Document:

Exhibit 10.1

                                                                         FINAL

                  PRIVATE LABEL CREDIT CARD PROGRAM AGREEMENT

         This Program Agreement is made as of the 7th day of August, 2004, by
and between DILLARD'S, INC. ("Dillard's"), a Delaware corporation with its
principal offices at 1600 Cantrell Road, Little Rock, Arkansas 72201, and GE
CAPITAL CONSUMER CARD CO. ("Bank"), a Federal savings bank with its home
office at 5300 Kings Island Drive, Mason, Ohio 45040.

                             W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, Bank has established programs to extend private label card
credit to qualified customers for the purchase of goods and services;

         WHEREAS, Dillard's is engaged, among other activities, in operating
retail department stores and a Private Label Credit Card Business;

         WHEREAS, concurrently with the execution of this Agreement, Bank and
Dillard's are entering a purchase, sale and servicing transfer agreement (the
"Purchase Agreement") pursuant to which Bank shall purchase Dillard's Private
Label Credit Card Business, including certain credit card accounts and
associated receivables ("Purchased Accounts");

         WHEREAS, it is a condition precedent to the obligations of Dillard's
under the Purchase Agreement that Dillard's and Bank enter into this
Agreement;

         WHEREAS, Dillard's has requested that Bank establish a program
pursuant to which Bank shall issue Private Label Credit Cards, which shall be
accepted only by Dillard's Channels; and

         WHEREAS, the parties agree that the goodwill associated with the
"Dillard's" mark contemplated for use hereunder is of substantial value which
is dependent upon the maintenance of high quality services and appropriate use
of the mark pursuant to this Agreement;

         NOW, THEREFORE, in consideration of the terms, conditions and mutual
covenants contained herein, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Dillard's and Bank
agree as follows:

                                  ARTICLE 1

                                  DEFINITIONS

1.1       Generally.

          The following terms shall have the following meanings when used in
          this Agreement:

     o    "Account" means a Private Label Credit Card accessed open end credit
          account established in favor of a Cardholder, pursuant to which such
          Cardholder may finance the

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          purchase of Goods and/or Services from Dillard's Channels and other
          charges that may be made using the Private Label Credit Card, all
          subject to the terms of a Credit Card Agreement. The term Account
          includes Purchased Accounts.

     o    "Account Documentation" means, with respect to an Account, any and
          all documentation relating to that Account, including, without
          limitation, Credit Card Documentation, checks or other forms of
          payment with respect to an Account, credit bureau reports (to the
          extent not prohibited from transfer by contract with the credit
          bureau), adverse action notices, change of terms notices, other
          notices, correspondence, memoranda, documents, stubs, instruments,
          certificates, agreements, magnetic tapes, disks, hard copy formats
          or other computer-readable data transmissions, any microfilm,
          electronic or other copy of any of the foregoing, and any other
          written, electronic or other records or materials of whatever form
          or nature, including, without limitation, tangible and intangible
          information, arising from or relating or pertaining to any of the
          foregoing to the extent related to the Program; provided that
          Account Documentation shall not include Dillard's register tapes,
          invoices, sales or shipping slips, delivery and other receipts or
          other indicia of the sale of Goods and/or Services.

     o    "Accountants" has the meaning set forth in Section 10.2 hereof.

     o    "Affiliate" means, with respect to any Person, each Person that
          controls, is controlled by, or is under common control with, such
          Person.

     o    "Agreement" means this Program Agreement, together with all of its
          schedules and exhibits, and, if modified, altered, supplemented,
          amended and/or restated, as the same may be so modified, altered,
          supplemented, amended and/or restated from time to time.

     o    "Applicable Law" means all federal, state and local laws, statutes,
          regulations, written regulatory guidance, orders or directives, as
          may be amended and in effect from time to time during the Term of
          this Agreement, including, but not limited to: (i) the Truth in
          Lending Act and Regulation Z; (ii) the Equal Credit Opportunity Act
          and Regulation B; (iii) the Fair Debt Collection Practices Act; (iv)
          the Fair Credit Reporting Act; (v) the Gramm-Leach-Bliley Act and
          its implementing regulations ("GLBA"); (vii) the PATRIOT Act and its
          implementing regulations; and (vii) the Unfair and Deceptive Trade
          Practices Act.

     o    Approval Rate Threshold" means the approval rates set forth in
          Schedule 3.4(a)-1.

     o    "Average Daily Club Plan Receivables" means, for any calendar year
          or Program Year, as appropriate, the quotient obtained by dividing
          (a) the sum of Club Plan Cardholder Indebtedness as of the end of
          the day for each day of such year by (b) the number of days in the
          such year.

     o    "Average Daily Receivables" means, for any calendar month, calendar
          year or Program Year, the quotient obtained by dividing (a) the sum
          of Cardholder Indebtedness as of the end of day for each day of the
          calendar month, calendar year or Program Year, as the

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          case may be, by (b) the number of days in the calendar month,
          calendar year or Program Year, as the case may be.

     o    "Bank" has the meaning set forth on page 1.

     o    "Bank Event of Default" means the occurrence of any one of the
          events listed in Section 12.2 hereof or an Event of Default of Bank.

     o    "Bank Licensed Marks" means the trademarks, tradenames, service
          marks, logos and other proprietary designations of Bank listed on
          Schedule B and licensed to Dillard's under Section 8.2 hereof.

     o    "Bankruptcy Code" means Title 11 of the United States Code, as
          amended, or any other applicable state or federal bankruptcy,
          insolvency, moratorium or other similar law and all laws relating
          thereto.

     o    "Billing Cycle" means the interval of time between regular periodic
          Billing Dates for an Account.

     o    "Billing Date" means, for any Account, the last day of a Billing
          Cycle as of when the Account is billed.

     o    "Billing Statement" means a summary of Account credit and debit
          transactions for a Billing Cycle including a descriptive statement
          covering purchases of Goods and/or Services and a statement with
          only past-due account information.

     o    "Business Day" means any day, other than a Saturday, Sunday or legal
          holiday, on which Dillard's and Bank both are open for business.

     o    "Cardholder" means any Person who has been issued a Credit Card and
          includes any authorized user(s).

     o    "Cardholder Indebtedness" means all amounts charged and owing to
          Bank by Cardholders with respect to Accounts (including finance
          charges, NSF fees, late charges, pay-by-phone fees and any other
          fees and charges), whether or not billed, less the amount of any
          credit balances owing by Bank to Cardholders, including any credits
          associated with returns of Goods and/or Services and similar credits
          and adjustments, whether or not billed.

     o    "Cardholder Data" means all personally identifiable information
          about a Cardholder received by Bank in connection with the
          Cardholder's application for or use of a Private Label Credit Card
          or Account.

     o    "Cardholder List" means any list in electronic form that identifies
          or provides a means of differentiating Cardholders, including any
          such electronic listing that includes the names, addresses, email
          addresses (as available), telephone numbers or social security
          numbers of any or all Cardholders.

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     o    "Change in Control" means any acquisition of Control of Dillard's by
          an entity other than an Affiliate of Dillard's, or acquisition of
          Control of Bank by an entity other than an Affiliate of Bank, as the
          case may be.

     o    "Charge Transaction Data" means the transaction information with
          regard to each purchase of Goods and/or Services by a Cardholder on
          credit and each return of Goods and/or Services for credit in the
          form of electronic information as more particularly set forth in the
          Operating Procedures.

     o    "Club Plans" has the meaning set forth in Schedule 2.3(b).

     o    "Club Plan Cardholder Indebtedness" means Cardholder Indebtedness
          related to Club Plan purchases.

     o    "Co-Branded Credit Card" means a credit card that bears a Dillard's
          Licensed Mark and the trademarks, tradenames, service marks, logos
          and other proprietary designations of VISA U.S.A., Inc., MasterCard
          International Inc., American Express, Discover or any other payment
          system that is generally accepted by sellers in the general purpose
          department store business.

     o    "Competing Program" has the meaning set forth in Section 2.5(a)
          hereof.

     o    "Comparable Private Label Credit Card Programs" means private label
          credit card programs operated by Bank involving department store,
          specialty apparel and other soft line retailers listed in Schedule
          1.1, or as the parties may otherwise from time to time mutually
          agree.

     o    "Confidential Information" has the meaning set forth in Section 11.1
          hereof.

     o    "Control" of a Person means the possession, directly or indirectly,
          of the power to direct or cause the direction of its management or
          policies, whether through the ownership of voting securities, by
          contract or otherwise.

     o    "Conversion Date" means a date between the Effective Date and March
          31, 2005, mutually agreed between Dillard's and Bank.

     o    "Credit Card Agreement" means the credit card agreement between Bank
          and a Cardholder, including those assigned to Bank by Dillard's
          under the Purchase Agreement (and any replacement of such agreement)
          governing the use of an Account, together with any amendments,
          modifications or supplements which now or hereafter may be made to
          such Credit Card Agreement (and any replacement of such agreement).

     o    "Credit Card Application" means the credit application which must be
          completed and submitted by individuals who wish to become
          Cardholders.

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     o    "Credit Card Documentation" means, with respect to Accounts, all
          Credit Card Applications, Credit Card Agreements, Credit Cards,
          Value Proposition agreements and Billing Statements relating to such
          Accounts.

     o    "Debt Cancellation Revenue" means the aggregate gross premiums and
          revenue associated with the Bank's sale of debt cancellation
          products to Cardholders.

     o    "Default Adjustment" has the meaning set forth in Schedule
          14.2(d)-1.

     o    "Dillard's Channels" means all retail establishments owned or
          operated by Dillard's in the United States (including Licensee
          departments therein) and all mail order, catalog, electronic mail
          outlets (including websites operated by Dillard's or its Licensees)
          and other direct access media within the United States that are
          owned or operated by Dillard's or its Licensees.

     o    "Dillard's Event of Default" means the occurrence of any one of the
          events listed in Section 12.3 hereof or an Event of Default of
          Dillard's.

     o    "Dillard's Licensed Marks" means the trademarks, tradenames, service
          marks, logos and other proprietary designations of Dillard's listed
          on Schedule A and licensed to Bank by Dillard's under Section 8.1
          hereof.

     o    "Dillard's Operating Procedures" shall mean the operating procedures
          employed by Dillard's prior to the Effective Date, a copy of which
          is attached hereto as Schedule 3.1.

     o    "Dillard's Shopper" shall mean any Person who makes purchases of
          Goods and/or Services.

     o    "Dillard's Shopper Data" shall mean all personally identifiable
          information regarding a Dillard's Shopper that is obtained by
          Dillard's in connection with the Dillard's Shopper making a purchase
          of Goods and/or Services.

     o    "Disclosing Party" has the meaning set forth in Section 11.1 hereof.

     o    "Effective Date" means the Closing Date, as that term is defined in
          the Purchase Agreement. If the Purchase Agreement terminates without
          consummation of the Closing, this Agreement shall be null and void.

     o    "Enhancement Products" means the Credit Card enhancement products
          (other than debt cancellation product) listed in Schedule 4.11, or
          such other products as shall be approved by the Marketing Committee
          from time to time.

     o    "Event of Default" means the occurrence of any one of the events
          listed in Section 12.1 hereof.

     o    "Fair Market Value" has the meaning set forth in Section 14.3
          hereof.

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     o    "Federal Funds Rate" means the offered rate as reported in The Wall
          Street Journal in the "Money Rates" section for reserves traded
          among commercial banks for overnight use in amounts of one million
          dollars or more, as published in the most recent Friday edition
          prior to any required payment or settlement date in which such
          offered rate is reported, and if such rate is not so reported in any
          Friday edition of The Wall Street Journal during the thirty day
          period preceding such required payment or settlement date, such
          offered rate as reported in another publication reasonably
          acceptable to parties.

     o    "Financing Income" means, with respect to any period, an amount
          equal to (a) the sum of assessed or accrued finance charges, late
          charges, NSF fees, pay-by-phone fees and other similar fees under
          the Program during such period, minus (b) the sum of concessions,
          reversals and write-offs of such finance charges, late charges, NSF
          fees, pay-by-phone fees and other similar fees and other adjustments
          during such period in the normal course of business (other than
          fraud losses).

     o    "Funding Costs" has the meaning set forth in Schedule 7.3.

     o    "GAAP" means generally accepted accounting principles, consistently
          applied.

     o    "Goods and/or Services" means the products and services sold by or
          through Dillard's Channels, including for personal, family,
          household or business purposes.

     o    "Governmental Authority" means any federal, state or local domestic,
          foreign or supranational governmental, regulatory or self-regulatory
          authority, agency, court, tribunal, commission or other
          governmental, regulatory or self-regulatory entity.

     o    "Indemnified Party" has the meaning set forth in Section 15.3
          hereof.

     o    "Indemnifying Party" has the meaning set forth in Section 15.3
          hereof.

     o    "Initial Term" has the meaning set forth in Section 13.1 hereof.

     o    "Inserts" has the meaning set forth in Section 4.8 hereof.

     o    "In-Store Payment" means any payment on an Account made to Dillard's
          by a Cardholder or a person acting on behalf of a Cardholder.

     o    "Intellectual Property" means, on a worldwide basis, other than with
          respect to Dillard's Licensed Marks or Bank Licensed Marks, any and
          all: (i) rights associated with works of authorship, including
          copyrights, moral rights and mask-works; (ii) trade marks and
          service marks and the goodwill associated therewith; (iii) trade
          secret rights; (iv) patents, designs, algorithms and other
          industrial property rights; (v) other intellectual and industrial
          property rights of every kind and nature, however designated,
          whether arising by operation of law, contract, license or otherwise;
          and (vi) applications, registrations, renewals, extensions,
          continuations, divisions or reissues thereof now or hereafter in
          force (including any rights in any of the foregoing).

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     o    "Internet Services" has the meaning set forth in Section 3.8(a).

     o    "Knowledge" means, with respect to either Dillard's or the Bank, the
          actual knowledge of the executive officers of the organization who
          have managerial responsibility for the Program.

     o    "LIBOR" means the one month London Inter-Bank Offering Rate that
          appears on the Bloomberg U.S. Government/Swap/Agency Composite
          screen as of 11 a.m. (London time) each day, expressed as an annual
          rate, and if such rate is not available from Bloomberg (or its
          successor), LIBOR shall be determined from such financial reporting
          service or other information as shall be mutually acceptable to the
          parties.

     o    "Licensee(s)" means any person(s) to the extent such person is
          authorized by Dillard's to operate in and sell goods and/or services
          from Dillard's Channels under the Dillard's Licensed Marks.

     o    "Marketing Commitment" and "Market Commitment Quotient" have the
          respective meanings set forth in Schedule 4.1(a).

     o    "Marketing Committee" shall mean the committee established pursuant
          to Section 4.2 hereof.

     o    "Marketing Fund" means an accounting entry on the books of Bank
          representing the unused portion of the Marketing Commitment.

     o    "Marketing Plan" means the document that outlines the objectives,
          strategies and tactics of new account solicitation, usage and
          awareness programs for the applicable calendar year.

     o    "Monthly Settlement Sheet" has the meaning set forth in Section 7.2
          hereof.

     o    "Net Credit Sales" means, for any calendar year, an amount equal to
          (a) gross credit sales on Accounts during such calendar year, minus
          (b) the sum of credits for returned goods and cancelled services and
          other credits related to the price of Goods and/or Services (such as
          concessions, discounts and adjustments) on Accounts during such
          calendar year.

     o    "New Mark" has the meaning set forth in Sections 8.1(b) and 8.2(b)
          hereof.

     o    "Nominated Purchaser" has the meaning set forth in Section 14.2(a).

     o    "Operating Procedures" has the meaning set forth in Section 3.1(a).

     o    "Person" means and includes any individual, partnership, joint
          venture, corporation, company, bank, trust, unincorporated
          organization, government or any department, agency or
          instrumentality thereof.

     o    "POS" means point of sale.

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     o    "Premium" has the meaning assigned to such term in the Purchase
          Agreement.

     o    "Private Label Credit Card" or "Credit Card" means a card issued by
          Bank to a Cardholder in connection with the Program (or by a
          subsidiary of Dillard's in connection with a predecessor program),
          in each case which bears a Dillard's Licensed Mark and may be used
          to finance purchases of Goods and/or Services.

     o    "Private Label Credit Card Business" means the Business, as that
          term is defined in the Purchase Agreement.

     o    "Program" means the private label credit card program established by
          Dillard's and Bank and made available to Cardholders and qualified
          applicants for the purchase of Goods and/or Services through
          Dillard's Channels, including, without limitation, the extension of
          credit, billings, collections, customer service, accounting between
          the parties and all other aspects of the customized credit plan
          specified herein and in Credit Card Agreements.

     o    "Program Purchase Date" has the meaning set forth in Section
          14.2(c).

     o    "Program Assets" means the Accounts, Account Documentation,
          Cardholder List, Solicitation Materials and all Cardholder
          Indebtedness (whether held by Bank or a third party).

     o    "Program Net Losses" has the meaning set forth in Schedule 7.3.

     o    "Program Privacy Policy" shall mean the privacy policy and
          associated disclosures to be provided by Bank to Cardholders in
          connection with the Program, in the form consistent with the terms
          of this Agreement and Applicable Law, as agreed to by the Marketing
          Committee.

     o    "Program Purchase Date" has the meaning set forth in Section 14.2(c)
          hereof.

     o    "Program Website" has the meaning set forth in Section 3.8(a).

     o    "Program Year" shall mean each full twelve calendar month period
          following the Effective Date, except that, if the Effective Date
          falls on a date other than the first day of a calendar month, the
          first Program Year will include the days of such calendar month
          after the Effective Date and the next full twelve calendar months.

     o    "Purchase Agreement" has the meaning set forth on page 1 hereof.

     o    "Purchased Accounts" has the meaning set forth on page 1 hereof.

     o    "Qualified Dillard's Customer" shall mean customers of Dillard's
          that Dillard's determines are available to be solicited for Accounts
          under the Program.

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     o    "Qualified Dillard's Customer List" means the list of Qualified
          Dillard's Customers provided from time to time by Dillard's to Bank
          for purposes of soliciting such Persons for the Program in
          accordance with a Marketing Plan.

     o    "Receiving Party" has the meaning set forth in Section 11.1 hereof.

     o    "Renewal Term" has the meaning set forth in Section 13.1 hereof.

     o    "Risk Adjusted Margin" has the meaning set forth in Schedule 7.3.

     o    "Risk Management Policies" has the meaning set forth in Section
          3.4(a) hereof.

     o    "Significant Failure" has the meaning set forth in Schedule 5.5(b).

     o    "SLA" means each individual performance standard set forth at
          Schedule 5.2.

     o    "Solicitation Materials" means documentation, materials, artwork,
          copy, trademarks (excluding the Dillard's Licensed Marks and the
          Bank Licensed Marks), copyrights and any protectible items, in any
          format or media (including television and radio), used to promote or
          identify the Program to Cardholders and potential Cardholders,
          including, without limitation, direct mail solicitation materials
          and coupons.

     o    "Subsequent Failure" has the meaning set forth in Schedule 5.5(b).

     o    "Supported Accounts" has the meaning set forth in Section 3.5
          hereof.

     o    "Term" means the Initial Term and each Renewal Term.

     o    "Termination Period" means the period beginning with the date of any
          notice of termination pursuant to Article 13 and ending on the
          Program Purchase Date, if Dillard's or its designee purchases the
          Program Assets or upon notice that Dillard's will not purchase the
          Program Assets if it determines not to do so.

     o    "Trademark Style Guide" means any rules governing the manner of
          usage of trademarks, tradenames, service marks, logos and other
          proprietary designations.

     o    "Transaction" means any purchase of Goods and/or Services through a
          Dillard's Channel using a Private Label Credit Card or Account
          number.

     o    "Unamortized Premium" means (i) the Premium, less 1/120th thereof
          for each full month that transpires after the Effective Date; plus
          (ii) unamortized premium related to each retail credit card business
          portfolio acquired by Bank in connection with an acquisition
          pursuant to Section 2.6 of this Agreement, based upon an
          amortization schedule agreed upon by Dillard's and Bank.

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     o    "Value Proposition" means Dillard's current POS new account opening
          day 10% discounts, promotional card event discounts, and any other
          card-related promotional or rewards programs as may be established
          by the Marketing Committee from time to time.

1.2  Miscellaneous.

     As used herein,

     (a)  all references to the plural number shall include the singular
          number (and vice versa),

     (b)  all references to "herein," "hereunder," "hereinabove" or like words
          shall refer to this Agreement as a whole and not to any particular
          section, subsection or clause contained in this Agreement, and

     (c)  all references to "include," "includes" or "including" shall be
          deemed to be followed by the words "without limitation."

                                  ARTICLE 2

                         ESTABLISHMENT OF THE PROGRAM

2.1  Generally.

     Pursuant to the terms and conditions of this Agreement, Dillard's and
Bank shall establish and participate in the Program commencing on the
Effective Date.

2.2  Credit Program.

     (a)  Beginning as of the Effective Date, Bank shall offer Private Label
          Credit Cards to qualified customers in accordance with this
          Agreement and the Cardholder Agreement.

     (b)  Beginning as of the Effective Date, or such later date as shall be
          agreed by the Marketing Committee, the terms and conditions for new
          Accounts shall be those specified in Schedule 2.2 hereto.

2.3  Value Proposition.

     (a)  Beginning as of the Effective Date, Bank shall offer to Cardholders
          the Value Proposition.

     (b)  Bank shall offer "Club Plans" as provided in Schedule 2.3(b).

2.4  Conversion of Purchased Accounts.

     On the Conversion Date, subject to Applicable Law, Bank shall convert all
of the Purchased Accounts to the terms and conditions specified in Schedule
2.2 hereto, provided that

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Bank on the Conversion Date shall not decrease or eliminate (but may increase)
any existing credit line assignments. As soon as reasonably practicable after
the Effective Date, and in any event prior to the Conversion Date, Bank shall
prepare and send a change in terms notice as required by Applicable Law to
each Person obligated on a Purchased Account. Descriptions of the terms and
conditions of the Account and the Value Proposition, if any, shall be included
as part of such notices to the extent required by Applicable Law. All such
notices and descriptions shall be reviewed and approved by the Marketing
Committee. Bank shall issue new Private Label Credit Cards and shall use its
best efforts to maintain existing Account numbers on the Accounts.

2.5  Exclusivity.

     (a)  General. Except as otherwise provided in this Section 2.5, during
          the Term of this Agreement (excluding the Termination Period),
          Dillard's, on behalf of itself and its Affiliates, agrees not to
          enter into or be a party to an agreement or arrangement, or act as a
          partner of a bank or credit card issuer, relating to a program for a
          private label credit card bearing a Dillard's Licensed Mark or other
          mark using the Dillard's name in the United States (such a program,
          a "Competing Program"). In addition, Dillard's, on behalf of itself
          and its Affiliates, shall not itself or themselves operate or
          participate in a Competing Program. Bank shall have exclusive rights
          with respect to the Program.

     (b)  Second-Look Credit Card Program. Notwithstanding Section 2.5(a),
          Dillard's shall have the right at any time during the Term of this
          Agreement to establish an unadvertised program for issuing credit
          cards, including private label credit cards using the Dillard's
          Licensed Marks, to customers whose Credit Card Applications have
          been declined by Bank, provided that Dillard's shall ensure that if
          the Dillard's Licensed Marks are used in connection with such
          program, they are used in a manner which clearly differentiates them
          from the use of the Dillard's Licensed Marks in the Program.
          Notwithstanding the foregoing, Dillard's shall have the right to
          include references to such credit cards in any materials listing
          approved forms of payment, and to provide applications and brochures
          for such program to customers whose Credit Card Applications have
          been declined by Bank.

     (c)  Co-Branded Program. If Dillard's determines to offer Co-Branded
          Credit Cards during the Term, it shall follow the procedures set
          forth in Schedule 2.5(c).

     (d)  Retail Portfolio Acquisition. Notwithstanding Section 2.5(a), Bank's
          sole rights with respect to credit card portfolios acquired by
          Dillard's or its Affiliates are set forth in Section 2.6 below.

     (e)  Other Products. For clarity, other than the products set forth in
          Section 2.5(a), this Agreement does not restrict in any way
          Dillard's rights with respect to other payment products, including
          debit cards, gift cards or stored value cards.

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2.6  Retail Portfolio Acquisition.

     (a)  In the event that Dillard's purchases another retailer, or any
          stores or other channels thereof, that directly or through a third
          party has a proprietary or co-branded credit card portfolio, Bank
          agrees to participate in the purchase of some or all of the credit
          card business of such retailer in the following manner.

          (i)  Retailer that Operates a Credit Card Business. In connection
               with Dillard's purchase of any portion of the retail operations
               of a retailer that directly or through an Affiliate provides a
               proprietary or co-branded credit card, Bank agrees to negotiate
               in good faith a joint bid with Dillard's to acquire the related
               credit card business offered for sale by such retailer in
               connection with Dillard's acquisition of the retailer, or any
               of its stores or other channels. In the event that the bid is
               successful, Bank shall be solely responsible for funding the
               portion of the purchase price allocable to the credit card
               portfolio, taking into account the entire financial terms of
               this Agreement, including the same revenue share percentage as
               provided under Section 7.3(a) hereof. If Dillard's and Bank
               cannot agree on the portion of the purchase price to be
               allocated to the credit card portfolio, Bank shall nonetheless
               consummate such purchase on commercially reasonable terms and
               conditions, and the parties shall promptly submit the dispute
               regarding purchase price allocation for resolution pursuant to
               Section 10.2. Pending the outcome of the dispute resolution
               procedures set forth at Section 10.2, Bank shall fund the
               portion of the purchase price equal to (A) its last good faith
               offer, which shall be no less than the book value of any
               receivables acquired, plus (B) one half (1/2) of the
               difference between the amounts Dillard's and Bank respectively
               believe should be allocated to the credit card portfolio
               purchase price. If Bank fails to acquire such credit card
               portfolio, Dillard's shall have the right to purchase and
               operate such retailer's credit card business itself or to
               engage a third party to do so. If Dillard's, directly or with a
               third party, acquires the credit card business of another
               retailer pursuant to this provision and this Agreement
               otherwise continues in effect, Section 2.5 shall not apply to
               such acquired credit card business or to the associated
               acquired retail operations, including any growth thereof. In
               such event, Bank shall use commercially reasonable efforts to
               assist Dillard's in the conversion and servicing of the
               portfolio until such time as Dillard's, itself or through a
               third party, can provide such servicing, all for servicing fees
               to be agreed upon by the parties.

          (ii) Retailer that has a Credit Card with another Issuer. In
               connection with Dillard's purchase of any portion of the retail
               operations of a retailer that has a proprietary or co-branded
               credit card through a third-party issuer, Bank agrees that it
               shall negotiate in good faith for the purchase of the
               retailer's credit card portfolio from such third party issuer
               associated with the retail assets being acquired. In the event
               that Bank is unsuccessful in its bid for the credit card
               portfolio, Dillard's may offer the credit card

                                      12
<PAGE>

               program of such third party issuer until the expiration or
               other termination of the agreement governing such program, and
               Bank shall negotiate in good faith for the purchase of the
               credit card portfolio at that time. In the event that Bank is
               unable to acquire the credit card portfolio associated with the
               retail assets acquired by Dillard's, Dillard's shall have the
               right to purchase and operate such retailer's credit card
               business itself or to engage a third party to do so. If
               Dillard's, directly or with a third party, acquires the credit
               card business of another retailer pursuant to this provision,
               Section 2.5 shall not apply to such acquired credit card
               business or to the associated acquired retail operations,
               including any growth thereof.

          (iii) Retailer that has a Proprietary or Co-Branded Credit Card with
               Bank. In connection with Dillard's purchase of a retailer that
               has a proprietary or co-branded credit card portfolio operated
               by Bank, Bank agrees to integrate such credit card portfolio
               with the Program as provided in Section 2.6(b) below.

          (iv) Co-Branded Credit Card. Neither Bank nor Dillard's shall have
               any obligation under this Section 2.6(a)(i) or (ii) with
               respect to any co-branded credit card, except as provided at
               Section 2.5(c), if Bank is not already providing a Co-Branded
               Credit Card program for Dillard's at the time of the proposed
               acquisition.

     (b)  Conversion of Purchased Accounts. If Bank acquires any credit card
          portfolio pursuant to Section 2.6(a)(i) or (ii), or operates a
          credit card portfolio as set forth in Section 2.6(a)(iii), Bank
          shall integrate such credit card portfolio with the Program as
          follows.

          (i)  Private label credit card accounts shall be converted to
               Accounts established under the Program, which converted
               Accounts shall be subject to the same terms and conditions and
               to this Agreement, and participate in the Program, as if they
               were originated under this Agreement.

          (ii) If Dillard's has a Co-Branded Credit Card program with Bank at
               the time of such purchase, purchased co-branded credit card
               accounts shall be converted to Co-Branded Credit Card accounts,
               which converted accounts shall be subject to the same terms and
               conditions and participate in such program as if they were
               originated under the Co-Branded Credit Card program agreement.

          (iii) If Dillard's does not have a Co-Branded Credit Card program
               with Bank at the time of such purchase, purchased co-branded
               credit card accounts shall continue under the same terms and
               conditions being offered to the purchased retailer's customers,
               or such other terms and conditions upon which Dillard's and
               Bank shall mutually agree.

                                      13
<PAGE>

          (iv) Bank shall cover all costs related to conversions pursuant to
               this Section 2.6(b), including replacement of credit cards,
               notices to Cardholders and complying with other requirements of
               Applicable Law.

2.7  Retail Portfolio Disposition.

     (a)  In the event that Dillard's arranges for the disposition of any of
          its retail stores in the United States during the Term of this
          Agreement, Dillard's shall have the right to dispose of the portion
          of the Program Assets related to such disposition (provided each
          Account may be tracked to the market serviced by such retail stores)
          and Bank shall provide all cooperation necessary to consummate such
          disposition to the same extent as if such disposition were a
          transfer of Program Assets upon the expiration of this Agreement as
          provided in Article 14. If Bank does not believe that the price
          negotiated with the purchaser of the Program Assets represents the
          fair market value of such portion of the Program Assets, and
          Dillard's and Bank are unable to reach agreement, Dillard's and Bank
          each shall nominate an investment banker who together shall select a
          third investment banker to determine the fair market value of such
          portion of the Program Assets, pursuant to the procedure set forth
          in Section 14.3 hereof. Notwithstanding any such dispute, Bank shall
          consummate such sale on the terms negotiated with the purchaser of
          the Program Assets pending the resolution of such dispute.

     (b)  In the event that Dillard's sells retail stores and associated
          Accounts pursuant to Section 2.7(a), Dillard's shall pay Bank the
          amount, if any, calculated under Schedule 2.7(b).

                                  ARTICLE 3

                         ADMINISTRATION OF THE PROGRAM

3.1  Operation of the Program.

     (a)  Except as modified by agreement of the parties or the Marketing
          Committee from time to time, the Operating Procedures shall be the
          Dillard's Operating Procedures. The parties shall cooperate to
          review and update Operating Procedures as appropriate prior to the
          Effective Date, but in any event such Operating Procedures shall be
          at least as favorable, in the aggregate, as operating procedures
          applicable to Bank's other Comparable Private Label Credit Card
          Programs.

     (b)  Bank shall provide, either directly or indirectly, the services,
          materials and personnel necessary to operate the Program in
          accordance herewith and in accordance with the Operating Procedures
          and any Marketing Plan agreed to by the parties from time to time.

                                      14
<PAGE>

     (c)  Dillard's shall participate in the Program in accordance herewith
          and in accordance with the Operating Procedures and any Marketing
          Plan agreed to by the parties from time to time.

     (d)  In the event of any conflict between the Operating Procedures and
          this Agreement, this Agreement shall control.

