not in its individual capacity but as trustee under this Indenture,
or any successor trustee under this Indenture.

         "Trustee Secured Obligations" means all amounts and obligations which
the Issuer may at any time owe to or on behalf of the Trustee for the benefit of
the Noteholders under this Indenture or the Notes.

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

         SECTION 1.2. RESERVED

         SECTION 1.3. OTHER DEFINITIONAL PROVISIONS. Unless the context
otherwise requires:

                           (i) (All references in this instrument to designated
                  "Articles," "Sections," "Subsections" and other subdivisions
                  are to the designated Articles, Sections, Subsections and
                  other subdivisions of this instrument as originally executed.

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                           (ii) The words "herein," "hereof," "hereunder" and
                  other words of similar import refer to this Indenture as a
                  whole and not to any particular Article, Section, Subsection
                  or other subdivision.

                           (iii) an accounting term not otherwise defined herein
                  has the meaning assigned to it in accordance with generally
                  accepted accounting principles as in effect from time to time;

                           (iv) "or" is not exclusive; and

                           (v) "including" means including without limitation.

                                   ARTICLE II

                                    The Notes

         SECTION 2.1. FORM.

                  (a) The Class A-1 Notes and the Class A-2 Notes, in each case
         together with the Trustee's certificate of authentication, shall be in
         substantially the form set forth in Exhibits A-1, and A-2,
         respectively, 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) The 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 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 set forth in Exhibits A-1 and A-2 are part of
         the terms of this Indenture.

         SECTION 2.2. 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.

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                  (b) 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 at the date of such
         Notes.

                  (c) The Trustee shall upon receipt of the Note Policy and
         Issuer Order authenticate and deliver Class A-1 Notes for original
         issue in an aggregate principal amount of $26,500,000.00, and Class A-2
         Notes for original issue in an aggregate principal amount of
         $19,150,000.00. Class A-1 Notes and Class A-2 Notes outstanding at any
         time may not exceed such amounts except as provided in Section 2.5.

                  (d) Each Note shall be dated the date of its authentication.
         The Notes shall be issuable as registered Notes in the minimum
         denomination of $100,000 and in integral multiples thereof (except for
         one Note of each class which may be issued in a denomination other than
         an integral multiple of $1,000).

                  (e) 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 substantially in
         the form provided for herein, executed by the 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 2.3.  TEMPORARY NOTES.

                  (a) Pending the preparation of Definitive Notes, the Issuer
         may execute, and upon receipt of an Issuer Order the Trustee shall
         authenticate and deliver, temporary Notes which 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, the Issuer will cause
         Definitive Notes to be prepared without unreasonable delay. After the
         preparation of Definitive Notes, the temporary Notes shall be
         exchangeable without charge to the Holder for Definitive Notes upon
         surrender of the temporary Notes at the office or agency of the Issuer
         to be maintained as provided in Section 3.2. Upon surrender for
         cancellation of any one or more temporary Notes, the Issuer shall
         execute and the Trustee shall authenticate and deliver in exchange
         therefor a like 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 2.4.  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. The Trustee is hereby initially
         appointed "Note Registrar" for the purpose of registering Notes and
         transfers of Notes as herein provided. Upon any resignation or removal
         of any Note Registrar, the Issuer shall promptly appoint a successor
         or, in the absence of such an appointment, assume the duties of Note
         Registrar.

                                      -11-
<PAGE>

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

                  (c) Subject to Sections 2.10 and 2.12 hereof, upon surrender
         for registration of transfer of any Note at the office or agency of the
         Issuer to be maintained as provided in Section 3.2, if the requirements
         of Section 8-401(a) of the UCC are met, the Issuer shall execute, and
         upon request by the Issuer the Trustee shall authenticate, and the
         Noteholder shall obtain from the Trustee, in the name of the designated
         transferee or transferees, one or more new Notes in any authorized
         denominations of the same class and a like aggregate principal amount.

                  (d) At the option of the Holder, Notes may be exchanged for
         other Notes in any authorized denominations, of the same class and 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, subject to Sections 2.10 and 2.12 hereof, if
         the requirements of Section 8-401(a) of the UCC are met the Issuer
         shall execute, and upon request by the Issuer the Trustee shall
         authenticate, and the Noteholder shall obtain from the Trustee, the
         Notes which the Noteholder making the exchange is entitled to receive.

                  (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) Every Note presented or surrendered for registration of
         transfer or exchange shall be (i) duly endorsed by, or accompanied by a
         written instrument of transfer in the form attached to Exhibits A-1 and
         A-2 and 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 which requirements include membership or participation in
         Securities Transfer Agents Medallion Program ("STAMP") or such other
         "signature guarantee program" as may be determined by the Note
         Registrar in addition to, or in substitution for, STAMP, all in
         accordance with the Exchange Act and (ii) accompanied by such other
         documents as the Trustee may require.

                  (g) Each Noteholder by its acquisition of any Notes (or a
         beneficial interest therein) shall be deemed to have represented and
         warranted for the benefit of the Issuer, the Owner Trustee, the Trustee
         and the Noteholders, that either (i) it is not acquiring any Notes with

                                      -12-
<PAGE>

         the assets of any "employee benefit plan" as defined in Section 3(3) of
         ERISA which is subject to Title I of ERISA or any "plan" as defined in
         Section 4975 of the Internal Revenue Code or (ii) the acquisition and
         holding of the Notes will be covered by Prohibited Transaction Class
         Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23
         or a similar U.S. Department of Labor class exemption.

                  (h) No service charge shall be made to a Holder for any
         registration of transfer or exchange of Notes, but the Note Registrar
         may require payment of a sum sufficient to cover any tax or other
         governmental charge that may be imposed in connection with any
         registration of transfer or exchange of Notes, other than exchanges
         pursuant to Section 2.3 or 9.6 not involving any transfer.

                  (i) The preceding provisions of this Section 2.4
         notwithstanding, the Issuer shall not be required to make and the Note
         Registrar shall not register transfers or exchanges of Notes selected
         for redemption or of any Note for a period of 15 days preceding the due
         date for any payment with respect to the Notes.

         SECTION 2.5. MUTILATED, DESTROYED, LOST OR STOLEN NOTES.

                  (a) If (i) any mutilated Note is surrendered to the Trustee,
         or the Trustee receives evidence to its satisfaction of the
         destruction, loss or theft of any Note, and (ii) there is delivered to
         the Trustee and the Note Insurer (unless an Insurer Default shall have
         occurred and be continuing) such security or indemnity as may be
         required by it to hold the Issuer, the Trustee and the Note Insurer
         harmless, then, in the absence of notice to the Issuer, the Note
         Registrar or the Trustee that such Note has been acquired by a bona
         fide purchaser, and, provided that the requirements of Section 8-405
         and 8-406 of the UCC are met, the Issuer shall execute, and upon
         request by the Issuer, the Trustee shall authenticate and deliver in
         exchange for or in lieu of any such mutilated, destroyed, lost or
         stolen Note, a replacement Note; provided, however, that if any such
         destroyed, lost or stolen Note, but not a mutilated Note, shall have
         become, or within seven days shall be, due and payable or shall have
         been called for redemption, instead of issuing a replacement Note, the
         Issuer may direct the Trustee, in writing, to pay such destroyed, lost
         or stolen Note when so due or payable or upon the Redemption Date
         without surrender thereof. 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 bona fide purchaser of the
         original Note in lieu of which such replacement Note was issued,
         presents for payment such original Note, the Issuer, the Trustee and
         the Note Insurer shall be entitled to recover such replacement Note (or
         such payment) from the Person to whom it 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 bona fide
         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 Trustee in connection therewith.

                  (b) Upon the issuance of any replacement Note under this
         Section, the Issuer 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 Trustee) connected therewith.

                                      -13-
<PAGE>

                  (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 2.6. PERSONS DEEMED OWNER. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Trustee, the Note Insurer
and any agent of the Issuer, the Trustee or the Note Insurer may treat the
Person in whose name any Note is registered (as of the applicable Record Date)
as the owner of such Note for the purpose of receiving payments of principal of
and interest, if any, on such Note, for all other purposes whatsoever and
whether or not such Note be overdue, and none of the Issuer, the Note Insurer,
the Trustee nor any agent of the Issuer, the Note Insurer or the Trustee shall
be affected by notice to the contrary.

         SECTION 2.7.  PAYMENT OF PRINCIPAL AND INTEREST; DEFAULTED INTEREST.

                  (a) The Notes shall accrue interest as provided in the forms
         of the Class A-1 Note and the Class A-2 Note set forth in Exhibits A-1
         and A-2, respectively, and such interest shall be payable on each
         Payment Date as specified therein. Any installment of interest or
         principal, if any, payable on any Note which is punctually paid or duly
         provided for by the Issuer on the applicable Payment 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, or by wire transfer in
         immediately available funds to the account designated in writing to the
         Trustee by such Person at least five Business Days prior to the related
         Record Date, except that, unless Definitive Notes have been issued
         pursuant to Section 2.12, with respect to Notes registered on the
         related Record Date in the name of the nominee of the Clearing Agency
         (initially, such nominee to be Cede & Co.), payment will be made by
         wire transfer in immediately available funds to the account designated
         by such nominee, except for the final installment of principal payable
         with respect to such Note on a Payment Date or on the Final Scheduled
         Payment Date (and except for the Redemption Price for any Note called
         for redemption pursuant to Section 10.1), which shall be payable as
         provided below. The funds represented by any such checks returned
         undelivered shall be held in accordance with Section 3.3.

                  (b) The principal of each Note shall be payable in
         installments on each Payment Date as provided in the forms of the Class
         A-1 Notes and the Class A-2 Notes set forth in Exhibits A-1 and A-2,
         respectively. Notwithstanding the foregoing, the entire unpaid
         principal amount of the Notes shall be due and payable, if not
         previously paid, on the date on which an Event of Default shall have
         occurred and be continuing in the manner and under the circumstances

                                      -14-
<PAGE>

         provided in Section 5.2. All principal payments on each class of Notes
         shall be made pro rata to the Noteholders of such class entitled
         thereto. Upon written notice from the Issuer, the Trustee shall notify
         the Person in whose name a Note is registered at the close of business
         on the Record Date preceding the Payment Date on which the Issuer
         expects that the final installment of principal of and interest on such
         Note will be paid. Such notice shall be mailed or transmitted by
         facsimile prior to such final Payment Date and shall specify that such
         final installment will 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 redemptions of Notes shall be mailed to Noteholders as
         provided in Section 10.2.

                  (c) If the Issuer defaults in a payment of interest on the
         Notes, the Issuer shall pay defaulted interest (plus interest on such
         defaulted interest to the extent lawful) at the applicable Interest
         Rate in any lawful manner. The Issuer may pay such defaulted interest
         to the Persons who are Noteholders on a subsequent special record date,
         which date shall be at least five Business Days prior to the payment
         date. The Issuer shall fix or cause to be fixed any such special record
         date and payment date, and, at least 15 days before any such special
         record date, the Issuer shall mail to each Noteholder and the Trustee a
         notice that states the special record date, the payment date and the
         amount of defaulted interest to be paid.

                  (d) Promptly following the date on which all principal of and
         interest on the Notes has been paid in full and the Notes have been
         surrendered to the Trustee, the Trustee shall, if the Note Insurer has
         paid any amount in respect of the Notes under the Note Policy or
         otherwise which has not been reimbursed to it, deliver such surrendered
         Notes to the Note Insurer.

         SECTION 2.8. CANCELLATION. Subject to Section 2.7(d), all Notes
surrendered for payment, registration of transfer, exchange or redemption shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly canceled by the Trustee. Subject to Section 2.7(d), the
Issuer may at any time deliver to the Trustee 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
canceled by the Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes canceled as provided in this Section, except as expressly
permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may
be held or disposed of by the 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
Trustee.

         SECTION 2.9. RELEASE OF COLLATERAL. The Trustee shall, on or after the
Termination Date, release any remaining portion of the Trust Estate from the
lien created by this Indenture and deposit in the Collection Account any funds
then on deposit in any other Trust Account. The Trustee shall release property
from the lien created by this Indenture pursuant to this Section 2.9 only upon
receipt of an Issuer Request accompanied by an Officer's Certificate and an
Opinion of Counsel meeting the applicable requirements of Section 11.1.

                                      -15-
<PAGE>

         SECTION 2.10. BOOK-ENTRY NOTES. The Notes, upon original issuance, will
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to DTC or to the Trustee as custodian for the initial Clearing
Agency, by, or on behalf of, the Issuer. Such Notes shall initially be
registered 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 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 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 and/or the Clearing Agency Participants.
                  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;

                           (v) whenever this Indenture requires or permits
                  actions to be taken based upon instructions or directions of
                  Holders of Notes evidencing a specified percentage of the
                  Outstanding Amount of the Notes, 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 and has delivered such instructions to
                  the Trustee; and

                           (vi) Note Owners may receive copies of any reports
                  sent to Noteholders pursuant to this Indenture, upon written
                  request, together with a certification that they are Note
                  Owners and payment of reproduction and postage expenses
                  associated with the distribution of such reports, from the
                  Trustee at the Corporate Trust Office.

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

                                      -16-
<PAGE>

         SECTION 2.12. DEFINITIVE NOTES. Definitive Notes will be delivered to
each Noteholder that is an institutional "accredited investor" as defined in
rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of
1933, as amended (the "1933 Act"). In addition, if (i) the Servicer advises the
Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to the Notes, and the
Servicer is unable to locate a qualified successor, (ii) the Servicer at its
option advises the Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after the occurrence of an Event of
Default, Note Owners representing beneficial interests aggregating at least a
majority of the Outstanding Amount of the Notes advise the Trustee 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 the Note Owners, then
the Clearing Agency shall notify all Note Owners and the Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to the Trustee of the typewritten
Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute and the
Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize
the Holders of the Definitive Notes as Noteholders.

         SECTION 2.13. RESTRICTIONS ON TRANSFER OF NOTES.

                  (a) The Notes have not been registered or qualified under the
         1933 Act, or any state securities laws or "Blue Sky" laws, and the
         Notes are being offered and sold in reliance upon exemptions from the
         registration requirements of the Securities Act and such Blue Sky or
         state securities laws. No transfer, sale, pledge or other disposition
         of any Note shall be made unless such disposition is made pursuant to
         an effective registration statement under the 1933 Act and effective
         registration or qualification under applicable state securities laws or
         "Blue Sky" laws, or is made in a transaction which does not require
         such registration or qualification. In the event that a transfer of an
         Ownership Interest in a Book-Entry Note is to be made in reliance upon
         an exemption from the 1933 Act, the transferee will be deemed to have
         made the same representations and warranties as required of an initial
         purchaser of such Ownership Interest, as set forth in Section 2.13(b)
         below. In the event that a transfer of an Ownership Interest in a Note
         which is not a Book-Entry Note is to be made in reliance upon an
         exemption from the 1933 Act, the Trustee or the Note Registrar shall
         require, in order to assure compliance with the 1933 Act, that the
         Noteholder desiring to effect such disposition and such Noteholder's
         prospective transferee each (A) certify to the Trustee or the Note
         Registrar in writing the facts surrounding such disposition pursuant to
         a letter, substantially in the form of EXHIBIT B hereto, or (B) provide
         to the Trustee or the Note Registrar such other evidence satisfactory
         to the Transferor, the Trustee and the Note Registrar that the transfer
         is in compliance with the 1933 Act. The Trustee may also, unless such
         transfer occurs more than three years after the Closing Date or is made
         pursuant to Rule 144A promulgated under the 1933 Act, require an
         opinion of counsel satisfactory to it that such transfer may be made
         pursuant to an exemption from the 1933 Act, which opinion of counsel
         shall not be an expense of the Trustee. None of the Seller, the
         Servicer, the Issuer, the Owner Trustee or the Trustee is obligated

                                      -17-
<PAGE>

         under this Indenture to register the Notes under the 1933 Act or any
         other securities law or to take any action not otherwise required under
         this Indenture to permit the transfer of such Notes without such
         registration or qualification.

                  (b) Each Person who has or who acquires an Ownership Interest
         in a Class of Notes shall be deemed by the acceptance or acquisition of
         such Ownership Interest to have represented and agreed, as follows,
         provided, however, that if such Person is an institutional accredited
         investor, the following representations shall be set forth and
         certified to in a certificate:

                           (i) Such Person is a qualified institutional buyer as
                  defined in Rule 144A under the 1933 Act or an institutional
                  accredited investor as defined in Rule 501(a)(1), (2), (3) or
                  (7) of Regulation D under the 1933 Act, is aware that the
                  seller of the Note may be relying on the exemption from the
                  registration requirements of the 1933 Act provided by Rule
                  144A or Rule 501, as applicable and is acquiring such Note for
                  its own account, for the account of one or more qualified
                  institutional buyers or for the account of one or more
                  institutional accredited investors for whom it is authorized
                  to act.

                           (ii) Such Person understands that the Notes have not
                  been and will not be registered under the 1933 Act and may be
                  offered, sold, pledged or otherwise transferred only to a
                  person whom the seller reasonably believes is (x) a qualified
                  institutional buyer in a transaction meeting the requirements
                  of Rule 144A under the 1933 Act or (y) an institutional
                  accredited investor in a transaction meeting the requirements
                  of Rule 501 of Regulation D under the 1933 Act, and in
                  accordance with any applicable securities laws of any state of
                  the United States.

                           (iii) Such Person understands that a single
                  certificate in respect of each Class of Notes has been
                  registered in the name of the nominee of DTC, or in the case
                  of Definitive Notes, such Definitive Notes have been
                  registered in the name of such Person or its nominee, and
                  bears a legend to the following effect: "THIS NOTE HAS NOT
                  BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933,
                  AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAW OF ANY
                  STATE. ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS NOTE
                  WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN
                  A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
                  QUALIFICATION AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION
                  2.13 OF THE INDENTURE REFERRED TO HEREIN."

                                   ARTICLE III

                                    Covenants

         SECTION 3.1. PAYMENT OF PRINCIPAL AND INTEREST. The Issuer will duly
and punctually pay the principal of and interest on the Notes in accordance with
the terms of the Notes and this Indenture. Without limiting the foregoing, the
Issuer will cause to be distributed on each Payment Date all amounts deposited

                                      -18-
<PAGE>

in the Note Distribution Account pursuant to the Sale and Servicing Agreement
(i) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders and
(ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders.
Amounts properly withheld under the Code by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid
by the Issuer to such Noteholder for all purposes of this Indenture.

         SECTION 3.2. MAINTENANCE OF OFFICE OR AGENCY. The Issuer will maintain
in New York, 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 Trustee to serve as its agent for the foregoing
purposes. The Issuer will give prompt written notice to the 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 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 Trustee as its agent to receive all such surrenders, notices
and demands.

         SECTION 3.3.  MONEY FOR PAYMENTS TO BE HELD IN TRUST.

                  (a) On or before each Payment Date and Redemption Date, the
         Issuer shall deposit or cause to be deposited in the Note Distribution
         Account from the Collection 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
         Note Paying Agent is the Trustee) shall promptly notify the Trustee of
         its action or failure so to act.

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

                           (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;

                           (ii) give the 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 Trustee, forthwith
                  pay to the Trustee all sums so held in trust by such Note
                  Paying Agent;

                                      -19-
<PAGE>

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

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

                  (c) 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 Note Paying Agent to pay to the
         Trustee all sums held in trust by such Note Paying Agent, such sums to
         be held by the Trustee upon the same trusts as those upon which the
         sums were held by such Note Paying Agent; and upon such a payment by
         any Note Paying Agent to the Trustee, such Note Paying Agent shall be
         released from all further liability with respect to such money.

                  (d) Subject to applicable laws with respect to the escheat of
         funds, any money held by the Trustee or any Note 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 with the consent of the Note Insurer (unless an
         Insurer Default shall have occurred and be continuing) and shall be
         deposited by the Trustee in the Collection Account; and the Holder of
         such Note 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 Trustee or
         such Note Paying Agent with respect to such trust money shall thereupon
         cease; provided, however, that if such money or any portion thereof had
         been previously deposited by the Note Insurer with the Trustee for the
         payment of principal or interest on the Notes, to the extent any
         amounts are owing to the Note Insurer, such amounts shall be paid
         promptly to the Note Insurer upon receipt of a written request by the
         Note Insurer to such effect, and provided, further, that the Trustee or
         such Note Paying Agent, before being required to make any such
         repayment, shall at the expense 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 the Issuer. The Trustee shall also adopt
         and employ, at the expense of the Issuer, any other reasonable means of
         notification of such repayment (including, but not limited to, mailing
         notice of such repayment to Holders whose Notes have been called but
         have not been surrendered for redemption or whose right to or interest
         in moneys due and payable but not claimed is determinable from the
         records of the Trustee or of any Note Paying Agent, at the last address
         of record for each such Holder).

         SECTION 3.4. EXISTENCE. Except as otherwise permitted by the provisions
of Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a business trust under the laws of the State of Delaware (unless
it becomes, or any successor Issuer hereunder is or becomes, organized under the

                                      -20-
<PAGE>

laws of any other state or of the United States of America, 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.

         SECTION 3.5. PROTECTION OF TRUST ESTATE. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Issuer
Secured Parties 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, in favor
of the Trustee, for the benefit of the Issuer Secured Parties, a first lien on
and a first priority, perfected security interest in the Trust Estate. The
Issuer will from time to time prepare (or shall cause to be prepared), execute
and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other
instruments, and will take such other action necessary or advisable to:

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

                           (ii) maintain or preserve the lien and security
                  interest (and the priority thereof) in favor of the Trustee
                  for the benefit of the Issuer Secured Parties 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;

                           (v) preserve and defend title to the Trust Estate and
                  the rights of the Trustee in such Trust Estate against the
                  claims of all persons and parties; and

                           (vi) pay all taxes or assessments levied or assessed
                  upon the Trust Estate when due.

         The Issuer hereby designates the Trustee its agent and attorney-in-fact
to execute any financing statement, continuation statement or other instrument
required by the Trustee pursuant to this Section.

         SECTION 3.6.  OPINIONS AS TO TRUST ESTATE.

                  (a) On the Closing Date, and on the date of execution of each
         indenture supplemental hereto, the Issuer shall furnish to the Trustee
         and the Note Insurer an Opinion of Counsel either stating that, in the
         opinion of such counsel, such action has been taken with respect to the
         recording and filing of this Indenture, any indentures supplemental
         hereto, and any other requisite documents, and with respect to the
         execution and filing of any financing statements and continuation
         statements, as are necessary to perfect and make effective the first
         priority lien and security interest in favor of the Trustee, for the
         benefit of the Issuer Secured Parties, 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 make such lien and
         security interest effective.

                  (b) Within 90 days after the beginning of each calendar year,
         beginning with the first calendar year beginning more than three months
         after the Initial Cutoff Date, the Issuer shall furnish to the Trustee
         and the Note Insurer 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

                                      -21-
<PAGE>

         with respect to the execution and filing of any financing statements
         and continuation statements as are 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 and security interest. Such
         Opinion of Counsel shall also describe any action necessary (as of the
         date of such opinion) to be taken in the following year to maintain the
         lien and security interest of this Indenture.

         SECTION 3.7.  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 ordered
         by any bankruptcy or other court or as expressly provided in this
         Indenture, the Basic Documents or such other instrument or agreement.

                  (b) The Issuer may contract with other Persons acceptable to
         the Note Insurer (so long as no Insurer Default shall have occurred and
         be continuing) to assist it in performing its duties under this
         Indenture, and any performance of such duties by a Person identified to
         the Trustee and the Note Insurer 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 to assist the Issuer in
         performing its duties under this Indenture.

                  (c) The Issuer will punctually perform and observe all of its
         obligations and agreements contained in this Indenture, the Basic
         Documents and in the instruments and agreements included in the Trust
         Estate, including but not limited to preparing (or causing to prepared)
         and 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 Sale and Servicing Agreement in accordance with and
         within the time periods provided for herein and therein. Except as
         otherwise expressly provided therein, the Issuer shall not waive,
         amend, modify, supplement or terminate any Basic Document or any
         provision thereof without the consent of the Trustee, the Note Insurer
         or the Holders of at least a majority of the Outstanding Amount of the
         Notes.

                  (d) If a responsible officer of the Owner Trustee shall have
         written notice or actual knowledge of the occurrence of a Servicer
         Termination Event under the Sale and Servicing Agreement, the Issuer

                                      -22-
<PAGE>

         shall promptly notify the Trustee, the Note Insurer and the Rating
         Agencies thereof in accordance with Section 11.4, 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) The Issuer agrees that it will not waive timely
         performance or observance by the Servicer or the Seller of their
         respective duties under the Basic Documents (x) without the prior
         consent of the Note Insurer (unless an Insurer Default shall have
         occurred and be continuing) or (y) if the effect thereof would
         adversely affect the Holders of the Notes.

         SECTION 3.8. NEGATIVE COVENANTS. So long as any Notes are Outstanding,
the Issuer shall not:

                           (i) except as expressly permitted by this Indenture
                  or 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 by the Controlling Party;

                           (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 assert any claim against any present or former
                  Noteholder by reason of the payment of the taxes levied or
                  assessed upon any part of the Trust Estate; or

                           (iii) (A) permit the validity or effectiveness of
                  this Indenture to be impaired, or permit the lien in favor of
                  the Trustee 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 a Financed Vehicle and arising solely as a result of
                  an action or omission of the related Obligor), (C) permit the
                  lien of 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 or (D)
                  amend, modify or fail to comply with the provisions of the
                  Basic Documents without the prior written consent of the
                  Controlling Party; or

                           (iv) engage in any business or activity other than as
                  permitted by the Trust Agreement; or

                           (v) incur or assume any indebtedness or guarantee any
                  indebtedness of any Person, except for such indebtedness
                  incurred pursuant to Section 3.10; or

                                      -23-
<PAGE>

                           (vi) dissolve or liquidate in whole or in part or
                  merge or consolidate with any other Person, other than in
                  compliance with Section 3.10; or

                           (vii) take any action that would result in the Issuer
                  becoming taxable as a corporation for federal income tax
                  purposes or for the purposes of any applicable state tax

         SECTION 3.9. ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will deliver
to the Trustee and the Note Insurer, on or before March 31 of each year,
beginning March 31, 2003, an Officer's Certificate, dated as of December 31 of
the preceding calendar year, stating, as to the Authorized Officer signing such
Officer's Certificate, that

                           (i) a review of the activities of the Issuer during
                  such preceding year and of performance under this Indenture
                  has been made under such Authorized Officer's supervision; and

                           (ii) 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
                  such year, or, if there has been a default in the compliance
                  of 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 (if other than the Issuer) formed by
                  or surviving such consolidation or merger shall be a Delaware
                  Business Trust or a similar trust organized and existing under
                  the laws of any other state and shall expressly assume, by an
                  indenture supplemental hereto, executed and delivered to the
                  Trustee, in form satisfactory to the Trustee and the Note
                  Insurer (so long as no Insurer Default shall have occurred and
                  be continuing), 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 on the part
                  of the Issuer to be performed or observed, all as provided
                  herein;

                           (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
                  Trustee and the Note Insurer (so long as no Insurer Default
                  shall have occurred and be continuing)) to the effect that
                  such transaction will not have any material adverse tax
                  consequence to the Trust, the Note Insurer, any Noteholder or
                  any Certificateholder;

                                      -24-
<PAGE>

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

                           (vi) the Issuer shall have delivered to the Trustee
                  and the Note Insurer an Officer's Certificate and an Opinion
                  of Counsel each stating that such consolidation or merger and
                  such supplemental indenture comply with this Article III and
                  that all conditions precedent herein provided for relating to
                  such transaction have been complied with; and

                           (vii) so long as no Insurer Default shall have
                  occurred and be continuing, the Issuer shall have given the
                  Note Insurer written notice of such conveyance or transfer at
                  least 20 Business Days prior to the consummation of such
                  action and shall have received the prior written approval of
                  the Note Insurer of such conveyance or transfer and the Issuer
                  or the Person (if other than the Issuer) formed by or
                  surviving such conveyance or transfer has a net worth,
                  immediately after such conveyance or transfer, that is (a)
                  greater than zero and (b) not less than the net worth of the
                  Issuer immediately prior to giving effect to such conveyance
                  or transfer.

                  (b) 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 Person, unless

                           (i) the Person that acquires by conveyance or
                  transfer the properties and assets of the Issuer the
                  conveyance or transfer of which is hereby restricted shall (A)
                  be a Delaware Business Trust or a similar trust organized and
                  existing under the laws of any other state, (B) expressly
                  assume, by an indenture supplemental hereto, executed and
                  delivered to the Trustee, in form satisfactory to the Trustee,
                  and the Note Insurer (so long as no Insurer Default shall have
                  occurred and be continuing), 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 of the Basic Documents on the part of the
                  Issuer to be performed or 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 Holders of
                  the Notes, (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 prepare (or cause to be prepared) and
                  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;

                                      -25-
<PAGE>

                           (iv) the Issuer shall have received an Opinion of
                  Counsel (and shall have delivered copies thereof to the
                  Trustee and the Note Insurer (so long as no Insurer Default
                  shall have occurred and be continuing)) to the effect that
                  such transaction will not have any material adverse tax
                  consequence to the Trust, the Note Insurer, any Noteholder or
                  any Certificateholder;

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

                           (vi) the Issuer shall have delivered to the Trustee
                  and the Note Insurer an Officers' Certificate and an Opinion
                  of Counsel each stating that such conveyance or transfer and
                  such supplemental indenture comply with this Article III and
                  that all conditions precedent herein provided for relating to
                  such transaction have been complied with; and

                           (vii) so long as no Insurer Default shall have
                  occurred and be continuing, the Issuer shall have given the
                  Note Insurer written notice of such conveyance or transfer at
                  least 20 Business Days prior to the consummation of such
                  action and shall have received the prior written approval of
                  the Note Insurer of such conveyance or transfer and the Issuer
                  or the Person (if other than the Issuer) formed by or
                  surviving such conveyance or transfer has a net worth,
                  immediately after such conveyance or transfer, that is (a)
                  greater than zero and (b) not less than the net worth of the
                  Issuer immediately prior to giving effect to such
                  consolidation or merger.

         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 a conveyance or transfer of all the assets and
         properties of the Issuer pursuant to Section 3.10(b), CPS Auto
         Receivables Trust 2002-A 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 Trustee stating that CPS Auto Receivables Trust
         2002-A is to be so released.

         SECTION 3.12. NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto. After the Funding Period, the Issuer shall
not purchase any additional Receivables.

         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 (ii) obligations owing from time to time
to the Note Insurer under the Insurance Agreement and (iii) any other

                                      -26-
<PAGE>

Indebtedness permitted by or arising under the Basic Documents. The proceeds of
the Notes shall be used exclusively to fund the Issuer's purchase of the
Receivables and the other assets specified in the Sale and Servicing Agreement,
to fund the Pre-Funding Account, the Interest Reserve Account and (on behalf of
the Seller) the Spread Account and to pay the Issuer's organizational,
transactional and start-up expenses.

         SECTION 3.14. SERVICER'S OBLIGATIONS. The Issuer shall cause the
Servicer to comply with Sections 4.9, 4.10, 4.11 and 5.11 of 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. 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
other Basic Document.

         SECTION 3.18. RESTRICTED PAYMENTS. 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, distributions
to the Servicer, the Owner Trustee, the Trustee, the Collateral Agent, the
Back-up Servicer, the Note Insurer, the Noteholders and the Certificateholders
(other than the Residual Certificateholders) as permitted by, and to the extent
funds are available for such purpose under, the Sale and Servicing Agreement,
the Spread Account Agreement, the Trust Agreement or any other Basic Document.
The Issuer will not, directly or indirectly, make payments to or distributions
from the Collection Account except in accordance with this Indenture and the
Basic Documents.

         SECTION 3.19. NOTICE OF EVENTS OF DEFAULT. Upon a responsible officer
of the Owner Trustee having notice or actual knowledge thereof, the Issuer
agrees to give the Trustee, the Note Insurer and the Rating Agencies prompt
written notice of each Event of Default hereunder and each default on the part
of the Servicer or the Seller of its obligations under any of the Basic
Documents.

                                      -27-
<PAGE>

         SECTION 3.20. FURTHER INSTRUMENTS AND ACTS. Upon request of the Trustee
or the Note Insurer, 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.

         SECTION 3.21. AMENDMENTS OF SALE AND SERVICING AGREEMENT AND TRUST
AGREEMENT. The Issuer shall not agree to any amendment to Section 13.1 of the
Sale and Servicing Agreement or Section 11.1 of the Trust Agreement to eliminate
the requirements thereunder that the Trustee or the Holders of the Notes consent
to amendments thereto as provided therein.

         SECTION 3.22. INCOME TAX CHARACTERIZATION. For purposes of federal
income tax, state and local income tax franchise tax and any other income taxes,
the Issuer and each Noteholder, by its acceptance of its Note or in the case of
a Note Owner, acceptance of beneficial interest in a Note, will treat the Notes
as indebtedness of the Issuer and hereby instructs the Trustee to treat the
Notes as indebtedness of the Issuer for federal and state tax reporting
purposes.

         SECTION 3.23 REPRESENTATIONS AND WARRANTIES OF THE ISSUER.

                  The Issuer hereby makes the following representations and
warranties as to the Trust Estate to the Note Insurer and the Trustee for the
benefit of the Noteholders:

                           (i) CREATION OF SECURITY INTEREST. This Indenture
                  creates a valid and continuing security interest (as defined
                  in the UCC) in the Trust Estate in favor of the Trustee for
                  the benefit of the Noteholders and the Note Insurer, which
                  security interest is prior to all other Liens and is
                  enforceable as such as against creditors of and purchasers
                  from the Issuer.

