Document:

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

                                    INDENTURE

                                     between

                    WORLD OMNI AUTO RECEIVABLES TRUST 2000-A,
                                    as Issuer

                                       and

                            THE CHASE MANHATTAN BANK,
                              as Indenture Trustee

                            Dated as of June 1, 2000

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                    ARTICLE I

                  Definitions and Incorporation by Reference

Section 1.01  Definitions...................................................
Section 1.02  Incorporation by Reference of Trust Indenture Act.............
Section 1.03  Rules of Construction.........................................

                                   ARTICLE II

                                    The Notes

Section 2.01  Form..........................................................
Section 2.02  Execution, Authentication and Delivery........................
Section 2.03  Temporary Notes...............................................
Section 2.04  [Reserved]....................................................
Section 2.05  Registration; Registration of Transfer and Exchange...........
Section 2.06  Mutilated, Destroyed, Lost or Stolen Notes....................
Section 2.07  Persons Deemed Owner..........................................
Section 2.08  Payment of Principal and Interest; Defaulted Interest.........
Section 2.09  Cancellation..................................................
Section 2.10  Release of Collateral.........................................
Section 2.11  Book-Entry Notes..............................................
Section 2.12  Notices to Clearing Agency....................................
Section 2.13  Definitive Notes..............................................
Section 2.14  Tax Treatment.................................................

                                   ARTICLE III

                                    Covenants

Section 3.01  Payment of Principal and Interest.............................
Section 3.02  Maintenance of Office or Agency...............................
Section 3.03  Money for Payments to Be Held in Trust........................
Section 3.04  Existence.....................................................
Section 3.05  Protection of Trust Estate....................................
Section 3.06  Opinions as to Trust Estate...................................
Section 3.07  Performance of Obligations; Servicing of Receivables..........
Section 3.08  Negative Covenants............................................
Section 3.09  Annual Statement as to Compliance.............................
Section 3.10  Issuer May Consolidate, etc., Only on Certain Terms...........
Section 3.11  Successor or Transferee.......................................
Section 3.12  No Other Business.............................................
Section 3.13  No Borrowing..................................................
Section 3.14  Servicer's Obligations........................................
Section 3.15  Guarantees, Loans, Advances and Other Liabilities.............
Section 3.16  Capital Expenditures..........................................
Section 3.17  Removal of Administrator......................................
Section 3.18  Restricted Payments...........................................
Section 3.19  Notice of Events of Default...................................
Section 3.20  Further Instruments and Acts..................................

                                   ARTICLE IV

                           Satisfaction and Discharge

Section 4.01  Satisfaction and Discharge of Indenture.......................
Section 4.02  Application of Trust Money....................................
Section 4.03  Repayment of Monies Held by Paying Agent......................

                                    ARTICLE V

                                    Remedies

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

                                   ARTICLE VI

                              The Indenture Trustee

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

                                   ARTICLE VII

                         Noteholders' Lists and Reports

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

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

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

                                   ARTICLE IX

                             Supplemental Indentures

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

                                    ARTICLE X

                               Redemption of Notes

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

                                   ARTICLE XI

                                  Miscellaneous

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

SCHEDULE A     -    Schedule of Receivables

EXHIBIT A-1    -    Form of Class A-1 Note
EXHIBIT A-2    -    Form of Class A-2 Note
EXHIBIT A-3    -    Form of Class A-3 Note
EXHIBIT A-4    -    Form of Class A-4 Note

EXHIBIT B      -    Officer's Certificate of the Indenture Trustee

<PAGE>

            INDENTURE (as amended and supplemented from time to time,
"Indenture") dated as of June 1, 2000, between WORLD OMNI AUTO RECEIVABLES TRUST
2000-A, a Delaware business trust (the "Issuer"), and THE CHASE MANHATTAN BANK,
a New York banking corporation, as trustee and not in its individual capacity
(the "Indenture Trustee").

            Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Issuer's Class A-1
6.693620% Asset-Backed Notes (the "Class A-1 Notes"), Class A-2 7.05%
Asset-Backed Notes (the "Class A-2 Notes"), Class A-3 7.13% Asset-Backed Notes
(the "Class A-3 Notes") and Class A-4 7.20% Asset-Backed Notes (the "Class A-4
Notes" and, together with the Class A-1 Notes, the Class A-2 Notes and Class A-3
Notes, the "Notes"):

                                 GRANTING CLAUSE

            The Issuer hereby Grants to the Indenture Trustee at the Closing
Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of
the Issuer's right, title and interest, whether now owned or hereafter acquired,
and wherever located, in and to (a) the Receivables (all of which are identified
in World Omni's computer files by a code indicating the Receivables are owned by
the Issuer and pledged to the Indenture Trustee) and all monies received thereon
and in respect thereof after the Cutoff Date; (b) the security interests in, and
the liens on, the Financed Vehicles granted by Obligors in connection with the
Receivables and any other interest of the Issuer in such Financed Vehicles; (c)
any proceeds with respect to the Receivables from claims on any physical damage,
credit life or disability insurance policies covering Financed Vehicles or
Obligors; (d) any Financed Vehicle that shall have secured a Receivable and that
shall have been acquired by or on behalf of the Seller, the Servicer or the
Issuer; (e) all right, title and interest in all funds on deposit in, and
"financial assets" (as such term is defined in the Uniform Commercial Code as
from time to time in effect) credited to, the Trust Accounts from time to time,
including the Reserve Account Initial Deposit, and in all investments and
proceeds thereof (including all income thereon); (f) the Receivables Purchase
Agreement and the Sale and Servicing Agreement (including the Issuer's right to
cause World Omni, the Servicer or the Seller to repurchase Receivables from the
Issuer under certain circumstances described therein); (g) all "accounts,"
"chattel paper" and "general intangibles" (as such terms are defined in the UCC)
consituting or relating to the foregoing; and (h) all proceeds of any and all of
the foregoing and all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of any
or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper,
checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables,
instruments, general intangibles and other property which at any time constitute
all or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral").

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

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

                                    ARTICLE I

                   DEFINITIONS AND INCORPORATION BY REFERENCE

            Section 1.01 Definitions. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth below and capitalized terms used but not otherwise defined
herein have the respective meanings set forth in the Sale and Servicing
Agreement for all purposes of this Indenture.

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

            "Administration Agreement" means the Administration Agreement dated
as of June 1, 2000, among the Administrator, the Issuer and the Indenture
Trustee, as amended from time to time.

            "Administrator" means World Omni Financial Corp., a Florida
corporation, or any successor Administrator under the Administration Agreement.

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

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

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

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

            "Business Day" means any day other than (i) a Saturday or a Sunday
or (ii) a day on which banking institutions or trust companies in the State of
Florida, the State of New York, the State of Delaware, the states in which the
servicing offices of the Servicer are located or the state in which the
Corporate Trust Office is located are required or authorized by law, regulation
or executive order to be closed.

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

            "Class A-1 Interest Rate" means 6.693620% per annum computed on the
basis of the actual number of days elapsed and on a 360 day year.

            "Class A-1 Notes" means the Class A-1 6.693620% Asset-Backed Notes,
substantially in the form of Exhibit A-1.

            "Class A-2 Interest Rate" means 7.05% per annum computed on the
basis of a 360 day year of twelve 30 day months.

            "Class A-2 Notes" means the Class A-2 7.05% Asset-Backed Notes,
substantially in the form of Exhibit A-2.

            "Class A-3 Interest Rate" means 7.13% per annum computed on the
basis of a 360 day year of twelve 30 day months.

            "Class A-3 Notes" means the Class A-3 7.13% Asset-Backed Notes,
substantially in the form of Exhibit A-3.

            "Class A-4 Interest Rate" means 7.20% per annum computed on the
basis of a 360 day year of twelve 30 day months.

            "Class A-4 Notes" means the Class A-4 7.20% Asset-Backed Notes,
substantially in the form of Exhibit A-4.

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

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

            "Closing Date" means July 19, 2000.

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

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

            "Controlling Securities" means the Notes.

            "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Indenture is located
at 450 West 33rd Street, 14th Floor, New York, New York 10001, Attention:
Capital Markets Fiduciary Services, World Omni 2000-A, or at such other address
as the Indenture Trustee may designate from time to time by notice to the
Noteholders and the Issuer, or the principal corporate trust office of any
successor Indenture Trustee at the address designated by such successor
Indenture Trustee by notice to the Noteholders and the Issuer.

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

            "Definitive Notes" has the meaning specified in Section 2.11.

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

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

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

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

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

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

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

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

            "Interest Accrual Period" means, with respect to any Payment Date
and the Notes, the period from and including the immediately preceding Payment
Date (or, in the case of the first Payment Date, the Closing Date) to but not
including such Payment Date (which period will be assumed to be 30 days for all
Notes other than the Class A-1 Notes).

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

            "Issuer" means World Omni Auto Receivables Trust 2000-A until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

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

            "Note Depository Agreement" means the agreement dated July 19, 2000,
among the Issuer, the Indenture Trustee and The Depository Trust Company, as the
initial Clearing Agency, relating to the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4 Notes.

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

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

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

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

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

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

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

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

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

provided, that in determining whether the Holders of the requisite Outstanding
Amount of the Controlling Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any Basic
Document, Notes owned by the Issuer, any other obligor upon the Notes, the
Seller or any Affiliate of any of the foregoing Persons shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Indenture
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that a
Responsible Officer of the Indenture Trustee has actual knowledge are so owned
shall be so disregarded. Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee's right so to act with respect to such Notes and
that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller
or any Affiliate of any of the foregoing Persons.

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

            "Owner Trustee" means The Bank of New York, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, or any successor
Owner Trustee under the Trust Agreement.

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

            "Payment Date" means, with respect to each Collection Period, the
fifteenth day of the following month or, if such day is not a Business Day, the
immediately following Business Day; provided, however, that the August 2001
Payment Date for the Class A-1 Notes will be August 14, 2001. The first Payment
Date will be August 15, 2000.

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

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

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

            "Rating Agency Condition" means, with respect to any action, that
each Rating Agency (other than Moody's) shall have given its written approval
that the contemplated action will not result in a reduction or withdrawal of the
rating of the then current rating of the Notes and, with respect to Moody's,
prior written notice to Moody's and Moody's shall not have notified the Seller
that such action will result in a downgrade of the then current rating on any
Notes.

            "Rating Agency" means Moody's Investors Service, Inc. ("Moody's"),
Standard & Poor's Ratings Services ("Standard & Poor's") and Fitch, Inc.
("Fitch"). If no such organization or successor is any longer in existence,
"Rating Agency" shall be a nationally recognized statistical rating organization
or other comparable Person designated by the Issuer, notice of which designation
shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.

            "Receivables Purchase Agreement" means the Receivables Purchase
Agreement dated as of June 1, 2000, between World Omni Auto Receivables LLC, as
purchaser and World Omni, as seller, as amended from time to time.

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

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

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

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

            "Responsible Officer" means, with respect to the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers and, with respect to each, having direct responsibility for the
administration of this Indenture and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

            "Sale and Servicing Agreement" means the Sale and Servicing
Agreement dated as of June 1, 2000, among the Issuer, the Seller and World Omni,
as Servicer, as amended from time to time.

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

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

            "Seller" means World Omni Auto Receivables LLC, in its capacity as
seller under the Sale and Servicing Agreement, and its successor in interest.

            "Servicer" means World Omni, in its capacity as servicer under the
Sale and Servicing Agreement, and any Successor Servicer thereunder.

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

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

            "Trust Certificate" shall mean a certificate evidencing the
beneficial interest of a Person in the trust established by the Trust Agreement
and substantially in the form attached as Exhibit A to such Trust Agreement.

            "Trust Estate" means all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of this Indenture for the benefit of the Noteholders (including,
without limitation, all property and interests Granted to the Indenture
Trustee), including all proceeds thereof.

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

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

            "World Omni" means World Omni Financial Corp., a Florida
corporation, or its successors.

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

            "Commission" means the Securities and Exchange Commission.

            "indenture securities" means the Notes.

            "indenture security holder" means a Noteholder.

            "indenture to be qualified" means this Indenture.

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

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

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

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

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

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

            (iii) "or" is not exclusive;

            (iv) "including" means including without limitation;

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

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

            (vii) references to a Person are also to its permitted successors
      and assigns.

                                   ARTICLE II

                                    THE NOTES

            Section 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, in each case together with the
Indenture Trustee's certificate of authentication, shall be in substantially the
form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4,
respectively, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

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

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

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

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

            The Indenture Trustee shall upon Issuer Order authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of
$158,884,000, Class A-2 Notes for original issue in an aggregate principal
amount of $321,019,000, Class A-3 Notes for original issue in an aggregate
principal amount of $168,637,000 and Class A-4 Notes for original issue in an
aggregate principal amount of $117,436,000. The aggregate principal amount of
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
outstanding at any time may not exceed such respective amounts except as
provided in Section 2.06.

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

            No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

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

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

            Section 2.04 [Reserved].

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

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

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

            At the option of the Holder, Notes may be exchanged for other Notes
of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met the Issuer shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making the exchange is entitled to
receive.

