Document:

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                                                                    Exhibit 4.10

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                         NAVISTAR FINANCIAL DEALER NOTE
                               MASTER OWNER TRUST
                                    as Issuer

                                       and

                              THE BANK OF NEW YORK
                              as Indenture Trustee

                       SERIES 200_-_ INDENTURE SUPPLEMENT

                          dated as of ________ __, 200_

                                       to

                                    INDENTURE

                          dated as of ________ __, 200_

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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION.....................................1
    Section 1.01   Definitions........................................................................1
    Section 1.02   Governing Law.....................................................................14
    Section 1.03   Counterparts......................................................................15
    Section 1.04   Ratification of Indenture.........................................................15

ARTICLE II THE NOTES.................................................................................15
    Section 2.01   Creation and Designation..........................................................15
    Section 2.02   Form of Delivery; Depository; Denominations.......................................15
    Section 2.03   Delivery and Payment..............................................................15

ARTICLE III ALLOCATIONS, DEPOSITS AND PAYMENTS.......................................................16
    Section 3.01   Series 200_-_ Available Interest Amounts..........................................16
    Section 3.02   Series 200_-_ Available Principal Amounts.........................................17
    Section 3.03   Reductions and Reinstatements.....................................................19
    Section 3.04   Payment on the Series 200_-_ Notes................................................20
    Section 3.05   Accumulation Period Length and Accumulation Period Commencement Date..............21
    Section 3.06   Final Payment of the Series 200_-_ Notes..........................................21
    Section 3.07   Netting of Deposits and Payments..................................................22
    Section 3.08   Calculation Agent; Determination of LIBOR.........................................22
    Section 3.09   Computation of Interest...........................................................22
    Section 3.10   Accounts..........................................................................22
    Section 3.11   Spread Account....................................................................23
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EXHIBITS

EXHIBIT A-1    FORM OF SERIES [____] NOTE, CLASS A

EXHIBIT A-2    FORM OF SERIES [____] NOTE, CLASS B

EXHIBIT B      FORM OF SERIES [____], SCHEDULE TO PAYMENT INSTRUCTIONS

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     This SERIES 200_-_ INDENTURE SUPPLEMENT (this "INDENTURE SUPPLEMENT"), by
and between NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST, a statutory trust
created under the laws of the State of Delaware (the "ISSUER"), and THE BANK OF
NEW YORK, a New York banking corporation, as trustee (the "INDENTURE TRUSTEE"),
is made and entered into as of ___________ ___, 200_.

     Pursuant to this Indenture Supplement, the Issuer shall create a new series
of Notes and shall specify the principal terms thereof.

                                    ARTICLE I
             Definitions and Other Provisions of General Application

     Section 1.01     DEFINITIONS. For all purposes of this Indenture
Supplement, except as otherwise expressly provided or unless the context
otherwise requires:

     (1)    the terms defined in this Article have the meanings assigned to them
in this Article, and include the plural as well as the singular;

     (2)    all other terms used but not defined herein which are defined in the
Indenture, the Series Supplement or the Pooling and Servicing Agreement, either
directly or by reference therein, have the meanings assigned to them therein;

     (3)    all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles
and, except as otherwise herein expressly provided, the term "GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES" with respect to any computation required or permitted
hereunder means such accounting principles as are generally accepted in the
United States of America at the date of such computation;

     (4)    all references in this Indenture Supplement to designated
"ARTICLES," "SECTIONS" and other subdivisions are to the designated Articles,
Sections and other subdivisions of this Indenture Supplement as originally
executed. The words "HEREIN," "HEREOF" and "HEREUNDER" and other words of
similar import refer to this Indenture Supplement as a whole and not to any
particular Article, Section or other subdivision;

     (5)    in the event that any term or provision contained herein shall
conflict with or be inconsistent with any term or provision contained in the
Indenture, the terms and provisions of this Indenture Supplement shall be
controlling;

     (6)    except as expressly provided herein, each capitalized term defined
herein shall relate only to the Series 200_-_ Notes and no other series of Notes
issued by the Issuer; and

     (7)    "INCLUDING" and words of similar import shall be deemed to be
followed by "WITHOUT LIMITATION."

     "ACCUMULATION PERIOD" means the period from and including the Accumulation
Period Commencement Date to but excluding the earlier of (i) the beginning of an
Early Redemption Period or (ii) the Series 200_-_ Termination Date.

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     "ACCUMULATION PERIOD COMMENCEMENT DATE" means the first day of the nth full
Due Period prior to the Series 200_-_ Expected Principal Payment Date where n is
the number of Due Periods in the Accumulation Period Length; PROVIDED, HOWEVER,
that the Accumulation Period Commencement Date shall be the Specified
Accumulation Period Commencement Date if, on the Specified Accumulation Period
Commencement Date, any other Outstanding series shall have entered into an Early
Redemption Period; and PROVIDED, FURTHER, that, if the Accumulation Period
Length and the Accumulation Period Commencement Date have been determined
pursuant to SECTION 3.05 but the Accumulation Period has not commenced and any
other Outstanding series shall enter into an Early Redemption Period, the
Accumulation Period Commencement Date shall be the date that such other
Outstanding series shall have entered into an Early Redemption Period.

     "ACCUMULATION PERIOD LENGTH" means a period which is between one and nine
Due Periods and which is determined by the Servicer pursuant to SECTION 3.05.

     "AVERAGE COVERAGE DIFFERENTIAL" shall be determined, on any Determination
Date, by reference to the Coverage Differentials for each of the related Due
Period and the three immediately preceding Due Periods, and shall equal the sum
of the three highest such Coverage Differentials DIVIDED BY three. Average
Coverage Differential shall be expressed as a percentage and shall be rounded to
the nearest one-hundredth of a percentage point.

     "CALCULATION AGENT" is defined in SECTION 3.08.

     "CLASS A INTEREST RATE" means _% in the initial Interest Period, and with
respect to each Interest Period thereafter, a rate per annum equal to LIBOR, as
determined by the Calculation Agent on the related LIBOR Determination Date with
respect to such Interest Period, plus ___%.

     "CLASS A MONTHLY INTEREST" is defined in SECTION 3.01.

     "CLASS A NOMINAL LIQUIDATION AMOUNT" means at any time the Class A
Outstanding Principal Amount, MINUS

     (i)    the amount (other than investment earnings) then on deposit in the
            Series 200_-_ Principal Funding Account (after giving effect to any
            deposits, allocations, reallocations or withdrawals to be made on
            that day); MINUS

     (ii)   the share of all reallocations of the Series 200_-_ Available
            Principal Amounts that is allocated to the Class A Notes pursuant to
            SECTION 3.03(b)(iii) on or prior to such date of determination;
            MINUS

     (iii)  the share of the allocations of Series 200_-_ Noteholder Allocated
            Dealer Note Losses that is allocated to the Class A Notes pursuant
            to SECTION 3.03(b)(iii) on or prior to such date of determination;
            PLUS

     (iv)   the share of all reinstatements of the Series 200_-_ Nominal
            Liquidation Amount that is allocated to the Class A Notes pursuant
            to SECTION 3.03(d)(i) on or prior to such date of determination;

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PROVIDED, HOWEVER, the Class A Nominal Liquidation Amount may never be greater
than the Class A Outstanding Principal Amount or less than zero.

     "CLASS A NOTES" means the $______ Class A Floating Rate Dealer Note Asset
Backed Notes, Series 200_-_.

     "CLASS A OUTSTANDING PRINCIPAL AMOUNT" equals the aggregate initial
outstanding principal amount of the Class A Notes, MINUS any principal payments
made to holders of the Class A Notes.

     "CLASS B INTEREST RATE" means _% in the initial Interest Period, and with
respect to each Interest Period thereafter, a rate per annum equal to LIBOR, as
determined by the Calculation Agent on the related LIBOR Determination Date with
respect to such Interest Period, plus ___%.

     "CLASS B MONTHLY INTEREST" is defined in SECTION 3.01.

     "CLASS B NOMINAL LIQUIDATION AMOUNT" means at any time, an amount equal to
the Class B Outstanding Principal Amount, MINUS

     (i)    the amount (other than investment earnings) then on deposit in the
            Series 200_-_ Principal Funding Account (after giving effect to any
            deposits, allocations, reallocations or withdrawals to be made on
            that day) in excess of the Class A Nominal Liquidation Amount; MINUS

     (ii)   the share of all reallocations of the Series 200_-_ Available
            Principal Amounts that is allocated to the Class B Notes pursuant to
            SECTION 3.03(b)(ii) on or prior to such date of determination; MINUS

     (iii)  the share of the allocations of Series 200_-_ Noteholder Allocated
            Dealer Note Losses that is allocated to the Class B Notes pursuant
            to SECTION 3.03(b)(ii) on or prior to such date of determination;
            PLUS

     (iv)   the share of all reinstatements of the Series 200_-_ Nominal
            Liquidation Amount that is allocated to the Class B Notes pursuant
            to SECTION 3.03(d)(ii) on or prior to such date of determination;

PROVIDED, HOWEVER, the Class B Nominal Liquidation Amount may never be greater
than the Class B Outstanding Principal Amount or less than zero.

     "CLASS B NOTES" means the $______ Class B Floating Rate Dealer Note Asset
Backed Notes, Series 200_-_.

     "CLASS B OUTSTANDING PRINCIPAL AMOUNT" equals the aggregate initial
outstanding principal amount of the Class B Notes, MINUS any principal payments
made to holders of the Class B Notes.

     "COLLATERAL AMOUNT" means, with respect to the Series 200_-_ Notes, the
Series 200_-_ Collateral Amount.

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     "EARLY REDEMPTION EVENTS" means, with respect to the Series 200_-_ Notes,
each of the Early Amortization Events specified in SECTION 9.01 of the Pooling
and Servicing Agreement, as supplemented by the Series Supplement, plus each of
the following:

     (A)    failure on the part of the Seller (i) to make any payment,
            distribution or deposit required under the Pooling and Servicing
            Agreement or the Series Supplement within five Business Days after
            the Due Date or (ii) to observe or perform in any material respect
            any other material covenants or agreements of the Seller, which
            failure has a material adverse effect on the Series 200_-_
            Noteholders and which continues unremedied for a period of 60 days
            after written notice of such failure shall have been given to the
            Seller by the Indenture Trustee or to the Seller and the Indenture
            Trustee by any Holder of the Series 200_-_ Notes;

     (B)    any representation or warranty made by the Seller pursuant to the
            Pooling and Servicing Agreement or any information contained in the
            schedule of Dealer Notes delivered thereunder or the Series
            Supplement shall prove to have been incorrect in any material
            respect when made or when delivered, which representation, warranty
            or schedule, or the circumstances or condition that caused such
            representation, warranty or schedule to be incorrect, continues to
            be incorrect or uncured in any material respect for a period of 60
            days after written notice of such incorrectness shall have been
            given to the Seller by the Indenture Trustee or to the Seller and
            the Indenture Trustee by any Holder of the Series 200_-_ Notes and
            as a result of which the interests of the Series 200_-_ Noteholders
            are materially and adversely affected, PROVIDED, HOWEVER, that an
            Early Redemption Event shall not be deemed to occur if the Seller
            has repurchased the related Dealer Notes or all such Dealer Notes,
            if applicable, during such period in accordance with the provisions
            of the Pooling and Servicing Agreement;

     (C)    any of the Seller, ITEC, NIC or NFC shall file a petition commencing
            a voluntary case under any chapter of the federal bankruptcy laws;
            or the Seller or NFC shall file a petition or answer or consent
            seeking reorganization, arrangement, adjustment or composition under
            any other similar applicable federal law, or shall consent to the
            filing of any such petition, answer or consent; or the Seller, ITEC,
            NIC or NFC shall appoint, or consent to the appointment of a
            custodian, receiver, liquidator, trustee, assignee, sequestrator or
            other similar official in bankruptcy or insolvency of it or of any
            substantial part of its property; or the Seller, ITEC, NIC or NFC
            shall make an assignment for the benefit of creditors, or shall
            admit in writing its inability to pay its debts generally as they
            become due;

     (D)    any order for relief against any of the Seller, ITEC, NIC or NFC
            shall have been entered by a court having jurisdiction in the
            premises under any chapter of the federal bankruptcy laws, and such
            order shall have continued undischarged or unstayed for a period of
            120 days; or a decree or order by a court having jurisdiction in the
            premises shall have been entered approving as properly filed a
            petition seeking reorganization, arrangement, adjustment, or
            composition of the Seller, ITEC, NIC or NFC under any other similar
            applicable federal law, and

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            such decree or order shall have continued undischarged or unstayed
            for a period of 120 days; or a decree or order of a court having
            jurisdiction in the premises for the appointment of a custodian,
            receiver, liquidator, trustee, assignee, sequestrator or other
            similar official in bankruptcy or insolvency of the Seller, ITEC,
            NIC or NFC of any substantial part of their property, or for the
            winding up or liquidation of their affairs, shall have been entered,
            and such decree or order shall have remained in force undischarged
            or unstayed for a period of 120 days;

     (E)    the Seller shall become legally unable for any reason to transfer
            Dealer Notes to the Master Trust in accordance with the provisions
            of the Pooling and Servicing Agreement;

     (F)    on any Payment Date, after giving effect to the distributions to be
            made on that Payment Date, the Series 200__-__ Target
            Overcollateralization Amount exceeds the Series 200_-_
            Overcollateralization Amount by more than the Series 200_-_
            Overcollateralization Amount Shortfall Trigger;

     (G)    any Servicer Termination Event shall occur (i) which would have a
            material adverse effect on the Series 200_-_ Noteholders and (ii)
            for which the Servicer has received a notice of termination;

     (H)    on any Determination Date, as of the last day of the preceding Due
            Period, the aggregate principal balance amount of Dealer Notes owned
            by the Master Trust relating to used vehicles exceeds __% of the
            aggregate principal balance of Dealer Notes held by the Master Trust
            on that last day;

     (I)    on any Determination Date, the quotient of (i) the product of (a)
            the sum of Dealer Note Collections for each of the related Due
            Period and the two immediately preceding Due Periods and (b) four,
            DIVIDED BY (ii) the daily average principal amount of Dealer Notes
            outstanding during such Due Periods ("TURNOVER") is less than ___;

     (J)    the Series 200_-_ Outstanding Principal Amount is not repaid by the
            Series 200_-_ Expected Principal Payment Date;

     (K)    the Issuer becomes an "investment company" within the meaning of the
            Investment Company Act of 1940, as amended, and is not exempt from
            compliance with that Act;

     (L)    the occurrence of an Event of Default under the Indenture;

     (M)    the delivery by the Seller to the Master Trust Trustee of a notice
            stating that the Seller shall no longer continue to sell Dealer
            Notes to the Master Trust commencing on the date specified in such
            notice;

     (N)    the Average Coverage Differential shall be equal to or less than
            _______ percent (____%) on each of three consecutive Determination
            Dates;

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     (O)    on any Determination Date, the quotient of (i) the sum of Dealer
            Note Losses for each of the related Due Period and the five
            immediately preceding Due Periods and (ii) the sum of Principal
            Collections for each of the related Due Period and the five
            immediately preceding Due Periods, is greater than or equal to ___
            percent (___%);

     (P)    at the end of any Due Period, the Seller's Invested Amount is
            reduced to an amount less than the Minimum Seller's Invested Amount
            and the Seller has failed to assign additional Dealer Notes to the
            Master Trust or deposit cash into the Excess Funding Account in the
            amount of such deficiency within ten Business Days following the
            end of such Due Period; and

     (Q)    failure on the part of ITEC to make a deposit in the Interest
            Deposit Account required by the terms of the Interest Deposit
            Agreement on or before the date occurring five Business Days after
            the date such deposit is required by the Interest Deposit Agreement
            to be made

     In the case of any event described in CLAUSES (A), (B) or (G) above, an
Early Redemption Event with respect to Series 200_-_ Notes shall be deemed to
have occurred only if, after the applicable grace period described in those
clauses, if any, either the Indenture Trustee or Series 200_-_ Noteholders
holding Series 200_-_ Notes evidencing more than 50% of the Series 200_-_
Outstanding Principal Amount by written notice to the Seller, the Servicer, the
Master Trust Trustee and, if given by Series 200_-_ Noteholders, the Indenture
Trustee, declare that an Early Redemption Event has occurred as of the date of
that notice. In the case of any Early Redemption Event that is also an Early
Amortization Event as described in the Series Supplement or any event other than
CLAUSES (A), (B) or (G) described above, an Early Redemption Event with respect
to the Series 200_-_ Notes shall be deemed to have occurred without any notice
or other action on the part of the Indenture Trustee or the Series 200_-_
Noteholders immediately upon the occurrence of that event.

     "EARLY REDEMPTION PERIOD" means the period from and including the date on
which an Early Redemption Event occurs to but excluding the Series 200_-_
Termination Date.

     "EXCESS AVAILABLE INTEREST AMOUNTS" means, with respect to any Due Period,
either (i) the portion of Series 200_-_ Available Interest Amounts, if any,
available after application pursuant to SECTION 3.01(a)(i) through (vii) or (ii)
the amounts available to the Series 200_-_ Notes from the Notes of other series
that the applicable Indenture Supplements specify are to be treated as "Excess
Available Interest Amounts."

     "EXCESS AVAILABLE PRINCIPAL AMOUNTS" means, with respect to any Business
Day, either (i) the sum of (A) the portion of Series 200_-_ Available Principal
Amounts, if any, available after application pursuant to SECTION 3.02(a)(i)
through (v), PLUS (B) the amounts withdrawn from the Series 200_-_ Principal
Funding Account pursuant to SECTION 3.10 and treated as "Excess Available
Principal Amounts," or (ii) the amounts available to the Series 200_-_ Notes
from the Notes of other series that the applicable Indenture Supplements specify
are to be treated as "Excess Available Principal Amounts" on the related
Business Day.

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     "EXPECTED PRINCIPAL PAYMENT DATE" means ________, 200_.

     "INDENTURE" means the Indenture, dated as of ________, 200_, between the
Issuer and The Bank of New York, as Indenture Trustee, as amended and
supplemented from time to time.

     "INTEREST PERIOD" means, with respect to any Payment Date, the period from
and including the preceding Payment Date to but excluding that Payment Date, or,
in the case of the first Payment Date, from and including the Series 200_-_
Issuance Date to but excluding such first Payment Date.

     "INVESTOR SERVICING FEE" is defined in the Series Supplement.

     "ISSUANCE DATE" means with respect to the Series 200_-_ Notes, _____ __,
200_.

     "LEGAL FINAL MATURITY DATE" means _____ , 200_.

     "LIBOR" means the interest rate determined by the Indenture Trustee in
accordance with the following provisions:

     (1)    On each LIBOR Determination Date, LIBOR shall be determined on the
            basis of the offered rates for deposits in United States Dollars
            having a one month maturity, which appear on the Reuters Screen LIBO
            Page as of 11:00 A.M., London time, on that LIBOR Determination
            Date. These posted offered rates are for value on the second
            Business Day after which dealings in deposits in United States
            Dollars are transacted in the London interbank market. If at least
            two of these offered rates appear on the Reuters Screen LIBO Page,
            the rate for that LIBOR Determination Date shall be the arithmetic
            mean (rounded, if necessary, to the nearest one hundred-thousandth
            of a percent) of these offered rates as determined by the Indenture
            Trustee. If fewer than two offered rates appear, LIBOR for that
            LIBOR Determination Date shall be determined as if the parties had
            specified the rate described in (2) below.

     (2)    On any LIBOR Determination Date on which fewer than two offered
            rates appear on the Reuters Screen LIBO Page as specified in (1)
            above, LIBOR shall be determined on the basis of the rates at which
            deposits in United States Dollars are offered by the Reference Banks
            at approximately 11:00 A.M., London time, on that LIBOR
            Determination Date to prime banks in the London interbank market,
            having a one month maturity, those deposits commencing on the second
            London Business Day immediately following that LIBOR Determination
            Date and in a principal amount of not less than U.S. $1,000,000 that
            is representative for a single transaction in that market at that
            time. The trustee shall request the principal London office of each
            of those Reference Banks to provide a quotation of its rate. If at
            least two of those quotations are provided, LIBOR for that LIBOR
            Determination Date shall be the arithmetic mean (rounded, if
            necessary, to the nearest one hundred-thousandth of a percent) of
            those quotations. If fewer than two quotations are provided, LIBOR
            for that LIBOR Determination Date shall be the arithmetic mean
            (rounded, if necessary, to the nearest one hundred-thousandth of a
            percent) of the rates quoted by three major banks in The City of New
            York

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            selected by the trustee at approximately 11:00 A.M., New York City
            time, on that LIBOR Determination Date for loans in United States
            Dollars to leading European banks, having a one month maturity,
            those loans commencing on the second London Business Day immediately
            following that LIBOR Determination Date and in a principal amount of
            not less than U.S. $1,000,000 that is representative for a single
            transaction in that market at that time, PROVIDED, HOWEVER, that if
            the banks in The City of New York selected as aforesaid by the
            Trustee are not quoting as mentioned in this sentence, LIBOR with
            respect to that LIBOR Determination Date shall be LIBOR in effect
            immediately prior to that LIBOR Determination Date.

     "LIBOR DETERMINATION DATE" means, for any Interest Period, the date which
is two London Business Days prior to the start of that Interest Period, or, with
respect to the initial Interest Period, is ______, 200_.

     "LONDON BUSINESS DAY" means a day that is both a Business Day and a day on
which banking institutions in the City of London, England are not required or
authorized by law to be closed.

     "NOMINAL LIQUIDATION AMOUNT" means, with respect to the Series 200_-_
Notes, the Series 200_-_ Nominal Liquidation Amount.

     "NOMINAL LIQUIDATION AMOUNT DEFICIT" means, with respect to the Series
200_-_ Notes as of any Transfer Date, the excess of the aggregate of the
reallocations and reductions made pursuant to SECTION 3.03 on or prior to such
Transfer Date, over the aggregate amount of all reinstatements pursuant to
SECTION 3.03 on or prior to such Transfer Date.

     "OVERCOLLATERALIZATION AMOUNT" means, with respect to the Series 200_-_
Notes, the Series 200_-_ Overcollateralization Amount.

     "OVERCOLLATERALIZATION AMOUNT DEFICIT" means, with respect to the Series
200_-_ Notes as of any Transfer Date, the excess of the Series 200_-_ Target
Overcollateralization Amount as of such Transfer Date over the Series 200_-_
Overcollateralization Amount as of such Transfer Date.

     "PAYMENT DATE" means the 25th day of each calendar month commencing _____
25, 200_, or if such day is not a Business Day, the next succeeding Business
Day.