                           (ii) PERFECTION OF SECURITY INTEREST IN TRUST
                  PROPERTY. The Issuer has caused or will have caused, within 10
                  days of the Closing Date and each Subsequent Transfer Date,
                  the filing of all appropriate financing statements in the
                  proper filing office in the appropriate jurisdictions under
                  applicable law in order to perfect the security interest in
                  the Trust Estate Granted to the Trustee for the benefit of the
                  Noteholders and the Note Insurer hereunder.

                           (iii) NO OTHER SECURITY INTERESTS. Other than the
                  security interest Granted to the Trustee for the benefit of
                  the Noteholders and the Note Insurer hereunder, the Issuer has
                  not pledged, assigned, sold, granted a security interest in,
                  or otherwise conveyed any of the Trust Estate. The Issuer has
                  not authorized the filing of and is not aware of any financing
                  statements filed against the Issuer that include a description
                  of collateral covering the Trust Estate other than any
                  financing statement relating to the security interest Granted
                  to the Trustee for the benefit of the Noteholders and the Note
                  Insurer hereunder or that has been terminated. The Issuer is
                  not aware of any judgment or tax lien filings against the
                  Issuer.

                           (iv) NOTATIONS ON CONTRACTS; FINANCING STATEMENT
                  DISCLOSURE. The Servicer has in its possession copies of all
                  the original Contracts that constitute or evidence the Initial
                  Receivables and, from and after each Subsequent Transfer Date,

                                      -28-
<PAGE>

                  will have copies of all the original Contracts that constitute
                  or evidence the related Subsequent Receivables. The Contracts
                  that constitute or evidence the Receivables do not and will
                  not (in the case of the Subsequent Receivables) have any marks
                  or notations indicating that they have been pledged, assigned
                  or otherwise conveyed to any Person other than the Issuer
                  and/or the Trustee for the benefit of the Noteholders and the
                  Note Insurer. All financing statements filed or to be filed
                  against the Issuer in favor of the Trustee in connection
                  herewith describing the Trust Estate contain a statement to
                  the following effect: "A purchase of or security interest in
                  any collateral described in this financing statement will
                  violate the rights of Bank One Trust Company, N.A., as Trustee
                  and secured party."

                           (v) TITLE. Immediately prior to the Grant herein
                  contemplated, the Issuer had good and marketable title to each
                  Receivable and the other property Granted hereunder and was
                  the sole owner thereof, free and clear of all liens, claims,
                  encumbrances, security interests, and rights of others, and,
                  immediately upon the transfer thereof, the Trustee for the
                  benefit of the Noteholders and the Note Insurer shall have
                  good and marketable title to each such Receivable and other
                  property and will be the sole owner thereof, free and clear of
                  all liens, encumbrances, security interests, and rights of
                  others, and the transfer has been perfected under the UCC.

         The representations and warranties of the Issuer in this Section 3.23
may not be waived, modified or amended in any material respect without the prior
written consent of the Trustee, the Note Insurer and the Rating Agencies, and
shall survive the satisfaction and discharge of this Indenture.

                                   ARTICLE IV

                           Satisfaction and Discharge

         SECTION 4.1. 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 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under
Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Trustee payable to all or any of them, and the 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) all Notes theretofore authenticated and delivered (other
         than (i) Notes that have been destroyed, lost or stolen and that have
         been replaced or paid as provided in Section 2.5 and (ii) Notes 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 3.3) have
         been delivered to the Trustee for cancellation and the Note Policy has
         expired and been returned to the Note Insurer for cancellation;

                                      -29-
<PAGE>

                  (b) the Issuer has paid or caused to be paid all Insurer
         Secured Obligations and all Trustee Secured Obligations; and

                  (c) the Issuer has delivered to the Trustee and the Note
         Insurer an Officer's Certificate and an Opinion of Counsel, each
         meeting the applicable requirements of Section 11.1(a) and each stating
         that all conditions precedent herein provided for relating to the
         satisfaction and discharge of this Indenture have been complied with.

         SECTION 4.2. APPLICATION OF TRUST MONEY. All moneys deposited with the
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it,
in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Note Paying Agent, as the Trustee may
determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Trustee, of all sums due and
to become due thereon for principal and interest; but such moneys 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 4.3. REPAYMENT OF MONEYS HELD BY NOTE PAYING AGENT. In
connection with the satisfaction and discharge of this Indenture with respect to
the Notes, all moneys then held by any Note Paying Agent other than the Trustee
under the provisions of this Indenture with respect to such Notes shall, upon
demand of the Issuer, be paid to the Trustee to be held and applied according to
Section 3.3 and thereupon such Note Paying Agent shall be released from all
further liability with respect to such moneys.

                                    ARTICLE V

                                    Remedies

         SECTION 5.1. EVENTS OF DEFAULT.

                  (a) "Event of Default", wherever used herein, means 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 when the same becomes due and payable, and such default
                  shall continue for a period of five days (solely for purposes
                  of this clause, a payment on the Notes funded by the Note
                  Insurer or the Collateral Agent pursuant to the Master Spread
                  Account Agreement shall be deemed to be a payment made by the
                  Issuer); or

                           (ii) default in the payment of the principal of or
                  any installment of the principal of any Note when the same
                  becomes due and payable and such default shall continue for a
                  period of five days (solely for purposes of this clause, a
                  payment on the Notes funded by the Note Insurer or the
                  Collateral Agent pursuant to the Master Spread Account
                  Agreement, shall be deemed to be a payment made by the
                  Issuer); or

                                      -30-
<PAGE>

                           (iii) so long as an Insurer Default shall not have
                  occurred and be continuing, an Insurance Agreement Indenture
                  Cross Default shall have occurred; provided, however, that the
                  occurrence of an Insurance Agreement Indenture Cross Default
                  may not form the basis of an Event of Default unless the Note
                  Insurer shall, upon prior written notice to the Rating
                  Agencies, have delivered to the Issuer and the Trustee and not
                  rescinded a written notice specifying that such Insurance
                  Agreement Indenture Cross Default constitutes an Event of
                  Default under the Indenture; or

                           (iv) so long as an Insurer Default shall have
                  occurred and be continuing, default in the observance or
                  performance of any 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 elsewhere in this
                  Section specifically dealt with), or 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 such default shall continue or not be cured, or the
                  circumstance or condition in respect of which such
                  misrepresentation or warranty was incorrect shall not have
                  been eliminated or otherwise cured, for a period of 30 days
                  (or for such longer period, not in excess of 90 days, as may
                  be reasonably necessary to remedy such default; provided that
                  such default is capable of remedy within 90 days or less and
                  the Servicer on behalf of the Owner Trustee delivers an
                  Officer's Certificate to the Trustee to the effect that the
                  Issuer has commenced, or will promptly commence and diligently
                  pursue, all reasonable efforts to remedy such default) after
                  there shall have been given, by registered or certified mail,
                  to the Issuer by the Trustee or to the Issuer and the Trustee
                  by the Holders of at least 25% of the Outstanding Amount of
                  each class of Notes, a written notice specifying such default
                  or incorrect representation or warranty and requiring it to be
                  remedied and stating that such notice is a "Notice of Default"
                  hereunder; or

                           (v) so long as an Insurer Default shall have occurred
                  and be continuing, 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, which decree or order shall remain unstayed and in
                  effect for a period of 60 consecutive days; or

                           (vi) so long as an Insurer Default shall have
                  occurred and be continuing, 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

                                      -31-
<PAGE>

                  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 action by the Issuer
                  in furtherance of any of the foregoing.

                  (b) The Issuer shall deliver to the Trustee and the Note
         Insurer, 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 and the lapse of time would become an Event of Default
         under clause (iii), its status and what action the Issuer is taking or
         proposes to take with respect thereto.

         SECTION 5.2. RIGHTS UPON EVENT OF DEFAULT.

                  (a) So long as no Insurer Default has occurred and is
         continuing, if an Event of Default shall have occurred and be
         continuing, then the Note Insurer shall have the right, but not the
         obligation, upon prior written notice to each Rating Agency, to declare
         by written notice to the Issuer and the Trustee that the Notes become
         immediately due and payable, and upon any such declaration the unpaid
         principal amount of the Notes, together with accrued and unpaid
         interest thereon, shall become immediately due and payable. The Trustee
         will have no discretion with respect to the acceleration of the Notes
         under the foregoing circumstances. If an Event of Default shall have
         occurred and be continuing, the Controlling Party may exercise any of
         the remedies specified in Section 5.4. In the event of any acceleration
         of the Notes, the Trustee shall continue to make claims under the
         Policy pursuant to the Sale and Servicing Agreement for Scheduled
         Payments on the Notes. Subject to the terms of the Note Policy,
         payments under the Note Policy following acceleration of any Notes
         shall be applied by the Trustee:

                           FIRST: to Noteholders for amounts due and unpaid on
                  the Notes for interest, ratably, without preference or
                  priority of any kind, according to the amounts due and payable
                  on the Notes for interest;

                           SECOND: to the Noteholders for amounts due and unpaid
                  on the Notes for principal, the Class A Noteholders'
                  Percentage of the Principal Distributable Amount,
                  sequentially, to pay principal of the Class A-1 Notes until
                  the outstanding principal amount of the Class A-1 Notes has
                  been reduced to zero, then to pay principal of the Class A-2
                  Notes until the outstanding principal amount of the Class A-2
                  Notes has been reduced to zero.

                  (b) In the event any Notes are accelerated due to an Event of
         Default, the Note Insurer shall have the right (in addition to its
         obligation to pay Scheduled Payments on the Notes in accordance with
         the Note Policy), but not the obligation, to make payments under the

                                      -32-
<PAGE>

         Note Policy or otherwise of interest and principal due on such Notes,
         in whole or in part, on any date or dates following such acceleration
         as the Note Insurer, in its sole discretion, shall elect.

                  (c) If an Insurer Default shall have occurred and be
         continuing and an Event of Default shall have occurred and be
         continuing, the Trustee in its discretion may, or if so requested in
         writing by Holders holding Notes representing not less than a majority
         of the Outstanding Amount of each class of Notes, declare by written
         notice to the Issuer that the Notes become, whereupon they shall
         become, immediately due and payable at par, together with accrued
         interest thereon.

                  (d) If an Insurer Default shall have occurred and be
         continuing, then at any time after such declaration of acceleration of
         maturity has been made and before a judgment or decree for payment of
         the money due has been obtained by the Trustee as hereinafter in this
         Article V provided, the Holders of Notes representing a majority of the
         Outstanding Amount of each class of Notes, by written notice to the
         Issuer and the Trustee, may rescind and annul such declaration and its
         consequences if:

                           (i) the Issuer has paid or deposited with the Trustee
                  a sum sufficient to pay

                                    (A) all payments of principal of and
                           interest on all Notes and all other amounts that
                           would then be due hereunder or upon such Notes if the
                           Event of Default giving rise to such acceleration had
                           not occurred; and

                                    (B) all sums paid or advanced by the Trustee
                           hereunder and the reasonable compensation, expenses,
                           disbursements and advances of the Trustee and its
                           agents and counsel; 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 5.13.

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

         SECTION 5.3. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE.

                  (a) The Issuer covenants that if (i) default is made in the
         payment of any interest on any Note when the same becomes due and
         payable, and such default continues for a period of five days, or (ii)
         default is made in the payment of the principal of or any installment
         of the principal of any Note when the same becomes due and payable and
         such default continues for a period of five days, the Issuer will, upon
         demand of the Trustee, pay to it, for the benefit of the Holders of the
         Notes, the whole amount then due and payable on such Notes for
         principal and interest, with interest upon the overdue principal, and,
         to the extent payment 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
         Trustee and its agents and counsel.

                                      -33-
<PAGE>

                  (b) Each Issuer Secured Party hereby irrevocably and
         unconditionally appoints the Controlling Party as the true and lawful
         attorney-in-fact of such Issuer Secured Party for so long as such
         Issuer Secured Party is not the Controlling Party, with full power of
         substitution, to execute, acknowledge and deliver any notice, document,
         certificate, paper, pleading or instrument and to do in the name of the
         Controlling Party as well as in the name, place and stead of such
         Issuer Secured Party such acts, things and deeds for or on behalf of
         and in the name of such Issuer Secured Party under this Indenture
         (including specifically under Section 5.4) and under the Basic
         Documents which such Issuer Secured Party could or might do or which
         may be necessary, desirable or convenient in such Controlling Party's
         sole discretion to effect the purposes contemplated hereunder and under
         the Basic Documents and, without limitation, following the occurrence
         of an Event of Default, exercise full right, power and authority to
         take, or defer from taking, any and all acts with respect to the
         administration, maintenance or disposition of the Trust Estate.

                  (c) If an Event of Default occurs and is continuing, the
         Trustee may in its discretion subject to the consent of the Controlling
         Party and shall, at the direction of the Controlling Party (except as
         provided in Section 5.3(d) below), proceed to protect and enforce its
         rights and the rights of the Noteholders by such appropriate
         Proceedings as the Trustee or the Controlling Party shall deem most
         effective to protect and enforce any such rights, whether for the
         specific enforcement of any covenant or agreement in this 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 Trustee
         by this Indenture or by law.

                  (d) In case 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 in case a receiver,
         assignee or trustee in bankruptcy or reorganization, liquidator,
         sequestrator or similar official shall have been appointed for or taken
         possession of the Issuer or its property or such other obligor or
         Person, or in case of 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 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 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
                  Trustee (including any claim for reasonable compensation to
                  the Trustee and each predecessor Trustee, and their respective

                                      -34-
<PAGE>

                  agents, attorneys and counsel, and for reimbursement of all
                  expenses and liabilities incurred, and all advances made, by
                  the Trustee and each predecessor Trustee, except as a result
                  of negligence, bad faith or willful misconduct) and of the
                  Noteholders allowed in such proceedings;

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

                           (iii) to collect and receive any moneys or other
                  property payable or deliverable on any such claims and to
                  distribute all amounts received with respect to the claims of
                  the Noteholders and of the 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 Trustee or the Holders of Notes allowed in
                  any judicial 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
         such Noteholders to make payments to the Trustee, and, in the event
         that the Trustee shall consent to the making of payments directly to
         such Noteholders, to pay to the Trustee such amounts as shall be
         sufficient to cover reasonable compensation to the Trustee, each
         predecessor Trustee and their respective agents, attorneys and counsel,
         and all other expenses and liabilities incurred, and all advances made,
         by the Trustee and each predecessor Trustee except as a result of
         negligence or bad faith.

                  (e) Nothing herein contained shall be deemed to authorize the
         Trustee to authorize or consent to or vote for or accept or adopt on
         behalf of any Noteholder any plan of reorganization, arrangement,
         adjustment or composition affecting the Notes or the rights of any
         Holder thereof or to authorize the 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, the Master Spread Account Agreement or under any of the
         Notes, may be enforced by the Trustee without the possession of any of
         the Notes or the production thereof in any trial or other proceedings
         relative thereto, and any such action or proceedings instituted by the
         Trustee shall be brought in its own name as trustee of an express
         trust, and any recovery of judgment, subject to the payment of the
         expenses, disbursements and compensation of the Trustee, each
         predecessor Trustee and their respective agents and attorneys, shall be
         for the ratable benefit of the Holders of the Notes.

                  (g) In any proceedings brought by the Trustee (and also any
         proceedings involving the interpretation of any provision of this
         Indenture or the Master Spread Account Agreement), the Trustee shall be
         held to represent all the Holders of the Notes, and it shall not be
         necessary to make any Noteholder a party to any such proceedings.

                                      -35-
<PAGE>

         SECTION 5.4. REMEDIES. If an Event of Default shall have occurred and
be continuing, the Controlling Party may do one or more of the following
(subject to Section 5.5):

                           (i) institute or direct the Trustee to 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 such Notes
                  moneys adjudged due;

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

                           (iii) exercise or direct the Trustee to 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 Trustee and the Holders of the Notes; and

                           (iv) sell or direct the Trustee to 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 if the
                  Trustee is the Controlling Party, the Trustee may not sell or
                  otherwise liquidate the Trust Estate following an Event of
                  Default unless

         (A) such Event of Default is of the type described in Section 5.1(a)(i)
or (ii), or

         (B) either

                           (x) the Holders of 100% of the Outstanding Amount of
                  the Notes consent thereto, or

                           (y) the proceeds of such sale or liquidation
                  distributable to the Noteholders are sufficient to discharge
                  in full all amounts then due and unpaid upon such Notes for
                  principal and interest.

         In determining such sufficiency or insufficiency with respect to clause
(y), the 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 5.5. OPTIONAL PRESERVATION OF THE RECEIVABLES. If the Trustee
is the Controlling Party and if the Notes have been declared to be due and
payable under Section 5.2 following an Event of Default and such declaration and
its consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to maintain possession of the Trust Estate. 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 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 Trustee may, but need not, obtain and rely upon an opinion

                                      -36-
<PAGE>

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 5.6. PRIORITIES.

         (a) Following (1) the acceleration of the Notes pursuant to Section 5.2
or (2) if an Insurer Default shall have occurred and be continuing, the
occurrence of an Event of Default pursuant to Section 5.1(a)(i), 5.1(a)(ii),
5.1(a)(iv), 5.1(a)(v) or 5.1(a)(vi) of this Indenture, the Total Distribution
Amount, including any money or property collected pursuant to Section 5.4 of
this Indenture shall be applied by the Trustee on the related Payment Date in
the following order of priority:

                           FIRST: amounts due and owing and required to be
                  distributed to the Servicer, the Standby Servicer, the Backup
                  Servicer, the Owner Trustee, the Trustee and the Collateral
                  Agent, respectively, pursuant to priorities (i) through (vi)
                  of Section 5.7(a) of the Sale and Servicing Agreement and not
                  previously distributed, in the order of such priorities and
                  without preference or priority of any kind within such
                  priorities;

                           SECOND: to Noteholders for amounts due and unpaid on
                  the Notes for interest, ratably, without preference or
                  priority of any kind, according to the amounts due and payable
                  on the Notes for interest;

                           THIRD: to the Noteholders for amounts due and unpaid
                  on the Notes for principal, the Class A Noteholders'
                  Percentage of the Principal Distributable Amount,
                  sequentially, to pay principal of the Class A-1 Notes until
                  the outstanding principal amount of the Class A-1 Notes has
                  been reduced to zero, then to pay principal of the Class A-2
                  Notes until the outstanding principal amount of the Class A-2
                  Notes has been reduced to zero.

                           FOURTH: amounts due and owing and required to be
                  distributed to the Note Insurer pursuant to priority (ix) of
                  Section 5.7(a) of the Sale and Servicing Agreement and not
                  previously distributed);

                           FIFTH: in the event any Person other than the Backup
                  Servicer or the Standby Servicer becomes the successor
                  Servicer, to such successor Servicer, to the extent not
                  previously paid by the predecessor Servicer pursuant to the
                  Sale and Servicing Agreement, reasonable transition expenses
                  (up to a maximum of $50,000 for all such expenses) incurred in
                  becoming the successor Servicer; and

                           SIXTH: to the Collateral Agent to be applied as
                  provided in the Master Spread Account Agreement.

         provided that any amounts collected from the Pre-Funding Account or the
         Interest Reserve Account shall be applied solely to the payment of
         amounts due and unpaid on the Notes for principal for distribution to
         Noteholders FIRST, in accordance with Section 10.1(b) and SECOND, in
         accordance with Section 5.7(b) of the Sale and Servicing Agreement and
         THIRD, in accordance with priorities FIRST through SIXTH above.

                                      -37-
<PAGE>

                  (b) The Trustee may fix a record date and payment date for any
         payment to Noteholders pursuant to this Section. At least 15 days
         before such record date the Issuer shall mail to each Noteholder and
         the Trustee a notice that states such record date, the payment date and
         the amount to be paid.

         SECTION 5.7 LIMITATION OF SUITS. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

                           (ii) the Holders of not less than 25% of the
                  Outstanding Amount of each class of Notes have made written
                  request to the Trustee to institute such proceeding in respect
                  of such Event of Default in its own name as Trustee hereunder;

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

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

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

                           (vi) an Insurer Default shall have occurred and be
                  continuing;

         it being understood and intended that no one or more Holders of Notes
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 Holders of Notes or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in
the manner herein provided.

         In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority of the Outstanding Amount of each class of
Notes, the Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.

         SECTION 5.8 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 or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after 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.

                                      -38-
<PAGE>

         SECTION 5.9 RESTORATION OF RIGHTS AND REMEDIES. If the Controlling
Party 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 Trustee or to
such Noteholder, then and in every such case the Issuer, the 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 Trustee and the Noteholders shall continue as
though no such proceeding had been instituted.

         SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Controlling Party or to 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 5.11 DELAY OR OMISSION NOT A WAIVER. No delay or omission of
the Controlling Party or any Holder of any Note 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 an
acquiescence therein. Every right and remedy given by this Article V or by law
to the Trustee or to the Noteholders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Noteholders, as the
case may be.

         SECTION 5.12 CONTROL BY NOTEHOLDERS. If the Trustee is the Controlling
Party, the Holders of a majority of the Outstanding Amount of the Notes shall
have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to the Notes or exercising
any trust or power conferred on the Trustee; provided that

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

                           (ii) subject to the express terms of Section 5.4, any
                  direction to the Trustee to sell or liquidate the Trust Estate
                  shall be by the Holders of Notes representing not less than
                  100% of the Outstanding Amount of the Notes;

                           (iii) if the conditions set forth in Section 5.5 have
                  been satisfied and the Trustee elects to retain the Trust
                  Estate pursuant to such Section, then any direction to the
                  Trustee by Holders of Notes representing less than 100% of the
                  Outstanding Amount of each class of Notes to sell or liquidate
                  the Trust Estate shall be of no force and effect; and

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

                                      -39-
<PAGE>

         provided, however, that, subject to Section 6.1, the Trustee need not
take any action that it determines might involve it in liability or might
materially adversely affect the rights of any Noteholders not consenting to such
action.

         SECTION 5.13 WAIVER OF PAST DEFAULTS. If an Insurer Default shall have
occurred and be continuing, prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.4, the Holders of Notes of not
less than a majority of the Outstanding Amount of the Notes may 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 which cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver,
the Issuer, the Trustee and the Holders of the Notes 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 5.14 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 Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a)
any suit instituted by the Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of each class of Notes or (c) any suit instituted by 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 5.15 WAIVER OF STAY OR EXTENSION LAWS. The Issuer covenants (to
the extent that it may lawfully do so) that it will 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 waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power and any right of the Issuer to take
such action shall be suspended.

         SECTION 5.16 SUBROGATION. The Note Insurer shall, to the extent it
makes any payment with respect to the Notes, become subrogated to the rights of
the recipients of such payments to the extent of such payments. Subject to and

                                      -40-
<PAGE>

conditioned upon any payment with respect to the Notes by or on behalf of the
Note Insurer, each Noteholder shall be deemed, without further action to have
directed the Trustee to assign to the Note Insurer all rights to the payment of
interest or principal with respect to the Notes which are then due for payment
to the extent of all payments made by the Note Insurer and the Note Insurer may
exercise any option, vote, right, power or the like with respect to the Notes to
the extent that it has made payment pursuant to the Note Policy. Notwithstanding
the foregoing, the order of priority of payments to be made pursuant to Section
5.7(a) of the Sale and Servicing Agreement shall not be modified by this clause.
To evidence such subrogation, the Note Registrar shall note the Note Insurer's
rights as subrogee upon the register of Noteholders upon receipt from the Note
Insurer of proof of payment by the Note Insurer of any Noteholders' Interest
Distributable Amount or Noteholders' Principal Distributable Amount.

         SECTION 5.17 PREFERENCE CLAIMS; DIRECTION OF PROCEEDINGS. (a) In the
event that the Trustee has received a certified copy of an order of the
appropriate court that any Scheduled Payment paid on a Note has been avoided in
whole or in part as a preference payment under applicable bankruptcy law, the
Trustee shall so notify the Note Insurer, shall comply with the provisions of
the Note Policy to obtain payment by the Note Insurer of such avoided payment,
and shall, at the time it provides notice to the Note Insurer, notify Holders of
the Notes by mail that, in the event that any Noteholder's payment is so
recoverable, such Noteholder will be entitled to payment pursuant to the terms
of the Note Policy. Pursuant to the terms of the Policy, the Note Insurer will
make such payment on behalf of the Noteholder to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order (as defined in
the Policy) and not to the Trustee or any Noteholder directly (unless a
Noteholder has previously paid such payment to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy, in which case the Note Insurer
will make such payment to the Trustee for payment, in accordance with the
instructions to be provided by the Note Insurer, to such Noteholder upon proof
of such payment reasonably satisfactory to the Note Insurer).

         (b) Each Notice of Claim shall provide that the Trustee, on its behalf
and on behalf of the Noteholders, thereby appoints the Note Insurer as agent and
attorney-in-fact for the Trustee and each Noteholder in any legal proceeding
with respect to the Notes. The Trustee shall promptly notify the Note Insurer of
any proceeding or the institution of any action (of which a Responsible Officer
of the Trustee has actual knowledge) seeking the avoidance as a preferential
transfer under applicable bankruptcy, insolvency, receivership, rehabilitation
or similar law (a "Preference Claim") of any payment made with respect to the
Notes. Each Holder of the Notes, by its purchase of Notes, and the Trustee
hereby agree that so long as a Note Insurer Default shall not have occurred and
be continuing, the Note Insurer may at any time during the continuation of any
proceeding relating to a Preference Claim direct all matters relating to such
Preference Claim including, without limitation, (i) the direction of any appeal
of any order relating to any Preference Claim and (ii) the posting of any
surety, supersedeas or performance bond pending any such appeal at the expense
of the Note Insurer, but subject to the reimbursement as provided in the
Insurance Agreement. In addition, and without limitation of the foregoing, the
Note Insurer shall be subrogated to, and each Noteholder and the Trustee hereby
delegate and assign, to the fullest extent permitted by law, the rights of the
Trustee and each Noteholder in the conduct of any proceeding with respect to a

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<PAGE>

Preference Claim, including, without limitation, all rights of any party to an
adversary proceeding action with respect to any court order issued in connection
with any such Preference Claim.

                                   ARTICLE VI

                                   The Trustee

         SECTION 6.1 DUTIES OF TRUSTEE.

                  (a) If an Event of Default has occurred and is continuing, the
         Trustee shall exercise the rights and powers vested in it by this
         Indenture and the Basic Documents 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.

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

                           (i) the 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 Trustee; and

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

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

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

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

                           (iii) the 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
                  5.12.

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

                  (e) Money held in trust by the Trustee need not be segregated
         from other funds except to the extent required by law or the terms of
         the Basic Documents.

                                      -42-
<PAGE>

                  (f) No provision of this Indenture shall require the Trustee
         in any of its capacities 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, if it
         shall have reasonable grounds to believe that repayment of such funds
         or adequate indemnity against such risk or liability is not reasonably
         assured to it.

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

                  (h) The Trustee shall permit any representative of the Note
         Insurer, during the Trustee's normal business hours, to examine all
         books of account, records, reports and other papers of the Trustee
         relating to the Notes, to make copies and extracts therefrom and to
         discuss the Trustee's affairs and actions, as such affairs and actions
         relate to the Trustee's duties with respect to the Notes, with the
         Trustee's officers and employees responsible for carrying out the
         Trustee's duties with respect to the Notes.

                  (i) The Trustee shall, and hereby agrees that it will, perform
         all of the obligations and duties required of it under the Basic
         Documents.

                  (j) The Trustee shall, and hereby agrees that it will, hold
         the Note Policy in trust, and will hold any proceeds of any claim on
         the Note Policy in trust solely for the use and benefit of the
         Noteholders.

                  (k) In no event shall Bank One Trust Company, N.A., in any of
         its capacities hereunder, be deemed to have assumed any duties of the
         Owner Trustee under the Delaware Business Trust Statute, common law, or
         the Trust Agreement.

                  (l) Except for actions expressly authorized by this Indenture,
         the Trustee shall take no action reasonably likely to impair the
         security interests created or existing under any Receivable or Financed
         Vehicle or to impair the value of any Receivable or Financed Vehicle.

                  (m) All information obtained by the Trustee regarding the
         Obligors and the Receivables, whether upon the exercise of its rights
         under this Indenture or otherwise, shall be maintained by the Trustee
         in confidence and shall not be disclosed to any other Person, other
         than the Trustee's attorneys, accountants and agents unless such
         disclosure is required by this Indenture or any applicable law or
         regulation.

         SECTION 6.2 RIGHTS OF TRUSTEE.

                  (a) Subject to Sections 6.1 and 6.2, the Trustee shall be
         protected and shall incur no liability to the Issuer or any Issuer
         Secured Party in relying upon the accuracy, acting in reliance upon the
         contents, and assuming the genuineness of any notice, demand,
         certificate, signature, instrument or other document reasonably
         believed by the Trustee to be genuine and to have been duly executed by

                                      -43-
<PAGE>

         the appropriate signatory, and, except to the extent the Trustee has
         actual knowledge to the contrary or as required pursuant to Section 6.1
         or Section 6.2(g) the Trustee shall not be required to make any
         independent investigation with respect thereto.

                  (b) Before the Trustee acts or refrains from acting, it may
         require an Officer's Certificate. Subject to Section 6.1(c), the
         Trustee shall not be liable for any action it takes or omits to take in
         good faith in reliance on the Officer's Certificate.

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

                  (d) The 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 the Trustee's
         conduct does not constitute wilful misconduct, negligence or bad faith.

                  (e) The 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 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 Trustee shall be under no obligation to institute,
         conduct or defend any litigation under this Indenture or in relation to
         this Indenture, at the request, order or direction of any of the
         Holders of Notes or the Controlling Party, pursuant to the provisions
         of this Indenture, unless such Holders of Notes or the Controlling
         Party shall have offered to the Trustee reasonable security or
         indemnity against the costs, expenses and liabilities that may be
         incurred therein or thereby; provided, however, that the Trustee shall,
         upon the occurrence of an Event of Default (that has not been cured),
         exercise the rights and powers vested in it by this Indenture in
         accordance with Section 6.1.

                  (g) The Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, approval, bond or other paper or document, unless requested in
         writing to do so by the Note Insurer (so long as no Insurer Default
         shall have occurred and be continuing) or (if an Insurer Default shall
         have occurred and be continuing) by the Holders of Notes evidencing not
         less than 25% of the Outstanding Amount of each class thereof;
         provided, however, that if the payment within a reasonable time to the
         Trustee of the costs, expenses or liabilities likely to be incurred by
         it in the making of such investigation is, in the opinion of the
         Trustee, not reasonably assured to the Trustee by the security afforded
         to it by the terms of this Indenture or the Sale and Servicing
         Agreement, the Trustee may require reasonable indemnity against such
         cost, expense or liability as a condition to so proceeding; the
         reasonable expense of every such examination shall be paid by the
         Person making such request, or, if paid by the Trustee, shall be
         reimbursed by the Person making such request upon demand.

                                      -44-
<PAGE>

         SECTION 6.3 INDIVIDUAL RIGHTS OF TRUSTEE. The 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 the Trustee. Any Note Paying Agent, Note Registrar, co-registrar or
co-paying agent may do the same with like rights. However, the Trustee must
comply with Sections 6.11 and 6.12.

         SECTION 6.4 TRUSTEE'S DISCLAIMER. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this
Indenture, the Trust Estate, the Collateral or the Notes, it shall not be
accountable for the Issuer's use of the proceeds from the Notes, and it shall
not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Trustee's certificate of authentication.

         SECTION 6.5 NOTICE OF DEFAULTS. If an Event of Default occurs and is
continuing and if it is either known by, or written notice of the existence
thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee
shall mail to each Noteholder notice of the Default within 30 days after such
knowledge or notice 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, if any), the 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 6.6 REPORTS BY TRUSTEE TO HOLDERS. The Trustee shall on behalf
of the Issuer deliver to each Noteholder such information as may be reasonably
required to enable such Holder to prepare its Federal and state income tax
returns.

         SECTION 6.7 COMPENSATION AND INDEMNITY.

                  (a) Pursuant to Section 5.7(a) of the Sale and Servicing
         Agreement, the Issuer shall pay to the Trustee from time to time
         compensation for its services. The Trustee's compensation shall not be
         limited by any law on compensation of a trustee of an express trust.
         The Issuer shall reimburse the Trustee, pursuant to Section 5.7(a) of
         the Sale and Servicing Agreement, for all reasonable out-of-pocket
         expenses incurred or made by it, including costs of collection, in
         addition to the compensation for its services. Such expenses shall
         include the reasonable compensation and expenses, disbursements and
         advances of the Trustee's agents, counsel, accountants and experts. The
         Issuer shall or shall cause the Servicer to indemnify the Trustee
         against any and all loss, liability or expense incurred by the Trustee
         without willful misfeasance, negligence or bad faith on the Trustee's
         part arising out of or in connection with the acceptance or the
         administration of this trust and the performance of its duties
         hereunder, including the costs and expenses of defending itself against
         any claim or liability in connection therewith. The Trustee shall
         notify the Issuer and the Servicer promptly of any claim for which it
         may seek indemnity. Failure by the Trustee to so notify the Issuer and
         the Servicer shall not relieve the Issuer of its obligations hereunder
         or the Servicer of its obligations under Article XII of the Sale and
         Servicing Agreement. The Trustee may have separate counsel and the
         Issuer shall or shall cause the Servicer to pay the fees and expenses
         of such counsel. Neither the Issuer nor the Servicer need reimburse any

                                      -45-
<PAGE>

         expense or indemnify against any loss, liability or expense incurred by
         the Trustee through the Trustee's own wilful misconduct, negligence or
         bad faith.