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

            Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

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

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

            Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee or Note Registrar, or the
Indenture Trustee receives evidence to its satisfaction of the destruction, loss
or theft of any Note, and (ii) there is delivered to the Indenture Trustee such
security or indemnity as may be required by it to hold the Issuer and the
Indenture Trustee harmless, then, in the absence of notice to the Issuer, the
Note Registrar or the Indenture Trustee that such Note has been acquired by a
bona fide purchaser, and provided that the requirements of Sections 8-405 and
8-406 of the UCC are met, the Issuer shall execute, and upon its request the
Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Note, a replacement Note of the
same Class; provided, however, that if any such destroyed, lost or stolen Note,
but not a mutilated Note, shall have become or within seven days shall be due
and payable, or shall have been called for redemption, instead of issuing a
replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so
due or payable or upon the Redemption Date without surrender thereof. If, after
the delivery of such replacement Note or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of
the original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Issuer and the Indenture Trustee shall be
entitled to recover such replacement Note (or such payment) from the Person to
whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost
or expense incurred by the Issuer or the Indenture Trustee in connection
therewith.

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

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

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

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

            Section 2.08 Payment of Principal and Interest; Defaulted Interest.
(a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes shall accrue interest during the related Interest Accrual Period at
the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest
Rate and the Class A-4 Interest Rate, respectively, and such interest shall be
payable on each Payment Date, subject to Section 3.01. Interest on each Class of
Notes (other than the Class A-1 Notes) will be calculated on the basis of a
360-day year consisting of twelve 30-day months. Interest on the Class A-1 Notes
will calculated on the basis of the actual number of days in the related
Interest Accrual Period and a 360-day year. The Issuer will pay interest on each
Class of Notes at the related Interest Rate on each Payment Date on the
principal amount of the related Class of Notes outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01. Any installment of interest or principal payable on a
Note that is punctually paid or duly provided for by the Issuer on the
applicable Payment Date shall be paid to the Person in whose name such Note (or
one or more Predecessor Notes) is registered on the Record Date by check mailed
first-class postage prepaid to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.13, with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payment will be made by wire transfer in immediately
available funds to the account designated by such nominee and except for the
final installment of principal payable with respect to such Note on a Payment
Date or on the applicable class final scheduled Payment Date (and except for the
Redemption Price for any Note called for redemption pursuant to Section 10.01)
which shall be payable as provided below. The funds represented by any such
checks returned undelivered shall be held in accordance with Section 3.03.

            (b) The principal of each Note shall be payable in installments on
each Payment Date as provided in the forms of the Notes set forth in Exhibits
A-1, A-2, A-3 and A-4. All principal payments on each Class of Notes shall be
made pro rata to the Noteholders of such Class entitled thereto. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable, if not previously paid, on the date on which an Event of Default shall
have occurred and be continuing, if the Indenture Trustee or Holders of the
Notes representing not less than 50% of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02. In such case, principal shall be paid
first to the Noteholders of the Class A-1 Notes until such Class of Notes is
paid in full and then paid pro rata to the Noteholders of the Class A-2, Class
A-3 and Class A-4 Notes. The Indenture Trustee shall notify the Person in whose
name a Note is registered at the close of business on the Record Date preceding
the Payment Date on which the Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Payment Date and shall specify
that such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

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

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

            Section 2.10 Release of Collateral. Subject to Section 11.01 and the
terms of the Basic Documents, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt of an Issuer Request accompanied by
an Officer's Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA ss.ss. 314(c) and 314(d)(1) or an Opinion of Counsel in lieu
of such Independent Certificates to the effect that the TIA does not require any
such Independent Certificates.

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

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

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

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

            (iv) the rights of Note Owners shall be exercised only through the
      Clearing Agency and shall be limited to those established by law and
      agreements between such Note Owners and the Clearing Agency and/or the
      Clearing Agency Participants pursuant to the Note Depository Agreement.
      Unless and until Definitive Notes are issued pursuant to Section 2.13, the
      initial Clearing Agency will make book-entry transfers among the Clearing
      Agency Participants and receive and transmit payments of principal of and
      interest on the Notes to such Clearing Agency Participants; and

            (v) whenever this Indenture requires or permits actions to be taken
      based upon instructions or directions of Holders of Notes evidencing a
      specified percentage of the Outstanding Amount of the Controlling
      Securities, the Clearing Agency shall be deemed to represent such
      percentage only to the extent that it has received instructions to such
      effect from Note Owners and/or Clearing Agency Participants owning or
      representing, respectively, such required percentage of the beneficial
      interest in the Controlling Securities and has delivered such instructions
      to the Indenture Trustee.

            Section 2.12 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.13, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

            Section 2.13 Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or a Servicer Default, Owners of the
Book-Entry Notes representing beneficial interests aggregating at least 50% of
the Outstanding Amount of the Controlling Securities advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of such Note Owners, then the Clearing
Agency shall notify all Note Owners and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

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

                                  ARTICLE III

                                    COVENANTS

            Section 3.01 Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to and in accordance with Section 8.02(c), the Issuer will
cause to be distributed all amounts on deposit in the Note Distribution Account
and allocated for distribution to the Noteholders on a Payment Date pursuant to
the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes, to
the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the
Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the
Class A-3 Noteholders and (iv) for the benefit of the Class A-4 Notes, to the
Class A-4 Noteholders. Amounts properly withheld under the Code by any Person
from a payment to any Noteholder of interest and/or principal shall be
considered as having been paid by the Issuer to such Noteholder for all purposes
of this Indenture.

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

            Section 3.03 Money for Payments to Be Held in Trust. As provided in
Section 8.02(a) and (b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection Account
and the Note Distribution Account pursuant to Section 8.02(c) shall be made on
behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no
amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuer except as
provided in this Section.

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

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

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

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

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

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

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

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

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

            Section 3.04 Existence. The Issuer will keep in full effect its
existence, rights and franchises as a business trust under the laws of the State
of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

            Section 3.05 Protection of Trust Estate. The Issuer will from time
to time execute and deliver all such supplements and amendments hereto and all
such financing statements, continuation statements, instruments of further
assurance and other instruments, and also deliver the Sale and Servicing
Agreement (including Schedule A thereto, as revised from time to time) to the
Indenture Trustee, and will take such other action necessary or advisable to:

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

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

            (iii) enforce any of the Collateral; or

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

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

            Section 3.06 Opinions as to Trust Estate. (a) On the Closing Date,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements, as
are necessary to perfect and make effective the lien and security interest of
this Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

            (b) On or before March 31, in each calendar year, beginning in 2001,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by
this Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until March 31 in the following calendar year.

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

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

            (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but
not limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the Indenture Trustee
or the Holders of at least 50% of the Outstanding Amount of the Controlling
Securities.

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

            (e) As promptly as possible after the giving of notice of
termination to the Servicer of the Servicer's rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall
appoint a successor servicer (the "Successor Servicer"), and such Successor
Servicer shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event that a Successor Servicer has
not been appointed and accepted its appointment at the time when the Servicer
ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. The Indenture Trustee may
resign as the Servicer by giving written notice of such resignation to the
Issuer and in such event will be released from such duties and obligations, such
release not to be effective until the date a new servicer enters into a
servicing agreement with the Issuer as provided below. Upon delivery of any such
notice to the Issuer, the Indenture Trustee shall obtain a new servicer as the
Successor Servicer under the Sale and Servicing Agreement. Any Successor
Servicer other than the Indenture Trustee shall (i) be an established financial
institution having a net worth of not less than $100,000,000 and whose regular
business includes the servicing of Contracts and (ii) enter into a servicing
agreement with the Issuer having substantially the same provisions as the
provisions of the Sale and Servicing Agreement applicable to the Servicer. If
within 30 days after the delivery of the notice referred to above, the Issuer
shall not have obtained such a new servicer, the Indenture Trustee may appoint,
or may petition a court of competent jurisdiction to appoint, a Successor
Servicer. In connection with any such appointment, the Indenture Trustee may
make such arrangements for the compensation of such successor as it and such
successor shall agree, subject to the limitations set forth below and in the
Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale
and Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form and
substance satisfactory to the Indenture Trustee). Notwithstanding anything
herein or in the Sale and Servicing Agreement to the contrary, in no event shall
the Indenture Trustee be liable for any Servicing Fee or for any differential in
the amount of the Servicing Fee paid hereunder and the amount necessary to
induce any Successor Servicer to act as Successor Servicer under the Basic
Documents and the transactions set forth or provided for therein. If the
Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as the successor to the Servicer and the servicing of the Receivables. In case
the Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its affiliates, provided that it shall be fully liable for
the actions and omissions of such affiliate in such capacity as Successor
Servicer.

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

            (g) Without derogating from the absolute nature of the assignment
granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuer agrees (i) that it will not, without the
prior written consent of the Indenture Trustee or the Holders of at least 50% of
the Outstanding Amount of the Controlling Securities, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral
(except to the extent otherwise provided in the Sale and Servicing Agreement) or
the Basic Documents (except as may be permitted thereby), or waive timely
performance or observance by the Servicer or the Seller under the Sale and
Servicing Agreement (except as may be permitted thereby); and (ii) that any such
amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the
Controlling Securities that is required to consent to any such amendment,
without the consent of the Holders of all the Outstanding Notes. If any such
amendment, modification, supplement or waiver shall be so consented to by the
Indenture Trustee or such Holders, the Issuer agrees, promptly following a
request by the Indenture Trustee to do so, to execute and deliver, in its own
name and at its own expense, such agreements, instruments, consents and other
documents as the Indenture Trustee may deem necessary or appropriate in the
circumstances.

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

            (i) except as expressly permitted by this Indenture, the Receivables
      Purchase Agreement or the Sale and Servicing Agreement, sell, transfer,
      exchange or otherwise dispose of any of the properties or assets of the
      Issuer, including those included in the Trust Estate, unless directed to
      do so by the Indenture Trustee;

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

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

            Section 3.09 Annual Statement as to Compliance. The Issuer will
deliver to the Indenture Trustee, within 120 days after the end of each fiscal
year of the Issuer (commencing with the fiscal year 2000), an Officer's
Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

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

            (ii) to the best of such Authorized Officer's knowledge, based on
      such review, the Issuer has complied with all conditions and covenants
      under this Indenture throughout such year or, if there has been a default
      in its compliance with any such condition or covenant, specifying each
      such default known to such Authorized Officer and the nature and status
      thereof.

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

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

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

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

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

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

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

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

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

            (i) the Person that acquires by conveyance or transfer the
      properties and assets of the Issuer the conveyance or transfer of which is
      hereby restricted (A) shall be a United States citizen or a Person
      organized and existing under the laws of the United States of America or
      any State, (B) expressly assumes, by an indenture supplemental hereto,
      executed and delivered to the Indenture Trustee, in form satisfactory to
      the Indenture Trustee, the due and punctual payment of the principal of
      and interest on all Notes and the performance or observance of every
      agreement and covenant of this Indenture on the part of the Issuer to be
      performed or observed, all as provided herein, (C) expressly agrees by
      means of such supplemental indenture that all right, title and interest so
      conveyed or transferred shall be subject and subordinate to the rights of
      Holders of the Notes, (D) unless otherwise provided in such supplemental
      indenture, expressly agrees to indemnify, defend and hold harmless the
      Issuer against and from any loss, liability or expense arising under or
      related to this Indenture and the Notes and (E) expressly agrees by means
      of such supplemental indenture that such Person (or if a group of Persons,
      then one specified Person) shall make all filings with the Commission (and
      any other appropriate Person) required by the Exchange Act in connection
      with the Notes;

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

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

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

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

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

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

            (b) Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10(b), World Omni Auto Receivables Trust
2000-A will be released from every covenant and agreement of this Indenture to
be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery of written notice to the Indenture Trustee stating
that World Omni Auto Receivables Trust 2000-A is to be so released.

            Section 3.12 No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto. The Issuer shall not fund the purchase of any
new Contracts.

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

            Section 3.14 Servicer's Obligations. The Issuer shall use all
reasonable efforts to cause the Servicer to comply with Sections 4.09, 4.10,
4.11 and 5.07(b) and Article IX of the Sale and Servicing Agreement.

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

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

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

            Section 3.18 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer (except as provided in the Basic
Documents), (ii) redeem, purchase, retire or otherwise acquire for value any
such ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuer
may make, or cause to be made, (x) distributions as contemplated by, and to the
extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement and (y) payments to the Indenture Trustee
pursuant to Section 1.01(a)(ii) of the Administration Agreement. The Issuer will
not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with this Indenture and the Basic
Documents.