3.2  Ownership of Accounts.

     (a)  Except to the extent of Dillard's ownership of the Dillard's
          Licensed Marks and its option to purchase the Program Assets under
          Section 14.2, Bank shall be the sole and exclusive owner of all
          Accounts and Account Documentation and shall have all rights,
          powers, and privileges with respect thereto as such owner,
          including, without limitation, the right, power and privilege to
          review periodically the creditworthiness of Cardholders to determine
          the range of credit limits or finance charge rates to be made
          available to individual Cardholders and whether to suspend or
          terminate the credit privileges of any Cardholder, provided however,
          that the Bank shall only decrease credit limits or suspend or
          terminate credit privileges to the extent set forth in Schedule
          3.2(a). All purchases of Goods and/or Services in connection with
          the Accounts and the Cardholder Indebtedness shall create the
          relationship of debtor and creditor between the Cardholder and Bank,
          respectively. Dillard's acknowledges and agrees that (i) it has no
          right, title or interest (except for its right, title and interest
          in the Dillard's Licensed Marks and its option to purchase the
          Program Assets under Section 14.2) in or to, any of the Accounts or
          Account Documentation or any proceeds of the foregoing, and (ii)
          Bank extends credit directly to Cardholders.

     (b)  Except as expressly provided herein, Bank shall be entitled to (i)
          receive all payments made by Cardholders on Accounts, (ii) retain
          for its account all Cardholder Indebtedness and such other fees and
          income authorized by the Credit Card Agreements and collected by
          Bank with respect to the Accounts and Cardholder Indebtedness, and
          (iii) retain for its account all income from selling credit card
          Enhancement Products.

     (c)  Bank shall fund all Cardholder Indebtedness on the Accounts.

     (d)  Bank shall have the exclusive right to effect collection of
          Cardholder Indebtedness, except as provided in Section 6.5, and
          shall notify Cardholders to make payment directly to it in
          accordance with its instructions; provided, however, that Bank at
          its option may make all collections for its account using a Program
          name which includes the name of Dillard's and, if Bank so elects,
          the name of Bank, and may direct all checks to be made payable to
          "Dillard's" or, with Dillard's approval, another name combined with
          the name Dillard's. Dillard's grants to Bank a limited power of
          attorney (coupled with an interest) to sign and endorse Dillard's
          name upon any form of payment that may have been issued in Dillard's
          name in respect of any Account.

                                      15
<PAGE>

     (e)  Notwithstanding the foregoing, Dillard's shall accept payments made
          with respect to an Account in a Dillard's store as provided in
          Section 6.3.

3.3  Branding of Accounts/Credit Cards/Credit Card Documentation/Solicitation
     Materials.

     (a)  Subject to finalization of any Marketing Plan and approval of the
          Marketing Committee, Bank shall be responsible for, and bear the
          cost of, design, development and delivery (other than delivery at
          Dillard's Channels) of the Credit Card Documentation, Solicitation
          Materials and Private Label Credit Cards.

     (b)  Dillard's Licensed Marks shall appear prominently on the face of the
          Private Label Credit Cards. The Private Label Credit Cards shall not
          bear Bank's Licensed Marks; provided, however, the Bank's name will
          appear on the back of the Card in order to identify Bank as the
          credit provider under the Program, together with any other
          disclosures required by Applicable Law.

3.4  Risk Management/Credit Standards.

     (a)  Bank shall be solely responsible for developing and implementing
          risk management policies, procedures and practices for the Program
          in accordance with this Agreement, including policies, procedures
          and practices for credit and Account openings, transaction
          authorization, collections, credit line management, over-limit
          decisions, Account closures, payment crediting and charge-offs
          (collectively, "Risk Management Policies"). Bank shall set Risk
          Management Policies that, in the aggregate, target the Approval Rate
          Thresholds for new Accounts opened at in-store point of sale and for
          new Accounts opened on the basis of mail-in applications. In the
          event such Approval Rate Thresholds are not achieved, Bank shall
          take the actions specified in Schedule 3.4(a)-2.

     (b)  Bank shall communicate to Dillard's its Risk Management Policies and
          on a monthly basis shall provide either updates of material changes
          or a statement that no material change has occurred.

     (c)  Bank shall perform all necessary security functions to minimize
          fraud in the Program due to lost, stolen or counterfeit cards and
          fraudulent applications. Dillard's agrees and acknowledges that it
          shall cooperate with Bank in such functions. All fraud losses other
          than fraud of Dillard's, its Licensees, employees or agents, shall be
          at the Bank's expense.

3.5  Exception Accounts.

     (a)  Notwithstanding the foregoing, Bank shall, upon request by
          Dillard's, offer a Private Label Credit Card and Account to any
          customer that does not satisfy Bank's credit standards ("Supported
          Accounts"), provided that Bank shall have no obligation to issue
          such a Private Label Credit Card and Account if, at the time
          Dillard's makes such a request to Bank, the aggregate Cardholder
          Indebtedness associated with Supported Accounts exceeds one percent
          (1%) of the aggregate Cardholder Indebtedness for all Accounts. By
          March 1 of each calendar year,

                                      16
<PAGE>

          Bank shall provide to Dillard's a report setting forth (i) the total
          net amount of write-offs with respect to all Supported Accounts in
          the preceding calendar year, (ii) the total net amount of charges
          incurred by Supported Accounts during the same period, (iii) the
          total net amount of write-offs with respect to all other Accounts in
          the preceding calendar year, and (iv) the total net amount of
          charges incurred by all other Accounts during the same period. If
          the ratio of (i)/(ii) is greater than the ratio of (iii)/(iv), Bank
          shall include in its next Monthly Settlement Sheet and Dillard's
          shall pay an amount equal to (i) minus the product of (ii)
          multiplied by the ratio of (iii)/(iv).

     (b)  Notwithstanding the foregoing, Bank or an Affiliate of Bank shall,
          upon request by Dillard's, offer a product similar to a Private
          Label Credit Card and Account to any Dillard's employee that does
          not satisfy Bank's credit standards, provided that the terms of such
          product shall require that such employee must prepay the amount that
          can be drawn through the use of a card.

3.6  Changes to Terms and Conditions of Accounts.

     (a)  Changes to terms and conditions of Accounts shall only be made in
          the manner specified in Schedule 3.6.

     (b)  Bank shall notify Dillard's in writing at least thirty (30) days
          prior to a notification to Cardholders of any change to features,
          terms or conditions required by Applicable Law, unless Bank is
          required by Applicable Law to implement such change in less than
          thirty (30) days, in which case Bank shall provide Dillard's with
          notice as soon as practicable.

3.7  Value Proposition.

     Bank shall be responsible for tracking and servicing all rewards under
the Value Proposition associated with the Program, such as printing coupons on
monthly Billing Statements subject to any Marketing Plan. The terms and
conditions of the Value Proposition may be modified by approval of the
Marketing Committee subject to the requirements of Applicable Law.

3.8  Internet Services.

     (a)  Cardholder Website. Bank shall develop and maintain a
          Dillard's-branded website for Cardholders and potential Cardholders,
          with the look and feel consistent with the Dillard's website
          ("Program Website"). The Program Website shall be accessed solely by
          means of links from the Dillard's website and shall contain or
          otherwise be associated with only such material and links as shall
          be agreed by the Marketing Committee from time to time. Dillard's
          will provide such links on (i) its home page, (ii) its check-out
          pages, and (iii) such other pages as the Marketing Committee shall
          determine from time to time. The Program Website shall also include
          links back to the Dillard's website, on the Program Website home
          page and such other pages as the Marketing Committee shall determine
          from time to time. The Program Website shall include the following

17
<PAGE>

          functions, and such other functions as may be approved by the
          Marketing Committee from time to time (the Program Website and such
          functionality, collectively, the "Internet Services").

          (i)  Applications. The Program Website shall permit potential
               Cardholders to access a Credit Card Application, and to
               complete and submit the Credit Card Application online.

          (ii) Cardholder Customer Service. The Program Website shall permit
               Cardholders to (A) view the Cardholder's Account information
               and Billing Statements; (B) view electronic copies of sales
               slips of the Cardholder's Dillard's transactions, including the
               Cardholder's signature; and (C) make payments on the
               Cardholder's Account via automated clearing house transfer or
               other payment mechanism approved by the Marketing Committee.

     (b)  Performance Standards. Bank shall provide the Internet Services free
          from programming errors and defects in workmanship and materials
          that materially impact functionality, accuracy or security of the
          Internet Services or the ability of Cardholders to use the Internet
          Services and in accordance with industry standards. Bank shall
          conform the Program Website, in the aggregate, to the performance
          capabilities, characteristics, specifications, functions and other
          standards generally applicable to Comparable Private Label Credit
          Card Program websites and required under this Agreement.

     (c)  Customer Privacy. Bank shall ensure that the Program Privacy Policy
          is clearly and prominently posted on the pages of the Program
          Website.

     (d)  Server Condition. Bank shall use commercially reasonable efforts to
          cause the server it will use to host the Program Website to (i) be
          in good operating condition and current with evolving technologies,
          (ii) contain sufficient operating capability to allow unlimited
          access to the Program Website, twenty-four (24) hours a day, seven
          days a week, and (iii) operate and allow access without
          interruption.

     (e)  Internet Services Representations and Warranties. Bank represents
          and warrants as of the Effective Date and during the Term of this
          Agreement that:

          (i)  the Program Website is solely under Bank's control; and

          (ii) Bank has the license, right or privilege to use the hardware,
               software and content acquired from third parties for use in the
               Internet Services, and that it is the owner of all other
               hardware, software and content used in the Internet Services
               and that neither the Internet Services as a whole, nor any part
               thereof, infringes upon or violates any patent, copyright,
               trade secret, trademark, invention, proprietary information,
               nondisclosure or other rights of any third party.

                                      18
<PAGE>

3.9  Sales Taxes.

     Dillard's will pay when due any sales taxes relating to the sale of Goods
and/or Services. Bank shall notify Dillard's of any amounts written-off on
Accounts by Bank, identified by Account, and shall sign such forms and provide
any such other information as requested by Dillard's to enable Dillard's to
recover any sales tax charged to any Account that has been written-off by
Bank. Bank will pay Dillard's reasonable out-of-pocket costs incurred in
connection with Dillard's obtaining such sales tax recovery and Dillard's
shall use commercially reasonable efforts to recover such amount. Dillard's
shall pay to Bank an amount equal to recovered sales taxes, and such amount
shall be treated as a recovery on such written-off Accounts. In the event
Dillard's is audited or assessed by a state, and as a result any amount of
sales tax previously recovered is repaid to the state, Bank shall repay such
amount to Dillard's, and such amount shall be treated as a deduction from
recoveries in the next settlement payment for the Program. Bank also shall
fully cooperate in any such audit or assessment.

                                  ARTICLE 4

                           MARKETING OF THE PROGRAM

4.1  Marketing Commitment.

     (a)  Bank hereby agrees to credit into a Marketing Fund maintained by the
          Bank, by the tenth (10th) day of each calendar month, an amount
          equal to the Marketing Commitment Quotient to be determined pursuant
          to Schedule 4.1(a), for purposes of funding marketing activities for
          the Program, as further provided herein.

     (b)  The Marketing Commitment shall cover Dillard's costs related to
          marketing the Program through such promotions as may be established
          by the Marketing Committee from time to time, including the items
          specified in Schedule 4.1(b).

     (c)  Dillard's shall provide to Bank at the beginning of each month an
          accounting of its use, if any, of the Marketing Commitment in the
          prior month, and Bank shall reimburse Dillard's from the Marketing
          Fund for such amounts as provided in Section 7.3. To the extent that
          Dillard's expenditures of the Marketing Commitment in any calendar
          month exceed the amount in the Marketing Fund, Dillard's shall be
          entitled to reimbursement from the Marketing Fund at such time as
          additional funds become available. Any amount in the Marketing Fund
          for a given month that is not spent in that month shall remain
          available for use during the Term of this Agreement.

     (d)  Bank shall be entitled to submit a monthly statement for the prior
          month's marketing costs it incurs pursuant to this Agreement or as
          determined by the Marketing Committee, and may seek reimbursement
          for such prior month's marketing costs, including costs related to
          funding the Value Proposition. To the extent that Bank's
          expenditures of the Marketing Commitment in any calendar month
          exceed the amount in the Marketing Fund, Bank shall be entitled to
          reimbursement from the Marketing Fund at such time as additional
          funds become

                                      19
<PAGE>

          available. In the event that both Dillard's and Bank are seeking
          reimbursement from the Marketing Fund during the same month,
          Dillard's and Bank shall have equal prioritization and share on a
          pro rata basis.

     (e)  For avoidance of doubt, the Marketing Commitment shall not be used
          to fund the following activities, which shall be funded by Bank as
          stated below.

          (i)  Club Plans. Bank shall offer Club Plans as provided in Schedule
               2.3(b).

          (ii) Direct Mail Solicitations. From time to time pursuant to the
               Marketing Plan then in effect, Bank shall perform direct mail
               solicitations at its own cost based on the Qualified Dillard's
               Customer List provided by Dillard's to Bank. Bank shall
               determine which Qualified Dillard's Customers are solicited for
               Accounts on the basis of the Risk Management Policies then in
               effect. Notwithstanding the foregoing, Bank shall have no
               obligation to solicit any Qualified Dillard's Customer who has
               provided to Bank or any other Person any notice that such
               Qualified Dillard's Customer does not wish to receive
               solicitations.

          (iii) Other Marketing Initiatives. Any other marketing initiatives
               as established by the Marketing Committee pursuant to a
               Marketing Plan that allocates such costs to Bank.

4.2  Establishment of a Marketing Committee.

     Dillard's and Bank shall establish the Marketing Committee consisting of
6 members, 3 to be nominated by Dillard's and 3 to be nominated by Bank. The
names of the initial appointees are set out in Schedule 4.2 hereto. At least
one of Dillard's representatives and at least one of Bank's representatives on
the Marketing Committee shall be senior representatives of their respective
organizations and shall have overall responsibilities for the Program for
their respective organizations. Each party may substitute committee members
upon five (5) Business Days' notice to the other party.

4.3  Functions of the Marketing Committee.

     The Marketing Committee shall:

     (a)  Develop the initial Marketing Plan and thereafter approve subsequent
          Marketing Plans.

     (b)  Coordinate and review the marketing activities and marketing
          performance for the Program through oversight of the implementation
          of Marketing Plans.

     (c)  Approve Credit Card Documentation, Solicitation Materials and the
          Credit Card design, subject to changes Bank determines need to be
          made to comply with Applicable Law.

                                      20
<PAGE>

     (d)  Direct ongoing new product and Value Proposition development and
          monitor performance of marketing initiatives.

     (e)  Direct ongoing research and in-market testing in order to maximize
          relevance, appeal and productivity of Account acquisition and usage
          development programs.

     (f)  Establish and approve additional marketing initiatives and terms for
          employees of Dillard's and its Affiliates.

     (g)  Approve additional Enhancement Products.

     (h)  Oversee the operational aspects of the Program.

     (i)  Review risk management, customer service, and reporting aspects of
          the Program.

     (j)  Approve amendments to customer service and reporting standards
          established under this Agreement, to the extent that authority to
          change such aspects of the Program does not reside with a single
          party to this Agreement, subject to changes Bank determines need to
          be made to comply with Applicable Law.

     (k)  Develop customer service monitoring programs and standards.

     (l)  Carry out such other tasks as are assigned to it by this Agreement
          or jointly by the parties.

4.4  Marketing Committee Meetings.

     The Marketing Committee will meet from time to time as its members
consider necessary, but in no event less than once per calendar quarter. The
first meeting must be held within fifteen (15) days of the Effective Date for
the purpose of developing an initial Marketing Plan. It will then determine
when it will meet after that date to conduct other business required by this
Agreement. Meetings may be held in person or wholly or partly by way of
telephone or video conference.

4.5  Proceedings in Marketing Committee Meetings.

     All decisions of the Marketing Committee must be unanimous decisions. A
quorum of the Marketing Committee will be made up of at least one
representative of Dillard's and one representative of Bank.

4.6  Procedural Matters.

     The Marketing Committee must determine the frequency, place and agenda
for its meetings, the manner in which meetings will be called and all
procedural matters. With the exception of the matters specified in Section
4.5, any procedural or other matter specified in this Article concerning the
Marketing Committee is subject to amendment in writing by the Marketing
Committee.

                                      21
<PAGE>

4.7  Marketing Plans.

     (a)  Within 30 days after the Effective Date, the Marketing Committee
          shall approve a Marketing Plan for the balance of calendar year 2004
          and for calendar year 2005. On or before sixty (60) days prior to
          the end of calendar year 2005 and the end of each calendar year
          thereafter, the Marketing Committee shall approve a Marketing Plan
          for the next calendar year.

     (b)  At least once per calendar year, the Marketing Committee shall
          consider features, terms, conditions and other aspects of other
          private label credit card programs in order to identify marketplace
          developments for possible inclusion in the Program to ensure that
          the Program remains competitive with other private label credit card
          programs. If the Marketing Committee determines that a change to the
          Program may be required, Bank shall develop a plan with respect to
          implementation of such change, including the impact the proposed
          change would have, if any, on the revenue share, and shall present
          such plan to the Marketing Committee for its review and decision.
          The Marketing Committee shall decide whether to test or launch any
          such Program changes for Cardholders or potential Cardholders.

     (c)  Each Marketing Plan shall outline all programs, to the extent
          established and mutually agreed upon by Dillard's and Bank, and
          shall include at least the following information for each program:

          (i)  description of offer(s);

          (ii) description of target audience;

          (iii) planned budget, specifying Bank's share and Dillard's share,
               if any; and

          (iv) target implementation date (e.g., mailing dates, calling dates,
               delivery dates).

     (d)  Each Marketing Plan shall address development of Solicitation
          Materials and Credit Card Documentation; new account acquisition
          strategies, including direct mailing and "take-one" acquisitions;
          preparation of unique collateral materials for Dillard's employees;
          activation, retention and usage; statement design and messaging;
          advertising of the Program; and such other marketing matters as the
          parties shall agree to.

     (e)  Each Marketing Plan shall specify which party is responsible for
          each Marketing Plan item and shall contain a budget specifying the
          parties' financial responsibilities during the applicable calendar
          year.

     (f)  Any Marketing Plan may be modified or supplemented by the parties
          from time to time upon mutual agreement, provided such modifications
          or supplements, as the case may be, are approved by the Marketing
          Committee.

                                      22
<PAGE>

     (g)  All marketing initiatives developed under this Agreement shall
          contain unique marketing source codes to facilitate post-marketing
          research and analysis.

4.8  Communications with Cardholders.

     (a)  Dillard's Inserts. Dillard's shall have the exclusive right to
          communicate with Cardholders, except for any message required by
          Applicable Law or communications approved by the Marketing
          Committee, through use of inserts, fillers and bangtails
          (collectively, "Inserts"), including Inserts selectively targeted
          for particular classes of Cardholders, in any and all Billing
          Statements, subject to such production requirements as contained in
          the Operating Procedures and Applicable Law. Dillard's shall be
          responsible for the content of, and the cost of preparing and
          printing, any Inserts not required by Applicable Law or approved by
          the Marketing Committee. All Inserts shall conform to Bank's
          customary production standards and requirements, including size and
          weight requirements. If the insertion of Inserts in particular
          Billing Statements would increase the postage costs for such Billing
          Statement, Dillard's agrees to either pay for the incremental
          postage cost or prioritize the use of Inserts to avoid postage cost
          over-runs. Notwithstanding the foregoing, (i) any message required
          by Applicable Law, and (ii) collection messages letters for
          Cardholders who are 60 days or more delinquent shall take precedence
          over any Dillard's Inserts.

     (b)  Billing Statement Messages. Dillard's shall have the exclusive right
          to use Billing Statement messages and Billing Statement envelope
          messages in each Billing Cycle to communicate with Cardholders,
          except for any message required by Applicable Law or communications
          approved by the Marketing Committee, subject to such production
          requirements as contained in the Operating Procedures and Applicable
          Law. Dillard's shall be responsible for the content of any such
          messages not required by Applicable Law or approved by the Marketing
          Committee. Notwithstanding the foregoing, (i) any message required
          by Applicable Law, and (ii) collection and/or customer service
          messages letters, shall take precedence over any Dillard's messages.

     (c)  Bank Promotions. Bank may promote the Program to Qualified Dillard's
          Customers using such Dillard's customer mailings as the Marketing
          Committee agrees to in advance, subject to such production
          requirements as contained in the Operating Procedures and Applicable
          Law. Bank shall be responsible for the content of, and the cost of
          preparing and printing, any such promotions. If the insertion of
          such promotions in Dillard's customer mailings would increase the
          postage costs for such mailings, Bank agrees to either pay for the
          incremental postage cost or prioritize the use of promotions to
          avoid postage cost over-runs.

4.9  Customer Information.

     (a)  All sharing, use and disclosure of information regarding
          Cardholders, Qualified Dillard's Customers and Dillard's Shoppers
          shall be subject to the provisions of Sections 4.9, 4.10, 4.11 and
          4.12. The parties acknowledge that the same or

                                      23
<PAGE>

          similar information may be contained in Cardholder Data, the
          Qualified Dillard's Customer List and Dillard's Shopper Data, and
          that each such pool of data will therefore be considered separate
          information subject to the specific provisions applicable to that
          data hereunder. By way of example and not limitation: (i) if a
          Qualified Dillard's Customer receives a Private Label Credit Card,
          the Bank may use and disclose the Cardholder Data for all purposes
          permitted with respect to Cardholder Data hereunder, notwithstanding
          that the Cardholder originated as a Qualified Dillard's Customer;
          and (ii) if a Cardholder makes a purchase of Goods and/or Services
          with a Private Label Credit Card, Dillard's may use and disclose the
          Dillard's Shopper Data relating to that purchase for all purposes
          permitted with respect to Dillard's Shopper Data hereunder,
          notwithstanding that such information may also constitute Cardholder
          Data.

     (b)  Dillard's and Bank will each establish and maintain appropriate
          administrative, technical and physical safeguards to protect the
          security, confidentiality and integrity of the Cardholder Data, the
          Qualified Dillard's Customer List and Dillard's Shopper Data. These
          safeguards will be designed to protect the security, confidentiality
          and integrity of the Cardholder Data, the Qualified Dillard's
          Customer List and Dillard's Shopper Data, ensure against any
          anticipated threats or hazards to its security and integrity, and
          protect against unauthorized access to or use of such information or
          associated records which could result in substantial harm or
          inconvenience to any Cardholder or applicant. Dillard's and Bank
          will each ensure that any third party to whom it transfers or
          discloses Cardholder Data, the Qualified Dillard's Customer List or
          Dillard's Shopper Data signs a written contract with the transferor
          in which such third party agrees to substantively the same privacy
          and security provisions as those in this Agreement. Information
          transferred by one party on behalf or at the direction of the other
          will be considered information transferred by the party requesting
          or directing the transfer. Each party shall use the same degree of
          care in protecting Cardholder Data, the Qualified Dillard's Customer
          List and Dillard's Shopper Data against unauthorized disclosure as
          it accords to its own confidential customer information, but in no
          event less than a reasonable standard of care.

4.10 Qualified Dillard's Customer List.

     (a)  Subject to compliance with Applicable Law, Dillard's privacy policy,
          the Marketing Plan and such criteria (including format) as may be
          mutually agreed from time to time, Dillard's shall make available to
          Bank, free of any charge, the Qualified Dillard's Customer List in
          electronic form. As between Dillard's and Bank, the Qualified
          Dillard's Customer List will be owned exclusively by Dillard's. Bank
          acknowledges and agrees that it has no proprietary interest in the
          Qualified Dillard's Customer List.

     (b)  Bank shall not use, or permit to be used, directly or indirectly,
          the Qualified Dillard's Customer List, except as provided in this
          Section 4.10. Bank may use the Qualified Dillard's Customer List in
          compliance with Applicable Law solely for purposes of soliciting
          customers listed in the Qualified Dillard's Customer

                                      24
<PAGE>

          List for Private Label Credit Cards, as required by Applicable Law
          or as otherwise agreed by the Marketing Committee in writing.

     (c)  Bank shall not disclose, or permit to be disclosed, the Qualified
          Dillard's Customer List, except as provided in this Section 4.10.
          Bank may disclose the Qualified Dillard's Customer List in
          compliance with Applicable Law solely:

          (i)  to its subcontractors in connection with a permitted use of
               such Qualified Dillard's Customer List under this Section 4.10,
               provided that each such subcontractor agrees to be bound by
               this Section 4.10, or a comparable contractual commitment with
               the same effect;

          (ii) to its Affiliates and its Affiliates' employees, agents,
               attorneys and accountants with a need to know such Qualified
               Dillard's Customer List in connection with a permitted use of
               such Qualified Dillard's Customer List under this Section;
               provided that (A) any such Person is bound by terms
               substantially similar to this Section as a condition of
               employment, of access to Qualified Dillard's Customer List or
               by professional obligations imposing comparable terms; and (B)
               Bank shall be responsible for the compliance of each such
               Person with the terms of this Section; or

          (iii) to any Governmental Authority with authority over Bank (A) in
               connection with an examination of Bank; or (B) pursuant to a
               specific requirement to provide such Qualified Dillard's
               Customer List by such Governmental Authority or pursuant to
               compulsory legal process; provided that Bank seeks the full
               protection of confidential treatment for any disclosed
               Qualified Dillard's Customer List to the extent available under
               Applicable Law governing such disclosure, and with respect to
               clause (B), to the extent permitted by Applicable Law, Bank (1)
               provides at least ten (10) Business Days' prior notice of such
               proposed disclosure to Dillard's if reasonably possible under
               the circumstances, and (2) seeks to redact Qualified Dillard's
               Customer List to the fullest extent possible under Applicable
               Law governing such disclosure.

     (d)  Upon the termination of this Agreement, Bank's rights to use and
          disclose the Qualified Dillard's Customer List shall terminate.
          Promptly following such termination, Bank shall return or destroy
          all Qualified Dillard's Customer Lists and shall certify such return
          or destruction to Dillard's upon request.

4.11 Cardholder Data.

     (a)  As between Bank and Dillard's, Cardholder Data shall be the property
          of and exclusively owned by Bank. Dillard's acknowledges and agrees
          that it has no proprietary interest in the Cardholder Data.

     (b)  Bank's privacy policy applicable to the Cardholder Data is the
          Program Privacy Policy. Any modifications to the Program Privacy
          Policy shall be approved by

                                      25
<PAGE>

          the Marketing Committee, provided that the Program Privacy Policy
          shall comply with Applicable Law at all times.

     (c)  Bank shall not use, or permit to be used, Cardholder Data, except as
          provided in this Section 4.11. Bank may use the Cardholder Data in
          compliance with Applicable Law and the Program Privacy Policy solely
          (i) for purposes of soliciting customers listed in the Cardholder
          Data for Private Label Credit Cards, Enhancement Products listed in
          Schedule 4.11, and any other products and services approved by the
          Marketing Committee, (ii) as otherwise necessary to carry out its
          obligations or exercise its rights hereunder, or (iii) as required
          by Applicable Law. Bank has no rights to use the Cardholder Data for
          marketing purposes except as expressly provided herein.

     (d)  Bank shall not disclose, or permit to be disclosed, the Cardholder
          Data, except as provided in this Section 4.11. Bank shall not,
          directly or indirectly, sell or otherwise transfer any right in or
          to the Cardholder Data. Bank may disclose the Cardholder Data in
          compliance with Applicable Law and the Program Privacy Policy
          solely:

          (i)  to its subcontractors in connection with a permitted use of
               such Cardholder Data under this Section 4.11, provided that
               each such subcontractor agrees to be bound by this Section
               4.11, or a comparable contractual commitment with the same
               effect;

          (ii) to its Affiliates and its Affiliates' employees, agents,
               attorneys and accountants with a need to know such Cardholder
               Data in connection with a permitted use of such Cardholder Data
               under this Section; provided that (A) any such Person is bound
               by terms substantially similar to this Section as a condition
               of employment or of access to Cardholder Data or by
               professional obligations imposing comparable terms; and (B)
               Bank shall be responsible for the compliance of each such
               Person with the terms of this Section; or

          (iii) to any Governmental Authority with authority over Bank (A) in
               connection with an examination of Bank; or (B) pursuant to a
               specific requirement to provide such Cardholder Data by such
               Governmental Authority or pursuant to compulsory legal process;
               provided that Bank seeks the full protection of confidential
               treatment for any disclosed Cardholder Data to the extent
               available under Applicable Law governing such disclosure, and
               with respect to clause (B), to the extent permitted by
               Applicable Law, Bank (1) provides at least 10 Business Days'
               prior notice of such proposed disclosure to Dillard's if
               reasonably possible under the circumstances and (2) seeks to
               redact Cardholder Data to the fullest extent possible under
               Applicable Law governing such disclosure.

     (e)  Subject to Applicable Law and the Program Privacy Policy, Bank shall
          report to Dillard's on a weekly basis, in a format agreed to by the
          parties in advance,

                                      26
<PAGE>

          (i)  for any customer who has applied for a Credit Card, had the
               opportunity to make an opt out choice, was not approved for a
               Credit Card and did not opt out, regardless of the marketing
               channel of such application, the customer's name, address,
               email address, telephone number, social security number and all
               other commercially reasonable information supplied on the
               application or prescreened response submitted by the customer.

          (ii) for any Cardholder, (1) the Cardholder's name, address, email
               address, telephone number, social security number and Account
               number; (2) any reported change to any of the foregoing
               information; (3) Cardholder transaction and experience data;
               and (4) any such other Cardholder Data as Dillard's may
               reasonably request.

          (iii) the Cardholder's name and account number for any Account that
               is 60 days or more delinquent.

          (iv) the Cardholder's name and account number for any Account that
               has been closed.

     (f)  Bank shall cooperate with Dillard's to provide Dillard's the maximum
          ability permissible under Applicable Law to use and disclose
          Cardholder Data, including, as necessary or appropriate, through use
          of consents, opt-in provisions or opt-out provisions, to the extent
          requested by Dillard's.

     (g)  Dillard's shall not use, or permit to be used, Cardholder Data,
          except as provided in this Section 4.11. Dillard's may use the
          Cardholder Data in compliance with Applicable Law and the Program
          Privacy Policy solely (i) for purposes of promoting the Program or
          promoting products and services available for purchase on an Account
          at or through any Dillard's Channel, (ii) as otherwise necessary to
          carry out its obligations under this Agreement, and (iii) as
          required by Applicable Law.

     (h)  Dillard's shall not disclose, or permit to be disclosed, the
          Cardholder Data, except as provided in this Section 4.11. Dillard's
          may disclose the Cardholder Data in compliance with Applicable Law
          and the Program Privacy Policy solely:

          (i)  to its subcontractors in connection with a permitted use of
               such Cardholder Data under this Section 4.11, provided that
               each such subcontractor agrees to be bound by this Section
               4.11, or a comparable contractual commitment with the same
               effect;

          (ii) to its Affiliates and its Affiliates' employees, agents,
               attorneys and accountants with a need to know such Cardholder
               Data in connection with a permitted use of such Cardholder Data
               under this Section; provided that (A) any such Person is bound
               by terms substantially similar to this Section as a condition
               of employment or of access to Cardholder Data or by
               professional obligations imposing comparable terms; and (B)
               Dillard's

                                      27
<PAGE>

               shall be responsible for the compliance of each such Person
               with the terms of this Section; or

          (iii) to any Governmental Authority with authority over Dillard's
               (A) in connection with an examination of Dillard's; or (B)
               pursuant to a specific requirement to provide for such
               Cardholder Data by such Governmental Authority or pursuant to
               compulsory legal process; provided that Dillard's seeks the
               full protection of confidential treatment for any disclosed
               Cardholder Data to the extent available under Applicable Law
               governing such disclosure, and with respect to clause (B), to
               the extent permitted by Applicable Law, Dillard's (1) provides
               at least 10 Business Days' prior notice of such proposed
               disclosure to Bank if reasonably possible under the
               circumstances and (2) seeks to redact Cardholder Data to the
               fullest extent possible under Applicable Law governing such
               disclosure.

