Document:

EXHIBIT 4.2

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

                 UNITED FIDELITY AUTO RECEIVABLES TRUST [____-_]

                $[________ ] [__]% Class [A-1] Asset Backed Notes
                $[________ ] [__]% Class [A-2] Asset Backed Notes
                $[________ ] [__]% Class [A-3] Asset Backed Notes
                $[_________] [__]% Class [B] Asset Backed Notes

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

                                    INDENTURE

                                     between

                         ______________________________,
                              as Indenture Trustee

                                       and

                UNITED FIDELITY AUTO RECEIVABLES TRUST [____-_],
                                    as Issuer

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

                           Dated as of ________, ____
                        --------------------------------

<PAGE>

                                TABLE OF CONTENTS

ARTICLE I.  DEFINITIONS AND INCORPORATION BY REFERENCE........................3
         SECTION 1.1   Definitions............................................3
         SECTION 1.2   Rules of Construction..................................8
         SECTION 1.3   Directions.............................................8

ARTICLE II.  THE NOTES........................................................9
         SECTION 2.1   Form...................................................9
         SECTION 2.2   Execution, Authentication and Delivery................10
         SECTION 2.3   Registration of Transfer and Exchange of Notes........11
         SECTION 2.4   Mutilated, Destroyed, Lost, or Stolen Notes...........14
         SECTION 2.5   Persons Deemed Owners.................................14
         SECTION 2.6   Access to List of Noteholders' Names and Addresses....15
         SECTION 2.7   Maintenance of Office or Agency.......................15
         SECTION 2.8   Payment of Principal and Interest; Defaulted Interest.15
         SECTION 2.9   Cancellation..........................................16
         SECTION 2.10  Release of Collateral.................................17

ARTICLE III.  COVENANTS......................................................17
         SECTION 3.1   Payment of Principal and Interest.....................17
         SECTION 3.2   Maintenance of Office or Agency.......................17
         SECTION 3.3   Money for Payments to be Held in .....................18
         SECTION 3.4   Existence.............................................19
         SECTION 3.5   Protection of Trust Property..........................20
         SECTION 3.6   Opinions as to Trust Property.........................20
         SECTION 3.7   Performance of Obligations; Servicing of Receivables..21
         SECTION 3.8   Negative Covenants....................................22
         SECTION 3.9   Annual Statement as to Compliance.....................23
         SECTION 3.10  Issuer May Consolidate, Etc. Only on Certain Terms....24
         SECTION 3.11  Successor or Transferee...............................26
         SECTION 3.12  No Other Business.....................................26
         SECTION 3.13  No Borrowing..........................................26
         SECTION 3.14  Servicer's Obligations................................27
         SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities.....27
         SECTION 3.16  Capital Expenditures..................................27
         SECTION 3.17  Compliance with Laws..................................27
         SECTION 3.18  Restricted Payments...................................27
         SECTION 3.19  Notice of Events of Default...........................27

                                        i
<PAGE>

         SECTION 3.20  Further Instruments and Acts..........................28
         SECTION 3.21  Income Tax Characterization...........................28

ARTICLE IV.  SATISFACTION AND DISCHARGE......................................28
         SECTION 4.1   Satisfaction and Discharge of Indenture...............28
         SECTION 4.2   Application of Trust Money............................30
         SECTION 4.3   Repayment of Moneys Held by Paying Agent..............30

ARTICLE V.  REMEDIES.........................................................30
         SECTION 5.1   Event of Default......................................30
         SECTION 5.2   Rights Upon Event of Default..........................32
         SECTION 5.3   Collection of Indebtedness and Suits for Enforcement
                          by Indenture Trustee...............................34
         SECTION 5.4   Remedies..............................................36
         SECTION 5.5   Optional Preservation of the Trust Property...........38
         SECTION 5.6   [RESERVED]............................................38
         SECTION 5.7   Limitation of Suits...................................38
         SECTION 5.8   Unconditional Rights of Noteholders to Receive
                          Principal and Interest.............................39
         SECTION 5.9   Restoration of Rights and Remedies....................39
         SECTION 5.10  Rights and Remedies Cumulative........................39
         SECTION 5.11  Delay or Omission Not a Waiver........................40
         SECTION 5.12  Control by Controlling Party..........................40
         SECTION 5.13  Waiver of Past Defaults...............................41
         SECTION 5.14  Undertaking for Costs.................................41
         SECTION 5.15  Waiver of Stay or Extension Laws......................41
         SECTION 5.16  Action on Notes.......................................41
         SECTION 5.17  Performance and Enforcement of Certain Obligations....42
         SECTION 5.18  Subrogation...........................................42
         SECTION 5.19  Preference Claims; Direction of Proceedings...........43

ARTICLE VI.  THE INDENTURE TRUSTEE...........................................44
         SECTION 6.1   Duties of Indenture Trustee...........................44
         SECTION 6.2   Rights of Indenture Trustee...........................46
         SECTION 6.3   Individual Rights of Indenture Trustee................47
         SECTION 6.4   Indenture Trustee's Disclaimer........................47
         SECTION 6.5   Notice of Defaults....................................47
         SECTION 6.6   Reports by Indenture Trustee to Holders...............47
         SECTION 6.7   Compensation..........................................48
         SECTION 6.8   Replacement of Indenture Trustee......................48

                                       ii
<PAGE>

         SECTION 6.9   Successor Indenture Trustee by Merger.................50
         SECTION 6.10  Appointment of Trust Collateral Agent.................51
         SECTION 6.11  Appointment of Co-Indenture Trustee or Separate
                          Indenture Trustee..................................51
         SECTION 6.12  Eligibility...........................................52
         SECTION 6.13  Trust Collateral Agent to Follow Indenture Trustee's
                          Directions.........................................53
         SECTION 6.14  Representations and Warranties of the Indenture
                          Trustee............................................53
         SECTION 6.15  Disqualification of the Indenture Trustee.............53
         SECTION 6.16  Waiver of Setoffs.....................................53
         SECTION 6.17  Control by the Controlling Party......................54

ARTICLE VII.  NOTEHOLDERS' LISTS AND REPORTS.................................54
         SECTION 7.1   Issuer To Furnish To Indenture Trustee Names and
                          Addresses of Noteholders...........................54
         SECTION 7.2   Preservation of Information; Communications to
                          Noteholders........................................54

ARTICLE VIII.  ACCOUNTS, DISBURSEMENTS AND RELEASES..........................54
         SECTION 8.1   Collection of Money...................................54
         SECTION 8.2   Release of Trust Property.............................55
         SECTION 8.3   Opinion of Counsel....................................55

ARTICLE IX.  SUPPLEMENTAL INDENTURES.........................................56
         SECTION 9.1   Supplemental Indentures Without Consent of
                          Noteholders........................................56
         SECTION 9.2   Supplemental Indentures with Consent of Noteholders...57
         SECTION 9.3   Execution of Supplemental Indentures..................59
         SECTION 9.4   Effect of Supplemental Indenture......................59
         SECTION 9.5   Reference in Notes to Supplemental Indentures.........59

ARTICLE X.  REDEMPTION AND PREPAYMENT OF NOTES...............................60
         SECTION 10.1  Redemption and Prepayment.............................60
         SECTION 10.2  Form of Redemption Notice.............................60
         SECTION 10.3  Notes Payable on Redemption Date......................61

ARTICLE XI.  MISCELLANEOUS...................................................61
         SECTION 11.1  Compliance Certificates and Opinions, etc.............61
         SECTION 11.2  Form of Documents Delivered to Indenture Trustee......63

                                       iii
<PAGE>

         SECTION 11.3  Acts of Noteholders...................................64
         SECTION 11.4  Notices, etc. to Indenture Trustee, Note Insurer,
                          Issuer and Rating Agencies.........................64
         SECTION 11.5  Notices to Noteholders; Waiver........................65
         SECTION 11.6  [Reserved]............................................66
         SECTION 11.7  Effect of Headings and Table of Contents..............66
         SECTION 11.8  Successors and Assigns................................66
         SECTION 11.9  Separability..........................................66
         SECTION 11.10 Benefits of Indenture.................................67
         SECTION 11.11 Legal Holidays........................................67
         SECTION 11.12 GOVERNING LAW.........................................67
         SECTION 11.13 Counterparts..........................................67
         SECTION 11.14 Recording of Indenture................................67
         SECTION 11.15 Trust Obligation......................................68
         SECTION 11.16 No Petition...........................................68
         SECTION 11.17 Inspection............................................69
         SECTION 11.18 No Legal Title in Holders.............................69
         SECTION 11.19 Rights of Note Insurer as Controlling Party...........69
         SECTION 11.20 Effect of Termination Date............................69

                             EXHIBITS AND SCHEDULES

Exhibit A-1       -- Form of Class A Note
Exhibit A-2       -- Form of Class A Note
Exhibit A-3       -- Form of Class A Note
Exhibit B         -- Form of Class B Note

Schedule A - Schedule of Receivables

                                       iv
<PAGE>

     INDENTURE, dated as of ________, ____, between UNITED FIDELITY AUTO
RECEIVABLES TRUST [____-_], a Delaware business trust (the "Issuer"), and
______________________________, a national banking association, as Indenture
Trustee (the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Notes and the Note Insurer.

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

     ______________________________ (the "Note Insurer") has issued and
delivered a financial guaranty insurance policy, dated the Closing Date (with
endorsements, the "Note Policy"), pursuant to which the Note Insurer guarantees
Scheduled Payments with respect to the Class A Notes, as defined in the Note
Policy.

     As an inducement to the Note Insurer to issue and deliver the Note Policy,
the Issuer and the Note Insurer have executed and delivered the Insurance and
Indemnity Agreement, dated as of _______________, _____ (as amended,
supplemented or otherwise modified from time to time in accordance with the
terms thereof, the "Insurance Agreement"), among the parties thereto.

     As an additional inducement to the Note Insurer to issue the Note Policy,
and as security for the performance by the Issuer of its obligations under this
Indenture, the Issuer has agreed to assign the Collateral (as defined below) as
collateral to the Indenture Trustee for the benefit of the Holders of the Notes
and the Note Insurer, as their respective interests may appear.

                                 GRANTING CLAUSE

     The Issuer hereby grants to the Indenture Trustee for the benefit of the
Note Insurer (so long as the Note Policy has not expired) and the Noteholders a
first-priority perfected security interest in all of the Issuer's right, title
and interest in, to and under the following collateral (the "Collateral") now
owned or hereafter acquired, which Collateral shall be held by the Trust
Collateral Agent on behalf of the Indenture Trustee, subject to the lien of this
Indenture:

          (i) the Initial Receivables listed on Schedule A hereto and the
     Subsequent Receivables listed on Schedule A to each Transfer Agreement, all
     amounts due on or after the applicable Cut-off Date and received after the
     applicable Cut-off Date;

                                        1
<PAGE>

          (ii) the security interests in the Financed Vehicles granted by
     Obligors pursuant to the Receivables and any accessions thereto, and any
     other interest of the Issuer in such Financed Vehicles and accessions,
     including certificates of title and other evidence of ownership with
     respect to such Financed Vehicles;

          (iii) any proceeds from claims on any physical damage, credit life or
     disability, GAP or other insurance policies thereon covering the Financed
     Vehicles or the Obligors relating to the Receivables and any proceeds from
     the liquidation of the Receivables or Financed Vehicles;

          (iv) all property (including the right to receive Future Liquidation
     Proceeds) that secures a contract and that has been acquired by or on
     behalf of the Issuer pursuant to the liquidation of such Receivable;

          (v) the Purchase Agreement, the Sale and Servicing Agreement and each
     Transfer Agreement, insofar as such right, title and interest relates to
     the Receivables or the Receivable Files or Financed Vehicles relating
     thereto, including the right of the Issuer to cause the Transferor or the
     Originator, as applicable, to repurchase the Receivables from the Issuer or
     to make the indemnity payments in respect thereof under the circumstances
     set forth in the Sale and Servicing Agreement and the Purchase Agreement,
     as applicable;

          (vi) the Dealer Recourse relating to the Receivables;

          (vii) rebates or refunds of premiums and other amounts relating to
     insurance policies and other items financed under the Receivables or
     otherwise covering an Obligor or a Financed Vehicle;

          (viii) all amounts and property from time to time held in or credited
     to any of the Trust Accounts and the Lock-Box Account (to the extent such
     amounts and property in the Lock-Box Account relate to the Receivables);

          (ix) the Receivable Files and all other documents that the Originator
     keeps on file in accordance with its customary procedures relating to the
     Receivables, or the Obligors or Financed Vehicles relating thereto; and

          (x) the proceeds of any and all of the foregoing.

     The foregoing grant shall include all rights, powers and options (but none
of the obligations) of the Issuer, including the immediate and continuing right
to claim for, collect, receive and give receipt for principal and interest
payments in respect of the Collateral and all other moneys payable thereunder,
to give and receive notices and other

                                        2
<PAGE>

communications, to make waivers or other agreements, to exercise all rights and
options, to bring proceedings in the name of the Issuer or otherwise and
generally to do and receive anything that the Issuer is or may be entitled to do
or receive thereunder or with respect thereto.

     The foregoing grant is made in trust to the Indenture Trustee for the
benefit of the Noteholders and the Note Insurer. The Indenture Trustee hereby
acknowledges such grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties required
in this Indenture in accordance with the provisions hereof to the end that the
interests of the parties and the Holders of the Notes and the Note Insurer,
recognizing the priorities of their respective interests, may be adequately and
effectively protected.

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.1 Definitions.

     (a) Except as otherwise specified herein, the following terms have the
respective meanings set forth below for all purposes of this Indenture.

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

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

     "Authorized Officer" means, with respect to the Issuer, any officer of the
Originator or the Owner Trustee, as applicable, or agent acting pursuant to a
power of attorney, with respect to the Subservicer, any officer or agent of the
Subservicer, with respect to the Back-up Servicer, any officer or agent of the
Back-up Servicer, with respect to the Master Servicer, any officer or agent of
the Master Servicer, in each case who is identified as such on the list of
Authorized Officers delivered by the Owner Trustee, the Subservicer, the Back-up
Servicer, or the Master Servicer, as the case may be, to the Indenture Trustee
and the Note Insurer on the Closing Date (as such list may be modified or
supplemented from time to time thereafter).

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

                                        3
<PAGE>

     "Class A Note" means a Class [A-1] Note, a Class [A-2] Note, or a Class [A-
3] Note, as applicable, substantially in the form of Exhibits A-1, A-2 and A-3,
respectively.

     ["Class B Note " means a Class B Note, substantially in the form of Exhibit
B.]

     "Clearing Agency" means the Depository Trust Company or its successor,
which shall be an organization registered as a "clearing agency" pursuant to
Section 17A of the Securities Exchange Act of 1934, as amended.

     "Clearing Agency Participant" means the Depository Trust Company, and its
successors, each of which shall be a broker, dealer, bank or 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.

     "Collateral" has the meaning set forth in Granting Clause.

     "Controlling Party" means the Note Insurer, so long as no Insurer Default
shall have occurred and be continuing, and the Indenture Trustee, at the
direction of the Majority Noteholders, for so long as an Insurer Default shall
have occurred and be continuing.

     "Corporate Trust Office" means the principal corporate trust office of the
Indenture Trustee, which at time of execution of this Indenture is
______________________________, Attention: [____________] or at such other
address as the Indenture Trustee may designate from time to time by notice to
the Noteholders, the Subservicer, the Master Servicer, the Back-up Servicer, the
Note Insurer and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders, the Note Insurer and the Issuer). With
respect only to the surrender of Notes for registration of transfer or exchange
or payment of the final distribution, "Corporate Trust Office" means, on the
date hereof, the office of the Indenture Trustee or its agent which is
[address].

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

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

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

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

                                        4
<PAGE>

     "Executive Officer" means, with respect to any corporation, the Chairman of
the Board, the Vice Chairman, Chief Financial Officer, President, Executive Vice
President, any Vice President, the Secretary, Assistant Secretary, the
Treasurer, Assistant Treasurer, or Controller of such corporation; and with
respect to any partnership, any general partner thereof.

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

     "Indebtedness" means, with respect to any Person at any time, (a)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including trade obligations); (b)
obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (c) current liabilities of such Person in respect of unfunded
vested benefits under plans covered by Title IV of ERISA; (d) obligations issued
for or liabilities incurred on the account of such Person; (e) obligations or
liabilities of such Person arising under acceptance facilities; (f) obligations
of such Person under any guarantees, endorsements (other than for collection or
deposit in the ordinary course of business) and other contingent obligations to
purchase, to provide funds for payment, to supply funds to invest in any Person
or otherwise to assure a creditor against loss; (g) obligations of such Person
secured by any lien on property or assets of such Person, whether or not the
obligations have been assumed by such Person; provided that the amount of such
indebtedness if not so assumed shall in no event be deemed to be greater than
the fair market value from time to time (as reasonably determined in good faith
by the Issuer) of the property subject to such lien; or (h) obligations of such
Person under any interest rate or currency exchange agreement.

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

     "Independent Certificate" means a certificate or opinion to be delivered to
the Indenture Trustee and the Note Insurer under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1,
prepared by an Independent appraiser or other expert appointed by an Issuer
Order and approved by the Indenture Trustee, and prior to the Termination Date,
the Note Insurer, which opinion or certificate shall state that the signer has
read the definition of "Independent" in the Sale and Servicing Agreement and
that the signer is Independent within the meaning thereof.

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

                                        5
<PAGE>

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

     "Note Owner" means, with respect to any Note Registered in the name of the
Clearing Agency or its nominee, the Person who is the beneficial owner of such
Note, as reflected on the books of the 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" mean the register maintained and the
registrar appointed pursuant to Section 2.3.

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

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

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

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

provided, however, that Notes which have been paid with the proceeds of the Note
Policy shall continue to remain Outstanding for purposes of this Indenture until
the Note Insurer has been paid as subrogee hereunder or reimbursed pursuant to
the Insurance Agreement as evidenced by a written notice from the Note Insurer
delivered to the Indenture Trustee, and the Note Insurer shall be deemed to be
the Holder thereof to the extent of any payments thereon made by the Note
Insurer; provided, further, that in determining whether the Holders of the
requisite Outstanding Class A Note Balance, Outstanding Class B Note Balance or
Outstanding Note Balance have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, the Subservicer, the Originator, the Transferor, any
other obligor upon the Notes, or any Affiliate of any of the foregoing Persons
shall be disregarded and 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

                                        6
<PAGE>

a Responsible Officer of the Indenture Trustee either actually knows to be so
owned or has received written notice thereof shall be so disregarded. Notes so
owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the 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 Transferor, the Originator or any
Affiliate of any of the foregoing Persons.

     "Paying Agent" means the Indenture Trustee or any other Person that meets
the eligibility standards for the Indenture Trustee specified in Section 6.12
and is authorized by the Issuer to make the payments to and distributions from
the Trust Accounts including payment of principal of or interest on the Notes on
behalf of the Issuer.

     "Plan" means any Person that is (i) an "employee benefit plan" (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(ii) a "plan" (as defined in Section 4975(e)(1) of the Code) that is subject to
Section 4975 of the Code or (iii) an entity whose underlying assets include
assets of a plan described in (i) or (ii) above by reason of such plan's
investment in the entity.

     "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 2.4 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.

     "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' (or such shorter period as shall be
acceptable to such Rating Agency) prior notice thereof and that each Rating
Agency shall have notified the Transferor, the Subservicer, the Master Servicer,
the Back-up Servicer, the Indenture Trustee, the Owner Trustee, the Note Insurer
and the Issuer that such action will not result in a reduction or withdrawal of
the then current rating of the Notes (and with respect to the Class A Notes,
without regard to the Note Policy).

     "Redemption Date" has the meaning set forth in Section 10.1.

     "Redemption Amount" means, in the case of a redemption of the Notes
pursuant to Section 10.1, an amount equal to the amount of the Outstanding Class
A Note Balance and the Outstanding Class B Balance plus accrued and unpaid
interest thereon to but excluding the Redemption Date plus all amounts due to
the Note Insurer, the Indenture

                                        7
<PAGE>

Trustee, the Trust Collateral Agent, the Collateral Agent, the Master Servicer
and the Back- up Servicer under the Basic Documents.

     "Required Long-Term Debt Rating" shall be a rating on long-term unsecured
debt obligations of A2 by Moody's and A by S&P (or other equivalent rating by a
nationally recognized rating agency) and any requirement that long-term
unsecured debt obligations have the "Required Long-Term Debt Rating" shall mean
that such long-term unsecured debt obligations have the foregoing required
rating.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement dated
as of ________, ____, among the Issuer, the Originator, the Transferor, the
Subservicer, the Master Servicer, the Back-up Servicer and the Trust Collateral
Agent, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with its terms.

     "Termination Date" means the latest of (i) the date all of the Notes are
paid in full, (ii) the expiration of the Note Policy and the return of the Note
Policy to the Note Insurer for cancellation, (iii) the date on which the Note
Insurer shall have received payment and performance of all of Insurer Secured
Obligations (as defined in the Spread Account Agreement) and (iv) the date on
which the Indenture Trustee shall have received payment and performance of all
Issuer Secured Obligations.

     SECTION 1.2 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" means including without limitation; and

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

     SECTION 1.3 Directions. Any direction required to be given by the
Noteholders shall be given hereunder by the Note Insurer, unless a Note Insurer
Default shall have occurred and be continuing or the Class A Notes are no longer
Outstanding and the

                                        8
<PAGE>

Note Insurer has received full payment and performance of all Insured Secured
Obligations, in which case the Majority Noteholders shall be entitled to give
such direction.

     SECTION 1.4 Incorporation by Reference to the Trust Indenture Act. Whenever
this Indenture refers to a provision of the Trust Indenture Act ("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 ITA,
defined by reference to another statute or defined by Commission rule have the
meaning assigned to them by such definition.

                                   ARTICLE II

                                    THE NOTES

     SECTION 2.1 Form. The Class [A-1] Notes, Class [A-2] Notes, Class [A-3]
Notes and Class [B] Notes, in each case together with the Indenture Trustee's
certificate of authentication, shall be in definitive registered form in
substantially the forms set forth in Exhibits A-1, A-2, A-3 and B to this
Indenture 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 Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders), all as

                                        9
<PAGE>

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 Exhibits A-1, A-2, A-3 and B are part of the terms of this
Indenture.

     SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of the Authorized Officers of the Owner
Trustee. 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 receipt of the Issuer Order authenticate
and deliver the Class [A-1] Notes for original issue in an aggregate principal
amount of $[________ ], the Class [A-2] Notes for original issue in an aggregate
principal amount of $[________ ], the Class [A-3] Notes for original issue in an
aggregate principal amount of $[________ ], and the Class [B] Notes for original
issue in an aggregate principal amount of $[________ ]. The Notes outstanding at
any time may not exceed such amount.

     The Class A Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and integral multiples of $1,000 in excess thereof. The
Class B Notes shall be issuable as registered Notes in the minimum denomination
of [$__________] and integral multiples of [$__________] in excess thereof.

     It is intended that the Notes be registered so as to participate in a
book-entry system with the Clearing Agency as set forth herein. Each of the
Class [A-1] Notes, Class [A-2] Notes, Class [A-3] Notes and Class [B] Notes
shall be initially issued in the form of a single fully-registered note with a
denomination equal to the Class [A-1] Initial Note Balance, Class [A-2] Initial
Note Balance, Class [A-3] Initial Note Balance or Class [B] Initial Note
Balance, as applicable. Upon initial issuance, the ownership of such Notes shall
be registered in the Note Register in the name of Cede & Co., or any successor
thereto, as nominee for the Clearing Agency.