                  (b) The Issuer's payment obligations to the Trustee pursuant
         to this Section shall survive the discharge of this Indenture. When the
         Trustee incurs expenses after the occurrence of a Default specified in
         Section 5.1(a)(v) or (vi) with respect to the Issuer, the expenses are
         intended to constitute expenses of administration under Title 11 of the
         United States Code or any other applicable Federal or state bankruptcy,
         insolvency or similar law. Notwithstanding anything else set forth in
         this Indenture or the Basic Documents, the recourse of the Trustee
         hereunder and under the Basic Documents shall be to the Trust Estate
         only and specifically shall not be recourse to the assets of the
         Depositor or any Noteholder. In addition, the Trustee agrees that its
         recourse to the Issuer, the Trust Estate, the Seller and amounts held
         pursuant to the Master Spread Account Agreement shall be limited to the
         right to receive the distributions referred to in Section 5.7(a) of the
         Sale and Servicing Agreement.

         SECTION 6.8 REPLACEMENT OF TRUSTEE. The Issuer may, with the consent of
the Note Insurer, and at the request of the Note Insurer (unless an Insurer
Default shall have occurred and be continuing), shall, remove the Trustee if:

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

                           (ii) a court having jurisdiction in the premises in
                  respect of the Trustee in an involuntary case or proceeding
                  under federal or state banking or bankruptcy laws, as now or
                  hereafter constituted, or any other applicable federal or
                  state bankruptcy, insolvency or other similar law, shall have
                  entered a decree or order granting relief or appointing a
                  receiver, liquidator, assignee, custodian, trustee,
                  conservator, sequestrator (or similar official) for the
                  Trustee or for any substantial part of the Trustee's property,
                  or ordering the winding-up or liquidation of the Trustee's
                  affairs;

                           (iii) an involuntary case under the federal
                  bankruptcy laws, as now or hereafter in effect, or another
                  present or future federal or state bankruptcy, insolvency or
                  similar law is commenced with respect to the Trustee and such
                  case is not dismissed within 60 days;

                           (iv) the Trustee commences a voluntary case under any
                  federal or state banking or bankruptcy laws, as now or
                  hereafter constituted, or any other applicable federal or
                  state bankruptcy, insolvency or other similar law, or consents
                  to the appointment of or taking possession by a received,
                  liquidator, assignee, custodian, trustee, conservator or
                  sequestrator (or other similar official) for the Trustee or
                  for any substantial part of the Trustee's property, or makes
                  any assignment for the benefit of creditors or fails generally
                  to pay its debts as such debts become due or takes any
                  corporate action in furtherances of any of the foregoing; or

                           (v) the Trustee otherwise becomes incapable of
                  acting.

                                      -46-
<PAGE>

         If the Trustee resigns or is removed or if a vacancy exists in the
office of THE Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee acceptable to the Note Insurer (so long as an Insurer Default
shall not have occurred and be continuing). If the Issuer fails to appoint such
a successor Trustee, the Note Insurer may appoint a successor Trustee.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Note Insurer (provided that no Insurer
Default shall have occurred and be continuing) and the Issuer, whereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture, subject to satisfaction of the Rating Agency
Condition. The successor Trustee shall mail a notice of its succession to each
Noteholder. The retiring Trustee shall promptly transfer all property held by it
as Trustee to the successor Trustee.

         If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, the
Note Insurer or the Holders of a majority in outstanding Amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 6.8.

         Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer's and the Servicer's obligations under Section 6.7 shall
continue for the benefit of the retiring Trustee.

         SECTION 6.9 SUCCESSOR TRUSTEE BY MERGER.

                  (a) If the 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 without any further act shall be
         the successor Trustee. The Trustee shall provide the Rating Agencies
         and the Note Insurer prior written notice of any such transaction.

                  (b) In case at the time such successor or successors to the
         Trustee by merger, conversion or consolidation 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 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 successor to the
         Trustee may authenticate such Notes either in the name of any
         predecessor hereunder or in the name of the successor to the Trustee;
         and in all such cases such certificates shall have the full force which
         it is anywhere in the Notes or in this Indenture provided that the
         certificate of the Trustee shall have.

         SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

                  (a) Notwithstanding any other provisions of this Indenture, at
         any time, for the purpose of meeting any legal requirement of any

                                      -47-
<PAGE>

         jurisdiction in which any part of the Trust may at the time be located,
         the Trustee with the consent of the Note Insurer (so long as an Insurer
         Default shall not have occurred and be continuing) shall have the power
         and may execute and deliver all instruments to appoint one or more
         Persons to act as a co-trustee or co-trustees, or separate trustee or
         separate trustees, of all or any part of the Trust, and to vest in such
         Person or Persons, in such capacity and for the benefit of the
         Noteholders, such title to the Trust, or any part hereof, and, subject
         to the other provisions of this Section, such powers, duties,
         obligations, rights and trusts as the Trustee may consider necessary or
         desirable. No co-trustee or separate trustee hereunder shall be
         required to meet the terms of eligibility as a successor trustee under
         Section 6.11 and no notice to Noteholders of the appointment of any
         co-trustee or separate trustee shall be required under Section 6.8
         hereof.

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

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

                           (ii) no trustee hereunder shall be personally liable
                  by reason of any act or omission of any other trustee
                  hereunder, including acts or omissions of predecessor or
                  successor trustees; and

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

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

                  (d) Any separate trustee or co-trustee may at any time
         constitute the Trustee, its agent or attorney-in-fact with full power

                                      -48-
<PAGE>

         and authority, to the extent not prohibited by law, to do any lawful
         act under or in respect of this Agreement on its behalf and in its
         name. If any separate trustee or co-trustee shall die, dissolve, become
         insolvent, become incapable of acting, resign or be removed, all of its
         estates, properties, rights, remedies and trusts shall invest in and be
         exercised by the Trustee, to the extent permitted by law, without the
         appointment of a new or successor trustee.

         SECTION 6.11 ELIGIBILITY: DISQUALIFICATION. The Trustee shall at all
times 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 subject to
supervision or examination by federal or state authorities and satisfactory to
the Note Insurer; and having a rating, both with respect to long-term and
short-term unsecured obligations, of not less than investment grade by the
Rating Agencies. The Trustee shall provide copies of such reports to the Note
Insurer upon request.

         SECTION 6.12 RESERVED

         SECTION 6.13 APPOINTMENT AND POWERS. Subject to the terms and
conditions hereof, each of the Issuer Secured Parties hereby appoints Bank One
Trust Company, N.A. as the Trustee with respect to the Collateral, and Bank One
Trust Company, N.A. hereby accepts such appointment and agrees to act as Trustee
with respect to the Collateral for the Issuer Secured Parties, to maintain
custody and possession of such Collateral (except as otherwise provided
hereunder) and to perform the other duties of the Trustee in accordance with the
provisions of this Indenture and the other Basic Documents. Each Issuer Secured
Party hereby authorizes the Trustee to take such action on its behalf, and to
exercise such rights, remedies, powers and privileges hereunder, as the
Controlling Party may direct and as are specifically authorized to be exercised
by the Trustee by the terms hereof, together with such actions, rights,
remedies, powers and privileges as are reasonably incidental thereto. The
Trustee shall act upon and in compliance with the written instructions of the
Controlling Party delivered pursuant to this Indenture promptly following
receipt of such written instructions; provided that the Trustee shall not act in
accordance with any instructions (i) which are not authorized by, or in
violation of the provisions of, this Indenture, (ii) which are in violation of
any applicable law, rule or regulation or (iii) for which the Trustee has not
received reasonable indemnity. Receipt of such instructions shall not be a
condition to the exercise by the Trustee of its express duties hereunder, except
where this Indenture provides that the Trustee is permitted to act only
following and in accordance with such instructions.

         SECTION 6.14 PERFORMANCE OF DUTIES. The Trustee shall have no duties or
responsibilities except those expressly set forth in this Indenture and the
other Basic Documents to which the Trustee is a party or as directed by the
Controlling Party in accordance with this Indenture. The Trustee shall not be
required to take any discretionary actions hereunder except at the written
direction and with the indemnification of the Controlling Party and as provided
in Section 5.12. The Trustee shall, and hereby agrees that it will, perform all
of the duties and obligations required of it under the Sale and Servicing
Agreement.

         SECTION 6.15 LIMITATION ON LIABILITY. Neither the Trustee nor any of
its directors, officers or employees shall be liable for any action taken or
omitted to be taken by it or them in good faith hereunder, or in connection
herewith, except that the Trustee shall be liable for its negligence, bad faith
or willful misconduct. Notwithstanding any term or provision of this Indenture,
the Trustee shall incur no liability to the Issuer or the Issuer Secured Parties

                                      -49-
<PAGE>

for any action taken or omitted by the Trustee in connection with the
Collateral, except for the negligence, bad faith or willful misconduct on the
part of the Trustee, and, further, shall incur no liability to the Issuer
Secured Parties except for negligence, bad faith or willful misconduct in
carrying out its duties to the Issuer Secured Parties. The Trustee shall at all
times be free independently to establish to its reasonable satisfaction, but
shall have no duty to independently verify, the existence or nonexistence of
facts that are a condition to the exercise or enforcement of any right or remedy
hereunder or under any of the Basic Documents. The Trustee may consult with
counsel, and shall not be liable for any action taken or omitted to be taken by
it hereunder in good faith and in accordance with the written advice of such
counsel. The Trustee shall not be under any obligation to exercise any of the
remedial rights or powers vested in it by this Indenture or to follow any
direction from the Controlling Party unless it shall have received reasonable
security or indemnity satisfactory to the Trustee against the costs, expenses
and liabilities which might be incurred by it.

         SECTION 6.16 RESERVED.

         SECTION 6.17 SUCCESSOR TRUSTEE.

                  (a) MERGER. Any Person into which the Trustee may be converted
         or merged, or with which it may be consolidated, or to which it may
         sell or transfer its trust business and assets as a whole or
         substantially as a whole, or any Person resulting from any such
         conversion, merger, consolidation, sale or transfer to which the
         Trustee is a party, shall (provided it is otherwise qualified to serve
         as the Trustee hereunder) be and become a successor Trustee hereunder
         and be vested with all of the title to and interest in the Collateral
         and all of the trusts, powers, descriptions, immunities, privileges and
         other matters as was its predecessor without the execution or filing of
         any instrument or any further act, deed or conveyance on the part of
         any of the parties hereto, anything herein to the contrary
         notwithstanding, except to the extent, if any, that any such action is
         necessary to perfect, or continue the perfection of, the security
         interest of the Issuer Secured Parties in the Collateral; provided that
         any such successor shall also be the successor Trustee under Section
         6.9.

                  (b) REMOVAL. The Trustee may be removed by the Note Insurer
         (or, if an Insurer Default has occurred and is continuing, by Holders
         of Notes evidencing more than 50% of the Outstanding Amount of the
         Notes) at any time, with or without cause, by an instrument or
         concurrent instruments in writing delivered to the Trustee, the other
         Issuer Secured Party and the Issuer. A temporary successor may be
         removed at any time to allow a successor Trustee to be appointed
         pursuant to subsection (c) below. Any removal pursuant to the
         provisions of this subsection (b) shall take effect only upon the date
         which is the latest of (i) the effective date of the appointment of a
         successor Trustee and the acceptance in writing by such successor
         Trustee of such appointment and of its obligation to perform its duties
         hereunder in accordance with the provisions hereof, and (ii) receipt by
         the Controlling Party of an Opinion of Counsel to the effect described
         in Section 3.6.

                  (c) ACCEPTANCE BY SUCCESSOR. The Controlling Party shall have
         the sole right to appoint each successor Trustee. Every temporary or
         permanent successor Trustee appointed hereunder shall execute,

                                      -50-
<PAGE>

         acknowledge and deliver to its predecessor and to the Trustee, each
         Issuer Secured Party and the Issuer an instrument in writing accepting
         such appointment hereunder and the relevant predecessor shall execute,
         acknowledge and deliver such other documents and instruments as will
         effectuate the delivery of all Collateral to the successor Trustee,
         whereupon such successor, without any further act, deed or conveyance,
         shall become fully vested with all the estates, properties, rights,
         powers, duties and obligations of its predecessor. Such predecessor
         shall, nevertheless, on the written request of either Issuer Secured
         Party or the Issuer, execute and deliver an instrument transferring to
         such successor all the estates, properties, rights and powers of such
         predecessor hereunder. In the event that any instrument in writing from
         the Issuer or an Issuer Secured Party is reasonably required by a
         successor Trustee to more fully and certainly vest in such successor
         the estates, properties, rights, powers, duties and obligations vested
         or intended to be vested hereunder in the Trustee, any and all such
         written instruments shall at the request of the temporary or permanent
         successor Trustee, be forthwith executed, acknowledged and delivered by
         the Trustee or the Issuer, as the case may be. The designation of any
         successor Trustee and the instrument or instruments removing any
         Trustee and appointing a successor hereunder, together with all other
         instruments provided for herein, shall be maintained with the records
         relating to the Collateral and, to the extent required by applicable
         law, filed or recorded by the successor Trustee in each place where
         such filing or recording is necessary to effect the transfer of the
         Collateral to the successor Trustee or to protect or continue the
         perfection of the security interests granted hereunder.

         SECTION 6.18 RESERVED.

         SECTION 6.19 REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE. The Trustee
represents and warrants to the Issuer and to each Issuer Secured Party as
follows:

                  (a) DUE ORGANIZATION. The Trustee is a national banking
         association, duly organized, validly existing and in good standing
         under the laws of the United States and is duly authorized and licensed
         under applicable law to conduct its business as presently conducted.

                  (b) CORPORATE POWER. The Trustee has all requisite right,
         power and authority to execute and deliver this Indenture and to
         perform all of its duties as Trustee hereunder.

                  (c) DUE AUTHORIZATION. The execution and delivery by the
         Trustee of this Indenture and the other Basic Documents to which it is
         a party, and the performance by the Trustee of its duties hereunder and
         thereunder, have been duly authorized by all necessary corporate
         proceedings and no further approvals or filings, including any
         governmental approvals, are required for the valid execution and
         delivery by the Trustee, or the performance by the Trustee, of this
         Indenture and such other Basic Documents.

                  (d) VALID AND BINDING INDENTURE. The Trustee has duly executed
         and delivered this Indenture and each other Basic Document to which it
         is a party, and each of this Indenture and each such other Basic

                                      -51-
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         Document constitutes the legal, valid and binding obligation of the
         Trustee, enforceable against the Trustee in accordance with its terms,
         except as (i) such enforceability may be limited by bankruptcy,
         insolvency, reorganization and similar laws relating to or affecting
         the enforcement of creditors' rights generally and (ii) the
         availability of equitable remedies may be limited by equitable
         principles of general applicability.

         SECTION 6.20 WAIVER OF SETOFFS. The Trustee hereby expressly waives any
and all rights of setoff that the Trustee may otherwise at any time have under
applicable law with respect to any Trust Account and agrees that amounts in the
Trust Accounts shall at all times be held and applied solely in accordance with
the provisions hereof.

         SECTION 6.21 CONTROL BY THE CONTROLLING PARTY. The Trustee shall comply
with notices and instructions given by the Issuer only if accompanied by the
written consent of the Controlling Party, except that if any Event of Default
shall have occurred and be continuing, the Trustee shall act upon and comply
with notices and instructions given by the Controlling Party alone in the place
and stead of the Issuer.

                                   ARTICLE VII

                         Noteholders' Lists and Reports

         SECTION 7.1 ISSUER TO FURNISH TO TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS. The Issuer will furnish or cause to be furnished to the Trustee (a)
not more than five days after the earlier of (i) each Record Date and (ii) three
months after the last Record Date, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Record
Date, (b) at such other times as the 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 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Note Registrar,
no such list shall be required to be furnished. The Trustee or, if the Trustee
is not the Note Registrar, the Issuer shall furnish to the Note Insurer in
writing on an annual basis on each March 31 and at such other times as the Note
Insurer may request a copy of the list.

         SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS.
The Trustee shall preserve, in as current a form as is reasonably practicable,
the names and addresses of the Holders contained in the most recent list
furnished to the Trustee as provided in Section 7.1 and the names and addresses
of Holders received by the Trustee in its capacity as Note Registrar. The
Trustee may destroy any list furnished to it as provided in such Section 7.1
upon receipt of a new list so furnished.

         SECTION 7.3 RESERVED

         SECTION 7.4 RESERVED

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                                  ARTICLE VIII

                Collection of Money and Releases of Trust Estate

         SECTION 8.1 COLLECTION OF MONEY. Except as otherwise expressly provided
herein, the 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
Trustee pursuant to this Indenture and the Sale and Servicing Agreement. The
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 or in the Sale and Servicing Agreement, 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 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 V.

         SECTION 8.2 RELEASE OF TRUST ESTATE.

                  (a) Subject to the payment of its fees and expenses pursuant
         to Section 6.7, the Trustee may, and when required by the provisions of
         this Indenture shall, execute instruments to release property from the
         lien of this Indenture, 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 Trustee as provided in this
         Article VIII shall be bound to ascertain the Trustee's authority,
         inquire into the satisfaction of any conditions precedent or see to the
         application of any moneys.

                  (b) The Trustee shall, at such time as there are no Notes
         outstanding and all sums due the Trustee pursuant to Section 6.7 have
         been paid, 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 Trust Accounts. The Trustee shall release property from the lien
         of this Indenture pursuant to this Section 8.2(b) only upon receipt of
         an Issuer Request accompanied by an Officer's Certificate and an
         Opinion of Counsel meeting the applicable requirements of Section 11.1.

         SECTION 8.3 OPINION OF COUNSEL. The Trustee shall receive at least
seven days' notice when requested by the Issuer to take any action pursuant to
Section 8.2(a), accompanied by copies of any instruments involved, and the
Trustee shall also require as a condition to such action, an Opinion of Counsel
in form and substance satisfactory to the Trustee, stating the legal effect of
any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been
complied with and such action will not materially and adversely affect 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

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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 Trustee in connection with any such action.

                                   ARTICLE IX

                             Supplemental Indentures

         SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.

                  (a) Without the consent of the Holders of any Notes but with
         the consent of the Note Insurer (unless an Insurer Default shall have
         occurred and be continuing) and with prior notice to the Rating
         Agencies by the Issuer, the Issuer and the Trustee, when authorized by
         an Issuer Order, at any time and from time to time, may enter into one
         or more indentures supplemental hereto (which shall conform to the
         provisions of the Trust Indenture Act as in force at the date of the
         execution thereof), in form satisfactory to the Trustee, for any of the
         following purposes; PROVIDED, however, if any party to this Indenture
         is unable to sign any supplemental indenture due to its dissolution,
         winding up or comparable circumstances, then the consent of the
         Noteholders representing at least 51% of the Outstanding Amount of each
         class of Notes shall be sufficient to amend this Indenture without such
         party's signature:

                           (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 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 Holders of the Notes, 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 Trustee;

                           (v) to cure any ambiguity, to correct or supplement
                  any provision herein or in any supplemental indenture which
                  may be inconsistent with any other provision herein or in any
                  supplemental indenture or to make any other provisions with
                  respect to matters or questions arising under this Indenture
                  or in any supplemental indenture; provided that such action
                  shall not adversely affect the interests of the Holders of the
                  Notes or the rating of the Notes; or

                           (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 VI.

                                      -54-
<PAGE>

         The 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 not inconsistent with the foregoing.

                  (b) The Issuer and the Trustee, when authorized by an Issuer
         Order, may, also without the consent of any of the Holders of the Notes
         but with prior notice to the Rating Agencies by the Issuer with the
         prior written consent of the Insurer (unless an Insurer Default shall
         have occurred and be continuing), enter into an indenture or 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 of modifying in any manner the rights of the Holders of
         the Notes under this Indenture; provided, however, that such action
         shall not, as evidenced by an Opinion of Counsel, adversely affect the
         interests of any Noteholder.

         SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies, with the consent of the Note Insurer (unless an
Insurer Default shall have occurred and be continuing) and with the consent of
the Holders of not less than a majority of the Outstanding Amount of each class
of Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter
into an indenture or 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 of modifying in any manner the rights of the
Holders of the Notes under this Indenture; PROVIDED, HOWEVER, if any party to
this Indenture is unable to sign any supplemental indenture due to its
dissolution, winding up or comparable circumstances, then the consent of the
Noteholders representing at least 51% of the Outstanding Amount of each class of
Notes shall be sufficient to amend this Indenture without such party's
signature; PROVIDED, FURTHER HOWEVER, that, subject to the express rights of the
Note Insurer under the Basic Documents, no such supplemental indenture shall,
without the consent of the Holder of each Outstanding Note affected thereby:

                           (i) change the date of payment of any installment of
                  principal of or interest on any Note, or reduce the principal
                  amount thereof, the interest rate thereon or the Redemption
                  Price with respect thereto, change the provision 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;

                           (ii) impair the right to institute suit for the
                  enforcement of the provisions of this Indenture requiring the
                  application of funds available therefor, as provided in
                  Article V, to the payment of any such 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);

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<PAGE>

                           (iii) reduce the percentage of the Outstanding Amount
                  of the Notes, the consent of the Holders of which is required
                  for any such supplemental indenture, or the consent of the
                  Holders of which is required for any waiver of compliance with
                  certain provisions of this Indenture or certain defaults
                  hereunder and their consequences provided for in this
                  Indenture;

                           (iv) modify or alter the provisions of the proviso to
                  the definition of the term "Outstanding";

                           (v) reduce the percentage of the Outstanding Amount
                  of the Notes required to direct the Trustee to direct the
                  Issuer to sell or liquidate the Trust Estate pursuant to
                  Section 5.4;

                           (vi) modify any provision of this Section except to
                  increase any percentage specified herein or to provide that
                  certain additional provisions of this Indenture or the Basic
                  Documents cannot be modified or waived without the consent of
                  the Holder of each Outstanding Note affected thereby;

                           (vii) modify any of the provisions of this Indenture
                  in such manner as to affect the calculation of the amount of
                  any payment of interest or principal due on any Note on any
                  Payment Date (including the calculation of any of the
                  individual components of such calculation) or as to affect the
                  rights of the Holders of Notes to the benefit of any
                  provisions for the mandatory redemption of the Notes contained
                  herein; or

                           (viii) 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 or in any of the Basic
                  Documents, terminate the lien of this Indenture on any
                  property at any time subject hereto or deprive the Holder of
                  any Note of the security provided by the lien of this
                  Indenture.

         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 Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Notes 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 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 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and subject to

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Sections 6.1 and 6.2, 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. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

         SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and 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
Trustee, the Issuer and the Holders of the Notes 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 9.5 RESERVED

         SECTION 9.6 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Issuer shall, bear a
notation in form approved by the Issuer as to any matter provided for in such
supplemental indenture. If the Issuer shall so determine, new Notes so modified
as to conform, in the opinion of the Issuer, to any such supplemental indenture
may be prepared and executed by the Issuer and authenticated and delivered by
the Trustee in exchange for Outstanding Notes.

                                    ARTICLE X

                               Redemption of Notes

         SECTION 10.1 REDEMPTION.

         (a) The Notes are subject to redemption in whole, but not in part, at
the direction of the Servicer pursuant to Section 11.1(a) of the Sale and
Servicing Agreement, on any Payment Date on which the Servicer exercises its
option to purchase the Trust Estate pursuant to said Section 11.1(a), for a
purchase price equal to the Redemption Price; provided, however, that the Issuer
has available funds sufficient to pay the Redemption Price. The Servicer or the
Issuer shall furnish the Note Insurer and the Rating Agencies notice of such
redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the
Servicer or the Issuer shall furnish notice of such election to the Trustee not
later than 35 days prior to the Redemption Date and the Issuer shall deposit
with the Trustee in the Note Distribution 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 10.2 to
each Holder of Notes.

         (b) In the event that on the Payment Date on or immediately following
the last day of the Funding Period, any portion of the Pre-Funded Amount remains
on deposit in the Pre-Funding Account after giving effect to the purchase of all
Subsequent Receivables, including any such purchase on such Payment Date, the
Class A-1 and Class A-2 Notes will be redeemed in part, on a pro rata basis, in
an aggregate principal amount equal to the Note Prepayment Amount.

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<PAGE>

         SECTION 10.2 FORM OF REDEMPTION NOTICE (a) Notice of redemption under
Section 10.1(a) shall be given by the Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed prior to the applicable Redemption
Date to each Holder of Notes, as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Holder's address appearing in
the Note Register.

         All notices of redemption shall state:

                           (i) the Redemption Date;

                           (ii) the Redemption Price;

                           (iii) that the Record Date otherwise applicable to
                  such Redemption Date is not applicable and that payments shall
                  be made only upon presentation and surrender of such Notes and
                  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 3.2);
                  and

                           (iv) that interest on the Notes shall cease to accrue
                  on the Redemption Date.

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

         (b) Prior notice of redemption under Section 10.1(b) is not required to
be given to Noteholders.

         SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1), 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.

                                   ARTICLE XI

                                  Miscellaneous

         SECTION 11.1 COMPLIANCE CERTIFICATES AND OPINIONS, ETC.

                  (a) Upon any application or request by the Issuer to the
         Trustee to take any action under any provision of this Indenture, the
         Issuer shall furnish to the Trustee and to the Note Insurer (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, and (ii) an Opinion of Counsel stating that in the

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<PAGE>

         opinion of such counsel all such conditions precedent, if any, have
         been complied with 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:

                                    (A) 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;

                                    (B) 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;

                                    (C) a statement that, in the opinion of each
                           such 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

                                    (D) a statement as to whether, in the
                           opinion of each such 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 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 11.1(a) or elsewhere in this Indenture, furnish to the
         Trustee and the Note Insurer an Officer's Certificate certifying or
         stating the opinion of each person signing such certificate as to the
         fair value (on the date 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 Trustee and the Note Insurer 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 deliver to the Trustee and the Note Insurer an
                  Independent Certificate as to the same matters, if the fair
                  value to the Issuer of the 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 delivered pursuant to clause (i) above and this
                  clause (ii) is 10% or more of the Outstanding Amount of the
                  Notes, but such a certificate need not be furnished with
                  respect to any 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% percent of
                  the Outstanding Amount of the Notes.

                           (iii) other than with respect to the release of any
                  Purchased Receivables or Liquidated Receivables, whenever any
                  property or securities are to be released from the lien of

                                      -59-
<PAGE>

                  this Indenture, the Issuer shall also furnish to the Trustee
                  and the Note Insurer 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 Trustee and the Note Insurer 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 Trustee and the Note Insurer an
                  Independent Certificate as to the same matters if the fair
                  value of the property or securities and of all other property
                  other than Purchased Receivables and Defaulted Receivables, or
                  securities 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 Outstanding Amount of
                  the Notes, 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 1 percent of the
                  then Outstanding Amount of the Notes.

                           (v) Notwithstanding Section 2.9 or any provision of
                  this Section, the Issuer may (A) collect, liquidate, sell or
                  otherwise dispose of Receivables as and to the extent
                  permitted or required by the Basic Documents and (B) make cash
                  payments out of the Trust Accounts as and to the extent
                  permitted or required by the Basic Documents.

         SECTION 11.2 FORM OF DOCUMENTS DELIVERED TO 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 certificate or opinion or representations with respect to the
         matters upon which his or her 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, an officer or
         officers of the Servicer, the Seller or the Issuer, stating that the
         information with respect to such factual matters is in the possession
         of the Servicer, the Seller or the Issuer, unless such 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.

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<PAGE>

                  (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 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 Trustee's right to rely
         upon the truth and accuracy of any statement or opinion contained in
         any such document as provided in Article VI.

         SECTION 11.3 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 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
         6.1) conclusive in favor of the 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 customary manner of the
         Trustee.

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

         SECTION 11.4 NOTICES, ETC., TO TRUSTEE, ISSUER AND RATING AGENCIES.

                  (a) Any request, demand, authorization, direction, notice,
         consent, waiver or Act of Noteholders or other documents provided or
         permitted by this Indenture to be made upon, given or furnished to or
         filed with:

                                      -61-
<PAGE>

                           (i) the Trustee by any Noteholder or by the Issuer
                  shall be sufficient for every purpose hereunder if personally
                  delivered, delivered by overnight courier or mailed certified
                  mail, return receipt requested and shall be deemed to have
                  been duly given upon receipt to the Trustee at its Corporate
                  Trust Office;

                           (ii) the Issuer by the Trustee or by any Noteholder
                  shall be sufficient for every purpose hereunder if personally
                  delivered, delivered by overnight courier or mailed certified
                  mail, return receipt requested and shall deemed to have been
                  duly given upon receipt to the Issuer addressed to: CPS Auto
                  Receivables Trust 2002-A, in care of Wilmington Trust Company,
                  Rodney Square North, 1100 N. Market Street, Wilmington,
                  Delaware 19890-0001, or at such other address previously
                  furnished in writing to the Trustee by the Issuer. The Issuer
                  shall promptly transmit any notice received by it from the
                  Noteholders to the Trustee; or

                           (iii) the Note Insurer by the Issuer or the Trustee
                  shall be sufficient for any purpose hereunder if in writing
                  and mailed by registered mail or personally delivered or
                  telexed or telecopied to the recipient as follows:

                                 To the Note Insurer:

                                 Financial Security Assurance Inc.
                                 350 Park Avenue
                                 New York, NY 10022
                                 Attention: Surveillance Department

                                 Telex No.: (212) 688-3101
                                 Confirmation: (212) 826-0100
                                 Telecopy Nos.: (212) 339-3518 or (212) 339-3529

         (In each case in which notice or other communication to the Note
Insurer refers to an Event of Default, a claim on the Note Policy or with
respect to which failure on the part of the Note Insurer to respond shall be
deemed to constitute consent or acceptance, then a copy of such notice or other
communication should also be sent to the attention of the General Counsel and
the Head--Financial Guaranty Group "URGENT MATERIAL ENCLOSED.")

                  (b) Notices required to be given to the Rating Agencies by the
         Issuer, the Trustee or the Owner Trustee shall be in writing,
         personally delivered, delivered by overnight courier or mailed
         certified mail, return receipt requested to (i) in the case of Moody's,
         at the following address: Moody's Investors Service, Inc., 99 Church
         Street, New York New York 10004 and (ii) in the case of S&P, at the
         following address: Standard & Poor's Ratings Group, a Division of The
         McGraw Hill Companies, 26 Broadway (15th Floor), New York, New York
         10004, Attention: Asset-Backed Surveillance Department; or as to each
         of the foregoing, at such other address as shall be designated by
         written notice to the other parties.

         SECTION 11.5 NOTICES TO NOTEHOLDERS; WAIVER (a) Where this Indenture
         provides for notice to Noteholders of any event, such notice shall be

                                      -62-
<PAGE>

         sufficiently given (unless otherwise expressly provided herein) if in
         writing and mailed, first-class, postage prepaid to each Noteholder
         affected by such event, at his 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 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.

                  (b) 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 Trustee but such filing shall not be a condition
         precedent to the validity of any action taken in reliance upon such a
         waiver.

                  (c) 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 Trustee shall be deemed to be a sufficient giving
         of such notice.

                  (d) Where this Indenture provides for notice to the Rating
         Agencies, 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 11.6 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 Holder of a Note providing for a method of
payment, or notice by the Trustee or any Note Paying Agent to such Holder, that
is different from the methods provided for in this Indenture for such payments
or notices, provided that such methods are reasonable and consented to by the
Trustee (which consent shall not be unreasonably withheld). The Issuer will
furnish to the Trustee a copy of each such agreement and the Trustee will cause
payments to be made and notices to be given in accordance with such agreements.

         SECTION 11.7 RESERVED

         SECTION 11.8 EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.9 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 Trustee in this
Indenture shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors.

         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 shall not in any way be affected
or impaired thereby.

                                      -63-
<PAGE>

         SECTION 11.11 BENEFITS OF INDENTURE. The Note Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. 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. The Note Insurer may disclaim any of its rights and powers under
this Indenture (in which case the Trustee may exercise such right or power
hereunder), but not its duties and obligations under the Note Policy, upon
delivery of a written notice to the Trustee.

         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, 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 so executed shall be deemed to be an
original, but all such 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 is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable
to the Trustee and the Note Insurer) 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
Trustee under this Indenture or to the Collateral Agent under the Master Spread
Account Agreement.

         SECTION 11.16 TRUST OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Seller, the
Servicer, the Depositor, the Owner Trustee or the Trustee on the Notes or under
this Indenture or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Seller, the Servicer, the Depositor, the
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 Seller, the Servicer, the
Depositor, the Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the
Depositor, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Depositor, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or

                                      -64-
<PAGE>

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 VI, VII and VIII of the Trust
Agreement.

         SECTION 11.17 NO PETITION. The Trustee, by entering into this
Indenture, and each Noteholder and Note Owner, by accepting a Note or a
beneficial interest therein, hereby covenant and agree that they will not at any
time institute against the Seller, the Depositor, or the Issuer, or join in any
institutional against the Seller, the Depositor, or the Issuer 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 Basic Documents.

         SECTION 11.18 INSPECTION. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee or of the Note Insurer,
during the Issuer's normal business hours, to examine all 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
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 Trustee may reasonably determine that such disclosure is
consistent with its Obligations hereunder.

         SECTION 11.19 ACTION UPON DIRECTION OF NOTEHOLDERS. Except where this
Indenture specifically states otherwise, the Trustee, provided it has sent out
notices in accordance with this Indenture, may act as directed by a majority of
the outstanding Noteholders responding in writing to such request for amendment
or written direction, provided however, that Holders of at least 51% of the
Outstanding Amount of each class of Notes as of the time such voting response is
due back to the Trustee must have responded in writing to the Trustee's notice
to amend or for written direction. In addition, the Trustee shall not have any
liability to any Noteholder or Note Owner with respect to any action taken
pursuant to such notice if the Noteholder or Note Owner does not respond to such
notice within the time period set forth in such notice. By acceptance of a Note,
each Noteholder and Note Owner agree to the foregoing provisions.

                                      -65-
<PAGE>

         IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers, hereunto duly
authorized, all as of the day and year first above written.