     (i)  With respect to use and disclosure of Cardholder Data following the
          termination of this Agreement:

          (i)  The rights and obligations of the parties under this Section
               4.11 shall continue through any Termination Period.

          (ii) If Dillard's exercises its rights under Section 14.2, Bank
               shall transfer its right, title and interest in the Cardholder
               Data to Dillard's or its Nominated Purchaser as part of such
               transaction, and Bank's right to use and disclose the
               Cardholder Data shall terminate upon the termination of the
               Termination Period.

          (iii) If Dillard's provides notice that it will not exercise its
               rights under Section 14.2, upon termination of the Termination
               Period, Dillard's right to use and disclose the Cardholder Data
               shall terminate upon the termination of the Termination Period.

4.12 Dillard's Shopper Data.

     (a)  Bank acknowledges that Dillard's gathers information about
          purchasers of Goods and/or Services and that Dillard's has rights to
          use and disclose such information independent of whether such
          information also constitutes Cardholder Data. Bank shall cooperate
          in Dillard's maintenance of such Dillard's Shopper Data, including
          by incorporating in the Credit Card Application and Cardholder
          Agreement mutually agreed provisions pursuant to which applicants
          and Cardholders will agree that they are providing their identifying
          information (including name, address, telephone number, email
          address and social security number) and all updates thereto to both
          Bank and Dillard's. To the extent Bank is the direct recipient of
          such data, Bank shall provide such data to Dillard's in such format
          and at such times as shall be agreed by the Marketing Committee. As
          between Dillard's and Bank, all Dillard's Shopper Data will be owned
          exclusively

                                      28
<PAGE>

          by Dillard's. Bank acknowledges and agrees that it has no
          proprietary interest in the Dillard's Shopper Data.

     (b)  Bank shall not use, or permit to be used, directly or indirectly,
          the Dillard's Shopper Data except to transfer such data to Dillard's
          to the extent it is received by Bank.

     (c)  Bank shall not disclose, or permit to be disclosed, the Dillard's
          Shopper Data, except as provided in this Section 4.12. Bank may
          disclose the Dillard's Shopper Data in compliance with Applicable
          Law solely:

          (i)  to its subcontractors in connection with a permitted use of
               such Dillard's Shopper Data under this Section 4.12, provided
               that each such subcontractor agrees to be bound by this Section
               4.12, or a comparable contractual commitment with the same
               effect;

          (ii) to its Affiliates and its Affiliates' employees, agents,
               attorneys and accountants with a need to know such Dillard's
               Shopper Data in connection with a permitted use of such
               Dillard's Shopper Data under this Section; provided that (A)
               any such Person is bound by terms substantially similar to this
               Section as a condition of employment, of access to Dillard's
               Shopper Data or by professional obligations imposing comparable
               terms; and (B) Bank shall be responsible for the compliance of
               each such Person with the terms of this Section; or

          (iii) to any Governmental Authority with authority over Bank (A) in
               connection with an examination of Bank; or (B) pursuant to a
               specific requirement to provide such Dillard's Shopper Data by
               such Governmental Authority or pursuant to compulsory legal
               process; provided that Bank seeks the full protection of
               confidential treatment for any disclosed Dillard's Shopper Data
               to the extent available under Applicable Law governing such
               disclosure, and with respect to clause (B), to the extent
               permitted by Applicable Law, Bank (1) provides at least ten
               (10) Business Days' prior notice of such proposed disclosure to
               Dillard's if reasonably possible under the circumstances, and
               (2) seeks to redact Dillard's Shopper Data to the fullest
               extent possible under Applicable Law governing such disclosure.

     (d)  Upon the termination of this Agreement, Bank's rights to use and
          disclose the Dillard's Shopper Data shall terminate. Promptly
          following such termination, Bank shall return or destroy all
          Dillard's Shopper Data and shall certify such return or destruction
          to Dillard's upon request.

4.13 Liability for Materials Developed and Used in Connection with the
     Program.

     Bank shall be responsible for ensuring that all Solicitation Materials,
Account Documentation and Credit Card designs comply with Applicable Law and
the Operating Procedures, provided that Bank has produced or approved such
materials, documents or designs.

                                      29
<PAGE>

Notwithstanding the foregoing, each party shall be solely responsible for
ensuring that its respective Inserts and statement messages comply with
Applicable Law.

4.14 Access to Bank Mailing Lists.

     Upon Dillard's reasonable request and subject to Applicable Law and any
contractual constraints, Bank shall (a) conduct marketing research, mailing
and other related marketing efforts on behalf of Dillard's, which may include
marketing materials related to Dillard's, the Goods and/or Services, or the
Private Label Credit Cards, at Dillard's option, based upon the customer data
bases and customer data base analysis tools maintained by Bank and its
Affiliates, including nonpersonally identifiable transaction and experience
data across Bank's credit card portfolios, and (b) provide use of its data
bases, analytic tools and support services at no charge to Dillard's.
Dillard's shall be responsible for all out-of-pocket expenses, including the
costs of all marketing materials and mailing services at cost.

4.15 Bank Internal Marketing Commitment.

     Each Program Year during the Term, Bank shall spend the amount specified
in Schedule 4.15 on the resources specified therein.

                                  ARTICLE 5

                              OPERATING STANDARDS

5.1  Reports.

     Within thirty (30) days after the end of each calendar month to begin
after the Effective Date, Bank shall provide to the Marketing Committee the
reports specified in Schedule 5.1A, and to Dillard's the reports specified in
Schedule 5.1B, and such other reports as are mutually agreed to by the parties
from time to time.

5.2  Servicing.

     Bank shall service all Accounts under the Program in accordance with the
terms and conditions of this Agreement, including the service level standards
set forth in Schedule 5.2, as they may be amended from time to time by the
Marketing Committee. Without limiting the generality of the foregoing, Bank
shall be solely responsible for Credit Card Application processing, customer
service, statementing, payment processing, transaction authorization and
processing, Value Proposition administration, collections and risk management.
To the extent not otherwise provided in this Agreement or the Operating
Procedures, including the Service Level Standards at Schedule 5.2, Bank shall
service the Accounts under the Program in the manner in which Bank, in the
aggregate, services its other Comparable Private Label Credit Card Programs.

                                      30
<PAGE>

5.3  Customer Service.

     (a)  Bank shall be solely responsible for customer service for the
          Program in accordance with this Agreement, including the service
          level standards set forth in Schedule 5.2 as attached hereto,
          including, but not limited to, with respect to processing Cardholder
          telephone and mail inquiries and disputes.

     (b)  As of the Effective Date, Bank shall establish a separate toll-free
          customer service telephone number for the Program at Bank's expense,
          which toll-free number shall be provided by and remain the property
          of Dillard's. Any publication of the toll-free number shall be
          approved by the Marketing Committee.

     (c)  Customer service shall be provided by a dedicated group with
          overflow calls going to the Bank's regular customer service unit. If
          the overflow calls for any two (2) consecutive months exceed ten
          percent (10%) of total calls for the month, Bank shall increase the
          number of the dedicated group. The foregoing notwithstanding, to the
          extent such group is not fully utilized for activities related to
          the Program, Bank may utilize the dedicated group in connection with
          other activities for its customers that are not retail department
          stores for up to two percent (2%) of average monthly customer
          service calls handled by the dedicated group.

     (d)  All customer service policies, scripts and form correspondence shall
          be approved by the Marketing Committee, provided that Bank may
          include items or make changes required by Applicable Law.

     (e)  As of the Effective Date, Bank shall provide live telephonic
          customer service, in English and Spanish, 365 days per year 24 hours
          per day.

     (f)  Customer service shall be Dillard's branded to the extent legally
          permissible. Notwithstanding the foregoing, Bank shall have the
          right in its sole discretion to take whatever steps and make such
          disclosures it believes are necessary to ensure that at all times
          the Bank is considered the creditor on the Accounts.

     (g)  If Bank receives a Cardholder complaint regarding the quality or
          delivery of Goods and/or Services, Bank shall refer such complaint
          to Dillard's in accordance with the Operating Procedures.

5.4  Customer Service Standards.

     (a)  Beginning with the first full calendar month following the Effective
          Date and each calendar month thereafter, Bank's performance of its
          obligations for customer service shall be monitored by the Marketing
          Committee in accordance with the service level standards set forth
          in Schedule 5.2.

     (b)  The Marketing Committee shall implement a joint customer service
          monitoring program, which shall include the jointly developed
          scoring procedure and model attached hereto as Schedule 5.3.

                                      31
<PAGE>

     (c)  Subject to the following sentence, Dillard's and Bank (or their
          respective subcontractors, as applicable), will jointly observe and
          score inbound/outbound telephone customer contacts that Bank has
          with Cardholders. A Bank representative may, but will not be
          required to, accompany the Dillard's representative during the
          observations. Dillard's will, however, conduct and score
          observations alone if a representative of Bank does not join in the
          observation.

     (d)  Notwithstanding 5.4(c), Bank will make arrangements to allow
          Dillard's to monitor customer service telephone calls remotely at
          any time and without prior notice.

     (e)  Customer service observations may be conducted by Dillard's on any
          day and at any time during the day or night, provided that such
          observations shall not unreasonably interfere with Bank's normal
          business operations.

5.5  Non-Performance of Service Level Standards.

     (a)  Bank shall report to Dillard's monthly, in a mutually agreed format,
          Bank's performance under each of the SLAs set forth at Schedule 5.2.
          If Bank fails to meet any SLA, Bank shall (i) immediately report to
          Dillard's the reasons for the SLA failure(s); and (ii) promptly take
          any action necessary to correct and prevent recurrence of such
          failure(s).

     (b)  With respect to any SLA starred on Schedule 5.2 hereof ("Starred
          SLA"), the provisions set forth in Schedule 5.5(b) shall apply.

     (c)  The provisions of this Section 5.5 shall apply beginning ninety (90)
          days after the Effective Date with respect to operations assumed by
          Bank as of the Effective Date, and ninety (90) days after the
          Conversion Date with respect to any other operations.

5.6  Access.

     In addition to access as provided in Section 5.4(c), each party will
permit the other party to visit its facilities related to the Program during
normal business hours with reasonable advance notice. Each party will also
permit the other party to review and obtain copies of the books and records
relating to the Program. Dillard's authorizes Bank to monitor the
administration and promotion of the Program through mystery shopping and by
other reasonable means and the results of such monitoring shall be reviewed
with the Marketing Committee.

5.7  Disaster Recovery.

     Bank will maintain in effect during the Term a disaster recovery and
business continuity plan that complies with Applicable Law and that is
designed to ensure that no outage of services hereunder will continue for more
than thirty (30) minutes. Bank will provide Dillard's access to review such
plan upon request. Bank will test such plan annually and will promptly
implement

                                      32
<PAGE>

such plan upon the occurrence of a disaster or business interruption, giving
the Program high priority in its recovery efforts.

                                  ARTICLE 6

                               MERCHANT SERVICES

6.1  Transmittal and Authorization of Charge Transaction Data.

     (a)  Dillard's will accept the Private Label Credit Cards for
          Transactions. Dillard's will transmit Charge Transaction Data for
          authorization of Transactions to Bank as provided in the Operating
          Procedures. If Dillard's is unable to communicate with Bank for any
          reason, Dillard's may complete Transactions without receipt of
          further authorization as provided in the Operating Procedures.

     (b)  Bank shall authorize or decline Transactions on a real time basis as
          provided in the Operating Procedures, including transactions
          involving split-tender (i.e., a portion of the total transaction
          amount is billed to a Private Label Credit Card and the remainder is
          paid through one or more other forms of payment) or down-payments on
          Goods and/or Services for later delivery.

6.2  POS Terminals.

     Dillard's shall maintain POS terminals capable of processing (a) bankcard
transactions and (b) Private Label Credit Card transactions as handled as of
the Effective Date. To the extent that Bank requires other equipment or
hardware changes to such terminals for transmission of Charge Transaction Data
under this Agreement, Bank shall provide, or pay for the purchase,
installation and maintenance of, such other equipment or required hardware
changes to Dillard's POS credit card terminals.

6.3  In-Store Payments.

     Dillard's may accept In-Store Payments from Cardholders on their Accounts
in accordance with the Operating Procedures. Dillard's shall, as necessary,
provide proper endorsements on such items. Bank grants to Dillard's a limited
power of attorney (coupled with an interest) to sign and endorse Bank's name
upon any form of payment that may have been issued in Bank's name in respect
of any Account. Dillard's and Bank shall jointly develop procedures in the
Operating Procedures with respect to the manner in which such In-Store
Payments shall be processed. Dillard's shall notify Bank upon receipt of
In-Store Payments and Bank shall include the Charge Transaction Data related
to such In-Store Payments in the net settlement in respect of the day
immediately following such receipt on the same basis as other Charge
Transaction Data. Dillard's shall issue receipts for such payments in
compliance with Applicable Law.

                                      33
<PAGE>

6.4  Settlement Procedures.

     (a)  Dillard's will transmit Charge Transaction Data (including Charge
          Transaction Data arising in connection with sales by Licensees) to
          Bank in accordance with the Operating Procedures. If Charge
          Transaction Data is received by Bank's processing center before 6:00
          am (EST) on any Business Day, Bank will process the Charge
          Transaction Data for payment on the same Business Day, and will
          issue instructions for wire transfer of funds to Dillard's
          designated settlement account with respect thereto by noon of the
          same Business Day. If the Charge Transaction Data is received after
          6:00 am (EST) on any Business Day, or at any time on a day other
          than a Business Day, Bank will process the Charge Transaction Data
          for payment on the following Business Day.

     (b)  Bank will remit to Dillard's, for itself and any Licensees, an
          amount equal to: the sum of the total of charges identified in such
          Charge Transaction Data, in each case adjusted for the
          reconciliation of recent Charge Transaction Data, less the sum of
          (i) the total amount of any credits included in such Charge
          Transaction Data, (ii) the total amount of In-Store Payments (if
          any), and (iii) any amounts charged back to Dillard's pursuant to
          Section 6.5. Dillard's shall be responsible for allocating such
          remittances among all Dillard's Channels as appropriate and Bank
          shall have no responsibility or liability in connection therewith
          (it being agreed that Bank has no obligation to accept Charge
          Transaction Data directly from, or make remittances to, any person
          other than Dillard's).

6.5  Bank Right to Charge Back.

     Bank shall have the right to charge back to Dillard's the amount of any
Cardholder Indebtedness, including Cardholder Indebtedness incurred prior to
the Effective Date with respect to Purchased Accounts, relating to Charge
Transaction Data only to the extent provided in Schedule 6.5.

6.6  Exercise of Chargeback.

     If Bank exercises its right of chargeback, Bank may set off all amounts
charged back against any sums due Dillard's under this Agreement, or Bank may
demand payment from Dillard's for the full amount of such chargeback. In the
event of a chargeback pursuant to this Article 6, upon payment in full of the
related amount by Dillard's, Bank shall immediately assign to Dillard's,
without any representation, warranty or recourse, (i) all right to payments of
amounts charged back in connection with such Cardholder charge, and (ii) any
security interest granted by Dillard's under Section 16.1. Bank shall fully
cooperate in any effort by Dillard's to collect the chargeback amount,
including by executing and delivering any document necessary or useful to such
collection efforts.

6.7  Covenants of Dillard's.

     Dillard's makes the following covenants to Bank, each and all of which
shall survive the execution and delivery of this Agreement.

                                      34
<PAGE>

     (a)  Forms and Materials. Dillard's shall use only forms and materials,
          including in electronic format, provided or approved by Bank
          (including through the Marketing Committee) when taking any action
          with regard to the Program.

     (b)  Special Agreements or Conditions. Dillard's will not charge any
          credit card surcharge, application, processing or other Program
          related fee to Cardholders.

                                  ARTICLE 7

                              COSTS AND EXPENSES

7.1  Bank Responsibility for Program Operation.

     Except as otherwise specified in any annual Marketing Plan or any other
provision of this Agreement, Bank shall be responsible for the costs of
operating the Program including, without limitation, the costs of marketing,
systems operations and customer services.

7.2  Monthly Statement to Dillard's.

     Within five (5) Business Days after the end of each calendar month, Bank
shall deliver to Dillard's, in a mutually agreed format, a statement setting
forth the information specified in Schedule 7.2. Each such statement,
including supporting documentation, shall be known as a "Monthly Settlement
Sheet."

7.3  Compensation.

     The Bank shall pay Dillard's on a monthly basis the compensation set
forth in Schedule 7.3.

7.4  Resolution.

     Any disputes regarding the amounts owed under this Agreement shall be
resolved in accordance with Section 10.2.

                                  ARTICLE 8

                LICENSING OF TRADEMARKS; INTELLECTUAL PROPERTY

8.1  The Dillard's Licensed Marks.

     (a)  Grant of License to Use the Dillard's Licensed Marks. Dillard's
          hereby grants to Bank a non-exclusive, royalty-free,
          non-transferable right and license to use the Dillard's Licensed
          Marks in the United States in connection with the creation,
          establishment, marketing and administration of, and the provision of
          services related to, the Program, all pursuant to, and in accordance
          with, this Agreement

                                      35
<PAGE>

          and any applicable Trademark Style Guide. Those services shall
          include, without limitation, the solicitation of Cardholders and
          potential Cardholders, acceptance of Credit Card Applications, the
          issuance and reissuance of Credit Cards, the provision of accounting
          services to Cardholders, the provision of Billing Statements and
          other correspondence relating to Accounts to Cardholders, the
          extension of credit to Cardholders, and the advertisement or
          promotion of the Program. All use of the Dillard's Licensed Marks
          shall be approved by the Marketing Committee. The license hereby
          granted is solely for the use of Bank and may be used as necessary
          to permit the exercise by Bank of any of its rights under this
          Agreement to (i) delegate its obligations to Affiliate(s) and/or
          third party subcontractors, and (ii) sell the Accounts and
          Cardholder Indebtedness to third parties for liquidation. The
          licenses granted hereby may not be sublicensed in connection with
          the sale of Goods and/or Services without the prior written approval
          of Dillard's. Any subcontractor or third party shall agree to comply
          with all of the standards specified herein and the limitations on
          the use of the Dillard's Licensed Marks contained in this Section.

     (b)  New Marks. If Dillard's adopts a trademark, trade name, service
          mark, logo or other proprietary mark which is used by Dillard's in
          connection with the Program but which is not listed on Schedule A
          hereto (a "New Mark"), Bank may request that Dillard's add such New
          Mark to Schedule A hereto and license its use hereunder, Dillard's
          shall not unreasonably fail to do so, and such New Mark shall be
          added to Schedule A by amendment of this Agreement.

     (c)  Termination of License. Except to the extent otherwise provided in
          Section 14.4, the license granted in this section shall terminate
          six (6) months from the Program Purchase Date or six (6) months
          after termination of this Agreement under Section 14.4 as
          applicable. Upon such termination of this license, as provided in
          this subsection (c) and Section 14.4, all rights in the Dillard's
          Licensed Marks shall revert to Dillard's, the goodwill connected
          therewith shall remain the property of Dillard's, and Bank shall:
          (i) discontinue immediately all use of the Dillard's Licensed Marks,
          or any of them, and any colorable imitation thereof; and (ii) at
          Bank's option, delete the Dillard's Licensed Marks from or destroy
          all unused Credit Cards, Credit Card Applications, Account
          Documentation, periodic statements, materials, displays, advertising
          and sales literature and any other items bearing any of the
          Dillard's Licensed Marks.

     (d)  Ownership of the Dillard's Licensed Marks. Bank acknowledges that
          (i) the Dillard's Licensed Marks, all rights therein, and the
          goodwill associated therewith, are, and shall remain, the exclusive
          property of Dillard's, (ii) it shall take no action which will
          adversely affect Dillard's exclusive ownership of the Dillard's
          Licensed Marks, or the goodwill associated with the Dillard's
          Licensed Marks (it being understood that the collection of Accounts,
          adverse action letters, and changes in terms of Accounts do not
          adversely affect goodwill, if done in accordance with the terms of
          this Agreement), and (iii) any and all goodwill arising from use of
          the Dillard's Licensed Marks by Bank shall inure to the benefit of
          Dillard's. Nothing herein shall give Bank any proprietary interest
          in or

                                      36
<PAGE>

          to the Dillard's Licensed Marks, except the right to use the
          Dillard's Licensed Marks in accordance with this Agreement, and Bank
          shall not contest Dillard's title in and to the Dillard's Licensed
          Marks.

     (e)  Infringement by Third Parties. Bank shall use reasonable efforts to
          notify Dillard's, in writing, in the event that it has Knowledge of
          any infringing use of any of the Dillard's Licensed Marks by any
          third party. If any of the Dillard's Licensed Marks is infringed,
          Dillard's alone has the right, in its sole discretion, to take
          whatever action it deems necessary to prevent such infringing use;
          provided, however, that if Dillard's fails to take reasonable steps
          to prevent infringement of the Dillard's Licensed Marks by any
          department store retailer and such infringement has an adverse
          effect upon the Program or the rights of Bank hereunder, Bank may
          request that Dillard's take action necessary to alleviate such
          adverse impact. Bank shall reasonably cooperate with and assist
          Dillard's, at Dillard's expense, in the prosecution of those actions
          that Dillard's determines, in its sole discretion, are necessary or
          desirable to prevent the infringing use of any of the Dillard's
          Licensed Marks.

8.2  The Bank Licensed Marks.

     (a)  Grant of License to Use the Bank Licensed Marks. Bank hereby grants
          to Dillard's a non-exclusive, royalty-free, non-transferable right
          and license to use the Bank Licensed Marks in the United States in
          connection with the creation, establishment, marketing and
          administration of, and the provision of services related to, the
          Program, all pursuant to, and in accordance with, this Agreement and
          any applicable Trademark Style Guide. Those services shall include,
          without limitation, the solicitation of Cardholders and the
          advertisement or promotion of the Program. All use of the Bank
          Licensed Marks shall be approved by the Marketing Committee. The
          license hereby granted is solely for the use of Dillard's and may be
          used as necessary to permit the exercise by Dillard's of any of its
          rights under this Agreement to delegate obligations to Affiliate(s)
          and/or third party contractors. The license granted hereby may not
          be sublicensed in connection with the sale of Goods and/or Services
          without the prior written approval of Bank. Any subcontractor or
          third party shall agree to comply with all of the standards
          specified herein and the limitations on the use of the Bank Licensed
          Marks contained in this Section.

     (b)  New Marks. If Bank adopts a trademark, trade name, service mark logo
          or other proprietary mark which is used by Bank in connection with
          its extension of bank card credit to customers but which is not
          listed on Schedule B hereto (a "New Mark"), Dillard's may request
          that Bank add such New Mark to Schedule B hereto and license its use
          hereunder, Bank shall not unreasonably fail to do so, and such New
          Mark shall be added to Schedule B by amendment of this Agreement.
          The foregoing notwithstanding, it is understood and agreed that Bank
          shall not be required to add a New Mark to Schedule B if such New
          Mark was developed by Bank primarily for another charge, credit or
          debit program.

                                      37
<PAGE>

     (c)  Termination of License. The license granted in this Section shall
          terminate six (6) months after the Program Purchase Date or six (6)
          months after termination after this Agreement under Section 14.4 as
          applicable. Upon such termination of this license, as provided in
          this subsection (c), all rights in the Bank Licensed Marks shall
          revert to Bank, the goodwill connected therewith shall remain the
          property of Bank, and Dillard's shall: (i) discontinue immediately
          all use of the Bank Licensed Marks, or any of them, and any
          colorable imitation thereof; and (ii) at Dillard's option, delete
          the Bank Licensed Marks from or destroy all unused Credit Card
          Applications, Account Documentation, periodic statements, materials,
          displays, advertising and sales literature and any other items
          bearing any of the Bank Licensed Marks.

     (d)  Ownership of the Bank Licensed Marks. Dillard's acknowledges that
          (i) the Bank Licensed Marks, all rights therein, and the goodwill
          associated therewith, are, and shall remain, the exclusive property
          of Bank, (ii) it shall take no action which will adversely affect
          Bank's exclusive ownership of the Bank Licensed Marks or the
          goodwill associated with the Bank Licensed Marks, and (iii) any and
          all goodwill arising from use of the Bank Licensed Marks by
          Dillard's shall inure to the benefit of Bank. Nothing herein shall
          give Dillard's any proprietary interest in or to the Bank Licensed
          Marks, except the right to use the Bank Licensed Marks in accordance
          with this Agreement, and Dillard's shall not contest Bank's title in
          and to the Bank Licensed Marks.

     (e)  Infringement by Third Parties. Dillard's shall use reasonable
          efforts to notify Bank, in writing, in the event that it has
          Knowledge of any infringing use of any of the Bank Licensed Marks by
          any third party. If any of the Bank Licensed Marks is infringed,
          Bank alone has the right, in its sole discretion, to take whatever
          action it deems necessary to prevent such infringing use; provided,
          however, that if Bank fails to take reasonable steps to prevent
          infringement of the Bank Licensed Marks by any credit provider and
          such infringement has an adverse effect upon the Program or the
          rights of Dillard's hereunder, Dillard's may request that Bank take
          action necessary to alleviate such adverse impact. Dillard's shall
          reasonably cooperate with and assist Bank, at Bank's expense, in the
          prosecution of those actions that Bank determines, in its sole
          discretion, are necessary or desirable to prevent the infringing use
          of any of the Bank Licensed Marks.

8.3  Ownership of Intellectual Property.

     (a)  Ownership of Intellectual Property. Each party shall continue to own
          all of its Intellectual Property that existed as of the Effective
          Date. Each party also shall own all right, title and interest in the
          Intellectual Property it develops independently of the other party
          during the Term.

     (b)  Joint Intellectual Property. Any Intellectual Property developed
          through the combined efforts of the parties during the Term of this
          Agreement shall be owned jointly by the parties. Each party shall
          have the right to use, license and otherwise

                                      38
<PAGE>

          exploit jointly owned Intellectual Property without any restriction
          or obligation to account to the other party. Patents and inventions
          shall be deemed to be developed jointly only if employees or
          contractors of each party who have assigned all such patent rights
          to such party are deemed co-inventors under the patent law. Software
          and other works of authorship and associated copyrights shall be
          deemed to be jointly developed only if the parties are deemed
          co-authors of such software or other work of authorship under the
          copyright law or otherwise deemed co-owners of such copyright.
          Otherwise, all patents, patentable inventions, software, other works
          of authorship and related copyrights shall be deemed to be developed
          solely by one party. Thus, to the extent that a work created by one
          party is based on or incorporates Intellectual Property of the other
          party but the parties are not joint inventors or joint authors under
          the patent or copyright law, respectively, then one party shall be
          the sole owner of the Intellectual Property in the underlying work
          and the other party shall be the sole owner of the Intellectual
          Property in the new work.

                                  ARTICLE 9

                   REPRESENTATIONS, WARRANTIES AND COVENANTS

9.1  General Representations and Warranties of Dillard's.

     To induce Bank to establish and administer the Program, Dillard's makes
the following representations and warranties to Bank, each and all of which
shall survive the execution and delivery of this Agreement, and each and all
of which shall be deemed to be restated and remade with the same force and
effect on each day of the Term.

     (a)  Corporate Existence. Dillard's (i) is a corporation duly organized,
          validly existing and in good standing under the laws of the State of
          its incorporation; (ii) is duly licensed or qualified to do business
          as a corporation and is in good standing as a foreign corporation in
          all jurisdictions in which the nature of the activities conducted or
          proposed to be conducted by it or the character of the assets owned
          or leased by it makes such licensing or qualification necessary to
          perform its obligations required hereunder except to the extent that
          its non-compliance would not have a material and adverse effect on
          Dillard's ability to perform its obligations hereunder; and (iii)
          has all necessary licenses, permits, consents or approvals from or
          by, and has made all necessary notices to, all governmental
          authorities having jurisdiction, to the extent required for
          Dillard's current ownership, lease or conduct and operation, except
          to the extent that the failure to obtain such licenses, permits,
          consents or approvals or to provide such notices would not have a
          material and adverse effect on Dillard's ability to perform its
          obligations required hereunder.

     (b)  Capacity; Authorization; Validity. Dillard's has all necessary
          corporate power and authority to (i) execute and enter into this
          Agreement, and (ii) perform the obligations required of Dillard's
          hereunder and the other documents, instruments

                                      39
<PAGE>

          and agreements relating to the Program and this Agreement executed
          by Dillard's pursuant hereto. The execution and delivery by
          Dillard's of this Agreement and all documents, instruments and
          agreements executed and delivered by Dillard's pursuant hereto, and
          the consummation by Dillard's of the transactions specified herein
          have been duly and validly authorized and approved by all necessary
          corporate action of Dillard's. This Agreement (i) has been duly
          executed and delivered by Dillard's, (ii) constitutes the valid and
          legally binding obligation of Dillard's, and (iii) is enforceable in
          accordance with its terms (subject to applicable bankruptcy,
          insolvency, reorganization, receivership or other laws affecting the
          rights of creditors generally and by general equity principles
          including, without limitation, those respecting the availability of
          specific performance).

     (c)  Conflicts; Defaults; Etc. The execution, delivery and performance of
          this Agreement by Dillard's, its compliance with the terms hereof,
          and its consummation of the transactions specified herein will not
          (i) conflict with, violate, result in the breach of, constitute an
          event which would, or with the lapse of time or action by a third
          party or both would, result in a default under, or accelerate the
          performance required by, the terms of any material contract,
          instrument or agreement to which Dillard's is a party or by which it
          is bound, or by which Dillard's assets are bound, except for
          conflicts, breaches and defaults which would not have a material and
          adverse effect upon Dillard's ability to perform its obligations
          under this Agreement; (ii) conflict with or violate the articles of
          incorporation or by-laws, or any other equivalent organizational
          document(s), of Dillard's; (iii) violate any Applicable Law or
          conflict with, or require any consent or approval under any
          judgment, order, writ, decree, permit or license, to which Dillard's
          is a party or by which it is bound or affected, except to the extent
          that such violation or the failure to obtain such consent or
          approval would not have a material and adverse effect upon Dillard's
          ability to perform its obligations under this Agreement; (iv)
          require the consent or approval of any other party to any contract,
          instrument or commitment to which Dillard's is a party or by which
          it is bound; or (v) require any filing with, notice to, consent or
          approval of, or any other action to be taken with respect to, any
          regulatory authority.

     (d)  Solvency. Dillard's is solvent.

     (e)  No Default. Neither Dillard's nor, to the best of its Knowledge, its
          Affiliates are in default with respect to any contract, agreement,
          lease, or other instrument to which it is a party or by which it is
          bound, except for defaults which would not have a material and
          adverse effect upon Dillard's ability to perform its obligations
          under this Agreement, nor has Dillard's received any notice of
          default under any contract, agreement, lease or other instrument
          which default or notice of default would materially and adversely
          affect the performance by Dillard's of its obligations under this
          Agreement. No Dillard's Event of Default has occurred and is
          continuing.

                                      40
<PAGE>

     (f)  Books and Records. All of Dillard's and, to the best of its
          Knowledge, its Affiliates' records, files and books of account
          relating to the Program, including but not limited to, records
          provided to the Bank regarding Dillard's Account activities, are in
          all material respects complete and correct and are maintained in
          accordance with Applicable Law.