     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 Responsible Officers,
and such certificate upon any Note shall

                                       10
<PAGE>

be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

     SECTION 2.3 Registration of Transfer and Exchange of Notes.

     (a) The Note Registrar shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 2.7, a Note Register in which, subject to
such reasonable regulations as it may prescribe, the Indenture Trustee shall
provide for the registration of Notes and of transfers and exchanges of Notes as
herein provided. The Indenture Trustee shall be the initial Note Registrar. In
the event that, subsequent to the Closing Date, the Indenture Trustee notifies
the Transferor and the Note Insurer that it is unable to act as Note Registrar,
the Transferor shall appoint another bank or trust company, having an office or
agency located in the Borough of Manhattan, The City of New York, agreeing to
act in accordance with the provisions of this Indenture applicable to it, and
otherwise acceptable to the Indenture Trustee, and, prior to the Termination
Date, the Note Insurer, to act as successor Note Registrar under this Indenture.

     No sale, pledge or other transfer of a Class B Note shall be made unless
such sale, pledge or other transfer is (I)(A) pursuant to an effective
registration statement under the 1933 Act, (B) for so long as the Class B Notes
are eligible for resale pursuant to Rule 144A under the 1933 Act to a Person the
transferor reasonably believes after due inquiry is a "qualified institutional
buyer" as defined in Rule 144A that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
transfer is being made in reliance on Rule 144A, or (C) pursuant to another
available exemption from the registration requirements of the 1933 Act, and (II)
to a Person that satisfies the requirements of paragraph (a)(2)(i) or (a)(2)(ii)
of Rule 3a-7 as then in effect or any successor rule under the Investment
Company Act of 1940, as amended and any applicable state securities and blue sky
laws. The Indenture Trustee may require an opinion of counsel to be delivered to
it in connection with any transfer of the Class B Notes pursuant to clauses (A)
or (C) above.

     Under no circumstances may an institutional "accredited investor" within
Regulation D of the Securities Act take delivery in the form of a beneficial
interest in a book- entry Class B Note if such purchaser is not a "qualified
institutional buyer" as defined under Rule 144A under the Securities Act.

     If definitive Class B Notes are issued, the Class B Notes may not be
transferred, directly or indirectly, to any Person unless (A) the transferee of
the Class B Note certifies in a certificate to the Issuer and the Indenture
Trustee that such Person is a "qualified institutional buyer" as defined in Rule
144A under the 1933 Act or (B) the transferee of the Class B Note delivers to
the Indenture Trustee and the Issuer an opinion of counsel that such transfer is
permitted pursuant to clause (A) or (C) above.

                                       11
<PAGE>

     All opinions of counsel required in connection with any transfer shall be
by counsel reasonably acceptable to the Indenture Trustee.

     No transfer of a Class B Note shall be made to any Person unless the
Indenture Trustee has received a certificate from such transferee, in form and
substance acceptable to the Indenture Trustee, to the effect that such
transferee (a) is not a Plan, and is not acting on behalf of or investing the
assets of a Plan or (b) is acquiring a Class B Note and is entitled to exemptive
relief pursuant to a Department of Labor prohibited transaction class exemption
with respect to its acquisition and continued holding of such Class B Note. The
preparation and delivery of the certificate referred to above shall not be an
expense of the Indenture Trustee, the Issuer or the Transferor but shall be
borne by the transferee. Each transferee of a beneficial ownership interest in a
book-entry Class B Note shall be deemed to have made one of the foregoing
representations by its acquisition of such Class B Note.

     Neither the Issuer nor the Indenture Trustee is obligated to register the
Class B Notes under the 1933 Act or any other securities law. Any transfer in
violation of the provisions of this Section 2.3 shall be void ab initio.

     The Class B Notes shall bear legends stating that they have not been
registered under the Securities Act and are subject to the restrictions on
transfer described in this Section 2.3(a). By purchasing a Class B Note, each
purchaser shall be deemed to have agreed to such restrictions on transfer.

     (b) The Notes shall be held in book-entry form, and with respect thereto:

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

          (ii) the rights of Note Owners will be exercised only through the
     Clearing Agency and will 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 Depository Agreement;

          (iii) whenever this Indenture or any of the Basic Documents requires
     or permits actions to be taken based upon instructions or directions of
     Holders of Notes evidencing a specified percentage of the Class A Note
     Balance, the Class B Note Balance or the Note Balance, the Clearing Agency
     will 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

                                       12
<PAGE>

     representing, respectively, such required percentage of the beneficial
     interest in the Notes and has delivered such instructions to the Indenture
     Trustee; and

          (iv) without the consent of the Indenture Trustee, no such Note may be
     transferred by the Clearing Agency except to a successor Clearing Agency
     that agrees to hold such Note for the account of the Note Owners or except
     upon the election of the Note Owner thereof or a subsequent transferee to
     hold such Note in physical form.

     None of the Indenture Trustee, the Note Registrar or the Note Insurer shall
have any responsibility to monitor or restrict the transfer of beneficial
ownership in any Note an interest in which is transferable through the
facilities of the Clearing Agency.

     If (i)(A) the Issuer 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 Notes as described in the Depository
Agreement and (B) the Issuer is unable to locate a qualified successor with
respect to which (unless a Note Insurer Default shall have occurred and be
continuing) the Note Insurer has provided its prior written consent, (ii) the
Issuer 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, the Controlling Party advises the Indenture
Trustee and the Clearing Agency through the Clearing Agency Participants in
writing that the continuation of a book-entry system through the Clearing Agency
with respect to the Notes is no longer in the best interests of the related Note
Owners, then the Indenture Trustee shall notify all such Note Owners and the
Note Insurer, through the Clearing Agency, and the Note Insurer of the
occurrence of any such event and of the availability of definitive Notes to such
Note Owners requesting the same. Upon surrender to the Indenture Trustee of the
Notes by the Clearing Agency accompanied by registration instructions from the
Clearing Agency, the Indenture Trustee shall issue definitive Notes and deliver
such definitive Notes in accordance with the instructions of the Clearing
Agency. None of the Issuer, the Note Registrar, the Note Insurer, 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 hereunder.

     (c) In order to preserve the exemption for resales and transfers provided
by Rule 144A under the Securities Act, the Issuer shall provide to any Holder of
a Class B Note and any prospective purchaser designated by such Holder, upon
request of such Holder or such prospective purchaser, such information required
by Rule 144A as will enable the resale of such Class B Note to be made pursuant
to Rule 144A. The Servicer and the Indenture Trustee shall cooperate with the
Issuer in providing the Issuer such information

                                       13
<PAGE>

regarding the Class B Notes, the Trust Property and other matters regarding the
Issuer as the Issuer shall reasonably request to meet its obligations under the
preceding sentence.

     (d) Upon surrender for registration of transfer of any Note at the
Corporate Trust Office, the Indenture Trustee shall, subject to Section 2.3(a),
authenticate, and deliver, in the name of the designated transferee or
transferees, one or more new Notes of such Class in authorized denominations of
a like aggregate amount dated the date of authentication by the Indenture
Trustee. At the option of a Holder, Notes may be exchanged for other Notes of
such Class in authorized denominations of a like aggregate amount upon surrender
of the Notes to be exchanged at the Corporate Trust Office.

     (e) Every Note presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee and the Note Registrar duly executed by
the Holder or his attorney duly authorized in writing. Each Note surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Indenture Trustee in accordance with its customary practice.

     (f) No service charge shall be made for any registration of transfer or
exchange of Notes, but the Indenture Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Notes.

     SECTION 2.4 Mutilated, Destroyed, Lost, or Stolen Notes. If (a) any
mutilated Note shall be surrendered to the Note Registrar, or if the Note
Registrar shall receive evidence to its satisfaction of the destruction, loss,
or theft of any Note and (b) there shall be delivered to the Note Insurer, the
Issuer, the Indenture Trustee and the Note Registrar such security or indemnity
as may be required by it to hold the Note Insurer, the Issuer, the Indenture
Trustee, the Note Registrar and the Note Insurer harmless, then in the absence
of notice that such Note shall have been acquired by a bona fide purchaser, the
Owner Trustee on behalf of the Issuer shall execute and the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost, or stolen Note, a new Note of the same Class. In
connection with the issuance of any new Note under this Section, the Indenture
Trustee and the Note Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Note issued pursuant to this Section shall constitute
valid obligations of the Issuer, evidencing the same debt and entitled to the
same benefits of this Indenture, as if originally issued, whether or not the
lost, stolen, or destroyed Note shall be found at any time.

     SECTION 2.5 Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the
Note Registrar and

                                       14
<PAGE>

any agent of the Issuer, the Indenture Trustee, the Note Insurer, the Note
Insurer or the Note Registrar may treat the Person in whose name any Note shall
be registered (as of the Record Date) as the owner of such Note for the purpose
of receiving distributions pursuant to Section 5.12 of the Sale and Servicing
Agreement and Sections 3.2 and 5.2 hereof and for all other purposes whatsoever,
whether or not such Note be overdue, and none of the Issuer, the Indenture
Trustee, the Note Insurer nor the Note Registrar nor any such agent shall be
bound by any notice to the contrary.

     SECTION 2.6 Access to List of Noteholders' Names and Addresses. The
Indenture Trustee shall furnish or cause to be furnished to the Subservicer, the
Master Servicer, the Back-up Servicer or the Note Insurer within 15 days after
receipt by the Indenture Trustee of a request therefor from the Subservicer, the
Master Servicer, the Back- up Servicer or the Note Insurer in writing, a list,
in such form as the Subservicer, the Master Servicer, the Back-up Servicer or
the Note Insurer may reasonably require, of the names and addresses of the
Noteholders as of the most recent Record Date. If three or more Noteholders, or
one or more Holders of Notes aggregating not less than 10% of the Note Balance,
apply in writing to the Indenture Trustee, and such application states that the
applicants desire to communicate with other Noteholders with respect to their
rights under this Indenture or under the Notes and such application shall be
accompanied by a copy of the communication that such applicants propose to
transmit, then the Indenture Trustee shall, within five Business Days after the
receipt of such application, make available to such Noteholders access during
normal business hours to the current list of Noteholders. Each Holder, by
receiving and holding a Note, shall be deemed to have agreed to hold none of the
Subservicer, the Master Servicer, the Back-up Servicer, the Note Insurer nor the
Indenture Trustee accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

     SECTION 2.7 Maintenance of Office or Agency. The Indenture Trustee shall
maintain in _______________, __________, an office or offices or agency or
agencies where Notes may be surrendered for registration of transfer or exchange
and an office in _______________, __________ where notices and demands to or
upon the Indenture Trustee in respect of the Notes and this Indenture may be
served. The Indenture Trustee initially designates the Corporate Trust Office as
specified in this Indenture as its office for such purposes. The Indenture
Trustee shall give prompt written notice to the Subservicer, the Master
Servicer, the Back-up Servicer, the Note Insurer and to Noteholders of any
change in the location of the Note Register or any such office or agency.

     SECTION 2.8 Payment of Principal and Interest; Defaulted Interest.

     (a) Each Class of Notes shall accrue interest as provided in the form of
the Notes set forth in Exhibits A-1, A-2, A-3 and B and such interest shall be
due and payable on each Distribution Date as specified therein. Any installment
of interest or

                                       15
<PAGE>

principal, if any, payable on any Note which is punctually paid or duly provided
for by the Issuer on the applicable Distribution Date shall be paid as set forth
in Section 5.12(a) of the Sale and Servicing Agreement. In furtherance of and in
limitation of the foregoing, each Noteholder, by its acceptance of a Note,
specifically acknowledges that it has no right to or interest in any monies at
any time held pursuant to the Spread Account Agreement prior to the release of
such monies pursuant to Section 3.03(b) of the Spread Account Agreement, such
monies being held in trust for the benefit of the Secured Parties.

     (b) The principal of each Note shall be payable in installments on each
Distribution Date as provided in the form of the Notes set forth in Exhibits
A-1, A-2, A-3 and B. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes may become due and payable, if not previously paid, upon the
occurrence of an Event of Default in the manner provided in Section 5.2. All
principal payments on the Notes shall be made as provided in Section 5.2 hereof
and in Section 5.12(a) of the Sale and Servicing Agreement, as applicable. Upon
written notice from the Issuer, 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 Distribution 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 Distribution
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 redemption of the Notes shall be mailed to Noteholders as
provided in Section 10.2.

     (c) If the Issuer defaults in a payment of interest on any Class of the
Notes, the Issuer shall pay any Class A-1 Interest Carryover Shortfall, Class
A-2 Interest Carryover Shortfall, Class A-3 Interest Carryover Shortfall and
Class B Interest Carryover Shortfall on subsequent Distribution Dates pursuant
to Section 5.12(a) of the Sale and Servicing Agreement.

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

     SECTION 2.9 Cancellation. Subject to Section 2.8(d), 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 canceled by the Indenture Trustee.
Subject to Section 2.8(d), 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

                                       16
<PAGE>

manner whatsoever, and all Notes so delivered shall be promptly canceled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section, except as expressly permitted by
this Indenture. Subject to Section 2.8(d), all canceled 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 timely
direct by an Issuer Order that such Notes be destroyed or returned to it;
provided that such Notes have not been previously disposed of by the Indenture
Trustee prior to its receipt of such Issuer Order.

     SECTION 2.10 Release of Collateral. The Indenture Trustee shall, on or
after the Termination Date, release and shall cause the Trust Collateral Agent
to release any remaining portion of the Trust Property from the lien created by
this Indenture and shall cause the Trust Collateral Agent to deposit in the
Collection Account any funds then on deposit in any other Trust Account. The
Indenture Trustee shall release property from the lien created by this Indenture
pursuant to this Section only upon receipt by the Indenture Trustee and the Note
Insurer of an Issuer Request accompanied by an Officer's Certificate and an
Opinion of Counsel meeting the applicable requirements of Section 11.1.

                                   ARTICLE III

                                    COVENANTS

     SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing, the
Issuer will cause to be distributed to the Noteholders all amounts on deposit in
the Class A Note Distribution Account and Class B Note Distribution Account on a
Distribution Date deposited therein pursuant to the Sale and Servicing Agreement
for the benefit of the Notes. 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 the Notes and this Indenture.

     SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in
_______________, __________, an office or agency where Notes may be surrendered
for registration of transfer or exchange, and an office in _______________,
__________ 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 and the Note Insurer 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 or the Note Insurer with the address
thereof, such surrenders, notices and demands may be made or served at the
Corporate Trust

                                       17
<PAGE>

Office, and the Issuer hereby appoints the Indenture Trustee as its agent to
receive all such surrenders, notices and demands.

     SECTION 3.3 Money for Payments to be Held in Trust. (a) On or before each
Distribution Date and the Redemption Date, the Issuer shall deposit or cause to
be deposited in the Note Distribution Account from the Collection Account, an
aggregate sum sufficient to pay the amounts then becoming due under the Notes,
such sum to be held in trust for the benefit of the Persons entitled thereto and
(unless the Paying Agent is the Indenture Trustee) shall promptly notify the
Indenture Trustee of its action or failure so to act.

     (b) The Issuer will cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee and the Note Insurer 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 and the Note Insurer notice of any
     default by the Issuer of which a Responsible Officer has actual knowledge
     (or any other obligor upon the Notes) 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, or, prior to the Termination
     Date, the Note Insurer, 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 in each case, as instructed
     by the Issuer.

                                       18
<PAGE>

     (c) The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any 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 a payment by any Paying Agent to the Indenture Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

     (d) Subject to applicable laws with respect to the escheat of funds, any
money held by the Indenture Trustee or any Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request, with the written consent of the
Note Insurer (unless an Insurer Default shall have occurred and be continuing)
if the Termination Date has not occurred; 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 if such money or
any portion thereof had been previously deposited by the Note Insurer or the
Trust Collateral Agent with the Indenture Trustee for the payment of principal
or interest on the Notes, to the extent any amounts are owing to the Note
Insurer, such amounts shall be paid promptly to the Note Insurer upon the
Indenture Trustee's receipt of a written request by the Note Insurer to such
effect; and provided, further, that the Indenture Trustee or such Paying Agent,
before being required to make any such repayment, shall at the expense of the
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in [The City of New York], notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ,
at the expense of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Holders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in moneys due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any
Paying Agent, at the last address of record for each such Holder).

     SECTION 3.4 Existence. Except as otherwise permitted by the provisions of
Section 3.10, the Issuer will keep in full effect its existence, rights and
franchises as a business trust under the laws of the State of Delaware 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 Property.

                                       19
<PAGE>

     SECTION 3.5 Protection of Trust Property. The Issuer intends the security
interest granted pursuant to this Indenture in favor of the Indenture Trustee,
the Noteholders and the Note Insurer to be prior to all other Liens in respect
of the Trust Property, and the Issuer shall take all actions necessary to obtain
and maintain, in favor of the Indenture Trustee, the Noteholders and the Note
Insurer, a first Lien on and a first priority, perfected security interest in
the Trust Property. The Issuer will from time to time prepare (or shall cause to
be prepared), execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

          (i) grant more effectively all or any portion of the Trust Property or
     maintain the Trust Property free and clear of all Liens other than the Lien
     created hereby;

          (ii) maintain or preserve the Lien and security interest (and the
     priority thereof) in favor of the Indenture Trustee, for the benefit of the
     Noteholders and the Note Insurer, created by this Indenture or carry out
     more effectively the purposes hereof;

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

          (iv) enforce any of the Collateral;

          (v) preserve and defend title to the Trust Property and the rights of
     the Indenture Trustee, the Noteholders and the Note Insurer in such Trust
     Property against the claims of all persons and parties; and

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

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

     SECTION 3.6 Opinions as to Trust Property.

     (a) On the Closing Date and on the date of each indenture supplement
hereto, if any, the Issuer shall furnish to the Indenture Trustee and the Note
Insurer an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording and filing of
this Indenture, and indentures supplemental

                                       20
<PAGE>

hereto and other requisite documents and with respect to the execution and
filing of any financing statements and continuation statements, as are necessary
to perfect and make effective the first priority Lien and security interest in
favor of the Indenture Trustee for the benefit of the Noteholders and the Note
Insurer, created by this Indenture and reciting the details of such action, or
stating that, in the opinion of such counsel, no such action is necessary to
make such lien and security interest effective.

     (b) Within 30 days after the beginning of each calendar year, beginning
with the first calendar year beginning more than three months after the Closing
Date, the Issuer shall furnish to the Indenture Trustee and the Note Insurer an
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such Lien and security interest. Such Opinion of
Counsel shall also describe the recording, filing, re- recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until the 30th day
to occur in the following calendar year.

     SECTION 3.7 Performance of Obligations; Servicing of Receivables.

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

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

                                       21
<PAGE>

agreements included in the Trust Property, including, but not limited to,
preparing (or causing to be prepared) and filing (or causing to be filed) all
UCC financing statements and continuation statements required to be filed by the
terms of this Indenture and the other Basic Documents 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 Note Insurer (unless an Insurer Default
has occurred and is continuing).

     (d) The Issuer shall promptly notify the Indenture Trustee, the Note
Insurer and the Rating Agencies of the occurrence of an Event of Default, and,
if the Issuer shall have actual knowledge of the occurrence of a Servicer
Default or Master Servicer Default, a Servicer Default or Master Servicer
Default in accordance with Section 11.4, and shall specify in such notice the
action, if any, the Issuer is taking in respect of such default. If an Event of
Default, Servicer Default or Master Servicer Default shall arise from the
failure of the Subservicer or the Master Servicer to perform any of its duties
or obligations under the Sale and Servicing Agreement with respect to the
Receivables, the Issuer shall take all reasonable steps available to it to
remedy such failure.

     (e) The Issuer agrees that it will not waive timely performance or
observance by the Subservicer, the Servicer or the Master Servicer or the
Transferor of their respective duties under the Basic Documents, prior to the
Termination Date without the prior written consent of the Note Insurer (unless
an Insurer Default shall have occurred and be continuing), or if the effect
thereof would adversely affect the Holders of the Notes.

     SECTION 3.8 Negative Covenants.

     So long as any Notes are Outstanding, the Issuer shall not:

          (i) except as expressly permitted by this Indenture or the Basic
     Documents, sell, transfer, exchange or otherwise dispose of any of the
     properties or assets of the Issuer, including those included in the Trust
     Property, unless directed to do so by the Indenture Trustee with the prior
     written consent of the Note Insurer (unless an Insurer Default shall have
     occurred and be continuing) the Note Insurer;

          (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 Property;

                                       22
<PAGE>

          (iii) (A) permit the validity or effectiveness of this Indenture to be
     impaired, or permit the Lien in favor of the Indenture Trustee created by
     this Indenture to be amended, hypothecated, subordinated, terminated or
     discharged, or permit any Person to be released from any covenants or
     obligations with respect to the Notes under this Indenture except as may be
     expressly permitted hereby, (B) permit any Lien, charge, excise, claim,
     security interest, mortgage or other encumbrance (other than the Lien of
     this Indenture) to be created on or extend to or otherwise arise upon or
     burden the Trust Property or any part thereof or any interest therein or
     the proceeds thereof (other than tax liens, mechanics' liens and other
     liens that arise by operation of law, in each case on a Financed Vehicle
     and arising solely as a result of an action or omission of the related
     Obligor), (C) permit the Lien of this Indenture not to constitute a valid
     perfected first priority (other than with respect to any such tax,
     mechanics' or other lien) security interest in the Trust Property or (D)
     amend, modify or fail to comply with the provisions of the Basic Documents,
     prior to the Termination Date, without the prior written consent of the
     Note Insurer; or

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

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

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

     SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to
the Indenture Trustee, the Rating Agencies, the Note Insurer and the Noteholders
on or before March 31 of each year beginning in the year 2003, an Officer's
Certificate dated as of the previous December 31 stating, as to the Authorized
Officer signing such Officer's Certificate, that

          (i) a review of the activities of the Issuer during the preceding 12-
     month period (or, for the initial certificate, for such shorter period as
     may have elapsed from the initial issuance of the Notes to such December
     31st) and of performance under this Indenture has been made under such
     Authorized Officer's supervision; and

          (ii) to the best of such Authorized Officer's knowledge, based on such
     review, the Issuer has complied with all conditions and covenants under
     this Indenture throughout such year, or, if there has been a default in the
     compliance of

                                       23
<PAGE>

     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, and prior
     to the Termination Date, the Note Insurer, 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 and the Note
     Insurer) to the effect that such transaction will not have any material
     adverse tax consequence to the Issuer, the Note Insurer, any Noteholder or
     the Certificateholder;

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

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

                                       24
<PAGE>

          (vii) the Issuer shall have delivered to the Indenture Trustee and the
     Note Insurer an Officer's Certificate and an Opinion of Counsel each
     stating that such consolidation or merger and such supplemental indenture
     comply with this Section 3.10 and that all conditions precedent herein
     provided for relating to such transaction have been complied with.

     (b) The Issuer shall not convey or transfer all or substantially all of its
properties or assets, including those included in the Trust Property, to any
Person, unless

          (i) the Person that acquires by conveyance or transfer the properties
     and assets of the Issuer the conveyance or transfer of which is hereby
     restricted shall (A) be a United States citizen or a Person organized and
     existing under the laws of the United States of America or any State, (B)
     expressly assume, by an indenture supplemental hereto, executed and
     delivered to the Indenture Trustee, in form satisfactory to the Indenture
     Trustee, and prior to the Termination Date, the Note Insurer, the due and
     punctual payment of the principal of and interest on all Notes and the
     performance or observance of every agreement and covenant of this Indenture
     and each of the Basic Documents on the part of the Issuer to be performed
     or observed, all as provided herein, (C) expressly agree by means of such
     supplemental indenture that all right, title and interest so conveyed or
     transferred shall be subject and subordinate to the rights of Holders of
     the Notes and (D) unless otherwise provided in such supplemental indenture,
     expressly agree to indemnify, defend and hold harmless the Issuer and the
     Note Insurer against and from any loss, liability or expense arising under
     or related to this Indenture and the Notes;

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

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

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

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

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

                                       25
<PAGE>

     of such action and shall have received the prior written approval of the
     Note Insurer of such conveyance or transfer and the Issuer or the Person
     (if other than the Issuer) formed by or surviving such conveyance or
     transfer has a net worth, immediately after such conveyance or transfer,
     that is (a) greater than zero and (b) not less than the net worth of the
     Issuer immediately prior to giving effect to such conveyance or transfer;
     and

          (vii) the Issuer shall have delivered to the Indenture Trustee and the
     Note Insurer an Officer's Certificate and an Opinion of Counsel each
     stating that such conveyance or transfer and such supplemental indenture
     comply with this Section 3.10 and that all conditions precedent herein
     provided for relating to such transaction have been complied with.