     "PORTFOLIO YIELD" means, with respect to any Due Period, the product of (a)
the quotient of (i) Finance Charges for such Due Period over (ii) the daily
average principal amount of Dealer Notes outstanding during such Due Period and
(b) a fraction, the numerator of which is 365 and the denominator of which is
the actual number of days elapsed during such Due Period. Portfolio Yield shall
be expressed as a percentage, and shall be rounded to the nearest one-hundredth
of a percentage point.

     "REFERENCE BANKS" means the principal London offices of JPMorgan Chase
Bank, Citibank and Bank of America.

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     "REINSTATEMENT AMOUNT" is defined in SECTION 3.01(a)(vi).

     "REQUIRED SELLER'S INVESTED AMOUNT" equals, for the Series 200_-_ Notes,
with respect to any Business Day, the sum of (a) the Series 200_-_
Overcollateralization Amount as of that day and (b) __% of the Series 200_-_
Nominal Liquidation Amount as of that day.

     "REQUIRED SPREAD ACCOUNT AMOUNT" means, with respect to any Payment Date,
the product of (a) 0.50% and (b) the Series 200_-_ Nominal Liquidation Amount as
of such Payment Date (after the application of payments on such date).

     "REVOLVING PERIOD" means the period beginning on the Issuance Date and
ending when an Accumulation Period or Early Redemption Period begins.

     "SERIES 200_-_ ACCOUNTS" is defined in SECTION 3.10(a).

     "SERIES 200_-__ ALLOCATED DEALER NOTE LOSSES" means, with respect to any
Due Period, the product of the Series 200_-_ Variable Allocation Percentage for
such Due Period and Noteholder Allocated Dealer Note Losses for such Due Period.

     "SERIES 200_-__ ALLOCATED INTEREST AMOUNTS" means, with respect to any Due
Period, the product of the Series 200_-_ Variable Allocation Percentage for such
Due Period and Noteholder Available Interest Amounts for such Due Period.

     "SERIES 200_-__ ALLOCATED PRINCIPAL AMOUNTS" means, with respect to any
Business Day, the product of the Series 200_-_ Fixed Allocation Percentage for
the Due Period related to such Business Day and Noteholder Available Principal
Amounts for the Due Period related to such Business Day.

     "SERIES 200_-__AVAILABLE INTEREST AMOUNTS" means, with respect to any Due
Period, the Series 200__-__ Allocated Interest Amounts for such Due Period;
PLUS:

     (i)    any net investment earnings for such Due Period on funds in the
            Series 200_-_ Interest Funding Account, the Series 200_-_ Principal
            Funding Account and the Spread Account; PLUS

     (ii)   the Series 200_-_ Investment Income; PLUS

     (iii)  any Excess Available Interest Amounts allocated to Series 200_-_ for
            such Due Period pursuant to SECTION 3.01(b); PLUS

     (iv)   any Excess Finance Charge Collections allocated to Series 200_-_ for
            such Due Period pursuant to SECTION 3.01(b); PLUS

     (v)    any amount treated as Series 200_-_ Available Interest Amounts
            pursuant to SECTION 3.01(c)(ii).

     "SERIES 200_-_ AVAILABLE PRINCIPAL AMOUNTS" means, with respect to any
Business Day, the Series 200__-__ Allocated Principal Amounts for such Business
Day; PLUS:

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     (i)    any Series 200__-__Available Interest Amounts used to fund the
            Series 200_-_ Noteholder Allocated Dealer Note Losses for the
            related Due Period pursuant to SECTION 3.01(a)(iv); PLUS

     (ii)   any Series 200__-__ Available Interest Amounts used to reinstate any
            reduction in the Series 200_-_ Collateral Amount for the related Due
            Period pursuant to SECTIONS 3.01(a)(vi) and 3.03(c); PLUS

     (iii)  any Excess Available Principal Amounts allocated to Series 200_-_
            for the related Business Day pursuant to SECTION 3.02(b); PLUS

     (iv)   any Shared Principal Collections allocated to Series 200_-_ for such
            Business Day pursuant to SECTION 3.02(b).

     "SERIES 200_-_ COLLATERAL AMOUNT" equals the sum of the Series 200__-__
Nominal Liquidation Amount and the Series 200__-__ Overcollateralization Amount;
PROVIDED, that for purposes of calculating the Series Allocation Percentage and
other allocation percentages related to Series 200_-_, Series 200_-_ shall be
deemed to have been outstanding from ________, 200_ to the Issuance Date, with
respect to the allocation of Principal Collections and Finance Collections and
related concepts, with a Series 200_-_ Collateral Amount of $___________.

     "SERIES 200_-_ CONTROLLED ACCUMULATION AMOUNT" is equal to (a) the Series
200_-__ Outstanding Principal Amount as of the last day of the Due Period
immediately preceding the Accumulation Period Commencement Date, MINUS the
amount on deposit in the Series 200_-_ Principal Funding Account as of the last
day of the Due Period immediately preceding the Accumulation Period Commencement
Date, DIVIDED BY (b) the Accumulation Period Length.

     "SERIES 200_-__ CONTROLLED DEPOSIT AMOUNT" for any Due Period occurring
during the Accumulation Period means the excess, if any, of:

     (i)    the sum of (x) product of (A) the Series 200_-__ Controlled
            Accumulation Amount and (B) the number of Due Periods that have
            occurred with respect to the Accumulation Period through and
            including that Due Period (but not in excess of the Accumulation
            Period Length) and (y) the amount on deposit in the Series 200_-_
            Principal Funding Account as of the last day of the Due Period
            immediately preceding the Accumulation Period Commencement Date,
            over

     (ii)   the amount on deposit in the Series 200_-_ Principal Funding Account
            as of the last day of the immediately preceding Due Period;

PROVIDED that notwithstanding the foregoing, the Seller may, in its sole
discretion, increase the Series 200_-__ Controlled Deposit Amount at any time
and from time to time.

     "SERIES 200_-__ CUT-OFF DATE" means _________, 200_.

     "SERIES 200_-__ EXPECTED PRINCIPAL PAYMENT DATE" means ______ __, 200_.

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     "SERIES 200_-_ FIXED ALLOCATION PERCENTAGE" means, with respect to any
Business Day, the percentage equivalent of a fraction never greater than 100% or
less than 0% equal to:

     (i)    the numerator of which is the Series 200_-_ Collateral Amount as of
            the last day of the immediately preceding Due Period (or the
            Issuance Date in the case of the first Payment Date) or, if the
            Accumulation Period or an Early Redemption Period has commenced, as
            of the last day of the Due Period ending prior to the commencement
            of the Accumulation Period or the Early Redemption Period, as
            applicable; and

     (ii)   the denominator of which is the sum of the Collateral Amounts for
            all series of Notes as of the last day of the immediately preceding
            Due Period (or the Issuance Date of that series in the case of the
            first Payment Date), except that for any series of Notes that is
            amortizing, repaying or accumulating principal, the Collateral
            Amount of that series shall be fixed as of the last day of the Due
            Period ending prior to the commencement of such amortization,
            repayment or accumulation.

     "SERIES 200_-_ INTEREST FUNDING ACCOUNT" means the account designated as
such and established pursuant to SECTION 3.10(a).

     "SERIES 200_-_ INVESTMENT INCOME" means with respect to any Due Period and
the Series 200_-_ Notes, the product of the Series 200_-_ Variable Allocation
Percentage for such Due Period and Investment Income allocated to the Collateral
Certificate for such Due Period.

     "SERIES 200_-_ MONTHLY INTEREST" means the sum of Class A Monthly Interest
and Class B Monthly Interest.

     "SERIES 200__-__NOMINAL LIQUIDATION AMOUNT" means with respect to any
Payment Date, the sum of the Class A Nominal Liquidation Amount and the Class B
Nominal Liquidation Amount both as of such Payment Date; PROVIDED that for
purposes of calculating the Series Allocation Percentage and other allocation
percentages related to Series 200_-_, Series 200_-_ shall be deemed to have been
outstanding from ________, 200_ to the Issuance Date, with respect to the
allocation of Principal Collections and Finance Collections and related
concepts, with a Series 200_-_ Nominal Liquidation Amount of $___________.

     "SERIES 200_-__ NOTEHOLDER" means a Person in whose name a Series 200_-_
Note is registered in the Note Register or the bearer of any Series 200_-_ Note
in Bearer Note form (including a global Note in bearer form), as the case may
be.

     "SERIES 200_-__ NOTEHOLDERS ALLOCATED DEALER NOTE LOSSES" means, with
respect to any Due Period, the product of (a) Series 200_-__ Allocated Dealer
Note Losses for such Due Period and (b) the Series 200_-_ Nominal Liquidation
Amount as of the preceding Payment Date, DIVIDED BY (c) the Series 200_-_
Collateral Amount as of the preceding Payment Date.

     "SERIES 200_-__ NOTES" is defined in SECTION 2.01.

     "SERIES 200_-__ OUTSTANDING PRINCIPAL AMOUNT" means collectively the Class
A Outstanding Principal Amount and the Class B Outstanding Principal Amount.

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     "SERIES 200__-__ OVERCOLLATERALIZATION AMOUNT" means as of any Payment
Date, the Series 200__-__ Target Overcollateralization Amount as of such Payment
Date MINUS

     (i)    all reallocations of the Series 200_-_ Available Principal Amounts
            used to pay interest on the Series 200_-_ Notes that has been
            allocated to the Series 200_-_ Overcollateralization Amount pursuant
            to SECTION 3.03(b)(i) on or prior to such Payment Date; MINUS

     (ii)   all allocations of Series 200_-_ Noteholder Allocated Dealer Note
            Losses that have been allocated to the Series 200_-_
            Overcollateralization Amount pursuant to SECTION 3.03(b)(i) on or
            prior to such Payment Date; PLUS

     (iii)  all reinstatements of the Series 200_-_ Overcollateralization Amount
            pursuant to SECTION 3.03(d)(iii) on or prior to such Payment Date;

PROVIDED, HOWEVER, the Series 200_-_ Overcollateralization Amount may never be
greater than the Series 200_-_ Target Overcollateralization Amount or less than
zero; and PROVIDED, FURTHER, that for purposes of calculating the Series
Allocation Percentage and other allocation percentages related to the Series
200_-_, the Series 200_-_ shall be deemed to have been outstanding from
________, 200_ to the Issuance Date, with respect to the allocation of Principal
Collections and Finance Collections and related concepts, with a Series 200_-_
Overcollateralization Amount of $___________.

     "SERIES 200_-__ OVERCOLLATERALIZATION AMOUNT SHORTFALL TRIGGER"
means __________.

     "SERIES 200_-__ OVERCOLLATERALIZATION PERCENTAGE" means ___%.

     "SERIES 200_-_ PRINCIPAL FUNDING ACCOUNT" means the trust account
designated as such and established pursuant to SECTION 3.10(a).

     "SERIES 200_-__SERVICING FEE" means, with respect to any Payment Date, the
product of (a) the product of (i) 1/12, (ii) 1.0%, and (iii) the sum of the
aggregate principal amounts of the Dealer Notes in the Master Trust as of the
last day of the related Due Period; and (b) the quotient of (i) the numerator of
which is the Series 200_-_ Nominal Liquidation Amount as of the last day of the
related Due Period; and (ii) the denominator of which is the sum of the
aggregate principal amounts of the Dealer Notes in the Master Trust and the
aggregate amount of funds in the Excess Funding Account, each as of the last day
of the related Due Period.

     "SERIES 200_-_ TARGET OVERCOLLATERALIZATION AMOUNT" means, with respect to
any Payment Date, the product of the Series 200_-_ Overcollateralization
Percentage and Series 200_-_ Nominal Liquidation Amount as of such Payment Date;
PROVIDED, HOWEVER, that if an Early Redemption Period or Accumulation Period has
commenced, the Series 200_-_ Nominal Liquidation Amount for the purpose of
calculating the Series 200_-_ Overcollateralization Amount shall be the Series
200_-_ Nominal Liquidation Amount as of the last day of the immediately
preceding Revolving Period.

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     "SERIES 200_-_ TERMINATION DATE" means the earliest to occur of (a) the
Payment Date on which the Series 200_-_ Outstanding Principal Amount is reduced
to zero, (b) the Legal Final Maturity Date and (c) the date on which the Series
200_-_ Collateral Amount is reduced to zero.

     "SERIES 200_-_ UNREIMBURSED AMOUNT" means, as of any Transfer Date, the sum
of the Nominal Liquidation Amount Deficit and the Overcollateralization Amount
Deficit both as of such Transfer Date.

     "SERIES 200_-__ VARIABLE ALLOCATION PERCENTAGE" means, with respect to any
Due Period, the percentage equivalent of a fraction never greater than 100% or
less than 0% equal to:

     (i)    the numerator of which is the Series 200__-__ Collateral Amount as
            of the last day of the immediately preceding Due Period (or the
            Issuance Date in the case of the first Payment Date);

     (ii)   the denominator of which is the sum of the Collateral Amount for
            each series of Notes on that same day.

     "SERIES AVAILABLE INTEREST AMOUNTS SHORTFALL" means, with respect to any
Transfer Date, and the Series 200_-_ Notes, the excess, if any, of (a) the
aggregate amount required to be applied pursuant to SECTIONS 3.01(a)(i) through
(vi) for such Transfer Date over (b) the Series 200_-_ Available Interest Amount
(excluding amounts to be treated as part of the Series 200_-__ Available
Interest Amount pursuant to CLAUSES (iv) AND (v) of the definition thereof) for
such Transfer Date.

     "SERIES AVAILABLE PRINCIPAL AMOUNTS SHORTFALL" means, with respect to any
Business Day and the Series 200_-_ Notes, an amount equal to, the amount, if
any, by which (i) the sum of all payments of interest and other applications of
Series 200_-_ Available Principal Amounts (other than as Excess Available
Principal Amounts) required to be made under SECTION 3.02 on such Business Day
exceeds (ii) the related Series 200_-_ Available Principal Amounts (excluding
amounts to be treated as part of Series 200_-_ Available Principal Amounts
pursuant to CLAUSES (iii) AND (iv) of the definition thereof) on such Business
Day.

     "SERIES REASSIGNMENT AMOUNT" means, with respect to the Series 200_-_ Notes
and a Payment Date, the sum of (a) the Series 200_-_ Nominal Liquidation Amount
and (b) all accrued and unpaid interest on the Series 200_-_ Notes, in each case
as of that Payment Date.

     "SPECIFIED ACCUMULATION PERIOD COMMENCEMENT DATE" means ____ __, 200_.

     "SPREAD ACCOUNT" means the account designated as such and established
pursuant to SECTION 3.10(a).

     "SPREAD ACCOUNT DEPOSIT AMOUNT" means, with respect to any Payment Date
prior to the earlier of (a) the payment in full of the outstanding principal
amount of the Series 200_-_ Notes and (b) the Legal Final Maturity Date, the
amount, if any, by which the Required Spread Account Amount for that Payment
Date exceeds the amount of funds on deposit in the Spread Account.

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     "SPREAD ACCOUNT INITIAL DEPOSIT" means $_________.

     "STATED PRINCIPAL AMOUNT" with respect to any Note, means the amount that
is stated on the face of the Note to be payable to its holders.

     "TURNOVER" is defined in the definition of "Early Redemption Event."

     "WEIGHTED AVERAGE NOTE RATE" means, for any Payment Date, the sum of:

     (i)    the Class A Interest Rate, multiplied by a fraction, the numerator
            of which is the Class A Outstanding Principal Amount and the
            denominator of which is the Series 200_-__ Outstanding Principal
            Amount; and

     (ii)   the Class B Interest Rate, multiplied by a fraction, the numerator
            of which is the Class B Outstanding Principal Amount and the
            denominator of which is the Series 200_-__ Outstanding Principal
            Amount.

     Section 1.02     GOVERNING LAW. THIS INDENTURE SUPPLEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

     Section 1.03     COUNTERPARTS. This Indenture Supplement 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 1.04     RATIFICATION OF INDENTURE. As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read,
taken and construed as one and the same instrument.

                                   ARTICLE II
                                    The Notes

     Section 2.01     CREATION AND DESIGNATION.

            (a)       There is hereby created and designated a series of Notes
to be issued pursuant to the Indenture and this Indenture Supplement to be known
as "NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST FLOATING RATE DEALER NOTE
ASSET BACKED NOTES, SERIES 200_-_" or the "SERIES 200_-__ NOTES." The Series
200_-_ Notes shall be issued in two classes, Class A and Class B, executed by
the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of EXHIBIT A-1 and EXHIBIT A-2, respectively.

            (b)       The Series 200_-__ Notes shall not be subordinated to any
other series of Notes. The Class B Notes shall be subordinate to the Class A
Notes to the extent provided in this Indenture Supplement.

                                       14
<Page>

     Section 2.02     FORM OF DELIVERY; DEPOSITORY; DENOMINATIONS.

            (a)       The Series 200_-__ Notes shall be delivered in the form of
global Registered Notes as provided in SECTIONS 2.02, 2.04 and 3.01 of the
Indenture, respectively.

            (b)       The Depository for the Series 200_-__ Notes shall be The
Depository Trust Company, and the Series 200_-__ Notes shall initially be
registered in the name of Cede & Co., its nominee.

            (c)       The Series 200_-_ Notes shall be issued in minimum
denominations of $1,000 and integral multiples of that amount.

     Section 2.03     DELIVERY AND PAYMENT.

            (a)       The Issuer shall execute and deliver the Series 200_-_
Notes to the Indenture Trustee for authentication, and the Indenture Trustee
shall deliver the Series 200_-__ Notes when authenticated, each in accordance
with SECTION 3.03 of the Indenture.

                                   ARTICLE III
                       Allocations, Deposits and Payments

     Section 3.01     SERIES 200_-_ AVAILABLE INTEREST AMOUNTS.

            (a)       ALLOCATION OF SERIES 200_-_ AVAILABLE INTEREST AMOUNTS.
On each Payment Date, the Indenture Trustee, at the direction of the Servicer,
shall apply Series 200_-_ Available Interest Amounts as follows:

            (i)       first, the Servicer shall be paid the Series 200_-__
                      Servicing Fee due on such Payment Date (to the extent it
                      has not been waived by the Servicer for such Payment
                      Date);

            (ii)      second, any remaining Series 200_-_ Available Interest
                      Amounts shall be deposited into the Series 200_-_ Interest
                      Funding Account in an amount equal to the product of (A) a
                      fraction, the numerator of which is the actual number of
                      days in the related Interest Period and the denominator of
                      which is 360, (B) the Class A Interest Rate applicable to
                      the related Interest Period, and (C) the Class A
                      Outstanding Principal Amount, determined as of the Payment
                      Date preceding the related Payment Date (or with respect
                      to the first Payment Date, as of the Issuance Date) (the
                      "CLASS A MONTHLY INTEREST"), plus an amount equal to the
                      excess, if any, of the aggregate amount accrued pursuant
                      to this SECTION 3.01(a)(ii) as of prior Interest Periods
                      over the aggregate amount of interest paid to the Class A
                      Noteholders pursuant to this SECTION 3.01(a)(ii) in
                      respect of such prior Interest Periods, together with
                      interest at the Class A Interest Rate on such delinquent
                      amount, to the extent permitted by applicable law;

            (iii)     third, any remaining Series 200_-_ Available Interest
                      Amounts shall be deposited into the Series 200_-_ Interest
                      Funding Account an amount

                                       15
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                      equal to the product of (A) a fraction, the numerator of
                      which is the actual number of days in the related Interest
                      Period and the denominator of which is 360, (B) the Class
                      B Interest Rate applicable to the related Interest Period,
                      and (C) the Class B Outstanding Principal Amount,
                      determined as of the Payment Date preceding the related
                      Payment Date (or with respect to the first Payment Date,
                      as of the Issuance Date) (the "CLASS B MONTHLY INTEREST"),
                      plus an amount equal to the excess, if any, of the
                      aggregate amount accrued pursuant to this SECTION
                      3.01(a)(iii) as of prior Interest Periods over the
                      aggregate amount of interest paid to the Series Class B
                      Noteholders pursuant to this SECTION 3.01(a)(iii) in
                      respect of such prior Interest Periods, together with
                      interest at the Class B Interest Rate on such delinquent
                      amount, to the extent permitted by applicable law;

            (iv)      fourth, any remaining Series 200_-_ Available Interest
                      Amounts shall be deposited into the Spread Account to the
                      extent of any Spread Account Deposit Amount;

            (v)       fifth, any remaining Series 200_-_ Available Interest
                      Amounts shall be treated as Series 200_-_ Available
                      Principal Amounts to the extent of the amount of Series
                      200_-_ Noteholder Allocated Dealer Note Losses for the
                      related Due Period;

            (vi)      sixth, any remaining Series 200_-_ Available Interest
                      Amounts shall be treated as Series 200_-_ Available
                      Principal Amounts for the reinstatement of the Series
                      200_-_ Collateral Amount to the extent of the Series
                      200_-_ Unreimbursed Amount (the amount being reinstated is
                      referred to as the "REINSTATEMENT AMOUNT");

            (vii)     seventh, any remaining Series 200_-_ Available Interest
                      Amounts shall be paid to the Servicer to the extent any
                      Series 200_-_ Servicing Fee which had been previously
                      waived unless that amount has been waived again; and

            (viii)    eighth, any remaining Series 200_-_ Available Interest
                      Amounts shall be treated as Excess Available Interest
                      Amounts and allocated pursuant to SECTION 5.03 of the
                      Indenture.

            (b)       EXCESS AVAILABLE INTEREST AMOUNTS; EXCESS FINANCE CHARGE
COLLECTIONS. On each Payment Date, commencing with the initial Payment Date, if
Series 200_-_ Available Interest Amounts are insufficient to make the
allocations provided in SECTIONS 3.01(a)(i) through (vii) above, the Servicer
shall allocate Excess Available Interest Amounts, if any, allocated to Series
200_-_ pursuant to SECTION 5.03 of the Indenture to cover the Series Available
Interest Amounts Shortfall. If, after the application of Excess Available
Interest Amounts, any Series Available Interest Amounts Shortfall remains, the
Indenture Trustee shall allocate Excess Finance Charge Collections, if any,
allocated to Series 200_-_ pursuant to SECTION 5.03 of the Indenture to cover
such remaining Series Available Interest Amounts Shortfall.

                                       16
<Page>

            (c)       SPREAD ACCOUNT DRAWS.

            (i)       To the extent that Series 200_-_ Available Interest
                      Amounts are insufficient to pay in full the amount
                      described in SECTION 3.01(a)(v) and Series 200_-_ is in
                      the Early Redemption Period, the Indenture Trustee shall
                      withdraw funds from the Spread Account in an amount equal
                      to the lesser of (A) the amount of such shortfall and
                      (B) the amount on deposit in the Spread Account (after
                      giving effect to any withdrawals from the Spread Account
                      on such Payment Date).