     (g)  No Litigation. No action, claim or any litigation, proceeding,
          arbitration, investigation or controversy is pending or, to the best
          of Dillard's Knowledge, threatened against Dillard's or its
          Affiliates other than Dillard National Bank, at law, in equity or
          otherwise, before any court, board, commission, agency or
          instrumentality of any federal, state, or local government or of any
          agency or subdivision thereof or before any arbitrator or panel of
          arbitrators, to which Dillard's is a party, which, if adversely
          determined, would have a material and adverse effect on Dillard's
          ability to perform its obligations under this Agreement nor, to the
          best of Dillard's Knowledge, do facts exist which might give rise to
          any such proceedings with respect to Dillard's or its Affiliates
          other than Dillard National Bank. Except as otherwise disclosed in
          the Purchase Agreement, Dillard's, further, is not the subject of
          (i) any action by a regulatory authority, or (ii) any agreement,
          orders or directives with any regulatory authority with respect to
          its operations that would have a material and adverse effect on
          Dillard's ability to perform its obligations under this Agreement
          nor, to the best of Dillard's Knowledge, do facts exist which might
          give rise to any such circumstances.

     (h)  Dillard's Licensed Marks. Dillard's is the owner of the Dillard's
          Licensed Marks and Dillard's has the right, power and authority to
          license to Bank and authorized designees the use of the Dillard's
          Licensed Marks in connection with the Program and the use of the
          Dillard's Licensed Marks by said licensees in a manner approved (or
          deemed approved) by Dillard's shall not (i) violate any Applicable
          Law or (ii) infringe upon the right(s) of any third party.

9.2  General Representations and Warranties of Bank.

     To induce Dillard's to enter into this Agreement and participate in the
Program, Bank makes the following representations and warranties to Dillard's,
each and all of which shall survive the execution and delivery of this
Agreement, and each and all of which shall be deemed to be restated and remade
with the same force and effect on each day of the Term.

     (a)  Corporate Existence. Bank (i) is a banking corporation duly
          organized, validly existing, and in good standing under the laws of
          the United States with its home office as indicated in the first
          paragraph of this Agreement; (ii) is duly licensed or qualified to
          do business as a banking corporation and is in good standing as a
          foreign corporation in all jurisdictions in which the nature of the
          activities conducted or proposed to be conducted by it or the
          character of the assets owned or leased by it makes such licensing
          or qualification necessary to perform its obligations hereunder
          except to the extent that its non-compliance would not have a
          material and adverse effect on Bank, the Program, the Accounts,
          Cardholder Indebtedness or Bank's ability to perform its obligations
          hereunder; and has all

                                      41
<PAGE>

          necessary licenses, permits, consents, or approvals from or by, and
          has made all necessary notices to, all governmental authorities
          having jurisdiction, to the extent required for Bank's current
          ownership, lease or conduct and operation, except to the extent that
          the failure to obtain such licenses, permits, consents, approvals or
          to provide such notices would not have a material and adverse effect
          on Bank, the Program, the Accounts, Cardholder Indebtedness or
          Bank's ability to perform its obligations under this Agreement.

     (b)  Capacity; Authorization; Validity. Bank has all necessary power and
          authority to (i) execute and enter into this Agreement, and (ii)
          perform all of the obligations required of Bank hereunder and the
          other documents, instruments and agreements relating to the Program
          and this Agreement executed by Bank pursuant hereto. The execution
          and delivery by Bank of this Agreement and all documents,
          instruments and agreements executed and delivered by Bank pursuant
          hereto, and the consummation by Bank of the transactions specified
          herein, have been duly and validly authorized and approved by all
          necessary corporate action of Bank. This Agreement (i) has been duly
          executed and delivered by Bank, (ii) constitutes the valid and
          legally binding obligations of Bank, and (iii) is enforceable in
          accordance with its respective terms (subject to applicable
          bankruptcy, insolvency, reorganization, receivership or other laws
          affecting the rights of creditors generally and financial
          institutions in particular and by general equity principles
          including, without limitation, those respecting the availability of
          specific performance).

     (c)  Conflicts; Defaults; Etc. The execution, delivery and performance of
          this Agreement by Bank, its compliance with the terms hereof, and
          the consummation of the transactions specified herein will not (i)
          conflict with, violate, result in the breach of, constitute an event
          which would, or with the lapse of time or action by a third party or
          both would, result in a default under, or accelerate the performance
          required by, the terms of any material contract, instrument or
          agreement to which Bank is a party or by which it is bound, except
          for conflicts, breaches and defaults which would not have a material
          and adverse effect upon Bank, the Program, the Accounts, Cardholder
          Indebtedness or Bank's ability to perform its obligations under this
          Agreement; (ii) conflict with or violate the articles of
          incorporation or by-laws, or any other equivalent organizational
          document(s) of Bank; (iii) violate any Applicable Law or conflict
          with, or require any consent or approval under any judgment, order,
          writ, decree, permit or license, to which Bank is a party or by
          which it is bound or affected, except to the extent that such
          violation or the failure to obtain such consent or approval would
          not have a material and adverse effect upon Bank, the Program, the
          Accounts, the Cardholder Indebtedness or Bank's ability to perform
          its obligations under this Agreement; (iv) require the consent or
          approval of any other party to any contract, instrument or
          commitment to which Bank is a party or by which it is bound; or (v)
          require any filing with, notice to, consent or approval of, or any
          other action to be taken with respect to, any regulatory authority.

     (d)  Solvency. Bank is solvent.

                                      42
<PAGE>

     (e)  No Default. Neither Bank nor, to the best of its Knowledge, its
          Affiliates are in default with respect to any contract, agreement,
          lease, or other instrument to which it is a party or by which it is
          bound, except for defaults which would not have a material and
          adverse effect upon Bank, the Program, the Accounts, Cardholder
          Indebtedness or Bank's ability to perform its obligations under this
          Agreement, nor has Bank received any notice of default under any
          such contract, agreement, lease or other instrument which default or
          notice of default would materially and adversely affect the
          performance by Bank of its obligations under this Agreement. No Bank
          Event of Default has occurred and is continuing.

     (f)  Books and Records. All of Bank's and, to the best of its Knowledge,
          its Affiliates' records, files and books of account relating to the
          Program are in all material respects complete and correct and are
          maintained in accordance with Applicable Law.

     (g)  No Litigation. No action, claim, or any litigation, proceeding,
          arbitration, investigation or controversy is pending or, to the best
          of Bank's Knowledge, threatened against Bank or its Affiliates, at
          law, in equity or otherwise, before any court, board, commission,
          agency or instrumentality of any federal, state, or local government
          or of any agency or subdivision thereof or before any arbitrator or
          panel of arbitrators, to which Bank is a party, which, if adversely
          determined, would have a material and adverse effect on Bank, the
          Program, the Accounts, Cardholder Indebtedness or Bank's ability to
          perform its obligations under this Agreement, nor, to the best of
          Bank's Knowledge, do facts exist which might give rise to any such
          proceedings. Bank, further, is not the subject of (i) any action by
          a regulatory authority, or (ii) any agreement, orders or directives
          with any regulatory authority with respect to its operations
          affecting the Accounts, Cardholder Indebtedness and the Program, any
          other aspect of Bank's business that relates to the Program or the
          ability of Bank to consummate the transactions specified herein,
          which, in either case, if adversely determined or enforced, would
          have a material and adverse effect on Bank, the Program, the
          Accounts, Cardholder Indebtedness or Bank's ability to perform its
          obligations under this Agreement, nor, to the best of Bank's
          Knowledge, do facts exist which might give rise to any such
          circumstances.

     (h)  FDIC Insurance. Bank is FDIC-insured, and to the best of Bank's
          Knowledge, no proceeding is contemplated to revoke such insurance.

     (i)  The Bank Licensed Marks. Bank is the owner of the Bank Licensed
          Marks and has the right, power and authority to license to Dillard's
          the use of the Bank Licensed Marks in connection with the Program
          and the use of the Bank Licensed Marks by Dillard's in a manner
          approved (or deemed approved) by Bank shall not (i) violate any
          Applicable Law or (ii) infringe upon the right(s) of any third
          party.

                                      43
<PAGE>

9.3  General Covenants of Dillard's.

     Dillard's makes the following covenants to Bank, each and all of which
shall survive the execution and delivery of this Agreement:

     (a)  Maintenance of Existence and Conduct of Business. Dillard's shall
          preserve and keep in full force and effect its corporate existence
          and remain primarily in the retail business, other than in the event
          of a Change in Control, merger or consolidation in which Dillard's
          is not the surviving entity.

     (b)  Litigation. Dillard's promptly shall notify Bank in writing if it
          receives written notice of any litigation that, if adversely
          determined, would have a material and adverse effect on the Program,
          the Accounts in the aggregate or Dillard's ability to perform its
          obligations hereunder.

     (c)  Enforcement of Rights. Except as otherwise specified herein,
          Dillard's shall enforce its rights against third parties to the
          extent that a failure to enforce such rights could reasonably be
          expected to materially and adversely affect the Program, Accounts in
          the aggregate or Dillard's ability to perform its obligations
          hereunder. Dillard's shall not enter into any agreement which, at
          the time such agreement is executed, could reasonably be expected to
          have a material and adverse effect on the Program, the Accounts in
          the aggregate or Dillard's ability to perform its obligations
          hereunder.

     (d)  Reports and Notices. Dillard's will provide Bank with a telephonic
          or telefacsimile notice specifying the nature of any Event of
          Default where Dillard's is the defaulting party or Dillard's Event
          of Default, or any event which, with the giving of notice or passage
          of time or both, would constitute a Dillard's Event of Default or
          any Event of Default where Dillard's is the defaulting party or any
          development or other information which is likely to have a material
          and adverse effect on the Program, the Accounts in the aggregate or
          Dillard's ability to perform its obligations pursuant to this
          Agreement. Notices pursuant to this Section 9.3(d) relating to
          Dillard's Events of Default or any Event of Default where Dillard's
          is the defaulting party shall be provided within two (2) Business
          Days after Dillard's has Knowledge of the existence of such default.
          Notices relating to all other events or developments described in
          this Section 9.3(d) shall be provided (i) within two (2) Business
          Days after Dillard's becomes aware of the existence of such event or
          development if such event or development has already occurred, and
          (ii) with respect to events or developments that have yet to occur,
          as early as reasonably practicable under the circumstances. Any
          notice provided under this section shall be confirmed in writing to
          Dillard's within five (5) Business Days after the transmission of
          the initial notice.

     (e)  Applicable Law/Operating Procedures. Dillard's shall at all times
          during the Term of this Agreement comply in all material respects
          with Applicable Law affecting obligations under this Agreement and
          the Operating Procedures.

                                      44
<PAGE>

     (f)  Disputes with Cardholders. Dillard's shall cooperate with Bank in a
          timely manner (but in no event less promptly than required by
          Applicable Law) to resolve all disputes with Cardholders.

     (g)  Books and Records. Dillard's shall keep adequate records and books
          of account supporting Charge Transaction Data and reflecting all of
          Dillard's other financial transactions relating to the Program.

9.4  General Covenants of Bank.

     Bank makes the following covenants to Dillard's, each and all of which
shall survive the execution and delivery of this Agreement:

     (a)  Maintenance of Existence and Conduct of Business. Bank shall
          preserve and keep in full force and effect its corporate existence
          and remain primarily in substantially the same line(s) of business
          (i.e., banking) in which it was engaged on the Effective Date, other
          than in the event of a Change in Control, merger or consolidation in
          which Bank is not the surviving entity.

     (b)  Litigation. Bank promptly shall notify Dillard's in writing if it
          receives written notice of any litigation that, if adversely
          determined, would have a material and adverse effect on the Program,
          the Accounts in the aggregate or Bank's ability to perform its
          obligations hereunder.

     (c)  Enforcement of Rights. Except as otherwise specified herein, Bank
          shall enforce its rights against third parties to the extent that a
          failure to enforce such rights could reasonably be expected to
          materially and adversely affect the Program, Dillard's or Bank's
          ability to perform its obligations hereunder. Bank shall not enter
          into any agreement which, at the time such agreement is executed,
          could reasonably be expected to have a material and adverse effect
          on Dillard's, the Program or Bank's ability to perform its
          obligations hereunder.

     (d)  Reports and Notices. Bank will provide Dillard's with a telephonic
          or telefacsimile notice specifying the nature of any Event or
          Default where Bank is defaulting party or any Bank Event of Default,
          or any event which, with the giving of notice or passage of time or
          both, would constitute a Bank Event of Default or any Event of
          Default where Bank is the defaulting party, or any development or
          other information which is likely to have a material and adverse
          effect on the Program, the Accounts in the aggregate or Bank's
          ability to perform its obligations pursuant to this Agreement.
          Notice pursuant to this Section 9.4(d) relating to Bank Events of
          Default or any Event of Default where Bank is the defaulting party
          shall be provided within two (2) Business Days after Bank becomes
          aware of the existence of such default. Notices relating to all
          other events or developments described in this Section 9.4(d) shall
          be provided (i) within two (2) Business Days after Bank becomes
          aware of the existence of such event or development if such event or
          development has already occurred, and (ii) with respect to events or
          developments that have yet to occur, as early as

                                      45
<PAGE>

          reasonably practicable under the circumstances. Any notice produced
          under this section shall be confirmed in writing to Bank within five
          (5) Business Days after transmission of the initial notice.

     (e)  Applicable Law/Operating Procedures. Bank shall at all times during
          the Term comply in all material respects with Applicable Law and the
          Operating Procedures. Bank shall at all times during the Term
          maintain its bank charter and FDIC insurance.

     (f)  Books and Records. Bank shall keep adequate records and books of
          account with respect to the Accounts and Cardholder Indebtedness in
          which proper entries, reflecting all of Bank's financial
          transactions relating to the Program, are made in accordance with
          GAAP. Bank shall keep adequate records and books of account with
          respect to its activities, in which proper entries reflecting all of
          Bank's financial transactions are made in accordance with GAAP. All
          of Bank's records, files and books of account shall be in all
          material respects complete and correct and shall be maintained in
          accordance with good business practice and Applicable Law.

9.5  Financial Covenants; Financial Statements.

     (a)  If General Electric Capital Corporation does not have at least an A
          rating from two nationally recognized statistical rating
          organizations, Bank shall promptly notify Dillard's. If Dillard's
          does not receive reasonable financial assurances in Dillard's
          reasonable judgment from General Electric Capital Corporation or
          Bank of the ability of Bank to perform its obligations under this
          Agreement, Dillard's may terminate this Agreement, in which event
          the parties shall have the rights set forth in Article 14 and, if
          Dillard's determines to purchase the Program Assets, the purchase
          price shall be as stated in Section 14.2(d)(i).

     (b)  If at any time during the term of this Agreement Dillard's or
          General Electric Company does not file periodic reports on a timely
          basis with the Securities and Exchange Commission ("SEC"):

          (i)  Dillard's or Bank (as appropriate based on the party not
               filing) will provide to the other (i) its audited annual
               financial statements within 90 days of the end of the fiscal
               year, and (ii) its unaudited quarterly financial statements
               within 60 days of the end of the fiscal quarter. Such
               statements shall include the consolidated balance sheet, income
               statement and statement of cash flows and financial position,
               accompanied by the certification on behalf of such entity by
               its chief financial officer that such financial statements were
               prepared in accordance with GAAP applied on a consistent basis
               (except for normal year end adjustments and the absence of
               footnotes on the quarterly statements) and present fairly the
               consolidated financial position of such entity as of the end of
               such calendar period and the results of its operations.

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<PAGE>

          (ii) Dillard's or Bank (as appropriate based on the party not
               filing) shall make its chief financial officer, or a
               knowledgeable designee, available to discuss such party's
               financial results with a representative of the other party.
               Such party shall provide the other party copies of all
               compliance certificates delivered to its lenders under its
               credit facilities, if any.

                                  ARTICLE 10

                                 AUDIT/ACCESS

10.1 Audit/Access Rights.

     Twice per year or at any time that a party disputes the amount of any
monies owed by either party to the other hereunder, such party, at its sole
cost and expense and upon two (2) days' prior notice to the other party, may
conduct an audit of those of the other party's financial and operational
records that are under the control and/or direction of the other party and
relate to the Program or can be reasonably segregated. Such audit shall be
conducted during normal business hours in accordance with generally accepted
auditing standards and the auditing party shall employ such reasonable
procedures and methods as necessary and appropriate in the circumstances,
minimizing interference with the audited party's normal business operations.
The audited party shall use reasonable commercial efforts to facilitate the
auditing party's review, including making reasonably available such personnel
of the audited party to assist the auditing party as reasonably requested. The
audited party shall deliver any document or instrument necessary for the
auditing party to obtain such records from any Person maintaining records for
the audited party and shall maintain records pursuant to its regular record
retention policies. For purposes of this provision, the audited party also
shall be required to provide records relating to the Program held by Persons
performing services in connection with the Program at the auditing party's
request. Notwithstanding the generality of the foregoing, however, a party
shall not be required to provide access to records to the extent that (a) such
access is prohibited by Applicable Law, (b) such records are legally
privileged, (c) such records are company planning documents of such party or
any of its Affiliates, operating budgets, management reviews or employee
records, and (d) such records relate to other customers or operations of such
party other than the Program or to personnel records not normally disclosed in
connection with audits.

10.2 Dispute Resolution.

     The parties agree to attempt in good faith to resolve any disputes
arising in connection with the payments made or demanded by the parties under
this Agreement excluding Article 14 hereof. In the event the parties are
unable to resolve any such dispute, either party may request a nationally
recognized firm of independent accountants mutually agreeable to the parties
(the "Accountants") to reconcile any amounts in dispute. Any such request
shall be in writing and shall specify with particularity the disputed amounts
being submitted for determination. Each party agrees to promptly and in good
faith take all necessary action to designate the Accountants no later than ten
(10) Business Days after a request that such a designation be made. The
parties shall cooperate fully in assisting the Accountants in their review,
including, without limitation, by providing the Accountants full access to all
files, books and records relevant thereto and

                                      47
<PAGE>

providing such other information as the Accountants may reasonably request in
connection with any such review. In the event the determination made by the
Accountants requires either party to make payment to the other of any
additional amount, such party shall (i) make such payment no later than five
(5) Business Days following receipt from the Accountants of written notice to
both parties of such determination plus interest at the Federal Funds Rate on
any amount due computed from and including the date such amount should have
been paid through and excluding the date of payment; and (ii) shall pay (A)
the fees and disbursements of such Accountants arising out of such reviews,
and (B) the prevailing party's audit expenses, if any. The determination of
the Accountants shall be final and binding on the parties subject to the
correction of obvious errors.

                                  ARTICLE 11

                                CONFIDENTIALITY

11.1 General Confidentiality.

     (a)  For purposes of this Agreement, "Confidential Information" means any
          and all of the following: (i) information that is provided by or on
          behalf of either Dillard's or Bank to the other party or its agents
          in connection with the Program; (ii) information about Dillard's or
          Bank or their Affiliates, or their respective businesses or
          employees, that is otherwise obtained by the other party in
          connection with the Program, in each case including, without
          limitation: (A) information concerning marketing plans, objectives
          and financial results; (B) information regarding business systems,
          methods, processes, financing data, programs and products; (C)
          information unrelated to the Program obtained by Dillard's or Bank
          in connection with this Agreement, including, without limitation, by
          accessing or being present at the business location of the other
          party; and (D) proprietary technical information, including source
          codes; (iii) the terms and conditions of this Agreement; or (iv) the
          Marketing Plan. Confidential Information shall not include
          Cardholder Data, the Qualified Dillard's Customer List or Dillard's
          Shopper Data.

     (b)  The restrictions on disclosure of Confidential Information under
          this Article 11 shall not apply to, with respect to Dillard's or
          Bank, information that: (i) is already rightfully known to such
          party at the time it obtains Confidential Information from the other
          party; (ii) is or becomes generally available to the public other
          than as a result of disclosure in breach of this Agreement or any
          other confidentiality obligations; (iii) is lawfully received on a
          non-confidential basis from a third party authorized to disclose
          such information without restriction and without breach of this
          Agreement; (iv) is contained in, or is capable of being discovered
          through examination of publicly available records or products; (v)
          is required to be disclosed by Applicable Law (provided that the
          party subject to such Applicable Law shall notify the other party of
          any such use or requirement prior to disclosure of any Confidential
          Information obtained from the other party in order to afford such
          other party an opportunity to seek a protective order to

                                      48
<PAGE>

          prevent or limit disclosure of the Confidential Information to third
          parties and shall disclose Confidential Information of the other
          party only to the extent required by such Applicable Law); or (vi)
          is developed by Dillard's or Bank without the use of any
          proprietary, non-public information provided by the other party
          under this Agreement. Nothing herein shall be construed to permit
          the Receiving Party (as defined below) to disclose to any third
          party any Confidential Information that the Receiving Party is
          required to keep confidential under Applicable Law.

     (c)  The terms and conditions of this Agreement shall be the Confidential
          Information of both Dillard's and Bank. The Marketing Plan shall be
          the Confidential Information of both Dillard's and Bank.

     (d)  If Dillard's or Bank receive Confidential Information of the other
          Party ("Receiving Party"), the Receiving Party shall do the
          following with respect to the Confidential Information of the other
          party ("Disclosing Party"): (i) keep the Confidential Information of
          the Disclosing Party secure and confidential; (ii) treat all
          Confidential Information of the Disclosing Party with the same
          degree of care as it accords its own Confidential Information, but
          in no event less than a reasonable degree of care; and (iii)
          implement and maintain commercially reasonable physical, electronic,
          administrative and procedural security measures, including
          commercially reasonable authentication, access controls, virus
          protection and intrusion detection practices and procedures. For
          purposes of this subsection, both parties shall be considered the
          Receiving Party of Confidential Information comprised of the terms
          and/or conditions of this Agreement and the Marketing Plan.

     (e)  Upon reasonable request, Dillard's and Bank each shall have the
          right to review the other party's information security standards and
          shall notify the other party prior to materially modifying such
          procedures.

11.2 Use and Disclosure of Confidential Information

     (a)  Each Receiving Party shall use and disclose the Confidential
          Information of the Disclosing Party only for the purpose of
          performing its obligations or enforcing its rights with respect to
          the Program or as otherwise expressly permitted by this Agreement,
          and shall not accumulate in any way or make use of such Confidential
          Information for any other purpose.

     (b)  Each Receiving Party shall: (i) limit access to the Disclosing
          Party's Confidential Information to those employees, authorized
          agents, vendors, consultants, service providers and subcontractors
          who have a reasonable need to access such Confidential Information
          in connection with the Program; and (ii) ensure that any Person with
          access to the Disclosing Party's Confidential Information agrees to
          be bound by the provisions of this Article 11 and maintains the
          existence of this Agreement and the nature of their obligations
          hereunder strictly confidential.

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<PAGE>

11.3 Unauthorized Use or Disclosure of Confidential Information

     Each Receiving Party agrees that any unauthorized use or disclosure of
Confidential Information of the Disclosing Party might cause immediate and
irreparable harm to the Disclosing Party for which money damages might not
constitute an adequate remedy. In that event, the Receiving Party agrees that
injunctive relief may be warranted in addition to any other remedies the
Disclosing Party may have. In addition, the Receiving Party agrees promptly to
advise the Disclosing Party by telephone and in writing via facsimile of any
security breach that may have compromised any Confidential Information, of any
unauthorized misappropriation, disclosure or use by any person of the
Confidential Information of the Disclosing Party which may come to its
attention and to take all steps at its own expense reasonably requested by the
Disclosing Party to limit, stop or otherwise remedy such misappropriation,
disclosure or use.

11.4 Return or Destruction of Confidential Information

     Upon the termination or expiration of this Agreement, the Receiving Party
shall comply with the Disclosing Party's reasonable instructions regarding the
disposition of the Disclosing Party's Confidential Information, which may
include return of any and all of the Disclosing Party's Confidential
Information (including any electronic or paper copies, reproductions, extracts
or summaries thereof); provided, however: the Receiving Party in possession of
tangible property containing the Disclosing Party's Confidential Information
may retain one archived copy of such material, subject to the terms of this
Agreement, which may be used solely for regulatory purposes and may not be
used for any other purpose. Such compliance shall be certified in writing,
including a statement that no copies of Confidential Information have been
kept, except as necessary for regulatory purposes.

                                  ARTICLE 12

                    EVENTS OF DEFAULT; RIGHTS AND REMEDIES

12.1 Events of Default.

     The occurrence of any one or more of the following events (regardless of
the reason therefor) shall constitute an Event of Default hereunder:

     (a)  A party shall fail to make a payment of any material amount due and
          payable pursuant to this Agreement and such failure shall remain
          unremedied for a period of five (5) Business Days after the
          non-defaulting party shall have given written notice thereof, unless
          such failure to pay is the subject of a dispute resolution under
          Section 10.2, in which case, the five (5) Business Day period shall
          commence upon receipt of the written notice from the Accountants.

     (b)  A party shall fail to perform, satisfy or comply with any
          obligation, condition, covenant or other provision contained in this
          Agreement (other than failure to comply with any service level
          standard set forth in Schedule 5.2), and (i) such failure shall
          remain unremedied for a period of thirty (30) days after the other
          party shall have given written notice thereof or, if the same cannot
          be cured in a

                                      50
<PAGE>

          commercially reasonable manner within such time, the same shall not
          constitute an Event of Default if the party shall have initiated and
          diligently pursued a cure within such time and such cure is
          completed within ninety (90) days from the date of written notice
          regarding such failure, and (ii) such failure shall either have a
          material and adverse effect on the Program or the Bank's or
          Dillard's Licensed Marks, or materially diminish the economic value
          of the Program to the other party.

     (c)  Any representation or warranty contained in this Agreement shall not
          be true and correct in any respect as of the date when made or
          reaffirmed, and (i) the party making such representation or warranty
          shall fail to cure the event giving rise to such breach within
          thirty (30) days after the other party shall have given written
          notice thereof or, if the same cannot be cured in a commercially
          reasonable manner within such time, the same shall not constitute an
          Event of Default if the party shall have initiated a cure within
          such time and such cure shall be completed within ninety (90) days
          from the date of written notice regarding such breach, and (ii) such
          failure shall either have a material and adverse effect on the
          Program or materially diminish the economic value of the Program to
          the other party.

12.2 Defaults by Bank.

     The occurrence of any one or more of the following events (regardless of
the reason therefore) shall constitute an event of default by Bank hereunder:

     (a)  Bank fails to settle Charge Transaction Data in full when due and
          the failure continues for two (2) Business Days after receipt of
          notice by Bank from Dillard's (which notice may be by fax with a
          confirmation call) that such settlement payment was not received.

     (b)  Bank shall no longer be solvent or shall fail generally to pay its
          debts as they become due or there shall be a substantial cessation
          of Bank's regular course of business.

     (c)  The Federal Deposit Insurance Corporation or any other regulatory
          authority having jurisdiction over Bank shall order the appointment
          of a custodian, receiver, liquidator, assignee, trustee or
          sequestrator (or similar official) of Bank or of any substantial
          part of its properties, or order the winding-up or liquidation of
          the affairs of Bank, and such order shall not be vacated,
          discharged, stayed or bonded within sixty (60) days from the date of
          entry thereof.

     (d)  Bank shall (i) consent to the institution of proceedings specified
          in paragraph (c) above or to the appointment of or taking possession
          by a custodian, receiver, liquidator, assignee, trustee or
          sequestrator (or similar official) of Bank of any substantial part
          of its properties, or (ii) take corporate action in furtherance of
          any such action.

     (e)  Bank shall fail to meet one or more SLAs expressly giving rise to
          the right to terminate hereunder in accordance with Section 5.5 and
          Schedule 5.2.

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<PAGE>

12.3 Defaults by Dillard's.

     The occurrence of any one or more of the following events (regardless of
the reason therefor) shall constitute an event of default by Dillard's
hereunder:

     (a)  Dillard's fails to report In-Store Payments within two (2) Business
          Days after receipt thereof and the failure continues for two (2)
          Business Days after receipt of notice by Dillard's from Bank (which
          notice may be by fax with a confirmation call) that such report was
          not received.

     (b)  Dillard's shall no longer be solvent or shall fail generally to pay
          its debts as such debts become due or there shall be a substantial
          cessation of Dillard's regular course of business.

     (c)  A petition under the U.S. Bankruptcy Code or similar law shall be
          filed against Dillard's or any of its Affiliates and not be
          dismissed within sixty (60) days.

     (d)  A decree or order by a court having jurisdiction (i) for relief in
          respect of Dillard's pursuant to the Bankruptcy Code or any other
          applicable bankruptcy or other similar law, (ii) for appointment of
          a custodian, receiver, liquidator, assignee, trustee, or
          sequestrator (or similar official) of Dillard's or of any
          substantial part of its properties, or (iii) ordering the winding-up
          or liquidation of the affairs of Dillard's shall be entered, and
          shall not be vacated, discharged, stayed or bonded within sixty (60)
          days from the date of entry thereof.

     (e)  Dillard's shall (i) file a petition seeking relief pursuant to the
          Bankruptcy Code or any other applicable bankruptcy or other similar
          law, (ii) consent to the institution of proceedings pursuant thereto
          or to the filing of any such petition or to the appointment of or
          taking possession by a custodian, receiver, liquidator, assignee,
          trustee or sequestrator (or similar official) of Dillard's or any
          substantial part of its properties, or (iii) take corporate action
          in furtherance of any such action.

12.4 Remedies for Events of Default.

     In addition to any other rights or remedies available to the parties at
law or in equity, the following remedies shall be available:

     (a)  Upon the occurrence of an Event of Default pursuant to Section 12.1,
          the non-defaulting party shall be entitled, in addition to its
          remedies under Sections 12.4(b) and (c) (as appropriate), to collect
          any amount indisputably in default plus interest based on the
          Federal Funds Rate and calculated on a three hundred and sixty (360)
          day year basis.

     (b)  Within one hundred and eighty (180) days after the occurrence of an
          Event of Default where Bank is a defaulting party or a Bank Event of
          Default, Dillard's may terminate this Agreement upon written notice
          in accordance with Article 13 hereof.

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<PAGE>

     (c)  Within one hundred and eighty (180) days after the occurrence of an
          Event of Default where Dillard's is the defaulting party or of a
          Dillard's Event of Default, Bank may, at Bank's option, terminate
          this Agreement upon written notice to Dillard's in accordance with
          Article 13 hereof, and recover the unamortized portion of the
          premium paid pursuant to the Purchase Agreement.

                                  ARTICLE 13

                               TERM/TERMINATION

13.1 Term.

     This Agreement shall continue in full force and effect for ten (10) years
from the Effective Date (the "Initial Term"). The Agreement shall renew
automatically without further action of the parties for successive one (1)
year terms (each a "Renewal Term") unless either party provides written notice
of termination at least six (6) months prior to the expiration of the Initial
Term or current Renewal Term, as the case may be.

13.2 Termination by Dillard's Prior to the End of the Initial Term or a
     Renewal Term.

     Dillard's may terminate this Agreement upon written notice prior to the
end of the Initial Term or any Renewal Term:

     (a)  within one hundred and eighty (180) days after the occurrence of a
          Bank Event of Default or any other Event of Default where Bank is
          the defaulting party.

     (b)  upon thirty (30) days written notice if there is (i) a Change in
          Control of Bank, (ii) a merger or consolidation of Bank, and Bank or
          an Affiliate of Bank is not the surviving entity, or (iii) a sale of
          all or substantially all of the assets of Bank to any entity other
          than an Affiliate of Bank.

     (c)  upon thirty (30) days written notice if any of the events in
          Schedule 13.2(c) occur.

13.3 Termination by Bank Prior to the End of the Initial Term or Renewal Term.

     Bank may terminate this Agreement prior to the end of the Initial Term or
any Renewal Term within one hundred and eighty (180) days after the occurrence
of a Dillard's Event of Default or any other Event of Default where Dillard's
is the defaulting party.