     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), the Issuer will be released from every
covenant and agreement of this Indenture to be observed or performed on the part
of the Issuer with respect to the Notes immediately upon the delivery of written
notice from the Issuer to the Indenture Trustee and the Note Insurer stating
that the Issuer is to be so released.

     SECTION 3.12 No Other Business. The Issuer shall not engage in any business
other than financing, purchasing, owning, selling and managing the Receivables
in the manner contemplated by this Indenture and the Basic Documents and
activities incidental thereto. After the Pre-Funding Period, the Issuer shall
not fund the acquisition of any additional Receivables.

     SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, (ii) obligations owing from time to time
to the Note Insurer under the Insurance Agreement and the other Basic Documents
and (iii) any other Indebtedness permitted by or arising under the Basic
Documents. The proceeds of the Notes shall be used exclusively to fund the
Issuer's purchase of the Receivables and the other assets specified in the Sale
and Servicing Agreement, to fund the required deposits in the Spread Account,
the Pre-Funding Account and the Capitalized Interest Account and to pay the
Issuer's organizational, transactional and start-up expenses.

                                       26
<PAGE>

     SECTION 3.14 Servicer's Obligations. The Issuer shall cause the Servicer to
comply with Sections 4.12, 4.13, 4.14 and 5.15 of the Sale and Servicing
Agreement.

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

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

     SECTION 3.17 Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
other Basic Document.

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

     SECTION 3.19 Notice of Events of Default. Upon a Responsible Officer of the
Owner Trustee having actual knowledge or receipt of written notice thereof,

                                       27
<PAGE>

the Issuer agrees to give the Indenture Trustee, the Trust Collateral Agent, the
Note Insurer and the Rating Agencies prompt written notice of each Event of
Default hereunder and each default on the part of the Subservicer, the Servicer,
the Master Servicer, the Back-up Servicer or the Transferor of its obligations
under the Sale and Servicing Agreement.

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

     SECTION 3.21 Income Tax Characterization. For purposes of federal income,
state and local income and franchise and any other income taxes, the Issuer
will, and each Noteholder by such Noteholder's acceptance thereof agrees to,
treat the Notes as indebtedness of the Issuer and hereby instructs the Indenture
Trustee to treat the Notes as indebtedness of the Issuer for federal and state
tax reporting purposes.

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

     SECTION 4.1 Satisfaction and Discharge of Indenture.

     This Indenture shall cease to be of further effect with respect to the
Notes except as to (i) rights of registration of transfer and exchange, (ii)
substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv)
Sections 3.3, 3.4, 3.5, 3.7, 3.8, 3.10, 3.12, 3.13, 3.14, 3.15, 3.16, 3.17,
3.19, 3.20 and 3.21, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.7 and the obligations of the Indenture Trustee under Section 4.2), (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 2.4 and (ii) Notes for whose payment money
     has theretofore been deposited in trust or segregated and held in trust by
     the Issuer and thereafter repaid to the Issuer or discharged from such
     trust, as provided in Section 3.3) have been delivered to the Indenture
     Trustee for

                                       28
<PAGE>

     cancellation and the Note Policy has expired and been returned to the Note
     Insurer for cancellation; or

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

               (i) have become due and payable,

               (ii) will become due and payable at the Class A-1 Stated Final
          Maturity Date, Class A-2 Stated Final Maturity Date, Class A-3 Stated
          Final Maturity Date or Class B Stated Final Maturity Date, as the case
          may be, within one year, or

               (iii) 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 (i), (ii) or (iii) of this clause (2), has
irrevocably deposited or caused to be irrevocably deposited with the Trust
Collateral Agent cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are
payable), in trust for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Notes not theretofore delivered to the
Indenture Trustee for cancellation when due to the Class A-1 Stated Final
Maturity Date, Class A-2 Stated Final Maturity Date, Class A-3 Stated Final
Maturity Date or Class B Stated Final Maturity Date, as the case may be, or the
Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1), as the case may be;

     (B) the Issuer has paid or caused to be paid all Issuer Secured Obligations
and has paid or caused to be paid all of its obligations to the Note Insurer;

     (C) the Issuer has delivered to the Indenture Trustee and the Note Insurer
an Officer's Certificate, an Opinion of Counsel and if required by the Indenture
Trustee or the Note Insurer an Independent Certificate from a firm of certified
public accountants, each meeting the applicable requirements of Section 11.1(a)
and each stating that all conditions precedent herein provided for relating to
the satisfaction and discharge of this Indenture have been complied with; and

     (D) Upon the satisfaction and discharge of the Indenture pursuant to this
Section 4.1, the Indenture Trustee shall deliver to the Owner Trustee and the
Note Insurer a certificate of a Responsible Officer stating (i) that the Note
Insurer, Noteholders and the Indenture Trustee have been paid all amounts owed
to them, and

                                                    29

<PAGE>

          (ii) to the best knowledge of such Responsible Officer, either (a)
     stating that no claims remain against the Issuer, or (b) that the only
     pending or threatened claims known to such Responsible Officer (including
     contingent and unliquidated claims) are those listed on a schedule to such
     certificate.

     SECTION 4.2 Application of Trust Money. All moneys deposited with the
Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any 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 4.3 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 3.3 and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

                                    ARTICLE V

                                    REMEDIES

     SECTION 5.1 Event of Default. "Event of Default", wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

          (i) default in the payment of any interest on any Note when the same
     becomes due and payable and such default shall continue for a period of
     five days after notice thereof is given to the Issuer by the Indenture
     Trustee, the Note Insurer or the Servicer or the Issuer and the Indenture
     Trustee by the Majority Noteholders (solely for purposes of this clause, a
     payment on the Notes funded by the Note Insurer or the Collateral Agent
     from the Spread Account shall be deemed to be a payment made by the
     Issuer);

          (ii) default in the payment of the principal of or any installment of
     the principal of any Note on the Class A-1 Stated Final Maturity Date,
     Class A-2 Stated Final Maturity Date, Class A-3 Stated Final Maturity Date
     or Class B Stated

                                       30
<PAGE>

     Final Maturity Date (solely for purposes of this clause, a payment on the
     Notes funded by the Note Insurer or the Collateral Agent from the Spread
     Account, shall be deemed to be a payment made by the Issuer);

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

          (iv) so long as an Insurer Default shall have occurred and be
     continuing, default in the observance or performance of any covenant or
     agreement of the Issuer made in this Indenture (other than a covenant or
     agreement, a default in the observance or performance of which is elsewhere
     in this Section specifically dealt with), or any representation or warranty
     of the Issuer made in this Indenture, in any Basic Document or in any
     certificate or any other writing delivered pursuant hereto or in connection
     herewith or therewith proving to have been incorrect in any material
     respect as of the time when the same shall have been made, and such default
     shall (A) materially and adversely affect the Noteholders or the Note
     Insurer and (B) 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 to the Issuer by the Indenture Trustee or to
     the Issuer and the Indenture Trustee by the Majority Noteholders or the
     Note Insurer, 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;

          (v) so long as an Insurer Default shall have occurred and be
     continuing, the filing of a decree or order for relief by a court having
     jurisdiction in the premises in respect of the Issuer or any substantial
     part of the Trust Property 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 Property, 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;

          (vi) so long as an Insurer Default shall have occurred and be
     continuing, the commencement by the Issuer of a voluntary case under any

                                       31
<PAGE>

     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 Property, or the
     making by the Issuer of any general assignment for the benefit of
     creditors, or the failure by the Issuer generally to pay its debts as such
     debts become due, or the taking of action by the Issuer in furtherance of
     any of the foregoing;

          (vii) the Issuer becoming taxable as an association (or publicly
     traded partnership) taxable as a corporation for federal or state income
     tax purposes; or

          (viii) the Issuer or the Transferor being treated as an investment
     company pursuant to the Investment Company Act of 1940.

     SECTION 5.2 Rights Upon Event of Default.

     (a) If (i) an Event of Default described in clause (iii), (vii) or (viii)
of Section 5.1 shall have occurred, the Note Insurer so declares, the entire
unpaid principal amount of the Notes, all interest accrued and unpaid thereon
and all other amounts payable under this Indenture and the Basic Documents shall
become immediately due and payable, (ii) an Event of Default described in clause
(i) or (ii) of Section 5.1 shall have occurred, the Indenture Trustee, if so
requested in writing by the Note Insurer, or, if an Insurer Default has occurred
and is continuing, the Majority Noteholders, shall declare the entire principal
amount of the Notes, all interest accrued and unpaid thereon and all other
amounts payable under this Indenture and the other Basic Documents to be
immediately due and payable, or (iii) an Event of Default described in clause
(iv), (v) or (vi) of Section 5.1 shall have occurred, the Indenture Trustee, if
so requested in writing by the Majority Noteholders, shall declare the entire
principal amount of the Notes and interest accrued and unpaid thereon and all
other amounts payable under this Indenture and the other Basic Documents to be
immediately due and payable.

     (b) If an Event of Default occurs and the Notes have been accelerated, the
Indenture Trustee may exercise any of the remedies specified in Section 5.4(a).
Payments following acceleration of any Notes shall be applied by the Indenture
Trustee:

          FIRST: to the Master Servicer, the Master Servicer Fee or the
     Successor Servicer Fee, as applicable; to the Subservicer, the Servicing
     Fee and to the Back-up Servicer, the Back-up Servicer Fee or Successor
     Servicer Fee, as applicable; to the Indenture Trustee, the Collateral Agent
     and the Trust Collateral Agent, the Trust Collateral Agent's Fees and the
     reasonable out-of-pocket expenses of the Indenture

                                       32
<PAGE>

     Trustee incurred pursuant to Section 6.7 hereof; and to the Owner Trustee,
     the Owner Trustee's Fees, in each case, for such Distribution Date and
     together with all such unpaid fees from prior Distribution Dates;

          SECOND: to Holders of Class A-1, A-2 and A-3 Notes pro rata to the
     Noteholders of such Class for amounts due and unpaid on the Class A-1, A-2
     and A- 3 Notes for interest, ratably, without preference or priority of any
     kind, according to the amounts due and payable on the Class A Notes for
     interest;

          THIRD: to Holders of Class A-1, A-2 and A-3 Notes pro rata to the
     Noteholders of such Class for amounts due and unpaid on the Class A-1, A-2
     and A- 3 Notes for principal, according to the amounts due and payable on
     the Class A-1 A- 2 and A-3 Notes for principal;

          FOURTH: to the Note Insurer, the Premium and all other amounts payable
     to it under the Insurance Agreement;

          FIFTH: to Holders of Class B Notes for amounts due and unpaid on the
     Class B Notes for interest, ratably, without preference or priority of any
     kind, according to the amounts due and payable on the Class B Notes for
     interest;

          SIXTH: to Holders of 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 the amounts due and payable on the Notes for principal;
     and

          SEVENTH: to the Certificateholder, all remaining amounts.

     (c) In the event any Notes are accelerated due to an Event of Default, the
Note Insurer shall have the right (in addition to its obligation to pay
Scheduled Payments on the Notes in accordance with the Note Policy), but not the
obligation, to make payments under the Note Policy or otherwise of interest and
principal due on the Class A Notes, in whole or in part, on any date or dates
following such acceleration as the Note Insurer, in its sole discretion, shall
elect.

     (d) At any time after 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 Note
Insurer, or, if the Termination Date has occurred or an Insurer Default shall
have occurred and be continuing, the Majority Noteholders, by written notice to
the Issuer and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

                                       33
<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, which funds shall be deposited into the Note Distribution
          Account;

               (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, which funds shall
          be deposited into the Collection Account; and

               (C) all sums paid or advanced by or due to the Note Insurer and
          any unpaid Premium, which funds shall be paid to the Note Insurer; and

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

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

     SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
                 Indenture Trustee.

     (a) The Issuer hereby irrevocably and unconditionally appoints the
Indenture Trustee as the true and lawful attorney-in-fact of the Issuer, with
full power of substitution, to execute, acknowledge and deliver any notice,
document, certificate, paper, pleading or instrument and to do in the name of
the Indenture Trustee as well as in the name, place and stead of the Issuer such
acts, things and deeds for or on behalf of and in the name of the Issuer under
this Indenture (including specifically under Section 5.4) and under the Basic
Documents which the Issuer could or might do or which may be necessary,
desirable or convenient in the Indenture Trustee's sole discretion to effect the
purposes contemplated hereunder and under the Basic Documents and, without
limitation, following the occurrence of an Event of Default, prior to the
Termination Date, acting at the instruction or with the consent of the Note
Insurer (so long as no Insurer Default shall have occurred and be continuing),
and thereafter acting at the instruction or with the consent of the Majority
Noteholders, exercise full right, power and authority to take, or defer from
taking, any and all acts with respect to the administration, maintenance or
disposition of the Trust Property.

                                       34
<PAGE>

     (b) Notwithstanding anything to the contrary contained in this Indenture
(including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.16) if an
Event of Default shall have occurred and be continuing, the Indenture Trustee,
prior to the Termination Date, may with the prior written consent of the Note
Insurer or shall at the direction of the Note Insurer (so long as no Insurer
Default shall have occurred and be continuing), and thereafter may at its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders and the Note Insurer by such appropriate proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for specific performance 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.

     (c) 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 Property proceedings under Title 11 of the United States Code or any
other applicable federal or State bankruptcy, insolvency or other similar law,
or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the 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, bad faith or willful misconduct)
     and of the Noteholders allowed in such proceedings;

          (ii) unless prohibited by applicable law and regulations, to vote on
     behalf of the Holders of the 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

                                       35
<PAGE>

          (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 the Notes allowed in any judicial proceedings
     relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the 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, bad faith or
willful misconduct.

     (d) 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.

     (e) 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 and the Note Insurer.

     (f) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture),
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 5.4 Remedies.

     (a) If an Event of Default shall have occurred and be continuing, the
Indenture Trustee may (but, prior to the Termination Date, only with the prior
written consent of the Note Insurer (unless an Insurer Default shall have
occurred and be

                                       36
<PAGE>

continuing)) and shall at the instruction of the Note Insurer (unless an Insurer
Default shall have occurred and be continuing) do any one or more of the
following:

          (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 to the
     Note Insurer 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 Property;

          (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 the Note Insurer;
     and

          (iv) direct the Trust Collateral Agent to sell the Trust Property 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 direct the Trust
     Collateral Agent to sell or otherwise liquidate the Trust Property
     following an Event of Default unless

           (X)      (I)      such Event of Default is of the type described in
                             Section 5.1(i), (ii), (iii), (vii) or, (viii); or

                    (II)     such Event of Default is of the type described in
                             Section 5.1(iv), (v) or (vi) and the Majority
                             Noteholders consent thereto;

                  and

           (Y)               either (i) the proceeds of such sale or liquidation
                             would be in an amount sufficient to discharge in
                             full all amounts then due and unpaid upon such
                             Notes for principal and interest or (ii); the
                             Indenture Trustee determines that the Trust
                             Property 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;

     provided, however, that, subject to Section 6.1, the Indenture Trustee
shall have the right to decline following any such direction if the Indenture
Trustee, being advised by an Opinion of Counsel, determines that the action may
not lawfully be taken, or if the

                                       37
<PAGE>

Indenture Trustee in good faith shall, by a Responsible Officer, determine that
the proceedings so directed would be illegal or subject it to personal
liability.

     SECTION 5.5 Optional Preservation of the Trust Property. If the Notes have
been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, prior to the Termination Date with the
prior written consent of the Controlling Party, but need not unless directed by
the Controlling Party prior to the Termination Date, elect to direct the Trust
Collateral Agent to maintain possession of the Trust Property. 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 direct the Trust Collateral Agent to maintain possession of the Trust
Property. In determining whether to direct the Trust Collateral Agent to
maintain possession of the Trust Property, the Indenture Trustee may, but need
not unless directed by the Controlling Party prior to the Termination Date,
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 Property for such purpose.

     SECTION 5.6 [RESERVED]

     SECTION 5.7 Limitation of Suits. (a) 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
     indemnity reasonably satisfactory to it 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;

                                       38
<PAGE>

          (v) no direction inconsistent with such written request has been given
     to the Indenture Trustee during such 60-day period by the Majority
     Noteholders; and

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

it being understood and intended that no one or more Holders of the 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 the 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.

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

     SECTION 5.8 Unconditional Rights of Noteholders to Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, the Holder of
any Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Holder.

     SECTION 5.9 Restoration of Rights and Remedies. If the Indenture Trustee,
the Note Insurer 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, the Note Insurer or to such Noteholder, then and in every such case the
Issuer, the Indenture Trustee, the Note Insurer and the Noteholders shall,
subject to any determination in such Proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of the Indenture Trustee, the Note Insurer and the Noteholders shall
continue as though no such Proceeding had been instituted.

     SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee, the Controlling Party or to
the Noteholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise,

                                       39
<PAGE>

shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee, the Note Insurer or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any
such right or remedy or constitute a waiver of any such Default or Event of
Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee, the Note Insurer or to the Noteholders may
be exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee, by the Note Insurer or by the Noteholders, as the case may
be.

     SECTION 5.12 Control by Controlling Party. The Note Insurer, if the Note
Insurer is the Controlling Party, and otherwise the Indenture Trustee, at the
direction of the Majority Noteholders, 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;

          (ii) subject to the express terms of Section 5.4, if the Note Insurer
     is not the Controlling Party, any direction to the Indenture Trustee to
     sell or liquidate the Trust Property shall be by the Holders representing
     not less than 100% of the Outstanding Note Balances;

          (iii) if the conditions set forth in Section 5.5 have been satisfied
     and the Indenture Trustee elects to retain the Trust Property pursuant to
     such Section, then any direction to the Indenture Trustee by the Majority
     Noteholders to sell or liquidate the Trust Property 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;

provided, however, that, subject to Section 6.1, the Indenture Trustee shall
have the right to decline to follow any such direction if the Indenture Trustee
being advised by counsel determines that the action so directed may not lawfully
be taken, or if the Indenture Trustee in good faith shall, by a Responsible
Officer, determine that the proceedings so directed would be illegal or subject
it to personal liability or be unduly prejudicial to the rights of Noteholders
not parties to such direction.

                                       40
<PAGE>

     SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.4, the Note
Insurer (provided no Insurer Default shall have occurred and be continuing) or
the Majority Noteholders (if an Insurer Default shall have occurred and be
continuing), 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, such Default shall cease to exist and be deemed to have been cured and
not to have occurred, any Event of Default arising therefrom shall be deemed to
have been cured and not to have occurred and the Issuer, the Indenture Trustee,
the Note Insurer and the Holders of the Notes shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right
consequent thereto.

     SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree,
and each Holder of any Note by such Holder's acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require, in any suit for
the enforcement of any right or remedy under this Indenture, or in any suit
against the 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.

     SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power 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 5.16 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 Property or upon any
of the assets of the Issuer.

                                       41
<PAGE>

     SECTION 5.17 Performance and Enforcement of Certain Obligations.

     (a) Promptly following a request from the Indenture Trustee or, prior to
the Termination Date, the Note Insurer, to do so and at the Servicer's expense,
the Issuer agrees to take all such lawful action as the Indenture Trustee or the
Note Insurer may request to compel or secure the performance and observance by
the Transferor and the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Indenture Trustee, or prior to the Termination Date, the Note Insurer,
including the transmission of notices of default on the part of the Transferor
or the Servicer thereunder and the institution of legal or administrative
actions or Proceedings to compel or secure performance by the Transferor or the
Servicer of each of their obligations under the Sale and Servicing Agreement.

     (b) If an Event of Default has occurred, the Indenture Trustee may, prior
to the Termination Date with the prior written consent of the Note Insurer (so
long as an Insurer Default shall not have occurred and be continuing), or the
Indenture Trustee shall at the written direction of the Note Insurer, and after
the Termination Date, at the written direction of the Majority Noteholders,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Transferor or the Servicer under or in connection with the Sale and
Servicing Agreement, including the right or power to take any action to compel
or secure performance or observance by the Transferor or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended.

     SECTION 5.18 Subrogation. The Note Insurer shall, to the extent it makes
any payment with respect to the Class A Notes, become subrogated to the rights
of the recipients of such payments to the extent of such payments. Subject to
and conditioned upon any payment with respect to the Class A Notes by or on
behalf of the Note Insurer, each Class A Noteholder shall be deemed, without
further action, to have directed the Indenture Trustee to assign to the Note
Insurer all rights to the payment of interest or principal with respect to the
Notes which are then due for payment to the extent of all payments made by the
Note Insurer and the Note Insurer may exercise any option, vote, right, power or
the like with respect to the Class A Notes to the extent that it has made
payment pursuant to the Note Policy. Notwithstanding the foregoing, the order of
priority of payments to be made pursuant to Section 5.12(a) of the Sale and
Servicing Agreement shall not be modified by this Section 5.18. To evidence such
subrogation, the Note Registrar shall note the Note Insurer's rights as subrogee
upon the register of Noteholders upon receipt from the Note Insurer of proof of
payment by the Note Insurer of any Scheduled Payment.

                                       42
<PAGE>

     SECTION 5.19 Preference Claims; Direction of Proceedings.

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

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

                                       43
<PAGE>

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

     SECTION 6.1 Duties of Indenture Trustee.

     (a) If an Event of Default has occurred and is continuing, the Indenture
Trustee shall follow such instructions and directions as it may receive pursuant
to Section 5.2 hereof and use the same degree of care and skill in its exercise
as a prudent person would exercise or use under the circumstances in the conduct
of such person's own affairs.

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

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

          (ii) in the absence of bad faith, 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
     and the Basic Documents; however, the Indenture Trustee shall examine the
     certificates and opinions to determine whether or not they conform on their
     face to the requirements of this Indenture and the Basic Documents.

     (c) The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own bad faith or
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 of the Indenture
     Trustee unless it is proved that the Indenture Trustee was negligent in
     ascertaining the pertinent facts; and

          (iii) the Indenture Trustee shall not be liable with respect to any
     action it takes or omits to take in good faith in accordance with a
     direction received by it pursuant to Section 5.12.

                                       44
<PAGE>

     (d) 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.

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

     (f) 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.

     (g) Without limiting the generality of this Section, the Indenture Trustee
shall have no duty (A) to see to any recording, filing or depositing of this
Indenture or any agreement referred to herein or any financing statement or
continuation statement evidencing a security interest in the Financed Vehicles,
or to see to the maintenance of any such recording or filing or depositing or to
any rerecording, refiling or redepositing of any thereof, (B) to see to any
insurance on the Financed Vehicles or Obligors or to effect or maintain any such
insurance, (C) to see to the payment or discharge of any tax, assessment or
other governmental charge or any Lien or encumbrance of any kind owing with
respect to, assessed or levied against any part of the Issuer, (D) to confirm or
verify the contents of any reports or certificates delivered to the Indenture
Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed
by the Indenture Trustee to be genuine and to have been signed or presented by
the proper party or parties, or (E) to inspect the Financed Vehicles at any time
or ascertain or inquire as to the performance or observance of any of the
Issuer's, the Transferor's or the Servicer's representations, warranties or
covenants or the Servicer's duties and obligations as Servicer under the Sale
and Servicing Agreement.