                                CPS AUTO RECEIVABLES TRUST 2002-A,

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

                                By:_____________________________________________
                                Name:___________________________________________
                                Title:__________________________________________

                                BANK ONE TRUST COMPANY, N.A., as Trustee

                                By:_____________________________________________
                                Name:___________________________________________
                                Title:__________________________________________

<PAGE>

                                   EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

                     REGISTERED $___________________________

                                    NO. R-A-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                            CUSIP NO. _______________

         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 IN INSTALLMENTS 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.

                        CPS AUTO RECEIVABLES TRUST 2002-A

               CLASS A-1 $26,500,000.00 3.741% ASSET-BACKED NOTES

         CPS Auto Receivables Trust 2001-A, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _______________________ AND NO/100
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable from the Note Distribution Account in respect of principal on
the Class A-1 Notes pursuant to Section 3.1 of the Indenture and Section 5.8 of
the Sale and Servicing Agreement; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the January 2006
Payment Date (the "Class A-1 Final Scheduled Payment Date"). The Issuer will pay
interest on this Note at the rate per annum shown above on each Payment 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 Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date).
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding such current
Payment Date; provided that for the April 2002 Payment Date interest will accrue
for the number of days from and including March 7, 2002 to and including April
14, 2002. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.
<PAGE>

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Policy") issued by Financial Security Assurance Inc. (the
"Note Insurer"), pursuant to which the Note Insurer has unconditionally
guaranteed payments of the Noteholders' Interest Distributable Amount and the
Noteholders' Principal Distributable Amount on each Payment Date, all as more
fully set forth in the Indenture.

         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 Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                      -2-
<PAGE>

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

                                               CPS AUTO RECEIVABLES TRUST 2002-A

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

                                               By:______________________________
                                               Name:____________________________
                                               Title:___________________________

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                      BANK ONE TRUST COMPANY, N.A., not in its
                                      individual capacity, but solely as Trustee

                                      By:_______________________________________
                                      Authorized Signatory

March __, 2002

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 $26,500,000.000 3.741% Asset-Backed Notes (herein
called the "Class A-1 Notes"), all issued under an Indenture dated as of March
1, 2002 (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Bank One Trust Company, N.A., as trustee
(the "Trustee", which term includes any successor Trustee under the Indenture),
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 Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the
Indenture, supplemented or amended, shall have the meanings assigned to them in
or pursuant to the Indenture, as so supplemented or amended.

         The Class A-1 Notes and the Class A-2 Notes (together, the "Notes") are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

         Principal of the Class A-1 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2002.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class A-1 Final Scheduled Payment
Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any, pursuant to Section 10.1(b)
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event
of Default shall have occurred and be continuing so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall
have occurred and be continuing, on the date on which an Event of Default shall
have occurred and be continuing and the Trustee or the Holders of the Notes
representing at least a majority of the Outstanding Amount of each class of
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 of the Indenture. All principal payments on the Class
A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Note (or one or more Predecessor Notes) in the
Note Register as of the close of business on each Record Date or by wire
transfer of immediately available funds to the account designated in writing to
the Trustee by such Person at least five Business Days prior to the related
Record Date, except that with respect to Notes registered on the Record Date in

                                      -2-
<PAGE>

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 Payment Date shall be binding upon all future Holders 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 rated hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Payment Date, then
the Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the Holder hereof as of the Record Date preceding such Payment Date by
notice mailed prior to such Payment Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Trustee's principal Corporate Trust Office or at the office of the Trustee's
agent appointed for such purposes located in Phoenix, Arizona.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Interest Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed (a) pursuant to
Section 10.1 of the Indenture, in whole, but not in part, at the option of the
Servicer (with the consent of the Note Insurer under certain circumstances), on
any Payment Date on or after the date on which the Collateral Balance is less
than or equal to 10% of the Original Collateral Balance, and (b) pursuant to
Section 10.1(b) of the Indenture, in part, on a pro rata basis, on the Payment
Date on or immediately following the last day of the Funding Period in the event
that any Pre-Funded Amount remains on deposit in the Pre-Funding Account after
giving effect to the purchase of all Subsequent Receivables, including any such
purchase on the Redemption Date.

         As provided in the Indenture and subject to certain limitations set
forth therein, 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, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, 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, in the case
of a Note Owner, a beneficial interest in a Note agrees to treat the Notes as

                                      -3-
<PAGE>

indebtedness of the Issuer for federal and state income tax reporting purposes
and further 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 Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (i) the Seller, the Servicer,
the Depositor, the 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 or employee of the Issuer, the Seller, the
Servicer, the Depositor, the Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Depositor, the Owner Trustee or the Trustee or of any successor or
assign of the Issuer, the Seller, the Servicer, the Depositor, the Trustee or
the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee and the Owner Trustee
have no such obligations in their individual capacity) 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, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees by
accepting the benefits of the Indenture that such Noteholder 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, or other proceedings, under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents.

         Each Noteholder by its acquisition of any Notes (or a beneficial
interest therein) shall be deemed to have represented and warranted for the
benefit of the Issuer, the Trustee, the Owner Trustee and the Noteholders, that
either (i) it is not acquiring any Notes with the assets of any "employee
benefit plan" as defined in Section 3(3) of ERISA which is subject to Title I of
ERISA or any "plan" as defined in Section 4975 of the Internal Revenue Code or
(ii) the acquisition and holding of the Notes will be covered by Prohibited
Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23 or a similar U.S. Department of Labor class exemption.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Note Insurer and any agent of the Issuer, the
Trustee or the Note Insurer 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 be overdue, and neither the Issuer, the Trustee nor 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 Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Note Insurer and of the Holders of
Notes representing a majority of the Outstanding Amount of each class of Notes
at the time Outstanding. The Indenture also contains provisions permitting the
Holders of Notes representing specified percentages of the Outstanding Amount of
each class of Notes, on behalf of the Holders of all the Notes, 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

                                      -4-
<PAGE>

waiver by the Holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders 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 Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Holders of
Notes 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, 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither the Owner Trustee in
its individual capacity, any owner of a beneficial interest in the Issuer, nor
any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      -5-
<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: _________________________

         1/ Signature Guaranteed:________________________

         1/ NOTE: 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.

<PAGE>

                                   EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

                       REGISTERED $_______________________

                                    NO. R-A-2

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                            CUSIP NO. _______________

         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 IN INSTALLMENTS 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.

                        CPS AUTO RECEIVABLES TRUST 2002-A

               CLASS A-2 $19,150,000.00 4.814% ASSET-BACKED NOTES

         CPS Auto Receivables Trust 2002-A, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of __________________________ AND NO/100
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable from the Note Distribution Account in respect of principal on
the Class A-2 Notes pursuant to Section 3.1 of the Indenture and Section 5.8 of
the Sale and Servicing Agreement provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the December 2008
Payment Date (the "Class A- 2 Final Scheduled Payment Date"). The Issuer will
pay interest on this Note at the rate per annum shown above on each Payment 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 Payment Date (after
giving effect to all payments of principal made on the preceding Payment Date).
Interest on this Note will accrue for each Payment Date from the most recent
Payment Date on which interest has been paid to but excluding such current
Payment Date; provided that for the April 2002 Payment Date interest will accrue
for the number of days from and including March 7, 2002 to and including April
14, 2002. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.
<PAGE>

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "Note Policy") issued by Financial Security Assurance Inc.
(the "Note Insurer"), pursuant to which the Note Insurer has unconditionally
guaranteed payments of the Noteholders' Interest Distributable Amount and the
Noteholders' Principal Distributable Amount on each Payment Date, all as more
fully set forth in the Indenture.

         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 Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                      -2-
<PAGE>

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

                                CPS AUTO RECEIVABLES TRUST 2002-A

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

                                By:_____________________________________________
                                Name:___________________________________________
                                Title:__________________________________________

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                      BANK ONE TRUST COMPANY, N.A., not in its
                                      individual capacity, but solely as Trustee

                                      By:_______________________________________
                                      Authorized Signatory

Date:  March __, 2002

<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 $19,150,000.00 4.814% Asset-Backed Notes (herein
called the "Class A-2 Notes"), all issued under an Indenture dated as of March
1, 2002 (such indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Bank One Trust Company, N.A., as trustee
(the "Trustee", which term includes any successor Trustee under the Indenture),
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 Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them
in or pursuant to the Indenture, as so supplemented or amended.

         The Class A-1 Notes and the Class A-2 Notes (together, the "Notes") are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

         Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing April 15, 2002.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class A-2 Final Scheduled Payment
Date and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
As described above, a portion of the unpaid principal balance of this Note shall
be due and payable on the Redemption Date, if any, pursuant to Section 10.1(b)
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable (i) on the date on which an Event
of Default shall have occurred and be continuing so long as an Insurer Default
shall not have occurred and be continuing or (ii) if an Insurer Default shall
have occurred and be continuing, on the date on which an Event of Default shall
have occurred and be continuing and the Trustee or the Holders of the Notes
representing at least a majority of the Outstanding Amount of each class of
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 of the Indenture. All principal payments on the Class
A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Holder of this Note (or one or more Predecessor Notes) in the
Note Register as of the close of business on each 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

                                      -2-
<PAGE>

         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 Payment Date shall be binding upon all future Holders 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 then remaining unpaid principal amount of this Note on a Payment Date, then
the Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the Holder hereof as of the Record Date preceding such Payment Date by
notice mailed prior to such Payment Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Trustee's principal Corporate Trust Office or at the office of the Trustee's
agent appointed for such purposes located in Phoenix, Arizona.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-2 Interest Rate to the extent lawful.

         As provided in the Indenture, the Notes may be redeemed (a) pursuant to
Section 10.1 of the Indenture, in whole, but not in part, at the option of the
Servicer (with the consent of the Note Insurer under certain circumstances), on
any Payment Date on or after the date on which the Collateral Balance is less
than or equal to 10% of the Original Collateral Balance, and (b) pursuant to
Section 10.1(b) of the Indenture, in part, on a pro rata basis, on the Payment
Date on or immediately following the last day of the Funding Period in the event
that any Pre-Funded Amount remains on deposit in the Pre-Funding Account after
giving effect to the purchase of all Subsequent Receivables, including any such
purchase on the Redemption Date.

         As provided in the Indenture and subject to certain limitations set
forth therein, 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, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, 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, in the case
of a Note Owner, a beneficial interest in a Note agrees to treat the Notes as
indebtedness of the Issuer for federal and state income tax reporting purposes
and further 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

                                      -3-
<PAGE>

         Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (i) the Seller, the Servicer,
the Depositor, the 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 or employee of the Issuer, the Seller, the
Servicer, the Depositor, the Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Depositor, the Owner Trustee or the Trustee or of any successor or
assign of the Issuer, the Seller, the Servicer, the Depositor, the Trustee or
the Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee and the Owner Trustee
have no such obligations in their individual capacity) 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, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees by
accepting the benefits of the Indenture that such Noteholder 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, or other proceedings, under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, the Indenture or the Basic Documents.

         Each Noteholder by its acquisition of any Notes (or a beneficial
interest therein) shall be deemed to have represented and warranted for the
benefit of the Issuer, the Trustee, the Owner Trustee and the Noteholders, that
either (i) it is not acquiring any Notes with the assets of any "employee
benefit plan" as defined in Section 3(3) of ERISA which is subject to Title I of
ERISA or any "plan" as defined in Section 4975 of the Internal Revenue Code or
(ii) the acquisition and holding of the Notes will be covered by Prohibited
Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23 or a similar U.S. Department of Labor class exemption.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Note Insurer and any agent of the Issuer, the
Trustee or the Note Insurer 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 be overdue, and neither the Issuer, the Trustee nor 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 Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Note Insurer and of the Holders of
Notes representing a majority of the Outstanding Amount of each class of Notes
at the time Outstanding. The Indenture also contains provisions permitting the
Holders of Notes representing specified percentages of the Outstanding Amount of
each class of Notes, on behalf of the Holders of all the Notes, 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 Holder of this Note (or any one or more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this

                                      -4-
<PAGE>

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 Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Holders of
Notes 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, 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither the Owner Trustee in
its individual capacity, any owner of a beneficial interest in the Issuer, nor
any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall
recourse be had to any of them for, the payment of principal of or interest on,
or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner
Trustee in the assets of the Issuer. The Holder of this Note by the acceptance
hereof agrees that except as expressly provided in the Indenture or the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      -5-
<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: _________________________

         1/ Signature Guaranteed:________________________

         1/ NOTE: 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.

<PAGE>

                                    EXHIBIT B

                    FORM OF TRANSFEREE REPRESENTATION LETTER

                              _____________, 20___

Bank One Trust Company, N.A., as Note Registrar
201 North Central Avenue, 26th Floor
Phoenix, AZ 85004
Attention: Structured Finance, CPS 2002-A

         Re:______CPS Auto Receivables Trust 2002-A
         _________[Class A-1][Class A-2] Note (the "Notes")

Dear Sirs:

         This letter is delivered to you in connection with the transfer by
________________ (the "Transferor") to ____________________________ (the
"Transferee") of the captioned Notes (the "Notes"), pursuant to Section ___ of
the Indenture (the "Indenture"), dated as of March 1, 2002, between CPS Auto
Receivables Trust 2002-A, as Issuer, and Bank One Trust Company, N.A., as
Trustee. All terms used herein and not otherwise defined shall have the
respective meanings set forth in the Indenture. The Transferee hereby certifies,
represents and warrants to you, as Note Registrar, that:

         1. The Transferee is either (a) a "qualified institutional buyer" as
that term is defined in Rule 144A ("Rule 144A") under the Securities Act of 1933
(the "Securities Act") and has completed one of the forms of certification to
that effect attached hereto as Annex 1 and Annex 2 or (b) an institutional
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act. The Transferee is aware that the sale to
it is being made in reliance on Rule 144A or Rule 501, as applicable. The
Transferee is acquiring the Notes for its own account or for the account of a
qualified institutional buyer or the account of an institutional accredited
investor. The Transferee understands that the Notes have not been and will not
be registered under the Securities Act or any state securities laws, that
neither the Transferor nor the Note Registrar is required to so register the
Notes, and that the Notes may be resold, pledged or transferred only (x) to a
person reasonably believed to be a qualified institutional buyer that purchases
for its own account or for the account of a qualified institutional buyer or the
account of an institutional accredited investor to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A or Rule 501,
as applicable, or (y) pursuant to another exemption from registration under the
Securities Act.

<PAGE>

         2. The Transferee is not a pension, profit-sharing or other employee
benefit plan within the meaning of Section 3(3) of ERISA or an individual
retirement account, a Keogh plan or any other plan within the meaning of Section
4975 of the Internal Revenue Code of 1986, as amended (each, a "Benefit Plan")
and is not acquiring any Notes with the assets of a Benefit Plan or its
acquisition and continued holding of such Note will be covered by Prohibited
Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23 or a similar U.S. Department of Labor class exemption.

         3. The Transferee has received a copy of the Confidential Private
Placement Memorandum dated March __, 2002 relating to the Notes and has been
furnished with all information that it has requested regarding (a) the Notes and
payments thereon, (b) the Trust Estate, and (c) the Indenture. The Transferee
understands that substantial risks are involved in an investment in the Notes
and the Transferee represents that in making its investment decision to acquire
the Notes, it has not relied on representations, warranties, opinions,
projections, financial or other information or analysis, if any, supplied to it
by any person, including Greenwich Capital Markets, Inc., as Placement Agent,
except as expressly set forth in the Confidential Private Placement Memorandum.
The Transferee has had an opportunity, within a reasonable period of time prior
to purchasing the Notes, to ask questions concerning the Notes and the Trust
Estate and has received satisfactory answers to such questions.

         4. The Transferee will comply with all applicable federal and state
securities laws, rules and regulations in connection with any subsequent resale
of the Notes by the Transferee.

         5. The Transferee understands that the Notes may not be presented or
surrendered to the Note Registrar or any Transfer Agent for registration of
transfer or for exchange unless they are accompanied by (i) a written instrument
of transfer in form satisfactory to the Note Registrar, duly executed by the
holder thereof or his attorney duly authorized in writing, with guaranty of
signature and (ii) either (A) a Transferee Letter from the person transferring
such Note in the form of EXHIBIT B to the Indenture, or (B) an opinion of
counsel satisfactory to the Note Registrar to the effect that such transfer is
exempt from registration under the Securities Act and applicable State
securities laws.

                                          Very truly yours,

                                          ----------------------------
                                          (Transferee)

                                          By:
                                              ----------------------------------
                                          Name:
                                                --------------------------------
                                          Title:
                                                 -------------------------------

                                      -2-
<PAGE>

                                                            ANNEX I TO EXHIBIT 1
                                                            --------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

          [For Transferees Other Than Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Bank One Trust Company, N.A., as Trustee, with respect to
the Notes (the "Notes") described in the Transferee Certificate to which this
certification relates and to which this certification is an Annex:

                           (i) As indicated below, the undersigned is the chief
                  financial officer, a person fulfilling an equivalent function,
                  or other executive officer of the entity purchasing the Notes
                  (the "Transferee").

                           (ii) The Transferee is a "qualified institutional
                  buyer" as that term is defined in Rule 144A under the
                  Securities Act of 1933 ("Rule 144A") because (i) the
                  Transferee owned and/or invested on a discretionary basis
                  $_________________(1) in securities (other than the excluded
                  securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A) and (ii) the
                  Transferee satisfies the criteria in the category marked
                  below.

         ___      CORPORATION, ETC. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986.

         ___      BANK. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any State, U.S.
                  territory or the District of Columbia, the business of which
                  is substantially confined to banking and is supervised by the
                  State or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, A COPY OF WHICH IS
                  ATTACHED HERETO, as of a date not more than 16 months
                  preceding the date of sale of the Notes in the case of a U.S.
                  bank, and not more than 18 months preceding such date of sale
                  for a foreign bank or equivalent institution.

         ___      SAVINGS AND LOAN. The Transferee (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a State or Federal authority having

--------
1 Transferee must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Transferee is a dealer, and, in that case,
Transferee must own and/or invest on a discretionary basis at least $10,000,000
in securities.

                                      -3-
<PAGE>

                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, A COPY OF WHICH IS
                  ATTACHED HERETO, as of a date not more than 16 months
                  preceding the date of sale of the Notes in the case of a U.S.
                  savings and loan association, and not more than 18 months
                  preceding such date of sale for a foreign savings and loan
                  association or equivalent institution.

         ___      BROKER-DEALER. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934.

         ___      INSURANCE COMPANY. The Transferee is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  State, U.S. territory or the District of Columbia.

         ___      STATE OR LOCAL PLAN. The Transferee is a plan established and
                  maintained by a State, its political subdivisions, or any
                  agency or instrumentality of the State or its political
                  subdivisions, for the benefit of its employees.

         ___      ERISA PLAN. The Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

         ___      INVESTMENT ADVISOR. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940.

         ___      OTHER. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1.) ___________________________
                  ______________________________________________________________
                  ______________________________________________________________

                           (iii) The term "securities" as used herein does not
                  include (i) securities of issuers that are affiliated with the
                  Transferee, (ii) securities that are part of an unsold
                  allotment to or subscription by the Transferee, if the
                  Transferee is a dealer, (iii) bank deposit notes and
                  certificates of deposit, (iv) loan participations, (v)
                  repurchase agreements, (vi) securities owned but subject to a
                  repurchase agreement and (vii) currency, interest rate and
                  commodity swaps. For purposes of determining the aggregate
                  amount of securities owned and/or invested on a discretionary
                  basis by the Transferee, the Transferee did not include any of
                  the securities referred to in this paragraph.

                                      -4-
<PAGE>

                           (iv) For purposes of determining the aggregate amount
                  of securities owned and/or invested on a discretionary basis
                  by the Transferee, the Transferee used the cost of such
                  securities to the Transferee, unless the Transferee reports
                  its securities holdings in its financial statements on the
                  basis of their market value, and no current information with
                  respect to the cost of those securities has been published, in
                  which case the securities were valued at market. Further, in
                  determining such aggregate amount, the Transferee may have
                  included securities owned by subsidiaries of the Transferee,
                  but only if such subsidiaries are consolidated with the
                  Transferee in its financial statements prepared in accordance
                  with generally accepted accounting principles and if the
                  investments of such subsidiaries are managed under the
                  Transferee's direction. However, such securities were not
                  included if the Transferee is a majority-owned, consolidated
                  subsidiary of another enterprise and the Transferee is not
                  itself a reporting company under the Securities Exchange Act
                  of 1934.

                           (v) The Transferee acknowledges that it is familiar
                  with Rule 144A and understands that the Transferor and other
                  parties related to the Notes are relying and will continue to
                  rely on the statements made herein because one or more sales
                  to the Transferee may be in reliance on Rule 144A.

                           ___      ___    Will the Transferee be purchasing the
                           Yes      No     Notes only for the Transferee's own
                                           account?

                           (vi) If the answer to the foregoing question is "no",
                  then in each case where the Transferee is purchasing for an
                  account other than its own, such account belongs to a third
                  party that is itself a "qualified institutional buyer" within
                  the meaning of Rule 144A, and the "qualified institutional
                  buyer" status of such third party has been established by the
                  Transferee through one or more of the appropriate methods
                  contemplated by Rule 144A.

                           (vii) The Transferee will notify each of the parties
                  to which this certification is made of any changes in the
                  information and conclusions herein. Until such notice is
                  given, the Transferee's purchase of the Notes will constitute
                  a reaffirmation of this certification as of the date of such
                  purchase. In addition, if the Transferee is a bank or savings
                  and loan as provided above, the Transferee agrees that it will
                  furnish to such parties any updated annual financial
                  statements that become available on or before the date of such
                  purchase, promptly after they become available.

                                      -5-
<PAGE>

                                            ----------------------------
                                            Print Name of Transferee:

                                            By:
                                                --------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                   -----------------------------

                                            Date:
                                                 -------------------------------

                                      -6-
<PAGE>

                                                            ANNEX 2 TO EXHIBIT 1
                                                            --------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

           [For Transferees That Are Registered Investment Companies]

         The undersigned hereby certifies as follows to [name of Transferor]
(the "Transferor") and Bank One Trust Company, N.A., as Trustee, with respect to
the Notes (the "Notes") described in the Transferee Certificate to which this
certification relates and to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
officer, a person fulfilling an equivalent function, or other executive officer
of the entity purchasing the Notes (the "Transferee") or, if the Transferee is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because the Transferee is part of a Family
of Investment Companies (as defined below), is an executive officer of the
investment adviser (the "Adviser").

                  2. The Transferee is a "qualified institutional buyer" as
defined in Rule 144A because (i) the Transferee is an investment company
registered under the Investment Company Act of 1940, and (ii) as marked below,
the Transferee alone owned and/or invested on a discretionary basis, or the
Transferee's Family of Investment Companies owned, at least $100,000,000 in
securities (other than the excluded securities referred to below) as of the end
of the Transferee's most recent fiscal year. For purposes of determining the
amount of securities owned by the Transferee or the Transferee's Family of
Investment Companies, the cost of such securities was used, unless the
Transferee or any member of the Transferee's Family of Investment Companies, as
the case may be, reports its securities holdings in its financial statements on
the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities of
such entity were valued at market.

         ___      The Transferee owned and/or invested on a discretionary basis
                  $________________ in securities (other than the excluded
                  securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         ___      The Transferee is part of a Family of Investment Companies
                  which owned in the aggregate $________________ in securities
                  (other than the excluded securities referred to below) as of
                  the end of the Transferee's most recent fiscal year (such
                  amount being calculated in accordance with Rule 144A).

                  3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein
means two or more registered investment companies (or series thereof) that have

                                      -7-
<PAGE>

the same investment adviser or investment advisers that are affiliated (by
virtue of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term "SECURITIES" as used herein does not include (i)
securities of issuers that are affiliated with the Transferee or are part of the
Transferee's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the
Transferee, or owned by the Transferee's Family of Investment Companies, the
securities referred to in this paragraph were excluded.

                  5. The Transferee is familiar with Rule 144A and understands
that the parties to which this certification is being made are relying and will
continue to rely on the statements made herein because one or more sales to the
Transferee will be in reliance on Rule 144A.

                  ___      ___    Will the Transferee be purchasing the Notes
                  Yes      No     only for the Transferee's own account?

                  6. If the answer to the foregoing question is "no", then in
each case where the Transferee is purchasing for an account other than its own,
such account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

                  7. The undersigned will notify the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Transferee's purchase of the Notes will constitute a
reaffirmation of this certification by the undersigned as of the date of such
purchase.

                                      Print Name of Transferee or Adviser:

                                      ____________________________________

                                      By: ________________________________
                                      Name:_______________________________
                                      Title:______________________________

                                      IF AN ADVISER:

                                      Print Name of Transferee:

                                      ____________________________________

                                      -8-<PAGE>

EXHIBIT 4.8

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

                        MFN AUTO RECEIVABLES TRUST 2002-A

                       Class A-1 3.809% Asset Backed Notes
                       Class A-2 4.918% Asset Backed Notes

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

                                    INDENTURE

                            Dated as of March 1, 2002

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

                                     Between

                        MFN AUTO RECEIVABLES TRUST 2002-A

                                       and

                          BANK ONE TRUST COMPANY, N.A.
                       Trustee and Trust Collateral Agent

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

<PAGE>

         INDENTURE dated as of March 1, 2002, between MFN AUTO RECEIVABLES TRUST
2002-A, a Delaware business trust (the "ISSUER"), and BANK ONE TRUST COMPANY,
N.A., a national banking association, as trustee (the "TRUSTEE") and Trust
Collateral Agent (as defined below).

         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 Class A-1 3.809%
Asset Backed Notes (the "CLASS A-1 NOTES") and the Class A-2 4.918% Asset Backed
Notes (the "CLASS A-2 NOTES" and together with the Class A-1 Notes, the
"NOTES").

         XL Capital Assurance Inc. (the "INSURER") has issued and delivered a
financial guaranty insurance policy, dated the Closing Date (with endorsements,
the "NOTE POLICY"), pursuant to which the Insurer guarantees Scheduled Payments,
as defined in the Note Policy.

         As an inducement to the Insurer to issue and deliver the Note Policy,
the Issuer and the Insurer have executed and delivered the Insurance and
Indemnity Agreement, dated as of March 1, 2002 (as amended from time to time,
the "INSURANCE AGREEMENT"), among the Insurer, the Issuer, Mercury Finance
Company LLC, MFN Financial Corporation, MFN Securitization LLC, Bank One Trust
Company, N.A., and First Union Trust Company, National Association.

         As an additional inducement to the Insurer to issue the Note Policy,
and as security for the performance by the Issuer of the Insurer Issuer Secured
Obligations and as security for the performance by the Issuer of the Trustee
Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as
defined below) as collateral to the Trust Collateral Agent for the benefit of
the Issuer Secured Parties, as their respective interests may appear.

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Trust Collateral Agent at the Closing
Date, for the benefit of the Issuer Secured Parties, all of the Issuer's right,
title and interest in and to (a) the Receivables and all moneys received thereon
after the Cutoff Date; (b) the security interests in the Financed Vehicles
granted by Obligors pursuant to the Receivables and any other interest of the
Issuer in such Financed Vehicles; (c) any proceeds and the right to receive
proceeds with respect to the Receivables from claims on any physical damage,
credit life or disability insurance policies or other insurance policies
covering Financed Vehicles or Obligors and any proceeds from the liquidation of
the Receivables; (d) its rights against Dealers pursuant to Dealer Agreements;
(e) its rights to receive proceeds from Liquidated Receivables; (f) its rights
under any Service Contracts on the related Financed Vehicles; (g) the related
Receivables Files; (h) the Trust Accounts and all funds on deposit from time to
time in the Trust Accounts, and in all investments and proceeds thereof and all
rights of the Issuer therein (including all income thereon); (i) its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement
including the delivery requirements, representations and warranties of, the
indemnification from, and the cure and repurchase obligations of MFC under the
Purchase Agreement; (j) the its rights and benefits, but none of its obligations
or burdens, under the Sale and Servicing Agreement (including all rights of the
Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale
and Servicing Agreement) including, without limitation, the Issuer's rights and

<PAGE>

benefits under Article XIII of the Sale and Servicing Agreement; and (k) all
present and future claims, demands, causes and choses of 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, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, 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, instruments 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 the Trust Collateral Agent, for
the benefit of the Trustee on behalf of the Noteholders and for the benefit of
the Insurer. The Trust Collateral Agent hereby acknowledges such Grant, accepts
the trusts under this Indenture in accordance with the provisions of this
Indenture and agrees to perform its duties required in this Indenture to the end
that the interests of such parties, recognizing the priorities of their
respective interests may be adequately and effectively protected.

                                   ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         SECTION 1.1 DEFINITIONS. Except as otherwise specified herein, the
following terms have the respective meanings set forth below for all purposes of
this Indenture.

         "ACT" has the meaning specified in Section 11.3(a).

         "AFFILIATE" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. A Person shall not be
deemed to be an Affiliate of any person solely because such other Person has the
contractual right or obligation to manage such Person unless such other Person
controls such Person through equity ownership or otherwise.

         "APPLICABLE PROCEDURES" has the meaning specified in Section 2.2.

         "AUTHORIZED OFFICER" means, with respect to the Issuer and the
Servicer, any officer or agent acting pursuant to a power of attorney of the
Owner Trustee or the Servicer, as applicable, who is authorized to act for the
Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer
and who is identified on the list of Authorized Officers delivered by each of
the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter).

         "BANK ONE" means Bank One Trust Company, N.A., a national banking
association.

                                       2
<PAGE>

         "BASIC DOCUMENTS" has the meaning specified in the Sale and Servicing
Agreement.

         "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 2.2.

         "BUSINESS DAY" means (i) with respect to the Note Policy, any day other
than a Saturday, Sunday, legal holiday or other day on which commercial banking
institutions in Wilmington, Delaware, New York, New York or Phoenix, Arizona or
Chicago, Illinois or any other location of any successor Servicer, successor
Owner Trustee or successor Trust Collateral Agent are authorized or obligated by
law, executive order or governmental decree to be closed and (ii) otherwise, a
day other than a Saturday, a Sunday or other day on which commercial banks
located in the states of Delaware, New York, Arizona or Illinois are authorized
or obligated to be closed.

         "CERTIFICATE" means a trust certificate evidencing the beneficial
interest of a Certificateholder in the Trust.

         "CERTIFICATEHOLDER" means the Person in whose name a Certificate is
registered on the Certificate Register.

         "CERTIFICATE OF TRUST" means the Amended and Restated Certificate of
Trust of the Issuer substantially in the form of Exhibit B to the Trust
Agreement.

         "CLASS A-1 INTEREST RATE" means 3.809% per annum (computed on the basis
of a 360-day year of twelve 30-day months).

         "CLASS A-1 NOTES" means the Class A-1 3.809% Asset Backed Notes,
substantially in the form of Exhibit A-1.

         "CLASS A-2 INTEREST RATE" means 4.918% per annum (computed on the basis
of a 360-day year of twelve 30-day months).

         "CLASS A-2 NOTES" means the Class A-2 4.918% Asset Backed Notes,
substantially in the form of Exhibit A-2.

         "CLEARING AGENCY" means, initially, DTC, and any successor organization
or organizations registered as a "clearing agency" pursuant to Section 17A of
the Exchange Act.

         "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 March 8, 2002.

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

                                       3
<PAGE>

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

         "CONTROLLING PARTY" has the meaning specified in the Sale and Servicing
Agreement.

         "CORPORATE TRUST OFFICE" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered
which office at date of the execution of this Agreement is located at 201 North
Central Avenue, 26th Floor, Phoenix, Arizona 85004; Facsimile: (602) 221-1711;
Attention: Structured Finance-MFN Auto Receivables Trust 2002-A, or at such
other address as the Trustee may designate from time to time by notice to the
Noteholders, the Insurer, the Servicer and the Issuer, or the principal
corporate trust office of any successor Trustee (the address of which the
successor Trustee will notify the Noteholders and the Issuer).

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

         "DEFINITIVE NOTES" has the meaning specified in Section 2.7.

         "DISTRIBUTION DATE" has the meaning specified in the Sale and Servicing
Agreement.

         "ERISA" has the meaning specified in Section 2.4.

         "EVENT OF DEFAULT" has the meaning specified in Section 5.1.

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

         "EXECUTIVE OFFICER" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Executive Vice President, any Vice President, the Secretary or the Treasurer
of such corporation; and with respect to any partnership, any general partner
thereof.

         "GLOBAL NOTE" has the meaning specified in Section 2.1(d).

         "GRANT" means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, grant a lien upon and a security
interest in and 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 moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings 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.

                                       4
<PAGE>

         "HOLDER" or "NOTEHOLDER" means the Person in whose name a Note is
registered on the Note Register.

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

         "INDENTURE" means this Indenture as amended, supplemented or otherwise
modified from time to time in accordance with the terms hereof.

         "INDEPENDENT" means, when used with respect to any specified Person,
that the person (a) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any Affiliate of any of the foregoing persons, (b)
does not have any direct financial interest or any material indirect financial
interest in the Issuer, any such other obligor, the Seller or any Affiliate of
any of the foregoing Persons and (c) is not connected with the Issuer, any such
other obligor, the Seller or any Affiliate of any of the foregoing Persons 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 Trust Collateral Agent under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1,
prepared by an Independent appraiser or other expert appointed by an Issuer
Order and approved by the Trust Collateral Agent 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.

         "INSTITUTIONAL ACCREDITED INVESTOR" means an institution that is an
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) of
Registration D under the Securities Act.

         "INSURER DEFAULT" has the meaning specified in the Insurance Agreement.

         "INSURER ISSUER SECURED OBLIGATIONS" means all amounts and obligations
which the Issuer may at any time owe to or on behalf of the Insurer under this
Indenture, the Insurance Agreement or any other Basic Document.

         "INTEREST RATE" means, with respect to the (i) Class A-1 Notes, the
Class A-1 Interest Rate, and (ii) Class A-2 Notes, the Class A-2 Interest Rate.

                                       5
<PAGE>

         "ISSUER" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein, each other obligor on the Notes.