            (ii)      To the extent that Series 200_-_ Available Interest
                      Amounts (without giving effect to CLAUSE (v) of the
                      definition thereof) are insufficient to pay in full the
                      amounts set forth in SECTIONS 3.01(a)(ii) and (iii), an
                      amount equal to the lesser of (A) the amount of such
                      shortfall and (B) the amount on deposit in the Spread
                      Account (after giving effect to any withdrawals from the
                      Spread Account on such Payment Date other than a
                      withdrawal pursuant to SECTION 3.01(c)(i) on such date),
                      shall be withdrawn from the Spread Account and treated as
                      "Series 200_-_ Available Interest Amounts."

     Section 3.02     SERIES 200_-_ AVAILABLE PRINCIPAL AMOUNTS.

            (a)       ALLOCATION OF SERIES 200_-_ AVAILABLE PRINCIPAL AMOUNTS.
On each Business Day after the Issuance Date, the Indenture Trustee, at the
direction of the Servicer, shall apply Series 200__-__ Available Principal
Amounts as follows:

            (i)       first, if the Series 200_-_ Available Interest Amounts are
                      insufficient to make the payments on the Series 200_-_
                      Notes on each Payment Date pursuant to SECTIONS
                      3.01(a)(ii) and (iii), to the Series 200_-_ Interest
                      Funding Account, an amount equal to the lesser of (i) the
                      amount of that shortfall and (ii) the Series 200_-_
                      Collateral Amount (after taking into account any
                      reinstatements pursuant to SECTION 3.03(d) and reductions
                      due to SECTION 3.03(a)(ii));

            (ii)      second, if the Series 200_-_ Notes are in an Accumulation
                      Period, to the Series 200_-_ Principal Funding Account,
                      the Series 200_-_ Controlled Deposit Amount to the extent
                      of the Series 200__-__ Nominal Liquidation Amount
                      (computed before giving effect to such deposit but after
                      giving effect to any reinstatements pursuant to SECTIONS
                      3.03(d)(i) and (ii) and reductions pursuant to SECTIONS
                      3.03(a)(i) and (ii)), and any remaining Series 200_-_
                      Available Principal Amounts shall be treated as Excess
                      Available Principal Amounts;

            (iii)     third, if the Series 200_-_ Notes are in an Early
                      Redemption Period, to the Series 200_-_ Principal Funding
                      Account any remaining Series 200_-_ Available Principal
                      Amounts to the extent of the Series 200__-__ Nominal
                      Liquidation Amount (computed before giving effect to such
                      deposit but

                                       17
<Page>

                      after giving effect to any reinstatements pursuant to
                      SECTIONS 3.03(d)(i) and (ii) and reductions pursuant to
                      SECTIONS 3.03(a)(i) and (ii)) for payment to the Series
                      200_-_ Noteholders, and any remaining Series 200__-__
                      Available Principal Amounts shall be treated as Excess
                      Available Principal Amounts;

            (iv)      fourth, to the extent that the Spread Account Deposit
                      Amount is greater than zero (after giving effect to any
                      other deposits to or withdrawals from the Spread Account
                      on such Payment Date, reductions to the Series 200_-_
                      Nominal Liquidation Amount in accordance with SECTIONS
                      3.03(a)(i) and (ii) and reinstatements pursuant to
                      SECTIONS 3.03(d)(i) and (ii)), to the Spread Account an
                      amount equal to such Spread Account Deposit Amount;

            (v)       fifth, if Series 200_-_ is in its Revolving Period and
                      amounts are on deposit in or would be required to be
                      deposited into the Excess Funding Account, such amounts,
                      which shall not exceed the lesser of (A) the
                      Series 200_-_ Nominal Liquidation Amount and (B) the sum
                      of (1) any remaining Series 200_-_ Available Principal
                      Amounts and (2) amounts on deposit in the Excess Funding
                      Account, may be deposited at the direction of the Servicer
                      into the Series 200_-_ Principal Funding Account; and

            (vi)      sixth, if Series 200_-_ is not in its Accumulation Period
                      or an Early Redemption Period, any remaining Series 200_-_
                      Available Principal Amounts shall be treated as Excess
                      Available Principal Amounts and allocated pursuant to
                      SECTION 5.02 of the Indenture.

            (b)       EXCESS AVAILABLE PRINCIPAL AMOUNTS; SHARED PRINCIPAL
COLLECTIONS. On each Business Day, commencing after the Issuance Date, if Series
200_-_ Available Principal Amounts are insufficient to make the allocations
provided in SECTIONS 3.02(a)(i) through (iii) above, the Indenture Trustee shall
allocate Excess Available Principal Amounts, if any, allocated to Series 200_-_
pursuant to SECTION 5.02 of the Indenture to cover the Series Available
Principal Amounts Shortfall. If, after the application of Excess Available
Principal Amounts, any Series Available Principal Amounts Shortfall remains, the
Indenture Trustee shall allocate Shared Principal Collections, if any, allocated
to Series 200_-_ pursuant to SECTION 5.02 of the Indenture to cover such
remaining Series Available Principal Amounts Shortfall.

     Section 3.03     REDUCTIONS AND REINSTATEMENTS. The Series 200_-_
Collateral Amount, Series 200_-_ Overcollateralization Amount and Series 200_-_
Nominal Liquidation Amount shall be calculated on each Payment Date and shall be
reduced and reinstated as described below.

            (a)       REDUCTIONS. The Series 200__-__ Nominal Liquidation Amount
and the Series 200_-_ Overcollateralization Amount shall be reduced on any
Payment Date in the order described in SECTION 3.03(b) below by the following
amounts allocated on that Payment Date:

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<Page>

            (i)       the amount, if any, of the Series 200_-_ Available
                      Principal Amounts used to pay interest on the Series
                      200_-_ Notes as described in SECTION 3.02(a)(i);

            (ii)      the amount of Series 200__-__ Noteholder Allocated Dealer
                      Note Losses for such Due Period to the extent that they
                      are not covered by Series 200_-_ Available Interest
                      Amounts as described in SECTION 3.01(a)(iv); and

            (iii)     the amount, if any, deposited into the Spread Account in
                      accordance with SECTION 3.02(a)(iv).

            (b)       ALLOCATION OF REDUCTIONS. On each Payment Date, the
amount of any reduction in the Series 200_-_ Collateral Amount due to SECTIONS
3.03(a)(i) or (ii) above shall be allocated as follows:

            (i)       first, the Series 200_-_ Overcollateralization Amount
                      (computed without giving effect to any reductions due to
                      SECTIONS 3.03(a)(i) through (iii) on such date) shall be
                      reduced by the amount of such reduction until the Series
                      200_-_ Overcollateralization Amount is reduced to zero;

            (ii)      second, the Class B Nominal Liquidation Amount (computed
                      without giving effect to any reductions due to SECTIONS
                      3.03(a)(i) through (iii) on such date) shall be reduced by
                      any remaining amount until the Class B Nominal Liquidation
                      Amount is reduced to zero; and

            (iii)     third, the Class A Nominal Liquidation Amount (computed
                      without giving effect to any reductions due to SECTIONS
                      3.03(a)(i) through (iii) on such date) shall be reduced by
                      any remaining amount until the Class A Nominal Liquidation
                      Amount is reduced to zero.

            (c)       REINSTATEMENTS. The Series 200_-_ Nominal Liquidation
Amount and the Series 200_-_ Overcollateralization Amount shall be reinstated on
any Payment Date by the amount of the Series 200_-_ Available Interest Amounts
that are applied to cover the Reinstatement Amount for that Payment Date
pursuant to SECTION 3.01(a)(vi).

            (d)       ALLOCATION OF REINSTATEMENTS. The Reinstatement Amount for
any Payment Date specified in SECTION 3.03(c) shall be applied as follows:

            (i)       first, if the Class A Nominal Liquidation Amount has been
                      reduced as described in SECTION 3.03(b) above and is not
                      fully reinstated, to the Class A Nominal Liquidation
                      Amount until such allocation equals the excess of (A) the
                      Class A Outstanding Principal Amount, over (B) the amount
                      on deposit (other than investment earnings) in the Series
                      200_-_ Principal Funding Account on that Payment Date
                      allocable to the Class A Notes;

            (ii)      second, if the Class B Nominal Liquidation Amount of the
                      Class B Notes has been reduced as described in SECTION
                      3.03(b) above and is not fully reinstated, to the Class B
                      Nominal Liquidation Amount until such

                                       19
<Page>

                      allocation equals the excess of (A) the Class B
                      Outstanding Principal Amount, over (B) the amount on
                      deposit (other than investment earnings) in the Series
                      200_-_ Principal Funding Account on that Payment Date
                      allocable to the Class B Notes; and

            (iii)     third, to the Series 200_-_ Overcollateralization Amount
                      until the Series 200_-_ Overcollateralization Amount
                      equals the Series 200_-__ Target Overcollateralization
                      Amount.

     Section 3.04     PAYMENT ON THE SERIES 200_-_ NOTES. On each Payment Date,
the Indenture Trustee, acting in accordance with instructions from the Servicer,
shall transfer to the Series 200_-_ Principal Funding Account and Series 200_-_
Interest Funding Account funds on deposit in the Deposit Account. On each
Payment Date, after all allocations and reallocations pursuant to SECTIONS 3.01
and 3.02, the Indenture Trustee shall make, without duplication, the following
distributions to the extent of available funds from the Series 200_-_ Principal
Funding Account and the Series 200_-_ Interest Funding Account:

            (a)       INTEREST DISTRIBUTIONS. On each Payment Date (including
the Series 200_-_ Expected Principal Payment Date) amounts on deposit in the
Series 200_-_ Interest Funding Account shall be distributed in the following
manner, FIRST, to the Class A Noteholders, accrued and unpaid interest on the
Class A Notes for that Payment Date, and SECOND, to the Class B Noteholders,
accrued and unpaid interest on the Class B Notes for that Payment Date. If there
is a shortfall in the amounts required to be distributed pursuant to the
preceding CLAUSES FIRST and SECOND, then the amounts actually distributed
pursuant to such clauses shall be shared among the Persons entitled thereto in
proportion to the amounts owing such Persons.

            (b)       SERIES 200_-_ EXPECTED PRINCIPAL PAYMENT DATE. On the
Series 200_-_ Expected Principal Payment Date, amounts on deposit in the Series
200_-_ Principal Funding Account shall be distributed as principal FIRST, to the
Class A Noteholders (up to a maximum of the Class A Outstanding Principal Amount
on such Payment Date), and SECOND, to the Class B Noteholders (up to a maximum
of the Class B Outstanding Principal Amount on such Payment Date). If there is a
shortfall in the amounts required to be distributed pursuant to the preceding
CLAUSES FIRST and SECOND, then the amounts actually distributed pursuant to such
clauses shall be shared among the Persons entitled thereto in proportion to the
amounts owing such Persons.

            (c)       EARLY REDEMPTION PERIOD. On each Payment Date during an
Early Redemption Period, amounts on deposit in the Series 200_-_ Principal
Funding Account shall be distributed as principal FIRST, to the Class A
Noteholders (up to a maximum of the Class A Outstanding Principal Amount on such
Payment Date), and SECOND, to the Class B Noteholders (up to a maximum of the
Class B Outstanding Principal Amount on such Payment Date). If there is a
shortfall in the amounts required to be distributed pursuant to the preceding
CLAUSES FIRST and SECOND, then the amounts actually distributed pursuant to such
clauses shall be shared among the Persons entitled thereto in proportion to the
amounts owing such Persons.

            (d)       Any installment of interest or principal, if any, payable
on any Series 200_-_ Note which is punctually paid or duly provided for by the
Issuer and the Indenture Trustee on the applicable Payment Date shall be paid by
the Paying Agent to the Person in

                                       20
<Page>

whose name such Series 200_-_ Note (or one or more predecessor Notes) is
registered on the Note Record Date, by wire transfer of immediately available
funds to such Person's account as has been designated by written instructions
received by the Paying Agent from such Person not later than the close of
business on the third Business Day preceding the date of payment or, if no such
account has been so designated, by check mailed first-class, postage prepaid to
such Person's address as it appears on the Note Register on such Note Record
Date, except that with respect to Notes registered on the Note Record Date in
the name of the nominee of Cede & Co., payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee.

            (e)       The right of the Series 200_-_ Noteholders to receive
payments from the Issuer shall terminate on the first Business Day following the
Series 200_-_ Termination Date.

     Section 3.05     ACCUMULATION PERIOD LENGTH AND ACCUMULATION PERIOD
COMMENCEMENT DATE. On or prior to the Payment Date which is ten months prior to
the Payment Date which is the Series 200_-_ Expected Principal Payment Date, the
Servicer shall determine in its sole discretion the Accumulation Period Length
and the Accumulation Period Commencement Date and, promptly following such
determination, the Servicer shall notify the Master Owner Trust Trustee, the
Indenture Trustee and the Note Rating Agencies in writing of such determination.

     Section 3.06     FINAL PAYMENT OF THE SERIES 200_-_ NOTES

            (a)       Series 200_-_ Noteholders shall be entitled to payment of
principal in an amount equal to the Series 200_-_ Outstanding Principal Amount.
However, Series 200_-_ Available Principal Amounts shall be available to pay
principal on the Series 200_-_ Notes only up to the Series 200_-_ Nominal
Liquidation Amount (for the purposes of this provision, without giving effect to
reductions pursuant to clause (i) of the definitions of Class A Nominal
Liquidation Amount and Class B Nominal Liquidation Amount).

            (b)       The Series 200_-_ Notes shall be considered to be paid in
full, the holders of the Series 200_-_ Notes shall have no further right or
claim, and the Issuer shall have no further obligation or liability for
principal or interest, on the earliest to occur of:

            (i)       the date on which the Series 200_-_ Outstanding Principal
                      Amount is reduced to zero and all accrued interest on the
                      Series 200_-_ Notes is paid in full; or

            (ii)      the Legal Final Maturity Date of the Series 200_-_ Notes,
                      after giving effect to all deposits, allocations,
                      reallocations, sales of Dealer Notes and payments to be
                      made on that date.

     Section 3.07     NETTING OF DEPOSITS AND PAYMENTS. The Issuer, in its sole
discretion, may make all deposits to the Series 200_-_ Interest Funding Account
and the Series 200_-_ Principal Funding Account pursuant to this SECTION 3.07
with respect to any Payment Date net of, and after giving effect to, all
reallocations to be made pursuant to ARTICLE III.

                                       21
<Page>

     Section 3.08     CALCULATION AGENT; DETERMINATION OF LIBOR.

            (a)       The Issuer hereby agrees that for so long as any Series
200_-__ Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the "CALCULATION AGENT"). The Issuer
hereby initially appoints the Indenture Trustee as the Calculation Agent for
purposes of determining LIBOR for each Interest Period. The Calculation Agent
may be removed by the Issuer at any time. If the Calculation Agent is unable or
unwilling to act as such or is removed by the Issuer, or if the Calculation
Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly
appoint a replacement Calculation Agent that does not control or is not
controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the
Calculation Agent, without a successor having been duly appointed.

            (b)       The Class A Interest Rate and Class B Interest Rate,
applicable to the then current and the immediately preceding Interest Periods,
may be obtained by contacting the Indenture Trustee at its Master Owner Trust
Corporate Trust Office at www._____ or ______ or such other telephone number as
shall be designated by the Indenture Trustee for such purpose by prior written
notice by the Indenture Trustee to each Noteholder from time to time.

            (c)       On each LIBOR Determination Date, the Calculation Agent
shall send to the Indenture Trustee and the Master Owner Trust Beneficiary, by
facsimile transmission, notification of LIBOR for the following Interest Period,
the Class A Interest Rate, the Class B Interest Rate, the Class A Monthly
Interest and the Class B Monthly Interest.

     Section 3.09     COMPUTATION OF INTEREST. Unless otherwise specified in
this Indenture Supplement, interest for any period shall be calculated from and
including the first day of such period, to but excluding the last day of such
period.

     Section 3.10     ACCOUNTS.

            (a)       ACCOUNTS; DEPOSITS TO AND DISTRIBUTIONS FROM ACCOUNTS. On
or before the Issuance Date, the Indenture Trustee shall cause to be established
and maintained three Eligible Accounts denominated as follows: the "SERIES
200_-_ INTEREST FUNDING ACCOUNT," the "SERIES 200_-_ PRINCIPAL FUNDING ACCOUNT"
and the "SPREAD ACCOUNT" (collectively, the "SERIES 200_-_ ACCOUNTS") in the
name of the Indenture Trustee, bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 200_-__
Noteholders. During the Revolving Period, the Issuer shall be entitled to make
deposits and withdrawals from the Series 200_-_ Principal Funding Account at
such times which in its sole discretion it deems necessary or advisable. If on
any day during the Revolving Period the amounts on deposit in the Series 200_-_
Principal Funding Account exceed the amount required to maintain the Seller's
Invested Amount at the Minimum Seller's Invested Amount, the Issuer may withdraw
such excess from the Series 200_-_ Principal Funding Account and treat such
amount as "Excess Available Principal Amounts." The Indenture Trustee shall
possess all right, title and interest to all funds on deposit from time to time
in each of the Series 200_-_ Accounts and in all proceeds therefrom, for the
benefit of the Secured Parties. The Series 200_-_ Accounts constitute
Supplemental Accounts and shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Series 200_-_ Noteholders. If, at any
time, the institution holding

                                       22
<Page>

any Series 200_-_ Account ceases to be an Eligible Institution, the Issuer shall
within 15 Business Days (or such longer period, not to exceed 30 calendar days,
as to which each Note Rating Agency may consent) establish a new applicable
Series 200_-_ Account, that is an Eligible Account and shall transfer any cash
and/or investments to such new Series 200_-_ Account. From the date such new
Series 200_-_ Account is established, it shall be a Series 200_-_ Account,
bearing the name of the Series 200_-_ Account it has replaced.

            (b)       All payments to be made from time to time by the Indenture
Trustee to Series 200_-_ Noteholders out of funds in the Series 200_-_ Accounts
pursuant to this Indenture Supplement shall be made by the Indenture Trustee to
the Paying Agent not later than 12:00 noon on the applicable Payment Date but
only to the extent of funds in the applicable Account or as otherwise provided
in ARTICLE III.

     Section 3.11     SPREAD ACCOUNT.

            (a)       On the Closing Date, the Seller shall deposit into the
Spread Account an amount equal to the Spread Account Initial Deposit.

            (b)       Funds on deposit in the Spread Account overnight or for a
longer period shall at all times be invested in Eligible Investments at the
direction of the Servicer or its agent, subject to the restrictions set forth in
the Agreement and subject to the requirement that each such Eligible Investment
shall have a stated maturity on or prior to the following Payment Date. Net
interest and earnings (less investment expenses) on funds on deposit in the
Spread Account, if any, shall constitute Series 200_-_ Available Interest
Amounts.

            (c)       On any Transfer Date on which the amount of funds on
deposit in the Spread Account is greater than the Required Spread Account Amount
on such Transfer Date, the Servicer shall withdraw the amount of such excess
from the Spread Account and allocate and pay such excess to the Seller.

                                       23
<Page>

            IN WITNESS WHEREOF, the parties hereto have caused this Indenture
Supplement to be duly executed as of the day and year first above written.

                             NAVISTAR FINANCIAL DEALER NOTE
                             MASTER OWNER TRUST

                             By:  NAVISTAR FINANCIAL SECURITIES
                                  CORPORATION, as Master Owner Trust
                                  Beneficiary and not in its individual capacity

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

                             THE BANK OF NEW YORK, as Indenture Trustee
                             and not in its individual capacity

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

<Page>

                                   EXHIBIT A-1

                       FORM OF SERIES 200_-_ NOTE, CLASS A

     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 TO 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 HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
     IT SHALL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, NAVISTAR FINANCIAL
     SECURITIES CORPORATION, NAVISTAR FINANCIAL CORPORATION, OR THE NAVISTAR
     FINANCIAL DEALER NOTE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE
     ISSUER, NAVISTAR FINANCIAL SECURITIES CORPORATION, NAVISTAR FINANCIAL
     CORPORATION, OR THE NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST, OF, ANY
     BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY
     OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR
     THE INDENTURE.

     THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A
     BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
     INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE
     FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
     ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

     THE HOLDER OF THIS NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
     EITHER (A) IT IS NOT AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3)
     OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
     AMENDED ("ERISA"), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
     (II) A "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE
     OF 1986, AS AMENDED (THE "CODE"), OR (III) ANY ENTITY WHOSE UNDERLYING
     ASSETS INCLUDE PLAN ASSETS OF ANY SUCH PLAN OR (B) THE PURCHASE AND HOLDING
     OF

                                   Ex A-1 - 1
<Page>

     THE NOTE SHALL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
     SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

A-1 REGISTERED $_________                            No. __ CUSIP NO. __________

                NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST

     FLOATING RATE ASSET BACKED NOTES, SERIES 200_-_ Navistar Financial Dealer
Note Master Owner Trust, a statutory trust created 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, subject to the following
provisions, a principal sum of _______________________ payable on the __________
____ Payment Date (the "SERIES 200_-_ EXPECTED PRINCIPAL PAYMENT DATE"), except
as otherwise provided below or in the Indenture; PROVIDED, HOWEVER, that the
entire unpaid principal amount of this Note shall be due and payable on the
_________ ____ Payment Date (the "LEGAL FINAL MATURITY DATE"). Interest shall
accrue on this Note from each Payment Date (or, in the case of the first Payment
Date, from the date of issuance of this Note) to but excluding the following
Payment Date. Interest shall be computed on the basis of a 360-day year and the
actual number of days elapsed. 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 referred to on the reverse
hereof, or be valid for any purpose.

                                   Ex A-1 - 2
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

                            NAVISTAR FINANCIAL DEALER NOTE MASTER
                            OWNER TRUST, as Issuer

                            By:  CHASE MANHATTAN BANK USA, NATIONAL
                                 ASSOCIATION, not in its individual capacity but
                                 solely as Master Owner Trust Beneficiary
                                 under the Master Owner Trust Agreement

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

                            Date: _______ __, 200_

     INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

                            THE BANK OF NEW YORK, not in its individual
                            capacity but solely as Indenture Trustee

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

                            Date: ____________ __, 200_

                                   Ex A-1 - 3
<Page>

                                [REVERSE OF NOTE]

     This Series 200_-_ Note, Class A is one of the Notes of a duly authorized
issue of Notes of the Issuer, designated as its Floating Rate Asset Backed
Notes, Series 200_-_ Class A (herein called the "NOTES"), all issued under an
Indenture dated as of ________ __, 2003 (such Indenture, as supplemented or
amended, is herein called the "INDENTURE"), as supplemented by an Indenture
Supplement dated as of ______ __, 200_ (the "INDENTURE SUPPLEMENT"), between the
Issuer and The Bank of New York, as Indenture Trustee (the "INDENTURE TRUSTEE",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all Indenture Supplements 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 Notes are
subject to all terms of the Indenture and the Indenture Supplement. All terms
used in this Note that are defined in the Indenture or the Indenture Supplement,
each as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture or the Indenture Supplement, as so supplemented or
amended.