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

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

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

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

            (A) either:

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

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

                        a. have become due and payable, or

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

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

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

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

            Section 4.02 Application of Trust Money. All monies deposited with
the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such monies have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such monies need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

            Section 4.03 Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

                                   ARTICLE V

                                    REMEDIES

            Section 5.01 Events of Default. "Event of Default," wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and, subject to Sections 5.01(iv) and (v) 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 Business Days;

            (ii) default in the payment of the principal of or any installment
      of the principal of any Note when the same becomes due and payable in
      accordance with Sections 3.01 and 8.02(c) to the extent funds are
      available therefor and on the related final scheduled Payment Date; or

            (iii) material default in the observance or performance of any
      covenant or agreement of the Issuer made in this Indenture (other than a
      covenant or agreement, a default in the observance or performance of which
      is elsewhere in this Section specifically dealt with), or any
      representation or warranty of the Issuer made in this Indenture or in any
      certificate or other writing delivered pursuant hereto or in connection
      herewith proving to have been incorrect in any material respect as of the
      time when the same shall have been made, and such default shall continue
      or not be cured, or the circumstance or condition in respect of which such
      misrepresentation or warranty was incorrect shall not have been eliminated
      or otherwise cured, for a period of 60 days after there shall have been
      given, by registered or certified mail, to the Issuer by the Indenture
      Trustee or to the Issuer and the Indenture Trustee by the Holders of at
      least 25% of the Outstanding Amount of the Controlling Securities, a
      written notice specifying such default or incorrect representation or
      warranty and requiring it to be remedied and stating that such notice is a
      notice of Default hereunder; or

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

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

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

            Notwithstanding the foregoing, a delay in or failure of performance
referred to under clauses (i) and (ii) above for a period of ten Business Days
or referred to under clause (iii) for a period of 90 Business Days, shall not
constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and was caused by an act of
God or other similar occurrence. Upon the occurrence of any such event, the
Servicer shall not be relieved from using its best efforts to perform its
obligations in a timely manner in accordance with the terms of this Indenture
and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the
Noteholders and the Certificateholders prompt notice of such failure or delay by
it, together with a description of its efforts to so perform its obligations.

            Section 5.02 Acceleration of Maturity; Rescission and Annulment. If
an Event of Default should occur and be continuing, then and in every such case
the Indenture Trustee or the Holders of Notes representing not less than 50% of
the Outstanding Amount of the Controlling Securities may declare all the Notes
to be immediately due and payable, by a notice in writing to the Issuer (and to
the Indenture Trustee if given by Noteholders), and upon any such declaration
the unpaid principal amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due
and payable.

            At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Holders of Notes representing 50% of the Outstanding Amount of the Controlling
Securities, by written notice to the Issuer and the Indenture Trustee, may
rescind and annul such declaration and its consequences if:

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

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

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

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

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

            Section 5.03 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest on the overdue principal and, to the extent payment at such rate of
interest shall be legally enforceable, on overdue installments of interest at
the rate borne by the Notes and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

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

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

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

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

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

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

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

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

            (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.

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

            Section 5.04 Remedies; Priorities. (a) If an Event of Default shall
have occurred and be continuing, the Indenture Trustee may, or at the direction
of the holders of at least 50% of the Controlling Securities shall, do one or
more of the following (subject to Section 5.05):

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

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

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

            (iv) sell the Trust Estate or any portion thereof or rights or
      interest therein, at one or more public or private sales called and
      conducted in any manner permitted by law; provided, however, that the
      Indenture Trustee may not sell or otherwise liquidate the Trust Estate
      following an Event of Default, other than an Event of Default described in
      Section 5.01(i) or (ii), unless (A) the Holders of 100% of the Outstanding
      Amount of the Controlling Securities consent thereto, (B) the proceeds of
      such sale or liquidation distributable to the Noteholders are sufficient
      to discharge in full all amounts then due and unpaid upon such Notes for
      principal and interest or (C) the Indenture Trustee determines that the
      Trust Estate will not continue to provide sufficient funds for the payment
      of principal of and interest on the Notes as they would have become due if
      the Notes had not been declared due and payable, and the Indenture Trustee
      obtains the consent of Holders of not less than 66 2/3% of the Outstanding
      Amount of the Controlling Securities. In determining such sufficiency or
      insufficiency with respect to clauses (B) and (C), the Indenture Trustee
      may, but need not, obtain and rely upon an opinion of an Independent
      investment banking or accounting firm of national reputation as to the
      feasibility of such proposed action and as to the sufficiency of the Trust
      Estate for such purpose.

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

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

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

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

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

            (ii) to Holders of the Class A-2, Class A-3 and Class A-4 Notes, for
      amounts due and unpaid on the Class A-2, Class A-3 and Class A-4 Notes for
      principal, ratably, without preference or priority of any kind, according
      to the amounts due and payable on the Class A-2, Class A-3 and Class A-4
      Notes for principal, until the Outstanding Amounts of the Class A-2, Class
      A-3 and Class A-4 Notes are reduced to zero;

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

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

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

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

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

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

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

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

            (v) no direction inconsistent with such written request has been
      given to the Indenture Trustee during such 60-day period by the Holders of
      at least 50% of the Outstanding Amount of the Controlling Securities.

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

            Subject to Section 5.06(v), in the event the Indenture Trustee shall
receive, in connection with Sections 5.06(ii) and (iii), conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than 50% of the Outstanding Amount of the Controlling
Securities, the Indenture Trustee shall act at the direction of the group of
Holders of Notes representing the greater Outstanding Amount of Controlling
Securities. If the Indenture Trustee receives, in connection with this Section
5.06, conflicting or inconsistent requests and indemnity from two or more groups
of Holders of Notes representing an equal Outstanding Amount of the Controlling
Securities, the Indenture Trustee in its sole discretion may determine what
action, if any, shall be taken, notwithstanding any other provisions of this
Indenture.

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

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

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

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

            Section 5.11 Control by Noteholders. The Holders of 50% of the
Outstanding Amount of the Controlling Securities 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 5.04, any direction to
      the Indenture Trustee to sell or liquidate the Trust Estate shall be by
      Holders of Notes representing not less than 100% of the Outstanding Amount
      of the Controlling Securities;

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

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

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

            Section 5.12 Waiver of Past Defaults. Prior to the declaration of
the acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than 50% of the Outstanding Amount of the
Controlling Securities may waive any past Default or Event of Default and its
consequences except a Default (a) in payment of principal of or interest on any
of the Notes or (b) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of the Holder of each Note. In the case
of any such waiver, the Issuer, the Indenture Trustee and the Holders of the
Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.

            Upon any such waiver, such Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

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

            Section 5.14 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

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

            Section 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller or the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement or by
the Seller or the Servicer, as applicable, of each of their obligations under or
in connection with the Receivables Purchase Agreement, and to exercise any and
all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement to the extent and
in the manner directed by the Indenture Trustee, including the transmission of
notices of default on the part of the Seller or the Servicer thereunder and the
institution of legal or administrative actions or proceedings to compel or
secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement.

            (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66
2/3% of the Outstanding Amount of the Controlling Securities shall, exercise all
rights, remedies, powers, privileges and claims of the Issuer against the Seller
or the Servicer under or in connection with the Sale and Servicing Agreement, or
against the Seller under or in connection with the Receivables Purchase
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Seller 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
or the Receivables Purchase Agreement, as the case may be, and any right of the
Issuer to take such action shall be suspended.

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

            Section 6.01 Duties of Indenture Trustee.

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

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

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

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

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

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

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

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

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

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

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

            (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder 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, and none of the provisions contained in this
Indenture shall in any event require the Indenture Trustee to perform, or be
responsible for the performance of, any of the obligations of the Servicer under
this Indenture except during such time, if any, as the Indenture Trustee shall
be the successor to, and be vested with the rights, duties, powers and
privileges of the Servicer in accordance with the terms of this Indenture.

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

            (i) Subject to the other provisions of this Indenture and the Basic
Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or
any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or
depositing or to any re-recording, refiling or redepositing of any thereof, (ii)
to see to any insurance or (iii) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Collateral.

            (j) The Indenture Trustee shall not be charged with knowledge of any
Event of Default unless either (1) a Responsible Officer shall have actual
knowledge of such Event of Default or (2) written notice of such Event of
Default shall have been given to such Indenture Trustee in accordance with the
provisions of this Indenture.

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

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

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

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

            (e) The Indenture Trustee may consult with counsel, and the advice
or opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from
liability in respect to any action taken, omitted or suffered by it hereunder in
good faith and in accordance with the advice or opinion of such counsel.

            (f) The Indenture Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the
request or direction of any of the Noteholders pursuant to this Indenture unless
such Noteholders shall have offered to the Indenture Trustee reasonable security
or indemnity against the reasonable costs, expenses, disbursements, advances and
liabilities which might be incurred by it, its agents and its counsel in
compliance with such request or direction.

            (g) The Indenture Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so
by the Holders of Notes representing at least 25% of the Controlling Securities;
provided 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
satisfactory to the Indenture Trustee in its reasonable discretion against such
cost, expense or liability as a condition to taking any such action.

            (h) The right of the Indenture Trustee to perform any discretionary
act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its willful misconduct,
negligence or bad faith in the performance of such act.

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

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

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

            Section 6.06 Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns. On each
Payment Date, the Indenture Trustee shall send to The Depository Trust Company
to distribute in accordance with its procedures the statement or statements
provided to the Indenture Trustee by the Servicer pursuant to Section 5.09 of
the Sale and Servicing Agreement with respect to such Payment Date.

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

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

            Section 6.08 Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuer. The Indenture Trustee shall
resign following the occurrence of an Event of Default if required by Section
3.10 of the TIA. The Indenture Trustee shall bear all costs and expenses of
locating and procuring the written acceptance by a qualified successor Indenture
Trustee within 90 days of such Event of Default. The Holders of at least 50% of
the Outstanding Amount of the Controlling Securities may remove the Indenture
Trustee by so notifying the Indenture Trustee and may appoint a successor
Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

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

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

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

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

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

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

            If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of at least 50% of the Outstanding
Amount of the Controlling Securities may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

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

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

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

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

            Section 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust Estate, or any part hereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08 hereof.

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

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

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

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

            (c) Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture 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 Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

            Section 6.11 Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition, and the time
deposits of the Indenture Trustee shall be rated at least A-1 by Standard &
Poor's, F1 by Fitch and P-1 by Moody's. The Indenture Trustee shall comply with
TIA ss. 310(b), including the optional provision permitted by the second
sentence of TIA ss. 310(b)(9); provided, however, that there shall be excluded
from the operation of TIA ss. 310(b)(1) any indenture or indentures under which
other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA ss. 310(b)(1) are met.

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

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

            (a) the Indenture Trustee is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
formation;

            (b) the Indenture Trustee has full 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;

            (c) the execution, delivery and performance by the Indenture Trustee
of this Indenture (i) shall not violate any provision of any law or regulation
governing the banking and trust powers of the Indenture Trustee or any order,
writ, judgment or decree of any court, arbitrator, or governmental authority
applicable to the Indenture Trustee or any of its assets, (ii) shall not violate
any provision of the corporate charter or by-laws of the Indenture Trustee and
(iii) shall not violate any provision of, or constitute, with or without notice
or lapse of time, a default under, or result in the creation or imposition of
any lien on any properties included in the Trust Estate pursuant to the
provisions of any mortgage, indenture, contract, agreement or other undertaking
to which it is a party, which violation, default or lien could reasonably be
expected to have a materially adverse effect on the Indenture Trustee's
performance or ability to perform its duties under this Indenture or on the
transactions contemplated in this Indenture;

            (d) the execution, delivery and performance by the Indenture Trustee
of this Indenture shall not require the authorization, consent approval of, the
giving of notice to, the filing or registration with, or the taking of any other
action in respect of, any governmental authority or agency regulating the
banking and corporate trust activities of the Indenture Trustee;

            (e) this Indenture has been duly executed and delivered by the
Indenture Trustee and constitutes the legal, valid and binding agreement of the
Indenture Trustee, enforceable in accordance with its terms; and

            (f) the Indenture Trustee certifies that (a) its principal place of
business is outside the State of Florida, and it has no place of business or
assets in the State of Florida; (b) its usual place of business, where books and
records pertaining to the Indenture will be kept, is outside the State of
Florida; (c) it is not licensed, and is not qualified, to do business within the
State of Florida; (d) it will exercise all management and control over the Trust
Assets and over the Trust outside the State of Florida; (e) it has no employees
employed within the State of Florida; and (f) it is not organized under the laws
of the State of Florida. The Indenture Trustee will certify the above by
September 30 each year this Indenture is in effect by providing an officer's
certificate in the form of Exhibit B attached hereto, executed by a Responsible
Officer. Additionally, the Indenture Trustee certifies and agrees that it will
promptly notify the Issuer and the Owner Trustee if any of the above changes.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

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

            Section 7.02 Preservation of Information; Communications to
Noteholders.

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

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

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

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

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

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

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

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

            Section 7.04 Reports by Indenture Trustee. If required by TIA ss.
313(a), within 60 days after each February 1 beginning with February 1, 2001,
the Indenture Trustee shall mail to each Noteholder as required by TIA ss.
313(c) a brief report dated as of such date that complies with TIA ss. 313(a).
The Indenture Trustee also shall comply with TIA ss. 313(b).

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

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

            Section 8.02 Trust Accounts. (a) On or prior to the Closing Date,
the Issuer shall cause the Servicer to establish and maintain with and in the
name of the Indenture Trustee, for the benefit of the Noteholders and the
Certificateholders, the Trust Accounts as provided in Section 5.01 of the Sale
and Servicing Agreement.