         "ISSUER ORDER" and "ISSUER REQUEST" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Trustee.

         "ISSUER SECURED OBLIGATIONS" means the Insurer Issuer Secured
Obligations and the Trustee Issuer Secured Obligations.

         "ISSUER SECURED PARTIES" means each of the Trustee for the benefit of
the Noteholders in respect of the Trustee Issuer Secured Obligations and the
Insurer in respect of the Insurer Issuer Secured Obligations.

         "MEMORANDUM" means the Private Placement Memorandum for the Notes,
dated March 8, 2002.

         "MFC" means Mercury Finance Company LLC, a Delaware limited liability
company.

         "MFN TRANSACTION" has the meaning specified in the Insurance Agreement.

         "NOTE" means a Class A-1 Note or a Class A-2 Note.

         "NON-DRAW OPTION" has the meaning specified in Section 2.16(a).

         "NON-DRAW OPTION PRICE" has the meaning specified in Section 2.16(a).

         "NOTE OWNER" means, with respect to a Book-Entry Note, the person who
is the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing
Agency (directly as a Clearing Agency Participant or as an indirect participant,
in each case in accordance with the rules of such Clearing Agency), and, with
respect to a Definitive Note, the person whose name is reflected in the Note
Register as the registered owner of such Definitive Note.

         "NOTE PAYING AGENT" means the Trustee or any other Person that meets
the eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

         "NOTE POLICY" means the insurance policy issued by the Insurer with
respect to the Notes, including any endorsements thereto.

         "NOTE POLICY CLAIM AMOUNT" has the meaning specified in the Sale and
Servicing Agreement.

         "NOTE REGISTER" and "NOTE REGISTRAR" have the respective meanings
specified in Section 2.6.

                                       6
<PAGE>

         "NOTICE OF CLAIM" has the meaning specified in the Sale and Servicing
Agreement.

         "OFFICER'S CERTIFICATE" means a certificate signed by any Authorized
Officer of the Owner Trustee and delivered to the Trustee. Unless otherwise
specified, any reference in this Indenture to an Officer's Certificate shall be
to an Officer's Certificate of any Authorized Officer 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 employees of
or counsel to the Issuer and who shall be satisfactory to the Trustee and, if
addressed to the Insurer, satisfactory to the Insurer, and which shall comply
with any applicable requirements of Section 11.1, and shall be in form and
substance satisfactory to the Trustee, and if addressed to the Insurer,
satisfactory to the Insurer.

         "OTHER ASSETS" shall have the meaning assigned to that term in Section
11.20.

         "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 Trustee or
         any Note Paying Agent in trust for the Noteholders (PROVIDED, HOWEVER,
         that if such Notes are to be redeemed, notice of such redemption has
         been duly given pursuant to this Indenture or provision therefor,
         satisfactory to the Trustee); and

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

PROVIDED, HOWEVER, that Notes which have been paid with proceeds of the Note
Policy shall continue to remain Outstanding for purposes of this Indenture until
the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the
Insurance Agreement as evidenced by a written notice from the Insurer delivered
to the Trustee, and the Insurer shall be deemed to be the Holder thereof to the
extent of any payments thereon made by the Insurer; PROVIDED, FURTHER, that in
determining whether the Holders of the requisite Outstanding Amount of the Notes
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any Basic Document, Notes owned by the Issuer, any
other obligor upon the Notes, the Seller or any Affiliate of any of the
foregoing Persons shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Notes that a Responsible Officer of the Trustee either actually knows to be so
owned or has received written notice thereof shall be so disregarded. Notes so
owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee's right so to
act with respect to such Notes and that the pledgee is not the Issuer, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing
Persons.

                                       7
<PAGE>

         "OUTSTANDING AMOUNT" means the aggregate principal amount of all Notes,
or class of Notes, as applicable, Outstanding at the date of determination.

         "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 2.5 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.

         "PREFERENCE CLAIM" has the meaning specified in the Sale and Servicing
Agreement.

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

         "QIB" means a qualified institutional buyer as defined in Rule 144A.

         "RATING AGENCY" means each of Moody's, Fitch and Standard & Poor's, so
long as such Persons maintain a rating on the Notes; and if any of Moody's,
Fitch or Standard & Poor's no longer maintains a rating on the Notes, such other
nationally recognized statistical rating organization selected by the Seller and
(so long as an Insurer Default shall not have occurred and be continuing)
acceptable to the Insurer.

         "RATING AGENCY CONDITION" means, with respect to any action, that each
Rating Agency shall have been given 10 days (or such shorter period as shall be
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer, the Insurer, the
Trustee, the Owner Trustee and the Issuer in writing that such action will not
result in a reduction or withdrawal of the then current rating of the Notes.

         "RECORD DATE" means, with respect to a Distribution Date or Redemption
Date, the last day of the immediately preceding calendar month.

         "REDEMPTION DATE" means in the case of a redemption of the Notes
pursuant to Section 10.1(a) the Distribution Date specified by the Servicer or
the Issuer pursuant to Section 10.1(a).

         "REDEMPTION PRICE" means in the case of a redemption of the Notes
pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of
the then outstanding principal amount of each class of Notes being redeemed plus
accrued and unpaid interest thereon to but excluding the Redemption Date.

         "RESPONSIBLE OFFICER" means, with respect to the Trustee or the Trust
Collateral Agent, any officer within the Corporate Trust Office of the Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary, or any other officer of the Trustee or the Trust Collateral
Agent customarily performing functions similar to those performed by any of the

                                       8
<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.

         "RESTRICTED LEGEND" has the meaning specified in Section 2.4.

         "RULE 144A" means Rule 144A under the Securities Act and any successor
rule thereto.

         "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement
dated as of March 1, 2002, among the Issuer, the Seller, the Servicer, Bank One,
as Trust Collateral Agent, and Systems & Services Technologies, Inc., as Backup
Servicer, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof.

         "SCHEDULED PAYMENTS" has the meaning specified in the Note Policy.

         "SECURITIES ACT" means the Securities Act of 1933, as amended.

         "STATE" means any one of the 50 states of the United States of America
or the District of Columbia.

         "TERMINATION DATE" means the latest of (i) the expiration of the Note
Policy and the return of the Note Policy to the Insurer for cancellation, (ii)
the date on which the Insurer shall have received payment and performance of all
Insurer Issuer Secured Obligations and (iii) the date on which the Trustee and
the Noteholders shall have received payment and performance of all Trustee
Issuer Secured Obligations.

         "TRUST COLLATERAL AGENT" means, initially, Bank One, in its capacity as
collateral agent on behalf of the Issuer Secured Parties, including its
successors-in-interest, until and unless a successor Person shall have become
the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter
"Trust Collateral Agent" shall mean such successor Person.

         "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 Issuer Secured Parties (including all
property and interests Granted to the Trust Collateral Agent), including all
proceeds thereof.

         "TRUSTEE" means Bank One, not in its individual capacity but as trustee
under this Indenture, or any successor trustee under this Indenture.

         "TRUSTEE ISSUER SECURED OBLIGATIONS" means all amounts and obligations
which the Issuer may at any time owe to or on behalf of the Trustee for the
benefit of the Noteholders under this Indenture, the Notes or any other Basic
Document.

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

                                       9
<PAGE>

         Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to them in the Sale and Servicing Agreement or the
Trust Agreement.

         SECTION 1.2 RULES OF CONSTRUCTION. Unless the context otherwise
requires: a term has the meaning assigned to it;

                  (i) 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;

                  (ii) "or" is not exclusive;

                  (iii) "including" means including without limitation; and

                  (iv) words in the singular include the plural and words in the
         plural include the singular.

                                   ARTICLE II

                                    THE NOTES

         SECTION 2.1 FORM, DENOMINATION AND EXECUTION OF THE NOTES.

                  (a) The Seller hereby directs the Trustee to issue the Notes
in fully registered form without coupons substantially in the form attached
hereto as EXHIBIT A, with such omissions, variations and insertions as are
permitted by this Indenture, which may have such letters, numbers or other marks
of identification and such legends or endorsements printed, lithographed or
engraved thereon, as may be required to comply with the rules of any securities
exchange on which the Notes may be listed or to conform to any usage in respect
thereof, or as may, consistently herewith, be prescribed by the Trustee or by
the officer executing such Notes, such determination by said officer to be
evidenced by his signing 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. The Definitive Notes shall be printed, lithographed or
engraved or produced by any combination of these methods or may be produced in
any other manner permitted by the rules of any securities exchange on which the
Notes may be listed, all as determined by the officer executing such Notes, as
evidenced by his execution of such Notes.

                  (b) The Notes shall be issued in minimum denominations of
$100,000 and in integral multiples of $1,000 in excess thereof, except that one
Note may be issued in a denomination greater than $100,000 but in an integral
multiple of other than $1,000.

                  (c) The Notes shall be executed on behalf of the Issuer by
manual or facsimile signature of any officer of the Owner Trustee who is duly
authorized to act for and on behalf of the Owner Trustee in matters relating to
the Issuer and who is identified on a list of authorized officers delivered by
the Owner Trustee on the Closing Date. Notes bearing the manual or facsimile
signature of an individual who was, at the time when such signature was affixed,
authorized to sign on behalf of the Issuer shall be valid and binding
obligations of the Trust, notwithstanding that such individual has ceased to be
so authorized prior to the authentication and delivery of such Notes or did not

                                       10
<PAGE>

hold such office at the date of such Notes. The Notes shall be authenticated by
the Trustee in accordance with the provisions of Section 2.5. All Notes shall be
dated the date of their authentication.

                  (d) The Notes offered and sold to QIBs in reliance on Rule
144A shall be issued initially in the form of one Global Note (the "Global
Note"), which shall be deposited on behalf of the purchasers of the Book-Entry
Notes represented thereby with the Trustee, as custodian for DTC, and registered
in the name of DTC or a nominee of DTC, duly executed and authenticated by the
Trustee as herein provided. The aggregate principal amount of the Global Note
may from time to time be increased or decreased by adjustments made on the
records of the Note Registrar and DTC or its nominee as hereinafter provided.
The Note Registrar shall not be liable for any error or omission by DTC in
making such record adjustments and the records of the Note Registrar shall be
controlling with regard to aggregate outstanding principal amount of the Notes
hereunder.

         The Global Note shall provide that it shall represent the aggregate
amount of outstanding Book-Entry Notes from time to time endorsed thereon and
that the aggregate amount of outstanding Book-Entry Notes represented thereby
may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of the Global Note to reflect the
amount of any increase or decrease in the amount of outstanding Book-Entry Notes
represented thereby shall be made by the Trustee, or by the custodian at the
direction of the Trustee, in accordance with instructions given by the holder
thereof as required by Section 2.3.

         Except as set forth in Section 2.3, the Global Note may be transferred,
in whole and not in part, only to another nominee of DTC or to a successor of
DTC or its nominee.

                  (e) The Notes offered and sold to Institutional Accredited
Investors shall be issued in the form of Definitive Notes. Such Definitive Notes
may be delivered to Institutional Accredited Investors only upon the execution
and delivery to the Issuer and the Trustee of a letter substantially in the form
attached as Annex B to the Memorandum (an "Accredited Investor Letter").

         SECTION 2.2 BOOK ENTRY PROVISIONS. This Section 2.2 shall apply only to
Global Note deposited with or on behalf of DTC.

         The Trustee shall execute, authenticate and deliver the Global Note
which (i) shall be registered in the name of DTC or the nominee of DTC and (ii)
shall be delivered by the Trustee to DTC or pursuant to DTC's instructions or
held by the Trustee as custodian for DTC or its nominee.

         Clearing Agency Participants shall have no rights either under this
Indenture with respect to the Global Note held on their behalf by DTC or by the
Trustee as custodian for DTC or under such Global Note, and DTC may be treated
by the Trustee, the Note Registrar and any agent of the Trustee or the Note
Registrar as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trustee, the
Note Registrar or any agent of the Trustee or the Note Registrar from giving

                                       11
<PAGE>

effect to any written certification, proxy or other authorization furnished by
DTC or impair, as between DTC and its Clearing Agency Participants, the
operation of customary practices of such Clearing Agency governing the exercise
of the rights of an owner of a beneficial interest in the Global Note.

         The Note Registrar and the Trustee shall be entitled to deal with DTC
for all purposes of this Indenture (including the payment of principal of and
interest on the Notes and the giving of instructions, notices or directions
hereunder) as the sole Noteholder of the Global Note registered in its name, or
in the name of its nominee, and shall have no obligation to the Note Owners.

         The rights of Note Owners owning a beneficial interest in a Global Note
shall be exercised only through DTC and shall be limited to those established by
law and agreements between such Note Owners and DTC and/or the Clearing Agency
Participants. DTC 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 with respect to such Global Note.
The procedures described in this paragraph, to the extent relating to actions to
be taken with respect to the Global Note shall be the "Applicable Procedures"
for such actions.

         Whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Noteholders evidencing a specified percentage
interest of the Notes, DTC 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 interest in the Notes and has delivered such instructions to
the Trustee.

         SECTION 2.3 TRANSFER RESTRICTIONS.

                  (a) TRANSFER AND EXCHANGE OF GLOBAL NOTES. The transfer and
exchange of the Global Note or beneficial interests therein shall be effected
through DTC, in accordance with this Indenture and the procedures of DTC
therefor, which shall include restrictions on transfer comparable to those set
forth herein to the extent required by the Securities Act. Beneficial interests
in the Global Note may be transferred to persons who take delivery thereof in
the form of a beneficial interest in the same Global Note in accordance with the
transfer restrictions set forth in the legend referred to in Section 2.4.

                  (b) TRANSFER AND EXCHANGE OF A DEFINITIVE NOTE FOR A
BENEFICIAL INTEREST IN THE GLOBAL NOTE. The transfer and exchange of a
Definitive Note for a beneficial interest in the Global Note shall be effected
in accordance with this Indenture and the procedures of DTC therefor, which
shall include restrictions on transfer comparable to those set forth herein to
the extent required by the Securities Act. If, at any time a holder of a
Definitive Note wishes to transfer its interest in such Note to a person who is
required or permitted to take delivery thereof in the form of a beneficial
interest in the Global Note, such Noteholder shall, subject to the Applicable
Procedures, exchange or cause the exchange of such Definitive Note for an
equivalent beneficial interest in the Global Note as provided in this Section.
Upon receipt by the Trustee of (1) the Definitive Notes for registration of
transfer or exchange duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Trustee duly executed by such Noteholder or
by his attorney, duly authorized in writing, (2) the written instructions from
DTC, directing the Trustee, as Note Registrar, to credit or cause to be credited

                                       12
<PAGE>

a beneficial interest in the Global Note equal to the Definitive Note to be
exchanged, such instructions to contain information regarding the participant
account with DTC to be credited with such increase, and (3) a written order
given in accordance with the Applicable Procedures containing information
regarding the participant account of DTC, then the Trustee, as Note Registrar,
shall instruct DTC to increase or cause to be increased the outstanding
principal amount of the Global Note by the outstanding principal amount of the
Definitive Note to be exchanged, and the Trustee, as Note Registrar, shall
instruct DTC, concurrently with such increase, to credit or cause to be credited
to the account of the person specified in such instructions a beneficial
interest in the Global Note equal to the outstanding principal amount of such
Definitive Note being transferred.

         Each transferee of any Definitive Note pursuant to this Section shall
be required to deliver to the Issuer and the Trustee a certificate to the effect
that such transferee is a QIB and as to the other representations and warranties
listed in Section 2.8 hereof.

                  (c) TRANSFER OF A BENEFICIAL INTEREST IN THE GLOBAL NOTE FOR A
DEFINITIVE NOTE. Any person having a beneficial interest in the Global Note may,
only upon satisfaction of the requirements of Section 2.7 and subject to the
Applicable Procedures, transfer its interest thereon to an Institutional
Accredited Investor which delivers to the Issuer and the Trustee an Accredited
Investor Letter and an Opinion of Counsel (in form and substance satisfactory to
the Issuer and the Trustee) to the effect that such transfer is in compliance
with the Securities Act, in each case in accordance with any applicable
securities or "Blue Sky" laws of any state of the United States. Any person
having a beneficial interest in the Global Note may, only upon satisfaction of
the requirements of Section 2.7 and subject to the Applicable Procedures,
exchange such beneficial interest for a Definitive Note. Upon receipt by the
Trustee of written instructions or such other form of instructions as is
customary for DTC, from DTC or its nominee on behalf of any Person having a
beneficial interest in the Global Note, then the Trustee or the custodian, at
the direction of the Trustee, shall, in accordance with the standing
instructions and procedures existing between DTC and the custodian, cause the
outstanding principal amount of the Global Note, as applicable, to be reduced
accordingly and, following such reduction, the Trustee shall authenticate and
deliver to the transferee a Definitive Note in the appropriate principal amount.

         Definitive Notes issued in exchange for a beneficial interest in the
Global Note, as applicable, pursuant to this Section shall be registered in such
names and in such authorized denominations as DTC, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Note
Registrar. The Note Registrar shall deliver such Definitive Notes to the persons
in whose names such Notes are so registered. Following any such issuance of
Definitive Notes, the Note Registrar shall instruct DTC to reduce or cause to be
reduced the outstanding principal amount of the applicable Global Note to
reflect the transfer.

                  (d) RESTRICTIONS ON TRANSFER AND EXCHANGE OF GLOBAL NOTES.
Notwithstanding any other provision of this Indenture, the Global Note may not
be transferred as a whole except by DTC to a nominee of DTC or by a nominee of
DTC to DTC or another nominee of DTC or by DTC or any such nominee to a
successor Clearing Agency or a nominee of such successor Clearing Agency.

                                       13
<PAGE>

         SECTION 2.4 LEGENDING OF NOTES. (a) (i) the Global Note and each
Definitive Note will bear a legend (the "Restricted Legend") in substantially
the following form, unless the Trustee determines otherwise in accordance with
applicable law:

         "THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND IS NOT EXPECTED TO BE
         REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
         (THE "SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND,
         ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
         TRANSFERRED, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS
         ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE OWNER:

                           (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
                  INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE
                  SECURITIES ACT) (A "QIB") AND IS ACQUIRING SUCH NOTE FOR ITS
                  OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A
                  FIDUCIARY OR AGENT FOR OTHERS, (WHICH OTHERS ARE ALSO QIBS) TO
                  WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
                  RELIANCE ON RULE 144A, (B) IT IS AN INSTITUTION THAT IS AN
                  "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2), (3)
                  OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR (C) IS
                  OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE
                  SECURITIES ACT AND, IN THE CASE OF CLAUSES (B) AND (C) ONLY,
                  SUBJECT TO THE RECEIPT BY THE TRUSTEE AND THE ISSUER OF A
                  CERTIFICATION OF THE TRANSFEROR AND THE TRANSFEREE AND AN
                  OPINION OF COUNSEL (SATISFACTORY TO THE TRUSTEE) TO THE EFFECT
                  THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT,

                           (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE
                  TRANSFER THIS NOTE EXCEPT (A) SO LONG AS THIS NOTE IS ELIGIBLE
                  FOR TRANSFER PURSUANT TO RULE 144A, TO A PERSON WHOM THE
                  SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN
                  ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN
                  THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B)
                  IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 904 OF
                  REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO AN
                  EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR
                  (D) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" AS DEFINED IN
                  RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
                  SECURITIES ACT OR OTHERWISE IN A TRANSACTION EXEMPT FROM THE
                  REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN THE
                  CASE OF CLAUSES (B) AND (D) ONLY, SUBJECT TO THE RECEIPT BY

                                       14
<PAGE>

                  THE TRUSTEE AND THE ISSUER OF A CERTIFICATION OF THE
                  TRANSFEROR AND THE TRANSFEREE AND AN OPINION OF COUNSEL
                  (SATISFACTORY TO THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER
                  IS IN COMPLIANCE WITH THE SECURITIES ACT, IN EACH CASE IN
                  ACCORDANCE WITH ANY APPLICABLE SECURITIES OR "BLUE SKY" LAWS
                  OF ANY STATE OF THE UNITED STATES,

                           (3) ACKNOWLEDGES THAT ANY ATTEMPTED TRANSFER IN
                  CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL
                  BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE
                  TO BE TREATED AS THE OWNER OF THIS NOTE FOR ALL PURPOSES,

         THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED CONTAINS A PROVISION
         REQUIRING THE TRUSTEE (OR NOTE REGISTRAR APPOINTED BY THE TRUSTEE) TO
         REFUSE TO REGISTER ANY TRANSFER OF THIS OFFERED NOTE IN VIOLATION OF
         THE FOREGOING."

BY ITS PURCHASE OF A NOTE, EACH PURCHASER SHALL BE DEEMED TO REPRESENT AND
WARRANT THAT EITHER (I) IT IS NOT ACQUIRING SUCH NOTE OR INTEREST THEREIN WITH
THE "PLAN ASSETS" OF ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR "PLAN"
DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE");OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE WILL NOT GIVE RISE TO A
NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975
OF THE CODE BECAUSE THE PURCHASER IS ELIGIBLE FOR, AND THE ACQUISITION AND
HOLDING OF SUCH NOTE SATISFY ALL OF THE REQUIREMENTS OF, ONE OF THE FOLLOWING
PROHIBITED TRANSACTION CLASS EXEMPTIONS ("PTCEs"): PTCE 96-23, PTCE 95-60, PTCE
91-38, PTCE 90-1 or PTCE 84-14.

                  (ii) the Global Note will bear a legend in substantially the
following form:

                  "UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
                  OF DTC TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
                  TRUSTEE, AS DEFINED HEREIN, OR ITS AGENT FOR REGISTRATION OF
                  TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE 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

                                       15
<PAGE>

                  WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
                  HAS AN INTEREST HEREIN."

                  (b) The Initial Purchaser shall not be required to deliver,
and neither the Trustee nor the Note Registrar shall demand therefrom, any of
the certifications described in Section 2.3 in connection with the initial
issuance of the Notes and the delivery thereof by the Note Registrar on the
Closing Date.

         SECTION 2.5 AUTHENTICATION OF NOTES. (a) The Trustee shall duly
authenticate and deliver the Notes in authorized denominations equaling the
aggregate principal amount of the Notes to be purchased by the Initial Purchaser
pursuant to the Note Purchase Agreement.

                  (b) 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 substantially in the form set forth in
EXHIBIT A hereto executed by the Trustee by the manual signature of a
Responsible Officer of the Trustee which is one of its authorized signatories,
and such executed certificate upon any Note shall be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered
hereunder.

         SECTION 2.6 REGISTRATION OF TRANSFER AND EXCHANGE OF NOTES. The Trustee
shall cause to be kept at the office or agency to be maintained by it a register
(the "Note Register") for the Notes in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of the Notes and of transfers and exchanges of such Notes as herein provided.
The Trustee shall initially be the registrar (the "Note Registrar") for the
purpose of registering the Notes and transfers and exchanges of such Notes as
herein provided.

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

         Upon surrender for registration of transfer of any Note at the
Corporate Trust Office or such other office or agency, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes in authorized denominations of a like
aggregate principal amount.

         At the option of a Noteholder, Notes may be exchanged for other Notes,
in authorized denominations and of a like aggregate principal amount, upon
surrender of the Notes to be exchanged at any such office or agency. Whenever
any Notes are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Notes that the Noteholder making the exchange is
entitled to receive.

                                       16
<PAGE>

         All Notes issued upon any registration of transfer or exchange of Notes
shall be 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.

         Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed or accompanied by a written instrument of
transfer stating the name of the proposed transferee and otherwise complying
with the terms of this Indenture, including evidence of compliance with any
restrictions on transfer, in form satisfactory to the Trustee and the Note
Registrar duly executed by the Noteholder thereof or its attorney duly
authorized in writing. No such transfer shall be effected until, and such
transferee shall succeed to the rights of an Noteholder only upon, final
acceptance and registration of the transfer by the Note Registrar in the Note
Register. Prior to the registration of any transfer by an Noteholder as provided
herein, the Trustee shall treat the person in whose name the Note is registered
as the owner thereof for all purposes, and the Trustee shall not be affected by
notice to the contrary. When Notes are presented to the Note Registrar with a
request to register the transfer or to exchange them for an equal face amount of
Notes of other authorized denominations, the Note Registrar shall register the
transfer or make the exchange as requested if its requirements for such
transactions are met. To permit registrations of transfers and exchanges in
accordance with the terms, conditions and restrictions hereof, the Trustee shall
execute and authenticate Notes at the Note Registrar's request.

         No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Trustee shall require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Notes. All Notes surrendered for
registration of transfer and exchange shall be canceled and subsequently
destroyed by the Trustee.

         SECTION 2.7 DEFINITIVE NOTES. (a) Notes may be delivered to Note Owners
in the form of Definitive Notes (each, a "Definitive Note"), in the case of a
transfer to any Institutional Accredited Investor, subject to the requirements
of Section 2.3, and shall be issued to Note Owners owning a beneficial interest
in the Global Note in the following circumstances:

                           (1) the Clearing Agency advises the Trustee that the
                  Clearing Agency is no longer willing or able to properly
                  discharge its responsibilities with respect to the Notes;

                           (2) the Servicer, at its option, advises the Trustee
                  in writing that it elects to terminate the book-entry system
                  through the Clearing Agency; or

                           (3) after the occurrence of an Event of Default or a
                  default by the Servicer under the Sale and Servicing
                  Agreement, the Note Owners evidencing not less than a majority
                  of the Outstanding Amount of the Notes advises the Trustee in
                  writing that the continuation of a book-entry system through
                  such Clearing Agency is no longer in the best interests of
                  Note Owners.

                                       17
<PAGE>

         If any of these events in (1) though (3) above occur, the Trustee shall
notify or cause to be notified all beneficial owners of the Global Note of the
occurrence of any such event and of the availability of Definitive Notes.

                  (b) [RESERVED]

                  (c) In connection with the transfer of the entire Global Note
to the beneficial owners thereof pursuant to paragraph (a)(1) through (3) of
this Section 2.7, upon surrender for cancellation to the Trustee of the Global
Note by the Clearing Agency, accompanied by registration instructions from the
Clearing Agency for registration, the Trustee shall execute, authenticate and
deliver, to each beneficial owner identified by the Clearing Agency in exchange
for its beneficial interest in such Global Note, an equal aggregate principal
amount of Definitive Notes of authorized denominations. None of the Seller, the
Note Registrar, the Paying Agent nor the Trustee shall be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such registration instructions. Upon the issuance of
Definitive Notes, the Trustee shall recognize the Person in whose name the
Definitive Notes are registered in the Note Register as Noteholders hereunder.
Neither the Seller nor the Trustee shall be liable if the Trustee or the Seller
is unable to locate a qualified successor Clearing Agency.

                  (d) Any Definitive Note delivered in exchange for an interest
in the Global Note pursuant to paragraph (a) of this Section 2.7 shall bear the
Restricted Legend.

                  (e) [Reserved].

                  (f) The registered holder of the Global Note may grant proxies
and otherwise authorize any Person, including Clearing Agency Participants and
Persons that may hold interests through Clearing Agency Participants, to take
any action which an Noteholder is entitled to take under this Indenture or the
Notes.

         SECTION 2.8 TRANSFER PROVISIONS. (a) By acceptance of any Note, each
Note Owner, by its acceptance of any beneficial interest therein, will be deemed
to have acknowledged, represented to and agreed as follows:

                           (1) The Notes have not been and will not be
                  registered under the Securities Act or the securities laws of
                  any jurisdiction. Consequently, the Notes are not transferable
                  other than pursuant to an exemption from the registration
                  requirements of the Securities Act.

                           (2) It is either (i) a QIB and is acquiring the Notes
                  for its own account (and not for the account of others) or as
                  a fiduciary or agent for others (which others also are QIBs)
                  or (ii) an Institutional Accredited Investor. It is familiar
                  with Rule 144A or Regulation D, as applicable, and is aware
                  that the Issuer and the Initial Purchaser intend to rely on
                  the deemed representations (and, in the case of an
                  Institutional Accredited Investor, the certificate delivered
                  in connection with such transfer) made by it and the exemption
                  from the registration requirements of the Securities Act
                  provided by Rule 144A or Regulation D, as applicable. It is
                  aware that it (or any account for which it is purchasing) may

                                       18
<PAGE>

                  be required to bear the economic risk of an investment in the
                  Notes for an indefinite period, and it is (or such account is)
                  able to bear such risk for an indefinite period.

                           (3) It will not make any sale, pledge or other
                  transfer of any Note unless either (i) so long as the Notes
                  are eligible for resale pursuant to Rule 144A, such sale,
                  pledge or other transfer is made to a person whom it
                  reasonably believes, after due inquiry, is a QIB acting for
                  its own account (and not for the account of others) or as a
                  fiduciary or agent for others (which others also are QIBs) to
                  whom notice is given that the sale, pledge or transfer is
                  being made in reliance on Rule 144A, (ii) pursuant to an
                  effective registration statement under the Securities Act,
                  (iii) in an offshore transaction complying with Rule 904 of
                  Regulation S under the Securities Act, or (iv) such sale,
                  pledge or other transfer is made to an institutional
                  "accredited investor" as defined in Rule 501(a)(1), (2), (3)
                  or (7) of Regulation D under the Securities Act or otherwise
                  in a transaction exempt from the registration requirements of
                  the Securities Act, and, in the case of clause (iii) or (iv),
                  (a) the Trustee will require that both the prospective
                  transferor and the prospective transferee certify to the
                  Trustee and the Issuer in writing the facts surrounding such
                  transfer, which certification shall be in form and substance
                  satisfactory to the Trustee, and (b) the Trustee shall require
                  a written Opinion of Counsel (which shall not be at the
                  expense of the Trustee or the Trust) satisfactory to the
                  Issuer and the Trustee to the effect that such transfer will
                  not violate the Securities Act, subject in each of the
                  foregoing cases to any requirement of law that the disposition
                  of its property or the property of such investor account or
                  accounts be at all times within our or their control and
                  subject in each of the foregoing cases to the applicable
                  securities laws of any state of the United States.

                           (4) It acknowledges that none of the Issuer or the
                  Initial Purchaser, any of their respective Affiliates or any
                  person representing any of them has made any representation to
                  it with respect to any of them or the offering or sale of any
                  Notes, other than, in the case of a transferee acquiring an
                  interest in a Note directly from the Initial Purchaser, the
                  information contained in the Memorandum, which has been
                  delivered to it and upon which it is relying in making its
                  investment decision with respect to the Notes. In addition, it
                  acknowledges that no representation or warranty is made by any
                  Initial Purchaser as to the accuracy or completeness of such
                  materials. It has had access to such financial and other
                  information concerning the Issuer, the Notes and such other
                  matters as it has deemed necessary in connection with its
                  decision to purchase the Notes, including an opportunity to
                  ask questions of and request information from the Trustee, the
                  Issuer, the Seller and the Initial Purchaser, and it has been
                  afforded an opportunity to request from the Trustee, the
                  Issuer, the Seller and the Initial Purchaser and to review,
                  and it has received, all additional information considered by
                  it to be necessary to verify the accuracy of the information

                                       19
<PAGE>

                  herein. It is either (i) not acquiring the Notes or any
                  interest therein with the "plan assets" of any "employee
                  benefit plan" subject to Title I of the Employee Retirement
                  Income Security Act of 1974, as amended ("ERISA") or "plan"
                  described in section 4975 of the Internal Revenue Code of
                  1986, as amended (the "CODE"); or (ii) the acquisition and
                  holding of the Notes will not give rise to a nonexempt
                  prohibited transaction under section 406(a) of ERISA or
                  section 4975 of the Code because they are eligible for, and
                  satisfy all of the requirements of, one of the following
                  Prohibited Transaction Class Exemptions ("PTCEs"): PTCE 96-23,
                  PTCE 95-60, PTCE 91-38, PTCE 90-1 or PTCE 84-14.

                           (5) It understands and agrees that the Global Note
                  and each Definitive Note will bear a legend in substantially
                  the form set forth in Section 2.4(a).

                           (6) It understands and agrees that the Book-Entry
                  Notes will be represented by beneficial interests in the
                  Global Note in accordance with DTC rules, as described in the
                  Memorandum.

                  (b) Until such time as no Notes remain Outstanding, the Note
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to the Agreement. The Trustee, if not the Note
Registrar at such time, shall have the right to inspect and make copies of all
such letters, notices or other written communications at any reasonable time
upon the giving of reasonable written notice to the Note Registrar.

         SECTION 2.9 MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (a) any
mutilated Note is surrendered to the Note Registrar, or the Note Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (b) there is delivered to the Note Registrar and the Trustee such
security, indemnity or bond, as may be required by them to save each of them
harmless, then, in the absence of notice to the Note Registrar or the Trustee
that such Note has been acquired by a bona fide purchaser the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a new Note or Notes, in authorized
denominations and of like principal amount. In connection with the issuance of
any new Note under this Section 2.9, the Trustee shall require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of
the Trustee and the Note Registrar) connected therewith.

         SECTION 2.10 PERSONS DEEMED OWNERS. Prior to due presentation of an
Note for registration of transfer, the Trustee, the Note Registrar, and any
Paying Agent of the Trustee shall treat the person in whose name any Note is
registered as the owner of such Note for the purpose of receiving distributions
pursuant to the Sale and Servicing Agreement and for all other purposes
whatsoever, and neither the Trustee, the Note Registrar, nor any Paying Agent of
the Trustee shall be affected by any notice to the contrary.

                                       20
<PAGE>

         SECTION 2.11 CANCELLATION. All Notes surrendered for payment or
transfer or exchange shall, if surrendered to any Person party hereto other than
the Note Registrar, be delivered to the Note Registrar for cancellation. No
Notes shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section 2.11, except as expressly permitted by this Indenture.
All canceled Notes held by the Note Registrar shall be destroyed and a
certification of their destruction delivered to the Trustee.