     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 Master Trust, the Master Trust Trustee, the Issuer, the Master Owner
Trust 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 Master Trust Trustee, the Indenture Trustee or the Master Owner Trust
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Master Trust Trustee the Issuer, (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Master Trust Trustee, the Indenture
Trustee or the Master Owner Trust Trustee in its individual capacity, or (iv)
any holder of a beneficial interest in the Master Trust Trustee, the Master
Owner Trust Trustee, the Master Trust, the Issuer, the Master Owner Trust
Trustee or the Indenture Trustee or of any successor or assign of the Master
Trust Trustee, the Indenture Trustee or the Master Owner Trust 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 that by
accepting the benefits of the Indenture that such Noteholder shall not at any
time institute against Navistar Financial Securities Corporation, Navistar
Financial Corporation, the Master Trust or the Issuer, or join in any
institution against Navistar Financial Securities Corporation, Navistar
Financial Corporation, the Master Trust or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or any
Issuer Document.

     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

                                   Ex A-1 - 4
<Page>

Note is overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

     THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER 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.

                                   Ex A-1 - 5
<Page>

                                   ASSIGNMENT

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

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto (name and address of assignee) __________________________________ the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:
      ----------------------------

                               *
-------------------------------
Signature Guaranteed

----------

                                   Ex A-1 - 6
<Page>

                                   EXHIBIT A-2

                       FORM OF SERIES 200_-_ NOTE, CLASS B

     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 TO 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 HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
     IT SHALL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, NAVISTAR FINANCIAL
     SECURITIES CORPORATION, NAVISTAR FINANCIAL CORPORATION, OR THE NAVISTAR
     FINANCIAL DEALER NOTE MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE
     ISSUER, NAVISTAR FINANCIAL SECURITIES CORPORATION, NAVISTAR FINANCIAL
     CORPORATION, OR THE NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST, OF, ANY
     BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY
     OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR
     THE INDENTURE.

     THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A
     BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
     INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE
     FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
     ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

     THE HOLDER OF THIS NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
     EITHER (A) IT IS NOT AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3)
     OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
     AMENDED ("ERISA"), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
     (II) A "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE
     OF 1986, AS AMENDED (THE "CODE"), OR (III) ANY ENTITY WHOSE UNDERLYING
     ASSETS INCLUDE PLAN ASSETS OF ANY SUCH PLAN OR (B) THE PURCHASE AND HOLDING
     OF

                                   Ex A-2 - 1
<Page>

     THE NOTE SHALL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
     SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE.

B-1 REGISTERED $_________                            No. __ CUSIP NO. __________

                NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST

     FLOATING RATE ASSET BACKED NOTES, SERIES 200_-_ Navistar Financial Dealer
Note Master Owner Trust, a statutory business trust created 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, subject to the
following provisions, a principal sum of _______________________ payable on the
__________ ____ Payment Date (the "SERIES 200_-_ EXPECTED PRINCIPAL PAYMENT
DATE"), except as otherwise provided below or in the Indenture; PROVIDED,
HOWEVER, that the entire unpaid principal amount of this Note shall be due and
payable on the _________ ____ Payment Date (the "LEGAL FINAL MATURITY DATE").
Interest shall accrue on this Note from each Payment Date (or, in the case of
the first Payment Date, from the date of issuance of this Note) to but excluding
the following Payment Date. Interest shall be computed on the basis of a 360-day
year and the actual number of days elapsed. 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 referred to on the reverse
hereof, or be valid for any purpose.

     This Series 200_-_ Note, Class B is subordinate in the right to payment of
the Series 200_-_ Note, Class A in the manner provided in the Indenture and the
Series 200_-_ Indenture Supplement.

                                   Ex A-2 - 2
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer.

                            NAVISTAR FINANCIAL DEALER NOTE MASTER
                            OWNER TRUST, as Issuer

                            By:  NAVISTAR FINANCIAL SECURITIES
                                 CORPORATION, not in its individual capacity but
                                 solely as Master Owner Trust Beneficiary under
                                 the Master Owner Trust Agreement

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

                            Date: _______ __, 200_

     INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

                            THE BANK OF NEW YORK, not in its individual
                            capacity but solely as Indenture Trustee

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

                            Date: ____________ __, 200_

                                   Ex A-2 - 3
<Page>

                                 REVERSE OF NOTE

     This Series 200_-_ Note, Class B is one of the Notes of a duly authorized
issue of Notes of the Issuer, designated as its Floating Rate Asset Backed
Notes, Series 200_-_ Class B (herein called the "NOTES"), all issued under an
Indenture dated as of ________ __, 200_ (such Indenture, as supplemented or
amended, is herein called the "INDENTURE"), as supplemented by an Indenture
Supplement dated as of ______ __, 200_ (the "INDENTURE SUPPLEMENT"), between the
Issuer and The Bank of New York, as Indenture Trustee (the "INDENTURE TRUSTEE",
which term includes any successor Indenture Trustee under the Indenture), to
which Indenture and all Indenture Supplements 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 Notes are
subject to all terms of the Indenture and the Indenture Supplement. All terms
used in this Note that are defined in the Indenture or the Indenture Supplement,
each as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture or the Indenture Supplement, as so supplemented or
amended.

     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 Master Trust, the Master Trust Trustee, the Issuer, the Master Owner
Trust 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 Master Trust Trustee, the Indenture Trustee or the Master Owner Trust
Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Master Trust Trustee the Issuer, (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Master Trust Trustee, the Indenture
Trustee or the Master Owner Trust Trustee in its individual capacity, or (iv)
any holder of a beneficial interest in the Master Trust Trustee, the Master
Owner Trust Trustee, the Master Trust, the Issuer, the Master Owner Trust
Trustee or the Indenture Trustee or of any successor or assign of the Master
Trust Trustee, the Indenture Trustee or the Master Owner Trust 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 that by
accepting the benefits of the Indenture that such Noteholder shall not at any
time institute against Navistar Financial Securities Corporation, Navistar
Financial Corporation, the Master Trust or the Issuer, or join in any
institution against Navistar Financial Securities Corporation, Navistar
Financial Corporation, the Master Trust or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or any
other Issuer Document.

     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

                                   Ex A-2 - 4
<Page>

Note is overdue, and neither the Issuer, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary.

     THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER 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.

                                   Ex A-2 - 5
<Page>

                                   ASSIGNMENT

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

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto (name and address of assignee) __________________________________ the
within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:
      ----------------------------

                               *
-------------------------------
Signature Guaranteed

----------

                                   Ex A-2 - 6
<Page>

                                    EXHIBIT B

               FORM OF MONTHLY SERVICER AND SETTLEMENT CERTIFICATE

                NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST

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

                NAVISTAR FINANCIAL DEALER NOTE ASSET BACKED NOTE,
                                  SERIES 200_-_

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

          Under the Series 200_-_ Indenture Supplement dated as of ____ __, 200_
(the "SUPPLEMENT") by and among the Navistar Financial Dealer Note Master Owner
Trust (the "MASTER OWNER TRUST") and The Bank of New York, as Indenture Trustee
(the "INDENTURE TRUSTEE") as of ____ __, 200_ , the Indenture Trustee is
required to prepare certain information each month regarding current
distributions to certain accounts and payment to Series 200_-_ Noteholder as
well as the performance of the Master Owner Trust during the previous month The
information which is required to be prepared with respect to the Payment Date of
______ __, ____, the Transfer Date of ________, __ ___ and with respect to the
performance of the Master Trust during the Due Period ended on ____ __, ____ and
the Distribution Period ended _____ __, ____ is set forth below. Certain of the
information is presented on the basis of an original principal amount of $1,000
per Investor Certificate. Certain other information is presented based on the
aggregate amounts for the Master Trust as a whole. Capitalized terms used but
not otherwise defined herein shall have the meanings assigned to such terms in
the Pooling and Servicing Agreement among Navistar Financial Corporation,
("NFC"), Navistar Financial Securities Corporation ("NFSC") and The Bank of New
York, as trustee (the "MASTER TRUST TRUSTEE") and JPMorgan Chase Bank, f/k/a The
Chase Manhattan Bank, as 1990 Trust Trustee, the Master Trust Trustee and the
related Series 200_-_ Supplement among NFC, NFSC and the Master Trust Trustee.

<Table>
<S>                                                                                               <C>
1.   NFC is Servicer under the Agreement.

2.   The undersigned is a Servicing Officer.

3.   Eligible Investments in the Principal Funding Account.

     a.   The aggregate amount of funds invested in Eligible Investments                          $__________

     b.   Description of each Eligible Investment:

     c.   The rate of interest applicable to each such Eligible Investment                         __________%

     d.   The rating of each such Eligible Investment                                              __________

4.   The total amount to be distributed on the Series 200_-_ Notes on the Payment Date            $__________
</Table>

                                    Ex C - 1
<Page>

<Table>
<S>                                                                                               <C>
5.   The total amount, if any, to be distributed on the Series 200_-_ Notes on the Payment
     Date allocable to the Series 200_-_ Outstanding Principal Amount                             $__________

6.   The total amount, if any, to be distributed on the Series 200_-_ Note on the Payment
     Date allocable to interest on the Series 200_-_ Notes                                        $__________

7.   The Series 200_-_ Nominal Liquidation Amount as of the Payment Date (after giving effect
     to all distributions that shall occur on the Payment Date)                                   $__________

8.   Eligible Investments in the Spread Account:

     a.   The aggregate amount of funds invested in Eligible Investments                          $__________

     b.   Description of each Eligible Investment:

     c.   The rate of interest applicable to each such Eligible Investment                         __________%

     d.   The rating of each such Eligible Investment                                              __________

9.   The aggregate amount of Dealer Notes issued to finance OEM Vehicles, as of the end of
     the Transfer Date                                                                            $__________

10.  The Dealers with the five largest aggregate outstanding principal amounts of Dealer
     Notes in the Master Trust as of the end of the Transfer Date:

     i)
            ----------------------------------------------------------------------------

     ii)
            ----------------------------------------------------------------------------

     iii)
            ----------------------------------------------------------------------------

     iv)
            ----------------------------------------------------------------------------

     v)
            ----------------------------------------------------------------------------
</Table>

                                    Ex C - 2<Page>

                                                                    Exhibit 4.11

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

                          MASTER OWNER TRUST AGREEMENT

                                     BETWEEN

                    NAVISTAR FINANCIAL SECURITIES CORPORATION
                                     SELLER

                                       AND

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
                           MASTER OWNER TRUST TRUSTEE

                           DATED AS OF ______ _, 200_

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

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                               PAGE
<S>                                                                                                              <C>
ARTICLE I DEFINITIONS.............................................................................................1
    SECTION 1.1 Definitions and Rules of Construction.............................................................1

ARTICLE II ORGANIZATION...........................................................................................3
    SECTION 2.1 Name..............................................................................................3
    SECTION 2.2 Office............................................................................................3
    SECTION 2.3 Purposes and Powers...............................................................................3
    SECTION 2.4 Appointment of Master Owner Trust Trustee.........................................................5
    SECTION 2.5 Initial Capital Contribution of Master Owner Trust Estate.........................................5
    SECTION 2.6 Declaration of Trust..............................................................................5
    SECTION 2.7 Liability of the Master Owner Trust Certificateholders............................................6
    SECTION 2.8 Title to Trust Property...........................................................................6
    SECTION 2.9 Situs of Trust....................................................................................6
    SECTION 2.10 Representations and Warranties of the Seller.....................................................7
    SECTION 2.11 Transfer of Collateral Certificate...............................................................8
    SECTION 2.12 Representations and Warranties of the Seller.....................................................8
    SECTION 2.13 Protection of Title to Collateral Certificate....................................................9
    SECTION 2.14 Assignment to Indenture Trustee.................................................................10

ARTICLE III THE MASTER OWNER TRUST CERTIFICATES..................................................................10
    SECTION 3.1 Initial Master Owner Trust Certificate Ownership.................................................10
    SECTION 3.2 Form of the Master Owner Trust Certificates......................................................10
    SECTION 3.3 Execution, Authentication and Delivery...........................................................11
    SECTION 3.4 Registration; Registration of Transfer and Exchange of Master Owner Trust Certificates...........11
    SECTION 3.5 Mutilated, Destroyed, Lost or Stolen Master Owner Trust Certificates.............................13
    SECTION 3.6 Persons Deemed Master Owner Trust Certificateholders.............................................14
    SECTION 3.7 Access to List of Master Owner Trust Certificateholders' Names and Addresses.....................14
    SECTION 3.8 Maintenance of Master Owner Trust Trustee Corporate Trust Office.................................14
    SECTION 3.9 Appointment of Paying Agent......................................................................14
    SECTION 3.10 Seller as Master Owner Trust Certificateholder..................................................15

ARTICLE IV ACTIONS BY MASTER OWNER TRUST TRUSTEE.................................................................15
    SECTION 4.1 Prior Notice to Master Owner Trust Certificateholders with Respect to Certain Matters............15
    SECTION 4.2 Action by Master Owner Trust Certificateholders with Respect to Certain Matters..................16
    SECTION 4.3 Action by Master Owner Trust Certificateholders with Respect to Bankruptcy.......................16
</Table>

                                      - i -
<Page>

<Table>
<S>                                                                                                              <C>
    SECTION 4.4 Restrictions on Master Owner Trust Certificateholders' Power.....................................16
    SECTION 4.5 Majority Control.................................................................................16
    SECTION 4.6 [Restriction on Master Owner Trust Trustee's Power to Issue Indebtedness.........................17

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES.............................................................17
    SECTION 5.1 Establishment of Master Owner Trust Certificate Distribution Account.............................17
    SECTION 5.2 Application of Master Owner Trust Funds..........................................................17
    SECTION 5.3 Method of Payment................................................................................18
    SECTION 5.4 Accounting and Reports to the Master Owner Trust Certificateholders, the Internal Revenue
                Service and Others...............................................................................18
    SECTION 5.5 Signature on Returns.............................................................................19

ARTICLE VI THE MASTER OWNER TRUST TRUSTEE........................................................................19
    SECTION 6.1 Duties of Master Owner Trust Trustee.............................................................19
    SECTION 6.2 Authority of Master Owner Trust Trustee..........................................................20
    SECTION 6.3 Acceptance of Trusts and Duties..................................................................20
    SECTION 6.4 Action upon Instruction by Master Owner Trust Certificateholders.................................22
    SECTION 6.5 Furnishing of Documents..........................................................................22
    SECTION 6.6 Representations and Warranties of Master Owner Trust Trustee.....................................22
    SECTION 6.7 Reliance; Advice of Counsel......................................................................23
    SECTION 6.8 Master Owner Trust Trustee May Own Master Owner Trust Certificates and Notes.....................24
    SECTION 6.9 Compensation and Indemnity.......................................................................24
    SECTION 6.10 Replacement of Master Owner Trust Trustee.......................................................24
    SECTION 6.11 Merger or Consolidation of Master Owner Trust Trustee...........................................26
    SECTION 6.12 Appointment of Co-Trustee or Separate Trustee...................................................26
    SECTION 6.13 Eligibility Requirements for Master Owner Trust Trustee.........................................27

ARTICLE VII TERMINATION OF MASTER OWNER TRUST AGREEMENT..........................................................28
    SECTION 7.1 Termination of Master Owner Trust Agreement......................................................28

ARTICLE VIII AMENDMENTS..........................................................................................29
    SECTION 8.1 Amendments Without Consent of Master Owner Trust Certificateholders or Noteholders...............29
    SECTION 8.2 Amendments With Consent of Master Owner Trust Certificateholders and Noteholders.................30
    SECTION 8.3 Form of Amendments...............................................................................30

ARTICLE IX MISCELLANEOUS.........................................................................................31
    SECTION 9.1 No Legal Title to Master Owner Trust Estate......................................................31
    SECTION 9.2 Limitations on Rights of Others..................................................................31
    SECTION 9.3 Notices..........................................................................................31
    SECTION 9.4 Severability.....................................................................................31
    SECTION 9.5 Counterparts.....................................................................................32
    SECTION 9.6 Successors and Assigns...........................................................................32
</Table>

                                     - ii -
<Page>

<Table>
    <S>                                                                                                          <C>
    SECTION 9.7 No Petition Covenant.............................................................................32
    SECTION 9.8 No Recourse......................................................................................32
    SECTION 9.9 Headings.........................................................................................33
    SECTION 9.10 GOVERNING LAW...................................................................................33
    SECTION 9.11 Administrator...................................................................................33
    SECTION 9.12 Amended and Restated Master Owner Trust Agreement...............................................33
    SECTION 9.13 Tax Disclosure.  Each of the undersigned parties agrees to comply with Section 14.11 of the
                 Indenture.......................................................................................33
</Table>

                                    EXHIBITS

Exhibit A    Form of Certificate
Exhibit B    Form of Certificate of Trust

                                     - iii -
<Page>

          MASTER OWNER TRUST AGREEMENT, dated as of ______ _, 200_ between
Navistar Financial Securities Corporation, a Delaware corporation, as Seller
(the "SELLER"), and Chase Manhattan Bank, USA, National Association, a national
banking association, as Master Owner Trust Trustee (the "MASTER OWNER TRUST
TRUSTEE").

          WHEREAS, the Seller and Master Owner Trust Trustee entered into a
certain trust agreement dated ___ __, 200_ (the "INITIAL MASTER OWNER TRUST
AGREEMENT"), which contemplated this Master Owner Trust Agreement.

          WHEREAS, the Seller and the Master Owner Trust Trustee desire to amend
and restate the Initial Master Owner Trust Agreement, in its entirety.

          The Seller and the Master Owner Trust Trustee hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

     SECTION 1.1 DEFINITIONS AND RULES OF CONSTRUCTION.

          (a) DEFINITIONS. Certain capitalized terms used but not otherwise
defined in this Agreement shall have the respective meanings assigned to them in
the Indenture dated as of the date hereof between Navistar Financial Dealer Note
Master Owner Trust (the "MASTER OWNER TRUST") and The Bank of New York, as
indenture trustee (the "INDENTURE TRUSTEE"), as it may be amended and
supplemented from time to time (the "INDENTURE") or, if not defined in the
Indenture but capitalized and not defined herein, the Series Supplement. All
references herein to "THE AGREEMENT" or "THIS AGREEMENT" are to this Master
Owner Trust Agreement as it may be amended and supplemented from time to time,
the Exhibits hereto and the capitalized terms used but not defined herein which
are defined in such Indenture, and all references herein to Articles, Sections
and subsections are to Articles, Sections and subsections of this Agreement
unless otherwise specified.

          (b) RULES OF CONSTRUCTION. The following rules of construction shall
apply to this Agreement.

                    (i)    ACCOUNTING TERMS. As used in this Agreement,
               accounting terms which are not defined, and accounting terms
               partly defined, herein or therein shall have the respective
               meanings given to them under generally accepted accounting
               principles. To the extent that the definitions of accounting
               terms in this Agreement are inconsistent with the meanings of
               such terms under generally accepted accounting principles, the
               definitions contained in herein or the Issuer Documents will
               control.

                    (ii)   "HEREOF," ETC. The words "hereof," "herein" and
               "hereunder" and words of similar import when used in this
               Agreement will refer to this Agreement and not to any particular
               provision of this

<Page>

               Agreement; and Section, Schedule and Exhibit references contained
               in this Agreement are references to Sections, Schedules and
               Exhibits in or to this Agreement unless otherwise specified. The
               word "or" is not exclusive.

                    (iii)  USE OF "RELATED." as used in this Agreement, with
               respect to any Distribution Date, the "related Determination
               Date," the "related Due Period," and the "related Note Record
               Date" will mean the Determination Date, the Due Period, and the
               Note Record Date, respectively, immediately preceding such
               Distribution Date.

                    (iv)   USE OF "OUTSTANDING" ETC. Whenever the term
               "outstanding Notes," "outstanding principal amount" and words of
               similar import are used in this Agreement for purposes of
               determining whether the Noteholders of the requisite outstanding
               principal amount of the Notes have given any request, demand,
               authorization, direction, notice, consent or waiver hereunder,
               Notes owned by the Issuer, any other obligor upon the Notes, the
               Seller or any Affiliate of any of the foregoing Persons (it being
               understood that the Master Owner Trust Trustee in its individual
               capacity shall not be considered an Affiliate of any of the
               foregoing) 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 the Indenture Trustee knows to be so owned shall be so
               disregarded. Notes so owned that have been pledged in good faith
               may be regarded as "outstanding" if the pledgee establishes to
               the satisfaction of the Indenture Trustee the pledgor'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.

                    (v)    NUMBER AND GENDER. Each defined term used in this
               Agreement has a comparable meaning when used in its plural or
               singular form. Each gender-specific term used in this Agreement
               has a comparable meaning whether used in a masculine, feminine or
               gender-neutral form.

                    (vi)   INCLUDING. Whenever the term "including" (whether or
               not that term is followed by the phrase "but not limited to" or
               "without limitation" or words of similar effect) is used in this
               Agreement in connection with a listing of items within a
               particular classification, that listing will be interpreted to be
               illustrative only and will not be interpreted as a limitation on,
               or exclusive listing of, the items within that classification.

                    (vii)  UCC REFERENCES. References to sections or provisions
               of Article 9 of the UCC in this Agreement refer to Article 9 of
               the UCC as in effect as of the date hereof, but shall be deemed
               to be automatically

                                      - 2 -
<Page>

               updated to reflect the successor, replacement or functionally
               equivalent sections or provisions of any amendments or revisions
               thereto.

                    (viii) REFERENCES TO A CLASS OF NOTES. Unless otherwise
               specified, references to a class of Notes, includes all the
               tranches included in such class of Notes.

                                   ARTICLE II
                                  ORGANIZATION

     SECTION 2.1 NAME. The Master Owner Trust continued hereby shall be known as
"NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST" in which name the Master
Owner Trust Trustee may conduct the business of the Master Owner Trust, make and
execute contracts and other instruments on behalf of the Master Owner Trust and
the Master Owner Trust may sue and be sued.

     SECTION 2.2 OFFICE. The office of the Master Owner Trust shall be in care
of the Master Owner Trust Trustee at the Master Owner Trust Trustee Corporate
Trust Office or at such other address in Delaware as the Master Owner Trust
Trustee may designate by written notice to the Master Owner Trust
Certificateholder and the Seller.