            (b) On or before each Payment Date, Available Funds with respect to
the preceding Collection Period will be deposited in the Collection Account as
provided in Section 5.02 of the Sale and Servicing Agreement. On or before each
Payment Date, the Indenture Trustee shall make all withdrawals and deposits to
the Collection Account, Note Distribution Account and Reserve Account and shall
make all distributions to Certificateholders in accordance with Sections 5.06
and 5.07 of the Sale and Servicing Agreement.

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

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

            (ii) principal on the Notes in the following order of priority:

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

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

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

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

            To the extent the Class A-1 Notes are still outstanding on the Class
A-1 Final Scheduled Payment Date, payments with respect to the Class A-1 Notes
shall be made on the Class A-1 Final Scheduled Payment Date.

            (d) After making the distributions to the Noteholders and subject to
Section 8.04, the Indenture Trustee shall make the distributions, if any, to the
Reserve Account called for pursuant to Section 5.06(ii)(C) of the Sale and
Servicing Agreement.

            (e) After making the distributions to the Noteholders and subject to
Section 8.02(d) and Section 8.04, the Indenture Trustee shall make the
distributions, if any, to the Certificateholders called for pursuant to Section
5.06(ii)(D) of the Sale and Servicing Agreement; provided that if the Owner
Trustee has removed the Indenture Trustee as the paying agent for the Issuer,
the Indenture Trustee shall distribute such amounts to the paying agent for the
Issuer as instructed by the Owner Trustee.

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

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

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

            Section 8.04 Release of Trust Estate. (a) Subject to the payment of
its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and
when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article 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
monies.

            (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA ss.ss. 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01.

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

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

            Section 9.01 Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

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

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

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

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

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

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

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

The Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

            (b) The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Holders of the Notes
but with prior notice to the Rating Agencies, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this
Indenture. Such amendments pursuant to this Section 9.01(b) require: (i)
satisfaction of the Rating Agency Condition and (ii) an Officer's Certificate of
the Issuer stating that the amendment will not materially and adversely affect
the interest of any Noteholder.

            Section 9.02 Supplemental Indentures with Consent of Noteholders.
The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
may, with prior notice to the Rating Agencies and with the consent of the
Holders of not less than 50% of the Outstanding Amount of the Controlling
Securities, by Act of such Holders delivered to the Issuer and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

            (i) change the date of payment of any installment of principal of or
      interest on any Note, or reduce the principal amount thereof, the Interest
      Rate thereon or the Redemption Price with respect thereto, change the
      provisions of this Indenture relating to the application of collections
      on, or the proceeds of the sale of, the Trust Estate to payment of
      principal of or interest on the Notes, or change any place of payment
      where, or the coin or currency in which, any Note or the interest thereon
      is payable, or impair the right to institute suit for the enforcement of
      the provisions of this Indenture requiring the application of funds
      available therefor, as provided in Article V, to the payment of any such
      amount due on the Notes on or after the respective due dates thereof (or,
      in the case of redemption, on or after the Redemption Date);

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

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

            (iv) reduce the percentage of the Outstanding Amount of the
      Controlling Securities required to direct the Indenture Trustee to direct
      the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

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

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

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

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

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

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

            Section 9.03 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

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

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

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

                                   ARTICLE X

                               REDEMPTION OF NOTES

            Section 10.01 Redemption. The outstanding Notes are subject to
redemption in whole, but not in part, at the direction of the Seller or Servicer
pursuant to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment
Date on which the Seller or Servicer exercises its option to purchase the Trust
Estate pursuant to said Section 9.01(a), for a purchase price equal to the
Redemption Price; provided that the Issuer has available funds sufficient to pay
the Redemption Price. The Seller, the Servicer or the Issuer shall furnish the
Rating Agencies notice of such redemption. If the outstanding Notes are to be
redeemed pursuant to this Section, the Seller, the Servicer or the Issuer shall
furnish notice of such election to the Indenture Trustee not later than 20 days
prior to the Redemption Date and the Issuer shall deposit by 10:00 A.M. New York
City time on the Redemption Date with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.02 to each Holder of the Notes.

            Section 10.02 Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

            All notices of redemption shall state:

            (i) the Redemption Date;

            (ii) the Redemption Price; and

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

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

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

                                   ARTICLE XI

                                  MISCELLANEOUS

            Section 11.01 Compliance Certificates and Opinions, etc. (a) Upon
any application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture, the Issuer shall furnish to the
Indenture Trustee (i) an Officer's Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be furnished.

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

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

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

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

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

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

            (ii) Whenever the Issuer is required to furnish to the Indenture
      Trustee an Officer's Certificate certifying or stating the opinion of any
      signer thereof as to the matters described in clause (i) above, the Issuer
      shall also deliver to the Indenture Trustee an Independent Certificate as
      to the same matters, if the fair value to the Issuer of the securities to
      be so deposited and of all other such securities made the basis of any
      such withdrawal or release since the commencement of the then-current
      fiscal year of the Issuer, as set forth in the certificates delivered
      pursuant to clause (i) above and this clause (ii), is 10% or more of the
      Outstanding Amount of the Notes, but such a certificate need not be
      furnished with respect to any securities so deposited, if the fair value
      thereof to the Issuer as set forth in the related Officer's Certificate is
      less than $25,000 or less than one percent of the Outstanding Amount of
      the Notes.

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

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

            (v) Notwithstanding Section 2.10 or any other provision of this
      Section, the Issuer may, without compliance with the requirements of the
      other provisions of this Section, (A) collect, liquidate, sell or
      otherwise dispose of Receivables and Financed Vehicles as and to the
      extent permitted or required by the Basic Documents and (B) make cash
      payments out of the Note Distribution Account as and to the extent
      permitted or required by the Basic Documents, so long as the Issuer shall
      deliver to the Indenture Trustee every six months, commencing December 15,
      2000, an Officer's Certificate of the Issuer stating that all the
      dispositions of Collateral described in clauses (A) or (B) above that
      occurred during the preceding six calendar months were in the ordinary
      course of the Issuer's business and that the proceeds thereof were applied
      in accordance with the Basic Documents.

            Section 11.02 Form of Documents Delivered to Indenture Trustee. In
any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

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

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

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

            Section 11.03 Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee and, where it
is hereby expressly required, to the Issuer. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in
the manner provided in this Section.

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

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

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

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

            (i) the Indenture Trustee by any Noteholder or by the Issuer shall
      be sufficient for every purpose hereunder if made, given, furnished or
      filed in writing to or with the Indenture Trustee at its Corporate Trust
      Office, or

            (ii) the Issuer by the Indenture Trustee or by any Noteholder shall
      be sufficient for every purpose hereunder if in writing and mailed
      first-class, postage prepaid to the Issuer addressed to: World Omni Auto
      Receivables Trust 2000-A, in care of The Bank of New York, 101 Barclay
      Street, 12E, New York, New York 10286, Attn: Craig Phildius, or at any
      other address previously furnished in writing to the Indenture Trustee by
      the Issuer or the Administrator. The Issuer shall promptly transmit any
      notice received by it from the Noteholders to the Indenture Trustee.

            Notices required to be given to the Rating Agencies by the Issuer,
the Indenture Trustee or the Owner Trustee shall be by facsimile or in writing,
personally delivered or mailed by certified mail, return receipt requested, to
(i) in the case of Moody's, at the following address: Moody's Investors Service,
Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007,
(ii) in the case of Standard & Poor's, at the following address: Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
Street, New York, New York 10041, Attention of Asset Backed Surveillance
Department, and (iii) in the case of Fitch, Inc., at the following address: One
State Street Plaza, New York, New York 10004, Attention of Asset Backed
Surveillance; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

            Section 11.05 Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

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

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

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

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

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

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

            Section 11.08 Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

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

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

            Section 11.11 Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

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

            Section 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

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

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

            Section 11.16 Trust Obligation. No recourse may be taken, directly
or indirectly, with respect to the obligations of the Issuer, the Owner Trustee
or the Indenture Trustee on the Notes or under this Indenture or any certificate
or other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

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

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

<PAGE>

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

                                       WORLD OMNI AUTO RECEIVABLES TRUST
                                       2000-A,

                                       By:  THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Owner Trustee,

                                            By:_________________________________
                                               Name:
                                               Title:

                                       THE CHASE MANHATTAN BANK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By:____________________________________
                                          Name:
                                          Title:

<PAGE>

                                   SCHEDULE A

         Provided to the Indenture Trustee and Owner Trustee at Closing

<PAGE>

                                   EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

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

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

REGISTERED                                                        $___________

No.:__                                                  CUSIP No.: 98152D AA 9

                                                        ISIN No.: US98152DAA90

                                                       CINS No.: _____________

                    WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                     CLASS A-1 6.693620% ASSET-BACKED NOTES

            WORLD OMNI AUTO RECEIVABLES TRUST 2000-A, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ______________________________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $__________ and the
denominator of which is $__________ by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-1 Notes pursuant to Section 3.01 of the Indenture dated as of June 1, 2000
(the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on August 14, 2001 (the "Class A-1 Final Scheduled Payment Date").
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

            The Issuer will pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
the last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of the actual number of days in the Interest Accrual
Period divided by 360. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

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

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

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

<PAGE>

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

Date:                                  WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                                       By:  THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Owner Trustee,

                                            By:_________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                  THE CHASE MANHATTAN BANK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By:______________________________________
                                          Authorized Signatory

<PAGE>

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 6.693620% Asset-Backed Notes (herein called the
"Class A-1 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all
terms of the Indenture.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes (collectively, the "Notes") are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

            Principal of the Class A-1 Notes will be payable on each Payment
Date and, if the Class A-1 Notes have not been paid in full prior to the Class
A-1 Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date,
in an amount described on the face hereof. "Payment Date" means the fifteenth
day of each month or, if such day is not a Business Day, the immediately
following Business Day; provided, however, that the August 2001 Payment Date for
the Class A-1 Notes will be August 14, 2001. The first Payment Date will be
August 15, 2000.

            As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-1 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled
thereto.

            Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date or, if applicable, the Class A-1
Final Scheduled Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date or the Class A-1 Final
Scheduled Payment Date, as applicable, by notice mailed or transmitted by
facsimile prior to such Payment Date or the Class A-1 Final Scheduled Payment
Date, as applicable, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in The City of New York.

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

            As provided in the Indenture and subject to the limitations set
forth therein and on the face hereof, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder
hereof or such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

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

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

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

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

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

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

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

            This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, The Chase Manhattan Bank in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
failure to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                   ASSIGNMENT

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

________________________________________________________________________________

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

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:_____________________         _____________________________________*

                    Signature Guaranteed:

                    _____________________________________*

--------------------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                   EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

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

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

REGISTERED                                                        $___________

No.:__                                                  CUSIP NO.: 98152D AB 7

                                                       ISIN No.: US98152DAB73

                                                       CINS No.: _____________

                    WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                       CLASS A-2 7.05% ASSET-BACKED NOTES

WORLD OMNI AUTO RECEIVABLES TRUST 2000-A, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ______________________________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $__________ and the
denominator of which is $__________ by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-2 Notes pursuant to Section 3.01 of the Indenture dated as of June 1, 2000
(the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the April 2003 Payment Date (the "Class A-2 Final Scheduled Payment
Date"). No payments of principal of the Class A-2 Notes shall be made until the
Class A-1 Notes have been paid in full. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as
to construction that shall be applicable herein.

            The Issuer will pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
the last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

<PAGE>

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

Date:                                  WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                                       By:  THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Owner Trustee,

                                            By:_________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                  THE CHASE MANHATTAN BANK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By:______________________________________
                                          Authorized Signatory

<PAGE>

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 7.05% Asset-Backed Notes (herein called the "Class
A-2 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all
terms of the Indenture.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes (collectively, the "Notes") are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

            Principal of the Class A-2 Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing August 15, 2000.

            As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-2 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the
Controlling Securities have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02 of the Indenture. All principal payments
on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders
entitled thereto.

            Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

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

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

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

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

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

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

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

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

            This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, The Chase Manhattan Bank in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

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

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:_____________________         _____________________________________*

                    Signature Guaranteed:

                    _____________________________________*

--------------------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                   EXHIBIT A-3

                            [FORM OF CLASS A-3 NOTE]

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

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

REGISTERED                                                        $___________

No.:__                                                  CUSIP NO.: 98152D AC 5

                                                        ISIN No.: US98152DAC56

                                                       CINS No.: _____________

                    WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                       CLASS A-3 7.13% ASSET-BACKED NOTES

            WORLD OMNI AUTO RECEIVABLES TRUST 2000-A, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of _________________________ DOLLARS
payable on each Payment Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $__________ and the
denominator of which is $__________ by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-3 Notes pursuant to Section 3.01 of the Indenture dated as of June 1, 2000
(the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the February 2004 Payment Date (the "Class A-3 Final Scheduled
Payment Date"). No payments of principal of the Class A-3 Notes shall be made
until the Class A-1 and Class A-2 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

            The Issuer will pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
the last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

<PAGE>

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

Date:                                  WORLD OMNI AUTO RECEIVABLES TRUST 2000-A,

                                       By:  THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Owner Trustee,

                                            By:_________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                  THE CHASE MANHATTAN BANK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By:______________________________________
                                          Authorized Signatory

<PAGE>

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 7.13% Asset-Backed Notes (herein called the "Class
A-3 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all
terms of the Indenture.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes (collectively, the "Notes") are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

            Principal of the Class A-3 Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing August 15, 2000.