         SECTION 2.12 TEMPORARY NOTES. Pending the preparation of Definitive
Notes, the Trustee may execute, authenticate and deliver temporary Notes which
are printed, lithographed, typewritten, or otherwise produced, in any
denomination, containing substantially the same terms and provisions as set
forth in Exhibit A hereto, except for such appropriate insertions, omissions,
substitutions and other variations relating to their temporary nature as the
officer executing such temporary Notes may determine, as evidenced by its
execution of such temporary Notes.

         If temporary Notes are issued, the Seller will 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 such temporary Notes at the Corporate Trust Office of the Trustee,
or at the office or agency of the Trustee, without charge to the holder. Upon
surrender for cancellation of any one or more temporary Notes, the Trustee shall
execute, authenticate and deliver in exchange therefor Definitive Notes in
authorized denominations and of a like aggregate principal amount. Until so
exchanged, such temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

         SECTION 2.13 LIMITATION OF LIABILITY FOR PAYMENTS. All payments or
distributions made to Noteholders under this Indenture shall be made only from
the Trust Estate and only to the extent that the Trustee shall have sufficient
income or proceeds from the Trust Estate to make such payments in accordance
with the terms of Article IV of this Indenture. Each Note Owner, by its
acceptance of an interest in the Notes, agrees that it will look solely to the
income and proceeds from the Trust Estate to the extent available for
distribution to such Note Owner as provided in this Indenture. Nothing in this
Indenture shall be construed as an agreement, or otherwise creating an
obligation, of the Seller to pay any of the principal, premium, if any, or
interest due from time to time under the Note.

         SECTION 2.14 RELEASE OF COLLATERAL. The Trust Collateral Agent shall,
on or after the Termination Date, release any remaining portion of the Trust
Estate from the lien created by this Indenture and deposit in the Collection
Account any funds then on deposit in any other Trust Account. The Trust
Collateral Agent shall release property from the lien created by this Indenture
pursuant to this Section 2.14 only upon receipt of an Trust Request accompanied
by an Officer's Certificate and an Opinion of Counsel that the Termination Date
has occurred.

         SECTION 2.15 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 been issued to Note Owners pursuant to Section
2.7, the 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 the Note Owners.

                                       21
<PAGE>

         SECTION 2.16 OPTION TO PURCHASE IN LIEU OF A DRAW.

                  (a) Each Noteholder by its acceptance of a Note shall be
deemed to have granted to the Insurer (or its designee, and each reference in
this Section 2.16 to the Insurer shall also be deemed to be a reference to such
designee, as the context may require) the option in lieu of making a payment
under the Policy on the presentation of the Notice under the Policy pursuant to
Section 6.1(a) of the Sale and Servicing Agreement, to purchase all (but not
less than all) of the Noteholders' rights and title to, and interest in, such
Notes (such option, the "Non-Draw Option"), at a price (the "Non-Draw Option
Price") equal to the amount the Insurer would pay in connection with a draw
under the Policy in respect of such Notes if the applicable Distribution Date is
the Final Scheduled Distribution Date for such class of Notes. Payment made by
the Insurer of the Non-Draw Option Price shall be made in immediately available
funds by 12:00 p.m. New York City time on the later of (a) the third Business
Day following receipt by the Insurer, at its designated offices, of a Notice
pursuant to Section 6.1(a) of the Sale and Servicing Agreement and (b) the date
on which payment under the Policy for such Final Scheduled Distribution Date
pursuant to such Notice would have been due in respect of the Notes. All
calculations required to determine the Non-Draw Option Price, shall be made by
the Insurer as of the draw date specified in the relevant Notice for payment
under the Policy delivered pursuant to Section 6.1(a) of the Sale and Servicing
Agreement. The Insurer may exercise the Non-Draw Option by telephone notice
confirmed in writing by the Insurer to the Trust Collateral Agent immediately
thereafter.

                  (b) Simultaneously with the payment of the Non-Draw Option
Price, the Noteholders shall deliver to the Insurer such transfer documents as
shall be necessary pursuant to the terms of this Indenture to assign to the
Insurer the Notes purchased pursuant to the Non-Draw Option and take any and all
other actions as may be required by the terms of this Agreement or this
Indenture (including but not limited to causing to be provided any legal
opinion, certificate or other legal document that may be required by the Trust
Collateral Agent or this Indenture in connection with such transfer), or
otherwise, to cause a transfer of such Notes to the Insurer.

                                  ARTICLE III

                                    COVENANTS

         SECTION 3.1 PAYMENT OF PRINCIPAL AND INTEREST. The Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, the
Issuer will cause to be distributed all amounts on deposit in the Note
Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to
Class A-1 Noteholders and, (ii) for the benefit of the Class A-2 Notes, to Class
A-2 Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

         SECTION 3.2 MAINTENANCE OF OFFICE OR AGENCY. The Issuer will maintain
in New York, 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

                                       22
<PAGE>

hereby initially appoints the Trustee to serve as its agent for the foregoing
purposes. The Issuer will give prompt written notice to the 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 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 Trustee as its agent to receive all such surrenders, notices
and demands.

         SECTION 3.3 MONEY FOR PAYMENTS TO BE HELD IN TRUST. On or before each
Distribution Date and Redemption Date, the Issuer shall deposit or cause to be
deposited in the Note Distribution Account from the Collection 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 Note Paying Agent is the Trustee) shall promptly notify the Trustee
of its action or failure so to act.

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

                  (ii) give the 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 Trustee, forthwith pay to the Trustee
         all sums so held in trust by such Note Paying Agent;

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

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

         The 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 Note Paying Agent to pay to the Trustee all sums held in trust
by such Note Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which the sums were held by such Note Paying Agent; and

                                       23
<PAGE>

upon such a payment by any Note Paying Agent to the Trustee, such Note Paying
Agent shall be released from all further liability with respect to such money.

         Subject to applicable laws with respect to the escheat of funds, any
money held by the Trustee or any Note 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 with the consent of the Insurer
(unless an Insurer Default shall have occurred and be continuing), which consent
shall not be unreasonably withheld, and shall be deposited by the Trustee in the
Collection Account; and the Holder of such Note 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 Trustee or such Note Paying Agent with respect to such trust money shall
thereupon cease; PROVIDED, HOWEVER, that if such money or any portion thereof
had been previously deposited by the Insurer or the Trust Collateral Agent with
the Trustee for the payment of principal or interest on the Notes, to the extent
any amounts are owing to the Insurer, such amounts shall be paid promptly to the
Insurer upon the Trustee's receipt of a written request by the Insurer to such
effect; and PROVIDED, FURTHER, that the Trustee or such Note Paying Agent,
before being required to make any such repayment, shall at the expense 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 New York, New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer.

         The Trustee shall also adopt and employ, at the expense of the Issuer,
any other reasonable means of notification of such repayment (including, but not
limited to, mailing notice of such repayment to Holders whose Notes have been
called but have not been surrendered for redemption or whose right to or
interest in moneys due and payable but not claimed is determinable from the
records of the Trustee or of any Note Paying Agent, at the last address of
record for each such Holder).

         SECTION 3.4 EXISTENCE. Since its formation, the Issuer has kept, and
except as otherwise permitted by the provisions of Section 3.10, the Issuer will
keep in full effect its existence, rights and franchises as a business trust
under the laws of the State of Delaware (unless it becomes, or any successor
Issuer hereunder is or becomes, organized under the laws of any other state or
of the United States of America, 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.

         SECTION 3.5 PROTECTION OF TRUST ESTATE. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Issuer Secured
Parties 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, in favor of the
Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first
lien on and a first priority, perfected security interest in the Trust Estate.
The Issuer will from time to time prepare (or shall cause to be prepared),

                                       24
<PAGE>

execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

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

                  (ii) maintain or preserve the lien and security interest (and
         the priority thereof) in favor of the Trust Collateral Agent for the
         benefit of the Issuer Secured Parties 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;

                  (v) preserve and defend title to the Trust Estate and the
         rights of the Trust Collateral Agent in such Trust Estate against the
         claims of all persons and parties; and

                  (vi) pay all taxes or assessments levied or assessed upon the
         Trust Estate when due.

         The Issuer hereby designates the Trust Collateral Agent its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required by the Trust Collateral Agent pursuant to this
Section; PROVIDED, HOWEVER, that the Trust Collateral Agent shall not be
obligated to execute or file such instruments except upon written instruction
from the Servicer or the Insurer or, if an Insurer Default has occurred and is
continuing, a Note Majority, to execute such instruments, except, that such
instruction need not be in writing if delivered with respect to instruments to
be executed by the Trust Collateral Agent on the Closing Date.

         SECTION 3.6 OPINIONS AS TO TRUST ESTATE.

                  (a) On the Closing Date and on the date of execution of any
Indenture Supplement hereto, the Issuer shall furnish to the Trustee, the Trust
Collateral Agent and the Insurer an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the
recording and filing 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 are necessary to
perfect and make effective the first priority lien and security interest in
favor of the Trust Collateral Agent, for the benefit of the Issuer Secured
Parties, 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
make such lien and security interest effective.

                  (b) Within 120 days after the beginning of each calendar year,
beginning with the first calendar year beginning more than six months after the
Closing Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent
and the Insurer an Opinion of Counsel either stating that, in the opinion of
such counsel, such action has been taken with respect to the recording, filing,

                                       25
<PAGE>

re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and with respect to the execution and filing
of any financing statements and continuation statements as are 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 and 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 execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until June 1 in the
following calendar year.

         SECTION 3.7 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
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the other Basic Documents to which it is a party or such other
instrument or agreement.

                  (b) The Issuer may contract with other Persons acceptable to
the Insurer (so long as no Insurer Default shall have occurred and be
continuing) to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Trustee and the Insurer
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 to assist the
Issuer in performing its duties under this Indenture.

                  (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Basic
Documents to which it is a party and in the instruments and agreements included
in the Trust Estate, including, but not limited to, preparing (or causing to
prepared) and 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 Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the Trustee, the
Insurer or the Holders of at least a majority of the Outstanding Amount of the
Notes.

                  (d) If a responsible officer of the Owner Trustee shall have
actual knowledge of the occurrence of a Servicer Termination Event under the
Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee, the
Insurer and the Rating Agencies thereof in accordance with Section 11.4, 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

                                       26
<PAGE>

Servicing Agreement with respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure.

                  (e) The Issuer agrees that it will not waive timely
performance or observance by the Servicer or the Seller of their respective
duties under the Basic Documents (x) without the prior consent of the Insurer
(unless an Insurer Default shall have occurred and be continuing) or (y) if the
effect thereof would adversely affect the Holders of the Notes.

         SECTION 3.8 NEGATIVE COVENANTS. So long as any Notes are Outstanding,
the Issuer shall not:

                  (i) except as expressly permitted by this Indenture or the
         other Basic Documents to which it is a party, 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
         by the Controlling Party;

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

                  (iii) (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien in favor of the Trust
         Collateral Agent 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 a Financed Vehicle and arising solely
         as a result of an action or omission of the related Obligor), (C)
         permit the lien of 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 or (D) amend, modify or
         fail to comply in all material respects with the provisions of the
         Basic Documents to which it is a party without the prior written
         consent of the Controlling Party.

                  (iv) change its jurisdiction of organization without sixty
         (60) days prior written notice to the Trust Collateral Agent and
         Insurer (so long as an Insurer Default shall not have occurred and
         continuing), if as a result of such relocation, the applicable
         provisions of the UCC would require to filing of any amendment of my
         previously filed financing or continuation statement or of any new
         financing statements.

         SECTION 3.9 ANNUAL STATEMENT AS TO COMPLIANCE. The Issuer will deliver
to the Trustee and the Insurer, within 120 days after the end of each fiscal

                                       27
<PAGE>

year of the Issuer (commencing with the fiscal year ended December 31, 2002) an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that

                  (i) a review of the activities of the Issuer during such year
         and of performance under this Indenture has been made under such
         Authorized Officer's supervision; and

                  (ii) 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 and the other Basic Documents to which
         it is a party throughout such year, or, if there has been a default in
         the compliance of 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 (if other than the Issuer) formed by or
         surviving such consolidation or merger shall be a Person organized and
         existing under the laws of the United States of America or any state
         and shall expressly assume, by an indenture supplemental hereto,
         executed and delivered to the Trustee, in form satisfactory to the
         Trustee and the Insurer (so long as no Insurer Default shall have
         occurred and be continuing), 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 on the
         part of the Issuer to be performed or observed, all as provided herein;

                  (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 Trustee and the Insurer (so
         long as no Insurer Default shall have occurred and be continuing)) to
         the effect that such transaction will not have any material adverse tax
         consequence to the Trust, the Insurer, any Noteholder or the
         Certificateholder;

                  (v) any action as is necessary to maintain the lien and
         security interest created by this Indenture shall, as evidenced by an
         Opinion of Counsel, have been taken;

                  (vi) the Issuer shall have delivered to the 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 III and that all conditions precedent herein provided for
         relating to such transaction have been complied with; and

                                       28
<PAGE>

                  (vii) so long as no Insurer Default shall have occurred and be
         continuing, the Issuer shall have given the Insurer written notice of
         such consolidation or merger at least 20 Business Days prior to the
         consummation of such action and shall have received the prior written
         approval of the Insurer of such consolidation or merger.

                  (b) 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 Person, unless

                  (i) the Person that acquires by conveyance or transfer the
         properties and assets of the Issuer the conveyance or transfer of which
         is hereby restricted shall (A) be a United States citizen or a Person
         organized and existing under the laws of the United States of America
         or any state, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Trustee, in form satisfactory to
         the Trustee, and the Insurer (so long as no Insurer Default shall have
         occurred and be continuing), 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
         of the Basic Documents on the part of the Issuer to be performed or
         observed, all as provided herein or therein, (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 Holders of the Notes, and (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;

                  (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 Trustee and the Insurer (so
         long as no Insurer Default shall have occurred and be continuing)) to
         the effect that such transaction will not have any material adverse tax
         consequence to the Trust, the Insurer, any Noteholder or the
         Certificateholder;

                  (v) any action as is necessary to maintain the lien and
         security interest created by this Indenture shall, as evidenced by an
         Opinion of Counsel, have been taken;

                  (vi) the Issuer shall have delivered to the 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 III and that all conditions precedent herein provided for
         relating to such transaction have been complied with; and

                  (vii) so long as no Insurer Default shall have occurred and be
         continuing, the Issuer shall have given the Insurer written notice of
         such conveyance or transfer at least 20 Business Days prior to the
         consummation of such action and shall have received the prior written
         approval of the Insurer of such conveyance or transfer.

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<PAGE>

         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 a conveyance or transfer of all the assets and
properties of the Issuer pursuant to Section 3.10(b), MFN Auto Receivables Trust
2002-A 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 Trustee stating that MFN
Auto Receivables Trust 2002-A is to be so released.

         SECTION 3.12 NO OTHER BUSINESS. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the other Basic
Documents to which it is a party and activities incidental thereto. After the
Closing Date, the Issuer shall not fund the purchase of any additional
Receivables.

         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, (ii) obligations owing from time to time
to the Insurer under the Insurance Agreement and (iii) any other Indebtedness
permitted by or arising under the Basic Documents to which it is a party. The
Notes shall be issued as partial consideration for the Issuer's purchase of the
Receivables and the other assets specified in the Sale and Servicing Agreement.

         SECTION 3.14 SERVICER'S OBLIGATIONS. The Issuer shall cause the
Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing
Agreement.

         SECTION 3.15 GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES. Except
as contemplated by the Sale and Servicing Agreement or this Indenture, 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 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
other Basic Document to which it is a party.

                                       30
<PAGE>

         SECTION 3.18 RESTRICTED PAYMENTS. 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, distributions
to the Servicer, the Owner Trustee, the Trustee, the Insurer, the Noteholders
and the Certificateholders as permitted by, and to the extent funds are
available for such purpose under, the Sale and Servicing Agreement, Trust
Agreement and this Indenture. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance
with this Indenture and the other Basic Documents to which it is a party.

         SECTION 3.19 NOTICE OF EVENTS OF DEFAULT. Upon a responsible officer of
the Owner Trustee having actual knowledge thereof, the Issuer agrees to give the
Trustee, the Insurer and the Rating Agencies prompt written notice of each Event
of Default hereunder and each default on the part of the Servicer or the Seller
of its obligations under the Sale and Servicing Agreement.

         SECTION 3.20 FURTHER INSTRUMENTS AND ACTS. Upon request of the Trustee
or the Insurer, 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.

         SECTION 3.21 AMENDMENTS OF SALE AND SERVICING AGREEMENT AND TRUST
AGREEMENT. The Issuer shall not agree to any amendment to Section 12.1 of the
Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate
the requirements thereunder that the Trustee or the Holders of the Notes consent
to amendments thereto as provided therein.

         SECTION 3.22 INCOME TAX CHARACTERIZATION. For purposes of federal
income, state and local income and franchise and any other income taxes, the
Issuer will treat the Notes as indebtedness and hereby instructs the Trustee to
treat the Notes as indebtedness for all applicable tax reporting purposes.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

         SECTION 4.1 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 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.20, 3.21, 3.22, and 11.17 (v) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under
Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so

                                       31
<PAGE>

deposited with the Trustee payable to all or any of them, and the 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

                                    (1) all Notes theretofore authenticated and
                           delivered (other than (i) Notes that have been
                           destroyed, lost or stolen and that have been replaced
                           or paid as provided in Section 2.9 and (ii) Notes 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 3.3) have
                           been delivered to the Trustee for cancellation and
                           the Note Policy has expired and been returned to the
                           Insurer for cancellation; or

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

                  (i) have become due and payable,

                  (ii) will become due and payable at their respective Final
         Scheduled Distribution Dates within one year, or

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

                           and the Issuer, in the case of (i), (ii) or (iii)
                           above, has irrevocably deposited or caused to be
                           irrevocably deposited with the Trust Collateral Agent
                           cash or direct obligations of or obligations
                           guaranteed by the United States of America (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 Trustee for cancellation when due to the Final
                           Scheduled Distribution Date or Redemption Date (if
                           Notes shall have been called for redemption pursuant
                           to Section 10.1(a)), as the case may be;

                           (A) the Issuer has paid or caused to be paid all
                  Insurer Issuer Secured Obligations and all Trustee Issuer
                  Secured Obligations; and

                           (B) the Issuer has delivered to the Trustee, the
                  Trust Collateral Agent and the Insurer an Officer's
                  Certificate, an Opinion of Counsel and if required by the
                  Trustee, the Trust Collateral Agent or the Insurer (so long as
                  an Insurer Default shall not have occurred and be continuing)
                  an Independent Certificate from a firm of certified public
                  accountants, each meeting the applicable requirements of
                  Section 11.1(a) and each stating that all conditions precedent

                                       32
<PAGE>

                  herein provided for relating to the satisfaction and discharge
                  of this Indenture have been complied with.

         SECTION 4.2 APPLICATION OF TRUST MONEY. All moneys deposited with the
Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it,
in accordance with the provisions of the Notes, this Indenture and the other
Basic Documents, to the payment, either directly or through any Note Paying
Agent, as the Trustee may determine, to the Holders of the particular Notes for
the payment or redemption of which such moneys have been deposited with the
Trustee, of all sums due and to become due thereon for principal and interest;
but such moneys 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 4.3 REPAYMENT OF MONEYS HELD BY NOTE PAYING AGENT. In
connection with the satisfaction and discharge of this Indenture with respect to
the Notes, all moneys then held by any Note Paying Agent other than the Trustee
under the provisions of this Indenture with respect to such Notes shall, upon
demand of the Issuer, be paid to the Trustee to be held and applied according to
Section 3.3 and thereupon such Note Paying Agent shall be released from all
further liability with respect to such moneys.

                                   ARTICLE V

                                    REMEDIES

         SECTION 5.1 EVENTS OF DEFAULT. "EVENT OF DEFAULT", wherever used
herein, means 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 when
         the same becomes due and payable, and such default shall continue for a
         period of five days (solely for purposes of this clause, a payment on
         the Notes funded by the Insurer or the Collateral Agent pursuant to the
         Spread Account Agreement shall be deemed to be a payment made by the
         Issuer); or

                  (ii) default in the payment of the principal of or any
         installment of the principal of any Note when the same becomes due and
         payable (solely for purposes of this clause, a payment on the Notes
         funded by the Insurer or the Collateral Agent pursuant to the Spread
         Account Agreement, shall be deemed to be a payment made by the Issuer);
         or

                  (iii) a demand for payment is made under the Note Policy; or

                  (iv) default in the observance or performance in any material
         respect of any 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 elsewhere in this Section
         specifically dealt with), or any representation or warranty of the
         Issuer made in this Indenture, in any Basic Document or in any
         certificate or any other writing delivered pursuant hereto or in

                                       33
<PAGE>

         connection herewith proving to have been incorrect in any material
         respect as of the time when the same shall have been made, and such
         default shall continue or not be cured, or the circumstance or
         condition in respect of which such misrepresentation or warranty was
         incorrect shall not have been eliminated or otherwise cured, for a
         period of 30 days after the giving of written notice of the default or
         incorrect representation or warranty to the Issuer and the Indenture
         Trustee by the Insurer; or

                  (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

                  (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 action by the Issuer
         in furtherance of any of the foregoing; or

                  (vii) the Issuer becomes taxable as an association or a
         publicly traded partnership taxable as a corporation for federal or
         state income tax purposes or the Notes are not deemed to be debt for
         tax purposes; or

                  (viii) on any Distribution Date, after taking into account the
         application of the sum of Available Funds for the related Collection
         Period plus the Deficiency Claim Amount for the related Distribution
         Date, any amounts listed in Sections 5.7(b)(i), (ii), (iii) and (v) of
         the Sale and Servicing Agreement has not been paid in full; or

                  (ix) the occurrence of a Level II Trigger Event; or

                  (x) a CPS Default, as defined in the Sale and Servicing
         Agreement, shall have occurred; or

                  (xi) a Servicer Termination Event arising from a breach of
         Section 9.1(a), (c), (d), (e) or (f) of the Sale and Servicing
         Agreement; provided, however, that the occurrence of an event under
         this clause (xi) may not form the basis of an Event of Default unless
         the Controlling Party shall have delivered to the Issuer and the
         Trustee and not rescinded a written notice specifying that such event
         constitutes an Event of Default under the Indenture; or

                                       34
<PAGE>

                  (xii) an Event of Default as set forth in Section 5.1(i) of
         the Insurance Agreement has occurred and the Insurer has given the
         Trust Collateral Agent written notice pursuant to Section 5.2(v) of the
         Insurance Agreement; or

                  (xiii) (x) the occurrence or existence of a default, event of
         default or other similar condition or event (however described) in
         respect of CPS or any Affiliate of CPS under one or more agreements or
         instruments relating to Indebtedness in an aggregate amount of not less
         than $500,000 which has resulted in such Indebtedness becoming, or
         becoming capable at such time of being declared, due and payable under
         such agreements or instruments, before it would otherwise have been due
         and payable or (y) the occurrence or existence of a default, event of
         default or other similar condition or event (however described) in
         respect of CPS or any Affiliate of CPS under one or more agreements or
         instruments relating to Receivables serviced by CPS or any Affiliate of
         CPS in an aggregate amount of not less than $500,000 which has resulted
         either (x) in the Indebtedness secured by such Receivables becoming, or
         becoming capable at such time of being declared, due and payable under
         such agreements or instruments, before it would otherwise have been due
         and payable or (y) CPS or any Affiliate of CPS being terminated, or
         being capable of being terminated as such servicer under such
         agreements or instruments but excluding in each case any such default,
         event of default or other similar condition or event that has been
         waived in accordance with the terms of any applicable agreement on or
         prior to the Closing Date.

         SECTION 5.2 RIGHTS UPON EVENT OF DEFAULT.

                  (a) If an Insurer Default shall not have occurred and be
continuing and an Event of Default shall have occurred and be continuing, upon
the written direction of the Insurer, the Notes shall become immediately due and
payable at par, together with accrued interest thereon. If an Event of Default
shall have occurred and be continuing, the Controlling Party may exercise any of
the remedies specified in Section 5.4(a). In the event of any acceleration of
any Notes by operation of this Section 5.2, the Trustee shall continue to be
entitled to make claims under the Note Policy pursuant to the Sale and Servicing
Agreement for Scheduled Payments on the Notes. Payments under the Note Policy
following acceleration of any Notes shall be applied by the Trustee:

                           FIRST: to Noteholders for amounts due and unpaid on
                  the Notes for interest, ratably, without preference or
                  priority of any kind, according to the amounts due and payable
                  on the Notes for interest; and

                           SECOND: to Noteholders for amounts due and unpaid on
                  the Notes for principal, ratably, without preference or
                  priority of any kind, according to the amounts due and payable
                  on the Notes for principal.

                  (b) In the event any Notes are accelerated due to an Event of
Default, the Insurer shall have the right (in addition to its obligation to pay
Scheduled Payments on the Notes in accordance with the Note Policy), but not the
obligation, to make payments under the Note Policy or otherwise of interest and

                                       35
<PAGE>

principal due on such Notes, in whole or in part, on any date or dates following
such acceleration as the Insurer, in its sole discretion, shall elect.

                  (c) If an Insurer Default shall have occurred and be
continuing and an Event of Default shall have occurred and be continuing, the
Trustee in its discretion may, or if so requested in writing by Holders holding
Notes representing not less than a majority of the Outstanding Amount of the
Notes, declare by written notice to the Issuer that the Notes become, whereupon
they shall become, immediately due and payable at par, together with accrued
interest thereon.

                  (d) If an Insurer Default shall have occurred and be
continuing, then at any time after such declaration of acceleration of maturity
has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter in this Article V provided, the
Noteholders representing a majority of the Outstanding Amount of the Notes, by
written notice to the Issuer and the Trustee, may rescind and annul such
declaration and its consequences if:

                  (i) the Issuer has paid or deposited with the Trustee a sum
         sufficient to pay:

                           (A) all payments of principal of and interest on all
                  Notes and all other amounts that would then be due hereunder
                  or upon such Notes if the Event of Default giving rise to such
                  acceleration had not occurred; and

                           (B) all sums paid or advanced by the Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of the Trustee and its agents and
                  counsel; 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.

         SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE.

                  (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will pay to the Trustee, for the
benefit of the Holders of the Notes, the whole amount then due and payable on
such Notes for principal and interest, with interest upon the overdue principal,
and, to the extent payment 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 Trustee and its agents and counsel.

                                       36
<PAGE>

                  (b) Each Issuer Secured Party hereby irrevocably and
unconditionally appoints the Controlling Party as the true and lawful
attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured
Party is not the Controlling Party, with full power of substitution, to execute,
acknowledge and deliver any notice, document, certificate, paper, pleading or
instrument and to do in the name of the Controlling Party as well as in the
name, place and stead of such Issuer Secured Party such acts, things and deeds
for or on behalf of and in the name of such Issuer Secured Party under this
Indenture (including specifically under Section 5.4) and under the Basic
Documents which such Issuer Secured Party could or might do or which may be
necessary, desirable or convenient in such Controlling Party's sole discretion
to effect the purposes contemplated hereunder and under the Basic Documents and,
without limitation, following the occurrence of an Event of Default, exercise
full right, power and authority to take, or defer from taking, any and all acts
with respect to the administration, maintenance or disposition of the Trust
Estate.

                  (c) If an Event of Default occurs and is continuing, the
Trustee may in its discretion but with the consent of the Controlling Party and
shall, at the direction of the Controlling Party, proceed to protect and enforce
its rights and the rights of the Noteholders by such appropriate Proceedings as
the Trustee or the Controlling Party shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this 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 Trustee by this Indenture or by law.

                  (d) [Reserved].

                  (e) In case 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 in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of 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 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 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 Trustee (including any claim for
         reasonable compensation to the Trustee and each predecessor Trustee,
         and their respective agents, attorneys and counsel, and for
         reimbursement of all expenses and liabilities incurred, and all
         advances made, by the Trustee and each predecessor Trustee, except as a
         result of negligence, bad faith or willful misconduct) and of the
         Noteholders allowed in such proceedings;

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<PAGE>

                  (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 moneys or other property
         payable or deliverable on any such claims and to distribute all amounts
         received with respect to the claims of the Noteholders and of the
         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 Trustee or the Noteholders allowed in any judicial 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 such Noteholders to make
payments to the Trustee, and, in the event that the Trustee shall consent to the
making of payments directly to such Noteholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of negligence, bad faith
or willful misconduct.

                  (f) Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the 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.

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

                  (h) In any Proceedings brought by the Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture or
the Spread Account Agreement), the Trustee shall be held to represent all the
Holders of the Notes, and it shall not be necessary to make any Noteholder a
party to any such proceedings.

         SECTION 5.4 REMEDIES.

                  (a) If an Event of Default shall have occurred and be
continuing, the Controlling Party may do one or more of the following (subject
to Section 5.5):

                  (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

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<PAGE>

         declaration or otherwise, enforce any judgment obtained, and collect
         from the Issuer and any other obligor upon such Notes moneys 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 Trustee and the Holders of the Notes; and

                  (iv) direct the Trust Collateral Agent to 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 and to apply the proceeds of such sales as provided in
         Section 5.6; PROVIDED, HOWEVER, that

                           (A) if the Insurer is the Controlling Party, the
                  Insurer may not sell or otherwise liquidate the Trust Estate
                  following an Event of Default unless

                                    (I) such Event of Default arises from a
                           claim being made on the Note Policy or from the
                           insolvency of the Trust, MFN, the Servicer or the
                           Seller, or

                                    (II) the proceeds of such sale or
                           liquidation distributable to the Noteholders are
                           sufficient to discharge in full all amounts then due
                           and unpaid upon such Notes for principal and
                           interest; or

                           (B) if the Trustee is the Controlling Party, the
                  Trustee may not sell or otherwise liquidate the Trust Estate
                  following an Event of Default unless

                                    (I) such Event of Default is of the type
                           described in Section 5.1(i) or (ii), or

                                    (II) either

                                             (x) the Holders of 100% of the
                                    Outstanding Amount of the Notes consent
                                    thereto, or

                                             (y) the proceeds of such sale or
                                    liquidation distributable to the Noteholders
                                    are sufficient to discharge in full all
                                    amounts then due and unpaid upon such Notes
                                    for principal and interest, or

                                             (z) the 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 due and payable, and the
                                    Trustee provides prior written notice to the
                                    Rating Agencies and obtains the consent of

                                       39
<PAGE>

                                    Holders of 66-2/3% of the Outstanding Amount
                                    of the Notes.

         In determining such sufficiency or insufficiency with respect to clause
(y) and (z), the Trustee may, but need not, obtain and conclusively 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 5.5 OPTIONAL PRESERVATION OF THE RECEIVABLES. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable
under Section 5.2 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to direct the Trust Collateral Agent to maintain possession of the
Trust Estate. 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 Trustee shall take such desire into account when
determining whether or not to direct the Trust Collateral Agent to maintain
possession of the Trust Estate. In determining whether to direct the Trust
Collateral Agent to maintain possession of the Trust Estate, the Trustee may,
but need not, obtain and conclusively 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 5.6 PRIORITIES.

                  (a) Following (1) the acceleration of the Notes pursuant to
Section 5.2 or (2) if an Insurer Default shall have occurred and be continuing,
the occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii),
5.1(iv), 5.1(v) or 5.1(vi) of this Indenture or (3) the receipt of Insolvency
Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, any
money or property collected pursuant to Section 5.4 of this Indenture and any
such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the
related Distribution Date in the following order of priority:

                  FIRST: amounts due and owing and required to be distributed to
         the Servicer (provided there is no Servicer Event of Default), the
         Owner Trustee, the Trustee, the Trust Collateral Agent and the Backup
         Servicer, respectively, pursuant to priorities (i) and (ii) of Section
         5.7(b) of the Sale and Servicing Agreement and not previously
         distributed, in the order of such priorities as set forth therein and
         without limitation, preference or priority of any kind within such
         priorities;

                  SECOND: to Noteholders for amounts due and unpaid on the Notes
         for interest, ratably, without preference or priority of any kind,
         according to the amounts due and payable on the Notes for interest;

                  THIRD: to Noteholders for amounts due and unpaid on the Notes
         for principal, ratably, without preference or priority of any kind,
         according to the amounts due and payable on the Notes for principal;

                                       40
<PAGE>

                  FOURTH: amounts due and owing and required to be distributed
         to the Insurer pursuant to priority (v) and (viii) of Section 5.7(b) of
         the Sale and Servicing Agreement, the Insurance Agreement or any other
         Basic Document and not previously distributed; and

                  FIFTH: to the Trust Collateral Agent to be applied as provided
         in the Master Spread Account Agreement.

                  (b) The Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section 5.6. At least 15 days before
such record date the Issuer shall mail to each Noteholder and the Trustee a
notice that states the record date, the payment date and the amount to be paid.

         SECTION 5.7 LIMITATION OF SUITS. No Holder of any Note shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

                  (ii) the Holders of not less than 25% of the Outstanding
         Amount of the Notes have made written request to the Trustee to
         institute such Proceeding in respect of such Event of Default in its
         own name as Trustee hereunder;

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

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

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

                  (vi) an Insurer Default shall have occurred and be continuing;

it being 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 Holders or to enforce any right under this Indenture, except in the manner
herein provided.

         In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Amount of the Notes, the Trustee in its
sole discretion may determine what action, if any, shall be taken,
notwithstanding any other provisions of this Indenture.

                                       41
<PAGE>

         SECTION 5.8 UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL
AND INTEREST. Notwithstanding any other provisions in 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 or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after 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 5.9 RESTORATION OF RIGHTS AND REMEDIES. If the Controlling
Party 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 Trustee or to
such Noteholder, then and in every such case the Issuer, the Trustee, the
Insurer 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 Trustee, the Insurer
and the Noteholders shall continue as though no such Proceeding had been
instituted.