     SECTION 2.3 PURPOSES AND POWERS. The purpose of the Master Owner Trust is,
and the Master Owner Trust shall have the power and authority, and is
authorized, to engage in the following activities:

          (a) to acquire, manage and hold the Collateral Certificate and other
certificates of beneficial interest of the Master Trust;

          (b) to issue the Notes pursuant to the Indenture and the Master Owner
Trust Certificates pursuant to this Agreement, and to sell, transfer or exchange
the Notes and to transfer and exchange the Master Owner Trust Certificates;

          (c) from time to time, to grant a security interest in the Collateral
Certificate, or other beneficial interests in the Master Trust, including the
pledge of any portion of the Collateral Certificate, and grant a security
interest in accounts established for the benefit of indebtedness of the Master
Owner Trust under the Indenture;

          (d) from time to time, to authorize and approve the issuance of Notes
pursuant to the Indenture without limitation to aggregate amounts and, in
connection therewith, to determine the terms and provisions of such Notes and of
the issuance and sale thereof, including the following:

                    (i)    to determine the principal amount of the Notes;

                    (ii)   to determine the maturity date of the Notes;

                    (iii)  to determine the rate of interest, if any, to be paid
               on the Notes;

                                      - 3 -
<Page>

                    (iv)   to determine the price or prices at which such Notes
               will be sold by the Master Owner Trust;

                    (v)    to determine the provisions, if any, for the
               redemption of such Notes;

                    (vi)   to determine the form, terms and provisions of the
               indentures, fiscal agency agreements or other instruments under
               which the Notes may be issued and the banks or trust companies to
               act as trustees, fiscal agents and paying agents thereunder;

                    (vii)  to prepare and file all documents necessary or
               appropriate in connection with the registration of the Notes
               under the Securities Act, the qualification of indentures under
               the Trust Indenture Act and the qualification under any other
               applicable federal, foreign, state, local or other governmental
               requirements;

                    (viii) to prepare any prospectus, offering memorandum,
               private placement memorandum or other descriptive material
               relating to the issuance of the Notes;

                    (ix)   to list the Notes on any United States or non-United
               States securities exchange;

                    (x)    to enter into one or more interest rate or currency
               swaps, caps, collars, guaranteed investment contracts or other
               derivative agreements with counterparties (which may include,
               without limitation, NFSC or any of its affiliates) to manage
               interest rate or currency risk relating to the Notes;

                    (xi)   to appoint a paying agent or agents for purposes of
               payments on the Notes; and

                    (xii)  to arrange for the underwriting, subscription,
               purchase or placement of the Notes and selecting underwriters,
               managers and purchasers or agents for that purpose;

          (e) from time to time to receive payments and proceeds with respect to
the Collateral Certificate and other certificates of beneficial interest in the
Master Trust and the Indenture and either invest or distribute those payments
and proceeds;

          (f) from time to time to make deposits to and withdrawals from
accounts established under the Indenture;

          (g) from time to time to make and receive payments pursuant to
derivative agreements;

          (h) from time to time to make payments on the Notes;

                                      - 4 -
<Page>

          (i) from time to time to acquire additional collateral from NFSC or
any special purpose vehicle established by NFSC;

          (j) from time to time to perform such obligations and exercise and
enforce such rights and pursue such remedies as may be appropriate by virtue of
the Master Owner Trust being party to any of the agreements contemplated in
letters (i) through (xii) above;

          (k) subject to compliance with the Issuer Documents, to engage in such
other activities as may be required in connection with the foregoing and the
making of payments or distributions to the Securityholders; and

          (l) if the Collateral Certificate is the only remaining outstanding
investor certificate issued by the Master Trust, then at the written direction
of the Master Owner Trust Beneficiary dissolve the Master Trust and terminate
the Pooling and Servicing Agreement, acquire the Dealer Notes directly and enter
into a sale and servicing agreement that contains, to the extent applicable, the
sale and servicing provisions of the Pooling and Servicing Agreement and other
documents and amend any documents to reflect the direct ownership of the Dealer
Notes;

PROVIDED, HOWEVER, that the Master Owner Trust may enter into derivatives only
if such derivatives are passive and entered into concurrently with the issuance
of a series of Notes or to replace a terminated derivative.

The Master Owner Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement or the Issuer Documents.

     SECTION 2.4 APPOINTMENT OF MASTER OWNER TRUST TRUSTEE. The Seller hereby
appoints Chase Manhattan Bank USA, National Association as trustee of the Master
Owner Trust, effective as of the date hereof, to have all the rights, powers and
duties set forth herein.

     SECTION 2.5 INITIAL CAPITAL CONTRIBUTION OF MASTER OWNER TRUST ESTATE. The
Seller sold, assigned and transferred to the Master Owner Trust, and conveyed
and set over to the Master Owner Trust Trustee, on behalf of the Master Owner
Trust, as of ___ __, 200_, the sum of $1. The Master Owner Trust Trustee hereby
acknowledges receipt in trust from the Seller, as of ___ __, 200_, of the
foregoing contribution, which shall constitute the "INITIAL MASTER OWNER TRUST
ESTATE" and shall be deposited in the Master Owner Trust Certificate
Distribution Account. The Seller shall pay organizational expenses of the Master
Owner Trust as they may arise or shall, upon the request of the Master Owner
Trust Trustee, promptly reimburse the Master Owner Trust Trustee for any such
expenses paid by the Master Owner Trust Trustee.

     SECTION 2.6 DECLARATION OF TRUST.

     The Master Owner Trust Trustee hereby declares that it will hold the
Initial Master Owner Trust Estate, the Collateral Certificate and the other
documents and assets described in SECTION 2.3, together with any payments,
proceeds or income of any kind from such documents or assets or any other source
and any other property held under this Agreement (collectively, the

                                      - 5 -
<Page>

"MASTER OWNER TRUST ESTATE"), upon the trust set forth herein and for the sole
use and benefit of the Beneficiary. The Master Owner Trust Trustee hereby
declares that it shall hold the Master Owner Trust Estate in trust upon and
subject to the conditions and obligations set forth herein, subject to the
obligations of the Master Owner Trust under the Issuer Documents. It is the
intention of the parties hereto that the Master Owner Trust constitute a
statutory trust under the Statutory Trust Statute, that this Agreement
constitute the governing instrument of such statutory trust and that the Master
Owner Trust Certificates represent the beneficial interests therein. The rights
of the Master Owner Trust Certificateholders shall be determined as set forth
herein and in the Statutory Trust Statute and the relationship between the
parties hereto created by this Agreement shall not constitute indebtedness for
any purpose. It is the intention of the parties hereto that, solely for purposes
of federal income taxes, state and local income and franchise taxes, and any
other taxes imposed upon, measured by, or based upon gross or net income, the
Master Owner Trust shall be treated as a division or branch of the Seller. The
parties agree that, unless otherwise required by appropriate tax authorities,
the Master Owner Trust shall file or cause to be filed annual or other necessary
returns, reports and other forms consistent with the characterization of the
Master Owner Trust as a division or branch of the Seller for such tax purposes;
PROVIDED, HOWEVER, that until the Seller receives a ruling from the Illinois
Department of Revenue or an opinion of counsel reasonably acceptable to the
Master Owner Trust Trustee that the Master Owner Trust will be treated as a
branch or division of the Seller for purposes of the Illinois Income Tax Act and
the Illinois Personal Property Tax Replacement Tax Act, for purposes of the
Illinois Income Tax Act and the Illinois Personal Property Tax Replacement Tax
Act, the Seller will (i) include the taxable income of the Master Owner Trust in
the combined tax return filed by the combined group that includes the Seller,
(ii) take all steps necessary to treat the Master Owner Trust as a member of the
same combined group of which the Seller is a member and (iii) provide
information to the Master Owner Trust Trustee to confirm that the actions
required by clauses (i) and (ii) have been effected. Effective as of the date
hereof, the Master Owner Trust Trustee shall have all rights, powers and duties
set forth in this Agreement, the Indenture and the Statutory Trust Statute with
respect to accomplishing the purposes of the Master Owner Trust subject to the
terms and conditions of the Issuer Documents.

     SECTION 2.7 LIABILITY OF THE MASTER OWNER TRUST CERTIFICATEHOLDERS. The
Master Owner Trust Certificateholders shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for
profit organized under the General Corporation law of the State of Delaware.

     SECTION 2.8 TITLE TO MASTER OWNER TRUST PROPERTY. Legal title to all the
Master Owner Trust Estate shall be vested at all times in the Master Owner Trust
as a separate legal entity, except where applicable law in any jurisdiction
requires title to any part of the Master Owner Trust Estate to be vested in a
trustee or trustees, in which case title shall be deemed to be vested in the
Master Owner Trust Trustee, a co-trustee and/or other trustees, as the case may
be.

     SECTION 2.9 SITUS OF MASTER OWNER TRUST. The Master Owner Trust shall be
located and administered in the State of Delaware. All bank accounts maintained
by the Master Owner Trust or the Master Owner Trust Trustee on behalf of the
Master Owner Trust or for the benefit of the Master Owner Trust
Certificateholders shall be located in the State of Delaware or the State of New
York. The Master Owner Trust shall not have any employees in any state other

                                      - 6 -
<Page>

than Delaware; PROVIDED, HOWEVER, that nothing herein shall restrict or prohibit
the Master Owner Trust Trustee from having employees within or without the State
of Delaware. Payments shall be received by the Master Owner Trust only in
Delaware or New York, and payments and distributions shall be made by the Master
Owner Trust only from Delaware or New York. The only office of the Master Owner
Trust shall be the Master Owner Trust Trustee Corporate Trust Office in
Delaware.

     SECTION 2.10 REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller
hereby represents and warrants to the Master Owner Trust Trustee (as such or in
its individual capacity) that:

          (a) The Seller has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as such
properties are presently owned and such business is presently conducted and had
at all relevant times, and now has, power, authority and legal right to acquire
and own the Collateral Certificate and or the Dealer Notes.

          (b) The Seller is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or
the conduct of its business requires such qualifications.

          (c) The Seller has the power and authority to execute and deliver this
Agreement and to carry out its terms, the Seller has full power and authority to
sell and assign the property to be sold and assigned to and deposited with the
Master Owner Trust, and the Seller has duly authorized such sale and assignment
to the Master Owner Trust by all necessary corporate action, and the execution,
delivery and performance of this Agreement have been duly authorized by the
Seller by all necessary corporate action.

          (d) The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms of this Agreement do not conflict
with, result in any breach of any of the terms and provisions of or constitute
(with or without notice or lapse of time) a default under, the certificate of
incorporation or by-laws of the Seller, or any indenture, agreement or other
instrument to which the Seller is a party or by which it is bound, or result in
the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than
pursuant to the Issuer Documents), or violate any law or, to the Seller's
knowledge, any order, rule or regulation applicable to the Seller of any court
or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Seller or any of its
properties.

          (e) This Agreement, when duly executed and delivered, shall constitute
a legal, valid and binding obligation of the Seller enforceable in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of
creditors' rights in general and by general principles of equity, regardless of
whether such enforceability is considered in a proceeding in equity or at law.

          (f) There are no proceedings or investigations pending or, to the
Seller's knowledge, threatened against the Seller before any court, regulatory
body, administrative

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agency or other tribunal or governmental instrumentality having jurisdiction
over the Seller or its properties (i) asserting the invalidity of this Agreement
or any Master Owner Trust Certificate issued pursuant hereto or any other Issuer
Document or, (ii) seeking to prevent the issuance of such Master Owner Trust
Certificates or the consummation of any of the transactions contemplated by this
Agreement or any other Issuer Document or (iii) seeking any determination or
ruling that might materially and adversely affect the performance by the Seller
of its obligations under, or the validity or enforceability of, such Master
Owner Trust Certificate, this Agreement or any other Issuer Document.

     SECTION 2.11  TRANSFER OF COLLATERAL CERTIFICATE.

          (a) In consideration of the Master Owner Trust's delivery to or upon
the order of the Seller of the net proceeds of the initial sale of the Notes,
the Seller does hereby absolutely transfer, assign, set over and otherwise
convey to the Master Owner Trust, without recourse (subject to the obligations
herein) all right, title and interest of the Seller in and to the Collateral
Certificate and the proceeds thereof. This Agreement also shall be deemed to be
and hereby is a security agreement within the meaning of the UCC, and the
conveyance by the Seller provided for in this Agreement shall be deemed to be
and hereby is a grant by the Seller to the Master Owner Trust of a security
interest in and to all of the Seller's right, title and interest, whether now
owned or hereafter acquired, in, to and under all accounts, general intangibles,
chattel paper, instruments, documents, money, deposit accounts, certificates of
deposit, goods, letters of credit, advices of credit and investment property
consisting of, arising from, or relating to the Collateral Certificate and the
proceeds thereof, to secure the rights of the Master Owner Trust under this
Agreement and the obligations of the Seller hereunder. The Seller and the Master
Owner Trust shall, to the extent consistent with this Agreement, take such
actions as may be necessary to ensure that the security interest in the
Collateral Certificate created hereunder will be a perfected security interest
of first priority under applicable law and will be maintained as such throughout
the term of this Agreement.

          (b) To the extent that the Seller retains any interest in the
Collateral Certificate, the Seller hereby grants to the Indenture Trustee for
the benefit of the holders of the Notes a security interest in and to all of the
Seller's right, title, and interest, whether now owned or hereafter acquired,
in, to, and under all accounts, general intangibles, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit, and investment property consisting of, arising from,
or relating to the Collateral Certificate and the proceeds thereof
(collectively, the "INDENTURE COLLATERAL"), to secure performance of all of the
obligations of the Seller under the Pooling and Servicing Agreement, the Series
Supplement and the Issuer Documents. With respect to the Indenture Collateral,
the Indenture Trustee shall have all of the rights it has under the Issuer
Documents. The Indenture Trustee shall have all of the rights of a secured
creditor under the UCC in New York and the UCC in Delaware.

     SECTION 2.12 REPRESENTATIONS AND WARRANTIES OF THE SELLER. The Seller makes
the following representations and warranties as to the Collateral Certificate on
which the Issuer is deemed to have relied in acquiring the Collateral
Certificate. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of each Transfer Date, but shall

                                      - 8 -
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survive the transfer and assignment of the Collateral Certificate to the Issuer
and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

          (a) Title. It is the intention of the Seller that the transfer and
assignment herein contemplated constitute either (i) a sale of the Collateral
Certificate, (ii) a grant of a perfected security interest therein from the
Seller to the Issuer or (iii) a grant of a perfected security interest therein
from the Seller to the Indenture Trustee. The Collateral Certificate has not
been sold, transferred, assigned or pledged by the Seller to any Person other
than pursuant to this Agreement or the Indenture. Immediately prior to the
transfer and assignment herein contemplated, the Seller had good and marketable
title to the Collateral Certificate, free and clear of all liens and rights of
others and, immediately upon the transfer thereof, the Issuer shall have good
and marketable title to the Collateral Certificate, free and clear of all liens
of rights of others or a first priority perfected security interest therein; and
the transfer has been perfected, by the filing of appropriate financing
statements and the taking of such other action pursuant to the UCC, under the
UCC. The Seller has no knowledge of any current statutory or other
non-consentual liens to which the Collateral Certificate is subject.

          (b) All Actions Taken. All actions necessary under the applicable UCC
in any jurisdiction to be taken (i) to give the Issuer a first priority
perfected security interest or ownership interest in the Collateral Certificate,
and (ii) to give the Indenture Trustee a first priority perfected security
interest in the Collateral Certificate (including, without limitation, UCC
filings with the Delaware Secretary of State), in each case subject to any
statutory or other non-consentual liens with respect to the Collateral
Certificate, have been taken. The Seller has no knowledge of any current
statutory or other non-consentual liens to which the Collateral Certificate is
subject.

          (c) No Consents Required. All approvals, authorizations, consents,
orders or other actions of any Person or of any Governmental Authority required
in connection with the execution and delivery by the Seller of this Agreement or
any other Issuer Document, the performance by the Seller of the transactions
contemplated by this Agreement or any other Issuer Document and the fulfillment
by the Seller of the terms hereof or thereof, have been obtained or have been
completed and are in full force and effect (other than approvals,
authorizations, consents, orders and other actions which if not obtained or
completed or in full force or effect would not have a material adverse effect on
the Seller or the Issuer or upon the collectibility of the Collateral
Certificate or upon the ability of the Seller to perform its obligations under
this Agreement).

          (d) Transfers Comply. Each of (i) the transfer of the Collateral
Certificate by the Seller to the Issuer pursuant to the terms of this Agreement,
(ii) the pledge of the Collateral Certificate by the Issuer to the Indenture
Trustee pursuant to the terms of the Indenture and (iii) the pledge of the
Collateral Certificate by the Seller to the Indenture Trustee pursuant to the
terms of this Agreement, comply with the provisions of the Pooling and Servicing
Agreement relating to transfers of the Collateral Certificate.

     SECTION 2.13 PROTECTION OF TITLE TO COLLATERAL CERTIFICATE.

                                      - 9 -
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          (a) The Seller shall take all actions necessary, and the Issuer shall
cooperate with the Seller, if applicable, to perfect, and maintain perfection
of, the interests of the Issuer in the Collateral Certificate. The Seller shall
execute and file and cause to be executed and filed such financing statements
and continuation statements, all in such manner and in such places as may be
required by law fully to perfect, maintain, and protect the interest of the
Issuer in the Collateral Certificate and in the proceeds thereof and the
interest of the Indenture Trustee in the Indenture Collateral and the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Master Owner
Trust Trustee and the Indenture Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

          (b) The Seller shall not change its name, identity or corporate
structure or the jurisdiction of its organization in any manner that might make
any financing statement or continuation statement filed in accordance with
paragraph (a) above or otherwise seriously misleading within the meaning of the
UCC (regardless of whether such a filing was ever made), unless it shall have
given the Master Owner Trust Trustee and the Indenture Trustee at least five
days' prior written notice thereof and, if applicable, shall have timely filed
appropriate amendments to any and all previously filed financing statements or
continuation statements or timely filed additional UCC financing statements in
each case (so that the interests of the Issuer and the Indenture Trustee is not
adversely affected).

          (c) The Seller shall have an obligation to give the Master Owner Trust
Trustee and the Indenture Trustee at least 30 days' prior written notice of any
change in the jurisdiction of its organization or any relocation of its chief
executive office or other change in location if, as a result of such relocation,
the applicable provisions of the UCC would require the filing of any amendment
of any previously filed financing or continuation statement or of any new
financing statement (regardless of whether such a filing was ever made) and
shall promptly, if applicable, file any such amendment or new financing
statement.

          (d) The Master Owner Trust Trustee shall permit the Indenture Trustee
and its agents at any time following reasonable notice and during normal
business hours to inspect, audit and make copies of and abstracts from the
Master Owner Trust Trustee's records regarding the Collateral Certificate.

     SECTION 2.14 ASSIGNMENT TO INDENTURE TRUSTEE. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a
security interest by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders of all right, title and interest of
the Issuer in, to and under the Collateral Certificate and the other property
constituting the Master Owner Trust Estate and/or the assignment of any or all
of the Issuer's rights and obligations hereunder to the Indenture Trustee.

                                   ARTICLE III
                       THE MASTER OWNER TRUST CERTIFICATES

     SECTION 3.1 INITIAL MASTER OWNER TRUST CERTIFICATE OWNERSHIP. Upon the
formation of the Master Owner Trust by the contribution by the Seller pursuant
to SECTION 2.5 and until the issuance of the Master Owner Trust Certificates,
the Seller shall be the sole beneficiary of the Master Owner Trust (the "MASTER
OWNER TRUST BENEFICIARY").

                                     - 10 -
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     SECTION 3.2 FORM OF THE MASTER OWNER TRUST CERTIFICATES.

          (a) The Master Owner Trust Certificates shall be substantially in the
form set forth in EXHIBIT A. The Master Owner Trust Certificates shall be
executed on behalf of the Master Owner Trust by manual or facsimile signature of
a Master Owner Trust Trustee Authorized Officer. Master Owner Trust Certificates
bearing the manual or facsimile signatures of individuals who were, at the time
when such signatures shall have been affixed, authorized to sign on behalf of
the Master Owner Trust, shall be, when authenticated pursuant to SECTION 3.3,
validly issued and entitled to the benefits of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of such Master Owner Trust Certificates or
did not hold such offices at the date of authentication and delivery of such
Master Owner Trust Certificates.

          (b) The Master Owner Trust Certificates 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 Master Owner Trust Certificates, as evidenced by their execution of such
Master Owner Trust Certificates.

          (c) The Master Owner Trust Certificates shall be issued in
fully-registered form and shall be in definitive form only. The terms of the
Master Owner Trust Certificates set forth in EXHIBIT A shall form part of this
Agreement.

     SECTION 3.3 EXECUTION, AUTHENTICATION AND DELIVERY. Concurrently with the
transfer of the Collateral Certificate to the Master Owner Trust hereby, the
Master Owner Trust Trustee shall cause the Master Owner Trust Certificates to be
executed on behalf of the Master Owner Trust, and to be authenticated and
delivered to or upon the written order of the Seller, signed by its chairman of
the board, its president or any vice president, without further corporate action
by the Seller, in authorized denominations. No Master Owner Trust Certificate
shall entitle its holder to any benefit under this Agreement, or shall be valid
for any purpose, unless there shall appear on such Master Owner Trust
Certificate a certificate of authentication substantially in the form set forth
in EXHIBIT A, executed by the Master Owner Trust Trustee or by the Person
appointed from time to time as the Master Owner Trust Trustee's authenticating
agent hereunder (the "AUTHENTICATING AGENT") by manual signature. The Master
Owner Trust Trustee hereby appoints JPMorgan Chase Bank as the initial
Authenticating Agent. Such authentication shall constitute conclusive evidence
that such Master Owner Trust Certificate shall have been duly authenticated and
delivered hereunder. All Master Owner Trust Certificates shall be dated the date
of their authentication.

     SECTION 3.4 REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE OF MASTER
OWNER TRUST CERTIFICATES.

          (a) The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to SECTION 3.8, a register (the
"CERTIFICATE REGISTER") in which, subject to such reasonable regulations as it
may prescribe, the Master Owner Trust Trustee shall provide for the registration
of Master Owner Trust Certificates and of transfers and exchanges of Master
Owner Trust Certificates as provided herein. The Certificate Registrar shall be
appointed by and may be removed by the Master Owner Trust Trustee. The Master
Owner Trust Trustee hereby

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appoints JPMorgan Chase Bank as the initial Certificate Registrar. Upon any
resignation of a Certificate Registrar, the Master Owner Trust Trustee shall
promptly appoint a successor or, if it elects not to make such an appointment,
assume the duties of the Certificate Registrar.