            As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-3 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled
thereto.

            Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

            The Issuer shall pay interest on overdue installments of interest at
the Class A-3 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

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

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

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

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

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

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

            This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, The Chase Manhattan Bank in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

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

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:_____________________         _____________________________________*

                    Signature Guaranteed:

                    _____________________________________*

--------------------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                   EXHIBIT A-4

                            [FORM OF CLASS A-4 NOTE]

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

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

REGISTERED                                                        $___________

No.:__                                                  CUSIP NO.: 98152D AD 3

                                                        ISIN No.: US98152DAD30

                                                       CINS No.: _____________

                    WORLD OMNI AUTO RECEIVABLES TRUST 2000-A

                       CLASS A-4 7.20% ASSET-BACKED NOTES

            WORLD OMNI AUTO RECEIVABLES TRUST 2000-A, a business trust organized
and existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of ___________________________________
DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $__________ and the
denominator of which is $__________ by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
A-4 Notes pursuant to Section 3.01 of the Indenture dated as of June 1, 2000
(the "Indenture"), between the Issuer and The Chase Manhattan Bank, a New York
banking corporation, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the September 2006 Payment Date (the "Class A-4 Final Scheduled
Payment Date"). No payments of principal of the Class A-4 Notes shall be made
until the Class A-1, Class A-2 and Class A-3 Notes have been paid in full.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

            The Issuer will pay interest on this Note at the rate per annum
shown above on each Payment Date until the principal of this Note is paid or
made available for payment, on the principal amount of this Note outstanding on
the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
the last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

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

<PAGE>

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

Date:                                  WORLD OMNI AUTO RECEIVABLES TRUST 2000-A,

                                       By:  THE BANK OF NEW YORK, not in its
                                            individual capacity but solely as
                                            Owner Trustee,

                                            By:_________________________________
                                               Authorized Signatory

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Date:                                  THE CHASE MANHATTAN BANK, not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       By:______________________________________
                                          Authorized Signatory

<PAGE>

            This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 7.20% Asset-Backed Notes (herein called the "Class
A-4 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all
terms of the Indenture.

            The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes (collectively, the "Notes") are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in
the Indenture.

            Principal of the Class A-4 Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such date is not a Business Day, the
next succeeding Business Day, commencing August 15, 2000.

            As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-4 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than 50% of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the
Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

            Payments of interest on this Note due and payable on each Payment
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

            The Issuer shall pay interest on overdue installments of interest at
the Class A-4 Interest Rate to the extent lawful.

            As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

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

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

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

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

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

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

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

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

            This Note and the Indenture shall be construed in accordance with
the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

            Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of The Bank of New York in its individual
capacity, The Chase Manhattan Bank in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

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

________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:_____________________         _____________________________________*

                    Signature Guaranteed:

                    _____________________________________*

--------------------
* NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                       EXHIBIT B

                 OFFICER'S CERTIFICATE OF THE INDENTURE TRUSTEE

      The undersigned, a duly authorized officer of The Chase Manhattan Bank, as
indenture trustee (the "Indenture Trustee") under the Indenture, dated as of
June 1, 2000 (the "Indenture"), by and between WORLD OMNI AUTO RECEIVABLES TRUST
2000-A, a Delaware business trust (the "Trust"), and the Indenture Trustee,
hereby certifies the following:

      (a) the Indenture Trustee has its principal place of business outside the
State of Florida and has no business or assets in the State of Florida;

      (b) the Indenture Trustee has its usual place of business where books and
records pertaining to the Trust will be kept outside the State of Florida;

      (c) the Indenture Trustee is not licensed, and is not qualified, to do
business within the State of Florida;

      (d) the Indenture Trustee will exercise all management and control over
the Trust Assets and over the Trust outside the State of Florida;

      (e) the Indenture Trustee has no employees employed within the State of
Florida; and

      (f) the Indenture Trustee is not organized under the laws of the State of
Florida.

      Capitalized terms used herein and not otherwise defined herein shall have
those meanings ascribed to them in the Trust Agreement dated as of June 1, 2000
among World Omni Auto Receivables LLC, The Bank of New York and The Bank of New
York (Delaware).

      IN WITNESS WHEREOF, the undersigned has executed this certificate on this
____ day of ____________, 2000.

                                        ________________________________________

                                        By:_____________________________________
                                           Name:
                                           Title:Lakeland Industries, Inc.

                              Employment Agreement

         This agreement ("Agreement") has been entered into this 1st day of
February. 2000, by and between Lakeland Industries, Inc., a Delaware corporation
("Company"), and Christopher J. Ryan, individual ("Executive").

        IT IS AGREED AS FOLLOWS

        SECTION 1: DEFINITIONS AND CONSTRUCTION.

        1.1.  DEFINITIONS.  For purposes of this Agreement,  the following words
              and phrases,  whether or not capitalized,  shall have the meanings
              specified  below,  Unless the context plainly requires a different
              meaning.

              1,1(a) "ACCRUED COMPENSATION" has the meaning set forth in Section
                     4.5 of this Agreement.

              1.1(b) "ACCRUED OBLIGATIONS" has the meaning set forth in Section
                     4.1 (a) of this Agreement.

              1.1(c) "ANNUAL BASE SALARY" has the meaning set forth in Section
                     2.4 (a) of this Agreement.

              1.1(d) "BOARD" means the Board of Directors of the Company.

              1.1(e) "CAUSE" has the meaning set forth in Section 3.3 of this
                     Agreement

              1.1(f) "CHANGE IN CONTROL" means:

                     (i)  The acquisition by any individual, entity or group, or
                          a Person  (within  the  meaning on 13 (d) 3) or 14 (d)
                          (2) of the Exchange Act) of a controlling  interest of
                          either (a) the then  outstanding  common  stock of the
                          Company (the  "Outstanding  Company  Common Stock") or
                          (b) the combined voting power of the then  outstanding
                          voting  securities  of the  Company  entitled  to vote
                          generally   on  the   election   of   directors   (the
                          "Outstanding Company Voting Securities"); or

                     (ii) Individuals who, as of the date hereof, constitute the
                          Board (the "Incumbent  Board") cease for any reason to
                          constitute at least a majority of the Board: provided,
                          however,  that  any  individual  becoming  a  director
                          subsequent  to the  date  hereof  whose  election,  or
                          nomination for election by the Company's  stockholders
                          was  approved  by a vote of at least a majority of the
                          directors then

<PAGE>
                          comprising the Incumbent Board shall be considered  as
                          though such  individual were a member of the Incumbent
                          Board,  but  excluding,  as a member of the  Incumbent
                          Board, any such individual whose initial assumption of
                          office  occurs  as a result  of  either  an  actual or
                          threatened election contest (as such terms are used in
                          Rule 14a-11 of Regulation  14A  promulgated  under the
                          Exchange   Act)  or   other   actual   or   threatened
                          solicitation of proxies or consents by or on behalf of
                          a Person other than the Board; or

                     (iii)Approval  by  the  stockholders  of the  Company  of a
                          reorganization. merger or consolidation, in each case,
                          unless,  following  such  reorganization,   merger  or
                          consolidation,  (a) more than 50';/0 of, respectively,
                          the then  outstanding  shares of  common  stock of the
                          corporation resulting from such reorganization, merger
                          or consolidation  and the combined voting power of the
                          then outstanding voting securities of such corporation
                          entitled  to  vote   generally   in  the  election  of
                          directors  is then  beneficially  owned,  directly  or
                          indirectly,   by  all  or  substantially  all  of  the
                          individuals  and  entities  who  were  the  beneficial
                          owners,  respectively,   o'  the  Outstanding  Company
                          Common Stock and Outstanding Company Voting Securities
                          immediately  prior to such  reorganization,  merger or
                          consolidation in substantially the same proportions as
                          their   ownership,    immediately    prior   to   such
                          reorganization,   merger  or  consolidation,   of  the
                          Outstanding  Company  Common  Stock  and  Outstanding
                          Company Voting Securities, as the case may be, (b) no
                          Person beneficially owns, directly or indirectly,  30%
                          or more of, respectively, the then outstanding shares
                          of common stock of the corporation resulting from such
                          reorganization,   merge'  or   consolidation   or  the
                          combined voting power of the then  outstanding  voting
                          securities  of  such  corporation,  entitled  to  vote
                          generally  in the  election  of  directors  and (c) at
                          least  a  majority  of the  members  of the  board  of
                          directors  of  the  corporation  resulting  from  such
                          reorganization,  merger or consolidation  were members
                          of the Incumbent Board at the time of the execution of
                          the    initial    agreement    providing    for   such
                          reorganization, merger or consolidation; or

                     (iv) Approval by the  stockholders  of the Company of (a) a
                          complete  liquidation or dissolution of the Company or
                          (b)  the   sale  or  other   disposition   of  all  or
                          substantially  all of the  assets  of the  Come  (any,
                          other  than to a  corporation,  with  respect to which
                          following  such  sale or other  disposition,  (1) more
                          than 50% of, respectively, the then outstanding shares
                          of common stock of such  corporation  and the combined
                          voting power of the then outstanding voting securities
                          of such corporation  entitled to vote generally in the
                          election  o1  directors  is then  beneficially  owned,
                          directly or indirectly, by all or

                                       2
<PAGE>
                          substantially  all of the individuals and entities who
                          were  the  beneficial  owners,  respectively,  of  the
                          Outstanding   Company  Common  Stock  and  Outstanding
                          Company Voting  Securities  immediately  prior to such
                          sale or other  disposition in  substantially  the same
                          proportion a$ their  ownership,  immediately  prior to
                          such sales or other  disposition,  of the  Outstanding
                          Company  Common Stock and  Outstanding  Company Voting
                          Securities,   as  the  case  may  be,  (2)  no  Person
                          beneficially owns,  directly or indirectly 30% or more
                          of,  respectively,  the  then  outstanding  shares  of
                          common  stock  of such  corporation  and the  combined
                          voting power of the then outstanding voting securities
                          of such corporation  entitled to vote generally in the
                          election of  directors  and (3) at least a majority of
                          the  members  of  the  board  of   directors  of  such
                          corporation were members of the Incumbent Board at the
                          time of the  execution  of the  initial  agreement  or
                          action of the Board  providing  for such sale or other
                          disposition of assets of the Company.

            1.1(g)   "COMPANY" has the meaning set forth in the first  paragraph
                     of this  Agreement  and,  with  regard  to  successors,  in
                     Section 6.2 of this Agreement.

            1.1(h)   "CODE"  shall mean the Internal  Revenue  Code of 1986,  as
                     amended.

            1.1(i)   "CURRENT TARGET BONUS" has the meaning set forth in Section
                     4.1 (a) of this Agreement.

            1.1(j)   "DATE OF TERMINATION"  has the meaning set forth in Section
                     3.6 of this Agreement.

            1.1(k)   "DISABILITY"  has the  meaning  set forth in Section 3.2 of
                     this Agreement.

            1.1(1)   "DISABILITY  EFFECTIVE  DATE" has the  meaning set forth in
                     Section 3.2 of this Agreement.

            1.1(m)   [INTENTIONALLY DELETED]

            1.1(n)   "EFFECTIVE DATE" means the date of this Agreement.

            1.1(0)   "EMPLOYMENT  PERIOD"  means  the  period  beginning  on the
                     Effective  Date and ending on the later of (i)  February 1,
                     2003,  or (ii)  February 1 of any  succeeding  fiscal  year
                     during which notice is given by either party (as  described
                     in  Section  1.1 (dd) of this  Agreement)  of such  party's
                     intent not to renew this Agreement.

            1.1(p)   "EXCHANGE ACT" means the  Securities  Exchange Act of 1934,
                     as amended.

                                        3
<PAGE>

            1.1(q)   "EXCISE  TAX" has the  meaning set forth in Section 4.2 (e)
                     of this Agreement.

            1.1(r)   "GOOD  REASON'  has the meaning set forth in Section 3.4 of
                     this Agreement.

            1.1(s)   "GROSS-UP PAYMENT" has the meaning set forth in Section 4.2
                     (e) of this Agreement.

            1.1(t)   "INCENTIVE  BONUS" has the meaning set forth in Section 2.4
                     (b) of this Agreement.

            1.1(u)   "NOTICE  OF  TERMINATION"  has the  meaning  set  forth  in
                     Section 3.5 of this Agreement.

            1.1(v)   [INTENTIONALLY DELETED]

            1.1(w)   "OTHER  BENEFITS"  has the meaning set forth in Section 4.1
                     (d) of this Agreement.

            1.1(x)   "OUTSTANDING  COMPANY  COMMON  STOCK" has the  meaning  set
                     forth in Section 1.1 (f) (i) of this Agreement.

            1.1(y)   "OUTSTANDING COMPANY VOTING SECURITIES" has the meaning set
                     forth in Section 1.1 (f) (i) of this Agreement.