                                  ARTICLE 14

                            EFFECTS OF TERMINATION

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<PAGE>

14.1 General Effects.

     (a)  All solicitations, marketing and advertising of the Program, other
          than acceptance of applications through Dillard's Channels in the
          ordinary course of business consistent with past practice, shall
          cease upon notice of termination of this Agreement by either party,
          except as the parties may mutually agree, provided that the parties
          will continue to operate the Program and service the Accounts in
          good faith and in the ordinary course of their respective
          businesses, subject to the terms of this Agreement, until the
          provisions of Sections 14.2, 14.3 and 14.4 are satisfied. Parties
          will cooperate to ensure the orderly wind-down or transfer of the
          Program.

     (b)  Upon any termination of this Agreement, the parties shall have any
          rights or remedies available to such party under this Agreement or
          in law or at equity. Upon the satisfaction of the provisions of
          Section 14.2, 14.3 and 14.4, all obligations of the parties under
          this Agreement shall cease, except that the provisions specified in
          Section 16.23 shall survive.

14.2 Dillard's Option to Purchase the Program Assets.

     (a)  If this Agreement expires or is terminated by either party for
          whatever reason, Dillard's has the option to purchase from, or
          arrange the purchase by a third party nominated by Dillard's or
          otherwise selected in accordance with Section 14.3 hereof (a
          "Nominated Purchaser") from, Bank the Program Assets (including all
          relevant Account Documentation, account information and history and
          other data reasonably necessary to enable continuing operation and
          management of the Accounts) on such terms and conditions reasonably
          acceptable to Dillard's (or a Nominated Purchaser) and Bank,
          including commercially reasonable representations and warranties.

     (b)  The purchase option given by Section 14.2(a) is exercisable by
          Dillard's or the Nominated Purchaser serving notice on Bank within
          sixty (60) days after receipt of the master file to be provided
          pursuant to Section 14.2(e).

     (c)  If such purchase option is exercised, Dillard's or the Nominated
          Purchaser must complete the purchase of the Program Assets within
          one hundred eighty (180) days after the notice has been given
          pursuant to Section 14.2(b); provided, however, that such times may
          be extended for required regulatory approvals, rating agency
          consents, and to complete any interim servicing obligation agreed to
          by Dillard's and the Bank. The date of such completion shall be the
          "Program Purchase Date."

     (d)  The purchase price for the Program Assets shall be as set forth in
          Schedule 14.2(d)-2.

     (e)  The Parties will use reasonable commercial efforts to minimize
          transaction costs and Bank will provide Dillard's and its Nominated
          Purchasers reasonable access to the records and accounts relating to
          the Program Assets for the purpose of

                                      54
<PAGE>

          conducting due diligence investigations to determine whether they
          wish to purchase the Program Assets and shall provide a master file
          of the Accounts; provided, however, that Bank will be entitled to
          require Dillard's and any Nominated Purchaser to enter into
          confidentiality arrangements reasonably acceptable to the Bank
          before providing them with such access, and such access will be on
          terms reasonably specified by Bank.

14.3 Determination of Fair Market Value.

     In the event that this Agreement terminates and, if Dillard's notifies
Bank that it shall purchase the Program Assets, Bank and Dillard's (or its
Nominated Purchaser) shall attempt to mutually determine the fair market value
of the Program Assets, based on the assumption that Dillard's (or its
successor) will continue to be a going concern as a retailer and will continue
to provide support for the Program ("Fair Market Value"). If the parties
cannot reach such agreement, each party shall nominate an investment banker
who together shall select a third investment banker to value the Program
Assets. In such case, the Fair Market Value shall be the average of the two
closest valuations provided by the investment bankers; provided, however, if
the median valuation is within plus or minus twenty (20) percent of the mean
of the three valuations, the Fair Market Value shall be the mean. Dillard's
may in its sole discretion select any purchaser to purchase the Program
Assets, provided that the Bank shall receive an amount equal to the purchase
price as determined above.

14.4 Rights of Bank if Purchase Option not Exercised.

     (a)  If this Agreement is terminated and Dillard's does not give written
          notice that it will exercise its option referred to in Section 14.2,
          Dillard's shall have no further rights whatsoever in the Program
          Assets, provided that Bank shall have given Dillard's ten (10) days
          advance written notice of the expiration of the repurchase option
          period. Bank has the right at its sole discretion on or after the
          termination of the Agreement to:

          (i)  issue to Cardholders that Bank considers creditworthy a
               replacement or substitute credit card (which card must not bear
               any Dillard's Licensed Mark) with such characteristics as the
               Bank considers appropriate (the cost of card re-design and
               re-issue being borne by Bank). Dillard's shall be permitted to
               add an enclosure to the last two billing statements stating
               that the Program has been terminated;

          (ii) subject to Applicable Law and to the terms of the relevant
               Credit Agreement, notify Cardholders that Bank will cease
               providing credit under the Accounts and to require repayment of
               all amounts outstanding on all Accounts until all associated
               receivables have been repaid;

          (iii)sell the Accounts and associated receivables to a third party
               purchaser selected by Bank at a price agreed between Bank and
               the purchaser; or

          (iv) any combination of (i), (ii) and (iii).

                                      55
<PAGE>

     (b)  Within ninety (90) days after Dillard's has given notice that it
          will not exercise its option to purchase or the period in which it
          may exercise its option has expired, Bank shall no longer utilize
          any of Dillard's Licensed Marks and must rebrand the Private Label
          Credit Cards. The foregoing notwithstanding, Bank may use the
          Dillard's Licensed Marks to communicate with Cardholders in
          connection with the billing and collection of Accounts and as
          otherwise required by Applicable Law for up to 180 days thereafter.

     (c)  Dillard's and Bank shall reasonably agree upon a termination letter
          to be sent to Cardholders if Dillard's shall not exercise its
          purchase option.

                                  ARTICLE 15

                                INDEMNIFICATION

15.1 Dillard's Indemnification of Bank.

     From and after the Effective Date, Dillard's shall indemnify and hold
harmless Bank, its Affiliates, their respective officers, directors,
employees, agents and representatives and any Person claiming by or through
any of them from and against and in respect of any and all losses,
liabilities, damages, costs and expenses of whatever nature, including
reasonable attorneys' fees and expenses, which are caused or incurred by,
result from, arise out of or relate to:

     (a)  the gross negligence, recklessness or willful misconduct (including
          acts and omissions) of any Dillard's Channel relating to the
          Program;

     (b)  any breach by any Dillard's Channel or any of its Affiliates,
          employees or agents of any of the terms, covenants, representations,
          warranties or other provisions contained in this Agreement or of the
          obligations of any Dillard's Channel or its Affiliates under any
          Credit Card Agreement, if any;

     (c)  the failure of any Dillard's Channel to satisfy any of its
          obligations or liabilities to third parties in connection with the
          Program, including its obligations to Cardholders in respect of the
          purchase of Goods and/or Services;

     (d)  any actions or omissions by Bank taken or not taken at Dillard's
          written request or direction pursuant to this Agreement except where
          Bank would have been otherwise required to take such action (or
          refrain from acting) absent the request or direction of Dillard's;

     (e)  dishonest or fraudulent acts by any Dillard's Channel or its
          Affiliates, employees or agents in connection with the Program;

     (f)  any Solicitation Materials distributed by any Dillard's Channel and
          not approved by the Marketing Committee or provided by the Bank;

                                      56
<PAGE>

     (g)  any claim, suit or proceedings by any third party arising out of the
          failure of Dillard's Channel to comply with Applicable Law in
          connection with the Program or the Operating Procedures unless such
          failure was the result of any action taken or not taken by such
          Dillard's Channel at the specific written request or direction of
          Bank;

     (h) Dillard's Inserts or Billing Statement messages; and

     (i)  allegations by a third party that the use of the Dillard's Licensed
          Marks or any materials or documents provided by any Dillard's
          Channel in connection with the Program constitutes: (i) libel,
          slander, and/or defamation; (ii) infringement of intellectual
          property, including trademark infringement or dilution, or copyright
          infringement; (iii) unfair competition or misappropriation of
          another's ideas or trade secret; (iv) invasion of rights of privacy
          or rights of publicity; or (v) breach of contract or tortious
          interference.

15.2 Bank's Indemnification of Dillard's.

     From and after the Effective Date, Bank shall indemnify and hold harmless
Dillard's, its Affiliates, their respective officers, directors, employees,
agents and representatives and any Person claiming by or through any of them
from and against and in respect of any and all losses, liabilities, damages,
costs and expenses of whatever nature, including reasonable attorneys' fees
and expenses, which are caused or incurred by, result from, arise out of or
relate to:

     (a)  Bank's gross negligence, recklessness or willful misconduct
          (including acts and omissions) relating to the Program;

     (b)  any breach by Bank or any of its Affiliates, employees or agents of
          any of the terms, covenants, representations, warranties or other
          provisions contained in this Agreement, or any Credit Card
          Agreement;

     (c)  Bank's failure to satisfy any of its material obligations or
          liabilities to third parties in connection with the Program,
          including Cardholders;

     (d)  any actions or omissions by Dillard's taken or not taken at Bank's
          written request or direction pursuant to this Agreement, except
          where Dillard's would have been otherwise required to take such
          action (or refrain from acting) absent the request or direction of
          Bank;

     (e)  dishonest or fraudulent acts by Bank, its Affiliates, agents or
          employees in connection with the Program;

     (f)  any Account Documentation approved by the Marketing Committee and
          used by Dillard's in that form and in accordance with Bank's
          instructions and the Operating Procedures that fails to comply with
          Applicable Law or regulation unless such failure to comply is as a
          result of modification to such Account Documentation by Dillard's;

                                      57
<PAGE>

     (g)  any claim, suit or proceedings by any third party arising out of the
          failure of Bank to comply with Applicable Law in connection with the
          Program or the Operating Procedures unless such failure was the
          result of any action taken or not taken by Bank at the specific
          written request or direction of Dillard's;

     (h)  the Bank's Inserts or Billing Statement messages; and

     (i)  allegations by a third party that the use of the Bank Licensed Marks
          or any materials or documents provided by Bank in connection with
          the Program constitutes: (i) libel, slander, and/or defamation; (ii)
          infringement of intellectual property, including but not limited to
          trademark infringement or dilution, or copyright infringement, (iii)
          unfair competition or misappropriation of another's ideas or trade
          secret; (iv) invasion of rights of privacy or rights of publicity;
          or (v) breach of contract or tortious interference.

15.3 Procedures.

     (a)  In case any claim is made, or any suit or action is commenced,
          against either party (the "Indemnified Party") in respect of which
          indemnification may be sought by it under this Article 15, the
          Indemnified Party shall promptly give the other party (the
          "Indemnifying Party") notice thereof and the Indemnifying Party
          shall be entitled to participate in the defense thereof and, with
          prior written notice to the Indemnified Party given not later than
          twenty (20) days after the delivery of the applicable notice, to
          assume, at the Indemnifying Party's expense, the defense thereof,
          with counsel reasonably satisfactory to such Indemnified Party.
          After notice from the Indemnifying Party to such Indemnified Party
          of its election so to assume the defense thereof, the Indemnifying
          Party will not be liable to such Indemnified Party under this
          Section for any attorneys' fees or other expenses subsequently
          incurred by such Indemnified Party in connection with the defense
          thereof other than reasonable costs of investigation.

     (b)  The Indemnified Party shall have the right to employ its own counsel
          if the Indemnifying Party elects to assume such defense, but the
          fees and expenses of such counsel shall be at the Indemnified
          Party's expense, unless (i) the employment of such counsel has been
          authorized in writing by the Indemnifying Party, (ii) the
          Indemnifying Party has not employed counsel to take charge of the
          defense within twenty (20) days after delivery of the applicable
          notice or, having elected to assume such defense, thereafter ceases
          its defense of such action, or (iii) the Indemnified Party has
          reasonably concluded that there may be defenses available to it
          which are different from or additional to those available to the
          Indemnifying Party (in which case the Indemnifying Party shall not
          have the right to direct the defense of such action on behalf of the
          Indemnified Party), in any of which event attorneys' fees and
          expenses shall be borne by the Indemnifying Party.

                                      58
<PAGE>

     (c)  The Indemnifying Party shall promptly notify the Indemnified Party
          if the Indemnifying Party desires not to assume, or participate in
          the defense of, any such claim, suit or action.

     (d)  The Indemnified Party or Indemnifying Party may at any time notify
          the other of its intention to settle or compromise any claim, suit
          or action against the Indemnified Party in respect of which payments
          may be sought by the Indemnified Party hereunder, and (i) the
          Indemnifying Party may settle or compromise any such claim, suit or
          action solely for the payment of money damages, but shall not agree
          to any other settlement or compromise without the prior written
          consent of the Indemnified Party, which consent shall not be
          unreasonably withheld (it being agreed that any failure of an
          Indemnified Party to consent to any settlement or compromise
          involving relief other than monetary damages shall not be deemed to
          be unreasonably withheld), and (ii) the Indemnified Party may settle
          or compromise any such claim, suit or action solely for an amount
          not exceeding One Thousand Dollars ($1,000), but shall not settle or
          compromise any other matter without the prior written consent of the
          Indemnifying Party, which consent shall not be unreasonably
          withheld.

15.4 Notice and Additional Rights and Limitations.

     (a)  If an Indemnified Party fails to give prompt notice of any claim
          being made or any suit or action being commenced in respect of which
          indemnification under this Article 15 may be sought, such failure
          shall not limit the liability of the Indemnifying Party; provided,
          however, that this provision shall not be deemed to limit the
          Indemnifying Party's rights to recover for any loss, cost or expense
          which it can establish resulted from such failure to give prompt
          notice.

     (b)  This Article 15 shall govern the obligations of the parties with
          respect to the subject matter hereof but shall not be deemed to
          limit the rights which any party might otherwise have at law or in
          equity.

     (c)  Notwithstanding anything to the contrary in this Agreement, no party
          shall be liable to the other for any indirect, consequential,
          punitive or exemplary damages relating to or arising out of this
          Agreement or the Program; provided, that the damages limitation set
          forth in this Section 15.4(c) shall not apply to any damages which
          result from an obligation of Bank or Dillard's to pay any third
          party damages claims to the extent such third party claims otherwise
          fall under Bank's or Dillard's respective indemnity obligations
          hereunder.

                                  ARTICLE 16

                                 MISCELLANEOUS

59
<PAGE>

16.1 Precautionary Security Interest.

     Dillard's and Bank agree that this Agreement contemplates the extension
of credit by Bank to Cardholders. However, as a precaution in the unlikely
event that any person asserts that Article 9 of the UCC applies or may apply
to the transactions contemplated hereby, and to secure Dillard's payment of
and performance of all obligations of Dillard's to Bank, Dillard's hereby
grants to Bank a first priority present and continuing security interest in
and to the following, whether now existing or hereafter created or acquired:
(i) all Accounts, Cardholder Indebtedness, Account Documentation and Charge
Transaction Data, (ii) all deposits, credit balances and reserves on Bank's
books relating to the Program, and (iii) all proceeds of the Cardholder
Indebtedness. In addition, Dillard's agrees to take any reasonable action
requested by Bank, at Bank's expense, to establish the first lien and
perfected status of such security interest; and appoints Bank as Dillard's
attorney-in-fact to take any such action on Dillard's behalf.

16.2 Securitization; Participation.

     (a)  Bank shall have the right to securitize the Cardholder Indebtedness
          or any part thereof by itself or as part of a larger offering at any
          time. Such securitization shall not affect Dillard's rights or
          Bank's obligations hereunder, including with respect to customer
          service, payment processing or collections. Bank shall not
          securitize the Cardholder Indebtedness in any manner that may
          encumber the right of Dillard's, or its Nominated Purchaser, to
          purchase any of the Program Assets upon termination of this
          Agreement. To the extent any of Dillard's Licensed Marks are used in
          any securitization documents, such marks will not be used in a way
          that adversely affects Dillard's or the Dillard's Licensed Marks.

     (b)  In the event Dillard's elects to purchase the Program Assets
          pursuant to Section 14.2(a) and any securitization(s) originally
          closed by Dillard's or its Affiliates shall remain outstanding,
          Dillard's or its Nominated Purchaser shall acquire the Program
          Assets subject to such securitization(s) and shall assume all
          obligations of the Bank and its Affiliates with respect thereto,
          including servicing, repurchase and indemnification obligations
          pursuant to instruments in form and substance satisfactory to the
          parties, as soon as reasonably possible consistent with Section 14.2
          and any necessary consents or approvals. Dillard's (or its Nominated
          Purchaser) and Bank shall cooperate to obtain any consent, approval,
          rating affirmation or other requirements applicable to such purchase
          and assumption. The purchase price set forth in Section 14.2(d)
          shall be reduced by the outstanding principal balance of the
          obligations of the Dillard's Credit Card Master Trust on the Program
          Purchase Date. Compliance by Dillard's with this Section 16.2 shall
          be a condition precedent to the obligation of the Bank to sell the
          Program Assets to Dillard's pursuant to Section 14.2 hereof.

     (c)  With respect to any matters herein relating to the Dillard's Credit
          Card Master Trust, in the event of any conflict between this
          Agreement and the terms of any Securitization Documents (as defined
          in the Purchase Agreement), the Securitization Documents shall
          govern.

                                      60
<PAGE>

16.3 Assignment.

     Except as provided in this Section 16.3, neither party shall assign this
Agreement or any of its rights hereunder without the prior written consent of
the other party; provided, however, that either party may, without the consent
of the other party, assign this Agreement in whole or in part to an Affiliate
of such party or as part of a transfer of all or substantially all of the
assets of such party to another Person, if such Affiliate or Person expressly
assumes, in a form reasonably satisfactory to the non-assigning party, all of
the obligations of the assigning party.

16.4 Sale or Transfer of Accounts.

     Except as otherwise provided herein, the Bank shall not sell or transfer
in whole or in part any Accounts other than Accounts and/or Cardholder
Indebtedness that have been written off by Bank in accordance with its
write-off policies. Proceeds of any such sale or transfer shall be treated as
a recovery on Cardholder Indebtedness.

16.5 Subcontracting.

     It is understood and agreed that, in fulfilling its obligations under
this Agreement, either party may utilize its Affiliates or other Persons to
perform functions. The party shall be responsible for functions performed by
such Affiliates or other Persons to the same extent the party would be
responsible if it performed such functions itself.

16.6 Amendment.

     Except as provided herein, this Agreement may not be amended except by a
written instrument signed by Bank and Dillard's.

16.7 Non-Waiver.

     No delay by a party hereto in exercising any of its rights hereunder, or
partial or single exercise of such rights, shall operate as a waiver of that
or any other right. The exercise of one or more of a party's rights hereunder
shall not be a waiver of, or preclude the exercise of, any rights or remedies
available to such party under this Agreement or in law or at equity.

16.8 Severability.

     If any provision of this Agreement is held to be invalid, void or
unenforceable, all other provisions shall remain valid and be enforced and
construed as if such invalid provision were never a part of this Agreement.

16.9 Waiver of Jury Trial and Venue.

     (a)  The parties hereto waive all right to trial by jury in any action or
          proceeding to enforce or defend any rights under this Agreement.

     (b)  Any lawsuit brought by either party against the other shall be
          brought in the State or United States District Court for Delaware.

                                      61
<PAGE>

16.10 Governing Law; Compliance with Law.

     (a)  This Agreement and all rights and obligations hereunder, including,
          without limitation, matters of construction, validity and
          performance, shall be governed by and construed in accordance with
          the laws of the State of Delaware, without regard to internal
          principles of conflict of laws, and applicable federal law.

     (b)  Each party shall comply with Applicable Law in connection with its
          activities and the performance of its rights and obligations
          hereunder. Notwithstanding anything else contained in this
          Agreement, neither party shall be obligated to take any action that
          such party believes in good faith would violate, or is reasonably
          likely to cause either of them to violate, any Applicable Law or
          that would cause such party to become a "consumer reporting agency"
          for purposes of the federal Fair Credit Reporting Act.

16.11 Captions.

     Captions of the articles and sections of this Agreement are for
convenient reference only and are not intended as a summary of such articles
or sections and do not affect, limit, modify or construe the contents thereof.

16.12 Notices.

     Any notice, approval, acceptance or consent required or permitted under
this Agreement shall be in writing to the other party and shall be deemed to
have been duly given when delivered in person or, if sent by United States
registered or certified mail, with postage prepaid, or by a nationally
recognized overnight delivery service, when received, addressed as follows:

If to Dillard's:             Dillard's, Inc.
                             Attention: President
                             1600 Cantrell Road
                             Little Rock, Arkansas  72201
                             Fax: 501-376-5917

With a copy to:              Dillard's, Inc.
                             Attention:  General Counsel
                             1600 Cantrell Road
                             Little Rock, Arkansas  72201
                             Fax: 501-376-5031

If to Bank:                  GE CAPITAL CONSUMER CARD CO., FSB
                             Attention: President
                             5300 Kings Island Drive
                             Mason, Ohio 45040
                             Fax: 678-518-3134

                                      62
<PAGE>

With a copy to:              General Counsel
                             GE Consumer Finance - Americas
                             1600 Summer Street
                             Stamford, Connecticut  06927
                             Fax: 203-585-6297

16.13 Further Assurances.

     Dillard's and Bank agree to produce or execute such other documents or
agreements as may be necessary or desirable for the execution and
implementation of this Agreement and the consummation of the transactions
specified herein and to take all such further action as the other party may
reasonably request in order to give evidence to the consummation of the
transactions specified herein.

16.14 No Joint Venture.

     Nothing contained in this Agreement shall be deemed or construed by the
parties or any third party to create the relationship of principal and agent,
partnership, joint venture or of any association between Dillard's and Bank,
and no act of either party shall be deemed to create any such relationship.
Dillard's and Bank each agree to such further actions as the other may request
to evidence and affirm the non-existence of any such relationship.

16.15 Press Releases.

     Dillard's and Bank each shall obtain the prior written approval of the
other party with regard to the substance and timing of any press releases
which announce the execution of this Agreement or the transactions specified
herein, which prior approval shall not unreasonably be withheld. At all times
thereafter, Dillard's and Bank, prior to issuing any press releases concerning
this Agreement or the transactions specified herein, shall consult with each
other concerning the proposed substance and timing of such releases and give
due consideration to the comments of the other party relating thereto. The
foregoing notwithstanding, it is understood that neither party shall be
required to consult with the other party with regard to (a) press releases and
other announcements as may be required by Applicable Law or the applicable
rules and regulations of any governmental agency or stock exchange and (b)
publications prepared solely by and for employees of Dillard's or Bank, or
their respective Affiliates, all of which may be issued without prior
consultation with, or the prior written consent of, the other party.

16.16 Set-Off.

     Dillard's and Bank agree that each party has the right to set-off,
combine, consolidate or otherwise appropriate and apply (i) any assets of the
other party held by the party or (ii) any indebtedness or other liabilities at
any time owing by the party to the other party, as the case may

                                      63
<PAGE>

be, against or on account of any undisputed amounts owed by the other party
under this Agreement, except as expressly set forth herein.

16.17 Conflict of Interest.

     Each party hereto, in performing it obligations hereunder, shall
establish and maintain appropriate business standards, procedures and
controls. Each party shall review such standards, procedures and controls with
reasonable frequency during the Term of this Agreement including, without
limitation, those related to the activities of its employees and agents in
their relations with the employees, agents and representatives of the other
parties hereto and with other third parties.

16.18 Third Parties.

     There are no third-party beneficiaries to this Agreement. The parties do
not intend: (i) the benefits of this Agreement to inure to any third party; or
(ii) any rights, claims or causes of action against a party to be created in
favor of any person or entity other than the other party.

16.19 Force Majeure.

     If performance of any service or obligation under this Agreement,
including the service level standards at Schedule 5.2, is prevented,
restricted, delayed or interfered with by reason of labor disputes, strikes,
acts of God, floods, lightning, severe weather, shortages of materials,
rationing, utility or communication failures, earthquakes, war, revolution,
civil commotion, acts of public enemies, blockade, embargo or any law, order,
proclamation, regulation, ordinance, demand or requirement having legal effect
of any government or any judicial authority or representative of any such
government, or any other act whatsoever, whether similar or dissimilar to
those referred to in this clause, which are beyond the reasonable control of a
party and could not have been prevented by reasonable precautions, then such
party shall be excused from such performance to the extent of and during the
period of such prevention, restriction, delay or interference. A party excused
from performance pursuant to this Section shall exercise all reasonable
efforts to continue to perform its obligations hereunder, including by
implementing its disaster recovery and business continuity plan as provided in
Section 5.7, and shall thereafter continue with reasonable due diligence and
good faith to remedy its inability to so perform except that nothing herein
shall obligate either party to settle a strike or other labor dispute when it
does not wish to do so.

16.20 Entire Agreement.

     This Agreement, together with the Schedules hereto which are expressly
incorporated herein by reference, supersedes any other agreement, whether
written or oral, that may have been made or entered into by Dillard's and Bank
(or by any officer or employee of either of such parties) relating to the
matters specified herein, and constitutes the entire agreement by the parties
related to the matters specified herein or therein.

                                      64
<PAGE>

16.21 Binding Effect; Effectiveness.

     This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This
Agreement is the product of negotiation by the parties having the assistance
of counsel and other advisers. It is the intention of the parties that this
Agreement not be construed more strictly with regard to one party than with
regard to the other.

16.22 Counterparts/Facsimiles.

     This Agreement may be executed in any number of counterparts, all of
which together shall constitute one and the same instrument, but in making
proof of this Agreement, it shall not be necessary to produce or account for
more than one such counterpart. Any telefacsimile of an executed counterpart
shall be deemed an original.

16.23 Survival.

     Upon the termination of this Agreement, the parties shall have the rights
and remedies described herein. Upon such termination, all obligations of the
parties under this Agreement shall cease, except that the obligations of the
parties pursuant to Sections 4.9 (Customer Information), 6.5 (Chargebacks),
6.6 (Chargeback Procedures), 8.1 (The Dillard's Licensed Marks), 8.2 (The Bank
Licensed Marks), 10.1 (Audit), 10.2 (Dispute Resolution), 14 (Effects of
Termination), 15 (Indemnification), 11 (Confidentiality), 16.1 (UCC),16.9
(Waiver of Jury Trial and Venue) and 16.10 (Governing Law) shall survive the
expiration or termination of this Agreement. In furtherance and not in
limitation of the foregoing, Bank shall be entitled to collect Accounts in any
lawful manner.

     IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
duly executed as of the date first above written.

DILLARD'S, INC.

By:      /s/ James I. Freeman
         --------------------------------------------
Title:   Senior Vice President

GE CAPITAL CONSUMER CARD CO.

By:      /s/ Donald R. Ramon
         --------------------------------------------
Title:   Chief Operating OfficerExhibit 4.1

                                                                Execution Copy

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

                                    INDENTURE

                                     between

                       DAIMLERCHRYSLER AUTO TRUST 2004-B,
                                    as Issuer

                                       and

                              JPMORGAN CHASE BANK,
                              as Indenture Trustee

                            Dated as of July 1, 2004

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

<PAGE>
<TABLE>
<CAPTION>

                                Table of Contents
                                                                                                        Page
                                                                                                        ----

                                    ARTICLE I
                   Definitions and Incorporation by Reference
<S>              <C>                                                                                     <C>
SECTION 1.01.    Definitions...............................................................................2
SECTION 1.02.    Incorporation by Reference of Trust Indenture Act.........................................9
SECTION 1.03.    Rules of Construction.....................................................................9

                                   ARTICLE II
                                    The Notes

SECTION 2.01.    Form.....................................................................................10
SECTION 2.02.    Execution, Authentication and Delivery...................................................10
SECTION 2.03.    Temporary Notes..........................................................................11
SECTION 2.04.    Limitations on Transfer of the Class A-1 Notes...........................................11
SECTION 2.05.    Registration; Registration of Transfer and Exchange......................................11
SECTION 2.06.    Mutilated, Destroyed, Lost or Stolen Notes...............................................13
SECTION 2.07.    Persons Deemed Owner.....................................................................13
SECTION 2.08.    Payment of Principal and Interest; Defaulted Interest....................................14
SECTION 2.09.    Cancellation.............................................................................15
SECTION 2.10.    Release of Collateral....................................................................15
SECTION 2.11.    Book-Entry Notes.........................................................................15
SECTION 2.12.    Notices to Clearing Agency...............................................................16
SECTION 2.13.    Definitive Notes.........................................................................16
SECTION 2.14.    Tax Treatment............................................................................16
SECTION 2.15     Representations and Warranties as to the Security Interest of the
                 Indenture Trustee in the Receivables.....................................................16

                                   ARTICLE III
                                    Covenants

SECTION 3.01.    Payment of Principal and Interest........................................................17
SECTION 3.02.    Maintenance of Office or Agency..........................................................17
SECTION 3.03.    Money for Payments To Be Held in Trust...................................................17
SECTION 3.04.    Existence................................................................................19
SECTION 3.05.    Protection of Trust Estate...............................................................19
SECTION 3.06.    Opinions as to Trust Estate..............................................................19
SECTION 3.07.    Performance of Obligations; Servicing of Receivables.....................................20
SECTION 3.08.    Negative Covenants.......................................................................21
SECTION 3.09.    Annual Statement as to Compliance........................................................22
SECTION 3.10.    Issuer May Consolidate, etc., Only on Certain Terms......................................22
SECTION 3.11.    Successor or Transferee..................................................................24
SECTION 3.12.    No Other Business........................................................................24
SECTION 3.13.    No Borrowing.............................................................................24
SECTION 3.14.    Servicer's Obligations...................................................................24

                                       i
<PAGE>

SECTION 3.15.    Guarantees, Loans, Advances and Other Liabilities........................................24
SECTION 3.16.    Capital Expenditures.....................................................................24
SECTION 3.17.    Removal of Administrator.................................................................24
SECTION 3.18.    Restricted Payments......................................................................24
SECTION 3.19.    Notice of Events of Default..............................................................25
SECTION 3.20.    Further Instruments and Acts.............................................................25

                                   ARTICLE IV
                           Satisfaction and Discharge

SECTION 4.01.    Satisfaction and Discharge of Indenture..................................................25
SECTION 4.02.    Application of Trust Money...............................................................26
SECTION 4.03.    Repayment of Moneys Held by Paying Agent.................................................27

                                    ARTICLE V
                                    Remedies

SECTION 5.01.    Events of Default........................................................................27
SECTION 5.02.    Acceleration of Maturity; Rescission and Annulment.......................................28
SECTION 5.03.    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee................28
SECTION 5.04.    Remedies; Priorities.....................................................................30
SECTION 5.05.    Optional Preservation of the Receivables.................................................32
SECTION 5.06.    Limitation of Suits......................................................................32
SECTION 5.07.    Unconditional Rights of Noteholders To Receive Principal and Interest....................33
SECTION 5.08.    Restoration of Rights and Remedies.......................................................33
SECTION 5.09.    Rights and Remedies Cumulative...........................................................33
SECTION 5.10.    Delay or Omission Not a Waiver...........................................................33
SECTION 5.11.    Control by Noteholders...................................................................34
SECTION 5.12.    Waiver of Past Defaults..................................................................34
SECTION 5.13.    Undertaking for Costs....................................................................34
SECTION 5.14.    Waiver of Stay or Extension Laws.........................................................35
SECTION 5.15.    Action on Notes..........................................................................35
SECTION 5.16.    Performance and Enforcement of Certain Obligations.......................................35

                                   ARTICLE VI
                              The Indenture Trustee

SECTION 6.01.    Duties of Indenture Trustee..............................................................36
SECTION 6.02.    Rights of Indenture Trustee..............................................................37
SECTION 6.03.    Individual Rights of Indenture Trustee...................................................37
SECTION 6.04.    Indenture Trustee's Disclaimer...........................................................37
SECTION 6.05.    Notice of Defaults.......................................................................38
SECTION 6.06.    Reports by Indenture Trustee to Holders..................................................38
SECTION 6.07.    Compensation and Indemnity...............................................................38
SECTION 6.08.    Replacement of Indenture Trustee.........................................................38

                                       ii
<PAGE>

SECTION 6.09.    Successor Indenture Trustee by Merger....................................................39
SECTION 6.10.    Appointment of Co-Indenture Trustee or Separate Indenture Trustee........................40
SECTION 6.11.    Eligibility; Disqualification............................................................41
SECTION 6.12.    Preferential Collection of Claims Against Issuer.........................................41
SECTION 6.13.    Pennsylvania Motor Vehicle Sales Finance Act Licenses....................................41

                                   ARTICLE VII
                         Noteholders' Lists and Reports

SECTION 7.01.    Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders...................41
SECTION 7.02.    Preservation of Information; Communications to Noteholders...............................42
SECTION 7.03.    Reports by Issuer........................................................................42
SECTION 7.04.    Reports by Indenture Trustee.............................................................42

                                  ARTICLE VIII
                      Accounts, Disbursements and Releases

SECTION 8.01.    Collection of Money......................................................................43
SECTION 8.02.    Deposit Account..........................................................................43
SECTION 8.03.    General Provisions Regarding Accounts....................................................44
SECTION 8.04.    Release of Trust Estate..................................................................45
SECTION 8.05.    Opinion of Counsel.......................................................................45

                                   ARTICLE IX
                             Supplemental Indentures

SECTION 9.01.    Supplemental Indentures Without Consent of Noteholders...................................46
SECTION 9.02.    Supplemental Indentures with Consent of Noteholders......................................47
SECTION 9.03.    Execution of Supplemental Indentures.....................................................48
SECTION 9.04.    Effect of Supplemental Indenture.........................................................48
SECTION 9.05.    Conformity with Trust Indenture Act......................................................49
SECTION 9.06.    Reference in Notes to Supplemental Indentures............................................49

                                    ARTICLE X
                               Redemption of Notes

SECTION 10.01.   Redemption...............................................................................49
SECTION 10.02.   Form of Redemption Notice................................................................49
SECTION 10.03.   Notes Payable on Redemption Date.........................................................50

                                   ARTICLE XI
                                  Miscellaneous

SECTION 11.01.   Compliance Certificates and Opinions, etc................................................50
SECTION 11.02.   Form of Documents Delivered to Indenture Trustee.........................................52
SECTION 11.03.   Acts of Noteholders......................................................................52

                                      iii
<PAGE>

SECTION 11.04.   Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..........................53
SECTION 11.05.   Notices to Noteholders; Waiver...........................................................53
SECTION 11.06.   Alternate Payment and Notice Provisions..................................................54
SECTION 11.07.   Conflict with Trust Indenture Act........................................................54
SECTION 11.08.   Effect of Headings and Table of Contents.................................................54
SECTION 11.09.   Successors and Assigns...................................................................54
SECTION 11.10.   Separability.............................................................................55
SECTION 11.11.   Benefits of Indenture....................................................................55
SECTION 11.12.   Legal Holidays...........................................................................55
SECTION 11.13.   GOVERNING LAW............................................................................55
SECTION 11.14.   Counterparts.............................................................................55
SECTION 11.15.   Recording of Indenture...................................................................55
SECTION 11.16.   Trust Obligation.........................................................................55
SECTION 11.17.   No Petition..............................................................................56
SECTION 11.18.   Inspection...............................................................................56

SCHEDULE A     -        Schedule of Receivables

EXHIBIT A-1    -        Form of Class A-1 Note
EXHIBIT A-2    -        Form of Class A-2 Note
EXHIBIT A-3    -        Form of Class A-3 Note
EXHIBIT A-4    -        Form of Class A-4 Note
EXHIBIT B      -        Form of Class B Note
EXHIBIT C      -        Form of Note Depository Agreement

</TABLE>

                                       iv
<PAGE>

         INDENTURE dated as of July 1, 2004, between DAIMLERCHRYSLER AUTO TRUST
2004-B, a Delaware statutory trust (the "Issuer"), and JPMORGAN CHASE BANK, a
New York banking corporation, as trustee and not in its individual capacity (the
"Indenture Trustee").