          (b) The initial Master Owner Trust Certificateholders may at any time,
without consent of the Noteholders, sell, transfer, convey or assign in any
manner its rights to and interests in the Master Owner Trust Certificates,
provided that: (i) such action will not result in a reduction or withdrawal of
the rating of any class of Notes, (ii) the Master Owner Trust Certificateholders
provide to the Master Owner Trust Trustee and the Indenture Trustee an opinion
of independent counsel that such action will not cause the Master Owner Trust to
be treated as an association (or publicly traded partnership) taxable as a
corporation for federal income tax purposes, (iii) such transferee or assignee
agrees to take positions for tax purposes consistent with the tax positions
agreed to be taken by the Master Owner Trust Certificateholders and (iv) the
conditions set forth in SECTION 3.4(g) have been satisfied. In addition, no
transfer of a Master Owner Trust Certificate shall be registered unless the
transferee shall have provided to the Master Owner Trust Trustee and the
Certificate Registrar an opinion of counsel that in connection with such
transfer no registration of the Master Owner Trust Certificates is required
under the Securities Act or applicable state law or that such transfer is
otherwise being made in accordance with all applicable federal and state
securities laws.

          (c) Subject to SECTION 3.4(b), upon surrender for registration of
transfer of any Master Owner Trust Certificate at the office or agency
maintained pursuant to SECTION 3.8, the Master Owner Trust Trustee shall execute
on behalf of the Master Owner Trust, authenticate and deliver (or shall cause
its Authenticating Agent to authenticate and deliver), in the name of the
designated transferee or transferees, one or more new Master Owner Trust
Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Master Owner Trust Trustee or any authenticating
agent.

          (d) At the option of a Master Owner Trust Certificateholder, Master
Owner Trust Certificates may be exchanged for other Master Owner Trust
Certificates of a like aggregate percentage interest upon surrender of the
Master Owner Trust Certificates to be exchanged at the Master Owner Trust
Trustee Corporate Trust Office or the office or agency maintained pursuant to
SECTION 3.8. Whenever any Master Owner Trust Certificates are so surrendered for
exchange, the Master Owner Trust Trustee shall execute on behalf of the Master
Owner Trust, authenticate and deliver (or shall cause its Authenticating Agent
to authenticate and deliver) one or more Master Owner Trust Certificates dated
the date of authentication by the Master Owner Trust Trustee or any
Authenticating Agent. Such Master Owner Trust Certificates shall be delivered to
the Master Owner Trust Certificateholder making the exchange.

          (e) Every Master Owner Trust Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Master Owner Trust Trustee
and the Certificate Registrar duly executed by the Master Owner Trust
Certificateholder or his attorney duly authorized in writing. Each Master Owner
Trust Certificate surrendered for registration of transfer or exchange shall be
canceled and subsequently destroyed or otherwise disposed of by the Master Owner
Trust Trustee or Certificate Registrar in accordance with its customary
practice.

                                     - 12 -
<Page>

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

          (g) The Master Owner Trust Certificates may not be acquired by or for
the account of (i) an employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan
described in Section 4975(e)(1) of the Internal Revenue Code or (iii) any entity
whose underlying assets include plan assets of any such plan (each, a "BENEFIT
PLAN"). By accepting and holding a Master Owner Trust Certificate, the Master
Owner Trust Certificateholder thereof shall be deemed to have represented and
warranted that it is not a Benefit Plan.

     SECTION 3.5 MUTILATED, DESTROYED, LOST OR STOLEN MASTER OWNER TRUST
CERTIFICATES.

          (a) If (i) any mutilated Master Owner Trust Certificate is surrendered
to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Master Owner Trust
Certificate, and (ii) there is delivered to the Certificate Registrar, the
Master Owner Trust Trustee and the Master Owner Trust, such security or
indemnity as may be required by them to hold each of them harmless, then, in the
absence of notice to the Certificate Registrar, the Master Owner Trust Trustee
or the Master Owner Trust that such Master Owner Trust Certificate has been
acquired by a protected purchaser, the Master Owner Trust Trustee shall execute
on behalf of the Master Owner Trust and the Master Owner Trust Trustee shall
authenticate and deliver (or shall cause its Authenticating Agent to
authenticate and deliver), in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Master Owner Trust Certificate, a replacement Master
Owner Trust Certificate in authorized denominations of a like amount; PROVIDED,
HOWEVER, that if any such destroyed, lost or stolen Master Owner Trust
Certificate, but not a mutilated Master Owner Trust Certificate, shall have
become or within seven days shall be due and payable, then instead of issuing a
replacement Master Owner Trust Certificate the Master Owner Trust Trustee on
behalf of the Master Owner Trust may pay such destroyed, lost or stolen Master
Owner Trust Certificate when so due or payable.

          (b) If, after the delivery of a replacement Master Owner Trust
Certificate or distribution in respect of a destroyed, lost or stolen Master
Owner Trust Certificate pursuant to SUBSECTION 3.5(a), a protected purchaser of
the original Master Owner Trust Certificate in lieu of which such replacement
Master Owner Trust Certificate was issued presents for payment such original
Master Owner Trust Certificate, the Master Owner Trust Trustee on behalf of the
Master Owner Trust shall be entitled to recover such replacement Master Owner
Trust Certificate (or such distribution) from the Person to whom it was
delivered or any Person taking such replacement Master Owner Trust Certificate
from such Person to whom such replacement Master Owner Trust Certificate was
delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Master Owner
Trust or the Master Owner Trust Trustee in connection therewith.

                                     - 13 -
<Page>

          (c) In connection with the issuance of any replacement Master Owner
Trust Certificate under this SECTION 3.5, the Master Owner Trust Trustee on
behalf of the Master Owner Trust may require the payment by the Master Owner
Trust Certificateholder of such Master Owner Trust Certificate 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 Master Owner Trust, the Master Owner Trust Trustee and the
Certificate Registrar) connected therewith.

          (d) Any duplicate Master Owner Trust Certificate issued pursuant to
this SECTION 3.5 in replacement of any mutilated, destroyed, lost or stolen
Master Owner Trust Certificate shall constitute an original additional
contractual obligation of the Master Owner Trust, whether or not the mutilated,
destroyed, lost or stolen Master Owner Trust Certificate shall be found at any
time or be enforced by anyone, and shall be entitled to all the benefits of this
Agreement equally and proportionately with any and all other Master Owner Trust
Certificates duly issued hereunder.

          (e) The provisions of this SECTION 3.5 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 Master Owner
Trust Certificates.

     SECTION 3.6 PERSONS DEEMED MASTER OWNER TRUST CERTIFICATEHOLDERS. Prior to
due presentation of a Master Owner Trust Certificate for registration of
transfer, the Master Owner Trust Trustee or the Certificate Registrar may treat
the Person in whose name any Master Owner Trust Certificate shall be registered
in the Certificate Register as the Master Owner Trust Certificateholder of such
Master Owner Trust Certificate for the purpose of receiving distributions
pursuant to ARTICLE V and for all other purposes whatsoever, and neither the
Master Owner Trust Trustee nor the Certificate Registrar shall be bound by any
notice to the contrary.

     SECTION 3.7 ACCESS TO LIST OF MASTER OWNER TRUST CERTIFICATEHOLDERS' NAMES
AND ADDRESSES. The Master Owner Trust Trustee shall furnish or cause to be
furnished to the Servicer and the Seller, within 15 days after receipt by the
Master Owner Trust Trustee of a request therefor from the Servicer or the Seller
in writing, a list, in such form as the Servicer or the Seller may reasonably
require, of the names and addresses of the Master Owner Trust Certificateholders
as of the most recent Note Record Date. Each Master Owner Trust
Certificateholder, by receiving and holding a Master Owner Trust Certificate,
shall be deemed to have agreed not to hold any of the Servicer, the Seller, the
Master Owner Trust or the Master Owner Trust Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which such
information was derived.

     SECTION 3.8 MAINTENANCE OF MASTER OWNER TRUST TRUSTEE CORPORATE TRUST
OFFICE. The Master Owner Trust Trustee shall maintain in the Borough of
Manhattan, the City of New York, an office or offices or agency or agencies
where Master Owner Trust Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Master Owner
Trust in respect of the Master Owner Trust Certificates and the Issuer Documents
may be served. The Master Owner Trust Trustee initially designates the offices
of JPMorgan Chase Bank at 4 New York Plaza, New York, New York 10004 as its
principal office for such purposes. The Master Owner Trust Trustee shall give
prompt written notice to the

                                     - 14 -
<Page>

Seller and to the Master Owner Trust Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

     SECTION 3.9 APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
distributions to Master Owner Trust Certificateholders from the Master Owner
Trust Certificate Distribution Account (as defined in SECTION 5.1(a) hereto)
pursuant to SECTION 5.2 and shall report the amounts of such distributions to
the Master Owner Trust Trustee. Any Paying Agent shall have the revocable power
to withdraw funds from the Master Owner Trust Certificate Distribution Account
for the purpose of making the distributions referred to above. The Master Owner
Trust Trustee may appoint and may revoke such power and remove the Paying Agent
if the Master Owner Trust Trustee determines in its sole discretion that the
Paying Agent shall have failed to perform its obligations under this Agreement
in any material respect. The Master Owner Trust Trustee hereby appoints JPMorgan
Chase Bank as the initial Paying Agent and appoints as co-paying agent any
co-paying agent chosen by the Paying Agent and acceptable to the Master Owner
Trust Trustee. The Paying Agent shall be permitted to resign as Paying Agent
upon 30 days' written notice to the Master Owner Trust Trustee. If the Paying
Agent shall resign or be removed, the Master Owner Trust Trustee shall appoint a
successor to act as Paying Agent (which shall be a bank or trust company). The
Master Owner Trust Trustee shall cause such successor Paying Agent or any
additional Paying Agent appointed by the Master Owner Trust Trustee to execute
and deliver to the Master Owner Trust Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Master
Owner Trust Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent shall hold all sums, if any, held by it for distribution
to the Master Owner Trust Certificateholders in trust for the benefit of the
Master Owner Trust Certificateholders entitled thereto until such sums shall be
paid to such Master Owner Trust Certificateholders. The Paying Agent shall
return all unclaimed funds to the Master Owner Trust and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to
the Master Owner Trust. The provisions of SECTIONS 6.3, 6.6, 6.7, 6.8 and 6.9
shall apply, MUTATIS MUTANDIS, to the Master Owner Trust Trustee also in its
role as Paying Agent, for so long as the Master Owner Trust Trustee shall act as
Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

     SECTION 3.10 SELLER AS MASTER OWNER TRUST CERTIFICATEHOLDER. The Seller in
its individual or any other capacity may become the owner or pledgee of Master
Owner Trust Certificates and may otherwise deal with the Master Owner Trust
Trustee or its Affiliates as if it were not the Seller.

                                   ARTICLE IV
                      ACTIONS BY MASTER OWNER TRUST TRUSTEE

     SECTION 4.1 PRIOR NOTICE TO MASTER OWNER TRUST CERTIFICATEHOLDERS WITH
RESPECT TO CERTAIN MATTERS. The Master Owner Trust Trustee shall not take action
with respect to the following matters, unless (i) the Master Owner Trust Trustee
shall have notified the Master Owner Trust Certificateholders in writing of the
proposed action at least 30 days before the taking of such action and (ii) the
Master Owner Trust Certificateholders shall not have notified the Master Owner
Trust Trustee in writing prior to the 30th day after such notice is given that

                                     - 15 -
<Page>

such Master Owner Trust Certificateholders have withheld consent or provided
alternative direction:

          (a) the initiation of any claim or lawsuit by the Master Owner Trust
(other than an action to collect on the Collateral Certificate or a Dealer Note
or an action by the Indenture Trustee pursuant to the Indenture) and the
compromise of any action, claim or lawsuit brought by or against the Master
Owner Trust (other than an action to collect on the Collateral Certificate or a
Dealer Note or an action by the Indenture Trustee pursuant to the Indenture);

          (b) the amendment of the Indenture by an Indenture Supplement in
circumstances where the consent of any Noteholder is required;

          (c) the amendment of the Indenture by an Indenture Supplement in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interests of the Master Owner Trust
Certificateholders;

          (d) the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner that would not materially adversely affect the interests of the
Master Owner Trust Certificateholders;

          (e) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note
Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable;

          (f) the amendment of the Pooling and Servicing Agreement in
circumstances where the consent of any Noteholder is required; or

          (g) the election by the Master Owner Trust to file an amendment to the
Certificate of Trust, a conformed copy of which is attached hereto as EXHIBIT B,
except as permitted or required by the terms of any Issuer Document.

     SECTION 4.2 ACTION BY MASTER OWNER TRUST CERTIFICATEHOLDERS WITH RESPECT TO
CERTAIN MATTERS. The Master Owner Trust Trustee shall not have the power, except
upon the written direction of the Master Owner Trust Certificateholders, to (a)
remove the Administrator under the Administration Agreement pursuant to SECTION
8 thereof, (b) appoint a successor Administrator pursuant to SECTION 8 of the
Administration Agreement, (c) remove the Servicer or appoint a successor
Servicer under the Pooling and Servicing Agreement pursuant to ARTICLE X thereof
or (d) except as expressly provided in the Issuer Documents, sell the Collateral
Certificate or any interest therein after the termination of the Indenture. The
Master Owner Trust Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Master Owner Trust
Certificateholders.

     SECTION 4.3 ACTION BY MASTER OWNER TRUST CERTIFICATEHOLDERS WITH RESPECT TO
BANKRUPTCY. Neither the Master Owner Trust nor the Master Owner Trust Trustee
shall have the power to commence a voluntary proceeding in bankruptcy relating
to the Master Owner Trust

                                     - 16 -
<Page>

without the unanimous prior approval of all holders of Master Owner Trust
Certificates (including the unanimous approval of the board of directors of the
Seller) unless the Master Owner Trust Trustee reasonably believes that the
Master Owner Trust is insolvent.

     SECTION 4.4 RESTRICTIONS ON MASTER OWNER TRUST CERTIFICATEHOLDERS' POWER.
The Master Owner Trust Certificateholders shall not direct the Master Owner
Trust Trustee to take or refrain from taking any action if such action or
inaction would be contrary to any obligation of the Master Owner Trust or the
Master Owner Trust Trustee under this Agreement or any of the Issuer Documents
or would be contrary to SECTION 2.3, nor shall the Master Owner Trust Trustee be
obligated to follow any such direction, if given.

     SECTION 4.5 MAJORITY CONTROL. Except as expressly provided herein, any
action that may be taken or consent that may be given or withheld by the Master
Owner Trust Certificateholders under this Agreement shall be effective if such
action is taken or such consent is given or withheld by the holders of a
majority of the ownership interest in the Master Owner Trust outstanding as of
the close of the preceding Distribution Date. Except as expressly provided
herein, any written notice, instruction, direction or other document of the
Master Owner Trust Certificateholders delivered pursuant to this Agreement shall
be effective if signed by holders of Master Owner Trust Certificates evidencing
not less than a majority of the ownership interest in the Master Owner Trust at
the time of the delivery of such notice.

     SECTION 4.6 RESTRICTION ON MASTER OWNER TRUST TRUSTEE'S POWER TO ISSUE
INDEBTEDNESS.

     The Master Owner Trust Trustee shall have no power to create, assume or
incur indebtedness or other liabilities in the name of the Trust other than as
contemplated by the Issuer Documents.

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1 ESTABLISHMENT OF MASTER OWNER TRUST CERTIFICATE DISTRIBUTION
ACCOUNT.

          (a) The Seller shall cause the Servicer, for the benefit of the Master
Owner Trust Certificateholders, to establish and maintain at JPMorgan Chase Bank
at 4 New York Plaza, New York, New York 10004, in the name of the Master Owner
Trust an Eligible Deposit Account known as the Navistar Financial Dealer Note
Master Owner Trust Certificate Distribution Account (the "MASTER OWNER TRUST
CERTIFICATE DISTRIBUTION ACCOUNT"), bearing an additional designation clearly
indicating that the funds deposited therein are held for the benefit of the
Master Owner Trust Certificateholders.

          (b) The Master Owner Trust, for the benefit of the Master Owner Trust
Certificateholders, shall possess all right, title and interest in and to all
funds on deposit from time to time in the Master Owner Trust Certificate
Distribution Account and in all proceeds thereof. Except as otherwise provided
herein or in the Indenture or any Indenture Supplement, the Master Owner Trust
Certificate Distribution Account shall be under the sole dominion and control of
the Master Owner Trust Trustee for the benefit of the Master Owner Trust
Certificateholders. If, at any time, the Master Owner Trust Certificate
Distribution Account

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ceases to be an Eligible Deposit Account, the Seller shall cause the Servicer
within 10 Business Days (or such longer period, not to exceed 30 calendar days,
as to which each Note Rating Agency may consent) to establish a new Master Owner
Trust Certificate Distribution Account as an Eligible Deposit Account and shall
cause the Master Owner Trust Trustee to transfer any cash and/or any investments
in the old Master Owner Trust Certificate Distribution Account to such new
Master Owner Trust Certificate Distribution Account.

     SECTION 5.2 APPLICATION OF MASTER OWNER TRUST FUNDS.

          (a) On each Distribution Date, the Master Owner Trust Trustee shall
(based on the information contained in the Servicer's Certificate delivered on
the related Determination Date) distribute to the Master Owner Trust
Certificateholders, on a pro rata basis, amounts on deposit in the Master Owner
Trust Certificate Distribution Account.

          (b) On each Distribution Date, the Master Owner Trust Trustee shall
send (or shall cause to be sent) to each Master Owner Trust Certificateholder
the statement described in SECTION 5.01 of the Series Supplement.

          (c) If any withholding tax is imposed on distributions of the Master
Owner Trust Estate (or allocations of income) to a Master Owner Trust
Certificateholder, such tax shall reduce the amount otherwise distributable to
the Master Owner Trust Certificateholder in accordance with this SECTION 5.2.
The Master Owner Trust Trustee is hereby authorized and directed to retain from
amounts otherwise distributable to the Master Owner Trust Certificateholders
sufficient funds for the payment of any withholding tax that is legally owed by
the Master Owner Trust in respect of any distribution (but such authorization
shall not prevent the Master Owner Trust Trustee from contesting any such tax in
appropriate proceedings and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to a Master Owner Trust Certificateholder shall be treated
as cash distributed to such Master Owner Trust Certificateholder at the time it
is withheld by the Master Owner Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-U.S. Master Owner
Trust Certificateholder), the Master Owner Trust Trustee may in its sole
discretion withhold such amounts in accordance with this SUBSECTION 5.2(c). If a
Master Owner Trust Certificateholder wishes to apply for a refund of any such
withholding tax, the Master Owner Trust Trustee shall reasonably cooperate with
such Master Owner Trust Certificateholder in making such claim so long as such
Master Owner Trust Certificateholder agrees to reimburse the Master Owner Trust
and the Master Owner Trust Trustee for any out-of-pocket expenses incurred.

          (d) If the Indenture Trustee holds escheated funds for payment to the
Master Owner Trust pursuant to SECTION 11.03 of the Indenture, the Master Owner
Trust Trustee shall, upon notice from the Indenture Trustee that such funds
exist, submit on behalf of the Master Owner Trust an Issuer Certificate to the
Indenture Trustee pursuant to SECTION 11.03 of the Indenture instructing the
Indenture Trustee to pay such funds pro rata to or at the order of the Master
Owner Trust Certificateholders.

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     SECTION 5.3 METHOD OF PAYMENT. Subject to SECTION 7.1(c), distributions
required to be made to Master Owner Trust Certificateholders on any Distribution
Date shall be made to each Master Owner Trust Certificateholder of record on the
related Note Record Date (i) by wire transfer, in immediately available funds,
to the account of such Master Owner Trust Certificateholder at a bank or other
entity having appropriate facilities therefor or, where possible, by intra-bank
book entry credit, if such Master Owner Trust Certificateholder shall have
provided to the Certificate Registrar appropriate written instructions at least
two Business Days prior to such Note Record Date.

     SECTION 5.4 ACCOUNTING AND REPORTS TO THE MASTER OWNER TRUST
CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS. The Master Owner
Trust shall maintain (or cause to be maintained) the books of the Master Owner
Trust on the basis of a fiscal year ending October 31 on the accrual method of
accounting, deliver to each Master Owner Trust Certificateholder, as may be
required by the Internal Revenue Code and applicable Treasury Regulations or
otherwise, such information as may be required to enable each Master Owner Trust
Certificateholder to prepare its federal income tax returns, file such tax
returns relating to the Master Owner Trust and make such elections as may from
time to time be required or appropriate under any applicable state or federal
statute or rule or regulation thereunder so as to maintain the Master Owner
Trust's characterization as a division or branch of the Seller for federal
income tax purposes, cause such tax returns to be signed in the manner required
by law and collect or cause to be collected any withholding tax as described in
and in accordance with SUBSECTION 5.2(c) with respect to income or distributions
to Master Owner Trust Certificateholders.

     SECTION 5.5 SIGNATURE ON RETURNS. The Master Owner Trust Trustee shall sign
on behalf of the Master Owner Trust any and all tax returns of the Master Owner
Trust, unless applicable law requires a Master Owner Trust Certificateholder to
sign such documents, in which case such documents shall be signed by the Seller.

                                   ARTICLE VI
                         THE MASTER OWNER TRUST TRUSTEE

     SECTION 6.1 DUTIES OF MASTER OWNER TRUST TRUSTEE.

          (a) The Master Owner Trust Trustee undertakes to perform such duties,
and only such duties, as are specifically set forth in this Agreement, the
Indenture and the other Issuer Documents, including the administration of the
Master Owner Trust in the interest of the Master Owner Trust Certificateholders,
subject to the Issuer Documents and in accordance with the provisions of this
Agreement and the Indenture. No implied covenants or obligations shall be read
into this Agreement, the Indenture or any other Issuer Document against the
Master Owner Trust Trustee.

          (b) Notwithstanding the foregoing, the Master Owner Trust Trustee
shall be deemed to have discharged its duties and responsibilities hereunder and
under the other Issuer Documents to the extent the Administrator has agreed in
the Administration Agreement to perform any act or to discharge any duty of the
Master Owner Trust Trustee hereunder or under any other Issuer Document, and the
Master Owner Trust Trustee shall not be liable for the

                                     - 19 -
<Page>

default or failure of the Administrator to carry out its obligations under the
Administration Agreement.

          (c) In the absence of bad faith on its part, the Master Owner Trust
Trustee may conclusively rely upon certificates or opinions furnished to the
Master Owner Trust Trustee and conforming to the requirements of this Agreement
in determining the truth of the statements and the correctness of the opinions
contained therein; PROVIDED, HOWEVER, that the Master Owner Trust Trustee shall
have examined such certificates or opinions so as to determine compliance of the
same with the requirements of this Agreement.

          (d) The Master Owner Trust 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 SUBSECTION 6.1(d) shall not limit the effect of
               SUBSECTION 6.1(a) OR (b);

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

                    (iii)  the Master Owner Trust 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 4.1, 4.2 or 6.4.

          (e) Subject to SECTIONS 5.1 AND 5.2, monies received by the Master
Owner Trust Trustee hereunder need not be segregated in any manner except to the
extent required by law or the Indenture and may be deposited under such general
conditions as may be prescribed by law, and the Master Owner Trust Trustee shall
not be liable for any interest thereon.