            1.1(z)   "PAYMENT"  has the  meaning set forth in Section 4.2 (e) of
                     this Agreement

            1.1(aa)  "PERSON"  has the  meaning set forth in Sections 13 (d) and
                     14 (d) of the Exchange Act.

            1.1(bb)  [INTENTIONALLY DELETED]

            1.1(cc)  "TERM" means the period that begins on the  Effective  Date
                     and ends on the earlier of (i) the Date of  Termination  as
                     defined in Section 3.6 of this Agreement, or (ii) the close
                     of  business on the later of February 1, 2003 or February 1
                     any  renewal  term  as set  forth  in  Section  2.1 of this
                     Agreement.

            1.1(dd)  "TRIGGERING  TRANSACTION"  means a Change of Control of the
                     Company

            1.1(ee)  "TRIGGERING  TRANSACTION  DATE"  shall mean the date of the
                     Triggering Transaction.

                                       4

<PAGE>

        1.2.  GENDER AND NUMBER.  When  appropriate,  pronouns in this Agreement
              used in the masculine gender include the feminine gender, words in
              the singular  include the plural,  and words in the plural include
              the singular.

        1.3.  HEADINGS.  All headings in this Agreement are included  solely for
              ease of  reference  and do not bear on the  interpretation  of the
              text. Accordingly,  as used in this Agreement, the terms "Article"
              and "Section" mean the text that accompanies the specified Article
              and Section of the Agreement.

        1.4.  APPLICABLE  LAW. This Agreement shall be governed by and construed
              in  accordance  with  the laws of the  State  of New York  without
              reference to its conflict of law principles.

        SECTION 2: TERMS AND CONDITIONS OF EMPLOYMENT.

        2.1.  PERIOD OF EMPLOYMENT.  The Executive shall remain in the employ of
              the Company  throughout  the Term of this  Agreement in accordance
              with the term s and provisions of this  Agreement.  This Agreement
              will automatically  renew for two year periods unless either party
              gives the other written notice, by October 30, 20C2, or October 30
              of any  succeeding  year, of such party's intent not to renew this
              Agreement.

        2.2.  POSITIONS AND DUTIES.

            2.2(a)   Throughout the Term of this Agreement,  the Executive shall
                     serve  as a  Director  of  the  Board  and  Executive  Vice
                     President,  General  Counsel and  Secretary of the Company,
                     subject to reasonable  directions  and  nominations  of the
                     Board.  The Executive  shall have such  authority and shall
                     perform such duties as are  specified by the By-laws of the
                     Company  for the  office  to which  he has  been  appointed
                     hereunder  and  shall  so  serve,  subject  to the  control
                     exercised  by the Board  from  time to time,  Additionally,
                     each year throughout the Term of the Executive's service as
                     a Director,  the  Executive  shall be nominated to serve as
                     member of the Board.

            2.2(b)   Throughout  the Term of this  Agreement  (but excluding any
                     periods of vacation  and sick leave to which the  Executive
                     is  entitled),   the  Executive  shall  devote   reasonable
                     attention  and time  during  normal  business  hours to the
                     business  and  affairs  of the  Company  and  shall use his
                     reasonable   best   efforts  to  perform   faithfully   and
                     efficiently such  responsibilities  all are assigned to him
                     under or in accordance with this Agreement;  provided that,
                     it  shall  not be a  violation  of this  paragraph  for the
                     Executive ;o (i) serve on  corporate,  civic or  charitable
                     boards or  committees,  (ii)  deliver  lectures  or fulfill
                     speaking engagements, or (iii) manage personal investments,
                     so long as such activities do not  significantly  interfere
                     with the performance of the Executive's responsibilities as
                     an employee of the

                                       5
<PAGE>

                     Company in  accordance  with this  Agreement or violate the
                     Company's   conflict  of  interest   policy  as  in  effect
                     immediately prior to the Elective Date.

        2.3.  SITUS OF EMPLOYMENT.  Throughout the Term of this  Agreement,  the
              Executive's  services shall be performed at the location where the
              Executive 3 was employed  immediately prior to the Effective Date,
              or any office of the Company  which is located in the greater Long
              Island areas.  It is understood  and agreed by the Executive  that
              the Executive  will be required at the  discretion of the Board of
              Directors, to engage in substantial business travel.

        2.4.  COMPENSATION.

            2.4(a)   ANNUAL BASE SALARY.  For the first calendar year within the
                     Term of this  Agreement,  the  Executive  shall  receive an
                     annual  salary  ("Annual  Base  Salary") of Two Hundred and
                     Fifteen Thousand Dollars ($215,000) which  shall be paid in
                     equal or  substantially  equal  semi-monthly  installments.
                     During the Term of this Agreement, the Annual Base ; Salary
                     payable  to  the  Executive  shall  be  reviewed  at  least
                     annually and shall be increased  at the  discretion  of the
                     Board of the Compensation  Committee of the Board but shall
                     not be reduced.

            2.4(b)   INCENTIVE  BONUSES,  In addition to Annual Base Salary, the
                     Executive  shall  be  awarded  the  opportunity  to earn an
                     incentive  bonus on an  annual  basis  ("Incentive  Bonus")
                     under an incentive  compensation plan which equals $1300.00
                     for  each   penny  of   additional   after   tax   earnings
                     incrementally earned over the prior year's fiscal earnings,
                     which  shall be  calculated  from the  Company's  certified
                     audited  financial  statements.  During  the  Term  of this
                     Agreement,  the annual  target  Incentive  Bonus  which the
                     Executive  will  have  the  opportunity  to earn  shall  be
                     reviewed  at  least   annually  and  be  increased  at  the
                     discretion  of the Board or the  Compensation  Committee of
                     the Board.

            2.4(c)   INCENTIVE,  SAVINGS AND  RETIREMENT  PLANS.  Throughout the
                     Term of this Agreement,  the Executive shall be entitled to
                     participate in all incentive,  savings and retirement plans
                     generally   available  to  other  peer  executives  of  the
                     Company.

            2.4(d)   WELFARE   BENEFIT  PLANS,   Throughout  the  Term  of  this
                     Agreement  (and  thereafter,  subject to  Sections  4.1 (c)
                     hereof),  the Executive and /or the Executive's  family, as
                     the case may be, shall be eligible for participation in and
                     shall  receive all benefits  under welfare  benefit  plans,
                     practices,  policies and  programs  provided by the Company
                     (including,  without  limitation,   medical,  prescription,
                     dental,  disability,  salary continuance,  employee life,
                     group life,  accidental death and travel accident insurance
                     plans and programs) to the extent generally available

                                        6
<PAGE>
                     to other peer  executives  of the  Company  but only to the
                     extent that such persons are  eligible  for coverage  under
                     the terms of such Plan. As it affects  Sections  2.4(c) and
                     2.4(d) above,  the Company shall always;  have the right to
                     alter its benefit plan providers.

            2.4(e)   EXPENSES.  Throughout  the  Term  of  this  Agreement,  the
                     Executive shall be entitled to receive prompt reimbursement
                     for all  reasonable  expanses  incurred by the Executive in
                     accordance  with the  policies,  practices  and  procedures
                     generally  applicable  to  other  peer  executives  of  the
                     Company,  The  Executive  agrees to submit  receipts and or
                     vouchers in support of all requests for reimbursement.

            2.4(f)   FRINGE BENEFITS. Throughout the Term of this Agreement, the
                     Executive  shall be entitled to an automobile  allowance of
                     $4000.00  annually and term life insurance of $500,000 paid
                     by the Company.  Executive agrees to be solely  responsible
                     for any and all  federal,  state and local taxes owing as a
                     result of such term life insurance being provided.

            2.4(g)   VACATION.  Throughout  the  Term  of  this  Agreement,  the
                     Executive  shall be entitled to paid vacation for three (3)
                     weeks each year.

        SECTION 3: TERMINATION OF EMPLOYMENT

        3.1.  DEATH. The Executive's  employment  shall terminate  automatically
              upon the Executive's death during the Employment Period.

        3.2.  DISABILITY.  If the  Company  determines  in good  faith  that the
              Disability  of the Executive  has occurred  during the  Employment
              Period (pursuant to the definition of Disability set forth below),
              the Company may give to the Executive written notice in accordance
              with Section 7.2 of its  intention to  terminate  the  Executive's
              employment.  In such event,  the  Executive's  employment with the
              Company shall terminate  effective on the thirtieth (30) day after
              receipt of such notice by the Executive (the "Disability Effective
              Date"),  provided  that,  within the  thirty  (30) days after such
              receipt  the  Executive  shall  not  have  returned  to  full-time
              performance  of the  Executive's  duties  - For  purposes  of this
              Agreement,  "Disability"  shall mean that the  Executive  has been
              unable to perform the services required of the Executive hereunder
              on a  full-time  basis for a period of one  hundred  eighty  (180)
              consecutive  business  days by reason of a physical  and/or mental
              condition. "Disability" shall be deemed to exist when certified 3y
              a physician paid for and selected by the Company and acceptable to
              the  Executive  or  the  Executive's  legal  representative  (such
              agreement as to  acceptability  not to be withheld  unreasonably).
              The  Executive   will  submit  to  such  medical  or   psychiatric
              examinations  and tests as such physician  deems necessary to make
              any such Disability determination.

        3.3.  TERMINATION  FOR CAUSE.  The Company may terminate the Executive's
              employment during the Employment  Period for "Cause",  which shall
              mean

                                       7

<PAGE>

        termination  based  upon:  (i) the  Executive's  willful  and  continued
        failure to substantially perform his duties with the Company (other than
        as a result of incapacity due to physical or mental condition),  after a
        written demand for substantial performance is delivered to the Executive
        by the Company,  which  specifically  identifies the manner in which the
        Executive  has  not  substantially   performed  his  duties,   (ii)  the
        Executive's  arrest or indictment for any felony or any act constituting
        a criminal offense involving moral turpitude,  dishonesty,  or breach of
        trust, or (ill) the Executive's material breach of any provision of this
        Agreement.  For purposes of this  Section,  no act, or failure to act on
        the  Executive's  part shall be  considered  "willful"  unless done,  or
        omitted to be done,  without  good faith and without  reasonable  belief
        that  the act or  omission  was in the  best  interest  of the  Company.
        Notwithstanding the foregoing, the Executive shall not be deemed to have
        been  terminated  for Cause unless and until (i) he receives a Notice of
        Termination  from the Company,  (ii) he is given the  opportunity,  with
        counsel  to be  heard  before  the  Board  (except  in the  event  he is
        incarcerated,  in which case his appearance shall not be necessary); and
        (iii) the Board finds,  in its good faith  opinion,  the  Executive  was
        guilty of the conduct set forth in the Notice of Termination.

        3.4.  GOOD REASON.  The Executive may terminate his employment  with the
              Company for "Good Reason", which shall mean:

            3.4(a)   the assignment to the Executive of any duties  inconsistent
                     in any respect  with the  Executive's  position  (including
                     status,  offices,   titles  and  reporting   requirements),
                     authority,  duties or  responsibilities  as contemplated by
                     Section 2.2 (a) or any other  action by the  Company  which
                     results in material diminution in such position, authority,
                     duties or  responsibilities  excluding for this purpose any
                     action  not taken in bad faith  and which  remedied  by the
                     Company  promptly  after receipt of notice thereof given by
                     the Executive;

            3.4(b)   (i)  in  the  event  of  and  after  the  occurrence  of  a
                     Triggering  Transaction,  the  failure  by the  Company  to
                     continue in effect any benefit or compensation  plan, stock
                     ownership plan,  life insurance  plan,  health and accident
                     plan  disability plan to which the Executive is entitled as
                     specified  in Section  2.' (ii) the taking of any action by
                     the Company which would  adversely  affect the  Executive's
                     participation   in,  or  materially  reduce  the  Executive
                     benefits  under,  any plans  described  in Section  2.4, or
                     deprive  the  Executive  of  any  material  fringe  benefit
                     enjoyed by the  Executive  described in Section 2.4 (f) or
                     (iii) the failure by the  Company to provide the  Executive
                     with paid  vacation  to which the  Executive  is entitled s
                     described  in Section  2.4 (g).

            3.4(c)   in the event of and after the  occurrence  of a  Triggering
                     Transaction,  the  Company's  requiring the Executive to be
                     based at any office or location  other than that  described
                     in Section 2.3;

                                        8

<PAGE>

            3.4(d)   a material  breach by the Company of any  provision of this
                     Agreement;   Such  breach  by  the  Company  shall  require
                     Executive   to  provide  the   Company  a  written   notice
                     describing  with  specificity the nature of the contractual
                     breach  and the  Company  shall  have 30 days to cure  such
                     breach.

            3.4(e)   any purported termination by the Company of the Executive's
                     employment  otherwise  than as expressly  permitted by this
                     Agreement; or

            3.4(f)   within a period ending at the close of business on the date
                     one (1; year after the Triggering  Transaction  Date of any
                     Change in Control, if the Company has failed to comply with
                     and  satisfy  Section  6.2  on  or  after  such  Triggering
                     Transaction  Date.  For purposes of this Section,  any good
                     faith determination of "Good Reason" made by the Executive
                     shall be conclusive.