         Each party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Issuer's Class A-1 1.72%
Asset Backed Notes (the "Class A-1 Notes"), Class A-2 2.48% Asset Backed Notes
(the "Class A-2 Notes"), Class A-3 3.18% Asset Backed Notes (the "Class A-3
Notes"), Class A-4 3.71% Asset Backed Notes (the "Class A-4 Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes and Class A-3 Notes, the "Class A
Notes") and Class B 3.89% Asset Backed Notes (the "Class B Notes" and, together
with the Class A Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Indenture Trustee at the Closing Date,
as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest in and to (a) the Receivables and all moneys
received thereon after July 13, 2004; (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 with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors; (d) any proceeds from
recourse to Dealers with respect to Receivables with respect to which the
Servicer has determined in accordance with its customary servicing procedures
that eventual payment in full is unlikely; (e) any Financed Vehicle that shall
have secured a Receivable and that shall have been acquired by or on behalf of
the Seller, the Servicer, the Company or the Issuer; (f) all funds on deposit
from time to time in the Deposit Account (including any subaccount thereof),
including the Reserve Account Initial Deposit, and in all investments and
proceeds thereof (including all income thereon); (g) the Sale and Servicing
Agreement (including the Issuer's right to cause the Seller to repurchase
Receivables from the Issuer under certain circumstances described therein); and
(h) all present and future claims, demands, causes of action and choses in
action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts 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 secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction, except as
provided in this Indenture, and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture.

         The Indenture Trustee, as Indenture Trustee on behalf of the Holders of
the Notes, 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 best

<PAGE>

of its ability to the end that the  interests  of the Holders of the Notes
may be adequately and effectively protected.

                                   ARTICLE I

                   Definitions and Incorporation by Reference

         SECTION 1.01. (a) Definitions. Except as otherwise specified herein
or as the context may otherwise require, the following terms have the
respective
meanings set forth below for all purposes of this Indenture.

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

         "Administration Agreement" means the Administration Agreement dated as
of July 1, 2004, among the Administrator, the Issuer and the Indenture Trustee.

         "Administrator" means DaimlerChrysler Services North America LLC, a
Michigan limited liability company, or any successor Administrator under the
Administration Agreement.

         "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 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.

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

         "Basic Documents" means the Certificate of Trust, the Trust Agreement,
the Sale and Servicing Agreement, the Purchase Agreement, the Administration
Agreement, the Note Depository Agreement and other documents and certificates
delivered in connection therewith.

         "Book-Entry Notes" means a beneficial interest in the Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.11.

                                      2
<PAGE>

         "Business Day" means any day other than a Saturday, a Sunday or a day
on which banking institutions or trust companies in The City of New York are
authorized or obligated by law, regulation or executive order to remain closed.

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

         "Class A-1 Interest Accrual Period" means the period from and including
the most recent Payment Date on which interest has been paid (or, in the case of
the first Payment Date, the Closing Date) to but excluding the following Payment
Date.

         "Class A-1 Interest Rate" means 1.72% per annum (computed on the basis
of the actual number of days in the Class A-1 Interest Accrual Period divided by
360).

         "Class A-1 Notes" means the Class A-1 1.72% Asset Backed Notes,
substantially in the form of Exhibit A-1.

         "Class A-2 Interest Rate" means 2.48% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-2 Notes" means the Class A-2 2.48% Asset Backed Notes,
substantially in the form of Exhibit A-2.

         "Class A-3 Interest Rate" means 3.18% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-3 Notes" means the Class A-3 3.18% Asset Backed Notes,
substantially in the form of Exhibit A-3.

         "Class A-4 Interest Rate" means 3.71% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months).

         "Class A-4 Notes" means the Class A-4 3.71% Asset Backed Notes,
substantially in the form of Exhibit A-4.

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

         "Class B Interest Rate" means 3.89% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months).

         "Class B Notes" means the Class B 3.89% Asset Backed Notes,
substantially in the form of Exhibit B.

         "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

                                      3
<PAGE>

         "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 July 30, 2004.

         "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.

         "Company" means DaimlerChrysler Retail Receivables LLC, a Michigan
limited liability company, any successor in interest and any transferee of the
Rights (as defined in the Purchase Agreement) that becomes such transferee in
accordance with Section 5.06 of the Purchase Agreement.

         "Controlling Class" means the Class A Notes until they are paid in
full; thereafter, the Class B Notes will be the Controlling Class.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Agreement is located
at 4 New York Plaza, New York, New York 10004, Attention: Institutional Trust
Services/ Global Debt, DCAT 2004-B, or at such other address as the Indenture
Trustee may designate from time to time by notice to the Noteholders and the
Issuer, or the principal corporate trust office of any successor Indenture
Trustee at the address designated by such successor Indenture Trustee by notice
to 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 2.11.

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

         "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; and with respect to any partnership, any general partner
thereof.

         "Fitch" means Fitch, Inc., or its successors.

         "Grant" means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, and grant a lien upon and a security
interest in and a right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the granting party thereunder, including the immediate and
continuing right to

                                      4
<PAGE>

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.

         "Indenture Trustee" means JPMorgan Chase Bank, a New York banking
corporation, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

         "Independent" means, when used with respect to any specified Person,
that the Person (a) is in fact independent of the Issuer, any other obligor on
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 Indenture Trustee under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, made by
an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such
opinion or certificate shall state that the signer has read the definition of
"Independent" in this Indenture and that the signer is Independent within the
meaning thereof.

         "Interest Accrual Period" means, with respect to any Payment Date and
the Notes, other than the Class A-1 Notes, the period from and including the
eighth day of the month preceding the month of such Payment Date (or, in the
case of the first Payment Date, the Closing Date) to and including the seventh
day of the month of such Payment Date.

         "Interest Rate" means the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate or the
Class B Interest Rate.

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

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

         "Moody's" means Moody's Investors Service, Inc., or its successors.

         "Notes" means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class
A-4 Notes or Class B Notes.

                                      5
<PAGE>

         "Note Depository Agreement" means the agreement dated July 30, 2004,
between the Issuer, the Indenture Trustee and The Depository Trust Company, as
the initial Clearing Agency, relating to the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes,
substantially in the form of Exhibit C.

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

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

         "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to
the Indenture Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer's Certificate shall be to an Officer's Certificate of
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 an employee of
or counsel to the Issuer and who shall be satisfactory to the Indenture Trustee,
and which opinion or opinions shall be addressed to the Indenture Trustee as
Indenture Trustee, shall comply with any applicable requirements of Section
11.01 and shall be in form and substance satisfactory to the Indenture Trustee.

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

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

           (ii) Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the 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 or provision for such notice has been made,
satisfactory to the Indenture Trustee); and

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

provided, 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

                                      6
<PAGE>

deemed not to be Outstanding, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that the
Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's
right so to act with respect to such Notes and that the pledgee is not the
Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of
the foregoing Persons.

         "Outstanding Amount" means the aggregate principal amount of all Notes,
or Class of Notes, as applicable, Outstanding at the date of determination.

         "Owner Trustee" means Deutsche Bank Trust Company Delaware, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, or
any successor Owner Trustee under the Trust Agreement.

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

         "Payment Date" has the meaning assigned to it in the Sale and Servicing
Agreement.

         "Person" means any individual, limited liability company, corporation,
estate, partnership, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof.

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

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

         "Purchase Agreement" means the Purchase Agreement dated as of July 1,
2004 between the Seller and the Company.

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

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

                                      7
<PAGE>

         "Rating Agency" means Moody's and Standard & Poor's. If no such
organization or successor is any longer in existence, "Rating Agency" shall be a
nationally recognized statistical rating organization or other comparable Person
designated by the Issuer, notice of which designation shall be given to the
Indenture Trustee, the Owner Trustee and the Servicer. Any notice required to be
given to a Rating Agency pursuant to this Indenture or the Administration
Agreement shall also be given to Fitch, although Fitch shall not be deemed to be
a Rating Agency for any purposes of this Indenture or the Administration
Agreement.

         "Record Date" means, with respect to a Payment Date or Redemption Date,
the close of business on the day immediately preceding such Payment Date or
Redemption Date or, if Definitive Notes have been issued pursuant to Section
2.13, the 15th day of the preceding month.

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

         "Redemption Price" means in connection with a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of the
Notes redeemed plus accrued and unpaid interest thereon at the weighted average
of the Interest Rates for each Class of Notes being so redeemed to but excluding
the Redemption Date.

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

         "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the 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, in each case having direct responsibility for the
administration of this Indenture.

         "Rule 144A" means Rule 144A under the Securities Act.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement
dated as of July 1, 2004, between the Issuer and DaimlerChrysler Services North
America LLC, as Seller and Servicer.

         "Schedule of Receivables" means the list of the Receivables set forth
in Schedule A (which Schedule may be in the form of microfiche).

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

         "Seller" means DaimlerChrysler Services North America LLC, in its
capacity as seller under the Sale and Servicing Agreement, and its successor in
interest.

                                      8
<PAGE>

         "Servicer" means DaimlerChrysler Services North America LLC, in its
capacity as servicer under the Sale and Servicing Agreement, and any Successor
Servicer thereunder.

         "Standard & Poor's" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., or its successors.

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

         "Successor Servicer" has the meaning specified in Section 3.07(e).

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

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

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

         (b) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein
have the respective meanings set forth in the Sale and Servicing Agreement for
all purposes of this Indenture.

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

         "Commission" means the Securities and Exchange Commission.

         "indenture securities" means the Notes.

         "indenture security holder" means a Noteholder.

         "indenture to be qualified" means this Indenture.

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

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

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

                                      9
<PAGE>

         SECTION 1.03. Rules of Construction. Unless the context otherwise
requires:

         (i) a term has the meaning assigned to it;

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

       (iii) "or" is not exclusive;

        (iv) "including" and its variations shall be deemed to be followed by
"without limitation";

         (v) words in the singular include the plural and words in the plural
include the singular; and

        (vi) any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or
instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted
successors and assigns.

                                  ARTICLE II

                                   The Notes

         SECTION 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case
together with the Indenture Trustee's certificate of authentication, shall be
in substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 and Exhibit B, 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.

         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.

         Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and
Exhibit B are part of the terms of this Indenture.

                                      10
<PAGE>

         SECTION 2.02.Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

         Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of
$380,000,000, Class A-2 Notes for original issue in the aggregate principal
amount of $375,000,000, Class A-3 Notes for original issue in the aggregate
principal amount of $480,000,000, Class A-4 Notes for original issue in the
aggregate principal amount of $220,000,000 and Class B Notes for original issue
in an aggregate principal amount of $45,000,000. The aggregate principal amount
of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class
B Notes outstanding at any time may not exceed such respective amounts except as
provided in Section 2.06.

         Each Note shall be dated the date of its authentication. The Class A-1
Notes shall be issuable as registered Notes in the minimum denomination of
$100,000 and in integral multiples of $1,000 in excess thereof. The Class A-2
Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes shall be issuable as
registered Notes in the minimum denomination of $1,000 and in integral multiples
thereof.

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

         SECTION 2.03. Temporary Notes. Pending the preparation of definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

         If temporary Notes are issued, the Issuer shall cause definitive Notes
to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like 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.

                                      11
<PAGE>

         SECTION 2.04. Limitations on Transfer of the Class A-1 Notes. The
Class A-1 Notes have not been and will not be registered under the Securities
Act or any state or other applicable securities laws and will not be listed on
any exchange. No transfer of a Class A-1 Note shall be made unless such
transfer is made pursuant to Rule 144A under the Securities Act, except that
the initial sale shall be made pursuant to Section 4(2) of the Securities Act.
Neither the Class A-1 Notes nor any interest or participation therein may be
offered or sold except to a person whom the seller reasonably believes is a
QIB in a transaction meeting the requirements of Rule 144A. Each beneficial
owner of a Class A-1 Note is deemed to represent and warrant that it is a QIB.
The Seller shall provide to any Holder of a Class A-1 Note and any prospective
transferee designated by any such Holder, information regarding the Class A-1
Notes and the Receivables and such other information as shall be necessary to
satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer
of any such Class A-1 Note without registration thereof under the Securities
Act pursuant to the registration exemption provided by Rule 144A. Each Holder
of a Class A-1 Note desiring to effect such a transfer shall, and does hereby
agree to, indemnify the Issuer, the Owner Trustee, the Indenture Trustee and
the Seller against any liability that may result if the transfer is not so
exempt or is not made in accordance with federal and state securities laws.

         The Owner Trustee shall cause each Class A-1 Note to contain a legend
stating that transfer of the Class A-1 Notes is subject to certain restrictions
and referring prospective purchasers of the Class A-1 Notes to this Section 2.04
with respect to such restrictions.

         SECTION 2.05. Registration; Registration of Transfer and Exchange.
The Issuer shall cause to be kept a register (the "Note Register") in which
the Issuer shall provide for the registration of Notes and the registration of
transfers of Notes. The Indenture Trustee initially shall be the "Note
Registrar" for the purpose of registering Notes and transfers of Notes as
herein provided. Upon any resignation of any Note Registrar, the Issuer shall
promptly appoint a successor or, if it elects not to make such an appointment,
assume the duties of Note Registrar.

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

         Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.02, if the
requirements of Section 8-401(a) of the UCC are met the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

         At the option of the Holder, Notes may be exchanged for other Notes of
the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange,

                                      12
<PAGE>

if the requirements of Section 8-401(a) of the UCC are met the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, the Notes which the Noteholder making
the exchange is entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the 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 by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's 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.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer 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 2.03 or 9.06 not involving any transfer.

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

         SECTION 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture
Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
Note Registrar or the Indenture Trustee that such Note has been acquired by a
bona fide purchaser, and provided that the requirements of Sections 8-405 and
8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an
Issuer Request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
a replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days shall be due and payable, or shall have been called for
redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. 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 and the Indenture Trustee 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

                                      13
<PAGE>

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 Indenture
Trustee in connection therewith.

         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 Indenture Trustee) connected therewith.

         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.

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

         SECTION 2.07. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest,
if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Issuer, the Indenture Trustee or any
agent of the Issuer or the Indenture Trustee shall be affected by notice to
the contrary.

         SECTION 2.08. Payment of Principal and Interest; Defaulted Interest.
(a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class
A-4 Notes and the Class B Notes shall accrue interest at the Class A-1
Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the
Class A-4 Interest Rate and the Class B Interest Rate, respectively, as set
forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B,
respectively, and such interest shall be payable on each Payment Date as
specified therein, subject to Section 3.01. Interest on each Class of Notes,
other than the Class A-1 Notes, will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Interest on the Class A-1 Notes will
be computed on the basis of the actual number of days in the Class A-1
Interest Accrual Period divided by 360. Any installment of interest or
principal payable on a Note that 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 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, except that, unless
Definitive Notes have been issued pursuant to Section 2.13, with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment will be made by
wire transfer in immediately available funds to the account designated by such
nominee, and except for the final installment of principal payable with
respect to such Note on a Payment Date or on the applicable class final
scheduled Payment Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.01) which shall be payable as
provided below.

                                      14
<PAGE>

The funds represented by any such checks returned undelivered shall be held in
accordance with Section 3.03.

         (b) The principal of each Note shall be payable in installments on
each Payment Date as provided in the forms of the Notes set forth in Exhibit
A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B. 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, if the Indenture Trustee or Holders of
the Notes representing not less than a majority of the Outstanding Amount of
the Controlling Class have declared the Notes to be immediately due and
payable in the manner provided in Section 5.02. All principal payments on each
Class of Notes shall be made pro rata to the Noteholders of such Class
entitled thereto. The Indenture 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 10.02.

         (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
a notice that states the special record date, the payment date and the amount
of defaulted interest to be paid.

         SECTION 2.09. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at
any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated
in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be
held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuer shall
direct by an Issuer Order that they be returned to it; provided, that such
Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee.

         SECTION 2.10. Release of Collateral. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and Independent
Certificates in accordance with TIA ss.ss. 314(c) and 314(d)(1) or an

                                      15
<PAGE>

Opinion of Counsel in lieu of such Independent Certificates to the effect that
the TIA does not require any such Independent Certificates.

         SECTION 2.11. Book-Entry Notes. The Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes and Class B Notes, upon original issuance,
will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be
registered initially on the Note Register in the name of Cede & Co., the
nominee of the initial Clearing Agency, and no Owner thereof will receive a
definitive Note representing such Note Owner's interest in such Note, except
as provided in Section 2.13. Unless and until definitive, fully registered
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes or Class B
Notes (the "Definitive Notes") have been issued to such Note Owners pursuant
to Section 2.13:

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

        (ii) the Note Registrar and the Indenture Trustee shall be entitled
to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Book-Entry Notes and the
giving of instructions or directions hereunder) as the sole holder of the
Book-Entry 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 pursuant to the Note Depository Agreement. Unless
and until Definitive Notes are issued pursuant to Section 2.13, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the Book-Entry Notes to such Clearing Agency Participants; and

         (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 Indenture Trustee.

         SECTION 2.12. 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 such Note Owners pursuant to
Section 2.13, the Indenture 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 such Note Owners.

                                      16
<PAGE>

         SECTION 2.13. Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor, (ii)
the Administrator at its option advises the Indenture 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 or a Servicer Default,
Owners of the Book-Entry Notes representing beneficial interests aggregating
at least a majority of the Outstanding Amount of such Notes advise the
Clearing Agency in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of such Note
Owners, then the Clearing Agency shall notify all Note Owners and the
Indenture 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
Indenture Trustee of the typewritten Notes representing the Book-Entry Notes
by the Clearing Agency, accompanied by registration instructions, the Issuer
shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, the Note Registrar or the Indenture Trustee shall be liable for any
delay in delivery of such instructions and may conclusively rely on, and shall
be protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.

         SECTION 2.14. Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. The Issuer, by entering into this Indenture, and each
Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance
of an interest in the applicable Book-Entry Note), agree to treat the Notes
for all purposes including federal, state and local income, single business
and franchise tax purposes as indebtedness of the Issuer.

         SECTION 2.15. Representations and Warranties as to the Security
Interest of the Indenture Trustee in the Receivables. The Issuer makes the
following representations and warranties to the Indenture Trustee. The
representations and warranties speak as of the execution and delivery of this
Indenture and as of the Closing Date, and shall survive the sale of the Trust
Estate to the Issuer and the pledge thereof to the Indenture Trustee pursuant
to this Indenture.

         (a) This Indenture creates a valid and continuing security interest
(as defined in the UCC) in the Receivables in favor of the Indenture Trustee,
which security interest is prior to all other Liens, and is enforceable as
such as against creditors of and purchasers from the Issuer.

         (b) The Receivables constitute "tangible chattel paper" within the
meaning of the UCC.

         (c) The Issuer owns and has good and marketable title to the
Receivables free and clear of any lien, claim or encumbrance of any Person.

         (d) The Issuer has caused or will have caused, within ten days, the
filing of all appropriate financing statements in the proper filing office in
the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Receivables granted to the Indenture Trustee
hereunder.

                                      17
<PAGE>

         (e) Other than the security interest granted to the Indenture Trustee
pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables.
The Issuer has not authorized the filing of and is not aware of any financing
statements against the Issuer that include a description of collateral
covering the Receivables other than any financing statement relating to the
security interest granted to the Indenture Trustee hereunder or that has been
terminated. The Issuer is not aware of any judgment or tax lien filings
against it.

         (f) The Servicer as custodian for the Issuer has in its possession
all original copies of the contracts that constitute or evidence the
Receivables. The contracts that constitute or evidence the Receivables do not
have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee.

                                 ARTICLE III

                                   Covenants

         SECTION 3.01. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting
the foregoing, subject to Section 8.02(c), the Issuer will cause to be
distributed all amounts on deposit in the Deposit Account (including any
subaccount thereof) and allocated for distribution to the Noteholders on a
Payment Date pursuant to the Sale and Servicing Agreement (i) for the benefit
of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of
the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of
the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the
Class A-4 Notes, to the Class A-4 Noteholders and (v) for the benefit of the
Class B Notes, to the Class B 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 3.02. Maintenance of Office or Agency. The Issuer will
maintain in the Borough of Manhattan, The City of New York, an office or
agency where Notes may be surrendered for registration of transfer or
exchange, and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Issuer hereby initially
appoints the Indenture Trustee to serve as its agent for the foregoing
purposes. The Issuer will give prompt written notice to the Indenture Trustee
of the location, and of any change in the location, of any such office or
agency. If at any time the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
as its agent to receive all such surrenders, notices and demands.

         SECTION 3.03. Money for Payments To Be Held in Trust. As provided in
Section 8.02(a) and (b), all payments of amounts due and payable with respect
to any Notes that are to be made from amounts withdrawn from the Deposit
Account pursuant to Section 8.02(c)

                                      18
<PAGE>

shall be made on behalf of the Issuer by the Indenture Trustee or by
another Paying Agent, and no amounts so withdrawn from the Deposit Account for
payments of Notes shall be paid over to the Issuer except as provided in this
Section.

         On or before the Business Day preceding each Payment Date and
Redemption Date, the Issuer shall allocate or cause to be allocated in the
Deposit Account for distribution to the Noteholders an aggregate sum sufficient
to pay the amounts then becoming due under the Notes, such sum to be held in
trust for the benefit of the Persons entitled thereto, and (unless the Paying
Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of
its action or failure so to act.

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

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

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

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

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

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

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

         Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and

                                      19
<PAGE>

payable shall be discharged from such trust and be paid to the Issuer
on Issuer Request; 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 Indenture Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided, however, that the Indenture Trustee or such
Paying Agent, before being required to make any such repayment, shall at the
expense and direction of the Issuer cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day
and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than 30 days from the date of such publication, any unclaimed balance of
such money then remaining will be repaid to the Issuer. The Indenture Trustee
shall also adopt and employ, at the expense and direction 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 Indenture Trustee or of any Paying Agent, at the last address
of record for each such Holder).

         SECTION 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any 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 3.05. Protection of Trust Estate. The Issuer will from time
to time 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) maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

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

       (iii) enforce any of the Collateral; or

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

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.05.

                                      20
<PAGE>

         SECTION 3.06. Opinions as to Trust Estate. (a) On the Closing Date,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel 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 lien and
security interest of 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) On or before March 31, in each calendar year, beginning in 2005,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the filing of any financing statements and continuation statements
as is necessary to maintain the lien and security interest created by this
Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien 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 March 31 in the following calendar year.

         SECTION 3.07. Performance of Obligations; Servicing of Receivables.
(a) The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any
of such Person's material covenants or obligations under any instrument or
agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

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

         (c) The Issuer will 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 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 Indenture Trustee or the Holders of at least a majority of
the Outstanding Amount of the Notes.

                                      21
<PAGE>

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

         (e) As promptly as possible after the giving of notice of termination
to the Servicer of the Servicer's rights and powers pursuant to Section 8.01
of the Sale and Servicing Agreement, the Issuer shall appoint a successor
servicer (the "Successor Servicer"), and such Successor Servicer shall accept
its appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer has not been appointed and
accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. The Indenture Trustee may resign as the
Servicer by giving written notice of such resignation to the Issuer and in
such event will be released from such duties and obligations, such release not
to be effective until the date a new servicer enters into a servicing
agreement with the Issuer as provided below. Upon delivery of any such notice
to the Issuer, the Issuer shall obtain a new servicer as the Successor
Servicer under the Sale and Servicing Agreement. Any Successor Servicer other
than the Indenture Trustee shall (i) be an established financial institution
having a net worth of not less than $100,000,000 and whose regular business
includes the servicing of Contracts and (ii) enter into a servicing agreement
with the Issuer having substantially the same provisions as the provisions of
the Sale and Servicing Agreement applicable to the Servicer. If within 30 days
after the delivery of the notice referred to above, the Issuer shall not have
obtained such a new servicer, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer.
In connection with any such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and in accordance with Section 8.02 of the Sale and
Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form
and substance satisfactory to the Indenture Trustee). If the Indenture Trustee
shall succeed to the Servicer's duties as servicer of the Receivables as
provided herein, it shall do so in its individual capacity and not in its
capacity as Indenture Trustee and, accordingly, the provisions of Article VI
hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer and the servicing of the Receivables. In case the
Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its affiliates, provided that it shall be fully liable for
the actions and omissions of such affiliate in such capacity as Successor
Servicer.

         (f) Upon any termination of the Servicer's rights and powers pursuant
to the Sale and Servicing Agreement, the Issuer shall promptly notify the
Indenture Trustee. As soon as a Successor Servicer is appointed, the Issuer
shall notify the Indenture Trustee of such appointment, specifying in such
notice the name and address of such Successor Servicer.

         (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer

                                      22
<PAGE>

agrees (i) that it will not, without the prior written consent of the
Indenture Trustee or the Holders of at least a majority in Outstanding Amount
of the Notes, amend, modify, waive, supplement, terminate or surrender, or
agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any Collateral (except to the extent otherwise
provided in the Sale and Servicing Agreement) or the Basic Documents, or waive
timely performance or observance by the Servicer or the Seller under the Sale
and Servicing Agreement; and (ii) that any such amendment shall not (A)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, distributions that are required to be made for the benefit of the
Noteholders or (B) reduce the aforesaid percentage of the Notes that is
required to consent to any such amendment, without the consent of the Holders
of all the Outstanding Notes. If any such amendment, modification, supplement
or waiver shall be so consented to by the Indenture Trustee or such Holders,
the Issuer agrees, promptly following a request by the Indenture Trustee to do
so, to execute and deliver, in its own name and at its own expense, such
agreements, instruments, consents and other documents as the Indenture Trustee
may deem necessary or appropriate in the circumstances.

         SECTION 3.08. Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not:

         (i) except as expressly permitted by this Indenture, the Purchase
Agreement or the Sale and Servicing Agreement, 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 Indenture
Trustee;

        (ii) claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code) or 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;

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

        (iv) (A) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (B) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Trust Estate or any part thereof or any interest
therein or the proceeds thereof (other than tax liens, mechanics' liens and
other liens that arise by operation of law, in each case on any of the
Financed Vehicles and arising solely as a result of an action or omission of
the related Obligor) or (C) permit the lien 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.

         SECTION 3.09. Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee, within 120 days after the end of each fiscal
year of the Issuer (commencing with the fiscal year 2004), an Officer's
Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

                                      23
<PAGE>

         (i) a review of the activities of the Issuer during such year and of
its 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 its
compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

         SECTION 3.10. Issuer May Consolidate, etc., Only on Certain Terms.
(a) The Issuer shall not consolidate or merge with or into any other Person,
unless:

         (i) the Person (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 Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture 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 Indenture Trustee) to the effect that
such transaction will not have any material adverse tax consequence to the
Issuer, any Noteholder or any Certificateholder;

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

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

      (b) The Issuer shall not convey or transfer any 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 (A) shall 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 assumes, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the
due and punctual

                                      24
<PAGE>

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,
(C) expressly agrees 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 agrees 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 agrees by
means of such supplemental indenture that such Person (or if a group of
Persons, then one specified Person) shall make all filings with the Commission
(and any other appropriate Person) required by the Exchange Act in connection
with the Notes;

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

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

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

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

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

         SECTION 3.11. Successor or Transferee. (a) Upon any consolidation or
merger of the Issuer in accordance with Section 3.10(a), the Person formed by
or surviving such consolidation or merger (if other than the Issuer) shall
succeed to, and be substituted for, and may exercise every right and power of,
the Issuer under this Indenture with the same effect as if such Person had
been named as the Issuer herein.

         (b) Upon a conveyance or transfer of all the assets and properties of
the Issuer pursuant to Section 3.10(b), DaimlerChrysler Auto Trust 2004-B will
be released from every covenant and agreement of this Indenture to be observed
or performed on the part of the Issuer with respect to the Notes immediately
upon the delivery of written notice to the Indenture Trustee stating that
DaimlerChrysler Auto Trust 2004-B 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. The Issuer shall not fund the
purchase of any new Contracts.