         SECTION 5.10 RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein
conferred upon or reserved to the Controlling Party, the Insurer or to 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 5.11 DELAY OR OMISSION NOT A WAIVER. No delay or omission of
the Trustee, the Controlling Party, the Insurer or any Holder of any Note 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 an acquiescence therein. Every right and remedy given by
this Article V or by law to the Trustee, the Insurer or to the Noteholders may
be exercised from time to time, and as often as may be deemed expedient, by the
Trustee, the Insurer or by the Noteholders, as the case may be.

         SECTION 5.12 CONTROL BY NOTEHOLDERS. If the Trustee is the Controlling
Party, the Holders of a majority of the Outstanding Amount of the Notes shall
have the right to direct the time, method and place of conducting any Proceeding
for any remedy available to the Trustee with respect to the Notes or exercising
any trust or power conferred on the Trustee; provided that

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

                  (ii) subject to the express terms of Section 5.4, any
         direction to the Trustee to sell or liquidate the Trust Estate shall be
         by the Noteholders representing not less than 100% of the Outstanding
         Amount of the Notes;

                                       42
<PAGE>

                  (iii) if the conditions set forth in Section 5.5 have been
         satisfied and the Trustee elects to retain the Trust Estate pursuant to
         such Section, then any direction to the Trustee by Noteholders
         representing less than 100% of the Outstanding Amount of the Notes to
         sell or liquidate the Trust Estate shall be of no force and effect; and

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

PROVIDED, HOWEVER, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or otherwise,
without receiving indemnity satisfactory to it, or might materially adversely
affect the rights of any Noteholders not consenting to such action.

         SECTION 5.13 WAIVER OF PAST DEFAULTS. If an Insurer Default shall have
occurred and be continuing, prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.4, the Noteholders of not less
than a majority of the Outstanding Amount of the Notes may waive any past
Default or Event of Default and its consequences except a Default (a) in payment
of principal of or interest on any of the Notes or (b) in respect of a covenant
or provision hereof which cannot be modified or amended without the consent of
the Holder of each Note. In the case of any such waiver, the Issuer, the Trustee
and the Holders of the Notes shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto.

         Upon any such waiver, such 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 5.14 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 Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (a)
any suit instituted by the Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of the Notes or (c) any suit instituted by 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 5.15 WAIVER OF STAY OR EXTENSION LAWS. The Issuer covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon,
or plead or in any manner whatsoever, claim or take the benefit or advantage of,

                                       43
<PAGE>

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

         SECTION 5.16 ACTION ON NOTES. The 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 Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the 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.

         SECTION 5.17 PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS.

                  (a) Promptly following a request from the Trustee to do so and
at the Servicer's expense, the Issuer agrees to take all such lawful action as
the Trustee may request to compel or secure the performance and observance by
the Seller and the Servicer, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, 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 Trustee, including the transmission of notices of default on the part of
the Seller or the Servicer thereunder and the institution of legal or
administrative actions or Proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement.

                  (b) If the Trustee is a Controlling Party and if an Event of
Default has occurred and is continuing, the Trustee may, and, at the written
direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes
shall, subject to Article VI, exercise all rights, remedies, powers, privileges
and claims of the Issuer against the Seller or the Servicer under or in
connection with the Sale and Servicing Agreement, including the right or power
to take any action to compel or secure performance or observance by the Seller
or the Servicer of each of their obligations to the Issuer thereunder and to
give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement, and any right of the Issuer to take such
action shall be suspended.

                  (c) Notwithstanding anything contained herein to the contrary,
if an Event of Default has occurred and is continuing, so long as there has been
no Insurer Default, the Insurer shall have the sole right (to the exclusion of
the Noteholders) to direct the Trust Collateral Agent and Trustee, as
applicable, as to any and all remedies to be sought or taken under this
Indenture and the Trust Collateral Agent and Trustee, as applicable, shall not
exercise any such remedies unless directed by the Insurer. Each Noteholder, by
its purchase of a Note, shall be deemed to have consented to the Insurer's
rights hereunder with respect to an Event of Default. At such time as there
exists and is continuing an Insurer Default, the Trust Collateral Agent and

                                       44
<PAGE>

Trustee, as applicable, shall not be bound to continue to comply with any term
or condition of this Agreement that requires the consent of or approval or
direction from the Insurer.

                  (d) The Insurer is an express third-party beneficiary of this
Indenture.

                  (e) The Trust Collateral Agent and the Trustee shall provide
to the Insurer copies of any report, notice, Opinion of Counsel, Officer's
Certificate, request for consent or request for amendment to any document
related hereto promptly upon the Trust Collateral Agent's and Trustee's
production or receipt thereof.

                  (f) The Insurer shall, to the extent it makes any payments
with respect to the Notes, become subrogated to the rights of the recipients of
such payments to the extent and subject to the terms and conditions set forth in
Section 6.1(c) of the Sale and Servicing Agreement.

                  (g) So long as there has been no Insurer Default, the Insurer
shall have the right to exercise all of its rights in its capacity as the
Insurer or Controlling Party hereunder, as applicable, without the consent of
any of the Noteholders, and the Noteholders may exercise such rights of the
Insurer only with the consent of the Insurer.

                                   ARTICLE VI

                   THE TRUSTEE AND THE TRUST COLLATERAL AGENT

         SECTION 6.1 DUTIES OF TRUSTEE.

                  (a) If an Event of Default has occurred and is continuing, the
Trustee shall exercise the rights and powers vested in it by this Indenture and
the other Basic Documents to which it is a party and use the same degree of care
and skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

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

                  (i) the 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 Trustee; and

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

                  (c) The 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:

                                       45
<PAGE>

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

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

                  (iii) the 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 5.12.

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

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

                  (f) No provision of this Indenture shall require the 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, if it shall have reasonable grounds to believe that repayment
of such funds or indemnity reasonably satisfactory to it against such risk or
liability is not assured to it.

                  (g) Every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 6.1.

                  (h) The Trustee shall, upon two Business Days' prior notice to
the Trustee, permit any representative of the Insurer at the expense of the
Trust, during the Trustee's normal business hours, to examine all books of
account, records, reports and other papers of the Trustee relating to the Notes,
to make copies and extracts therefrom and to discuss the Trustee's affairs and
actions, as such affairs and actions relate to the Trustee's duties with respect
to the Notes, with the Trustee's officers and employees responsible for carrying
out the Trustee's duties with respect to the Notes.

                  (i) The Trustee shall, and hereby agrees that it will, perform
all of the obligations and duties required of it under the Sale and Servicing
Agreement.

                  (j) The Trustee shall, and hereby agrees that it will, hold
the Note Policy in trust, and will hold any proceeds of any claim on the Note
Policy in trust solely for the use and benefit of the Noteholders.

                  (k) Without limiting the generality of this Section 6.1, the
Trustee shall have no duty (i) to see to any recording, filing or depositing of
this Indenture or any agreement referred to herein or any financing statement
evidencing a security interest in the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any recording,
refiling or redepositing of any thereof, (ii) to see to any insurance of the

                                       46
<PAGE>

Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii)
to see to the payment or discharge of any tax, assessment or other governmental
charge or any Lien or encumbrance of any kind owing with respect to, assessed or
levied against any part of the Trust, (iv) to confirm or verify the contents of
any reports or certificates delivered to the Trustee pursuant to this Indenture
or the Sale and Servicing Agreement believed by the Trustee to be genuine and to
have been signed or presented by the proper party or parties, or (v) to inspect
the Financed Vehicles at any time or ascertain or inquire as to the performance
of observance of any of the Issuer's, the Seller's or the Servicer's
representations, warranties or covenants or the Servicer's duties and
obligations as Servicer and as custodian of the Receivable Files under the Sale
and Servicing Agreement.

                  (l) In no event shall Bank One, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the
Delaware Business Trust Statute, common law, or the Trust Agreement.

         SECTION 6.2 RIGHTS OF TRUSTEE.

                  (a) The Trustee may conclusively rely on any document believed
by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document;
however, the Trustee shall examine the certificates and opinions to determine
whether or not they conform on their face to the requirements of this Indenture.

                  (b) Before the Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer's Certificate or Opinion of Counsel.

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

                  (d) The 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 the Trustee's conduct does not
constitute willful misconduct, negligence or bad faith.

                  (e) The 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 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 Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders or the
Controlling Party, pursuant to the provisions of this Indenture, unless such
Noteholders or the Controlling Party shall have offered to the Trustee

                                       47
<PAGE>

reasonable security or indemnity against the costs, expenses and liabilities
that may be incurred therein or thereby; PROVIDED, HOWEVER, that the Trustee
shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture with the same
degree of care and skill in its exercise as a prudent person would exercise or
use under the circumstances in the conduct of such person's own affairs.

                  (g) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Insurer (so
long as no Insurer Default shall have occurred and be continuing) or (if an
Insurer Default shall have occurred and be continuing) by the Noteholders
evidencing not less than 25% of the Outstanding Amount thereof; PROVIDED,
HOWEVER, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture or the
Sale and Servicing Agreement, the Trustee may require reasonable indemnity
against such cost, expense or liability as a condition to so proceeding; the
reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person
making such request upon demand.

                  (h) The Trustee shall not be liable for any losses on
investments except for losses resulting from the failure of the Trustee to make
an investment in accordance with instructions given in accordance hereunder. If
the Trustee acts as the Note Paying Agent or Note Registrar, the rights and
protections afforded to the Trustee shall be afforded to the Note Paying Agent
and Note Registrar.

                  (i) Unless otherwise provided for herein, delivery of any
reports, information and documents to the Trustee is for informational purposes
only and the Trustee's receipt of such shall not constitute constructive
knowledge of any information contained therein or determinable from information
contained therein, including the Issuer's compliance with any of its
representations, warranties or covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers's Certificates).

         SECTION 6.3 INDIVIDUAL RIGHTS OF TRUSTEE. The 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 Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-Note
Paying Agent may do the same with like rights. However, the Trustee must comply
with Section 6.11.

         SECTION 6.4 TRUSTEE'S DISCLAIMER. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this
Indenture, the Trust Estate or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee's
certificate of authentication.

                                       48
<PAGE>

         SECTION 6.5 NOTICE OF DEFAULTS. If any Event of Default or a Servicing
Termination Event occurs and is continuing and if it is either known by, or
written notice of the existence thereof has been delivered to, a Responsible
Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the
Event of Default or Servicer Termination Event within ninety (90) days after
such knowledge or notice 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 Trustee may withhold the
notice if and so long as a committee of two or more of its Responsible Officers
in good faith determines that withholding the notice is in the interest of
Noteholders.

         SECTION 6.6 REPORTS BY TRUSTEE TO HOLDERS. The Trustee shall deliver to
each Noteholder such information as may be reasonably required to enable such
Holder to prepare its federal and State income tax returns.

         SECTION 6.7 COMPENSATION AND INDEMNITY.

                  (a) Pursuant to Section 5.7(b) of the Sale and Servicing
Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee
from time to time compensation for its services. The Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall cause the Servicer to reimburse the Trustee and the
Trust Collateral Agent for all reasonable out-of-pocket expenses incurred or
made by it, including costs of collection, in addition to the compensation for
its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee's, the Collateral Agent's
and the Trust Collateral Agent's agents, counsel, accountants and experts. The
Trustee or Trust Collateral Agent shall notify the Issuer and the Servicer
promptly of any claim for which it may seek indemnity. Failure by the Trustee or
Trust Collateral Agent to so notify the Issuer and the Servicer shall not
relieve the Issuer of its obligations hereunder or the Servicer of its
obligations under Article XI of the Sale and Servicing Agreement. The Issuer
shall cause the Servicer to defend the claim, and the Trustee, Trust Collateral
Agent or the Collateral Agent may have separate counsel and the Issuer shall
cause the Servicer to pay the fees and expenses of such counsel. Neither the
Issuer nor the Servicer need reimburse any expense or indemnify against any
loss, liability or expense incurred by the Trustee or Trust Collateral Agent
through the Trustee's or Trust Collateral Agent's own willful misconduct,
negligence or bad faith.

                  (b) The Issuer's payment obligations to the Trustee pursuant
to this Section shall survive the discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Trust Collateral Agent or the
Collateral Agent. When the Trustee, the Trust Collateral Agent or the Collateral
Agent incurs expenses after the occurrence of a Default specified in Section
5.1(v) or (vi) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or State bankruptcy, insolvency or similar law.
Notwithstanding anything else set forth in this Indenture or the other Basic
Documents to which the Trustee is a party, the Trustee agrees that the
obligations of the Issuer (but not the Servicer) to the Trustee hereunder and
under the other Basic Documents to which it is a party shall be recourse to the
Trust Estate only and specifically shall not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Trustee agrees that its
recourse to the Issuer, the Trust Estate, the Seller, the Servicer and amounts

                                       49
<PAGE>

held pursuant to the Spread Account Agreement shall be limited to the right to
receive the distributions referred to in Section 5.7(b) of the Sale and
Servicing Agreement.

         SECTION 6.8 REPLACEMENT OF TRUSTEE. The Trustee may resign at any time
by so notifying the Issuer and the Insurer. The Issuer may and, at the request
of the Insurer (unless an Insurer Default shall have occurred and be continuing)
shall, remove the Trustee, if:

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

                  (ii) a court having jurisdiction in the premises in respect of
         the Trustee in an involuntary case or proceeding under federal or state
         banking or bankruptcy laws, as now or hereafter constituted, or any
         other applicable federal or state bankruptcy, insolvency or other
         similar law, shall have entered a decree or order granting relief or
         appointing a receiver, liquidator, assignee, custodian, trustee,
         conservator, sequestrator (or similar official) for the Trustee or for
         any substantial part of the Trustee's property, or ordering the
         winding-up or liquidation of the Trustee's affairs;

                  (iii) an involuntary case under the federal bankruptcy laws,
         as now or hereafter in effect, or another present or future federal or
         state bankruptcy, insolvency or similar law is commenced with respect
         to the Trustee and such case is not dismissed within 60 days;

                  (iv) the Trustee commences a voluntary case under any federal
         or state banking or bankruptcy laws, as now or hereafter constituted,
         or any other applicable federal or state bankruptcy, insolvency or
         other similar law, or consents to the appointment of or taking
         possession by a receiver, liquidator, assignee, custodian, trustee,
         conservator, sequestrator (or other similar official) for the Trustee
         or for any substantial part of the Trustee's property, or makes any
         assignment for the benefit of creditors or fails generally to pay its
         debts as such debts become due or takes any corporate action in
         furtherance of any of the foregoing; or

                  (v) the Trustee otherwise becomes incapable of acting.

         If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee acceptable to the Insurer (so long as an Insurer Default shall not have
occurred and be continuing). If the Issuer fails to appoint such a successor
Trustee, the Insurer may appoint a successor Trustee.

         A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Insurer (provided that no Insurer
Default shall have occurred and be continuing) and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Trustee shall mail a notice of its succession to
Noteholders. The retiring Trustee shall promptly transfer all property held by
it as Trustee to the successor Trustee.

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<PAGE>

         If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Holders of a majority in Outstanding Amount of the Notes may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

         If the Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

         Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee.

         Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer's and the Servicer's obligations under Section 6.7 shall
continue for the benefit of the retiring Trustee.

         SECTION 6.9 SUCCESSOR TRUSTEE BY MERGER. If the 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 without any
further act shall be the successor Trustee. The Trustee shall provide the Rating
Agencies and the Insurer prior written notice of any such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to the 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 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 successor to
the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or
in this Indenture provided that the certificate of the Trustee shall have.

         SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

                  (a) Notwithstanding any other provisions of this Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust may at the time be located, the Trustee with the
consent of the Insurer (so long as an Insurer Default shall not have occurred
and be continuing) shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or
desirable. No co-trustee or separate trustee hereunder shall be required to meet
the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be
required under Section 6.8 hereof.

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<PAGE>

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

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

                  (ii) no trustee hereunder shall be personally liable by reason
         of any act or omission of any other trustee hereunder, including acts
         or omissions of predecessor or successor trustees; and

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

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

                  (d) Any separate trustee or co-trustee may at any time
constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, dissolve, become insolvent, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and
trusts shall invest in and be exercised by the Trustee, to the extent permitted
by law, without the appointment of a new or successor trustee.

                  (e) Any and all amounts relating to the fees and expenses of
the co-trustee or separate trustee will be borne by the Trust Estate.

         SECTION 6.11 TRUSTEE QUALIFICATIONS. The Trustee 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 it shall have a long term debt rating
of BBB-, or an equivalent rating, or better by the Rating Agencies. The Trustee
shall provide copies of such reports to the Insurer upon request.

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<PAGE>

         SECTION 6.12 REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE. The Trustee
represents and warrants to the Issuer and to each Issuer Secured Party as
follows:

                  (a) DUE ORGANIZATION. The Trustee is a national banking
association and is duly authorized and licensed under applicable law to conduct
its business as presently conducted.

                  (b) POWER AND AUTHORITY. The Trustee has all requisite right,
power and authority to execute and deliver this Indenture and to perform all of
its duties as Trustee hereunder.

                  (c) DUE AUTHORIZATION. The execution and delivery by the
Trustee of this Indenture and the other Basic Documents to which it is a party,
and the performance by the Trustee of its duties hereunder and thereunder, have
been duly authorized by all necessary proceedings and no further approvals or
filings, including any governmental approvals, are required for the valid
execution and delivery by the Trustee, or the performance by the Trustee, of
this Indenture and such other Basic Documents.

                  (d) VALID AND BINDING INDENTURE. The Trustee has duly executed
and delivered this Indenture and each other Basic Document to which it is a
party, and each of this Indenture and each such other Basic Document constitutes
the legal, valid and binding obligation of the Trustee, enforceable against the
Trustee in accordance with its terms, except as (i) such enforceability may be
limited by bankruptcy, insolvency, reorganization and similar laws relating to
or affecting the enforcement of creditors' rights generally and (ii) the
availability of equitable remedies may be limited by equitable principles of
general applicability.

         SECTION 6.13 APPOINTMENT AND POWERS. Subject to the terms and
conditions hereof, each of the Issuer Secured Parties hereby appoints Bank One
as the Trust Collateral Agent with respect to the Collateral, and Bank One
hereby accepts such appointment and agrees to act as Trust Collateral Agent with
respect to the Collateral for the Issuer Secured Parties, to maintain custody
and possession of such Collateral (except as otherwise provided hereunder) and
to perform the other duties of the Trust Collateral Agent in accordance with the
provisions of this Indenture and the other Basic Documents. Each Issuer Secured
Party hereby authorizes the Trust Collateral Agent to take such action on its
behalf, and to exercise such rights, remedies, powers and privileges hereunder,
as the Controlling Party may direct and as are specifically authorized to be
exercised by the Trust Collateral Agent by the terms hereof, together with such
actions, rights, remedies, powers and privileges as are reasonably incidental
thereto, including, but not limited to, the execution of any powers of attorney.
The Trust Collateral Agent shall act upon and in compliance with the written
instructions of the Controlling Party delivered pursuant to this Indenture
promptly following receipt of such written instructions; provided that the Trust
Collateral Agent shall not act in accordance with any instructions (i) which are
not authorized by, or in violation of the provisions of, this Indenture, (ii)
which are in violation of any applicable law, rule or regulation or (iii) for
which the Trust Collateral Agent has not received reasonable indemnity. Receipt
of such instructions shall not be a condition to the exercise by the Trust
Collateral Agent of its express duties hereunder, except where this Indenture
provides that the Trust Collateral Agent is permitted to act only following and
in accordance with such instructions.

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<PAGE>

         SECTION 6.14 PERFORMANCE OF DUTIES. The Trust Collateral Agent shall
have no duties or responsibilities except those expressly set forth in this
Indenture and the other Basic Documents to which the Trust Collateral Agent is a
party or as directed by the Controlling Party in accordance with this Indenture.
The Trust Collateral Agent shall not be required to take any discretionary
actions hereunder except at the written direction and with the indemnification
of the Controlling Party. The Trust Collateral Agent shall, and hereby agrees
that it will, subject to this Article, perform all of the duties and obligations
required of it under the Sale and Servicing Agreement.

         SECTION 6.15 LIMITATION ON LIABILITY. Neither the Trust Collateral
Agent nor any of its directors, officers or employees shall be liable for any
action taken or omitted to be taken by it or them hereunder, or in connection
herewith, except that the Trust Collateral Agent shall be liable for its
negligence, bad faith or willful misconduct; nor shall the Trust Collateral
Agent be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral (or
any part thereof). Notwithstanding any term or provision of this Indenture, the
Trust Collateral Agent shall incur no liability to the Issuer or the Issuer
Secured Parties for any action taken or omitted by the Trust Collateral Agent in
connection with the Collateral, except for the negligence, bad faith or willful
misconduct on the part of the Trust Collateral Agent, and, further, shall incur
no liability to the Issuer Secured Parties except for negligence, bad faith or
willful misconduct in carrying out its duties to the Issuer Secured Parties. The
Trust Collateral Agent shall be protected and shall incur no liability to any
such party in relying upon the accuracy, acting in reliance upon the contents,
and assuming the genuineness of any notice, demand, certificate, signature,
instrument or other document reasonably believed by the Trust Collateral Agent
to be genuine and to have been duly executed by the appropriate signatory, and
(absent actual knowledge to the contrary by a Responsible Officer of the Trust
Collateral Agent) the Trust Collateral Agent shall not be required to make any
independent investigation with respect thereto. The Trust Collateral Agent shall
at all times be free independently to establish to its reasonable satisfaction,
but shall have no duty to independently verify, the existence or nonexistence of
facts that are a condition to the exercise or enforcement of any right or remedy
hereunder or under any of the Basic Documents. The Trust Collateral Agent may
consult with counsel, and shall not be liable for any action taken or omitted to
be taken by it hereunder in good faith and in accordance with the advice of such
counsel. The Trust Collateral Agent shall not be under any obligation to
exercise any of the remedial rights or powers vested in it by this Indenture or
to follow any direction from the Controlling Party or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder unless it shall have received reasonable security or indemnity
satisfactory to the Trust Collateral Agent against the costs, expenses and
liabilities which might be incurred by it.

         SECTION 6.16 RELIANCE UPON DOCUMENTS. In the absence of gross
negligence, bad faith or willful misconduct on its part, the Trust Collateral
Agent shall be entitled to conclusively rely on any communication, instrument,
paper or other document reasonably believed by it to be genuine and correct and
to have been signed or sent by the proper Person or Persons and shall have no
liability in acting, or omitting to act, where such action or omission to act is
in reasonable reliance upon any statement or opinion contained in any such
document or instrument.

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<PAGE>

         SECTION 6.17 SUCCESSOR TRUST COLLATERAL AGENT.

                  (a) MERGER. Any Person into which the Trust Collateral Agent
may be converted or merged, or with which it may be consolidated, or to which it
may sell or transfer its trust business and assets as a whole or substantially
as a whole, or any Person resulting from any such conversion, merger,
consolidation, sale or transfer to which the Trust Collateral Agent is a party,
shall (provided it is otherwise qualified to serve as the Trust Collateral Agent
hereunder) be and become a successor Trust Collateral Agent hereunder and be
vested with all of the title to and interest in the Collateral and all of the
trusts, powers, discretions, immunities, privileges and other matters as was its
predecessor without the execution or filing of any instrument or any further
act, deed or conveyance on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, except to the extent, if any, that any
such action is necessary to perfect, or continue the perfection of, the security
interest of the Issuer Secured Parties in the Collateral; provided that any such
successor shall also be the successor Trustee under Section 6.9.

                  (b) RESIGNATION. The Trust Collateral Agent and any successor
Trust Collateral Agent may resign at any time by so notifying the Issuer and the
Insurer; provided that the Trust Collateral Agent shall not so resign unless it
shall also resign as Trustee hereunder.

                  (c) REMOVAL. The Trust Collateral Agent may be removed by the
Controlling Party at any time (and should be removed at any time that the
Trustee has been removed), with or without cause, by an instrument or concurrent
instruments in writing delivered to the Trust Collateral Agent, the other Issuer
Secured Party and the Issuer. A temporary successor may be removed at any time
to allow a successor Trust Collateral Agent to be appointed pursuant to
subsection (d) below. Any removal pursuant to the provisions of this subsection
(c) shall take effect only upon the date which is the latest of (i) the
effective date of the appointment of a successor Trust Collateral Agent and the
acceptance in writing by such successor Trust Collateral Agent of such
appointment and of its obligation to perform its duties hereunder in accordance
with the provisions hereof, and (ii) receipt by the Controlling Party of an
Opinion of Counsel to the effect described in Section 3.6.

                  (d) ACCEPTANCE BY SUCCESSOR. The Controlling Party shall have
the sole right to appoint each successor Trust Collateral Agent. Every temporary
or permanent successor Trust Collateral Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Trustee, each Issuer
Secured Party and the Issuer an instrument in writing accepting such appointment
hereunder and the relevant predecessor shall execute, acknowledge and deliver
such other documents and instruments as will effectuate the delivery of all
Collateral to the successor Trust Collateral Agent, whereupon such successor,
without any further act, deed or conveyance, shall become fully vested with all
the estates, properties, rights, powers, duties and obligations of its
predecessor. Such predecessor shall, nevertheless, on the written request of
either Issuer Secured Party or the Issuer, execute and deliver an instrument
transferring to such successor all the estates, properties, rights and powers of
such predecessor hereunder. In the event that any instrument in writing from the
Issuer or an Issuer Secured Party is reasonably required by a successor Trust
Collateral Agent to more fully and certainly vest in such successor the estates,
properties, rights, powers, duties and obligations vested or intended to be
vested hereunder in the Trust Collateral Agent, any and all such written
instruments shall, at the request of the temporary or permanent successor Trust
Collateral Agent, be forthwith executed, acknowledged and delivered by the

                                       55
<PAGE>

Trustee or the Issuer, as the case may be. The designation of any successor
Trust Collateral Agent and the instrument or instruments removing any Trust
Collateral Agent and appointing a successor hereunder, together with all other
instruments provided for herein, shall be maintained with the records relating
to the Collateral and, to the extent required by applicable law, filed or
recorded by the successor Trust Collateral Agent in each place where such filing
or recording is necessary to effect the transfer of the Collateral to the
successor Trust Collateral Agent or to protect or continue the perfection of the
security interests granted hereunder.

         SECTION 6.18 COMPENSATION. The Trust Collateral Agent shall not be
entitled to any compensation for the performance of its duties hereunder other
than the compensation it is entitled to receive in its capacity as Trustee.

         SECTION 6.19 REPRESENTATIONS AND WARRANTIES OF THE TRUST COLLATERAL
AGENT. The Trust Collateral Agent represents and warrants to the Issuer and to
each Issuer Secured Party as follows:

                  (a) DUE ORGANIZATION. The Trust Collateral Agent is a national
banking association and is duly authorized and licensed under applicable law to
conduct its business as presently conducted.

                  (b) POWER AND AUTHORITY. The Trust Collateral Agent has all
requisite right, power and authority to execute and deliver this Indenture and
to perform all of its duties as Trust Collateral Agent hereunder.

                  (c) DUE AUTHORIZATION. The execution and delivery by the Trust
Collateral Agent of this Indenture and the other Basic Documents to which it is
a party, and the performance by the Trust Collateral Agent of its duties
hereunder and thereunder, have been duly authorized by all necessary proceedings
and no further approvals or filings, including any governmental approvals, are
required for the valid execution and delivery by the Trust Collateral Agent, or
the performance by the Trust Collateral Agent, of this Indenture and such other
Basic Documents.

                  (d) VALID AND BINDING INDENTURE. The Trust Collateral Agent
has duly executed and delivered this Indenture and each other Basic Document to
which it is a party, and each of this Indenture and each such other Basic
Document constitutes the legal, valid and binding obligation of the Trust
Collateral Agent, enforceable against the Trust Collateral Agent in accordance
with its terms, except as (i) such enforceability may be limited by bankruptcy,
insolvency, reorganization and similar laws relating to or affecting the
enforcement of creditors' rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

         SECTION 6.20 WAIVER OF SETOFFS. The Trust Collateral Agent hereby
expressly waives any and all rights of setoff that the Trust Collateral Agent
may otherwise at any time have under applicable law with respect to any Trust
Account and agrees that amounts in the Trust Accounts shall at all times be held
and applied solely in accordance with the provisions hereof.

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<PAGE>

         SECTION 6.21 CONTROL BY THE CONTROLLING PARTY. The Trust Collateral
Agent shall comply with notices and instructions given by the Issuer only if
accompanied by the written consent of the Controlling Party, except that if any
Event of Default shall have occurred and be continuing, the Trust Collateral
Agent shall act upon and comply with notices and instructions given by the
Controlling Party alone in the place and stead of the Issuer.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

         SECTION 7.1 ISSUER TO FURNISH TO TRUSTEE NAMES AND ADDRESSES OF
NOTEHOLDERS. The Note Registrar will furnish or cause to be furnished to the
Trustee (a) not more than five days after the earlier of (i) each Record Date
and (ii) three months after the last Record Date, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of
such Record Date, (b) at such other times as the 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 10 days prior to the time
such list is furnished; PROVIDED, HOWEVER, that so long as the Trustee is the
Note Registrar, no such list shall be required to be furnished. The Note
Registrar or the Issuer shall furnish to the Insurer in writing on an annual
basis on each June 30 and at such other times as the Insurer may request a copy
of the list.

         SECTION 7.2 PRESERVATION OF INFORMATION. The Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of the
Holders contained in the most recent list furnished to the Trustee as provided
in Section 7.1 and the names and addresses of Holders received by the Trustee in
its capacity as Note Registrar. The Trustee may destroy any list furnished to it
as provided in such Section 7.1 upon receipt of a new list so furnished.

         SECTION 7.3 FISCAL YEAR. Unless the Issuer otherwise determines, the
fiscal year of the Issuer shall end on December 31 of each year.

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         SECTION 8.1 COLLECTION OF MONEY. Except as otherwise expressly provided
herein, the 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
Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing
Agreement. The Trustee shall apply all such money received by it, or cause the
Trust Collateral Agent to apply all money received by it as provided in this
Indenture and the Sale and Servicing Agreement. Except as otherwise expressly
provided in this Indenture or in the Sale and Servicing Agreement, 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 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

                                       57
<PAGE>

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 V.

         SECTION 8.2 RELEASE OF TRUST ESTATE.

                  (a) Subject to the payment of its fees and expenses and other
amounts pursuant to Section 6.7, the Trust Collateral Agent may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, 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 Trust Collateral Agent as
provided in this Article VIII shall be bound to ascertain the Trust Collateral
Agent's authority, inquire into the satisfaction of any conditions precedent or
see to the application of any moneys.

                  (b) The Trust Collateral Agent shall, at such time after the
Termination Date as there are no Notes outstanding and all sums due the Trustee
pursuant to Section 6.7 have been paid, 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 Trust Accounts. The Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.2(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate and an Opinion of Counsel.

         SECTION 8.3 OPINION OF COUNSEL. The Trust Collateral Agent shall
receive at least seven days' notice when requested by the Issuer to take any
action pursuant to Section 8.2(a), accompanied by copies of any instruments
involved, and the Trustee shall also require as a condition to such action, an
Opinion of Counsel in form and substance satisfactory to the Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, 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 or the
Insurer 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 Trustee in connection with any
such action.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

         SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS.
Without the consent of the Holders of any Notes but with the consent of the
Insurer (unless an Insurer Default shall have occurred and be continuing and the
supplemental indentures described below do not adversely affect in any material
respect the rights or obligations of the Insurer) and with prior notice to the
Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the
Trustee, when authorized by an Issuer Order, at any time and from time to time,
may enter into one or more indentures supplemental hereto, in form satisfactory
to the Trustee, for any of the following purposes:

                                       58
<PAGE>

                  (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 Trust Collateral Agent 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 Holders of the Notes, 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 Trust Collateral Agent;

                  (v) to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture which may be
         inconsistent with any other provision herein or in any supplemental
         indenture or to make any other provisions with respect to matters or
         questions arising under this Indenture or in any supplemental
         indenture; PROVIDED that such action shall not adversely affect the
         interests of the Holders of the Notes; or

                  (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 VI.

         The 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.

                  (b) The Issuer and the Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
the consent of the Insurer (unless both (i) an Insurer Default shall have
occurred and be continuing and (ii) the proposed supplemental indenture would
not materially adversely affect the interests of the Insurer) and with prior
notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, enter
into an indenture or 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 of modifying in any manner the rights of the
Holders of the Notes under this Indenture; PROVIDED, HOWEVER, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder.

         SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior
notice to the Rating Agencies, with the consent of the Insurer (unless both (i)
an Insurer Default shall have occurred and be continuing and (ii) the proposed
supplemental indenture would not materially adversely affect the interests of
the Insurer) and with the consent of the Holders of not less than a majority of
the Outstanding Amount of the Notes, by Act of such Holders delivered to the

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Issuer and the Trustee, enter into an indenture or 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 of modifying in any
manner the rights of the Holders of the Notes under this Indenture; PROVIDED,
HOWEVER, that, subject to the express rights of the Insurer under the Basic
Documents, no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Note affected thereby:

                  (i) change the date of payment of any installment of principal
         of or interest on any Note, or reduce the principal amount thereof, the
         interest rate thereon or the Redemption Price with respect thereto,
         change the provision 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;

                  (ii) impair the right to institute suit for the enforcement of
         the provisions of this Indenture requiring the application of funds
         available therefor, as provided in Article V, to the payment of any
         such 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);

                  (iii) reduce the percentage of the Outstanding Amount of the
         Notes, the consent of the Holders of which is required for any such
         supplemental indenture, or the consent of the Holders of which is
         required for any waiver of compliance with certain provisions of this
         Indenture or certain defaults hereunder and their consequences provided
         for in this Indenture;

                  (iv) modify or alter the provisions of the proviso to the
         definition of the term "OUTSTANDING";

                  (v) reduce the percentage of the Outstanding Amount of the
         Notes required to direct the Trustee to direct the Issuer to sell or
         liquidate the Trust Estate pursuant to Section 5.4;

                  (vi) modify any provision of this Section except to increase
         any percentage specified herein or to provide that certain additional
         provisions of this Indenture or the Basic Documents cannot be modified
         or waived without the consent of the Holder of each Outstanding Note
         affected thereby;

                  (vii) modify any of the provisions of this Indenture in such
         manner as to affect the calculation of the amount of any payment of
         interest or principal due on any Note on any Distribution Date
         (including the calculation of any of the individual components of such
         calculation) or to affect the rights of the Noteholders to the benefit
         of any provisions for the mandatory redemption of the Notes contained
         herein; or

                  (viii) 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 or in any of the Basic Documents, terminate the lien of this

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         Indenture on any property at any time subject hereto or deprive the
         Holder of any Note of the security provided by the lien of this
         Indenture.