        3.5.  NOTICE OF TERMINATION. Any termination by the Company for Cause or
              Disability,  or  by  the  Executive  for  Good  Reason,  shall  be
              communicated by Notice of Termination to the other party, given in
              accordance  with Section 7.2.  For purposes of this  Agreement,  a
              "Notice of Termination" means a written notice which (i) indicates
              the specific termination  provision in this Agreement relied upon,
              (ii) to the extent applicable, sets forth in reasonable detail the
              facts  and   circumstances   claimed   to  provide  an  oasis  for
              termination of the Executive's  employment  under the provision so
              indicated,  and (iii) if the Date of  Termination  (as  defined in
              Section  3.6  hereof)  is other  than the date of  receipt of such
              notice,  specifies the  termination  date (which date shall be not
              more than thirty (30) days after the giving of such  notice).  The
              failure by the Executive o- the Company to set forth in the Notice
              of Termination  any fact or  circumstance  which  contributes to a
              showing of Good  Reason or Cause  shall not waive any right of the
              Executive or the Company  hereunder  or preclude the  Executive or
              the Company from asserting such fact or  circumstance in enforcing
              the Executive's or the Company's rights hereunder.

        3.6.  DATE  OF  TERMINATION.  "Date  of  Termination"  means  (i) if the
              Executive's  employment is terminated by the Company for Cause, or
              by the Executive for Good Reason, the Date of Termination shall be
              the date of receipt of the Notice of Termination or any later date
              specified  therein,  as the case may be,  (ii) if the  Executive's
              employment  is terminated  by reason of death or  Disability,  the
              Date of  Termination  ;5hall be the date of death of the Executive
              or the Disability  Effective Date, as the case may be, or (iii) if
              the Executive's employment is terminated by the Company other than
              for Cause, death, or Disability,  the Date of Termination shall be
              the date of receipt o1 the Notice of Termination; provided that if
              within thirty (30) days after any Notice of  Termination is given,
              the party receiving such Notice of Termination  notifies the ether
              party that a dispute exists  concerning the termination,  the Date
              of  Termination  shall be the date on which the dispute is finally
              determined,  either by mutual written agreement of the parties, or
              by a final  Judgment,  order or  decree  of a court  of  competent
              jurisdiction  (the time for appeal therefrom having expired and no
              appeal having been perfected)

                                        9

<PAGE>

        SECTION 4: CERTAIN BENEFITS UPON TERMINATION.

        4.1.  TERMINATION  WITHOUT  CAUSE OR FOR GOOD  REASON NOT IN  CONNECTION
              WITH  A  TRIGGERING   TRANSACTION.   If,  prior  to  a  Triggering
              Transaction during the Employment Period (except in the event that
              one of the following  terminations of employment occurs within the
              six-month  period  prior  to  the  earlier  of  (a)  a  Triggering
              Transaction  or (b) the  execution  of a  definitive  agreement or
              contrast  that  eventually  results in a  Triggering  Transaction,
              which shall result in the payment of severance  benefits set forth
              in Section 4.2 of this Agreement): (i) the Company shall terminate
              the  Executive's  employment  without Cause, or (ii) the Executive
              shall terminate  employment with the Company for Good Reason,  the
              Executive  shall  be  entitled  to the  payment  of  the  benefits
              provided below as of the Date of Termination:

            4.1(a)   Accrued Obligations. Within thirty (30) days after the Date
                     of Termination,  the Company shall pay to the Executive the
                     sum of (1) the  Executive's  Annual Base Salary through the
                     Date of Termination  to the extent it not previously  paid,
                     (2) the accrued  benefit payable to the Executive under any
                     deferred compensation plan, program or arrangement in which
                     the Executive is a participant  subject to the  computation
                     of   benefits   provisions   of  such   plan,   program  or
                     arrangement, and (3) any accrued vacation pay; in each case
                     to  the   extent   not   previously   paid  (the   "Accrued
                     Obligation").  In  addition,  on the  date  that  Incentive
                     Bonuses are paid to other peer  executives  for the year in
                     which  the  Executive's   employment  is  terminated,   the
                     Executive  will be paid an amount  equal to the  product of
                     the Current  Target  Bonus  multiplied  by a fraction,  the
                     numerator  of which is the number of days during the fiscal
                     year for which  the  Incentive  Bonus is paid  prior to the
                     Date of  Termination  and  denominator of which is 365. For
                     purposes of this Agreement, the term "Current Target Bonus"
                     means the Incentive  Bonus that would have been paid to the
                     Executive for the fiscal year in which the  termination  of
                     employment occurred, of the Executive's  employment had not
                     been so terminated and the Executive had earned 100% of the
                     Incentive  Bonus that he could  have  earned for that year.

            4.1(b)   Annual Base Salary and Target Bonus  Continuation.  For the
                     remainder of the Employment  Period,  the Company shall pay
                     to the Executive,  the Executive's then-current Annual Base
                     Salary and Current  Target Bonus as would have been paid to
                     the Executive  had the Executive  remained in the Company's
                     employ throughout the Employment  Period;  provided that in
                     all cases the  Executive  shall  receive,  at minimum,  the
                     then-current  Annual Base Salary and Current  Target  Bonus
                     for the remainder of the Employment Period, or for a period
                     beginning on the Date of  Termination  and ending two years
                     thereafter,  whichever  is longer.  The Company at any time
                     may  elect  to  pay  the  balance  of  such  payments  then
                     remaining in

                                       10

<PAGE>
                     a lump sum, in which case the total of such payments  shall
                     be  discounted  to  present  value  on  the  basis  of  the
                     applicable  Federal  short-term  monthly rate as determined
                     according  to Code  Section 1274 (s) for the month in which
                     the Executive's Date of Termination occurred.

            4.1(c)   Medical and Health  Benefit  Continuation.  For a period of
                     two years  beginning  on the Date of  Termination,  or such
                     longer period as any plan, program,  practice or policy may
                     provide,  but only to the extent allowable under such Plan,
                     the Company shall continue  medical and health  benefits to
                     the Executive and/or the Executive's  family at least equal
                     to  those  which  would  have  been  provided  to  them  in
                     accordance with the plans, programs, practices and policies
                     described in Section 2.4 (d) if the Executive's  employment
                     had not been  terminated,  in  accordance  with the  plans,
                     practices,  programs  or  policies  of the Company as those
                     provided  generally  to other  peer  executives  and  their
                     families;  provided, however, that if the Executive becomes
                     re-employed  with  another  employer  and  is  eligible  to
                     receive   medical   or  health   benefits   under   another
                     employer-provided  plan,  the medical  and health  benefits
                     described herein shall be secondary to those provided under
                     such  other  plan   during   such   applicable   period  of
                     eligibility.  In the  event  Executive  is able  to  obtain
                     medical and health care coverage from a third party for the
                     duration of such  coverage  period that is at least as good
                     in  all  material   respects  as  that   described  in  the
                     immediately preceding sentence. Executive agrees to accept,
                     in  lieu  of  such  Company  provided  medical  and  health
                     benefits,  a lump sum cash  payment  in an amount  equal in
                     value to the entire cost to Executive on an after-tax basis
                     of such alternate medical and health care coverage.

            4.1(d)   Other  Benefits.  To the  extent  not  previously  paid  or
                     provided  the  Company  shall  timely pay or provide to the
                     Executive  and/or the Executive's  family any other amounts
                     or benefits  required to be paid or provided  for which the
                     Executive  and/or the  Executive's  family is  eligible  to
                     receive  pursuant  to this  Agreement  and  under any plan,
                     program, policy or practice or contract or agreement of the
                     Company  as  those   provided   generally   to  other  peer
                     executives and their families ("Other Benefits").

        4.2.   BENEFITS  UPON   TERMINATION  IN  CONNECTION  WITH  A  TRIGGERING
               TRANSACTION.  If (a) a Triggering  Transaction  occurs during the
               Employment  Period and within  three years  after the  Triggering
               Transaction  Date ( ) the Company shall terminate the Executive's
               employment  without Cause,  or (n] the Executive  shall terminate
               employment  with the Company for Good Reason,  or  alternatively,
               (b)  if one of the  above-described  terminations  of  employment
               occurs within the six-month  period prior to the earlier of (i) a
               Triggering  Transaction  or (ii) the  execution  of a  definitive
               agreement  or contract  that  eventually  results in a Triggering
               Transaction,  then the  Executive  shall  become  entitled to the
               payment of the  benefits as  provided  below as of either (y) the
               Date of Termination, in the case where the sequence

                                       11
<PAGE>

              of the requisite events is as set forth in subsection (a) above or
              (2)  the  Triggering  Transaction  Date,  in the  case  where  the
              sequence  of  the  requisite  events  occurred  as  set  forth  in
              subsection   (b)  above  (the   relevant   date  for  purposes  of
              entitlement  "o the  benefits  set  forth in this  Section  4.2 is
              hereinafter referred to as the "Entitlement Date"):

            4.2(a)   Accrued  Obligations.  Within  thirty  (30) days  after the
                     Entitlement  Data,  the Company  shall pay to the Executive
                     the  Accrued  Obligation.  In  addition,  on the date  that
                     Incentive  Bonuses  are  paid  for the  year in  which  the
                     Executive's employment is terminated, the Executive will be
                     paid an amount  equal to the product of the Current  Target
                     Bonus  multiplied by a fraction,  the numerator of which is
                     the number of days  during  the  fiscal  year for which the
                     Incentive  Bonus is paid  prior t3 the Date of  Termination
                     and the denominator of which is 365.

            4.2(b)   Severance  Amount.   Within  thirty  (30)  days  after  the
                     Entitlement Date, the Company shall pay to the Executive as
                     liquidated damages severance pay in a lump sum, in cash, an
                     amount   equal  to  2.99  times  an  amount  equal  to  his
                     then-current Annual Base Salary and Current Target Bonus.

            4.2(c)   Stock  Options.  To the extent not  otherwise  provided for
                     under the terms of the Company's  stock option plans or the
                     Executive's stock option agreements, all stock options held
                     by the Executive  that have not expired in accordance  with
                     their   respective   terms  shall  vest  and  become  fully
                     exercisable as of the Entitlement Date.

            4.2(d)   Other  Benefits.  To the  extent  not  previously  paid  or
                     provided,  the Company  shall  timely pay or provide to the
                     Executive and/or the Executive's  family any Other Benefits
                     required  to be paid or  provided  for which the  Executive
                     and/or  the  Executive's  family  is  eligible  to  receive
                     pursuant  to this  Agreement  and under any plan,  program,
                     policy or practice or contract or  agreement of the Company
                     to be  implemented  by the Company  during the term of this
                     Agreement,  such as  deferred  compensation  or  retirement
                     plans.

            4.2(e)   Excess Parachute Payment. Anything in this Agreement to the
                     contrary  notwithstanding,  in the  event  that it shall be
                     determined  that any payment or distribution by the Company
                     to or for the benefit of Executive (whether paid or payable
                     or  distributed or  distributable  pursuant to the terms of
                     this Agreement or otherwise but  determined  without regard
                     to any additional  payments required under this Section 4.2
                     (e) (a  "Payment")  would  be  subject  to the  excise  tax
                     imposed by Code Section 4999 (or any  successor  provision)
                     or any interest or penalties  are incurred by the Executive
                     with respect to such excise tax (such excise tax,  together
                     with any  such  interest  and  penalties,  are  hereinafter
                     collectively  referred  13 as the "Excise  Tax"),  then the
                     Executive shall be entitled to receive an

                                       12

<PAGE>

                     additional payment (a "Gross-up Payment") in an amount such
                     that after payment by the Executive of all taxes (including
                     any  interest or  penalties  imposed  with  respect to such
                     taxes),  including,  without  limitation,  any income taxes
                     (and  any  interest  or  penalties   imposed  with  respect
                     thereto) and Excise Tax imposed upon the Gross-Up  Payment,
                     the Executive  retains an amount of the Gross-Up Payment on
                     an after-tax basis equal to the Excise Tax imposed upon the
                     Payment.  The Executive shall notify the Company in writing
                     of any  claim by the  Internal  Revenue  Service  that,  if
                     successful, would require the payment by the Company of the
                     Gross-Up Payment.  Such notification shall be given as soon
                     as practicable  but no later than thirty (30) business days
                     after the The Internal Revenue informs executive in writing
                     of such claim  Service and the  notification  shall apprise
                     the  Company  of the  nature  of the  claim and the date on
                     which  such claim is  required  to be paid.  The  Executive
                     shall  not pay  such  claim  prior to the  expiration  of a
                     thirty  (30) day  period  following  the date on which  the
                     Executive  has given such  notification  to the Company (or
                     such shorter  period ending on the dale that any payment of
                     taxes  with  respect  to such  claim is  required).  If the
                     Company  notifies  the  Executive  in writing  prior to the
                     expiration  of such period that it desires to contest  such
                     claim, the Executive shall cooperate with the Company in so
                     contesting:  provided, however, that the Company shall bear
                     and pay  all  costs  and  expenses,  (including  additional
                     interest and  penalties)  incurred in connection  with such
                     contest, on an after-tax basis to the Executive.