                                      25
<PAGE>

         SECTION 3.13. No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness.

         SECTION 3.14. Servicer's Obligations. The Issuer shall cause the
Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.07 and Article IX 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. Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause
unless the Rating Agency Condition shall have been satisfied in connection
with such removal.

         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, (x)
distributions as contemplated by, and to the extent funds are available for
such purpose under, the Sale and Servicing Agreement or the Trust Agreement
and (y) payments to the Indenture Trustee pursuant to Section 1(a)(ii) of the
Administration Agreement. The Issuer will not, directly or indirectly, make
payments to or distributions from the Deposit Account except in accordance
with this Indenture and the Basic Documents.

         SECTION 3.19. Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder, each default on the part of the Servicer or the Seller
of its obligations under the Sale and Servicing Agreement and each default on
the part of the Company or the Seller of its obligations under the Purchase
Agreement.

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

                                      26
<PAGE>

                                  ARTICLE IV

                           Satisfaction and Discharge

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

                  (A) either:

                                (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 2.06 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 3.03) have been delivered to the
Indenture Trustee for cancellation; or

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

                  a. have become due and payable,

                  b. will become due and payable at the Class B Final Scheduled
Payment Date within one year, or

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

                  and the Issuer, in the case of a., b. or c. above, has
                  irrevocably deposited or caused to be irrevocably deposited
                  with the Indenture Trustee 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 Indenture Trustee for
                  cancellation when due to the applicable final scheduled
                  Payment Date or Redemption Date (if Notes shall have been
                  called for redemption pursuant to Section 10.01), as the case
                  may be;

                                      27
<PAGE>

                  (B) the Issuer has paid or caused to be paid all other sums
         payable hereunder by the Issuer; and

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

         SECTION 4.02. Application of Trust Money. All moneys deposited with
the Indenture Trustee pursuant to Section 4.01 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 Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for
the payment or redemption of which such moneys have been deposited with the
Indenture 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 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the
Notes, all moneys then held by any Paying Agent other than the Indenture
Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held
and applied according to Section 3.03 and thereupon such Paying Agent shall be
released from all further liability with respect to such moneys.

                                  ARTICLE V

                                   Remedies

         SECTION 5.01. 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 Class A Note or, if
the Class A Notes are no longer Outstanding, any Class B Note when the same
becomes due and payable, and such default shall continue for a period of five
days or more;

        (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; or

       (iii) 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

                                      28
<PAGE>

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 after there shall have
been given, by registered or certified mail, to the Issuer by the Indenture
Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
25% of the Outstanding Amount of the Controlling Class, 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

         (iv) 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

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

The Issuer shall deliver to the Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer's Certificate of
any event which with the giving of notice 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 5.02. Acceleration of Maturity; Rescission and Annulment. If
an Event of Default should occur and be continuing, then and in every such
case the Indenture Trustee or the Holders of Notes representing not less than
a majority of the Outstanding Amount of the Controlling Class may declare all
the Notes to be immediately due and payable, by a notice in writing to the
Issuer (and to the Indenture Trustee if given by Noteholders), and upon any
such declaration the unpaid principal amount of such Notes, together with
accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

         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 Indenture Trustee as hereinafter in this Article V provided, the
Holders of Notes representing a majority of the Outstanding Amount of the
Controlling Class, by written notice to the Issuer and the Indenture Trustee,
may rescind and annul such declaration and its consequences if:

                                      29
<PAGE>

         (i) the Issuer has paid or deposited with the Indenture 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 Indenture Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Indenture 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 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) there is an Event of
Default relating to 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, upon demand of the Indenture Trustee, pay to it, for the benefit of the
Holders of such Notes, the whole amount then due and payable on such Notes for
principal and interest, with interest on the overdue principal and, to the
extent payment at such rate of interest shall be legally enforceable, on
overdue installments of interest at the rate borne by the related Notes and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel.

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

         (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders,
by such appropriate Proceedings as the Indenture Trustee shall deem most
effective to protect and enforce 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 Indenture 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

                                      30
<PAGE>

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, or 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 Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or
by declaration or otherwise and irrespective of whether the Indenture Trustee
shall have made any demand pursuant to the provisions of this Section, shall
be entitled and empowered, by intervention in such Proceedings or otherwise:

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

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

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

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

                                      31
<PAGE>

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

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

         SECTION 5.04. Remedies; Priorities. (a) If an Event of Default shall
have occurred and be continuing, the Indenture Trustee may do one or more of
the following (subject to Section 5.05):

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

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

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

                                      32
<PAGE>

         (b) If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the following
order:

                   FIRST:  to the Indenture Trustee for amounts due under
         Section 6.07;

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

                  THIRD: to the Class B Noteholders for amounts due and unpaid
         on the Class B Notes for interest (including premium), ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class B Notes for interest (including premium); provided
         that if payment of the Notes has been accelerated because of an Event
         of Default specified in clause (i), (ii), (iv) or (v) of Section 5.01,
         then the payments due to the Class B Noteholders pursuant to this
         clause THIRD shall instead be made only after the Outstanding Amount of
         the Class A-4 Notes has been reduced to zero pursuant to clause (d) in
         clause FOURTH below;

                  FOURTH:  to the Noteholders in the following order of
         priority:

                  (a) to Holders of the Class A-1 Notes for amounts due and
         unpaid on the Class A-1 Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class A-1 Notes for principal, until the Outstanding
         Amount of the Class A-1 Notes is reduced to zero;

                  (b) to Holders of the Class A-2 Notes for amounts due and
         unpaid on the Class A-2 Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class A-2 Notes for principal, until the Outstanding
         Amount of the Class A-2 Notes is reduced to zero;

                  (c) to Holders of the Class A-3 Notes for amounts due and
         unpaid on the Class A-3 Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class A-3 Notes for principal, until the Outstanding
         Amount of the Class A-3 Notes is reduced to zero; and

                  (d) to Holders of the Class A-4 Notes for amounts due and
         unpaid on the Class A-4 Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class A-4 Notes for principal, until the Outstanding
         Amount of the Class A-4 Notes is reduced to zero; and

                  (e) to Holders of the Class B Notes for amounts due and unpaid
         on the Class B Notes for principal, ratably, without preference or
         priority of any kind, according to amounts due and payable on the Class
         B Notes for principal, until the Outstanding Amount of the Class B
         Notes is reduced to zero; and

                  FIFTH:  to the Issuer for distribution pursuant to the Trust
         Agreement.

                                      33
<PAGE>

The Indenture 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 Indenture Trustee a notice that
states the record date, the payment date and the amount to be paid.

         SECTION 5.05. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded
and annulled, the Indenture Trustee may, but need not, elect to maintain
possession of the Trust Estate. It is the desire of the parties hereto and the
Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take
such desire into account when determining whether or not to maintain
possession of the Trust Estate. In determining whether to maintain possession
of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to
the sufficiency of the Trust Estate for such purpose.

         SECTION 5.06. Limitation of Suits. No Holder of any Note shall have
any right to institute any Proceeding, 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
Indenture 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 Indenture Trustee to institute
such Proceeding in respect of such Event of Default in its own name as Indenture
Trustee hereunder;

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

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

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

It is 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 Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority

                                      34
<PAGE>

of the Outstanding Amount of the Notes, the Indenture Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture.

         SECTION 5.07. 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 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right
or remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted.

         SECTION 5.09. Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Indenture Trustee or 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 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee 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 Indenture Trustee or to the Noteholders may be exercised from
time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be.

         SECTION 5.11. Control by Controlling Class. The Holders of a majority
of the Outstanding Amount of the Controlling Class shall have the right to
direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee; provided that:

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

                                      35
<PAGE>

              (ii) subject to the express terms of Section 5.04, any direction
to the Indenture Trustee to sell or liquidate the Trust Estate shall be by
Holders of Notes representing not less than 100% of the Outstanding Amount of
the Controlling Class;

             (iii) if the conditions set forth in Section 5.05 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any direction to the Indenture Trustee by Holders of Notes
representing less than 100% of the Outstanding Amount of the Controlling Class
to sell or liquidate the Trust Estate shall be of no force and effect; and

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

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

         SECTION 5.12. Waiver of Past Defaults. Prior to the declaration of
the acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Amount of the
Controlling Class 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 Indenture 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 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of a Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any
suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Indenture Trustee for any action taken, suffered or
omitted by it as Indenture Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the
Indenture 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).

                                      36
<PAGE>

         SECTION 5.14. 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 herein granted
to the Indenture Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted.

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

         SECTION 5.16. Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and
observance by the Seller or the Servicer, as applicable, of each of their
obligations to the Issuer under or in connection with the Sale and Servicing
Agreement or by the Seller or the Company, as applicable, of each of their
obligations under or in connection with the Purchase Agreement, and to
exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with the Sale and Servicing
Agreement to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default on the part of the 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 an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66% of the Outstanding Amount of the Controlling Class shall,
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, or against the Company or the Seller under or in
connection with the Purchase Agreement, including the right or power to take
any action to compel or secure performance or observance by the Seller or the
Servicer, or the Company or the Seller, as the case may be, 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 or the Purchase Agreement, as the case may be, and any right of the
Issuer to take such action shall be suspended.

                                      37
<PAGE>

                                  ARTICLE VI

                             The Indenture Trustee

         SECTION 6.01. Duties of Indenture Trustee. (a) If an Event of Default
has occurred and is continuing, the Indenture Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of
care and skill in their exercise as a prudent person would exercise or use
under the circumstances in the conduct of such person's own affairs.

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

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

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

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

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

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

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

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

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

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

         (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder

                                      38
<PAGE>

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 liabilityis not reasonably assured to it.

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

         SECTION 6.02. Rights of Indenture Trustee. (a) The Indenture Trustee
may rely on any document believed by it to be genuine and to have been signed
or presented by the proper person. The Indenture Trustee need not investigate
any fact or matter stated in the document.

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

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

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

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

         SECTION 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee. Any Paying
Agent, Note Registrar, co-registrar or co-paying agent may do the same with
like rights. However, the Indenture Trustee must comply with Sections 6.11 and
6.12.

         SECTION 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture 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 Indenture
Trustee's certificate of authentication.

         SECTION 6.05. Notice of Defaults. If a Default occurs and is
continuing and if it is known to a Responsible Officer of the Indenture
Trustee, the Indenture Trustee shall mail to

                                      39
<PAGE>

each Noteholder notice of the Default within 90 days after it occurs.
Except in the case of a Default in payment of principal of or interest on any
Note (including payments pursuant to the mandatory redemption provisions of
such Note), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

         SECTION 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required
to enable such holder to prepare its federal and state income tax returns.

         SECTION 6.07. Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, pay to the Indenture Trustee from time to time
reasonable compensation for its services pursuant to a fee agreement between
the Administrator and the Indenture Trustee. The Indenture Trustee's
compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Issuer shall, or shall cause the Administrator to,
reimburse the Indenture Trustee 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 Indenture
Trustee's agents, counsel, accountants and experts. The Issuer shall, or shall
cause the Administrator to, indemnify the Indenture Trustee against any and
all loss, liability or expense (including attorneys' fees) incurred by it in
connection with the administration of this trust and the performance of its
duties hereunder. The Indenture Trustee shall notify the Issuer and the
Administrator promptly of any claim for which it may seek indemnity. Failure
by the Indenture Trustee to so notify the Issuer and the Administrator shall
not relieve the Issuer or the Administrator of its obligations hereunder. The
Issuer shall, or shall cause the Administrator to, defend any such claim, and
the Indenture Trustee may have separate counsel and the Issuer shall, or shall
cause the Administrator to, pay the fees and expenses of such counsel. Neither
the Issuer nor the Administrator need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee
through the Indenture Trustee's own willful misconduct, negligence or bad
faith.

         The Issuer's payment obligations to the Indenture Trustee pursuant to
this Section shall survive the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.01(iv) or (v) 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.

         SECTION 6.08. Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture
Trustee may resign at any time by so notifying the Issuer. The Holders of a
majority in Outstanding Amount of the Notes may remove the Indenture Trustee
by so notifying the Indenture Trustee and may appoint a successor Indenture
Trustee. The Issuer shall remove the Indenture Trustee if:

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

                                      40
<PAGE>

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

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

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

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), the Issuer shall
promptly appoint a successor Indenture Trustee.

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

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

         If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

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

         SECTION 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide
the Rating Agencies prior written notice of any such transaction.

         In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such

                                      41
<PAGE>

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 Indenture
Trustee shall have.

         SECTION 6.10. Appointment of Co-Indenture Trustee or Separate
Indenture 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 Estate may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust Estate, or any part
hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable. No co-trustee or separate trustee 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 6.08 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 Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Indenture Trustee
joining in such act), except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed the
Indenture Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the
holding of title to the Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Indenture Trustee;

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

            (iii)   the Indenture 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 Indenture
Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
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 Indenture Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the
liability of, or affording protection to, the Indenture Trustee. Every such
instrument shall be filed with the Indenture Trustee.

                                      42
<PAGE>

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

         SECTION 6.11. Eligibility; Disqualification. (a) The Indenture
Trustee shall at all times satisfy the requirements of TIA ss. 310(a). The
Indenture 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 the time deposits of the Indenture Trustee shall be rated at
least "A-1" by Standard & Poor's and "P-1" by Moody's. The Indenture Trustee
shall comply with TIA ss. 310(b), including the optional provision permitted
by the second sentence of TIA ss. 310(b)(9); provided, however, that there
shall be excluded from the operation of TIA ss. 310(b)(1) any indenture or
indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA ss. 310(b)(1) are met.

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

         (c) In the case of the appointment hereunder of a successor Indenture
Trustee with respect to any Class of Notes pursuant to this Section 6.11, the
Issuer, the retiring Indenture Trustee and the successor Indenture Trustee
with respect to such Class of Notes shall execute and deliver an indenture
supplemental hereto wherein each successor Indenture Trustee shall accept such
appointment and which (i) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, the successor
Indenture Trustee all the rights, powers, trusts and duties of the retiring
Indenture Trustee with respect to the Notes of the Class to which the
appointment of such successor Indenture Trustee relates, (ii) if the retiring
Indenture Trustee is not retiring with respect to all Classes of Notes, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Indenture
Trustee with respect to the Notes of each Class as to which the retiring
Indenture Trustee is not retiring shall continue to be vested in the Indenture
Trustee and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Indenture Trustee, it
being understood that nothing herein or in such supplemental indenture shall
constitute such Indenture Trustees co-trustees of the same trust and that each
such Indenture Trustee shall be a trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any
other such Indenture Trustee; and upon the removal of the retiring Indenture
Trustee shall become effective to the extent provided herein.

                                      43
<PAGE>

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

         SECTION 6.13. Pennsylvania Motor Vehicle Sales Finance Act Licenses.
The Indenture Trustee shall use its best efforts to maintain the effectiveness
of all licenses required under the Pennsylvania Motor Vehicle Sales Finance
Act in connection with this Indenture and the transactions contemplated hereby
until the lien and security interest of this Indenture shall no longer be in
effect in accordance with the terms hereof.

                                 ARTICLE VII

                         Noteholders' Lists and Reports

         SECTION 7.01. Issuer To Furnish Indenture Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the
Indenture 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 Indenture Trustee may reasonably require, of the names and
addresses of the Holders of Notes as of such Record Date, and (b) at such
other times as the Indenture Trustee may request in writing, within 30 days
after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Indenture Trustee is the
Note Registrar, no such list shall be required to be furnished.

         SECTION 7.02. Preservation of Information; Communications to
Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as
provided in Section 7.01 and the names and addresses of Holders of Notes
received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.01 upon receipt of a new list so furnished.

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

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

         SECTION 7.03. Reports by Issuer. (a) The Issuer shall:

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

                                      44
<PAGE>

            (ii) file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

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

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

         SECTION 7.04. Reports by Indenture Trustee. If required by TIA ss.
313(a), within 60 days after each February 1 beginning with February 1, 2005
the Indenture Trustee shall mail to each Noteholder as required by TIA ss.
313(c) a brief report dated as of such date that complies with TIA ss. 313(a).
The Indenture Trustee also shall comply with TIA ss. 313(b).

         A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

                                 ARTICLE VIII

                      Accounts, Disbursements and Releases

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

         SECTION 8.02. Deposit Account. (a) On or prior to the Closing Date,
the Issuer shall cause the Servicer to establish and maintain, in the name of
the Indenture Trustee, for the benefit of the Noteholders and the
Certificateholders, the Deposit Account as provided in Section 5.01 of the
Sale and Servicing Agreement. The Note Principal Distribution Account and the
Reserve Account shall be part of the Deposit Account.

                                      45
<PAGE>

         (b) On or before each Payment Date, the Total Distribution Amount
(net of the Servicing Fee for such Payment Date and any previously unpaid
Servicing Fees and any other distributable amounts that are to be allocated
for distribution or release to the Seller or the Company) with respect to the
preceding Collection Period will be deposited in the Deposit Account as
provided in Section 5.02 of the Sale and Servicing Agreement. The Indenture
Trustee shall allocate amounts in the Deposit Account for distribution to
Noteholders in accordance with Sections 5.05 and 5.06 of the Sale and
Servicing Agreement.

         (c) Subject to Section 5.04(b), on each Payment Date and the
Redemption Date, the Indenture Trustee shall distribute all amounts allocated
in the Deposit Account for distribution to the Noteholders in respect of the
Notes to the extent of amounts due and unpaid on the Notes for principal and
interest (including any premium) in the following amounts and in the following
order of priority (except as otherwise provided in Section 5.04(b)):

              (i) accrued and unpaid interest on the Class A Notes; provided,
that if there are not sufficient funds allocated in the Deposit Account for
distribution to the Class A Noteholders to pay the entire amount of accrued
and unpaid interest then due on the Class A Notes, the amount allocated in the
Deposit Account for distribution to the Class A Noteholders shall be applied
to the payment of such interest on the Class A Notes pro rata on the basis of
the total of such interest due on the Class A Notes; and

             (ii) accrued and unpaid interest on the Class B Notes; provided,
that if there are not sufficient funds allocated in the Deposit Account for
distribution pursuant to this clause to the Class B Noteholders to pay the
entire amount of accrued and unpaid interest then due on the Class B Notes,
the amount allocated in the Deposit Account for distribution to the Class B
Noteholders shall be applied to the payment of such interest on the Class B
Notes pro rata on the basis of the total of such interest due on the Class B
Notes; and

            (iii) the amount in the Note Principal Distribution Account shall be
applied to pay principal on the Notes in the following order of priority:

                         (A) to the Holders of the Class A-1 Notes on account
of principal until the Outstanding Amount of the Class A-1 Notes is reduced to
zero;

                         (B) to the Holders of the Class A-2 Notes on account
of principal until the Outstanding Amount of the Class A-2 Notes is reduced to
zero;

                         (C) to the Holders of the Class A-3 Notes on account
of principal until the Outstanding Amount of the Class A-3 Notes is reduced to
zero;

                         (D) to the Holders of the Class A-4 Notes on account
of principal until the Outstanding Amount of the Class A-4 Notes is reduced to
zero; and

                         (E) to the Holders of the Class B Notes on account of
principal until the Outstanding Amount of the Class B Notes is reduced to zero.

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<PAGE>

If the amounts called for pursuant to Section 5.05(a)(ii)(F) of the Sale and
Servicing Agreement have not been netted out of the Total Distribution Amount as
permitted under that Section under certain circumstances, then after making the
distributions to the Noteholders and subject to Section 8.04, the Indenture
Trustee shall make the distributions, if any, to the Certificateholders called
for pursuant to Section 5.05(a)(ii)(F) of the Sale and Servicing Agreement;
provided that if the Owner Trustee has removed the Indenture Trustee as the
paying agent for the Issuer, the Indenture Trustee shall distribute such amounts
to the paying agent for the Issuer as instructed by the Owner Trustee. For the
avoidance of doubt, if payment of the Notes has been accelerated and such
acceleration has not been rescinded in accordance with this Indenture, the
amounts in the Deposit Account shall be paid in accordance with Section 5.04(b).

         SECTION 8.03. General Provisions Regarding Accounts. (a) So long as
no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Deposit Account shall be invested in Eligible
Investments and reinvested by the Indenture Trustee (or the investment manager
referred to in clause (2) of Section 5.01(b) of the Sale and Servicing
Agreement) upon Issuer Order, subject to the provisions of Section 5.01(b) of
the Sale and Servicing Agreement. All income or other gain from investments of
moneys deposited in the Deposit Account shall remain on deposit in the Deposit
Account, and any loss resulting from such investments shall be charged to such
account. The Issuer will not direct the Indenture Trustee to make any
investment of any funds or to sell any investment held in the Deposit Account
unless the security interest Granted and perfected in such Deposit Account
will continue to be perfected in such investment or the proceeds of such sale,
in either case without any further action by any Person, and, in connection
with any direction to the Indenture Trustee to make any such investment or
sale, if requested by the Indenture Trustee, the Issuer shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee,
to such effect.

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

         (c) If (i) the Issuer (or the Servicer or any investment manager
pursuant to Section 5.01(b) of the Sale and Servicing Agreement) shall have
failed to give investment directions for any funds on deposit in the Deposit
Account to the Indenture Trustee by 11:00 a.m. Eastern Time (or such other
time as may be agreed by the Issuer and Indenture Trustee) on any Business Day
or (ii) a Default or Event of Default shall have occurred and be continuing
with respect to the Notes but the Notes shall not have been declared due and
payable pursuant to Section 5.02 or (iii) if such Notes shall have been
declared due and payable following an Event of Default but amounts collected
or receivable from the Trust Estate are being applied in accordance with
Section 5.05 as if there had not been such a declaration, then the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in
the Deposit Account in one or more Eligible Investments.

         SECTION 8.04. Release of Trust Estate. (a) Subject to the payment of
its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and
when required by the

                                      47
<PAGE>

provisions of this Indenture shall, execute instruments to release property
from the lien of this Indenture, or convey the Indenture Trustee's
interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into
the satisfaction of any conditions precedent or see to the application of any
moneys.

         (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, 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 Deposit
Account. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA ss.ss.
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

         (c) Each Noteholder, by the acceptance of a Note, acknowledges that
promptly following the Closing Date the Indenture Trustee shall release, and
does hereby release, the lien of this Indenture on each Fixed Value Payment
and Fixed Value Finance Charges (subject to Section 5.03(b) of the Sale and
Servicing Agreement), if any, assigned by the Issuer to the Seller, and
consents to such release.

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

                                  ARTICLE IX

                             Supplemental Indentures

         SECTION 9.01. Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior notice to
the Rating Agencies, the Issuer and the Indenture 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

                                      48
<PAGE>

provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the
following purposes:

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

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

            (iii) to add to the covenants of the Issuer, for the benefit of the
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 Indenture Trustee;

              (v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with the
prospectus, the prospectus supplement or any other disclosure document
prepared in connection with the offering of the Notes, 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;

            (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; or

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

The Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

         (b) The Issuer and the Indenture 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, 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.

                                      49
<PAGE>

         SECTION 9.02. Supplemental Indentures with Consent of Noteholders.
The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies 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 Issuer and the Indenture 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 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
provisions of this Indenture relating to the application of collections on, or
the proceeds of the sale of, the Trust Estate to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or
currency in which, any Note or the interest thereon is payable, or 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);

              (ii)   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;

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

              (iv)   reduce the percentage of the Outstanding Amount of the
Notes required to direct the Indenture Trustee to direct the Issuer to sell or
liquidate the Trust Estate pursuant to Section 5.04;

               (v)   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;

              (vi)   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 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

             (vii)   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

                                      50
<PAGE>

contemplated herein, 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.

The Indenture Trustee may in its discretion 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 Indenture 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 Indenture Trustee of
any supplemental indenture pursuant to this Section, the Indenture 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 Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

         SECTION 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Indenture Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
that affects the Indenture Trustee's own rights, duties, liabilities or
immunities under this Indenture or otherwise.

         SECTION 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective
rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Indenture Trustee, the Issuer and the 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 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as
then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

         SECTION 9.06. 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 Indenture Trustee
shall, bear a notation in form approved by the Indenture Trustee as to any
matter provided for in such supplemental indenture. If the

                                      51
<PAGE>

Issuer or the Indenture Trustee shall so determine, new Notes so modified as
to conform, in the opinion of the Indenture Trustee and the Issuer, to any
such supplemental indenture may be prepared and executed by the Issuer and
authenticated and delivered by the Indenture Trustee in exchange for
Outstanding Notes.

                                  ARTICLE X

                               Redemption of Notes

         SECTION 10.01. Redemption. The outstanding Class A-4 Notes and Class
B Notes are subject to redemption in whole, but not in part, at the direction
of the Servicer pursuant to Section 9.01(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 9.01(a), for a purchase
price equal to the Redemption Price; provided that the Issuer has available
funds sufficient to pay the Redemption Price. The Servicer or the Issuer shall
furnish the Rating Agencies notice of such redemption. If the outstanding
Class A-4 Notes and Class B Notes are to be redeemed pursuant to this Section,
the Servicer or the Issuer shall furnish notice of such election to the
Indenture Trustee not later than 20 days prior to the Redemption Date and the
Issuer shall deposit by 9:00 A.M. New York City time on the Redemption Date
with the Indenture Trustee in the Deposit Account the Redemption Price of the
Class A-4 Notes and Class B Notes to be redeemed, whereupon all such Class A-4
Notes and Class B Notes shall be due and payable on the Redemption Date upon
the furnishing of a notice complying with Section 10.02 to each Holder of the
Notes.

         SECTION 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile and mailed or transmitted not later than 10
days 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 or facsimile number appearing in the Note
Register.

         All notices of redemption shall state:

              (i) the Redemption Date;

             (ii) the Redemption Price; and

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

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

                                      52
<PAGE>

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

                                  ARTICLE XI

                                 Miscellaneous

         SECTION 11.01. Compliance Certificates and Opinions, etc. (a) Upon
any application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable
requirements of this Section, except that, in the case of any such application
or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or
opinion need be furnished.

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

                  (1) 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;

                  (2) 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;

                  (3) 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

                  (4) 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 Indenture Trustee that is to be made
         the basis for the release of any property or securities subject to the
         lien of this Indenture, the Issuer shall, in addition to any obligation
         imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to
         the

                                      53
<PAGE>

         Indenture Trustee an Officer's Certificate certifying or stating
         the opinion of each person signing such certificate as to the fair
         value (within 90 days of such deposit) to the Issuer of the Collateral
         or other property or securities to be so deposited.

                 (ii) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause (i)
         above, the Issuer shall also deliver to the Indenture Trustee 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 one percent of the Outstanding Amount of the Notes.

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

                 (iv) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property, other than property
         as contemplated by clause (v) below 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 one percent of the then Outstanding Amount of the Notes.

                 (v) Notwithstanding Section 2.10 or any other provision of this
         Section, the Issuer may, without compliance with the requirements of
         the other provisions of this Section, (A) collect, liquidate, sell or
         otherwise dispose of Receivables and Financed Vehicles as and to the
         extent permitted or required by the Basic Documents, (B) make cash
         payments out of the Deposit Account as and to the extent permitted or
         required by the Basic Documents and (C) convey to the Seller each Fixed
         Value Payment and Fixed Value Finance Charges (subject to Section
         5.03(b) of the Sale and Servicing Agreement), so long as the Issuer
         shall deliver to the Indenture Trustee every six months, commencing
         January 15, 2004, an Officer's Certificate of the Issuer stating that
         all the dispositions of Collateral described in clauses (A), (B) and
         (C) above that occurred during the preceding

                                      54
<PAGE>

         six calendar months were in the ordinary course of the Issuer's
         business and that the proceeds thereof were applied in accordance
         with the Basic Documents.

         SECTION 11.02. Form of Documents Delivered to Indenture 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 such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, 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 Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

         SECTION 11.03. Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except
as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Indenture Trustee and,
where it is hereby expressly required, to the Issuer. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the "Act" of the Noteholders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.01)

                                      55
<PAGE>

conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section.

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

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

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any 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 Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

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

              (i)   the Indenture Trustee by any Noteholder or by the Issuer
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Indenture Trustee at its Corporate Trust
Office, or

              (ii)   the Issuer by the Indenture Trustee or by any Noteholder
shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuer addressed to: DaimlerChrysler Auto
Trust 2004-B, in care of Deutsche Bank Trust Company Delaware, 1011 Centre
Road, Suite 200, Wilmington, Delaware 19805, Attention of Corporate Trust and
Agency Services Group, with a copy to Deutsche Bank Trust Company Americas, 60
Wall Street, 26th Floor, Mail Stop NYC 60-26, New York, New York 10005, or at
any other address previously furnished in writing to the Indenture Trustee by
the Issuer or the Administrator; with a copy to the Administrator addressed
to: DaimlerChrysler Services North America LLC 27777 Inkster Road, Farmington
Hills, Michigan 48334, Attention: Assistant Secretary, or at any other address
previously furnished in writing to the Indenture Trustee by the Administrator.
The Issuer shall promptly transmit any notice received by it from the
Noteholders to the Indenture Trustee.

         Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally delivered
or mailed by certified mail, return receipt requested, to (i) in the case of
Fitch, at the following address: Fitch, Inc., ABS Surveillance Group, One State
Street Plaza, New York, New York 10041; (ii) in the case of Moody's, at the
following address: Moody's Investors Service, ABS Monitoring Department, 99
Church Street, New York, New York 10007 and (iii) in the case of Standard &
Poor's, at the following address: Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10004,
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.

                                      56
<PAGE>

         SECTION 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall conclusively be presumed to have been duly given.

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

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

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

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

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

         SECTION 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

                                      57
<PAGE>

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

         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. 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.

         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 Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any
other Person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee under this Indenture.

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

                                      58
<PAGE>

its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture 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.
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. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will not at any time institute against the Company or the
Issuer, or join in any institution against the Company 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 Indenture Trustee,
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 Indenture Trustee shall, and shall cause its representatives
to, hold in confidence all such information except to the extent disclosure
may be required by law (and all reasonable applications for confidential
treatment are unavailing) and except to the extent that the Indenture Trustee
may reasonably determine that such disclosure is consistent with its
obligations hereunder.

                                      59
<PAGE>

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

                            DAIMLERCHRYSLER AUTO TRUST 2004-B,

                            By:  DEUTSCHE BANK TRUST COMPANY
                                 DELAWARE,
                                  not in its individual capacity but solely as
                                  Owner Trustee,

                                 By:  /s/ Eileen M. Hughes
                                    -----------------------------------------
                                    Name:  Eileen M. Hughes
                                    Title:  Vice President

                            JPMORGAN CHASE BANK,
                             not in its individual capacity but solely as
                             Indenture Trustee,

                                 By: /s/ Keith R. Richardson
                                     ---------------------------------------
                                     Name:  Keith R. Richardson
                                     Title:  Vice President

                                      60
<PAGE>
                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                 [Provided to the Indenture Trustee at Closing]

<PAGE>
                                                                  EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

         THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
SECURITIES LAW AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH SECTION 2.04 OF
THE INDENTURE REFERRED TO BELOW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE,
AGREES THAT THIS NOTE, OR ANY INTERESTS OR PARTICIPATION HEREIN, MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE
SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO DAIMLERCHRYSLER
SERVICES NORTH AMERICA LLC OR (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A "QIB")
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB,
WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT.
EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE IS DEEMED TO
REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB
PURCHASING FOR THE ACCOUNT OF ANOTHER QIB.

         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.