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

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

                                       45
<PAGE>

     (j) 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 6.2 Rights of Indenture Trustee.

     Except as otherwise provided in Section 6.1,

     (a) before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate and/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.

     (b) 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.

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

     (d) the Indenture Trustee may consult with counsel, and the written 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 written advice or opinion of such counsel.

     (e) the Indenture Trustee shall be under no obligation to exercise any of
the rights and powers vested in it by this Indenture or the other Basic
Documents, or to institute, conduct or defend any litigation under this
Indenture or in relation to this Indenture, at the request, order or direction
of any of the Holders of Notes, pursuant to the provisions of this Indenture,
unless such Holders of Notes shall have offered to the Indenture Trustee
reasonable security or indemnity reasonably satisfactory to the Indenture
Trustee against the costs, expenses and liabilities that may be incurred therein
or thereby; provided, however, that the Indenture Trustee shall, upon the
occurrence of an Event of Default (that has not been cured), exercise the rights
and powers vested in it by this Indenture with the same degree of care and skill
in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

     (f) except during the continuance of an Event of Default, the Indenture
Trustee shall not be bound to make any investigation into the facts or matters
stated in any

                                       46
<PAGE>

resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing to do so by the Majority Noteholders or the Note Insurer;
provided, however, that if the payment within a reasonable time to the Indenture
Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Indenture Trustee, not
reasonably assured to the Indenture Trustee by the security afforded to it by
the terms of this Indenture, the Indenture Trustee may require indemnity
reasonably satisfactory to the Indenture Trustee against such cost, expense or
liability as a condition to so proceeding; the reasonable expense of every such
examination shall be paid by the requesting Holders, or, if paid by the
Indenture Trustee, shall be reimbursed by the requesting Holders upon demand.

     SECTION 6.3 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 Section 6.15.

     SECTION 6.4 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, the Trust Property or the Notes, shall not be accountable for
the Issuer's use of the proceeds from the Notes, and 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 6.5 Notice of Defaults. If an Event of Default occurs and is
continuing and if written notice of the existence thereof has been delivered to,
a Responsible Officer of the Indenture Trustee or a Responsible Officer of the
Indenture Trustee has actual knowledge thereof, the Indenture Trustee shall mail
to the Note Insurer, the Rating Agencies and each Noteholder notice of the Event
of Default within 5 days after such knowledge or notice occurs.

     SECTION 6.6 Reports by Indenture Trustee to Holders. The Indenture Trustee
shall on behalf of the Issuer deliver to each Noteholder such information in its
possession as may be reasonably required to enable such Holder to prepare its
federal and state income tax returns. Within 60 days after each December 31
beginning with the December 31 following the date of this Indenture, the
Indenture Trustee shall mail to each Noteholder a brief report as of such
December 31 that complies with TIA ss. 313(a) if required by said section. The
Indenture Trustee shall also comply with TIA ss. 313(b). A copy of each such
report required pursuant to TIA ss. 313(a) or (b) shall, at the time of such
transmission to Noteholders, be filed by the Indenture Trustee with the
Commission and with each

                                       47
<PAGE>

securities exchange, if any, upon which the Notes are listed, provided that the
Issuer has previously notified the Indenture Trustee of such listing.

     SECTION 6.7 Compensation.

     (a) The Issuer shall, or shall cause the Servicer to, pay to the Indenture
Trustee from time to time compensation for its services. The Indenture Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall or shall cause the Servicer 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, except any such expense as may be attributable to its willful
misconduct, negligence or bad faith. Such expenses shall include securities
transaction charges relating to the investment of funds (net of investment
earnings) on behalf of the Indenture Trustee or the Trust Collateral Agent on
deposit in the Trust Accounts (except for the Certificate Distribution Account)
and the reasonable compensation and reasonable expenses, disbursements and
advances of the Indenture Trustee's counsel and of all persons not regularly in
its employ. Such reimbursable expenses may not exceed the aggregate sum of
$[__________] over the term of the Notes.

     (b) 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 an Event of Default specified in
Section 5.1(v) or (vi) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.
Notwithstanding anything else set forth in this Indenture or the Basic
Documents, the Indenture Trustee agrees that the obligations of the Issuer to
the Indenture Trustee hereunder and under the Basic Documents shall not be
recourse to the assets of the Issuer or any Noteholder.

     SECTION 6.8 Replacement of Indenture Trustee.

     (a) The Indenture Trustee may resign at any time by so notifying the Issuer
and the Note Insurer in writing at least sixty days prior and upon the
appointment and assumption of its obligations by a successor Indenture Trustee
which shall be acceptable to the Note Insurer if such succession occurs prior to
the Termination Date.

     (b) The Issuer, with the prior written consent of the Note Insurer (so long
as it is the Controlling Party), may remove the Indenture Trustee if:

          (i) the Indenture Trustee fails to comply with Section 6.15;

                                       48
<PAGE>

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

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

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

          (v) the Indenture Trustee otherwise becomes legally incapable of
     acting.

     (c) The Note Insurer may remove the Indenture Trustee for any reason upon
30 days written notice.

     (d) 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) prior to the
Termination Date, the Issuer shall promptly appoint a successor Indenture
Trustee acceptable to the Note Insurer. After the Termination Date, the Issuer
may appoint a successor Indenture Trustee without the consent of the Note
Insurer.

     (e) A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee, to the Note Insurer 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 retiring Indenture Trustee under this Indenture
subject to satisfaction of the Rating

                                       49
<PAGE>

Agency Condition. The successor Indenture Trustee shall mail a notice of its
succession to Noteholders, the Note Insurer and the Rating Agencies. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee and Trust Collateral Agent to the successor Indenture Trustee
and successor Trust Collateral Agent, respectively.

     (f) If a successor Indenture Trustee that is, prior to the Termination
Date, acceptable to the Note Insurer does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Majority Noteholders may petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee that
is, prior to the Termination Date, acceptable to the Note Insurer.

     (g) If the Indenture Trustee fails to comply with Section 6.15, any
Noteholder, prior to the Termination Date with the prior written consent of the
Note Insurer, may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee
acceptable to the Note Insurer.

     (h) Any resignation or removal of the Indenture Trustee and appointment of
a successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee acceptable to the Note Insurer pursuant to this Section 6.8
and payment of all fees and expenses owed to the outgoing Indenture Trustee by
the Servicer.

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

     SECTION 6.9 Successor Indenture Trustee by Merger.

     (a) If the Indenture Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or
transferee corporation, provided it meets the eligibility requirements of
Section 6.12, without any further act shall be the successor Indenture Trustee.
The Indenture Trustee shall provide the Rating Agencies and the Note Insurer
prior written notice of any such transaction.

     (b) In case at the time such successor or successors 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

                                       50
<PAGE>

either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee; and in all such cases such certificates shall have the
full force which it is anywhere in the Notes or in this Indenture provided that
the certificate of the Indenture Trustee shall have.

     SECTION 6.10 Appointment of Trust Collateral Agent. The Indenture Trustee
hereby appoints ______________________________ as the Trust Collateral Agent
with respect to the Collateral.

     SECTION 6.11 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
the Issuer or any part of the Collateral may at the time be located, the Issuer
and the Indenture Trustee acting jointly, prior to the Termination Date with the
consent of the Note Insurer, 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
Collateral, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders and the Note Insurer, such title to the Collateral,
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Issuer and 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 6.12 and no notice to Noteholders of the appointment of
any co-trustee or separate trustee shall be required under Section 6.8 hereof.

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

          (i) all rights, powers, duties and obligations conferred or imposed
     upon the 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 Collateral 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;

                                       51
<PAGE>

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

          (iii) the 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.

     (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, dissolve, become insolvent, 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.

     (e) Any and all amounts relating to the fees and expenses of the co-trustee
or separate trustee will be borne by the Trust Property, such fees and expenses
not to exceed the aggregate sum of [$__________] over the term of the Notes.

     SECTION 6.12 Eligibility. The Indenture Trustee shall at all times satisfy
the requirements of TIA ss. 310(a). The Indenture Trustee under this Agreement
shall at all times be a corporation or banking association acceptable to the
Note Insurer having an office in the same state as the location of the Corporate
Trust Office as specified in this Indenture; organized and doing business under
the laws of such state or the United States of America; authorized under such
laws to exercise corporate trust powers; having a combined capital and surplus
of at least [$__________]; having long-term unsecured debt obligations which
have at least the Required Long-Term Debt Rating and subject to supervision or
examination by federal or state authorities. If such corporation shall publish
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of
this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set

                                       52
<PAGE>

forth in its most recent report of condition so published. In case at any time
the Indenture Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Indenture Trustee shall resign immediately.

     SECTION 6.13 Trust Collateral Agent to Follow Indenture Trustee's
Directions. The Indenture Trustee hereby authorizes the Trust Collateral Agent
to take such action on its behalf, and to exercise such rights, remedies, powers
and privileges hereunder, as the Indenture Trustee may direct and as are
specifically authorized to be exercised by the Trust Collateral Agent by the
terms hereof, together with such actions, rights, remedies, powers and
privileges as are reasonably incidental thereto.

     SECTION 6.14 Representations and Warranties of the Indenture Trustee.

     The Indenture Trustee represents and warrants to the Issuer as follows:

          (i) The Indenture Trustee is a national banking association, duly
     organized and validly existing under the laws of the United States and is
     authorized to conduct and engage in a banking and trust business under such
     laws.

          (ii) The Indenture Trustee has full corporate power, authority, and
     legal right to execute, deliver, and perform this Indenture, and shall have
     taken all necessary action to authorize the execution, delivery, and
     performance by it of this Indenture.

          (iii) This Indenture shall have been duly executed and delivered by
     the Indenture Trustee.

          (iv) This Indenture is a legal, valid and binding obligation of the
     Indenture Trustee enforceable in accordance with its terms, subject to the
     effects of bankruptcy, insolvency, reorganization, or other similar laws
     affecting the enforcement of creditors' rights generally and to general
     principles of equity.

     SECTION 6.15 Disqualification of the Indenture Trustee. If the Indenture
Trustee has or shall acquire a conflicting interest within the meaning of the
TIA, the Indenture Trustee shall either eliminate such interest or resign to the
extent in the manner provided by and subject to the provisions of this
Indenture.

     SECTION 6.16 Waiver of Setoffs. The Indenture Trustee hereby expressly
waives any and all rights of setoff that the Indenture Trustee may otherwise at
any time have under applicable law with respect to any Trust Account and agrees
that amounts

                                       53
<PAGE>

in the Trust Accounts shall at all times be held and applied solely in
accordance with the provisions hereof.

     SECTION 6.17 Control by the Controlling Party. The Indenture Trustee shall
comply with notices and instructions given by the Issuer only if accompanied by
the written consent of the Controlling Party, except that if any Event of
Default shall have occurred and be continuing, the Indenture Trustee shall act
upon and comply with notices and instructions given by the Controlling Party
alone in the place and stead of the Issuer.

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1 Issuer To Furnish To Indenture Trustee Names and Addresses of
Noteholders. The Note Registrar, on behalf of the Issuer, will furnish or cause
to be furnished to the Indenture Trustee (a) not more than five days after each
Record Date, a list, in such form as the Indenture Trustee may reasonably
require, of the names and addresses of the Holders as of such Record Date, (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 7.2 Preservation of Information; Communications to Noteholders. The
Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Holders contained in the most recent
list furnished to the Indenture Trustee as provided in Section 7.1 and the names
and addresses of Holders 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 7.1 upon receipt of a new list so furnished.
Noteholders may communicate pursuant to TIA ss. 312(b) with other Noteholders
with respect to their rights under this Indenture or under the Notes. The
Issuer, the Indenture Trustee and the Note Registrar shall have the protection
of TIA ss. 312(c).

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

     SECTION 8.1 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 the Indenture or by the Trust
Collateral Agent pursuant to the Sale and Servicing

                                       54
<PAGE>

Agreement. The Indenture Trustee shall apply all such money received by it, or
cause the Trust Collateral Agent to apply all money received by it as provided
in this Indenture and the Sale and Servicing Agreement. Except as otherwise
expressly provided in this Indenture or in the Sale and Servicing Agreement, if
any default occurs in the making of any payment or performance under any
agreement or instrument that is part of the Trust Property, the Indenture
Trustee may at the expense of the Transferor take such action as may be
appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate proceedings. Any such action shall be without
prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

     SECTION 8.2 Release of Trust Property.

     (a) Subject to the payment of its fees and expenses pursuant to Section
6.7, the Indenture Trustee may after the Termination Date, and when required by
the provisions of this Indenture shall, and shall cause the Trust Collateral
Agent to execute instruments to release property from the lien of this
Indenture, in a manner and under circumstances that are not inconsistent with
the provisions of this Indenture. No party relying upon an instrument executed
by the 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 amounts owing to the Note Insurer under the Basic Documents
have been paid and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid, release the Collateral from the lien of this Indenture and
release to the Issuer or any other Person entitled thereto any funds then on
deposit in the Trust Accounts. The Indenture Trustee shall release property from
the lien of this Indenture pursuant to this Section 8.2(b) only upon receipt of
an Issuer Request accompanied by an Officer's Certificate, 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 11.1.

     SECTION 8.3 Opinion of Counsel. The Indenture Trustee and the Note Insurer
shall receive at least seven days' notice when requested by the Issuer to take
any action pursuant to Section 8.2, accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require as a condition to such
action, an Opinion of Counsel in form and substance satisfactory to the
Indenture Trustee, and prior to the Termination Date the Note Insurer, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders or the Note
Insurer in contravention of the provisions of this Indenture; provided, however,
that such Opinion of Counsel shall

                                       55
<PAGE>

not be required to express an opinion as to the fair value of the Trust
Property. 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 9.1 Supplemental Indentures Without Consent of Noteholders. Without
the consent of the Holders of any Notes but with the prior written consent of
the Note Insurer (unless an Insurer Default shall have occurred and be
continuing) and with prior notice to the Rating Agencies by the Issuer, as
evidenced to the Indenture Trustee, the Issuer, the Note Insurer and the
Indenture Trustee, when authorized by an Issuer Order, at any time and from time
to time, may enter into one or more amendments or indentures supplemental
hereto, in form satisfactory to the Indenture Trustee and the Note Insurer, 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 which may be inconsistent with any
     other provision herein or in any supplemental indenture or to make any
     other provisions with respect to matters or questions arising under this
     Indenture or in any supplemental indenture; provided that such action shall
     not adversely affect in any material respect the interests of the Holders
     of the Notes, as evidenced by satisfaction of the Rating Agency Condition
     with respect to such supplemental indenture;

                                       56
<PAGE>

          (vi) to evidence and provide for the acceptance of the appointment
     hereunder by a successor Indenture 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 amendment or supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

     SECTION 9.2 Supplemental Indentures with Consent of Noteholders. (a) The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies, with the prior written consent of the
Note Insurer (or, if an Insurer Default shall have occurred and be continuing,
with the consent of the Majority Noteholders), enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that, subject to the express rights of the Note
Insurer under the Basic Documents, no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

          (i) change the date of payment of any installment of principal of or
     interest on any Note, or reduce the principal amount thereof, the interest
     rate thereon or the Redemption Amount with respect to the redemption of the
     Notes, change the provision of this Indenture relating to the application
     of collections on, or the proceeds of the sale of, the Trust Property to
     payment of principal of or interest on the Notes, or change any place of
     payment where, or the coin or currency in which, any Note or the interest
     thereon is payable;

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

          (iii) reduce the percentage of the outstanding Note Balance of the
     Notes, the consent of the Holders of which is required for any such
     supplemental

                                       57
<PAGE>

     indenture, or the consent of the Holders of which is required for any
     waiver of compliance with certain provisions of this Indenture or certain
     defaults hereunder and their consequences provided for in this Indenture;

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

          (v) reduce the percentage of the outstanding Note Balance of the Notes
     required to direct the Indenture Trustee to direct the Issuer to sell or
     liquidate the Trust Property pursuant to Section 5.4;

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

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

          (viii) permit the creation of any lien ranking prior to or on a parity
     with the lien of this Indenture with respect to any part of the Trust
     Property or, except as otherwise permitted or contemplated herein or in any
     of the Basic Documents, terminate the lien of this Indenture on any
     property at any time subject hereto or deprive the Holder of any Note of
     the security provided by the lien of this Indenture; or

          (ix) modify any restrictions on and procedures for resale and other
     transfers for resale and other transfers of the Notes to reflect any change
     in applicable law or regulations (or the interpretation thereof) or
     practices relating to the resale or transfer of restricted securities
     generally.

     (b) The Indenture Trustee may determine whether or not any Notes would be
affected by any supplemental indenture and any such determination shall be
conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee shall not be liable
for any such determination made in good faith.

                                       58
<PAGE>

     (c) 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.

     (d) 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 Note Insurer and 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 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the amendments or modifications thereby of the
trusts created by this Indenture, the Note Insurer and the Indenture Trustee
shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall be
fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture. The 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 9.4 Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and be deemed to be modified and amended in accordance therewith with respect
to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
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 9.5 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 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.

                                       59
<PAGE>

     SECTION 9.6 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 TIA as then in effect so long as this
Indenture shall then be qualified under the TIA.

                                    ARTICLE X

                       REDEMPTION AND PREPAYMENT OF NOTES

     SECTION 10.1 Redemption and Prepayment. The Notes are subject to redemption
by the Issuer in whole, but not in part, on any Distribution Date on which the
Servicer exercises its option to purchase the Trust Property pursuant to Section
10.01(a) of the Sale and Servicing Agreement (such date, the "Redemption Date");
provided, however, that the Issuer has deposited with the Trust Collateral Agent
funds sufficient to pay the Redemption Amount. The Issuer shall furnish the Note
Insurer, the Indenture Trustee, the Trust Collateral Agent and the Rating
Agencies notice of such redemption. If the Notes are to be redeemed pursuant to
this Section, the Issuer shall furnish notice of such election to the Note
Insurer, the Trust Collateral Agent and the Indenture Trustee not later than 35
days prior to the Redemption Date and promptly upon giving such notice, the
Issuer shall deposit or cause to be deposited with the Trust Collateral Agent in
the Collection Account the Redemption Amount whereupon all the Notes shall be
due and payable on the Redemption Date, together with other amounts due and
owing at such time under the Basic Documents, upon the furnishing of a notice
complying with Section 10.2 to each Holder of Notes and the Note Insurer.

     SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section
10.1 shall be given by the Indenture Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed prior to the applicable Redemption
Date to each Noteholder, as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Noteholder's address appearing
in the Note Register.

     All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Redemption Amount;

          (iii) that the Record Date otherwise applicable to such Redemption
     Date is not applicable and that payments shall be made only upon
     presentation and surrender of the Notes and the place where the Notes are
     to be surrendered for payment of the Redemption Amount (which shall be the
     office or agency of the Issuer to be maintained as provided in Section
     2.7); and

                                       60
<PAGE>

          (iv) that interest on the Notes shall cease to accrue on the
     Redemption Date (unless the Issuer shall default in the payment of the
     Redemption Price).

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

     SECTION 10.3 Notes Payable on Redemption Date. The Notes shall, following
notice of redemption as required by Section 10.2, on the Redemption Date become
due and payable at the Redemption Amount and (unless the Issuer shall default in
the payment of the Redemption Amount) no interest shall accrue on the Redemption
Amount for any period after the date to which accrued interest is calculated for
purposes of calculating the Redemption Amount.

                                   ARTICLE XI

                                  MISCELLANEOUS

     SECTION 11.1 Compliance Certificates and Opinions, etc.

     (a) Upon any application or request by the Issuer or the Note Insurer to
the Indenture Trustee to take any action under any provision of this Indenture,
the Issuer shall furnish to the Indenture Trustee or the Note Insurer, as the
case may be, (i) an Officer's Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with and (ii) (if required by the TIA) an Independent Certificate from
of a firm of certified public accountants meeting the applicable requirements of
this Section.

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

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

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

                                       61
<PAGE>

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

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

     (b) Prior to the deposit of any Collateral or other property or securities
with the Trust Collateral Agent that is to be made the basis for the release of
any property or securities subject to the lien of this Indenture, the Issuer
shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in
this Indenture, furnish to the Indenture Trustee, the Note Insurer and the Trust
Collateral Agent an Officer's Certificate certifying or stating the opinion of
each person signing such certificate (which may be based upon a certification of
the Servicer) 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.

     (c) Whenever the Issuer is required to furnish to the Indenture Trustee,
the Note Insurer and the Trust Collateral Agent an Officer's Certificate
certifying or stating the opinion of any signer thereof as to the matters
described in clause (b) above, the Issuer shall also deliver to the Indenture
Trustee, the Note Insurer and the Trust Collateral Agent 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 (b) above and this clause (c), is 10% or more of the Outstanding Note
Balance, 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 $[_____].

     (d) Other than with respect to the release of any Purchased Receivables or
Charged-Off Receivables, whenever any property or securities are to be released
from the lien of this Indenture, the Issuer shall also furnish to the Trust
Collateral Agent and the Note Insurer an Officer's Certificate certifying or
stating the opinion of each person signing such certificate as to the fair value
(within 90 days of such release) of the property or securities proposed to be
released and stating that in the opinion of such person the proposed release
will not impair the security under this Indenture in contravention of the
provisions hereof.

     (e) Whenever the Issuer is required to furnish to the Indenture Trustee and
the Note Insurer an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (d) above, the Issuer
shall also furnish to the Trust Collateral Agent and the Note Insurer an
Independent Certificate as to the same matters if the fair value of the property
or securities and of all other property other than Purchased

                                       62
<PAGE>

Receivables and Charged-Off Receivables, or securities released from the Lien of
this Indenture since the commencement of the then current calendar year, as set
forth in the certificates required by clause (d) above and this clause (e),
equals 10% or more of the Outstanding Note Balance, but such certificate need
not be furnished in the case of any release of property or securities if the
fair value thereof as set forth in the related Officer's Certificate is less
than $[_____].

     (f) Notwithstanding Section 2.10 or any other provision of this Section,
the Issuer may, without delivering any Officer's Certificates or Independent
Certificates (A) collect, liquidate, sell or otherwise dispose of Receivables as
and to the extent required by the Basic Documents and (B) instruct the Trust
Collateral Agent to make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents.

     SECTION 11.2 Form of Documents Delivered to Indenture Trustee. (a) In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

     (b) Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Subservicer, the Master Servicer, the Back-up Servicer, the Transferor or
the Issuer, stating that the information with respect to such factual matters is
in the possession of the Subservicer, the Master Servicer, the Back-up Servicer,
the Transferor or the Issuer, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

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

     (d) Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the

                                       63
<PAGE>

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 11.3 Acts of Noteholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Noteholders in person or by agents duly appointed
in writing; and except as herein otherwise expressly provided such action shall
become effective when such instrument or instruments are delivered to the
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 6.1) 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 customary manner of the Indenture Trustee.