          (f) The Master Owner Trust Trustee shall not take any action that (i)
is inconsistent with the purposes of the Master Owner Trust set forth in SECTION
2.3 or (ii) would, to the actual knowledge of a Master Owner Trust Trustee
Authorized Officer, result in the Master Owner Trust becoming taxable as a
corporation for federal income tax purposes.

          (g) The Master Owner Trust Certificateholders shall not direct the
Master Owner Trust Trustee to take action that would violate the provisions of
this SECTION 6.1.

     SECTION 6.2 AUTHORITY OF MASTER OWNER TRUST TRUSTEE. The Master Owner Trust
Trustee is authorized and directed to execute and deliver the Issuer Documents
and each certificate or other document attached as an exhibit to or contemplated
by the Issuer Documents to which the Master Owner Trust is to be a party in such
form as the Seller shall approve as evidenced conclusively by the Master Owner
Trust Trustee's execution thereof. In addition to the foregoing, the Master
Owner Trust Trustee is authorized, but shall not be obligated, to take all
actions required of the Master Owner Trust pursuant to the Issuer Documents. The
Master Owner Trust Trustee is further authorized from time to time to take such
action as the Administrator recommends with respect to the Issuer Documents.

                                     - 20 -
<Page>

     SECTION 6.3 ACCEPTANCE OF TRUSTS AND DUTIES. Except as otherwise provided
in this ARTICLE VI, in accepting the trusts hereby created, the Person executing
this Agreement as Master Owner Trust Trustee acts solely as Master Owner Trust
Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Master Owner Trust Trustee by reason of the transactions
contemplated by this Agreement or any Issuer Document shall look only to the
Master Owner Trust Estate for payment or satisfaction thereof. The Master Owner
Trust Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement.
The Master Owner Trust Trustee also agrees to disburse all monies actually
received by it constituting part of the Master Owner Trust Estate upon the terms
of this Agreement. The Master Owner Trust Trustee shall not be liable or
accountable hereunder or under any Issuer Document under any circumstances,
except for its own negligent action, its own negligent failure to act or its own
willful misconduct or in the case of the inaccuracy of any representation or
warranty contained in SECTION 6.6 and expressly made by the Master Owner Trust
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

          (a) the Master Owner Trust Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of the Collateral Certificate or any Dealer Note or the
perfection and priority of any security interest created by the Collateral
Certificate or any Dealer Note in any Financed Vehicle or the maintenance of any
such perfection and priority, or for or with respect to the sufficiency of the
Master Owner Trust Estate or its ability to generate the distributions and
payments to be made to Master Owner Trust Certificateholders under this
Agreement or to Noteholders under the Indenture, including, without limitation:
the existence and contents of any Dealer Note on any computer or other record
thereof; the validity of the assignment of the Collateral Certificate or any
Dealer Note to the Master Owner Trust or of any intervening assignment; the
completeness of any Dealer Note; the performance or enforcement of any Dealer
Note; the compliance by the Seller or the Servicer with any warranty or
representation made under any Issuer Document or in any related document or the
accuracy of any such warranty or representation or any action of the
Administrator, the Indenture Trustee or the Servicer or any subservicer taken in
the name of the Master Owner Trust Trustee;

          (b) the Master Owner Trust Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator or any Master Owner Trust Certificateholder;

          (c) no provision of this Agreement or any other Issuer Document shall
require the Master Owner Trust Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers
hereunder or under any other Issuer Document, if the Master Owner Trust Trustee
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured or
provided to it;

          (d) under no circumstances shall the Master Owner Trust Trustee be
liable for indebtedness evidenced by or arising under any of the Issuer
Documents, including the principal of and interest on the Notes or any amounts
payable with respect to the Master Owner Trust Certificates;

                                     - 21 -
<Page>

          (e) the Master Owner Trust Trustee shall not be responsible for or in
respect of, the validity or sufficiency of any provision of this Agreement or
for the due execution hereof by the Seller or for the form, character,
genuineness, sufficiency, value or validity of any of the Master Owner Trust
Estate or for or in respect of the validity or sufficiency of the Issuer
Documents, the Notes, the Master Owner Trust Certificates (other than the
certificate of authentication on the Master Owner Trust Certificates) or of any
Dealer Notes or any related documents, and the Master Owner Trust Trustee shall
in no event assume or incur any liability, duty or obligation to any Noteholder
or to any Master Owner Trust Certificateholder, other than as expressly provided
for herein and in the other Issuer Documents;

          (f) the Master Owner Trust Trustee shall not be liable for the default
or misconduct of the Administrator, the Indenture Trustee, the Seller or the
Servicer under any of the Issuer Documents or otherwise and the Master Owner
Trust Trustee shall not have any obligation or liability to perform the
obligations of the Master Owner Trust under this Agreement or the other Issuer
Documents that are required to be performed by the Administrator under the
Administration Agreement, the Indenture Trustee under the Indenture, the
Servicer under the Pooling and Servicing Agreement or Navistar Financial under
the Purchase Agreement; and

          (g) the Master Owner Trust Trustee shall not be under any obligation
to exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or
in relation to this Agreement or any other Issuer Document, at the request,
order or direction of any of the Master Owner Trust Certificateholders, unless
such Master Owner Trust Certificateholders have offered to the Master Owner
Trust Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Master Owner Trust Trustee
therein or thereby. The right of the Master Owner Trust Trustee to perform any
discretionary act enumerated in this Agreement or in any Issuer Document shall
not be construed as a duty, and the Master Owner Trust Trustee shall not be
answerable for other than its negligence or willful misconduct in the
performance of any such act.

     SECTION 6.4 ACTION UPON INSTRUCTION BY MASTER OWNER TRUST
CERTIFICATEHOLDERS.

          (a) Subject to SECTION 4.4 and SECTION 6.1(g), the Master Owner Trust
Certificateholders may by written instruction direct the Master Owner Trust
Trustee in the management of the Master Owner Trust. Such direction may be
exercised at any time by written instruction of the Master Owner Trust
Certificateholders pursuant to SECTION 4.5.

          (b) Notwithstanding the foregoing, the Master Owner Trust Trustee
shall not be required to take any action hereunder or under any other Issuer
Document if the Master Owner Trust Trustee shall have reasonably determined, or
shall have been advised by counsel, that such action is likely to result in
liability on the part of the Master Owner Trust Trustee or is contrary to the
terms hereof or of any Issuer Document or is otherwise contrary to law.

          (c) Whenever the Master Owner Trust Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this
Agreement or any other Issuer Document, or is unsure as to the application,
intent, interpretation or meaning of any provision of this Agreement or the
other Issuer Documents, the Master Owner Trust Trustee

                                     - 22 -
<Page>

shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Master Owner Trust Certificateholders requesting
instruction as to the course of action to be adopted, and, to the extent the
Master Owner Trust Trustee acts in good faith in accordance with any such
instruction received, the Master Owner Trust Trustee shall not be liable on
account of such action to any Person. If the Master Owner Trust Trustee shall
not have received appropriate instructions within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action which is consistent, in its view,
with this Agreement or the other Issuer Documents, and as it shall deem to be in
the best interests of the Master Owner Trust Certificateholders, and the Master
Owner Trust Trustee shall have no liability to any Person for any such action or
inaction.

     SECTION 6.5 FURNISHING OF DOCUMENTS. The Master Owner Trust Trustee shall
furnish to the Master Owner Trust Certificateholders and the Indenture Trustee,
promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any
other instruments furnished to the Master Owner Trust or the Master Owner Trust
Trustee under the Issuer Documents.

     SECTION 6.6 REPRESENTATIONS AND WARRANTIES OF MASTER OWNER TRUST TRUSTEE.
The Master Owner Trust Trustee (as such and in its individual capacity) hereby
represents and warrants to the Seller, for the benefit of the Master Owner Trust
Certificateholders, that:

          (a) It is a national bank duly organized, validly existing and in good
standing under the laws of the United States of America. The eligibility
requirements set forth in SECTION 6.13 (a) - (d) are satisfied with respect to
it.

          (b) It has full power, authority and legal right to execute, deliver
and perform this Agreement, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement.

          (c) The execution, delivery and performance by it of this Agreement
(i) shall not violate any provision of any law or regulation governing the
banking and trust powers of the Master Owner Trust Trustee or any order, writ,
judgment or decree of any court, arbitrator or governmental authority applicable
to the Master Owner Trust Trustee or any of its assets, (ii) shall not violate
any provision of the charter or by-laws of the Master Owner Trust Trustee, or
(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 Master Owner 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 Master Owner
Trust Trustee's performance or ability to perform its duties as Master Owner
Trust Trustee under this Agreement or on the transactions contemplated in this
Agreement.

          (d) The execution, delivery and performance by the Master Owner Trust
Trustee of this Agreement shall not require the authorization, consent or
approval of, the giving of notice to, the filing or registration with, or the
taking of any other action in respect of, any

                                     - 23 -
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governmental authority or agency regulating the corporate trust activities of
the Master Owner Trust Trustee.

          (e) This Agreement has been duly executed and delivered by the Master
Owner Trust Trustee and constitutes the legal, valid and binding agreement of
the Master Owner Trust Trustee, enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors' rights in general and
by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

     SECTION 6.7 RELIANCE; ADVICE OF COUNSEL.

          (a) The Master Owner Trust Trustee shall incur no liability to anyone
in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties
and need not investigate any fact or matter in any such document. The Master
Owner Trust Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Master Owner Trust Trustee
may for all purposes hereof rely on a certificate, signed by the president or
any vice president or by the treasurer or other authorized officers of the
relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Master Owner Trust Trustee for any action taken or
omitted to be taken by it in good faith in reliance thereon.

          (b) In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Agreement or the Issuer
Documents, the Master Owner Trust Trustee (i) may act directly or through its
agents, attorneys, custodians or nominees pursuant to agreements entered into
with any of them, and the Master Owner Trust Trustee shall not be liable for the
conduct or misconduct of such agents, attorneys, custodians or nominees if such
agents, attorneys, custodians or nominees shall have been selected by the Master
Owner Trust Trustee with reasonable care and (ii) may consult with counsel,
accountants and other skilled professionals to be selected with reasonable care
and employed by it. The Master Owner Trust Trustee shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
opinion or advice of any such counsel, accountants or other such Persons and not
contrary to this Agreement or any other Issuer Document.

     SECTION 6.8 MASTER OWNER TRUST TRUSTEE MAY OWN MASTER OWNER TRUST
CERTIFICATES AND NOTES. The Master Owner Trust Trustee in its individual or any
other capacity may become the owner or pledgee of Master Owner Trust
Certificates or Notes and may deal with the Seller, the Administrator, the
Indenture Trustee and the Servicer in transactions in the same manner as it
would have if it were not the Master Owner Trust Trustee.

     SECTION 6.9 COMPENSATION AND INDEMNITY.

                                     - 24 -
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          (a) The Master Owner Trust Trustee shall receive as compensation from
the Servicer for its services hereunder such fees as have been separately agreed
upon before the date hereof between the Servicer and the Master Owner Trust
Trustee, and the Master Owner Trust Trustee shall be entitled to be reimbursed
by the Servicer for its fees and other reasonable expenses hereunder, including
the reasonable compensation, expenses and disbursements of such agents,
custodians, nominees, representatives, experts and counsel as it may employ in
connection with the exercise and performance of its rights and its duties
hereunder as provided in SECTION 3.02 of the Series Supplement. The Servicer
shall indemnify the Master Owner Trust Trustee and its successors, assigns,
agents and servants in accordance with the provisions of SECTION 3.03 of the
Series Supplement. The compensation and indemnities described in this SECTION
6.9 shall survive the resignation or termination of the Master Owner Trust
Trustee or the termination of this Agreement. Any amounts paid to the Master
Owner Trust Trustee pursuant to this ARTICLE VI shall not be deemed to be a part
of the Master Owner Trust Estate immediately after such payment.

     SECTION 6.10 REPLACEMENT OF MASTER OWNER TRUST TRUSTEE.

          (a) The Master Owner Trust Trustee may give notice of its intent to
resign and be discharged from the trusts hereby created by written notice
thereof to the Administrator; PROVIDED THAT no such resignation shall become
effective, and the Master Owner Trust Trustee shall not resign, prior to the
time set forth in SECTION 6.10(c). The Administrator may appoint a successor
Master Owner Trust Trustee by delivering a written instrument, in duplicate, to
the resigning Master Owner Trust Trustee and the successor Master Owner Trust
Trustee. If no successor Master Owner Trust Trustee shall have been appointed
and have accepted its appointment within 30 days after the giving of such
notice, the resigning Master Owner Trust Trustee giving such notice may petition
any court of competent jurisdiction for the appointment of a successor Master
Owner Trust Trustee. The Administrator shall remove the Master Owner Trust
Trustee if:

                    (i)    the Master Owner Trust Trustee shall cease to be
               eligible in accordance with the provisions of SECTION 6.13 and
               shall fail to resign after written request therefor by the
               Administrator;

                    (ii)   the Master Owner Trust Trustee shall be adjudged
               bankrupt or insolvent;

                    (iii)  a receiver or other public officer shall be appointed
               or take charge or control of the Master Owner Trust Trustee or of
               its property or affairs for the purpose of rehabilitation,
               conservation or liquidation; or

                    (iv)   the Master Owner Trust Trustee shall otherwise be
               incapable of acting.

          (b) If the Master Owner Trust Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of Master Owner Trust
Trustee for any reason, the Administrator shall promptly appoint a successor
Master Owner Trust Trustee by written instrument, in duplicate (one copy of
which instrument shall be delivered to the outgoing Master

                                     - 25 -
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Owner Trust Trustee so removed and one copy to the successor Master Owner Trust
Trustee) and shall pay all fees owed to the outgoing Master Owner Trust Trustee.

          (c) Any resignation or removal of the Master Owner Trust Trustee and
appointment of a successor Master Owner Trust Trustee pursuant to any of the
provisions of this SECTION 6.10 shall not become effective and no such
resignation shall be deemed to have occurred until a written acceptance of
appointment is delivered by the successor Master Owner Trust Trustee to the
outgoing Master Owner Trust Trustee and the Administrator and all fees and
expenses due to the outgoing Master Owner Trust Trustee are paid. Any successor
Master Owner Trust Trustee appointed pursuant to this SECTION 6.10 shall be
eligible to act in such capacity in accordance with SECTION 6.13 and, following
compliance with the preceding sentence, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor under this Agreement,
with like effect as if originally named as Master Owner Trust Trustee. The
Administrator shall provide notice of such resignation or removal of the Master
Owner Trust Trustee to each of the Note Rating Agencies.

          (d) The predecessor Master Owner Trust Trustee shall upon payment of
its fees and expenses deliver to the successor Master Owner Trust Trustee all
documents and statements and monies held by it under this Agreement. The
Administrator and the predecessor Master Owner Trust Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the successor Master Owner
Trust Trustee all such rights, powers, duties and obligations.

          (e) Upon acceptance of appointment by a successor Master Owner Trust
Trustee pursuant to this SECTION 6.10, the Administrator shall mail notice of
the successor of such Master Owner Trust Trustee to all Master Owner Trust
Certificateholders, the Indenture Trustee, the Noteholders and the Note Rating
Agencies. The successor Master Owner Trust Trustee shall file an appropriate
amendment to the Certificate of Trust.

     SECTION 6.11 MERGER OR CONSOLIDATION OF MASTER OWNER TRUST TRUSTEE. Any
Person into which the Master Owner Trust Trustee may be merged or converted or
with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Master Owner Trust Trustee shall be a
party, or any Person succeeding to all or substantially all of the corporate
trust business of the Master Owner Trust Trustee, shall be the successor of the
Master Owner Trust Trustee hereunder, provided such Person shall be eligible
pursuant to SECTION 6.13, and without the execution or filing of any instrument
or any further act on the part of any of the parties hereto; PROVIDED, HOWEVER,
that (a) the Master Owner Trust Trustee shall mail notice of such merger or
consolidation to the Note Rating Agencies and (b) the Master Owner Trust Trustee
shall file any necessary amendment to the Certificate of Trust with the
Secretary of State of Delaware.

     SECTION 6.12 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.

          (a) Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Master Owner Trust Estate may at the time be located, the
Administrator and the Master Owner Trust Trustee acting jointly shall have the
power and shall execute and deliver all instruments to

                                     - 26 -
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appoint one or more Persons approved by each of the Administrator and the Master
Owner Trust Trustee to act as co-trustee, jointly with the Master Owner Trust
Trustee, or as separate trustee or trustees, of all or any part of the Master
Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Master Owner Trust Estate, or any part thereof, and, subject to the other
provisions of this SECTION 6.12, such powers, duties, obligations, rights and
trusts as the Administrator and the Master Owner Trust Trustee may consider
necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after the receipt by it of a request to do so, the
Master Owner Trust Trustee alone shall have the power to make such appointment.
No co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to SECTION 6.13 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to SECTION 6.10.

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

                    (i)    all rights, powers, duties and obligations conferred
               or imposed upon the Master Owner Trust Trustee shall be conferred
               upon and exercised or performed by the Master Owner Trust 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 Master Owner Trust
               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 Master Owner Trust 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 Master Owner 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 Master Owner Trust Trustee;

                    (ii)   no trustee under this Agreement shall be personally
               liable by reason of any act or omission of any other trustee
               under this Agreement (unless such other trustee acts or fails to
               act at the direction of such first trustee); and

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

                                     - 27 -
<Page>

shall be filed with the Master Owner Trust Trustee and a copy thereof given to
the Administrator.

          (d) Any separate trustee or co-trustee may at any time appoint the
Master Owner Trust Trustee as its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Master Owner Trust Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

     SECTION 6.13 ELIGIBILITY REQUIREMENTS FOR MASTER OWNER TRUST TRUSTEE. The
Master Owner Trust Trustee shall at all times: (a) be a corporation, a national
banking association or a bank satisfying the provisions of Section 3807(a) of
the Statutory Trust Statute; (b) be authorized to exercise corporate trust
powers; (c) have a combined capital and surplus of at least $50,000,000 and be
subject to supervision or examination by federal or state authorities; and (d)
have a long-term unsecured debt rating of at least BBB- by Standard & Poor's or
be otherwise satisfactory to Standard & Poor's. If such Person or bank shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this SECTION 6.13, the combined capital and surplus of such Person or
bank shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Master Owner
Trust Trustee shall cease to be eligible in accordance with the provisions of
this SECTION 6.13, the Master Owner Trust Trustee shall resign immediately in
the manner and with the effect specified in SECTION 6.10.

                                   ARTICLE VII
                   TERMINATION OF MASTER OWNER TRUST AGREEMENT

     SECTION 7.1 TERMINATION OF MASTER OWNER TRUST AGREEMENT.

          (a) The Master Owner Trust shall dissolve and wind up in accordance
with Section 3808 of the Statutory Trust Statute on or immediately preceding the
final distribution by the Master Owner Trust Trustee of all monies or other
property or proceeds of the Master Owner Trust Estate in accordance with the
terms of the Indenture, the Pooling and Servicing Agreement and ARTICLE V. The
bankruptcy, liquidation, dissolution, death or incapacity of any Master Owner
Trust Certificateholder shall not (x) operate to terminate this Agreement or the
Master Owner Trust, nor (y) entitle such Master Owner Trust Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Master Owner Trust or the Master Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

          (b) This Agreement shall be irrevocable. Except as provided in SECTION
7.1(a) and in this SECTION 7.1(b), neither the Seller nor any Master Owner Trust
Certificateholder shall be entitled to revoke or terminate the Master Owner
Trust or this Agreement. Each of the Seller, the Master Owner Trust and the
Master Owner Trust Trustee acknowledges that the Indenture Trustee, on behalf of
the Noteholders, is a third-party beneficiary of this Agreement. For so long

                                     - 28 -
<Page>

as the Notes are outstanding, neither the Master Owner Trust nor this Agreement
shall be revoked without the consent of the Indenture Trustee. Each of the
Seller, the Master Owner Trust and the Master Owner Trust Trustee acknowledges
that the Indenture Trustee, as an agent of the Noteholders, maintains a
legitimate interest in ensuring that the Master Owner Trust is not revoked prior
to the fulfillment of the Master Owner Trust objectives. In no event may this
Agreement be amended without the consent of the Indenture Trustee if the effect
of such amendment is the revocation or termination of this Master Owner Trust
other than in accordance with this SECTION 7.1.

          (c) Notice of any dissolution of the Master Owner Trust specifying the
Distribution Date upon which the Master Owner Trust Certificateholders shall
surrender their Master Owner Trust Certificates to the Master Owner Trust
Trustee for payment of the final distribution and cancellation, shall be given
by the Master Owner Trust Trustee by letter to Master Owner Trust
Certificateholders mailed within five Business Days of receipt of notice of
dissolution from the Servicer given pursuant to SECTION 7.1(c) of the Indenture,
stating: (i) the Distribution Date upon or with respect to which the final
distribution on the Master Owner Trust Certificates shall be made upon
presentation and surrender of the Master Owner Trust Certificates at the office
of the Master Owner Trust Trustee; (ii) the amount of any such final
distribution; and (iii) that the Note Record Date otherwise applicable to such
Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Master Owner Trust Certificates at the office
of the Master Owner Trust Trustee therein specified. The Master Owner Trust
Trustee shall give such notice to the Certificate Registrar (if other than the
Master Owner Trust Trustee) and the Master Owner Trust Trustee at the time such
notice is given to Master Owner Trust Certificateholders. Upon presentation and
surrender of the Master Owner Trust Certificates, the Master Owner Trust Trustee
shall cause to be distributed to Master Owner Trust Certificateholders amounts
distributable on such Distribution Date pursuant to SECTION 5.2.

          (d) If all of the Master Owner Trust Certificateholders shall not
surrender their Master Owner Trust Certificates for cancellation within six
months after the date specified in the written notice specified in SECTION
7.1(c), the Master Owner Trust Trustee shall give a second written notice to the
remaining Master Owner Trust Certificateholders to surrender their Master Owner
Trust Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Master Owner
Trust Certificates shall not have been surrendered for cancellation, the Master
Owner Trust Trustee may take appropriate steps, or may appoint an agent to take
appropriate steps, to contact the remaining Master Owner Trust
Certificateholders concerning surrender of their Master Owner Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Subject to applicable laws
with respect to escheat of funds, any funds remaining in the Master Owner Trust
Estate after exhaustion of such remedies in the preceding sentence shall be
deemed property of the Seller and distributed by the Master Owner Trust Trustee
to the Seller.

          (e) Within 60 days of the later of (i) the cancellation of all of the
Master Owner Trust Certificates pursuant to SECTION 7.1(c) or SECTION 7.1(d), or
(ii) payment to the Seller of funds remaining in the Master Owner Trust Estate
pursuant to SECTION 7.1(d), the Master Owner Trust Trustee shall provide each of
the Note Rating Agencies with written notice stating that all

                                     - 29 -
<Page>

Master Owner Trust Certificates have been so canceled or such funds have been so
paid to the Seller.