                                      1
<PAGE>

REGISTERED                                                       $___________

No. R-                                              CUSIP NO. 23383V CL 2

                        DAIMLERCHRYSLER AUTO TRUST 2004-B

                       CLASS A-1 1.72% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2004-B, a statutory 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 _____________________,
or registered assigns, the principal sum of ___________________________DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $___________ and the
denominator of which is $380,000,000 by (ii) the aggregate amount, if any,
payable from the Deposit Account in respect of principal on the Class A-1 Notes
pursuant to Section 3.01 of the Indenture dated as of July 1, 2004 (the
"Indenture"), between the Issuer and JPMorgan Chase Bank, a New York banking
corporation, as Indenture Trustee (the "Indenture Trustee") ; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
August 8, 2005 (the "Class A-1 Final Scheduled Payment Date"). Capitalized terms
used but not defined herein are defined in Article I of the Indenture, which
also contains rules as to construction that shall be applicable herein.

         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
such preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of the actual number of days in the Class A-1 Interest
Accrual Period divided by 360. 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.

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

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

Date: July 30, 2004          DAIMLERCHRYSLER AUTO TRUST 2004-B,

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

                                   By:
                                      -----------------------------------------
                                      Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: July 30, 2004          JPMORGAN CHASE BANK, not in its individual
                             capacity but solely as Indenture Trustee,

                                   By:
                                      -----------------------------------------
                                      Authorized Signatory

                                      3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 1.72% Asset Backed Notes (herein called the "Class
A-1 Notes"), all issued 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 Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all
terms of the Indenture.

         Subject to the subordination provisions of the Indenture, the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes (collectively, 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
and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in
an amount described on the face hereof. "Payment Date" means the eighth day of
each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing August 9, 2004.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-1 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class A-1 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 wire transfer to the Person whose name
appears as the Registered 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 wire transfer shall be made to the
Person entitled thereto at a depository institution with appropriate facilities
therefor designated by such Person 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 or, if applicable, the Class A-1
Final Scheduled Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date or the Class A-1 Final
Scheduled Payment Date, as applicable, by notice mailed or transmitted by
facsimile prior to such Payment Date or the Class A-1 Final Scheduled

                                      4
<PAGE>

Payment Date, as applicable, and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture
Trustee's principal Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in The City of New York.

         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 and subject to certain limitations set
forth therein and on the face hereof, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder
hereof 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
the Securities Transfer Agent's 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
Securities Exchange Act of 1934, as amended, 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 that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, 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 or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

                                      5
<PAGE>

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

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

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, 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 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 Indenture 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 Indenture 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.

                                      6
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Deutsche Bank Trust Company Delaware in
its individual capacity, JPMorgan Chase Bank in its individual capacity, any
owner of a beneficial interest in the Issuer, or 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 this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in 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.

                                      7
<PAGE>

                                   ASSIGNMENT

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

______________________________________________________________________________

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

______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints__________________________________________________________________
_______________________________________________, attorney, to transfer said
Note on the books kept for registration thereof, with full power of
substitution in the premises.

Dated:______________________________         _______________________________*/
                                                Signature Guaranteed:

                                             _______________________________*/

__________________________
*/       NOTICE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within Note in
         every particular, without alteration, enlargement or any change
         whatever. Such signature must be guaranteed by an "eligible guarantor
         institution" meeting the requirements of the Note Registrar, which
         requirements include membership or participation in 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 Securities Exchange Act of 1934, as amended.

                                      8
<PAGE>

                                                                 EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

         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.

REGISTERED                                                        $__________

No. R-__                                                CUSIP NO. 23383V  CM 0

                        DAIMLERCHRYSLER AUTO TRUST 2004-B

                       CLASS A-2 2.48% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2004-B, a statutory 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 ____________ DOLLARS payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $____________ and the denominator of which
is $375,000,000 by (ii) the aggregate amount, if any, payable from the Deposit
Account in respect of principal on the Class A-2 Notes pursuant to Section
3.01 of the Indenture dated as of July 1, 2004 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, a New York banking corporation, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on February 8, 2007
(the "Class A-2 Final Scheduled Payment Date"). No payments of principal of
the Class A-2 Notes shall be made until the Class A-1 Notes have been paid in
full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be
applicable herein.

         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

                                      1
<PAGE>

principal amount of this Note outstanding on the preceding Payment Date
(after giving effect to all payments of principal made on such preceding
Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the eighth day of the month preceding the
month of such Payment Date (in the case of the first Payment Date, from the
Closing Date) to and including the seventh day of the month of such Payment
Date. 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.

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

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

Date: July 30, 2004                     DAIMLERCHRYSLER AUTO TRUST 2004-B,

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

                                        By:  _________________________________
                              Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: July 30, 2004                     JPMORGAN CHASE BANK not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By:___________________________________
                                        Authorized Signatory

                                      3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 2.48% Asset Backed Notes (herein called the "Class
A-2 Notes"), all issued 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 Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all
terms of the Indenture.

         Subject to the subordination provisions of the Indenture, the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes (collectively, 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 eighth day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing August 9, 2004.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-2 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class A-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 Registered 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 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 Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile 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 Indenture Trustee's principal Corporate Trust

                                      4
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         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 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, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof 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 the Securities Transfer
Agent's 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 Securities Exchange Act of 1934, as
amended, 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 that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, 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 or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a Note

                                      5
<PAGE>

(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness.

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

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, 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 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 Indenture 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 Indenture 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 Basic Documents, none of Deutsche Bank Trust Company Delaware in
its individual capacity,

                                      6
<PAGE>

JPMorgan Chase Bank in its individual capacity, any owner of a beneficial
interest in the Issuer, or 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 this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in 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.

                                      7
<PAGE>

                                   ASSIGNMENT

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

______________________________________________________________________________

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

______________________________________________________________________________
                        (name and address of assignee)

The within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________________________________
__________________________________________, attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

Dated:______________________________         _______________________________*/
                                                Signature Guaranteed:

                                             _______________________________*/
                                             _______________________________
  */     NOTICE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within Note in
         every particular, without alteration, enlargement or any change
         whatever. Such signature must be guaranteed by an "eligible guarantor
         institution" meeting the requirements of the Note Registrar, which
         requirements include membership or participation in 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 Securities Exchange Act of 1934, as amended.

                                      8
<PAGE>

                                                                  EXHIBIT A-3

                            [FORM OF CLASS A-3 NOTE]

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.

REGISTERED                                                        $___________

No. R-__                                                 CUSIP NO. 23383V CN 8

                        DAIMLERCHRYSLER AUTO TRUST 2004-B

                       CLASS A-3 3.18% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2004-B, a statutory 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 ________ DOLLARS payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $____________ and the denominator of which
is $480,000,000 by (ii) the aggregate amount, if any, payable from the Deposit
Account in respect of principal on the Class A-3 Notes pursuant to Section
3.01 of the Indenture dated as of July 1, 2004 (the "Indenture"), between the
Issuer and JPMorgan Chase Bank, a New York banking corporation, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on September 8, 2008
(the "Class A-3 Final Scheduled Payment Date"). No payments of principal of
the Class A-3 Notes shall be made until the Class A-1 Notes and the Class A-2
Notes have been paid in full. Capitalized terms used but not defined herein
are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

         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

                                      1
<PAGE>

all payments of principal made on such preceding Payment Date), subject to
certain limitations contained in the last sentence of Section 3.01 of
the Indenture. Interest on this Note will accrue for each Payment Date from
and including the eighth day of the month preceding the month of such Payment
Date (in the case of the first Payment Date, from the Closing Date) to and
including the seventh day of the month of such Payment Date. 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.

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

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

Date: July 30, 2004                DAIMLERCHRYSLER AUTO TRUST 2004-B,

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

                                         By:   _______________________________
                                               Authorized Signatory
                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: July 30, 2004                JPMORGAN CHASE BANK, not in its individual
                                   capacity but solely as Indenture Trustee,

                                         By:   _______________________________
                                               Authorized Signatory

                                      3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 3.18% Asset Backed Notes (herein called the "Class
A-3 Notes"), all issued 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 Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all
terms of the Indenture.

         Subject to the subordination provisions of the Indenture, the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes (collectively, 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-3 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the eighth day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing August 9, 2004.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-3 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class A-3 Notes shall be made pro rata to the Class A-3 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 Registered 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 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 Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile 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 Indenture Trustee's principal Corporate Trust

                                      4
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-3 Interest Rate to the extent lawful.

         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, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof 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 the Securities Transfer
Agent's 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 Securities Exchange Act of 1934, as
amended, 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 that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, 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 or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a Note

                                      5
<PAGE>

(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness.

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

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, 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 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 Indenture 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 Indenture 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 Basic Documents, none of Deutsche Bank Trust Company Delaware in
its individual capacity,

                                      6
<PAGE>

JPMorgan Chase Bank in its individual capacity, any owner of a beneficial
interest in the Issuer, or 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 this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in 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.

                                      7
<PAGE>

                                   ASSIGNMENT

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

______________________________________________________________________________

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

______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints__________________________________________________________________,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

Dated:______________________________        ________________________________*/
                                                 Signature Guaranteed:

                                            ________________________________*/

___________________________
  */     NOTICE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within Note in
         every particular, without alteration, enlargement or any change
         whatever. Such signature must be guaranteed by an "eligible guarantor
         institution" meeting the requirements of the Note Registrar, which
         requirements include membership or participation in 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 Securities Exchange Act of 1934, as amended.

                                      8
<PAGE>

                                                                  EXHIBIT A-4

                            [FORM OF CLASS A-4 NOTE]

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.

REGISTERED                                                        $___________

No. R-1                                                  CUSIP NO. 23383V CP 3

                        DAIMLERCHRYSLER AUTO TRUST 2004-B

                       CLASS A-4 3.71% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2004-B, a statutory 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 ______________ _________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $_____________ and the
denominator of which is $220,000,000 by (ii) the aggregate amount, if any,
payable from the Deposit Account in respect of principal on the Class A-4 Notes
pursuant to Section 3.01 of the Indenture dated as of July 1, 2004 (the
"Indenture"), between the Issuer and JPMorgan Chase Bank, a New York banking
corporation, as Indenture Trustee (the "Indenture Trustee"); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of October 8, 2009 (the "Class A-4 Final Scheduled Payment Date")
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. No
payments of principal of the Class A-4 Notes shall be made until the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

         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

                                      1
<PAGE>

principal amount of this Note outstanding on the preceding Payment Date (after
giving effect to all payments of principal made on such preceding Payment
Date), subject to certain limitations contained in the last sentence of
Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the eighth day of the month preceding the
month of such Payment Date (in the case of the first Payment Date, from the
Closing Date) to and including the seventh day of the month of such Payment
Date. 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.

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

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

Date: July 30, 2004                DAIMLERCHRYSLER AUTO TRUST 2004-B,

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

                                        By: ________________________________
                                             Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: July 30, 2004                JPMORGAN CHASE BANK, not in its individual
                                   capacity but solely as Indenture Trustee,

                                   By:
                                      --------------------------------------
                                       Authorized Signatory

                                      3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 3.71% Asset Backed Notes (herein called the "Class
A-4 Notes"), all issued 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 Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all
terms of the Indenture.

         Subject to the subordination provisions of the Indenture, the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes (collectively, 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-4 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the eighth day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing August 9, 2004.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class A-4 Final Scheduled Payment
Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class A-4 Notes shall be made pro rata to the Class A-4 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 Registered 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 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 Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile 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 Indenture Trustee's principal Corporate Trust

                                      4
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

         The Issuer shall pay interest on overdue installments of interest at
the Class A-4 Interest Rate to the extent lawful.

         As provided in the Indenture, the Class A-4 Notes may be redeemed in
whole but not in part at the option of the Servicer on any Payment Date on and
after the date on which the Pool Balance is less than or equal to 10% of the
Original Pool Balance.

         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, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof 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 the Securities Transfer
Agent's 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 Securities Exchange Act of 1934, as
amended, 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 that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, 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 or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

                                      5
<PAGE>

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

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

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, 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 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 Indenture 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 Indenture 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.

                                      6
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Deutsche Bank Trust Company Delaware in
its individual capacity, JPMorgan Chase Bank in its individual capacity, any
owner of a beneficial interest in the Issuer, or 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 this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in 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.

                                      7
<PAGE>

                                   ASSIGNMENT

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

______________________________________________________________________________

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

______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _____________________________________________, attorney, to
transfer said Note on the books kept for registration thereof, with full power
of substitution

In the premises.

Dated:______________________________       ______________________________*/
                                              Signature Guaranteed:

                                           _______________________________*/
                                           ___________________________________
  */     NOTICE: The signature to this assignment must correspond with the name
         of the registered owner as it appears on the face of the within Note in
         every particular, without alteration, enlargement or any change
         whatever. Such signature must be guaranteed by an "eligible guarantor
         institution" meeting the requirements of the Note Registrar, which
         requirements include membership or participation in 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 Securities Exchange Act of 1934, as amended.

                                      8
<PAGE>
                                                                    EXHIBIT B

                             [FORM OF CLASS B NOTE]

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.

PAYMENTS ON THIS NOTE ARE SUBORDINATE TO THE PAYMENT OF PRINCIPAL OF AND
INTEREST ON THE CLASS A NOTES.

REGISTERED                                                       $___________

No. R-1                                                  CUSIP NO. 23383V CQ 1

                        DAIMLERCHRYSLER AUTO TRUST 2004-B

                        CLASS B 3.89% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2004-B, a statutory 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 ______________ _________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $_____________ and the
denominator of which is $45,000,000 by (ii) the aggregate amount, if any,
payable from the Deposit Account in respect of principal on the Class B Notes
pursuant to Section 3.01 of the Indenture dated as of July 1, 2004 (the
"Indenture"), between the Issuer and JPMorgan Chase Bank, a New York banking
corporation, as Indenture Trustee (the "Indenture Trustee"); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of January 10, 2011 (the "Class B Final Scheduled Payment Date") and
the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. No
payments of principal of the Class B Notes shall be made until the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have
been paid in full. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

                                      1
<PAGE>

         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
such preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the eighth day of the month
preceding the month of such Payment Date (in the case of the first Payment Date,
from the Closing Date) to and including the seventh day of the month of such
Payment Date. 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.

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

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

Date: July 30, 2004              DAIMLERCHRYSLER AUTO TRUST 2004-B,

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

                                       By: ________________________________
                                           Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date: July 30, 2004              JPMORGAN CHASE BANK, not in its individual
                                  capacity but solely as Indenture Trustee,

                                 By:
                                    ----------------------------------
                                     Authorized Signatory

                                      3
<PAGE>

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class B 3.89% Asset Backed Notes (herein called the "Class B
Notes"), all issued 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 Indenture Trustee and the
Holders of the Notes. The Class B Notes are subject to all terms of the
Indenture.

         Subject to the subordination provisions of the Indenture, the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes (collectively, 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 B Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the eighth day of
each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing August 9, 2004.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the earlier of the Class B Final Scheduled Payment
Date and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the
Controlling Class have declared the Notes to be immediately due and payable in
the manner provided in Section 5.02 of the Indenture. All principal payments on
the Class B Notes shall be made pro rata to the Class B 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 Registered 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 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 Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile 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 Indenture Trustee's principal Corporate Trust

                                      4
<PAGE>

Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

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

         As provided in the Indenture, the Class B Notes may be redeemed in
whole but not in part at the option of the Servicer on any Payment Date on and
after the date on which the Pool Balance is less than or equal to 10% of the
Original Pool Balance.

         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, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof 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 the Securities Transfer
Agent's 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 Securities Exchange Act of 1934, as
amended, 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 that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, 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 or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

                                      5
<PAGE>

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

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

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Controlling Class, 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 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 Indenture 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 Indenture 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.

                                      6
<PAGE>

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Deutsche Bank Trust Company Delaware in
its individual capacity, JPMorgan Chase Bank in its individual capacity, any
owner of a beneficial interest in the Issuer, or 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 this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in 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.

                                      7
<PAGE>

                                   ASSIGNMENT

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

_______________________________________________________________________________

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

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder,  and hereby irrevocably constitutes
and appoints ______________________________________, attorney, to transfer
said Note on the books kept for registration thereof, with full power of
substitution

In the premises.

Dated:______________________________     __________________________________*/
                                            Signature Guaranteed:

                                              _____________________________*/
                                              _____________________________

           */  NOTICE: The signature to this assignment must correspond with
the name of the registered owner as it appears on the face of the within Note in
every particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in 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 Securities Exchange Act of 1934, as amended.

                                      8
<PAGE>
                                                                    EXHIBIT C

                       [Form of Note Depository Agreement]

                            Letter of Representations
                     [To be Completed by Issuer and Trustee]

                                [Name of Issuer]
                                [Name of Trustee]
                                                        _______________________
                                                                     [Date]

Attention: General Counsel's Office
The Depository Trust Company
55 Water Street; 49th Floor
New York, NY 10041-0099

         Re:
                --------------------------------------------------------------
                                    [Issue Description]

Ladies and Gentlemen:

         This letter sets forth our understanding with respect to certain
matters relating to the above-referenced issue (the "Securities"). Trustee will
act as trustee with respect to the Securities pursuant to a trust indenture
dated ______________, 200___ (the "Document").  ______________________________
(the "Underwriter") is distributing the Securities through The Depository
Trust Company ("DTC").

         To induce DTC to accept the Securities as eligible for deposit at DTC,
and to act in accordance with its Rules with respect to the Securities, Issuer
and Trustee make the following representations to DTC:

         1. Prior to closing on the Securities on _____________________, 200_,
there shall be deposited with DTC one Security certificate registered in the
name of DTC's nominee, Cede & Co., for each stated maturity of the Securities
in the face amounts set forth on Schedule A hereto, the total of which
represents 100% of the principal amount of such Securities. If, however, the
aggregate principal amount of any maturity exceeds $500 million, one
certificate will be issued with respect to each $500 million of principal
amount and an additional certificate will be issued with respect to any
remaining principal amount. Each Security certificate shall bear the following
legend:

                  Unless this certificate is presented by an authorized
         representative of The Depository Trust Company, a New York corporation
         ("DTC"), to Issuer or its agent for registration of transfer, exchange,
         or payment, and any certificate issued is registered in

                                      1
<PAGE>

         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.

         2. In the event of any solicitation of consents from or voting by
holders of the Securities, Issuer or Trustee shall establish a record date for
such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall, to the extent possible, send notice of such
record date to DTC not less than 15 calendar days in advance of such record
date. Notices to DTC pursuant to this Paragraph by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-6896 or (212) 709-6897, and
receipt of such notices shall be confirmed by telephoning (212) 709-6870.
Notices to DTC pursuant to this Paragraph by mail or by any other means shall
be sent to DTC's Reorganization Department as indicated in Paragraph 4.

         3. In the event of a full or partial redemption, Issuer or Trustee
shall send a notice to DTC specifying: (a) the amount of the redemption or
refunding; (b) in the case of a refunding, the maturity date(s) established
under the refunding; and (c) the date such notice is to be mailed to Security
holders or published (the "Publication Date"). Such notice shall be sent to
DTC by a secure means (e.g., legible telecopy, registered or certified mail,
overnight delivery) in a timely manner designed to assure that such notice is
in DTC's possession no later than the close of business on the business day
before or, if possible, two business days before the Publication Date. Issuer
or Trustee shall forward such notice either in a separate secure transmission
for each CUSIP number or in a secure transmission for multiple CUSIP numbers
(if applicable) which includes a manifest or list of each CUSIP number
submitted in that transmission. (The party sending such notice shall have a
method to verify subsequently the use of such means and the timeliness of such
notice.) The Publication Date shall be not less than 30 days nor more than 60
days prior to the redemption date or, in the case of an advance refunding, the
date that the proceeds are deposited in escrow. Notices to DTC pursuant to
this Paragraph by telecopy shall be sent to DTC's Call Notification Department
at (516) 227-4039 or (516) 227-4190. If the party sending the notice does not
receive a telecopy receipt from DTC confirming that the notice has been
received, such party shall telephone (516) 227-4070. Notices to DTC pursuant
to this Paragraph by mail or by any other means shall be sent to:

                                Manager; Call Notification Department
                                The Depository Trust Company
                                711 Stewart Avenue
                                Garden City, NY 11530-4719

         4. In the event of an invitation to tender the Securities (including
mandatory tenders, exchanges, and capital changes), notice by Issuer or
Trustee to Security holders specifying the terms of the tender and the
Publication Date of such notice shall be sent to DTC by a secure means in the
manner set forth in the preceding Paragraph. Notices to DTC pursuant to this
Paragraph and notices of other corporate actions by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-1093 or (212) 709-1094, and
receipt of such notices

                                      2
<PAGE>

shall be confirmed by telephoning (212) 709-6884. Notices to DTC pursuant to
the above by mail or by any other means shall be sent to:

                                Manager; Reorganization Department
                                Reorganization Window
                                The Depository Trust Company
                                7 Hanover Square, 23rd Floor
                                New York, NY 10004-2695

         5. All notices and payment advices sent to DTC shall contain the
CUSIP number of the Securities.

         6. Trustee shall send DTC written notice with respect to the dollar
amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably 5, but
not less than 2, business days prior to such payment date. Such notices, which
shall also contain the current pool factor, and special adjustments to
principal/interest rates (e.g., adjustments due to deferred interest or
shortfall), and Trustee contact's name and telephone number, shall be sent by
telecopy to DTC's Dividend Department at (212) 709-1723, or if by mail or by
any other means to:

                                Manager; Announcements
                                Dividend Department
                                The Depository Trust Company
                                7 Hanover Square, 22nd Floor
                                New York, NY 10004-2695

         7. [Note: Issuer must represent one of the following, and cross out
the other:] [The interest accrual period is record date to record date.] [The
interest accrual period is payment date to payment date.]

         8. Trustee must provide DTC, no later than noon (Eastern Time) on the
payment date, CUSIP numbers for each issue for which payment is being sent, as
well as the dollar amount of the payment for each issue. Notification of
payment details should be sent using automated communications.

         9. Interest payments and principal payments that are part of periodic
principal-and-interest payments shall be received by Cede & Co., as nominee of
DTC, or its registered assigns in same-day funds, no later than 2:30 p.m.
(Eastern Time) on each payment date (in accordance with existing arrangements
between Issuer or Trustee and DTC). Absent any other arrangements between
Issuer or Trustee and DTC, such funds shall be wired as follows:

                                      3
<PAGE>

                                JPMorgan Chase Bank
                                ABA 021000021
                                For credit to A/C The Depository Trust Company
                                Dividend Deposit Account 066-026776

Issuer or Trustee shall provide interest payment information to a standard
announcement service subscribed to by DTC. In the unlikely event that no such
service exists, Issuer or Trustee shall provide interest payment information
directly to DTC in advance of the interest payment date as soon as the
information is available. This information should be conveyed directly to DTC
electronically. If electronic transmission is not available, absent any other
arrangements between Trustee and DTC, such information should be sent by
telecopy to DTC's Dividend Department at (212) 709-1723 or (212) 709-1686, and
receipt of such notices shall be confirmed by telephoning (212) 709-1270.
Notices to DTC pursuant to the above by mail or by any other means shall be sent
to:

                                Manager, Announcements
                                Dividend Department
                                The Depository Trust Company
                                7 Hanover Square; 22nd Floor
                                New York, NY  10004-2695

         10. DTC shall receive maturity and redemption payments allocated with
respect to each CUSIP number on the payable date in same-day funds by 2:30
p.m. (Eastern Time). Absent any other arrangements between Trustee and DTC,
such payments shall be wired as follows:

                                JPMorgan Chase Bank
                                ABA 021000021
                                For credit to A/C The Depository Trust Company
                                Redemption Account 066-027306

in accordance with existing SDFS payment procedures in the manner set forth in
DTC's SDFS Paying Agent Operating Procedures, a copy of which has previously
been furnished to Trustee.

         11. DTC shall receive all reorganization payments and CUSIP-level
detail resulting from corporate actions (such as tender offers, remarketings,
or mergers) on the first payable date in same-day funds by 2:30 p.m. (Eastern
Time). Absent any other arrangements between Trustee and DTC, such payments
shall be wired as follows:

                                JPMorgan Chase Bank
                                ABA 021000021
                                For credit to A/C The Depository Trust Company
                                Reorganization Account 066-027608

         12. DTC may direct Issuer or Trustee to use any other number or
address as the number or address to which notices or payments of interest or
principal may be sent.

                                      4
<PAGE>

         13. In the event of a redemption, acceleration, or any other similar
transaction (e.g., tender made and accepted in response to Issuer's or
Trustee's invitation) necessitating a reduction in the aggregate principal
amount of Securities outstanding or an advance refunding of part of the
Securities outstanding, DTC, in its discretion: (a) may request Issuer or
Trustee to issue and authenticate a new Security certificate; or (b) may make
an appropriate notation on the Security certificate indicating the date and
amount of such reduction in principal except in the case of final maturity, in
which case the certificate will be presented to Issuer or Trustee prior to
payment, if required.

         14. In the event that Issuer determines that beneficial owners of
Securities shall be able to obtain certificated Securities, Issuer or Trustee
shall notify DTC of the availability of certificates. In such event, Issuer or
Trustee shall issue, transfer, and exchange certificates in appropriate
amounts, as required by DTC and others.

         15. DTC may discontinue providing its services as securities
depository with respect to the Securities at any time by giving reasonable
notice to Issuer or Trustee (at which time DTC will confirm with Issuer or
Trustee the aggregate principal amount of Securities outstanding). Under such
circumstances, at DTC's request Issuer and Trustee shall cooperate fully with
DTC by taking appropriate action to make available one or more separate
certificates evidencing Securities to any DTC Participant having Securities
credited to its DTC accounts.

         16. Issuer: (a) understands that DTC has no obligation to, and will
not, communicate to its Participants or to any person having an interest in
the Securities any information contained in the Security certificate(s); and
(b) acknowledges that neither DTC's Participants nor any person having an
interest in the Securities shall be deemed to have notice of the provisions of
the Security certificates by virtue of submission of such certificate(s) to
DTC.

         17. Nothing herein shall be deemed to require Trustee to advance
funds on behalf of Issuer.

                                      5
<PAGE>

<TABLE>
<CAPTION>

<S>                                                      <C>
Notes:                                                   Very truly yours,
------
A.  If there is a Trustee (as defined in this Letter
of Representations), Trustee as well as Issuer must      _____________________________________________
sign this Letter.  If there is no Trustee, in                   (Issuer)
signing this Letter Issuer itself undertakes to
perform all of the obligations set forth herein.          By:_________________________________________
                                                                  (Authorized Officer's Signature)
B. Schedule B contains statements that DTC believes
accurately describe DTC, the method of effecting         ______________________________________________
book-entry transfers of securities distributed                              (Trustee)
through DTC, and certain related matters.
                                                          By:__________________________________________
                                                                 (Authorized Officer's Signature)

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

By:___________________________________

cc:      Underwriter
         Underwriter's Counsel

</TABLE>

                                      6
<PAGE>

                                                                    SCHEDULE A

                                (Describe Issue)

CUSIP           Principal Amount          Maturity Date           Interest Rate
-----           ----------------          -------------           -------------

                                      7
<PAGE>

                                                                    SCHEDULE B

                       SAMPLE OFFICIAL STATEMENT LANGUAGE
                       DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
 (Prepared by DTC--bracketed material may be applicable only to certain issues)

         1. The Depository Trust Company ("DTC"), New York, NY, will act as
securities depository for the securities (the "Securities"). The Securities will
be issued as fully-registered securities registered in the name of Cede & Co.
(DTC's partnership nominee). One fully-registered Security certificate will be
issued for [each issue of the Securities, [each] in the aggregate principal
amount of such issue, and will be deposited with DTC. [If, however, the
aggregate principal amount of [any] issue exceeds $500 million, one certificate
will be issued with respect to each $500 million of principal amount and an
additional certificate will be issued with respect to any remaining principal
amount of such issue.]

         2. DTC is a limited-purpose trust company organized under the New York
Banking Law, a "banking organization" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
Act of 1934. DTC holds securities that its participants ("Participants") deposit
with DTC. DTC also facilitates the settlement among Participants of securities
transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct
Participants include securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations. DTC is owned by a number
of its Direct Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc., and the National Association of Securities
Dealers, Inc. Access to the DTC system is also available to others such as
securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or
indirectly ("Indirect Participants"). The Rules applicable to DTC and its
Participants are on file with the Securities and Exchange Commission.

         3. Purchases of Securities under the DTC system must be made by or
through Direct Participants, which will receive a credit for the Securities on
DTC's records. The ownership interest of each actual purchaser of each Security
("Beneficial Owner") is in turn to be recorded on the Direct and Indirect
Participants' records. Beneficial Owners will not receive written confirmation
from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the Direct or Indirect Participant through
which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Securities are to be accomplished by entries made on the books
of Participants acting on behalf of Beneficial Owners. Beneficial Owners will
not receive certificates representing their ownership interests in Securities,
except in the event that use of the book-entry system for the Securities is
discontinued.

         4. To facilitate subsequent transfers, all Securities deposited by
Participants with DTC are registered in the name of DTC's partnership nominee,
Cede & Co. The deposit of

                                      8
<PAGE>

Securities with DTC and their registration in the name of Cede & Co. effect no
change in beneficial ownership. DTC has no knowledge of the actual Beneficial
Owners of the Securities; DTC's records reflect only the identity of the
Direct Participants to whose accounts such Securities are credited, which may
or may not be the Beneficial Owners. The Participants will remain responsible
for keeping account of their holdings on behalf of their customers.

         5. Conveyance of notices and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as
may be in effect from time to time.

         6. Redemption notices shall be sent to Cede & Co. If less than all of
the Securities within an issue are being redeemed, DTC's practice is to
determine by lot the amount of the interest of each Direct Participant in such
issue to be redeemed.

         7. Neither DTC nor Cede & Co. will consent or vote with respect to
Securities. Under its usual procedures, DTC mails an Omnibus Proxy to the Issuer
as soon as possible after the record date. The Omnibus Proxy assigns Cede &
Co.'s consenting or voting rights to those Direct Participants to whose accounts
the Securities are credited on the record date (identified in a listing attached
to the Omnibus Proxy).

         8. Principal and interest payments on the Securities will be made to
DTC. DTC's practice is to credit Direct Participants' accounts on payable date
in accordance with their respective holdings shown on DTC's records unless DTC
has reason to believe that it will not receive payment on payable date. Payments
by Participants to Beneficial Owners will be governed by standing instructions
and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC, Trustee, or Issuer, subject
to any statutory or regulatory requirements as may be in effect from time to
time. Payment of principal and interest to DTC is the responsibility of the
Issuer or Trustee, disbursement of such payments to Direct Participants shall be
the responsibility of DTC, and disbursement of such payments to the Beneficial
Owners shall be the responsibility of Direct and Indirect Participants.

         9. A Beneficial Owner shall give notice to elect to have its Securities
purchased or tendered, through its Participant, to Trustee [or
Tender/Remarketing Agent], and shall effect delivery of such Securities by
causing the Direct Participant to transfer the Participant's interest in the
Securities, on DTC's records, to Trustee [or Tender/Remarketing Agent]. The
requirement for physical delivery of Securities in connection with an optional
tender or a mandatory purchase will be deemed satisfied when the ownership
rights in the Securities are transferred by Direct Participants on DTC's records
and followed by a book-entry credit of tendered Securities to Trustee [or
Tender/Remarketing Agent's] DTC account.

         10. DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to Issuer
or Agent. Under such circumstances, in the event that a successor securities
depository is not obtained, Security certificates are required to be printed and
delivered.

                                      9
<PAGE>

         11. The Issuer may decide to discontinue use of the system of
book-entry transfers through DTC (or a successor securities depository). In that
event, Security certificates will be printed and delivered.

         12. The information in this section concerning DTC and DTC's book-entry
system has been obtained from sources that Issuer believes to be reliable, but
Issuer takes no responsibility for the accuracy thereof.

                                      10
<PAGE>

                                                                  SCHEDULE B
                                                                  ----------
                                 (to Blanket Issuer Letter of Representations)

                                (Describe Issue)

CUSIP          Principal Amount           Maturity Date          Interest Rate
-----          ----------------           -------------          --------------

                                      11

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