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

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Notes shall bind the Holder of every Note
issued upon the registration thereof or in exchange therefor or in lieu thereof,
in respect of anything done, omitted or suffered to be done by the Indenture
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

     SECTION 11.4 Notices, etc. to Indenture Trustee, Note Insurer, Issuer and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture to be made upon, given or furnished to or filed with:

     (a) The Indenture Trustee by any Noteholder, the Note Insurer or by the
Issuer shall be sufficient for every purpose hereunder if personally delivered,
delivered by overnight courier, mailed certified mail, return receipt requested
or by telecopy to:

                                       64
<PAGE>

[___________] and shall be deemed to have been duly given upon receipt to the
Indenture Trustee at its principal Corporate Trust Office, or

     (b) The Issuer by the Indenture Trustee, the Note Insurer or by any
Noteholder shall be sufficient for every purpose hereunder if personally
delivered, delivered by overnight courier, mailed certified mail, return receipt
requested or by telecopy to: [___________] and shall deemed to have been duly
given upon receipt to the Issuer addressed to: United Fidelity Auto Receivables
Trust [____-_], in care of Owner Trustee, with a copy to the Indenture Trustee
at its principal Corporate Trust Office, or at any other address previously
furnished in writing to the Indenture Trustee by Issuer. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the
Indenture Trustee and the Note Insurer.

     (c) Notices required to be given to the Note Insurer by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, delivered by overnight courier, mailed certified mail, return receipt
requested to the following address:

                  _________________________________
                  _________________________________
                  Attention:  _____________________
                  Re:      United Fidelity Auto Receivables Trust [____-_]
                  Telex No.:                ____________
                  Confirmation:             ____________
                  Telecopy Nos.:            ____________

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

     (d) Notices required to be given to any Rating Agency by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally
delivered, delivered by overnight courier, or mailed certified mail, return
receipt requested to the following address: (a) in the case of Moody's, to 99
Church Street, New York, New York 10007 and (b) in the case of S&P, to 55 Water
Street, New York, New York 10041 or, in each case, to such other address as
shall be designated by written notice to the other parties.

     SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides
for notice to Noteholders of any event, such notice shall be sufficiently given

                                       65
<PAGE>

(unless otherwise herein expressly provided) if in writing and mailed,
first-class, postage prepaid to each Noteholder affected by such event, at his
address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Noteholders is given by mail, neither the failure to
mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner 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 11.6 [Reserved].

     SECTION 11.7 Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     SECTION 11.8 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 of the Indenture
Trustee.

     SECTION 11.9 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.

                                       66
<PAGE>

     SECTION 11.10 Benefits of Indenture. The Note Insurer and its successors
and assigns shall be third-party beneficiaries to the provisions of this
Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. Nothing in this Indenture or in the Notes, express or
implied, shall give to any other 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
Collateral, any benefit or any legal or equitable right, remedy or claim under
this Indenture. The Note Insurer may disclaim any of its rights and powers under
this Indenture (in which case the Indenture Trustee may, but shall not be
required to, exercise such right or power hereunder), but not its duties and
obligations under the Note Policy, upon delivery of a written notice to the
Indenture Trustee.

     SECTION 11.11 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 11.12 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF [NEW YORK] AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS AND WITHOUT REFERENCE TO ITS CONFLICT OF LAW PRINCIPLES (EXCEPT WITH
REGARD TO THE UCC).

     SECTION 11.13 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 11.14 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 and the Note Insurer) to the effect that
such recording is necessary either for the protection of the Noteholders or any
other person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee or the Trust Collateral Agent under this
Indenture or the Sale and Servicing Agreement or the Collateral Agent under the
Spread Account Agreement.

                                       67
<PAGE>

     SECTION 11.15 Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Transferor, the
Servicer, the Owner Trustee, the Trust Collateral Agent, 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 Transferor, the
Servicer, the Indenture Trustee or the Trust Collateral Agent or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Issuer, the Transferor, the Servicer, the Indenture
Trustee or the Trust Collateral Agent or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Transferor, the
Servicer, the Owner Trustee or the Indenture Trustee or the Trust Collateral
Agent or of any successor or assign of the Transferor, the Servicer, the
Indenture Trustee or the Trust Collateral Agent or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee or the Trust Collateral Agent and
the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, with respect to 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 the
Trust Agreement.

     It is expressly understood and agreed by the parties hereto that (a) this
Agreement is executed and delivered by _______________ not individually or
personally but solely as trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it under the Trust Agreement, (b) each of the
representations, undertakings and agreements herein made on the part of the
Trust is made and intended not as personal representations, undertakings and
agreements by _______________ but is made and intended for the purpose of
binding only the Trust it being acknowledged that _______________ has performed
no investigation of the matters represented and warranted hereunder and is a
passive trustee who will undertake no active management of the Trust and (c)
under no circumstances shall _______________ be personally liable for the
payment of any indebtedness or expenses of the Trust or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement or the other Basic Documents.

     SECTION 11.16 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, prior to the date in which is one year and one
day after the Notes and all amounts due to the Note Insurer under the Insurance
Agreement have been paid in full, institute against the Transferor, or the
Issuer, or join in any institution against the Transferor or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state

                                       68
<PAGE>

bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Basic Documents.

     SECTION 11.17 Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee or the Note
Insurer, during the Issuer's normal business hours, to examine all the books of
account, records, reports, and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees, and independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The 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) or in connection with litigation, and except to the extent that the
Indenture Trustee may reasonably determine that such disclosure is consistent
with its obligations hereunder.

     SECTION 11.18 No Legal Title in Holders. No Holder of a Note shall have
legal title to any part of the Trust Property. No transfer, by operation of law
or otherwise, of any Note or other right, title and interest of any Holder of a
Note in and to the Trust Property or hereunder shall operate to terminate this
Indenture or the trusts hereunder or entitle any successor or transferee of such
Holder to an accounting or to the transfer to it of legal title to any part of
the Trust Property.

     SECTION 11.19 Rights of Note Insurer as Controlling Party. So long as no
Insurer Default shall have occurred and be continuing, except as otherwise
specifically provided herein, whenever Noteholder action, consent or approval is
required under this Indenture, such action, consent or approval shall be deemed
to have been taken or given on behalf of, and shall be binding upon, all Class A
Noteholders if the Note Insurer agrees to take such action or give such consent
or approval. If an Insurer Default has occurred and is continuing, any
provision, including this Section 11.19, which gives the Note Insurer any rights
as Controlling Party shall be inoperative during the period of such Insurer
Default and such rights shall instead vest in the Indenture Trustee acting at
the direction of the Majority Noteholders. If the Class A Notes are no longer
Outstanding and the Note Insurer has received full payment and performance of
all Insurer Secured Obligations, any provision, including this Section 11.19,
which gives the Note Insurer any rights as Controlling Party shall be
inoperative following such time and such rights instead shall vest in the
Indenture Trustee acting at the direction of the Majority Noteholders.

     SECTION 11.20 Effect of Termination Date. Notwithstanding anything to the
contrary set forth herein, all references to any right of the Note Insurer to
direct, appoint, consent to, accept, approve of, take or omit to take any action
under this Indenture or any other Basic Document shall be inapplicable at all
times after the earlier of the

                                       69
<PAGE>

Termination Date or the date on which the Class A Notes are no longer
Outstanding and the Note Insurer has received full payment and performance of
all Insurer Secured Obligations, and (i) if such reference provides for another
party or parties to take or omit to take such action following an Insurer
Default, such party or parties shall also be entitled to take or omit to take
such action following such date and (ii) if such reference does not provide for
another party or parties to take or omit to take such action following an
Insurer Default, then the Indenture Trustee acting at the direction of the
Majority Noteholders shall have the right to take or omit to take any such
action following such date. In addition, any other provision of this Indenture
or any other Basic Document which is operative based in whole or in part on
whether an Insurer Default has or has not occurred shall, at all times on or
after such date, be deemed to refer to whether or not such date has occurred.

     SECTION 11.21 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.

                      [THIS SPACE LEFT INTENTIONALLY BLANK]

                                       70
<PAGE>

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

                            UNITED FIDELITY AUTO RECEIVABLES TRUST
                            [______]

                            By:______________________________, not in its
                            individual capacity but solely as Owner Trustee,

                            By:_______________________________
                            Name:
                            Title:

                            ______________________________, not in its
                            individual capacity but solely as Indenture Trustee,

                            By:_______________________________
                            Name:
                            Title:

                        [Signature Page to the Indenture]

                                       71EXHIBIT 10.1

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

                               PURCHASE AGREEMENT

                                     between

                           UNITED FIDELITY BANK, FSB,

                                  as Originator

                                       and

                          UNITED FIDELITY FINANCE, LLC,

                                  as Transferor

                       Dated as of _______________, _____
--------------------------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS

                                                                         Page
                                                                         ----

ARTICLE I CERTAIN DEFINITIONS..............................................1

ARTICLE II PURCHASE AND SALE OF RECEIVABLES................................2

ARTICLE III REPRESENTATIONS AND WARRANTIES.................................5

ARTICLE IV CONDITIONS.................................................... 20

ARTICLE V COVENANTS OF THE ORIGINATOR.....................................23

ARTICLE VI MISCELLANEOUS PROVISIONS.......................................27

EXHIBIT A - Form of Initial Assignment

EXHIBIT B - Form of Subsequent Assignment

SCHEDULE A - Schedule of Receivables

<PAGE>

     PURCHASE AGREEMENT, dated as of _______________, _____, by and between
United Fidelity Bank, FSB, a federal savings association under the laws of the
United States (the "Originator"), and United Fidelity Finance, LLC, a Delaware
limited liability company (the "Transferor").

     WHEREAS, in the regular course of its business, the Originator originates,
purchases and services through its auto loan programs certain motor vehicle
retail installment sale contracts secured by new and used automobiles, vans,
sport utility vehicles or light duty trucks acquired from motor vehicle dealers;

     WHEREAS, the Originator and the Transferor wish to set forth the terms
pursuant to which the Initial Receivables are to be sold by the Originator to
the Transferor, which Initial Receivables together with the other Trust Property
related thereto will be conveyed by the Transferor to United Fidelity Auto
Receivables Trust [_____-_____] (the "Issuer") pursuant to the Sale and
Servicing Agreement, dated as of _______________, _____ (the "Sale and Servicing
Agreement"), among the Originator, the Issuer, the Transferor, United Fidelity
Bank, FSB, as Master Servicer, ______________________________, as Trust
Collateral Agent, and ______________________________, as Back-up Servicer; and

     WHEREAS, the Originator and the Transferor wish to set forth the terms
pursuant to which Subsequent Receivables are to be sold by the Originator to the
Transferor on the related Subsequent Transfer Dates, which Subsequent
Receivables together with the other Trust Property related thereto will be
conveyed by the Transferor to the Issuer pursuant to the Sale and Servicing
Agreement and the related Transfer Agreements.

     NOW, THEREFORE, in consideration of the foregoing, other good and valuable
consideration, and the mutual terms and covenants contained herein, the parties
hereto agree as follows:

                                   ARTICLE I
                               CERTAIN DEFINITIONS

     The following terms used herein shall have the following meanings:

     "Initial Receivables Purchase Price" shall have the meaning specified in
Section 2.1(b).

     "Initial Transferred Property" shall have the meaning specified in Section
2.1(a).

     "FDIC Receivership Regulation" means 12 CFR Section 360.6 and any successor
provision.

     "Subsequent Transferred Property" shall have the meaning specified in
Section 2.3(a).

     "Transferred Property" means the Initial Transferred Property or the
Subsequent Transferred Property, as applicable.

<PAGE>

     "Underwriter(s)" shall have the meaning specified in Section 2.2.

     Capitalized terms used but not defined herein shall have the same meanings
as in the Sale and Servicing Agreement.

     1.1. Action by or Consent of Noteholders. Whenever any provision of this
Purchase Agreement refers to action to be taken, or consented to, by
Noteholders, such provision shall be deemed to refer to Noteholders of record as
of the Record Date immediately preceding the date on which such action is to be
taken, or consent given, by Noteholders. Solely for the purposes of any action
to be taken, or consented to, by Noteholders, any Note registered in the name of
the Originator or any Affiliate thereof (other than a Note pledged by the
Originator or an Affiliate to a nonaffiliated third party) shall be deemed not
to be outstanding and the aggregate principal balance evidenced thereby shall
not be taken into account in determining whether the requisite principal balance
necessary to effect any such action or consent has been obtained; provided,
however, that, solely for the purpose of determining whether the Indenture
Trustee or Trust Collateral Agent is entitled to rely upon any such action or
consent, only Notes the Indenture Trustee or Trust Collateral Agent knows to be
so owned shall be so disregarded.

     1.2. Material Adverse Effect. Whenever a determination is to be made under
this Purchase Agreement as to whether a given event, action, course of conduct
or set of facts or circumstances could or would have a material adverse effect
on the Issuer or the Noteholders (or any similar or analogous determination),
such determination shall be made without taking into account the funds available
from claims under the Note Policy. Whenever a determination is to be made under
this Purchase Agreement whether a breach of a representation, warranty or
covenant has or could have a material adverse effect on a Receivable or the
interest therein of the Issuer, the Noteholders or the Note Insurer (or any
similar or analogous determination), such determination shall be made by the
Note Insurer in its sole discretion so long as no Insurer Default shall have
occurred and be continuing.

                                   ARTICLE II

                        PURCHASE AND SALE OF RECEIVABLES

     2.1. Purchase and Sale of Initial Receivables. On the Closing Date, subject
to the terms and conditions of this Purchase Agreement, the Originator agrees to
sell to the Transferor, and the Transferor agrees to purchase from the
Originator, without recourse (subject to the obligations in this Purchase
Agreement and the Sale and Servicing Agreement), all of the Originator's right,
title and interest in, to and under the Initial Receivables and the other
Initial Transferred Property relating thereto. Each conveyance to the Transferor
of the Initial Receivables and other Initial Transferred Property relating
thereto is intended as a sale free and clear of all liens and it is intended
that such Initial Transferred Property and other property of the Transferor
shall not be part of the Originator's estate in the event that the Originator
becomes insolvent or a conservator or receiver is appointed for the Originator.

     (a) Transfer of Initial Receivables. On the Closing Date and simultaneously
with the transactions to be consummated pursuant to the Sale and Servicing
Agreement, the Originator shall sell, transfer, assign, grant, set over and
otherwise convey to the Transferor,

                                       2
<PAGE>

without recourse (subject to the obligations herein and in the Sale and
Servicing Agreement), all of its right, title and interest in, to and under: (i)
the Initial Receivables listed in Schedule A hereto and all amounts due on or
after the Initial Cut-off Date and received after the Initial Cut-off Date; (ii)
the security interests in the Financed Vehicles granted by Obligors pursuant to
the Initial Receivables and any accessions thereto, and any other interest of
the Originator in such Financed Vehicles and accessions, including, without
limitation, the certificates of title and other evidence of ownership with
respect to such Financed Vehicles; (iii) any proceeds from claims on any
physical damage, credit life or disability, GAP or other insurance policies
thereon covering the Financed Vehicles or the Obligors relating to the Initial
Receivables and any proceeds from the liquidation of Initial Receivables or
Financed Vehicles, (iv) all property (including the right to receive future
Liquidation Proceeds) that secures an Initial Receivable and that has been
acquired by or on behalf of the Transferor pursuant to the liquidation of such
Initial Receivable; (v) the Dealer Recourse relating to the Initial Receivables;
(vi) rebates or refunds of premiums and other amounts relating to insurance
policies and other items financed under the Initial Receivables or otherwise
covering an Obligor or a Financed Vehicle; (vii) all amounts and property from
time to time held in or credited to any of the Trust Accounts and the Lock-Box
Account (to the extent such amounts and property in the Lock-Box Account relate
to the Initial Receivables); (viii) the Receivable Files and all other documents
that the Originator keeps on file in accordance with its customary procedures
relating to the Initial Receivables, or the Obligors or Financed Vehicles
relating thereto; and (ix) the proceeds of any and all of the foregoing
(collectively, the property set forth in clauses (i) through (ix) above the
"Initial Transferred Property").

     (b) Initial Receivables Purchase Price. In consideration for the Initial
Receivables and the other Initial Transferred Property described in Section
2.1(a), the Transferor shall, on the Closing Date, pay to the Originator an
amount equal to $[_____________] (the "Initial Receivables Purchase Price"). In
addition, on the Closing Date, the Originator will be deemed to have made a
capital contribution to the Transferor equal to the difference between the
Principal Balance of the Receivables (as of the Initial Cut-off Date)
transferred by the Originator to the Transferor on such date and the cash
proceeds so received by the Originator in consideration thereof. All monies paid
to the Originator pursuant to this Section 2.1(b) shall be paid by federal wire
transfer (same day) funds.

     2.2. The Closing. The sale and purchase of the Initial Receivables and the
other Initial Transferred Property relating thereto shall take place at a
closing (the "Closing") at the offices of [_______________], [address] on the
Closing Date, simultaneously with the closings under: (a) the Sale and Servicing
Agreement pursuant to which the Transferor will convey all of its right, title
and interest in and to the Initial Receivables and the other Trust Property
related thereto to the Issuer; (b) the Indenture pursuant to which the Issuer
will pledge all of its right, title and interest in and to the Receivables and
the other Collateral to the Indenture Trustee for the benefit of the Noteholders
and the Note Insurer; (c) the Trust Agreement pursuant to which the Issuer shall
be formed and the Certificate issued to the Transferor; and (d) the Underwriting
Agreement pursuant to which City Securities Corporation (the "Underwriter") will
agree to purchase the Notes from the Issuer.

     2.3. Purchase and Sale of Subsequent Receivables. On each Subsequent
Transfer Date, subject to the terms and conditions of this Purchase Agreement
and Section

                                       3
<PAGE>

2.02(b) of the Sale and Servicing Agreement, the Originator agrees to sell to
the Transferor, and the Transferor agrees to purchase from the Originator,
without recourse (subject to the obligations in this Purchase Agreement, the
related Transfer Agreement and the Sale and Servicing Agreement), all of the
Originator's right, title and interest in, to and under the related Subsequent
Receivables and the other Subsequent Transferred Property relating thereto. The
conveyance to the Transferor of the related Subsequent Receivables and other
Subsequent Transferred Property relating thereto is intended as a sale free and
clear of all liens (other than the lien of the Indenture) and it is intended
that the Subsequent Transferred Property and other property of the Transferor
shall not be part of the Originator's estate in the event that the Originator
becomes insolvent or a conservator or receiver is appointed for the Originator.

     (a) Transfer of Subsequent Receivables. On each Subsequent Transfer Date,
the Originator shall sell, assign, grant, set over and otherwise convey to the
Transferor (without recourse subject to the obligations set forth herein and in
the related Transfer Agreement and the Sale and Servicing Agreement), all of its
right, title and interest in, to, and under: (i) the Subsequent Receivables
listed on Schedule A to the related Subsequent Assignment and all amounts due
thereunder after the applicable Subsequent Cut-off Date and all amounts due
thereunder before the applicable Subsequent Cut-off Date but received after such
Subsequent Cut-off Date; (ii) the security interests in the Financed Vehicles
granted by Obligors pursuant to the Subsequent Receivables and any accessions
thereto, and any other interest of the Originator in such Financed Vehicles and
accessions, including, without limitation, the certificates of title and other
evidences of ownership with respect to such Financed Vehicles; (iii) any
proceeds from claims on any physical damage, credit life or disability, GAP or
other insurance policies thereon covering the Financed Vehicles or the Obligors
relating to the Subsequent Receivables and any proceeds from the liquidation of
the Subsequent Receivables or Financed Vehicles; (iv) all property (including
the right to receive future Liquidation Proceeds) that secures a Subsequent
Receivable and that has been acquired by or on behalf of the Issuer pursuant to
the liquidation of such Subsequent Receivable; (v) the Dealer Recourse relating
to the Subsequent Receivables; (vi) rebates or refunds of premiums and other
amounts relating to insurance policies and other items financed under the
Subsequent Receivables or otherwise covering an Obligor or a Financed Vehicle;
(vii) all amounts and property from time to time held in or credited to any of
the Trust Accounts or the Lock-Box Account (to the extent such amounts and
property in the Lock-Box Account relate to the Subsequent Receivables); (viii)
the Receivable Files and all other documents that the Originator keeps on file
in accordance with its customary procedures relating to the Subsequent
Receivables, or the Obligors or Financed Vehicles relating thereto; and (ix) the
proceeds of any and all of the foregoing (collectively, the property set forth
in clauses (i) through (ix) above, the "Subsequent Transferred Property").

     (b) Subsequent Receivables Purchase Price. In consideration for the
Subsequent Receivables and other Subsequent Transferred Property described in
Section 2.3(a), the Transferor shall pay the related amount (the "Subsequent
Receivables Purchase Price") to the Originator. In addition, on each Subsequent
Transfer Date, the Originator will be deemed to have made a capital contribution
to the Transferor equal to the difference between the Principal Balance of the
Receivables (as of the related Subsequent Cut-off Date) transferred by the
Originator to the Transferor on such date and the cash proceeds so received by
the Originator in consideration thereof. All monies paid to the Originator
pursuant to this Section 2.3(b) shall be paid by federal wire transfer (same
day) funds.

                                       4
<PAGE>

     2.4. Subsequent Closings. The sale and purchase of the Subsequent
Receivables and the other Subsequent Transferred Property relating thereto shall
take place at one or more closings at the offices of [_______________],
[address] on the related Subsequent Transfer Dates.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     3.1. Representations and Warranties of the Transferor. The Transferor
hereby represents and warrants to the Originator as of the date hereof, on the
Closing Date and on each Subsequent Transfer Date, on which the Originator
relies in selling the Receivables and the other Transferred Property, on which
the Issuer relies in pledging the Receivables and the other Collateral to the
Indenture Trustee under the Indenture and on which the Note Insurer will rely in
issuing the Note Policy:

     (a) Organization and Good Standing. The Transferor is duly organized and
validly existing as a limited liability company under the laws of the State of
Delaware, with the limited liability company power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and had at all relevant times, and
has, the limited liability company power, authority and legal right to acquire
and own the Receivables and the other Transferred Property and to convey the
Receivables and the other Transferred Property to the Issuer pursuant to the
Sale and Servicing Agreement and each Transfer Agreement, and to perform its
other obligations under this Purchase Agreement, the Sale and Servicing
Agreement, each Transfer Agreement and any other Basic Documents to which it is
a party.

     (b) Due Qualification. The Transferor is duly qualified to do business as a
foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership or
lease of its property or the conduct of its business (including, without
limitation, the purchase of the Receivables from the Originator hereunder, the
conveyance of the Receivables by the Transferor pursuant to the Sale and
Servicing Agreement and each Transfer Agreement, and the performance of its
other obligations under this Purchase Agreement, the Sale and Servicing
Agreement, each Transfer Agreement and the other Basic Documents to which it is
a party) shall require such qualifications, licenses and/or approvals, other
than where the failure to obtain such license or approval would not have a
material adverse effect on the ability of the Transferor to perform its
obligations under this Purchase Agreement, the Sale and Servicing Agreement,
each Transfer Agreement or any other Basic Document to which it is a party, on
any Receivable or on the interest therein of the Issuer, the Noteholders or the
Note Insurer.

     (c) Power and Authority. The Transferor has the power and authority to
execute and deliver this Purchase Agreement, each Transfer Agreement and the
other Basic Documents to which it is a party and to carry out their respective
terms and the execution, delivery and performance of this Purchase Agreement,
each Transfer Agreement and the other Basic Documents to which it is a party
have been duly authorized by the Transferor by all necessary limited liability
company action.

                                       5
<PAGE>

     (d) Binding Obligation. Each of this Purchase Agreement, each Transfer
Agreement, the Sale and Servicing Agreement and each other Basic Document to
which the Transferor is a party shall constitute a legal, valid and binding
obligation of the Transferor enforceable in accordance with its terms, except
only as such enforcement may be limited by bankruptcy, insolvency or similar
laws affecting the enforcement of creditors' rights generally.