          (f) Upon completion of the winding up of the trust, the Master Owner
Trust Trustee shall cause the Certificate of Trust to be canceled by filing a
certificate of cancellation with the Secretary of State of Delaware in
accordance with the provisions of Section 3810 of the Statutory Trust Statute
and, upon such filing, the Master Owner Trust shall terminate.

                                  ARTICLE VIII
                                   AMENDMENTS

     SECTION 8.1 AMENDMENTS WITHOUT CONSENT OF MASTER OWNER TRUST
CERTIFICATEHOLDERS OR NOTEHOLDERS. This Agreement may be amended by the Seller
and the Master Owner Trust Trustee without the consent of any of the
Securityholders (but with prior notice to each of the Note Rating Agencies) to
(i) cure any ambiguity, (ii) correct or supplement any provision in this
Agreement that may be defective or inconsistent with any other provision in this
Agreement or any other Issuer Document, (iii) add or supplement any credit
enhancement for the benefit of the Securityholders (provided that if any such
addition shall affect any class of Securityholders differently than any other
class of Securityholders, then such addition shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any class of the Securityholders), (iv) add to the covenants, restrictions or
obligations of the Seller or the Master Owner Trust Trustee for the benefit of
the Securityholders, (v) evidence and provide for the acceptance of the
appointment of a successor Master Owner Trust Trustee with respect to the Master
Owner Trust Estate and add to or change any provisions as shall be necessary to
facilitate the administration of the trusts hereunder by more than one Master
Owner Trust Trustee pursuant to ARTICLE VI, or (vi) add, change or eliminate any
other provision of this Agreement in any manner that shall not, as evidenced by
a Master Owner Trust Opinion of Counsel, adversely affect in any material
respect the interests of the Securityholders.

     SECTION 8.2 AMENDMENTS WITH CONSENT OF MASTER OWNER TRUST
CERTIFICATEHOLDERS AND NOTEHOLDERS. This Agreement may be amended from time to
time by the Seller and the Master Owner Trust Trustee with the consent of
Noteholders whose Notes evidence not less than a majority of the Outstanding
Principal Amount of the Notes as of the close of business on the preceding
Distribution Date and the consent of the holders of Master Owner Trust
Certificates evidencing not less than a majority of the ownership interests in
the Master Owner Trust Estate as of the close of business on the preceding
Distribution Date (which consent, whether given pursuant to this SECTION 8.2 or
pursuant to any other provision of this Agreement, shall be conclusive and
binding on such Person and on all future holders of such Notes or Master Owner
Trust Certificates and of any Notes or Master Owner Trust Certificates issued
upon the transfer thereof or in exchange thereof or in lieu thereof whether or
not notation of such consent is made upon the Notes or Master Owner Trust
Certificates) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement, or of modifying
in any manner the rights of the Noteholders or the Master Owner Trust
Certificateholders; PROVIDED, HOWEVER, that no such amendment shall (a) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on the Collateral Certificate or the Dealer Notes or
distributions that shall be required to be made on any Note, (b) reduce the
aforesaid percentage required to consent to any such amendment or (c)

                                     - 30 -
<Page>

amend SECTION 4.3, without the consent of the Holders of all of the Notes and
the holders of all of the Master Owner Trust Certificates then outstanding;
PROVIDED FURTHER, that such amendment will not, as evidenced by a Master Owner
Trust Tax Opinion addressed and delivered to the Master Owner Trust Trustee and
the Indenture Trustee, cause the Master Owner Trust to be classified as an
association (or publicly traded partnership) taxable as a corporation for
federal income tax purposes. The Administrator shall furnish notice of the
substance of any proposed amendment, supplement or consent under this SECTION
8.2 to each of the Note Rating Agencies prior to obtaining consent thereto.

     SECTION 8.3  FORM OF AMENDMENTS.

          (a) Promptly after the execution of any amendment, supplement or
consent pursuant to SECTION 8.1 OR 8.2, the Master Owner Trust Trustee shall
furnish written notification of the substance of such amendment or consent to
each Master Owner Trust Certificateholder, the Indenture Trustee and each Note
Rating Agency.

          (b) It shall not be necessary for the consent of Master Owner Trust
Certificateholders, the Noteholders or the Indenture Trustee pursuant to SECTION
8.2 to approve the particular form of any proposed amendment or consent, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Master Owner Trust
Certificateholders provided for in this Agreement or in any other Issuer
Document) and of evidencing the authorization of the execution thereof by Master
Owner Trust Certificateholders and Noteholders shall be subject to such
reasonable requirements as the Master Owner Trust Trustee may prescribe.

          (c) Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Master Owner Trust Trustee shall be entitled to
receive and rely upon a Master Owner Trust Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and
that all conditions precedent to such execution have been satisfied. The Master
Owner Trust Trustee may, but shall not be obligated to, enter into any such
amendment which affects the Master Owner Trust Trustee's own rights, duties or
immunities under this Agreement or otherwise.

          (d) Promptly after the execution of any amendment to the Certificate
of Trust, the Master Owner Trust Trustee shall cause the filing of such
amendment with the Secretary of State of the State of Delaware.

          (e) Notwithstanding any other provision of this Agreement, if the
consent of an Enhancement Provider is required pursuant to any Enhancement
Agreement to amend this Agreement, any such purported amendment shall be null
and void ab initio unless such Enhancement Provider consents in writing to such
amendment.

                                   ARTICLE IX
                                  MISCELLANEOUS

     SECTION 9.1 NO LEGAL TITLE TO MASTER OWNER TRUST ESTATE. The Master Owner
Trust Certificateholders shall not have legal title to any part of the Master
Owner Trust Estate. The

                                     - 31 -
<Page>

Master Owner Trust Certificateholders shall be entitled to receive distributions
with respect to their undivided beneficial interest therein only in accordance
with ARTICLES V AND VII. No transfer, by operation of law or otherwise, of any
right, title, and interest of the Master Owner Trust Certificateholders to and
in their ownership interest in the Master Owner Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Master
Owner Trust Estate.

     SECTION 9.2 LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Agreement are solely for the benefit of the Master Owner Trust Trustee (as such
and in its individual capacity) and any other Person that is indemnified by the
Servicer under SECTION 6.9 of this Agreement, the Seller, the Master Owner Trust
Certificateholders, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this
Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Master Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein. The Administrator shall be a third party
beneficiary with respect to the rights granted to it under SECTION 6.10(a).

     SECTION 9.3 NOTICES. All demands, notices and communications upon or to the
Seller, the Servicer, the Administrator, the Indenture Trustee, the Master Owner
Trust Trustee, the Note Rating Agencies or any Master Owner Trust
Certificateholder under this Agreement shall be delivered as specified in
SECTION 1.05 of the Indenture.

     SECTION 9.4 SEVERABILITY. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid, then such covenants, agreements, provisions or terms shall be deemed
enforceable to the fullest extent permitted, and if not so permitted, shall be
deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of
the other provisions of this Agreement or of the Master Owner Trust Certificates
or the rights of the holders thereof.

     SECTION 9.5 COUNTERPARTS. This Agreement may be executed by the parties
hereto in separate counterparts (and by different parties on separate
counterparts), each of which when so executed and delivered shall be an
original, but all of which together shall constitute one and the same
instrument.

     SECTION 9.6 SUCCESSORS AND ASSIGNS. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Seller, the
Master Owner Trust Trustee and each Master Owner Trust Certificateholder and
their respective successors and permitted assigns, all as herein provided. Any
request, notice, direction, consent, waiver or other instrument or action by a
Master Owner Trust Certificateholder shall bind the successors and assigns of
such Master Owner Trust Certificateholder.

     SECTION 9.7 NO PETITION COVENANT. Notwithstanding any prior termination of
this Agreement, the Master Owner Trust Trustee (as such and in its individual
capacity), and each Master Owner Trust Certificateholder, by accepting a Master
Owner Trust Certificate (or interest therein), hereby covenant and agree that
they shall not, prior to the date which is one year and one day after the
termination of this Agreement acquiesce, petition or otherwise invoke or cause

                                     - 32 -
<Page>

the Issuer or the Seller to invoke the process of any court or governmental
authority for the purpose of commencing or sustaining a case against the Issuer
or the Seller under any federal or state bankruptcy, insolvency or similar law
or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Issuer or the Seller or any substantial part of
either of their properties, or ordering the winding up or liquidation of the
affairs of the Issuer or the Seller.

     Notwithstanding any prior termination of this Agreement, the Seller hereby
covenants and agrees that it shall not, prior to the date which is one year and
one day after the termination of this Agreement acquiesce, petition or otherwise
invoke or cause the Master Owner Trust to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Master Owner Trust under any federal or state bankruptcy, insolvency
or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Master Owner Trust or
any substantial part of its property, or ordering or winding up or liquidation
of the affairs of the Master Owner Trust.

     SECTION 9.8 NO RECOURSE. Each Master Owner Trust Certificateholder by
accepting a Master Owner Trust Certificate (or interest therein) acknowledges
that such Person's Master Owner Trust Certificate (or interest therein)
represents beneficial interests in the Master Owner Trust only and does not
represent interests in or obligations of the Seller, the Servicer, the
Administrator, the Master Owner Trust Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse, either directly or indirectly, may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Master Owner Trust Certificates or the other
Issuer Documents. Except as expressly provided in the Issuer Documents, neither
the Seller, the Servicer nor the Master Owner Trust Trustee in their respective
individual capacities, nor any of their respective partners, beneficiaries,
agents, officers, directors, employees or successors or assigns, shall be
personally liable for, nor shall recourse be had to any of them for, the
distribution of any amount with respect to the Master Owner Trust Certificates,
or the Master Owner Trust Trustee's performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in the Master Owner
Trust Certificates or this Agreement, it being expressly understood that said
covenants and obligations have been made by the Master Owner Trust Trustee
solely in its capacity as the Master Owner Trust Trustee. Each Master Owner
Trust Certificateholder by the acceptance of a Master Owner Trust Certificate
(or beneficial interest therein) shall agree that, except as expressly provided
in the Issuer Documents, in the case of nonpayment of any amounts with respect
to the Master Owner Trust Certificates, it shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom.

     SECTION 9.9 HEADINGS. The headings of the various Articles and Sections
herein are for purposes of reference only and shall not affect the meaning or
interpretation of any provision hereof.

     SECTION 9.10 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

                                     - 33 -
<Page>

     SECTION 9.11 ADMINISTRATOR. The Administrator is authorized to execute on
behalf of the Master Owner Trust all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Master
Owner Trust to prepare, file or deliver pursuant to the Issuer Documents. Upon
request, the Master Owner Trust Trustee shall execute and deliver to the
Administrator a power of attorney appointing the Administrator as the Master
Owner Trust's agent and attorney-in-fact to execute all such documents, reports,
filings, instruments, certificates and opinions.

     SECTION 9.12 AMENDED AND RESTATED MASTER OWNER TRUST AGREEMENT. It is the
intent of the parties hereto that this Master Owner Trust Agreement shall as of
___ __, 200_, replace in its entirety the Initial Master Owner Trust Agreement;
PROVIDED, that with respect to the period of time from ___ __, 200_ through ___
__, 200_, the rights and obligations of the parties shall be governed by the
Initial Master Owner Trust Agreement; PROVIDED FURTHER, that the amendment and
restatement of the Initial Master Owner Trust Agreement shall not affect any of
the grants, conveyances or transfers contemplated by the Initial Master Owner
Trust Agreement to have occurred prior to the date hereof.

     SECTION 9.13 TAX DISCLOSURE. Each of the undersigned parties agrees to
comply with SECTION 14.11 of the Indenture.

                                     - 34 -
<Page>

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

                                          CHASE MANHATTAN BANK USA, NATIONAL
                                          ASSOCIATION, as Master Owner
                                          Trust Trustee

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

                                          NAVISTAR FINANCIAL SECURITIES
                                          CORPORATION, as Seller

                                          By:
                                              ------------------------------
                                          Name:  Andrew J. Cederoth
                                          Title: Vice President and Treasurer

Acknowledged and Accepted:

NAVISTAR FINANCIAL CORPORATION,
as Servicer

By:
    ----------------------------------
Name:  Andrew J. Cederoth
Title: Vice President and Treasurer

<Page>

                                                                       EXHIBIT A

FORM OF MASTER OWNER TRUST CERTIFICATE
NUMBER R-__
OWNERSHIP INTEREST: ___%

                       SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS MASTER OWNER TRUST CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE
     ACCOUNT OF (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF
     THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"))
     THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN
     DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
     AMENDED (THE "CODE"), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE
     PLAN ASSETS OF ANY SUCH PLAN. BY ACCEPTING AND HOLDING THIS MASTER OWNER
     TRUST CERTIFICATE, THE MASTER OWNER TRUST CERTIFICATEHOLDER HEREOF AND THE
     MASTER OWNER TRUST CERTIFICATE OWNER SHALL EACH BE DEEMED TO HAVE
     REPRESENTED AND WARRANTED THAT IT IS NOT A BENEFIT PLAN.

          THE SECURITIES REPRESENTED BY THIS MASTER OWNER TRUST CERTIFICATE WERE
     ORIGINALLY ISSUED ON _____ __, 200_ HAVE NOT BEEN REGISTERED UNDER THE
     SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD OR
     TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
     ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

                Navistar Financial Dealer Note Master Owner Trust

                         MASTER OWNER TRUST CERTIFICATE

     evidencing a fractional undivided interest in the Master Owner Trust, as
     defined below, the property of which includes a Collateral Certificate (as
     defined below) in the Navistar Financial Dealer Note Master Trust (the
     "MASTER TRUST"). The primary assets of the Master Trust consist of a
     revolving pool of Dealer Notes arising under floor plan financing
     agreements between Navistar Financial Corporation and retail dealers to
     finance their inventories of new and used trucks, truck bodies, buses and
     trailers.

     This Master Owner Trust Certificate does not represent an interest in or
     obligation of the Navistar Financial Dealer Note Master Trust, Navistar
     Financial Securities Corporation, Navistar Financial Corporation,
     International Truck and Engine Corporation, Navistar International
     Corporation, the Indenture Trustee, the Master

                                      A- 1
<Page>

     Owner Trust Trustee or any of their respective Affiliates, except to the
     extent described below.)

          THIS CERTIFIES THAT _________________________ is the registered owner
of a nonassessable, fully-paid, fractional undivided interest in Navistar
Financial Dealer Note Master Owner Trust (the "MASTER OWNER TRUST").

          The Master Owner Trust was created pursuant to a trust agreement,
dated as of _____ __, 200_ (as amended and restated as of ______ __, 200_ and as
further amended, restated or supplemented from time to time, the "MASTER OWNER
TRUST AGREEMENT"), between the Seller and _______, as Master Owner Trust Trustee
(the "MASTER OWNER TRUST TRUSTEE"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in
the Master Owner Trust Agreement.

          This Master Owner Trust Certificate is issued under and is subject to
the terms, provisions and conditions of the Master Owner Trust Agreement, the
terms of which are incorporated herein by reference and made a part hereof, to
which Master Owner Trust Agreement the Master Owner Trust Certificateholder of
this Master Owner Trust Certificate by virtue of the acceptance hereof assents
and by which such Master Owner Trust Certificateholder is bound.

          The Master Owner Trust Certificateholder of this Master Owner Trust
Certificate acknowledges and agrees that its rights to receive distributions in
respect of this Master Owner Trust Certificate are subordinated to the rights of
the Noteholders as and to the extent described in the Pooling and Servicing
Agreement and the Indenture.

          Each Master Owner Trust Certificateholder with respect to a Master
Owner Trust Certificate, by its acceptance of a Master Owner Trust Certificate,
covenants and agrees that such Master Owner Trust Certificateholder with respect
to a Master Owner Trust Certificate, shall not, prior to the date which is one
year and one day after the termination of the Master Owner Trust Agreement,
acquiesce, petition or otherwise invoke or cause the Seller to invoke the
process of any court or governmental authority for the purpose of commencing or
sustaining a case against the Seller under any federal or state bankruptcy,
insolvency, reorganization or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Seller.

          Distributions on this Master Owner Trust Certificate shall be made as
provided in the Master Owner Trust Agreement by the Master Owner Trust Trustee
by wire transfer, check mailed or, where possible, intra-bank book entry to the
Master Owner Trust Certificateholder of record in the Certificate Register
without the presentation or surrender of this Master Owner Trust Certificate or
the making of any notation hereon. Except as otherwise provided in the Master
Owner Trust Agreement and notwithstanding the above, the final distribution on
this Master Owner Trust Certificate shall be made after due notice by the Master
Owner Trust Trustee of the pendency of such distribution and only upon
presentation and surrender of this

                                      A- 2
<Page>

Master Owner Trust Certificate at the office maintained for such purpose by the
Master Owner Trust Trustee in the Borough of Manhattan, the City of New York.

          Reference is hereby made to the further provisions of this Master
Owner Trust Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

          Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Master Owner Trust Trustee by manual
signature, this Master Owner Trust Certificate shall not entitle the Master
Owner Trust Certificateholder hereof to any benefit under the Master Owner Trust
Agreement, the Pooling and Servicing Agreement or be valid for any purpose.

          THIS MASTER OWNER TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                      A- 3
<Page>

          IN WITNESS WHEREOF, the Master Owner Trust Trustee, not in its
individual capacity, but solely as Master Owner Trust Trustee, has caused this
Master Owner Trust Certificate to be duly executed.

Dated: ____________, _____   NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST

                             By: CHASE MANHATTAN BANK USA, NATIONAL
                             ASSOCIATION
                             not in its individual capacity but solely as Master
                             Owner Trust Trustee

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

MASTER OWNER TRUST TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Master Owner Trust Certificates referred to in the
     within-mentioned Master Owner Trust Agreement.

----------------------------                ---------------------------
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION,                       CHASE MANHATTAN BANK USA,
not in its individual capacity but solely   NATIONAL ASSOCIATION,
as Master Owner Trust Trustee               not in its individual capacity but
                                            solely as Master Owner Trust Trustee

                                            By:  _____________, as
                                            Authenticating Agent

                     OR

By:                                         By:
   ---------------------------------------     -------------------------------
            Authorized Officer                       Authorized Officer

<Page>

                    REVERSE OF MASTER OWNER TRUST CERTIFICATE

          The Master Owner Trust Certificates do not represent an obligation of,
or an interest in the Navistar Financial Dealer Note Master Trust, Navistar
Financial Securities Corporation, Navistar Financial Corporation, International
Truck and Engine Corporation, Navistar International Corporation, the Indenture
Trustee, the Master Owner Trust Trustee or any of their respective Affiliates,
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated herein or in the Master Owner Trust
Agreement or the other Issuer Documents. In addition, this Master Owner Trust
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections and recoveries with
respect to the Collateral Certificate [and/or the Dealer Notes] (and certain
other amounts), all as more specifically set forth herein and in the Master
Owner Trust Agreement and the Pooling and Servicing Agreement. A copy of each of
the Pooling and Servicing Agreement and the Master Owner Trust Agreement may be
examined during normal business hours at the principal office of the Seller, and
at such other places, if any, designated by the Seller, by any Master Owner
Trust Certificateholder upon written request.

          The Master Owner Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Master Owner Trust
Certificateholders under the Master Owner Trust Agreement at any time by the
Seller and the Master Owner Trust Trustee with the consent of (i) the Holders of
the Notes evidencing not less than a majority of the Outstanding Principal
Amount of the Notes, and (ii) Master Owner Trust Certificateholders whose Master
Owner Trust Certificates evidence not less than a majority of the ownership
interest in the Master Owner Trust, each as of the close of the preceding
Distribution Date. Any such consent by the Master Owner Trust Certificateholder
of this Master Owner Trust Certificate shall be conclusive and binding on such
Master Owner Trust Certificateholder and on all future holders of this Master
Owner Trust Certificate and of any Master Owner Trust Certificate issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof
whether or not notation of such consent is made upon this Master Owner Trust
Certificate. The Master Owner Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the holders of any of
the Master Owner Trust Certificates or the Notes.

          As provided in the Master Owner Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Master Owner Trust
Certificate is registerable in the Certificate Register upon surrender of this
Master Owner Trust Certificate for registration of transfer at the offices or
agencies of the Certificate Registrar maintained by the Master Owner Trust
Trustee in the City of New York, accompanied by (i) a written instrument of
transfer in form satisfactory to the Master Owner Trust Trustee and the
Certificate Registrar duly executed by the Master Owner Trust Certificateholder
hereof or such Master Owner Trust Certificateholder's attorney duly authorized
in writing and (ii) certain opinions required by SECTION 3.4(b) of the Master
Owner Trust Agreement, and thereupon one or more new Master Owner Trust
Certificates of authorized denominations evidencing the same aggregate interest
in the Master Owner Trust will be issued to the designated transferee. The
initial Certificate Registrar appointed under the Master Owner Trust Agreement
is JPMorgan Chase Bank.

<Page>

          The Master Owner Trust Trustee, the Certificate Registrar and any
agent of the Master Owner Trust Trustee or the Certificate Registrar may treat
the Person in whose name this Master Owner Trust Certificate is registered as
the owner hereof for all purposes, and none of the Master Owner Trust Trustee,
the Certificate Registrar or any such agent shall be affected by any notice to
the contrary.

          The obligations and responsibilities created by the Master Owner Trust
Agreement and the Master Owner Trust created thereby shall terminate upon the
distribution to Master Owner Trust Certificateholders of all amounts required to
be distributed to them pursuant to the Master Owner Trust Agreement, the Pooling
and Servicing Agreement, the Indenture and the disposition of all property held
as part of the Master Owner Trust.

<Page>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

(Please print or type name and address, including postal zip code, of assignee)

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

the within Master Owner Trust Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing

_________________________________________________________ Attorney to transfer
said Master Owner Trust Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:                                                                 *
                              -----------------------------------------
                                           Signature Guaranteed:

                                                                       *
                              -----------------------------------------

* NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Master Owner Trust Certificate in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company.

<Page>

                                                                       EXHIBIT B

                             CERTIFICATE OF TRUST OF
                NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST

          Certificate of Trust of NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER
TRUST (the "TRUST") is being duly executed and filed by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
DEL. C. Section 3801 ET SEQ.) (the "ACT").

          1.   NAME. The name of the business trust formed by this Certificate
of Trust is Navistar Financial Dealer Note Master Owner Trust.

          2.   DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust in the State of Delaware is Chase Manhattan Bank USA, National
Association, c/o JPMorgan Chase Bank, 500 Stanton Christiana Road, OPS4/3,
Newark, Delaware 19713.

          3.   This Certificate of Trust shall be effective on April 30, 2004.

          IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Trust in accordance with Section 3811(a) of the Act.

                                              Chase Manhattan Bank USA, National
                                              Association, as Owner Trustee,

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

                                       B-1

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