         The Trustee may determine whether or not any Notes would be affected by
any supplemental indenture and any such determination shall be conclusive upon
the Holders of all Notes, whether theretofore or thereafter authenticated and
delivered hereunder. The Trustee shall not be liable for any such determination
made in good faith.

         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 Trustee of any
supplemental indenture pursuant to this Section, the Trustee shall mail to the
Holders of the Notes 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 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 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive,
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. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Trustee's own rights, duties,
liabilities or immunities under this Indenture or otherwise.

         SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and 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
Trustee, the Issuer and the Holders of the Notes 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 9.5 [RESERVED].

         SECTION 9.6 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Trustee shall so determine, new
Notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Outstanding
Notes.

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                                   ARTICLE X

                               REDEMPTION OF NOTES

         SECTION 10.1 REDEMPTION.

                  (a) The Notes are subject to redemption in whole, but not in
part, at the direction of the Seller pursuant to Section 10.1(a) of the Sale and
Servicing Agreement, on any Distribution Date on which the Seller exercises its
option to purchase the Trust Estate pursuant to said Section 10.1(a), for a
purchase price equal to the Redemption Price; PROVIDED, HOWEVER, that the Issuer
has available funds sufficient to pay the Redemption Price. The Servicer or the
Issuer shall furnish the Insurer and the Rating Agencies notice of such
redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a),
the Servicer or the Issuer shall furnish notice of such election to the Trustee
not later than 35 days prior to the Redemption Date and the Issuer shall deposit
with the Trustee in the Note Distribution 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 10.2 to
each Holder of Notes.

                  (b) [RESERVED]

                  (c) In the event that the assets of the Trust are distributed
pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the
Note Distribution Account shall be paid to the Noteholders up to the Outstanding
Amount of the Notes and all accrued and unpaid interest thereon. If amounts are
to be paid to Noteholders pursuant to this Section 10.1(c), the Servicer or the
Issuer shall, to the extent practicable, furnish notice of such event to the
Trustee not later than 45 days prior to the Redemption Date whereupon all such
amounts shall be payable on the Redemption Date.

         SECTION 10.2 FORM OF REDEMPTION NOTICE.

                  (a) Notice of redemption under Section 10.1(a) shall be given
by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted
or mailed prior to the applicable Redemption Date to each Holder of Notes, as of
the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder's address appearing in the Note Register.

                  (b) All notices of redemption shall state:

                           (i) the Redemption Date;

                           (ii) the Redemption Price;

                           (iii) that the Record Date otherwise applicable to
                  such Redemption Date is not applicable and that payments shall
                  be made only upon presentation and surrender of such Notes and
                  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 3.2);
                  and

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                           (iv) that interest on the Notes shall cease to accrue
                  on the Redemption Date.

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

         SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1(a)), 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.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 COMPLIANCE CERTIFICATES AND OPINIONS, ETC. Upon any
application or request by the Issuer to the Trustee or the Trust Collateral
Agent to take any action under any provision of this Indenture, the Issuer shall
furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to
the Insurer if the application or request is made to the Trust Collateral Agent
(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 and (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with 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.

                  (a) 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 such 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 such
         signatory such condition or covenant has been complied with.

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                  (b) (i) Prior to the deposit of any Collateral or other
property or securities with the Trust Collateral Agent 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
11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent
and the Insurer 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 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 Trust
         Collateral Agent and the Insurer 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 deliver to the Trust
         Collateral Agent and the Insurer an Independent Certificate as to the
         same matters, if the fair value to the Issuer of the 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 delivered
         pursuant to clause (i) above and this clause (ii), is 10% or more of
         the Outstanding Amount of the Notes, but such a certificate need not be
         furnished with respect to any 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% percent of the
         Outstanding Amount of the Notes.

                  (iii) Other than with respect to the release of any Purchased
         Receivables or Liquidated Receivables, whenever any property or
         securities are to be released from the lien of this Indenture, the
         Issuer shall also furnish to the Trust Collateral Agent and the Insurer
         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 Trustee
         and the Insurer 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 Trust Collateral
         Agent and the Insurer an Independent Certificate as to the same matters
         if the fair value of the property or securities and of all other
         property other than Purchased Receivables and Defaulted Receivables, or
         securities 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 Outstanding Amount of the Notes, 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 1
         percent of the then Outstanding Amount of the Notes.

                  (v) Notwithstanding Section 2.14 or any other provision of
         this Section, the Issuer may (A) collect, liquidate, sell or otherwise
         dispose of Receivables as and to the extent permitted or required by
         the Basic Documents and (B) make cash payments out of the Trust

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         Accounts as and to the extent permitted or required by the Basic
         Documents.

         SECTION 11.2 FORM OF DOCUMENTS DELIVERED TO TRUSTEE. 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.

         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 certificate or opinion or
representations with respect to the matters upon which his or her 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, an officer or officers of
the Servicer, the Seller or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Servicer, the Seller
or the Issuer, unless such 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.

         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.

         Whenever in this Indenture, in connection with any application or
certificate or report to the 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 Trustee's right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in Article
VI.

         SECTION 11.3 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 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

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for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of the 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 customary manner of the Trustee.

                  (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 or in lieu thereof, in respect of anything
done, omitted or suffered to be done by the Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note.

         SECTION 11.4 NOTICES, ETC., TO TRUSTEE, ISSUER AND RATING AGENCIES. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture to be
made upon, given or furnished to or filed with:

                  (a) The Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to the Trustee at its Corporate
Trust Office, or

                  (b) The Issuer by the Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
deemed to have been duly given upon receipt to the Issuer addressed to: MFN Auto
Receivables Trust 2002-A, in care of First Union Trust Company, National
Association, One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware
19801 Attention: Corporate Trust Administration, or at any other address
previously furnished in writing to the Trustee by Issuer. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the Trustee.

                  (c) The Insurer by the Issuer or the Trustee shall be
sufficient for any purpose hereunder if in writing and mailed by registered mail
or personally delivered or telexed or telecopied to the recipient as follows:

                           To the Insurer:      XL Capital Assurance Inc.
                                                250 Park Avenue, 19th Floor
                                                New York, NY 10177
                                                Attention:  Surveillance
                                                Confirmation:  (646) 658-5900
                                                Facsimile:  (646) 658-5955

(In each case in which notice or other communication to the Insurer refers to an
Event of Default, a claim on the Note Policy or with respect to which failure on
the part of the Insurer to respond shall be deemed to constitute consent or
acceptance, then a copy of such notice or other communication should also be
sent to the attention of the General Counsel and the Head--Financial Guaranty
Group "URGENT MATERIAL ENCLOSED.")

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<PAGE>

         Notices required to be given to the Rating Agencies by the Issuer, the
Trustee or the Owner Trustee shall be in writing, personally delivered,
delivered by overnight courier or mailed certified mail, return receipt
requested to (i) in the case of Moody's, at the following address: Moody's
Investors Service, 99 Church Street, New York, New York 10007; (ii) in the case
of Fitch, at the following address: Fitch, Inc., One State Street Plaza, New
York, New York 10004 and (iii) in the case of S&P, at the following address:
Standard & Poor's, A Division of the McGraw-Hill Companies, 55 Water Street,
40th Floor, New York, New York 10041, Attention of Asset Backed Surveillance
Department; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

         SECTION 11.5 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 mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his 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 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 here
in 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 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 Trustee shall be deemed to be a
sufficient giving of such notice.

         Where this Indenture provides for notice to the Rating Agencies,
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 11.6 [RESERVED]

         SECTION 11.7 [RESERVED].

         SECTION 11.8 EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

         SECTION 11.9 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 Trustee in this
Indenture shall bind its successors. All agreements of the Trust Collateral
Agent in this Indenture shall bind its successors.

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         SECTION 11.10 SEPARABILITY. 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 shall not in any way be affected
or impaired thereby.

         SECTION 11.11 BENEFITS OF INDENTURE. The Insurer and its successors and
assigns shall be a third-party beneficiary to the provisions of this Indenture,
and shall be entitled to rely upon and directly to enforce such provisions of
this Indenture so long as no Insurer Default shall have occurred and be
continuing. 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.
The Insurer may disclaim any of its rights and powers under this Indenture (in
which case the Trustee may exercise such right or power hereunder), but not its
duties and obligations under the Note Policy, upon delivery of a written notice
to the Trustee.

         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 an 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, 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 so executed shall be deemed to be an
original, but all such 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 is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Trustee or any other counsel reasonably acceptable
to the Trustee and the Insurer) 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 Trustee
or the Trust Collateral Agent under this Indenture or the Collateral Agent under
the Spread Account Agreement.

         SECTION 11.16 TRUST OBLIGATION. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Seller, the
Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the
Notes or under this Indenture, any other Basic Document or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Seller, the Servicer, the Trustee, the Trust Collateral Agent 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,

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employee or agent of the Seller, the Servicer, the Trustee, the Trust Collateral
Agent or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee,
the Trust Collateral Agent or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner
Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Trustee, the Trust Collateral Agent and the
Owner Trustee have no such obligations in their individual capacity) 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 Article VI, VII and
VIII of the Trust Agreement.

         SECTION 11.17 [RESERVED].

         SECTION 11.18 INSPECTION. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee or of the Insurer,
during the Issuer's normal business hours, to examine all 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.
Notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (i) disclosure of any and all information that is or
becomes publicly known, (ii) disclosure of any and all information (A) if
required to do so by any applicable statute, law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any respects of the Trustee's business or that of its affiliates, (C)
pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which
the Trustee or an affiliate or an officer, director, employer or shareholder
thereof is a party, (D) in any preliminary or final offering circular,
registration statement or contract or other document pertaining to the
transactions contemplated by the Indenture approved in advance by the Servicer
or the Issuer or (E) to any independent or internal auditor, agent, employee or
attorney of the Trustee having a need to know the same, provided that the
Trustee advises such recipient of the confidential nature of the information
being disclosed, or (iii) any other disclosure authorized by the Servicer or the
Issuer.

         SECTION 11.19 NO PETITION. The Trust Collateral Agent, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenants and
agrees that it will not at any time institute against the Seller or the Issuer,
or solicit or join in or cooperate with or encourage any institution against the
Seller or the Issuer 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 Basic Documents. The foregoing shall
not (a) limit the rights of the Trust Collateral Agent to file any claim in or
otherwise take any action with respect to any insolvency proceeding that was
instituted against the Issuer by any Person other than the Trust Collateral

                                       69
<PAGE>

Agent, or (b) require the Collateral Agent or the Noteholders to resist any
legal process.

         SECTION 11.20 SUBORDINATION. (a) Issuer and each Noteholder by
accepting a Note acknowledge and agree that such Note represents indebtedness of
Issuer and does not represent an interest in any assets (other than the Trust
Estate) of Seller (including by virtue of any deficiency claim in respect of
obligations not paid or otherwise satisfied from the Trust Estate and proceeds
thereof). In furtherance of and not in derogation of the foregoing, to the
extent Seller enters into other securitization transactions, Issuer as well as
each Noteholder by accepting a Note acknowledge and agree that it shall have no
right, title or interest in or to any assets (or interests therein) (other than
Trust Estate) conveyed or purported to be conveyed by Seller to another
securitization trust or other Person or Persons in connection therewith (whether
by way of a sale, capital contribution or by virtue of the granting of a lien)
("Other Assets"). To the extent that, notwithstanding the agreements and
provisions contained in the preceding sentences of this subsection, Issuer or
any Noteholder either (i) asserts an interest or claim to, or benefit from,
Other Assets, whether asserted against or through Seller or any other Person
owned by Seller, or (ii) is deemed to have any such interest, claim or benefit
in or from Other Assets, whether by operation of law, legal process, pursuant to
applicable provisions of insolvency laws or otherwise (including by virtue of
Section 1111(b) of the Federal Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), and whether deemed asserted against
or through Seller or any other Person owned by Seller, then Issuer and each
Noteholder by accepting a Note further acknowledges and agrees that any such
interest, claim or benefit in or from Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and
liabilities of Seller which, under the terms of the relevant documents relating
to the securitization of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether
or not any such entitlement or security interest is legally perfected or
otherwise entitled to a priority of distribution or application under applicable
law, including insolvency laws, and whether asserted against Seller or any other
Person owned by Seller), including, the payment of post-petition interest on
such other obligations and liabilities. This subordination agreement shall be
deemed a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code. Each Noteholder further acknowledges and agrees that no
adequate remedy at law exists for a breach of this Section 11.20 and the terms
of this Section 11.20 may be enforced by an action for specific performance.

                  (b) The provisions of this Section 11.20 shall be for the
third party benefit of those entitled to rely thereon and shall survive the
termination of this Indenture.

         SECTION 11.21 NO RECOURSE. Each Noteholder, by accepting a Note,
acknowledges that the Notes represent obligations of the Trust only and do not
represent interests in or obligations of the Seller, the Servicer, the Trustee
or any Affiliate thereof and no recourse may be had against such parties or
their assets, except as may be expressly set forth or contemplated in this
Indenture, the Notes or the Basic Documents.

                            [SIGNATURE PAGES FOLLOW]

                                       70
<PAGE>

         IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers, hereunto duly
authorized, all as of the day and year first above written.

                      MFN AUTO RECEIVABLES
                      TRUST 2002-A,

                      By:  First Union Trust Company, National Association, not
                           in its individual capacity but solely as Owner
                           Trustee

                      By: _____________________________________________________
                           Name:
                           Title:

                      BANK ONE TRUST COMPANY, N.A., not in its individual
                      capacity but solely as Trustee and Trust Collateral Agent

                      By: _____________________________________________________
                           Name:       Gregory G. Cross
                           Title:      Vice President

                                       71
<PAGE>

                                                                     EXHIBIT A-1

REGISTERED                                                           $83,500,000
No. RB-A-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 55274D AC 8

         THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND IS NOT EXPECTED TO BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND, ACCORDINGLY,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED , EXCEPT AS SET FORTH
IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE OWNER:

                  (A) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL
BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB") AND IS
ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR
AS A FIDUCIARY OR AGENT FOR OTHERS, (WHICH OTHERS ARE ALSO QIBS) TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) IT IS AN
INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR (C) IS OTHERWISE
ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT AND, IN THE
CASE OF CLAUSE (B) OR (C) ABOVE, SUBJECT TO THE RECEIPT BY THE ISSUER AND THE
TRUSTEE OF A CERTIFICATION OF THE TRANSFEROR AND THE TRANSFEREE AND AN OPINION
OF COUNSEL (SATISFACTORY TO THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT,

                  (B) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS
NOTE EXCEPT (A) SO LONG AS THIS NOTE IS ELIGIBLE FOR TRANSFER PURSUANT TO RULE
144A, TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (D) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT OR OTHERWISE IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN THE CASE
OF CLAUSE (B) AND (D), SUBJECT TO THE RECEIPT BY THE ISSUER AND THE TRUSTEE OF A
CERTIFICATION OF THE TRANSFEROR AND THE TRANSFEREE AND AN OPINION OF COUNSEL
(SATISFACTORY TO THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OF THE UNITED STATES, AND

                                     A-1-1
<PAGE>

                  (C) ACKNOWLEDGES THAT ANY ATTEMPTED TRANSFER IN CONTRAVENTION
OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE
PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THIS NOTE FOR
ALL PURPOSES,

         THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED CONTAINS A PROVISION
REQUIRING THE TRUSTEE (OR NOTE REGISTRAR APPOINTED BY THE TRUSTEE) TO REFUSE TO
REGISTER ANY TRANSFER OF THIS OFFERED NOTE IN VIOLATION OF THE FOREGOING.

         BY ITS PURCHASE OF A NOTE, EACH PURCHASER SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING SUCH NOTE OR INTEREST THEREIN
WITH THE "PLAN ASSETS" OF ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR A
"PLAN" DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE");OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE WILL NOT
GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR
SECTION 4975 OF THE CODE BECAUSE THE PURCHASER IS ELIGIBLE FOR, AND THE PURCHASE
AND HOLDING SATISFY ALL OF THE REQUIREMENTS OF, ONE OF THE FOLLOWING PROHIBITED
TRANSACTION CLASS EXEMPTIONS ("PTCEs"): PTCE 96-23, PTCE 95-60, PTCE 91-38, PTCE
90-1 or PTCE 84-14.

         [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE, AS DEFINED
HEREIN, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
NOTE 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 IN INSTALLMENTS 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.

                                     A-1-2
<PAGE>

                        MFN AUTO RECEIVABLES TRUST 2002-A

                       CLASS A-1 3.809% ASSET-BACKED NOTE

         MFN Auto Receivables Trust 2002-A, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"ISSUER"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of EIGHTY-THREE MILLION FIVE HUNDRED
THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$83,500,000 and the denominator of which is $83,500,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-1 Notes pursuant to the Indenture; PROVIDED, HOWEVER,
that the entire unpaid principal amount of this Note shall be due and payable on
the January, 2005 Distribution Date (the "FINAL SCHEDULED DISTRIBUTION DATE").
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. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
March ___, 2002. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "NOTE POLICY") issued by XL Capital Assurance Inc. (the
"INSURER"), pursuant to which the Insurer has unconditionally guaranteed
payments of the Noteholders' Interest Distributable Amount and the Noteholders'
Parity Deficit Amount with respect to each Distribution Date will be paid on or
prior to such Distribution Date, all as more fully set forth in the Indenture
and the Sale and Servicing Agreement. The Record Date applicable to any
Distribution Date is the Record Date applicable to such Distribution Date.

         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 Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     A-1-3
<PAGE>

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

                       MFN AUTO RECEIVABLES
                       TRUST 2002-A

                       By:  First Union Trust Company, National Association, not
                       in its individual capacity but solely as Owner Trustee
                       under the Trust Agreement

                       By: _____________________________________________________
                       Name:
                       Title:

                                     A-1-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: March ___, 2002           BANK ONE TRUST COMPANY, N.A., not in its
                                individual capacity but solely as Trustee

                                By: ___________________________________________
                                Authorized Signer

                                     A-1-5
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 3.809% Asset-Backed Notes (herein called the "CLASS
A-1 NOTES"), all issued under an Indenture dated as of March 1, 2002 (such
indenture, as amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof is herein called the "INDENTURE"), between the
Issuer and Bank One Trust Company, N.A., as trustee (the "TRUSTEE", which term
includes any successor Trustee under the Indenture) and as trust collateral
agent (the "TRUST COLLATERAL AGENT"), which term includes any successor Trust
Collateral Agent) 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 Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes and the Class A-2 Notes (together, the "NOTES") are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

         Principal of the Class A-1 Notes will be payable on each Distribution
Date in an amount described on the face hereof. "DISTRIBUTION DATE" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing April 15, 2002. The term "DISTRIBUTION
DATE," shall be deemed to include the applicable Final Scheduled Distribution
Date.

         As described in the Indenture, the entire unpaid principal amount of
this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date specified herein and the Redemption Date, if any, pursuant to
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable (i) if an Insurer Default shall not have
occurred and be continuing and an Event of Default shall have occurred and be
continuing, upon the written direction of the Insurer or (ii) if an Insurer
Default shall have occurred and be continuing, on the date on which an Event of
Default shall have occurred and be continuing and the Trustee or the Holders of
the Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-1 Notes shall
be made pro rata to the Class A-1 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each 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

                                     A-1-6
<PAGE>

one or more Predecessor Notes) effected by any payments made on any Distribution
Date shall be binding upon all future Holders 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 then remaining unpaid
principal amount of this Note on a Distribution Date, then the Trustee, in the
name of and on behalf of the Issuer, will notify the Person who was the Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Trustee's
principal Corporate Trust Office or at the office of the Trustee's agent
appointed for such purposes located in New York, New York.

         As provided in the Indenture and subject to certain limitations set
forth therein, 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, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, Stamp, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, 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, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) 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, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer 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

                                     A-1-7
<PAGE>

registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor 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 Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Noteholders
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, 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 Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders 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 Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

         The term "ISSUER" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the 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, 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the other Basic Documents, neither First Union
Trust Company, National Association in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the
sole purposes of binding the interests of the Owner Trustee in the assets of the

                                     A-1-8
<PAGE>

Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; PROVIDED, HOWEVER,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

         The Insurer shall, to the extent it makes any payments with respect to
this Note, become subrogated to the rights of the recipients of such payments to
the extent and subject to the terms and conditions set forth in Section 6.1(c)
of the Sale and Servicing Agreement.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Seller or the Issuer, or solicit
or join in or cooperate with or encourage any institution against the Seller or
the Issuer 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, the Indenture or any of the Basic Documents.

                                     A-1-9
<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 ____________________________ (1) _________________________________________
                                               Signature Guaranteed:

__________________________________     _________________________________________

__________________________________

(1)      NOTE: 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.

         In connection with any transfer of this Note occurring prior to the
second anniversary of the original issuance of this Note, the undersigned
confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer and that this Note is being
transferred:

                                   [Check One]

         1. [ ]   to the Issuer; or

         2. [ ]   pursuant to and in compliance with Rule 144A under the
                  Securities Act; or

         3. [ ]   to an institutional "accredited investor" (as defined in
                  Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that
                  has furnished to the Trustee a signed letter containing
                  certain representations and agreements (the form of which
                  letter can be obtained from the Trustee); or

         4. [ ]   outside the United States to a "foreign person" in
                  compliance with Rule 904 of Regulation S under the Securities
                  Act; or

         5. [ ]   Pursuant to the exemption from registration provided by Rule
                  144 the Securities Act; or

                                     A-1-10
<PAGE>

         6. [ ]   pursuant to an effective registration statement under the
                  Securities Act; or

         7. [ ]   pursuant to another available exemption from the
                  registration requirements of the Securities Act.

         Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any Person other
than the registered Holder thereof; PROVIDED that if box (3), (4), (5) or (7) is
checked, the Trustee and the Issuer may require, prior to registering any such
transfer of the Notes, in its sole discretion, such legal opinions,
certifications (including an investment letter in the case of box (3) or (4))
and other information as the Trustee and the Issuer may reasonably request to
confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to , the registration requirements of the Securities
Act.

         If none of the foregoing boxes is check, the Trustee or Security
Registrar shall not be obligated to register this Note in the name of any Person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in the Indenture shall have been
satisfied.

Date: ______________________________   Signed: _________________________________
                                       (Sign exactly as your name appears on the
                                       other side of this Note)

Signature Guarantee: _________________________________________

         TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

         The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "QUALIFIED
INSTITUTIONAL BUYER" within the meaning of Rule 144A under the Securities Act
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transfer is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Date: ______________________________   Signed: _________________________________
                                               NOTICE:  To be executed by an
                                               executive officer.

                                     A-1-11
<PAGE>

                                                                     EXHIBIT A-2

REGISTERED                                                           $16,454,425

No. RB-A-2

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 55274D AD 6

         THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN AND IS NOT EXPECTED TO BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND, ACCORDINGLY,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH
IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE OWNER:

                  (A) REPRESENTS THAT (A) IT IS A "QUALIFIED INSTITUTIONAL
BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A "QIB") AND IS
ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR
AS A FIDUCIARY OR AGENT FOR OTHERS, (WHICH OTHERS ARE ALSO QIBS) TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) IT IS AN
INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR (C) IS OTHERWISE
ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT AND, IN THE
CASE OF CLAUSE (B) OR (C) ABOVE, SUBJECT TO THE RECEIPT BY THE ISSUER AND THE
TRUSTEE OF A CERTIFICATION OF THE TRANSFEROR AND THE TRANSFEREE AND AN OPINION
OF COUNSEL (SATISFACTORY TO THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT,

                  (B) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS
NOTE EXCEPT (A) SO LONG AS THIS NOTE IS ELIGIBLE FOR TRANSFER PURSUANT TO RULE
144A, TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (D) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT OR OTHERWISE IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN THE CASE
OF CLAUSE (B) AND (D), SUBJECT TO THE RECEIPT BY THE ISSUER AND THE TRUSTEE OF A
CERTIFICATION OF THE TRANSFEROR AND THE TRANSFEREE AND AN OPINION OF COUNSEL
(SATISFACTORY TO THE TRUSTEE) TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OF THE UNITED STATES, AND

                                     A-2-1
<PAGE>

                  (C) ACKNOWLEDGES THAT ANY ATTEMPTED TRANSFER IN CONTRAVENTION
OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE
PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THIS NOTE FOR
ALL PURPOSES,

         THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED CONTAINS A PROVISION
REQUIRING THE TRUSTEE (OR NOTE REGISTRAR APPOINTED BY THE TRUSTEE) TO REFUSE TO
REGISTER ANY TRANSFER OF THIS OFFERED NOTE IN VIOLATION OF THE FOREGOING.

         BY ITS PURCHASE OF A NOTE, EACH PURCHASER SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (I) IT IS NOT ACQUIRING SUCH NOTE OR INTEREST THEREIN
WITH THE "PLAN ASSETS" OF ANY "EMPLOYEE BENEFIT PLAN" SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") OR A
"PLAN" DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE");OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE WILL NOT
GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR
SECTION 4975 OF THE CODE BECAUSE THE PURCHASER IS ELIGIBLE FOR, AND THE PURCHASE
AND HOLDING SATISFY ALL OF THE REQUIREMENTS OF, ONE OF THE FOLLOWING PROHIBITED
TRANSACTION CLASS EXEMPTIONS ("PTCEs"): PTCE 96-23, PTCE 95-60, PTCE 91-38, PTCE
90-1 or PTCE 84-14.

         [UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUSTEE, AS DEFINED
HEREIN, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
NOTE 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 IN INSTALLMENTS 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.

                                     A-2-2
<PAGE>

                        MFN AUTO RECEIVABLES TRUST 2002-A
                       CLASS A-2 4.918% ASSET-BACKED NOTE

         MFN Auto Receivables Trust 2002-A, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"ISSUER"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of SIXTEEN MILLION FOUR HUNDRED FIFTY-FOUR
THOUSAND FOUR HUNDRED TWENTY-FIVE DOLLARS payable on each Distribution Date in
an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $16,454,425 and the denominator of which is $16,454,425 by
(ii) the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-2 Notes pursuant to the Indenture; PROVIDED,
HOWEVER, that the entire unpaid principal amount of this Note shall be due and
payable on the March, 2008 Distribution Date (the "FINAL SCHEDULED DISTRIBUTION
DATE"). 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. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
March __, 2002. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America 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.

         The Notes are entitled to the benefits of a financial guaranty
insurance policy (the "NOTE POLICY") issued by XL Capital Assurance Inc. (the
"INSURER"), pursuant to which the Insurer has unconditionally guaranteed
payments of the Noteholders' Interest Distributable Amount and the Noteholders'
Parity Deficit Amount with respect to each Distribution Date will be paid on or
prior to such Distribution Date, all as more fully set forth in the Indenture
and the Sale and Servicing Agreement. The Record Date applicable to any
Distribution Date is the Record Date applicable to such Distribution Date.

         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 Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     A-2-3
<PAGE>

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

                                         MFN AUTO RECEIVABLES
                                         TRUST 2002-A

                                         By:  First Union Trust Company,
                                         National Association, not in its
                                         individual capacity but solely as
                                         Owner Trustee under the Trust
                                         Agreement

                                         By: ___________________________________
                                         Name:
                                         Title:

                                     A-2-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:  March ___, 2002          BANK ONE TRUST COMPANY, N.A., not in its
                                individual capacity but solely as Trustee

                                By: _________________________________________
                                    Authorized Signer

                                     A-2-5
<PAGE>

                                [REVERSE OF NOTE]

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 4.918% Asset-Backed Notes (herein called the "CLASS
A-2 NOTES"), all issued under an Indenture dated as of March 1, 2002 (such
indenture, as amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof is herein called the "INDENTURE"), between the
Issuer and Bank One Trust Company, National Association, as trustee (the
"TRUSTEE", which term includes any successor Trustee under the Indenture) and as
trust collateral agent (the "TRUST COLLATERAL AGENT"), which term includes any
successor Trust Collateral Agent) 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 Trustee and the Holders of
the Notes. The Notes are subject to all terms of the Indenture. All terms used
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

         The Class A-1 Notes and the Class A-2 Notes (together, the "NOTES") are
and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture.

         Principal of the Class A-2 Notes will be payable on each Distribution
Date in an amount described on the face hereof. "DISTRIBUTION DATE" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing April 15, 2002. The term "DISTRIBUTION
DATE," shall be deemed to include the applicable Final Scheduled Distribution
Date.

         As described in the Indenture, the entire unpaid principal amount of
this Note shall be due and payable on the earlier of the Final Scheduled
Distribution Date and the Redemption Date, if any, pursuant to the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable (i) so long as an Insurer Default shall not have
occurred and be continuing and an Event of Default shall have occurred and be
continuing, upon the written direction of the Insurer or (ii) if an Insurer
Default shall have occurred and be continuing, on the date on which an Event of
Default shall have occurred and be continuing and the Trustee or the Holders of
the Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-2 Notes shall
be made pro rata to the Class A-2 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Holder of this Note (or one or more Predecessor Notes) on
the Note Register as of the close of business on each 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

                                     A-2-6
<PAGE>

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 shall be binding upon all future Holders 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 then remaining unpaid
principal amount of this Note on a Distribution Date, then the Trustee, in the
name of and on behalf of the Issuer, will notify the Person who was the Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Trustee's
principal Corporate Trust Office or at the office of the Trustee's agent
appointed for such purposes located in New York, New York.

         As provided in the Indenture and subject to certain limitations set
forth therein, 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, (i) duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in
writing, with such signature guaranteed by an "eligible guarantor institution"
meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Note Registrar in addition to, or in substitution for, Stamp, all in
accordance with the Exchange Act, and (ii) accompanied by such other documents
as the Trustee may require, 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, in the case
of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that
no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) 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, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of

                                     A-2-7
<PAGE>

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 be
overdue, and neither the Issuer, the Trustee nor 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 Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Noteholders
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, 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 Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders 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 Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

         The term "ISSUER" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the 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, 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.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the other Basic Documents, neither First Union
Trust Company, National Association in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Owner Trustee for the

                                     A-2-8
<PAGE>

sole purposes of binding the interests of the Owner Trustee in the assets of the
Issuer. The Holder of this Note by the acceptance hereof agrees that except as
expressly provided in the Indenture or the Basic Documents, in the case of an
Event of Default under the Indenture, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; PROVIDED, HOWEVER,
that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

         The Insurer shall, to the extent it makes any payments with respect to
this Note, become subrogated to the rights of the recipients of such payments to
the extent and subject to the terms and conditions set forth in Section 6.1(c)
of the Sale and Servicing Agreement.

         Each Noteholder, by accepting a Note, hereby covenants and agrees that
it will not at any time institute against the Seller or the Issuer, or solicit
or join in or cooperate with or encourage any institution against the Seller or
the Issuer 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, the Indenture or any of the Basic Documents.

                                     A-2-9
<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 ____________________________ (1) _________________________________________
                                               Signature Guaranteed:

__________________________________     _________________________________________

__________________________________

(1)      NOTE: 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.

         In connection with any transfer of this Note occurring prior to the
second anniversary of the original issuance of this Note, the undersigned
confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer and that this Note is being
transferred:

                                   [Check One]

         1. [ ]   to the Issuer; or

         2. [ ]   pursuant to and in compliance with Rule 144A under the
                  Securities Act; or

         3. [ ]   to an institutional "accredited investor" (as defined in
                  Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that
                  has furnished to the Trustee a signed letter containing
                  certain representations and agreements (the form of which
                  letter can be obtained from the Trustee); or

         4. [ ]   outside the United States to a "foreign person" in
                  compliance with Rule 904 of Regulation S under the Securities
                  Act; or

         5. [ ]   Pursuant to the exemption from registration provided by Rule
                  144 the Securities Act; or

                                     A-2-10
<PAGE>

         6. [ ]   pursuant to an effective registration statement under the
                  Securities Act; or

         7. [ ]   pursuant to another available exemption from the
                  registration requirements of the Securities Act.

         Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any Person other
than the registered Holder thereof; PROVIDED that if box (3), (4), (5) or (7) is
checked, the Trustee and the Issuer may require, prior to registering any such
transfer of the Notes, in its sole discretion, such legal opinions,
certifications (including an investment letter in the case of box (3) or (4))
and other information as the Trustee and the Issuer may reasonably request to
confirm that such transfer is being made pursuant to an exemption from, or in a
transaction not subject to , the registration requirements of the Securities
Act.

         If none of the foregoing boxes is check, the Trustee or Security
Registrar shall not be obligated to register this Note in the name of any Person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in the Indenture shall have been
satisfied.

Date: ______________________________   Signed: _________________________________
                                       (Sign exactly as your name appears on the
                                       other side of this Note)

Signature Guarantee: _________________________________________

         TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED

         The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a "QUALIFIED
INSTITUTIONAL BUYER" within the meaning of Rule 144A under the Securities Act
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transfer is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Date: ______________________________   Signed: _________________________________
                                               NOTICE:  To be executed by an
                                               executive officer.

                                     A-2-11

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