     (e) No Violation. The execution, delivery and performance by the Transferor
of this Purchase Agreement, each Transfer Agreement and the other Basic
Documents to which it is a party and the consummation of the transactions
contemplated hereby and thereby and the fulfillment of the terms hereof and
thereof do not conflict with, result in a breach of any of the terms and
provisions of, nor constitute (with or without notice or lapse of time) a
default under, the certificate of formation or limited liability company
agreement of the Transferor, or any indenture, agreement, mortgage, deed of
trust, or other instrument to which the Transferor is a party or by which it is
bound or to which any of its properties are subject; nor result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of
any indenture, agreement, mortgage, deed of trust, or other instrument (other
than the Basic Documents); nor violate any law, order, rule or regulation
applicable to the Transferor of any court or of any Federal or State regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Transferor or its properties.

     (f) No Proceedings. There are no proceedings or investigations pending, or
to the Transferor's best knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Transferor or its properties: (A) asserting the invalidity
of this Purchase Agreement, any Transfer Agreement, the Sale and Servicing
Agreement, the Notes, the Certificate, or any other Basic Document; (B) seeking
to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Purchase Agreement, any Transfer Agreement,
the Sale and Servicing Agreement or any other Basic Document to which it is a
party; (C) seeking any determination or ruling that might materially and
adversely affect the performance by the Transferor of its obligations under, or
the validity or enforceability of, this Purchase Agreement, the Sale and
Servicing Agreement, any Transfer Agreement, the Notes or any other Basic
Document to which it is a party; or (D) relating to the Transferor and which
might adversely affect the Federal or State income, excise, franchise or similar
tax attributes of the Notes.

     (g) No Consents. No consent, approval, authorization or order of or
declaration or filing with any governmental authority is required to be obtained
by the Transferor for the issuance or sale of the Notes or the consummation of
the other transactions contemplated by this Purchase Agreement, any Transfer
Agreement, the Sale and Servicing Agreement or any other Basic Document to which
it is a party, except such as have been duly made or obtained or where the
failure to obtain such consent, approval, authorization, order or declaration,
or to make such filing, would not have a material adverse effect on the ability
of the Transferor to perform its obligations under this Purchase Agreement, any
Transfer Agreement, the Sale and Servicing Agreement or any other Basic Document
to which it is a party or on any Receivable or the interest therein of the
Issuer, the Noteholders or the Note Insurer.

     (h) Valid Assignment. Each Initial Receivable has been validly assigned by
the Transferor to the Issuer on the Closing Date pursuant to the Sale and
Servicing Agreement

                                       6
<PAGE>

and each Subsequent Receivable will be validly assigned to the Issuer on the
related Subsequent Transfer Date pursuant to the Sale and Servicing Agreement
and the related Transfer Agreement; and no Receivable has been sold,
transferred, assigned or pledged by the Transferor to any Person other than the
Issuer.

     3.2. Representations and Warranties of the Originator.

     (a) The Originator hereby represents and warrants to the Transferor as of
the date hereof, on the Closing Date and on each Subsequent Transfer Date on
which the Transferor relies in acquiring the Receivables and the other
Transferred Property and in conveying the Receivables and the other Trust
Property to the Issuer under the Sale and Servicing Agreement and each Transfer
Agreement, on which the Issuer relies in pledging the Receivables and the other
Collateral to the Indenture Trustee under the Indenture and on which the Note
Insurer will rely in issuing the Note Policy:

          (i) Organization and Good Standing. The Originator is duly organized
     and validly existing as a federally-chartered savings association in good
     standing under the federal laws of the United States of America, with the
     power and authority to own its properties and to conduct its business as
     such properties are currently owned and such business is presently
     conducted and had at all relevant times, and has, the power, authority and
     legal right to originate, acquire, own, sell and service the Receivables
     and to perform its other obligations under this Purchase Agreement, each
     Transfer Agreement and the other Basic Documents to which it is a party.

          (ii) Due Qualification. The Originator is duly qualified to do
     business as a foreign corporation in good standing, and has obtained all
     necessary licenses and approvals, in all jurisdictions in which the
     ownership or lease of its property or the conduct of its business
     (including, without limitation, the purchase of motor vehicle retail
     installment sale contracts, the sale of the Receivables to the Transferor
     hereunder, the servicing of the Receivables as required by the Sale and
     Servicing Agreement and its other obligations hereunder, under the Sale and
     Servicing Agreement, each Transfer Agreement and the other Basic Documents
     to which it is a party) shall require such qualifications, licenses and/or
     approvals, other than where the failure to obtain such license,
     qualification or approval would not have a material adverse effect on the
     ability of the Transferor to perform its obligations under this Purchase
     Agreement, the Sale and Servicing Agreement, each Transfer Agreement or any
     other Basic Document to which it is a party or on any Receivable or the
     interest therein of the Transferor, the Issuer, the Noteholders or the Note
     Insurer.

          (iii) Power and Authority. The Originator has the corporate power and
     authority to execute and deliver this Purchase Agreement, each Transfer
     Agreement and the other Basic Documents to which it is a party and to carry
     out their respective terms; the Originator has full corporate power and
     authority to sell and assign the property sold and assigned by it to the
     Transferor hereunder and has duly authorized such sale and assignment by it
     to the Transferor by all necessary corporate action; and the execution,
     delivery and performance of this Purchase Agreement, each Transfer
     Agreement and the

                                       7
<PAGE>

     other Basic Documents to which it is a party have been duly authorized by
     the Originator by all necessary corporate action.

          (iv) Valid Sale; Binding Obligation. This Purchase Agreement effects a
     valid sale, transfer and assignment of the Initial Receivables and the
     other Initial Transferred Property conveyed to the Transferor pursuant to
     Section 2.1 hereof, enforceable against creditors of and purchasers from
     the Originator; each Subsequent Assignment shall constitute a valid sale,
     transfer and assignment of the Subsequent Receivables and other related
     Subsequent Transferred Property conveyed to the Transferor thereunder and
     pursuant to Section 2.3 hereof, enforceable against creditors of and
     purchasers from the Originator; each Transfer Agreement shall constitute a
     valid sale, transfer and assignment of the related Subsequent Receivables
     and other related Subsequent Transferred Property conveyed to the Issuer
     thereunder and pursuant to the Sale and Servicing Agreement, enforceable
     against creditors of and purchasers from the Transferor; and each of this
     Purchase Agreement, each Transfer Agreement and each other Basic Document
     to which it is a party shall constitute a legal, valid and binding
     obligation of the Originator, enforceable in accordance with their
     respective terms, except only as such enforcement may be limited by
     bankruptcy, insolvency or similar laws affecting the enforcement of
     creditors' rights generally.

          (v) No Violation. The execution, delivery and performance by the
     Originator of this Purchase Agreement, each Transfer Agreement and the
     other Basic Documents to which it is a party and the consummation of the
     transactions contemplated hereby and thereby and the fulfillment of the
     terms hereof and thereof do not and will not conflict with, result in any
     breach of any of the terms and provisions of, or constitute (with or
     without notice or lapse of time) a default under, the charter or by-laws of
     the Originator, or any indenture, agreement, mortgage, deed of trust, or
     other instrument to which the Originator is a party or by which it is bound
     or to which any of its properties are subject; or result in the creation or
     imposition of any Lien upon any of its properties pursuant to the terms of
     any such indenture, agreement, mortgage, deed of trust, or other instrument
     (other than the Basic Documents); or violate any law, order, rule or
     regulation applicable to the Originator of any court or of any Federal or
     State regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Originator or its properties,
     in each case other than any such Lien, conflict, breach, default or
     violation which would not have a material adverse effect on the interest of
     the Noteholders, the Transferor, the Issuer or the Note Insurer, in any
     Receivable or on the ability of the Originator to perform its obligations
     under this Purchase Agreement, any Transfer Agreement, the Sale and
     Servicing Agreement or any other Basic Document to which it is a party.

          (vi) No Proceedings. There are no proceedings or investigations
     pending, or to the Originator's best knowledge, threatened, before any
     court, regulatory body, administrative agency, or other governmental
     instrumentality having jurisdiction over the Originator or its properties:
     (A) asserting the invalidity of this Purchase Agreement, any Transfer
     Agreement, the Sale and Servicing Agreement, any of the other Basic
     Documents to which it is a party, the Notes or the Certificate; (B) seeking
     to prevent the issuance of the Notes or the Certificate or the consummation
     of any of the transactions

                                       8
<PAGE>

     contemplated by this Purchase Agreement, any Transfer Agreement, the Sale
     and Servicing Agreement or any other Basic Document to which it is a party;
     (C) seeking any determination or ruling that might materially and adversely
     affect the performance by the Originator of its obligations under, or the
     validity or enforceability of, this Purchase Agreement, the Sale and
     Servicing Agreement, any Transfer Agreement, any of the other Basic
     Documents to which it is a party, the Notes or the Certificate; (D)
     relating to the Originator and which might adversely affect the Federal or
     State income, excise, franchise or similar tax attributes of the Notes; or
     (E) that could have a material adverse effect on the Receivables or the
     interest therein of the Transferor, the Issuer, the Noteholders or the Note
     Insurer.

          (vii) No Consents. No consent, approval, authorization or order of or
     declaration or filing with any governmental authority is required to be
     obtained by the Originator for the issuance or sale of the Notes or the
     consummation of the other transactions contemplated by this Purchase
     Agreement, the Sale and Servicing Agreement, any Transfer Agreement or any
     of the other Basic Documents to which the Originator is a party, except
     such as have been duly made or obtained, other than the failure to obtain
     such consent, approval, authorization, order or declaration, or to make
     such filing, would not have a material adverse effect on the ability of the
     Originator to perform its obligations under the Basic Documents to which it
     is a party or on any Receivable or the interest therein of the Transferor,
     the Issuer, the Noteholders, the Certificateholder or the Note Insurer.

          (viii) Financial Condition. The Originator has a positive net worth
     and is able to and does pay its liabilities as they mature. The Originator
     is not in default under any material obligation to pay money to any person
     except for matters being disputed in good faith which do not involve an
     obligation of the Originator on a promissory note. The Originator will not
     use the proceeds from the transactions contemplated by this Purchase
     Agreement to give any preference to any creditor or class of creditors, and
     this transaction will not leave the Originator with remaining assets which
     are unreasonably small compared to its ongoing operations.

          (ix) Fraudulent Conveyance. The Originator is not selling the Initial
     Receivables or the Subsequent Receivables sold by it to the Transferor with
     any intent to hinder, delay or defraud any of its creditors; the Originator
     will not be rendered insolvent as a result of such sale of the Initial
     Receivables or the Subsequent Receivables to the Transferor.

          (x) Certificate, Statements and Reports. The officers certificates,
     statements, reports and other documents prepared by the Originator and
     furnished by the Originator to the Transferor, the Note Insurer or the
     Underwriter(s) pursuant to this Purchase Agreement, any Transfer Agreement
     or any other Basic Document to which the Originator is a party, and in
     connection with the transactions contemplated hereby or thereby, when taken
     as a whole, do not contain any untrue statement of a material fact or omit
     to state a material fact necessary to make the statements contained herein
     or therein not misleading.

                                       9
<PAGE>

          (xi) Originator's Intention. The Initial Receivables and other Initial
     Transferred Property are being transferred, and the Subsequent Receivables
     and the other Subsequent Transferred Property will be transferred by the
     Originator, with the intention of removing them from the Originator's
     estate pursuant to the Federal Deposit Insurance Act and the FDIC
     Receivership Regulations.

          (xii) Adequate Consideration. The Originator has received adequate
     consideration for the transfer of the Initial Receivables and the other
     Initial Transferred Property and will upon the transfer thereof receive
     adequate consideration for the Subsequent Receivables and any Subsequent
     Transferred Property.

          (xiii) FDIC Receivership Regulation. The transfers of the Initial
     Receivables and the other Initial Transferred Property and the Subsequent
     Receivables and the other Subsequent Transferred Property by the Originator
     meet all of the conditions for sale accounting treatment under generally
     accepted accounting principles and such transfers otherwise meet the
     requirements necessary under the FDIC Receivership Regulation for such
     transfers to be respected by the FDIC notwithstanding the FDIC's powers to
     reclaim, disaffirm or repudiate contracts under 12 U.S.C. Section 1821(e).

          (xiv) Compliance with FDIC Written Agreement Requirements. The
     Originator has taken and will continue to take all necessary action for
     this Purchase Agreement, each Transfer Agreement and the other Basic
     Documents to which it is a party to be enforceable against the FDIC
     notwithstanding Sections 11(d)(9), Section 11(n)(4)(I) and Section 13(e) of
     the Federal Deposit Insurance Act.

     (b) The Originator hereby makes each of the following representations and
warranties with respect to the Receivables for the benefit of the Transferor,
the Issuer, and the Note Insurer on which the Transferor relies in acquiring the
Receivables and other Transferred Property and in conveying the Receivables and
the other Trust property to the Issuer under the Sale and Servicing Agreement
and each Transfer Agreement, on which the Issuer relies in pledging the
Receivables and the other Collateral to the Indenture Trustee under the
Indenture and on which the Note Insurer will rely in issuing the Note Policy.
Such representations and warranties speak (unless otherwise specified) as of the
execution and delivery of this Purchase Agreement on the Closing Date (as to
Receivables transferred to the Trust on the Closing Date) and each Subsequent
Transfer Date (as to Receivables transferred to the Trust on such Subsequent
Transfer Date), but shall in each case survive the sale, transfer, and
assignment of the Receivables to the Transferor, the subsequent sale, transfer,
and assignment to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

          (i) With respect to each Receivable, the Origination Date of such
     Receivable is, or will be, as applicable, on or after [___________].

          (ii) To the best of the Originator's knowledge, each Receivable (a)
     has been originated in the United States of America by a Dealer for the
     retail sale of a Financed Vehicle in the ordinary course of such Dealer's
     business, such Dealer had all necessary licenses and permits to originate
     such Receivable in the State where such Dealer was located, has been fully
     and properly executed by the parties thereto, has been purchased

                                       10
<PAGE>

     by the Originator from such Dealer, under an existing Dealer Agreement with
     the Originator, in connection with the sale of Financed Vehicles by the
     Dealer, and has been validly assigned by such Dealer to the Originator, and
     in turn has been validly assigned by the Originator to the Transferor
     pursuant to this Purchase Agreement and the related Assignment, (b) creates
     a valid, subsisting, and enforceable first priority security interest for
     the benefit of the Originator in the Financed Vehicle, which security
     interest has been, in turn, validly assigned by the Originator to the
     Transferor, (c) contains customary and enforceable provisions such that the
     rights and remedies of the holder thereof shall be adequate for realization
     against the collateral of the benefits of the security, (d) provides for
     level monthly payments (provided that the payment in the first or last
     month in the life of the Receivable may be minimally different from the
     level payment) that fully amortize the Amount Financed by maturity and
     yield interest at the Annual Percentage Rate over an original term of no
     less than [__] months and no greater than [__] months; provided, however,
     that Receivables may have an original term up to __ months only with the
     Note Insurer's prior consent, (e) provides for, in the event that such
     Receivable is prepaid in full, a prepayment that fully pays the Principal
     Balance, (f) is a Simple Interest Receivable and (g) was originated by a
     Dealer to an Obligor and was originated and sold by the Dealer to the
     Originator, without any fraud or misrepresentation on the part of such
     Dealer or on the part of the Obligor.

          (iii) The information set forth in Schedule A to this Purchase
     Agreement, as the same may be supplemented from time to time in accordance
     with the terms hereof, is true and correct in all material respects as of
     the close of business on each Cut-off Date, and no selection procedures
     adverse to the Noteholders or the Note Insurer have been or will be
     utilized in selecting the Receivables.

          (iv) Each Receivable and the sale of the related Financed Vehicle and
     the sale of any extended warranty protection plan costs, or of physical
     damage, credit life or disability insurance included in the Amount Financed
     related thereto complied at the time it was originated or made and complies
     at the execution of this Purchase Agreement with respect to an Initial
     Receivable, or at the execution of the related Subsequent Assignment in the
     case of a Subsequent Receivable, in all material respects with all
     requirements of applicable federal, state, and local laws, and regulations
     thereunder, including, without limitation, usury laws, the Federal
     Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
     Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
     Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board's
     Regulations B and Z (including amendments to the Federal Reserve's Official
     Staff Commentary to Regulation Z effective October 1, 1998 concerning
     negative equity loans), the Soldiers' and Sailors' Civil Relief Act of
     1940, as amended, and State adaptations of the National Consumer Act and of
     the Uniform Consumer Credit Code, and other consumer credit laws and equal
     credit opportunity and disclosure laws.

          (v) Each Receivable represents the genuine, legal, valid, and binding
     payment obligation in writing of the Obligor, enforceable by the holder
     thereof in accordance with its terms subject to the effect of bankruptcy,
     insolvency, reorganization, or other similar laws affecting the enforcement
     of creditors' rights generally and to general principles of equity, no
     Obligor has any right of action against the Originator or the Transferor or
     any

                                       11
<PAGE>

     right to any offset, counterclaim or rescission , no such right has been
     asserted or threatened with respect to any Receivable, and all parties to
     each Receivable had full legal capacity to execute and deliver such
     Receivable and all other documents related thereto and to grant the
     security interest purported to be granted thereby.

          (vi) None of the Receivables is due from the United States of America
     or any State or from any agency, department, or instrumentality of the
     United States of America or any State.

          (vii) To the knowledge of the Originator, no Obligor was the subject
     of a bankruptcy proceeding at the time of origination of the related
     Receivable.

          (viii) Immediately prior to the sale, assignment, and transfer hereof
     pursuant to this Purchase Agreement and, with respect to the Initial
     Receivables, the Initial Assignment, or with respect to the Subsequent
     Receivables, the related Subsequent Receivables Assignment, as applicable,
     each Receivable was secured by a validly perfected first priority security
     interest in the Financed Vehicle for the benefit of the Originator as
     secured party and such security interest is prior to all other liens upon
     and security interests in such Financed Vehicle which now exist or may
     hereafter arise or be created (except, as to priority, for any lien for
     taxes, labor or materials or any other non-consensual lien affecting a
     Financed Vehicle arising subsequent to the Closing Date or the related
     Subsequent Transfer Date, as applicable), or all necessary and appropriate
     actions had been commenced (including the filing of the related
     applications for certificates of title with the related department of motor
     vehicles) that would result in the valid perfection of a first priority
     security interest in the Financed Vehicle in favor of the Trust Collateral
     Agent for the benefit of the Transferor as secured party. Immediately after
     the sale, assignment and transfer thereof to the Trust, although the
     related certificates of title will not indicate the Trust as secured party,
     each Receivable will be secured by an enforceable and perfected first
     priority security interest in the Financed Vehicle in favor of the Trust
     Collateral Agent as secured party for the benefit of the Noteholders and
     the Note Insurer, which security interest is prior to all other Liens in
     such Financed Vehicle.

          (ix) Based on the location of the Dealers and the Principal Balances
     of the Initial Receivables as of the Initial Cut-off Date, approximately
     [__]% of the Initial Receivables were originated in Indiana, Kentucky and
     Illinois, and no more than [__]% of the Initial Receivables were originated
     in any other single state. As of each Subsequent Transfer Date, no more
     than [__]% of the Receivables (based on the Principal Balances of the
     Receivables as of the applicable Cut-off Date) will have been originated in
     any single state other than Indiana, Kentucky and Illinois.

          (x) No later than 15 days after the Closing Date or the applicable
     Subsequent Transfer Date, each Obligor will have been notified by the
     Originator to make payments with respect to its respective Receivable
     directly to the Lock-Box, and will provide each Obligor with a monthly
     statement in order to enable such Obligor to make payments directly to the
     Lock-Box.

                                       12
<PAGE>

          (xi) No Receivable has been satisfied, subordinated, or rescinded, nor
     has any Financed Vehicle been released from the Lien granted by the related
     Receivable in whole or in part.

          (xii) No provision of a Receivable has been waived, altered, amended
     or modified in any respect since its origination, except by instruments or
     documents contained in the related Receivable File on the Closing Date or
     the related Subsequent Transfer Date, as applicable. No Receivable has been
     modified as a result of application of the Soldiers' and Sailors' Civil
     Relief Act of 1940, as amended.

          (xiii) To the best of the Originator's knowledge, no liens or claims
     have been filed for work, labor, storage or materials relating to a
     Financed Vehicle that are prior to, or equal or coordinate with, the
     security interest in the Financed Vehicle granted by the Receivable.

          (xiv) Except for contractual delinquencies continuing for a period of
     not more than 30 days as of the Cut-off Date, no default, breach,
     violation, or event permitting acceleration under the terms of any
     Receivable has occurred and there was no material misrepresentation by any
     Obligor on such Obligor's credit application; and no continuing condition
     that with notice or the lapse of time would constitute a default, breach,
     violation, or event permitting acceleration under the terms of any
     Receivable has arisen and the Originator shall not waive and has not waived
     any of the foregoing.

          (xv) At the time of origination of a Receivable, the Originator, in
     accordance with its customary procedures, has determined that the Obligor
     has obtained physical damage insurance covering the Financed Vehicle or has
     applied for such insurance (i) in an amount at least equal to the lesser of
     (a) the actual cash value of the related Financed Vehicle or (b) the unpaid
     Principal Balance of such Receivable, (ii) naming the Originator as loss
     payee and (iii) insuring against loss and damage due to fire, theft,
     transportation, collision and other risks generally covered by
     comprehensive and collision damage and each Receivable requires the Obligor
     to obtain and maintain such insurance naming the Originator and its
     successors and assigns as an additional insured or loss payee, (B) each
     Receivable that finances the cost of premiums for physical damage, credit
     life or disability insurance is covered by an insurance policy and
     certificate of insurance naming the Originator as policyholder (creditor)
     or loss payee under each such insurance policy and certificate of insurance
     and (C) as to each Receivable that finances the cost of an extended
     warranty protection plan, the respective Financed Vehicle which secures the
     Receivable is covered by such extended warranty protection plan.

          (xvi) It is the intention of the Originator that each transfer and
     assignment herein contemplated pursuant to Section 2.1 or Section 2.3, as
     applicable, will constitute on the Closing Date or the Subsequent Transfer
     Date, as applicable, a sale and contribution of the Receivables from the
     Originator to the Transferor and that the beneficial interest in and title
     to the Receivables not be part of the Originator's respective estate in the
     event the Originator becomes insolvent or a conservator or receiver is
     appointed for the Originator. No Receivable has been sold, transferred,
     assigned, or pledged by the Originator to any Person other than the
     Transferor except with respect to

                                       13
<PAGE>

     any such pledge that has been released on or prior to the Closing Date or
     the applicable Subsequent Transfer Date. Immediately prior to each transfer
     and assignment of each Receivable herein contemplated pursuant to Section
     2.1 or Section 2.3, as applicable, the Originator will have good and
     marketable title to such Receivable free and clear of all Liens and rights
     of others and, immediately upon the transfer thereof, the Trust shall have
     good and marketable title to such Receivable, free and clear of all Liens
     and rights of others; and each such transfer has been perfected under the
     UCC. Without limiting the generality of the foregoing, no Dealer has any
     right, title or interest in respect of any Receivable. The Originator has
     not taken any action to convey any right to any Person that would result in
     such Person having a right to payments received under any insurance
     policies related to the Receivables or the Financed Vehicles or the related
     Dealer Agreements or to payments due under such Receivables, other than
     granting certain Liens which will be released on or prior to the Closing
     Date or the related Subsequent Transfer Date.

          (xvii) No Receivable has been originated in, or is subject to the laws
     of, any jurisdiction under which the sale, transfer, and assignment of such
     Receivable under this Purchase Agreement shall be unlawful, void, or
     voidable. The Originator has not entered into any agreement with any
     account debtor that prohibits, restricts or conditions the assignment of
     any portion of the Receivables.