        4.3.  DEATH.  If the  Executive's  employment is terminated by reason of
              the Executive's  death during the employment  Period (either prior
              or subsequent to a Triggering  Transaction),  this Agreement shall
              terminate  without further  obligations to the  Executive's  legal
              representatives  under this  Agreement,  other than for payment of
              Accrued  Obligations  (as defined in Section 4.1 (a)) (which shall
              be paid 13 the Executive's  estate or beneficiary,  as applicable,
              in a lump  sum in cash  within  thirty  (30)  days of the  Date of
              Termination)  and (ii) the timely  payment or  provision  of Other
              Benefits (as defined in Section 4.1(d)),  including death benefits
              pursuant to the terms of any plan,  policy,  or arrangement of the
              Company.

        4.4.  DISABILITY.  If the Executive's employment is terminated by reason
              ' if the  Executive's  Disability  during  the  Employment  Period
              (either  prior or subsequent  to a Triggering  Transaction),  this
              Agreement  shall  terminate  without  further  obligations  :o the
              Executive,  other  than for  payment  of  Accrued  Obligations  as
              defined in Section 4.1 (a)) which  shall be paid to the  Executive
              in a lump  sum in cash  within  thirty  (30)  days of the  Date of
              Termination).

        4.5.  TERMINATION FOR CAUSE;  OTHER THAN GOOD REASON, if the Executive's
              employment  shall be  terminated  for Cause during the  Employment
              Period  (either prior or subsequent to a Triggering  Transaction),
              this Agreement shall terminate

                                       13
<PAGE>

              without  further  obligations  to the  Executive  other  than  the
              obligations to pay to the Executive his Accrued  Compensation  (as
              defined in this Section).  If the Executive terminates  employment
              with the  Company  during  the  Employment  Period,  (excluding  a
              termination  for Good  Reason),  this  Agreement  shall  terminate
              without further  obligations to the Executive,  other than for the
              payment of Accrued  Compensation (as defined in this Section).  In
              such case, all Accrued Compensation shall be paid to the Executive
              in a lump  sum in cash  within  thirty  (30)  days of the  Date of
              Termination.

              For the purpose of this Section,  the term "Accrued  Compensation"
              means the sum of (i) the Executive's  Annual Base Salary pro-rated
              through the Date of Termination to the extent not previously paid,
              (ii)  any  compensation   previously  deferred  by  the  Executive
              (together  with any accrued  interest or  earnings  thereon),  and
              (iii) any  accrued  vacation  pay in each case to the  extent  not
              previously paid.

        4.6.  NON-EXCLUSIVITY  OF  RIGHTS;  SUPERSESSION  OF  CERTAIN  BENEFITS.
              Except as  provided in Section  4.1 (c) and in this  Section  4.6,
              nothing in this  Agreement  shall prevent or limit the Executive's
              continuing or future participation in any plan, program, policy or
              practice  provided by the Company and for which the  Executive may
              qualify,  nor shall anything herein limit or otherwise affect such
              rights as the  Executive  may have under any contract or agreement
              with the Company.  Amounts which are vested  benefits of which the
              Executive is otherwise entitled to receive Under any plan, policy,
              practice or program of, or any  contract or  agreement  with,  the
              Company  at or  subsequent  to the Date of  Termination,  shall be
              payable in accordance with such plan, policy,  practice or program
              or contract or  agreement  except as  explicitly  modified by this
              Agreement.

        4.7.  FULL  SETTLEMENT.  The  Company's  obligation to make the payments
              provided  for in this  Agreement  and  otherwise  to  perform  its
              obligations  hereunder  shall  not be  affected  by  any  set-off,
              counterclaim,  recoupment, defense or other claim, right or action
              which the Company may have against the Executive or others.  In no
              event shall the Executive be obligated to seek other employment or
              take any other action by way of mitigation of the amounts  payable
              to the Executive  under any of the  provisions  of this  Agreement
              and,  except as provided in Sections 4.1 (c),  such amounts  shall
              rot  be  reduced  whether  or  not  the  Executive  obtains  other
              employment.  In  the  event  of  and  after  the  occurrence  of a
              Triggering  Transaction,  the  Company  agrees to pay  promptly as
              incurred,  to the full extent permitted by law, all legal fees and
              expenses which the Executive may  reasonably  incur as a result of
              any contest  (regardless  of the outcome  thereof) by the Company,
              the Executive or others of the validity or  enforceability  3f, or
              liability  under, any provision of this Agreement or any guarantee
              of  performance  thereof  (including as a result of any contest by
              the Executive regarding the amount of any payment pursuant to this
              Agreement),  plus in each case interest on any delayed  payment at
              the applicable  Federal rate provided for in Code Section 7872 (f)
              (2) (A).

        4.8.  RESOLUTION OF DISPUTES.  If there shall be any dispute between the
              Company and the Executive (i) in the event of any  termination  of
              the   Executive's   employment   by  the  Company,   whether  such
              termination was for Cause, or (ii) in the

                                       14

<PAGE>

              event of any  termination of employment by the Executive,  whether
              Good  Reason  existed,  then,  unless and until  there is a final,
              non-appealable  judgment  by a  court  of  competent  Jurisdiction
              declaring  that  such  termination  was  for  Cause  or  that  the
              determination by the Executive of the existence of Good Reason was
              not made in good faith,  the Company  shall pay all  amounts,  and
              provide all  benefits,  to the  Executive  and/or the  Executive's
              family  or  other  beneficiaries,  as the  case  may be,  that the
              Company  would be required  to pay or provide  pursuant to Section
              4.1 as though such  termination  were by the Company without Cause
              or by the Executive with Good Reason; provided,  however, that the
              Company shall not be required to pay any disputed amounts pursuant
              to this  Section  except upon receipt of an  undertaking  by or on
              behalf of the  Executive  to repay all such  amounts  to which the
              Executive is ultimately adjudged by such court not to be entitled.

SECTION 5: NON-COMPETITION.

        5.1.  NON-COMPETE AGREEMENT

            5.1(a)   (a) It is agreed  that during the period  beginning  on the
                     date the Term of this Agreement  expires and ending two (2)
                     years (the "Non-Compete  Term")  thereafter,  the Executive
                     shall not,  without  prior  written  approval of the Board,
                     become an officer,  employee,  agent, partner,  consultant,
                     beneficial/owner,  agent,  investor,  or  director  of  any
                     entity  located  anywhere  in the world which is engaged in
                     the same  business  as the  Company  is engaged at any time
                     during  the  Non-Competition  Term  provided  that,  if the
                     Executive is terminated by the Company  without Cause or if
                     the Executive  terminates  his  employment for Good Reason,
                     after a Triggering Transaction, then he will not be subject
                     to the restrictions of this Section.

            5.1(b)   For  purposes of Section  5.1, a business  enterprise  with
                     which  the  Executive  becomes  associated  as an  officer,
                     employee,  agent,  partner,  consultant,  beneficial/owner,
                     agent,   investor  or  director   shall  be  considered  in
                     substantial  direct  competition,  if such entity  competes
                     with the  Company in any  business  in which the Company is
                     engaged and is within the  Company's  market area as of the
                     date that the Employment Period expires.

            5.1(c)   The above  constraint  shall not prevent the Executive from
                     making  passive  investments,  not to exceed  five  percent
                     (5%), in any publicly traded company.

            5.1(d)   The Executive  agrees that the foregoing  restrictions,  in
                     the absence of a Triggering  Transaction are reasonable and
                     may not prevent the Executive from earning a livelihood and
                     furthermore,  if any court of competent  jurisdiction deems
                     any  of  the  provisions  of the  foregoing  invalid,  this
                     Agreement  shall be  enforced  to the full extent that such
                     other provisions

                                       15
<PAGE>

                     are valid and such court may modify  such  restrictions  to
                     afford  the  Company  the  maximum  applicable   protection
                     permitted under the law.

            5.1(e)   Should  Executive  be  adjudicated  by a court of competent
                     Jurisdiction  to be in  violation  of this  Section  5.1 or
                     Section 5.2 below,  all amounts owed Executive  pursuant to
                     this Agreement  shall be forfeited and the Company shall be
                     entitled to injunctive or such other equitable relief as is
                     necessary to restrain Executive's breaching conduct.

        5.2.  CONFIDENTIAL INFORMATION.  The Executive shall hold in a fiduciary
              capacity for the benefit of the Company all secret or confidential
              information,  knowledge or data  relating to the Company or any of
              its affiliated companies,  and their respective businesses,  which
              shall have been obtained by the Executive  during the  Executive's
              employment  by the Company and which shall not be or become public
              knowledge (other than by acts by the Executive or  representatives
              of  the  Executive  in  viola'  ion  of  this  Agreement).   After
              termination of the Executive's  employment  with the Company,  the
              Executive  shall not,  without  the prior  written  consent of the
              Company, or as; may otherwise be required by law or legal process,
              communicate or divulge any such information,  knowledge or data to
              anyone  other than the  Company  and those  designated  by it (nor
              shall  Executive  use such  information  in any way).  SECTION  6:
              SUCCESSORS.

        6.1.  SUCCESSORS  OF  EXECUTIVE.  This  Agreement  is  personal  to  the
              Executive and,  without the prior written  consent of the Company,
              the rights (but not the  obligations)  shall not be  assignable by
              the  Executive  otherwise  than by will or the laws of descent and
              distribution.  This Agreement shall inure to the benefit of and be
              enforceable by the Executive's legal representatives.

        6.2.  SUCCESSORS  OF COMPANY.  The Company  will  require any  successor
              (whether direct or indirect, by purchase, merger, consolidation or
              otherwise)  to all or  substantially  all of the  business  and/or
              assets of the  Company  to assume  expressly  and agree to perform
              this  Agreement in the same manner and to the same extent that the
              Company would be required to perform it if no such  succession had
              taken place. Failure of the Company to obtain such agreement prior
              to the  effectiveness  of any such succession shall be a breach of
              this  Agreement  and shall  entitle the Executive to terminate the
              Agreement  at his  option on or after the  Triggering  Transaction
              Date for Good Reason.  As used in this Agreement,  "Company" shall
              mean the Company as hereinbefore  defined and any successor to its
              business  and/or  assets which  assumes and agrees to perform this
              Agreement  by  operation   of  law,  or   otherwise.   After  such
              obligations  are  agreed  to be  assumed  by such  successor,  the
              Company shall have no further obligations thereunder or hereunder.

                                       16
<PAGE>

        SECTION 7: MISCELLANEOUS.

        7.1.  OTHER  AGREEMENTS.  The  Board  may,  from  time to  time,  in the
              fixture,  provide other incentive  programs and bonus arrangements
              to the  Executive  with respect to the  occurrence of a Triggering
              Event that will be in addition to the benefits required to be paid
              in the designated  circumstances in connection with the occurrence
              of a Triggering  Transaction.  Such additional  incentive programs
              and/or bonus  arrangements will affect or abrogate the benefits to
              be paid under this  Agreement only in the manner and to the extent
              explicitly  agreed  to by the  Executive  in any  such  subsequent
              program or arrangement.

        7.2.  NOTICE.  For  purposes  of this  Agreement,  notices and all other
              communications  provided for in the Agreement  shall be in writing
              and shall be deemed to have been  duly  given  when  delivered  or
              mailed by certified or registered mail, return receipt  requested,
              postage  prepaid,  addressed  to the  respective  addresses as set
              forth  below;  provided  that all notices to the Company  shall be
              directed to the attention of the Chairman of the Board, or to such
              other  address  as one  party may have  furnished  to the other in
              writing in  accordance  herewith,  except that notice of change of
              address shall be effective only upon receipt.

                              Notice to Executive:

                              Christopher J. Ryan
                              136 West Bayberry Road
                              Islip, NY 11751

                              Notice to Company:

                              Lakeland Industries, Inc.
                              711-2 Koehler Ave.
                              Ronkonkoma, NY 11779

        7.3.  VALIDITY.  The invalidity or unenforceability of any provisions of
              this Agreement shall not affect the validity or  enforceability of
              any other provision o this Agreement.

        7.4,  WAIVER.  The  Executive's or the Company's  failure to insist upon
              strict compliance with any provision hereof or any other provision
              of  this  Agreement  or the  failure  to  assert  any  right  the
              Executive or the Company may have  hereunder,  including,  without
              limitation, the right of the Executive to terminate employment for
              Good  Reason  pursuant  to Section 3.4 shall not be deemed to be a
              waiver of such provision or right or any other  provision or right
              of this Agreement.

                                     * * *

                                       17

<PAGE>

         IN WITNESS  WHEREOF,  the Executive  and, the Company,  pursuant to the
authorization  from its Board,  have caused this Agreement to be executed in its
name on its behalf, all as of the day and year first above written.

                                    By: /s/ Christopher J. Ryan
                                        -----------------------
                                        Christopher J. Ryan
                                        Members BOD Compensation Committee

                                    By: /s/ Eric O. Hallman
                                        -------------------
                                        Eric O. Hallman

                                    By: /s/ John J. Collins
                                        -------------------
                                        John J. Collins

                                    By: /s/ Walter J. Raleigh
                                        ---------------------
                                        Walter J. Raleigh

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]