          (xviii) All filings (including, without limitation, UCC filings)
     necessary in any jurisdiction to give the Transferor a first priority
     perfected ownership interest in the Receivables and the proceeds thereof
     and the other Transferred Property (other than the Financed Vehicles) will
     be made on or prior to the Closing Date or the related Subsequent Transfer
     Date, as applicable.

          (xix) Each Receivable constitutes "chattel paper" as defined in the
     UCC.

          (xx) Each Receivable transferred to the Transferor had an original
     term to maturity of no less than 12 months and no greater than 84 months
     and a remaining term to maturity of at least one month but not greater than
     84 months as of the applicable Cut-off Date; provided that Receivables may
     have an original and/or remaining term to maturity up to [__] months only
     with the prior consent of the Note Insurer. Each Receivable was originated
     on or before the applicable Cut-off Date.

          (xxi) The weighted average original term to maturity of the Initial
     Receivables is [__] months as of the Initial Cut-off Date and the weighted
     average remaining term to maturity of the Initial Receivables was [__]
     months as of the Initial Cut-off Date. No greater than [____]% by aggregate
     Principal Balance of the Initial Receivables as of the Initial Cut-off Date
     have an APR of less than [____]% and the weighted average APR of the
     Initial Receivables as of the Initial Cut-off Date is [__]%.

          (xxii) There is only one original executed copy of each Receivable,
     and such original and a complete Receivable File with respect to each
     Receivable will be delivered to the Trust Collateral Agent on or prior to
     the Closing Date with respect to an Initial

                                       14
<PAGE>

     Receivable or, with respect to a Subsequent Receivable, will be delivered
     to the Trust Collateral Agent on or prior to the related Subsequent
     Transfer Date.

          (xxiii) As of the applicable Cut-off Date, no Financed Vehicle related
     to a Receivable has suffered a Casualty.

          (xxiv) The Originator and its assignees has not assumed any obligation
     to Dealers or other originators or holders of the Receivables (including,
     but not limited to, under dealer reserves) as a result of its purchase of
     the Receivables.

          (xxv) No Receivable is assumable by another Person in a manner which
     would release the Obligor thereof from such Obligor's obligations to the
     Originator with respect to such Receivable.

          (xxvi) Each Receivable is payable in U.S. dollars, and, to the best of
     the Originator's knowledge, the Obligor thereon is an individual who is a
     U.S. resident.

          (xxvii) Each Receivable has a final Scheduled Receivable Payment at
     least six months prior to the Stated Final Maturity.

          (xxviii) The weighted average of the number of Scheduled Receivable
     Payments that have been due under the Receivables since origination is at
     least one.

          (xxix) Each Receivable has a Principal Balance of at least $[___] and
     not greater than $[_____] as of the Cut-off Date; provided, however, that
     Receivables may have a Principal Balance greater than $[_____] only with
     the consent of the Note Insurer.

          (xxx) No advances were made on behalf of the Obligor to satisfy any of
     the representations and warranties set forth herein with respect to the
     related Receivable.

          (xxxi) No Financed Vehicle was repossessed on or prior to the
     applicable Cut-off Date, except for Financed Vehicles subject to
     Receivables on which the Obligor has paid, on or prior to the due date
     therefor, the [four] Scheduled Receivable Payments due immediately prior to
     the applicable Cut-off Date.

          (xxxii) Each Receivable satisfies in all material respects the
     requirements under the Originator's underwriting guidelines that were in
     effect as of the date the Receivable was purchased. Each Receivable
     originated by a Dealer was underwritten by the Originator pursuant to and
     in accordance with agreed upon and well articulated underwriting and
     documentation standards. The collection practices used with respect to each
     Receivable have been in all respects legal, proper, prudent and customary
     in the motor vehicle financing and servicing business.

          (xxxiii) The servicing of each Receivable and the collection practices
     relating thereto have been lawful and in accordance with the standards set
     forth in the Sale and Servicing Agreement; other than the Subservicer, the
     Master Servicer and the Back-up Servicer, no other person has the right to
     service any Receivable.

                                       15
<PAGE>

          (xxxiv) There are no proceedings pending, or to the best of the
     Originator's knowledge, threatened, wherein the Obligor or any governmental
     agency has alleged that any Receivable is illegal or unenforceable.

          (xxxv) As of the Closing Date or the related Subsequent Transfer Date,
     as applicable, the Originator will have duly fulfilled all obligations to
     be fulfilled on the lender's part under or in connection with the
     origination, acquisition and assignment of the Receivables and the related
     Transferred Property, including, without limitation, giving any notices or
     consents necessary to effect the acquisition of the Receivables and the
     related Transferred Property by the Transferor, the subsequent acquisition
     by the Trust pursuant to the Sale and Servicing Agreement and the related
     Transfer Agreement, as applicable, and the pledge thereof to the Indenture
     Trustee pursuant to the Indenture. the Originator has not done anything to
     convey any right to any Person that would result in such Person having a
     right to payments due under any Receivables (other than granting Liens
     thereon that will be released on or prior to the Closing Date or the
     related Subsequent Transfer Date, as applicable) or otherwise done anything
     to impair the rights of the Transferor, the Trust, the Noteholders or the
     Note Insurer in payments with respect thereto.

          (xxxvi) Each sale, transfer, assignment and conveyance of the
     Receivables and the related Transferred Property by the Originator
     hereunder pursuant to Section 2.1 or Section 2.3 or the subsequent sale to
     the Issuer pursuant to the Sale and Servicing Agreement and the related
     Transfer Agreement, as applicable, or the pledge by the Issuer to the
     Indenture Trustee pursuant to the Indenture is not subject to and will not
     result in any tax, fee or governmental charge payable by the Originator,
     the Transferor, the Issuer or the Trust Collateral Agent to any federal,
     state or local government ("Transfer Taxes") other than Transfer Taxes
     which have or will be paid by the Originator as due. In the event that the
     Issuer, the Transferor, the Indenture Trustee or the Trust Collateral Agent
     receives actual notice of any Transfer Taxes arising out of the transfer,
     assignment and conveyance of the Receivables and the related Transferred
     Property pursuant to Section 2.1 or Section 2.3 or the subsequent sale to
     the Issuer pursuant to the Sale and Servicing Agreement and the related
     Transfer Agreement, as applicable, or the pledge by the Issuer to the
     Indenture Trustee pursuant to the Indenture, on written demand by the
     Issuer, the Transferor, the Indenture Trustee or the Trust Collateral
     Agent, or upon the Originator's otherwise being given notice thereof by the
     Issuer, the Transferor, the Indenture Trustee or the Trust Collateral
     Agent, the Originator shall pay, and otherwise indemnify and hold the
     Transferor, the Issuer, the Indenture Trustee, the Trust Collateral Agent
     and the Note Insurer harmless, on an after-tax basis, from and against any
     and all such Transfer Taxes (it being understood that the Noteholders, the
     Indenture Trustee, the Trust Collateral Agent, the Transferor, the Issuer
     and the Note Insurer shall have no obligation to pay such Transfer Taxes).

          (xxxvii) Each Dealer that originated a Receivable for sale to the
     Originator has been selected by the Originator based on the Originator's
     underwriting criteria, its financial and operating history and record of
     compliance with requirements of applicable Federal and state law. Each
     Dealer from whom the Originator purchases Receivables directly has entered
     into an agreement with the Originator providing for the sale of motor

                                       16
<PAGE>

     vehicle loans from time to time by such Dealer to the Originator and is
     authorized to originate Receivables for sale to the Originator under the
     Originator's underwriting guidelines.

          (xxxviii) The Originator used no selection procedures that identified
     the Receivables as being less desirable or valuable than other comparable
     motor vehicle loans originated or acquired by the Originator.

          (xxxix) The Computer Tape from which the selection of the Initial
     Receivables being acquired on the Closing Date was made available to the
     accountants that are providing a comfort letter to the Underwriter(s) and
     the Note Issuer in connection with any information contained in the
     Prospectus, and such information is complete and accurate as of the Initial
     Cut-off Date and the Closing Date in all material respects and includes a
     description of the same Receivables that are described in the Prospectus
     and on Schedule A hereto and the payments due hereunder as of the Closing
     Date.

          (xl) By the Closing Date or the related Subsequent Transfer Date, as
     applicable, the Originator will have caused the portions of the
     Subservicer's servicing records relating to the Receivables to be clearly
     and unambiguously marked to show that the Receivables constitute part of
     the Transferred Property, have been transferred to the Transferor and
     subsequently to the Issuer and are owned by the Issuer in accordance with
     the terms of the Sale and Servicing Agreement.

          (xli) As of the Closing Date or the related Subsequent Transfer Date,
     there is no lien against any Financed Vehicle for delinquent taxes.

          (xlii) At the time of origination of each Receivable, the proceeds of
     such Receivable were fully disbursed. There is no requirement for future
     advances thereunder, and all fees and expenses in connection with the
     origination of such Receivable have been paid.

          (xliii) No Receivable is due from an Obligor who has defaulted under a
     previous contract with the Originator.

          (xliv) The Dealer that sold each Receivable to the Originator has
     entered into a Dealer Agreement and such Dealer Agreement (along with any
     addenda thereto) constitutes the entire agreement between the Originator
     and the related Dealer with respect to the sale of such Receivable to the
     Originator. Each such Dealer Agreement is in full force and effect and is
     the legal, valid and binding obligation of such Dealer, there have been no
     material defaults by such Dealer or by the Originator under such Dealer
     Agreement; the Originator has fully performed all of its obligations under
     such Dealer Agreement; the Originator has not made any statements or
     representations to such Dealer (whether written or oral) inconsistent with
     any term of such Dealer Agreement; the purchase price (as specified in the
     applicable Dealer Agreement, if any) for such Receivable has been paid in
     full by the Originator; there is no other payment due to such Dealer from
     the Originator for the purchase of such Receivable; such Dealer has no
     right, title or interest in or to any Receivable; there is no prior course
     of dealing between such

                                       17
<PAGE>

     Dealer and the Originator which will affect the terms of such Dealer
     Agreement; any payment owed to such Dealer by the Originator is a corporate
     obligation of the Originator in the nature of a bonus for amounts collected
     by the Originator in excess of the purchase price for a Receivable.

          (xlv) Each Receivable contains provisions requiring the Obligor to
     assume all risk of loss or malfunction of the related Financed Vehicle and
     to maintain liability insurance with respect thereto, requiring the Obligor
     to pay all sales, use, property, excise and other similar taxes imposed on
     or with respect to the related Financed Vehicle and making the Obligor
     liable for all payments required to be made thereunder, without any setoff,
     counterclaim or defense for any reason whatsoever, subject only to the
     Obligor's right of quiet enjoyment.

          (xlvi) No Receivable provides for the substitution, exchange or
     addition of any Financed Vehicle subject to such Receivable.

          (xlvii) The rights with respect to each Receivable are assignable by
     the Originator without the consent of any Person other than consents which
     will have been obtained on or before the Closing Date or the related
     Subsequent Transfer Date, as applicable.

          (xlviii) To the best of the Originator's knowledge, no Obligor is a
     Person involved in re-leasing or re-selling the Financed Vehicles.

          (xlix) The Trust Collateral Agent will hold the certificate of title
     or the application for a certificate of title for each of the Financed
     Vehicles within 45 days of the Closing Date, or with respect to a
     Subsequent Receivable, will hold the certificate of title or the
     application for a certificate of title for each of the related Financed
     Vehicles as of the related Subsequent Transfer Date, and the Subservicer
     will obtain within 180 days of the Closing Date or the related Subsequent
     Transfer Date, as applicable, and deliver to the Trust Collateral Agent
     certificates of title with respect to each Financed Vehicle as to which the
     Trust Collateral Agent holds only such application.

          (l) No Receivable has been extended, rewritten or is subject to any
     forbearance, or any other such modified payment plan other than in
     accordance with the Originator's collection policies and procedures (of
     which the Trust Collateral Agent retains a copy and which is available from
     the Trust Collateral Agent upon request) as in effect on the Closing Date
     or the related Subsequent Transfer Date, as applicable.

          (li) This Purchase Agreement has been duly authorized, executed and
     delivered by the Originator and the Transferor and constitutes the legal,
     valid, binding obligation of each such entity, enforceable against it in
     accordance with its terms. This Purchase Agreement (including, without
     limitation, the provisions of Section 6.2 hereof relating to the
     reacquisition of the Receivables in certain events) is in full force and
     effect and there have been no defaults hereunder by the Originator or the
     Transferor, and the Transferor and the Originator have performed all of
     their obligations thereunder as of the Closing Date and the Subsequent
     Transfer Date, as applicable. The full purchase price

                                       18
<PAGE>

     payable by the Transferor for the Initial Receivables and the Subsequent
     Receivables as provided in this Purchase Agreement will be paid in full by
     the Transferor for the purchase thereof on or prior to the Closing Date or
     the related Subsequent Transfer Date, as applicable. All right, title and
     interest of the Originator in or to the Initial Receivables has been sold
     by the Originator to the Transferor pursuant to this Purchase Agreement and
     the Initial Assignment in accordance with the terms hereof, and the
     Originator does not claim any right, title or interest in or to any of the
     Receivables. All right, title and interest of the Originator in or to the
     Subsequent Receivables will be sold by the Originator to the Transferor
     pursuant to this Purchase Agreement and the related Subsequent Assignment
     in accordance with the terms hereof, and the Originator will not claim any
     right, title or interest in or to any of the Receivables.

          (lii) The Originator, at the time of origination of each Receivable
     and as of Closing Date, with respect to the Initial Receivables, and as of
     the applicable Pre-Funding Receivable Transfer Date, with respect to the
     Subsequent Receivables, was in possession of all state and local licenses
     (including all debt collection licenses) required for it to acquire and own
     such Receivable and service such Receivable in accordance with the
     Originator's collection policies and procedures in effect on such date and
     to perform its services as Subservicer (including, without limitation, the
     services to be performed as Servicer) under the Sale and Servicing
     Agreement, and none of such licenses has been suspended, revoked or
     terminated, except where the failure of the Originator to obtain and
     maintain any such license could not have a material adverse effect on the
     Issuer, the Note Insurer, the Noteholders or any Receivable or the
     Originator's ability to perform its obligations as Originator and
     Subservicer under the Basic Documents.

     (c) The representations and warranties contained in (i) this Purchase
Agreement are made as of the execution and delivery of this Purchase Agreement,
and (ii) in each Transfer Agreement are made as of the execution and delivery of
such Transfer Agreement, but in each case shall survive the sale, transfer and
assignment of the related Receivables and the other related Transferred Property
hereunder, the conveyance thereof by the Transferor to the Issuer under the Sale
and Servicing Agreement and the related Transfer Agreement, as applicable, and
the pledge thereof by the Issuer to the Indenture Trustee under the Indenture.
The Originator and the Transferor agree that the Transferor will assign to the
Issuer all of the Transferor's rights under this Purchase Agreement and each
Assignment, the Issuer will assign to the Indenture Trustee all of the Issuer's
rights under this Purchase Agreement and each Assignment and that the Indenture
Trustee shall thereafter be entitled to enforce this Purchase Agreement and each
Assignment directly against the Originator in the Indenture Trustee's own name
on behalf of the Noteholders; provided, however, that the representations and
warranties of the Originator in this Purchase Agreement shall not be construed
as a warranty or guaranty by the Originator as to the future payments by any
Obligor. Each sale of a Receivable pursuant to this Purchase Agreement and the
related Assignment shall be "without recourse" except for the representations,
warranties and covenants made by the Originator in this Purchase Agreement or
the related Transfer Agreement.

                                       19
<PAGE>

                                   ARTICLE IV

                                   CONDITIONS

     4.1. Conditions to Obligations of the Transferor. (a) The obligation of the
Transferor to purchase the Initial Receivables is subject to the satisfaction of
the following conditions:

          (i) Representations and Warranties True. (a) The representations and
     warranties of the Originator hereunder shall be true and correct on the
     Closing Date with the same effect as if then made, and the Originator shall
     have performed all obligations to be performed by the Originator hereunder
     on or prior to the Closing Date.

          (ii) Computer Files Marked. The Originator shall, at its own expense,
     on or prior to the Closing Date, indicate in its computer files that the
     Initial Receivables have been sold by the Originator to the Transferor
     pursuant to this Purchase Agreement, conveyed to the Issuer pursuant to the
     Sale and Servicing Agreement and pledged to the Indenture Trustee pursuant
     to the Indenture and shall deliver to the Transferor the Schedule of
     Receivables certified by the Chairman, the President, any Vice President or
     the Treasurer of the Originator to be true, correct and complete.

          (iii) Receivable Files Delivered. The Originator shall, at its own
     expense, deliver the Receivable Files relating to the Initial Receivables
     to the Trust Collateral Agent on or prior to the Closing Date.

          (iv) Documents to be delivered by the Originator at the Closing.

               (A) The Initial Assignment. At the Closing, the Originator will
          execute and deliver an Initial Assignment. The Initial Assignment
          shall be substantially in the form of Exhibit A hereto.

               (B) Evidence of UCC-1 Filing. On or prior to the Closing Date,
          the Originator shall record and file, at its own expense, a UCC-1
          financing statement in [Indiana] and each other jurisdiction required
          by applicable law (if any), executed by the Originator, as seller or
          debtor, and naming the Transferor, as purchaser or secured party,
          naming the applicable Initial Receivables and the other Initial
          Transferred Property conveyed hereunder as collateral, meeting the
          requirements of the laws of each such jurisdiction and in such manner
          as is necessary to perfect the sale, transfer, assignment and
          conveyance of such Initial Receivables to the Transferor. The
          Originator shall deliver a file-stamped copy, or other evidence
          satisfactory to the Transferor and the Note Insurer of such filing, to
          the Transferor and the Note Insurer on or prior to the Closing Date.

               (C) Evidence of UCC-3 Filings. On or prior to the Closing Date,
          the Originator shall cause to be recorded and filed, at its own
          expense [any applicable UCC-3 releases].

                                       20
<PAGE>

               (D) Legal Opinions. The Originator shall have delivered to the
          Transferor, the Note Insurer and the Underwriter(s) the legal opinions
          of Krieg DeVault LLP, with respect to bankruptcy (including true sale
          and nonconsolidation), corporate, tax and such other matters as the
          Note Insurer, the Underwriter(s) and their counsel shall request, in
          each case, dated the Closing Date and satisfactory in form and
          substance to the Note Insurer, the Underwriter(s) and their respective
          counsel.

               (E) Other Documents. On or prior to the Closing Date, the
          Originator shall deliver such other documents as the Transferor or the
          Note Insurer may reasonably request.

          (v) Other Transactions. The transactions contemplated by the Sale and
     Servicing Agreement, the Indenture and the Underwriting Agreement in
     respect of the Receivables shall be consummated on the Closing Date.

     (b) The obligation of the Transferor to purchase Subsequent Receivables on
the related Subsequent Transfer Dates is subject to the satisfaction of the
following conditions:

          (i) Representations and Warranties True. The representations and
     warranties of the Originator hereunder and under the related Transfer
     Agreement shall be true and correct on the related Subsequent Transfer Date
     with the same effect as if then made, and the Originator shall have
     performed all obligations to be performed by the Originator hereunder on or
     prior to the related Subsequent Transfer Date.

          (ii) Computer Files Marked. The Originator shall, at its own expense,
     on or prior to the related Subsequent Transfer Date, indicate in its
     computer files that the related Subsequent Receivables have been sold by
     the Originator to the Transferor pursuant to this Purchase Agreement and
     shall deliver to the Transferor the related supplement to the Schedule of
     Receivables to be attached hereto as Schedule A, certified by the Chairman,
     the President, any Vice President or the Treasurer of the Originator to be
     true, correct and complete.

          (iii) Receivable Files Delivered. The Originator shall, at its own
     expense, deliver the Receivable Files relating to such Subsequent
     Receivables to the Trust Collateral Agent on or prior to the related
     Subsequent Transfer Date.

          (iv) Documents to be delivered by the Originator on the related
     Subsequent Transfer Date.

               (A) The Subsequent Receivables Assignment. On each Subsequent
          Transfer Date, the Originator, as applicable, will execute and deliver
          the related Subsequent Receivables Assignment. The Subsequent
          Assignment shall be substantially in the form of Exhibit B hereto.

               (B) Evidence of UCC-1 Filing. On or prior to the related
          Subsequent Transfer Date, the Originator shall record and file, at its
          own expense, a UCC-1 financing statement in Indiana and every other
          jurisdiction required by applicable law (if any), executed by the
          Originator, as seller or debtor, and naming the Transferor, as
          purchaser

                                       21
<PAGE>

          or secured party, naming the related Subsequent Receivables and the
          other Subsequent Transferred Property conveyed hereunder as
          collateral, meeting the requirements of the laws of each such
          jurisdiction and in such manner as is necessary to perfect the sale,
          transfer, assignment and conveyance of such Subsequent Receivables to
          the Transferor. The Originator shall deliver a file-stamped copy, or
          other evidence satisfactory to the Transferor and the Note Insurer of
          such filing, to the Transferor and the Note Insurer on or prior to the
          related Subsequent Transfer Date.

               (C) Evidence of UCC-3 Filings. On or prior to the related
          Subsequent Transfer Date, the Originator shall, to the extent
          applicable, cause to be recorded and filed, at its own expense any
          applicable UCC-3 releases.

               (D) Legal Opinions. The Originator shall have delivered to the
          Transferor, the Note Insurer and the Underwriter(s) the legal opinions
          of Krieg DeVault LLP, in each case, dated the related Subsequent
          Transfer Date and satisfactory in form and substance to the Note
          Insurer, the Underwriter(s) and their respective counsel.

               (E) Other Documents. On or prior to the related Subsequent
          Transfer Date, the Originator shall deliver such other documents as
          the Transferor or the Note Insurer may reasonably request.

               (F) Other Transactions. The transactions contemplated by the Sale
          and Servicing Agreement, the Indenture and the Underwriting Agreement
          in respect of the Receivables shall be consummated on the Closing
          Date.

     4.2. Conditions to Obligations of the Originator. (a) The obligation of the
Originator to sell the Initial Receivables to the Transferor is subject to the
satisfaction of the following conditions:

          (i) Representations and Warranties True. The representations and
     warranties of the Transferor hereunder shall be true and correct on the
     Closing Date with the same effect as if then made, and the Transferor shall
     have performed all obligations to be performed by it hereunder on or prior
     to the Closing Date.

          (ii) Receivables Purchase Price. At the Closing Date, the Transferor
     shall deliver to, or at the direction of, the Originator, the Initial
     Receivables Purchase Price as provided in Section 2.1(b), pursuant to wire
     instructions to be delivered to the Transferor on or prior to the Closing
     Date.

     (b) The obligation of the Originator to sell Subsequent Receivables to the
Transferor on the related Subsequent Transfer Date is subject to the
satisfaction of the following conditions:

          (i) Representations and Warranties True. The representations and
     warranties of the Transferor hereunder shall be true and correct on the
     related Subsequent Transfer Date with the same effect as if then made, and
     the Transferor shall have performed all obligations to be performed by it
     hereunder on or prior to the related Subsequent Transfer Date.

                                       22
<PAGE>

          (ii) Subsequent Receivables Purchase Price. On the related Subsequent
     Transfer Date, the Transferor shall deliver to, or at the direction of, the
     Originator, the related Subsequent Receivables Purchase Price as provided
     in Section 2.3(b), pursuant to wire instructions to be delivered to the
     Transferor on or prior to the related Subsequent Transfer Date.

                                   ARTICLE V

                           COVENANTS OF THE ORIGINATOR

     The Originator agrees with the Transferor as follows; provided, however,
that to the extent that any provision of this ARTICLE V conflicts with any
provision of the Sale and Servicing Agreement, the Sale and Servicing Agreement
shall govern:

     5.1. Protection of Right, Title and Interest.

     (a) Filings. The Originator shall cause all financing statements and
continuation statements and any other necessary documents covering the right,
title and interest of the Transferor in and to the Receivables and the other
Transferred Property to be promptly filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required
by law fully to preserve and protect the right, title and interest of the
Transferor hereunder, the Issuer under the Sale and Servicing Agreement and the
Indenture Trustee on behalf of the Noteholders and the Note Insurer under the
Indenture to the Receivables and the other Transferred Property. The Originator
shall deliver to the Transferor, the Indenture Trustee and the Note Insurer file
stamped copies of, or filing receipts for, any document recorded, registered or
filed as provided above, as soon as available following such recordation,
registration or filing. The Transferor shall cooperate fully with the Originator
in connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the intent of this Section 5.1(a). In
the event the Originator fail to perform their obligations under this
subsection, the Transferor or the Trust Collateral Agent may do so at the
expense of the Originator.

     (b) Name and Other Changes. At least 60 days prior to the date the
Originator makes any change in its name, identity or corporate structure which
would make any financing statement or continuation statement filed in accordance
with paragraph (a) above seriously misleading within the applicable provisions
of the UCC or any title statute, the Originator shall give the Trust Collateral
Agent, the Note Insurer and the Transferor written notice of any such change and
no later than five days after the effective date thereof, shall file appropriate
amendments to all previously filed financing statements or continuation
statements. At least 60 days prior to the date of any relocation of its
principal executive office or jurisdiction of organization, the Originator shall
give the Trust Collateral Agent, the Note Insurer and the Transferor written
notice thereof if, as a result of such relocation, the applicable provisions of
the UCC would require the filing of any amendment of any previously filed
financing or continuation statement or of any new financing statement and the
Originator shall within five days after the effective date thereof, file any
such amendment or new financing statement. The Originator shall at all times
maintain each office from which it shall service Receivables, and its principal
executive office, within the United States of America.

                                       23
<PAGE>

     (c) Accounts and Records. The Originator shall maintain accounts and
records as to each Receivable accurately and in sufficient detail to permit the
reader thereof to know at any time the status of such Receivable, including
payments and recoveries made and payments owing (and the nature of each).

     (d) Maintenance of Computer Systems. The Originator shall maintain its
computer systems so that, from and after the time of conveyance hereunder of the
Receivables to the Transferor, the conveyance of the Receivables to the Issuer
and the pledge of the Receivables to the Indenture Trustee, the Originator's
master computer records (including any back-up archives) that refer to a
Receivable shall indicate clearly that such Receivable has been sold the
Transferor and thereafter conveyed to the Issuer and pledged to the Indenture
Trustee. Indication of the Transferor's, Issuer's and Indenture Trustee's
respective interest in a Receivable shall be deleted from or modified on the
Originator's computer systems when, and only when, the Receivable shall have
been paid in full or repurchased.

     (e) Sale of Other Receivables. If at any time the Originator shall propose
to sell, grant a security interest in, or otherwise transfer any interest in any
automobile, van, sport utility vehicle or light duty truck installment sale
contracts (other than the Receivables) to any prospective purchaser, lender, or
other transferee, the Originator shall give to such prospective purchaser,
lender or other transferee computer tapes, records, or print-outs (including any
restored from back-up archives) that, if they shall refer in any manner
whatsoever to any Receivable, shall indicate clearly that such Receivable has
been pledged to the Indenture Trustee unless such Receivable has been paid in
full or repurchased.

     (f) Access to Records. The Originator shall, upon reasonable notice, permit
the Transferor, the Note Insurer, the Indenture Trustee, the Trust Collateral
Agent, the Servicer and their respective agents at any time during normal
business hours to inspect, audit, and make copies of and abstracts from the
Originator's records regarding any Receivable.

     (g) List of Receivables. Upon request, the Originator shall furnish to the
Transferor, within five Business Days, a list of all Receivables (by contract
number and name of Obligor) then owned by the Transferor, together with a
reconciliation of such list to the Schedule of Receivables.

     (h) Other Actions. The Originator shall from time to time, at its expense,
promptly execute and deliver all further instruments and documents (including,
without limitation, powers of attorney for the benefit of the Servicer) and take
all further action that may be necessary or desirable to permit the Servicer to
perform its obligations under the Sale and Servicing Agreement, including,
without limitation, the Servicer's obligation to preserve and maintain the
perfected security interest of the Indenture Trustee in the Receivables and the
Financed Vehicles.

     5.2. Other Liens or Interests. Except for the conveyances hereunder, the
conveyances pursuant to the Sale and Servicing Agreement and each Transfer
Agreement and the pledge pursuant to the Indenture, the Originator will not
sell, pledge, assign or transfer to any other Person, or grant, create, incur,
assume or suffer to exist any Lien on any interest therein, and the Originator
shall defend the right, title, and interest of the Transferor, the Issuer and
the

                                       24
<PAGE>

Indenture Trustee in, to and under the Receivables against all claims of third
parties claiming through or under the Originator; provided, however, that the
Originator's obligations under this Section 5.2 shall terminate upon the
termination of the Issuer pursuant to the Sale and Servicing Agreement.

     5.3. Chief Executive Office. During the term of the Receivables, the
Originator will maintain its chief executive office in one of the United States
of America.

     5.4. Costs and Expenses. The Originator will pay all expenses incident to
the performance of the Originator's obligations under this Purchase Agreement
and the Originator agrees to pay all reasonable out-of-pocket costs and expenses
of the Transferor, excluding fees and expenses of counsel to the Transferor, in
connection with the perfection as against third parties of the Issuer's and the
Indenture Trustee's right, title and interest in and to the Receivables and
security interests in the Financed Vehicles and the enforcement of any
obligation of the Originator hereunder.

     5.5. Delivery of Receivable Files. On or prior to the Closing Date, in the
case of the Initial Receivables, or the related Subsequent Transfer Date, in the
case of the Subsequent Receivables, [the Originator shall deliver the related
Contact Files to the Trust Collateral Agent]. The Originator, following receipt
from the Trust Collateral Agent of notification that there has been a failure to
deliver a Receivable File with respect to a Receivable or that any of the
documents referred to in the definition of the term "Receivable File" is not
contained in a Receivable File shall deliver such Receivable File or any of the
aforementioned documents required to be included in such Receivable File to the
Trust Collateral Agent no later than the Closing Date or the related Subsequent
Transfer Date, as applicable. Unless such defect with respect to such Receivable
File shall have been cured by the last day of the first Collection Period
following discovery thereof, the Originator hereby agrees to repurchase any such
Receivable from the Issuer as of such last day. In consideration of the purchase
of the Receivable, the Originator shall remit the Purchase Amount in the manner
specified in Section 5.05(a) of the Sale and Servicing Agreement. The sole
remedy hereunder of the Indenture Trustee, the Trust Collateral Agent, the
Issuer or the Noteholders with respect to a breach of this Section 5.5 shall be
to require the Originator to repurchase the Receivable pursuant to this Section
5.5; provided, however, that the Originator shall indemnify the Owner Trustee,
the Issuer, the Indenture Trustee, the Trust Collateral Agent, the Note Insurer,
the Indenture Trustee, the Back-up Servicer, the Collateral Agent, the
Noteholders, the Certificateholder and their respective officers, directors and
employees against all costs, expenses, losses, damages, claims and liabilities,
including reasonable fees and expenses of counsel, which may be asserted against
or incurred by any of them, as a result of third party claims arising out of the
events or facts giving rise to a Repurchase Event. Upon receipt of the Purchase
Amount and any related indemnity payments, the Trust Collateral Agent shall
release to the Originator or its designee the related Receivable File and shall
execute and deliver all instruments of transfer or assignment, without recourse,
as are prepared by the Originator and delivered to the Trust Collateral Agent
and are necessary to vest in the Originator or such designee the Transferor's
and the Issuer's right, title and interest in the Receivable.

                                       25
<PAGE>

     5.6. Indemnification.

     (a) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder for any liability as a result of the
failure of a Receivable to be originated in compliance with all requirements of
law and for any breach of any of its representations and warranties contained
herein or in the related Transfer Agreement.

     (b) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder from and against any and all costs,
expenses, losses, damages, claims, and liabilities, arising out of or resulting
from the use, ownership, or operation by the Originator or any Affiliate thereof
of a Financed Vehicle.

     (c) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder against any and all costs, expenses,
losses damages, claims and liabilities, arising out of or resulting from any
action taken, or failed to be taken, by the Originator in respect of any portion
of the Trust Property other than in accordance with this Purchase Agreement, any
Transfer Agreement or any other Basic Document.

     (d) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder from and against any and all taxes, except
for taxes on the net income of the Transferor, the Note Insurer, the Indenture
Trustee, the Back-up Servicer, the Collateral Agent, the Trust Collateral Agent,
the Owner Trustee, the Issuer, the Noteholders or the Certificateholder, as the
case may be, that may at any time be asserted against the Transferor with
respect to the transactions contemplated herein and in each Transfer Agreement,
including, without limitation, any sales, general corporation, tangible personal
property, privilege, or license taxes and costs and expenses in defending
against the same.

     (e) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder from and against any and all costs,
expenses, losses, damages, claims and liabilities to the extent that such cost,
expense, loss, damage, claim or liability arose out of, or was imposed upon the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder, as the case may be, through the
negligence, willful misfeasance, or bad faith of the Originator in the
performance of its duties under this Purchase Agreement, any Transfer Agreement
or any other Basic Document to which it is a party, or by reason of reckless
disregard of the Originator's obligations and duties under this Purchase
Agreement, any Transfer Agreement or any other Basic Document to which it is a
party.

                                       26
<PAGE>

     (f) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder from and against all costs, expenses,
losses, damages, claims and liabilities arising out of or incurred in connection
with the acceptance or performance of the Originator's duties under this
Purchase Agreement or any Transfer Agreement and the other Basic Documents to
which it is a party, including the trusts and duties as Servicer under the Sale
and Servicing Agreement, except to the extent that such cost, expense, loss,
damage, claim or liability shall be due to the willful misfeasance, bad faith or
negligence of the Transferor, the Note Insurer, the Indenture Trustee, the
Back-up Servicer, the Collateral Agent, the Trust Collateral Agent, the Owner
Trustee, the Issuer, the Noteholders or the Certificateholder, as the case may
be.

     (g) The Originator shall defend, indemnify and hold harmless the
Transferor, the Note Insurer, the Indenture Trustee, the Back-up Servicer, the
Collateral Agent, the Trust Collateral Agent, the Owner Trustee, the Issuer, the
Noteholders and the Certificateholder against any and all costs, expenses,
losses, damages, claims and liabilities arising out of or resulting from the
failure of any Receivable or the sale of the related Financed Vehicle to comply
with all requirements of applicable law.

     Indemnification under this Section shall include reasonable fees and
expenses of litigation and shall survive termination of the Issuer. These
indemnity obligations shall be in addition to any obligation that the Originator
may otherwise have.

     5.7. Sale. The Originator agrees to treat each conveyance hereunder for all
purposes (including, without limitation, tax and financial accounting purposes)
as a sale on all relevant books, records, tax returns, financial statements and
other applicable documents.

     5.8. Non-Petition. The Originator, solely in its capacity as a creditor of
the Transferor, covenants and agrees that it shall not, until a year and a day
have passed since the date on which all securities issued by the Issuer or a
similar trust formed by the Transferor have been paid in full, petition or
otherwise invoke the process of commencing or sustaining an involuntary case
against the Transferor under any Federal or State bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Transferor or any substantial part
of its property, or ordering the winding up or liquidation of the affairs of the
Transferor. The Transferor and the Originator agree that damages will not be an
adequate remedy for such breach and that this covenant may be specifically
enforced by the Transferor or by the Indenture Trustee on behalf of the Issuer.

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

     6.1. Obligations of the Originator. The obligations of the Originator under
this Purchase Agreement and each Transfer Agreement shall not be affected by
reason of any invalidity, illegality or irregularity of any Receivable.

                                       27
<PAGE>

     6.2. Repurchase Events. The Originator hereby covenants and agrees with the
Transferor for the benefit of the Transferor, the Issuer, the Indenture Trustee,
the Trust Collateral Agent, the Note Insurer, the Noteholders and the
Certificateholder, that (i) the occurrence of a breach of any of the
Originator's representations and warranties contained in Section 3.2(b) hereof
or Section 4 of the related Transfer Agreement, as applicable (in each case
without regard to any limitations regarding the Originator's knowledge), and
(ii) the failure of the Originator to timely comply with its obligations
pursuant to Section 5.5 hereof, shall constitute events obligating the
Originator to repurchase the affected Receivables hereunder ("Repurchase
Events"), at the Purchase Amount from the Issuer. Unless the breach of any of
the Originator's representations and warranties shall have been cured by the
last day of the first full Collection Period following the discovery thereof by
or notice to the Originator of such breach, the Originator shall repurchase any
Receivable if such Receivable or the interest therein of the Transferor, the
Issuer, the Noteholders, the Certificateholder or the Note Insurer is materially
and adversely affected by the breach, as of such last day. The provisions of
this Section 6.2 are intended to grant the Indenture Trustee a direct right
against the Originator acting at the direction or with the consent of the Note
Insurer to demand performance hereunder, and in connection therewith the
Originator waives any requirement of prior demand against the Transferor and
waives any defaults it would have against the Transferor with respect to such
repurchase obligation. In addition to the foregoing, the Originator shall be
under an obligation to promptly purchase from the Transferor (in its capacity as
Transferor under the Sale and Servicing Agreement) any Receivable required to be
repurchased by the Transferor pursuant to a breach of its obligations in the
Sale and Servicing Agreement, including, without limitation, the Transferor's
repurchase obligations set forth in Section 3.02 of the Sale and Servicing
Agreement. Any such purchase described in this Section shall take place in the
manner specified in Section 5.05 of the Sale and Servicing Agreement. The sole
remedy (except as otherwise set forth below) hereunder of the Noteholders, the
Certificateholder, the Issuer, the Note Insurer, the Indenture Trustee or the
Transferor against the Originator with respect to any Repurchase Event shall be
to enforce the Originator's obligation to repurchase such Receivables pursuant
to this Purchase Agreement; provided, however, that the Originator shall
indemnify the Owner Trustee, the Issuer, the Indenture Trustee, the Trust
Collateral Agent, the Note Insurer, the Indenture Trustee, the Back-up Servicer,
the Collateral Agent, the Noteholders, the Certificateholder and their
respective officers, directors and employees against all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses
of counsel, which may be asserted against or incurred by any of them, as a
result of third party claims arising out of the events or facts giving rise to a
Repurchase Event. Upon receipt of the Purchase Amount and any related indemnity
payments, the Trust Collateral Agent shall release the related Receivable File
to the Originator and execute and deliver all instruments of transfer or
assignment, without recourse, as are necessary to vest in the Originator the
Transferor's and the Issuer's right, title and interest in the Receivable.

     6.3. Originator's Assignment of Purchased Receivables. With respect to all
Receivables repurchased by the Originator pursuant to this Purchase Agreement,
the Transferor shall assign, without recourse except as provided herein,
representation or warranty, to the Originator all the Transferor's right, title
and interest in and to such Receivables, and all security and documents relating
thereto.

                                       28
<PAGE>

     6.4. Conveyance as Sale of Receivables Not Financing. The parties hereto
intend that each conveyance hereunder and under the Assignments be a sale of the
related Receivables and the other Transferred Property relating thereto from the
Originator to the Transferor and not a financing secured by such assets; and the
beneficial interest in and title to such Receivables and the other Transferred
Property shall not be part of the Originator's respective estate in the event
the Originator becomes insolvent or a conservator or receiver is appointed for
the Originator. In the event that any conveyance hereunder or under any
Assignment is for any reason not considered a sale, the parties intend that this
Purchase Agreement or such Assignment constitute a security agreement under the
UCC (as defined in the UCC as in effect in the State of New York) and applicable
law, and the Originator hereby grants to the Transferor a first priority
security interest in, to and under the Receivables and the other Transferred
Property being delivered to the Transferor on the Closing Date and each
Subsequent Transfer Date, and other property conveyed hereunder and all proceeds
of any of the foregoing for the purpose of securing payment and performance of
the Notes and the Certificate and the repayment of amounts owed to the
Transferor from the Originator.

     6.5. Assignment of Rights. The Originator acknowledges that (i) the
Transferor will, pursuant to the Sale and Servicing Agreement in the case of the
Initial Receivables, and pursuant to the Sale and Servicing Agreement and the
related Transfer Agreement in the case of the Subsequent Receivables, convey the
Receivables and assign its rights under this Purchase Agreement to the Issuer
and (ii) the Issuer will, pursuant to the Indenture, pledge all of its right,
title and interest in the Receivables and the other Transferred Property and
pledge its rights under this Purchase Agreement, the Sale and Servicing
Agreement and each Transfer Agreement to the Indenture Trustee for the benefit
of the Noteholders and the Note Insurer, and that the representations and
warranties contained in this Purchase Agreement and each Transfer Agreement and
the rights of the Transferor under this Purchase Agreement and each Transfer
Agreement, including, without limitation, under Section 6.2 hereof, are intended
to benefit the Noteholders and the Note Insurer. The Originator also acknowledge
that the Indenture Trustee on behalf of the Noteholders and the Note Insurer, as
assignees of the Transferor's rights hereunder may directly enforce, without
making any prior demand on the Transferor, all the rights of the Transferor
hereunder, including, without limitation, the rights under Section 6.2 hereof.
The Originator hereby consents to such sale and assignment.

     6.6. Amendment. This Purchase Agreement may be amended from time to time by
a written amendment duly executed and delivered by the Originator and the
Transferor with the prior written consent of the Note Insurer; provided,
however, that any such amendment that materially and adversely affects the
rights of the Noteholders must be consented to by the Majority Noteholders. The
parties hereto agree to provide the Rating Agencies with prior notice of, and a
copy of, any amendment to this Purchase Agreement.

     6.7. Accountants' Letters. (a) Deloitte & Touche will review in accordance
with procedures previously agreed to by the Originator and the Transferor,
certain information with respect to the characteristics of the Receivables; (b)
the Originator will cooperate with the Transferor and Deloitte & Touche in
making available all information and taking all steps reasonably necessary to
permit such accountants to complete the review necessary to provide the
confirmation set forth in clause (a) above and to deliver the letters required
of them under the Underwriting Agreement; and (c) Deloitte & Touche will deliver
to the Transferor and the Note

                                       29
<PAGE>

Insurer a letter, dated the Closing Date or such later date as the Prospectus
shall be available and a letter or letters dated each Subsequent Transfer Date,
each in the form previously agreed to by the Originator, the Transferor and the
Note Insurer, with respect to certain financial and statistical information
contained in the Prospectus [and Private Placement Memoranda], certain
information relating to the Receivables on magnetic tape or other electronic
format obtained from the Originator and the Transferor and with respect to such
other information as may be agreed in the form of letter.

     6.8. Waivers. No failure or delay on the part of the Transferor in
exercising any power, right or remedy under this Purchase Agreement, any
Assignment or any Transfer Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power, right or remedy preclude
any other or further exercise thereof or the exercise of any other power, right
or remedy.

     6.9. Notices. All demands, notices, and communications upon or to either
party or the Note Insurer under this Agreement shall be in writing, personally
delivered, mailed by certified mail, return receipt requested or delivered by
overnight courier, and shall be deemed to have been duly given upon receipt. In
the case of the Originator at the following address: United Fidelity Bank, FSB,
18 N.W. Fourth Street, P. O. Box 1347, Evansville, Indiana 47706-1347,
Attention: President; at the following phone number: (812) 429-0550; and at the
following fax number (812) 429-3995. In the case of the Transferor at the
following address: United Fidelity Finance, LLC, 18 N.W. Fourth Street, P. O.
Box 1347, Evansville, Indiana 47706-1347, Attention: President; at the following
phone number: [_____________]; and at the following fax number [_____________].
In the case of the Note Insurer, to: ______________________,
______________________, _______________, __________ _____, Attention:
______________________________, Confirmation: _________, Telecopy No. __________
(in each case in which notice or other communication to _______________ refers
to an Event of Default, a claim on the Policy or with respect to which failure
on the part of _______________ to respond shall be deemed to constitute consent
or acceptance, then a copy of such notice of other communication should also be
sent to the attention of each of the General Counsel and the Head-Financial
Guaranty Group and shall be marked to indicate "URGENT MATERIAL ENCLOSED");

     6.10. Confidential Information. The Transferor agrees that it will neither
use nor disclose to any person the names and addresses of the Obligors, except
in connection with the enforcement of the Transferor's rights hereunder, under
the Receivables, under the Sale and Servicing Agreement or as required by law.

     6.11. Headings and Cross-References. The various headings in this Purchase
Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Purchase Agreement. References in this
Purchase Agreement to Section names or numbers are to such Sections of this
Purchase Agreement.

     6.12. Third Party Beneficiaries. The parties hereto hereby expressly agree
that each of the Indenture Trustee for the benefit of the Noteholders and the
Note Insurer, and the Note Insurer, shall be third party beneficiaries with
respect to this Purchase Agreement, each Assignment and each Transfer Agreement;
provided, however, that no third party other than the

                                       30
<PAGE>

Indenture Trustee for the benefit of the Noteholders and the Note Insurer, and
the Note Insurer, is a third party beneficiary of this Purchase Agreement, each
Assignment and each Transfer Agreement, and each such party may rely on the
representations, warranties, covenants and agreements of the Originator herein
and therein as if they were addressed to each of them. As a third party
beneficiary to the provisions of this Purchase Agreement, each Assignment and
each Transfer Agreement, the Note Insurer and its successors and assigns shall
be entitled to rely upon and directly enforce the provisions of this Purchase
Agreement, each Assignment and each Transfer Agreement so long as no Insurer
Default shall have occurred and be continuing. Except as expressly stated
otherwise herein or in the Basic Documents, any right of the Note Insurer to
direct, appoint, consent to, approve of, or take any action under this Purchase
Agreement, shall be a right exercised by the Note Insurer in its sole and
absolute discretion. The Note Insurer may disclaim any of its rights and powers
under this Purchase Agreement (but not its duties and obligations under the
Policy) upon delivery of a written notice to the Indenture Trustee.

     6.13. Governing Law. THIS PURCHASE AGREEMENT AND EACH ASSIGNMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (EXCEPT WITH REGARD TO
THE UCC).

     6.14. Counterparts. This Purchase Agreement may be executed in two or more
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

     6.15. Effect of Policy Expiration Date. Notwithstanding anything to the
contrary set forth herein, all references to any right of the Note Insurer to
direct, appoint, consent to, accept, approve of, take or omit to take any action
under this Purchase Agreement or any other Basic Document shall be inapplicable
at all times after the Policy Expiration Date, and (i) if such reference
provides for another party or parties to take or omit to take such action
following an Insurer Default, such party or parties shall also be entitled to
take or omit to take such action following the Policy Expiration Date and (ii)
if such reference does not provide for another party or parties to take or omit
to take such action following an Insurer Default, then the Indenture Trustee
acting at the direction of the Majority Noteholders shall have the right to take
or omit to take any such action following the Policy Expiration Date. In
addition, any other provision of this Purchase Agreement or any other Basic
Document which is operative based in whole or in part on whether an Insurer
Default has or has not occurred shall, at all times on or after the Policy
Expiration Date, be deemed to refer to whether or not the Policy Expiration Date
has occurred.

                                       31
<PAGE>

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

                                    UNITED FIDELITY BANK, FSB,
                                    As Originator

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

                                    UNITED FIDELITY FINANCE, LLC
                                    As Transferor

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

                   [Signature Page to the Purchase Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]